# CNO Financial Group, Inc.

Summary updated: 2026-10-04T09:52:13.825744Z
Canonical: https://finbar.com/research/companies/cno-financial-group-inc

## Overview

CNO Financial Group, Inc. is a U.S. insurance and financial-services holding company serving middle-income pre-retirees and retirees. Its subsidiaries develop, market and administer health insurance, annuities, individual life insurance and related financial-services products, primarily through its Consumer and Worksite divisions and brands including Bankers Life, Washington National and Colonial Penn. [1](https://app.finbar.com/go?id=P21709751)[2](https://app.finbar.com/go?id=P68263487)[3](https://app.finbar.com/go?id=P98999260)[4](https://app.finbar.com/go?id=P80181088) CNO states its mission is “to secure the future of middle-income America.” [5](https://app.finbar.com/go?id=P34386610)[6](https://www.cnoinc.com/Who-We-Are/)

The company operates across the United States: its insurance subsidiaries are licensed in all 50 states, Washington, D.C., and certain U.S. protectorates. [7](https://app.finbar.com/go?id=P64974345) CNO reported $4.5 billion in revenue for 2025 and lists approximately 3,200 full-time associates. [8](https://app.finbar.com/go?id=P35950222)[9](https://www.cnoinc.com/CNO-At-a-Glance/)
[1](https://app.finbar.com/go?id=P21709751)[2](https://app.finbar.com/go?id=P68263487)[3](https://app.finbar.com/go?id=P98999260)[4](https://app.finbar.com/go?id=P80181088)[5](https://app.finbar.com/go?id=P34386610)[7](https://app.finbar.com/go?id=P64974345)[8](https://app.finbar.com/go?id=P35950222)[6](https://www.cnoinc.com/Who-We-Are/)[9](https://www.cnoinc.com/CNO-At-a-Glance/)

## Products & services

CNO’s insurance products fall into annuities, health insurance and life insurance. In 2025, collected premiums were $1,943.3 million for annuities, $1,663.5 million for health and $984.5 million for life. Health premiums included supplemental health ($744.5 million), Medicare Supplement ($626.8 million) and long-term care ($292.2 million); life premiums included traditional life ($728.7 million) and interest-sensitive life ($255.8 million). Traditional life represented 16% and long-term care 6% of total collected premiums. [10](https://app.finbar.com/go?id=T6977670)

Annuity products include fixed-interest and fixed indexed annuities. Fixed indexed policies can credit a guaranteed fixed rate or returns linked to an index, typically the S&P 500 or Morningstar US Dividend Growth Barclays 5% VC, subject to participation or cap rates; indexed returns have a 0% floor and contractual minimums. [11](https://app.finbar.com/go?id=P2467481) Health offerings include supplemental coverage for critical illness, cancer, accidents and hospital stays, with benefits paid directly to policyholders or beneficiaries; long-term-care policies cover eligible nursing-home care, home health care, or both, subject to policy limits. [12](https://washingtonnational.com/families-individuals/health-insurance/) [13](https://washingtonnational.com/families-individuals/health-insurance/cancer/) [14](https://app.finbar.com/go?id=P2749077)

Life products include whole life, graded-benefit life, term life and single-premium whole life, as well as interest-sensitive products such as universal life. Whole life generally combines level premiums with cash value; term life provides protection for a specified period; universal life allows premium timing and amounts to vary, while benefits may fluctuate. Fixed-indexed universal life can provide a guaranteed crediting rate plus possible index-linked credits. [15](https://app.finbar.com/go?id=P82438119) [16](https://app.finbar.com/go?id=P90358043) CNO’s reported insurance product margins for the first half of 2026 were $119.1 million for annuities, $279.8 million for health and $137.0 million for life. [17](https://app.finbar.com/go?id=T17190888) [18](https://app.finbar.com/go?id=T17190889) [19](https://app.finbar.com/go?id=T17190890) Products and customer information are available through CNO’s individual-customer channels. [20](https://www.cnoinc.com/What-We-Do/For-Individuals/)
[10](https://app.finbar.com/go?id=T6977670)[11](https://app.finbar.com/go?id=P2467481)[14](https://app.finbar.com/go?id=P2749077)[15](https://app.finbar.com/go?id=P82438119)[16](https://app.finbar.com/go?id=P90358043)[17](https://app.finbar.com/go?id=T17190888)[18](https://app.finbar.com/go?id=T17190889)[19](https://app.finbar.com/go?id=T17190890)[12](https://washingtonnational.com/families-individuals/health-insurance/)[13](https://washingtonnational.com/families-individuals/health-insurance/cancer/)[20](https://www.cnoinc.com/What-We-Do/For-Individuals/)

