quarter actions business sheet quarter Paul the is and you first joining and overview Then thank the and from pandemic everyone, our provide performance. afternoon, Good address outlook. to first provide brief our taking balance run us. going Today's on a more usual a will our results, I'll we're our detail of for the begin environment, on current call format. to our differently little with comments
crisis. with start some COVID-XX to like remarks on I'd the
and keeping and and safe I are First yours hope you foremost, that healthy.
are to gratitude at essential care of providing running. CNO the who services responders and would us health one many keep every country that extend others our our like professionals, first to Second,
families are to our and recovering. extend also sympathies virus or a deepest ill to one lost the who the have We loved
you. with prayers and Our thoughts are
to literally have work take incredibly like this day and customers They to agents our these working associates period. difficult thank infrastructure who our also remote been our of and proud a and support running I'm capabilities associates many our and challenges. to night mobilize adapted I'd have responded worked tirelessly keep to our how moment to smoothly. during
what Most be states have business consider we orders a provide. protection lifetime to our worry and before industry. the that claims building. dignity. provided protect have spent in by a people because their under financial essential the of our little we stay-at-home reminded forcefully We live pay We And the a more been a products when little company we of need. so the importance people with and Never help less customers are service of lives critical
fallout is navigating business unprecedented COVID-XX. Every from economic
since estimates GDP XXXXs. unemployment are and recession a economists forecasting unseen Some the signal that
are in is uncharted operating territory, We position we CNO truly get a will strength. but from Thankfully, through this. of
takeaways There five are highlight key you. for I
sense make First, the that maintain our under conditions scenario, resume and strong. our have to stress remain we expect evolve. to share as repurchases Even and our severe capacity capital liquidity dividend should
a an our Second, profile risk in returns it our reduced from positioned. our decreased we in earlier to and for solid. credit with positioning investment favorable short-term XXXX importantly, more in in suggest that us of XXXX. recent to cycle significantly towards periods, profits portfolio, The XXXX trade But allows more the Early was bias near-term a predictable proactively decision. XXXX the steady decision exit results. This prudent portfolio safety repositioning XXXX, is the In it benefited portfolio conservatively we events change in investment environments. for in credit earnings eventual
will pandemic pressure our growth term, near engine the remains intact. sales though Third, the in
our believe direct-to-consumer suite of for life our strength broad value meaningfully. demand performance during our demonstrate of of of our products. will fact, our the model especially products, business proposition has crisis and some the In We insurance, the increased
in Fourth, digital of the services the accelerating announced business crisis we and increasingly the digital us Across COVID a world. more January transformation is virtual to positions well transition an format. all industries, for
was transformation groundwork response the developed now enables sharing to consumers capitalize transformation Our service, virtual us by laid on our expectations. to between to channels customer crisis. support changing to digital lead accelerate selling, The in and
due Fifth, to the of Paul will assets in The further record a of moments. in first majority mark-to-market generated treatment discuss nonoperating loss, we in earnings per quarter, share various and the noncash loss operating this delivered liabilities. but a detail few impacts. GAAP the reflects largely
take At the CNO, we long view.
we've Over the earn strengthen the our to investment-grade financial in past and ratings. put work years, our several foundation
on puts more of right quickly transformation to needs the and respond to effectively us recent Our the customers. our path changing
expense innovation, the technology, are an As we we accelerate and to improvements prospect discipline targeted strategic investments outcome our we customers. to certain we of reexamining intend areas. the way and distribution balancing do the crisis, reach In further at doing with so, in business way enhancements are and plans
address I'd what navigate done through Slide to CNO this like to has to Turning X, challenging environment.
our focused we're and consumers and our and the our constituencies: health on safety and agents of and our our Our service I the associates our approach of associates share communities. foremost, and policyholders. three to agents, by continuity First
work-from-home transitioned offices. mandate our sales and and agents, associates our our days, working arrangements. XX of in remote mid-March, XX% to instituted Within associates corporate we both with a Starting we in successfully
have do not to we their the steps them business-critical at allow whose remotely, associates those For health to safety and work safeguard taken significant roles office.
