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The company’s total new annualized premiums rose by 13%, reflecting robust growth across all business segments. Health insurance new annualized premiums saw a 14% increase, life insurance premiums rose by 11%, the Consumer Division’s premiums increased by 9%, and the Worksite Division reported a premium increase of 36%.
CNO Financial also disclosed a significant growth in its agent count. In the Consumer Division, the number of agents grew by 9%, while the Worksite Division saw an impressive 24% rise.
In addition to these developments, CNO Financial launched its Bermuda affiliate and initiated its first reinsurance transaction during this period. The move is seen as part of the company’s broader strategy to diversify its operations and strengthen its financial standing.
Drawing from InvestingPro’s real-time data and tips, we can gather further insights into CNO Financial’s performance and future prospects.
Firstly, InvestingPro’s data highlights that CNO Financial has a market capitalization of $2730 million and a P/E ratio of 52.14, indicating a high earnings multiple. The company’s revenue for the last twelve months as of Q2 2023 stands at $3907.7 million, with a growth of 4.46%. The gross profit for the same period is $1628.1 million, representing a margin of 41.66%.
InvestingPro Tips suggest that the company’s strong earnings should allow management to continue dividend payments, a practice it has maintained for 12 consecutive years. This is supported by the fact that CNO’s liquid assets exceed its short-term obligations.
However, it’s worth noting that 2 analysts have revised their earnings downwards for the upcoming period, and the net income is expected to drop this year. Despite these concerns, analysts predict the company will remain profitable this year, a trend that has been maintained over the last twelve months.
For those interested in further insights, InvestingPro offers a wealth of additional tips and data points to guide investment decisions.
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