- CNO Financial Group reported second quarter 2016 operating earnings per share of $0.35, flat compared to the prior year quarter. Operating earnings excluding significant items were also $0.34, flat with 2Q15.
- Key metrics included continued growth in collected premiums and policies in force across most business lines. However, Washington National experienced lower sales and higher claims that impacted results.
- Segment results were largely in-line with expectations except for Washington National which struggled with persistency and an elevated benefit ratio in the quarter.
1. CNO Financial Group reported operating earnings per share of $0.27 for 1Q16, down from $0.30 in 1Q15, with unfavorable alternative investment returns impacting results.
2. Key metrics like new annualized premiums, collected premiums, and policies in force grew compared to prior year. The company also repurchased $90 million in stock and paid $89 million in dividends to the holding company during the quarter.
3. Health margins for Medicare supplement and supplemental health businesses were in line with expectations, while long-term care interest-adjusted benefit ratio declined from prior year due to policy lapses following rate increases.
- The document provides financial and operating results for CNO Financial Group for the quarter ended December 31, 2015. Key highlights included continued franchise growth, solid financial results including double digit operating EPS growth, and returning $67 million to shareholders through repurchases. CNO also completed its year-end assumption review which resulted in aggregate GAAP margins increasing to $3.8 billion.
- CNO Financial Group reported financial and operating results for 3Q16 with comparisons to 3Q15.
- Key highlights included continued franchise growth with collected premiums up 2% and policies in-force up 1%. Operating EPS excluding significant items was up 6% from $0.33 to $0.35.
- The company recaptured its closed block long-term care business, recording a $53 million after-tax charge as expected. Administrative functions have transitioned smoothly with no disruption to policyholders.
CNO Financial Group reported financial and operating results for the fourth quarter of 2016 ending December 31, 2016. Key highlights included net income per diluted share of $1.34, net operating income per diluted share of $0.49, and net operating income excluding significant items of $0.35 per diluted share. Segment results were mixed, with Bankers Life and Washington National showing higher expenses partially offset by favorable health margins. The investment portfolio continued to perform well. Capital levels remained strong with book value per share up 10% from 2015.
This document provides a summary of CNO Financial Group's financial and operating results for the fourth quarter of 2017. Some key points:
- Net operating income per share was $0.51 for Q4 2017, up from $0.49 in Q4 2016. Excluding significant items, net operating income was $0.47 per share, a 34% increase.
- Bankers Life collected premiums decreased 2% for Q4 2017 compared to a year ago, while annuity account values increased 5%.
- Washington National collected premiums increased 2% for Q4 2017, with supplemental health premiums up 4%.
- The company recognized a $172 million GAAP charge in Q4 2017 related
Nielsen reported first quarter 2016 results with the following highlights:
- Revenue increased 5.2% to $1.5 billion driven by growth in both Watch and Buy segments.
- Adjusted EBITDA increased 7.2% to $402 million and margins expanded.
- Adjusted net income per share increased 10.9% to $0.51.
- The company reiterated full year 2016 guidance for revenue growth and adjusted EBITDA margin expansion.
Avnet reported financial results for the fourth quarter of fiscal year 2016, with overall sales decreasing year-over-year. Specifically, Q4 sales were $6.2 billion, down 8.4% from the previous year. Adjusted operating income margin also decreased from the prior year to 3.1%. Adjusted earnings per share for the quarter were $0.86, representing a 25.9% decline. The company also provided an outlook for the first quarter of fiscal year 2017 with projected sales between $5.8-6.4 billion and adjusted EPS in the range of $0.84-0.94.
Owens Corning presented at various investor events in Q3 2017 to discuss their focus on shareholder value. The presentation discusses Owens Corning's three business segments and provides an overview of financial results including adjusted EBIT, margins, free cash flow, and return on capital. It highlights the company's track record of financial improvement and compelling investment thesis including leadership positions in attractive industries and a disciplined capital allocation strategy.
1. CNO Financial Group reported operating earnings per share of $0.27 for 1Q16, down from $0.30 in 1Q15, with unfavorable alternative investment returns impacting results.
2. Key metrics like new annualized premiums, collected premiums, and policies in force grew compared to prior year. The company also repurchased $90 million in stock and paid $89 million in dividends to the holding company during the quarter.
3. Health margins for Medicare supplement and supplemental health businesses were in line with expectations, while long-term care interest-adjusted benefit ratio declined from prior year due to policy lapses following rate increases.
- The document provides financial and operating results for CNO Financial Group for the quarter ended December 31, 2015. Key highlights included continued franchise growth, solid financial results including double digit operating EPS growth, and returning $67 million to shareholders through repurchases. CNO also completed its year-end assumption review which resulted in aggregate GAAP margins increasing to $3.8 billion.
- CNO Financial Group reported financial and operating results for 3Q16 with comparisons to 3Q15.
- Key highlights included continued franchise growth with collected premiums up 2% and policies in-force up 1%. Operating EPS excluding significant items was up 6% from $0.33 to $0.35.
- The company recaptured its closed block long-term care business, recording a $53 million after-tax charge as expected. Administrative functions have transitioned smoothly with no disruption to policyholders.
CNO Financial Group reported financial and operating results for the fourth quarter of 2016 ending December 31, 2016. Key highlights included net income per diluted share of $1.34, net operating income per diluted share of $0.49, and net operating income excluding significant items of $0.35 per diluted share. Segment results were mixed, with Bankers Life and Washington National showing higher expenses partially offset by favorable health margins. The investment portfolio continued to perform well. Capital levels remained strong with book value per share up 10% from 2015.
This document provides a summary of CNO Financial Group's financial and operating results for the fourth quarter of 2017. Some key points:
- Net operating income per share was $0.51 for Q4 2017, up from $0.49 in Q4 2016. Excluding significant items, net operating income was $0.47 per share, a 34% increase.
- Bankers Life collected premiums decreased 2% for Q4 2017 compared to a year ago, while annuity account values increased 5%.
- Washington National collected premiums increased 2% for Q4 2017, with supplemental health premiums up 4%.
- The company recognized a $172 million GAAP charge in Q4 2017 related
Nielsen reported first quarter 2016 results with the following highlights:
- Revenue increased 5.2% to $1.5 billion driven by growth in both Watch and Buy segments.
- Adjusted EBITDA increased 7.2% to $402 million and margins expanded.
- Adjusted net income per share increased 10.9% to $0.51.
- The company reiterated full year 2016 guidance for revenue growth and adjusted EBITDA margin expansion.
Avnet reported financial results for the fourth quarter of fiscal year 2016, with overall sales decreasing year-over-year. Specifically, Q4 sales were $6.2 billion, down 8.4% from the previous year. Adjusted operating income margin also decreased from the prior year to 3.1%. Adjusted earnings per share for the quarter were $0.86, representing a 25.9% decline. The company also provided an outlook for the first quarter of fiscal year 2017 with projected sales between $5.8-6.4 billion and adjusted EPS in the range of $0.84-0.94.
Owens Corning presented at various investor events in Q3 2017 to discuss their focus on shareholder value. The presentation discusses Owens Corning's three business segments and provides an overview of financial results including adjusted EBIT, margins, free cash flow, and return on capital. It highlights the company's track record of financial improvement and compelling investment thesis including leadership positions in attractive industries and a disciplined capital allocation strategy.
- Rockwell Automation held a fiscal year 2017 third quarter conference call on July 26, 2017 to discuss financial results and outlook.
- For the third quarter, organic sales were up 8.2% year-over-year driven by double-digit growth in Asia Pacific and Latin America. Adjusted EPS grew 14% to $1.76.
- For the full fiscal year, Rockwell is increasing its adjusted EPS guidance range to $6.60-$6.80, reflecting continued expected organic sales growth of 6% and adjusted EPS growth of 13% at the midpoint.
1) The document discusses forward-looking statements and non-GAAP financial information presented by Morgan Stanley at its 5th Annual Laguna Conference on September 13, 2017.
2) It provides an overview of Ingersoll Rand, including its history, market capitalization, revenues, business segments, brands, and focus on global megatrends related to climate change, urbanization, and efficiency.
3) Ingersoll Rand has executed a consistent strategy focused on operational excellence, organic growth, dynamic capital allocation, and a winning culture, delivering top-tier revenue growth, margins, cash flow, and returns over recent years.
20180509 sauc q1 2018 teleconference slides finaldrhincorporated
- Sales were $39.5 million in Q1 2018, down 10.8% from Q1 2017 due to reduced traffic from changes in promotional strategies and calendar shifts.
- Adjusted EBITDA was $5.1 million, or 12.9% of sales, in Q1 2018. Restaurant-level EBITDA was $6.9 million, or 17.4% of sales.
- Favorable commodity costs and reduced G&A expenses helped offset the impact of lower sales on profitability. The company generated $3.2 million in free cash flow for the quarter.
- Nielsen reported its 4th quarter and full year 2015 results on February 11, 2016.
- For the full year 2015, Nielsen saw revenue growth of 5.0% in constant currency and adjusted EBITDA growth of 7.2% in constant currency. Adjusted net income per share grew 12.4% in constant currency.
- Nielsen is executing on its strategic initiatives in Watch and Buy and reiterated its 2016 guidance for 4-6% constant currency revenue growth and 50-70 basis points of adjusted EBITDA margin expansion.
The document provides an overview of ClubCorp's fiscal year 2015 performance and execution of its three-pronged growth strategy. Some key points:
- FY2015 revenue was a record $1.053 billion, up 19% year-over-year, with adjusted EBITDA of $234 million, also up 19%. Membership excluding managed clubs grew 2.8% to approximately 173,000.
- Same-store revenue grew 3% and adjusted EBITDA grew 6%, with margins improving 100 basis points. Approximately 50% of members were enrolled in the O.N.E. upgrade program.
- In FY2015, ClubCorp acquired nine clubs and completed reinvention at 21 clubs. It
UGI Utilities is Pennsylvania's second largest natural gas distribution company serving over 626,000 customers. It has a constructive regulatory environment and opportunities for growth supported by its proximity to the Marcellus Shale reserves. UGI Utilities achieved record capital investment in 2016 of over $260 million and added approximately 16,000 new customers. It expects to continue strong capital investment to increase system reliability and support growth, growing its rate base and net income 5-7% annually.
This document provides an overview of CNO Financial Group's financial and operating results for the third quarter of 2017 compared to the third quarter of 2016. Some key highlights include:
- Operating EPS increased 22% year-over-year. Book value per share increased 11%.
- Sales results were mixed with declines in some new business metrics but growth in annuity account values and fee revenue.
- Segment results were positive overall with higher margins in many insurance products.
- Investment income remained strong with higher than expected call/prepayment income.
- Capital levels remained high with estimated RBC of 450% and leverage of 21%.
- Discover Financial reported quarterly net income of $546 million, down 11% year-over-year, with revenue growth of 9% and earnings per share of $1.40.
