CNO Financial Group

CNO Financial Group, Inc. is an American financial services holding company headquartered in Carmel, Indiana. Its operating businesses focus primarily on insurance products for middle-income and retirement-age consumers in the United States. Through insurance subsidiaries and affiliated businesses, the group provides life insurance, annuities, supplemental health coverage and related financial solutions. Products are distributed through independent agents, career agents, direct-response advertising, direct mail and other customer-acquisition channels. The company traces its origins to Security National of Indiana Corp., which was incorporated in 1979 by Stephen Hilbert. It began insurance operations in the early 1980s, acquired Consolidated National Life Insurance Company in 1983 and became a public company in 1985. During the 1980s, the business expanded through acquisitions of insurance companies, including Lincoln Income Life Insurance Company and Bankers National Life Insurance Company. This acquisition-oriented strategy became central to its development as an insurance holding company. During the 1990s, the company broadened its ambitions beyond insurance. In 1998, Conseco acquired Greentree Financial, a major financier of manufactured homes, and acquired Colonial Penn. The diversification increased the group's exposure to consumer finance but also contributed to financial strain. Conseco entered Chapter 11 bankruptcy reorganization in 2002, at the time one of the largest corporate bankruptcies in United States history. It emerged from reorganization in 2003, divested Greentree and returned to a more concentrated insurance strategy. The organization has operated several recognizable consumer insurance businesses, including Bankers Life, Colonial Penn and Washington National. Bankers Life has traditionally served older Americans through agents and retirement-oriented insurance offerings. Colonial Penn has used direct-response television and related marketing to reach consumers seeking life insurance. Washington National has focused on supplemental health and life insurance products. The group also owns 40|86 Advisors, an investment-management business associated with the management of insurance-company assets. The holding company adopted the CNO Financial Group name in 2010, replacing Conseco as the corporate identity while allowing its consumer-facing insurance brands to continue operating under their established names. CNO has remained focused on domestic insurance rather than building a broad international financial-services footprint. Its principal business model combines insurance underwriting, distribution through agents and direct channels, asset management and the management of legacy insurance obligations. The company is publicly traded on the New York Stock Exchange under the symbol CNO.

CNO Financial Group began in 1979, when Stephen Hilbert incorporated Security National of Indiana Corp. The company entered insurance operations in 1982 and acquired Consolidated National Life Insurance Company in 1983. It became publicly traded in 1985, establishing the capital base for an acquisition-led expansion in the insurance sector. In 1986, the company, then developing the Conseco identity, acquired Lincoln Income Life Insurance Company for approximately $32.3 million and purchased Bankers National Life Insurance Company for $118 million. These transactions reflected the group's strategy of acquiring insurance companies and improving their distribution and operating performance. The acquisition of Colonial Penn later gave the organization an established consumer-facing life-insurance brand. Colonial Penn briefly operated under the Conseco Direct Life name before returning to the Colonial Penn name in 2001, although its New York operations used a different legal identity for a period. Conseco broadened its corporate scope in 1998 by purchasing Greentree Financial, a large provider of financing for manufactured homes. The transaction was intended to diversify the company into consumer financial services, while the Colonial Penn acquisition strengthened its life-insurance portfolio. The diversification ultimately proved difficult to manage. Conseco, excluding its insurance subsidiaries, filed for Chapter 11 protection in 2002. The filing was among the largest U.S. corporate bankruptcies of its time, following the failures of WorldCom and Enron in scale. After roughly nine months of reorganization, the company emerged in 2003 and divested Greentree. The post-bankruptcy organization concentrated primarily on insurance. The group continued to operate through multiple specialized insurance businesses. Bankers Life served older consumers through career agents and retirement-related insurance and annuity products. Colonial Penn developed a strong direct-response model, using television advertising and direct mail to market life insurance. Washington National offered supplemental health and life insurance products. CNO also developed or retained investment-management capabilities through 40|86 Advisors, which manages assets associated with insurance operations. From 1999 through 2011, the company held naming rights to the Indiana Pacers' home arena under the Conseco name. In 2011, the venue's naming rights shifted to Bankers Life, aligning the public identity with one of the group's consumer brands. In 2010, the board approved the change of the holding company's name from Conseco to CNO Financial Group. The new name distinguished the corporate parent from its operating brands while preserving the established market identities of Bankers Life, Colonial Penn and Washington National. In 2015, CNO sold its Hyderabad-based India operations to Cognizant. The divestiture was consistent with the company's emphasis on its core U.S. insurance operations. CNO Financial Group remains a publicly traded American insurance holding company, with products distributed through independent agents, career agents and direct channels to customers in the United States.

1. 2015India operations divested

   CNO sold its Hyderabad-based India operations to Cognizant.

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2. 2010CNO Financial Group name approved

   The board approved the holding company's rebranding from Conseco to CNO Financial Group.

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3. 2003Emergence from reorganization

   Conseco emerged from Chapter 11 and later divested Greentree.

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4. 2002Chapter 11 filing

   Conseco entered Chapter 11 bankruptcy reorganization.

