CNO Financial Group, Inc. (CNO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des services financiers, CNO Financial Group, Inc. se distingue comme une puissance stratégique, offrant des solutions d'assurance innovantes qui répondent à divers besoins des consommateurs. En fabriquant méticuleusement une toile complète du modèle commercial, CNO s'est positionné comme une organisation polyvalente et centrée sur le client qui relie la protection, la flexibilité et le progrès technologique. Des produits d'assurance personnalisés aux plateformes numériques de pointe, l'approche de CNO démontre une compréhension nuancée des demandes du marché et des attentes des consommateurs, ce qui en fait un acteur convaincant dans l'écosystème d'assurance.

CNO Financial Group, Inc. (CNO) - Modèle commercial: partenariats clés

Réseaux de distribution d'assurance et agents indépendants

CNO Financial Group s'associe à un réseau d'environ 70 000 agents d'assurance indépendants aux États-Unis. Ces canaux de distribution comprennent:

Type de partenaire	Nombre de partenaires	Couverture géographique
Agents d'assurance indépendants	70,000	50 États américains
Sociétés de courtage	Environ 500	Présence nationale

Réassurance des entreprises pour la gestion des risques

CNO Financial Group collabore avec plusieurs partenaires de réassurance pour gérer et distribuer des risques d'assurance:

• Groupe Munich Re
• Suisse re
• Hanover re
• SCOR GLOBAL VIE

Partenaire de réassurance	Type de couverture des risques	Prime de réassurance annuelle estimée
Groupe Munich Re	Vie et rente	125 millions de dollars
Suisse re	Soins de longue durée	85 millions de dollars

Vendeurs technologiques pour l'infrastructure numérique

Les partenariats technologiques clés comprennent:

• Microsoft Azure pour l'infrastructure cloud
• Salesforce pour la gestion de la relation client
• IBM pour les solutions de cybersécurité

Partenaire technologique	Service fourni	Investissement annuel
Microsoft Azure	Infrastructure cloud	15 millions de dollars
Salesforce	Plate-forme CRM	7,5 millions de dollars

Sociétés de conseil et de conseil financiers

CNO Financial Group maintient des partenariats stratégiques avec:

• Deloitte
• Pwc
• McKinsey & Entreprise

Fournisseurs de soins de santé et réseaux

Les partenariats stratégiques de santé comprennent:

Partenaire de santé	Focus de partenariat	Portée géographique
UnitedHealthcare	Traitement des réclamations	National
Humana	Supplément Medicare	National

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: activités clés

Souscription des produits de vie et d'assurance maladie

CNO Financial Group souscrit des produits d'assurance avec un portefeuille d'une valeur de 21,1 milliards de dollars d'actifs totaux au T2 2023. Les gammes de produits d'assurance de la société comprennent:

• Assurance maladie supplémentaire
• Assurance-vie
• Produits de rente

Catégorie de produits	Les primes totales écrites (2023)
Assurance maladie supplémentaire	1,47 milliard de dollars
Assurance-vie	892 millions de dollars
Produits de rente	623 millions de dollars

Traitement et gestion des réclamations

CNO Financial Group traité 2,3 millions de réclamations d'assurance en 2023, avec un temps de traitement moyen de 7,4 jours par réclamation.

Type de réclamation	Volume	Temps de traitement moyen
Réclamations de santé	1,4 million	6,2 jours
Réclamations d'assurance-vie	540,000	9.1 jours
Réclamations de rente	360,000	8,3 jours

Évaluation des risques et optimisation du portefeuille

CNO maintient un ratio de capital pondéré en fonction des risques de 451% au T4 2023, indiquant une stabilité financière solide.

• Capital total basé sur le risque: 3,2 milliards de dollars
• Diversification du portefeuille d'investissement: 68% de titres à revenu fixe, 22% des titres adossés à des créances hypothécaires, 10% d'autres investissements

Service client et assistance

CNO fonctionne 12 centres de service à la clientèle Aux États-Unis, gérer environ 1,8 million d'interactions clients par an.