- Loan balances grew 8% year-over-year led by credit cards and personal loans, while net interest margin expanded 17 basis points.
- Operating expenses rose just 1% despite higher loan volumes, and the company executed $2.23 billion in planned capital returns including dividend increases and share repurchases.
- Credit performance trends showed net charge-off rates increasing compared to a year ago but within expectations.
Cardinal Health Q4 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported Q4 FY2016 revenue of $31.4 billion, a 14% increase over Q4 FY2015. Operating earnings increased 11% to $620 million.
- For FY2016, Cardinal Health reported record revenue of $121.5 billion, a 19% increase over FY2015. Operating earnings increased 14% to $2.5 billion.
- For FY2017, Cardinal Health expects revenue to increase in the high-single digit percentage range compared to FY2016. Non-GAAP diluted EPS is expected to be between $5.48 to $5.73.
- Nielsen reported third quarter 2015 results with revenue of $1.5 billion, up 5.0% in constant currency. Adjusted EBITDA was $479 million, up 6.9% in constant currency.
- Watch segment revenue grew 6.1% in constant currency, driven by growth in audience measurement and marketing effectiveness. Buy segment revenue grew 4.1% in constant currency, with solid growth globally despite challenges in some emerging markets.
- Nielsen tightened its full-year 2015 guidance range and expects total revenue growth of 4.3-4.8% in constant currency and adjusted EBITDA margin expansion of over 70 basis points.
- WCI Communities reported a 63.9% increase in homebuilding revenues and a 84.1% increase in home deliveries for the first quarter of 2016 compared to the same period in 2015.
- The average selling price of new home orders increased 11.2% to $496,000. Real estate services revenues declined 4.8% due to a 9.8% decrease in brokerage transactions.
- Adjusted EBITDA grew 52% to $15.2 million for the quarter, with an improved adjusted EBITDA margin of 11.0%. Net income attributable to shareholders rose 17.5% to $6.7 million.
- The company has a strong balance sheet with $
This document provides a summary of Nielsen's Q1 2017 earnings results. Key points include:
- Revenue was $1.53 billion, up 3.2% in constant currency. Watch segment revenue grew 11.1% driven by total audience and Gracenote. Buy segment revenue declined 3.7% with challenges in developed markets.
- Adjusted EBITDA was $422 million, up 4.7% in constant currency.
- Nielsen reiterated its full-year 2017 guidance.
The document summarizes Integer Holdings Corporation's 4Q16 earnings conference call. Key points include:
- Revenue was flat year-over-year and up $13 million quarter-over-quarter. Adjusted EBITDA was $71 million.
- Several product lines saw revenue increases compared to prior periods, while others declined due to lower product launches or accelerated demand in the year-ago period.
- The company is focused on operational improvements, new product launches, and reducing debt to drive future growth. An outlook for 2017 anticipates revenue of $1.39-1.43 billion and adjusted EPS of $2.70-3.10.
- The document provides financial and operating results for CNO Financial Group for the 4th quarter of 2014, including earnings highlights and sales results.
- Key highlights included continued growth in the franchise, strong capital ratios, and $376.5 million spent on share repurchases for the full year.
- Sales growth outlook for 2015 is estimated at 3-6% overall, with individual segment expectations ranging from 3-8% growth.
RioCan Investor Presentation for the second quarter of 2015. The presentation discusses RioCan's portfolio of retail properties in Canada and the US, key financial highlights from Q2 2015, and an overview of non-GAAP financial measures used by RioCan to assess performance. RioCan also notes it has engaged advisors to conduct a strategic review of its US operations and will update the market on options in late 2015 or early 2016.
Masco Corporation reported strong results for the second quarter of 2015, with total revenue increasing 3% year-over-year to $1.929 billion. All business segments saw revenue growth when excluding the effects of foreign currency translation. Operational improvements led to a 22% increase in operating profit to $280 million and operating margins expanded 230 basis points to 14.5%. Management remains focused on driving performance across all segments through new product introductions, improving efficiencies, and executing strategic initiatives.
The document provides a summary of Verifone's financial results for the third quarter of fiscal year 2016 (Q3 FY16). It notes that geopolitical events in Turkey and economic conditions in Latin America negatively impacted revenue. Key highlights include exceeding the earnings per share target, optimizing the cost structure, and good progress on new products and services. The document also provides guidance for the fourth quarter of fiscal year 2016, forecasting net revenues of $460 million and earnings per share between $0.28-$0.29.
UGI reported record fiscal year 2016 earnings despite warm weather. Earnings were driven by contributions from growth initiatives and acquisitions. Looking ahead, UGI expects continued earnings growth of 16% in fiscal year 2017 from ongoing organic growth, strategic investments, and a return to more normal weather. UGI is well positioned for further growth with a strong balance sheet and cash flows.
- ClubCorp delivered strong Q3 2015 results, with revenue up 25% year-over-year to $255 million and adjusted EBITDA up 21% to $55 million.
- The company executed on its three-pronged growth strategy of organic growth, reinvention of existing clubs, and acquisitions. In Q3, it added elements to 19 clubs and had another 13 under construction. It also acquired 8 new clubs.
- For full-year 2015, ClubCorp tightened its adjusted EBITDA guidance to a range of $232-236 million, representing 18-20% growth over 2014, due to strong year-to-date performance and accelerated reinvention plans for acquired clubs.
CNO Financial Group reported financial and operating results for 1Q14. Key highlights included continued profitable growth, a strong financial position, and returning capital to shareholders. The CLIC transaction remains on track to close in mid-2014. Segment earnings were in line with expectations, while investments in distribution are driving sales growth. Capital deployment in 1Q14 included $41 million in stock repurchases. CNO maintains a strong capital position and liquidity.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against developing mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
Ag 1 Source is a recruiting firm founded in 2002 that specializes in recruiting for the agriculture industry. They aim to provide value-based human resource solutions with integrity, desired results, and excellence. Over time, they have expanded their recruiting team and services to various areas within agriculture like agronomy, equipment, grain, animal health and more. They utilize a strategic recruitment process tailored to each client's needs.
- Rockwell Automation held a fiscal year 2017 third quarter conference call on July 26, 2017 to discuss financial results and outlook.
- For the third quarter, organic sales were up 8.2% year-over-year driven by double-digit growth in Asia Pacific and Latin America. Adjusted EPS grew 14% to $1.76.
- For the full fiscal year, Rockwell is increasing its adjusted EPS guidance range to $6.60-$6.80, reflecting continued expected organic sales growth of 6% and adjusted EPS growth of 13% at the midpoint.
1) The document discusses forward-looking statements and non-GAAP financial information presented by Morgan Stanley at its 5th Annual Laguna Conference on September 13, 2017.
2) It provides an overview of Ingersoll Rand, including its history, market capitalization, revenues, business segments, brands, and focus on global megatrends related to climate change, urbanization, and efficiency.
3) Ingersoll Rand has executed a consistent strategy focused on operational excellence, organic growth, dynamic capital allocation, and a winning culture, delivering top-tier revenue growth, margins, cash flow, and returns over recent years.
20180509 sauc q1 2018 teleconference slides finaldrhincorporated
- Sales were $39.5 million in Q1 2018, down 10.8% from Q1 2017 due to reduced traffic from changes in promotional strategies and calendar shifts.
- Adjusted EBITDA was $5.1 million, or 12.9% of sales, in Q1 2018. Restaurant-level EBITDA was $6.9 million, or 17.4% of sales.
- Favorable commodity costs and reduced G&A expenses helped offset the impact of lower sales on profitability. The company generated $3.2 million in free cash flow for the quarter.
- Nielsen reported its 4th quarter and full year 2015 results on February 11, 2016.
- For the full year 2015, Nielsen saw revenue growth of 5.0% in constant currency and adjusted EBITDA growth of 7.2% in constant currency. Adjusted net income per share grew 12.4% in constant currency.
- Nielsen is executing on its strategic initiatives in Watch and Buy and reiterated its 2016 guidance for 4-6% constant currency revenue growth and 50-70 basis points of adjusted EBITDA margin expansion.
The document provides an overview of ClubCorp's fiscal year 2015 performance and execution of its three-pronged growth strategy. Some key points:
- FY2015 revenue was a record $1.053 billion, up 19% year-over-year, with adjusted EBITDA of $234 million, also up 19%. Membership excluding managed clubs grew 2.8% to approximately 173,000.
- Same-store revenue grew 3% and adjusted EBITDA grew 6%, with margins improving 100 basis points. Approximately 50% of members were enrolled in the O.N.E. upgrade program.
- In FY2015, ClubCorp acquired nine clubs and completed reinvention at 21 clubs. It
UGI Utilities is Pennsylvania's second largest natural gas distribution company serving over 626,000 customers. It has a constructive regulatory environment and opportunities for growth supported by its proximity to the Marcellus Shale reserves. UGI Utilities achieved record capital investment in 2016 of over $260 million and added approximately 16,000 new customers. It expects to continue strong capital investment to increase system reliability and support growth, growing its rate base and net income 5-7% annually.
This document provides an overview of CNO Financial Group's financial and operating results for the third quarter of 2017 compared to the third quarter of 2016. Some key highlights include:
- Operating EPS increased 22% year-over-year. Book value per share increased 11%.
- Sales results were mixed with declines in some new business metrics but growth in annuity account values and fee revenue.
- Segment results were positive overall with higher margins in many insurance products.
- Investment income remained strong with higher than expected call/prepayment income.
- Capital levels remained high with estimated RBC of 450% and leverage of 21%.
- Discover Financial reported quarterly net income of $546 million, down 11% year-over-year, with revenue growth of 9% and earnings per share of $1.40.
- Loan balances grew 8% year-over-year led by credit cards and personal loans, while net interest margin expanded 17 basis points.
- Operating expenses rose just 1% despite higher loan volumes, and the company executed $2.23 billion in planned capital returns including dividend increases and share repurchases.
- Credit performance trends showed net charge-off rates increasing compared to a year ago but within expectations.
Cardinal Health Q4 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported Q4 FY2016 revenue of $31.4 billion, a 14% increase over Q4 FY2015. Operating earnings increased 11% to $620 million.
- For FY2016, Cardinal Health reported record revenue of $121.5 billion, a 19% increase over FY2015. Operating earnings increased 14% to $2.5 billion.
- For FY2017, Cardinal Health expects revenue to increase in the high-single digit percentage range compared to FY2016. Non-GAAP diluted EPS is expected to be between $5.48 to $5.73.
- Nielsen reported third quarter 2015 results with revenue of $1.5 billion, up 5.0% in constant currency. Adjusted EBITDA was $479 million, up 6.9% in constant currency.
- Watch segment revenue grew 6.1% in constant currency, driven by growth in audience measurement and marketing effectiveness. Buy segment revenue grew 4.1% in constant currency, with solid growth globally despite challenges in some emerging markets.
- Nielsen tightened its full-year 2015 guidance range and expects total revenue growth of 4.3-4.8% in constant currency and adjusted EBITDA margin expansion of over 70 basis points.
