Q2 2024 CNO Financial Group Inc Earnings Call Transcript
Key Points
- CNO Financial Group Inc (CNO) reported a 94% increase in operating earnings per diluted share, reaching $1.05.
- The company achieved its eighth consecutive quarter of sales production growth and sixth consecutive quarter of growth in producing agent counts.
- Total new annualized premium increased by 4% across the enterprise, with Medicare Advantage sales up 78%.
- Book value per diluted share, excluding AOCI, rose by 11% to $36.
- CNO Financial Group Inc (CNO) raised its full-year guidance on operating earnings per share to $3.30 to $3.50, reflecting strong second-quarter results.
- Life production declined due to reduced spending on direct-to-consumer marketing, impacted by higher lead costs and increased competition for television media space.
- The company experienced higher surrender rates in fixed indexed annuities compared to the previous year.
- There is uncertainty regarding claims experience, which could potentially lead to less favorable results in future quarters.
- The company faces tougher comparables for agent count growth as the population of agents increases.
- CNO Financial Group Inc (CNO) has not provided a precise timeframe for achieving its target return on equity levels, which are currently below industry peers.
Welcome to the CNO Group Financial second-quarter 2024 earnings call. (Operator Instructions) My name is Karlie, and I'll be coordinating the call today.
I would now like to hand over to Adam Auvil to begin.
Good morning and thank you for joining us on CNO Financial Group's second quarter 2024 earnings conference all. Today's presentation will include remarks from Gary Bhojwani, Chief Executive Officer; and Paul McDonough, Chief Financial Officer. Following the presentation, we will also have other business leaders available for the question-and-answer period.
During this conference call, we will be referring to information contained in yesterday's press release. You can obtain the release by visiting the media section of our website at cnoinc.com. This morning's presentation is also available in the Investors section of our website and was filed in a Form 8-K yesterday. We expect to file our Form 10-Q and posted on our website on or before August 7
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