CNO Financial Q4 2025 Earnings: 12% EPS Growth, Record Premiums

Shares Surge Post-Earnings

CNO Financial Group Inc (NYSE: CNO) shares closed at $42.80. They rose 1.78% intraday after the earnings release. Meanwhile, the stock traded between $41.99 and $42.86. Over 52 weeks, shares ranged from $34.63 to $44.19. As a result, they trended positively near the upper end. Additionally, no analysts issued upgrades, downgrades, or price-target changes.

Q4 Results Shine

CNO Financial reported Q4 2025 net income of $93.0 million, or $0.95 per diluted share. This compared to $182.9 million, or $1.74 per share, last year. However, net operating income climbed to $143.4 million, or $1.47 per share. It grew from $138.0 million, or $1.31 per share—a 12% EPS increase. Furthermore, total revenues hit $1.143 billion, up from $1.097 billion. Insurance policy income reached $662.2 million, while net investment income totaled $406.1 million. Consequently, insurance product margin improved to $1.19 per share from $1.01. Non-operating items included $25.2 million in investment losses, a $9.9 million tech charge, $5.2 million in asset impairments, and a $17.3 million divested business loss. (Source: company press release and investor presentation.)

Sales and Margins Thrive

Insurance sales stayed strong. CNO achieved its 14th straight quarter of solid production. Moreover, full-year new annualized premiums (NAP) rose 15%—a record. Consumer and worksite divisions drove growth. Disciplined expenses and stable margins supported this.

Full-Year 2025 Highlights

For 2025, net income totaled $229.3 million, or $2.30 per share—down from $420.8 million, or $3.89 per share, in 2024. Yet, net operating income increased to $439.2 million, or $4.40 per share. It advanced from $429.3 million, or $3.97 per share—an 11% EPS gain. Total revenues grew to $4.487 billion from $4.449 billion. Insurance policy income hit $2.623 billion, and general account net investment income reached $1.542 billion.

Strong Capital Position

Book value per share ended at $27.92. Book value excluding comprehensive loss stood at $38.81. Return on equity measured 8.9%, while operating ROE excluding items hit 11.4%. CNO returned $386 million to shareholders via dividends and repurchases. Holding-company cash and investments totaled $351.4 million. Finally, the consolidated statutory RBC ratio reached 380%.