The document discusses CNO Financial Group's presentation at the 2013 J.P. Morgan Insurance Conference on March 21, 2013. It provides an overview of CNO Financial Group, highlighting its focus on serving the middle-income market, its track record of execution and investment in growth. Specific metrics are presented on core sales growth excluding Bankers annuities, growth in average liabilities on core business segments, and stable and growing segment earnings excluding significant items. Forward-looking statements are also noted and non-GAAP measures are referenced.
The document discusses CNO Financial Group's presentation at the 2013 Citi US Financial Services Conference. It notes that the presentation contains forward-looking statements and non-GAAP financial measures, and provides an overview of CNO Financial Group's fundamentals, strengths, growth strategies, and financial trends. Specifically, it highlights CNO's focus on the middle-income market, track record of execution, investments in productivity and growth, expanding business lines, and stable and growing segment earnings.
This document summarizes CNO Financial Group's financial and operating results for the 4th quarter of 2012 ending December 31, 2012. It discusses growth in core earnings and sales across all business segments. CNO continued investing in distribution and new product offerings while maintaining strong capital levels and returning value to shareholders through stock repurchases and dividends. The outlook expects further sales growth through expansion of locations, agents, and products in 2013.
Morgan Stanley: Barclays Financial Services Conferenceinvestorrelation
Morgan Stanley's Co-President James Gorman and CFO Colm Kelleher presented at the Barclays Financial Services Conference. They discussed Morgan Stanley's strategic priorities which include optimizing Institutional Securities, successfully integrating the Morgan Stanley Smith Barney joint venture, restructuring Asset Management, and developing a strategic alliance with MUFG. They provided an update on the integration of Morgan Stanley Smith Barney, noting that cost synergies exceeded $1.1 billion and revenue synergies were $275 million. Gorman stated that Morgan Stanley Smith Barney is positioned to achieve industry-leading margins of over 20% by 2011.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
This document provides an annual report for Constellation Energy. It summarizes that in 2004:
- Constellation Energy grew its earnings per share excluding special items by 17.4%, well above its 10% goal and the industry average.
- It achieved a 14.8% total return for shareholders through stock appreciation and dividends.
- It strengthened its balance sheet by reducing debt and expects to continue growing its dividend in line with earnings.
- It integrated recent acquisitions successfully to complement its competitive energy business and became the largest power provider to wholesale and commercial/industrial customers in North America.
This 3-sentence summary provides an overview of the key points from the investor presentation:
1) Multiplus is a growing loyalty network in Brazil with around 9 million members, 20 billion points sold in 3Q11, and almost 170 partnerships.
2) Multiplus has an innovative business model with low CAPEX requirements and strong cash generation from points selling, redemption processing fees, and point expiration.
3) The presentation outlines Multiplus' strategy to diversify its gross billings and redemptions across more partners and redemption categories to expand margins over the long term.
CFO and Art Of Mergers and AcquisitionsSanjay Uppal
M&As as a corporate strategy
- M&A can be an effective corporate strategy for growth if aligned with corporate goals and the company has capabilities to extract value from acquisitions.
Prospecting targets
- Companies should have clear criteria for identifying targets that fit strategic objectives and are affordable. Financial discipline is important to set reasonable price limits.
Executing the transaction
- Successful execution requires assembling the right deal team and understanding transaction principles like valuation. Key steps include due diligence, negotiations, and communicating with stakeholders.
Realizing the vision
- After the deal, focus shifts to post-merger integration and delivering promised synergies through plans, communication and change management. Learning from
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
The document discusses CNO Financial Group's presentation at the 2013 Citi US Financial Services Conference. It notes that the presentation contains forward-looking statements and non-GAAP financial measures, and provides an overview of CNO Financial Group's fundamentals, strengths, growth strategies, and financial trends. Specifically, it highlights CNO's focus on the middle-income market, track record of execution, investments in productivity and growth, expanding business lines, and stable and growing segment earnings.
This document summarizes CNO Financial Group's financial and operating results for the 4th quarter of 2012 ending December 31, 2012. It discusses growth in core earnings and sales across all business segments. CNO continued investing in distribution and new product offerings while maintaining strong capital levels and returning value to shareholders through stock repurchases and dividends. The outlook expects further sales growth through expansion of locations, agents, and products in 2013.
Morgan Stanley: Barclays Financial Services Conferenceinvestorrelation
Morgan Stanley's Co-President James Gorman and CFO Colm Kelleher presented at the Barclays Financial Services Conference. They discussed Morgan Stanley's strategic priorities which include optimizing Institutional Securities, successfully integrating the Morgan Stanley Smith Barney joint venture, restructuring Asset Management, and developing a strategic alliance with MUFG. They provided an update on the integration of Morgan Stanley Smith Barney, noting that cost synergies exceeded $1.1 billion and revenue synergies were $275 million. Gorman stated that Morgan Stanley Smith Barney is positioned to achieve industry-leading margins of over 20% by 2011.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
This document provides an annual report for Constellation Energy. It summarizes that in 2004:
- Constellation Energy grew its earnings per share excluding special items by 17.4%, well above its 10% goal and the industry average.
- It achieved a 14.8% total return for shareholders through stock appreciation and dividends.
- It strengthened its balance sheet by reducing debt and expects to continue growing its dividend in line with earnings.
- It integrated recent acquisitions successfully to complement its competitive energy business and became the largest power provider to wholesale and commercial/industrial customers in North America.
This 3-sentence summary provides an overview of the key points from the investor presentation:
1) Multiplus is a growing loyalty network in Brazil with around 9 million members, 20 billion points sold in 3Q11, and almost 170 partnerships.
2) Multiplus has an innovative business model with low CAPEX requirements and strong cash generation from points selling, redemption processing fees, and point expiration.
3) The presentation outlines Multiplus' strategy to diversify its gross billings and redemptions across more partners and redemption categories to expand margins over the long term.
CFO and Art Of Mergers and AcquisitionsSanjay Uppal
M&As as a corporate strategy
- M&A can be an effective corporate strategy for growth if aligned with corporate goals and the company has capabilities to extract value from acquisitions.
Prospecting targets
- Companies should have clear criteria for identifying targets that fit strategic objectives and are affordable. Financial discipline is important to set reasonable price limits.
