0001224608falsetrue00012246082024-02-062024-02-060001224608us-gaap:CommonStockMember2024-02-062024-02-060001224608cno:RightsToPurchaseSeriesEJuniorParticipatingPreferredStockMember2024-02-062024-02-060001224608cno:A5125SubordinatedDebenturesDue2060Member2024-02-062024-02-06


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 6, 2024

CNO Financial Group, Inc.
(Exact Name of Registrant as Specified in Charter)
 
Delaware001-3179275-3108137
(State or Other
Jurisdiction of Incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
11825 North Pennsylvania Street
Carmel, Indiana  46032
(Address of Principal Executive Offices) (Zip Code)

(317) 817-6100
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareCNONew York Stock Exchange
Rights to purchase Series E Junior Participating Preferred StockNew York Stock Exchange
5.125% Subordinated Debentures due 2060CNOpANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.Results of Operations and Financial Condition.

On February 6, 2024, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended December 31, 2023, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference; (ii) the Quarterly Financial Supplement for December 31, 2023, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference; and (iii) additional financial information related to its financial and operating results for the quarter ended December 31, 2023, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

The information contained under Item 2.02 in this Current Report on Form 8-K (including Exhibits 99.1, 99.2 and 99.3) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.


Item 9.01(d).Financial Statements and Exhibits.

The following materials are furnished as exhibits to this Current Report on Form 8-K:






2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CNO Financial Group, Inc.
Date: February 6, 2024
By:/s/ Michellen Wildin
Michellen Wildin
Senior Vice President and
Chief Accounting Officer




3

Exhibit 99.1
cnologopra.jpg                            News

For Immediate Release

CNO Financial Group Reports Fourth Quarter and Full Year 2023 Results
Strong fourth quarter earnings, sustained full-year sales momentum and agent force growth

Carmel, Ind., February 6, 2024 - CNO Financial Group, Inc. (NYSE: CNO) today announced its financial results for the fourth quarter and full year ended December 31, 2023. Net income in 4Q23 was $36.3 million, or $0.32 per diluted share, compared to $38.0 million, or $0.33 per diluted share, in 4Q22. Net income for year ended December 31, 2023 was $276.5 million, or $2.40 per diluted share, compared to $630.6 million, or $5.36 per diluted share, in 2022. Net income in 2023 and 2022 reflected non-economic market impacts which increased (decreased) earnings by $(18.8) million and $334.9 million, respectively.
Net operating income (1) for the quarter ended December 31, 2023 was $133.9 million, or $1.18 per diluted share, compared to $82.9 million, or $0.71 per diluted share, in 4Q22. Net operating income (1) for the year ended December 31, 2023 was $356.1 million, or $3.09 per diluted share, compared to $360.4 million, or $3.06 per diluted share, in 2022.
In 4Q23, significant items positively impacted both net income and net operating income (1) by $26.4 million, or $0.23 per diluted share. For the year, both net income and net operating income (1) were favorably impacted by significant items of $43.3 million, or $0.37 per diluted share, in 2023 and $17.9 million, or $0.15 per diluted share, in 2022.
"CNO delivered strong earnings growth in the quarter and exceptional full-year operating performance," said Gary C. Bhojwani, chief executive officer. "Our diverse, integrated distribution generated four consecutive quarters of sales momentum, increased agent counts and record growth across multiple product categories. This high level of operating performance underscores the health and strength of our business model and will contribute to sustained profitable growth."
"Our capital position and free cash flow generation remained strong, enhanced by our new Bermuda reinsurance structure. We delivered solid earnings results in the year, driven by stable insurance product margins and improved investment portfolio yield. During 2023, we returned more than $230 million to shareholders."
"CNO enters 2024 with considerable sales momentum and a growing agent force amid favorable macro trends. We continue to prioritize strong capital management and profitable growth, which are the cornerstone of our commitment to deliver enduring value to our customers, associates, agents and shareholders."
Full Year 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
•Total new annualized premiums ("NAP") (4) up 9%; total Health insurance NAP up 11%
•    Consumer Division field NAP up 16%
•Worksite Division NAP up 29%
•     Established CNO Bermuda Re and executed initial reinsurance transaction
•    Returned $233.2 million to shareholders
•     Return on equity ("ROE") of 14.0%; operating ROE, as adjusted, (6) of 9.8%
Fourth Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
•Total Health insurance NAP (4) up 5%; total Life insurance NAP up 8%
•    Consumer Division NAP up 4% and producing agent count up 9%
•Worksite Division NAP up 20% and producing agent count up 27%
•     Returned $96.7 million to shareholders
•     Book value per share was $20.26; book value per diluted share, excluding accumulated other comprehensive loss, (2) was $33.94


Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022 increased $368.0 million and was comprised of: (i) an increase to retained earnings of $232.2 million; and (ii) a decrease to accumulated other comprehensive loss of $135.8 million. Net income and net operating income (1) increased (decreased ) $(5.4) million and $17.1 million in the fourth quarter of 2022, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.

FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data)
(Unaudited)

Net operating income, a non-GAAP(a) financial measure, is used consistently by CNO’s management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as net realized investment gains (losses) from sales and change in the allowance for credit losses, changes in fair values of embedded derivatives and market risk benefits and the liability for a deferred compensation plan, and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

Per diluted share
Quarter endedQuarter ended
December 31,December 31,
20232022% change20232022% change
Income from insurance products (b)
$1.19 $0.73 63 $135.8 $85.4 59 
Fee income0.16 0.08 100 17.8 9.2 93 
Investment income not allocated to product lines (c)
0.34 0.22 55 38.3 25.2 52 
Expenses not allocated to product lines(0.18)(0.11)64 (19.8)(12.8)55 
Operating earnings before taxes1.51 0.92 172.1 107.0 
Income tax expense on operating income(0.33)(0.21)57 (38.2)(24.1)59 
Net operating income (1)1.18 0.71 66 133.9 82.9 62 
Net realized investment gains (losses) from sales and change in allowance for credit losses0.01 (0.23)1.4 (27.2)
Net change in market value of investments recognized in earnings0.08 (0.08)8.8 (9.0)
Changes in fair value of embedded derivative liabilities and market risk benefits(1.10)(0.14)(124.6)(16.4)
Other(0.10)(0.05)(11.6)(5.9)
Non-operating loss before taxes(1.11)(0.50)(126.0)(58.5)
Income tax benefit on non-operating loss0.25 0.12 28.4 13.6 
Net non-operating loss(0.86)(0.38)(97.6)(44.9)
Net income$0.32 $0.33 $36.3 $38.0 
Weighted average diluted shares outstanding113.7 116.7 

2

FINANCIAL SUMMARY
Year End
(Amounts in millions, except per share data)
(Unaudited)

Per diluted share
Year endedYear ended
December 31,December 31,
20232022% change20232022% change
Income from insurance products (b)
$3.13 $2.89 8 $360.0 $339.9 6 
Fee income0.27 0.20 35 31.0 23.7 31 
Investment income not allocated to product lines (c)
1.04 1.22 (15)120.2 143.9 (16)
Expenses not allocated to product lines(0.45)(0.35)29 (51.7)(40.8)27 
Operating earnings before taxes3.99 3.96 459.5 466.7 
Income tax expense on operating income(0.90)(0.90)— (103.4)(106.3)(3)
Net operating income (1)3.09 3.06 1 356.1 360.4 (1)
Net realized investment losses from sales and change in allowance for credit losses(0.54)(0.53)(62.7)(62.2)
Net change in market value of investments recognized in earnings(0.06)(0.62)(6.3)(73.2)
Changes in fair value of embedded derivative liabilities and market risk benefits(0.26)3.74 (29.9)440.2 
Other(0.03)0.38 (3.8)45.0 
Non-operating income (loss) before taxes(0.89)2.97 (102.7)349.8 
Income tax (expense) benefit on non-operating income (loss)0.20 (0.67)23.1 (79.6)
Net non-operating income (loss)(0.69)2.30 (79.6)270.2 
Net income$2.40 $5.36 $276.5 $630.6 
Weighted average diluted shares outstanding115.1 117.7 

____________________
(a)    GAAP is defined as accounting principles generally accepted in the United States of America.
(b)    Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Insurance margin is management’s measure of the profitability of its annuity, health and life segments’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.
(c)    Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN") program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders.

3


FINANCIAL SUMMARY (continued)
Management vs. GAAP Measures
(Dollars in millions, except per share data)
(Unaudited)

Shareholders’ equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations. In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid. Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.
_____________________________________________________________________________________________________

Quarter ended
December 31,
20232022
Trailing twelve months return on equity (a)
14.0 %26.5 %
Trailing twelve months operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (6)9.8 %10.8 %
Trailing twelve months operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (6)8.6 %10.3 %
Shareholders’ equity$2,215.6 $1,768.8 
Accumulated other comprehensive loss1,576.8 1,957.3 
Shareholders’ equity, excluding accumulated other comprehensive loss3,792.4 3,726.1 
Net operating loss carryforwards(79.6)(169.0)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss carryforwards$3,712.8 $3,557.1 
Book value per diluted share$19.83 $15.14 
Accumulated other comprehensive loss14.11 16.75 
Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)$33.94 $31.89 

____________________
(a) Calculated using average shareholders’ equity for the measurement period.

4

INSURANCE OPERATIONS


Annuity products accounted for 23 percent of the Company’s insurance margin for the quarter and annuity premiums collected increased 2 percent in 4Q23 compared to 4Q22.

Health products accounted for 53 percent of the Company’s insurance margin for the quarter and 64 percent of insurance policy income.

Life products accounted for 24 percent of the Company’s insurance margin for the quarter and 35 percent of insurance policy income.

Sales of health products were up 5 percent and sales of life products were up 8 percent in 4Q23 compared to 4Q22.

ANNUITY COLLECTED PREMIUMS
(Dollars in millions)
(Unaudited)
Quarter ended December 31,
20232022% change
Annuity collected premiums$438.3 $431.0 2 


INSURANCE POLICY INCOME
(Dollars in millions)
(Unaudited)
Quarter ended December 31,
20232022% change
Annuity$8.0 $6.0 33 
Health398.3 403.6 (1)
Life219.4 216.4 1 
Total insurance policy income$625.7 $626.0 — 


SALES MEASURED AS NEW ANNUALIZED PREMIUMS FOR
LIFE AND HEALTH PRODUCTS
(Dollars in millions)
(Unaudited)
Quarter ended December 31,
20232022% change
Health$52.2 $49.9 5 
Life43.9 40.8 8 
Total new annualized premiums (4)$96.1 $90.7 6 


5

INSURANCE MARGIN
(Amounts in millions, except per share data)
(Unaudited)


Insurance margin is management’s measure of profitability of its annuity, health and life product lines' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of our operations. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Financial Summary section above.
Quarter ended
December 31,
2023		% of insurance policy incomeDecember 31,
2022		% of insurance policy income% change
Margin
Annuity interest margin$63.6 $50.8 25 
Life insurance interest margin— 0.4 (100)
Total interest-sensitive margin63.6 51.2 24 
Insurance margin
Health146.4 37 140.4 35 4 
Life (a)64.6 29 42.9 20 51 
Total other insurance margin211.0 34 183.3 30 15 
Total insurance margin274.6 234.5 
Allocated expenses(138.8)(149.1)
Income from insurance products$135.8 $85.4 
Per diluted share$1.19 $0.73 
Weighted average diluted shares113.7 116.7 

____________________
(a)    Net of $15.7 million and $20.3 million of non-deferred television advertising expense related to our direct distribution channel in the 2023 and 2022 periods, respectively.
    

Total allocated expenses were $138.8 million, down 7 percent from 4Q22.


Total insurance margins in the quarters ended December 31, 2023 and 2022, were favorably impacted by $33.9 million and $0.7 million, respectively, resulting from our comprehensive annual actuarial review. See pages 19 and 21 for a summary of the impact of significant items.





6

ANNUITY RESULTS BY PRODUCT TYPE
(Dollars in millions)
(Unaudited)
Annuity margin
Quarter ended
December 31,
20232022
Fixed indexed annuities$50.9 $41.3 
Fixed interest annuities7.7 7.8 
Other annuities5.0 1.7 
Total$63.6 $50.8 

Annuity collected premiums
Quarter ended
December 31,
20232022
Annuity collected premiums$438.3 $431.0 

Average net insurance liabilities (5)
Quarter ended
December 31,
20232022
Fixed indexed annuities$9,508.7 $9,054.2 
Fixed interest annuities1,600.9 1,652.6 
Other annuities447.5 473.6 
Total$11,557.1 $11,180.4 

Margin/average net insurance liabilities (a)
Quarter ended
December 31,
20232022
Fixed indexed annuities2.14 %1.82 %
Fixed interest annuities1.92 %1.89 %
Other annuities4.47 %1.44 %
Total2.20 %1.82 %
____________________
(a)    Defined as annualized quarterly annuity margin divided by average net insurance liabilities (5).

Annuity margins were impacted by our comprehensive annual actuarial review as summarized below:

Quarter ended
December 31,
20232022
Fixed indexed annuities$9.4 $(3.2)
Other annuities3.5 — 
Net favorable (unfavorable) impact on annuity margins$12.9 $(3.2)


7

HEALTH INSURANCE RESULTS BY PRODUCT TYPE
(Dollars in millions)
(Unaudited)

Health margin
Quarter ended
December 31,
20232022
Amount% of insurance policy incomeAmount% of insurance policy income% change
Supplemental health and other health$108.4 61 $60.3 34 80 
Medicare supplement21.3 14 37.9 23 (44)
Long-term care16.7 25 42.2 64 (60)
Total$146.4 37 $140.4 35 4 


Health insurance policy income
Quarter ended
December 31,
20232022% change
Supplemental health and other health$178.1 $175.3 2 
Medicare supplement153.9 162.3 (5)
Long-term care66.3 66.0 — 
Total$398.3 $403.6 (1)

Health NAP (4)
Quarter ended
December 31,
20232022% change
Supplemental health and other health$29.6 $33.3 (11)
Medicare supplement11.5 10.4 11 
Long-term care11.1 6.2 79 
Total$52.2 $49.9 5 


Health margins were impacted by our comprehensive annual actuarial review as summarized below:

Quarter ended
December 31,
20232022
Supplemental health$41.9 $1.9 
Medicare supplement(10.6)— 
Long-term care(9.0)16.4 
Net favorable impact on health margins$22.3 $18.3 

8

LIFE INSURANCE RESULTS BY PRODUCT TYPE
(Dollars in millions)
(Unaudited)
Life margin
Quarter ended
December 31,
20232022
Amount% of insurance policy incomeAmount% of insurance policy income% change
Life insurance interest margin$— $0.4 (100)
Life insurance margin:
Traditional life35.7 21 22.1 13 62 
Interest sensitive life28.9 63 20.8 47 39 
Subtotal64.6 29 42.9 20 51 
Total margin$64.6 $43.3 49 

Life insurance policy income
Quarter ended
December 31,
20232022% change
Traditional life$173.2 $172.2 1 
Interest sensitive life46.2 44.2 5 
Total$219.4 $216.4 1 

Life NAP (4)
Quarter ended
December 31,
20232022% change
Traditional life$35.5 $33.2 7 
Interest sensitive life8.4 7.6 11 
Total$43.9 $40.8 8 

Average net insurance liabilities (5) and interest margin
Quarter ended
December 31,
20232022% change
Interest sensitive life products$1,045.8 $1,026.9 2 
Interest margin/average net insurance liabilities (5)— %0.16 %(100)


Life margins were impacted by our comprehensive annual actuarial review as summarized below:

Quarter ended
December 31,
20232022
Traditional life$(5.2)$(13.0)
Interest-sensitive life3.9 (1.4)
Net unfavorable impact on life margins$(1.3)$(14.4)


9

QUARTERLY AVERAGE EXCLUSIVE PRODUCING AGENTS

Average Exclusive Producing Agent Count
Quarter ended
December 31,%
20232022change
Consumer
Agents (a) (c)4,224 3,882 9 
Registered agents (b) (c)708 695 2 
Worksite (a) (c)
349 275 27 
____________________
(a) Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month.
(b) Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell
securities for clients, and/or investment advisors who can provide ongoing investment advice for clients.
(c) Agent counts represent the average of the last 3 months.


