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%.
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
- 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.
This document provides Nielsen's financial results for the second quarter of 2017. Key points include:
- Total revenue grew 3.0% year-over-year to $1.644 billion. Net income increased 15.9% to $131 million.
- On a non-GAAP basis, core revenue grew 7.6% to $1.579 billion and adjusted EBITDA increased 4.9% to $512 million.
- The Watch segment saw strong 10.9% revenue growth, driven by growth in audience measurement and marketing effectiveness. The Buy segment declined 1.8% due to challenges in the US market, though emerging markets grew 10%.
The presentation discusses Las Vegas Sands' second quarter 2017 earnings results and provides an overview of the company. Key points include:
- Net revenue increased 18.6% year-over-year to $3.14 billion and net income increased 61.9% to $638 million.
- Adjusted property EBITDA increased 26.5% to $1.21 billion, with growth in Macao and Singapore properties.
- The company remains committed to returning capital to shareholders through dividends and share repurchases, having returned over $17 billion since 2012.
- Las Vegas Sands has a strong balance sheet with $2.32 billion in cash and $7.93 billion in net debt as
Genworth MI Canada reported its Q2 2016 results. Key highlights included:
- Premiums written increased 113% quarter-over-quarter due to higher portfolio insurance volumes and seasonality.
- The loss ratio was 21%, down from 24% last quarter, driven by typical seasonal factors and improvements in Quebec.
- Net operating income increased 8% quarter-over-quarter to $99 million, driven by higher premiums earned and lower losses on claims.
- The MCT ratio remained strong at 233%, down slightly from last quarter but up from the prior year.
This document summarizes Ameriprise Financial's fourth quarter and full year 2007 financial results. Net income for Q4 2007 increased 49% to $255 million compared to Q4 2006. Adjusted earnings for Q4 2007, which exclude separation costs, increased 9% to $274 million. For the full year, net income grew 29% to $814 million and adjusted earnings increased 12% to $968 million. Management fees and financial advice fees grew 25% in Q4 2007, while net revenues increased 8%. The company saw solid growth across its business segments.
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.
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.
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
- 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.
This document provides Nielsen's financial results for the second quarter of 2017. Key points include:
- Total revenue grew 3.0% year-over-year to $1.644 billion. Net income increased 15.9% to $131 million.
- On a non-GAAP basis, core revenue grew 7.6% to $1.579 billion and adjusted EBITDA increased 4.9% to $512 million.
- The Watch segment saw strong 10.9% revenue growth, driven by growth in audience measurement and marketing effectiveness. The Buy segment declined 1.8% due to challenges in the US market, though emerging markets grew 10%.
The presentation discusses Las Vegas Sands' second quarter 2017 earnings results and provides an overview of the company. Key points include:
- Net revenue increased 18.6% year-over-year to $3.14 billion and net income increased 61.9% to $638 million.
- Adjusted property EBITDA increased 26.5% to $1.21 billion, with growth in Macao and Singapore properties.
- The company remains committed to returning capital to shareholders through dividends and share repurchases, having returned over $17 billion since 2012.
- Las Vegas Sands has a strong balance sheet with $2.32 billion in cash and $7.93 billion in net debt as
Genworth MI Canada reported its Q2 2016 results. Key highlights included:
- Premiums written increased 113% quarter-over-quarter due to higher portfolio insurance volumes and seasonality.
- The loss ratio was 21%, down from 24% last quarter, driven by typical seasonal factors and improvements in Quebec.
- Net operating income increased 8% quarter-over-quarter to $99 million, driven by higher premiums earned and lower losses on claims.
- The MCT ratio remained strong at 233%, down slightly from last quarter but up from the prior year.
This document summarizes Ameriprise Financial's fourth quarter and full year 2007 financial results. Net income for Q4 2007 increased 49% to $255 million compared to Q4 2006. Adjusted earnings for Q4 2007, which exclude separation costs, increased 9% to $274 million. For the full year, net income grew 29% to $814 million and adjusted earnings increased 12% to $968 million. Management fees and financial advice fees grew 25% in Q4 2007, while net revenues increased 8%. The company saw solid growth across its business segments.
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.
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.
- Discover Financial Services reported their 3Q17 financial results, with key highlights including net income of $602 million, 10% revenue growth year-over-year driven by higher net interest income, and continued loan growth across all primary lending products.
- Net interest margin was up 29 basis points year-over-year to 10.28% due to increased loan yields, and return on equity remained strong at 22%.
- Credit performance trends showed a total net charge-off rate of 2.63%, up 61 basis points from the previous year, influenced by credit normalization and loan seasoning.
Morgan Stanley reported record quarterly and six-month financial results for fiscal year 2007. Net revenues for the quarter were a record $11.5 billion, up 32% from the previous year. Income from continuing operations for the quarter was also a record at $2.6 billion, up 41% compared to the prior year. All business segments achieved record or near record results, with Institutional Securities seeing a 39% increase in net revenues. The company also announced it will spin off Discover Financial Services on June 30, 2007.
- Discover Financial reported full year 2017 net income of $2.1 billion and diluted EPS of $5.42, with a return on equity of 19%. Excluding non-recurring charges related to tax reform, diluted EPS was $5.98.
- For 4Q17, net income was $387 million and diluted EPS was $0.99. Revenue grew 11% year-over-year to $2.6 billion due to higher net interest income. Credit performance continued to normalize with a total net charge-off rate of 2.85%.
- Total loans grew 9% year-over-year to $84.2 billion as all lending products saw strong origination volumes. The company returned
- Hancock reported improved financial results for the first quarter of 2014, with operating expenses declining 6% linked-quarter and the efficiency ratio improving to 62%.
- Net loans increased $231 million linked-quarter, driven primarily by growth in commercial and industrial loans.
- Asset quality metrics continued to improve with a reduction in non-performing assets and net charge-offs.
Genworth MI Canada Inc. reported its second quarter 2017 results. Key highlights included:
- Premiums written of $170 million, up 33% quarter-over-quarter but down 32% year-over-year.
- A loss ratio of 3%, driven by lower new delinquencies and favourable loss reserve development.
- Operating net income of $126 million, up 17% quarter-over-quarter and 28% year-over-year.
- Ongoing capital strength with a Minimum Capital Test ratio of 167%.
1. In Q1 2017, ClubCorp delivered solid results including revenue growth of 3.0% year-over-year to $221.3 million and adjusted EBITDA growth of 4.2% year-over-year to $43.7 million. Membership excluding managed clubs grew 2.0% year-over-year.
2. ClubCorp continues to successfully execute its three-pronged growth strategy of acquisitions, reinventions, and driving membership through offerings like O.N.E., which is available at 156 clubs.
3. In Q1 2017, ClubCorp acquired 4 new clubs and has 12 reinvention projects ongoing for the year, positioning it for continued revenue and adjusted
Genworth MI Canada Inc. reported its fourth quarter 2016 results. Key highlights included:
- Net operating income increased 11% year-over-year to $105 million, with an 18% loss ratio.
- Premiums written decreased 20% year-over-year to $171 million due to lower new insurance written.
- Book value per share grew 7% year-over-year to $39.28.
- The company expects its 2017 full year loss ratio to be between 25-35%.
- Discover Financial reported first quarter 2017 financial results, with diluted EPS of $1.43, up 6% year-over-year. Revenue grew 5% to $2.3 billion due to an 8% increase in net interest income, partially offset by higher rewards expense. Credit performance remained stable compared to historical levels.
Genworth MI Canada Inc. reported its second quarter 2018 results. Key highlights included:
- Premiums written increased modestly year-over-year due to higher average premium rates, partly offset by lower portfolio insurance premiums.
- The loss ratio was 14%, reflecting a stable macroeconomic environment.
- Net operating income was consistent quarter-over-quarter as higher investment income offset higher losses on claims.
- Book value per share grew 7% year-over-year to $44.40, demonstrating ongoing capital strength.
