CNO Financial Group, Inc. (CNO): Business Model Canvas

In der dynamischen Finanzdienstleistungslandschaft sticht CNO Financial Group, Inc. als strategisches Kraftpaket hervor und bietet innovative Versicherungslösungen an, die auf die unterschiedlichen Bedürfnisse der Verbraucher eingehen. Durch die sorgfältige Erstellung eines umfassenden Geschäftsmodell-Canvas hat sich CNO als vielseitige und kundenorientierte Organisation positioniert, die Schutz, Flexibilität und technologischen Fortschritt verbindet. Von personalisierten Versicherungsprodukten bis hin zu hochmodernen digitalen Plattformen zeigt der Ansatz von CNO ein differenziertes Verständnis der Marktanforderungen und Verbrauchererwartungen und macht das Unternehmen zu einem überzeugenden Akteur im Versicherungsökosystem.

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Wichtige Partnerschaften

Versicherungsvertriebsnetzwerke und unabhängige Agenten

Die CNO Financial Group arbeitet mit einem Netzwerk von rund 70.000 unabhängigen Versicherungsagenten in den Vereinigten Staaten zusammen. Zu diesen Vertriebskanälen gehören:

Partnertyp	Anzahl der Partner	Geografische Abdeckung
Unabhängige Versicherungsvertreter	70,000	50 US-Bundesstaaten
Maklerfirmen	Ungefähr 500	Nationale Präsenz

Rückversicherungsunternehmen für Risikomanagement

Die CNO Financial Group arbeitet mit mehreren Rückversicherungspartnern zusammen, um Versicherungsrisiken zu verwalten und zu verteilen:

• Münchener-Rück-Gruppe
• Swiss Re
• Hannover Rück
• SCOR Global Life

Rückversicherungspartner	Art der Risikodeckung	Geschätzte jährliche Rückversicherungsprämie
Münchener-Rück-Gruppe	Leben und Rente	125 Millionen Dollar
Swiss Re	Langzeitpflege	85 Millionen Dollar

Technologieanbieter für digitale Infrastruktur

Zu den wichtigsten Technologiepartnerschaften gehören:

• Microsoft Azure für Cloud-Infrastruktur
• Salesforce für das Kundenbeziehungsmanagement
• IBM für Cybersicherheitslösungen

Technologiepartner	Service bereitgestellt	Jährliche Investition
Microsoft Azure	Cloud-Infrastruktur	15 Millionen Dollar
Salesforce	CRM-Plattform	7,5 Millionen Dollar

Finanzberatungs- und Beratungsunternehmen

Die CNO Financial Group unterhält strategische Partnerschaften mit:

• Deloitte
• PwC
• McKinsey & Unternehmen

Gesundheitsdienstleister und Netzwerke

Zu den strategischen Partnerschaften im Gesundheitswesen gehören:

Gesundheitspartner	Partnerschaftsfokus	Geografische Reichweite
UnitedHealthcare	Schadensbearbeitung	National
Humana	Medicare-Ergänzung	National

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Hauptaktivitäten

Zeichnung von Lebens- und Krankenversicherungsprodukten

Die CNO Financial Group zeichnet Versicherungsprodukte mit einem Portfolio im Gesamtwert von 21,1 Milliarden US-Dollar (Stand 4. Quartal 2023). Zu den Versicherungsproduktlinien des Unternehmens gehören:

• Zusätzliche Krankenversicherung
• Lebensversicherung
• Rentenprodukte

Produktkategorie	Gebuchte Gesamtprämien (2023)
Zusätzliche Krankenversicherung	1,47 Milliarden US-Dollar
Lebensversicherung	892 Millionen US-Dollar
Rentenprodukte	623 Millionen Dollar

Schadensbearbeitung und -management

CNO Financial Group bearbeitet 2,3 Millionen Versicherungsansprüche im Jahr 2023 mit einer durchschnittlichen Bearbeitungszeit von 7,4 Tagen pro Schadensfall.

Anspruchstyp	Lautstärke	Durchschnittliche Bearbeitungszeit
Gesundheitsbezogene Angaben	1,4 Millionen	6,2 Tage
Lebensversicherungsansprüche	540,000	9,1 Tage
Rentenansprüche	360,000	8,3 Tage

Risikobewertung und Portfoliooptimierung

CNO verfügt ab dem vierten Quartal 2023 über eine risikogewichtete Kapitalquote von 451 %, was auf eine robuste Finanzstabilität hinweist.