INVESTMENTS
INVESTMENT INCOME NOT ALLOCATED TO PRODUCT LINES
(Dollars in millions, except per share data)

Management uses investment income not allocated to product lines as the measure to evaluate the performance of the investment segment. It is defined as net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. We also view investment income not allocated to product lines per diluted share as an important and useful measure to evaluate performance of the investment segment as it takes into consideration our share repurchase program.

Quarter ended December 31,
20232022% change
Net investment income$465.2 $315.7 47 
Allocated to product lines:
Annuity(132.2)(123.6)7 
Health(74.2)(73.7)1 
Life(36.1)(35.8)1 
Equity returns credited to policyholder account balances(105.2)6.1 (1,825)
Amounts allocated to product lines and credited to policyholder account balances(347.7)(227.0)53 
Impact of annual option forfeitures related to fixed indexed annuity surrenders3.2 (1.0)(420)
Amount related to variable interest entities and other non-operating items(16.2)(18.6)(13)
Interest expense on corporate debt(15.7)(15.6)1 
Interest expense on financing arrangements(1.3)— N/A
Interest expense on investment borrowings from the Federal Home Loan Bank program(30.5)(16.1)89 
Expenses related to FABN program(7.6)(7.6)— 
Less amounts credited to deferred compensation plans (offsetting investment income)(11.1)(4.6)141 
Total adjustments(79.2)(63.5)
Investment income not allocated to product lines$38.3 $25.2 52 
Per diluted share$0.34 $0.22 


10

INVESTMENT PORTFOLIO
(Dollars in millions)

The composition of the investment portfolio at December 31, 2023 is as follows:
$% of total
Fixed maturities, available for sale, at fair value$21,506.2 82 
Equity securities at fair value96.9 1 
Mortgage loans2,064.1 8 
Policy loans128.5 — 
Trading securities222.7 1 
Investments held by variable interest entities768.6 3 
Other invested assets1,353.4 5 
Total investment portfolio$26,140.4 100 

Fixed maturities, available for sale, at amortized cost by asset class as of December 31, 2023 are as follows:
Investment gradeBelow investment gradeTotal
Corporate securities$12,590.8 $596.1 $13,186.9 
United States Treasury securities and obligations of the United States government and agencies207.6 — 207.6 
States and political subdivisions2,887.2 9.6 2,896.8 
Foreign governments92.7 — 92.7 
Asset-backed securities1,364.5 111.7 1,476.2 
Agency residential mortgage-backed securities639.0 — 639.0 
Non-agency residential mortgage-backed securities1,170.8 499.3 (a)1,670.1 
Collateralized loan obligations1,042.5 — 1,042.5 
Commercial mortgage-backed securities2,386.9 100.5 2,487.4 
Total$22,382.0 $1,317.2 $23,699.2 

____________________
(a)     Certain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners (NAIC).

The fair value of CNO’s available for sale fixed maturity portfolio was $21.5 billion compared with an amortized cost of $23.7 billion. Net unrealized losses were comprised of gross unrealized gains of $160.7 million and gross unrealized losses of $2,310.8 million. The allowance for credit losses was $42.9 million at December 31, 2023.

At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated “investment grade”.



11

Non-Operating Items
Net investment gains in 4Q23 were $1.4 million including the favorable change in the allowance for credit losses of $21.8 million which was recorded in earnings. Net investment losses in 4Q22 were $27.2 million including the unfavorable change in the allowance for credit losses of $5.7 million which was recorded in earnings.

During 4Q23 and 4Q22, we recognized an increase (decrease) in earnings of $8.8 million and $(9.0) million, respectively, due to the net change in market value of investments recognized in earnings.

During 4Q23 and 4Q22, we recognized a decrease in earnings of $124.6 million and $16.4 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.

In 4Q23 and 4Q22, other non-operating items included an increase (decrease) in earnings of $(10.3) million and $0.2 million, respectively, for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change. In addition, other non-operating items in 4Q22 included a one-time restructuring charge of $7.1 million primarily related to an early retirement program.

Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 402% at December 31, 2023, reflecting estimated 4Q23 statutory operating income of $18 million (and $131 million during 2023) and the payment of insurance company dividends, net of capital contributions, to the holding company of $433.4 million during 4Q23 (and $492.1 million, net of capital contributions, during 2023). During 4Q23, the holding company also contributed $264.2 million to CNO Bermuda Re (a wholly-owned Bermuda reinsurance company) in connection with an initial reinsurance transaction between CNO Bermuda Re and one of our U.S. based insurance subsidiaries.

During 4Q23, we repurchased $80.0 million of common stock under our securities repurchase program (including $10.6 million of repurchases settled in 1Q24). We repurchased 3.0 million common shares at an average cost of $27.29 per share. As of December 31, 2023, we had 109.4 million shares outstanding and had authority to repurchase up to an additional $521.8 million of our common stock. During 4Q23, dividends paid on common stock totaled $16.7 million.

Unrestricted cash and investments held by our holding company were $256 million at December 31, 2023, compared to $167 million at December 31, 2022.

Book value per common share was $20.26 at December 31, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $33.94 at December 31, 2023, compared to $31.89 at December 31, 2022.

The debt-to-capital ratio was 34.0% and 39.2% at December 31, 2023 and 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.1% and 23.4% at December 31, 2023 and 2022, respectively.

Return on equity for the years ended December 31, 2023 and 2022, was 14.0% and 26.5%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the years ended December 31, 2023 and 2022, was 8.6% and 10.3%, respectively.

In this news release, CNO includes non-GAAP measures to enhance investors’ understanding of management’s view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective. CNO’s definitions of non-GAAP measures may differ from other companies’ definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.


12

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO’s cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company’s Form 10-K for the year ended December 31, 2022 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company’s website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

The Company will host a conference call to discuss results on February 7, 2024 at 12:00 p.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.

To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=fd791d0a&confId=60315. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.

For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.


ABOUT CNO FINANCIAL GROUP

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income, and retirement needs with 3.2 million policies and $35 billion in total assets. Our 3,500 associates, 4,600 exclusive agents and more than 5,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
13

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(unaudited)

December 31,
2023		December 31,
2022
ASSETS
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: 2023 - $42.9 and 2022 - $56.0; amortized cost: 2023 - $23,699.2 and 2022 - $23,384.2)$21,506.2 $20,353.4 
Equity securities at fair value96.9 135.3 
Mortgage loans (net of allowance for credit losses: 2023 - $15.4 and 2022 - $8.0)2,064.1 1,411.9 
Policy loans128.5 121.6 
Trading securities222.7 207.9 
Investments held by variable interest entities (net of allowance for credit losses: 2023 - $3.1 and 2022 - $5.5; amortized cost: 2023 - $787.6 and 2022 - $1,134.2)768.6 1,077.6 
Other invested assets1,353.4 1,034.7 
Total investments26,140.4 24,342.4 
Cash and cash equivalents - unrestricted774.5 575.7 
Cash and cash equivalents held by variable interest entities114.5 69.2 
Accrued investment income251.5 235.6 
Present value of future profits180.7 203.7 
Deferred acquisition costs1,944.4 1,770.9 
Reinsurance receivables (net of allowance for credit losses: 2023 - $3.0 and 2022 - $2.0)4,040.7 4,223.4 
Market risk benefit asset75.4 65.3 
Income tax assets, net936.2 1,063.4 
Assets held in separate accounts3.1 2.7 
Other assets641.1 580.8 
Total assets$35,102.5 $33,133.1 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities: 
Liabilities for insurance products: 
Policyholder account balances$15,667.8 $15,234.2 
Future policy benefits11,928.2 11,240.2 
Market risk benefit liability7.4 11.3 
Liability for life insurance policy claims62.1 64.1 
Unearned and advanced premiums218.9 235.0 
Liabilities related to separate accounts3.1 2.7 
Other liabilities848.8 693.9 
Investment borrowings2,189.3 1,639.5 
Borrowings related to variable interest entities820.8 1,104.6 
Notes payable – direct corporate obligations1,140.5 1,138.8 
Total liabilities32,886.9 31,364.3 
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: 2023 - 109,357,540 and 2022 - 114,343,070)1.1 1.1 
Additional paid-in capital1,891.5 2,033.8 
Accumulated other comprehensive loss(1,576.8)(1,957.3)
Retained earnings1,899.8 1,691.2 
Total shareholders' equity2,215.6 1,768.8 
Total liabilities and shareholders' equity$35,102.5 $33,133.1 

14

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months endedYear ended
December 31,December 31,
 2023202220232022
Revenues:  
Insurance policy income$625.7 $626.0 $2,505.5 $2,499.8 
Net investment income:
General account assets325.1 294.8 1,250.2 1,179.0 
Policyholder and other special-purpose portfolios140.1 20.9 249.5 (163.1)
Investment gains (losses):
Realized investment losses(11.3)(21.5)(69.3)(17.9)
Other investment gains (losses)21.5 (14.7)0.3 (117.5)
Total investment gains (losses)10.2 (36.2)(69.0)(135.4)
Fee revenue and other income69.4 68.1 210.6 196.5 
Total revenues1,170.5 973.6 4,146.8 3,576.8 
Benefits and expenses:    
Insurance policy benefits743.5 583.2 2,318.2 1,615.4 
Liability for future policy benefits remeasurement loss(30.0)(17.9)(21.2)(15.6)
Change in fair value of market risk benefits15.3 (22.3)(21.3)(140.2)
Interest expense63.7 47.8 238.6 137.0 
Amortization of deferred acquisition costs and present value of future profits 58.9 54.3 227.4 212.8 
Other operating costs and expenses273.0 280.0 1,048.3 950.9 
Total benefits and expenses1,124.4 925.1 3,790.0 2,760.3 
Income before income taxes46.1 48.5 356.8 816.5 
Income tax expense on period income9.8 10.5 80.3 185.9 
Net income$36.3 $38.0 $276.5 $630.6 
Earnings per common share:  
Basic:  
Weighted average shares outstanding111,591,000 114,422,000 113,275,000 115,733,000 
Net income$.33 $.33 $2.44 $5.45 
Diluted:
Weighted average shares outstanding113,657,000 116,653,000 115,124,000 117,717,000 
Net income$.32 $.33 $2.40 $5.36 


15

NOTES
(1)Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the tables on pages 2 and 3. Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available in the "Investors - SEC Filings" section of CNO's website, CNOinc.com.
(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(3)The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(4)Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.
(5)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
(6)The following summarizes the calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows (dollars in millions):
Year ended
4Q234Q22
Net operating income$356.1 $360.4 
Net operating income, excluding significant items$312.8 $342.5 
Net income$276.5 $630.6 
Average common equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure)$3,631.5 $3,323.3 
Average common shareholders' equity$1,977.5 $2,384.1 
Operating return on equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure)9.8 %10.8 %
Operating return, excluding significant items, on equity, excluding
accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure)8.6 %10.3 %
Return on equity14.0 %26.5 %
16


The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):
Net operating
Net operatingincome,
income,excludingNet
excludingsignificantincome -
Net operatingSignificantsignificantitems - trailingNettrailing
incomeitemsitems (a)four quartersincome (loss)four quarters
1Q22$64.5 $— $64.5 $373.2 $183.4 $491.7 
2Q22135.1 (17.4)(b)117.7 393.4 233.3 677.3 
3Q2277.9 — 77.9 360.9 175.9 749.8 
4Q2282.9 (0.5)(c)82.4 342.5 38.0 630.6 
1Q2358.6 — 58.6 336.6 (0.8)446.4 
2Q2362.3 — 62.3 281.2 73.7 286.8 
3Q23101.3 (16.9)(d)84.4 287.7 167.3 278.2 
4Q23133.9 (26.4)(e)107.5 312.8 36.3 276.5 
(a) See note (7) for additional information.
(b) Comprised of an experience refund of $22.5 million related to a reinsurance agreement, net of tax expense of $5.1 million.
(c) Comprised of $.7 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $.2 million.
(d) Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals, net of tax expense of $4.8 million.
(e) Comprised of $33.9 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $7.5 million.

A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):
Year ended December 31,
20232022
Pre-tax operating earnings (a non-GAAP financial measure)$459.5 $466.7 
Income tax expense(103.4)(106.3)
Net operating income356.1 360.4 
Non-operating items:
Net realized investment losses from sales, impairments and change in allowance for credit losses(62.7)(62.2)
Net change in market value of investments recognized in earnings(6.3)(73.2)
Changes in fair value of embedded derivative liabilities and market risk benefits(29.9)440.2 
Fair value changes related to the agent deferred compensation plan(3.5)48.9 
Other(0.3)(3.9)
Non-operating income (loss) before taxes(102.7)349.8 
    Income tax (expense) benefit on non-operating income (loss)23.1 (79.6)
Net non-operating income (loss)(79.6)270.2 
Net income$276.5 $630.6 
17

A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):

4Q21
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,067.3 
Net operating loss carryforwards243.7 
Accumulated other comprehensive income373.7 
Common shareholders' equity$3,684.7 
1Q222Q223Q224Q22
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,141.7 $3,329.0 $3,510.3 $3,557.1 
Net operating loss carryforwards238.2 214.7 190.9 169.0 
Accumulated other comprehensive loss(561.5)(1,415.8)(1,837.8)(1,957.3)
Common shareholders' equity$2,818.4 $2,127.9 $1,863.4 $1,768.8 
1Q232Q233Q234Q23
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,543.8 $3,603.0 $3,744.2 $3,712.8 
Net operating loss carryforwards152.4 126.3 102.6 79.6 
Accumulated other comprehensive loss(1,664.4)(1,733.5)(1,956.7)(1,576.8)
Common shareholders' equity$2,031.8 $1,995.8 $1,890.1 $2,215.6 

A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):
Trailing four quarter average
4Q234Q22
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,631.5 $3,323.3 
Net operating loss carryforwards126.4 212.5 
Accumulated other comprehensive loss(1,780.4)(1,151.7)
Common shareholders' equity$1,977.5 $2,384.1 


18

(7)    The tables below summarize the financial impact of significant items on our net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).
Year ended
December 31, 2023
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$235.0 $(12.9)(a)$222.1 
Health margin494.3 (22.3)(a)472.0 
Life margin229.7 1.3 (a)231.0 
Total insurance product margin959.0 (33.9)925.1 
Allocated expenses(599.0)— (599.0)
Income from insurance products360.0 (33.9)326.1 
Fee income31.0 — 31.0 
Investment income not allocated to product lines120.2 — 120.2 
Expenses not allocated to product lines(51.7)(21.7)(b)(73.4)
Operating earnings before taxes459.5 (55.6)403.9 
Income tax (expense) benefit on operating income(103.4)12.3 (91.1)
Net operating income$356.1 $(43.3)$312.8 
Net operating income per diluted share$3.09 $(0.37)$2.72 
___________
(a)Comprised of $33.9 million of the net favorable impact arising from our comprehensive annual actuarial review.
(b)Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals.