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 an overview of Owens Corning for investors. It discusses Owens Corning's three business segments (Insulation, Roofing, Composites), highlights their market positions and financial profiles. It presents Owens Corning's investment thesis, which includes favorable macro drivers, a portfolio improved through actions taken from 2007-2016 that lifted margins and returns, and opportunities for further organic and inorganic growth. Details on specific business units and markets are also summarized.
Ryder held its first quarter 2017 earnings conference call on April 25, 2017. During the call, Ryder reported earnings per share of $0.71 compared to $1.05 in the first quarter of 2016. Ryder also provided a forecast for full year 2017 earnings per share of $3.90 to $4.20, lowering its previous forecast. Ryder's business segments all saw revenue growth compared to the prior year, but earnings declined due to lower used vehicle sales and weaker commercial rental performance. Ryder also updated on its used vehicle sales and provided additional financial details from the quarter.
This document contains charts showing trends in global IP traffic, mobile data traffic, global IP video traffic, and global data center traffic from 2014 to 2019. It also includes a description of a partnership between AT&T and Digital Realty to provide colocation services and connectivity. Finally, it presents a reconciliation of Telx core EBITDA and non-GAAP financial measures for the third quarter of 2016. In summary, global digital traffic is growing significantly year over year across several metrics, and the partnership combines AT&T's network capabilities with Digital Realty's colocation facilities.
Sabre reported financial results for Q4 2017 and full year 2017. Key highlights include:
- Revenue increased 6.3% in Q4 and 6.7% for the full year.
- Net income increased 234.2% in Q4 to $82.1 million and was flat for the full year at $242.5 million.
- Adjusted EBITDA grew 2.7% in Q4 to $256.7 million and 3.1% for the full year to $1,078.6 million.
Q317 nielsen-earnings webcast-v3 10.24 post meeting (1)nielsen_holdings
Nielsen reported financial results for the third quarter of 2017. Total revenue increased 4.5% year-over-year to $1.641 billion. Net income grew 12.3% to $146 million. The Watch segment saw strong revenue growth of 9.7% driven by gains in audience measurement and marketing effectiveness. However, the Buy segment faced challenges with revenue declining 2.1% as growth in emerging markets was offset by weakness in developed markets like the US. Nielsen maintained its full-year 2017 guidance targets.
ADP reported solid results for the 1st quarter of fiscal year 2017, with 7% revenue growth and strong margin expansion. Revenues increased 7% as reported and 8% on a constant currency basis. Adjusted EBIT margin increased 230 basis points. New business bookings for PEO services were flat compared to the prior year when excluding a single client loss in the consumer health spending account business. ADP reaffirmed its fiscal year 2017 guidance for revenue growth of 7-8% and adjusted diluted EPS growth of 11-13%.
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.
The document provides an overview of TDS Telecom's fourth quarter 2016 results and strategic priorities for 2017. Key points include:
- 2016 results showed revenue impacts from competition but improvements in churn. Adjusted EBITDA was up 4% excluding discrete items.
- 2017 priorities are protecting the customer base, driving high margin revenue streams, and continuing cost improvements. Investments will focus on network quality and preparing for VoLTE deployment.
- Guidance for 2017 estimates total operating revenues of $3.8-4 billion and adjusted EBITDA of $650-800 million.
Morgan Stanley reported full year net revenues of $28.0 billion and earnings per share of $2.37. However, the firm recognized $9.4 billion in mortgage-related writedowns in the fourth quarter, resulting in a net loss of $3.588 billion for the quarter. While most businesses had record results, fixed income sales and trading losses were over $7.9 billion due to the writedowns. Morgan Stanley further bolstered its capital position with a $5 billion investment from China Investment Corporation.
Morgan Stanley Dean Witter reported record quarterly operating results for Q2 1999, with net income up 35% to $1.15 billion and diluted EPS up 42% to $1.95 per share. Net revenues increased 23% to $5.7 billion, driven by strong performances across institutional securities, investment banking, and private client businesses. The company also saw improved credit quality and higher transaction volume in its credit services segment. Overall, Morgan Stanley Dean Witter had another very successful quarter with significant revenue and earnings growth across all business lines.
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.
- 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.
- Discover Financial Services reported their 3Q17 financial results, with key highlights including net income of $602 million, 10% revenue growth year-over-year driven by higher net interest income, and continued loan growth across all primary lending products.
- Net interest margin was up 29 basis points year-over-year to 10.28% due to increased loan yields, and return on equity remained strong at 22%.
- Credit performance trends showed a total net charge-off rate of 2.63%, up 61 basis points from the previous year, influenced by credit normalization and loan seasoning.
Morgan Stanley reported record quarterly and six-month financial results for fiscal year 2007. Net revenues for the quarter were a record $11.5 billion, up 32% from the previous year. Income from continuing operations for the quarter was also a record at $2.6 billion, up 41% compared to the prior year. All business segments achieved record or near record results, with Institutional Securities seeing a 39% increase in net revenues. The company also announced it will spin off Discover Financial Services on June 30, 2007.
- Discover Financial reported full year 2017 net income of $2.1 billion and diluted EPS of $5.42, with a return on equity of 19%. Excluding non-recurring charges related to tax reform, diluted EPS was $5.98.
- For 4Q17, net income was $387 million and diluted EPS was $0.99. Revenue grew 11% year-over-year to $2.6 billion due to higher net interest income. Credit performance continued to normalize with a total net charge-off rate of 2.85%.
- Total loans grew 9% year-over-year to $84.2 billion as all lending products saw strong origination volumes. The company returned
- Hancock reported improved financial results for the first quarter of 2014, with operating expenses declining 6% linked-quarter and the efficiency ratio improving to 62%.
- Net loans increased $231 million linked-quarter, driven primarily by growth in commercial and industrial loans.
- Asset quality metrics continued to improve with a reduction in non-performing assets and net charge-offs.
Genworth MI Canada Inc. reported its second quarter 2017 results. Key highlights included:
- Premiums written of $170 million, up 33% quarter-over-quarter but down 32% year-over-year.
- A loss ratio of 3%, driven by lower new delinquencies and favourable loss reserve development.
- Operating net income of $126 million, up 17% quarter-over-quarter and 28% year-over-year.
- Ongoing capital strength with a Minimum Capital Test ratio of 167%.
1. In Q1 2017, ClubCorp delivered solid results including revenue growth of 3.0% year-over-year to $221.3 million and adjusted EBITDA growth of 4.2% year-over-year to $43.7 million. Membership excluding managed clubs grew 2.0% year-over-year.
2. ClubCorp continues to successfully execute its three-pronged growth strategy of acquisitions, reinventions, and driving membership through offerings like O.N.E., which is available at 156 clubs.
3. In Q1 2017, ClubCorp acquired 4 new clubs and has 12 reinvention projects ongoing for the year, positioning it for continued revenue and adjusted
Genworth MI Canada Inc. reported its fourth quarter 2016 results. Key highlights included:
- Net operating income increased 11% year-over-year to $105 million, with an 18% loss ratio.
- Premiums written decreased 20% year-over-year to $171 million due to lower new insurance written.
- Book value per share grew 7% year-over-year to $39.28.
- The company expects its 2017 full year loss ratio to be between 25-35%.
- Discover Financial reported first quarter 2017 financial results, with diluted EPS of $1.43, up 6% year-over-year. Revenue grew 5% to $2.3 billion due to an 8% increase in net interest income, partially offset by higher rewards expense. Credit performance remained stable compared to historical levels.
Genworth MI Canada Inc. reported its second quarter 2018 results. Key highlights included:
- Premiums written increased modestly year-over-year due to higher average premium rates, partly offset by lower portfolio insurance premiums.
- The loss ratio was 14%, reflecting a stable macroeconomic environment.
- Net operating income was consistent quarter-over-quarter as higher investment income offset higher losses on claims.
- Book value per share grew 7% year-over-year to $44.40, demonstrating ongoing capital strength.