Executing the transaction
- Successful execution requires assembling the right deal team and understanding transaction principles like valuation. Key steps include due diligence, negotiations, and communicating with stakeholders.
Realizing the vision
- After the deal, focus shifts to post-merger integration and delivering promised synergies through plans, communication and change management. Learning from
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
Bank of America reported fourth quarter 2006 results. Key highlights include:
- Net income of $5.26 billion, up 34% from fourth quarter 2005. Excluding merger charges, net income was $5.41 billion, up 37%.
- Global Consumer & Small Business Banking earnings grew 8% over fourth quarter 2005 to $10.63 billion in revenue, driven by increases in net interest income and noninterest income.
- Credit quality remained stable, with the provision for credit losses down 7% from fourth quarter 2005.
- The company achieved earnings growth while completing two large acquisitions, focusing on expense management and maintaining a strong capital position.
Citi reported a $9.83 billion net loss for Q4 2007, driven by $18.1 billion in write-downs on subprime exposures and a $4.1 billion increase in credit costs for US consumer loans. For the full year, Citi earned $3.62 billion in net income on $81.7 billion in revenues. While most business segments saw strong revenue growth, losses were concentrated in fixed income markets and US consumer lending due to deteriorating credit quality. Citi outlined steps to strengthen its capital position and improve risk management in response to the poor results.
Third Quarter 2012 Investor PresentationCNOServices
3Q12 results reflect management's successful recapitalization which lowered CNO's cost of capital while maintaining strong capital ratios. Significant progress was also made on resolving the OCB litigation.
CNO's businesses continued to perform well with core earnings building. Investments were made to strengthen distribution and product offerings.
Capital and liquidity remained strong after deploying $455 million to reduce diluted shares by 15% YTD. Metrics like RBC ratio and debt to capital excluding AOCI remained high.
Baird September 2012 Facility Services ReportDavid Crace
RW Baird is the leading financial institution tracking the uniform industry. This is the September 2012 update which hallmarks a downward shift in outlook.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
Delivering Synergies : A closer look at post merger integrationSanjay Uppal
1) The document discusses Emirates NBD's integration process following its merger in 2007.
2) It outlines key stages of integration including designing an integration plan, establishing dedicated integration teams, and communicating expected synergies.
3) By mid-2008, Emirates NBD had exceeded synergy targets for the year, achieving cost savings and revenue increases through initiatives like branch consolidation and cross-selling.
Sprint Nextel reported its first quarter 2007 results. While net subscriber additions increased to nearly 600,000, adjusted operating income and adjusted OIBDA declined compared to the previous year. This was due to increased operating expenses from network investments and device subsidies to drive growth. Wireless revenues grew 2% due to higher data revenues, while postpaid ARPU declined. Wireline IP revenues increased 28% year-over-year. Sprint reiterated its full-year revenue guidance of $41-42 billion.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
AES Corporation reported strong financial results for the second quarter of 2007. Revenues increased 17% to $3.3 billion due to higher prices in New York and Latin America, favorable currency trends, and contributions from new businesses. Operating cash flow increased 19% to $526 million. Diluted EPS from continuing operations was $0.41. Adjusted EPS, which excludes certain non-operational items, was also $0.41. AES acquired over 800 MW of existing and pipeline generation capacity in the US, Turkey, and China during the quarter.
Citigroup reported quarterly financial results, with net income of $3.92 billion for 3Q 2002, a 23% increase over 3Q 2001. Core income, which excludes certain items, was $3.79 billion for 3Q 2002, up 17% from the prior year. Diluted earnings per share on net income were $0.76 for the quarter, rising 25% year-over-year, while diluted EPS on core income increased 19% to $0.74. Citigroup operates as a global financial services company with over 200 million customer accounts in more than 100 countries.
Nordea's first quarter results were significantly better than the previous quarter. Total income increased 7% while expenses decreased 5%, resulting in a 48% increase in operating profit. Net loan losses fell to 37 basis points from 52 basis points in the previous quarter. Risk-adjusted profit increased 27% compared to the previous quarter, though it decreased 9% from the first quarter last year. Total lending volumes grew 4% during the quarter as household and corporate lending increased.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
Credit Suisse Group reported strong results for the first quarter of 2006. Net income increased 136% compared to the fourth quarter of 2005 and 36% compared to the first quarter of 2005. All business segments - Investment Banking, Private Banking, Asset Management and Winterthur - delivered higher pre-tax income compared to the same period a year ago. Investment Banking benefited from record revenues in fixed income and equity trading. Private Banking saw significant growth in commissions and fees. Asset Management registered good net new asset inflows while Winterthur continued its strong operating performance.
U.S. Bancorp reported net income of $1,090 million for Q1 2008, down slightly from $1,130 million in Q1 2007. Earnings per share were $0.62, down 1.6% from the prior year. The results were impacted by a $492 million gain from the Visa IPO, $253 million in impairment charges, and $192 million in increased credit loss provisions. Net interest income was up 9.8% to $1,830 million due to loan and securities growth and a higher net interest margin of 3.55%. Noninterest income rose 18.6% to $2,044 million, reflecting organic fee income growth of 7.3% and
Nationwide had a record year in 2006, earning over $2.1 billion in net income. This performance was driven by growth across its business segments, favorable weather conditions, and lower than expected auto losses. Nationwide's property and casualty operations and financial services businesses performed well. Nationwide remains committed to helping customers protect what matters most through a variety of insurance and financial products. It continues to focus on building its capital strength and extending its customer-focused mission.
The document provides an overview of Macquarie Infrastructure Company's fourth quarter and full year 2011 earnings conference call. It discusses positive cash generation trends, with proportionately combined free cash flow of $145.1 million for 2011. Segment performance is reviewed for IMTT, The Gas Company, District Energy, and Atlantic Aviation. Guidance is also provided for expected 2012 performance at each business. Debt profiles and compliance with debt covenants are summarized.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
Beryllium is a lightweight metal discovered in 1798. It has many unique properties including high strength, stiffness, heat resistance and reflectivity. Beryllium exists in various forms that differ in color due to impurities, such as aquamarine, bixbite, emerald, goshenite, heliodor and morganite. It has a wide range of applications from aircrafts and missiles to medical equipment. However, exposure to beryllium can cause acute beryllium disease and chronic beryllium disease. Protective measures like using pellets instead of powder and proper ventilation systems are important to prevent health issues.
