CNO Financial Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CNO Financial Group, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

CNO Financial Group, Inc. (CNO-PA) filed a Annual Report (10-K) with the SEC on February 23, 2024. CNO Financial Group, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Accident & Health Insurance (SIC code 6321). CNO Financial Group, Inc. was formerly known as Conseco Inc. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking CNO Financial Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CNO Financial Group's financial performance, operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, profitability, debt levels, and other key financial metrics, aiding in investment decisions.

Risk Assessment

Risk Level: medium — CNO Financial Group, Inc. shows moderate risk based on this filing. The company operates in the insurance industry, which is subject to significant regulatory oversight and market fluctuations that can impact financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess CNO Financial Group's performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (As of date)
• 0001224608 — Central Index Key (Filer's identifier)
• 6321 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CNO Financial Group, Inc. (company) — Filer name
• Conseco Inc. (company) — Former company name
• Delaware (jurisdiction) — State of incorporation
• Accident & Health Insurance (industry) — Standard Industrial Classification

FAQ

Industry Context

CNO Financial Group operates within the Accident & Health Insurance sector, a segment of the broader financial services industry focused on providing insurance products.

Regulatory Implications

As a publicly traded company in the insurance sector, CNO Financial Group is subject to regulations from the Securities and Exchange Commission (SEC) and state insurance departments.

What Investors Should Do

1. Review CNO Financial Group's 2023 financial statements for revenue, net income, and EPS.
2. Analyze the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics to prior years and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing year-end financial data and disclosures, which will be compared against previous filings to identify trends and changes.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CNO New York Stock Exchange
• $35.1 billion — cember 31, 2023, we had total assets of $35.1 billion and shareholders' equity of $2.2 billio
• $2.2 billion — 5.1 billion and shareholders' equity of $2.2 billion (which included an accumulated other co
• $1.6 billion — accumulated other comprehensive loss of $1.6 billion). For the year ended December 31, 2023,
• $4.1 billion — d December 31, 2023, we had revenues of $4.1 billion and net income of $276.5 million. See o
• $276.5 million — enues of $4.1 billion and net income of $276.5 million. See our consolidated financial stateme
• $4.1 b — arketing. We had premium collections of $4.1 billion, $4.1 billion and $4.0 billion in
• $4.0 billion — tions of $4.1 billion, $4.1 billion and $4.0 billion in 2023, 2022 and 2021, respectively.
• $1,583.2 m — 2023, we collected annuity premiums of $1,583.2 million, or 39 percent, of our total prem
• $1,373.9 m — nnuities . These products accounted for $1,373.9 million, or 34 percent, of our total prem

Filing Documents

• cno-20231231.htm (10-K) — 5963KB
• cno12312023ex211.htm (EX-21.1) — 20KB
• cno12312023ex231.htm (EX-23.1) — 3KB
• cno12312023ex311.htm (EX-31.1) — 9KB
• cno12312023ex312.htm (EX-31.2) — 9KB
• cno12312023ex321.htm (EX-32.1) — 4KB
• cno12312023ex322.htm (EX-32.2) — 4KB
• exhibit971clawback.htm (EX-97.1) — 52KB
• cno-20231231_g1.jpg (GRAPHIC) — 54KB
• 0001224608-24-000009.txt (&nbsp;) — 31876KB
• cno-20231231.xsd (EX-101.SCH) — 208KB
• cno-20231231_cal.xml (EX-101.CAL) — 266KB
• cno-20231231_def.xml (EX-101.DEF) — 967KB
• cno-20231231_lab.xml (EX-101.LAB) — 1941KB
• cno-20231231_pre.xml (EX-101.PRE) — 1392KB
• cno-20231231_htm.xml (XML) — 7343KB

Business of CNO

Item 1. Business of CNO 6

Risk Factors

Item 1A. Risk Factors 29

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 43

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 Executive Officers of the Registrant 45 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46

Selected Consolidated Financial Data

Item 6. Selected Consolidated Financial Data 48

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations 49

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 85

Consolidated Financial Statements

Item 8. Consolidated Financial Statements 86

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 179

Controls and Procedures

Item 9A. Controls and Procedures 179

Other Information

Item 9B. Other Information 180

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 180 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 181

Executive Compensation

Item 11. Executive Compensation 181

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 181

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 181

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 181 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 182

Form 10-K Summary

Item 16. Form 10-K Summary 186 3 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Our statements, trend analyses and other information contained in this report and elsewhere (such as in filings by CNO with the SEC, press releases, presentations by CNO or its management or oral statements) relative to markets for CNO's products and trends in CNO's operations or financial results, as well as other statements, contain forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by the use of terms such as "anticipate," "believe," "plan," "estimate," "expect," "project," "intend," "may," "will," "would," "contemplate," "possible," "attempt," "seek," "should," "could," "goal," "target," "on track," "comfortable with," "optimistic," "guidance," "outlook" and similar words, although some forward-looking statements are expressed differently. You should consider statements that contain these words carefully because they describe our expectations, plans, strategies and goals and our beliefs concerning future business conditions, our results of operations, financial position, and our business outlook or they state other "forward-looking" information based on currently available information. The "Risk Factors" in Item 1A. provide examples of risks, uncertainties and events that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements. Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things: general economic, market and political conditions and uncertainties, including the performance and fluctuations of the financial markets which may affect the value of our investments as well as our ability to raise capital or refinance existing in

BUSINESS OF CNO

ITEM 1. BUSINESS OF CNO. CNO Financial Group, Inc., a Delaware corporation ("CNO"), is a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services products. The terms "CNO Financial Group, Inc.", "CNO", the "Company", "we", "us", and "our" as used in this report refer to CNO and its subsidiaries. Such terms, when used to describe insurance business and products, refer to the insurance business and products of CNO's insurance subsidiaries. We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets. We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing. As of December 31, 2023, we had total assets of $35.1 billion and shareholders' equity of $2.2 billion (which included an accumulated other comprehensive loss of $1.6 billion). For the year ended December 31, 2023, we had revenues of $4.1 billion and net income of $276.5 million. See our consolidated financial statements and accompanying footnotes for additional financial information about the Company and its segments. We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way management makes operating decisions and assesses the performance of the business. We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in

View Full Filing

View this 10-K filing on SEC EDGAR