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 an overview of Owens Corning for investors. It discusses Owens Corning's three business segments (Insulation, Roofing, Composites), highlights their market positions and financial profiles. It presents Owens Corning's investment thesis, which includes favorable macro drivers, a portfolio improved through actions taken from 2007-2016 that lifted margins and returns, and opportunities for further organic and inorganic growth. Details on specific business units and markets are also summarized.
Ryder held its first quarter 2017 earnings conference call on April 25, 2017. During the call, Ryder reported earnings per share of $0.71 compared to $1.05 in the first quarter of 2016. Ryder also provided a forecast for full year 2017 earnings per share of $3.90 to $4.20, lowering its previous forecast. Ryder's business segments all saw revenue growth compared to the prior year, but earnings declined due to lower used vehicle sales and weaker commercial rental performance. Ryder also updated on its used vehicle sales and provided additional financial details from the quarter.
This document contains charts showing trends in global IP traffic, mobile data traffic, global IP video traffic, and global data center traffic from 2014 to 2019. It also includes a description of a partnership between AT&T and Digital Realty to provide colocation services and connectivity. Finally, it presents a reconciliation of Telx core EBITDA and non-GAAP financial measures for the third quarter of 2016. In summary, global digital traffic is growing significantly year over year across several metrics, and the partnership combines AT&T's network capabilities with Digital Realty's colocation facilities.
Sabre reported financial results for Q4 2017 and full year 2017. Key highlights include:
- Revenue increased 6.3% in Q4 and 6.7% for the full year.
- Net income increased 234.2% in Q4 to $82.1 million and was flat for the full year at $242.5 million.
- Adjusted EBITDA grew 2.7% in Q4 to $256.7 million and 3.1% for the full year to $1,078.6 million.
Q317 nielsen-earnings webcast-v3 10.24 post meeting (1)nielsen_holdings
Nielsen reported financial results for the third quarter of 2017. Total revenue increased 4.5% year-over-year to $1.641 billion. Net income grew 12.3% to $146 million. The Watch segment saw strong revenue growth of 9.7% driven by gains in audience measurement and marketing effectiveness. However, the Buy segment faced challenges with revenue declining 2.1% as growth in emerging markets was offset by weakness in developed markets like the US. Nielsen maintained its full-year 2017 guidance targets.
ADP reported solid results for the 1st quarter of fiscal year 2017, with 7% revenue growth and strong margin expansion. Revenues increased 7% as reported and 8% on a constant currency basis. Adjusted EBIT margin increased 230 basis points. New business bookings for PEO services were flat compared to the prior year when excluding a single client loss in the consumer health spending account business. ADP reaffirmed its fiscal year 2017 guidance for revenue growth of 7-8% and adjusted diluted EPS growth of 11-13%.
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.
The document provides an overview of TDS Telecom's fourth quarter 2016 results and strategic priorities for 2017. Key points include:
- 2016 results showed revenue impacts from competition but improvements in churn. Adjusted EBITDA was up 4% excluding discrete items.
- 2017 priorities are protecting the customer base, driving high margin revenue streams, and continuing cost improvements. Investments will focus on network quality and preparing for VoLTE deployment.
- Guidance for 2017 estimates total operating revenues of $3.8-4 billion and adjusted EBITDA of $650-800 million.
Morgan Stanley reported full year net revenues of $28.0 billion and earnings per share of $2.37. However, the firm recognized $9.4 billion in mortgage-related writedowns in the fourth quarter, resulting in a net loss of $3.588 billion for the quarter. While most businesses had record results, fixed income sales and trading losses were over $7.9 billion due to the writedowns. Morgan Stanley further bolstered its capital position with a $5 billion investment from China Investment Corporation.
Morgan Stanley Dean Witter reported record quarterly operating results for Q2 1999, with net income up 35% to $1.15 billion and diluted EPS up 42% to $1.95 per share. Net revenues increased 23% to $5.7 billion, driven by strong performances across institutional securities, investment banking, and private client businesses. The company also saw improved credit quality and higher transaction volume in its credit services segment. Overall, Morgan Stanley Dean Witter had another very successful quarter with significant revenue and earnings growth across all business lines.
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.
- 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 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.
Real Matters Third Quarter 2017 Conference Call realmatters2016
- The document summarizes Real Matters' Q3 2017 conference call covering the period ending June 30, 2017.
- Key highlights include market share gains offsetting estimated market declines, revenues of $76.7 million, and net revenue of $23.3 million.
- Net revenue margins declined by 80 basis points due to changes in revenue mix. A significant new market share win was announced post-quarter.
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%.
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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.
- 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.
- Pfizer reported financial results for the third quarter of 2017, with revenues of $13.2 billion, up 1% from the third quarter of 2016. Net income was $2.8 billion, up 110% from the prior year.
- The company narrowed its full-year 2017 revenue guidance range to between $52.4-53.1 billion and raised the midpoint of its adjusted diluted EPS guidance range to $2.60.
- Pfizer highlighted several recent product and pipeline milestones, including positive data readouts for Xtandi and its biosimilar trastuzumab candidate as well as regulatory approvals for Bavencio, Besponsa and Mylotarg.
- The document is Voya Financial's third quarter 2017 investor presentation which provides an overview of key financial highlights and metrics as well as an update on executing their return on equity improvement plan.
- Key highlights included ongoing business adjusted operating return on equity of 15.5% versus a 2018 target range of 13.5-14.5% and continued de-risking of their closed block variable annuity business.
- They discussed progress across various business segments in meeting 2017 growth targets and initiatives to further improve returns.
The document summarizes Integer's 3Q17 earnings conference call. It provides highlights from the quarter including 4.4% organic sales growth and adjusted EBITDA being flat organically. The full year 2017 outlook is revised with sales expected to be between $1.42-1.435 billion and adjusted EPS between $2.55-2.75. One product line, Advanced Surgical, Orthopedics & Portable Medical, is discussed in more detail with 3Q17 sales up 7% and the trailing four-quarter sales improvement primarily from plant transfers and new product launches.
This document provides a summary of Greif's Q3 2017 earnings conference call held on August 31, 2017. Some key highlights include:
- Net sales increased 14% year-over-year to $962 million. Operating profit before special items increased 13% to $94.5 million.
- All of Greif's business segments saw year-over-year sales growth, with particularly strong growth in the Rigid Industrial Packaging & Services segment.
- Customer satisfaction metrics improved across most business segments compared to the prior year.
- Greif reaffirmed its full-year 2017 guidance for class A earnings per share before special items and free cash flow.
- Greif continues focusing on operational improvements,
- Integer reported financial results for the first quarter of 2017, with revenue up 5% organically year-over-year. Adjusted net income was up 26% organically despite a 2% reported decline, driven by continued progress in the business.
- Revenue growth improved for the first time in five quarters, with all product lines seeing positive trends. Advanced surgical, orthopedics, and portable medical returned to growth, while cardio & vascular was driven by existing contracts.
- The company reaffirmed its full-year 2017 outlook and expects continued organic growth, supported by strong cash flow generation to pay down debt and achieve leverage targets.
Genworth MI Canada Inc. reported its third quarter 2017 results. Key highlights included:
- Operating EPS increased 8% year-over-year to $1.23 per share.
- Net operating income decreased 11% quarter-over-quarter to $112 million.
- New insurance written decreased 9% year-over-year to $202 million due to a smaller high loan-to-value origination market from the mortgage stress test.
- Portfolio quality remains strong with credit scores and home prices stable.
Third Quarter 2017 Earnings Call Presentationcorporationlkq
- LKQ reported revenue of $2.5B for Q3 2017, up 11.7% from Q3 2016, and revenue of $7.3B for the first nine months of 2017, up 13% from the same period in 2016. Organic revenue growth was 3.2% for Q3 and 3.8% for the first nine months.
- Income from continuing operations was $122M for Q3 2017 compared to $110M for Q3 2016. For the first nine months it was $414M in 2017 compared to $360M in 2016.
- Inventory levels are sufficient to support growth targets, with aftermarket purchases up 9.3% in Q3 2017 and 12
- 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.
- Key drivers of results were strong organic case growth of 4.1% with independent restaurant customers, margin expansion initiatives increasing gross profit per case, and progress on operating expense reduction programs.
