Stock Monitor: Triple-S Management Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 16, 2018 / If you want access to our free earnings report on CNO Financial Group, Inc. (NYSE: CNO) ("CNO"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CNO. On April 25, 2018, CNO reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' consensus estimates for earnings but missed revenue forecasts in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
CNO's total revenues reached $1.01 billion for Q1 FY18, reflecting a decrease of 5.87% from $1.07 billion in Q1 FY17. The reported revenue number missed analysts' consensus estimates by $10 million. In the quarter under review, the Company had insurance policy income of $659.90 million, 0.59% lower than $663.80 million in the previous year's same quarter.
CNO's first-year collected premiums were $331.10 million in Q1 FY18, down 4.11% from $345.30 million in Q1 2017. In the quarter under review, the Company's total collected premiums reduced 1.27% to $928.10 million on a y-o-y basis, while new annualized premium (NAP) for life and health products declined 11.15% to $78.10 million on a y-o-y basis. CNO's annuity account value was $8.59 billion for Q1 FY18, up 3.81% from $8.27 billion in Q1 FY17. The Company had 3.5 million policies in force (including third party policies in force) in Q1 FY18, down 1% from prior year's same quarter.
During Q1 FY18, CNO had total expenses and benefits of $899.70 million, 7.63% lower than the $974 million reported in Q1 FY17.
CNO's net income for the quarter ending March 31, 2018, was $84.30 million, 35.31% higher than $62.30 million for the same period in previous year. The Company's diluted earnings per share (DEPS) also rose 38.89% to $0.50 in the reported quarter from $0.36 in the year ago corresponding quarter. The reported income included non-operating items such as net realized investment gains and fair value changes in embedded derivative liabilities. CNO's net operating income (non-GAAP) was $73.90 million in Q1 FY18, an increase of 23.58% from $59.80 million in Q1 FY17. The Company's net operating income per diluted share also advanced 29.41% to $0.44 in the reported quarter from $0.34 in Q1 FY17. This exceeded analysts' consensus estimates by $0.01 per share.
CNO Financial Group's Segment Details
The Bankers Life segment had adjusted earnings before interest and tax (EBIT) of $89.50 million in Q1 FY18, down 0.22% on a y-o-y basis. This segment's total collected premiums were $672.50 million in the reported quarter, down 2.22% on a y-o-y basis. The Bankers life segment's new annualized premiums for life and health products also decreased 13.98% to $35.70 million on a y-o-y basis in Q1 FY18.
The Washington National segment's adjusted EBIT was $34.30 million in Q1 FY18, an increment of 45.96% from Q1 FY17. This segment's total collected premiums were $176.20 million in the quarter under review, up 1.79% from prior year's corresponding quarter. This segment's new annualized premiums from life and health products were $23.80 million in Q1 FY18, down 3.25% from Q1 FY17.
For Q1 FY18, the Colonial Penn segment had pretax loss of $1.50 million compared to $0.30 million in Q1 FY17. This segment's total collected premiums were $75.30 million in Q1 FY18, up 1.07% on a y-o-y basis. The Colonial Penn segment's new annualized premiums were $18.60 million in the reported quarter, a decrease of 11.15% from year ago comparable quarter.
The Long-term care in run-off segment only included the long-term care business that was recaptured in September 2016. This segment's adjusted EBIT was nil in Q1 2018 compared to $0.40 million in Q1 2017. This segment's total collected premiums were $4.10 million in the quarter under review compared to $4.60 million in the previous year's same quarter.
CNO holding had unrestricted cash and investments of $378 million as on March 31, 2018, compared to $397 million as on December 31, 2017.
CNO paid common stock dividends of $15.40 million in 1Q FY18. However, the Company made no repurchases of common stock in the reported quarter.
The Company had a debt-to-capital ratio of 16.50% as on March 31, 2018, an increase of 0.60 percentage points from 15.90% as on December 31, 2017. The Company's debt-to-total capital ratio, excluding accumulated other comprehensive income was 19.70% as on March 31, 2018, compared to 20.10% as on December 31, 2017.
Stock Performance Snapshot
May 15, 2018 - At Tuesday's closing bell, CNO Financial Group's stock slightly rose 0.65%, ending the trading session at $20.04.
Volume traded for the day: 766.56 thousand shares.
After yesterday's close, CNO Financial Group's market cap was at $3.40 billion.
Price to Earnings (P/E) ratio was at 9.21.
The stock has a dividend yield of 1.80%.
The stock is part of the Financial sector, categorized under the Accident & Health Insurance industry.
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