Research Desk Line-up: Trupanion Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on CNO Financial Group, Inc. (NYSE: CNO), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CNO, following the Company's disclosure of its financial performance on October 25, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Carmel, Indiana-based Company's total revenue and net operating income per diluted share rose on a year-over-year, beating market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Accident & Health Insurance industry. Pro-TD has currently selected Trupanion, Inc. (NASDAQ: TRUP) for due-diligence and potential coverage as the Company announced on November 02, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Trupanion when we publish it.
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During Q3 FY17, CNO Financial total collected premiums from segments were $882.4 million compared to $900.0 million recorded at the end of Q3 FY16. Meanwhile, the Company's total revenues increased in the reported quarter to $1.08 billion from $1.02 billion in Q3 FY16. Total revenues topped Wall Street's projection of $997 million.
The insurance holding Company recorded net income of $100.8 million, or $0.59 per diluted share, in Q3 FY17 compared $18.6 million, or $0.11 per diluted share, in Q3 FY16. The Company's net operating income for Q3 FY17 came in at $76.7 million, or $0.45 per share, versus $64.3 million, or $0.37 diluted per share, in the previous year's comparable quarter. Moreover, CNO Financial's net operating income per share surpassed analysts' estimates of $0.39.
CNO Financial first-year collected premiums were $319.2 million in the quarter ended September 30, 2017, compared to $337.6 million collected in the quarter ended September 30, 2016. New annualized premium for life and health products were $77.4 million in Q3 FY17 compared to $85.6 million in Q3 FY16. Annuity collected premiums were down by 4% to $236.7 million in Q3 FY17 from $245.3 million in Q3 FY16. Furthermore, total annuity account values were $8.43 billion in Q3 FY17, rising 4% from $8.10 billion in the prior year's same quarter.
The Company's policies in-force were down by 1% y-o-y in Q3 FY17 to 3.5 million. The Company's book value per common share increased to $29.10 as on September 30, 2017, from $25.89 as on September 30, 2016. Furthermore, book value per diluted share, excluding accumulated other comprehensive income (loss), increased to $23.19 as on September 30, 2017, from $20.80 as on September 30, 2016.
CNO Financial's Segment Performance
For the quarter ended on September 30, 2017, the Company's Bankers Life segment's total collected premiums were $641.7 million compared to $665.9 million in Q3 FY16. The segment's adjusted EBIT increased during Q3 FY17 to $106.9 million from $88.1 million in Q3 FY16, due to favorable net investment income and favorable incurred claims in long-term care and Medicare supplement blocks of business.
The Company's Washington National segment total collected premiums fell during Q3 FY17 to $107.3 million from $116.3 million in the year-ago same quarter. Meanwhile, the segment's adjusted EBIT improved to $27.5 million in Q3 FY17 from $25.2 million in Q3 FY16, primarily attributed to higher margins on the supplemental health block.
Colonial Penn's total collected premiums grew in the reported period to $72.6 million from $70.7 million in Q3 FY16. Additionally, the segment's adjusted EBIT surged to $9.0 million in Q3 FY17 from $0.9 million in Q3 FY16, principally due to reduced marketing expenses and $3.0 million related to a favorable out-of-period adjustment
Dividend and Share Repurchase
In a separate press release on November 16, 2017, CNO Financial's Board of Directors declared a quarterly cash dividend of $0.09 per share on the Company's common shares. The dividend will be payable December 26, 2017, to shareholders of record at the close of business on December 11, 2017.
During Q3 FY17, the Company repurchased 1.3 million common shares for a total cost of $28.2 million at an average price of $22.19 per share. Furthermore, the Company's remaining share repurchase authorization was 167.8 million shares and had authority to repurchase up to an additional $412.6 million of common stock at the end of the reported quarter.
At the closing bell, on Friday, November 17, 2017, CNO Financial's stock slightly rose 0.63%, ending the trading session at $23.79. A total volume of 507.16 thousand shares have exchanged hands. The Company's stock price soared 7.94% in the last three months, 17.08% in the past six months, and 35.94% in the previous twelve months. Moreover, the stock surged 24.23% since the start of the year. The stock is trading at a PE ratio of 8.60 and has a dividend yield of 1.51%. The stock currently has a market cap of $3.97 billion.
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