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CNO Financial Group

DB:COS
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
COS
DB
$3B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

CNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. The last earnings update was 78 days ago. More info.


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COS Share Price and Events
7 Day Returns
0.2%
DB:COS
0.5%
DE Insurance
-0.7%
DE Market
1 Year Returns
-13.6%
DB:COS
21.2%
DE Insurance
-7.6%
DE Market
COS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CNO Financial Group (COS) 0.2% 0.6% -2.8% -13.6% -10.6% 15.2%
DE Insurance 0.5% 2% 2.1% 21.2% 63% 61.1%
DE Market -0.7% -0.5% -3.8% -7.6% 8.3% 11.1%
1 Year Return vs Industry and Market
  • COS underperformed the Insurance industry which returned 21.2% over the past year.
  • COS underperformed the Market in Germany which returned -7.6% over the past year.
Price Volatility
COS
Industry
5yr Volatility vs Market

Value

 Is CNO Financial Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CNO Financial Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CNO Financial Group.

DB:COS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $27.97 * 9.5%
$2.64
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $27.97
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:COS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.685 (1 + (1- 21%) (153.97%))
1.348
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.35
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.348 * 5.96%)
8.26%

Discounted Cash Flow Calculation for DB:COS using Excess Returns Model Model

The calculations below outline how an intrinsic value for CNO Financial Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:COS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.5% – 8.26%) * $27.97)
$0.33
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.33 / (8.26% - 0.23%)
$4.16
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $27.97 + $4.16
$32.13
DB:COS Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:COS represents 0.89062x of NYSE:CNO
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89062x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 32.13 x 0.89062
€28.62
Value per share (EUR) From above. €28.62
Current discount Discount to share price of €14.62
= -1 x (€14.62 - €28.62) / €28.62
48.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CNO Financial Group is available for.
Intrinsic value
49%
Share price is €14.62 vs Future cash flow value of €28.62
Current Discount Checks
For CNO Financial Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CNO Financial Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CNO Financial Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CNO Financial Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CNO Financial Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:COS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-2.12
NYSE:CNO Share Price ** NYSE (2019-07-19) in USD $16.42
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 13.38x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.75x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CNO Financial Group.

DB:COS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CNO Share Price ÷ EPS (both in USD)

= 16.42 ÷ -2.12

-7.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNO Financial Group is loss making, we can't compare its value to the DE Insurance industry average.
  • CNO Financial Group is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does CNO Financial Group's expected growth come at a high price?
Raw Data
DB:COS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -7.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
66.6%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.16x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for CNO Financial Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CNO Financial Group's assets?
Raw Data
DB:COS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $23.99
NYSE:CNO Share Price * NYSE (2019-07-19) in USD $16.42
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.09x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.71x
DB:COS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CNO Share Price ÷ Book Value per Share (both in USD)

= 16.42 ÷ 23.99

0.68x

* Primary Listing of CNO Financial Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNO Financial Group is good value based on assets compared to the DE Insurance industry average.
X
Value checks
We assess CNO Financial Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. CNO Financial Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is CNO Financial Group expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
66.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CNO Financial Group expected to grow at an attractive rate?
  • CNO Financial Group's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • CNO Financial Group's earnings growth is expected to exceed the Germany market average.
  • CNO Financial Group's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:COS Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:COS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 66.6%
DB:COS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 0.4%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.6%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:COS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:COS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 4,061 333 2
2020-12-31 3,927 315 3
2019-12-31 3,801 282 4
DB:COS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 4,329 388 -348
2018-12-31 4,314 318 -315
2018-09-30 4,625 279 -414
2018-06-30 4,224 571 216
2018-03-31 4,234 562 198
2017-12-31 4,297 633 176
2017-09-30 4,212 628 481
2017-06-30 4,149 709 399
2017-03-31 4,095 763 375
2016-12-31 3,985 776 358
2016-09-30 3,950 793 261
2016-06-30 3,838 753 277

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CNO Financial Group's earnings are expected to grow significantly at over 20% yearly.
  • CNO Financial Group's revenue is expected to grow by 0.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:COS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from CNO Financial Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:COS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
DB:COS Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -2.12
2018-12-31 -1.90
2018-09-30 -2.49
2018-06-30 1.29
2018-03-31 1.17
2017-12-31 1.03
2017-09-30 2.80
2017-06-30 2.30
2017-03-31 2.14
2016-12-31 2.03
2016-09-30 1.45
2016-06-30 1.51