In his final sermon, the Prophet Muhammad encouraged over 100,000 Muslims gathered at Mount Arafat to embrace racial equality, treat women with respect and kindness by recognizing their rights, and remain steadfast in their Muslim duties of worshipping Allah through prayer, fasting, charity, and pilgrimage if able. He warned that they would be judged by Allah for their deeds and instructed them to follow the teachings of the Quran and his example after his passing, as he was the final prophet.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
Bank of America reported fourth quarter 2006 results. Key highlights include:
- Net income of $5.26 billion, up 34% from fourth quarter 2005. Excluding merger charges, net income was $5.41 billion, up 37%.
- Global Consumer & Small Business Banking earnings grew 8% over fourth quarter 2005 to $10.63 billion in revenue, driven by increases in net interest income and noninterest income.
- Credit quality remained stable, with the provision for credit losses down 7% from fourth quarter 2005.
- The company achieved earnings growth while completing two large acquisitions, focusing on expense management and maintaining a strong capital position.
Citi reported a $9.83 billion net loss for Q4 2007, driven by $18.1 billion in write-downs on subprime exposures and a $4.1 billion increase in credit costs for US consumer loans. For the full year, Citi earned $3.62 billion in net income on $81.7 billion in revenues. While most business segments saw strong revenue growth, losses were concentrated in fixed income markets and US consumer lending due to deteriorating credit quality. Citi outlined steps to strengthen its capital position and improve risk management in response to the poor results.
Third Quarter 2012 Investor PresentationCNOServices
3Q12 results reflect management's successful recapitalization which lowered CNO's cost of capital while maintaining strong capital ratios. Significant progress was also made on resolving the OCB litigation.
CNO's businesses continued to perform well with core earnings building. Investments were made to strengthen distribution and product offerings.
Capital and liquidity remained strong after deploying $455 million to reduce diluted shares by 15% YTD. Metrics like RBC ratio and debt to capital excluding AOCI remained high.
Baird September 2012 Facility Services ReportDavid Crace
RW Baird is the leading financial institution tracking the uniform industry. This is the September 2012 update which hallmarks a downward shift in outlook.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
Delivering Synergies : A closer look at post merger integrationSanjay Uppal
1) The document discusses Emirates NBD's integration process following its merger in 2007.
2) It outlines key stages of integration including designing an integration plan, establishing dedicated integration teams, and communicating expected synergies.
3) By mid-2008, Emirates NBD had exceeded synergy targets for the year, achieving cost savings and revenue increases through initiatives like branch consolidation and cross-selling.
Sprint Nextel reported its first quarter 2007 results. While net subscriber additions increased to nearly 600,000, adjusted operating income and adjusted OIBDA declined compared to the previous year. This was due to increased operating expenses from network investments and device subsidies to drive growth. Wireless revenues grew 2% due to higher data revenues, while postpaid ARPU declined. Wireline IP revenues increased 28% year-over-year. Sprint reiterated its full-year revenue guidance of $41-42 billion.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
AES Corporation reported strong financial results for the second quarter of 2007. Revenues increased 17% to $3.3 billion due to higher prices in New York and Latin America, favorable currency trends, and contributions from new businesses. Operating cash flow increased 19% to $526 million. Diluted EPS from continuing operations was $0.41. Adjusted EPS, which excludes certain non-operational items, was also $0.41. AES acquired over 800 MW of existing and pipeline generation capacity in the US, Turkey, and China during the quarter.
Citigroup reported quarterly financial results, with net income of $3.92 billion for 3Q 2002, a 23% increase over 3Q 2001. Core income, which excludes certain items, was $3.79 billion for 3Q 2002, up 17% from the prior year. Diluted earnings per share on net income were $0.76 for the quarter, rising 25% year-over-year, while diluted EPS on core income increased 19% to $0.74. Citigroup operates as a global financial services company with over 200 million customer accounts in more than 100 countries.
Nordea's first quarter results were significantly better than the previous quarter. Total income increased 7% while expenses decreased 5%, resulting in a 48% increase in operating profit. Net loan losses fell to 37 basis points from 52 basis points in the previous quarter. Risk-adjusted profit increased 27% compared to the previous quarter, though it decreased 9% from the first quarter last year. Total lending volumes grew 4% during the quarter as household and corporate lending increased.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
Credit Suisse Group reported strong results for the first quarter of 2006. Net income increased 136% compared to the fourth quarter of 2005 and 36% compared to the first quarter of 2005. All business segments - Investment Banking, Private Banking, Asset Management and Winterthur - delivered higher pre-tax income compared to the same period a year ago. Investment Banking benefited from record revenues in fixed income and equity trading. Private Banking saw significant growth in commissions and fees. Asset Management registered good net new asset inflows while Winterthur continued its strong operating performance.
U.S. Bancorp reported net income of $1,090 million for Q1 2008, down slightly from $1,130 million in Q1 2007. Earnings per share were $0.62, down 1.6% from the prior year. The results were impacted by a $492 million gain from the Visa IPO, $253 million in impairment charges, and $192 million in increased credit loss provisions. Net interest income was up 9.8% to $1,830 million due to loan and securities growth and a higher net interest margin of 3.55%. Noninterest income rose 18.6% to $2,044 million, reflecting organic fee income growth of 7.3% and
Nationwide had a record year in 2006, earning over $2.1 billion in net income. This performance was driven by growth across its business segments, favorable weather conditions, and lower than expected auto losses. Nationwide's property and casualty operations and financial services businesses performed well. Nationwide remains committed to helping customers protect what matters most through a variety of insurance and financial products. It continues to focus on building its capital strength and extending its customer-focused mission.
The document provides an overview of Macquarie Infrastructure Company's fourth quarter and full year 2011 earnings conference call. It discusses positive cash generation trends, with proportionately combined free cash flow of $145.1 million for 2011. Segment performance is reviewed for IMTT, The Gas Company, District Energy, and Atlantic Aviation. Guidance is also provided for expected 2012 performance at each business. Debt profiles and compliance with debt covenants are summarized.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
Beryllium is a lightweight metal discovered in 1798. It has many unique properties including high strength, stiffness, heat resistance and reflectivity. Beryllium exists in various forms that differ in color due to impurities, such as aquamarine, bixbite, emerald, goshenite, heliodor and morganite. It has a wide range of applications from aircrafts and missiles to medical equipment. However, exposure to beryllium can cause acute beryllium disease and chronic beryllium disease. Protective measures like using pellets instead of powder and proper ventilation systems are important to prevent health issues.
