Company Quick10K Filing
CNO Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 161 $2,670
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-21 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-11-03 Quarter: 2015-09-30
10-Q 2015-08-03 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-06 Quarter: 2014-03-31
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-30
10-Q 2013-08-02 Quarter: 2013-06-30
10-K 2013-02-19 Annual: 2012-12-31
10-Q 2012-11-01 Quarter: 2012-09-30
10-Q 2012-07-27 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-10-31 Quarter: 2011-09-30
10-Q 2011-08-01 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-04 Annual: 2009-12-31
8-K 2020-02-19 Officers, Other Events, Exhibits
8-K 2020-02-11 Earnings, Exhibits
8-K 2020-01-14 Regulation FD, Exhibits
8-K 2019-11-19 Regulation FD, Exhibits
8-K 2019-11-14 Officers, Regulation FD, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-09-05 Regulation FD, Exhibits
8-K 2019-08-06 Officers, Other Events, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-06-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-29 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-05-28 Other Events, Exhibits
8-K 2019-05-28 Other Events, Exhibits
8-K 2019-05-10 Shareholder Vote, Regulation FD, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-29 Earnings, Other Events, Exhibits
8-K 2019-03-18 Officers, Other Events, Exhibits
8-K 2019-03-04 Regulation FD, Exhibits
8-K 2019-02-13 Earnings, Exhibits
8-K 2019-02-12 Earnings, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-10-25 Other Events, Exhibits
8-K 2018-09-27 Enter Agreement, M&A, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-08-01 Enter Agreement, Exhibits
8-K 2018-05-09 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-14 Earnings, Exhibits
8-K 2018-02-13 Earnings, Exhibits
CNO 2019-09-30
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 cno09302019ex311.htm
EX-31.2 cno09302019ex312.htm
EX-32.1 cno09302019ex321.htm
EX-32.2 cno09302019ex322.htm

CNO Financial Earnings 2019-09-30

CNO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
AFL 41,339 151,400 123,159 21,951 0 3,115 4,445 38,320 0% 8.6 2%
PFG 15,792 267,918 253,512 15,835 0 1,541 1,793 16,269 0% 9.1 1%
UNM 7,000 65,844 56,391 11,813 0 526 637 10,280 0% 16.1 1%
AIZ 6,842 43,140 37,379 9,568 0 391 625 7,359 0% 11.8 1%
UBSH 2,685 17,159 14,647 0 0 167 357 3,585 10.0 1%
COLB 2,683 13,091 10,957 0 0 189 263 2,424 9.2 1%
CNO 2,670 32,716 28,464 4,262 0 -412 47 3,062 0% 65.4 -1%
FULT 2,666 21,309 19,000 201 0 240 460 2,167 0% 4.7 1%
GTS 515 2,837 1,916 3,172 0 37 72 376 0% 5.2 1%

Document
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Table of Contents
 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___ 

Commission File Number 001-31792

CNO Financial Group, Inc.

Delaware
 
75-3108137
State of Incorporation
 
IRS Employer Identification No.
 
 
 
 
 
 
11825 N. Pennsylvania Street
 
 
 
Carmel,
Indiana
46032
 
(317)
 817-6100
Address of principal executive offices
 
Telephone

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):  Yes No

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
CNO
 
New York Stock Exchange
Rights to purchase Series D Junior Participating Preferred Stock
 
 
 
New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:  Yes   No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.  Large accelerated filer   Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):  Yes No

Shares of common stock outstanding as of October 22, 2019:  151,139,901








TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Page
 
 
 
Item 1.
Financial Statements (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
PART II - OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.


2


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.



CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(unaudited)

ASSETS

 
September 30,
2019
 
December 31,
2018
 
 
 
 
Investments:
 
 
 
Fixed maturities, available for sale, at fair value (amortized cost: September 30, 2019 - $18,801.6; December 31, 2018 - $18,107.8)
$
21,089.2

 
$
18,447.7

Equity securities at fair value (cost: September 30, 2019 - $39.9; December 31, 2018 - $319.8)
39.3

 
291.0

Mortgage loans
1,561.7

 
1,602.1

Policy loans
122.8

 
119.7

Trading securities
247.3

 
233.1

Investments held by variable interest entities
1,204.2

 
1,468.4

Other invested assets
1,070.9

 
833.4

Total investments
25,335.4

 
22,995.4

Cash and cash equivalents - unrestricted
760.3

 
594.2

Cash and cash equivalents held by variable interest entities
61.7

 
62.4

Accrued investment income
212.7

 
205.2

Present value of future profits
284.0

 
343.6

Deferred acquisition costs
1,138.8

 
1,322.5

Reinsurance receivables
4,802.4

 
4,925.4

Income tax assets, net
241.5

 
630.0

Assets held in separate accounts
4.2

 
4.4

Other assets
438.8

 
356.7

Total assets
$
33,279.8

 
$
31,439.8


(continued on next page)










The accompanying notes are an integral part
of the consolidated financial statements.

