CNO - Earnings call transcript Q3 2018 | CNO Financial Group, Inc.

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Operator

Good morning. My name is Stephanie and I will be your conference operator today. At this time, I would like to welcome everyone to the CNO Financial Group Incorporated Third Quarter 2018 Earnings Conference Call. All lines have been placed on mute to avoid any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator President Relations, Vice your may conference. of Childe, you Investor begin Jennifer

Jennifer Childe

Good thank Financial earnings everyone us you, and from morning Thank Stephanie. Executive Chief and presentation include Financial Officer third Gary Bhojwani, Today’s Helding, on Group’s you quarter call. XXXX Chief conference Erik will remarks Officer. CNO joining for

leaders Q&A period. the Following we also will for the have available presentation, several other business

to During this information referring conference press yesterday’s be call, contained release. we in will

of by the today. release in at visiting our the our obtain section is in website X-K This media available website can Investors presentation morning’s earlier You a Form filed cnoinc.com. the of and also was section

expect on We on Form November posted and our or file website to X. our XX-Q before

are cause number factors, comparable a measures, contemplated presentations Let not me remind number results you actual by directly that Today’s non-GAAP measures. any for the different to today the which of subject than may forward-looking contain most of GAAP be make be substitutes to materially statements statements. those considered as should forward-looking a which we

the find to the and and will will quarter third making otherwise be And that, will the comparisons a XXXX. of comparisons with measures XXXX referring Throughout any GAAP I presentations, turn made non-GAAP specified, reconciliation between be over performance the measures the to we changes unless Gary. will the of in You appendix. corresponding to third quarter of call

Gary Bhojwani

all period. of the metrics team pleased made our I three scorecard growth X, the very Slide over with performance strategic our with am which up prior and the Beginning quarter sales our posted priorities. executing third has Jennifer. reflects drove in in our Thanks, growth continued segments progress on All the quarter,

the $X.XX, results announced $XX.XX, share Book to XXXX from we were year our down of few earnings reconfirm XX%, a per end see faith reinsurance our from trend, this diluted the reflecting was growth value While due from per tax transaction. quarters our share in reform. before up Operating benefits previously to calling it strategy. like more impact XX% would a

transformative we This quarter reinsurance long-term care closed on transaction. the

Following maintaining the our reflects our the fund the as grade, close, significantly capacity transaction to well investment de-risked balance sheet better disclosed our within to as capital cash sheet, ability while at metrics of part CNO are also our earnings $XXX Moody’s what balance existing which upgraded expectations our or for we call. that XQ flow as approximately than generation highlighted free million. annual of of Moody’s

the care complete, full transaction the franchise. on With now our growing long-term is attention focused

take the Slide to a to discuss I scorecard. moment updated X, to want Turning growth

see will stakeholders our clearly measures You that against to our the track right more our our we drive have into expand and to progress to divided growth strategy. of categories growth allow

within reaching still the As goal refers market to have younger to are and our right expands of customers slightly CNO middle and income that higher the wealth.

investment this quarter, premium. collected in at Bankers growth growth delivered total revenue, double-digit registered health During advisor our expand right, life and the premiums, quarter. third we Life drive to and our broker Tied generated and to and the fee all annuity assets initiatives client dealer growth to NAP collected

strong increased Now, X%, by annuity Slide report collected Life results. values. our was increase to meaningful Bankers health progress to pleased our quarter. with with Life initiatives a annuity in we major higher where increase NAP in health sales. a collected in let’s and segment move Starting X% premiums. in sales, driven year-over-year Total by a are driven persistency, X% and across for X XX% which account strong coupled annuity These premiums increased results the drove X% increase

right. to expand progress our We in effort also to made the

entrusted with announce year-to-date. $XXX million will and broker this registered Net am to advisor. billion are investment and $XX.X client $X dealer that pleased own launched our million over I now in quarter recall totaled in that You client these XXXX assets. we inflows businesses

up assets, protection XX% registered quarter retirement an our are as agents sales. advisors more Life growth products, clients, over Insurance management Advantage such offer to revenue comparable financial as us manage prior The growth. with to of of for in build that sales number products, fee a relationships. advisors Currently, Medicare services increase Our duly force which help grown investment drive of are over share able combined And due deeper is sales they the registered, more was XX% to our accumulation of because and services, become to their offer with significant income XX% financial and and in able fee-based ultimately our greater agent they duly Bankers leaves year. asset securities, runway has the annuities.