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CNO Financial Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CNO Financial Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CNO Financial Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has CNO Financial Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CNO Financial Group's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CNO Financial Group does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare CNO Financial Group's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare CNO Financial Group's 1-year growth to the DE Insurance industry average as it is not currently profitable.
Earnings and Revenue History
CNO Financial Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CNO Financial Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:COS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 4,328.70 -347.50
2018-12-31 4,313.50 -315.00
2018-09-30 4,625.40 -414.20 9.00
2018-06-30 4,223.50 216.40 9.00
2018-03-31 4,234.30 197.60
2017-12-31 4,297.20 175.60
2017-09-30 4,212.00 480.70 7.70
2017-06-30 4,148.60 398.50 7.70
2017-03-31 4,095.40 375.00 7.70
2016-12-31 3,985.10 358.20
2016-09-30 3,949.80 261.30 5.30
2016-06-30 3,838.40 276.50 5.30
2016-03-31 3,794.00 263.40 5.30
2015-12-31 3,811.90 270.70 5.30
2015-09-30 3,842.30 217.30
2015-06-30 3,904.80 300.90
2015-03-31 4,038.30 332.20
2014-12-31 4,144.70 51.40 4.70
2014-09-30 4,302.90 73.50
2014-06-30 4,429.70 239.10
2014-03-31 4,418.20 238.10
2013-12-31 4,476.10 478.00
2013-09-30 4,378.70 473.20
2013-06-30 4,377.90 185.20
2013-03-31 4,361.40 173.80
2012-12-31 4,342.70 221.00
2012-09-30 4,333.00 184.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if CNO Financial Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if CNO Financial Group has efficiently used its assets last year compared to the DE Insurance industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if CNO Financial Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess CNO Financial Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CNO Financial Group has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is CNO Financial Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CNO Financial Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CNO Financial Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CNO Financial Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CNO Financial Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CNO Financial Group Company Filings, last reported 3 months ago.

DB:COS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,837.90 3,979.60 859.50
2018-12-31 3,370.90 3,979.80 827.30
2018-09-30 3,619.90 3,979.90 778.20
2018-06-30 4,454.90 3,980.10 893.50
2018-03-31 4,617.20 3,972.10 900.40
2017-12-31 4,847.50 3,972.00 863.00
2017-09-30 4,881.70 3,759.50 1,060.30
2017-06-30 4,779.30 4,093.50 856.80
2017-03-31 4,606.80 4,194.80 871.30
2016-12-31 4,486.90 4,223.10 842.30
2016-09-30 4,493.80 4,250.30 1,013.20
2016-06-30 4,456.20 4,175.60 726.50
2016-03-31 4,226.60 4,116.10 920.90
2015-12-31 4,138.50 4,135.60 696.00
2015-09-30 4,171.00 3,911.00 871.30
2015-06-30 4,364.20 3,905.60 711.40
2015-03-31 4,753.60 3,755.00 679.20
2014-12-31 4,688.20 3,571.40 856.50
2014-09-30 4,722.00 3,628.40 687.10
2014-06-30 4,844.30 3,445.70 606.20
2014-03-31 4,710.20 3,362.90 520.90
2013-12-31 4,955.20 3,768.70 946.60
2013-09-30 4,786.60 3,753.90 623.30
2013-06-30 4,581.40 3,927.40 521.00
2013-03-31 5,028.60 3,957.80 481.40
2012-12-31 5,049.30 3,422.00 848.70
2012-09-30 5,066.20 3,452.90 614.70
  • CNO Financial Group's level of debt (103.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (71.4% vs 103.7% today).
  • Debt is not well covered by operating cash flow (9.7%, less than 20% of total debt).
  • Unable to confirm if the interest payments on CNO Financial Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess CNO Financial Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CNO Financial Group has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is CNO Financial Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.68%
Current annual income from CNO Financial Group dividends. Estimated to be 2.91% next year.
If you bought €2,000 of CNO Financial Group shares you are expected to receive €54 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CNO Financial Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • CNO Financial Group's dividend is below the markets top 25% of dividend payers in Germany (3.92%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:COS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:COS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.55 3.00
2020-12-31 0.48 5.00
2019-12-31 0.43 5.00
DB:COS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-10 0.440 2.673
2019-02-20 0.400 2.393
2018-11-15 0.400 2.379
2018-08-08 0.400 1.942
2018-05-09 0.400 2.000
2018-02-21 0.360 1.634
2017-11-16 0.360 1.468
2017-08-09 0.360 1.546
2017-05-10 0.360 1.706
2017-02-24 0.320 1.547
2016-11-17 0.320 1.665
2016-08-10 0.320 2.032
2016-05-04 0.320 1.767
2016-02-24 0.280 1.535
2015-11-12 0.280 1.553
2015-08-12 0.280 1.507
2015-05-06 0.280 1.523
2015-02-26 0.240 1.389
2014-11-13 0.240 1.445
2014-08-06 0.240 1.390
2014-05-07 0.240 1.420
2014-03-04 0.240 1.341
2013-11-14 0.120 0.691
2013-07-31 0.120 0.817
2013-05-08 0.120 0.932
2013-02-28 0.080 0.712
2012-11-15 0.080 0.824
2012-08-01 0.080 0.862
2012-05-09 0.080 1.098