Three months ended
December 31, 2023
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$63.6 $(12.9)(a)$50.7 
Health margin146.4 (22.3)(a)124.1 
Life margin64.6 1.3 (a)65.9 
Total insurance product margin274.6 (33.9)240.7 
Allocated expenses(138.8)— (138.8)
Income from insurance products135.8 (33.9)101.9 
Fee income17.8 — 17.8 
Investment income not allocated to product lines38.3 — 38.3 
Expenses not allocated to product lines(19.8)— (19.8)
Operating earnings before taxes172.1 (33.9)138.2 
Income tax (expense) benefit on operating income(38.2)7.5 (30.7)
Net operating income$133.9 $(26.4)$107.5 
Net operating income per diluted share$1.18 $(0.23)$0.95 
___________
(a)Comprised of $33.9 million of the net favorable impact arising from our comprehensive annual actuarial review.

19

Three months ended
September 30, 2023
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$57.0 $— $57.0 
Health margin123.2 — 123.2 
Life margin59.8 — 59.8 
Total insurance product margin240.0 — 240.0 
Allocated expenses(153.2)— (153.2)
Income from insurance products86.8 — 86.8 
Fee income(2.9)— (2.9)
Investment income not allocated to product lines38.4 — 38.4 
Expenses not allocated to product lines7.5 (21.7)(a)(14.2)
Operating earnings before taxes129.8 (21.7)108.1 
Income tax (expense) benefit on operating income(28.5)4.8 (23.7)
Net operating income$101.3 $(16.9)$84.4 
Net operating income per diluted share$0.88 $(0.14)$0.74 
___________
(a)Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals.
Year ended
December 31, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$226.9 $3.2 (a)$230.1 
Health margin504.4 (18.3)(a)486.1 
Life margin205.2 14.4 (a)219.6 
Total insurance product margin936.5 (0.7)935.8 
Allocated expenses(596.6)— (596.6)
Income from insurance products339.9 (0.7)339.2 
Fee income23.7 — 23.7 
Investment income not allocated to product lines143.9 — 143.9 
Expenses not allocated to product lines(40.8)(22.5)(b)(63.3)
Operating earnings before taxes466.7 (23.2)443.5 
Income tax (expense) benefit on operating income(106.3)5.3 (101.0)
Net operating income$360.4 $(17.9)$342.5 
Net operating income per diluted share$3.06 $(0.15)$2.91 
___________
(a)Comprised of $0.7 million of the net favorable impact arising from our comprehensive annual actuarial review.
(b)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.


20

Three months ended
December 31, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$50.8 $3.2 (a)$54.0 
Health margin140.4 (18.3)(a)122.1 
Life margin43.3 14.4 (a)57.7 
Total insurance product margin234.5 (0.7)233.8 
Allocated expenses(149.1)— (149.1)
Income from insurance products85.4 (0.7)84.7 
Fee income9.2 — 9.2 
Investment income not allocated to product lines25.2 — 25.2 
Expenses not allocated to product lines(12.8)— (12.8)
Operating earnings before taxes107.0 (0.7)106.3 
Income tax (expense) benefit on operating income(24.1)0.2 (23.9)
Net operating income$82.9 $(0.5)$82.4 
Net operating income per diluted share$0.71 $— $0.71 
___________
(a)Comprised of $0.7 million of the net favorable impact arising from our comprehensive annual actuarial review.

Three months ended
June 30, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$60.1 $— $60.1 
Health margin125.4 — 125.4 
Life margin70.2 — 70.2 
Total insurance product margin255.7 — 255.7 
Allocated expenses(152.2)— (152.2)
Income from insurance products103.5 — 103.5 
Fee income3.2 — 3.2 
Investment income not allocated to product lines64.6 — 64.6 
Expenses not allocated to product lines2.9 (22.5)(a)(19.6)
Operating earnings before taxes174.2 (22.5)151.7 
Income tax (expense) benefit on operating income(39.1)5.1 (34.0)
Net operating income$135.1 $(17.4)$117.7 
Net operating income per diluted share$1.15 $(0.15)$1.00 
___________
(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.





For further information:

CNO News Media
Valerie Dolenga
Valerie.Dolenga@CNOinc.com

CNO Investor Relations
Adam Auvil
Adam.Auvil@CNOinc.com
21

Exhibit 99.2




cnologosuppa.jpg


Quarterly Financial Supplement - 4Q2023
February 6, 2024

Page 1

Table of ContentsPage
Consolidated balance sheet3
Consolidated statement of operations4
Financial summary5
Insurance operations6
Margin from insurance products7-9
Collected premiums from annuity and interest sensitive life products and insurance policy income10
Health and life new annualized premiums11
Computation of weighted average shares outstanding12
Annuities - account value rollforwards13
Consolidated statutory information of U.S. based insurance subsidiaries14
Investment income not allocated to product lines and investment income allocated to product lines15-18
Other investment data18
Significant items19-20
Notes21-22

Page 2

CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23
Assets
Investments:
  Fixed maturities, available for sale, at fair value$23,479.4 $21,362.7 $20,301.1 $20,353.4 $21,107.1 $20,959.7 $20,305.2 $21,506.2 
  Equity securities at fair value91.0 136.9 135.8 135.3 106.1 96.4 95.5 96.9 
  Mortgage loans1,213.3 1,215.3 1,227.3 1,411.9 1,676.1 1,825.9 1,971.3 2,064.1 
  Policy loans119.5 119.5 120.2 121.6 123.0 124.2 126.4 128.5 
  Trading securities223.0 198.9 223.3 207.9 208.1 218.9 221.2 222.7 
  Investments held by variable interest entities1,180.8 1,107.7 1,099.2 1,077.6 1,017.9 948.2 858.1 768.6 
  Other invested assets1,121.8 1,086.6 1,028.6 1,034.7 1,097.1 1,176.7 1,119.9 1,353.4 
  Total investments27,428.8 25,227.6 24,135.5 24,342.4 25,335.4 25,350.0 24,697.6 26,140.4 
Cash and cash equivalents - unrestricted546.0 567.2 498.0 575.7 425.0 457.7 460.8 774.5 
Cash and cash equivalents held by variable interest entities48.0 52.2 55.5 69.2 97.1 104.2 122.0 114.5 
Accrued investment income227.9 224.1 236.0 235.6 241.3 242.1 252.3 251.5 
Present value of future profits223.2 216.4 210.0 203.7 197.6 191.8 186.2 180.7 
Deferred acquisition costs1,659.6 1,697.4 1,731.4 1,770.9 1,811.3 1,857.7 1,897.5 1,944.4 
Reinsurance receivables4,387.0 4,288.0 4,218.6 4,223.4 4,189.6 4,029.2 4,053.2 4,040.7 
Market risk benefit asset16.9 37.3 56.3 65.3 57.8 66.0 89.3 75.4 
Income tax assets, net773.1 951.9 1,023.9 1,063.4 988.1 1,007.1 1,039.8 936.2 
Assets held in separate accounts3.6 3.0 2.7 2.7 2.8 3.0 2.9 3.1 
Other assets671.0 566.9 552.2 580.8 669.0 745.1 705.8 641.1 
Total assets$35,985.1 $33,832.0 $32,720.1 $33,133.1 $34,015.0 $34,053.9 $33,507.4 $35,102.5 
Liabilities
Liabilities for insurance products:
  Policyholder account balances$14,725.6 $14,959.4 $15,079.7 $15,234.2 $15,302.9 $15,387.7 $15,481.8 $15,667.8 
  Future policy benefits13,206.1 11,784.9 10,815.5 11,240.2 11,623.3 11,479.6 10,829.9 11,928.2 
  Market risk benefit liability63.8 29.9 13.7 11.3 17.6 10.5 3.1 7.4 
  Liability for life insurance policy claims94.1 66.2 63.9 64.1 67.6 64.6 60.8 62.1 
  Unearned and advanced premiums250.0 243.4 238.2 235.0 243.5 233.6 221.2 218.9 
  Liabilities related to separate accounts3.6 3.0 2.7 2.7 2.8 3.0 2.9 3.1 
Other liabilities912.3 713.2 749.4 693.9 681.3 898.9 869.6 848.8 
Investment borrowings1,640.5 1,640.2 1,639.9 1,639.5 1,839.6 1,839.5 2,089.4 2,189.3 
Borrowings related to variable interest entities1,133.1 1,125.9 1,115.3 1,104.6 1,065.4 1,001.0 918.5 820.8 
Notes payable - direct corporate obligations1,137.6 1,138.0 1,138.4 1,138.8 1,139.2 1,139.7 1,140.1 1,140.5 
Total liabilities33,166.7 31,704.1 30,856.7 31,364.3 31,983.2 32,058.1 31,617.3 32,886.9 
Shareholders' equity
Common stock1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 
Additional paid-in capital2,085.7 2,032.7 2,030.6 2,033.8 2,021.1 1,997.9 1,965.3 1,891.5 
Retained earnings1,293.0 1,509.9 1,669.5 1,691.2 1,674.0 1,730.3 1,880.4 1,899.8 
Total shareholders' equity before accumulated other comprehensive income (loss)3,379.9 3,543.7 3,701.2 3,726.1 3,696.2 3,729.3 3,846.8 3,792.4 
Accumulated other comprehensive income (loss)(561.5)(1,415.8)(1,837.8)(1,957.3)(1,664.4)(1,733.5)(1,956.7)(1,576.8)
Total shareholders' equity2,818.4 2,127.9 1,863.4 1,768.8 2,031.8 1,995.8 1,890.1 2,215.6 
Total liabilities and shareholders' equity$35,985.1 $33,832.0 $32,720.1 $33,133.1 $34,015.0 $34,053.9 $33,507.4 $35,102.5 
Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23
Book value per common share$24.04 $18.54 $16.29 $15.47 $17.68 $17.56 $16.85 $20.26 
Book value per common share, excluding accumulated other comprehensive income (loss) (1) (2)$28.83 $30.87 $32.36 $32.59 $32.17 $32.81 $34.30 $34.68 
Book value per diluted share (1) (3)$28.28 $30.50 $31.91 $31.89 $31.82 $32.34 $33.75 $33.94 
Page 3

CNO FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Revenues
Insurance policy income$625.0 $625.6 $623.2 $626.0 $2,499.8 $625.5 $628.3 $626.0 $625.7 $2,505.5 
Net investment income:
   General account assets277.5 317.7 289.0 294.8 1,179.0 292.2 308.1 324.8 325.1 1,250.2 
Policyholder and other special-purpose portfolios(69.3)(93.8)(20.9)20.9 (163.1)50.8 91.6 (33.0)140.1 249.5 
Investment gains (losses):
Realized investment gains (losses)18.8 (7.0)(8.2)(21.5)(17.9)(14.6)(21.8)(21.6)(11.3)(69.3)
Other investment gains (losses)(51.5)(41.8)(9.5)(14.7)(117.5)— (13.5)(7.7)21.5 0.3 
Total investment gains (losses)(32.7)(48.8)(17.7)(36.2)(135.4)(14.6)(35.3)(29.3)10.2 (69.0)
Fee revenue and other income42.4 54.3 31.7 68.1 196.5 52.1 30.1 59.0 69.4 210.6 
Total revenues842.9 855.0 905.3 973.6 3,576.8 1,006.0 1,022.8 947.5 1,170.5 4,146.8 
Benefits and expenses
Insurance policy benefits333.9 302.2 396.1 583.2 1,615.4 609.7 565.9 399.1 743.5 2,318.2 
Liability for future policy benefits remeasurement (gain) loss7.0 0.3 (5.0)(17.9)(15.6)0.6 8.3 (0.1)(30.0)(21.2)
Change in fair value of market risk benefits(32.7)(50.3)(34.9)(22.3)(140.2)14.8 (17.6)(33.8)15.3 (21.3)
Interest expense23.8 27.8 37.6 47.8 137.0 54.7 57.6 62.6 63.7 238.6 
Amortization of deferred acquisition costs and present value of future profits 52.3 52.7 53.5 54.3 212.8 55.5 56.0 57.0 58.9 227.4 
Other operating costs and expenses218.3 222.5 230.1 280.0 950.9 271.7 256.5 247.1 273.0 1,048.3 
Total benefits and expenses602.6 555.2 677.4 925.1 2,760.3 1,007.0 926.7 731.9 1,124.4 3,790.0 
Income (loss) before income taxes240.3 299.8 227.9 48.5 816.5 (1.0)96.1 215.6 46.1 356.8 
Income tax expense (benefit) on period income (loss)56.9 66.5 52.0 10.5 185.9 (0.2)22.4 48.3 9.8 80.3 
Net income (loss)$183.4 $233.3 $175.9 $38.0 $630.6 $(0.8)$73.7 $167.3 $36.3 $276.5 