## Geographic presence

CNO Financial Group’s sales and field operations are U.S.-based: at year-end 2025, it reported approximately 4,600 producing agents and financial representatives working through about 230 branch and satellite field offices throughout the United States. [21](https://app.finbar.com/go?id=P68195846) Its executive offices are in Carmel, Indiana. [22](https://app.finbar.com/go?id=P84629878) The company also identifies a Chicago corporate office and reports about 3,200 full-time associates and 11,600 exclusive and independent partner agents, but does not provide their geographic distribution. [6](https://www.cnoinc.com/Who-We-Are/)

CNO does not report revenue or premiums by country, U.S. region, or state in the cited filing; its reported segments are organized by product line rather than geography. [23](https://app.finbar.com/go?id=P13636843) The filing identifies a Bermuda-domiciled reinsurance subsidiary, but that alone does not establish Bermuda retail sales or Bermuda-attributable revenue. [24](https://app.finbar.com/go?id=P119531237)
[21](https://app.finbar.com/go?id=P68195846)[22](https://app.finbar.com/go?id=P84629878)[23](https://app.finbar.com/go?id=P13636843)[24](https://app.finbar.com/go?id=P119531237)[6](https://www.cnoinc.com/Who-We-Are/)

## Business segments

CNO reports five segments: annuity, health and life (its insurance product-line segments), investment, and fee income. The insurance segments cover marketing, underwriting and administering policies in their respective product categories; the company also identifies Consumer and Worksite as marketing divisions, not reportable segments. [25](https://app.finbar.com/go?id=P23106747)[26](https://app.finbar.com/go?id=P74329150)[27](https://app.finbar.com/go?id=P73550969)[28](https://app.finbar.com/go?id=P11036268)

Within 2025 collected premiums of $4,591.3 million, annuity accounted for approximately 42% ($1,943.3 million), health 36% ($1,663.5 million), and life 21% ($984.5 million). Annuity collections were mainly fixed-indexed and fixed-interest products; health included supplemental health, Medicare supplement and long-term care; and life included traditional and interest-sensitive products. These percentages describe the mix of collected insurance premiums, not the share of total segment revenue. [10](https://app.finbar.com/go?id=T6977670)[29](https://app.finbar.com/go?id=P75767617)

The investment segment manages capital resources, investments, corporate debt and liquidity. The fee income segment includes third-party insurance sales, employer services through Worksite, and broker-dealer and registered investment adviser operations; it reported $185.3 million in fee revenue and $15.2 million in net fee income for 2025. The reported contribution measures are not fully comparable across all five segments, so a single percentage split across them is not available from these figures. [30](https://app.finbar.com/go?id=P16689899)[31](https://app.finbar.com/go?id=P120054751)[32](https://app.finbar.com/go?id=T1790349)
[25](https://app.finbar.com/go?id=P23106747)[26](https://app.finbar.com/go?id=P74329150)[27](https://app.finbar.com/go?id=P73550969)[28](https://app.finbar.com/go?id=P11036268)[10](https://app.finbar.com/go?id=T6977670)[29](https://app.finbar.com/go?id=P75767617)[30](https://app.finbar.com/go?id=P16689899)[31](https://app.finbar.com/go?id=P120054751)[32](https://app.finbar.com/go?id=T1790349)

## Company history

CNO Financial Group traces its origins to 1979, when Stephen Hilbert and David E. Deeds founded Security National of Indiana, the predecessor to Conseco. The company expanded through insurance acquisitions, including Bankers Life and Casualty in 1992; in 1998 it moved beyond insurance by acquiring Green Tree Financial. [33](https://www.wthr.com/article/news/conseco-history/531-c8c5f385-caf2-4f54-9666-e0032698dfe6)[34](https://www.encyclopedia.com/books/politics-and-business-magazines/conseco-inc)[35](https://www.sec.gov/Archives/edgar/data/719241/0000719241-98-000027.txt)

Conseco filed for Chapter 11 bankruptcy in 2002 and emerged from reorganization in 2003 with a restructured capital base and a focus on insurance operations. In 2010, shareholders approved changing the holding company’s name from Conseco, Inc. to CNO Financial Group, Inc. [36](https://www.sec.gov/enforcement-litigation/administrative-proceedings/34-49392)[37](https://ir.cnoinc.com/news/news-details/2003/Conseco-Inc-Emerges-from-Chapter-11/default.aspx)[38](https://ir.cnoinc.com/news/news-details/2010/Conseco-Shareholders-Approve-Name-Change-to-CNO-Financial-Group-Inc-Elect-10-Directors-and-Approve-Other-Ballot-Measures/default.aspx)

