CNO Financial Group (CNO) Tops Q4 EPS by 2c, Revenues Beat
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CNO Financial Group (NYSE: CNO) reported Q4 EPS of $0.61, $0.02 better than the analyst estimate of $0.59. Revenue for the quarter came in at $1.08 billion versus the consensus estimate of $887.19 million.
Fourth Quarter 2020 Highlights
- Operating (1) EPS up 17% from 4Q19 to $0.61
- Life sales up 6%; direct-to-consumer sales up 10% from 4Q19
- Insurance product margin up 15% from 4Q19; favorably impacted by health care deferrals
- Net investment income up 13% from 4Q19
- Book value per share was $40.54, up 28% from 4Q19; book value per diluted share, excluding accumulated other comprehensive income (2), was $23.95, up 8% from 4Q19
- Returned $116.6 million to shareholders in the form of share repurchases ($100.0 million) and dividends ($16.6 million); reduced weighted average share count by 7% since 4Q19
"CNO reported strong fourth quarter and full year results in the face of a very challenging year," said Gary C. Bhojwani, chief executive officer. "I am particularly pleased with the continued momentum in our Consumer Division and our expanding digital and direct-to-consumer capabilities, which offset COVID-related weakness in other areas. Our results throughout the pandemic and in the historically low interest rate environment demonstrated the resiliency of our diverse product portfolio and distribution networks. I am very proud of our dedicated associates and exclusive agents that helped us deliver on our promises to customers."
"Our strong earnings, high quality investment portfolio and robust cash flow generation enabled us to return $330 million to shareholders this year," added Bhojwani. "This represents 12% of our market capitalization as of the start of 2020. While we face considerable near-term headwinds in 2021, CNO's middle-market focus, differentiated business model and solid balance sheet position us to successfully navigate short-term disruption and remain focused on the longer-term opportunity ahead to deliver continued shareholder value."
For earnings history and earnings-related data on CNO Financial Group (CNO) click here.
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