3

Table of Contents
 



CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET, continued
(Dollars in millions)
(unaudited)

LIABILITIES AND SHAREHOLDERS' EQUITY

 
September 30,
2019
 
December 31,
2018
 
 
 
 
Liabilities:
 
 
 
Liabilities for insurance products:
 
 
 
Policyholder account balances
$
11,845.5

 
$
11,594.1

Future policy benefits
11,576.6

 
11,082.4

Liability for policy and contract claims
508.9

 
521.9

Unearned and advanced premiums
242.8

 
253.9

Liabilities related to separate accounts
4.2

 
4.4

Other liabilities
762.0

 
632.4

Investment borrowings
1,644.8

 
1,645.8

Borrowings related to variable interest entities
1,153.0

 
1,417.2

Notes payable – direct corporate obligations
988.7

 
916.8

Total liabilities
28,726.5

 
28,068.9

Commitments and Contingencies


 


Shareholders' equity:
 

 
 

Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: September 30, 2019 – 152,183,491; December 31, 2018 – 162,201,692)
1.5

 
1.6

Additional paid-in capital
2,834.6

 
2,995.0

Accumulated other comprehensive income
1,442.9

 
177.7

Retained earnings
274.3

 
196.6

Total shareholders' equity
4,553.3

 
3,370.9

Total liabilities and shareholders' equity
$
33,279.8

 
$
31,439.8

















The accompanying notes are an integral part
of the consolidated financial statements.


4

Table of Contents
 

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
 
 
Three months ended
 
Nine months ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Insurance policy income
 
$
620.0

 
$
656.9

 
$
1,857.6

 
$
1,976.6

Net investment income:
 
 

 
 

 
 

 
 

General account assets
 
275.9

 
332.0

 
833.2

 
989.3

Policyholder and other special-purpose portfolios
 
23.6

 
85.8

 
156.6

 
134.3

Realized investment gains (losses):
 
 
 
 
 
 

 
 

Net realized gains on the transfer of assets related to reinsurance transaction
 

 
363.4

 

 
363.4

Other net realized investment gains (losses), excluding impairment losses
 
5.7

 
33.3

 
29.3

 
29.1

Impairment losses recognized (a)
 
(3.4
)
 
(2.1
)
 
(5.6
)
 
(2.1
)
Total realized gains
 
2.3

 
394.6

 
23.7

 
390.4

Fee revenue and other income
 
22.2

 
11.9

 
75.7

 
44.7

Total revenues
 
944.0

 
1,481.2

 
2,946.8

 
3,535.3

Benefits and expenses:
 
 
 
 
 
 
 
 
Insurance policy benefits
 
582.8

 
646.9

 
1,816.7

 
1,851.7

Loss related to reinsurance transaction
 

 
1,067.6

 

 
1,067.6

Interest expense
 
37.5

 
38.8

 
117.1

 
110.1

Amortization
 
51.6

 
62.4

 
156.0

 
195.3

Loss on extinguishment of debt
 

 

 
7.3

 

Loss on extinguishment of borrowings related to variable interest entities
 

 

 

 
3.8

Other operating costs and expenses
 
218.6

 
205.3

 
682.9

 
608.7

Total benefits and expenses
 
890.5

 
2,021.0

 
2,780.0

 
3,837.2

Income (loss) before income taxes
 
53.5

 
(539.8
)
 
166.8

 
(301.9
)
Income tax expense (benefit):
 
 
 
 
 
 
 
 
Tax expense (benefit) on period income (loss)
 
11.5

 
(114.8
)
 
35.4

 
(63.4
)
Valuation allowance for deferred tax assets and other tax items
 

 
104.8

 

 
104.8

Net income (loss)
 
$
42.0

 
$
(529.8
)
 
$
131.4

 
$
(343.3
)
Earnings per common share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
154,257,000

 
164,551,000

 
158,007,000

 
165,903,000

Net income (loss)
 
$
.27

 
$
(3.22
)
 
$
.83

 
$
(2.07
)
Diluted:
 
 

 
 

 
 
 
 

Weighted average shares outstanding
 
155,260,000

 
164,551,000

 
159,061,000

 
165,903,000

Net income (loss)
 
$
.27

 
$
(3.22
)
 
$
.83

 
$
(2.07
)


______________
(a)
No portion of the other-than-temporary impairments recognized in the periods was included in accumulated other comprehensive income.