In his final sermon, the Prophet Muhammad encouraged over 100,000 Muslims gathered at Mount Arafat to embrace racial equality, treat women with respect and kindness by recognizing their rights, and remain steadfast in their Muslim duties of worshipping Allah through prayer, fasting, charity, and pilgrimage if able. He warned that they would be judged by Allah for their deeds and instructed them to follow the teachings of the Quran and his example after his passing, as he was the final prophet.
The document outlines 4 major theoretical frameworks for understanding the relationship between technology and society:
1. Technological determinism views technologies as autonomous agents that determine social change with little human influence.
2. The social construction of technology sees humans as the primary agents who develop technologies based on social needs and influences.
3. Social shaping recognizes that influence flows both ways with technologies and society mutually shaping each other.
4. Domestication describes how technologies become ordinary integrated parts of daily life over time, losing their power to provoke questions about social change.
Sentinel Solutions provides asset protection services. The document summarizes key asset protection techniques including insurance, statutory protections like homestead exemptions, and asset placement through entities like trusts. It notes that while asset protection plans can make assets harder for creditors to access, plans cannot be intended to defraud creditors. The summary highlights the main risks that asset protection seeks to mitigate and outlines some basic strategies without endorsing any particular approach.
This document discusses project risk management. It provides details on the key steps in risk management: identification, analysis, planning, and review. It also explains the Generic Documentation Model (GDM), which provides a standardized structure for documenting processes across multiple levels including work packages, processes, and sub-processes. The GDM aims to establish common documentation and allows for quick reference and adaptation of documentation.
The document discusses analyzing examples of bullying in the story "Out of Shadows". It provides quotes from the story that could be examples of bullying, such as criticizing a character's spelling and making assumptions about her based on her name. It also references a character blocking another character's path to leave and overhearing gossip. The document guides analyzing these examples and choosing evidence to make a point about how the author portrays bullying to influence the reader's thoughts.
Developing Social Capital to Replace Foregoing DonorsZulhamsyah Imran
This document summarizes an international symposium on developing social capital to replace donor dependence in coastal communities affected by the 2004 Indian Ocean tsunami. Presentations were given on case studies from Sri Lanka, Thailand, and Indonesia. Key findings included that social capital levels varied and affected dependency, with communities having intact pre-tsunami social networks less dependent. Microfinance and women's groups helped empower communities and reduce dependence in Thailand. A batik making group in Krabi province became self-sufficient. Studies of mangrove recovery in Thailand were also presented. Developing social capital through community participation and networks was emphasized as important for long-term sustainability and reduced dependency.
Grammar is not a set of rules but rather a reflection of how a language is used at a particular time. Languages evolve naturally through people using sounds and words without predefined rules. While grammar provides a pattern or structure to a language, it is not fixed and all languages change over time as usage evolves. Understanding grammar helps with learning how to speak a new language correctly.
This document summarizes a study on the inhibition of copper corrosion in nitric acid solution by 3-arylazo 1,2,4-triazole compounds (AT). The main points are:
1) Potentiodynamic polarization and Tafel methods showed that AT compounds are good inhibitors of copper corrosion in nitric acid, achieving over 95% inhibition efficiency at 10-4 M concentration.
2) The high inhibition is believed to be due to adsorption of the AT compounds or formed Cu(II)-AT complexes at the electrode interface.
3) Cathodic polarization measurements indicated AT dyes are predominantly cationic inhibitors that act in the cathodic region.
Barnes & Noble is facing declining revenues due to changes in the book industry that have seen value migrate online and to e-books. This document analyzes Barnes & Noble's current strategy and market position, identifies key issues, and proposes two strategic options - an online-centric strategy to directly compete with Amazon, or a "Trailblazer" strategy focusing on a niche segment. It identifies avid and casual readers as the best target segments due to their needs aligning closely with Barnes & Noble's existing strengths over competitors like Amazon and local bookstores. The proposed strategy is for Barnes & Noble to focus on delivering unique value to avid and casual readers by improving convenience while strengthening areas like space to read and browse books.
Alexander the Great spread Greek culture throughout his vast empire. Though the empire did not last, Greek influence blended with local customs and spread across the Mediterranean and Middle East for centuries. This period is known as Hellenistic civilization. The Greeks excelled in arts like sculpture, painting, architecture, and writing. They studied anatomy to depict the human form realistically in marble statues. Their architectural columns supported massive buildings while creating optical illusions. The city of Alexandria encouraged scholars and housed the great Library and Museum, establishing it as a center of learning.
Adapting cities to climate variability and change bobBob Eko Kurniawan
This document discusses efforts to balance community engagement and government support to reduce the impacts of climate change in Jakarta, Indonesia. It notes that Jakarta is vulnerable to flooding due to factors like land subsidence and rising sea levels. Initiatives are described that empower communities through vulnerability assessments and local resilience action plans, while supporting this process through expert guidance and integrating it into local government development planning. The goal is to engage communities and facilitate their role in climate change adaptation.
The document summarizes the later peoples who inhabited the Fertile Crescent region after the Sumerians. It describes how Babylon rose to power under the leadership of King Hammurabi in the 18th century BC. Hammurabi expanded the Babylonian Empire through military conquest and established one of the earliest known legal codes containing 282 laws. Subsequent groups like the Hittites, Assyrians, and Chaldeans also came to dominate parts of Mesopotamia at different points in time, introducing new military technologies and cultural influences to the region.
The document compares two electric vehicle models, the LoukRo and Goxxro, summarizing their key specifications and features. The LoukRo has a steel shell body while the Goxxro uses aluminum. It also details some of LoukRo's core technologies like a smart gas tank and oil plug lock that can be unlocked through a mobile app subscription.