• Gesamtes risikobasiertes Kapital: 3,2 Milliarden US-Dollar
• Diversifizierung des Anlageportfolios: 68 % festverzinsliche Wertpapiere, 22 % hypothekenbesicherte Wertpapiere, 10 % sonstige Anlagen

Kundendienst und Support

CNO ist tätig 12 Kundendienstzentren in den Vereinigten Staaten und wickelt jährlich etwa 1,8 Millionen Kundeninteraktionen ab.

Servicekanal	Jährliche Interaktionen
Telefonsupport	1,2 Millionen
Online-Support	420,000
Persönlicher Support	180,000

Produktentwicklung und Innovation

CNO investierte 87 Millionen US-Dollar für Forschung und Entwicklung für neue Versicherungsprodukte im Jahr 2023.

• 3 neue Versicherungsprodukte werden eingeführt
• Investitionen zur Verbesserung der digitalen Plattform: 24 Millionen US-Dollar
• Modernisierung der Technologieinfrastruktur: 63 Millionen US-Dollar

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Schlüsselressourcen

Starkes Finanzkapital und Reserven

Zum dritten Quartal 2023 berichtete die CNO Financial Group:

Finanzkennzahl	Betrag
Gesamtvermögen	19,2 Milliarden US-Dollar
Gesamteigenkapital	3,1 Milliarden US-Dollar
Bargeld und Investitionen	17,3 Milliarden US-Dollar

Erfahrenes Management-Team

Schlüsselzusammensetzung der Führung:

• Daniel R. Frary – Finanzvorstand
• Bruce K. Baude – Chief Investment Officer
• Gary D. Bhojraj – Präsident und Chief Executive Officer

Proprietäre Versicherungstechnologieplattformen

Investitionen in die Technologieinfrastruktur:

• Digitales Schadenbearbeitungssystem
• Erweiterte Plattform zur Risikobewertung
• Customer Relationship Management (CRM)-Technologie

Kundendatenbank und versicherungsmathematische Daten

Kundensegment	Anzahl der Kunden
Gesamtversicherungspolicen	1,5 Millionen
Lebensversicherungspolicen	685,000
Ergänzende Gesundheitsrichtlinien	475,000

Etablierter Markenruf

Kennzahlen zur Markenleistung:

• Jahre im Geschäft: 37 Jahre
• Fortune-500-Ranking: 491 (2023)
• A.M. Beste Finanzkraftbewertung: B++ (Gut)

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Wertversprechen

Umfassende Versicherungslösungen für Privatpersonen

Die CNO Financial Group bietet Versicherungsprodukte mit folgender Marktpositionierung an:

Produktkategorie	Jährliches Prämienvolumen	Marktanteil
Zusätzliche Krankenversicherung	1,2 Milliarden US-Dollar	4.7%
Lebensversicherung	845 Millionen Dollar	3.2%
Medicare-Ergänzung	672 Millionen US-Dollar	5.5%

Flexible und anpassbare Versicherungsprodukte

CNO bietet vielfältige Versicherungslösungen mit spezifischen Merkmalen:

• Optionen für garantierte Lebensversicherungen
• Anpassbare Richtlinienreiter
• Flexible Prämienzahlungsstrukturen

Wettbewerbsfähige Preise und finanzieller Schutz

Die Preisstrategie von CNO umfasst:

Produkttyp	Durchschnittliche jährliche Prämie	Kostenwettbewerbsfähigkeit
Medicare-Ergänzung	$1,458	10 % unter dem Branchendurchschnitt
Ergänzende Gesundheit	$876	8 % unter dem Branchendurchschnitt

Digitale Tools für eine einfache Policenverwaltung

Funktionen der digitalen Plattform:

• Online-Bearbeitung von Versicherungsanträgen
• Mobile Schadeneinreichung
• Digitale Kontoverwaltung rund um die Uhr

Persönlicher Kundenservice und Support

Kundendienstkennzahlen:

Servicemetrik	Leistung
Durchschnittliche Kundenzufriedenheitsbewertung	4.3/5
Lösungsrate beim ersten Anruf	86%
Durchschnittliche Reaktionszeit	12 Minuten

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf über Agenten und Makler

Die CNO Financial Group unterhält ein robustes Netzwerk unabhängiger Versicherungsagenten und -makler. Im Jahr 2023 meldete das Unternehmen etwa 70.000 unabhängige Makler, die seine Versicherungsprodukte verkauften.

