CNO Financial Group, Inc. (NYSE: CNO) has reported its financial results for the fourth quarter and full year ended December 31, 2024. The company's net income in 4Q24 was $166.1 million, or $1.58 per diluted share, compared to $36.3 million, or $0.32 per diluted share, in 4Q23. Net income for the full year 2024 was $404.0 million, or $3.74 per diluted share, compared to $276.5 million, or $2.40 per diluted share, in 2023.
Net operating income (1), which excludes non-economic accounting impacts, was $138.0 million, or $1.31 per diluted share, in 4Q24 compared to $133.9 million, or $1.18 per diluted share, in 4Q23. For the full year ended December 31, 2024, net operating income was $429.3 million, or $3.97 per diluted share, compared to $356.1 million, or $3.09 per diluted share, in 2023.
Additionally, total new annualized premiums ("NAP") were up 7% for the full year 2024, with record worksite division NAP up 16% and consumer division NAP up 5%. The company also reported a return on equity ("ROE") of 16.4% for the full year 2024.
The fourth quarter of 2024 also saw notable highlights, including total NAP up 13%, record worksite division NAP up 23%, and consumer division NAP up 11%. Furthermore, the company returned $108.0 million to shareholders in the fourth quarter of 2024.
Moreover, the financial summary for the fourth quarter and full year 2024 shows a significant increase in net income and operating earnings per share, as well as a substantial improvement in operating return on equity.
The company's investment portfolio as of December 31, 2024, showed that the fair value of CNO’s available for sale fixed maturity portfolio was $22.8 billion compared with an amortized cost of $25.3 billion. Net unrealized losses were comprised of gross unrealized gains of $147.4 million and gross unrealized losses of $2,534.0 million. The allowance for credit losses was $37.1 million at December 31, 2024.
In addition, the consolidated statutory risk-based capital ratio of CNO’s U.S.-based insurance subsidiaries was estimated at 383% at December 31, 2024, reflecting estimated 4Q24 statutory operating income of $164.4 million and the payment of insurance company dividends, net of capital contributions, to the holding company of $17.1 million during the fourth quarter of 2024.
CNO Financial Group also repurchased $91.6 million of common stock under its securities repurchase program during the fourth quarter of 2024, including $1.4 million of repurchases settled in 1Q25. The company also paid dividends on common stock of $16.4 million during the same period.
As a result of these announcements, the company's shares have moved -0.1% on the market, and are now trading at a price of $39.98. Check out the company's full 8-K submission here.