This document provides an overview of a SUPERVALU investor conference on January 24, 2008. It includes a safe harbor statement, information about the executives presenting, and an agenda covering topics like merchandising and marketing strategies, pharmacy offerings, store remodels, and tours of Albertsons and Lucky stores. The document discusses SUPERVALU's goals of delivering strong financial performance through the integration of Albertsons and building for the future with initiatives in areas such as marketing, own brands, pricing, and store execution.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
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This annual report summarizes Masco Corporation's financial performance in 2006 and discusses strategies for future growth. Key points include:
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The document provides an investor presentation for Newell Rubbermaid highlighting their $6 billion business of leading brands. It summarizes their good year-to-date performance including 2.2% core sales growth and affirmed full year guidance. The presentation outlines their growth game plan to direct actions around sharpening their portfolio choices, building execution capabilities, and unlocking trapped capacity to accelerate performance.
Manulife reported its financial results for the fourth quarter and full year of 2012. Some key highlights include:
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So
The document discusses Coca-Cola's strategy and investments to achieve long-term profitable growth through 2020. It highlights growth in emerging markets, executing strategies in developed markets like North America, and investing in core brands and system capabilities globally. Coca-Cola aims to capture opportunities from rising global prosperity while driving sustainable growth across geographic segments.
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This presentation provides an overview of DMC and its business for investors. It summarizes DMC's financial highlights including its market capitalization, revenue, earnings, cash flow, and dividend. It also summarizes DMC's executive management team, business segments, global presence, and financial performance by region. The presentation cautions that it contains forward-looking statements and discusses the use of non-GAAP financial measures to evaluate the company's performance.
The document provides an investor presentation for a company in August 2010. It cautions that the presentation contains forward-looking statements regarding the company's financial condition and results of operations that are subject to risks and uncertainties. It then provides an overview of the company's business segments, financial highlights from 2009, management team, global presence, and competitive positioning in its industry. Supplemental slides provide more details on financial performance, balance sheet, sales trends, backlog, capital expenditures, and adjusted EBITDA.
This document provides details on Celanese Corporation's second quarter 2006 earnings conference call, including an agenda with the CEO and CFO as speakers. It also provides financial highlights for Q2 2006 such as an 11% increase in net sales and an 18% rise in operating EBITDA. Celanese issues guidance for full year 2006 of adjusted EPS between $2.50-$2.80.
Masco reported its financial results for the fourth quarter and full year of 2012. Key highlights included improved fourth quarter results that provided momentum heading into 2013, with sales growth driven by increased North American new home construction and successful new product introductions. All of Masco's business segments contributed to increased sales and operating margin growth in the fourth quarter. Masco also delivered on its strategic priorities for 2012, which included improving its cabinetry and installation service businesses, reducing debt, investing in growth, and gaining market share in key brands.
This document summarizes the Bank's third quarter 2012 investor presentation. Key points include:
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Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
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Dean Foods reported financial results for the fourth quarter and full year of 2008. The company had strong profit growth in the fourth quarter, with adjusted operating income increasing 27% compared to the fourth quarter of 2007. For the full year, Dean Foods recovered from a weak first quarter, with adjusted operating income growing 7% despite high dairy commodity costs. The company significantly reduced debt in 2008 and expects continued earnings growth in 2009, led by the DSD Dairy and WhiteWave-Morningstar segments. Dean Foods is well positioned for 2009 despite volatility in dairy markets.
Jean-Marc Huët, Senior Vice President and Chief Financial Officer of Bristol-Myers Squibb, presented at the Credit Suisse Health Care Conference on November 13, 2008. He discussed Bristol-Myers Squibb's plans to become a next generation biopharma company through productivity initiatives aimed at improving efficiency. He highlighted strong financial performance in 2008 due to sales growth, margin improvements, and portfolio shifts including selling medical devices businesses. Huët believes Bristol-Myers Squibb is well positioned with a strong cash position and conservative capital structure to execute on productivity goals and pipeline investments.
cardinal health Conference Call Presentationfinance2
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MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
Similar to Jp morgan -_032113_presentation_-_final (20)
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
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%.
-
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%.
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- The company recognized a $172 million GAAP charge in Q4 2017 related
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 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.
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 first quarter of 2017 compared to the first quarter of 2016.
- Key metrics like total collected premiums and operating EPS increased year-over-year, demonstrating the strength of CNO's business model.
- Segment results were mixed, with Bankers Life and Colonial Penn showing favorable underwriting margins, while Washington National's supplemental health margins declined.
- Overall, CNO reported improved financial results for the first quarter compared to the same period last year.
CNO Financial Group reported financial and operating results for 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.
- CNO Financial Group reported financial and operating results for 3Q16 with comparisons to 3Q15.
- Key highlights included continued franchise growth with collected premiums up 2% and policies in-force up 1%. Operating EPS excluding significant items was up 6% from $0.33 to $0.35.
- The company recaptured its closed block long-term care business, recording a $53 million after-tax charge as expected. Administrative functions have transitioned smoothly with no disruption to policyholders.
- CNO Financial Group reported second quarter 2016 operating earnings per share of $0.35, flat compared to the prior year quarter. Operating earnings excluding significant items were also $0.34, flat with 2Q15.
- Key metrics included continued growth in collected premiums and policies in force across most business lines. However, Washington National experienced lower sales and higher claims that impacted results.
- Segment results were largely in-line with expectations except for Washington National which struggled with persistency and an elevated benefit ratio in the quarter.
1. CNO Financial Group reported operating earnings per share of $0.27 for 1Q16, down from $0.30 in 1Q15, with unfavorable alternative investment returns impacting results.
2. Key metrics like new annualized premiums, collected premiums, and policies in force grew compared to prior year. The company also repurchased $90 million in stock and paid $89 million in dividends to the holding company during the quarter.
3. Health margins for Medicare supplement and supplemental health businesses were in line with expectations, while long-term care interest-adjusted benefit ratio declined from prior year due to policy lapses following rate increases.
- The document provides financial and operating results for CNO Financial Group for the quarter ended December 31, 2015. Key highlights included continued franchise growth, solid financial results including double digit operating EPS growth, and returning $67 million to shareholders through repurchases. CNO also completed its year-end assumption review which resulted in aggregate GAAP margins increasing to $3.8 billion.
- CNO Financial Group reported financial and operating results for 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.
2. CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 2
3. 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 Quarterly Reports on Form 10-Q, our Annual Report
on Form 10-K and other filings we make with the Securities and
Exchange C
E h Commission. W assume no obligation t update thi
i i We bli ti to d t this
presentation, which speaks as of today’s date.