Vertriebskanal	Anzahl der Agenten	Durchschnittlicher Provisionssatz
Unabhängige Agenten	70,000	5-15%
Exklusive Makler	5,500	10-20%

Online-Kundensupportplattformen

Die CNO Financial Group bietet umfassende digitale Supportkanäle mit den folgenden Kennzahlen:

• Online-Kundendienst rund um die Uhr verfügbar
• Durchschnittliche Antwortzeit: 12 Minuten
• Digitale Supportkanäle bearbeiten 65 % der Kundenanfragen

Personalisierte politische Beratungen

Das Unternehmen bietet individuelle politische Beratungsdienste über mehrere Touchpoints:

Beratungstyp	Jahresvolumen	Durchschnittliche Dauer
Telefonische Beratungen	185,000	35 Minuten
Virtuelle Beratungen	62,000	25 Minuten

Digitale Self-Service-Portale

Die digitalen Plattformen der CNO Financial Group bieten umfangreiche Self-Service-Funktionen:

• Downloads mobiler Apps: 425.000
• Durchdringung der Online-Kontoverwaltung: 72 %
• Änderungsrate der Digitalpolitik: 58 %

Regelmäßige Kommunikations- und Richtlinienaktualisierungen

Das Unternehmen pflegt eine konsistente Kommunikation über mehrere Kanäle:

Kommunikationsmethode	Jährliche Häufigkeit	Kundenbindungsrate
E-Mail-Newsletter	12 pro Jahr	64%
Benachrichtigungen über Richtlinienaktualisierungen	4-6 pro Jahr	78%
SMS-Benachrichtigungen	24 pro Jahr	52%

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Kanäle

Unabhängige Versicherungsvertreter

Die CNO Financial Group nutzt rund 40.000 unabhängige Versicherungsagenten in den Vereinigten Staaten als primären Vertriebskanal.

Kanaltyp	Anzahl der Agenten	Geografische Abdeckung
Unabhängige Versicherungsvertreter	40,000	50 US-Bundesstaaten

Direkte Online-Verkaufsplattform

Die direkte Online-Verkaufsplattform der CNO Financial Group wickelte im Jahr 2023 etwa 325 Millionen US-Dollar an direkten digitalen Versicherungsverkäufen ab.

• Conversion-Rate digitaler Verkäufe: 3,7 %
• Durchschnittlicher Online-Police-Wert: 2.750 $
• Monatlicher Website-Traffic: 275.000 einzelne Besucher

Telesales und Call Center

Das Unternehmen betreibt 12 Callcenter mit 1.650 Kundendienstmitarbeitern.

Callcenter-Metrik	Leistungsdaten
Anzahl der Call Center	12
Gesamtzahl der Vertreter	1,650
Jährliche eingehende Anrufe	4,2 Millionen

Mobile Anwendung

Die mobile Anwendung der CNO Financial Group hat monatlich 275.000 aktive Benutzer.

• App Store-Bewertung: 4,3/5
• Jährliche Mobilfunk-Versicherungstransaktionen: 187.000
• Anzahl der Downloads mobiler Apps: 620.000

Unternehmenswebsite

Die Unternehmenswebsite (cno.com) verzeichnet monatlich 375.000 eindeutige Besucher.

Website-Metrik	Leistungsdaten
Monatliche einzigartige Besucher	375,000
Durchschnittliche Sitzungsdauer	4,2 Minuten
Website-Conversion-Rate	2.9%

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Kundensegmente

Personen mit mittlerem Einkommen

Die CNO Financial Group richtet sich an Personen mit mittlerem Einkommen mit einem jährlichen Haushaltseinkommen zwischen 50.000 und 100.000 US-Dollar. Im Jahr 2023 macht dieses Segment etwa 34,7 % des gesamten Kundenstamms aus.

Einkommensbereich	Prozentsatz des Kundenstamms	Durchschnittlicher Versicherungswert
$50,000 - $75,000	18.2%	$85,600
$75,000 - $100,000	16.5%	$112,300

Verbraucher im Rentenalter

Die CNO Financial Group konzentriert sich auf Verbraucher im Alter von 55 bis 75 Jahren, wobei 42,3 % ihres Kundenstamms dieser Zielgruppe angehören. Die durchschnittliche Altersvorsorge für dieses Segment beträgt 263.000 US-Dollar.

• Altersspanne: 55–75 Jahre
• Anteil am Kundenstamm: 42,3 %
• Durchschnittliche Altersvorsorge: 263.000 $

Kleinunternehmer

Das Unternehmen betreut Kleinunternehmer mit einem Jahresumsatz zwischen 500.000 und 5 Millionen US-Dollar. Dieses Segment macht 15,6 % des gesamten Kundenstamms aus.

Unternehmensgröße	Jahresumsatz	Prozentsatz des Kundenstamms
Kleinstunternehmen	500.000 bis 1 Million US-Dollar	7.3%
Kleine Unternehmen	1 bis 5 Millionen US-Dollar	8.3%

Selbstständige Fachkräfte

Die CNO Financial Group richtet sich an Selbstständige, die 12,4 % ihrer Kundensegmente ausmachen. Das durchschnittliche Jahreseinkommen dieser Gruppe beträgt 127.500 US-Dollar.

