CNO Financial Group

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Not to be confused with Canseco (disambiguation).
CNO Financial Group
Type Public
Traded as NYSE CNO
Industry Financial services
Founded 1979
Headquarters Carmel, Indiana, United States
Key people Edward J. Bonach (CEO)
Products Insurance
Revenue Increase $ 4.342 billion (2012)[1]
Operating income Decrease $ 155.7 million (2012)[1]
Net income Decrease $ 221.0 million (2012)[1]
Total assets Increase $ 6.351 billion (2012)[1]
Total equity Increase $ 5.049 billion (2012)[1]
Employees 4,200 (Dec 2012)[1]
Subsidiaries Colonial Penn, Bankers Life and Casualty, 40/86 Advisors, Washington National Insurance Company
Website cnoinc.com

CNO Financial Group, Inc. (formerly Conseco, Inc.; NYSECNO) is a financial services holding company based in Carmel, Indiana.[2] CNO's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than four million customers in the United States. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail.

CNO is currently ranked 503 on the Fortune 1000 with 2007 revenues of $4.5 billion.

In April of 2014 CNO was ranked top 50 most trusted financial institutions by Forbes.

History[edit]

CNO was incorporated in 1979 as Conseco, Inc.[3] It began insurance operations in 1982 and became a public company in 1985.

In 1986 Conseco acquired Lincoln Income Life Insurance Company for $29 per share or $32.3 mil. Shearson Lehman Brothers advised Lincoln Income Life Insurance. Earlier, in mid-1985, Lincoln had agreed to be acquired by I.C.H.[4] for $31 per share in cash but the merger couldn't be consummated as the Kentucky Department of Insurance raised objections to certain expenses which Lincoln would have incurred in the merger. Lincoln also received a merger proposal from Redgate in 1985. Satisfied with its recipe for acquiring and improving insurance companies, Conseco stepped up its acquisition efforts in 1986. It purchased Bankers National Life Insurance Company for $118 million, respectively.

In 1998, Conseco purchased the former Greentree Financial, one of the largest financiers of mobile homes, in an attempt to diversify into consumer financial services. They also bought life insurance company Colonial Penn later that year, changing their name to Conseco Direct Life, [5] though changing the name back to Colonial Penn in 2001 (known as Banker's Conseco Life Insurance Company in New York state). Conseco (though not its subsidiary insurance companies) entered Chapter 11 reorganization in 2002 and emerged nine months later in 2003.[6][7] Conseco's bankruptcy was the third-largest U.S. Chapter 11 filing at the time, after the bankruptcies of WorldCom Inc. and Enron Corp.[8] In the process of reorganization, GreenTree was divested and thereafter Conseco solely focused on the insurance industry.

CNO's CEO is Edward Bonach.[3] He joined the company in May 2007 as the CFO and became CEO in October 2011. Bonach is also a member of CNO's Board of Directors.[9]

CNO is the parent company of seven insurance companies, including Bankers Life and Casualty Company and Colonial Penn Life Insurance Company.[1] CNO also owns 40/86 Advisors, an investment management company and Washington National Insurance Company.

On May 11, 2010, the board of directors officially approved changing the holding company's name to CNO Financial Group.[10]

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