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Cno Financial Group, Inc. (CNO) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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CNO Annual Reports

Cno Financial Group, Inc.

CIK: 1224608 Ticker: CNO

Exhibit 99.1

cnologopra.jpg                            News

For Immediate Release

CNO Financial Group Reports Fourth Quarter and Full Year 2021 Results
Strong fourth quarter and full year results; double-digit EPS growth; record 2021 share repurchases

Carmel, Ind., February 8, 2022 -
CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ended December 31, 2021, net income was $115.8 million, or $0.93 per diluted share, compared to net income of $111.8 million, or $0.80 per diluted share, in 4Q20. Net operating income (1) in 4Q21 was $108.5 million, or $0.87 per diluted share, compared to $86.0 million, or $0.61 per diluted share, in 4Q20.
Net income for the year ended December 31, 2021 was $441.0 million, or $3.36 per diluted share, compared to $301.8 million, or $2.11 per diluted share, in 2020. Net operating income (1) for the year ended December 31, 2021 was $365.6 million, or $2.79 per diluted share, compared to $362.3 million, or $2.53 per diluted share, in 2020.
"Solid fourth quarter results capped off another strong year, demonstrating CNO's continued agility navigating the pandemic and the successful execution of our strategic priorities," said Gary C. Bhojwani, chief executive officer. "While visibility into COVID's ongoing impact on our business remains unclear, the dedication of our associates and agents and the strength of our model will enable us to continue to drive value for all of the constituents we serve."
Full Year 2021 Highlights
Earnings per diluted share of $3.36, up 59% compared to 2020
Operating (1) EPS of $2.79, up 10% from 2020
Total new annualized premiums (NAP) (4) up 9% from 2020
Direct-to-consumer life insurance NAP (4) up 16% from 2020, exceeding $100 million for first time, up 40% from 2019
Annuity collected premiums up 20% from 2020
Returned $468.1 million to shareholders in the form of share repurchases (a record $402.4 million) and dividends ($65.7 million)
Return on equity (ROE) of 8.5%; operating ROE, as adjusted (6), of 12.1%
Fourth Quarter 2021 Highlights
Earnings per diluted share of $0.93 in 4Q21, up 16% compared to 4Q20
Operating (1) EPS of $0.87 in 4Q21, up 43% compared to 4Q20
Total NAP (4) up 2% from 4Q20
Direct-to-consumer life insurance NAP (4) up 21% from 4Q20
Annuity collected premiums up 15% from 4Q20
Returned $115.7 million to shareholders in the form of share repurchases ($100.0 million) and dividends ($15.7 million); reduced weighted average share count by 11% since 4Q20
Book value per share was $43.69, up 8% from 4Q20; book value per diluted share, excluding accumulated other comprehensive income (2), was $26.86, up 12% from 4Q20


The following information was filed by Cno Financial Group, Inc. (CNO) on Tuesday, February 8, 2022 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

Audit Information
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 And Basis Of Presentation (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)
Business Segments Business Segments - Narrative (Details)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Cash Flows (Tables)
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 Reconciliation (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 Available For Sale (Details)
Investments - Schedule Of Investment Income (Details)
Investments - Schedule Of Investments Classified By Contractual Maturity Date (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)
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 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)
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 - 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 - Present Value Of Future Profits (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: 0001224608-22-000012
Submitted to the SEC: Wed Feb 23 2022 7:53:47 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Accident And Health Insurance

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