CNO Financial Group, Inc. (CNO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros, CNO Financial Group, Inc. se destaca como una potencia estratégica, que ofrece soluciones de seguros innovadoras que satisfacen diversas necesidades de los consumidores. Al crear meticulosamente un lienzo de modelo de negocio integral, CNO se ha posicionado como una organización versátil y centrada en el cliente que une la protección, la flexibilidad y el avance tecnológico. Desde productos de seguro personalizados hasta plataformas digitales de vanguardia, el enfoque de CNO demuestra una comprensión matizada de las demandas del mercado y las expectativas del consumidor, lo que lo convierte en un jugador convincente en el ecosistema de seguros.

CNO Financial Group, Inc. (CNO) - Modelo de negocio: asociaciones clave

Redes de distribución de seguros y agentes independientes

CNO Financial Group se asocia con una red de aproximadamente 70,000 agentes de seguros independientes en los Estados Unidos. Estos canales de distribución incluyen:

Tipo de socio	Número de socios	Cobertura geográfica
Agentes de seguros independientes	70,000	50 estados de EE. UU.
Empresas de corretaje	Aproximadamente 500	Presencia nacional

Empresas de reaseguros para la gestión de riesgos

CNO Financial Group colabora con múltiples socios de reaseguro para administrar y distribuir riesgos de seguro:

• Grupo de Munich Re
• Swiss RE
• Hannover re
• SCOR Global Life

Socio de reaseguros	Tipo de cobertura de riesgos	Prima de reaseguro anual estimada
Grupo de Munich Re	Vida y anualidad	$ 125 millones
Swiss RE	Atención a largo plazo	$ 85 millones

Proveedores de tecnología para infraestructura digital

Las asociaciones de tecnología clave incluyen:

• Microsoft Azure para infraestructura en la nube
• Salesforce para la gestión de relaciones con el cliente
• IBM para soluciones de ciberseguridad

Socio tecnológico	Servicio proporcionado	Inversión anual
Microsoft Azure	Infraestructura en la nube	$ 15 millones
Salesforce	Plataforma CRM	$ 7.5 millones

Asesoramiento financiero y empresas de consultoría

CNO Financial Group mantiene asociaciones estratégicas con:

• Deloitte
• PWC
• McKinsey & Compañía

Proveedores y redes de atención médica

Las asociaciones estratégicas de atención médica incluyen:

Socio de atención médica	Enfoque de asociación	Alcance geográfico
UnitedHealthcare	Procesamiento de reclamos	Nacional
Humana	Suplemento de Medicare	Nacional

CNO Financial Group, Inc. (CNO) - Modelo de negocio: actividades clave

Suscripción de productos de seguros de vida y vida útil

CNO Financial Group suscribe productos de seguros con una cartera valorada en $ 21.1 mil millones en activos totales a partir del cuarto trimestre de 2023. Las líneas de productos de seguro de la compañía incluyen:

• Seguro de salud suplementario
• Seguro de vida
• Productos de anualidad

Categoría de productos	Premios totales escritos (2023)
Seguro de salud suplementario	$ 1.47 mil millones
Seguro de vida	$ 892 millones
Productos de anualidad	$ 623 millones

Procesamiento y gestión de reclamos

CNO Financial Group procesado 2.3 millones de reclamos de seguro En 2023, con un tiempo de procesamiento promedio de 7.4 días por reclamo.

Tipo de reclamación	Volumen	Tiempo de procesamiento promedio
Reclamos de salud	1.4 millones	6.2 días
Reclamaciones de seguro de vida	540,000	9.1 días
Reclamos de anualidades	360,000	8.3 días

Evaluación de riesgos y optimización de cartera

CNO mantiene una relación de capital ponderada por el riesgo del 451% a partir del cuarto trimestre de 2023, lo que indica una sólida estabilidad financiera.

• Capital total basado en el riesgo: $ 3.2 mil millones
• Diversificación de la cartera de inversiones: 68% de ingresos fijos, 22% de valores respaldados por hipotecas, 10% otras inversiones

Servicio al cliente y soporte

CNO opera 12 centros de servicio al cliente En todo Estados Unidos, manejando aproximadamente 1,8 millones de interacciones de los clientes anualmente.