The accompanying notes are an integral part
of the consolidated financial statements.

5

Table of Contents
 

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)

 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
42.0

 
$
(529.8
)
 
$
131.4

 
$
(343.3
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
Unrealized gains (losses) for the period
619.5

 
(149.1
)
 
1,991.0

 
(1,264.1
)
Adjustment to present value of future profits and deferred acquisition costs
(58.3
)
 
18.7

 
(175.0
)
 
107.4

Amount related to premium deficiencies assuming the net unrealized gains (losses) had been realized
(124.0
)
 
106.5

 
(200.5
)
 
509.5

Reclassification adjustments:
 
 
 
 
 
 
 
For net realized investment (gains) losses included in net income (loss)
2.6

 
(354.7
)
 
(.3
)
 
(366.4
)
For amortization of the present value of future profits and deferred acquisition costs related to net realized investment gains (losses) included in net income (loss)
.2

 
(.5
)
 
.6

 
(.1
)
Other comprehensive income (loss) before tax
440.0

 
(379.1
)
 
1,615.8

 
(1,013.7
)
Income tax (expense) benefit related to items of accumulated other comprehensive income (loss)
(95.3
)
 
82.4

 
(350.6
)
 
221.4

Other comprehensive income (loss), net of tax
344.7

 
(296.7
)
 
1,265.2

 
(792.3
)
Comprehensive income (loss)
$
386.7

 
$
(826.5
)
 
$
1,396.6

 
$
(1,135.6
)


























The accompanying notes are an integral part
of the consolidated financial statements.


6

Table of Contents
 

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Dollars in millions, shares in thousands)
(unaudited)
 
Common stock
 

Additional
paid-in
 
Accumulated other comprehensive
 
Retained
 
 
 
Shares
 
Amount
 
capital
 
income
 
earnings
 
Total
Balance, June 30, 2018
164,433

 
$
1.6

 
$
3,021.9

 
$
700.2

 
$
731.2

 
$
4,454.9

Net loss

 

 

 

 
(529.8
)
 
(529.8
)
Change in unrealized appreciation (depreciation) of investments (net of applicable income tax benefit of $82.3)

 

 

 
(296.1
)
 

 
(296.1
)
Change in noncredit component of impairment losses on fixed maturities, available for sale (net of applicable income tax benefit of $.1)

 

 

 
(.6
)
 

 
(.6
)
Cost of common stock repurchased

 

 

 

 

 

Dividends on common stock

 

 

 

 
(16.6
)
 
(16.6
)
Employee benefit plans, net of shares used to pay tax withholdings
201

 

 
8.1

 

 

 
8.1

Balance, September 30, 2018
164,634

 
$
1.6

 
$
3,030.0

 
$
403.5

 
$
184.8

 
$
3,619.9

 
 
 
 
 
 
 
 
 
 
 
 
Balance, June 30, 2019
156,768

 
$
1.6

 
$
2,903.2

 
$
1,098.2

 
$
249.2

 
$
4,252.2

Net income

 

 

 

 
42.0

 
42.0

Change in unrealized appreciation (depreciation) of investments (net of applicable income tax expense of $93.8)

 

 

 
339.2

 

 
339.2

Change in noncredit component of impairment losses on fixed maturities, available for sale (net of applicable income tax expense of $1.5)

 

 

 
5.5

 

 
5.5

Cost of common stock repurchased
(4,798
)
 
(.1
)
 
(75.2
)
 

 

 
(75.3
)
Dividends on common stock

 

 

 

 
(16.9
)
 
(16.9
)
Employee benefit plans, net of shares used to pay tax withholdings
213

 

 
6.6

 

 

 
6.6

Balance, September 30, 2019
152,183

 
$
1.5

 
$
2,834.6

 
$
1,442.9

 
$
274.3

 
$
4,553.3












The accompanying notes are an integral part
of the consolidated financial statements.


