CARMEL, Ind., April 29, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced its first-quarter results for 2024, showcasing a significant improvement over the previous year. The company reported net income of $112.3 million, or $1.01 per diluted share, compared to a net loss of $0.8 million, or $0.01 per diluted share, in the first quarter of 2023.
Gary C. Bhojwani, CEO of CNO Financial Group, expressed satisfaction with the quarterly performance, stating, "First quarter results were among the best operating metrics we've delivered in the past several years with respect to Consumer and Worksite sales, our distribution force and new products."
The positive results were attributed to various factors, with Bhojwani highlighting, "Operating earnings benefited from growth in insurance product margins, reflecting recent sales momentum and expansion of the portfolio yield on five quarters of new money rates exceeding 6%." However, there were challenges, as he mentioned, "The only material item that offset our strong operating results in the quarter was $24.3 million of unfavorable mark-to-market pre-tax impacts on real estate partnerships within our alternative investment portfolio."
Despite these challenges, the company's financial health remains robust, as emphasized by Bhojwani, "Our financial health remains strong, as shown by our excellent capital position and growth in book value per diluted share. We remain focused on serving the needs of middle-income consumers and delivering sustainable profitable growth for our shareholders."
CNO Financial Group's performance in the first quarter of 2024 demonstrated strong sales and distribution force growth, with total new annualized premiums up 8%. The company's dedication to serving middle-income consumers and ensuring sustainable growth for its shareholders remains a key focus.
The company also provided insights into its financial standing, including information on statutory and GAAP capital, investment portfolio, and debt-to-capital ratios. CNO Financial Group continues to prioritize financial stability and growth while navigating the challenges posed by the economic environment.
For more information about CNO Financial Group's services and offerings, visit their website at CNOinc.com.
SOURCE CNO Financial Group, Inc.