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What were the key takeaways from CNO Financial Group’s earnings call?

- **Record Sales Growth**: Q3 NAP up 26% to $125M, driven by 56% D2C life insurance growth and 23% health insurance expansion.
- **Strategic Restructuring**: $20M annual loss fee services business exited, freeing capital for core insurance and share buybacks.
- **ROE Target Hike**: 2027 operating ROE target raised to +200bps vs. 2024, with 50bps from fee exit and Bermuda treaty.
- **Investment Strength**: 11 consecutive quarters of new money rates >6%, supporting 7% net investment income growth.

**【CEO Opening Remarks】**
- Q3 2025 total new annualized premiums reached $125 million, up 26% YoY, driven by double-digit growth in both Consumer and Worksite divisions.
- Record D2C life insurance sales of $125 million (+56% YoY) due to non-TV marketing (72% of leads) and strategic partnerships.
- Exit of Worksite fee services business (Web Benefits Design and DirectPath) to focus on core insurance operations, with exit process expected to complete by mid-2026.
- 13th consecutive quarter of producing agent comp growth and 11th consecutive quarter of agent count growth.

**【CFO Financial Highlights】**
- Operating EPS of $1.29 (+16% YoY), driven by strong investment results (11 consecutive quarters of new money rates >6%) and cost discipline.
- GAAP net income of $420 million and Non-GAAP EPS of $1.08 exceeded expectations.
- $96.7 million impairment charge on fee services business goodwill, with additional $15-20 million exit costs expected in Q4 2025.
- Updated 2027 operating ROE target raised to +200bps vs. 2024 run rate (from prior +150bps), with 50bps incremental improvement from fee services exit and Bermuda treaty.
- Excess capital deployment: $76 million in Q3 share buybacks, $310 million YTD, with 8% reduction in diluted shares outstanding.

**【Q&A Key Highlights】**
1. **D2C Sales Growth**: CEO emphasized selective partnerships (e.g., Hispanic market) and shifting marketing mix away from TV. Q4 D2C growth expected to moderate due to seasonal trends.
2. **Fee Services Exit Impact**: CFO noted $20 million annual pretax loss elimination and no material impact on Worksite insurance sales. Cash flow impact aligns with GAAP results.
3. **Bermuda Treaty Expansion**: CFO exploring life insurance cessions to diversify product mix, with no immediate statutory impacts.
4. **Medicare Trends**: Actuary confirmed 10% rate increase filings, with continued shift from Medicare Advantage to Supplement plans (+33% Medicare Supplement sales YoY).

CNO Financial Group, Inc. (CNO) Q3 2025 Earnings Call Transcript

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Certain Non-Strategic Investments and Earnings Attributable to Variable Interest Entities

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