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5. 1998Greentree and Colonial Penn acquisitions

   Conseco acquired Greentree Financial and Colonial Penn, expanding into consumer finance and life insurance.

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6. 1986Expansion through insurance acquisitions

   Conseco acquired Lincoln Income Life Insurance Company and Bankers National Life Insurance Company.

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7. 1985Public company status

   The company became publicly traded.

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8. 1983Consolidated National Life acquisition

   Security National of Indiana acquired Consolidated National Life Insurance Company.

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9. 1982Insurance operations begin

   The predecessor organization began operating in insurance.

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10. 1979Predecessor company incorporated

    Security National of Indiana Corp. was incorporated by Stephen Hilbert.

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A U.S.-focused insurance holding company serving middle-income households, retirees and customers seeking life, annuity and supplemental health coverage through agent-based and direct-response distribution.

• Bankers LifeLife insurance and annuities

  Bankers Life is a CNO insurance business associated with products for older Americans and retirement-age households. Its offerings include life insurance and annuity products distributed primarily through career agents and related insurance channels. The brand is part of CNO's broader strategy of serving customers seeking protection, income and supplemental retirement solutions.

• Colonial PennLife insurance

  Colonial Penn is a consumer-facing life-insurance brand owned within the CNO group. It is particularly associated with direct-response marketing, including television advertising and direct mail. The brand targets consumers seeking relatively accessible life-insurance coverage and has historically operated with a distribution model distinct from CNO's agent-led businesses.

• Washington NationalSupplemental health and life insurance

  Washington National provides supplemental health and life insurance products within CNO's U.S. insurance portfolio. Its role complements the group's life and annuity businesses by addressing coverage gaps and additional financial protection needs for households and individuals.

• 40|86 AdvisorsInvestment management

  40|86 Advisors is CNO's investment-management business. It supports the management of assets associated with insurance operations and forms part of the group's financial-services capabilities beyond policy distribution and underwriting.

• 1999Conseco arena naming-rights program

  Indiana, United States

  Conseco held naming rights to the Indiana Pacers' home arena from its opening in 1999, providing a prominent regional corporate-brand exposure program.

  Outcome. The naming rights transferred to Bankers Life in 2011.

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• Colonial Penn direct-response advertising

  United States

  Colonial Penn has used television advertising and direct mail as important channels for reaching consumers with life-insurance products, giving CNO a direct-to-customer distribution capability alongside its agent networks.

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• 2015Sell Hyderabad operations to CognizantM&A

  CNO was concentrating its strategy on its U.S. insurance businesses.

  What changed. The company sold its India operations in Hyderabad to Cognizant.

  Aftermath. The divestiture reduced the group's non-U.S. operating presence and supported a more focused domestic insurance model.

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• 2010Rebrand the holding company as CNO Financial GroupStrategy

  The organization wanted a corporate identity distinct from the Conseco name while retaining its established insurance brands.

  What changed. The board approved changing the holding company's name to CNO Financial Group.

  Aftermath. Bankers Life, Colonial Penn and Washington National continued as consumer-facing insurance brands under the new corporate identity.

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• 2002Chapter 11 reorganizationOther

  Conseco faced financial difficulties after its diversification and acquisition activities.

  What changed. The holding company filed for Chapter 11 bankruptcy protection and began a court-supervised restructuring.

  Aftermath. The company emerged in 2003, divested Greentree and refocused on insurance.

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• 1998Acquire Greentree Financial and Colonial PennM&A

  Conseco sought to diversify into consumer financial services while expanding its life-insurance portfolio.

  What changed. The company acquired Greentree Financial, a major manufactured-home financier, and Colonial Penn.

  Aftermath. Greentree was later divested following the company's bankruptcy reorganization, while Colonial Penn remained part of the insurance-focused group.

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• 2015CNO Financial Group sells India operations to Cognizant

  CNO Financial Group sold its Hyderabad-based India operations to Cognizant, consistent with a more concentrated focus on its U.S. insurance businesses.

  M&A
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• 2011Bankers Life receives arena naming rights

  Naming rights for the Indiana Pacers' home arena moved from the Conseco name to Bankers Life, one of CNO's insurance brands.

  CampaignOther
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• 2010Holding company adopts the CNO Financial Group name

  The board approved changing the corporate holding company's name from Conseco to CNO Financial Group.

  Leadership change
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• 2003Conseco emerges from bankruptcy reorganization

  The holding company completed its Chapter 11 reorganization after approximately nine months and subsequently divested Greentree, returning its strategic focus to insurance.

  Bankruptcy
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• 2002Conseco enters Chapter 11 reorganization

  Conseco, the predecessor holding company of CNO Financial Group, entered Chapter 11 bankruptcy reorganization amid financial difficulties connected in part with its diversification into consumer finance.

  Bankruptcy
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• 1979Security National of Indiana Corp. is incorporated

  Stephen Hilbert incorporated the predecessor of CNO Financial Group as Security National of Indiana Corp.

  Other
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1. CNO Financial Group
2. CNO Financial Group official website