Page 4

CNO FINANCIAL GROUP, INC.
FINANCIAL SUMMARY
(Dollars in millions, except per share data)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Insurance product margin (4)
Annuity margin$55.9 $60.1 $60.1 $50.8 $226.9 $57.3 $57.1 $57.0 $63.6 $235.0 
Health margin115.3 125.4 123.3 140.4 504.4 116.5 108.2 123.2 146.4 494.3 
Life margin36.0 70.2 55.7 43.3 205.2 47.4 57.9 59.8 64.6 229.7 
Total insurance product margin207.2 255.7 239.1 234.5 936.5 221.2 223.2 240.0 274.6 959.0 
Allocated expenses(144.8)(152.2)(150.5)(149.1)(596.6)(157.5)(149.5)(153.2)(138.8)(599.0)
Income from insurance products (5)62.4 103.5 88.6 85.4 339.9 63.7 73.7 86.8 135.8 360.0 
Fee income9.9 3.2 1.4 9.2 23.7 15.5 0.6 (2.9)17.8 31.0 
Investment income not allocated to product lines (9)27.0 64.6 27.1 25.2 143.9 15.5 28.0 38.4 38.3 120.2 
Expenses not allocated to product lines(14.8)2.9 (16.1)(12.8)(40.8)(18.3)(21.1)7.5 (19.8)(51.7)
Operating earnings before taxes84.5 174.2 101.0 107.0 466.7 76.4 81.2 129.8 172.1 459.5 
Income tax expense on operating income(20.0)(39.1)(23.1)(24.1)(106.3)(17.8)(18.9)(28.5)(38.2)(103.4)
Net operating income (10)64.5 135.1 77.9 82.9 360.4 58.6 62.3 101.3 133.9 356.1 
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses(7.2)(27.1)(0.7)(27.2)(62.2)(12.7)(31.3)(20.1)1.4 (62.7)
Net change in market value of investments recognized in earnings(25.5)(21.7)(17.0)(9.0)(73.2)(1.9)(4.0)(9.2)8.8 (6.3)
Fair value changes related to agent deferred compensation plan22.7 14.0 12.0 0.2 48.9 — — 6.8 (10.3)(3.5)
Changes in fair value of embedded derivative liabilities and market risk benefits165.4 160.6 130.6 (16.4)440.2 (65.1)50.4 109.4 (124.6)(29.9)
Other0.4 (0.2)2.0 (6.1)(3.9)2.3 (0.2)(1.1)(1.3)(0.3)
Net non-operating income (loss) before taxes155.8 125.6 126.9 (58.5)349.8 (77.4)14.9 85.8 (126.0)(102.7)
Income tax (expense) benefit on non-operating income (loss)(36.9)(27.4)(28.9)13.6 (79.6)18.0 (3.5)(19.8)28.4 23.1 
Net non-operating income (loss)118.9 98.2 98.0 (44.9)270.2 (59.4)11.4 66.0 (97.6)(79.6)
Net income (loss)$183.4 $233.3 $175.9 $38.0 $630.6 $(0.8)$73.7 $167.3 $36.3 $276.5 
Per diluted share
Net operating income$0.54 $1.15 $0.67 $0.71 $3.06 $0.51 $0.54 $0.88 $1.18 $3.09 
Net non-operating income (loss)0.98 0.84 0.85 (0.38)2.30 (0.52)0.10 0.58 (0.86)(0.69)
Net income (loss)$1.52 $1.99 $1.52 $0.33 $5.36 $(0.01)$0.64 $1.46 $0.32 $2.40 


Page 5

CNO FINANCIAL GROUP, INC.
Insurance Operations
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Insurance product margin (4)
Annuity:
Insurance policy income$5.0 $5.8 $6.3 $6.0 $23.1 $5.1 $8.1 $7.2 $8.0 $28.4 
Net investment income (5) (6)117.5 117.8 121.1 123.6 480.0 125.4 127.7 131.0 132.2 516.3 
Insurance policy benefits(9.5)(6.8)(6.5)(15.5)(38.3)(8.7)(10.6)(9.8)0.1 (29.0)
Interest credited (6)(42.5)(41.4)(44.8)(46.8)(175.5)(48.1)(50.6)(53.4)(57.3)(209.4)
Amortization and non-deferred commissions(14.6)(15.3)(16.0)(16.5)(62.4)(16.4)(17.5)(18.0)(19.4)(71.3)
Annuity margin55.9 60.1 60.1 50.8 226.9 57.3 57.1 57.0 63.6 235.0 
Health:
Insurance policy income406.7 403.5 403.5 403.6 1,617.3 401.4 397.1 397.8 398.3 1,594.6 
Net investment income (5)73.3 73.0 73.3 73.7 293.3 74.0 74.3 74.2 74.2 296.7 
Insurance policy benefits(323.1)(309.9)(310.8)(293.7)(1,237.5)(318.1)(322.7)(308.5)(285.6)(1,234.9)
Amortization and non-deferred commissions(41.6)(41.2)(42.7)(43.2)(168.7)(40.8)(40.5)(40.3)(40.5)(162.1)
Health margin115.3 125.4 123.3 140.4 504.4 116.5 108.2 123.2 146.4 494.3 
Life:
Insurance policy income213.3 216.3 213.4 216.4 859.4 219.0 223.1 221.0 219.4 882.5 
Net investment income (5) (7)35.5 35.2 35.4 35.8 141.9 36.3 36.1 36.3 36.1 144.8 
Insurance policy benefits(153.1)(127.7)(138.7)(155.8)(575.3)(147.2)(142.8)(140.7)(139.3)(570.0)
Interest credited (7)(12.0)(11.7)(12.6)(12.7)(49.0)(12.1)(12.2)(12.1)(12.9)(49.3)
Amortization and non-deferred commissions(18.4)(19.3)(19.7)(20.1)(77.5)(19.9)(20.8)(22.1)(23.0)(85.8)
Advertising expense(29.3)(22.6)(22.1)(20.3)(94.3)(28.7)(25.5)(22.6)(15.7)(92.5)
Life margin36.0 70.2 55.7 43.3 205.2 47.4 57.9 59.8 64.6 229.7 
Total insurance product margin207.2 255.7 239.1 234.5 936.5 221.2 223.2 240.0 274.6 959.0 
Allocated expenses:
Branch office expenses(18.1)(15.4)(16.5)(12.3)(62.3)(19.8)(15.9)(16.3)(12.9)(64.9)
Other allocated expenses(126.7)(136.8)(134.0)(136.8)(534.3)(137.7)(133.6)(136.9)(125.9)(534.1)
Income from insurance products (8)62.4 103.5 88.6 85.4 339.9 63.7 73.7 86.8 135.8 360.0 
Fee income9.9 3.2 1.4 9.2 23.7 15.5 0.6 (2.9)17.8 31.0 
Investment income not allocated to product lines (9)27.0 64.6 27.1 25.2 143.9 15.5 28.0 38.4 38.3 120.2 
Expenses not allocated to product lines(14.8)2.9 (16.1)(12.8)(40.8)(18.3)(21.1)7.5 (19.8)(51.7)
Operating earnings before taxes84.5 174.2 101.0 107.0 466.7 76.4 81.2 129.8 172.1 459.5 
Income tax expense on operating income(20.0)(39.1)(23.1)(24.1)(106.3)(17.8)(18.9)(28.5)(38.2)(103.4)
Net operating income (10)$64.5 $135.1 $77.9 $82.9 $360.4 $58.6 $62.3 $101.3 $133.9 $356.1 
Page 6

CNO FINANCIAL GROUP, INC.
Margin from Annuity Products
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Annuity margin (4):
Fixed indexed annuities
Insurance policy income$3.0 $3.7 $3.6 $4.2 $14.5 $3.6 $5.5 $5.1 $5.5 $19.7 
Net investment income (5) (6)90.1 91.4 95.0 97.3 373.8 98.8 101.2 104.4 105.9 410.3 
Insurance policy benefits(4.6)(3.1)(2.0)(10.3)(20.0)(4.1)(4.2)(4.3)2.5 (10.1)
Interest credited (6)(30.4)(29.5)(33.0)(34.6)(127.5)(36.4)(38.9)(41.5)(45.1)(161.9)
Amortization and non-deferred commissions(13.3)(14.1)(14.7)(15.3)(57.4)(15.4)(16.0)(16.5)(17.9)(65.8)
Margin from fixed indexed annuities$44.8 $48.4 $48.9 $41.3 $183.4 $46.5 $47.6 $47.2 $50.9 $192.2 
Average net insurance liabilities (11)$8,486.3 $8,711.0 $8,902.9 $9,054.2 $8,788.6 $9,183.8 $9,276.0 $9,381.0 $9,508.7 $9,337.3 
Margin/average net insurance liabilities (12)2.11 %2.22 %2.20 %1.82 %2.09 %2.03 %2.05 %2.01 %2.14 %2.06 %
Fixed interest annuities
Insurance policy income$0.1 $0.3 $0.2 $0.2 $0.8 $0.3 $0.2 $0.3 $0.2 $1.0 
Net investment income (5)21.5 20.6 20.3 20.6 83.0 20.9 20.9 21.0 20.8 83.6 
Insurance policy benefits(0.4)(0.6)0.1 (0.2)(1.1)(0.1)— (0.1)(0.3)(0.5)
Interest credited(11.5)(11.3)(11.2)(11.7)(45.7)(11.1)(11.1)(11.4)(11.6)(45.2)
Amortization and non-deferred commissions(1.2)(1.1)(1.2)(1.1)(4.6)(0.9)(1.3)(1.4)(1.4)(5.0)
Margin from fixed interest annuities$8.5 $7.9 $8.2 $7.8 $32.4 $9.1 $8.7 $8.4 $7.7 $33.9 
Average net insurance liabilities (11)$1,761.2 $1,712.5 $1,675.9 $1,652.6 $1,700.5 $1,630.9 $1,613.1 $1,603.0 $1,600.9 $1,612.0 
Margin/average net insurance liabilities (12)1.93 %1.85 %1.96 %1.89 %1.91 %2.23 %2.16 %2.10 %1.92 %2.10 %
Other annuities
Insurance policy income$1.9 $1.8 $2.5 $1.6 $7.8 $1.2 $2.4 $1.8 $2.3 $7.7 
Net investment income (5)5.9 5.8 5.8 5.7 23.2 5.7 5.6 5.6 5.5 22.4 
Insurance policy benefits(4.5)(3.1)(4.6)(5.0)(17.2)(4.5)(6.4)(5.4)(2.1)(18.4)
Interest credited(0.6)(0.6)(0.6)(0.5)(2.3)(0.6)(0.6)(0.5)(0.6)(2.3)
Amortization and non-deferred commissions(0.1)(0.1)(0.1)(0.1)(0.4)(0.1)(0.2)(0.1)(0.1)(0.5)
Margin from other annuities$2.6 $3.8 $3.0 $1.7 $11.1 $1.7 $0.8 $1.4 $5.0 $8.9 
Average net insurance liabilities (11)$490.2 $484.2 $478.8 $473.6 $481.7 $469.5 $462.5 $455.6 $447.5 $458.8 
Margin/average net insurance liabilities (12)2.12 %3.14 %2.51 %1.44 %2.30 %1.45 %0.69 %1.23 %4.47 %1.94 %
Total annuity margin$55.9 $60.1 $60.1 $50.8 $226.9 $57.3 $57.1 $57.0 $63.6 $235.0 
Average net insurance liabilities (11)$10,737.7 $10,907.7 $11,057.6 $11,180.4 $10,970.8 $11,284.2 $11,351.6 $11,439.6 $11,557.1 $11,408.1 
Margin/average net insurance liabilities (12)2.08 %2.20 %2.17 %1.82 %2.07 %2.03 %2.01 %1.99 %2.20 %2.06 %
Page 7

CNO FINANCIAL GROUP, INC.
Margin from Health Products
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Health margin (4):
Supplemental health
Insurance policy income$173.5 $172.0 $173.5 $175.3 $694.3 $179.0 $176.2 $177.9 $178.1 $711.2 
Net investment income (5)37.4 37.6 37.7 38.2 150.9 38.6 38.9 39.0 38.8 155.3 
Insurance policy benefits(129.3)(128.1)(125.8)(125.6)(508.8)(128.2)(128.9)(128.0)(81.0)(466.1)
Amortization and non-deferred commissions(25.5)(25.5)(26.9)(27.6)(105.5)(26.1)(26.3)(26.1)(27.5)(106.0)
Margin from supplemental health$56.1 $56.0 $58.5 $60.3 $230.9 $63.3 $59.9 $62.8 $108.4 $294.4 
Margin/insurance policy income32 %33 %34 %34 %33 %35 %34 %35 %61 %41 %
Medicare supplement
Insurance policy income$166.8 $165.1 $163.6 $162.3 $657.8 $156.5 $155.3 $154.2 $153.9 $619.9 
Net investment income (5)1.3 1.4 1.4 1.3 5.4 1.3 1.2 1.1 1.3 4.9 
Insurance policy benefits(120.5)(114.1)(113.9)(113.4)(461.9)(120.5)(113.4)(107.4)(123.4)(464.7)
Amortization and non-deferred commissions(13.0)(12.6)(12.4)(12.3)(50.3)(11.2)(10.8)(10.7)(10.5)(43.2)
Margin from Medicare supplement$34.6 $39.8 $38.7 $37.9 $151.0 $26.1 $32.3 $37.2 $21.3 $116.9 
Margin/insurance policy income21 %24 %24 %23 %23 %17 %21 %24 %14 %19 %
Long-term care
Insurance policy income$66.4 $66.4 $66.4 $66.0 $265.2 $65.9 $65.6 $65.7 $66.3 $263.5 
Net investment income (5)34.6 34.0 34.2 34.2 137.0 34.1 34.2 34.1 34.1 136.5 
Insurance policy benefits(73.3)(67.7)(71.1)(54.7)(266.8)(69.4)(80.4)(73.1)(81.2)(304.1)
Amortization and non-deferred commissions(3.1)(3.1)(3.4)(3.3)(12.9)(3.5)(3.4)(3.5)(2.5)(12.9)
Margin from long-term care$24.6 $29.6 $26.1 $42.2 $122.5 $27.1 $16.0 $23.2 $16.7 $83.0 
Margin/insurance policy income37 %45 %39 %64 %46 %41 %24 %35 %25 %31 %
Total health margin$115.3 $125.4 $123.3 $140.4 $504.4 $116.5 $108.2 $123.2 $146.4 $494.3 
Margin/insurance policy income28 %31 %31 %35 %31 %29 %27 %31 %37 %31 %
Page 8

