CNO Financial Group

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CNO Financial Group Inc.
Formerly called
Conseco Inc. (1979–2010)
Public
Traded as NYSE CNO
S&P 400 Component
Industry Financial services
Founded 1979
Headquarters Carmel, Indiana, United States
Key people
Edward J. Bonach (CEO)
Products Insurance
Revenue Decrease $ 3.8 billion (2015)[1]
Increase $ 367.7 million (2015)[2]
Decrease $ 270.7 million (2015)[3]
Total assets Decrease $ 31.1 billion (2015)[4]
Total equity Decrease $ 4.1 billion (2014)[5]
Number of employees
4,200 (Dec 2012)[6]
Subsidiaries Colonial Penn, Bankers Life, 40/86 Advisors, Washington National Insurance Company
Website cnoinc.com

CNO Financial Group, Inc. (formerly Conseco, Inc. (from Consolidated National Security Corporation; NYSECNO) is a financial services holding company based in Carmel, Indiana.[7] 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 608 on the Fortune 1000 with 2014 revenues of $4.1 billion.

In April 2014 CNO was ranked top 50 most trusted financial institutions by Forbes.[8]

History[edit]

CNO was incorporated in 1979 as Security National of Indiana Corp. by Stephen Hilbert.[9] SNI bought Consolidated National Life Insurance Co. in 1983. 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.[10] 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,[11] though changing the name back to Colonial Penn in 2001 (known as Bankers 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.[12][13] Conseco's bankruptcy was the third-largest U.S. Chapter 11 filing at the time, after the bankruptcies of WorldCom Inc. and Enron[14] In the process of reorganization, GreenTree was divested and thereafter Conseco solely focused on the insurance industry.

CNO's CEO is Edward Bonach.[9] 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.[15]

CNO is the parent company of seven insurance companies, including Bankers Life and Casualty Company and Colonial Penn Life Insurance Company.[6] 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.[16]

In 2015 February, CNO sold its Hyderabad-based India operations to Cognizant.[17][18]

References[edit]

  1. ^ https://finance.yahoo.com/quote/CNO/financials?p=CNO
  2. ^ "CNO Financial, Form 8-K, Annual Report, Filing Date May 11, 2015" (PDF). secdatabase.com. Retrieved Mar 28, 2013. 
  3. ^ https://finance.yahoo.com/quote/CNO/financials?p=CNO
  4. ^ https://finance.yahoo.com/quote/CNO/financials?p=CNO
  5. ^ https://finance.yahoo.com/quote/CNO/financials?p=CNO
  6. ^ a b "CNO Financial, Form 10-K, Annual Report, Filing Date Feb 20, 2015" (PDF). secdatabase.com. Retrieved June 18, 2015. 
  7. ^ See Form 10-K of CNO Financial Group for 2012 at Part I, Item I; Shareholders Overwhelmingly OK Conseco Name Change
  8. ^ http://www.forbes.com/sites/kathryndill/2014/04/01/americas-50-most-trustworthy-financial-companies/
  9. ^ a b See Form 10-K of CNO Financial Group
  10. ^ "COMPANY NEWS; Conseco and I.C.H." The New York Times. August 25, 1988.
  11. ^ YouTube - 1998 - Commercial - Conseco Direct Life - formerly Colonial Penn Life - starring Ed McMahon
  12. ^ "CNO Financial, Form T-3, Filing Date Mar 31, 2003". secdatabase.com. Retrieved Mar 28, 2013. 
  13. ^ "CNO Financial, Form 8-K, Current Report, Filing Date Sep 15, 2003". secdatabase.com. Retrieved Mar 28, 2013. 
  14. ^ "Insurance Firm Conseco Files for Bankruptcy". Los Angeles Times. December 18, 2002. 
  15. ^ Executive Profile of Edward Bonach; Director Profiles
  16. ^ "CNO Financial, Form 8-K, Current Report, Filing Date May 12, 2010" (PDF). secdatabase.com. Retrieved Mar 28, 2013. 
  17. ^ Inc., CNO Financial Group,. "CNO Financial Group Reports Fourth Quarter and Full Year 2014 Results". www.prnewswire.com. Retrieved 2016-10-17. 
  18. ^ "Insurance Company CNO Sells India Operations To Cognizant". www.indiainsurance.co. Retrieved 2016-10-17. 

External links[edit]