- 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 an earnings conference call summary for Q4 and Fiscal Year 2017.
- Key highlights include net sales growth of 12% in Q4 and 9% for FY 2017, and operating profit before special items growth of 2% in Q4 and 9% for FY 2017.
- Class A EPS before special items grew 51% in Q4 to $0.98 per share and grew 21% for FY 2017 to $2.95 per share.
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales grew 4.5% organically year-over-year with improving trends across all product lines. Adjusted EBITDA increased 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects adjusted EPS from business operations to remain unchanged despite foreign currency losses.
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales increased 4.5% organically year-over-year driven by growth across all product lines. Adjusted EBITDA grew 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects sales growth of 1-3% organically. Adjusted EPS outlook remains unchanged at $2.55-$2.95 excluding currency impacts.
- 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.
- The company's cash and short-term investments totaled $350 million as of Q3 FY2017, with cash flow from operations of $7.9 million for the fiscal year-to-date and free cash flow of -$30 million for the same period.
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.
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.
- 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 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%.
- 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.
- 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.
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
- 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.
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.
- 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 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.
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.
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.
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.
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1. CNO Financial Group | 2017 Investor Day | June 5, 2017 1
3Q17
Financial and operating results for the period ended September 30, 2017
October 26, 2017
Unless otherwise specified, comparisons in this presentation are between 3Q16 and 3Q17.
2. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 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 October 25, 2017, our
Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and
other filings we make with the Securities and Exchange Commission. We
assume no obligation to update this presentation, which speaks as of
today’s date.
3. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 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 comprehensive
income (loss) per share; operating return measures; earnings before the loss on
reinsurance transaction, net realized investment gains (losses), fair value changes in
embedded derivative liabilities, fair value changes and amendment related to the agent
deferred compensation plan, 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.
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.
5. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 5
3Q17 in Review
▪ Strong growth in earnings, free cash flow and capital
– Operating EPS up 22%
– Book value per diluted share up 11%
▪ Growth scorecard mixed
– First year collected premium and new annualized premium down 5%
and 10%, respectively
– Annuity account values up 4%
– Fee revenue up 10%
▪ Returned $43 million to shareholders, and $185 million YTD
6. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 6
3Q17 Sales and Distribution Results
Bankers Life
2 Measured as 100% of new term life and health annualized premiums and 10% of single premium whole life deposits.
3 Includes Medicare Advantage, Medicare supplement, PDP, Dental/Vision and ACA products (prior periods have been
…restated to include ACA product sales).
▪ Total collected premiums down 4%
– First-year collected premiums down 5%
– Annuity total collected premiums down 4%
▪ Annuity account values up 5%
▪ Life and health new annualized premium down 18%
and 11%, respectively
▪ Average Producing Agents1 down 7%
▪ BD/RIA client assets and advisor counts up
sequentially
1 Producing agent counts are determined at the end of each month and only include agents who
submitted at least one policy in the month. The average producing agent counts represent the
average of the last 12 months producing agent counts.
Growth Highlights($ millions, policies thousands)
3Q16 3Q17 % Change
New Annualized Premium 2
Life $19.8 $16.3 -17.7%
Health 22.8 20.3 -11.0%
Total New Annualized Premium
2
$42.6 $36.6 -14.1%
Annuity
Total Collected Premiums $245.1 $236.5 -3.5%
Account Values $7,675.9 $8,047.2 4.8%
Policies Inforce
Life 712.6 705.7 -1.0%
Annuity 178.5 175.3 -1.8%
Health 640.1 629.2 -1.7%
Total Policies Inforce 1,531.2 1,510.2 -1.4%
Third Party Products 3
Trailing 4 Quarter Fee Income, net $18.4 $19.3 4.9%
Policies Inforce 149.3 155.4 4.1%
Collected Premiums($ millions)
3Q16 4Q16 1Q17 2Q17 3Q17
$304.8 $342.1 $311.1 $319.9 $288.2
$361.1
$369.5 $376.7 $360.7 $353.5
$665.9
$711.6 $687.8 $680.6 $641.7
First-Year Premium Renewal Premium
Sales Force (Producing Agents1
Only)
3Q16 4Q16 1Q17 2Q17 3Q17
1,875 1,875 1,877 1,880 1,873
2,664 2,604 2,527 2,444 2,370
4,539 4,479 4,404 4,324 4,243
Average 3+ Year Agents¹ Average 1st & 2nd Year Agents¹
7. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 7
$19.0 $19.3 $20.5 $19.7 $18.9
$129.8 $131.0 $138.2 $135.2 $133.6
$14.6 $14.9 $14.4 $12.6 $11.7
First-Year Premium Renewal Premium Medicare Supplement
Run-off Premium
$164.2
▪ Total collected premiums flat
– First-year collected premiums flat
– Supplemental health total collected premiums
up 3%
▪ Total life and health new annualized premium up 1%
– Worksite up 2%
– Individual up 1%
▪ Average Producing Agents1 up 1%
3Q17 Sales and Distribution Results
Washington National
2 Measured as 100% of new term life and health annualized premiums
$163.4 $165.2 $173.1 $167.5
1 Producing agent counts are determined at the end of each month and only include agents who
submitted at least one policy in the month. The average producing agent counts represent the
average of the last 12 months producing agent counts.
Growth Highlights($ millions, policies thousands)
3Q16 3Q17 % Change
New Annualized Premium2
Supplemental Health $22.9 $22.8 -0.4%
Life 1.7 2.0 17.6%
Total $24.6 $24.8 0.8%
Policies Inforce
Supplemental Health 775.4 785.1 1.3%
Life 109.2 108.2 -0.9%
Medicare Supplement/Other 23.0 20.1 -12.6%
Annuity 52.3 49.7 -5.0%
Total 959.9 963.1 0.3%
Collected Premiums($ millions)
3Q16 4Q16 1Q17 2Q17 3Q17
Sales Force (PMA Producing Agents1
Only)
3Q16 4Q16 1Q17 2Q17 3Q17
309 308 308 308 310
372 368 372 376 376
681 677 680 684 686
Average 3+ Year Agents¹ Average 1st & 2nd Year Agents¹
8. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 8
▪ Total collected premiums up 3%
– First-year collected premiums down
12%
▪ New annualized premium down 13%
– Remain disciplined and opportunistic
with television advertising spend
▪ Continued focus on diversifying sales
generation sources
▪ Maintaining 2017 total adjusted EBIT
guidance of $15-20 million range
(excluding 3Q17 significant item)
3Q17 Sales and Distribution Results
Colonial Penn
1 Measured as 100% of new life annualized premiums.
Growth Highlights($ millions, policies thousands)
3Q16 3Q17 % Change
New Annualized Premium1
Life $18.4 $16.0 -13.0%
Policies Inforce
Life 848.7 841.9 -0.8%
Other 3.6 3.2 -11.1%
Total 852.3 845.1 -0.8%
Collected Premiums($ millions)
3Q16 4Q16 1Q17 2Q17 3Q17
$13.8 $13.2 $13.7 $12.7 $12.1
$56.9 $56.6 $60.8 $59.8 $60.5
$70.7 $69.8 $74.5 $72.5 $72.6
First-Year Premium Renewal Premium
9. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 9
$0.37
$0.45
$0.35
$0.44
Net Operating Income
Per Share¹
Net Operating Income
Per Share Excluding
Significant Items¹
1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.
3Q16 3Q17
3Q17 Financial ResultsFinancial Highlights
3Q17 Earnings Highlights ($ millions, except per share data)
Net Operating Income1 $64.3 $76.7
Net Operating Income
Excl. Significant Items1 $60.9 $74.7
Weighted Average
Shares Outstanding
175.7 171.0
▪ Net income per diluted share of $0.59
▪ Net operating income per diluted share1 of
$0.45 reflects:
– Favorability across most insurance product
margins
– Elevated call/prepayment income
▪ Excluding significant items, Net Operating
EPS1 of $0.44, up 26%
▪ Operating ROE1 of 9.3%
10. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 10
Segment Results ($ millions)
1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.
