Jack Matson's questions to CNO Financial Group Inc (CNO) leadership • Q2 2025
Question
Jack Matson of BMO Capital Markets asked if lower statutory earnings affected the full-year free cash flow outlook. He also requested an update on opportunities with CNO's Bermuda reinsurance company and its potential for ROE accretion.
Answer
CFO Paul McDonough affirmed confidence in the full-year free cash flow guidance, explaining that the lower first-half result was due to the timing of tax payments and that cash flow is often lumpy quarter-to-quarter. CEO Gary Bhojwani described progress with the Bermuda entity as positive and confirmed ongoing discussions with regulators, but declined to share specifics to avoid front-running those interactions.