Canal de service	Interactions annuelles
Support téléphonique	1,2 million
Assistance en ligne	420,000
Soutien en personne	180,000

Développement et innovation de produits

CNO a investi 87 millions de dollars de recherche et développement pour les nouveaux produits d'assurance en 2023.

• 3 nouveaux lancements de produits d'assurance
• Investissements d'amélioration de la plate-forme numérique: 24 millions de dollars
• Mises à niveau des infrastructures technologiques: 63 millions de dollars

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: Ressources clés

Capital financier solide et réserves

Au troisième rang 2023, CNO Financial Group a rapporté:

Métrique financière	Montant
Actif total	19,2 milliards de dollars
Total des capitaux propres des actionnaires	3,1 milliards de dollars
Espèce et investissements	17,3 milliards de dollars

Équipe de gestion expérimentée

Composition clé du leadership:

• Daniel R. Frary - directeur financier
• Bruce K. Baude - directeur des investissements
• Gary D. Bhojraj - président et chef de la direction

Plateformes de technologie d'assurance propriétaire

Investissements infrastructures technologiques:

• Système de traitement des réclamations numériques
• Plateforme avancée d'évaluation des risques
• Technologie de gestion de la relation client (CRM)

Base de données client et données actuarielles

Segment de clientèle	Nombre de clients
Polices d'assurance totales	1,5 million
Polices d'assurance-vie	685,000
Politiques de santé supplémentaires	475,000

Réputation de la marque établie

Métriques de performance de la marque:

• Années d'activité: 37 ans
• Fortune 500 Classement: 491 (2023)
• SUIS. Meilleure note de force financière: B ++ (bon)

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance complètes pour les particuliers

CNO Financial Group fournit des produits d'assurance le positionnement du marché suivant:

Catégorie de produits	Volume de prime annuel	Part de marché
Assurance maladie supplémentaire	1,2 milliard de dollars	4.7%
Assurance-vie	845 millions de dollars	3.2%
Supplément Medicare	672 millions de dollars	5.5%

Produits d'assurance flexibles et personnalisables

CNO propose diverses solutions d'assurance avec des caractéristiques spécifiques:

• Options d'assurance-vie GARANTITES
• Riders politiques personnalisables
• Structures de paiement premium flexibles

Prix ​​compétitifs et protection financière

La stratégie de tarification du CNO comprend:

Type de produit	Prime annuelle moyenne	Compétitivité des coûts
Supplément Medicare	$1,458	10% en dessous de la moyenne de l'industrie
Santé supplémentaire	$876	8% en dessous de la moyenne de l'industrie

Outils numériques pour une gestion des politiques faciles

Capacités de plate-forme numérique:

• Traitement des applications de politique en ligne
• Soumission de revendications mobiles
• Gestion de compte numérique 24/7

Service client et assistance personnalisés

Métriques du service client:

Métrique de service	Performance
Évaluation moyenne de satisfaction du client	4.3/5
Premier taux de résolution d'appel	86%
Temps de réponse moyen	12 minutes

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: relations clients

Ventes directes par le biais d'agents et de courtiers

CNO Financial Group maintient un réseau robuste d'agents d'assurance indépendants et de courtiers. En 2023, la société a déclaré environ 70 000 agents indépendants vendant ses produits d'assurance.

