CNO Financial Group

What CNO Financial Group does

CNO Financial Group is a holding company for a family of US insurance companies that design, underwrite, and distribute life insurance, supplemental health, annuity, Medicare supplement, and voluntary worksite products targeted at middle-income Americans and pre-retiree consumers. Operations are conducted through multiple subsidiary brands, including Bankers Life, Colonial Penn, Washington National, Optavise, PMA USA, myHealthPolicy.com, and 40|86 Advisors, giving CNO a segmented multi-brand approach to distinct customer cohorts within the same demographic band.

The company carries approximately 3.2 million policies in force and holds roughly $38 billion in total assets. Its distribution platform combines about 5,000 exclusive agents with 7,000+ independent agents operating across 220+ US locations, supplemented by direct-to-consumer and digital channels. Underwriting, policy administration, and agent productivity are supported by a multi-year $170 million technology modernization program (TechMod) launched in 2025, alongside an internally deployed AI talent platform (NODES) used to accelerate recruiting.

CNO generates revenue primarily through recurring insurance premiums, annuity considerations, net investment income on its general account, and fee-based revenues from distribution and administrative services. The Worksite Division Fee Services Business is being exited in Q1 2026, concentrating the revenue mix on underwriting margin, premium persistence, and investment portfolio yield. Investment-grade ratings from all four major rating agencies and 14 consecutive years of dividend increases reflect the predictability of this earnings stream and CNO's role as a capital-return-oriented specialty insurance holding company.

Name

CNO Financial Group

Legal name

CNO Financial Group, Inc.

Website

https://cnoinc.com

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CNO Financial Group is a holding company for US insurance subsidiaries that underwrite and distribute life insurance, supplemental health, annuities, Medicare products, and voluntary worksite benefits to middle-income Americans via 5,000+ exclusive and 7,000+ independent agents across 220+ US locations.

Ownership category

akta.pro rank

Product category

Life and Health Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113), Insurance Carriers and Related Activities (524), Insurance Carriers (5241)

SIC

Life Insurance (6311), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Medicare Plan Distribution & Brokerage (Captive, Independent, FMOs) (FSAIAGAH)

akta.pro secondary industry

Medigap Distribution & Brokerage (Captive/Independent/IMO/FMO) (HLAEADAD)

Keywords

• Life insurance products
• Supplemental health insurance
• Medicare supplement plans
• Annuity products
• Voluntary employee benefits

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurance Premiums: CNO generates revenue through collection of insurance premiums from life insurance, health insurance (including Medicare Supplement, Medicare Advantage, supplemental health, and long-term care), and annuity products. Premiums are recurring in nature as policyholders pay premiums over time.
2. Voluntary Insurance Benefits: Employer-paid and employee-paid voluntary insurance products including accident, critical illness, hospital indemnity, disability, cancer, gap and life insurance sold through worksite enrollment.
3. Financial Services: Wealth management solutions and investment products including fixed interest, fixed indexed and immediate annuities, providing retirement income solutions.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

CNO Financial Group provides life insurance, health insurance, annuities, and financial services to middle-income Americans through a family of brands including Bankers Life, Colonial Penn, Washington National, and Optavise. The company offers 3.2 million policies across term, whole, universal and juvenile life insurance, Medicare Supplement and Medicare Advantage plans, supplemental health, long-term care, fixed/fixed-indexed/immediate annuities, voluntary workplace benefits, and wealth management solutions. With $38 billion in total assets and $2.1 billion in claims paid in 2025, CNO distributes through a 5,000-agent exclusive force, 7,000+ independent agents, and digital channels.

Product overview

CNO Financial Group is a diversified insurance and financial services company serving middle-income America. The company operates through a family of brands including Bankers Life, Colonial Penn, Washington National, Optavise, PMA USA, myHealthPolicy.com, and 40|86 Advisors. Its product portfolio spans life insurance (term, whole life, universal, juvenile), health insurance (supplemental health, Medicare Supplement, Medicare Advantage, long-term care), annuities (fixed interest, fixed indexed, immediate), financial services/wealth management, and voluntary workplace benefits. The brands serve different market segments: Bankers Life and Colonial Penn target pre-retirees and retirees; Washington National and Optavise serve the worksite and employer markets; and 40|86 manages the investment portfolios of CNO's insurance subsidiaries.