- WCI Communities reported a 63.9% increase in homebuilding revenues and a 84.1% increase in home deliveries for the first quarter of 2016 compared to the same period in 2015.
- The average selling price of new home orders increased 11.2% to $496,000. Real estate services revenues declined 4.8% due to a 9.8% decrease in brokerage transactions.
- Adjusted EBITDA grew 52% to $15.2 million for the quarter, with an improved adjusted EBITDA margin of 11.0%. Net income attributable to shareholders rose 17.5% to $6.7 million.
- The company has a strong balance sheet with $
This document provides a summary of Nielsen's Q1 2017 earnings results. Key points include:
- Revenue was $1.53 billion, up 3.2% in constant currency. Watch segment revenue grew 11.1% driven by total audience and Gracenote. Buy segment revenue declined 3.7% with challenges in developed markets.
- Adjusted EBITDA was $422 million, up 4.7% in constant currency.
- Nielsen reiterated its full-year 2017 guidance.
The document summarizes Integer Holdings Corporation's 4Q16 earnings conference call. Key points include:
- Revenue was flat year-over-year and up $13 million quarter-over-quarter. Adjusted EBITDA was $71 million.
- Several product lines saw revenue increases compared to prior periods, while others declined due to lower product launches or accelerated demand in the year-ago period.
- The company is focused on operational improvements, new product launches, and reducing debt to drive future growth. An outlook for 2017 anticipates revenue of $1.39-1.43 billion and adjusted EPS of $2.70-3.10.
- The document provides financial and operating results for CNO Financial Group for the 4th quarter of 2014, including earnings highlights and sales results.
- Key highlights included continued growth in the franchise, strong capital ratios, and $376.5 million spent on share repurchases for the full year.
- Sales growth outlook for 2015 is estimated at 3-6% overall, with individual segment expectations ranging from 3-8% growth.
RioCan Investor Presentation for the second quarter of 2015. The presentation discusses RioCan's portfolio of retail properties in Canada and the US, key financial highlights from Q2 2015, and an overview of non-GAAP financial measures used by RioCan to assess performance. RioCan also notes it has engaged advisors to conduct a strategic review of its US operations and will update the market on options in late 2015 or early 2016.
Masco Corporation reported strong results for the second quarter of 2015, with total revenue increasing 3% year-over-year to $1.929 billion. All business segments saw revenue growth when excluding the effects of foreign currency translation. Operational improvements led to a 22% increase in operating profit to $280 million and operating margins expanded 230 basis points to 14.5%. Management remains focused on driving performance across all segments through new product introductions, improving efficiencies, and executing strategic initiatives.
The document provides a summary of Verifone's financial results for the third quarter of fiscal year 2016 (Q3 FY16). It notes that geopolitical events in Turkey and economic conditions in Latin America negatively impacted revenue. Key highlights include exceeding the earnings per share target, optimizing the cost structure, and good progress on new products and services. The document also provides guidance for the fourth quarter of fiscal year 2016, forecasting net revenues of $460 million and earnings per share between $0.28-$0.29.
UGI reported record fiscal year 2016 earnings despite warm weather. Earnings were driven by contributions from growth initiatives and acquisitions. Looking ahead, UGI expects continued earnings growth of 16% in fiscal year 2017 from ongoing organic growth, strategic investments, and a return to more normal weather. UGI is well positioned for further growth with a strong balance sheet and cash flows.
- ClubCorp delivered strong Q3 2015 results, with revenue up 25% year-over-year to $255 million and adjusted EBITDA up 21% to $55 million.
- The company executed on its three-pronged growth strategy of organic growth, reinvention of existing clubs, and acquisitions. In Q3, it added elements to 19 clubs and had another 13 under construction. It also acquired 8 new clubs.
- For full-year 2015, ClubCorp tightened its adjusted EBITDA guidance to a range of $232-236 million, representing 18-20% growth over 2014, due to strong year-to-date performance and accelerated reinvention plans for acquired clubs.
CNO Financial Group reported financial and operating results for 1Q14. Key highlights included continued profitable growth, a strong financial position, and returning capital to shareholders. The CLIC transaction remains on track to close in mid-2014. Segment earnings were in line with expectations, while investments in distribution are driving sales growth. Capital deployment in 1Q14 included $41 million in stock repurchases. CNO maintains a strong capital position and liquidity.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against developing mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
Ag 1 Source is a recruiting firm founded in 2002 that specializes in recruiting for the agriculture industry. They aim to provide value-based human resource solutions with integrity, desired results, and excellence. Over time, they have expanded their recruiting team and services to various areas within agriculture like agronomy, equipment, grain, animal health and more. They utilize a strategic recruitment process tailored to each client's needs.
This document discusses primary and secondary sources and provides guidance on identifying different types of sources. It then uses the Rosetta Stone as a case study. The 3-sentence summary is:
Primary sources are materials created by people during the time being described, while secondary sources are accounts written later by someone not present. The document provides tips for identifying sources, including considering what the source is, who wrote it, the audience, and purpose. It then uses the Rosetta Stone as an example of how this artifact helped historians translate Egyptian hieroglyphics by having the same text in Greek, Demotic script, and hieroglyphics.
7 Tips for Selling Expensive Collectibles On eBayzigabou
The document provides 7 tips for selling expensive collectibles such as glass figurines on eBay:
1. Set a reserve price that is the lowest you will accept and start the bidding very low to attract buyers, even if it seems absurdly low.
2. Explain in detail how the item will be carefully packed to prevent damage during shipping.
3. Insist that buyers pay for appropriate insurance to protect both parties.
4. Emphasize any proof of authenticity such as markings, original packaging, or certificates.
5. Do not offer guarantees except stating the seller is being truthful, as buyers know what they are purchasing.
6. Offer an escrow service option for very expensive items
La búsqueda en internet permite a los usuarios acceder a la información que desean a través de palabras clave o combinaciones en la barra de búsqueda. Los motores de búsqueda recogen información de las páginas web para clasificar y diferenciar los resultados de las consultas realizadas por los usuarios.
Hadoop and R guards The Health of Critically ill PatientsAlexandre Prozoroff
Краткий доклад на Практической конференции по Hadoop 25.11.2015 об организации R&D среды проекта по созданию системы мониторинга пациентов реанимации на основе подхода "data lake" и Hadoop. Доклад иллюстрирует способ использования связки Hadoop и R для научных работ по математическому моделированию в области реанимации и интенсивной терапии. Проект в активной фазе по этому о содержании проводимых научных исследований не упоминается.
My progression from pre lim to finished music magazineedgeyy
The document outlines 3 steps in a process: Pre-Liminary Task, Draft Music Magazine, and Final Music Magazine Design. It seems to be describing the process of designing a music magazine, from an initial task through drafting the magazine to finalizing the design.
ArtBijou is a company that creates handmade costume jewelry in various styles using natural stones to fit every taste. Customers can have a unique piece made by providing a draft or description, and ArtBijou will bring their design ideas to life. ArtBijou promotes their jewelry through their website, email advertising, and banners.
This document summarizes research on English language learners (ELLs) in Central Texas. It finds that the ELL population in Central Texas grew 139% from 2000 to 2010, seven times faster than the overall student population growth rate. Most ELL students are enrolled in bilingual education programs in elementary school and transition to English as a Second Language programs in middle school. Only 20-25% of students at any grade level have ever been or are currently enrolled in a bilingual/English language learner program. Receipt of special education services is lowest for ELL students enrolled in bilingual programs.
Viral videos are videos that gain popularity through sharing online without paid advertising. They are typically funny, topical, or surprising. Common elements that make videos go viral include humor, relating to current trends or news, and surprising viewers. Videos can piggyback on existing viral trends or involve celebrities. Popular sites for sharing viral videos include YouTube, Facebook, and WorldStarHipHop.
Dr. Robert Cach is a neurosurgeon based in Idaho Falls, Idaho who owns the Idaho Neurosurgical Center and performs laser spinal surgery at two local hospitals. For decades, laser spinal surgery has become more popular and utilizes minimally invasive techniques requiring only a small incision and local anesthesia, leading to shorter recovery times where many patients can return home the same day rather than spending several days in the hospital.
El documento describe los beneficios prácticos de utilizar una computadora en la gestión de una oficina, incluyendo incrementar la productividad, optimizar el equipo de trabajo y mejorar la velocidad y calidad de la producción de la oficina. También cubre conceptos como la automatización de oficina, que involucra el uso de tecnología como computadoras, procesadores de palabras e impresoras para ayudar a alcanzar los objetivos de una empresa.
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This document summarizes CNO Financial Group's financial and operating results for the second quarter of 2017. Some key highlights include:
- Total collected premiums were up 7% compared to the prior year period. First-year collected premiums were up 16%.
- Net operating income per share increased 29% to $0.45 compared to the second quarter of 2016. Excluding significant items, net operating income per share was up 24% to $0.42.
- Segment results were positive across most insurance product lines, with favorable margins in long-term care, supplemental health, and Medicare supplement.
- Investment income increased due to higher call and prepayment income from bonds in the portfolio.
This document provides an overview of CNO Financial Group's financial and operating results for the first quarter of 2018 compared to the first quarter of 2017. Some key highlights include:
- Net operating income per share increased 29% to $0.44. Excluding significant items, net operating EPS increased 6% to $0.43.
- Book value per share, excluding AOCI, increased 2% sequentially to $21.94.
- Health margins were in line with expectations, with the supplemental health benefit ratio at 54.4% and the long-term care benefit ratio at 72.6%.
- Total collected premiums decreased 1.3% while annuity account values increased 3.8%.
-
- The document provides financial and operating results for CNO Financial Group for the first quarter of 2017 compared to the first quarter of 2016.
- Key metrics like total collected premiums and operating EPS increased year-over-year, demonstrating the strength of CNO's business model.
- Segment results were mixed, with Bankers Life and Colonial Penn showing favorable underwriting margins, while Washington National's supplemental health margins declined.
- Overall, CNO reported improved financial results for the first quarter compared to the same period last year.
- CNO Financial Group reported financial and operating results for 1Q15, with comparisons made to 1Q14.
- Operating EPS excluding significant items increased 11% to $0.31 per share compared to $0.28 in 1Q14, driven by strength in annuity spreads at Bankers Life and lower average diluted shares outstanding.
- Sales growth was mixed across business segments, with Colonial Penn sales up 26% due to improved marketing effectiveness and sales productivity.
- CNO Financial Group reported financial and operating results for the second quarter of 2015 ending June 30, 2015.
- Key highlights included operating earnings per share excluding significant items increasing 6% compared to the prior year, strong capital measures including an estimated RBC ratio of 443% and holding company leverage of 19.7%, and returning $115 million to shareholders through share buybacks and dividends.
- Segment results were positive, with Bankers Life impacted by a long-term care future loss reserve offset by strength in other blocks, and Washington National impacted by supplemental health claims experience.