Canal de servicio	Interacciones anuales
Soporte telefónico	1.2 millones
Soporte en línea	420,000
Apoyo en persona	180,000

Desarrollo de productos e innovación

CNO invertido $ 87 millones en investigación y desarrollo Para nuevos productos de seguro en 2023.

• 3 nuevos lanzamientos de productos de seguro
• Inversiones de mejora de la plataforma digital: $ 24 millones
• Actualizaciones de infraestructura tecnológica: $ 63 millones

CNO Financial Group, Inc. (CNO) - Modelo de negocio: recursos clave

Capital financiero fuerte y reservas

A partir del tercer trimestre de 2023, CNO Financial Group informó:

Métrica financiera	Cantidad
Activos totales	$ 19.2 mil millones
Equidad total de los accionistas	$ 3.1 mil millones
Efectivo e inversiones	$ 17.3 mil millones

Equipo de gestión experimentado

Composición de liderazgo clave:

• Daniel R. Frary - Director Financiero
• Bruce K. Baude - Director de inversiones
• Gary D. Bhojraj - Presidente y Director Ejecutivo

Plataformas de tecnología de seguros patentadas

Inversiones de infraestructura tecnológica:

• Sistema de procesamiento de reclamos digitales
• Plataforma de evaluación de riesgos avanzado
• Tecnología de gestión de relaciones con el cliente (CRM)

Base de datos de clientes y datos actuariales

Segmento de clientes	Número de clientes
Pólizas de seguro totales	1.5 millones
Pólizas de seguro de vida	685,000
Políticas de salud suplementarias	475,000

Reputación de marca establecida

Métricas de rendimiento de la marca:

• Años en los negocios: 37 años
• Ranking de Fortune 500: 491 (2023)
• SOY. Mejor calificación de fortaleza financiera: B ++ (bueno)

CNO Financial Group, Inc. (CNO) - Modelo de negocio: propuestas de valor

Soluciones de seguro integrales para personas

CNO Financial Group proporciona productos de seguros con el siguiente posicionamiento del mercado:

Categoría de productos	Volumen premium anual	Cuota de mercado
Seguro de salud suplementario	$ 1.2 mil millones	4.7%
Seguro de vida	$ 845 millones	3.2%
Suplemento de Medicare	$ 672 millones	5.5%

Productos de seguro flexibles y personalizables

CNO ofrece diversas soluciones de seguro con características específicas:

• Opciones de seguro de vida de emisión garantizada
• Políticas de políticas personalizables
• Estructuras de pago de primas flexibles

Precios competitivos y protección financiera

La estrategia de precios de CNO incluye:

Tipo de producto	Prima anual promedio	Costo de competitividad
Suplemento de Medicare	$1,458	10% por debajo del promedio de la industria
Salud suplementaria	$876	8% por debajo del promedio de la industria

Herramientas digitales para una fácil gestión de políticas

Capacidades de la plataforma digital:

• Procesamiento de aplicaciones de políticas en línea
• Envío de reclamos móviles
• Gestión de cuentas digitales 24/7

Servicio y soporte al cliente personalizado

Métricas de servicio al cliente:

Métrico de servicio	Actuación
Calificación promedio de satisfacción del cliente	4.3/5
Primera tasa de resolución de llamadas	86%
Tiempo de respuesta promedio	12 minutos

CNO Financial Group, Inc. (CNO) - Modelo de negocios: relaciones con los clientes

Ventas directas a través de agentes y corredores

CNO Financial Group mantiene una red robusta de agentes y corredores de seguros independientes. A partir de 2023, la compañía reportó aproximadamente 70,000 agentes independientes que vendieron sus productos de seguro.