Segment Adjusted EBIT Excluding Significant Items1
Segment Highlights3Q16 4Q16 1Q17 2Q17 3Q17
$82.9 $90.7 $91.4
$103.2 $106.9
$25.2
$29.9
$24.8 $23.6
$27.5
$0.9
$7.1
($0.3)
$8.0 $6.0
Bankers Life
Washington
National
Colonial
Penn
($1.3)
$0.4 $1.7
($1.0)
($4.4) ($17.5)
($8.9) ($13.2) ($14.9)
LTC in
run-off
Corporate
Total CNO $104.6 $108.9 $107.4 $123.3 $124.5
▪ Bankers Life results reflect higher LTC
margins and higher call/prepayment
income
▪ Washington National results reflect growth
in the supplemental health business
▪ Colonial Penn results reflect lower direct
marketing costs and growth in the
business
▪ LTC in run-off in-line with expectations
▪ Corporate results reflect higher expenses
11. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 11
$141 $144 $146 $146 $147
59.8%
57.0%
60.6% 60.4%
59.0%
3Q16 4Q16 1Q17 2Q17 3Q17
Earned Premium
Reported Benefit Ratio
($ millions)
1 Interest-adjusted benefit ratio (IABR); a non-GAAP measure. Refer to the Appendix for the corresponding GAAP measure.
2 Adjusted benefit ratio; long-term care IABR1 excluding impact of policyholder actions following rate increases and other one-time impacts
Health Margins
Washington National
Supplemental Health IABR1
Bankers Life Long-term Care
IABR1
Bankers Life Medicare
Supplement Benefit Ratio
$194 $193 $196 $194 $195
72.5% 71.2% 70.0% 70.4%
72.0%
3Q16 4Q16 1Q17 2Q17 3Q17
Earned Premium
Reported Benefit Ratio
$117 $118 $116 $114 $113
77.7%
76.0%
72.5%
66.2%
72.9%
82.6%
78.4%
74.2% 74.4% 72.9%
3Q16 4Q16 1Q17 2Q17 3Q17
Earned Premium
Reported IABR
Adjusted Benefit Ratio²
▪ Benefit ratio of 72.0% reflecting
favorable incurred claims
▪ Maintaining benefit ratio guidance
of 70-73% for remainder of 2017
▪ IABR1 of 59.0% is in-line with
expectations
▪ Maintaining IABR1 guidance of
58-61% for remainder of 2017
▪ Adjusted IABR2 of 72.9%, excluding
shock lapse and other one-time
impacts
▪ No future loss reserve accrual in 2017
▪ Maintaining IABR1 guidance of
75-80% for remainder of 2017
12. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 12
$13.2
$20.3
$3.5
$10.9 $9.5
$1.2
$7.5
$8.4
$5.1
$4.7
$31.2
$14.2
$43.4
Investment Results ($ millions)
Average Invested Assets and Cash Realized Gains, Losses and Impairments
Impairments
3Q173Q16 4Q16 1Q17
$22,875
$23,736 $23,864 $23,982 $24,286
$301.7 $315.6 $312.0 $322.4 $325.9
3Q16 4Q16 1Q17 2Q17 3Q17
Net Investment
Income
2Q17
$26.0
$14.4
1 Earned Yield excludes assets held in our FHLB matchbook program.
▪ Gains from impact of tightened credit spreads on liquidations of high beta
credit
▪ Continued strong credit performance in generally all sectors
▪ No investment losses due to recent catastrophe activity
▪ Continue to reposition recaptured assets; remaining balance of $33.4 million
as of 9/30/17, down from $74.8 million as of 6/30/17
$12.8
▪ Strong new money rate due to investments in esoteric ABS, direct
credit, corporate high yield, fixed income preferreds, and lengthening
in IG securities to match liabilities
▪ Higher than expected call/prepayment income due to larger volume of
corporate bond and CRE loan refinancing
▪ Continued favorable alternative results especially for credit oriented
exposures
$27.8
$19.8
$11.9
New Money Rate 5.29% 5.02% 5.23% 4.64% 5.38%
Earned Yield1: 5.59% 5.58% 5.42% 5.54% 5.51%
Pre-Pay/Call/Make-
whole Income
$5.4 $5.3 $0.6 $9.8 $16.9
Alternative
Investment Income
$4.7 $6.7 $8.5 $6.1 $8.9
$16.0
Gross Realized Gains Gross Realized Losses
13. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 13
3Q17 Capital & Liquidity Highlights
Strength & stability in key capital measures
1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.
▪ Estimated consolidated risk-based capital of 450%
▪ Leverage1 of 18.8%
▪ Book value per diluted share1 increased to $23.19 from $20.80 at
September 30, 2016
▪ Holding company cash and investments of $380 million
▪ Amended, extended and upsized revolving credit facility
▪ Repurchased $28.2 million of common stock in the quarter at an average cost
of $22.19 per share, year-to-date repurchased $140.1 million of common stock
at an average cost of $20.91 per share
– Lowering 2017 repurchase guidance to $175 to $225 million, absent compelling
alternatives
14. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 14
Wrap Up
▪ Making progress on long-term growth initiatives
▪ Remain committed to reducing our relative long-term
care exposure
▪ Farewell to Ed
– 13 ratings upgrades as CEO
– Implemented common stock dividend in 2012; five subsequent
increases
– Total shareholder return of over 350% as CEO
15. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 15
Questions and Answers
16. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 16
Appendix
17. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 17
Growth Scorecard ($ millions)
1 Includes third party products sold. See page 21 for a reconciliation to total policies inforce.
2 Measured as 100% of new term life and health annualized premiums and 10% of single premium whole life deposits.
3Q 4Q 1Q 2Q 3Q
First Year Collected Premiums Bankers Life $304.8 $342.1 $311.1 $319.9 $288.2 -5.4%
Washington National 19.0 19.3 20.5 19.7 18.9 -0.5%
Colonial Penn 13.8 13.2 13.7 12.7 12.1 -12.3%
Total CNO $337.6 $374.6 $345.3 $352.3 $319.2 -5.5%
Collected Premiums Bankers Life $665.9 $711.6 $687.8 $680.6 $641.7 -3.6%
Washington National 163.4 165.2 173.1 167.5 164.2 0.5%
Colonial Penn 70.7 69.8 74.5 72.5 72.6 2.7%
LTC in run-off - 4.7 4.6 4.4 3.9 100.0%
Total CNO $900.0 $951.3 $940.0 $925.0 $882.4 -2.0%
Policies Inforce1
(thousands) Bankers Life 1,680.4 1,686.9 1,673.5 1,671.7 1,665.6 -0.9%
Washington National 959.9 961.7 964.6 964.5 963.1 0.3%
Colonial Penn 852.3 846.4 853.3 849.4 845.1 -0.8%
LTC in run-off 10.5 10.2 10.1 9.8 9.5 -9.5%
Total CNO 3,503.1 3,505.2 3,501.5 3,495.4 3,483.3 -0.6%
New Annualized Premium2
Life Insurance $39.9 $33.5 $41.5 $36.0 $34.3 -14.0%
Health Insurance 45.7 56.2 46.4 45.9 43.1 -5.7%
Total Life & Health Insurance $85.6 $89.7 $87.9 $81.9 $77.4 -9.6%
Annuity Account Values Bankers Life $7,675.9 $7,788.5 $7,869.7 $7,954.7 $8,047.2 4.8%
Washington National 427.1 413.7 404.5 393.4 385.7 -9.7%
Total $8,103.0 $8,202.2 $8,274.2 $8,348.1 $8,432.9 4.1%
Annuity Collected Premiums Bankers Life $245.1 $284.9 $257.5 $264.3 $236.5 -3.5%
Fee Revenue Bankers Life $9.6 $10.7 $10.1 $10.1 $10.6 10.4%
2016 % Change
vs Prior Year
2017
18. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 18
Average Producing Agents1
1st Yr 2nd Yr 3rd Yr + Total 1st Yr 2nd Yr 3rd Yr + Total
9/30/2017 1,887 483 1,873 4,243 287 89 310 686
6/30/2017 1,941 503 1,880 4,324 285 91 308 684
3/31/2017 1,994 533 1,877 4,404 280 92 308 680
12/31/2016 2,037 567 1,875 4,479 279 89 308 677
9/30/2016 2,081 584 1,875 4,540 283 89 309 681
6/30/2016 2,123 598 1,882 4,603 284 88 307 679
3/31/2016 2,194 604 1,888 4,686 287 90 300 677
12/31/2015 2,266 613 1,883 4,761 282 92 293 666
9/30/2015 2,311 635 1,884 4,830 269 89 287 644
Bankers Life Washington National
1 Producing agent counts are determined at the end ofeach month and only include agents who submitted at least one policy in the month. The average producing
agent counts represent the average ofthe last 12 months producing agent counts
19. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 19
3Q17 Holding Company Liquidity ($ millions)
3Q17 YTD
Cash and Investments Balance - Beginning $278.2 $263.6
Sources
Dividends from Insurance Subsidiaries 109.8 286.8
Dividends from Non-insurance Subsidiaries - 5.8
Service and Investment Fees, Net 38.5 91.1
Surplus Debenture Interest 20.4 44.5
Interest/Earnings on Corporate Investments 3.6 12.7
Other 3.0 8.1
Total Sources 175.3 449.0
Uses
Contributions to Non-insurance Subsidiaries - 2.0
Share Repurchases 31.2 (1) 140.1
Interest 0.8 22.7
Common Stock Dividends 15.2 44.5
Intercompany Payments2
- 41.4
Tax Payments 23.0 52.8
General Expenses & Other 7.5 39.6
Total Uses 77.7 343.1
Non-Cash Changes in Investment Balances 4.0 10.3
Cash and Investments Balance -September 30, 2017 $379.8 $379.8
1 $3.0 million of 2Q17 reported repurchases settled in 3Q17.
