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Cno Financial Group, Inc. (CNO) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Cno Financial Group, Inc.

CIK: 1224608 Ticker: CNO

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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Inside Cno Financial Group, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company) - Balance Sheet (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company) - Balance Sheet Additional Information (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company) - Statement Of Cash Flows (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company) - Statement Of Cash Flows Additional Information (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company) - Statement Of Operations (Details)
Schedule Iv - Reinsurance
Schedule Iv - Reinsurance (Details)
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Operations
Consolidated Statement Of Shareholders' Equity
Consolidated Statement Of Shareholders' Equity (Parentheticals)
Agent Deferred Compensation Plan
Agent Deferred Compensation Plan (Tables)
Agent Deferred Compensation Plan - Narrative (Details)
Agent Deferred Compensation Plan - Schedule Of Assumptions Used (Details)
Agent Deferred Compensation Plan - Schedule Of Expected Benefit Payments (Details)
Business And Basis Of Presentation
Business And Basis Of Presentation (Tables)
Business And Basis Of Presentation - Narrative (Details)
Business And Basis Of Presentation - Schedule Of Business Acquisitions (Details)
Business Segments
Business Segments (Tables)
Business Segments - Reconciliation Of Operating Profit (Loss) From Segments To Consolidated (Details)
Business Segments - Schedule Of Balance Sheet Information, By Segment (Details)
Business Segments - Schedule Of Segment Reporting Information By Segment (Details)
Business Segments - Schedule Of Selected Financial Information, By Segment (Details)
Consolidated Statement Of Cash Flow
Consolidated Statement Of Cash Flow (Tables)
Consolidated Statement Of Cash Flow - Schedule Of Other Significant Noncash Transactions (Details)
Consolidated Statement Of Cash Flow - Schedule Of The Reconciliation For Net Income Provided By Operating Activities (Details)
Derivatives
Derivatives (Tables)
Derivatives - Derivatives With Master Netting Arrangements (Details)
Derivatives - Fair Value By Balance Sheet Location (Details)
Derivatives - Schedule Of Derivative Instruments (Details)
Derivatives - Schedule Pre-Tax Gains (Losses) Recognized In Net Income For Derivative Instruments (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Assets And Liabilities Measured On A Recurring Basis, Unobservable Input Reconciliation (Details)
Fair Value Measurements - Fair Value Assets And Liabilities Measured On A Recurring Basis, Unobservable Input Reconciliation - Activity (Details)
Fair Value Measurements - Fair Value Inputs (Details)
Fair Value Measurements - Fair Value Measurements Of Financial Instruments Measured On A Recurring Basis - Financial Instruments (Details)
Fair Value Measurements - Fair Value Measurements Of Financial Instruments Measured On A Recurring Basis - Securities (Details)
Fair Value Measurements - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconcilliation (Details)
Income Taxes - Summary Of Operating Loss Carryforwards (Details)
Income Taxes - Summary Of Valuation Allowance (Details)
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
Investments - Schedule Of Credit Losses Recognized In Earnings (Details)
Investments - Schedule Of Fixed Maturities For Available For Sale And Equity Securities (Details)
Investments - Schedule Of Investment Income (Details)
Investments - Schedule Of Investments Classified By Contractual Maturity Date (Details)
Investments - Schedule Of Investments In Our Portfolio Rated Below-Investment Grade Which Have Been Continuously In An Unrealized Loss Position Exceeding 20% Of The Cost Basis (Details)
Investments - Schedule Of Investments In Our Portfolio Which Have Been Continuously In An Unrealized Loss Position Exceeding 20% Of Amortized Cost Prior To Sale (Details)
Investments - Schedule Of Investments With Unrealized Losses Classified By Contractual Maturity Date (Details)
Investments - Schedule Of Realized Gain (Loss) On Investments (Details)
Investments - Schedule Of Structured Securities (Details)
Investments - Schedule Of Unrealized Loss On Investments (Details)