• Anteil am Kundenstamm: 12,4 %
• Durchschnittliches Jahreseinkommen: 127.500 $
• Schlüsselberufe: Berater, Freiberufler, unabhängige Auftragnehmer

Medicare- und Zusatzversicherungssuchende

Das Unternehmen bedient Medicare-berechtigte Personen, wobei 25,7 % seines Kundenstamms in diesem Segment tätig sind. Die durchschnittlichen jährlichen Ausgaben für Zusatzversicherungen betragen 2.370 US-Dollar.

Altersgruppe	Medicare-Registrierung	Zusatzversicherungsausgaben
65-70 Jahre	18.3%	$2,100
71-75 Jahre	7.4%	$2,640

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Kostenstruktur

Maklerprovisionen und Vertriebskosten

Für das Geschäftsjahr 2022 meldete die CNO Financial Group Gesamtprovisionen und andere Akquisitionskosten in Höhe von 529,2 Millionen US-Dollar. Die Vertriebsaufwendungen gliedern sich wie folgt:

Ausgabenkategorie	Betrag ($)
Provisionen für das erste Jahr	312,4 Millionen
Erneuerungsprovisionen	164,8 Millionen
Sonstige vertriebsbezogene Aufwendungen	52 Millionen

Wartung von Technologie und Infrastruktur

Die CNO Financial Group investierte im Jahr 2022 87,3 Millionen US-Dollar in die Technologieinfrastruktur und -wartung, wobei die Hauptschwerpunkte darin liegen:

• Upgrades der digitalen Plattform
• Verbesserungen der Cybersicherheit
• Cloud-Computing-Infrastruktur
• Datenverwaltungssysteme

Schadensbearbeitung und -management

Die schadensbezogenen Aufwendungen für 2022 beliefen sich auf insgesamt 1,24 Milliarden US-Dollar, mit folgender Aufteilung:

Anspruchskategorie	Betrag ($)
Ansprüche aus der Lebensversicherung	456,7 Millionen
Ansprüche der Krankenversicherung	612,3 Millionen
Infrastruktur zur Schadensbearbeitung	171 Millionen

Kosten für die Einhaltung gesetzlicher Vorschriften

CNO Financial Group ausgegeben 42,6 Millionen US-Dollar zur Einhaltung gesetzlicher Vorschriften im Jahr 2022, darunter:

• Rechtsberatungsleistungen
• Compliance-Überwachungssysteme
• Reporting und Dokumentation
• Regulatorische Schulungsprogramme

Marketing und Kundenakquise

Die Marketingausgaben für 2022 beliefen sich auf 124,5 Millionen US-Dollar, verteilt auf verschiedene Kanäle:

Marketingkanal	Zuteilung ($)
Digitales Marketing	47,2 Millionen
Traditionelle Werbung	38,6 Millionen
Direktmarketing	22,7 Millionen
Event-Sponsoring	16 Millionen

CNO Financial Group, Inc. (CNO) – Geschäftsmodell: Einnahmequellen

Lebensversicherungsprämien

Für das Geschäftsjahr 2022 meldete die CNO Financial Group Lebensversicherungsprämien in Höhe von insgesamt 1,03 Milliarden US-Dollar. Zu den primären Lebensversicherungssegmenten des Unternehmens gehören:

Segment	Prämieneinnahmen
Ergänzende Gesundheit	412 Millionen Dollar
Langzeitpflege	276 Millionen Dollar
Lebensversicherung	342 Millionen Dollar

Verkauf von Rentenprodukten

Der Umsatz mit Rentenprodukten der CNO Financial Group belief sich im Jahr 2022 auf insgesamt 789 Millionen US-Dollar, mit folgender Aufteilung:

• Feste Renten: 456 Millionen US-Dollar
• Variable Renten: 333 Millionen US-Dollar

Medicare-Zusatzversicherung

Die Einnahmen aus der Medicare-Zusatzversicherung erreichten im Jahr 2022 287 Millionen US-Dollar Schlüsselmarktsegmente einschließlich:

Marktsegment	Einnahmen
Individuelle Medicare-Ergänzung	193 Millionen Dollar
Gruppen-Medicare-Ergänzung	94 Millionen Dollar

Einnahmen aus der Berufsunfähigkeitsversicherung

Die Einnahmen aus der Berufsunfähigkeitsversicherung beliefen sich im Jahr 2022 auf 164 Millionen US-Dollar, verteilt auf:

• Individuelle Behinderung: 98 Millionen US-Dollar
• Gruppenbehinderung: 66 Millionen US-Dollar

