Q1 2025 CNO Financial Group Inc Earnings Call Transcript
Key Points
- CNO Financial Group Inc (CNO) reported a 52% increase in operating earnings per diluted share, demonstrating strong financial performance.
- The company achieved its 11th consecutive quarter of strong sales momentum and its ninth consecutive quarter of growth in producing agent count.
- Annuity collected premiums were up 12%, marking the seventh consecutive quarter of growth, and account values increased by 7%.
- CNO Financial Group Inc (CNO) maintained a strong capital and liquidity position, returning $117 million to shareholders and achieving a book value per diluted share of $37.03, up 6%.
- The worksite division experienced a 12th consecutive quarter of growth in insurance sales, with critical illness insurance up 37% and life insurance up 17%.
- Visibility into macroeconomic drivers such as interest rates is deteriorating, posing potential challenges for future financial performance.
- Direct-to-consumer life sales were impacted by elevated TV advertising costs and a pullback in marketing spend, leading to lower lead volumes.
- The consumer division's long-term care app was down in the quarter due to strong comparables from the previous year.
- Fee income was adversely impacted by ASC 606 revenue recognition accounting for the sale of third-party Medicare Advantage policies, creating volatility in revenue recognition timing.
- The market value of invested assets grew, but alternative returns were still below long-term run rate expectations, indicating potential pressure on investment income.
Good morning and thank you for joining us for the CNO Financial Group, First quarter 2025 earnings call. My name is Carlie, and I'll be coordinating the call today.
(Operator Instructions) I I'd like to hand over to our host, Adam Auvil. The floor is yours.
Good morning and thank you for joining us on CNO Financial Group's first quarter 2025 earnings conference call. Today's presentation will include a 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 8K yesterday. Let me remind you
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