Canal de vente	Nombre d'agents	Taux de commission moyen
Agents indépendants	70,000	5-15%
Courtiers exclusifs	5,500	10-20%

Plateformes de support client en ligne

CNO Financial Group fournit des canaux de support numériques complets avec les mesures suivantes:

• Disponibilité du service client 24/7 en ligne
• Temps de réponse moyen: 12 minutes
• Canaux de support numériques gantant 65% des demandes des clients

Consultations politiques personnalisées

La société propose Services de consultation de politique individualisés à travers plusieurs points de contact:

Type de consultation	Volume annuel	Durée moyenne
Consultations téléphoniques	185,000	35 minutes
Consultations virtuelles	62,000	25 minutes

Portails en libre-service numériques

Les plates-formes numériques de CNO Financial Group offrent des capacités de libre-service étendues:

• Téléchargements d'applications mobiles: 425 000
• Pénétration de gestion des comptes en ligne: 72%
• Taux de modification de la politique numérique: 58%

Mises à jour régulières de la communication et des politiques

La société maintient une communication cohérente via plusieurs canaux:

Méthode de communication	Fréquence annuelle	Taux d'engagement client
Envoyez des newsletters	12 par an	64%
Notifications de mise à jour des politiques	4-6 par an	78%
Alertes SMS	24 par an	52%

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: canaux

Agents d'assurance indépendants

CNO Financial Group utilise environ 40 000 agents d'assurance indépendants aux États-Unis comme canal de distribution principal.

Type de canal	Nombre d'agents	Couverture géographique
Agents d'assurance indépendants	40,000	50 États américains

Plateforme de vente en ligne directe

La plate-forme de vente directe en ligne directe du CNO Financial Group a traité environ 325 millions de dollars de ventes d'assurance numérique directe en 2023.

• Taux de conversion des ventes numériques: 3,7%
• Valeur de politique en ligne moyenne: 2 750 $
• Trafic mensuel du site Web: 275 000 visiteurs uniques

Télévenant et centres d'appel

La société exploite 12 centres d'appels avec 1 650 représentants du service à la clientèle.

Métrique du centre d'appel	Données de performance
Nombre de centres d'appels	12
Représentants totaux	1,650
Appels entrants annuels	4,2 millions

Application mobile

L'application mobile de CNO Financial Group compte 275 000 utilisateurs mensuels actifs.

• Note de l'App Store: 4.3 / 5
• Transactions annuelles de politique mobile: 187 000
• Nombre de téléchargement d'application mobile: 620 000

Site Web de l'entreprise

Le site Web de l'entreprise (CNO.com) reçoit 375 000 visiteurs uniques mensuels.

Métrique du site Web	Données de performance
Visiteurs uniques mensuels	375,000
Durée moyenne de la session	4,2 minutes
Taux de conversion du site Web	2.9%

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: segments de clientèle

Individus à revenu moyen

CNO Financial Group cible les personnes à revenu moyen avec des revenus annuels des ménages entre 50 000 $ et 100 000 $. En 2023, ce segment représente environ 34,7% de sa clientèle totale.

Gamme de revenus	Pourcentage de clientèle	Valeur de politique moyenne
$50,000 - $75,000	18.2%	$85,600
$75,000 - $100,000	16.5%	$112,300

Consommateurs de la retraite

CNO Financial Group se concentre sur les consommateurs âgés de 55 à 75 ans, avec 42,3% de leur clientèle dans ce groupe démographique. L'économie de retraite moyenne pour ce segment est de 263 000 $.

• Tranche d'âge: 55 à 75 ans
• Pourcentage de la clientèle: 42,3%
• Économies de retraite moyenne: 263 000 $

Propriétaires de petites entreprises

La société dessert les propriétaires de petites entreprises avec des revenus annuels entre 500 000 $ et 5 millions de dollars. Ce segment représente 15,6% de sa clientèle totale.

Taille de l'entreprise	Revenus annuels	Pourcentage de clientèle
Micro-entreprises	500 000 $ - 1 million de dollars	7.3%
Petites entreprises	1 million de dollars - 5 millions de dollars	8.3%

Professionnels indépendants

CNO Financial Group cible les professionnels indépendants, ce qui représente 12,4% de leurs segments de clientèle. Le revenu annuel moyen de ce groupe est de 127 500 $.