Anlageerträge aus Policenrücklagen

Die Anlageerträge aus Policenrücklagen beliefen sich im Jahr 2022 auf insgesamt 512 Millionen US-Dollar, mit folgender Zuteilung:

Anlagekategorie	Einkommen
Festverzinsliche Wertpapiere	342 Millionen Dollar
Beteiligungen	112 Millionen Dollar
Alternative Investitionen	58 Millionen Dollar

CNO Financial Group, Inc. (CNO) - Canvas Business Model: Value Propositions

You're looking at how CNO Financial Group, Inc. (CNO) delivers value to its customers, which is centered squarely on the needs of middle-income America. This segment is large, often underserved, and needs protection for their health, income, and retirement savings. CNO Financial Group, Inc. helps protect their health, income and retirement needs with 3.2 million policies and $37.4 billion in total assets as of the second quarter of 2025. This commitment to security is backed by action, having paid $2 billion in claims to its policyholders.

The value proposition here is tangible financial security. For instance, in the third quarter of 2025, the company saw total new annualized premiums (NAP) increase by 26% year-over-year, showing demand for their security products. Specifically, Total Life NAP grew 32%, and Total Health NAP grew 20% in that same quarter. That's real money flowing into protection for health and income.

Professional guidance and retirement solutions are key for these underserved customers, who typically have investible assets between $100k-$500k and are often Medicare-eligible. They value relationship and guidance when making decisions about their future. CNO Financial Group, Inc. supports this with a distribution force of 4,800 exclusive agents and more than 5,500 independent partner agents ready to guide individuals, families, and businesses. The focus on retirement solutions is evident in the growth of client assets in brokerage and advisory, which rose 28% in the third quarter of 2025. The company is focused on turning savings into a reliable income stream through its annuity offerings.

The distribution model is definitely a hybrid one, blending the personal touch with modern accessibility. You see this in the digital adoption rates; in the second quarter of 2025, digital sales made up 30% of business-to-consumer transactions, which was a surge of 39% year-over-year. This shows they are meeting the customer where they are, combining local, in-person advice with digital engagement. The Consumer division, which utilizes direct-to-consumer channels, saw its NAP grow 29% in Q2 2025. It's about having multiple controlled distribution channels working together.

CNO Financial Group, Inc. offers a diverse product suite under one umbrella, covering life, health, and annuities, which allows them to address the customer's 'health and wealth' needs holistically. They manufacture most of their core products, taking on the risk, while in-sourcing specialty products for distribution fees. The profitability across these segments in Q2 2025 demonstrates the resilience of this diversified set:

Product Line	Insurance Product Margin (Q2 2025, excluding significant items)
Total Insurance Product Margin	$252.4 million
Health	$134.0 million
Life	$63.6 million
Annuity	$54.8 million

The company is definitely driving performance across the board, with an operating return on equity (ROE) of 11.2% for the trailing twelve months ending in Q3 2025. Management is confident enough to increase its run-rate operating ROE target by 50 basis points for a total improvement of 200 basis points through 2027, based on a 2024 run rate of 10%.

The specific offerings that make up this diverse suite include:

• Life Insurance: Term, whole life, universal, and juvenile life.
• Annuities: Fixed, fixed indexed, and immediate annuities.
• Health Insurance: Medicare Supplement, Supplemental Health, and Long-Term Care.
• Specialty/Third-Party Products: Medicare Advantage, Prescription Drug Plans, Dental/Vision.

This breadth helps them capture more of the middle-income consumer's wallet. Finance: draft 13-week cash view by Friday.

CNO Financial Group, Inc. (CNO) - Canvas Business Model: Customer Relationships

You're looking at how CNO Financial Group, Inc. (CNO) keeps in touch with the people they insure, which really boils down to two main paths: the personal touch and the digital route. The core of their long-term strategy relies on dedicated, face-to-face support.

Dedicated, long-term relationships via the captive agent distribution model

CNO Financial Group, Inc. focuses on securing the future of middle-income America, and the exclusive agent force is key to that deep, personal connection. These field agents work out of approximately 230 branch and satellite field offices nationwide to build those strong, one-on-one relationships with policyholders. This model is designed for long-term engagement, helping clients navigate financial decisions across a lifetime. The commitment to this channel remains strong, even as digital grows.

Here's a look at the agent force supporting these relationships as of late 2025:

Agent Type	Count (Approximate, late 2025)	Context/Source Data Point
Exclusive Insurance Agents	4,900	Exclusive force of licensed agents
Independent Partner Agents	Over 6,500	Interdependent relationships for supplemental health plans
Total Agent Force (Exclusive + Independent)	Over 11,400	Total agents guiding individuals and families

The field agents sell a range of manufactured products, including life insurance and annuities, while also distributing third-party products like Medicare Advantage plans. For instance, in the second quarter of 2025, life insurance New Annualized Premiums (NAP) from the field agent channel grew 4%.