- US Foods reported financial results for Q3 2017, with net sales growth of 6.2% and adjusted EBITDA growth of 9.4% for the quarter.
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- The company updated 2017 guidance, raising projections for net income growth to 20-25% and adjusted diluted EPS to $1.35-1.40.
The document provides information on Molson Coors' 4th quarter and full year 2017 earnings. It discusses forward-looking statements and non-GAAP information. It then discusses Molson Coors' focus on delivering growth and shareholder value through earning more, using less, and investing wisely. The document summarizes Molson Coors' consolidated 4th quarter and full year 2017 performance, noting solid top and bottom line growth. It then provides more detailed summaries of Molson Coors' performance in key regions - the United States, Canada, and Europe - noting trends in volumes, pricing, and earnings for both the 4th quarter and full year of 2017.
- The company reported Q3 FY2017 revenue of $191.8 million, up 67% year-over-year, with billings of $234.1 million, up 47% year-over-year.
- As of Q3 FY2017, the company had 6,172 total customers, up 98% year-over-year, including 521 Global 2000 customers.
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Nielsen reported its second quarter 2016 results. Revenue increased 4.5% to $1.6 billion driven by growth in the Watch and Developing Markets segments. Adjusted EBITDA rose 6.5% to $490 million and adjusted earnings per share increased 9.2% to $0.71. Nielsen reiterated its full year 2016 guidance for revenue growth between 4-6% and adjusted EBITDA margin expansion of 50-70 basis points. The company continues executing on its strategic initiatives such as Total Audience Measurement and expanding in emerging markets.
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Q1 16 results presentation final unencryptedInvestorMarkit
- Markit reported revenue of $287.8 million for Q1 2016, up 7.8% on a constant currency basis with 1% organic growth and 6.8% from acquisitions.
- Information segment grew revenue 7.4% to $129.5 million driven by strong pricing and reference data products and a 4.1% contribution from CoreOne acquisition.
- Processing revenue declined 7.6% to $62.3 million due to lower rates and credit volumes as well as adverse FX, partially offset by 4.6% from DealHub.
- Solutions revenue was up 15% to $96 million including 4% organic growth and 12.5% from acquisitions such
Nutanix reported strong revenue growth in Q2 FY2017, with total revenue of $182 million, up 77% year-over-year. Billings were $227 million, up 59% year-over-year. The company saw continued growth in customers, deferred revenue, and the Global 2000, demonstrating the expansion of its business. Nutanix provided non-GAAP financial measures and key performance indicators to supplement its GAAP reporting and measure business performance.
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- Total revenue declined 8.6% in Q2 2017 from the previous year, while net income increased 69% and adjusted EBITDA was up slightly.
- The balance sheet was strengthened in Q2 2017 with increases in cash and working capital and reductions in debt and net debt.
- Full year 2017 guidance projects revenue between $1,540-$1,560 million and adjusted EBITDA between $189-$195 million.
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- CNO Financial Group reported financial and operating results for the second quarter of 2014, ending June 30, 2014.
- Key highlights included growth in business metrics like net collected premiums and annuity account values, continued strength in capital ratios, and ongoing return of capital to shareholders through stock repurchases.
- They also closed the sale of Conseco Life Insurance Company on July 1st, which led to an additional credit rating upgrade from S&P.
The document reports on the bank's 2Q16 earnings results. It discusses solid business performance in a challenging quarter, with total quarterly credit disbursements up and stable net margins. However, net profit decreased QoQ due to higher credit provisions to address isolated restructuring cases and recovery efforts. Asset quality remains strong and the syndications platform executed five new deals in Q2. The outlook for the remainder of the year is positive with economic stabilization and projected portfolio growth of around 3% for 2016 and stable net interest margin of around 2%. Key financial metrics such as earnings per share, return on equity and assets, efficiency ratio and capital ratios are reported.
The document provides an investor presentation for Q1 FY2017. It highlights key metrics such as billings of $240M, up 87% YoY, revenue of $167M, up 90% YoY, and 4,473 customers, up 109% YoY. It also summarizes financial results with revenue of $166.8M for Q1 FY2017, up 19% QoQ and 90% YoY. Billings were $239.8M for Q1 FY2017, up 16% QoQ and 87% YoY. The presentation emphasizes continued strong growth metrics and expanding customer base.
- AdvancePierre Foods reported strong earnings and executional improvements in the fourth quarter of 2016, with profitable volume growth across all three core segments. Adjusted EBITDA increased 17.9% in Q4 and 15.4% for the full year.
- Net sales increased 6.1% in Q4 driven by volume growth from acquisitions and organic growth of 5.7% in core segments. Adjusted net income increased 174.7% in Q4 and 86.2% for the full year on margin improvements.
- For 2017, the company expects net sales growth and further increases in adjusted EBITDA and adjusted net income per share, supported by ongoing productivity gains and core segment volume
Second Quarter 2013 Investor PresentationCNOServices
- CNO Financial Group reported financial and operating results for the second quarter of 2013, with comparisons made to results from the second quarter of 2012.
- Key highlights included continued growth in sales and premiums across business segments, strong investment income despite market volatility, and meaningful earnings per share growth benefiting from share repurchases.
- The company continued investing in business growth through expanding distribution and new product development, while returning value to shareholders through additional share repurchases and debt paydown.
This document provides details on CNO Financial Group's second quarter 2018 earnings results and a long-term care reinsurance transaction. Some key points:
- CNO entered an agreement to cede approximately $2.7 billion of long-term care reserves to Wilton Re, reducing risk. An $825 million ceding commission was paid.
- The transaction reduces CNO's exposure to risks under stress scenarios and improves various financial metrics like RBC ratios and debt-to-capital.
- For Q2 2018, CNO reported operating EPS growth of 9% and book value per share growth. Various business metrics like annuity account values and fee revenue increased.
- Going forward, CNO
2017 investor day presentation final no_animationCNOServices
The document outlines the agenda for CNO Financial Group's 2017 Investor Day, which was held on June 5, 2017. The agenda included presentations on CNO's positioning in the middle-income market, managing its long-term care business, investments and finance, and a compelling case for investing in CNO. The document provides an overview of the speakers and timing for each presentation. It also includes forward-looking statements, information on non-GAAP measures, and introductions by the Director of Investor Relations and CEO.
- CNO Financial Group reported financial and operating results for Q3 2015 with comparisons to Q3 2014. Key highlights included continued growth in new annualized premiums and third party product sales, as well as increased collected premiums and annuity account values. Operating EPS excluding significant items increased 3% to $0.33 per share. Capital levels remained strong with a risk-based capital ratio of 440% and leverage ratio of 20.2%.
This document provides an overview of CNO Financial Group's corporate governance and business initiatives. It discusses CNO's focus on the middle-income market in the US, which represents 53% of the population. Half of near-retirees receive no professional retirement guidance and many lack confidence in their ability to address critical illnesses. CNO takes a proactive approach to understanding customers and succeeding in the middle market through strategic alignment of distribution, products/advice, and operations/administration. The document outlines CNO's track record of execution including management actions, stock price outperformance, capital returned to shareholders, and proactive shareholder engagement. It discusses CNO's governance including board structure, executive compensation aligned with shareholders, and
CNO Financial Group reported financial and operating results for the third quarter of 2014. Key highlights included growth in business and operating earnings per share despite weakness in sales at Bankers Life. Capital ratios remained strong and the company continued returning capital to shareholders through stock repurchases and dividends. However, supplemental health benefit ratios increased which impacted results at Washington National. Overall, the company demonstrated compelling per share growth and remains focused on execution.
This document provides an overview of CNO Financial Group's financial and operating results for the third quarter of 2014. It highlights growth in operating EPS compared to the prior year period. It notes sales results for Bankers Life, Washington National and Colonial Penn segments. Bankers Life sales were down slightly due to weakness in agent recruiting, while the other segments experienced sales growth. The document also summarizes capital levels, liquidity, earnings results and health margins for the quarter.
The document outlines the agenda for CNO Financial Group's 2014 Investor Day, including presentations on strategy opportunities in the middle market, investments in business growth and infrastructure, managing investments to generate risk-adjusted yield, and managing the long-term care business. It provides background on several CNO executives who will present, discusses CNO's focus on the middle-income market and track record of execution, and outlines capital allocation priorities going forward to grow the business and deliver value to shareholders.
The document outlines the agenda for CNO Financial Group's 2014 Investor Day, including presentations on strategy opportunities in the middle market, investments in business growth and infrastructure, managing investments to generate risk-adjusted yield, and managing the long-term care business. It provides background on several CNO executives who will present, discusses CNO's focus on the middle-income market and track record of execution, and outlines capital allocation priorities going forward to grow the business and deliver value to shareholders.
1) The document discusses CNO Financial Group's strategy, initiatives, and financial performance. It outlines CNO's focus on the middle market and exclusive distribution channels.
2) CNO plans to invest $45-55 million in 2014 on key initiatives to drive growth, including agent productivity, expansion, new products, and worksite platforms.
3) CNO divested and reinsured $4 billion of run-off reserves to reduce exposure, complexity, and focus on core businesses. Upon closing the deals, OCB will no longer be reported as a segment.
CNO announced the sale of its subsidiary Conseco Life Insurance Company (CLIC) to Wilton Re for approximately $237 million. The sale transfers $3.4 billion in traditional life, interest-sensitive life, and annuity reserves and is expected to close in mid-2014. Additionally, Bankers Life will recapture $160 million of traditional life reserves previously reinsured to Wilton Re for $28 million. The transactions are expected to increase CNO's holding company liquidity by $125 million and reduce exposure to interest rate risk while simplifying operations.
The document summarizes CNO Financial Group's 4Q13 financial and operating results. Key points include:
- Businesses continued performing well with sales, premium, and earnings growth.
- Returning value to shareholders while continuing on path to investment grade status.
- Completed an OCB long-term care reinsurance transaction that reduced LTC exposure by 12% and was accretive to earnings.
- Investments in distribution channels drove consolidated sales growth of 6% for 2013.
- 4Q and full year results showed strength in annuity margins, investment returns, and OCB performance.
- Capital and liquidity positions remained strong with deployable capital of $160 million.
This document provides a summary of CNO Financial Group's 2014 outlook call that took place on December 18, 2013. The call discusses CNO's strategy of focusing on sustainable profitable growth through initiatives like increasing agent productivity and expanding into new markets. It provides outlooks for 2014 including sales growth targets for its business segments and key financial metrics like return on equity and capital levels. The document also reviews CNO's tax asset position and discusses how it aims to enhance shareholder value through initiatives to improve operating return on equity and book value per share growth.
Third Quarter 2013 Investor PresentationCNOServices
- The document provides financial and operating results for CNO Financial Group for the third quarter of 2013.
- Key highlights include continued growth in sales and premiums across business segments, solid performance from core earnings drivers, and a strong capital and liquidity position.