fact, for these duly during agents In were of annuity XX% Bankers Life registered responsible quarter. the the sales

reduces X% quarter. This gains agent is count recruiting and and new which generated tenured agent this our force. agent to increased made our strategy producing consistent on reliance build year Our more retention, growth with in productive first a agent was from

generated the collected were strategic up Washington sales. initiatives. X% NAP in Total worksite growth past health of of increases X the third success a XX% driven increase by premiums Slide in the life X%, supplemental in sales. quarters was by in our National has X to driven quarter Moving X, Total up due to

sixth by an in recruiting, PMA new quarter worksite record-breaking retention, distribution Total driven which increase the agent agent consecutive channel, posted were double-digit have breadth up leverages showing $X worksite in our XX% sales count since of quarter while while efforts pilot to-date. initiative XXXX, XX% portfolio growth. incremental third the The the its a of diverse in average combined and in experienced Life results the best short-term Successful contributed delivered delivered of strong were overall capabilities. CNO million results. the to X% in with expansion particularly promising producing geographic product up short-term care the NAP of encouraging, initiatives quarter, Our agent it care diversification sales its quarter. our over is are

always X, increased spend advertising of Slide than its XX% and years. strongest productivity. rate strong in more sales Penn X investment effective Total approach Colonial due to were stable in NAP our premiums cost quarter. X% and collected during and growth by delivered attractive acted the remain up block price lead We opportunities up persistency. growth was on sales in Turning driven the disciplined to third

sources. third We website online enhancing with see expanding XX% the lead in our lead driven success and our up investments activities. to continue to initiatives our diversify our sales in and by were generation digital quarter Web

and the to closing stronger agent also implemented have lead to improved experience We speed customer process. tele quality sales and sales enhance conversion lead rates. generation, processing, has improve led sales productivity the various higher technologies This

XXXX. our I we offerings call Penn Finally, now are to products and Erik Colonial committed product to to over to new the our turn pilot will within financial discuss Erik? expanding plan results. in

Erik Helding

had of Thanks, earnings. a strong quarter Gary. CNO

loss in loss a that we reinsurance per a the While third the to driven per of the charge $X.XX, net one-time was LTC $X.XX of share was reported transaction quarter. completed by share related

from $X.XX, contribution million, levels, loss, We from were the primarily to net income per cash and made result XXXX from share $X.XX, the reported second LTC equity of reflecting $XXX was an increase year. this the reinsurance quarter Holding prior investments XX.X%, in fund prior the on companies corporate per Excluding was lower to share Operating return year. down rates. earnings company $XXX $X.XX transaction. XX% up of a operating up from as insurance tax million the the

the capital stated above of As our our income in lower fourth holding estimated deployment run to at most balance expect consolidated reinsurance from and risk-based this comfortably excess expectations a have slightly utilized of quarter. excess company holding we than impact million. the the company, up higher currently and $XXX the LTC minimum statutory capital ratio the capital We from quarter was slightly desire result transaction. incremental a higher no second a of as CNO’s XXX%,

