CNO Financial income up by 16% in Q3 2025

CNO Financial Group reported robust third-quarter 2025 results, with net income rising to $23.1 million ($0.24 per diluted share), up from $9.3 million in Q3 2024.

Adjusted net operating income - a non-GAAP measure that strips out non-recurring impacts - came in at $127.2 million, or $1.29 per diluted share, marking a 16% increase from the year prior.

CEO Gary Bhojwani credited the solid results to the company’s dual focus on growth and operational discipline. “We’re generating consistent, repeatable results across both our consumer and worksite divisions, with record direct-to-consumer and worksite insurance sales in the third quarter,” he said.

Key performance indicators showed double-digit growth. Total new annualized premiums (NAP) surged 26%, with life insurance NAP up 32% and health NAP rising 20%. Brokerage and advisory assets rose 28% year-over-year, while annuity account values grew 8%.

The company also announced a 50 basis point increase to its operating return on equity (ROE) target, aiming for a 200-basis-point improvement by 2027.

CNO has continued optimizing operations. In October, it exited the fee services segment of its worksite division - originally part of its Web Benefits Design and DirectPath acquisitions - aiming to sharpen focus on insurance offerings. It also completed its second reinsurance transaction with its Bermuda affiliate, reinsuring $1.8 billion in supplemental health reserves.

CNO returned $76.4 million to shareholders, including $60 million in share repurchases. Its book value per diluted share excluding accumulated other comprehensive income (AOCI) rose to $38.10, a 6% year-over-year increase.

The company enters the fourth quarter with momentum and a strong capital position in meeting its long-term profitability targets.

Please refer to the summary table for a snapshot of the Q3 2025 results.

Can CNO sustain its growth momentum into 2026? Let us know what you think.