Q3 2024 CNO Financial Group Inc Earnings Call Transcript
Key Points
- CNO Financial Group Inc (CNO) reported a 26% increase in operating earnings per diluted share, reaching $1.11.
- The company achieved its ninth consecutive quarter of strong sales momentum and seventh consecutive quarter of growth in producing agent count.
- CNO's Medicare Supplement NAP increased by 15%, and Medicare Advantage policies sold were up 26%.
- The company returned $107 million to shareholders and reported a 6% increase in book value per diluted share, excluding AOCI.
- CNO raised its full-year guidance for earnings and cash flow, reflecting strong performance across its divisions.
- Life production was down due to reduced spending on direct-to-consumer marketing, impacted by higher lead costs.
- Fixed indexed annuity margins were affected by higher amortization and some spread compression.
- The company experienced a 3% reduction in workforce due to repositioning and outsourcing, incurring $8.3 million in severance and transition costs.
- CNO's direct-to-consumer business faced challenges from increased competition for television media space during the election cycle.
- Alternative investment results were slightly below expectations, impacting investment income not allocated to products.
Good morning. Thank you for attending today's CNO Financial Group third-quarter 2024 earnings call. My name is Regan, and I'll be your moderator today. (Operator Instructions) I would now like to pass the conference over to our host, Adam Auvil, with CNO. Adam, you may now proceed.
Good morning, and thank you for joining us on CNO Financial Group's third-quarter 2024 earnings conference call. Today's presentation will include remarks from Gary Bhojwani, Chief Executive Officer; and Paul McDonough, Chief Financial Officer. Following the presentation, we will also have other business leaders available for the question-and-answer period. During this conference call, we will be referring to information contained in yesterday's press release.
You could obtain the release by visiting the media section of our website at cnoinc.com. This morning's presentation is also available in the Investors section of our website and was filed in a Form 8-K yesterday. Let me
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
