Cno Financial Group, Inc. · NYSE:CNO
Cno Financial — Investor Day (September 2025)
28 slides from Cno Financial's investor day presentation, Sep 10, 2025
Slide 1: CNO Financial Group Consumer Division Briefing
1CNO Financial Group | Consumer Division Briefing | September 10, 2025 CNO Financial Group Consumer Division Briefing September 10, 2025
Slide 2: Welcome
2CNO Financial Group | Consumer Division Briefing | September 10, 2025 Welcome Adam Auvil Vice President, Investor Relations & Sustainability
Slide 3: Our Purpose and Mission
3CNO Financial Group | Consumer Division Briefing | September 10, 2025 OUR PURPOSE We secure the future of middle-income America. OUR MISSION We secure the future of middle-income America by providing insurance and financial services that help protect their health, income and retirement needs, while
Slide 4: Important Legal Information
4CNO Financial Group | Consumer Division Briefing | September 10, 2025 Important Legal Information 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 re
Slide 5: Consumer Division
5CNO Financial Group | Consumer Division Briefing | September 10, 2025 Consumer Division Scott Goldberg President, Consumer Division
Slide 6: Presenters
6CNO Financial Group | Consumer Division Briefing | September 10, 2025 Cheryl Heilman President, Bankers Life Securities, Inc. & Bankers Life Advisory Services, Inc. Industry Experience: 35 years Years at CNO: 6 Scott Goldberg President, Consumer Division Industry Experience: 25 years Years at CNO:
Slide 7: Takeaways
7CNO Financial Group | Consumer Division Briefing | September 10, 2025 3 2 1 Takeaways Multiple “controlled distribution” channels Differentiated “health and wealth” approach Track record of results; business aligned with key trends Well-positioned and achieving consistent growth.
Slide 8: Why do they buy from us?
8CNO Financial Group | Consumer Division Briefing | September 10, 2025 Why do they buy from us? Value relationship Middle-income households ▪ Average income $50-$100k ▪ Investible assets of $100-$500k Typically Medicare-eligible ▪ Need healthcare protection ▪ Need final expense coverage Want investm
Slide 9: Products
9CNO Financial Group | Consumer Division Briefing | September 10, 2025 Specialty Products ▪ Securities ▪ Medicare Advantage ▪ Prescription Drug Plans ▪ ACA and Short-Term Medical ▪ Dental / Vision Fees Life & Health Products ▪ Life Insurance ▪ Medicare Supplement ▪ Supplemental Health ▪ Long-Term Ca
Slide 10: Go-to-Market
10CNO Financial Group | Consumer Division Briefing | September 10, 2025 Go-to-Market Direct ▪ Well-known brand ▪ Top 5 direct seller ▪ Opens households Career ▪ National footprint ▪ Medicare experts ▪ Financial advisors1 Independent ▪ Interdependent relationships ▪ Supplemental health plans ▪ Niche
Slide 11: Integrated Distribution
11CNO Financial Group | Consumer Division Briefing | September 10, 2025 Field sales of higher premium policies, investments, and financial planning services Demand Engagement Relationship 100 Million+ Impressions 200,000+ TV Spots Direct sales of basic life and health products Nationwide, exclusive
Slide 12: Life and Health New Annualized Premium by Source
12CNO Financial Group | Consumer Division Briefing | September 10, 2025 Direct 33% Independent 9% Career 58% NAP by Source (2024) 3 Year CAGR 4.1% 3 Year CAGR 2.5% 3 Year CAGR 2.4% Note: $353M of NAP generated in 2024; does not include annuities or third-party products Consumer Division Life and Hea
Slide 13: Colonial Penn NAP
13CNO Financial Group | Consumer Division Briefing | September 10, 2025 Colonial Penn NAP (in millions) Colonial Penn Direct Sales CAGR 8.3% 2018 2024 $72 $116 Other Digital TV 2018 2024 Lead Volume Mix 26% 69% 5% 2% 60% 38% Solid growth and benefiting from greater digital engagement.
