Interactive Brokers shares jump as it secures spot in S&P 500
CARMEL, Ind. - CNO Financial Group, Inc. (NYSE: NYSE:CNO) has appointed Jess Turner, an executive from Mastercard (NYSE: NYSE:MA), to its board of directors, effective immediately. Turner, who serves as the Executive Vice President and Global Head of Open Banking and API at Mastercard, joins CNO's board, expanding it to nine directors.
The addition of Turner to the board is part of CNO Financial's strategy to enhance its technological capabilities and digital product offerings. With over 18 years of experience at Mastercard, Turner has played a pivotal role in developing innovative financial products and advancing the company's inclusive growth strategy in North America.
Turner's professional background includes leadership in new digital infrastructure and fintech, where she oversaw the strategy and commercialization of products related to blockchain, digital assets, crypto, and open banking. Her prior experience also includes product development at Affinion Loyalty Group and a starting role at Capital One.
Board Chair Dan Maurer expressed confidence that Turner's extensive fintech and management experience will be instrumental in advancing CNO's strategic priorities. Her expertise is expected to contribute significantly to the company's focus on tech-enabled customer experiences and technology security.
CNO Financial Group is known for providing insurance and financial services to middle-income America, with a portfolio that includes life and health insurance, annuities, and workforce benefits solutions. The company manages $36 billion in total assets and serves 3.2 million policyholders.
This appointment reflects CNO Financial's commitment to leadership in financial services and to fostering innovation within its board governance. The information reported is based on a press release statement.
In other recent news, CNA Financial Corporation has announced plans to partially transfer defined benefit pension obligations through the purchase of a group annuity contract, affecting between 6,000 to 8,000 plan participants and beneficiaries. The transaction is projected to be finalized in the fourth quarter of 2024. The company anticipates a one-time non-cash pretax pension settlement charge estimated between $300 million to $400 million in the last quarter of 2024.
CNO Financial Group has reported a significant increase in its second-quarter financial results for 2024, with operating earnings per diluted share up by 94% to $1.05. The company has raised its full-year guidance for operating earnings per share to between $3.30 and $3.50. Piper Sandler confirmed its Overweight rating on CNO Financial Group, highlighting the company's strong positioning within the life insurance sector.
Several Wall Street firms, including TD Securities, BNY Mellon (NYSE:BK), and Truist, have agreed to pay a collective sum exceeding $470 million in settlements with U.S. regulators. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) cited violations of recordkeeping rules by the firms. These recent developments signify notable shifts within the financial sector.
InvestingPro Insights
CNO Financial Group's strategic move to appoint Jess Turner to its board aligns well with the company's current financial performance and market position. According to InvestingPro data, CNO has a market capitalization of $3.63 billion and is trading near its 52-week high, with a strong price total return of 51.2% over the past year. This positive momentum is further supported by the company's solid financial metrics.
InvestingPro Tips highlight that CNO has been aggressively buying back shares and has raised its dividend for 12 consecutive years, demonstrating a commitment to shareholder value. This is particularly relevant given Turner's background in financial product innovation, which could potentially contribute to CNO's strategy for growth and market expansion.
The company's P/E ratio of 8.81 suggests that it may be undervalued relative to its earnings potential, especially considering its revenue growth of 11.08% over the last twelve months. This growth, combined with Turner's expertise in fintech and digital infrastructure, could position CNO well for future technological advancements in its product offerings.
For investors seeking more comprehensive analysis, InvestingPro offers 13 additional tips for CNO Financial Group, providing deeper insights into the company's financial health and market prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.