CNO Financial Group, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For Q3 2024, CNO Financial Group's total revenues reached $1,129.6 million, a notable increase from $947.5 million in Q3 2023. This growth was driven by a rise in insurance policy income, which amounted to $645.0 million, up from $626.0 million in the prior year. Net investment income also saw an increase, rising to $366.3 million from $324.8 million. However, net income for Q3 2024 fell sharply to $9.3 million, down from $167.3 million in Q3 2023, primarily due to higher insurance policy benefits, which surged to $726.2 million from $399.1 million.
For the nine months ended September 30, 2024, total revenues increased to $3,352.3 million from $2,976.3 million in the same period of 2023. Net income for this period was $237.9 million, slightly down from $240.2 million in 2023. Basic earnings per share for the nine months rose to $2.22 from $2.11, reflecting a modest improvement in profitability metrics.
CNO Financial's total assets increased to $37,645.4 million as of September 30, 2024, compared to $35,102.5 million at the end of 2023. Total liabilities also rose to $34,957.6 million from $32,886.9 million, with policyholder account balances increasing to $17,240.5 million from $15,667.8 million.
Strategically, the company has made adjustments in its actuarial assumptions, resulting in a net favorable impact of $27.3 million in pre-tax operating income. However, it also faced a negative impact of $42.8 million in non-operating income due to changes in the fair value of embedded derivative liabilities. Additionally, CNO Financial announced a workforce reduction, incurring a charge of $8.3 million related to this transition.
The company has also been active in managing its capital structure, issuing $700 million in senior notes in May 2024 and repurchasing 6.5 million shares of common stock for $190 million during the first nine months of 2024. The quarterly dividend was increased to $0.16 per share in May 2024, up from $0.15.
Overall, CNO Financial Group's performance in Q3 2024 reflects a mix of revenue growth and challenges in profitability, alongside strategic initiatives aimed at enhancing its financial position and shareholder value.
About CNO Financial Group, Inc.
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