CNO Raises 2026 Operating EPS Outlook to $5.05-$5.15 Per Share

CNO Financial Group, Inc. raised its 2026 operating earnings per share (EPS) outlook to $5.05-$5.15, while management said a Bermuda reinsurance treaty helped resolve capital assumptions behind the company’s free cash flow guidance.

CNO cited favorable insurance product margins, net investment income and expense management as factors supporting results.

CNO ceded about $270 million in U.S. statutory graded benefit life reserves to its Bermuda company. Management said the treaty helped resolve assumptions behind free cash flow guidance of $220 million to $240 million. It did not quantify externally how much capital was released.

Management described CNO’s current expense ratio as sustainable, with some room for improvement. It also cautioned that the unusually high contribution from unallocated investment income was not expected to continue.