CARMEL, Ind., Jan. 31, 2022 /PRNewswire/ -- AM Best, the global
credit rating agency for the insurance industry, recently upgraded
the financial strength rating of CNO Financial Group (NYSE: CNO)
and its life and health subsidiaries from A- (Excellent) to A
(Excellent). The ratings reflect CNO's balance sheet strength,
which AM Best assesses as very strong, as well as its strong
operating performance, and appropriate enterprise risk management
(ERM). In conjunction with the upgrade, the credit rating outlook
was revised from positive to stable.
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AM Best stated, "The rating upgrades reflect the group's
improved earnings profile. More precisely, the group's quality and
diversification of earnings have improved over the years and it has
consistently delivered favorable and diversified operating results
on a statutory and GAAP basis." The agency added, "CNO has a
high-quality investment portfolio, a good liquidity profile and
good financial flexibility… The group is well-diversified and
offers a wide array of retirement, life and accident/health
products, and markets through a broad set of distribution channels,
including direct to consumer, exclusive agents and worksite
marketing. CNO continues to nurture its formal ERM program and
encourage a strong risk culture."
"We are very pleased that AM Best has recognized the improvement
in CNO's financial profile," said Gary C.
Bhojwani, chief executive officer. "The upgrade acknowledges
our focus over the past several years to diversify our business
model, put in place sustainable growth initiatives, maintain our
strong investment performance, and strengthen our balance sheet. We
will continue to build upon our progress to deliver long-term
growth and value creation for our shareholders."
AM Best ratings are based on a comprehensive quantitative and
qualitative evaluation of a company's balance sheet strength,
operating performance, business profile, and enterprise risk
management. For more information, refer to the AM Best press
release.
About CNO Financial Group
CNO Financial Group, Inc.
(NYSE: CNO) secures the future of middle-income America. CNO
provides life and health insurance, annuities, financial services,
and workforce benefits solutions through our family of brands,
including Bankers Life, Colonial Penn and Washington
National. Our customers work hard to save for the future, and
we help protect their health, income and retirement needs with 3.2
million policies and $35 billion in
total assets. Our 3,400 associates, 4,600 exclusive agents and
4,000 independent partner agents guide individuals, families, and
businesses through a lifetime of financial decisions. For more
information, visit CNOinc.com.
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SOURCE CNO Financial Group, Inc.