CNO Financial CNO-PA

CNO Financial Group, Inc. 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 company focuses on serving middle-income pre-retiree and retired Americans, which it views as attractive, underserved, high-growth markets. As of December 31, 2025, CNO had total assets of $38.8 billion and shareholders' equity of $2.6 billion.

CNO generates revenue primarily through premium collections from its insurance products and investment and fee income. In 2025, the company reported premium collections of $4.5913 billion, driven by sales of annuities, health insurance and life insurance products. These products are distributed through exclusive agents, independent producers and direct marketing channels, with the Consumer and Worksite Divisions reflecting the two primary customer segments served.

The company operates through the following segments: Annuities, Health and Life.

• Annuities: This segment includes fixed indexed annuities, fixed interest annuities and other annuity products such as single premium immediate annuities. Fixed indexed annuities accounted for $1,739.9 million in premium collections during 2025, representing 38 percent of total premiums. The company offers branded products under its Bankers Life, Washington National and Colonial Penn names, featuring options like guaranteed lifetime income riders and death benefit riders that provide policyholders with guaranteed income streams or return of premium benefits.
• Health: This segment comprises supplemental health, Medicare supplement and long-term care insurance products. Supplemental health collected premiums were $744.5 million in 2025, or 16 percent of total premiums, and includes cancer insurance, heart/stroke policies, accident products and hospital indemnity products. Medicare supplement premiums reached $626.8 million in 2025, or 14 percent of total premiums, with plans that automatically adjust to reflect changes in Medicare benefits, primarily marketed to individuals newly eligible for Medicare.
• Life: This segment consists of interest-sensitive life and traditional life insurance products. Interest-sensitive life products, including universal life and fixed indexed universal life, accounted for $255.8 million in premium collections during 2025, or 6 percent of total premiums. Traditional life products, encompassing whole life, graded benefit life, term life and single premium whole life, generated $728.7 million in premiums in 2025, or 16 percent of total premiums, with graded benefit life targeting individuals aged 50 to 85 and single premium whole life requiring one lump sum payment for lifetime coverage.

CNO operates in a competitive insurance landscape where it faces larger rivals with greater capital, technological resources and brand recognition. The company competes primarily on pricing, service provided to distributors and policyholders, and financial strength ratings from agencies such as AM Best, Fitch, Moody’s and S&P. Its main competitors vary by product line, including Northwestern Mutual and Mutual of Omaha for long-term care, United HealthCare and Blue Cross and Blue Shield for Medicare supplement, and AFLAC, Unum and MetLife for supplemental health products sold through the Worksite Division.

CNO serves middle-income pre-retiree and retired Americans, focusing on individuals seeking health insurance, annuity and life insurance solutions for retirement and financial security. The company markets its products to individual consumers through its Consumer Division and to businesses, associations and membership groups via its Worksite Division, which sells voluntary insurance benefits in the workplace. Specific customer concentrations include residents of Florida, Iowa, Texas, California and Pennsylvania, each accounting for at least five percent of 2025 collected premiums.