The following is a summary of the CNO Financial Group, Inc. (CNO) Q1 2024 Earnings Call Transcript:
Financial Performance:
CNO reported strong Q1 results with an increase in total new annualized premium by 8%.
The company posted operating earnings per share of $0.52, due to favorable insurance product margins and portfolio book yield expansion.
There was a setback of $24.3 million in unfavorable mark-to-market pre-tax impacts on alternative investments in real estate.
However, total net investment income rose and reported a strong capital and liquidity status, returning $57 million to shareholders.
The diluted share's book value, excluding AOCI, was up by 10% to $34.97.
Business Progress:
The launch of an expanded growth scorecard focused on production, distribution, and capital investments.
Significant sales growth among both consumers and worksite settings.
There was a growth in annuity collected premiums by 6% and a 32% increase in brokerage and advisory client assets.
Initiatives have been introduced to increase worksite sales and client acquisition.
The company reaffirmed annual guidance, expecting it to be driven by a diverse product portfolio and improved alternative investment performance.
CNO has seen strong growth in its Medicare Advantage/Medicare Supplement segment and has undertaken efforts to manage distribution risk effectively.
The company is open to acquisitions, given careful consideration of valuations.
More details: CNO Financial Group Inc IR
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