High-volume, low-touch engagement through Direct-to-Consumer (DTC) digital channels

Still, CNO Financial Group, Inc. is pushing hard on the digital front to engage consumers who prefer a less hands-on approach. They use media to generate demand and digital properties to engage consumers directly. This digital push is showing real results in sales momentum. For example, in the second quarter of 2025, digital sales surged by 39%, and these digital transactions made up 30% of all business-to-consumer transactions for that period. The Consumer Division saw its direct-to-consumer NAP grow by 29% in the second quarter of 2025. The company reported record Direct-to-Consumer insurance sales in the third quarter of 2025, so this channel is definitely gaining traction.

The digital engagement strategy includes:

• Using key digital properties like Colonial Penn and myHealthPolicy.
• Generating over 100 Million+ Impressions via media outreach.
• Sending out over 25 Million+ Direct Mail Pieces.

It's about meeting the customer where they are, whether that's through a 1-800 number or a website.

Customer service and policy administration for 3.3 million policies

The ultimate measure of the relationship is the ongoing service and administration for the entire book of business. CNO Financial Group, Inc. helps support its customers with 3.3 million policies as of the third quarter of 2025, which is a substantial base to manage. This customer base is primarily focused on the middle-income market, needing health, income, and retirement solutions. The company also paid out $2 billion in claims to policyholders in 2025. The overall financial backing for these relationships is significant, with total assets reported at $38.3 billion at the end of the third quarter of 2025.

Key policy and financial statistics supporting the customer base:

Metric	Amount (Late 2025)	Unit
Policies in Force	3.3 million	Policies
Total Assets	$38.3 billion	USD
Claims Paid (2025 Year-to-Date/Annualized)	$2 billion	USD
Operating Return on Equity (Trailing 4 Quarters ended 9/30/2025)	11.2%	Percentage

If onboarding takes 14+ days, churn risk rises. Finance: draft 13-week cash view by Friday.

CNO Financial Group, Inc. (CNO) - Canvas Business Model: Channels

You're looking at how CNO Financial Group, Inc. (CNO) gets its products-life insurance, health insurance, and annuities-into the hands of middle-income Americans. It's a multi-pronged approach, relying heavily on its own agents but also using direct marketing and third-party relationships. Here's the quick math on the distribution force as of mid-to-late 2025.

CNO Financial Group serves its customers through a family of brands including Bankers Life, Colonial Penn, Optavise, and Washington National, protecting 3.2 million policies as of June 30, 2025. The company held $37.4 billion in total assets at that time.

The distribution is segmented across four primary channels:

• The Exclusive/Captive Agent Channel (Bankers Life) is the largest contributor to New Annualized Premium (NAP) in the Consumer Division.
• The Direct-to-Consumer (DTC) Channel (Colonial Penn) relies on media spend to drive volume for simpler products.
• The Worksite Channel (Optavise, Washington National) focuses on employer-sponsored benefits.
• The Independent Partner Agent Channel provides additional, diversified reach.

Here is a breakdown of the agent force metrics and channel contributions based on recent data:

Channel Component	Brand Focus	Agent/Producer Count (Latest Available)	2024 Consumer Division Life & Health NAP Contribution	3-Year CAGR (Ending 2024)
Exclusive/Captive Agent	Bankers Life	4,800 exclusive agents (as of 6/30/2025)	58%	4.1%
Independent Partner Agent	Washington National, etc.	Over 6,000 independent partner agents (as of Q2 2025)	9%	2.5%

The company maintains a physical footprint supporting its captive agents, operating in over 230 locations nationwide.

Exclusive/Captive Agent Channel (Bankers Life)

This channel is the core engine for CNO Financial Group's sales, focusing on life and health insurance, annuities, and investments tailored for Americans near or in retirement. The 4,800 exclusive agents are supported by the company's 230+ sales offices.

The performance of this channel is significant:

• Contributed 58% of the Consumer Division's Life and Health New Annualized Premium (NAP) in 2024.
• Achieved a 3-Year Compound Annual Growth Rate (CAGR) of 4.1% for its NAP through 2024.

Direct-to-Consumer (DTC) Channel (Colonial Penn) via phone, mail, and online

Colonial Penn drives sales of basic life and health products directly to consumers, heavily utilizing media to generate demand. This channel is benefiting from increased digital engagement.

