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Sells life, health and annuity insurance to middle-income and senior US consumers via captive and independent agents.
Sells life, health and annuity insurance to middle-income and senior US consumers via captive and independent agents.
Collects premiums on supplemental health and life policies and invests money received for annuities, earning the gap between what the investments yield and what it credits policyholders. Its brands split the selling: Bankers Life through its own career agents, Washington National through independent agents, and Colonial Penn directly to consumers.
Moat: narrow (distribution, scale, brand). Established captive agent network targeting an underserved middle-income insurance segment.
Headquarters: Carmel, Indiana, United States · Founded: 1979 · Employees: 3,300
Size CNO Financial (CNO) is a United States Financials company (Multi-Line Insurance) with a market value of $5.09B, the 1174th largest of 3,117 United States companies the cockpit tracks. Shares closed at $55.45 on 6 Nov 2026.
Performance Over six months the shares gained 20.5%, against +5.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +9.6%); the operating margin is 16.9% (peer median 14.0%).
Valuation It trades at 2.19× book value against a peer median of 1.04× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 16.0%; CNO Financial delivers 16.9%, so the price asks less than the business earns today.
Credit CNO Financial has 6 bonds outstanding ($2.95B), rated A- by the agencies and trading like BBB at a weighted spread of 96 bp.
Short interest Short interest is 3.0% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.55B | $4.50B | $4.51B | $4.17B | $3.72B |
| Revenue growth | — | 0% | +8% | +12% | — |
| Net income | $418M | $229M | $421M | $276M | $631M |
| Free cash flow | n/a | $676M | $628M | $583M | $495M |
| Capital expenditure | n/a | $0 | $0 | $0 | $0 |
| Total debt | $4.81B | $4.14B | $4.52B | $4.24B | $3.93B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| CNO Financial CNO | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% |
| Genworth Financial GNW | $3.29B | -5% | -1% | 2% | 0.38× | 5.3% |
| Globe Life GL | $12.1B | +4% | +6% | 21% | 2.08× | 11.7% |
| Primerica PRI | $8.94B | +6% | +8% | 33% | 3.56× | 24.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CNO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +2.0% | 10th highest of 21 |
| 6-month return | +20.5% | +5.4% | 4th highest of 21 |
| Return on equity | 16.9% | 14.6% | 8th highest of 21 |
| Price / book | 2.19× | 1.04× | 5th most expensive of 21 |
| Trailing P/E | 12.7× | 8.7× | 7th most expensive of 19 |
| ROE the price implies | 16.0% | 8.1% | 3rd most demanding of 21 |
| ROE delivered | 16.9% | 14.6% | 8th highest of 21 |
| Bond spread | 96 bp | 136 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% | 16.9% |
| White Mountains Insurance WTM | United States | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% | 21.9% |
| Sunshine Insurance 6963.HK | Hong Kong | $5.35B | 0% | +8% | 14% | 0.66× | 5.4% | 13.7% |
| FWD 1828.HK | Hong Kong | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% | 4.1% |
| Sony Financial 8729.T | Japan | $6.06B | +1% | -10% | 14% | 1.08× | 5.1% | 14.4% |
| RLI RLI | United States | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% | 22.1% |
| Enact ACT | United States | $6.38B | +5% | +2% | 13% | 1.19× | 7.9% | 12.9% |
| China Reinsurance (Group) 1508.HK | Hong Kong | $6.64B | -5% | +11% | 10% | 0.40× | 5.5% | 9.7% |
| Db Insurance 005830.KS | South Korea | $6.90B | +2% | -14% | 17% | 0.85× | 5.1% | 17.0% |
| Alm. Brand A/S ALMB.CO | Denmark | $3.70B | +16% | +3% | 9% | 2.19× | 7.3% | 8.8% |
| Hamilton Insurance HG | United States | $3.64B | +20% | +20% | 19% | 1.24× | 8.0% | 19.0% |
| Great Eastern G07.SI | Singapore | $7.47B | +21% | +27% | 15% | 1.73× | 11.4% | 14.8% |
| Axis Capital AXS | United States | $7.60B | +7% | +10% | 16% | 1.33× | 8.1% | 16.0% |
| Lincoln National LNC | United States | $7.67B | +12% | +12% | 23% | 0.74× | 8.6% | 22.6% |
| Genworth Financial GNW | United States | $3.29B | -5% | -1% | 2% | 0.38× | 5.3% | 2.3% |
| Hiscox HSX.L | United Kingdom | $8.08B | +18% | +4% | 17% | 2.06× | 15.1% | 16.6% |
| China Taiping Insurance 0966.HK | Hong Kong | $8.28B | -24% | +19% | 36% | 0.63× | 8.1% | 36.2% |
| F&G Annuities & Life FG | United States | $3.06B | -17% | +14% | 9% | 0.66× | 8.4% | 9.2% |
| Lemonade LMND | United States | $3.06B | -28% | +77% | -27% | 6.12× | 75.0% | -27.0% |
| Kinsale Capital KNSL | United States | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% | 27.8% |
| New India Assurance NIACL.NS | India | $2.74B | -5% | +9% | -1% | 0.62× | 14.0% | -1.3% |
CNO Financial has 6 bonds outstanding with $2.95B face value. The agencies rate it A-; its bonds trade like BBB. Weighted yield 5.55%, a spread of 96 bp over government bonds.