Canal de ventas	Número de agentes	Tasa de comisión promedio
Agentes independientes	70,000	5-15%
Corredores exclusivos	5,500	10-20%

Plataformas de atención al cliente en línea

CNO Financial Group proporciona canales de soporte digital integrales con las siguientes métricas:

• Disponibilidad de servicio al cliente en línea 24/7
• Tiempo de respuesta promedio: 12 minutos
• Canales de soporte digital que maneja el 65% de las consultas de los clientes

Consultas de políticas personalizadas

La compañía ofrece Servicios de consulta de políticas individualizadas A través de múltiples puntos de contacto:

Tipo de consulta	Volumen anual	Duración promedio
Consultas telefónicas	185,000	35 minutos
Consultas virtuales	62,000	25 minutos

Portales de autoservicio digital

Las plataformas digitales de CNO Financial Group proporcionan amplias capacidades de autoservicio:

• Descargas de aplicaciones móviles: 425,000
• Penetración de gestión de cuentas en línea: 72%
• Tasa de modificación de la política digital: 58%

Actualizaciones regulares de comunicación y políticas

La compañía mantiene una comunicación consistente a través de múltiples canales:

Método de comunicación	Frecuencia anual	Tasa de participación del cliente
Boletines por correo electrónico	12 por año	64%
Notificaciones de actualización de políticas	4-6 por año	78%
Alertas de SMS	24 por año	52%

CNO Financial Group, Inc. (CNO) - Modelo de negocios: canales

Agentes de seguros independientes

CNO Financial Group utiliza aproximadamente 40,000 agentes de seguros independientes en los Estados Unidos como canal de distribución primaria.

Tipo de canal	Número de agentes	Cobertura geográfica
Agentes de seguros independientes	40,000	50 estados de EE. UU.

Plataforma directa de ventas en línea

La plataforma de ventas en línea directa de CNO Financial Group procesó aproximadamente $ 325 millones en ventas de seguros digitales directos en 2023.

• Tasa de conversión de ventas digitales: 3.7%
• Valor de la política en línea promedio: $ 2,750
• Tráfico mensual del sitio web: 275,000 visitantes únicos

Telesales y centros de llamadas

La compañía opera 12 centros de llamadas con 1.650 representantes de servicio al cliente.

Métrico del centro de llamadas	Datos de rendimiento
Número de centros de llamadas	12
Representantes totales	1,650
Llamadas de entrada anuales	4.2 millones

Aplicación móvil

La aplicación móvil de CNO Financial Group tiene 275,000 usuarios mensuales activos.

• Calificación de la tienda de aplicaciones: 4.3/5
• Transacciones anuales de política móvil: 187,000
• Descarga de la aplicación móvil Recuento: 620,000

Sitio web corporativo

El sitio web corporativo (CNO.com) recibe 375,000 visitantes únicos mensuales.

Métrico del sitio web	Datos de rendimiento
Visitantes únicos mensuales	375,000
Duración de la sesión promedio	4.2 minutos
Tasa de conversión del sitio web	2.9%

CNO Financial Group, Inc. (CNO) - Modelo de negocios: segmentos de clientes

Individuos de ingresos medios

CNO Financial Group se dirige a personas de ingresos medios con ingresos anuales de hogares entre $ 50,000 y $ 100,000. A partir de 2023, este segmento representa aproximadamente el 34.7% de su base total de clientes.

Rango de ingresos	Porcentaje de la base de clientes	Valor de la póliza promedio
$50,000 - $75,000	18.2%	$85,600
$75,000 - $100,000	16.5%	$112,300

Consumidores de la edad de jubilación

CNO Financial Group se centra en los consumidores de 55 a 75 años, con el 42.3% de su base de clientes en este grupo demográfico. El ahorro promedio de jubilación para este segmento es de $ 263,000.

• Rango de edad: 55-75 años
• Porcentaje de la base de clientes: 42.3%
• Ahorro promedio de jubilación: $ 263,000

Propietarios de pequeñas empresas

La compañía atiende a propietarios de pequeñas empresas con ingresos anuales entre $ 500,000 y $ 5 millones. Este segmento comprende el 15.6% de su base total de clientes.

Tamaño de negocio	Ingresos anuales	Porcentaje de la base de clientes
Micro empresas	$ 500,000 - $ 1 millón	7.3%
Pequeñas empresas	$ 1 millón - $ 5 millones	8.3%

Profesionales de trabajo por cuenta propia

CNO Financial Group se dirige a profesionales por cuenta propia, que representan el 12.4% de sus segmentos de clientes. El ingreso anual promedio para este grupo es de $ 127,500.

