CNO Financial Group has announced the appointment of Joel Koehneman as its new chief accounting officer, effective January 25.
Koehneman brings extensive financial and accounting expertise to the role. He most recently served as a finance director at CDW Corporation and has over 16 years of experience with PricewaterhouseCoopers (PwC), where he focused primarily on life insurance clients. During his tenure at PwC, he served as lead director on audits for two major life insurance companies.
In his new position, Koehneman will report to Paul McDonough, CNO Financial’s chief financial officer, who has held the role since March 2019. Koehneman succeeds Michellen Wildin, who has served as chief accounting officer since January 2024. Wildin previously held the position of senior vice president of accounting from October 2023 to December 2023. She is expected to remain with CNO Financial until April 1 to ensure a smooth transition.
CNO Financial Group, headquartered in Carmel, Indiana, provides life and health insurance, annuities, financial services, and workforce benefits through its subsidiaries, which include Bankers Life, Colonial Penn, Optavise, and Washington National.
In its third-quarter financial results for 2024, the company reported a net income of $9.3 million, a significant decrease from $167.3 million in the same period the previous year. At the end of the quarter, CNO’s book value per share was $25.86, while its return on equity stood at 11.8%, with an adjusted operating return on equity of 11.7%.
AM Best also maintained its ratings last year for CNO Bermuda Re and other insurance subsidiaries of CNO Financial. The rating agency also reaffirmed the financial strength rating (FSR) of A (Excellent) and the long-term issuer credit ratings (Long-Term ICR) of “a” (Excellent) for the subsidiaries.