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, CNO Financial Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but CNO Financial Group only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of CNO Financial Group's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.5x coverage).
X
Income/ dividend checks
We assess CNO Financial Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CNO Financial Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CNO Financial Group has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of CNO Financial Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gary Bhojwani
COMPENSATION $7,701,334
AGE 51
TENURE AS CEO 1.5 years
CEO Bio

Mr. Gary Chandru Bhojwani has been Chief Executive officer at CNO Financial Group since January 1, 2018. He was the President of CNO Financial Group, Inc. from April 18, 2016 to December 2017. Mr. Bhojwani has extensive expertise in risk management, finance and consumer product marketing. Mr. Bhojwani has been a Director of CNO Financial Group, Inc. since May 16, 2017. Mr. Bhojwani oversees the profitable growth of CNO's three business segments: Bankers Life, Colonial Penn and Washington National, which also includes Marketing, Communications, Underwriting and New Business. He served as a Member of the Board of Management at Allianz SE from January 1, 2012 to December 31, 2014. He was responsible for Insurance Business in USA. He was responsible for overseeing both Allianz Life and Fireman's Fund Insurance Company, Inc. He served as President and Chief Executive Officer of Allianz Life Insurance Company of North America, Inc. at Questar Capital Corporation from January 27, 2007 to 2011 Mr. Bhojwani was founder and Chief Executive Officer of GCB, LLC, from April 2015 to April 2016. He served as the Chief Executive Officer and President of Allianz Life & Annuity Company, LP. He served as the Head of Allianz Life Insurance Minneapolis at Allianz SE. He served as the President of Commercial Business at Fireman's Fund Insurance Company, Inc. from June 2004 to January 30, 2007. Mr. Bhojwani served as the Chief Executive Officer and President of Lincoln General Insurance Company, a subsidiary of Kingsway Financial Services Inc. from July 2002 to May 2004. He led the Fireman's Fund Insurance Company's Commercial Business team, its largest business segment and demonstrated success at achieving profitable results while in that role. He served as the Chairman of Allianz Life Insurance Company of North America, Inc. He served as the Chairman of Allianz of America, Allianz Life Insurance Company and Fireman's Fund Insurance Company, Inc. from 2012 to 2015. He has been an Independent Director at Hormel Foods Corporation since July 28, 2014. He was the Chief Executive Officer of Avalon Risk Management from 1998 to 2002 and President, Trade Insurance Services from 1995 to 1997. Mr. Bhojwani serves as a Director of American Council Of Life Insurers and Allianz Life & Annuity Company, LP. He is a Director of Carmel, Minneapolis, Minnesota, the Minneapolis Institute of Arts, Minneapolis, Minnesota and Indiana. He served as a Director of Allina Health System, Inc. He served as a Director of Lincoln General Insurance Company. He is a member of the Young President Organization and serves on various boards. Mr. Bhojwani earned Bachelor of Science degree in Actuarial Science from the University of Illinois and an MBA with dual concentrations in Finance and Marketing from the University of Chicago.

CEO Compensation
  • Gary's compensation has increased whilst company is loss making.
  • Gary's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the CNO Financial Group management team in years:

2.8
Average Tenure
54
Average Age
  • The tenure for the CNO Financial Group management team is about average.
Management Team

Gary Bhojwani

TITLE
CEO & Director
COMPENSATION
$8M
AGE
51
TENURE
1.5 yrs

Bruce Baude

TITLE
Executive VP and Chief Operations & Technology Officer
COMPENSATION
$2M
AGE
54
TENURE
7 yrs

