CNO Financial Group, Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a net income of $23.1 million for the third quarter, a significant increase from $9.3 million in the same period last year. For the nine months ended September 30, 2025, net income totaled $136.4 million, down from $237.9 million in the prior year. The company’s total revenues for the third quarter were $1.19 billion, compared to $1.13 billion in the same quarter of 2024, while revenues for the nine months were $3.34 billion, slightly down from $3.35 billion year-over-year.
The company experienced notable changes in its operational metrics. Insurance policy income rose to $658.4 million in the third quarter of 2025, up from $645.0 million in the same quarter of 2024. However, net investment income from general account assets increased to $382.9 million from $366.3 million year-over-year. The total investment gains for the third quarter were a loss of $3.0 million, compared to a gain of $1.2 million in the previous year, reflecting market volatility and strategic asset repositioning. The company also reported a goodwill impairment charge of $96.7 million, primarily related to its acquisition of Optavise, which impacted overall profitability.
CNO Financial Group's strategic developments included the decision to exit its fee services business within the Worksite Division, which is expected to be completed in the first half of 2026. This segment had incurred pre-tax losses of $18.3 million in the first nine months of 2025. The company anticipates incurring additional pre-tax charges of $15 million to $20 million related to exit costs. Furthermore, the company executed a reinsurance transaction with its Bermuda subsidiary, CNO Bermuda Re, which reinsures $1.8 billion of in-force supplemental health statutory reserves, enhancing its capital efficiency.
Operationally, CNO Financial Group reported a total assets figure of $38.30 billion as of September 30, 2025, compared to $37.85 billion at the end of 2024. The company’s liabilities increased to $35.69 billion from $35.33 billion over the same period. The total policyholder account balances reached $18.29 billion, reflecting a growth strategy focused on middle-income pre-retiree and retired Americans. The company’s employee headcount was reported at 3,200, a slight decrease from the previous year, as part of ongoing efficiency measures.
Looking ahead, CNO Financial Group narrowed its expected operating earnings per diluted share to a range of $3.75 to $3.85 for 2025, with an anticipated effective tax rate on operating earnings between 22.0% and 22.5%. The company aims to achieve a consolidated risk-based capital ratio of 375% for its U.S. insurance subsidiaries, maintaining a strong financial position to support future growth and shareholder returns.
About CNO Financial Group, Inc.
CNO Financial Group, Inc. is a holding company specializing in insurance products for middle-income pre-retirees and retirees. Its core offerings include health, life, and annuity insurance, marketed through agents and direct channels. The company operates under brands like Bankers Life, Washington National, and Colonial Penn, focusing on customer service, product development, and strategic risk management within a highly regulated industry.
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