• Pourcentage de la clientèle: 12,4%
• Revenu annuel moyen: 127 500 $
• Professions clés: consultants, pigistes, entrepreneurs indépendants

Medicare et demandeurs d'assurance supplémentaires

L'entreprise dessert des individus éligibles à Medicare, avec 25,7% de leur clientèle dans ce segment. Les dépenses annuelles moyennes en assurance supplémentaire sont de 2 370 $.

Groupe d'âge	Inscription à l'assurance-maladie	Dépenses d'assurance complémentaire
65-70 ans	18.3%	$2,100
71-75 ans	7.4%	$2,640

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: Structure des coûts

Commissions d'agent et frais de vente

Pour l'exercice 2022, CNO Financial Group a déclaré des commissions totales et d'autres coûts d'acquisition de 529,2 millions de dollars. La ventilation des dépenses de vente est la suivante:

Catégorie de dépenses	Montant ($)
Commissions de première année	312,4 millions
Commissions de renouvellement	164,8 millions
Autres dépenses liées aux ventes	52 millions

Maintenance de technologie et d'infrastructure

CNO Financial Group a investi 87,3 millions de dollars dans l'infrastructure et la maintenance technologiques en 2022, avec des domaines de mise au point clés, notamment:

• Mises à niveau de la plate-forme numérique
• Améliorations de la cybersécurité
• Infrastructure de cloud computing
• Systèmes de gestion des données

Traitement et gestion des réclamations

Les dépenses liées aux réclamations pour 2022 ont totalisé 1,24 milliard de dollars, avec l'allocation suivante:

Catégorie des réclamations	Montant ($)
Réclamations d'assurance-vie	456,7 millions
Réclamations d'assurance maladie	612,3 millions
Infrastructure de traitement des réclamations	171 millions

Coûts de conformité réglementaire

CNO Financial Group dépensé 42,6 millions de dollars sur la conformité réglementaire en 2022, notamment:

• Services de conseil juridique
• Systèmes de surveillance de la conformité
• Rapports et documentation
• Programmes de formation réglementaire

Marketing et acquisition de clients

Les frais de marketing pour 2022 s'élevaient à 124,5 millions de dollars, distribués sur divers canaux:

Canal de marketing	Allocation ($)
Marketing numérique	47,2 millions
Publicité traditionnelle	38,6 millions
Marketing direct	22,7 millions
Commandites d'événements	16 millions

CNO Financial Group, Inc. (CNO) - Modèle d'entreprise: Strots de revenus

Primes d'assurance-vie

Pour l'exercice 2022, CNO Financial Group a déclaré des primes d'assurance-vie totales de 1,03 milliard de dollars. Les principaux segments d'assurance-vie de l'entreprise comprennent:

Segment	Revenus de primes
Santé supplémentaire	412 millions de dollars
Soins de longue durée	276 millions de dollars
Assurance-vie	342 millions de dollars

Ventes de produits de rente

Les ventes de produits de rente de CNO Financial Group pour 2022 ont totalisé 789 millions de dollars, avec la ventilation suivante:

• Sentités fixes: 456 millions de dollars
• Rentes variables: 333 millions de dollars

Assurance des suppléments Medicare

Les revenus d'assurance de supplément Medicare pour 2022 ont atteint 287 millions de dollars, avec segments de marché clés y compris:

Segment de marché	Revenu
Supplément à l'assurance-maladie individuelle	193 millions de dollars
Supplément de l'assurance-maladie en groupe	94 millions de dollars

Revenus d'assurance handicapés

Les revenus d'assurance handicapés pour 2022 se sont élevés à 164 millions de dollars, distribués à travers:

• Invalidité individuelle: 98 millions de dollars
• Invalidité du groupe: 66 millions de dollars

Revenu de placement des réserves de politique

Les revenus de placement des réserves de politique en 2022 ont totalisé 512 millions de dollars, avec la répartition suivante:

Catégorie d'investissement	Revenu
Titres à revenu fixe	342 millions de dollars
Investissements en actions	112 millions de dollars
Investissements alternatifs	58 millions de dollars

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.