XX we it we into noting when our that quarter into worth As RBC approximately by recent points of fourth we primarily the to calculation the be ratio NAIC quarter, result tax reflecting by of impact as a reduced reform report consolidated changes fourth made the the expect head results. RBC is

cash the serve are With million, profitable accelerate the strengthened behind reinsurance annual and to capital middle-income $XXX transaction more generation of and the about approximately we growth. expectations free flow for market LTC optimistic opportunities us, metrics of

segment periods to was it all to adjusted is XX Bankers of reflect we noting Life the earnings, when described transaction. segment worth and with Turning that have what reinsured the consistent in been Slide LTC segment into announced movement LTC the of our runoff earnings the segment and the and out business

expect resulted supplement in EBIT but Bankers we in XXXX. was LTC flat Life three LTC Beginning the supplemental segment increased XXXX. that of higher ceded Washington in block due reflect the beginning prior EBIT as the line claims. year, lower has in earnings National’s fourth the range Life million were EBIT quarter, breakeven in incurred reflect to by Colonial cost in being this first LTC However, year in the segment million expect the this earnings levels investment experience the incurred run-off segment closed block business. quarter, be prior continue lower results. mortality margins closed Medicare with and sales. to which of will higher Based higher in-force since were margins include of in advertising mortality the reported Penn’s claims. quarters this in effective than to experience segment been $XX only will and due for run-off fourth Penn’s favorable $XX on favorable to offset Colonial in health favorable spend, of XXXX. quarter as earnings Earnings business and with growth to year block the only lower results in we Bankers the we non-reinsured non-reinsured earnings to represent of segment generate third claims to the expectations,

slightly year better Lastly, prior and the than to segment were results lower results corporate investment expenses. favorable due

key ratio to block we administered expectations. expect to ratio in slightly long-term level XX the continue in supplement benefit treatments. elevated, XX% Bankers the but XX% our Life that Life was Slide higher care still retained due ratios, XX% Bankers in our range adjusted Turning be related benefit to fourth was business of will with costs elevated the the health quarter. supplement to the Despite benefit ratio higher to XX.X% in line expectations benefit claims for for interest part the Medicare physician drug than of Medicare and quarter,

be to the XX% benefit recent XX.X% for quarter. adjusted fourth expect in and this XX% adjusted interest ratio health interest supplemental National’s expectations. the with the benefit Washington for experience block ratio We line to range in was

And expect to over back interest Gary. the range fourth XX% be in XX% quarter. the with turn that, the for We it will to benefit to adjusted ratio I

Gary Bhojwani

free of our squarely diversity Thanks, offerings the commitment sets our of initiatives The sustainable balance the profitable strong and franchise, generation long-term a focused forms us foundation gives and competitors. pursue depth our and CNO to from apart value. flexibility investments breadth our growth. product our At that cash market strategic long-term middle-income Erik. shareholder solid is on and incremental the the and time, the to robust advance for generate sheet flow growth us accelerating same

you Capital to while quarter improve our bullish to we significant Life the Investments as at thoughtful, to the interest Group. example, all a broker key all efforts our retention continuing improve encouraged in We such agent right. our sold performance our we of dealer Thank of consolidation Bankers recent prospects. an improving programs your investments to In closing, at our Tennenbaum about For interest demonstrates boost to our our have financial technology, operational strong disciplined our expand ability returns. sales approach be and our of am investments our boost stakeholders. align for third to drivers free in opportunity made and Partners development agents. an growth. which pilot priorities, These use and experience, flow and with and very CNO have Financial willingness gain, our I was made build the alternative recent been in to at value platform and remained and corporate and substantial and investment of minority capital to during while and our underwriting drive M&A. the time investment by we continued in sales automated excess productivity boosting our generate of for the simplifying strategic Through execution continued ROE, cash expect earnings, methodical XXXX in and Similarly, the in customer our are

We will now open it Operator? up questions. for

Operator

with [Operator Instructions] question first Binner Randy Your Please Riley FBR. B. ahead. comes go from

Randy Binner

physician but Thanks. I that if Good didn’t registered question to morning. it medical a it, quite Supplement I and Medicare about think wanted loss said ask claims. the was catch missed you I I activity terminology. apologize I

just through line? little and because was, talk you of a and general as bit of in being that So, think – dynamic this kind I what a predictable that could please more clarify

Erik Helding

This an the quarter It administered for drug was question. what mentioned Sure treatments physician pertains this was Randy. what Thanks is the was in so activity chemotherapy is is of there of treatments. and an Yes. but we of thing – one Erik. us that just general saw, elevated in drug acute to I to claims, sort to related stuck and out level the arthritis elevated level