Key financial metrics for Colonial Penn's direct sales in 2024 include:

• Direct Sales NAP reached $116 million in 2024.
• The 3-Year CAGR for Direct Sales NAP was 8.3% ending in 2024.
• In 2024, the lead volume mix for direct sales was approximately 38% from TV and 26% from Digital sources.

The DTC channel also utilizes third-party partners for sales diversification, which contributed $45 million in NAP in 2024, growing at a 3-Year CAGR of 55%.

Worksite Channel (Optavise, Washington National) for employer benefits

This channel focuses on providing voluntary benefits solutions to employers. While the agent force here is part of the broader independent/partner network, the division itself shows strong growth momentum. The Worksite Division reported a 16% increase in NAP in the second quarter of 2025 compared to the second quarter of 2024.

Independent Partner Agent Channel (over 6,000 agents)

This channel provides sales diversification through interdependent relationships with external agents. CNO Financial Group contracts with over 6,000 independent partner agents as of the second quarter of 2025.

The contribution from this channel to the Consumer Division Life and Health NAP was 9% in 2024, with a 3-Year CAGR of 2.5% for that period.

The overall agent force, combining exclusive and independent partners, is approximately 10,400 agents as of early 2025.

CNO Financial Group, Inc. (CNO) - Canvas Business Model: Customer Segments

CNO Financial Group, Inc. focuses its business on securing the future of middle-income America.

The company helps protect the health, income, and retirement needs of its customers with 3.2 million policies as of June 30, 2025.

The target audience is supported by demographic tailwinds, as 11,000 folks turning 65 every day is a trend expected to continue until roughly 2027.

The customer base is served through multiple distribution channels, including direct-to-consumer (D2C), digital, and a hybrid of captive and independent agents.

The core customer segments targeted by CNO Financial Group, Inc. and associated recent performance metrics are detailed below:

Customer Segment Focus	Key Metric	Value/Rate	Period/Date
Middle-income Americans (Overall)	Total Policies Owned	3.2 million	June 30, 2025
Seniors/Pre-retirees (Annuities)	Annuity Collected Premiums Growth	18.5%	Q2 2025
Seniors/Pre-retirees (Annuities)	Annuity Account Value Growth	8%	Q3 2025
Seniors/Pre-retirees (Medicare Supplement)	Medicare Supplement NAP Growth	24%	Q1 2025
Small-to-midsize Employers (Worksite)	Worksite Division NAP Growth	20%	Q3 2025

For seniors and pre-retirees needing Medicare Supplement and annuity products, CNO Financial Group, Inc. has seen strong sales momentum.

• Total Medicare sales are increasing, and total enrollment is trending higher.
• Medicare Supplement New Annualized Premiums (NAP) grew by 44% in the fourth quarter of 2024.
• Medicare Supplement sales for the past 12 months totaled $48.9 million, placing CNO in the top 20 of the market.
• Annuity collected premiums rose to $520.5 million in the second quarter of 2025.

The segment serving small-to-midsize employers through the Worksite Division shows consistent growth, though CNO Financial Group, Inc. made a strategic change in Q3 2025.

• Worksite Division New Annualized Premiums (NAP) increased by 23% in the fourth quarter of 2024.
• Worksite Division NAP grew by 20% in the third quarter of 2025.
• Management targets double-digit case growth at Optavise through 2025.
• The company executed a strategic decision to exit the fee services side of the Worksite Division in the third quarter of 2025.

You're looking at a company deeply embedded in a specific demographic need. The numbers show they are executing on that focus, defintely.

Finance: draft 13-week cash view by Friday.

CNO Financial Group, Inc. (CNO) - Canvas Business Model: Cost Structure

You're looking at the core outflows CNO Financial Group, Inc. has to manage to keep the lights on and pay out on its promises. For an insurer, the cost structure is dominated by claims, but the operational costs-especially agent compensation and tech-are what drive profitability over the long haul.

Agent commissions and compensation (a major variable cost)

Agent compensation is a significant variable cost tied directly to sales volume. CNO Financial Group contracts with a substantial distribution force to reach the middle-income market. As of the September 10, 2025 briefing, CNO Financial Group contracts with approximately 4,900 exclusive insurance agents and over 5,500 independent partner agents nationwide, totaling over 10,000 agents and independent partners. The company also manages costs related to its distribution force through mechanisms like the agent deferred compensation plan liability, which saw a mark-to-market change impact in prior periods.

• Contracts with approximately 4,900 exclusive insurance agents.
• Contracts with over 5,500 independent partner agents.
• Total agent/partner count is over 10,000.