CNO FINANCIAL GROUP, INC.
Margin from Life Products
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Life margin (4):
Interest sensitive life
Insurance policy income$43.1 $43.8 $43.5 $44.2 $174.6 $44.5 $45.3 $45.1 $46.2 $181.1 
Net investment income (5) (7)13.0 12.8 12.9 12.9 51.6 13.1 12.7 12.9 12.8 51.5 
Insurance policy benefits(21.2)(15.8)(20.5)(17.7)(75.2)(18.2)(17.1)(18.1)(12.3)(65.7)
Interest credited (7)(11.9)(11.5)(12.4)(12.5)(48.3)(12.0)(12.0)(11.9)(12.8)(48.7)
Amortization and non-deferred commissions(5.7)(5.9)(5.9)(5.7)(23.2)(4.6)(4.8)(5.1)(5.0)(19.5)
Margin from interest sensitive life$17.3 $23.4 $17.6 $21.2 $79.5 $22.8 $24.1 $22.9 $28.9 $98.7 
Average net insurance liabilities (11)$1,009.4 $1,016.4 $1,019.2 $1,026.9 $1,018.0 $1,032.0 $1,035.4 $1,039.6 $1,045.8 $1,038.2 
Interest margin$1.1 $1.3 $0.5 $0.4 $3.3 $1.1 $0.7 $1.0 $— $2.8 
Interest margin/average net insurance liabilities (12)0.44 %0.51 %0.20 %0.16 %0.32 %0.43 %0.27 %0.38 %— %0.27 %
Underwriting margin$16.2 $22.1 $17.1 $20.8 $76.2 $21.7 $23.4 $21.9 $28.9 $95.9 
Underwriting margin/insurance policy income38 %50 %39 %47 %44 %49 %52 %49 %63 %53 %
Traditional life
Insurance policy income$170.2 $172.5 $169.9 $172.2 $684.8 $174.5 $177.8 $175.9 $173.2 $701.4 
Net investment income (5)22.5 22.4 22.5 22.9 90.3 23.2 23.4 23.4 23.3 93.3 
Insurance policy benefits(131.9)(111.9)(118.2)(138.1)(500.1)(129.0)(125.7)(122.6)(127.0)(504.3)
Interest credited(0.1)(0.2)(0.2)(0.2)(0.7)(0.1)(0.2)(0.2)(0.1)(0.6)
Amortization and non-deferred commissions(12.7)(13.4)(13.8)(14.4)(54.3)(15.3)(16.0)(17.0)(18.0)(66.3)
Advertising expense(29.3)(22.6)(22.1)(20.3)(94.3)(28.7)(25.5)(22.6)(15.7)(92.5)
Margin from traditional life$18.7 $46.8 $38.1 $22.1 $125.7 $24.6 $33.8 $36.9 $35.7 $131.0 
Margin/insurance policy income11 %27 %22 %13 %18 %14 %19 %21 %21 %19 %
Margin excluding advertising expense/insurance policy income28 %40 %35 %25 %32 %31 %33 %34 %30 %32 %
Total life margin$36.0 $70.2 $55.7 $43.3 $205.2 $47.4 $57.9 $59.8 $64.6 $229.7 



Page 9

CNO FINANCIAL GROUP, INC.
Collected Premiums From Annuity and Interest Sensitive Life Products
and Insurance Policy Income
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Collected premiums from annuity and interest-sensitive life products:
Annuities$368.6 $435.0 $370.0 $431.0 $1,604.6 $370.9 $401.8 $372.2 $438.3 $1,583.2 
Interest-sensitive life56.6 56.6 56.6 58.1 227.9 58.2 60.3 58.3 60.2 237.0 
Total collected premiums from annuity and interest-sensitive life products$425.2 $491.6 $426.6 $489.1 $1,832.5 $429.1 $462.1 $430.5 $498.5 $1,820.2 
Insurance policy income:
Annuity products
Fixed indexed annuities$3.0 $3.7 $3.6 $4.2 $14.5 $3.6 $5.5 $5.1 $5.5 $19.7 
Fixed interest annuities0.1 0.3 0.2 0.2 0.8 0.3 0.2 0.3 0.2 1.0 
Other annuities1.9 1.8 2.5 1.6 7.8 1.2 2.4 1.8 2.3 7.7 
Total annuity insurance policy income5.0 5.8 6.3 6.0 23.1 5.1 8.1 7.2 8.0 28.4 
Health products
Supplemental health173.5 172.0 173.5 175.3 694.3 179.0 176.2 178.0 178.1 711.3 
Medicare supplement166.8 165.1 163.6 162.3 657.8 156.5 155.3 154.1 153.9 619.8 
Long-term care66.4 66.4 66.4 66.0 265.2 65.9 65.6 65.7 66.3 263.5 
Total health insurance policy income406.7 403.5 403.5 403.6 1,617.3 401.4 397.1 397.8 398.3 1,594.6 
Life products
Interest-sensitive life 43.1 43.8 43.5 44.1 174.5 44.5 45.3 45.1 46.2 181.1 
Traditional life 170.2 172.5 169.9 172.3 684.9 174.5 177.8 175.9 173.2 701.4 
Total life insurance policy income213.3 216.3 213.4 216.4 859.4 219.0 223.1 221.0 219.4 882.5 
Total insurance policy income$625.0 $625.6 $623.2 $626.0 $2,499.8 $625.5 $628.3 $626.0 $625.7 $2,505.5 


Page 10

CNO FINANCIAL GROUP, INC.
Health and Life
New Annualized Premiums ("NAP")
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Consumer Division
Health products:
Supplemental health$15.5 $16.7 $19.3 $24.6 $76.1 $17.4 $18.7 $19.2 $19.2 $74.5 
Medicare supplement6.5 6.9 8.0 10.4 31.8 7.8 8.9 8.7 11.5 36.9 
Long-term care6.8 6.1 6.0 6.2 25.1 6.2 5.7 8.9 11.1 31.9 
Total Consumer Division health NAP28.8 29.7 33.3 41.2 133.0 31.4 33.3 36.8 41.8 143.3 
Life products:
Interest sensitive life5.1 4.8 4.6 4.4 18.9 4.6 6.3 4.4 4.5 19.8 
Traditional life48.2 44.3 38.2 33.2 163.9 49.7 46.0 41.9 35.5 173.1 
Total Consumer Division life NAP53.3 49.1 42.8 37.6 182.8 54.3 52.3 46.3 40.0 192.9 
Total Consumer Division health and life NAP$82.1 $78.8 $76.1 $78.8 $315.8 $85.7 $85.6 $83.1 $81.8 $336.2 
Worksite Division
Health products:
Supplemental health$6.0 $7.7 $8.9 $8.7 $31.3 $8.1 $9.8 $11.5 $10.4 $39.8 
Life products:
Interest sensitive life2.5 2.3 2.3 3.2 10.3 2.8 3.3 3.7 3.9 13.7 
Total Worksite Division health and life NAP$8.5 $10.0 $11.2 $11.9 $41.6 $10.9 $13.1 $15.2 $14.3 $53.5 
Total NAP (both divisions)
Health products:
Supplemental health$21.5 $24.4 $28.2 $33.3 $107.4 $25.5 $28.5 $30.7 $29.6 $114.3 
Medicare supplement6.5 6.9 8.0 10.4 31.8 7.8 8.9 8.7 11.5 36.9 
Long-term care6.8 6.1 6.0 6.2 25.1 6.2 5.7 8.9 11.1 31.9 
Total health NAP34.8 37.4 42.2 49.9 164.3 39.5 43.1 48.3 52.2 183.1 
Life products:
Interest sensitive life 7.6 7.1 6.9 7.6 29.2 7.4 9.6 8.1 8.4 33.5 
Traditional life 48.2 44.3 38.2 33.2 163.9 49.7 46.0 41.9 35.5 173.1 
Total life NAP55.8 51.4 45.1 40.8 193.1 57.1 55.6 50.0 43.9 206.6 
Total NAP$90.6 $88.8 $87.3 $90.7 $357.4 $96.6 $98.7 $98.3 $96.1 $389.7 

Page 11

CNO FINANCIAL GROUP, INC.
Computation of Weighted Average Shares Outstanding
(Shares in thousands)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
202220222022202220222023 (a)2023202320232023
Basic
Shares outstanding, beginning of period120,377.2 117,241.0 114,795.3 114,367.3 120,377.2 114,343.1 114,905.2 113,673.9 112,163.2 114,343.1 
Weighted average share activity during the period:
Shares repurchased(2,098.0)(1,774.6)(467.6)(145.1)(5,579.4)(255.7)(675.8)(1,006.4)(630.0)(2,201.3)
Amounts related to employee benefit plans488.5 76.9 26.6 200.8 1,273.6 671.8 45.9 23.5 61.2 1,571.6 
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans(145.5)(10.2)(0.6)(0.9)(338.6)(214.3)(1.8)(1.9)(3.8)(438.9)
Weighted average basic shares outstanding during the period118,622.2 115,533.1 114,353.7 114,422.1 115,732.8 114,544.9 114,273.5 112,689.1 111,590.6 113,274.5 
Basic shares outstanding, end of period117,241.0 114,795.3 114,367.3 114,343.1 114,343.1 114,905.2 113,673.9 112,163.2 109,357.5 109,357.5 
Diluted
Weighted average basic shares outstanding118,622.2 115,533.1 114,353.7 114,422.1 115,732.8 114,544.9 114,273.5 112,689.1 111,590.6 113,274.5 
Common stock equivalent shares related to:
Employee benefit plans2,379.9 1,752.5 1,574.8 2,231.1 1,984.5 — 1,376.1 1,772.8 2,066.6 1,849.5 
Weighted average diluted shares outstanding during the period121,002.1 117,285.6 115,928.5 116,653.2 117,717.3 114,544.9 115,649.6 114,461.9 113,657.2 115,124.0 
Diluted shares outstanding, end of period119,502.6 116,203.1 115,970.6 116,842.1 116,842.1 116,176.0 115,303.3 113,974.7 111,750.3 111,750.3 

___________
(a)    Equivalent common shares of 2,182.5 were not included in the weighted average shares outstanding due to the net loss recognized in 1Q23.



Page 12

CNO FINANCIAL GROUP, INC.
Annuities - Account Value Rollforwards
(Dollars in millions)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Fixed indexed annuities
Balance, beginning of period excluding contracts 100% ceded$8,681.0 $8,902.0 $9,162.9 $9,320.0 $8,681.0 $9,490.4 $9,584.3 $9,707.7 $9,819.2 $9,490.4 
Issuances (funds collected from new business)354.6 411.3 346.0 397.3 1,509.2 323.3 351.6 321.7 377.1 1,373.7 
Premiums received (premiums collected from inforce business)0.1 — 0.1 0.1 0.3 0.4 (0.2)0.1 (0.2)0.1 
Policy charges(3.0)(3.6)(3.8)(4.0)(14.4)(4.0)(5.2)(5.2)(5.3)(19.7)
Surrenders and withdrawals(133.7)(127.2)(127.7)(178.9)(567.5)(178.2)(182.6)(177.6)(199.9)(738.3)
Benefit payments(67.3)(58.1)(67.0)(55.4)(247.8)(59.2)(63.1)(62.7)(58.9)(243.9)
Interest credited65.7 32.6 4.5 4.8 107.6 6.1 17.2 29.4 59.9 112.6 
Other4.6 5.9 5.0 6.5 22.0 5.5 5.7 5.8 7.3 24.3 
Balance, end of period excluding contracts 100% ceded$8,902.0 $9,162.9 $9,320.0 $9,490.4 $9,490.4 $9,584.3 $9,707.7 $9,819.2 $9,999.2 $9,999.2 
Fixed interest annuities
Balance, beginning of period excluding contracts 100% ceded$1,806.1 $1,751.8 $1,711.3 $1,679.3 $1,806.1 $1,663.1 $1,649.3 $1,636.6 $1,632.5 $1,663.1 
Issuances (funds collected from new business)10.5 20.0 21.7 31.5 83.7 45.3 45.8 48.4 57.5 197.0 
Premiums received (premiums collected from inforce business)1.1 1.0 0.8 0.8 3.7 0.7 0.9 0.5 0.6 2.7 
Policy charges(0.1)(0.2)(0.2)(0.2)(0.7)(0.2)(0.2)(0.3)(0.3)(1.0)
Surrenders and withdrawals(37.9)(40.7)(34.4)(36.2)(149.2)(43.3)(42.1)(39.3)(39.9)(164.6)
Benefit payments(39.6)(31.9)(31.4)(24.2)(127.1)(27.7)(28.2)(24.9)(26.1)(106.9)
Interest credited11.5 11.4 11.4 11.8 46.1 11.3 11.2 11.7 11.9 46.1 
Other0.2 (0.1)0.1 0.3 0.5 0.1 (0.1)(0.2)0.2 — 
Balance, end of period excluding contracts 100% ceded$1,751.8 $1,711.3 $1,679.3 $1,663.1 $1,663.1 $1,649.3 $1,636.6 $1,632.5 $1,636.4 $1,636.4 
Total annuities
Balance, beginning of period excluding contracts 100% ceded$10,487.1 $10,653.8 $10,874.2 $10,999.3 $10,487.1 $11,153.5 $11,233.6 $11,344.3 $11,451.7 $11,153.5 
Issuances (funds collected from new business)365.1 431.3 367.7 428.8 1,592.9 368.6 397.4 370.1 434.6 1,570.7 
Premiums received (premiums collected from inforce business)1.2 1.0 0.9 0.9 4.0 1.1 0.7 0.6 0.4 2.8 
Policy charges(3.1)(3.8)(4.0)(4.2)(15.1)(4.2)(5.4)(5.5)(5.6)(20.7)
Surrenders and withdrawals(171.6)(167.9)(162.1)(215.1)(716.7)(221.5)(224.7)(216.9)(239.8)(902.9)
Benefit payments(106.9)(90.0)(98.4)(79.6)(374.9)(86.9)(91.3)(87.6)(85.0)(350.8)
Interest credited77.2 44.0 15.9 16.6 153.7 17.4 28.4 41.1 71.8 158.7 
Other4.8 5.8 5.1 6.8 22.5 5.6 5.6 5.6 7.5 24.3 
Balance, end of period excluding contracts 100% ceded$10,653.8 $10,874.2 $10,999.3 $11,153.5 $11,153.5 $11,233.6 $11,344.3 $11,451.7 $11,635.6 $11,635.6 
Page 13

CNO FINANCIAL GROUP, INC.
Consolidated Statutory Information of U.S. Based Insurance Subsidiaries (13)
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
202220222022202220222023202320232023 (a)2023 (a)
Net gain from operations before interest expense and federal income taxes$26.7 $87.7 $78.4 $75.0 $267.8 $58.3 $55.6 $54.0 $67.4 $235.3 
Interest expense on surplus debentures held by parent company12.0 12.2 20.1 14.6 58.9 15.9 16.6 31.6 17.9 82.0 
Net gain from operations before federal income taxes14.7 75.5 58.3 60.4 208.9 42.4 39.0 22.4 49.5 153.3 
Federal income tax expense (benefit)(15.8)(17.6)(7.0)(14.6)(55.0)3.3 1.9 (15.0)31.8 22.0 
Net gain from operations before net realized capital gains (losses)30.5 93.1 65.3 75.0 263.9 39.1 37.1 37.4 17.7 131.3 
Net realized capital gains (losses)— (11.2)(0.6)(14.1)(25.9)(1.3)(20.6)(6.2)1.8 (26.3)
Net income $30.5 $81.9 $64.7 $60.9 $238.0 $37.8 $16.5 $31.2 $19.5 $105.0 
Capital and surplus$1,738.0 $1,796.9 $1,847.0 $1,849.8 $1,849.8 $1,831.3 $1,857.0 $1,932.6 $1,558.9 $1,558.9 
Asset valuation reserve (AVR)319.5 306.7 304.7 305.8 305.8 317.8 316.5 333.9 352.5 352.5 
Capital, surplus and AVR2,057.5 2,103.6 2,151.7 2,155.6 2,155.6 2,149.1 2,173.5 2,266.5 1,911.4 1,911.4 
Interest maintenance reserve (IMR)422.4 421.3 413.0 395.7 395.7 385.6 381.7 372.1 368.1 368.1 
Total statutory capital, surplus, AVR & IMR$2,479.9 $2,524.9 $2,564.7 $2,551.3 $2,551.3 $2,534.7 $2,555.2 $2,638.6 $2,279.5 $2,279.5 
Risk-based capital ratio365 %360 %375 %384 %384 %380 %386 %392 %402 %402 %