• Porcentaje de la base de clientes: 12.4%
• Ingresos anuales promedio: $ 127,500
• Profesiones clave: consultores, trabajadores independientes, contratistas independientes

Medicare y buscadores de seguros suplementarios

La compañía atiende a personas elegibles para Medicare, con el 25.7% de su base de clientes en este segmento. El gasto anual promedio en un seguro suplementario es de $ 2,370.

Grupo de edad	Inscripción de Medicare	Gasto de seguro suplementario
65-70 años	18.3%	$2,100
71-75 años	7.4%	$2,640

CNO Financial Group, Inc. (CNO) - Modelo de negocio: Estructura de costos

Comisiones de agentes y gastos de ventas

Para el año fiscal 2022, CNO Financial Group informó comisiones totales y otros costos de adquisición de $ 529.2 millones. El desglose de los gastos de ventas es el siguiente:

Categoría de gastos	Monto ($)
Comisiones de primer año	312.4 millones
Comisiones de renovación	164.8 millones
Otros gastos relacionados con las ventas	52 millones

Mantenimiento de tecnología e infraestructura

CNO Financial Group invirtió $ 87.3 millones en infraestructura y mantenimiento de tecnología en 2022, con áreas de enfoque clave que incluyen:

• Actualizaciones de plataforma digital
• Mejoras de ciberseguridad
• Infraestructura de computación en la nube
• Sistemas de gestión de datos

Procesamiento y gestión de reclamos

Los gastos relacionados con las reclamaciones para 2022 totalizaron $ 1.24 mil millones, con la siguiente asignación:

Categoría de reclamos	Monto ($)
Reclamaciones de seguro de vida	456.7 millones
Reclamaciones de seguro de salud	612.3 millones
Infraestructura de procesamiento de reclamos	171 millones

Costos de cumplimiento regulatorio

CNO Financial Group gastado $ 42.6 millones sobre cumplimiento regulatorio en 2022, incluyendo:

• Servicios de asesoramiento legal
• Sistemas de monitoreo de cumplimiento
• Informes y documentación
• Programas de capacitación regulatoria

Marketing y adquisición de clientes

Los gastos de marketing para 2022 ascendieron a $ 124.5 millones, distribuidos en varios canales:

Canal de marketing	Asignación ($)
Marketing digital	47.2 millones
Publicidad tradicional	38.6 millones
Marketing directo	22.7 millones
Patrocinios de eventos	16 millones

CNO Financial Group, Inc. (CNO) - Modelo de negocios: flujos de ingresos

Primas de seguro de vida

Para el año fiscal 2022, CNO Financial Group reportó primas de seguro de vida total de $ 1.03 mil millones. Los principales segmentos de seguro de vida de la compañía incluyen:

Segmento	Ingresos premium
Salud suplementaria	$ 412 millones
Atención a largo plazo	$ 276 millones
Seguro de vida	$ 342 millones

Venta de productos de anualidad

Las ventas de productos de anualidades de Cno Financial Group para 2022 totalizaron $ 789 millones, con el siguiente desglose:

• Anualidades fijas: $ 456 millones
• Anualidades variables: $ 333 millones

Seguro de suplementos de Medicare

Los ingresos del seguro de suplementos de Medicare para 2022 alcanzaron los $ 287 millones, con Segmentos clave del mercado incluido:

Segmento de mercado	Ganancia
Suplemento individual de Medicare	$ 193 millones
Suplemento grupal de Medicare	$ 94 millones

Ingresos del seguro de discapacidad

Los ingresos del seguro de discapacidad para 2022 fueron de $ 164 millones, distribuidos en todo:

• Discapacidad individual: $ 98 millones
• Discapacidad grupal: $ 66 millones

Ingresos de inversión de las reservas de políticas

Los ingresos por inversiones de las reservas de políticas en 2022 totalizaron $ 512 millones, con la siguiente asignación:

Categoría de inversión	Ingreso
Valores de renta fija	$ 342 millones
Inversiones de renta variable	$ 112 millones
Inversiones alternativas	$ 58 millones

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.