2 Settlement of intercompany balances related to previously disclosed 4Q16 IRS tax settlement.
20. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 20
Non-
Life(1)
$842
Loss Carryforwards Valuation Allowance
Tax Asset Summary ($ millions)
Loss Carryforwards Details
▪ Total estimated economic value
of NOLs of $400 million @ 10%
discount rate (~$2.35 on per
share basis)
▪ NOLs are expected to offset
100% of the taxable income of
our non-life companies and
35% of the taxable income of
our life insurance companies
through 2023
1 Excludes $12 million related to state operating loss carryforwards.
2 Excludes $10 million related to state operating loss carryforwards.
Non-Life(2)
$231
21. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 21
Policies Inforce
3Q16 4Q16 1Q17 2Q17 3Q17
Policies inforce:
Bankers Life 1,531,204 1,526,344 1,519,474 1,515,445 1,510,160
Washington National 959,867 961,689 964,642 964,519 963,141
Colonial Penn 852,305 846,372 853,307 849,353 845,135
Long-term care in run-off 10,480 10,260 10,068 9,769 9,473
Total policies inforce 3,353,856 3,344,665 3,347,491 3,339,086 3,327,909
Third party policies inforce sold by
Bankers Life agents 149,255 160,548 154,005 156,308 155,430
Total policies inforce and third party policies
inforce sold by Bankers Life agents 3,503,111 3,505,213 3,501,496 3,495,394 3,483,339
The following summarizes total policies inforce as of the end of the period indicated.
22. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 22
The table below summarizes the financial impact of significant items on our 3Q16 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
3Q16 Significant Items
* A non-GAAP measure. See pages 27 and 29 for a reconciliation to the corresponding GAAP measure.
Net Operating Income:
Bankers Life $ 88.1 $ (5.2) (1) $ 82.9
Washington National
Colonial Penn
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense
Adjusted EBIT
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 64.3 $ (3.4) $ 60.9
Net operating income per diluted share* $ 0.37 $ (0.02) $ 0.35
Three months ended
September 30, 2016
Actual results Significant items
Excluding
significant
items
109.0
25.2 - 25.2
(5.2) 104.6
(11.5) - (11.5)
0.9 - 0.9
114.2 (5.2)
98.3 (5.2) 93.1
34.0 (1.8)
(4.4) - (4.4)
32.2
109.8
(1) Pre-tax earnings in the Bankers Life segment included the $5.2 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the
impact of policyholder actions following rate increases.
23. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 23
The table below summarizes the financial impact of significant items on our 4Q16 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
4Q16 Significant Items
* A non-GAAP measure. See pages 27 and 29 for a reconciliation to the corresponding GAAP measure.
Net Operating Income:
Bankers Life $ 138.9 $ (48.2) (1) $ 90.7
Washington National
Colonial Penn (2)
Long-term care in run-off (3.9) 2.6 (3)
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense (4)
Adjusted EBIT
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 84.9 $ (24.1) $ 60.8
Net operating income per diluted share* $ 0.49 $ (0.14) $ 0.35
(1) Pre-tax earnings in the Bankers Life segment included: (i) $45.8 million of favorable impacts for adjustments arising from our comprehensive annual actuarial review of
assumptions, and (ii) the $2.4 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate
increases.
(2) Pre-tax earnings in the Colonial Penn segment were reduced $2.5 million related to the impact of loss recognition on a closed block of payout annuities.
(3) Pre-tax earnings in Long-term care in run-off segment were reduced by $2.6 million related to the impact of loss recognition on this closed block of long-term care business.
135.0 (37.6) 97.4
50.1 (13.5)
(23.0) 5.5 (17.5)
36.6
146.5
(11.5) - (11.5)
108.9
4.6 2.5 7.1
169.5 (43.1)
29.9 - 29.9
(1.3)
(4) Pre-tax earnings in the Corporate segment included a $5.5 million increase to legal reserves related to legacy business of our predecessor.
126.4
(37.6)
Three months ended
December 31, 2016
Actual results Significant items
Excluding
significant
items
24. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 24
Net Operating Income:
Bankers Life $ 89.7 $ 1.7 (1) $ 91.4
Washington National (2)
Colonial Penn
Long-term care in run-off 0.4 -
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense
Adjusted EBIT
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 59.8 $ 1.9 $ 61.7
Net operating income per diluted share* $ 0.34 $ 0.01 $ 0.35
Three months ended
March 31, 2017
Actual results Significant items
Excluding
significant
items
23.5 1.3 24.8
0.4
116.3
3.0 107.4
(0.3) - (0.3)
113.3 3.0
(8.9) - (8.9)
34.2
104.4
(11.5) - (11.5)
(1) Pre-tax earnings in the Bankers Life segment included: (i) a $3.5 million expense increase for estimated future state guaranty association assessments, net of
premium tax offsets, related to the liquidation of Penn Treaty Network America Insurance Company ("Penn Treaty"); partially offset by (ii) the $1.8 million release of
long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policy holder actions following rate increases.
(2) Pre-tax earnings in the Washington National segment included a $1.3 million expense increase related to the aforementioned estimated future state guaranty
association assessments, net of premium tax offsets, related to Penn Treaty.
92.9 3.0 95.9
33.1 1.1
The table below summarizes the financial impact of significant items on our 1Q17 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
1Q17 Significant Items
* A non-GAAP measure. See pages 27 and 29 for a reconciliation to the corresponding GAAP measure.
25. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 25
Net Operating Income:
Bankers Life $ 112.6 $ (9.4) (1) $ 103.2
Washington National
Colonial Penn
Long-term care in run-off 1.7 -
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense
Adjusted EBIT
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 78.6 $ (6.1) $ 72.5
Net operating income per diluted share* $ 0.45 $ 0.03 $ 0.42
Three months ended
June 30, 2017
Actual results Significant items
Excluding
significant
items
23.6 23.6
1.7
136.5
(9.4) 123.3
8.0 - 8.0
145.9 (9.4)
(13.2) - (13.2)
39.2
132.7
(11.6) - (11.6)
(1) Pre-tax earnings in the Bankers Life segment included: (i) favorable persistency (including the results of extensive procedures performed to identify policies that
had terminated prior to June 30, 2017 due to death); and (ii) policy holder actions following long-term care rate increases. These items resulted in a release of
reserves, primarily related to the long-term care business in the Bankers Life segment, which totaled $9.4 million.