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 3
4. Non-GAAP Measures
This presentation contains financial measures that differ from the comparable measures
under Generally Accepted Accounting Principles (GAAP). Reconciliations between those
non-GAAP measures and th comparable GAAP measures are i l d d i th A
GAAP d the bl included in the Appendix.
di
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.
id d b tit t f th t di tl bl
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.
Fili ” ti f CNO’ b it CNOi
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 4
5. CNO Fundamentals
Well positioned in the growing and underserved senior and
middle i
iddl income market k t
Track record of strong execution
Building core value drivers
Strong risk management
Well capitalized and generating significant excess capital
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 5
6. What Differentiates CNO?
Focus on serving the needs of our middle-income target
market, a market that is fast growing and underserved
g g
Exclusive distribution
‒ Consistent with market focus
‒ We have “pricing” influence
‒ Track record of stable customer base
Alignment
Distribution Products Service Culture
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 6
7. Track Record of Execution
88%
Return Value
To Shareholders Total Return
Since YE2009*
Invest in Growth
26%
16%
Financial Foundation
CNO Peer S&P
Group Insurance
*As of market close on 12/31/12
Reset Business Mix
Peers - AFL, AIZ, AMP, GNW, HIG, LNC, MET, PFG, PL, PNX, PRI, PRU, SFG, SYA, TMK, UNM
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 7
8. Investment in the Business CNO
($ millions)
)
Core Sales Excluding Bankers Annuities* - 8% Consolidated CAGR Since 2010
Investing in productivity and growth of the
agent force $350.0
$313.5
$301.5
$301 5
E
Expanding presence b adding new l
di by ddi locations
ti
and geographies
Developing and launching new products to
meet the needs of our target market
t th d f t t k t
Increasing direct advertising
Sales excluding Bankers Life annuities up
12% for the year
2010 2011 2012
* Core sales exclude Washington National’s Medicare supplement and annuities. Sales summarized above also exclude Bankers’ annuity sales.
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 8
9. Growth in the CNO Franchise
($ millions)
Avg. Liabilities on Core Business Segments Growing; Other CNO Business is Shrinking
$16,662.8
$15,481.7
$15 481 7
$16,106.8
$704.0
$714.8 Investing in organic growth
$698.0
$2,618.8
opportunities and layering on
$2,637.6 new business
$2,676.8
‒ Expanding locations,
geographies,
geographies and product
offerings
‒ Increasing direct marketing
‒ Growing agent force
$13,329.2
$12,106.9
$12,765.2 Exploring non-organic options
to accelerate both run-on and
run off
run-off
$5,511.5 $5,286.1 $5,005.1 ‒ Right-sized acquisitions that
fit core model
‒ Explore reinsurance
2010 2011 2012 strategies
BLC WN CP OCB
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 9
10. Segment Earnings Trend - Stable & Growing
($ millions)
)
Segment EBIT Excluding Significant Items*
$452.0 2012 Tailwinds
Favorable health benefit ratios
$344.3 $127.1 Annuity persistency & spreads
$309.4
Corporate investment results
$
$106.6
Free cash flow and capital
F h fl d it l
$100.4
deployment
$290.3
$290 3
$250.2 2012 Headwinds
$221.0
Low new money investment rates
Natural run-off blocks of business
$46.5
$17.8 $28.3
$4.2 $(4.7) $(8.6) Normalizing LTC benefit ratios
$(34.0) $(36.1) $(3.3)
Investment in business model
2010 2011 2012 driving growth and efficiencies
CP OCB BLC WN Corporate
* A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 10
11. Loss Recognition & Cash Flow Testing CNO
2012 GAAP Loss Recognition Testing 2012 Statutory Cash Flow Testing
gg g g g
Aggregate testing margins remain strong g Insurance Company margins consistent with
Testing margin Increased in 2012 prior years
↑ - ASU 2010-26 All insurance entities pass Asset Adequacy /
↑ - Net Growth from New Business (+6%) Cash Flow Testing under all standard scenarios
↓ - Lower interest rates projected (-8%) Interest rate scenarios re-affirm strong asset
liability management
↓ - Legal Settlements (-2%)
Year-end testing resulted in less than $5 million
All intangibles are recoverable of additional asset adequacy reserves
Line of Business Aggregate Margin Principal Risks to Margin
Traditional life and +++ Unusually high mortality
Universal life (Bankers)
Medicare supplement and +++ Unusually high morbidity
supplemental health
Long term care Positive but vulnerable Low interest rates; High morbidity; Low policy termination
Interest sensitive life (OCB) Positive but vulnerable Low interest rates; Litigation
Interest sensitive annuities ++ Decrease in spread; Investment volatility
Annuities i payout
A iti in t + Low mortality; L
L t lit Low i t
interest rates
t t
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 11
12. “Low-For-Long” Rates – Reserve Sensitivity
2012 Expanded New Money Rate (NMR) Stress Test
• Moderate Stress: 4.75% NMR held flat for 5 years then recovering
• Severe Stress: 50 basis point drop in NMR to 4.25% held flat indefinitely
• 3Q assumption change: OCB interest sensitive life reserve charge - $28mm (after-tax)
• Stress tests impact OCB interest-sensitive life and Bankers LTC reserves
• Severe stress - manageable impact to GAAP leverage and 15 to 20 p
g p g points of RBC impact
p
New Money Rate Assumptions
Moderate Stress Test
7.50%
(After- Tax)
7.00%
6.50% GAAP $20 - $50 million
6.00%
5.50% Statutory $20 - $50 million
5.00%
4.50%
4 50% Severe Stress Test
4.00% (After- Tax)
3.50%
GAAP $100 - $125 million
3.00%
2012 2103 2014 2015 2016 2017 2018 2019 2020 2021 2022
Statutory $75 - $100 million
2nd Quarter 2012 Current Moderate Stress Severe Stress
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 12
13. Capital Strategy
($ millions)
Forward Capital Plan Key Capital & Liquidity Metrics
Maintain capital cushion to absorb YE2012 deployable capital of ~$150mm
$150mm
stress-test conditions 358% 367%
332%
‒ Leverage of 20% 309% $423
‒ Risk-based capital ratio of 350%
$347
‒ Holdco liquidity & investments of
$150mm $294 $294
$203
Maintain positive ratings profile with
f $175
$161
goal of achieving investment grade $146
‒ Target BB/BB senior debt ratings in
2013
Balanced use of free cash flow 2009 2010 2011 2012
Capital to Holding Company Holding Company Liquidity RBC
from Insurance Subs **
Debt to Cap xAOCI* 23.8% 21.9% 18.3% 20.7%
* A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure
** Capital to Holding Company includes net dividends as well as fees and interest on surplus debentures
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 13
14. 2012 Capital Generation – Free Cash Flow Building
($ millions)