___________
(a)    Such amounts are preliminary as the statutory basis financial statements of our U.S. based insurance subsidiaries for 4Q23 will be filed with the respective insurance regulators on or about March 1, 2024.
Page 14

CNO FINANCIAL GROUP, INC.
Investment Income Not Allocated to Product Lines (9)
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Net investment income$208.2 $223.9 $268.1 $315.7 $1,015.9 $343.0 $399.7 $291.8 $465.2 $1,499.7 
Allocated to product lines:
Annuity(117.5)(117.8)(121.1)(123.6)(480.0)(125.4)(127.7)(131.0)(132.2)(516.3)
Health(73.3)(73.0)(73.3)(73.7)(293.3)(74.0)(74.3)(74.2)(74.2)(296.7)
Life(35.5)(35.2)(35.4)(35.8)(141.9)(36.3)(36.1)(36.3)(36.1)(144.8)
Equity returns credited to policyholder account balances71.9 92.4 34.9 6.1 205.3 (18.6)(62.3)54.6 (105.2)(131.5)
Amounts allocated to product lines and credited to policyholder account balances(154.4)(133.6)(194.9)(227.0)(709.9)(254.3)(300.4)(186.9)(347.7)(1,089.3)
Impact of annual option forfeitures related to fixed indexed annuity surrenders1.6 (0.5)(1.1)(1.0)(1.0)— 1.4 2.5 3.2 7.1 
Amount related to variable interest entities and other non-operating items(7.2)(9.1)(13.6)(18.6)(48.5)(20.9)(19.0)(18.7)(16.2)(74.8)
Interest expense on debt(15.7)(15.6)(15.6)(15.6)(62.5)(15.7)(15.6)(15.7)(15.7)(62.7)
Interest expense on financing arrangements— — — — — — — (1.1)(1.3)(2.4)
Interest expense on investment borrowings from the Federal Home Loan Bank ("FHLB") program(2.4)(4.7)(10.3)(16.1)(33.5)(21.7)(24.2)(28.3)(30.5)(104.7)
Expenses related to the funding agreement-backed notes ("FABN") program (a)(7.3)(7.6)(7.5)(7.6)(30.0)(7.6)(7.6)(7.6)(7.6)(30.4)
Less amounts credited to deferred compensation plans (offsetting investment income)4.2 11.8 2.0 (4.6)13.4 (7.3)(6.3)2.4 (11.1)(22.3)
Total adjustments(26.8)(25.7)(46.1)(63.5)(162.1)(73.2)(71.3)(66.5)(79.2)(290.2)
Investment income not allocated to product lines$27.0 $64.6 $27.1 $25.2 $143.9 $15.5 $28.0 $38.4 $38.3 $120.2 

___________
(a)    Comprised of interest credited and amortization of deferred acquisition costs.


Page 15

CNO FINANCIAL GROUP, INC.
Investment Income Not Allocated to Product Lines (9)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Investment income not allocated:
Excluding variable components:
From general account assets$22.3 $27.1 $27.4 $30.7 $107.5 $24.9 $26.4 $27.2 $29.8 $108.3 
Other investment income0.1 0.3 1.1 1.7 3.2 1.9 2.0 2.4 3.0 9.3 
Spread income:
FHLB program:
Investment income on matched assets11.7 19.3 24.5 28.0 83.5 31.8 34.7 39.4 41.5 147.4 
Interest expense(2.4)(4.7)(10.3)(16.1)(33.5)(21.7)(24.2)(28.3)(30.5)(104.7)
Net spread income on FHLB program9.3 14.6 14.2 11.9 50.0 10.1 10.5 11.1 11.0 42.7 
FABN program:
Investment income on matched assets10.1 13.2 13.2 13.6 50.1 13.8 14.6 15.8 14.8 59.0 
Expenses (b)(7.3)(7.6)(7.5)(7.6)(30.0)(7.6)(7.6)(7.6)(7.6)(30.4)
Net spread income on FABN program2.8 5.6 5.7 6.0 20.1 6.2 7.0 8.2 7.2 28.6 
Interest expense on corporate debt(15.7)(15.6)(15.6)(15.6)(62.5)(15.7)(15.6)(15.7)(15.7)(62.7)
Interest expense on financing arrangements— — — — — — — (1.1)(1.3)(2.4)
Total excluding variable components 18.8 32.0 32.8 34.7 118.3 27.4 30.3 32.1 34.0 123.8 
Variable components:
Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan:
Change in value of COLI investments(3.4)(2.3)(0.2)1.5 (4.4)2.2 2.4 2.6 5.8 13.0 
Increase in liability for agent deferred compensation plan(1.5)(1.5)(1.5)(1.6)(6.1)(1.6)(1.6)(1.7)(1.6)(6.5)
Net COLI income (loss)(4.9)(3.8)(1.7)(0.1)(10.5)0.6 0.8 0.9 4.2 6.5 
Other variable components:
Alternative investment income (loss):
Total11.3 27.1 (2.5)(5.2)30.7 (9.4)0.2 6.5 0.9 (1.8)
Allocated to product lines(7.4)(7.4)(7.6)(7.9)(30.3)(7.8)(7.8)(7.5)(7.4)(30.5)
Excess alternative investment income (loss)3.9 19.7 (10.1)(13.1)0.4 (17.2)(7.6)(1.0)(6.5)(32.3)
Prepayment and call income5.2 14.9 3.7 1.6 25.4 0.1 0.1 0.1 0.2 0.5 
Trading account2.7 1.5 1.8 1.7 7.7 2.6 1.3 1.3 1.3 6.5 
Hedge variance related to fixed indexed products(1.0)(0.4)0.2 (0.1)(1.3)— (1.0)(0.3)(1.2)(2.5)
Impact of annual option forfeitures related to fixed indexed annuity surrenders1.6 (0.5)(1.1)(1.0)(1.0)— 1.4 2.5 3.2 7.1 
Other (a)0.7 1.2 1.5 1.5 4.9 2.0 2.7 2.8 3.1 10.6 
Total variable components8.2 32.6 (5.7)(9.5)25.6 (11.9)(2.3)6.3 4.3 (3.6)
Total investment income not allocated to product lines $27.0 $64.6 $27.1 $25.2 $143.9 $15.5 $28.0 $38.4 $38.3 $120.2 
___________
(a)    Includes impacts of changes in projected cash flows and other investment income.
(b)    Comprised of interest credited and amortization of deferred acquisition costs.
Page 16

CNO FINANCIAL GROUP, INC.
Investment Income Allocated to Product Lines (5)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities$8,486.3 $8,711.0 $8,902.9 $9,054.2 $8,788.6 $9,183.8 $9,276.0 $9,381.0 $9,508.7 $9,337.3 
Fixed interest annuities1,761.2 1,712.5 1,675.9 1,652.6 1,700.5 1,630.9 1,613.1 1,603.0 1,600.9 1,612.0 
Other annuities490.2 484.2 478.8 473.6 481.7 469.5 462.5 455.6 447.5 458.8 
Total annuity average net insurance liabilities (11)10,737.7 10,907.7 11,057.6 11,180.4 10,970.8 11,284.2 11,351.6 11,439.6 11,557.1 11,408.1 
Health:
Supplemental health3,215.6 3,250.7 3,278.3 3,308.8 3,263.3 3,331.0 3,350.6 3,365.8 3,356.9 3,351.1 
Medicare supplement129.5 140.3 135.1 121.9 131.7 124.2 118.7 107.1 106.7 114.2 
Long-term care2,639.2 2,650.1 2,658.0 2,659.4 2,651.7 2,659.8 2,670.5 2,681.9 2,692.5 2,676.1 
Total health average net insurance liabilities (11)5,984.3 6,041.1 6,071.4 6,090.1 6,046.7 6,115.0 6,139.8 6,154.8 6,156.1 6,141.4 
Life:
Interest sensitive1,009.4 1,016.4 1,019.2 1,026.9 1,018.0 1,032.0 1,035.4 1,039.6 1,045.8 1,038.2 
Traditional1,957.1 1,951.0 1,943.7 1,956.1 1,952.0 1,973.0 1,975.3 1,981.8 1,989.0 1,979.8 
Total life average net insurance liabilities (11)2,966.5 2,967.4 2,962.9 2,983.0 2,970.0 3,005.0 3,010.7 3,021.4 3,034.8 3,018.0 
Total average net insurance liabilities (11)$19,688.5 $19,916.2 $20,091.9 $20,253.5 $19,987.5 $20,404.2 $20,502.1 $20,615.8 $20,748.0 $20,567.5 
Average yield on allocated investments
Annuity:
Fixed indexed annuities4.25 %4.20 %4.27 %4.30 %4.25 %4.30 %4.36 %4.45 %4.45 %4.39 %
Fixed interest annuities4.88 %4.81 %4.85 %4.99 %4.88 %5.13 %5.18 %5.24 %5.20 %5.19 %
Other annuities4.81 %4.79 %4.85 %4.81 %4.82 %4.86 %4.84 %4.92 %4.92 %4.88 %
Average yield on investments allocated to annuities4.38 %4.32 %4.38 %4.42 %4.38 %4.45 %4.50 %4.58 %4.58 %4.53 %
Health:
Supplemental health4.65 %4.63 %4.60 %4.62 %4.62 %4.64 %4.64 %4.63 %4.62 %4.63 %
Medicare supplement4.11 %4.01 %4.01 %4.06 %4.05 %4.13 %4.19 %4.25 %4.42 %4.24 %
Long-term care5.24 %5.13 %5.15 %5.14 %5.17 %5.13 %5.12 %5.09 %5.07 %5.10 %
Average yield on investments allocated to health products4.90 %4.83 %4.83 %4.84 %4.85 %4.84 %4.84 %4.82 %4.82 %4.83 %
Life:
Interest sensitive5.15 %5.04 %5.06 %5.02 %5.07 %5.08 %4.91 %4.96 %4.90 %4.96 %
Traditional4.60 %4.59 %4.63 %4.68 %4.63 %4.70 %4.74 %4.72 %4.69 %4.71 %
Average yield on investments allocated to life products4.79 %4.74 %4.78 %4.80 %4.78 %4.83 %4.80 %4.81 %4.76 %4.80 %
Total average yield4.60 %4.54 %4.57 %4.60 %4.58 %4.62 %4.65 %4.69 %4.68 %4.66 %
Allocated investment income
Annuity:
Fixed indexed annuities$90.1 $91.4 $95.0 $97.3 $373.8 $98.8 $101.2 $104.4 $105.9 $410.3 
Fixed interest annuities21.5 20.6 20.3 20.6 83.0 20.9 20.9 21.0 20.8 83.6 
Other annuities5.9 5.8 5.8 5.7 23.2 5.7 5.6 5.6 5.5 22.4 
Total investment income allocated to annuities117.5 117.8 121.1 123.6 480.0 125.4 127.7 131.0 132.2 516.3 
Health:
Supplemental health37.4 37.6 37.7 38.2 150.9 38.6 38.9 39.0 38.8 155.3 
Medicare supplement1.3 1.4 1.4 1.3 5.4 1.3 1.2 1.1 1.3 4.9 
Long-term care34.6 34.0 34.2 34.2 137.0 34.1 34.2 34.1 34.1 136.5 
Total investment income allocated to health products73.3 73.0 73.3 73.7 293.3 74.0 74.3 74.2 74.2 296.7 
Life:
   Interest sensitive13.0 12.8 12.9 12.9 51.6 13.1 12.7 12.9 12.8 51.5 
Traditional22.5 22.4 22.5 22.9 90.3 23.2 23.4 23.4 23.3 93.3 
Total investment income allocated to life products35.5 35.2 35.4 35.8 141.9 36.3 36.1 36.3 36.1 144.8 
Total allocated investment income$226.3 $226.0 $229.8 $233.1 $915.2 $235.7 $238.1 $241.5 $242.5 $957.8 
Page 17

CNO FINANCIAL GROUP, INC.
Investment Income Not Allocated to Product Lines (9)
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2022202220222022202220232023202320232023
General account assets investment income$277.5 $317.7 $289.0 $294.8 $1,179.0 $292.2 $308.1 $324.8 $325.1 $1,250.2 
Policyholder and other special purpose portfolio investment income (loss)(69.3)(93.8)(20.9)20.9 (163.1)50.8 91.6 (33.0)140.1 249.5 
Less equity returns credited to policyholders:
Annuity64.3 80.1 30.9 6.0 181.3 (16.5)(56.1)49.8 (95.5)(118.3)
Life7.6 12.3 4.0 0.1 24.0 (2.1)(6.2)4.8 (9.7)(13.2)
Less amount related to variable interest entities(7.2)(9.1)(13.6)(18.6)(48.5)(20.9)(19.0)(18.7)(16.2)(74.8)
Less amounts credited to deferred compensation plans4.2 11.8 2.0 (4.6)13.4 (7.3)(6.3)2.4 (11.1)(22.3)
Other special purpose portfolio investment income (loss)(0.4)1.3 2.4 3.8 7.1 4.0 4.0 5.3 7.6 20.9 
Adjusted net investment income277.1 319.0 291.4 298.6 1,186.1 296.2 312.1 330.1 332.7 1,271.1 
Less amounts allocated to product lines
Annuity(117.5)(117.8)(121.1)(123.6)(480.0)(125.4)(127.7)(131.0)(132.2)(516.3)
Health(73.3)(73.0)(73.3)(73.7)(293.3)(74.0)(74.3)(74.2)(74.2)(296.7)
Life(35.5)(35.2)(35.4)(35.8)(141.9)(36.3)(36.1)(36.3)(36.1)(144.8)
Total investment income allocated to product lines(226.3)(226.0)(229.8)(233.1)(915.2)(235.7)(238.1)(241.5)(242.5)(957.8)
Impact of annual option forfeitures related to fixed indexed annuity surrenders1.6 (0.5)(1.1)(1.0)(1.0)— 1.4 2.5 3.2 7.1 
Less interest expense on investment borrowings from FHLB program(2.4)(4.7)(10.3)(16.1)(33.5)(21.7)(24.2)(28.3)(30.5)(104.7)
Less expenses related to FABN program(7.3)(7.6)(7.5)(7.6)(30.0)(7.6)(7.6)(7.6)(7.6)(30.4)
Less interest expense on debt(15.7)(15.6)(15.6)(15.6)(62.5)(15.7)(15.6)(15.7)(15.7)(62.7)
Less interest expense on financing arrangements— — — — — — — (1.1)(1.3)(2.4)
Investment income not allocated to product lines$27.0 $64.6 $27.1 $25.2 $143.9 $15.5 $28.0 $38.4 $38.3 $120.2 

Other Investment Data

1Q2Q3Q4Q1Q2Q3Q4Q
20222022202220222023202320232023
Average book value of invested assets and cash$25,791.7 $25,954.0 $26,251.0 $26,484.1 $26,801.8 $26,900.3 $27,287.6 $27,648.7 
Net investment income from general account investments277.5 317.7 289.0 294.8 292.2 308.1 324.8 325.1 
New money rate (14)3.73 %5.53 %5.36 %5.96 %6.34 %6.32 %6.03 %6.92 %
Book yield (15)4.53 %4.52 %4.54 %4.55 %4.56 %4.58 %4.60 %4.62 %
Earned yield (16)4.50 %5.00 %4.35 %4.35 %4.22 %4.41 %4.55 %4.49 %
Pre-pay/call/make-whole income$5.2 $14.9 $3.7 $1.6 $0.1 $0.1 $0.1 $0.2 
Alternative investment income (loss)11.3 27.1 (2.5)(5.2)(9.4)0.2 6.5 0.9 

Page 18

CNO FINANCIAL GROUP, INC.
4Q23 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q23 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
December 31, 2023
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$63.6 $(12.9)(a)$50.7 
Health margin146.4 (22.3)(a)124.1 
Life margin64.6 1.3 (a)65.9 
Total insurance product margin274.6 (33.9)240.7 
Allocated expenses(138.8)— (138.8)
Income from insurance products (5)135.8 (33.9)101.9 
Fee income17.8 — 17.8 
Investment income not allocated to product lines (9)38.3 — 38.3 
Expenses not allocated to product lines(19.8)— (19.8)
Operating earnings before taxes172.1 (33.9)138.2 
Income tax (expense) benefit on operating income(38.2)7.5 (30.7)
Net operating income (10)$133.9 $(26.4)$107.5 
Net operating income per diluted share$1.18 $(0.23)$0.95 
___________
(a)Comprised of $33.9 million of the net favorable impact arising from our comprehensive annual actuarial assumption and model review.

