CNO Financial Group
{{Short description|American financial services holding company}}
{{Infobox company
| name = CNO Financial Group Inc.
| logo = CNO Financial Group logo.svg
| type = Public
| traded_as = {{NYSE|CNO}}
S&P 400 Component
| foundation = {{start date and age|1979}}
| former_name = Conseco Inc. (1979–2010)
| location = Carmel, Indiana, United States
| key_people = Gary C. Bhojwani (CEO)
| industry = Financial services
| revenue = {{decrease}} $ 3.8 billion (2015){{cite web |title=CNO Financial Group, Inc. (CNO) Income Statement |url=https://finance.yahoo.com/quote/CNO/financials?p=CNO |website=finance.yahoo.com |accessdate=27 October 2019}}
| operating_income = {{increase}} $ 367.7 million (2015){{cite web|url=http://pdf.secdatabase.com/2987/0001224608-15-000027.pdf |title=CNO Financial, Form 8-K, Annual Report, Filing Date May 11, 2015 |publisher=secdatabase.com |accessdate =Mar 28, 2013}}
| net_income = {{decrease}} $ 270.7 million (2015)
| assets = {{decrease}} $ 31.1 billion (2015)
| equity = {{decrease}} $ 4.1 billion (2014)
| num_employees_year = 2017
| products = Insurance
| subsid = Colonial Penn, Bankers Life, 40/86 Advisors, Washington National Insurance Company
| website = https://www.cnoinc.com/
}}
CNO Financial Group, Inc. (formerly Conseco, Inc. (from Consolidated National Security Corporation)) is an American financial services holding company based in Carmel, Indiana.See [https://www.sec.gov/Archives/edgar/data/1224608/000122460813000017/cno1231201210-k.htm Form 10-K of CNO Financial Group for 2012] at Part I, Item I; [http://www.ibj.com/shareholders-overwhelmingly-approve-conseco-name-change/PARAMS/article/19882 Shareholders Overwhelmingly OK Conseco Name Change] Its 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 Financial Group is the parent company of seven insurance companies, including Bankers Life and Casualty Company and Colonial Penn Life Insurance Company.{{cite web|url=http://pdf.secdatabase.com/2987/0001224608-15-000027.pdf |title=CNO Financial, Form 10-K, Annual Report, Filing Date Feb 20, 2015 |publisher=secdatabase.com |accessdate =June 18, 2015}} They also own 40/86 Advisors, an investment management company and Washington National Insurance Company.
History
CNO Financial was incorporated in 1979 as Security National of Indiana Corp. by Stephen Hilbert.See [https://www.sec.gov/Archives/edgar/data/1224608/000122460813000017/cno1231201210-k.htm Form 10-K of CNO Financial Group] SNI bought Consolidated National Life Insurance Co. in 1983. It began insurance operations in 1982 and became a public company in 1985.{{Citation needed|date=February 2020}}
In 1986, Conseco acquired Lincoln Income Life Insurance Company at $29 per share for $32.3 million. Shearson Lehman Brothers advised Lincoln Income Life Insurance. Earlier, in mid-1985, Lincoln had agreed to be acquired by I.C.H.[https://www.nytimes.com/1988/08/25/business/company-news-conseco-and-ich.html?pagewanted=1 "COMPANY NEWS; Conseco and I.C.H."] The New York Times. August 25, 1988. for $31 per share in cash but the merger could not 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.{{Citation needed|date=August 2017}}
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, 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.{{cite web|url=http://edgar.secdatabase.com/1960/122460803000001/filing-main.htm |title=CNO Financial, Form T-3, Filing Date Mar 31, 2003 |publisher=secdatabase.com |accessdate =Mar 28, 2013}}{{cite web|url=http://edgar.secdatabase.com/1968/122460803000009/filing-main.htm |title=CNO Financial, Form 8-K, Current Report, Filing Date Sep 15, 2003 |publisher=secdatabase.com |accessdate =Mar 28, 2013}} Conseco's bankruptcy was the third largest U.S. Chapter 11 filing at the time, after the bankruptcies of WorldCom Inc. and Enron.{{cite news |url=https://www.latimes.com/archives/la-xpm-2002-dec-18-na-briefs18.2-story.html |title=Insurance Firm Conseco Files for Bankruptcy |date=December 18, 2002 | work=Los Angeles Times}} In the process of reorganization, GreenTree was divested and thereafter Conseco solely focused on the insurance industry.{{Citation needed|date=August 2017}}
From its opening in 1999 until 2011, the company (when it was known as Conseco) held the naming rights to the home arena of the NBA's Indiana Pacers; the naming rights were transferred to Bankers Life in 2011.{{Cite press release |url= http://www.bankerslifefieldhouse.com/news/conseco_fieldhouse_renamed_bankers_life_fieldhouse/ |title= Conseco Fieldhouse Renamed Bankers Life Fieldhouse |work= Bankers Life Fieldhouse |date= 2011-12-22 |url-status= dead |archive-url= https://web.archive.org/web/20130119121812/http://www.bankerslifefieldhouse.com/news/conseco_fieldhouse_renamed_bankers_life_fieldhouse/ |archive-date= 2013-01-19 }}
On May 11, 2010, the board of directors officially approved changing the holding company's name to CNO Financial Group.{{cite web|url=http://pdf.secdatabase.com/2313/0001224608-10-000020.pdf |title=CNO Financial, Form 8-K, Current Report, Filing Date May 12, 2010 |publisher=secdatabase.com |accessdate =Mar 28, 2013}} CNO Financial ranked 608 on the Fortune 1000 with 2014 revenues of $4.1 billion.
In February 2015, CNO Financial sold its Hyderabad-based India operations to Cognizant.{{Cite press release |url= http://www.prnewswire.com/news-releases/cno-financial-group-reports-fourth-quarter-and-full-year-2014-results-300034022.html |title= CNO Financial Group Reports Fourth Quarter and Full Year 2014 Results |last= Inc. |first= CNO Financial Group |website= www.prnewswire.com |access-date= 2016-10-17 |archive-url= https://web.archive.org/web/20230429144340/https://www.prnewswire.com/news-releases/cno-financial-group-reports-fourth-quarter-and-full-year-2014-results-300034022.html |archive-date= April 29, 2023 }}{{Cite web |url= http://www.indiainsurance.co/blog/general-insurance/insurance-services-company-cno-sells-india-operations-cognizant/ |title= Insurance Company CNO Sells India Operations To Cognizant |website= www.indiainsurance.co |access-date= 2016-10-17 |archive-url= https://web.archive.org/web/20170111163030/http://www.indiainsurance.co/blog/general-insurance/insurance-services-company-cno-sells-india-operations-cognizant/ |archive-date= 2017-01-11 |url-status= dead }}
References
{{reflist}}
External links
- [http://cnoinc.com/ Official website]
- [http://www.secdatabase.com/CIK/1224608/Company-Name/CNO-FINANCIAL-GROUP-INC. CNO Financial SEC Filings]
{{S&P 400 companies}}
{{Authority control}}
Category:Companies listed on the New York Stock Exchange
Category:Companies based in Indianapolis
Category:Companies that filed for Chapter 11 bankruptcy in 2002
Category:Financial services companies established in 1979
Category:Insurance companies of the United States