CNO primarily serves middle-income pre-retiree and retired Americans, focusing on insurance solutions tailored to their needs through exclusive agents, independent producers, and direct marketing channels. The company returned $386 million to shareholders in 2025 (an 11% increase from 2024), reflecting healthy free cash flow generation bolstered by a second reinsurance transaction with its Bermuda affiliate.
Cyborg Score Rationale
CNO achieved and exceeded all 2025 guidance metrics with 11% operating EPS growth and NAP growth up 15% to a new full-year record. Operating ROE of 11.4% (excluding significant items) demonstrates solid profitability. Analyst sentiment is mixed with recent upgrades offsetting lingering regulatory headwinds in the insurance sector.
Top Insights
Operating earnings per share grew 11% driven by consistent sales momentum
Total new annualized premiums grew 15% to accelerate to a new full-year record
Company operates with 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents
Multiple recent analyst upgrades including Jefferies raising target from $42 to $47
Named Competitors
Life Insurance & Annuities — Diversified global insurance provider
Life Insurance — Life insurance for middle-income Americans
Supplemental Insurance — Supplemental and life insurance products
Recent Developments
(March 2026) Analyst upgrade: Wall Street Zen upgraded CNO to Buy rating
(February 2026) Q4 2025 results: Exceeded guidance with $1.47 operating EPS and 15% NAP growth
(February 2026) Board action: Declared $0.17 quarterly dividend; Nina Henderson retiring from board after 14 years
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