CNO FINANCIAL GROUP, INC.
3Q23 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 3Q23 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
September 30, 2023
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$57.0 $— $57.0 
Health margin123.2 — 123.2 
Life margin59.8 — 59.8 
Total insurance product margin240.0 — 240.0 
Allocated expenses(153.2)— (153.2)
Income from insurance products (5)86.8 — 86.8 
Fee income(2.9)— (2.9)
Investment income not allocated to product lines (9)38.4 — 38.4 
Expenses not allocated to product lines7.5 (21.7)(a)(14.2)
Operating earnings before taxes129.8 (21.7)108.1 
Income tax (expense) benefit on operating income(28.5)4.8 (23.7)
Net operating income (10)$101.3 $(16.9)$84.4 
Net operating income per diluted share$0.88 $(0.14)$0.74 
___________
(a)Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals.


Page 19

CNO FINANCIAL GROUP, INC.
4Q22 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
December 31, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$50.8 $3.2 (a)$54.0 
Health margin140.4 (18.3)(a)122.1 
Life margin43.3 14.4 (a)57.7 
Total insurance product margin234.5 (0.7)233.8 
Allocated expenses(149.1)— (149.1)
Income from insurance products (5)85.4 (0.7)84.7 
Fee income9.2 — 9.2 
Investment income not allocated to product lines (9)25.2 — 25.2 
Expenses not allocated to product lines(12.8)— (12.8)
Operating earnings before taxes107.0 (0.7)106.3 
Income tax (expense) benefit on operating income(24.1)0.2 (23.9)
Net operating income (10)$82.9 $(0.5)$82.4 
Net operating income per diluted share$0.71 $— $0.71 
___________
(a)Comprised of $.7 million of the net favorable impact arising from our comprehensive annual actuarial assumption and model review.
CNO FINANCIAL GROUP, INC.
2Q22 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 2Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

Three months ended
June 30, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$60.1 $— $60.1 
Health margin125.4 — 125.4 
Life margin70.2 — 70.2 
Total insurance product margin255.7 — 255.7 
Allocated expenses(152.2)— (152.2)
Income from insurance products (5)103.5 — 103.5 
Fee income3.2 — 3.2 
Investment income not allocated to product lines (9)64.6 — 64.6 
Expenses not allocated to product lines2.9 (22.5)(a)(19.6)
Operating earnings before taxes174.2 (22.5)151.7 
Income tax (expense) benefit on operating income(39.1)5.1 (34.0)
Net operating income (10)$135.1 $(17.4)$117.7 
Net operating income per diluted share$1.15 $(0.15)$1.00 
___________
(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.
Page 20

Notes

(1)Excludes accumulated other comprehensive income (loss). Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(2)Shareholders' equity divided by common shares outstanding.
(3)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.
(4)Insurance margin is management’s measure of profitability of its annuity, health and life product lines’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.
(5)Investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. See note (11) for definition of net insurance liabilities.
(6)Excludes the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding amount credited to policyholder account balances. Such amounts were $(64.3) million, $(80.1) million, $(30.9) million, $(6.0) million, $16.5 million, $56.1 million, $(49.8) million and $95.5 million in 1Q22, 2Q22, 3Q22, 4Q22, 1Q23, 2Q23, 3Q23 and 4Q23, respectively.
(7)Excludes the change in market values of the underlying options supporting the fixed indexed life products and corresponding amount credited to policyholder account balances. Such amounts were $(7.6) million, $(12.3) million, $(4.0) million, $(.1) million, $2.1 million, $6.2 million, $(4.8) million and $9.7 million in 1Q22, 2Q22, 3Q22, 4Q22, 1Q23, 2Q23, 3Q23 and 4Q23, respectively.
(8)Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.
(9)Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investments income not allocated to product lines), net of interest expense on corporate debt and financing arrangements.
(10)Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes (“Net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals.
(11)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
(12)Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.
(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's U.S. based insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from GAAP.
(14)The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our Federal Home Loan Bank and FABN programs and investments purchased by the variable interest entities.

Page 21

Notes (continued)
(15)Book yield on fixed maturity investments, excluding investments held in the: (i) Federal Home Loan Bank and FABN programs; and (ii) the investments held by the variable interest entities.
(16)Earned yield is the investment income earned during the period divided by the average book value of the investment portfolio, excluding: (i) investments held in the Federal Home Loan Bank and FABN programs; and (ii) the investments held by the variable interest entities.
Page 22
CNO Financial Group 1 Fourth Quarter 2023 Financial and operating results for the period ended December 31, 2023 February 6, 2024 Unless otherwise specified, comparisons in this presentation are between 4Q22 and 4Q23. Exhibit 99.3

 
CNO Financial Group 2 Important Legal Information Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on February 6, 2024, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today’s date. Forward-Looking Statements This presentation contains financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP). Reconciliations between those non-GAAP measures and the comparable GAAP measures are included in the Appendix, or on the page such measure is presented. While management believes the measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – Financials – SEC Filings” section of CNO’s website, CNOinc.com. Non-GAAP Measures Effective January 1, 2023, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts. Concurrent with the adoption of the new guidance, we updated the method of determining non- operating earnings for our fixed indexed annuities to better identify the volatile non-economic accounting impacts of that line of business. As a result of the adoption of the new guidance and methodology, certain historical amounts have changed. Our quarterly financial supplement – 4Q22 as recast to reflect the new standard is available in the “Investors – Financials – Quarterly Results” section of CNO’s website, CNOinc.com. Adoption of New Accounting Standard

 
CNO Financial Group 3

 
CNO Financial Group 4 2023 Year in Review Strong Operational Results Disciplined Execution Comparisons are between full year 2023 and 2022 unless otherwise specified. 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.  Operating EPS1 of $3.09  Total NAP up 9%, benefiting from growing agent counts and multiple successful product launches throughout the year  Producing agent count (“PAC”) growth every quarter of 2023 across both divisions, driven by strong recruiting and retention  Consumer Division up 9%  Worksite Division up 27%  Stable underlying insurance product margins resulting from diversified product suite  NII allocated to products up 5%, driven by sustained higher NMRs  Solid fee revenue and income growth  Capital and liquidity well above target levels  Established CNO Bermuda Re and executed reinsurance transaction  Fitch Insurer Financial Strength (IFS) rating upgraded to A  High-quality investment portfolio delivering strong returns and credit performance  Returned $233 million to shareholders  Book value per diluted share excluding AOCI1 was $33.94, up 6% Exceptional operating performance underscores the health and strength of the business

 
CNO Financial Group 5 4Q FY 1Q 2Q 3Q 4Q FY vs. 4Q22 vs. FY22 New Annualized Premiums 1 Life $40.8 $193.1 $57.1 $55.6 $50.0 $43.9 $206.6 7.6% 7.0% Health 49.9 164.3 39.5 43.1 48.3 52.2 183.1 4.6% 11.4% Total Life and Health $90.7 $357.4 $96.6 $98.7 $98.3 $96.1 $389.7 6.0% 9.0% Collected Premiums Life $229.5 $911.8 $234.6 $236.6 $233.5 $232.3 $937.0 1.2% 2.8% Health 402.1 1,608.40 404.9 389.3 386.1 397.5 1,577.80 -1.1% -1.9% Total Life and Health $631.6 $2,520.2 $639.5 $625.9 $619.6 $629.8 $2,514.8 -0.3% -0.2% Annuity Collected Premiums $431.0 $1,604.6 $370.9 $401.8 $372.2 $438.3 $1,583.2 1.7% -1.3% Client Assets in BD and Advisory 2 $2,636.7 $2,636.7 $2,610.1 $2,928.1 $2,905.2 $3,168.0 $3,168.0 20.2% 20.2% Fee Revenue 3 $67.3 $169.3 $51.3 $29.4 $27.9 $69.0 $177.6 2.5% 4.9% % Change2022 2023 Sustained production momentum through 2023, well-positioned entering 2024 Growth Scorecard (dollars in millions) 1 Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. 2 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. 3 Represents fee revenue from the sales of third-party insurance products; fees generated by our broker-dealer and registered investment advisor; fee revenue earned by Optavise (formerly known as DirectPath prior to its name change in April 2022, WBD merged into Optavise effective July 2023).

 
CNO Financial Group 6 Consumer Division Year in Review Strong Operational Results Disciplined Execution  Total Life and Health NAP up 6%; up 4% vs 4Q22  Field agent NAP up 16%  Life NAP up 6%, balanced across field and D2C  Record D2C NAP in 2023  Health NAP up 8%; Medicare Advantage fee revenue up 14%  Record Annuity collected premiums in 4Q23  PAC up 9%, fourth consecutive quarter of YoY growth  Recruiting up 23%  Client assets in brokerage and advisory up 20%, to a record $3.2B  Strong agent retention and productivity throughout 2023  Aggressive new and refreshed product pipeline contributed meaningfully to growth in 2023  Investments to scale the MyHealthPolicy ecosystem led to ~90% of policies processed through the platform during AEP  Achieved ~75% instant decision rate on eligible Simplified Issue Life business moved to automated underwriting Comparisons are between full year 2023 and 2022 unless otherwise specified. Sustained PAC growth drove strong production across multiple product lines

 
CNO Financial Group 7 Insurance sales momentum continuing, seventh consecutive quarter of PAC growth Worksite Division Year in Review  Life and Health NAP up 29%; up 20% vs 4Q22  +20% growth in 5 of the last 6 quarters  Accident product up 34% driven by 2Q23 product refresh  PAC up 27%, first-year agent counts up 43%  Agent referral program continued to drive growth in PAC and productivity  Solid gains in agent productivity and retention  Retention +20%  40% increase in first-year agent productivity  Geographic expansion contributing ~25% of growth  Successful launch of refreshed Critical Illness product Strong Operational Results Disciplined Execution Comparisons are between full year 2023 and 2022 unless otherwise specified.

 
CNO Financial Group 8 4Q23 Operating EPS1 up 34% excluding significant items Financial Highlights Earnings ResultsEarnings Drivers $356.1$360.4$133.9$82.9Net operating income1 $312.8$342.5$107.5$82.4 Net operating income excluding significant items1 115.1117.7113.7116.7 Weighted average shares outstanding (in millions) (dollars in millions, except per share amounts) 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. $0.71 $0.95 $1.18 $0.71 Net operating earnings per share1 4Q22 4Q23 Fourth Quarter 2023  4Q23 Operating EPS1 excl. significant items of $0.95, up 34%  Solid insurance product margins  NII allocated to products benefiting from sustained higher NMRs and growing asset base  Variable investment income results improved  Growth in fee income  Significant items (pre-tax): $33.9 million of net favorable impacts arising from our annual actuarial review  $80 million of share repurchases  Solid free cash flow generation and enhanced capital management with CNO Bermuda Re  Operating ROE1 excl. significant items of 8.6% Full Year 2023  FY23 Operating EPS1 excl. significant items of $2.72  Favorable impacts  Generally strong and stable insurance product margins  Investment income allocated to products  Fee income  Offsetting impacts  Lower alternative investment income  Elevated health claims in 2Q23 - since moderated Excluding significant items FY2022 FY2023 $2.72 $3.06 $3.09 $2.91

 
CNO Financial Group 9 Strong supplemental health and life margins, net favorable impact from annual actuarial review Insurance Product Margin 4Q22 1Q23 2Q23 3Q23 4Q23 Annuity $54.0 $57.3 $57.1 $57.0 $50.7 Fixed indexed annuities $44.5 $46.5 $47.6 $47.2 $41.5 Fixed interest annuities $7.8 $9.1 $8.7 $8.4 $7.7 Other annuities $1.7 $1.7 $0.8 $1.4 $1.5 Health $122.1 $116.5 $108.2 $123.2 $124.1 Supplemental health $58.4 $63.3 $59.9 $62.8 $66.5 Medicare supplement $37.9 $26.1 $32.3 $37.2 $31.9 Long-term care $25.8 $27.1 $16.0 $23.2 $25.7 Life $57.7 $47.4 $57.9 $59.8 $65.9 Interest sensitive life $22.6 $22.8 $24.1 $22.9 $25.0 Traditional life $35.1 $24.6 $33.8 $36.9 $40.9 Total Margin $233.8 $221.2 $223.2 $240.0 $240.7 4Q 2023 Highlights (dollars in millions) Insurance Product Margin Excluding Significant Items1 1 Excludes $3.2 million unfavorable annuity unlocking, $18.3 million favorable health unlocking and $14.4 million unfavorable life unlocking in 4Q22 and $12.9 million favorable annuity unlocking, $22.3 million favorable health unlocking and $1.3 million unfavorable life unlocking in 4Q23. See the Appendix for a reconciliation to the corresponding GAAP measure.  Annual actuarial review  Current period net benefit of $33.9 million, primarily due to Supplemental Health  Quarterly go-forward income pattern changes beginning 4Q23  Supplemental health - $4 million  FIA – ($2) million  Med Supp – ($1) million  Remaining product variance explanations  FIA – moderating spreads offset by growth in the block  Supp Health – growth in the block  Med Supp – runoff of legacy block  ISL – growth in the block and favorable claims experience  Trad Life – lower non-deferrable advertising expense and growth in the block