Randy Binner

activity written though it something where So the is, – question supp, contemplated this that this is – cohort activities is this there set would guess be of this, what down – guess settle within in give would and would kind that product in this unusual of this Medicare is risk it of be, for so those in is confidence be will the I something quarter? would didn’t an that back for anticipate spike you follow-up the fourth I kind the this year, the

Erik Helding

It level Certainly latter design this, just the elevated in was but an quarter. activity Yes. product things of It was the spike. unusual pricing for more we more provides like and just the an saw Randy.

past And play not how it’s some but to that we and us only not to so that see things fourth going certainly this of quarter. tell repeat, will gives the the in what seen having that in extent out will time comfort sort

Randy Binner

that it have Is product that something seen others area? in

Erik Helding

that’s but will we looking be issue aware not of as at in quarter, well. I else this the something having particular am anyone

Randy Binner

And sell most supplement? you Medicare when your do of

Erik Helding

the of policy January throughout open is have right in year. actually sold heavy of activity, effective There X. It’s which they because and a level are now, those dates enrollment

so level there And a is of heavy activity now.

of the on bulk fourth annual the an quarter. do sales occur basis So the in

Randy Binner

Okay.

the whatever underwrote it the is the guess it so again be I this you just needs is that unusual for thought there is piece then year that there spike kind in throughout and there – yes, is – is covers So already what next product? last on the changed to is of this that covers, an nothing

Erik Helding

time. particular at Not this point in

is re-rate every pricing we think supplement correct, so with policy renewable that and has And where so is that headed you are XXXX set what benefit you is, year, I will are is. been The Medicare that it the be have for – annually we can year.

it’s extent we a build And year. continuation of that into so kind product something of to trends, we the can the of XXXX these the see re-pricing for the

Randy Binner

Right.

I Okay, got will it. Thank leave there. it you.

Operator

from comes Please question next Your ahead. with Bass Autonomous go Research. Erik

Erik Bass

Hi, thank you.

and provinces expand First it for agents kind core with, targeting are it duly change as does agents? competitive the the of Gary, are dynamics the your affluent registered this more as and who competing you pricing is who you to the or is same you of of market market are the the market more really right, traditional

Gary Bhojwani

the And it’s cases the in not right. thing able these we expect support. that see are are the difference material we and to all what policy remind services we middle have say many still as I complete you customers in continued a we of So offering you them. Supp our more the market. all already squarely are that just with expand We thanks had, and of to staying for thanks the or offer to Med we another now are focused in competitors question Erik first would for do

low it’s Could get our years time a long increase So that worried we in is market question to terms material we be our now change share from that. penetration, do in sure, a our the really not competitors. a going that relative so before but couple to first change I about of expect answer is your as

competitor So middle staying and we a are market material see squarely our in don’t the in change list.

terms is it same producing of agents, the you quarter. generally that growth this In are saw the agents the

recall quarter, expect as of securities trend have complicated end advisors almost sales to greater And become them. with of these our more will coming in that you grow accumulation oriented with anything. agents Now a the as my this that we that from from license. the a of is will sales our XX% would percentage insurance agents comments, income and of from traditional said, up the that products came hope more annuity Even financial I

will those we that have agents them, out to to be that and continue focused able have really we So attitude. but train on we that to see build ability level as and that, continue force as are to the develop services at agent provide that we and

we a the got of that license. have we lot far that have. percentage have with of number runway have so small a securities And think we agents So we that relatively here

Erik Bass

dynamics, traditional it. you you you seen – set would retention the pool to The that Got any earn potentially since expand or insurance different and have financial agents commissions than advisor historically? mean kind expect recruiting have have could better the you I wider a product of from and opportunity higher

Gary Bhojwani

of about one that companies of I we lot if firms and us In our from advisors things majority to this with in and then they and started agents the financial our business. case, teaching advisor the up us don’t in of front have grown business have with me, Y. the have the as insurance they are our out think there and X one advisors learned advisors, of them brand there of are our majority system another model our in of out but stats the makes against insurance are that financial move existing the that business see that and a recruit other think you I you those will financial unique, is advisors, competing brand the some

competing would those of think the you are with not that we traditional for financial firms advisors. So