121.1 (9.4) 111.7
42.5 (3.3)
The table below summarizes the financial impact of significant items on our 2Q17 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
2Q17 Significant Items
* A non-GAAP measure. See pages 27 and 29 for a reconciliation to the corresponding GAAP measure.
26. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 26
Net Operating Income:
Bankers Life $ 106.9 $ - $ 106.9
Washington National
Colonial Penn (1)
Long-term care in run-off (1.0) -
Adjusted EBIT from business segments
Corporate Operations, excluding corporate interest expense
Adjusted EBIT
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 76.7 $ (2.0) $ 74.7
Net operating income per diluted share* $ 0.45 $ (0.01) $ 0.44
Three months ended
September 30, 2017
Actual results Significant items
Excluding
significant
items
27.5 - 27.5
(1.0)
139.4
(3.0) 124.5
9.0 (3.0) 6.0
142.4 (3.0)
(14.9) - (14.9)
38.1
127.5
(11.7) - (11.7)
(1) Pre-tax earnings in the Colonial Penn segment reflects a $3.0 million out-of-period adjustment and refinement to liabilities for insurance products identified in
conjunction with periodic updating of assumptions.
115.8 (3.0) 112.8
39.1 (1.0)
The table below summarizes the financial impact of significant items on our 3Q17 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
3Q17 Significant Items
* A non-GAAP measure. See pages 27 and 29 for a reconciliation to the corresponding GAAP measure.
27. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 27
Quarterly Earnings
*Management believes that an analysis of earnings before net realized investment gains (losses), fair value changes in embedded derivative liabilities, fair value changes and amendment
related to the agent deferred compensation plan, loss on reinsurance transaction, other non-operating items, corporate interest expense and taxes (“Adjusted EBIT,” a non-GAAP
financial measure) provides a clearer comparison of the operating results of the company quarter-over-quarter because it excludes: (1) net realized investment gains (losses); (2) fair
value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities that are unrelated to the company’s underlying
fundamentals; (3) fair value changes and amendment related to the agent deferred compensation plan; (4) loss on reinsurance transaction; (5) charges in the valuation allowance for
deferred tax assets and other tax items; and (6) other non-operating items consisting primarily of earnings attributable to variable interest entities. The table above provides a
reconciliation of Adjusted EBIT to net income.
3Q16 4Q16 1Q17 2Q17 3Q17
Bankers Life 88.1$ 138.9$ 89.7$ 112.6$ 106.9$
Washington National 25.2 29.9 23.5 23.6 27.5
Colonial Penn 0.9 4.6 (0.3) 8.0 9.0
Long-term care in run-off - (3.9) 0.4 1.7 (1.0)
Adjusted EBIT from business segments 114.2 169.5 113.3 145.9 142.4
Corporate operations, excluding interest expense (4.4) (23.0) (8.9) (13.2) (14.9)
Adjusted EBIT* 109.8 146.5 104.4 132.7 127.5
Corporate interest expense (11.5) (11.5) (11.5) (11.6) (11.7)
Operating earnings before taxes 98.3 135.0 92.9 121.1 115.8
Tax expense on period income 34.0 50.1 33.1 42.5 39.1
Net operating income 64.3 84.9 59.8 78.6 76.7
Net realized investment gains (losses), net of related amortization 11.4 (14.8) 7.9 14.9 28.5
Fair value changes in embedded derivative liabilities, net of related amortization 9.4 46.2 (4.4) (5.9) 2.3
Fair value changes and amendment related to the agent deferred compensation plan 6.3 15.1 - - (13.4)
Loss on reinsurance transaction (75.4) - - - -
Other (0.7) (0.8) 0.3 (1.6) (3.3)
Non-operating income (loss) before taxes (49.0) 45.7 3.8 7.4 14.1
Income tax expense (benefit):
On non-operating income (loss) (17.1) 16.0 1.3 2.6 5.0
Valuation allowance for deferred tax assets and other tax items 13.8 (119.6) - - (15.0)
Net non-operating income (loss) (45.7) 149.3 2.5 4.8 24.1
Net income 18.6$ 234.2$ 62.3$ 83.4$ 100.8$
($ millions)
28. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 28
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 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 and amendment
related to the agent deferred compensation plan, loss on reinsurance transaction, changes in the valuation
allowance for deferred tax assets and other tax items and other non-operating items consisting primarily of
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.
Information Related to Certain Non-GAAP Financial Measures
29. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 29
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):
3Q16 4Q16 1Q17 2Q17 3Q17
Net income applicable to common stock 18.6$ 234.2$ 62.3$ 83.4$ 100.8$
Non-operating items:
Net realized investment (gains) losses, net of related amortization (11.4) 14.8 (7.9) (14.9) (28.5)
Fair value changes in embedded derivative liabilities, net of related amortization (9.4) (46.2) 4.4 5.9 (2.3)
Fair value changes and amendment related to the agent deferred compensation plan (6.3) (15.1) - - 13.4
Loss on reinsurance transaction 75.4 - - - -
Other 0.7 0.8 (0.3) 1.6 3.3
Non-operating (income) loss before taxes 49.0 (45.7) (3.8) (7.4) (14.1)
Income tax (expense) benefit:
On non-operating (income) loss 17.1 (16.0) (1.3) (2.6) (5.0)
Valuation allowance for deferred tax assets and other tax items (13.8) 119.6 - - 15.0
Net non-operating (income) loss 45.7 (149.3) (2.5) (4.8) (24.1)
Net operating income (a non-GAAP financial measure) 64.3$ 84.9$ 59.8$ 78.6$ 76.7$
Per diluted share:
Net income 0.11$ 1.34$ 0.36$ 0.48$ 0.59$
Net realized investment (gains) losses (net of related amortization and taxes) (0.04) 0.06 (0.03) (0.06) (0.11)
Fair value changes in embedded derivative liabilities (net of related amortization and taxes) (0.04) (0.17) 0.01 0.02 (0.01)
Fair value changes and amendment related to the agent deferred compensation plan (net of taxes) (0.02) (0.06) - - 0.05
Valuation allowance for deferred tax assets and other tax items 0.08 (0.68) - - (0.09)
Loss on reinsurance transaction (net of taxes) 0.28 - - - -
Other - - - 0.01 0.02
Net operating income (a non-GAAP financial measure) 0.37$ 0.49$ 0.34$ 0.45$ 0.45$
30. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 30
3Q16 4Q16 1Q17 2Q17 3Q17
Operating income 64.3$ 84.9$ 59.8$ 78.6$ 76.7$
Weighted average shares outstanding for basic earnings per share 174,247 173,634 173,431 170,556 168,684
Effect of dilutive securities on weighted average shares:
Stock options, restricted stock and performance units 1,476 1,539 1,634 1,796 2,298
Weighted average shares outstanding for diluted earnings per share 175,723 175,173 175,065 172,352 170,982
Net operating income per diluted share 0.37$ 0.49$ 0.34$ 0.45$ 0.45$
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):
Information Related to Certain Non-GAAP Financial Measures
31. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 31
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 (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 investments.