Free Cash Flow 2012 2012 Full Year Uses*
Financing
Costs
$23.1
$23 1
Common
Stock
Dividends
Stock $13.9
Buybacks
$180.2
Debt
Payments
$111.8
$111 8
• $50-$75mm of capital retained to support growth
2013 Guidance: • Statutory dividend range $250-$300mm
• Securities** repurchase of $250-$300mm
* Chart excludes financing cash flows and convertible repurchase associated with 3Q recapitalization
** Common stock and common stock equivalents
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 14
15. CNO: Near Term Goals Lead to Long Term Value
Near Term Objectives 2015 Milestones
Grow sales, distribution and Invest $80-$85mm in strategic
p oduct portfolio
product po t o o business initiatives
Increase operational Accelerate run-on and run-off
effectiveness
Enhance customer experience
p
Build economic value by and operational efficiency
growing EPS and ROE
ROE run-rate of 9%
Achieve BB/BB debt rating
Drive to investment grade
Di t i t t d
Continue balanced approach to
capital deployment Target dividend payout ratio of
20%
Additional Potential ROE Catalysts
Run-on / Run- Recapitalization Operating
p g
off business
“The Sequel” effectiveness
engineering
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 15
17. Appendix
A di
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 17
18. CNO: The right products and the right channels for
today s
today’s middle-market consumer
CNO has expertise CNO can access
Strong trends are driving across important consumers across
iddl k
middle-market consumers middle-market products multiple channels
• Rising medical costs • Fixed and Fixed-Index • With an Agent (Retail)
Life and Annuity • Bankers Career Force
• Decline of societal safety
y Products
nets (government and • W hi t N ti
Washington National
l
employer) • Long-Term Care • PMA (CNO-owned)
• Independents
• Increased longevity • Medicare Supplement
• Greater awareness of need • Whole and Universal • With t an A
Without Agent (Di t)
t (Direct)
for retirement planning life products • Colonial Penn
• Final expense • At Work (Worksite Marketing)
• Supplemental Health • PMA Worksite Division
• Washington National -
Independents
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 18
19. Product Level Risk Management
Diversified product mix focused on protection needs
Basic products that fit with exclusive
distribution and meet the basic insurance
needs of the middle market
Life Insurance Annuities
Attractive and more predictable return
characteristics - price to unleveraged IRR
target of 12% after–tax
Retirement
Security Product mix balances interest rate risk with
Supplemental Long-Term
Long Term shorter duration pure mortality and morbidity
Health Care insurance
Unique Long Term Care proposition produces
Medicare
a balanced risk profile
Value of New Business (VNB) measures used
to govern risk/return dynamics
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 19
20. Information Related to Certain Non-GAAP Financial Measures
The following provides additional information regarding certain non-GAAP measures used in this
presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial
position, or cash flows that excludes or includes amounts that are normally excluded or included in the
most directly comparable measure calculated and presented in accordance with GAAP While
GAAP.
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
“Investor – SEC Filings” section of our website, www.CNOinc.com.
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 20
21. Information Related to Certain Non-GAAP Financial Measures
The table below summarizes the financial impact of significant items on our 2010 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results during 2010 (dollars in millions).
Year ended
December 31, 2010
Excluding
significant
Actual results Significant items items
Net Operating Income:
Bankers Life $ 237.5 $ (16.5) (1) $ 221.0
Washington National 100.4 - 100.4
Colonial Penn
C l i lP 4.2
42 - 4.2
42
Other CNO Business (9.2) 27.0 (2) 17.8
EBIT from business segments 332.9 10.5 343.4
Corporate Operations, excluding corporate interest expense (42.8) 8.8 (3) (34.0)
EBIT 290.1 19.3 309.4
Corporate i t
C t interest expense
t (79.3)
(79 3) - (79.3)
(79 3)
Operating earnings before tax 210.8 19.3 230.1
Tax expense on operating income 74.4 6.9 81.3
Net operating income * $ 136.4 $ 12.4 $ 148.8
(1) Pre-tax earnings in the Bankers Life segment included earnings of $10.0 million from favorable reserve developments in
the Medicare supplement and long-term care blocks; and earnings of $6 5 million from the Prescription Drug Plan ("PDP")
long term $6.5 ( PDP )
business assumed from Coventry due to premium adjustments.
(2) Pre-tax earnings in the Other CNO Business segment included charges of $8.0 million from changes in assumptions
for the implementation of certain non-guaranteed elements; $13.0 million reflecting the impact of decreased projected
future investment yield assumptions related to interest-sensitive insurance products; and $6.0 million for the write-off of the
present value of future profits related to the long-term care block.
(3) Pre-tax earnings in the Corporate segment included charges of $4.5 million from a legal settlement and $4.3 million
related to the impact of lower interest rates on the values of liabilities for agent deferred compensation and former
executive retirement annuities.
* A non-GAAP measure. See page 24 for a reconciliation to the corresponding GAAP measure.
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 21
22. Information Related to Certain Non-GAAP Financial Measures
The table below summarizes the financial impact of significant items on our 2011 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results during 2011 (dollars in millions).
Year ended
December 31, 2011
Excluding
significant
Actual results Significant items items
Net Operating Income:
Bankers Life $ 290.9 $ (40.7) (1) $ 250.2
Washington National 96.1 10.5 (2) 106.6
Colonial Penn
C l i lP (4.7)
(4 7) - (4.7)
(4 7)
Other CNO Business 15.3 13.0 (3) 28.3
EBIT from business segments 397.6 (17.2) 380.4
Corporate Operations, excluding corporate interest expense (47.7) 11.6 (4) (36.1)
EBIT 349.9 (5.6) 344.3
Corporate interest expense (76.3)
(76 3) - (76.3)
(76 3)
Operating earnings before tax 273.6 (5.6) 268.0
Tax expense on operating income 102.1 (4.9) 97.2
Net operating income * $ 171.5 $ (0.7) $ 170.8
(1) Pre-tax earnings in the Bankers Life segment included earnings of $43.0 million from favorable reserve developments in
the Medicare supplement and long-term care blocks; earnings of $3.7 million from the PDP business assumed from
long term
Coventry due to premium adjustments; and a $6.0 million charge due to additional Medicare supplement amortization
related to higher lapsation.