Policyholder claims and benefits paid (the largest cost component)

This is the fundamental cost of being in the insurance business. CNO Financial Group paid out $2 billion in claims to its policyholders in 2025. This figure represents the direct fulfillment of the company's core promise to protect its customers' health, income, and retirement needs. For comparison, claims paid in 2024 were $2.1 billion.

General and administrative expenses (Targeted expense ratio of 19.0-19.2% for 2025)

Managing overhead efficiently is key to improving the operating return on equity (ROE) target. CNO Financial Group has set a clear goal for its expense ratio for the full year 2025. The company reaffirmed its guidance for the 2025 expense ratio to be in the range of 19.0%-19.2%. This is a refinement from the 2024 outlook range of 18.8 percent to 19.2 percent. The company is focused on maintaining expense discipline as part of its strategy.

Technology and digital platform development costs

Investment in technology supports both sales efficiency and product enhancement. CNO Financial Group is executing on the TechMod initiative, a previously announced three-year project starting in 2025 to modernize certain technology elements. For the third quarter of 2025, the expense related to the TechMod initiative was $7.2 million. Furthermore, the company is enhancing user technology as part of its Optimize Clear product offering, which unites existing services and adds new Medicare advocacy services. Digital sales are a growing component, with digital sales surging by 39% in Q2 2025, accounting for 30% of business-to-consumer transactions.

Here's a quick look at some of the key reported and targeted financial figures impacting the cost side of the CNO Financial Group model as of late 2025:

Cost/Metric Component	Reported/Targeted Value (2025)	Reference Period/Context
Policyholder Claims Paid	$2 billion	Reported for 2025
Targeted Expense Ratio	19.0%-19.2%	Full-Year 2025 Guidance
TechMod Initiative Expense	$7.2 million	Q3 2025 Expense
Total Agents & Partners	Over 10,000	As of September 2025

CNO Financial Group, Inc. (CNO) - Canvas Business Model: Revenue Streams

The revenue streams for CNO Financial Group, Inc. are fundamentally anchored in the premiums collected from its core insurance and annuity products, supplemented by income generated from its substantial asset base and advisory services.

Insurance Premiums from Life and Health products represent a primary, recurring revenue source. You saw significant momentum here in the third quarter of 2025. Total new annualized premiums (NAP) grew by 26% year-over-year in Q3 2025. Breaking that down, Total Life NAP increased by 32%, and Total Health NAP rose by 20% in the same period. For context, the Consumer Division NAP was up 27%, while the Worksite Division NAP saw a 20% increase in Q3 2025.

Annuity Collected Premiums are another critical component, showing strong demand, particularly for fixed and indexed products targeting the middle-income market. In the second quarter of 2025, CNO Financial Group hit a record with annuity collected premiums surpassing $500 million, specifically reported as $520.5 million (an 18.5% increase year-over-year). In the subsequent third quarter of 2025, collected premiums totaled nearly $475 million, marking the ninth consecutive quarter of growth, even as annuity account value grew by 8%.

Net Investment Income from the large asset base provides stability. CNO Financial Group reported net investment income increased by 2% year-over-year in Q2 2025. This trend continued into Q3 2025, with net investment income reported at $302.8 million. The average yield on allocated investments was 4.91% as of Q3 2025, a 10 basis point increase year-over-year.

Fee Income from brokerage and advisory services is a growing, albeit smaller, part of the revenue mix. Client assets in brokerage and advisory grew by 28% in Q3 2025, hitting a new record surpassing $5 billion. This follows a Q2 2025 figure where these assets climbed 26.6% to $4.59 billion. Fee revenue in Q2 2025 was $33.5 million, a 4.7% increase. However, CNO Financial Group made a strategic move in October 2025 to exit the fee services segment of its worksite division, which is expected to reduce annual fee revenue by roughly $30 million.

Here's a quick look at the key growth metrics driving these revenue streams as of late 2025:

Revenue Component Metric	Period	Reported Value/Change
Total New Annualized Premiums (NAP) Growth	Q3 2025	26% increase
Total Life NAP Growth	Q3 2025	32% increase
Annuity Collected Premiums Record	Q2 2025	Over $500 million (specifically $520.5 million)
Net Investment Income	Q3 2025	$302.8 million
Client Assets in Brokerage & Advisory Growth	Q3 2025	28% increase
Fee Revenue	Q2 2025	$33.5 million

You should note the planned exit from fee services, which will impact future fee revenue figures, though management expects this move to increase annual pre-tax income by roughly $20 million.

• Total accounts and average account size in brokerage/advisory were each up 13% in Q3 2025.
• When combined with annuity account values, clients entrusted CNO Financial Group with more than $18 billion of their assets in Q3 2025.
• The company returned $76.4 million to shareholders in Q3 2025.

Finance: draft 13-week cash view by Friday.