But focus people business and system qualifications the our right from now that teaching way. have a on change could and the ambition on time the really sure. insurance ones over that system as our helping is them now, expanding years insurance and so financial agents, right into advisors our few become Now them bringing that then and

Erik Bass

to heard have Thank level, know a Erik, I you. buffer above the comment, and a sort wanted one to hold $XXX just buffer no for think excess of of million fourth going holding said in how deploy your mind would And forward? you then target plans have you the I much quarter liquidity build and to capital like company do in you I real traditionally you

Erik Helding

Erik yes, question. something comfortably talked for – typically typically, $XXX we have the We mean about thanks having I million. have above

a bit more just I a think it’s than setting little complicated number.

I think company internal it respect of on conditions. in depends with with on going on dynamics, – to of what’s kind respect kind to going what’s global/macro

in we hard And broader and just terms in to assess just context of fast kind the number. of so have a that than

going so be on is caveated else what And we above aware the simple million, that that’s is of. $XXX need but answer with to

Erik Bass

Got it. Thank you.

Operator

Krueger from KBW. question next Your comes ahead. with go Please Ryan

Ryan Krueger

just Good are morning. a you be how transactions, I had the priorities completed opportunities would can you about types now what bit you M&A have little a thinking interested question care relative long-term about you capital buyback talk overall deployment M&A that in? and about of to

Gary Bhojwani

the this Yes. question. is Gary. Thanks Ryan, for

clearest we So way make I first want of in all, communicate possible. sure to the this

in in things use. sure transactions QX, do put amount the quarter, changed grow. capital looking, authorization still significant highest have a have now everyone we see our believe we ability in we view So million, make right business one, the took quarter. – say, its first buybacks, this general and come to the of of understands work first to And that the second I there. that would quarter we sorry about to best opportunities Obviously, some like we now in to want we two, for reinsurance buy think has second this shares Similarly, first measures and about understands, our have got $XX the handful did from not of year, been everyone I though we invest quarter, other Board. Number I light buyback of haven’t the an back we position. at to to marketplace, our is there want Number we just

We both of to are open equally and opportunities. distribution manufacturing types

to if still clear, our right will table. place. the not discussions Ryan, in buyback sure just thoughts that understands. some to to we want business. be XXXX But the to what our blunt invest in the entities a business opportunities also have to through we the in. We I be are bias plan with as Board don’t have we remains I be working and types most to having and everyone find make of authorization grow That’s want off want and completely We interested

couple in the like years it investing comes the that an if that themselves, with of comes things is business buybacks And don’t into back whether ago remain organic, did the an those in form inorganic. of broker-dealer of Now example us. form opportunities the we or if a present for option

Ryan Krueger

appreciate great. Okay, I comments. your Thanks.

Operator

Scott question Goldman Sachs. comes Alex ahead. go next Please with Your from

Alex Scott

of Hi. exposure exposure in you Tennenbaum anything much if How departing. CLO in of to I to equity light charges with charges on grade Partners do just how its any and now just hold and plans the there an that? do was investment much interested versus is Capital the update get CLO

Erik Helding

is Alex. Erik. Thanks, This

think I clarify. to I want So

at CLOs. as do said necessarily in wasn’t that we excess really an Tennenbaum was in. had TCP in was Gary into capital specifically use exposure and Capital investment because investment our the Tennenbaum Partners time, alternative investments on were tied made we was expand to of That we the Capital alternative for The what So us. that convenient Partners, to looking what expertise

billion $X.X $XXX it’s and be would of was so XX% that retain than different a of about million. manufacture the in that form CLOs The and exposure that we that of administer we believe and still animal is, sort now. there about I that typical So about equity

Alex Scott

it. Got

you how to can terms look the short-term much Okay, mentioned, get think you do up And product of pilot are was the sales that thanks. provide like etcetera? any that and what that like could care in you product color