Investments - Summary Of Fixed Maturity Securities Available For Sale (Details)
Investments - Summary Of Weighted Average Loan-To-Value Ratio For Outstanding Mortgage Loans (Details)
Investments In Variable Interest Entities
Investments In Variable Interest Entities (Tables)
Investments In Variable Interest Entities - Narrative (Details)
Investments In Variable Interest Entities - Schedule Of Impact On Balance Sheet Of Consolidating Variable Interest Entities (Details)
Investments In Variable Interest Entities - Summary Of Variable Interest Entities By Contractual Maturity (Details)
Investments In Variable Interest Entities - Supplemental Information, Revenues And Expenses Of Variable Interest Entities (Details)
Liabilities For Insurance Products
Liabilities For Insurance Products (Tables)
Liabilities For Insurance Products - Schedule Of Insurance Liabilities By Product Segment (Details)
Liabilities For Insurance Products - Summary Of Liabilities For Unpaid Claims Adjustment Expense (Details)
Litigation And Other Legal Proceedings
Litigation And Other Legal Proceedings (Tables)
Litigation And Other Legal Proceedings - Information Related To Right To Use Assets (Details)
Litigation And Other Legal Proceedings - Narrative (Details)
Litigation And Other Legal Proceedings - Schedule Of Future Minimum Rental Payments For Operating Leases (Details)
Litigation And Other Legal Proceedings - Weighted Average Information (Details)
Notes Payable - Direct Corporate Obligations
Notes Payable - Direct Corporate Obligations (Tables)
Notes Payable - Direct Corporate Obligations - (Details)
Notes Payable - Direct Corporate Obligations - Revolving Credit Agreement (Details)
Notes Payable - Direct Corporate Obligations - Schedule Of Long-Term Debt Instruments (Details)
Notes Payable - Direct Corporate Obligations - Schedule Of Maturities Of Long-Term Debt (Details)
Other Operating Statement Data
Other Operating Statement Data (Tables)
Other Operating Statement Data - Narrative (Details)
Other Operating Statement Data - Schedule Of Changes In Deferred Acquisition Costs (Details)
Other Operating Statement Data - Schedule Of Changes In Present Value Of Future Insurance Profits (Details)
Other Operating Statement Data - Schedule Of Insurance Policy Income (Details)
Other Operating Statement Data - Schedule Of Other Operating Cost And Expense (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Schedule Of Quarterly Financial Information (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Schedule Of Earnings Per Share Reconciliation (Details)
Shareholders' Equity - Schedule Of Nonvested Share Activity (Details)
Shareholders' Equity - Schedule Of Performance Share-Based Compensation (Details)
Shareholders' Equity - Schedule Of Share-Based Compensation (Details)
Shareholders' Equity - Schedule Of Share-Based Compensation By Exercise Price Range (Details)
Shareholders' Equity - Schedule Of Valuation Assumptions On Payment Awards (Details)
Statutory Information (Based On Non-Gaap Measures)
Statutory Information (Based On Non-Gaap Measures) (Tables)
Statutory Information (Based On Non-Gaap Measures) - Narrative (Details)
Statutory Information (Based On Non-Gaap Measures) - Schedule Of Statutory Accounting Practices (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Impact Of Adoption (Details)
Summary Of Significant Accounting Policies - Investment Borrowings (Details)
Summary Of Significant Accounting Policies - Investments In Variable Interest Entities (Details)
Summary Of Significant Accounting Policies - Out Of Period Adjustments (Narrative) (Details)
Summary Of Significant Accounting Policies - Present Value Of Future Profits (Details)
Summary Of Significant Accounting Policies - Recently Adopted Accounting Pronouncement Balance Sheet (Details)
Summary Of Significant Accounting Policies - Recently Adopted Accounting Pronouncement Cash Flow (Details)
Summary Of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Narrative) (Details)
Summary Of Significant Accounting Policies - Reinsurance (Details)
Summary Of Significant Accounting Policies - Sale Of Inducements (Narrative) (Details)
Ticker: CNO
CIK: 1224608
Form Type: 10-K Annual Report
Accession Number: 0001224608-20-000009
Submitted to the SEC: Tue Feb 25 2020 1:32:55 PM EST
Accepted by the SEC: Tue Feb 25 2020
Period: Tuesday, December 31, 2019
Industry: Accident And Health Insurance

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