we setting. training our them to agents to and consultations allow agents our to applications. exclusive Many for serve virtual in customers through consumers digital and tools insurance face-to-face prefer assist, meet technology a deployed enhanced To with
long-term COVID-XX the it to least associate month, holds, reductions would this commitment due there what be to important balance workforce. predict of at that to cannot we our communicated we Although reaffirm was for Last the our year. no
seen who their exclusive businesses disrupted We their also agents programs have for financial and challenged. livelihood support introduced our
made to slide. available response resources the you can In health eligible which associates, on well-being see COVID-XX, to numerous were and
Our X.X exclusive and our fully advisers centers available agents, remain more for million engaged customer policyholders. care financial and than
difficulty. consumers these payments with may during is be an who the working time times. also period are of that so We make these precisely extended benefits in situations without their exceptional our experiencing like difficult financial losing important. We risk service It premium of to provide client is
For maintaining committed philanthropic our corporate to our budgeted communities, CNO donations for XXXX partners.
hardships. program. CNO impacted have by $XXX,XXX support are within Associates our X donated agents offered virtual COVID-XX volunteer volunteering also to participating financial associates or other and leaders in senior through assistance been family opportunities financial funds to that and team CNO the CNO personal
respond our the commitment consistent are core our embrace We support our long-term We these this to pandemic social duty the realize responsibility. tied agents The associates, role. our values our with constituents. is our and our to collective actions to success customers, is of and and we communities. are It our well-being to to taking privilege that
plan significant claims functions like key the pleased continuity I'd deeply quarter our with more successfully operating operational to disruption progress the and dig all processing our first smoothly. We of centers, – capacity. includes running operational shared and now Today, I results. underwriting, loss business our and was services. are other and call record businesses This no our minimal very into from the with pandemic. impact implemented
strong. Our service remain levels
have We that systems working security also precautions to security meet implemented ensure standards. our additional cyber that remotely rigorous associates
quarter the distinct first X, to was divided Turning into periods. two Slide
March last through and the weeks and slowed performance two to responded was three solid sales quarter the early states to meaningfully pandemic. Our of then in as the consumers
quarter. earnings an reflect the those As sales operating first From a two of periods. impact in little of result, blend our perspective, the a first felt very quarter we crisis
up our share the due a his slightly earnings the still operating reduction corporate fee tax benefits Operating earnings XX%. this due was from investment a exclude and lower record Even will lower during per were up in activity. all XX%, rate, a per share repurchase were our a remarks. to and up outperformance strong Paul XX% were if to detail income, growth prepared in expenses and share of operating count our a earnings income more cover This in share non-allocated our $X.XX. we from to
insurance interest margin headwinds. year-over-year, of and both diversification and in its insurance reflecting resiliency were product rate Both our business the continued of income policy up the face
that to $X year-over-year certain efficiencies or I'd in while million as captured X% note invest our by in continuing growth. also expenses decreased to areas we like
Turning in the and account scorecard were for X sales to X%. our consecutive line top were our second growth the sales our health seventh on up had impact strong balances scorecard X, Annuity Life of growth our despite of on the COVID-XX up half X our were metrics. still March, increase. Slide quarter. X%, results in We
sales interest expected, in rates and resulting the down continued of pricing were low X%. context actions, annuity As
life for X, Slide on sales business Consumer our were X%. the and quarter, health to up full Turning
momentum. good with from quarter the sales entered up and business XX% February. were Consumer Our Life health
slowed, of the decline the quarter, country saw shelter place the started face-to-face parts Towards to of meetings a in in we sales. end steep many as and
As technologies at regain to agents and result remotely. traction, allowed work albeit using investments CRM are of our virtual were electronic voice transition a applications signatures. This sales presentations previous able and agents exclusive quickly to levels. as we and such lower and field Agents sales tools, telesales our to in both has conducting digital
Direct-to-consumer a as lead to life key sales exclusive our serves agents. channel this are surging, and source
XX. and by our A life, over disproportionate are number are in-force annuity of of book. the health We demographic makeup age our encouraged policyholders
the are underscores economic that peace financial crisis At products may of not those they the and crucial by disruption. mind the protection be same for provides. our the suite products the as impacted need For insurance and time, retired, of