Gary Bhojwani

question. the for Thanks Alex. Yes,

know, the today or business. engaged portions the less. of rid very So, have couple periods active what you as most of we just but the to long-term We some of benefit or of is again policies we where care long-term as in reinsurance are comments to context, problematic got we business, a of in referred transaction some set difficult a care years XX% remain technically still X most selling

So, it’s really the that. The shares name important us about are stuff we is is while need tells that remember very animal, we to there believe a talking significant it a but the different marketplace, data in that. the

So, a number pilot we we tremendous Life have because particular Washington, been clients so that the there Washington think at at National, and have has PMA opportunity. outfit running at time the of over a branded selling on we households has and we called access that short-term in care got and where there been product, great to present are an Bankers is

So, those we pleased have sales. been with very

Washington moment the but We really for focused pilot not care at short-term the providing sales guidance, is National. are

I undertaken more Now, of and at And with much year. media. X opportunity want benefit than had to want have XXs there Life. opportunity we because that’s long-term less product, in X much in long-term we than currently the access like but XXs, think has that say Bankers more that, care, odd the along again, the has it’s Bankers do it’s to period less but see emphasize, of some is care training it dedicated so traditionally robust significant periods have portion, I we benefit called a years an there. or kind and a a XX% program, very to to Life nothing

what about. So it important it’s name to is really like reading are despite remember nothing that you the

reactions did you want good strong. Erik, that very market and early So we feel very the to… about are

Erik Helding

And Alex, points Yes. more in that. a just couple

multiple and care are serves that market So, Gary critical product it mentioned to over been short-term for comfortable with. referring as the that very this multiple iterations, is And that need re-priced has product is the and over a we redesigned a was years. Gary something middle-income

interest for so and experience is the most morbidity, it price related seen are have selling. that it includes recent essentially we version current that to is and mortality, And so we most that persistency, experience so rates

be continues tail the XX% so minimal. to It pretty And to reinsured risk RGA. is there

And have we product pricing when doing so of a that hurdle on well. product internal have capital top higher for that of and return that are rate requirements we we as rate product higher for

comfort of about the characteristics and of STC product. that risk design and profitability So, all us give those things

Alex Scott

Thank you.

Operator

comes Bergman with Please Your next Citi. go question from Dan ahead.

Dan Bergman

big now recent get strength kind digital with Good is that a I morning. sales and big lead up start related how around web generation how as in then any is could and of you Penn sustainable? over Colonial Thanks. to was proportion time? and just to sense the environment sizable that And that lot, color that a sense the a guess of I segment of with any and sales, the get sales for more just to current the hoping business little whether increase think in

Gary Bhojwani

Yes.

for Dan the question. So thanks

more all, in first go aggressive the were to advertising investment. So And we opportunity quarter, in QX jump opportunity, of don’t ad because cycle we rates the third and expect same the much right see saw based take to on some up in But an where our we rates. will we with the on of we opportunity, the find do election have it. that get will if absolutely

attractive, that we it. It’s for again. disciplined to will tell really was react belief election. ad be what do. And allow the the happen we have won’t just it of saw part how much took me an that to little more because hard and because that We of We will remain a happened. you our is to So opportunity, us rates to quarter, QX do we every as that what in

me thing predict So to will that’s QX note. happen what so in the ‘XX It’s and to hard on. for first too

disclosed here, that leads, I we In are, but going much web to at Erik numbers the we what the terms disclosed of how of – am look I know is…

Erik Helding

moving We more that television, general direct mix still web, have towards direct weighted Again DRTV of pretty mail. digital web, are talked in versus and heavily we digital but slowly mix terms. is. mean towards I is response the

XX-ish web And digital. for so more it’s range mail and direct percent

Gary Bhojwani

an continues going, our that of and That’s advertising that. been we is a different more have and where to there And to where we be piloting that’s opportunity of are going, think we consumers migrate so there variety is techniques. there an opportunity more believe

results, been have early with some the results of pleased very of those. We

haven’t Some have but those well. some worked really worked, of

do profitable back. us, on to of but feel if is pull changes to ability So growth we that The good our to about grow we continue will important discipline will to very pricing us. Colonial continue that. I maintaining Penn, of advertising