(2) Pre-tax earnings in the Washington National segment included charges of $10.5 million from out-of-period adjustments.
(3) Pre-tax earnings in the Other CNO Business segment included a charge of $13.0 million reflecting the impact of
decreased projected future investment yield assumptions related to interest-sensitive insurance products.
(4) Pre-tax earnings in the Corporate segment included charges of $19.0 million related to the impact of lower interest
rates on the values of liabilities f agent d f
t th l f li biliti for t deferred compensation and f
d ti d former executive retirement annuities; and earnings of
ti ti t iti d i f
$7.4 million resulting from a trueup of stock- based compensation assumptions.
* A non-GAAP measure. See page 24 for a reconciliation to the corresponding GAAP measure.
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 22
23. Information Related to Certain Non-GAAP Financial Measures
The table below summarizes the financial impact of significant items on our 2012 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our 2012 operating results (dollars in millions).
Year ended
December 31, 2012
Excluding
significant
Actual results Significant items items
Net Operating Income:
Bankers Life $ 300.9 $ (10.6) (1) $ 290.3
Washington National 127.1 - 127.1
Colonial Penn (8.6) - (8.6)
Other CNO Business (48.8) 95.3 (2) 46.5
EBIT from business segments 370.6 84.7 455.3
Corporate Operations, excluding corporate interest expense (20.3) 17.0 (3) (3.3)
EBIT 350.3 101.7 452.0
Corporate interest expense (66.2) - (66.2)
Operating earnings before tax 284.1 101.7 385.8
Tax expense on operating income 103.7 36.7 140.4
Net operating income * $ 180.4 $ 65.0 $ 245.4
(1) Pre-tax earnings in the Bankers Life segment included earnings of $25.0 million from favorable reserve developments in the
Medicare supplement and long-term care blocks; earnings of $3.6 million from the PDP business assumed from Coventry due to
premium adjustments; and $18.0 million of charges due to legal and regulatory expenses.
(2) Pre-tax earnings in the Other CNO Business segment included charges of $43.0 million reflecting the imapct of decreased
projected future investment yield assumptions related to interest-sensitive insurance products; $46.3 million related to tentative
litigation settlements; and a charge of $6.0 million from out-of -period adjustments.
(3) Pre tax earnings in the Corporate segment included charges of $10 0 million related to the impact of lower interest rates on
Pre-tax $10.0
the values of liabilities for agent deferred compensation and former executive retirement annuities and $7.0 million related to the
relocation of Bankers Life's primary office.
* A non-GAAP measure. See page 24 for a reconciliation to the corresponding GAAP measure.
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 23
24. Information Related to Certain Non-GAAP Financial Measures
Management believes that an analysis of earnings before net realized investment gains (losses), corporate interest loss on
(losses) interest,
extinguishment of debt, fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities
related to our fixed index annuities and taxes (“EBIT,” a non-GAAP financial measure) provides a clearer comparison of the
operating results of the company quarter-over-quarter because it excludes: (1) corporate interest expense; (2) loss on
extinguishment of debt; (3) net realized investment gains (losses); and (4) 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. The table below provides a reconciliation of EBIT to net income (dollars in millions):
fundamentals
Year Year Year
ended ended ended
4Q10 4Q11 4Q12
Bankers Life $ 237.5 $ 290.9 $ 300.9
Washington National 100.4 96.1 127.1
Colonial Penn 4.2 (4.7) (8.6)
Other CNO Business (9.2) 15.3 (48.8)
EBIT from business segments 332.9 397.6 370.6
Corporate operations, excluding interest expense (42.8) (47.7) (20.3)
Total EBIT 290.1 349.9 350.3
Corporate interest expense (79.3) (76.3) (66.2)
Income before net realized investment gains, fair value
changes in embedded derivative liabilities, loss on
extinguishment of debt and taxes 210.8 273.6 284.1
Tax expense on p
p period income 74.4 102.1 103.7
Net operating income 136.4 171.5 180.4
Net realized investment gains, net of related amortization and taxes 13.6 36.7 48.4
Fair value changes in embedded derivative liabilities, net of related
amortization and taxes - (13.3) (1.8)
Loss on extinguishment of debt, net of income taxes (4.4) (2.2) (177.5)
Net income (loss) before valuation allowance for deferred tax assets 145.6 192.7 49.5
Decrease in valuation allowance for deferred tax assets 95.0 143.0 171.5
Net income $ 240.6 $ 335.7 $ 221.0
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 24
25. Information Related to Certain Non-GAAP Financial Measures
Debt to capital ratio, excluding accumulated other comprehensive income (loss)
The d bt to
Th debt t capital ratio, excluding accumulated other comprehensive income (loss), diff
it l ti l di l t d th h i i (l ) differs f
from th d bt t capital ratio
the debt to it l ti
because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine
this measure. Management believes this non-GAAP financial measure is useful because it removes the volatility that
arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in
the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the
business decisions made by management A reconciliation of these ratios is as follows ($ in millions):
management.
4Q09 4Q10 4Q11 4Q12
Corporate notes payable $ 1,037.4 $ 998.5 $ 857.9 $ 1,004.2
Total shareholders' equity 3,038.6 3,811.6 4,613.8 5,049.3
Total capital $ 4,076.0 $ 4,810.1 $ 5,471.7 $ 6,053.5
Corporate debt to capital 25.5% 20.8% 15.7% 16.6%
Corporate notes payable $ 1,037.4 $ 998.5 $ 857.9 $ 1,004.2
Total shareholders' equity 3,038.6 3,811.6 4,613.8 5,049.3
Less accumulated other comprehensive income 274.0 (252.7) (781.6) (1,197.4)
Total capital $ 4,350.0 $ 4,557.4 $ 4,690.1 $ 4,856.1
Debt to total capital ratio, excluding AOCI (a
non-GAAP financial measure) 23.8% 21.9% 18.3% 20.7%
CNO Financial Group | J.P. Morgan 2013 Insurance Conference | March 21, 2013 25