Many publicly traded insurers are warning in their shareholder vote proxies that the COVID-19 pandemic may force them to skip holding in-person annual meetings this year.
Gary Bhojwani, the chief executive officer of CNO Financial Group Inc., started the letter at the front of his company’s annual report to shareholders by noting that, as he was finishing the letter, he and most other CNO associates had been working from their homes for at least the past week, due to the pandemic.
CNO’s life insurance company units sell products such as life insurance, annuities, Medicare supplement insurance and long-term care insurance.
“Nothing is more important to us than ensuring our ability to keep the promises we make with every product we sell,” Bhojwani writes in the letter to shareholders. “We know the responsibility that rests with us, and we take it very seriously.”
- A copy of CNO’s annual report to shareholders is available here.
- An article about Aflac’s brush with COVID-19 in Japan is available here.
Bhojwani says CNO’s portfolio investment managers are managing through an extremely challenging environment.
He says the 10-Treasury bond yield started out at 3% at the end of 2018, fell to 1.8% in late 2019, and sank to 0.5% March 9.