7

Table of Contents
 

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY, continued
(Dollars in millions, shares in thousands)
(unaudited)
 
Common stock
 

Additional
paid-in
 
Accumulated other comprehensive
 
Retained
 
 
 
Shares
 
Amount
 
capital
 
income
 
earnings
 
Total
Balance, December 31, 2017
166,858

 
$
1.7

 
$
3,073.3

 
$
1,212.1

 
$
560.4

 
$
4,847.5

Cumulative effect of accounting change

 

 

 
(16.3
)
 
16.3

 

Balance, January 1, 2018
166,858

 
1.7

 
3,073.3

 
1,195.8

 
576.7

 
4,847.5

Net loss

 

 

 

 
(343.3
)
 
(343.3
)
Change in unrealized appreciation (depreciation) of investments (net of applicable income tax benefit of $221.2)

 

 

 
(791.5
)
 

 
(791.5
)
Change in noncredit component of impairment losses on fixed maturities, available for sale (net of applicable income tax benefit of $.2)

 

 

 
(.8
)
 

 
(.8
)
Cost of common stock repurchased
(2,998
)
 
(.1
)
 
(60.4
)
 

 

 
(60.5
)
Dividends on common stock

 

 

 

 
(48.6
)
 
(48.6
)
Employee benefit plans, net of shares used to pay tax withholdings
774

 

 
17.1

 

 

 
17.1

Balance, September 30, 2018
164,634

 
$
1.6

 
$
3,030.0

 
$
403.5

 
$
184.8

 
$
3,619.9

 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
162,202

 
$
1.6

 
$
2,995.0

 
$
177.7

 
$
196.6

 
$
3,370.9

Cumulative effect of accounting change

 

 

 

 
(3.1
)
 
(3.1
)
Balance, January 1, 2019
162,202

 
1.6

 
2,995.0

 
177.7

 
193.5

 
3,367.8

Net income

 

 

 

 
131.4

 
131.4

Change in unrealized appreciation (depreciation) of investments (net of applicable income tax expense of $349.1)

 

 

 
1,259.6

 

 
1,259.6

Change in noncredit component of impairment losses on fixed maturities, available for sale (net of applicable income tax expense of $1.5)

 

 

 
5.6

 

 
5.6

Cost of common stock repurchased
(11,033
)
 
(.1
)
 
(177.2
)
 

 

 
(177.3
)
Dividends on common stock

 

 

 

 
(50.6
)
 
(50.6
)
Employee benefit plans, net of shares used to pay tax withholdings
1,014

 

 
16.8

 

 

 
16.8

Balance, September 30, 2019
152,183

 
$
1.5

 
$
2,834.6

 
$
1,442.9

 
$
274.3

 
$
4,553.3






The accompanying notes are an integral part
of the consolidated financial statements.

8

Table of Contents
 

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(unaudited)

 
Nine months ended
 
September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Insurance policy income
$
1,726.2

 
$
1,848.1

Net investment income
839.7

 
1,005.7

Fee revenue and other income
75.7

 
44.7

Insurance policy benefits
(1,224.0
)
 
(1,515.6
)
Payment to reinsurer pursuant to long-term care business reinsured

 
(365.0
)
Interest expense
(103.9
)
 
(92.8
)
Deferrable policy acquisition costs
(217.5
)
 
(187.2
)
Other operating costs
(588.7
)
 
(591.9
)
Income taxes
3.4

 
(31.0
)
Net cash from operating activities
510.9

 
115.0

Cash flows from investing activities:
 

 
 

Sales of investments
2,659.3

 
2,747.2

Maturities and redemptions of investments
1,625.6

 
1,966.7

Purchases of investments
(4,387.7
)
 
(5,037.6
)
Net sales (purchases) of trading securities
(6.6
)
 
25.4

Other
(92.1
)
 
(16.3
)
Net cash used by investing activities
(201.5
)
 
(314.6
)
Cash flows from financing activities:
 

 
 

Issuance of notes payable, net
494.2

 

Payments on notes payable
(425.0
)
 

Expenses related to extinguishment of debt
(6.1
)
 

Issuance of common stock
6.0

 
3.5

Payments to repurchase common stock
(181.2
)
 
(67.5
)
Common stock dividends paid
(50.6