In 2018, CNO arranged a reinsurance transaction covering a legacy block of Bankers Life long-term-care policies. It expanded its worksite and employee-benefits capabilities through acquisitions of Web Benefits Design in 2019 and DirectPath in 2021. In 2023, the company formed CNO Bermuda Re, an indirect wholly owned subsidiary. [39](https://ir.cnoinc.com/news/news-details/2018/CNO-Financial-Group-Announces-A-Transformative-Long-Term-Care-Risk-Reduction-Transaction/default.aspx)[40](https://ir.cnoinc.com/news/news-details/2019/CNO-Financial-Group-Acquires-Web-Benefits-Design/default.aspx)[41](https://ir.cnoinc.com/news/news-details/2021/CNO-Financial-Group-Acquires-DirectPath/default.aspx)[42](https://app.finbar.com/go?id=P150197216)
[42](https://app.finbar.com/go?id=P150197216)[33](https://www.wthr.com/article/news/conseco-history/531-c8c5f385-caf2-4f54-9666-e0032698dfe6)[34](https://www.encyclopedia.com/books/politics-and-business-magazines/conseco-inc)[35](https://www.sec.gov/Archives/edgar/data/719241/0000719241-98-000027.txt)[36](https://www.sec.gov/enforcement-litigation/administrative-proceedings/34-49392)[37](https://ir.cnoinc.com/news/news-details/2003/Conseco-Inc-Emerges-from-Chapter-11/default.aspx)[38](https://ir.cnoinc.com/news/news-details/2010/Conseco-Shareholders-Approve-Name-Change-to-CNO-Financial-Group-Inc-Elect-10-Directors-and-Approve-Other-Ballot-Measures/default.aspx)[39](https://ir.cnoinc.com/news/news-details/2018/CNO-Financial-Group-Announces-A-Transformative-Long-Term-Care-Risk-Reduction-Transaction/default.aspx)[40](https://ir.cnoinc.com/news/news-details/2019/CNO-Financial-Group-Acquires-Web-Benefits-Design/default.aspx)[41](https://ir.cnoinc.com/news/news-details/2021/CNO-Financial-Group-Acquires-DirectPath/default.aspx)

## Sources

1. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P21709751)
2. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P68263487)
3. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P98999260)
4. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P80181088)
5. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P34386610)
6. [www.cnoinc.com](https://www.cnoinc.com/Who-We-Are/)
7. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P64974345)
8. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P35950222)
9. [www.cnoinc.com](https://www.cnoinc.com/CNO-At-a-Glance/)
10. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T6977670)
11. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P2467481)
12. [washingtonnational.com](https://washingtonnational.com/families-individuals/health-insurance/)
13. [washingtonnational.com](https://washingtonnational.com/families-individuals/health-insurance/cancer/)
14. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P2749077)
15. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P82438119)
16. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P90358043)
17. [CNO Financial Group, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T17190888)
18. [CNO Financial Group, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T17190889)
19. [CNO Financial Group, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T17190890)
20. [www.cnoinc.com](https://www.cnoinc.com/What-We-Do/For-Individuals/)
21. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P68195846)
22. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P84629878)
23. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P13636843)
24. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P119531237)
25. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P23106747)
26. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P74329150)
27. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P73550969)
28. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P11036268)
29. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P75767617)
30. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P16689899)
31. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P120054751)
32. [CNO Financial Group, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T1790349)
33. [www.wthr.com](https://www.wthr.com/article/news/conseco-history/531-c8c5f385-caf2-4f54-9666-e0032698dfe6)
34. [www.encyclopedia.com](https://www.encyclopedia.com/books/politics-and-business-magazines/conseco-inc)
35. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/719241/0000719241-98-000027.txt)
36. [www.sec.gov](https://www.sec.gov/enforcement-litigation/administrative-proceedings/34-49392)
37. [ir.cnoinc.com](https://ir.cnoinc.com/news/news-details/2003/Conseco-Inc-Emerges-from-Chapter-11/default.aspx)
38. [ir.cnoinc.com](https://ir.cnoinc.com/news/news-details/2010/Conseco-Shareholders-Approve-Name-Change-to-CNO-Financial-Group-Inc-Elect-10-Directors-and-Approve-Other-Ballot-Measures/default.aspx)
39. [ir.cnoinc.com](https://ir.cnoinc.com/news/news-details/2018/CNO-Financial-Group-Announces-A-Transformative-Long-Term-Care-Risk-Reduction-Transaction/default.aspx)
40. [ir.cnoinc.com](https://ir.cnoinc.com/news/news-details/2019/CNO-Financial-Group-Acquires-Web-Benefits-Design/default.aspx)
41. [ir.cnoinc.com](https://ir.cnoinc.com/news/news-details/2021/CNO-Financial-Group-Acquires-DirectPath/default.aspx)
42. [CNO Financial Group, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P150197216)

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