- CNO deployed $222 million year-to-date for share repurchases and $18 million in dividends, while maintaining strong capital ratios and leverage.
1. CNO Financial reported financial and operating results for 1Q13 with earnings growth across its core business segments and higher operating EPS compared to 1Q12.
2. Investment income increased due to growth in invested assets and a targeted credit strategy, while underwriting margins remained strong.
3. Capital levels remained high with an RBC ratio of 366% and leverage of 19.5%, and the company deployed capital by repurchasing convertible debt.
Jp morgan -_032113_presentation_-_finalCNOServices
The document discusses CNO Financial Group's presentation at the 2013 J.P. Morgan Insurance Conference on March 21, 2013. It provides an overview of CNO Financial Group, highlighting its focus on serving the middle-income market, its track record of execution and investment in growth. Specific metrics are presented on core sales growth excluding Bankers annuities, growth in average liabilities on core business segments, and stable and growing segment earnings excluding significant items. Forward-looking statements are also noted and non-GAAP measures are referenced.
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
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Collective Mining | Corporate Presentation - June 2024
Inv pres q22016_final
1. 2Q162Q16
Financial and operating results for the period ended June 30, 2016
July 27, 2016
Unless otherwise specified, comparisons in this presentation are between 2Q16 and 2Q15.
2. Forward-Looking Statements
Certain statements made in this presentation should be considered
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. These include statements about future results of
operations and capital plans. We caution investors that these forward-
looking statements are not guarantees of future performance, and actual
results may differ materially. Investors should consider the important
risks and uncertainties that may cause actual results to differ, including
those included in our press release issued on July 26, 2016, our Quarterly
Reports on Form 10-Q, our Annual Report on Form 10-K and other filings
k ith th S iti d E h C i i Wwe make with the Securities and Exchange Commission. We assume no
obligation to update this presentation, which speaks as of today’s date.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 2
3. Non-GAAP Measures
This presentation contains the following financial measures that differ from the
comparable measures under Generally Accepted Accounting Principles (GAAP):
operating earnings measures; book value excluding accumulated other comprehensiveoperating earnings measures; book value, excluding accumulated other comprehensive
income (loss) per share; operating return measures; earnings before the net loss on the
sale of CLIC and gain (loss) on reinsurance transactions, net realized investment gains
(losses), fair value changes in embedded derivative liabilities, fair value changes related
to the agent deferred compensation plan, loss on extinguishment of debt, other non-to the agent deferred compensation plan, loss on extinguishment of debt, other non
operating items, corporate interest expense and taxes; and debt to capital ratios,
excluding accumulated other comprehensive income (loss). Reconciliations between
those non-GAAP measures and the comparable GAAP measures are included in the
Appendix, or on the page such measure is presented.Appendix, or on the page such measure is presented.
While management believes these measures are useful to enhance understanding and
comparability of our financial results, these non-GAAP measures should not be
considered substitutes for the most directly comparable GAAP measures.
Additional information concerning non-GAAP measures is included in our periodic filings
with the Securities and Exchange Commission that are available in the “Investors – SEC
Filings” section of CNO’s website, www.CNOinc.com.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 3
5. CNO2Q16 Summary
(amounts in millions, except per share data)
Operating Earnings Per Share
Excluding Significant Items***
Notable Items
C ti d f hi th Continued franchise growth
‒ First year collected premiums up 5%
‒ NAP* down 3%
‒ Total collected premiums up 4%
P li i i f 1%
2Q15
$0.34
2Q16
$0.34
‒ Policies in-force grew 1%
‒ Annuity account values up 1%
Operating EPS (excluding significant items) flat
Operating Earnings
Excl. Significant Items***
$66.6 $60.8
Returned an additional $75 million to
shareholders
Launched Bankers Life Securities, Inc. &
Weighted Average
Shares Outstanding
198.1 180.3
* New Annualized Premium (“NAP”) includes 6% of annuity, 10% of single premium whole life deposits and 100% of all other new premiums on an annualized basis.
** Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc. are affiliated companies of the CNO Financial Group. Securities and variable annuities
offered through Bankers Life Securities, Inc. Member FINRA/SIPC. Non affiliated insurance products offered through Bankers Life Securities General Agency, Inc.
Bankers Life Advisory Services, Inc.**
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 5
Securities and variable annuities offered through Bankers Life Securities, Inc. Member, FINRA/SIPC (dba BL Securities Inc, IA, MI, PA). Investment Advisory
products and services offered by Bankers Life Advisory Services, Inc. SEC Registered Adviser, (dba BL Advisory Services, Inc, AK, IA, PA). Investments are: Not
Guaranteed, Involve Risk, May Lose Value.
*** A non-GAAP measure. Refer to the Appendix for a reconciliation to the corresponding GAAP measure.
6. 2Q16 Sales and Distribution Results Bankers Life
($ millions)
2Q15
$603 9
3Q15
$648.7
4Q15
$654.5
1Q16
$660.7 2Q16
$628.2
($ millions)
Collected Premiums
First year collected premiums up 6%
$348.4
$366.6 $363.9 $366.2
$357.8
$603.9
NAP down 5%
Total collected premiums up 4%
‒ Life up 3%
Annuities up 10%
$255.5 $282.1 $290.6 $294.5 $270.4
‒ Annuities up 10%
‒ Medicare supplement up 2%
‒ LTC down 1%
Agent metrics First Year Premium Renewal Premium Agent metrics
‒ New agent recruiting up 8%
‒ Average producing agents down 7%
‒ Agent productivity up 2%
New Annualized Premium *
2Q15
$61.3
3Q15
$59.9
4Q15
$69.1
1Q16
$60.3
2Q16
$58.5
Third party policies sold** 4,273 2,980 20,711 3,703 3,148
Third party fee income up 11%
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 6
* Third party sales are excluded from NAP in all periods.
** Includes Medicare Advantage, Medicare supplement, PDP, Dental/Vision and ACA products
(prior periods have been restated to include ACA product sales).
Trailing 4-quarters third party
fee income, net
$16.4 $16.6 $17.6 $17.9 $18.2
7. Washington National2Q16 Sales and
Di t ib ti R lt
2Q15
$161.9
3Q15
$165.5
4Q15
$163.6
1Q16
$165.5
2Q16
$165.2
Distribution Results
($ millions) Collected Premiums
$145 3 $ $145 4 $145 4
$161.9
First year collected premiums down 5%
NAP down 6%
‒ Worksite sales up 8% $141.1 $145.3 $143.6 $145.4 $145.4
Worksite sales up 8%
‒ Individual sales down 12%
Total collected premiums up 2%
S $20.8 $20.2 $20.0 $20.1 $19.8
First Year Premium Renewal Premium
‒ Supplemental health total collected
premiums up 4%
Growth in PMA agent force
New Annualized Premium
2Q15
$25.7
3Q15
$25.8
4Q15
$26.3
1Q16
$23.4
2Q16
$24.2
‒ Average producing agents up 5%
New Annualized Premium
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 7
Total supplemental health collected premiums $136.1 $138.6 $137.4 $141.1 $141.8
8. 2Q16 Sales and
Di t ib ti R lt
Colonial Penn
2Q15
$
3Q15
$66 7
4Q15
$66 0
1Q16
$70.1
2Q16
$69.6
Distribution Results
($ millions) Collected Premiums
$52.3 $53.5 $53.1
$56.1 $55.8
$65.1 $66.7 $66.0
First year collected premiums up 8%
NAP up 4%
$12.8 $13.2 $12.9 $14.0 $13.8
$52.3 $p
Total collected premiums up 7%
Inforce Adjusted EBIT of $14 1 million
First Year Premium Renewal Premium
Inforce Adjusted EBIT of $14.1 million,
up 6%
‒ Full year 2016 total Adjusted EBIT
guidance of $0-6 million New Annualized Premium
2Q15
$18.5
3Q15
$18.9
4Q15
$15.6
1Q16
$24.1 2Q16
$19.2
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 8
Inforce Adjusted EBIT $13.3 $14.9 $14.8 $12.7 $14.1
9. 2Q Consolidated Financial Highlights CNO
Earnings Remain Strong
‒ Operating earnings per diluted share* of $0.35; $0.34 excluding significant items
‒ Bankers Life, Colonial Penn and Corporate segment results in-line with expectations;Bankers Life, Colonial Penn and Corporate segment results in line with expectations;
Washington National results impacted by persistency and higher claims
‒ Operating ROE* of 9.0%
Continued Strength in Cash Flows and Key Capital Measures
‒ Estimated consolidated risk-based capital of 448%, reflecting $42 million of dividends paid to
the holding companyg p y
‒ Leverage* of 19.9%
‒ Holding company cash and investments of $376 million
‒ Repurchased $61 million of common stock at an average cost of $18.70 per share;
repurchased $151 million YTD at an average cost of $17.57
‒ Maintaining 2016 share repurchase guidance range of $275-$375 million, absent
compelling alternatives
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 9
* A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP
measure.
compelling alternatives
‒ Utilized substantially all of our life NOLs in 2Q16 and will become a taxpayer in 3Q16
10. ($ millions)Segment Earnings CNO
2Q16 Earnings
Segment Adjusted EBIT Excluding
Significant Items*
$29.1
$31.3
$21 5
$114.7
$106.6
$122.2
$84 3
$106.3 Bankers Life reflects favorable long-
term care results partially offset by
$30.6
$26.3
$21.5$84.3
lower Medicare supplement margins
Washington National results impacted
by persistency and elevated interest-
dj t d b fit ti
$4 2 $3 0
$86.4
$79.8
$89.1
$69.9
$88.8 adjusted benefit ratio
Colonial Penn results in-line with
seasonal expectations
$(5.0) $(4.4) $(4.9)
$(5.1)
$(7.0)
$4.2
$0.6 $6.7
$(6.8)
$3.0
2Q15 3Q15 4Q15 1Q16 2Q16
Corporate CP BLC WN
Corporate results reflect higher
expenses
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 10
* A non-GAAP measure. See the Appendix for a reconciliation to the corresponding
GAAP measure.
11. ($ millions)Health Margins CNO
2Q16 Highlights & Outlook
Bankers Life Medicare Supplement
$193 $193 $192 $193 $194
68 7%
71.5% 70.8% 71.1%
73.0%
Medicare supplement benefit ratio of 73 0% is higher68.7%
2Q15 3Q15 4Q15 1Q16 2Q16
Medicare supplement benefit ratio of 73.0% is higher
relative to prior year, but in-line with expectations
2H16 Outlook: Benefit ratio of 70-73%
Bankers Life Long-term Care IABR*
2Q15 3Q15 4Q15 1Q16 2Q16
$121 $119 $119 $118 $118
84.6%
83.8%
85.5%
82.4% 82.1% Adjusted IABR* of 82.1%, excluding shock lapse
impacts, in-line with expectations
$ $141
Washington National Supplemental Health IABR*
79.6%
75.3%
77.9%
2Q15 3Q15 4Q15 1Q16 2Q16
2H16 Outlook: IABR* of 81-86%, excluding rate
increase impacts
$134 $137 $138 $139 $141
65.7%
57.4% 57.5% 57.7%
61.6% Supplemental health IABR* of 61.6% was elevated
due to persistency and higher claims
2H16 Outlook: IABR* of 56-59%
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 11
2Q15 3Q15 4Q15 1Q16 2Q16
Earned Premium Reported Benefit Ratio Adjusted Benefit Ratio**
* Interest-adjusted benefit ratio (IABR); a non-GAAP measure. Refer to the Appendix for the corresponding
GAAP measure.
