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CNO Financial Group CNO FABN Program — Direct premiums collected

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Other financials

Income statement

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Revenue$1.3B+11.6%
Net income$125.9M+37.1%
EPS (diluted)$1.33+46.2%

Balance sheet

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Cash & equivalents$1.3B+60.0%
Total debt$1.4B-41.0%
Total equity$2.6B+2.7%
Total assets$39.9B+6.8%

Cash flow

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Operating cash flow$156.6M+7.6%

Valuation

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Market cap$5.14B+43.3%
P/E18.4×+6.6×
P/S1.1×+0.3×

Profitability

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Net margin6%-1.0pp

Returns & leverage

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Return on equity10.9%-1.4pp
Debt / equity0.5×-0.4×

Where this comes from

Reported directly by CNO Financial Group in its filing.

Tagged under the XBRL concept us-gaap:DirectPremiumsWritten.

The source filing: CNO Financial Group’s 10-K, filed February 24, 2026.

Filed
Feb 24, 2026, 4:54 PM EST
Fiscal year
FY2025
Accession
0001224608-26-000017
Line item202520242023
Direct premiums collected (a)$5,046.6$4,857.8$4,574.9
Reinsurance assumed14.015.516.6
Reinsurance ceded(173.5)(191.8)(194.6)
Premiums collected, net of reinsurance4,887.14,681.54,396.9
Change in unearned premiums(2.4)(9.1)18.5
Less premiums on interest-sensitive life and products without mortality and morbidity risk which are recorded as additions to insurance liabilities (a)(2,484.6)(2,333.0)(2,111.7)
Premiums on traditional products with mortality or morbidity risk2,400.12,339.42,303.7
Fees and surrender charges on interest-sensitive products222.5219.1201.8

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS.

FAQ

What is CNO Financial Group's FABN program — direct premiums collected?
CNO Financial Group (CNO) reported FABN program — direct premiums collected of $187.35M in Q4 2025.
How has CNO Financial Group's FABN program — direct premiums collected changed year-over-year?
CNO Financial Group's FABN program — direct premiums collected decreased by 53.1% year-over-year, from $399.8M to $187.35M.
What is the long-term trend for CNO Financial Group's FABN program — direct premiums collected?
Over 4 years (2021 to 2025), CNO Financial Group's FABN program — direct premiums collected has grown at a 10.7% compound annual growth rate (CAGR), from $499.9M to $749.4M.
What does FABN program — direct premiums collected mean?
This metric represents the total gross premiums received by the company from its Funding Agreement-Backed Note (FABN) program. It serves as a key indicator of the company's ability to attract institutional capital through debt instruments backed by insurance assets. Monitoring this figure helps investors assess the scale and growth trajectory of the company's spread-based business activities.

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