Short answer
CNO Financial Group, Inc. (CNO) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $4.5B (+0.9% year over year) and net income of $229M.
- Top risk flagged: Interest rate risk with fixed income securities duration 7.5 years vs liabilities 8.1 years
FY2025 key financial metrics · XBRL
- Revenue
- $4.5B
- +0.9% YoY
- Net income
- $229M
- −43.2% YoY
- Operating margin
- 12.3%
- −0.1 pp YoY
- EPS (diluted)
- $2.30
- −38.5% YoY
- ROE
- 8.7%
- −7.5 pp YoY
- Operating cash flow
- $676M
- +7.6% YoY
Source: XBRL data from the CNO Financial Group, Inc. (CNO) FY2025 10-K on SEC EDGAR. USD.
CNO Financial Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Insurance products sales and administration via Consumer and Worksite Divisions, leveraging exclusive agents, independent producers, and direct marketing
- Strategic shift: Announced 2025 exit from fee services in Worksite Division to focus on core insurance business, expected by mid-2026
- New product emphasis: Launched death benefit rider on fixed indexed annuities with guaranteed lifetime income in 2025
- Notable quantitative metric: Premium collections $4.59B in 2025, up from $4.38B in 2024, with fixed indexed annuities representing 38% ($1.74B) of total premiums
- Unique fact: Discontinued ceding 25% of new long-term care business to reinsurer starting Oct 1, 2024
Management Discussion & Analysis
- Total revenue (insurance product margin) $1,067.6M in 2025, up 2.6% YoY from $1,040.0M in 2024
- Operating margin (income from insurance products / total margin) ~42.7% in 2025 vs. ~40.8% in 2024 (456.3/1067.6 vs 424.7/1040.0)
- Best segment: Health margin $556.6M in 2025, up 7.7% YoY; Worst segment: Annuity margin $238.6M in 2025, down 13.0% YoY
- Net operating income $439.2M in 2025 vs $429.3M in 2024; Net income $229.3M in 2025 vs $420.8M in 2024 due to non-operating losses including $101.9M goodwill impairment
- Cash flow & capital allocation: No direct buyback/dividend/capex numbers disclosed; $20.3M in TechMod initiative expenses impacting cash flow
- Forward outlook: Management highlighting technology modernization completion post-2025; risks include investment losses, mortality/morbidity assumption changes, and regulatory/tax changes impacting deferred tax assets
Risk Factors
- Interest rate risk with fixed income securities duration 7.5 years vs liabilities 8.1 years
- Fair value decline $691.7 million if interest rates rise 10% from Dec 31, 2025 levels
- Inflation impact on insurance policy benefits linked to medical cost increases
- Equity securities market price volatility risk managed by limiting portfolio size
- Equity-linked investments matched to fixed indexed annuity liabilities to hedge value changes
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