Differentiator

Problem solved

Functional benefit

Brands

• Bankers Life: Marketing brand offering life and health insurance products, annuities and investments designed for Americans near or in retirement
• Colonial Penn
• Washington National
• Optavise
• PMA USA
• myHealthPolicy.com
• 40|86 Advisors

Products and services

• Life Insurance
• Medicare Supplement Insurance
• Medicare Advantage Plans and Part D Prescription Drug Plans
• Supplemental Health Insurance
• Long-term Care Insurance
• Annuities
• Voluntary Insurance Benefits

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• Beyond MonumentalcoreStrategic or Co-development Partner · 17 June 2026Nonprofit organization responsible for the Indianapolis Monumental Marathon. CNO has been title sponsor since 2016 and extended sponsorship through 2028. The marathon is one of the 15 largest in the United States with 13 consecutive sellouts.
• NODES / Saad Bin ShafiqcoreTechnology or Integration · 13 February 2026NODES talent intelligence platform deployed at CNO Financial Group across all 215 locations. Platform uses 78 specialized AI agents to analyze patterns in top performers and predict candidate success. Achieved 80% accuracy validated over 10 months, reducing hiring timelines from 127 days to 38 days with $1.58 million in documented savings over three quarters.
• Alzheimer's AssociationcoreGTM or Marketing PartnerCNO and Bankers Life have helped raise more than $7.8 million for the Alzheimer's Association since 2003 through Forget Me Not Days campaign and corporate donations. CNO is a proud supporter of Walk to End Alzheimer's and The Longest Day events.
• American Cancer SocietycoreGTM or Marketing PartnerCNO, Optavise and Washington National supported the American Cancer Society with a $100,000 donation in 2024. Contribution benefits the Road to Recovery program providing transportation to treatment and Hope Lodges nationwide.
• SilverSneakersminorGTM or Marketing PartnerHealth incentive program partner providing fitness and wellness benefits to CNO customers, focusing on preventive care, fitness and healthy aging.
• WholeHealth Living ChoicesminorGTM or Marketing PartnerHealth and wellness program partner offering access to health incentives and programs focusing on preventive care and healthy aging for CNO customers.

Scale indicators19 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Lincoln National Corporation: Lincoln National underwrites life insurance, annuities, and retirement plans, with a strong middle-income and worksite distribution channel. Highly comparable to CNO in product mix (life/annuities/retirement) and customer focus.
• Globe Life: Globe Life underwrites life and supplemental health insurance marketed to middle-income Americans through agency and direct-to-consumer channels. Directly comparable in target demographic and product categories.
• Voya Financial: Voya offers retirement plans, annuities, and individual life insurance with a focus on workplace and middle-market customers. Comparable retirement/annuity mix and worksite distribution.
• Brighthouse Financial: Brighthouse specializes in annuity and life insurance products, including fixed and indexed annuities for retirement income. Closely comparable annuity-led product mix to CNO's 40|86/Bankers Life annuity offerings.
• Unum Group: Unum is a leading provider of group and individual disability, life, and supplemental health insurance, including worksite/voluntary benefits. Comparable to CNO in supplemental health, voluntary/worksite, and group benefits.
• Corebridge Financial: Corebridge provides individual retirement, life insurance, and group retirement products to middle-income and mass-affluent customers. Comparable in retirement and life insurance product set and distribution.
• Primerica: Primerica distributes term life insurance and investment products primarily to middle-income households through a large sales force. Closely mirrors CNO's middle-income focus and agent-driven distribution model.

Emerging players

• SelectQuote: SelectQuote is a direct-to-consumer insurance distributor focused on life and senior health products including Medicare. Competes for the same middle-income/Medicare customer through a digital-led model, contrasting CNO's agent-led approach.

Broad incumbents

• MetLife: MetLife is a global insurance and benefits leader offering life, annuities, and group benefits including voluntary worksite products. Overlaps with CNO in life/annuities/benefits but at materially larger scale and broader geographic reach.
• Humana: Humana is a leading Medicare Advantage insurer and supplemental benefits provider. Overlaps with CNO's Medicare Supplement/Advantage business but operates at significantly larger scale and broader portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CNOFinancial
• Facebookfacebook.com/CNOFinancial
• LinkedInlinkedin.com/company/cno-financial-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CNO Financial Group