to manage and in pricing would in rates rate the we environment. order were down balance took continuously compared sales interest to period. Annuity affected, I during the quarter. the action in our quarter sales, mentioned, that the growth low the additional comparable XX% participation be our We current on in as first growth as XXXX X% profitability annuities sales Knowing
on conditions case and been to has lower are the when business the warrant. we will return discipline threshold. ensures continue will remain off similar with circumstances. employ we This our periods, that sales that this putting accept in We trade market As meet in same comfortable books the prior
to retention and strong. recruiting continues Agent be
reopening. efforts the in create insurance prior testing have the with tailwind recently, a to Our the in to some areas, jobs closure were centers the the was ability count licenses, efforts. current stymied our growth on have recruiting began, of create new agent new in by agents insurance agreed Through our disruption, in X% communities new across national last the our we states agent period first we temporary top issue same job many X% license network to country. and are state quarter Initially up for periods expect More in offices, experience agent Consistent environment the centers. testing of to producing of our year. shutdown after of
much of digital and the health effect, across place the have sales. purchasing insurance. more hastening in of is the country movement website and orders in to a went distancing into including during Since stay-at-home physical With seen our significant QX, increase crisis products we digital guidelines traffic services,
into announced businesses. enable to Recall Worksite, and made we with that reduce transformation in pleased cross-channel efficiencies customers. initial serve our our to that the two our January, barriers progress I'm divisions, Consumer consolidated the better we've our three business segments and between
we March, exclusive higher per increasingly demonstrates exclusive with translated This with agent lead resources late when spend higher face-to-face, our and to our value and unable direct-to-consumer to new in ability channels prospects sale. example, structure. For to our under across conversion up meet This accelerated the unlock flex premiums we were agents the rates advertising force. can ramped lead our sharing
collaboration We of underway. programs other cross-channel have a number
employers offices for XX% to in first to In were quarter. X%. visitation, the response, of decreased Slide double-digit half healthy down mid-March. crisis Worksite business our business, the to up quarter in most first sales closed cases, producing the with another sales quarter, their growth strong. we year total began back and Responding pandemic, of diverted Worksite altogether. their sharply. our We up also in the March, Through limited Turning was were attention office through the the X ended very quarter, track sales Worksite on bulk a XX% Worksite agent the
cross-selling Benefits in revenue fee X%. our with track, this on to or WBD-related Web X% and attributable quarter. worksite platform, integration The efforts. quarter well sales our remains administration performed in Design, of relationships WBD, Approximately seeing technology we're the were benefits solid of insurance up WBD progress
sales. locations. That business We business steeper on sales its they customers have Worksite given virtual armed greater sales within than the to current recovery face-to-face and tools, are in drive worksite we expect and actively agents with employer to a reliance engaging Consumer existing at with clients path said, our
than other More likely state of is less XX% the The employer are local covered of and governments, demographic and impacted also by schools, by to base utilities, primary public service-oriented breakdown employed be secondary groups our encouraging. organizations our employee pandemic. and
returned the provide Turning we of first repurchase quarter, uncertainty will financial moments. mid-March, surrounding to In in to Slide form markets our ultimate the we $XX Paul more the as million a the duration deteriorate share X, to of shareholders began including in detail activity. few $XX pandemic, repurchases. due suspended the million in share severity and to
unprecedented customers, remain communities assured path our can and and when I over too Before you look like to our that we comments through to where as these what turn to today, our would sit on that country we soon it I'd it return the Paul, be outlook. few make to shareholders will to value like. From our But is times. predict a on laser-focused delivering navigate normalcy we
Despite remain franchise our these our remains challenges, and consistent. short-term healthy and significant priorities strategies
today to sheet from we've manage in over taken years strengthen business, investment diversify the several benefiting our risk the are and our our actions last We balance portfolio.
we take In our and duty with us. tragedy more know embrace with it ensuring the rests keep Nothing we than we to economic our seriously. on every We ability count responsibility by recognize and very product we help that promises is crisis to those the on the us make COVID-XX, and that important brought sell.
am us, as well exit We resilient weather are will is to that and positioned stronger crisis ahead we and what more of company. I a this confident
turn now I'll that, over with Paul. to And it