** Adjusted benefit ratio; long-term care IABR* excluding impact of policyholder actions following rate increases
2H16 Outlook: IABR of 56 59%
12. Investment Results CNO
($ millions)( )
Average Invested Assets and Cash Realized Gains, Losses and Impairments
Gross Realized Gains
$21,956 $22,042 $22,219 $22,323 $22,640
$10.0
Gross Realized Gains
Gross Realized Losses
Impairments
,
$302.1 $298.2 $303.2
$291.0 $295.8Net
Investment
Income
$102.2 $103.1
$93.1
$18.3
$66.8
$42.7
$51.0
2Q15 3Q15 4Q15 1Q16 2Q16
co e
$34 9
$15.4
$30.3
$48.5
$8.7
$7.9
$12.4
$13.6Earned Yield*: 5.78% 5.68% 5.72% 5.47% 5.52%
New Money Rate: 5.06% 5.21% 5.17% 4.90% 5.50%
Pre-Pay / Call / Make-
whole Income: $9.9 $5.6 $10.3 $6.3 $1.8
2Q15 3Q15 4Q15 1Q16
$13.2
$23.3 $23.1
2Q15 3Q15 4Q15 1Q16 2Q16
2Q16
$22.3
$34.9
2Q15 3Q15 4Q15 1Q16 2Q16
Alternative Investment
Income: $0.7 ($0.3) ($0.5) ($3.7) $4.6
Low market yields throughout 2Q, offset by tactical
allocation to high yield and alternatives
Significantly reduced level of portfolio turnover in light of low
market reinvestment yields
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 12* Earned Yield excludes FHLB.
Lower level of prepayment and make-whole income
Alternative investment results improved
Continued favorable impairment results
13. CNOWrap-up
Continued investments in growth & efficiency
‒ New products to better serve the customer
‒ Agent recruiting process changes
‒ Distribution technology
‒ Customer experience enhancementsp
Diversification of business model enables CNO to adaptp
to changing environments
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 13
16. Energy Sector Overview
June 30 2016June 30, 2016
Current exposure $1.4 billion compared to $1.6
billion at 12/31/1512.8%
15.6%
0.5%
A or Better
Reasonably calibrated to enterprise capital, is
highly diversified, and has improved risk
characteristics
A or Better
BBB
BB
Portfolio underwritten to withstand a prolonged
period of $30 oil
Net unrealized gain of $82 million at 6/30/16
71.1%
>BB
Exposure remains substantially IG (84%)
HY (16%) weighted towards higher rated BB
category and less volatile sectors (e.g., midstream)
6.5%
10.7%
4.3%
Midstream
IndependentE&P
g y ( g , )
Continue to expect most significant portfolio impact
of low oil prices to be downgrades (RBC): YTD
impact of 4 RBC points
50.1%
28.5%
Oilfield Services
Integrated
Other
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 16
17. Producing Agent Counts
1st Yr 2nd Yr 3rd Yr + Total Qtr Avg (3) 1st Yr 2nd Yr 3rd Yr + Total Qtr Avg (3)
6/30/2016 2,196 588 1,854 4,638 4,608 425 130 377 932 928
Bankers Life (1) Washington National (2)
3/31/2016 2,182 626 1,895 4,703 4,548 418 117 372 907 904
12/31/2015 2,051 584 1,927 4,562 4,565 410 127 367 904 899
9/30/2015 2,077 601 1,871 4,549 4,693 411 115 365 891 892
6/30/2015 2,484 606 1,891 4,981 4,939 423 132 346 901 882, , , ,
3/31/2015 2,468 657 1,894 5,019 4,850 344 127 340 811 830
12/31/2014 2,258 664 1,868 4,790 4,842 365 128 337 830 831
12/31/2013 2,557 693 1,718 4,968 5,046 335 112 296 743 756
12/31/2012 2,429 662 1,600 4,691 4,850 298 108 269 675 687
12/31/2011 2,461 600 1,587 4,648 4,702
12/31/2010 2,199 668 1,486 4,353 4,391
12/31/2009 2,564 662 1,513 4,739 4,742
12/31/2008 2,489 651 1,324 4,464 4,417
12/31/2007 2,198 554 1,231 3,983 4,034
(1) Defined as the number of agents that have sold at least one policy in the period
(2) Defined as active PMA appointed agents with $1,000 or more of New Annualized Premium in the prior 12 months
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 17
(3) Agent counts at the end of each month used to calculate the average for the quarter
18. 2Q16 Holding Company Liquidity CNO
($ millions)($ )
2Q16 YTD
Cash and Investments Balance - Beginning $374.7 $382.2
Sources
Net Dividends from Insurance Subsidiaries 41.9 130.6
Dividends from Non-insurance Subsidiaries 1.1 9.0
Interest/Earnings on Corporate Investments 5.4 10.0
Surplus Debenture Interest 12.1 24.2
Service and Investment Fees, Net 26.7 28.5
Other 3.3 3.3
Total Sources 90.5 205.6
UUses
Interest 21.1 21.8
Share Repurchases 52.0 145.7 *
Common Stock Dividend 14.3 27.0
H ldi C E d Oth 6 0 25 7Holding Company Expenses and Other 6.0 25.7
Total Uses 93.4 220.2
Non-cash changes in investment balances 3.9 8.1
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 18
Unrestricted Cash and Investments Balance - 6/30/2016 $375.7 $375.7
* Includes $3.7 million of purchases from 4Q 2015 that settled in 1Q 2016.
19. Leveraging Considerable Tax Assets CNO
($ millions)($ millions)
2Q 2016 Loss Carryforwards Outlook and Value
Life
$4
v
Expect modest future valuation allowance
releases
$842*
Non-Life
$838
Life NOLs were substantially utilized in 2Q
2016
Will become a taxpayer in 3Q 2016
Cash flows will be reduced by an
$838
$177**
estimated $17 million per quarter
Majority of non-life NOL’s expire in 2023
Estimated economic value of $450 millionNon-Life
Loss Carryforwards Valuation Allowance
Estimated economic value of $450 million
@ 10% discount rate
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 19
* Excludes $13 million related to state operating loss carryforwards and $2 million related to capital loss carryforwards.
** Excludes $10 million related to state operating loss carryforwards.
20. f f f 2Q201
2Q15 Significant Items CNO
The table below summarizes the financial impact of significant items on our 2Q2015 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Three months ended
June 30, 2015
E l di
Net Operating Income:
Bankers Life $ 86.4 $ - $ 86.4
Washington National (1)
Actual results Significant items
Excluding
significant
items
20 1 9 0 29 1Washington National (1)
Colonial Penn
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense
Adjusted EBIT
119.7
20.1 9.0 29.1
9.0 114.7
4.2 - 4.2
110.7 9.0
(5.0) - (5.0)
105.7
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 60.8 $ 5.8 $ 66.6
(11.9) - (11.9)
93.8 9.0 102.8
33.0 3.2 36.2
Net operating income per diluted share* $ 0.31 $ 0.03 $ 0.34
(1) Pre-tax earnings in the Washington National segment included $9 million of unfavorable reserve developments in the supplemental health block related to claims
incurred in prior periods.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 20
* A non-GAAP measure. See pages 25 and 27 for a reconciliation to the corresponding GAAP measure.
21. f f f 3Q201
3Q15 Significant Items CNO
The table below summarizes the financial impact of significant items on our 3Q2015 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Three months ended
September 30, 2015
E l di
Net Operating Income:
Bankers Life $ 79.8 $ - $ 79.8
Washington National
Actual results Significant items
Excluding
significant
items
30 6 - 30 6Washington National
Colonial Penn
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense (1)
Adjusted EBIT
111.0
30.6 - 30.6
7.5 106.6
0.6 - 0.6
111.0 -
(11.9) 7.5 (4.4)
99.1
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 56.8 $ 7.5 $ 64.3
(11.3) - (11.3)
87.8 7.5 95.3
31.0 - 31.0
Net operating income per diluted share* $ 0.30 $ 0.03 $ 0.33
(1) Pre-tax earnings in the Corporate segment included the impact of current market conditions on the value of investments backing our Company-owned life insurance
("COLI") utilized as a vehicle to fund Bankers Life's agent deferred compensation plan. It should be noted that changes in the value of COLI investments are not subject
to income tax.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 21
* A non-GAAP measure. See pages 25 and 27 for a reconciliation to the corresponding GAAP measure.
22. f f f Q201
4Q15 Significant Items CNO
The table below summarizes the financial impact of significant items on our 4Q2015 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Three months ended
December 31, 2015
Excluding
Net Operating Income:
Bankers Life $ 121.2 $ (32.1) (1) $ 89.1
Washington National (2)32.3 (1.0) 31.3
Actual results Significant items
Excluding
significant
items
Colonial Penn
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense (3)
Adjusted EBIT
C t i t t
(0.7) (4.2) (4.9)
159.5 (37.3) 122.2
(11 3) (11 3)
6.7 - 6.7
160.2 (33.1) 127.1
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 97.0 $ (25.7) $ 71.3
Net operating income per diluted share* $ 0 52 $ (0 14) $ 0 38
148.2 (37.3) 110.9
51.2 (11.6) 39.6
(11.3) - (11.3)
Net operating income per diluted share* $ 0.52 $ (0.14) $ 0.38
(2) Pre-tax earnings in the Washington National segment included $1.0 million of favorable impacts from our comprehensive annual actuarial review.
(1) Pre-tax earnings in the Bankers segment included: (i) $25.8 million of favorable impacts from our comprehensive annual actuarial review including the net impact
from model enhancements and changes in assumptions related to mortality, long-term interest rates and the spread earned on fixed index annuities; and (ii) the $6.3
million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate increases.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 22
* A non-GAAP measure. See pages 25 and 27 for a reconciliation to the corresponding GAAP measure.
(3) Pre-tax earnings in the Corporate segment included a $4.2 million positive impact of current market conditions on the value of investments backing our Company-
owned life insurance ("COLI") used as a vehicle to fund Bankers Life's agent deferred compensation plan.