3Q16 4Q16 1Q17 2Q17 3Q17
Total shareholders' equity 4,493.8$ 4,486.9$ 4,606.8$ 4,779.3$ 4,881.7$
Shares outstanding for the period 173,543,965 173,753,614 172,103,802 169,018,890 167,762,323
Book value per share 25.89$ 25.82$ 26.77$ 28.28$ 29.10$
Total shareholders' equity 4,493.8$ 4,486.9$ 4,606.8$ 4,779.3$ 4,881.7$
Less accumulated other comprehensive income (855.5) (622.4) (729.6) (894.5) (933.6)
Adjusted shareholders' equity excluding AOCI 3,638.3$ 3,864.5$ 3,877.2$ 3,884.8$ 3,948.1$
Shares outstanding for the period 173,543,965 173,753,614 172,103,802 169,018,890 167,762,323
Dilutive common stock equivalents related to:
Stock options, restricted stock and performance units 1,349,207 1,721,878 1,714,212 1,840,391 2,474,837
Diluted shares outstanding 174,893,172 175,475,492 173,818,014 170,859,281 170,237,160
Book value per diluted share (a non-GAAP financial measure) 20.80$ 22.02$ 22.31$ 22.74$ 23.19$
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):
Information Related to Certain Non-GAAP Financial Measures
32. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 32
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
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 and other one-
time impacts eliminates the release of reserves due to the impact of policyholder actions following rate increases and other one-time
impacts.
(Dollars in millions)
3Q16 4Q16 1Q17 2Q17 3Q17
Bankers Life
Long-term care benefit ratios
Earned premium 116.6$ 117.8$ 115.6$ 113.7$ 112.7$
Benefit ratio before imputed interest income on reserves 137.7% 134.7% 132.6% 126.9% 134.2%
Interest-adjusted benefit ratio 77.7% 76.0% 72.5% 66.2% 72.9%
Interest-adjusted benefit ratio, excluding the impact of reserve releases due to rate increases and other one-time impacts 82.6% 78.4% 74.2% 74.4% 72.9%
Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 26.0$ 28.3$ 31.8$ 38.4$ 30.5$
Adjusted underwriting margin (excluding the impact of reserve releases due to rate increases and other one-time impacts) 20.3 25.6 29.8 29.0 30.5
Washington National
Supplemental health benefit ratios
Earned premium 141.5$ 144.0$ 145.6$ 146.3$ 147.2$
Benefit ratio before imputed interest income on reserves 84.0% 81.0% 84.6% 84.5% 83.2%
Interest-adjusted benefit ratio 59.8% 57.0% 60.6% 60.4% 59.0%
Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 56.9$ 62.0$ 57.3$ 57.9$ 60.4$
Interest-adjusted benefit ratios
33. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 33
Information Related to Certain Non-GAAP Financial Measures
Operating return 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 and amendment related to the agent deferred compensation
plan, loss on reinsurance transaction, changes in the valuation allowance for deferred tax assets and other tax items,
loss on extinguishment of debt and other non-operating items consisting primarily of 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.
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
measures are used in measuring the performance of our business units and are used as a basis for incentive
compensation.
34. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 34
Information Related to Certain Non-GAAP Financial Measures
The 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):
3Q16 4Q16 1Q17 2Q17 3Q17
Operating income 274.6$ 262.5$ 272.7$ 287.6$ 300.0$
Operating income, excluding significant items 239.6$ 229.1$ 244.2$ 255.9$ 269.7$
Net Income 261.3$ 358.2$ 375.0$ 398.5$ 480.7$
Average common equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 2,991.1$ 3,026.5$ 3,083.9$ 3,148.2$ 3,220.5$
Average common shareholders' equity 4,288.4$ 4,372.3$ 4,463.4$ 4,551.3$ 4,640.2$
Operating return on equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 9.2% 8.7% 8.8% 9.1% 9.3%
Operating return, excluding significant items, on equity, excluding
accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure) 8.0% 7.6% 7.9% 8.1% 8.4%
Return on equity 6.1% 8.2% 8.4% 8.8% 10.4%
Trailing Twelve Months Ended
(Continued on next page)
35. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 35
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):
Net Operating
Net Operating income,
income, excluding Net
excluding significant income -
Net Operating Significant significant items - trailing Net trailing
income items (a) items four quarters income four quarters
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
3Q16 64.3 (3.4) 60.9 239.6 18.6 261.3
4Q16 84.9 (24.1) 60.8 229.1 234.2 358.2
1Q17 59.8 1.9 61.7 244.2 62.3 375.0
2Q17 78.6 (6.1) 72.5 255.9 83.4 398.5
3Q17 76.7 (2.0) 74.7 269.7 100.8 480.7
(Continued on next page)
(a) The significant items have been discussed in prior press releases.
36. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 36
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):
3Q16 4Q16 1Q17 2Q17 3Q17
Pretax operating earnings (a non-GAAP financial measure) 423.5$ 410.3$ 425.6$ 447.3$ 464.8$
Income tax (expense) benefit (148.9) (147.8) (152.9) (159.7) (164.8)
Operating return 274.6 262.5 272.7 287.6 300.0
Non-operating items:
Net realized investment gains (losses), net of related amortization 6.6 7.6 16.5 19.4 36.5
Fair value changes in embedded derivative liabilities, net of related amortization (22.0) 9.6 34.7 45.3 38.2
Fair value changes and amendment related to the agent deferred compensation plan 3.1 3.1 9.1 21.4 1.7
Loss on reinsurance transaction (75.4) (75.4) (75.4) (75.4) -
Other (3.0) (2.0) (1.1) (2.8) (5.4)
Non-operating income (loss) before taxes (90.7) (57.1) (16.2) 7.9 71.0
Income tax expense (benefit):
On non-operating income (loss) (31.7) (20.0) (5.7) 2.8 24.9
Valuation allowance for deferred tax assets and other tax items (45.7) (132.8) (112.8) (105.8) (134.6)
Net non-operating income (loss) (13.3) 95.7 102.3 110.9 180.7
Net income 261.3$ 358.2$ 375.0$ 398.5$ 480.7$
Twelve Months Ended
(Continued on next page)
37. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 37
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):
1Q15 2Q15 3Q15 4Q15
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(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 3Q16 4Q16
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 2,975.3$ 3,010.1$ 3,010.1$ 3,209.5$
Net operating loss carryforwards 710.8 668.3 628.2 655.0
Accumulated other comprehensive income 540.5 777.8 855.5 622.4
Common shareholders' equity 4,226.6$ 4,456.2$ 4,493.8$ 4,486.9$
1Q17 2Q17 3Q17
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 3,236.6$ 3,263.2$ 3,335.0$
Net operating loss carryforwards 640.6 621.6 613.1
Accumulated other comprehensive income 729.6 894.5 933.6
Common shareholders' equity 4,606.8$ 4,779.3$ 4,881.7$
38. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 38
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):
3Q16 4Q16 1Q17 2Q17 3Q17
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 2,991.1$ 3,026.5$ 3,083.9$ 3,148.2$ 3,220.5$
Net operating loss carryforwards 696.3 674.2 656.8 642.2 634.4
Accumulated other comprehensive income 601.0 671.6 722.7 760.9 785.3
Common shareholders' equity 4,288.4$ 4,372.3$ 4,463.4$ 4,551.3$ 4,640.2$
Trailing Four Quarter Average
39. CNO Financial Group | Third Quarter 2017 Earnings | October 26, 2017 39
Information Related to Certain Non-GAAP Financial Measures
3Q16 4Q16 1Q17 2Q17 3Q17
Corporate notes payable 912.5$ 912.9$ 913.4$ 913.9$ 914.4$
Total shareholders' equity 4,493.8 4,486.9 4,606.8 4,779.3 4,881.7
Total capital 5,406.3$ 5,399.8$ 5,520.2$ 5,693.2$ 5,796.1$
Corporate debt to capital 16.9% 16.9% 16.5% 16.1% 15.8%
Corporate notes payable 912.5$ 912.9$ 913.4$ 913.9$ 914.4$
Total shareholders' equity 4,493.8 4,486.9 4,606.8 4,779.3 4,881.7
Less accumulated other comprehensive income (855.5) (622.4) (729.6) (894.5) (933.6)
Total capital 4,550.8$ 4,777.4$ 4,790.6$ 4,798.7$ 4,862.5$
Debt to total capital ratio, excluding AOCI (a
non-GAAP financial measure) 20.1% 19.1% 19.1% 19.0% 18.8%
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 (dollars in millions):