CNO Q4 EPS of $1.47 Beats by 22.5% as Premiums Grow 3.4%
CNO Financial delivered Q4 adjusted EPS of $1.47, beating estimates by 22.5%, while operating revenues rose 2.6% to $1.2 billion, topping consensus by 17.7%. Total collected premiums climbed 3.4% to $1.2 billion, but benefits and expenses surged 19.3%, and cash reserves fell 42.3% to $956.1 million year-end.
1. Q4 Earnings and Revenue Beat
CNO Financial reported adjusted EPS of $1.47 for Q4 2025, 22.5% above consensus, up from $1.31 a year earlier. Operating revenues reached $1.2 billion, a 2.6% increase year-over-year and 17.7% above the analyst mark, driven by higher collected premiums across annuity, life and health products.
2. Premiums, Benefits and Cash Position
Total collected premiums rose 3.4% to $1.2 billion, with annuity premiums up 3.1%, health up 3.8% and life up 3.3%. However, total benefits and expenses climbed 19.3% to $1 billion, and unrestricted cash and equivalents plunged 42.3% to $956.1 million at quarter end.
3. Balance Sheet and Capital Metrics
General account assets grew 1.7% to $406.1 million, while total assets increased 2.5% to $38.8 billion. Shareholders’ equity rose 4.9% to $2.6 billion, and the debt-to-capital ratio improved by 860 basis points to 33.6%.
4. 2026 Guidance Outlook
Management projects 2026 operating EPS of $4.25–$4.45, implying a slight decline from the prior year, with excess cash flow of $200–$250 million, an expense ratio near 19%, and targeted leverage of 25–28%.