CNO Financial (1)
February 11, 2020


Exhibit 99.1
cnologopr.jpgNews


For Immediate Release
CNO Financial Group Reports Fourth Quarter and Full Year 2019 Results
2019 net income of $409 million, including $194 million favorable impact from tax strategy
Carmel, Ind., February 11, 2020 - CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending December 31, 2019, net income was $278.0 million, or $1.84 per diluted share, compared to $28.3 million, or $0.17 per diluted share in 4Q18. CNO also reported that 4Q19 net operating income (1) was $78.6 million, or $0.52 per diluted share, compared to $59.8 million, or $0.36 per diluted share in 4Q18.
Net income for the year ended December 31, 2019, was $409.4 million, or $2.61 per diluted share, compared to a net loss of $315.0 million, or $1.90 per diluted share in 2018. Net operating income (1) was $290.0 million, or $1.85 per diluted share, compared to $289.0 million, or $1.75 per diluted share in 2018 (as adjusted to remove the earnings from the long-term care business that was ceded in 3Q18).
"CNO reported another solid quarter, capping off a successful 2019," said Gary C. Bhojwani, chief executive officer. "We delivered measured growth, exercising discipline to carefully balance sales and profitability. As a result, operating earnings per share were up 4%, excluding significant items, despite a 7% decline in net investment income due to a challenging low interest rate environment."
"Through proactive management, we maximized an expiring tax asset to generate meaningful incremental value for our shareholders. Rigorous expense control, including benefits from our recently announced corporate transformation and strategic IT partnership, will mitigate the interest rate impact and position us well for the future."
Full Year 2019 Highlights
Net income of $409.4 million (including $194 million tax benefit related to a tax planning strategy) compared to a net loss of $315.0 million in 2018 (including the net loss of $661 million related to completion of a long-term care reinsurance transaction)
Operating income (1) per share up 6%, as adjusted to remove the earnings from the long-term care business that was ceded in 3Q18
Life and health sales were up 5%; annuity collected premiums were up 12% from 2018
At December 31, 2019, book value per common share was $31.58, up 52% from $20.78 at December 31, 2018
At December 31, 2019, book value per diluted share, excluding accumulated other comprehensive income (2), was $22.09, up 13% from $19.52 at December 31, 2018
Returned $319 million to shareholders in share repurchases ($252 million) and dividends ($67 million)



The following information was filed by Cno Financial Group, Inc. (CNO) on Tuesday, February 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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