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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CNO Financial Group Inc | NYSE:CNO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.39 | 1.44% | 27.50 | 27.935 | 27.42 | 27.55 | 781,428 | 01:00:00 |
Delaware | 001-31792 | 75-3108137 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.01. | Completion of Acquisition or Disposition of Assets. |
Item 9.01. | Financial Statements and Exhibits. |
Actual | Pro forma | |||||||||||
March 31, | March 31, | |||||||||||
2014 | Adjustments | 2014 | ||||||||||
Revenues: | ||||||||||||
Insurance policy income | $ | 685.9 | $ | (53.5 | ) | (i) | $ | 641.2 | ||||
8.8 | (ii) | |||||||||||
Net investment income: | ||||||||||||
General account assets | 348.1 | (51.0 | ) | (i) | 300.9 | |||||||
1.9 | (ii) | |||||||||||
1.9 | (iii) | |||||||||||
Policyholder and reinsurer accounts and other special-purpose portfolios | 20.9 | .1 | (i) | 21.0 | ||||||||
Realized investment gains | 23.4 | (2.1 | ) | (i) | 21.3 | |||||||
Fee revenue and other income | 6.4 | — | 6.4 | |||||||||
Total revenues | 1,084.7 | (93.9 | ) | 990.8 | ||||||||
Benefits and expenses: | ||||||||||||
Insurance policy benefits | 690.3 | (83.6 | ) | (i) | 614.1 | |||||||
7.4 | (ii) | |||||||||||
Loss on sale of subsidiary | 278.6 | (278.6 | ) | (iv) | — | |||||||
Interest expense | 24.6 | (4.7 | ) | (i) | 19.9 | |||||||
Amortization | 66.7 | (2.0 | ) | (i) | 66.0 | |||||||
1.3 | (ii) | |||||||||||
Other operating costs and expenses | 194.1 | (5.8 | ) | (i) | 189.3 | |||||||
1.0 | (ii) | |||||||||||
Total benefits and expenses | 1,254.3 | (365.0 | ) | 889.3 | ||||||||
Income (loss) before income taxes | (169.6 | ) | 271.1 | 101.5 | ||||||||
Income tax expense: | ||||||||||||
Tax expense on period income | 39.0 | (2.6 | ) | (v) | 36.4 | |||||||
Valuation allowance for deferred tax assets and other tax items | 19.4 | (19.4 | ) | (iv) | — | |||||||
Net income (loss) | $ | (228.0 | ) | $ | 293.1 | $ | 65.1 | |||||
Earnings per common share: | ||||||||||||
Basic: | ||||||||||||
Weighted average shares outstanding | 220.3 | 220.3 | ||||||||||
Net income (loss) | $ | (1.03 | ) | $ | .30 | |||||||
Diluted: | ||||||||||||
Weighted average shares outstanding | 220.3 | 226.1 | ||||||||||
Net income (loss) | $ | (1.03 | ) | $ | .29 |
Actual | Pro forma | |||||||||||
December 31, | December 31, | |||||||||||
2013 | Adjustments | 2013 | ||||||||||
Revenues: | ||||||||||||
Insurance policy income | $ | 2,744.7 | $ | (218.3 | ) | (i) | $ | 2,564.2 | ||||
37.8 | (ii) | |||||||||||
Net investment income: | ||||||||||||
General account assets | 1,405.8 | (210.2 | ) | (i) | 1,209.4 | |||||||
6.2 | (ii) | |||||||||||
7.6 | (iii) | |||||||||||
Policyholder and reinsurer accounts and other special-purpose portfolios | 258.2 | (7.9 | ) | (i) | 250.3 | |||||||
Realized investment gains | 33.4 | (6.0 | ) | (i) | 27.4 | |||||||
Fee revenue and other income | 34.0 | (5.1 | ) | (i) | 28.9 | |||||||
Total revenues | 4,476.1 | (395.9 | ) | 4,080.2 | ||||||||
Benefits and expenses: | ||||||||||||
Insurance policy benefits | 2,839.7 | (339.1 | ) | (i) | 2,530.1 | |||||||
29.5 | (ii) | |||||||||||
Loss related to reinsurance transaction | 98.4 | — | 98.4 | |||||||||
Interest expense | 105.3 | (19.3 | ) | (i) | 86.0 | |||||||
Amortization | 296.3 | (8.8 | ) | (i) | 291.6 | |||||||
4.1 | (ii) | |||||||||||
Loss on extinguishment of debt | 65.4 | — | 65.4 | |||||||||
Other operating costs and expenses | 766.2 | (41.0 | ) | (i) | 729.6 | |||||||
4.4 | (ii) | |||||||||||
Total benefits and expenses | 4,171.3 | (370.2 | ) | 3,801.1 | ||||||||
Income before income taxes | 304.8 | (25.7 | ) | 279.1 | ||||||||
Income tax expense: | ||||||||||||
Tax expense on period income | 128.3 | (9.0 | ) | (v) | 119.3 | |||||||
Valuation allowance for deferred tax assets and other tax items | (301.5 | ) | — | (301.5 | ) | |||||||
Net income | $ | 478.0 | $ | (16.7 | ) | $ | 461.3 | |||||
Earnings per common share: | ||||||||||||
Basic: | ||||||||||||
Weighted average shares outstanding | 221.6 | 221.6 | ||||||||||
Net income | $ | 2.16 | $ | 2.08 | ||||||||
Diluted: | ||||||||||||
Weighted average shares outstanding | 232.7 | 232.7 | ||||||||||
Net income | $ | 2.06 | $ | 1.99 |
Actual | Pro forma | ||||||||||
March 31, | March 31, | ||||||||||
2014 | Adjustments | 2014 | |||||||||
ASSETS | |||||||||||
Investments | $ | 23,804.8 | $ | 154.9 | (vii) | $ | 23,959.7 | ||||
Cash and cash equivalents - unrestricted | 285.4 | 223.7 | (vi) | 481.1 | |||||||
(28.0 | ) | (vii) | |||||||||
Cash and cash equivalents held by variable interest entities | 140.3 | — | 140.3 | ||||||||
