The raised 2026 operating EPS guidance ($5.05-$5.15) and 17th consecutive quarter of sales growth signal sustained operational momentum. Watch the Q4 2026 earnings call for updates on the Bermuda reinsurance program and the new long-term operating ROE target expected in February 2027.
Price Chart
Executive Summary
CNO Financial Group reported Q3 2026 net operating income of $179.1M ($1.90 per diluted share), up 47% from $1.29 in Q3 2025, driven by strong sales momentum, favorable underwriting, and a $56.3M net favorable impact from the annual actuarial review. The company raised its full-year 2026 operating EPS guidance by 9% at the midpoint, reflecting confidence in continued profitability improvement. Revenue (insurance policy income plus net investment income) grew, and total insurance product margin excluding significant items rose 7% year-over-year.
Key Financial Metrics
Key Facts
- Net operating income of $179.1M ($1.90 per diluted share) in Q3 2026, up 47% from $1.29 in Q3 2025
- Net income of $161.1M ($1.71 per diluted share) vs $23.1M ($0.24) in Q3 2025
- Total insurance product margin excluding significant items was $276.7M, up 7% from $259.2M in Q3 2025
- Raising 2026 operating EPS guidance to $5.05-$5.15, midpoint up 9% from prior guidance
- Book value per diluted share excluding AOCI was $41.29, up 8% from $38.10 a year ago
- Repurchased $60.0M of common stock in Q3 2026; $240.4M remaining under repurchase program
- Closed 3rd reinsurance transaction with Bermuda affiliate on October 1, 2026, reinsuring ~$270M of reserves
- 17th consecutive quarter of total new annualized premium growth
- Operating return on equity (excluding significant items) of 14.1% vs 11.2% a year ago
Financial Impact
Net operating income rose $51.9M (41%) year-over-year to $179.1M; operating EPS up 47% to $1.90
Segment Breakdown
| Segment | Revenue |
|---|---|
| Annuity | $177.7M |
| Health | $520.1M |
| Life | $273.0M |
Risk Factors
- Q3 results include a $56.3M net favorable impact from the annual actuarial review, which is non-recurring and may not repeat
- Medicare Supplement margin fell sharply to $3.2M (2% margin) from $21.2M (14% margin) a year ago due to higher morbidity
- Net realized investment losses were $48.3M in Q3 2026 vs $8.8M in Q3 2025
- AOCI loss widened to $1,545.8M from $1,118.9M a year ago, reducing book value per share to $25.34 from $27.24
- Debt-to-capital ratio rose to 36.5% from 33.6% at year-end 2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068264 |
| Exhibit: exhibit991-09302026earnings.htm | 0001628280-26-068264 |
| Document: cnofinancial_invxpresx3q.htm | 0001628280-26-068264 |
| Document: cno-20261029.htm | 0001628280-26-068264 |
| Document: 0001628280-26-068264-index-headers.html | 0001628280-26-068264 |
| Document: 0001628280-26-068264-index.html | 0001628280-26-068264 |
| Document: 0001628280-26-068264.txt | 0001628280-26-068264 |
| 8-K Data (Synthetic) | 0001628280-26-068264 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 3d ago | Press Release | $57.60 | awaiting T+60 | awaiting T+60 | $57.67 (+0.12%) |
Oct 15, 2026 17d ago | Press Release | $54.71 | awaiting T+60 | awaiting T+60 | $57.67 (+5.41%) |
Sep 2, 2026 8w ago | Insider Cluster | $56.72 | awaiting T+60 | awaiting T+60 | $57.67 (+1.67%) |
Sep 1, 2026 8w ago | 8-K | $54.54 | awaiting T+60 | awaiting T+60 | $57.67 (+5.74%) |
Aug 5, 2026 12w ago | Press Release | $55.48 $55.17 | ▼ −0.56% | ▲ +0.87% | $57.67 (+3.95%) |
Jul 30, 2026 13w ago | Press Release | $55.09 $54.20 | ▼ −1.62% | ▼ −4.07% | $57.67 (+4.68%) |
Jul 1, 2026 17w ago | Insider Cluster | $52.43 $53.64 | ▲ +2.31% | ▼ −0.49% | $57.67 (+9.99%) |
Mar 26, 2026 31w ago | DEFA14A | No price | awaiting T+60 | awaiting T+60 | No price |
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