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CNO Financial Group (CNO)

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CNO Financial Group's (CNO) second quarter earnings surpassed the Zacks Consensus Estimate driven by modest revenue growth. Most segments showed improvement in operating earnings, while repayment of senior notes improved debt-to-total capital ratio and allowed the initiation of dividend.

Efficient capital deployment also improved book value per share and risk-based capital ratio, although it led to lower cash and investments. Moreover, the latest recapitalization plan should improve the capital structure and debt maturity profile. It is also expected to augment earnings per share and ROE.

Improved credit ratings, strong investment portfolio and declining expenses are the other positives. Although underwriting and pricing remain primary concerns, increasing new business volume, along with cost containment measures are expected to support the bottom line in the long run.

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