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Cno Financial Group, Inc. (CNO) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Cno Financial Group, Inc.

CIK: 1224608 Ticker: CNO

Exhibit 99.1

cnologopr1a.jpg                            News

For Immediate Release

CNO Financial Group Reports Fourth Quarter and Full Year 2020 Results
Strong fourth quarter earnings; solid capital and liquidity;
completed $100 million in share repurchases

Carmel, Ind., February 9, 2021 -
CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending December 31, 2020, net income was $111.8 million, or $0.80 per diluted share compared to net income of $278.0 million, or $1.84 per diluted share in 4Q19 (including $193.7 million, or $1.28 per diluted share, related to a tax benefit from a tax planning strategy). Net operating income (1) in 4Q20 was $86.0 million, or $0.61 per diluted share, compared to $78.6 million, or $0.52 per diluted share, in 4Q19.

Net income for the year ended December 31, 2020, was $301.8 million, or $2.11 per diluted share, compared to $409.4 million, or $2.61 per diluted share, in 2019 (including $193.7 million, or $1.23 per diluted share, related to a tax benefit from a tax planning strategy). Net operating income (1) for the year ended December 31, 2020, was $362.3 million, or $2.53 per diluted share, compared to $290.0 million, or $1.85 per diluted share, in 2019.

"CNO reported strong fourth quarter and full year results in the face of a very challenging year," said Gary C. Bhojwani, chief executive officer. "I am particularly pleased with the continued momentum in our Consumer Division and our expanding digital and direct-to-consumer capabilities, which offset COVID-related weakness in other areas. Our results throughout the pandemic and in the historically low interest rate environment demonstrated the resiliency of our diverse product portfolio and distribution networks. I am very proud of our dedicated associates and exclusive agents that helped us deliver on our promises to customers."

"Our strong earnings, high quality investment portfolio and robust cash flow generation enabled us to return $330 million to shareholders this year," added Bhojwani. "This represents 12% of our market capitalization as of the start of 2020. While we face considerable near-term headwinds in 2021, CNO’s middle-market focus, differentiated business model and solid balance sheet position us to successfully navigate short-term disruption and remain focused on the longer-term opportunity ahead to deliver continued shareholder value."

Other Announcement

Completed the acquisition of DirectPath, LLC, a leading national provider of employee benefits management services to employers and employees (Read press release here)

Full Year 2020 Highlights

Operating (1) EPS up 37% from 2019 to $2.53
Life sales up 12%; direct-to-consumer sales up 21% from 2019
Insurance product margin up 17% from 2019; favorably impacted by health care deferrals
Generated return on equity (ROE) of 6.5%; operating ROE, as adjusted (6), of 12.9%
Returned $330.0 million to shareholders in the form of share repurchases ($263.0 million) and dividends ($67.0 million); reduced weighted average share count by 9% since 2019


The following information was filed by Cno Financial Group, Inc. (CNO) on Tuesday, February 9, 2021 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
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 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)
Business Segments Business Segments - Narrative (Details)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Cash Flows (Tables)
Consolidated Statement Of Cash Flows - Schedule Of Other Significant Noncash Transactions (Details)
Consolidated Statement Of Cash Flows - 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 (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 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 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 - Allowance For Credit Losses (Details)
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 - 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 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 - Narrative (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)
Recently Issued Accounting Standards - Impact Of Adoption (Details)
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 (Parenthetical) (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 (Parenthetical) (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company) - Statement Of Operations (Details)
Schedule Iv - Reinsurance
Schedule Iv - Reinsurance (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 Issued Accounting Pronouncements (Narrative) (Details)
Summary Of Significant Accounting Policies - Reinsurance (Details)
Summary Of Significant Accounting Policies - Sales Inducements (Narrative) (Details)
Ticker: CNO
CIK: 1224608
Form Type: 10-K Annual Report
Accession Number: 0001224608-21-000008
Submitted to the SEC: Wed Feb 24 2021 12:54:18 PM EST
Accepted by the SEC: Wed Feb 24 2021
Period: Thursday, December 31, 2020
Industry: Accident And Health Insurance

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