Slide 14: Colonial Penn Partnerships
14CNO Financial Group | Consumer Division Briefing | September 10, 2025 Partner Tele-Agents 37% In-House Tele-Agents 35% Customer Self-Enroll 28% 2024 NAP Colonial Penn Partnerships 2021 2024 $12 $45 Sales by Source (2024) Colonial Penn NAP From Partners (in millions) CAGR 55% Third-party partners p
Slide 15: Nationwide Footprint
15CNO Financial Group | Consumer Division Briefing | September 10, 2025 Approx. Number Average Years of Service Field Managers 550 13.5 Local Agents 4,850 4.5 Traveling Agents 450 4.5 Total 5,850 1 2 3 3 6 1 1 1 4 9 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 5 3 54 6 3 9 2 4 2 2
Slide 16: Medicare Advantage
16CNO Financial Group | Consumer Division Briefing | September 10, 2025 MA Enrollment (in thousands) MA Policies Sold (in thousands) CAGR 7.2% Medicare Advantage CAGR 11.0% 2021 2024 43 46 46 53 2022 2023 2021 2024 122 127 149 167 2022 2023 Higher sales and a growing block of enrollment.
Slide 17: Overall Medicare Business
17CNO Financial Group | Consumer Division Briefing | September 10, 2025 Medicare Enrollment (in thousands) Medicare Policies Sold (in thousands) 347 366355 Overall Medicare Business Medicare Supplement Medicare Advantage CAGR 8.8% CAGR 2.7% 127 220 149 206 2022 2023 167 199 2024 65 77 68 46 19 46 22
Slide 18: Producing Agents and Advisors
18CNO Financial Group | Consumer Division Briefing | September 10, 2025 Producing Agents and Advisors CAGR 1.7% 2021 2022 4,230 3,930 Number of Reps/Advisors (rounded to nearest 10) CAGR 3.5% Average Producing Agents (rounded to nearest 10) 2023 2024 4,190 4,450 2021 2022 650 680 2023 2024 700 720 A
Slide 19: Opportunity for New Financial Services Professionals
19CNO Financial Group | Consumer Division Briefing | September 10, 2025 Boomers 20% Gen X 20% Millennials 30% Gen Z 30% 2024 NAP Opportunity for New Financial Services Professionals Agent Force by Generation (as of June 30, 2025) An attractive career path.
Slide 20: Day in the Life of a Bankers Life Agent
20CNO Financial Group | Consumer Division Briefing | September 10, 2025 Day in the Life of a Bankers Life Agent
Slide 21: Annuities and Client Assets
21CNO Financial Group | Consumer Division Briefing | September 10, 2025 Annuities and Client Assets CAGR 8.7% Annuity Collected Premiums (in billions) CAGR 12.2% Client Assets in Securities (in billions) CAGR 5.7% Annuity Account Values (in billions) 2021 2024 $1.4 $1.6 2022 2023 $1.6 $1.8 2021 2024
Slide 22: Production Results
22CNO Financial Group | Consumer Division Briefing | September 10, 2025 New Annualized Premium (in millions) Production Results 2023 2024 Change Life $193 $185 -4% Supplemental Health $74 $79 +7% Medicare Supplement $37 $46 +24% Long-Term Care $32 $43 +34% Total $336 $353 +5% Collected Premium (in m
Slide 23: Total Premium and Fee Collections
23CNO Financial Group | Consumer Division Briefing | September 10, 2025 Collected Premium (in millions) Consumer Division Total Premium and Fee Collections 2023 2024 YoY 6.9% Long-Term Care Supplemental Health Medicare Supplement Life Insurance Annuities $1,583 $901 $262 $609 $519 $3,874 $1,790 $919
Slide 24: Positive Outlook
24CNO Financial Group | Consumer Division Briefing | September 10, 2025 Positive Outlook Retirement Wave Rising Healthcare Costs Gaps in Medicare Prescription Drugs 401(k) Generation Market Volatility Longevity Favorable conditions for our offerings and a winning distribution model.
Slide 25: Takeaways
25CNO Financial Group | Consumer Division Briefing | September 10, 2025 3 2 1 Takeaways Multiple “controlled distribution” channels Differentiated “health and wealth” approach Track record of results; business aligned with key trends Well-positioned and achieving consistent growth.
Slide 26: Why Invest in CNO
26CNO Financial Group | Consumer Division Briefing | September 10, 2025 Why Invest in CNO Adam Auvil Vice President, Investor Relations & Sustainability
Slide 27: Why Invest in CNO
27CNO Financial Group | Consumer Division Briefing | September 10, 2025 4 5 3 2 1 Exclusive focus on underserved middle-income market Significant demographic tailwinds Diverse and integrated "last mile" in-person and virtual model Delivering growth while improving ROE Strong balance sheet and robust
Slide 28: Key Messages Q&A
28CNO Financial Group | Consumer Division Briefing | September 10, 2025 KEY MESSAGES Q&A Enter questions in chat