CNO Financial Group, Inc. (CNO) FY2025 10-K Annual Report

Filed: Feb 24, 2026
Financials
Accident & Health InsuranceSEC EDGAR

CNO Financial Group, Inc. (CNO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

CNO Financial Group, Inc. FY2025 10-K Analysis

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
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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)
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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
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CNO Financial Group, Inc. FY2025 Key Financial Metrics
XBRL

Revenue

$4.5B

+0.9% YoY

Net Income

$229M

-43.2% YoY

Operating Margin

12.3%

-5bp YoY

Net Margin

5.1%

-397bp YoY

ROE

8.7%

-748bp YoY

Total Assets

$38.8B

+2.5% YoY

EPS (Diluted)

$2.30

-38.5% YoY

Operating Cash Flow

$676M

+7.6% YoY

Source: XBRL data from CNO Financial Group, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.

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