23. f f f 1Q2016
1Q16 Significant Items CNO
The table below summarizes the financial impact of significant items on our 1Q2016 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Three months ended
March 31, 2016
E l di
Net Operating Income:
Bankers Life $ 77.6 $ (7.7) (1) $ 69.9
Washington National 26 3 - 26 3
Actual results Significant items
Excluding
significant
items
Washington National
Colonial Penn
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense (2)
Adjusted EBIT
(8.1) 3.0 (5.1)
89.0 (4.7) 84.3
(6.8) - (6.8)
97.1 (7.7) 89.4
26.3 - 26.3
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 49.6 $ (3.0) $ 46.6
77.6 (4.7) 72.9
28.0 (1.7) 26.3
(11.4) - (11.4)
Net operating income per diluted share* $ 0.27 $ (0.01) $ 0.26
(2) Pre-tax earnings in the Corporate segment included $3.0 million of accelerated stock compensation expense releated to retirement eligible employees.
(1) Pre-tax earnings in the Bankers segment included the $7.7 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the
impact of policyholder actions following rate increases.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 23
* A non-GAAP measure. See pages 25 and 27 for a reconciliation to the corresponding GAAP measure.
24. f f f 2Q2016
2Q16 Significant Items CNO
The table below summarizes the financial impact of significant items on our 2Q2016 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Three months ended
June 30, 2016
E l di
Net Operating Income:
Bankers Life $ 93.3 $ (4.5) (1) $ 88.8
Washington National
Actual results Significant items
Excluding
significant
items
21 5 - 21 5Washington National
Colonial Penn
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense
Adjusted EBIT
113.3
21.5 - 21.5
(4.5) 106.3
3.0 - 3.0
117.8 (4.5)
(7.0) - (7.0)
110.8
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 63.7 $ (2.9) $ 60.8
(11.4) - (11.4)
99.4 (4.5) 94.9
35.7 (1.6) 34.1
Net operating income per diluted share* $ 0.35 $ (0.01) $ 0.34
(1) Pre-tax earnings in the Bankers segment included the $4.5 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the
impact of policyholder actions following rate increases.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 24
* A non-GAAP measure. See pages 25 and 27 for a reconciliation to the corresponding GAAP measure.
25. Quarterly Earnings CNOy g
2Q15 3Q15 4Q15 1Q16 2Q16
Bankers Life 86.4$ 79.8$ 121.2$ 77.6$ 93.3$
Washington National 20.1 30.6 32.3 26.3 21.5
($ millions)
g 3 3 3 3
Colonial Penn 4.2 0.6 6.7 (6.8) 3.0
Adjusted EBIT from business segments 110.7 111.0 160.2 97.1 117.8
Corporate operations, excluding interest expense (5.0) (11.9) (0.7) (8.1) (7.0)
Adjusted EBIT* 105.7 99.1 159.5 89.0 110.8
Corporate interest expense (11.9) (11.3) (11.3) (11.4) (11.4)
Operating earnings before taxes 93 8 87 8 148 2 77 6 99 4Operating earnings before taxes 93.8 87.8 148.2 77.6 99.4
Tax expense on period income 33.0 31.0 51.2 28.0 35.7
Net operating income 60.8 56.8 97.0 49.6 63.7
Net realized investment gains (losses), net of related amortization (10.4) (19.0) (15.8) (1.0) 12.0
Fair value changes in embedded derivative liabilities, net of related amortization 25.7 (15.7) 14.6 (29.5) (16.5)
Fair value changes related to the agent deferred compensation plan - - 15.1 (6.0) (12.3)
Loss on extinguishment of debt (32.8) - - - -
Other (3.6) (0.7) (1.8) (0.6) 0.1
Non-operating income (loss) before taxes (21.1) (35.4) 12.1 (37.1) (16.7)
Income tax expense (benefit):
On non-operating income (loss) (7.1) (12.4) 4.3 (13.0) (5.9)
Valuation allowance for deferred tax assets - - (32.5) (20.0) (7.0)
*Management believes that an analysis of earnings before net realized investment gains (losses), fair value changes in embedded derivative liabilities, fair value changes related to the
agent deferred compensation plan, loss on extinguishment of debt, other non-operating items, corporate interest expense and taxes (“Adjusted EBIT,” a non-GAAP financial measure)
provides a clearer comparison of the operating results of the company quarter-over-quarter because it excludes: (1) net realized investment gains (losses); (2) fair value changes due to
Net non-operating income (loss) (14.0) (23.0) 40.3 (4.1) (3.8)
Net income 46.8$ 33.8$ 137.3$ 45.5$ 59.9$
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 25
provides a clearer comparison of the operating results of the company quarter over quarter because it excludes: (1) net realized investment gains (losses); (2) fair value changes due to
fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities that are unrelated to the company’s underlying fundamentals; (3) fair
value changes related to the agent deferred compensation plan; (4) loss on extinguishment of debt; (5) charges in the valuation allowance for deferred tax assets; and (6) other non-
operating items consisting primarily of equity in earnings of certain non-strategic investments and earnings attributable to variable interest entities. The table above provides a
reconciliation of Adjusted EBIT to net income.
26. Information Related to Certain Non-GAAP Financial Measures
The following provides additional information regarding certain non-GAAP measures used in this presentation.
A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows
that excludes or includes amounts that are normally excluded or included in the most directly comparable
measure calculated and presented in accordance with GAAP. While management believes these measures
are useful to enhance understanding and comparability of our financial results these non-GAAP measuresare useful to enhance understanding and comparability of our financial results, these non-GAAP measures
should not be considered as substitutes for the most directly comparable GAAP measures. Additional
information concerning non-GAAP measures is included in our periodic filings with the Securities and
Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website,
www.CNOinc.com.
Operating earnings measures
Management believes that an analysis of net income applicable to common stock before net realized
investment gains or losses, fair value changes due to fluctuations in the interest rates used to discount
embedded derivative liabilities related to our fixed index annuities, fair value changes related to the agent
deferred compensation plan, loss on extinguishment of debt, changes in the valuation allowance for deferred
tax assets and other non-operating items consisting primarily of equity in earnings of certain non-strategictax assets and other non-operating items consisting primarily of equity in earnings of certain non-strategic
investments and earnings attributable to variable interest entities (“net operating income,” a non-GAAP
financial measure) is important to evaluate the financial performance of the Company and is a key measure
commonly used in the life insurance industry. Management uses this measure to evaluate performance
because the items excluded from net operating income can be affected by events that are unrelated to the
Company’s underlying fundamentals.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 26
27. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows
(dollars in millions, except per-share amounts):
2Q15 3Q15 4Q15 1Q16 2Q16
Net income applicable to common stock 46.8$ 33.8$ 137.3$ 45.5$ 59.9$
Non-operating items:
Net realized investment (gains) losses, net of related amortization 10.4 19.0 15.8 1.0 (12.0)
Fair value changes in embedded derivative liabilities, net of related amortization (25.7) 15.7 (14.6) 29.5 16.5Fair value changes in embedded derivative liabilities, net of related amortization (25.7) 15.7 (14.6) 29.5 16.5
Fair value changes related to the agent deferred compensation plan - - (15.1) 6.0 12.3
Loss on extinguishment of debt 32.8 - - - -
Other 3.6 0.7 1.8 0.6 (0.1)
Non-operating income (loss) before taxes 21.1 35.4 (12.1) 37.1 16.7
Income tax (expense) benefit:
On non-operating (income) loss 7.1 12.4 (4.3) 13.0 5.9
Valuation allowance for deferred tax assets - - 32 5 20 0 7 0Valuation allowance for deferred tax assets - - 32.5 20.0 7.0
Net non-operating (income) loss 14.0 23.0 (40.3) 4.1 3.8
Net operating income (a non-GAAP financial measure) 60.8$ 56.8$ 97.0$ 49.6$ 63.7$
Per diluted share:
Net income 0.24$ 0.18$ 0.73$ 0.25$ 0.33$
Net realized investment (gains) losses (net of related amortization and taxes) 0.03 0.07 0.05 - (0.04)
Fair value changes in embedded derivative liabilities (net of related amortization and taxes) (0.08) 0.05 (0.05) 0.11 0.06
Fair value changes related to the agent deferred compensation plan (net of taxes) - - (0.05) 0.02 0.04
Valuation allowance for deferred tax assets and other tax items - - (0.17) (0.11) (0.04)
Loss on extinguishment of debt (net of taxes) 0.11 - - - -
Other 0.01 - 0.01 - -
Net operating income (a non-GAAP financial measure) 0.31$ 0.30$ 0.52$ 0.27$ 0.35$
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 27
28. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as
follows (dollars in millions, except per-share amounts, and shares in thousands):
2Q15 3Q15 4Q15 1Q16 2Q16
Operating income 60.8$ 56.8$ 97.0$ 49.6$ 63.7$
Weighted average shares outstanding for basic earnings per share 195,857 190,259 185,608 180,350 178,323
Effect of dilutive securities on weighted average shares:
Stock options, restricted stock and performance units 2,216 2,106 2,342 1,778 1,944
Weighted average shares outstanding for diluted earnings per share 198 073 192 365 187 951 182 128 180 267Weighted average shares outstanding for diluted earnings per share 198,073 192,365 187,951 182,128 180,267
Operating earnings per diluted share 0.31$ 0.30$ 0.52$ 0.27$ 0.35$
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 28
29. B k l dil t d h
Information Related to Certain Non-GAAP Financial Measures
Book value per diluted share
Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units
were vested and convertible securities were converted. The dilution from options, restricted shares and performance units is calculated using the treasury stock
method. Under this method, we assume the proceeds from the exercise of the options and warrants (or the unrecognized compensation expense with respect
to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In
addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss)
has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the
volatility that arises from changes in the unrealized appreciation (depreciation) of our investmentsvolatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows (dollars in
millions, except per share amounts):
2Q15 3Q15 4Q15 1Q16 2Q16
Total shareholders' equity 4,364.2$ 4,171.0$ 4,138.5$ 4,226.6$ 4,456.2$
Shares outstanding for the period 193,467,712 186,741,760 184,028,511 179,098,447 176,240,559
Book value per share 22.56$ 22.34$ 22.49$ 23.60$ 25.28$
Total shareholders' equity 4,364.2$ 4,171.0$ 4,138.5$ 4,226.6$ 4,456.2$
Less accumulated other comprehensive income (605.0) (510.4) (402.8) (540.5) (777.8)
Adjusted shareholders' equity excluding AOCI 3,759.2$ 3,660.6$ 3,735.7$ 3,686.1$ 3,678.4$
Shares outstanding for the period 193,467,712 186,741,760 184,028,511 179,098,447 176,240,559
Dilutive common stock equivalents related to:
Stock options, restricted stock and performance units 2,243,615 2,176,988 2,311,877 1,803,822 1,744,508
Diluted shares outstanding 195,711,327 188,918,748 186,340,388 180,902,269 177,985,067
Book value per diluted share (a non-GAAP financial measure) 19.21$ 19.38$ 20.05$ 20.38$ 20.67$
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 29
30. Information Related to Certain Non-GAAP Financial Measures
The interest-adjusted benefit ratio (a non-GAAP measure) is calculated by dividing the product's insurance policy benefits less
imputed interest income on the accumulated assets backing the insurance liabilities by insurance policy income. Interest income is
an important factor in measuring the performance of longer duration health products. The net cash flows generally cause an
accumulation of amounts in the early years of a policy (accounted for as reserve increases), which will be paid out as benefits in
later policy years (accounted for as reserve decreases) Accordingly as the policies age the benefit ratio will typically increase but
Interest-adjusted benefit ratios
later policy years (accounted for as reserve decreases). Accordingly, as the policies age, the benefit ratio will typically increase, but
the increase in the change in reserve will be partially offset by the imputed interest income earned on the accumulated assets. The
interest-adjusted benefit ratio reflects the effects of such interest income offset. Since interest income is an important factor in
measuring the performance of these products, management believes a benefit ratio, which includes the effect of interest income, is
useful in analyzing product performance. The interest-adjusted benefit ratio excluding the impact of rate increases eliminates the
release of reserves due to the impact of policyholder actions following rate increases.
