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Cno Financial Group, Inc. (CNO) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Cno Financial Group, Inc.

CIK: 1224608 Ticker: CNO

Exhibit 99.1

cnologopr1.jpg                            News

For Immediate Release

CNO Financial Group Reports Third Quarter 2020 Results
Strong third quarter with earnings per share up 237%; solid capital and liquidity;
completed $50 million in share repurchases

Carmel, Ind., November 2, 2020 -
CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending September 30, 2020, net income was $129.2 million, or $0.91 per diluted share compared to net income of $42.0 million, or $0.27 per diluted share in 3Q19. Net operating income (1) in 3Q20 was $112.6 million, or $0.79 per diluted share, compared to $69.2 million, or $0.45 per diluted share in 3Q19.
"CNO generated record operating earnings in the third quarter, driven by fewer health claims due to the deferral of care, strong investment results and continued expense discipline," said Gary C. Bhojwani, chief executive officer. "Consumer Division sales and distribution metrics neared, and in several areas exceeded, pre-COVID levels in the quarter. We continued to accelerate the integration of our direct-to-consumer and exclusive agent capabilities to offer customers more choice with how they wish to engage - online, over the phone or in-person with an agent."
"Our capital and liquidity levels remain robust and we returned $66.8 million to shareholders, including $50 million through share repurchases. Our performance this quarter underscores the continued strength and resiliency of our business. CNO remains well-positioned to navigate the ongoing economic uncertainty while continuing to enhance shareholder value."


Highlights
Record operating (1) EPS up 76% from 3Q19 to $0.79
Consumer Division life and health sales up 10%; direct-to-consumer sales up 23% from 3Q19
Insurance product margin up 22% from 3Q19, favorably impacted by care deferrals that are expected to normalize in future periods
Net investment income up 4% from 3Q19
Returned $66.8 million to shareholders in the form of share repurchases ($50 million) and dividends ($16.8 million); reduced weighted average share count by 9% since 3Q19
Generated return on equity (ROE) of 10.4%; operating ROE, as adjusted (6), of 11.9%
Book value per diluted share was $36.32, up 22% from 3Q19; book value per diluted share, excluding accumulated other comprehensive income (2), was $23.45, up 16% from 3Q19




The following information was filed by Cno Financial Group, Inc. (CNO) on Monday, November 2, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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 (Parenthetical)
Accounting For Derivatives
Accounting For Derivatives (Tables)
Accounting For Derivatives - Derivatives With Master Netting Arrangements (Details)
Accounting For Derivatives - Fair Value By Balance Sheet Location (Details)
Accounting For Derivatives - Narrative (Details)
Accounting For Derivatives - Schedule Pre-Tax Gains (Losses) Recognized In Net Income For Derivative Instruments (Details)
Business And Basis Of Presentation
Business And Basis Of Presentation (Details)
Business And Basis Of Presentation (Policies)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Changes In Common Stock
Changes In Common Stock (Details)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Cash Flows (Details)
Consolidated Statement Of Cash Flows (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Balance Sheet Recurring (Details)
Fair Value Measurements - Fair Value Activity (Details)
Fair Value Measurements - Fair Value Inputs (Details)
Fair Value Measurements - Measurements By Input Level (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Recurring Basis (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Tax Expense (Benefit) (Details)
Income Taxes - Deferred Assets And Liabilities (Details)
Income Taxes - Narrative (Details)
Income Taxes - Net Operating Losses (Details)
Income Taxes - Reconciliation Of Corporate Tax Rate (Details)
Investment Borrowings
Investment Borrowings (Tables)
Investment Borrowings - Narrative (Details)
Investment Borrowings - Terms Of The Borrowings From The Fhlb (Details)
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Net Realized Investment Gains (Losses) (Details)
Investments - Schedule Of Amortized Cost, Gross Unrealized Gains And Losses, Estimated Fair Value, And Allowance For Credit Losses (Details)
Investments - Schedule Of Unrealized Appreciation (Depreciation) On Investments Included In Accumulated Other Comprehensive Income (Details)
Investments - Summary Of Carrying Value And Estimated Fair Value Of Outstanding Commercial Mortgage Loans And Underlying Collateral (Details)
Investments - Summary Of Changes In The Allowance For Current Expected Credit Losses (Details)
Investments - Summary Of Changes In The Allowance For Current Expected Credit Losses Related To Mortgage Loans (Details)
Investments - Summary Of Credit Losses Recognized In Earnings On Fixed Maturity Securities, Available For Sale, For Which A Portion Of The Other-Than-Temporary Impairment Was Also Recognized In Other Comprehensive Income (Details)
Investments - Summary Of Investments By Contractual Maturity (Details)
Investments - Summary Of Investments With Unrealized Losses By Investment Category (Details)
Investments In Variable Interest Entities
Investments In Variable Interest Entities (Tables)
Investments In Variable Interest Entities - Balance Sheet Items (Details)
Investments In Variable Interest Entities - Changes In Allowance (Details)
Investments In Variable Interest Entities - Narrative (Details)
Investments In Variable Interest Entities - Schedule Of Vies (Details)
Litigation And Other Legal Proceedings
Litigation And Other Legal Proceedings (Details)
Notes Payable - Direct Corporate Obligations
Notes Payable - Direct Corporate Obligations (Tables)
Notes Payable - Direct Corporate Obligations - Narrative (Details)
Notes Payable - Direct Corporate Obligations - Schedule Of Long-Term Debt Instruments (Details)
Notes Payable - Direct Corporate Obligations - Scheduled Repayment (Details)
Recently Issued Accounting Standards
Recently Issued Accounting Standards (Tables)
Recently Issued Accounting Standards - Impact Of Adoption (Details)
Recently Issued Accounting Standards - Narrative (Details)
Reinsurance
Reinsurance (Details)
Sales Inducements
Sales Inducements (Details)
Ticker: CNO
CIK: 1224608
Form Type: 10-Q Quarterly Report
Accession Number: 0001224608-20-000044
Submitted to the SEC: Fri Nov 06 2020 12:41:35 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Accident And Health Insurance

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