Eric Johnson

TITLE
Chief Investment Officer
COMPENSATION
$2M
AGE
59
TENURE
15.8 yrs

Matt Zimpfer

TITLE
Executive VP & General Counsel
COMPENSATION
$2M
AGE
52
TENURE
11.1 yrs

Paul McDonough

TITLE
Chief Financial Officer
AGE
54
TENURE
0.3 yrs

John Kline

TITLE
Senior VP & Chief Accounting Officer
COMPENSATION
$576K
AGE
62
TENURE
17 yrs

Jeff Kircher

TITLE
VP of Corporate Finance & Treasurer
TENURE
3 yrs

Mike Mead

TITLE
Senior VP & Chief Information Officer
TENURE
0.7 yrs

Doug Williams

TITLE
Vice President of Finance & Administration
TENURE
2.5 yrs

Jennifer Childe

TITLE
Vice President of Investor Relations
TENURE
0.9 yrs
Board of Directors Tenure

Average tenure and age of the CNO Financial Group board of directors in years:

6.9
Average Tenure
69
Average Age
  • The tenure for the CNO Financial Group board of directors is about average.
Board of Directors

Dan Maurer

TITLE
Chairman of the Board
COMPENSATION
$394K
AGE
62
TENURE
1.2 yrs

Gary Bhojwani

TITLE
CEO & Director
COMPENSATION
$8M
AGE
51
TENURE
2.2 yrs

Bob Greving

TITLE
Director
COMPENSATION
$289K
AGE
68
TENURE
8.2 yrs

Ellyn Brown

TITLE
Director
COMPENSATION
$274K
AGE
69
TENURE
7.2 yrs

Nina Henderson

TITLE
Director
COMPENSATION
$259K
AGE
69
TENURE
6.9 yrs

Charlie Jacklin

TITLE
Director
COMPENSATION
$274K
AGE
64
TENURE
4.2 yrs

Neal Schneider

TITLE
Director
COMPENSATION
$268K
AGE
75
TENURE
15.8 yrs

Fred Sievert

TITLE
Director
COMPENSATION
$284K
AGE
71
TENURE
8.2 yrs

Steve David

TITLE
Director
COMPENSATION
$254K
AGE
70
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • CNO Financial Group individual insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
15. May 19 Sell Matthew Zimpfer Individual 14. May 19 14. May 19 -15,112 €14.73 €-222,603
06. May 19 Buy Charles Jacklin Individual 02. May 19 02. May 19 7,000 €14.91 €103,124
02. Apr 19 Sell Gerardo Monroy Individual 29. Mar 19 29. Mar 19 -16,055 €14.48 €-232,456
27. Dec 18 Buy Stephen David Individual 26. Dec 18 26. Dec 18 3,000 €12.14 €36,414
07. Nov 18 Buy Stephen David Individual 05. Nov 18 05. Nov 18 2,000 €16.22 €32,440
07. Nov 18 Sell Matthew Zimpfer Individual 05. Nov 18 05. Nov 18 -17,417 €16.19 €-281,971
09. Aug 18 Sell Bruce Baude Individual 07. Aug 18 07. Aug 18 -33,000 €19.13 €-631,233
X
Management checks
We assess CNO Financial Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CNO Financial Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

CNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. It operates through Bankers Life, Washington National, Colonial Penn, and Long-Term Care in Run Off segments. The Bankers Life segment underwrites, markets, and distributes Medicare supplement insurance, interest-sensitive and traditional life insurance, fixed annuities, and long-term care insurance products; and Medicare advantage and prescription drug plan products through various distribution and marketing agreements. The Washington National segment underwrites, markets, and distributes supplemental health insurance, including specified disease, accident, and hospital indemnity insurance products; and life insurance at home and the worksite through independent marketing organizations and insurance agencies. The Colonial Penn segment primarily markets graded benefit and simplified issue life insurance directly to customers through television advertising, direct mail, the Internet, and telemarketing. The Long-Term Care in Run Off segment engages in the long-term care business. The company sells its products through career agents, independent producers, and direct marketing. CNO Financial Group, Inc. was founded in 1979 and is headquartered in Carmel, Indiana.

Details
Name: CNO Financial Group, Inc.
COS
Exchange: DB
Founded: 1979
$2,341,348,259
159,999,154
Website: http://www.cnoinc.com
Address: CNO Financial Group, Inc.
11825 North Pennsylvania Street,
Carmel,
Indiana, 46032,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CNO Common Stock New York Stock Exchange US USD 11. Sep 2003
DB COS Common Stock Deutsche Boerse AG DE EUR 11. Sep 2003
Number of employees
Current staff
Staff numbers
3,300
CNO Financial Group employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 21:05
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/16
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.