Accrued investment income | 259.3 | — | 259.3 | ||||||||
Present value of future profits and deferred acquisition costs | 1,268.1 | 29.9 | (vii) | 1,298.0 | |||||||
Reinsurance receivables | 3,072.8 | (154.9 | ) | (vii) | 2,917.9 | ||||||
Income tax assets, net | 870.7 | (2.8 | ) | (vii) | 867.9 | ||||||
Assets held in separate accounts | 10.0 | — | 10.0 | ||||||||
Other assets | 401.0 | — | 401.0 | ||||||||
Assets of subsidiary being sold | 4,346.3 | (4,346.3 | ) | (vi) | — | ||||||
Total assets | $ | 34,458.7 | $ | (4,123.5 | ) | $ | 30,335.2 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities for insurance products | $ | 21,535.6 | $ | — | $ | 21,535.6 | |||||
Other liabilities | 727.4 | (6.1 | ) | (vii) | 721.3 | ||||||
Payable to reinsurer | — | — | — | ||||||||
Investment borrowings | 1,499.4 | — | 1,499.4 | ||||||||
Borrowings related to variable interest entities | 1,019.4 | — | 1,019.4 | ||||||||
Notes payable – direct corporate obligations | 844.1 | — | 844.1 | ||||||||
Liabilities of subsidiary being sold | 4,122.6 | (4,122.6 | ) | (vi) | — | ||||||
Total liabilities | 29,748.5 | (4,128.7 | ) | 25,619.8 | |||||||
Commitments and Contingencies | |||||||||||
Shareholders' equity: | |||||||||||
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: March 31, 2014 – 219,266,947; December 31, 2013 – 220,323,823) | 2.2 | — | 2.2 | ||||||||
Additional paid-in capital | 4,054.7 | — | 4,054.7 | ||||||||
Accumulated other comprehensive income | 766.2 | — | 766.2 | ||||||||
Retained earnings (accumulated deficit) | (112.9 | ) | 5.2 | (vii) | (107.7 | ) | |||||
Total shareholders' equity | 4,710.2 | 5.2 | 4,715.4 | ||||||||
Total liabilities and shareholders' equity | $ | 34,458.7 | $ | (4,123.5 | ) | $ | 30,335.2 |
(i) | Amounts reflect the financial results of CLIC being sold to Wilton Re. |
(ii) | Amounts reflect the recapture by Bankers Life of a traditional life block previously reinsured to Wilton Re. |
(iii) | Net investment income has been adjusted to reflect the assumed higher invested assets resulting from the cash proceeds of $223.7 million from the sale of CLIC. The assumed investment yield was 3.4 percent. |
(iv) | Amounts eliminate the loss on sale of subsidiary and related tax impact as such amounts are assumed to have occurred prior to January 1, 2013. |
(v) | Reflects the tax adjustment for the pro forma adjustments at the approximate rate for the specific items. |
(vi) | Amounts reflect the estimated net cash proceeds to be received and the assets and liabilities of CLIC to be sold as summarized below: |
Estimated net cash proceeds | $ | 223.7 | ||
Net assets sold: | ||||
Investments | $ | 3,925.6 | ||
Cash and cash equivalents - unrestricted | 50.0 | |||
Accrued investment income | 47.7 | |||
Present value of future profits | 15.8 | |||
Deferred acquisition costs | 39.0 | |||
Reinsurance receivables | 159.6 | |||
Income tax assets, net | 91.0 | |||
Other assets | 17.6 | |||
Assets of subsidiary being sold | 4,346.3 | |||
Liabilities for insurance products | 3,234.1 | |||
Other liabilities | 33.1 | |||
Investment borrowings | 383.5 | |||
Loss accrual | 471.9 | |||
Liabilities of subsidiary being sold | 4,122.6 | |||
Net assets sold | $ | 223.7 |
(vii) | Amounts reflect the recapture of a block of traditional life insurance by Bankers Life, as if the recapture had occurred on March 31, 2014. The block had previously been 50 percent coinsured under an agreement with Wilton Re pursuant to which Bankers Life continued to service and administer the block. Bankers Life recaptured the 50 percent of the liabilities for insurance products previously ceded, and will recognize 100 percent of the profits from the block as they emerge over time. |
Recapture fee paid by Bankers Life | $ | (28.0 | ) | |
Net assets received in recapture: | ||||
Investments | 154.9 | |||
Present value of future profits and deferred acquisition costs | 29.9 | |||
Other liabilities | 6.1 | |||
Reinsurance receivables | (154.9 | ) | ||
Net assets received | 36.0 | |||
Pro forma gain before taxes | 8.0 | |||
Tax expense | 2.8 | |||
Pro forma net income | $ | 5.2 |
99.1 | Press release of CNO Financial Group, Inc. dated July 1, 2014. |
CNO Financial Group, Inc. | |||
Date: July 1, 2014 | |||
By: | /s/ John R. Kline | ||
John R. Kline | |||
Senior Vice President and Chief Accounting Officer | |||
Contact: | (News Media) Barbara Ciesemier, Corporate Communications +1.312.396.7461 |
(Investors) Erik Helding +1.317.817.4760 |
1 Year CNO Financial Chart |
1 Month CNO Financial Chart |
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