Erik Helding

Dan XXXX is of it’s And guidance but for Erik. it reason was and narrower, was this why the wide. was fairly part Yes. – that for EBIT still range the

we But the of to being towards the way would us to range. result end opportunity of aggressive will high the in there low that. then think we go is And it opportunity probably not the and are in So the if chase and that at coming leads, end would if probably then not that procure an after more cost is, effective does going range. we exist, in that us result coming about it in

Dan Bergman

little areas money really bit, any in your And you there provide then just seeing interest That’s gears on invest you where potential just of if and rise or in new any see seeing good maybe wanted Got opportunities to just of markets rates, just of the the volatility can helpful. if specific portfolio terms with both some it. also the in update are the the investment a you to very particular markets overall? concern, investment and whether are is in recent side, shifting

Erik Helding

say would new around money here I margins, Yes. below Dan, our respect quarters. management. pretty this our to I of is Notice quarter below that X%, was with on the the we monitoring specifically would Helding. nothing the for closely. X% say investment are couple changing conditions obviously a that’s in been Erik rate philosophy

current to so the the little going cycle an about towards And going a are eye have wary marketplace being and credit on end. we in what’s when bit is

no is would again, defensive in to And more a say, margins, more would when changes the margins. we that taking new it’s a money. But wholesale comes we of at so the I there bit I doing, posture say are are anything deploying it on

Dan Bergman

Thank helpful. Got very it. It’s you.

Operator

Humphrey Instructions] go ahead. & question next Please with Dowling [Operator from Partners. Your comes Lee

Humphrey Lee

taking Good for morning my you and questions. thank

to Looking so Bankers pilot or scale, prepared are talked products just kind something we you from referring about or reaction to think the your some having of newer STC you new there the in these to about Life else is should and product moving products? remarks enhanced how

Gary Bhojwani

Yes.

So Gary. this questions. the for Humphrey, Thanks is

with number a have that Life. different have Bankers been working of we We on products

And we our them easy done all universal well. We riders have have of so policies life and onto quite had put on. some that issue

time. Bankers So Life looking some for we for short-term things had that, are that product to a Bankers to The a not clear that’s want at. different number that Life. on of I new have access we care, be has

We Washington redoubled efforts, training there because have marketing at new The just our opportunity. and is we is National. short-term an believe care

again, in product for the time. been has So that family some quite

to new experienced We National but distribution. with Washington are it, quite it’s

separate. those keep to important it’s So

Humphrey Lee

those your And $X.X at of billion that of assets? on what looking client annuities? fee then have of on being kind of the And broker portion how fee it. just earn do fee-based you we those you dealer assets, think kind about a should RIA versus opportunity Got income business,

Gary Bhojwani

Humphrey. Yes,

business, opportunity a fee on there now, in is fee can the of well, other which roughly is it. number. really opportunity So, broker about there earnings income but third the really RIA things dealer, that as is and business a which transaction-based that third commissions on RIA is is on generate of we is obviously And the the the

the we more to for but of interact and it’s across get the less and time that about happen, we retirement. the thing that about is comes key think income certainly ability having want the when I with over potential and more want them the customers to that grow their rest it’s important helping plan message probably to to it our

help plus trillions And over years, course of you it revenue now help next make be the increase comes these that is to to think XX that fact our income. in to enormous the us themselves. time and a think plans helping us are to that so when we ultimately assets those of retirement needing have move huge gives dollars the for to customers grow ability by going opportunity about itself, and in-house to the financial opportunity get when I the And them decisions rolled

Humphrey Lee

you. Thank Got it.

Operator

time. There are at further this questions no

Jennifer Childe

call. you us operator you, for this joining everyone and thank Thank on

Operator

Thank you. today’s This concludes conference call.

now disconnect. may You

CNO Financial (CNO) 5 Nov 182018 Q3 Earnings call transcript