2Q15 3Q15 4Q15 1Q16 2Q16
Bankers Life
Long-term care benefit ratios
Earned premium 120 5$ 119 0$ 118 6$ 118 5$ 118 3$Earned premium 120.5$ 119.0$ 118.6$ 118.5$ 118.3$
Benefit ratio before imputed interest income on reserves 140.7% 141.1% 137.1% 132.9% 134.7%
Interest-adjusted benefit ratio 84.6% 83.8% 79.6% 75.3% 77.9%
Interest-adjusted benefit ratio, exluding the impact of reserve releases due to rate increases 84.6% 83.8% 85.5% 82.4% 82.1%
Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 18.6$ 19.3$ 24.2$ 29.3$ 26.2$
Adjusted underwriting margin (excluding the impact of reserve releases due to rate increases) 18.6 19.3 17.2 20.9 21.1
Washington National
Supplemental health benefit ratios
Earned premium 134.4$ 136.6$ 138.0$ 139.2$ 140.9$
Benefit ratio before imputed interest income on reserves 90.3% 81.7% 81.8% 81.2% 85.7%
Interest-adjusted benefit ratio 65.7% 57.4% 57.5% 57.7% 61.6%
Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 46.1$ 58.2$ 58.6$ 58.9$ 54.0$
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 30
g g ( p p p p y ) $ $ $ $ $
31. Information Related to Certain Non-GAAP Financial Measures
Operating return measures
Management believes that an analysis of net income applicable to common stock before the net loss on sale of CLIC
and gain (loss) on reinsurance transactions, net realized investment gains or losses, fair value changes due to
fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, fair
value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in the
l ti ll f d f d t t d th ti it i ti i il f it i i fvaluation allowance for deferred tax assets and other non-operating items consisting primarily of equity in earnings of
certain non-strategic investments and earnings attributable to variable interest entities (“net operating income,” a non-
GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure
commonly used in the life insurance industry. Management uses this measure to evaluate performance because the
items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying
fundamentalsfundamentals.
Management also believes that an operating return, excluding significant items, is important as the impact of these
items enhances the understanding of our operating results.
This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income
(loss) has been excluded from the value of equity used to determine this ratio. Management believes this non-GAAP
financial measure is useful because it removes the volatility that arises from changes in accumulated other
comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment
portfolio resulting from changes in general market interest rates rather than the business decisions made by
management.
In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets).
In accordance with GAAP, these assets are not discounted, and accordingly will not provide a return to shareholders
(until after it is realized as a reduction to taxes that would otherwise be paid). Management believes that excluding this
value from the equity component of this measure enhances the understanding of the effect these non-discounted
assets have on operating returns and the comparability of these measures from period-to-period. Operating return
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 31
assets have on operating returns and the comparability of these measures from period to period. Operating return
measures are used in measuring the performance of our business units and are used as a basis for incentive
compensation.
32. Information Related to Certain Non-GAAP Financial Measures
Th l l ti f (i) ti t it l di l t d th h i i (l ) d tThe calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, on
equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-
GAAP financial measure); and (iii) return on equity are as follows (dollars in millions):
Trailing twelve months ended
2Q15 3Q15 4Q15 1Q16 2Q16
Operating income 266.6$ 246.8$ 274.7$ 264.2$ 267.1$
Operating income, excluding significant items 265.9$ 260.7$ 262.3$ 248.8$ 243.0$
Trailing twelve months ended
Net Income 300.9$ 217.3$ 270.7$ 263.4$ 276.5$
Average common equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 3,027.6$ 3,009.4$ 2,992.3$ 2,981.7$ 2,977.9$y ( )
Average common shareholders' equity 4,692.0$ 4,563.1$ 4,425.5$ 4,290.9$ 4,236.6$
Operating return on equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 8.8% 8.2% 9.2% 8.9% 9.0%carryforwards (a non GAAP financial measure) 8.8% 8.2% 9.2% 8.9% 9.0%
Operating return, excluding significant items, on equity, excluding
accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure) 8.8% 8.7% 8.8% 8.3% 8.2%
Return on equity 6.4% 4.8% 6.1% 6.1% 6.5%
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 32
q y
(Continued on next page)
33. Information Related to Certain Non-GAAP Financial Measures
The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant
items; and (iv) net income (dollars in millions):
OperatingOperating
Operating earnings,
earnings, excluding Net
excluding significant income -
Operating Significant significant items - trailing Net trailing
earnings items (a) items four quarters income four quartersg ( ) q q
3Q14 76.6$ (7.1)$ 69.5$ 266.8$ 117.4$ 73.5$
4Q14 69.1 0.6 69.7 272.3 83.9 51.4
1Q15 60.1 - 60.1 270.6 52.8 332.2
2Q15 60.8 5.8 66.6 265.9 46.8 300.9
3Q15 56.8 7.5 64.3 260.7 33.8 217.3Q
4Q15 97.0 (25.7) 71.3 262.3 137.3 270.7
1Q16 49.6 (3.0) 46.6 248.8 45.5 263.4
2Q16 63.7 (2.9) 60.8 243.0 59.9 276.5
(a) - The significant items have been discussed in prior press releases.
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 33
(Continued on next page)
34. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of pretax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in
millions):
2Q15 3Q15 4Q15 1Q16 2Q16
Twelve months ended
Pretax operating earnings (a non-GAAP financial measure) 413.5$ 381.5$ 422.8$ 407.4$ 413.0$
Income tax (expense) benefit (146.9) (134.7) (148.1) (143.2) (145.9)
Operating return 266.6 246.8 274.7 264.2 267.1
Non-operating items:
Net loss on sale of CLIC and gain (loss) on reinsurance transactions 34.9 2.9 - - -
Net realized investment gains (losses), net of related amortization (0.8) (23.8) (36.1) (46.2) (23.8)
Fair value changes in embedded derivative liabilities, net of related amortization (4.6) (20.2) 11.9 (4.9) (47.1)
F i l h l t d t th t d f d ti l (15 0) (15 0) 15 1 9 1 (3 2)Fair value changes related to the agent deferred compensation plan (15.0) (15.0) 15.1 9.1 (3.2)
Loss on extinguishment or modification of debt (32.8) (32.8) (32.8) (32.8) -
Other (9.9) (9.3) (13.2) (6.7) (3.0)
Non-operating income (loss) before taxes (28.2) (98.2) (55.1) (81.5) (77.1)
Income tax expense (benefit):Income tax expense (benefit):
On non-operating income (loss) (11.6) (34.6) (18.6) (28.2) (27.0)
Valuation allowance for deferred tax assets (50.9) (34.1) (32.5) (52.5) (59.5)
Net non-operating income (loss) 34.3 (29.5) (4.0) (0.8) 9.4
Net income 300.9$ 217.3$ 270.7$ 263.4$ 276.5$
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 34
(Continued on next page)
35. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating
loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):
1Q14 2Q14 3Q14 4Q14
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 2,996.0$ 3,032.6$ 3,028.0$ 3,045.3$
Net operating loss carryforwards 948.0 885.6 834.7 817.6
Accumulated other comprehensive income 766.2 926.1 859.3 825.3
Common shareholders' equity 4,710.2$ 4,844.3$ 4,722.0$ 4,688.2$
1Q15 2Q15 3Q15 4Q15
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
( GAAP fi i l ) 3 026 1$ 2 989 7$ 2 924 9$ 3 011 6$(a non-GAAP financial measure) 3,026.1$ 2,989.7$ 2,924.9$ 3,011.6$
Net operating loss carryforwards 793.3 769.5 735.7 724.1
Accumulated other comprehensive income 934.2 605.0 510.4 402.8
Common shareholders' equity 4,753.6$ 4,364.2$ 4,171.0$ 4,138.5$
1Q16 2Q16
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 2,975.3$ 3,010.1$
Net operating loss carryforwards 710.8 668.3
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 35
Accumulated other comprehensive income 540.5 777.8
Common shareholders' equity 4,226.6$ 4,456.2$
36. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating
loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):
2Q15 3Q15 4Q15 1Q16 2Q16
Trailing Four Quarter Average
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 3,027.6$ 3,009.4$ 2,992.3$ 2,981.7$ 2,977.9$
Net operating loss carryforwards 818.3 791.4 767.3 745.3 722.4Net operating loss carryforwards 818.3 791.4 767.3 745.3 722.4
Accumulated other comprehensive income 846.1 762.3 665.9 563.9 536.3
Common shareholders' equity 4,692.0$ 4,563.1$ 4,425.5$ 4,290.9$ 4,236.6$
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 36
37. Information Related to Certain Non-GAAP Financial Measures
Debt to capital ratio, excluding accumulated other comprehensive income (loss)
The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated
other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-
GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss).
Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest
rates rather than the business decisions made by management. A reconciliation of these ratios is as follows ($ in millions):
2Q15 3Q15 4Q15 1Q16 2Q16
Corporate notes payable 909.2$ 909.8$ 911.1$ 911.5$ 912.0$
Total shareholders' equity 4,364.2 4,171.0 4,138.5 4,226.6 4,456.2
Total capital 5,273.4$ 5,080.8$ 5,049.6$ 5,138.1$ 5,368.2$
Corporate debt to capital 17.2% 17.9% 18.0% 17.7% 17.0%
Corporate notes payable 909.2$ 909.8$ 911.1$ 911.5$ 912.0$
Total shareholders' equity 4,364.2 4,171.0 4,138.5 4,226.6 4,456.2q y , , , , ,
Less accumulated other comprehensive income (605.0) (510.4) (402.8) (540.5) (777.8)
Total capital 4,668.4$ 4,570.4$ 4,646.8$ 4,597.6$ 4,590.4$
Debt to total capital ratio, excluding AOCI (a
non-GAAP financial measure) 19.5% 19.9% 19.6% 19.8% 19.9%
CNO Financial Group | 2Q2016 Earnings | July 27, 2016 37