 
CNO Financial Group 10 NII benefiting from strong NMRs, growing asset base and improved VII $25.2 $38.3 $- $50.0 $100.0 $150.0 $200.0 4Q 2022 4Q 2023 Investment Income Not Allocated to Product Lines $- $100.0 $200.0 $300.0 $400.0 4Q 2022 4Q 2023 Total Net Investment Income1 Annuity Health Life Not Allocated $280.8 $- $100.0 $200.0 $300.0 $400.0 4Q 2022 4Q 2023 Investment Income Allocated to Product Lines Annuity Health Life $242.5 Investment Results  Average yield on allocated investments of 4.68% vs. 4.60% in 4Q22  Average net insurance liabilities2 up 2.4% YoY  NII consistent with 3Q results with relative improvements in P.E. and continued growth of real asset returns 1 Reflects sum of allocated and non-allocated investment income. Refer to pages 15-18 of the financial supplement for more information on the components of net investment income. 2 Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities. $233.1 $258.3  New money rate of 6.92%, compared to 6.03% in 3Q23 and 5.96% in 4Q22  Average book value of invested assets up 4.4% YoY; 6th consecutive quarterly increase in book yield  Earned yield of 4.49%, compared to 4.55% in 3Q23 and 4.35% in 4Q22  Investment income not allocated to product lines up $13 million  Improved alternative investment returns YoY with relative improvements in PE and real asset returns (dollars in millions)

 
CNO Financial Group 11 Rising earnings power with stable credit trend Portfolio Composition $25 Billion of Invested Assets Highlights (Fair Value as of 12/31/2023) General Approach  Positioned for relatively stable performance across credit cycles  Focus on quality - margin against adverse development  Calibrated allocation to risk asset categories – specific boundaries on the amount of high-risk assets we will own  Low impairments through multiple cycles  Embedded asset liability management  Opportunistic investments enhance book yield and core earnings power  High degree of liquidity: over 60% of portfolio in corporate and government bonds  Up-in-quality positioning over past 12 months  “BBB” allocation reduced by 290 bps in the last 12 months  “A” and better allocation increased by 310 bps in the last 12 months  Strong credit risk profile  Capital efficient: 97% rated NAIC 1 or 2  Portfolio average rating A  Significant credit enhancement in structured products and good performance in collateral including CMBS  Diversified commercial and residential mortgage allocation IG Corporates, 43.2% Non-Agency RMBS, 6.2% Mortgage Loans, 7.4% HY Corporates, 2.1% CMBS, 8.9% Municipals, 9.8% ABS, 5.4% Govts/Agency, 3.6% CLO, 4.0% Equities, 0.4% Other, 2.7% Alternatives, 2.5% Policy Loans, 0.5% Cash, 3.4%

 
CNO Financial Group 12 1 The ratio of the combined capital of the U.S. based insurance companies to the minimum amount of capital appropriate to support the overall business operations, as determined based on the methodology developed by the National Association of Insurance Commissioners. 2 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure. Debt to Capital2 Consolidated Risk Based Capital (RBC) Ratio1  Target leverage of 25 - 28%  Debt covenant ceiling of 35%  $334 million in debt capacity to top of target leverage range  Target consolidated RBC ratio of approximately 375%  RBC variability expected in periods of market volatility Holding Company Liquidity  Target minimum holding company liquidity of $150 million  Liquidity backstopped by $250 million undrawn revolver  No outstanding debt maturities until 2025 386% 384% 402% 2021 2022 2023 $249 $167 $256 2021 2022 2023 25.6% 23.4% 23.1% 2021 2022 2023 Capital and liquidity above target levels, enhanced capital efficiency Capital and Liquidity Overview (dollars in millions)

 
CNO Financial Group 13 2024 Outlook1 1Excluding significant items. Earnings Free Cash Flow / Excess Capital  Operating EPS range of $3.10 – $3.30  18.8% – 19.2% expense ratio  ~23% effective tax rate  $140 – $200 million of excess cash flow to holdco  375% consolidated RBC ratio target  Minimum $150 million in holding company liquidity  Target leverage of 25.0% - 28.0%

 
CNO Financial Group 14 Investment Highlights Sustainable growth initiatives in place Favorable demographic tailwinds Exclusive focus on underserved middle market Diverse and integrated "last mile" virtual and in-person model Strong balance sheet and solid free cash flow generation

 
CNO Financial Group 15 Questions and Answers

 
CNO Financial Group 16  Agent pilots, technology- driven customer experience enhancements  Hybrid distribution  Worksite B2B marketing, lead generation  Share repurchases: $80 million in 4Q23, $165 million in 2023  Dividends: $17 million in 4Q23, $68 million in 2023  Highly selective M&A  CNO Ventures; strategic minority investments largely in InsurTech  LTC reinsurance (2018), Web Benefits Design (2019), DirectPath (2021), CNO Bermuda Re reinsurance (2023) Opportunistic transactions Return capital to shareholders Organic investments to sustain and grow the core businesses Disciplined and opportunistic approach to maximize shareholder value Excess Capital Allocation Strategy

 
CNO Financial Group 17 Cash Flow Profile 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. 2 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions. (dollars in millions) 4Q22 4Q23 4Q22 4Q23 Net Operating Income1 82.9$ 133.9$ 360.4$ 356.1$ Holding Company Cash Flows: Net Dividends (Contributions) from/to Subsidiaries 44.4$ 176.3$ 156.7$ 252.7$ Management Fees 34.3 27.9 124.0 116.1 Surplus Debenture Interest 14.6 17.9 58.8 82.0 Earnings on Corporate Investments 3.2 3.8 9.7 15.0 Other (10.7) (7.2) 3.4 5.3 Holding Company Sources of Cash 2 85.8 218.7 352.6 471.1 Holding Company Expenses and Other (12.7) (16.0) (73.7) (79.6) Intercompany Tax Receipts (Payments) (4.7) 9.0 (32.0) 28.6 Tax Payments (9.3) (11.3) (22.9) (48.0) Interest Payments (28.3) (28.3) (60.8) (60.8) Excess Cash Flow to Holding Company 2 30.8 172.1 163.2 311.3 Share Repurchases (9.9) (70.2) (179.9) (154.6) Dividend Payments to Stockholders (16.1) (16.7) (64.8) (68.1) Net Change in Holding Company Cash and Investments 4.8 85.2 (81.5) 88.6 Cash and Investments, Beginning of Period 162.3 170.5 248.6 167.1 Cash and Investments, End of Period 167.1$ 255.6$ 167.1$ 255.6$ Trailing Twelve MonthsFor the Quarter

 
CNO Financial Group 18 Appendix 1: Quarter in Review Strong Operational Performance  Broker-Dealer/Registered Investment Advisor Slide 19  Exclusive Agent Counts Slide 20 Building on Strong Track Record of Execution  Expense Ratio Slide 21  New Money Rate Walk Slide 22  New Money Summary Slide 23  Commercial Mortgage Loans Slide 24  Commercial Mortgage-Backed Securities Slide 25  Long-Term Care Insurance Slide 26  Tax Asset Summary Slide 27

 
CNO Financial Group 19 Account values up 20% YoY; record $3.2 billion in client assets Broker-Dealer/Registered Investment Advisor 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Prior periods have been restated to conform with current presentation. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 111 East Wacker Drive, Suite 1900, Chicago, IL 60601 (dollars in millions) 4Q 1Q 2Q 3Q 4Q Net New Client Assets in Brokerage (9.2)$ 7.9$ (4.2)$ 16.7$ (1.0)$ Brokerage and Advisory1 Advisory 31.8 54.2 41.8 47.8 18.7 Total 22.6$ 62.1$ 37.6$ 64.5$ 17.7$ Client Assets in Brokerage and Brokerage 1,495.5$ 1,563.5$ 1,626.1$ 1,597.6$ 1,729.8$ Advisory1 at end of period Advisory 1,141.2 1,046.6 1,302.0 1,307.6 1,438.2 Total 2,636.7$ 2,610.1$ 2,928.1$ 2,905.2$ 3,168.0$ 2022 2023

 
CNO Financial Group 20 Year-over-year PAC growth every quarter of 2023 across both divisions Exclusive Agent Counts 1 Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients. 3 Agent and representative counts represent the average of the last 3 months. % Change % Change Consumer 4Q 1Q 2Q 3Q 4Q vs. 3Q23 vs. 4Q22 Producing Field Agents1,3 3,882 3,985 4,279 4,267 4,224 -1.0% 8.8% Registered Agents2,3 695 695 695 701 708 1.0% 1.9% Worksite Producing Field Agents1,3 275 288 310 321 349 8.7% 26.9% 2022 2023

 
CNO Financial Group 21 1Q 2Q 3Q 4Q Allocated & Non Allocated Expenses 175.8$ 170.6$ 145.7$ 158.6$ Allocated & Non Allocated Expenses - YTD 175.8 346.4 492.1 650.7 Significant Items2 -$ -$ (21.7)$ -$ Significant Items - YTD2 - - (21.7) (21.7) Allocated & Non Allocated Expenses Excluding Significant Items 175.8$ 170.6$ 167.4$ 158.6$ Allocated & Non Allocated Expenses Excluding Significant Items- YTD 175.8 346.4 513.8 672.4 Policy Income and Net Investment Income Allocated to Products 861.2$ 866.4$ 867.5$ 868.2$ Policy Income and Net Investment Income Allocated to Products - YTD 861.2 1,727.6 2,595.1 3,463.3 Expense Ratio excluding Significant Items 20.4% 19.7% 19.3% 18.3% Expense Ratio excluding Significant Items - YTD 20.4% 20.1% 19.8% 19.4% 2023 Expense Ratio1 1 Expenses allocated to products plus not allocated to products, divided by the sum of insurance policy income and net investment income allocated to products. Results exclude significant items. 2 See page 30 for reconciliations of the significant items.

 
CNO Financial Group 22 Reflects relative value allocations to agencies and residential mortgage loans along with rising rates New Money Rate Walk 6.03% 0.42% 0.77% -0.28% -0.02% 6.92% 3Q23 NMR Yield Curve Spread Duration Direct Investment 4Q23 NMR

 
CNO Financial Group 23 New Money Summary 4Q23 General Account New Money Purchases Reflects opportunistic allocations to agencies, municipals, residential mortgage loans, as well as rising interest rates at the long end of the curve $ % GAAP YTM Duration Commercial Real Estate 65.2 18.2% 5.77% 6.70 Municipals 62.8 17.5% 6.38% 11.93 Residential Mortgage Loans 55.4 15.4% 7.39% 2.70 IG Corp BBB 50.8 14.2% 7.15% 5.71 RMBS 39.2 10.9% 6.51% 12.55 HY Corp 29.8 8.3% 11.28% 3.70 IG Corp AAA-A 20.5 5.7% 6.09% 12.49 Alternatives 16.5 4.6% 5.67% 7.36 ABS 13.8 3.9% 6.80% 1.98 EM 4.9 1.4% 5.92% 13.49 Total 358.96 100% 6.92% 7.52 Commercial Real Estate 18% Municipals 18% Residential Mortgage Loans 15% IG Corp BBB 14% RMBS 11% HY Corp 8% IG Corp AAA-A 6% Alternatives 5% ABS 4% EM 1%

 
CNO Financial Group 24 Prop Type % AUM Avg LTV Apartment 38.4% 48.1% Industrial 26.5% 40.5% Mixed Use 1.3% 46.5% Office 12.2% 59.6% Other 7.2% 29.4% Retail 14.3% 43.2% 47.7% 20.9% 20.5% 10.3% 0.5% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% >2.00x 1.70x - 2.00x 1.40x - 1.70x 1.15x - 1.40x 1.00x - 1.15x <1.00x 40.6% 20.5% 27.3% 6.5% 3.5% 1.5% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% < 40% 40-50% 50-60% 60-70% 70-80% >80% Commercial Mortgage Loans Our CRE loan portfolio emphasizes lower risk sectors Our CRE loan portfolio is conservatively margined with cushion for adverse development We emphasize stabilized cash flowing properties DSCR Our CRE loan portfolio is not significantly exposed to near term maturity default risk (dollars in millions) % o f T ot al A U M LTV Apartment 38% Industrial 26% Other 7% Mixed Use 1% Retail 14% Office 12% $37.8 $12.6 $53.6 $83.7 2024 2025 2026 2027 Maturities

 
CNO Financial Group 25 $7 $8 $9 $12 $13 $19 $22 $26 32.50 10% 6% -1% -7% -10% -19% -24% -29% -40% 11% 17% 22% 50% <10 10-15 15-30 >30 Source: NAIC Loss Scenario Our CMBS investments have significant structural cushion for collateral losses Our holdings have limited loss content in severe scenarios Change in CRE Values – NAIC Scenarios BearBull Estimated Life of Portfolio CNO Principal Loss Our CMBS allocation is tilted toward lower risk property types Our CMBS allocation is highly rated - 91% AAA/AA/A categories 73% of our CMBS investments are considered ‘no-loss’ in 2023 NAIC scenario testing Market consistent estimates of collateral losses range from lows of 4% to highs of 8%. 2023 Fed stress test CRE loss rate of 9%. % L os s Ab so rb in g Su bo rd in at io n in S tr uc tu re AAA $2,020.2 AA+ $83.9 AA $36.2 AA- $171.3 A+ $77.9 A $81.8 A- $83.5 BBB+ $37.8 BBB $40.6 BBB- $23.6 BB+ $43.6 BB $1.8 CNO Index Multifamily Office Other Industrial Retail Hotel Commercial Mortgage-Backed Securities (dollars in millions) Mean

 
CNO Financial Group 26 New sales (~$35 million annually) focused on short duration products  99% of new sales for policies with 2 years or less in benefits  Average benefit period of 12 months  New business 25% reinsured since 2008 Reserve assumptions informed by historical experience  No morbidity improvement  No mortality improvement  Minimal future rate increases Favorable economic profile  Total LTC is just 13.2% of overall CNO insurance liabilities  Downside risk significantly reduced after 2018 reinsurance transaction  Average maximum benefit at issuance is $162 per day for inforce block Block Highlights  Less than 25% of policies have inflation benefits  2.4% of policies have lifetime benefits and the average non-lifetime benefit period is ~1.5 years  Average attained age is 74.4 years Long-Term Care Insurance Highly differentiated inforce block; prudently managed

 
CNO Financial Group 27 Value of NOLs and deferred tax assets (DTAs) related to tax strategy Details  Total estimated economic value of tax assets related to our NOLs and tax strategy of approximately $206 million @ 10% discount rate ($1.84 on a per share basis).  Life NOLs have been fully utilized. Non- life NOLs are expected to offset 100% of non-life taxable income and 35% of life taxable income through 2023. $330 (dollars in millions) $330 million/$2.95 per diluted share value of NOLs and DTAs related to tax strategy Tax Asset Summary as of December 31, 2023 Non-Life NOLs $77 DTAs related to tax strategy $253

 
CNO Financial Group 28 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 29 - 46

 
CNO Financial Group 29 Insurance product margin Annuity 63.6$ (12.9)$ (1) 50.7$ Health 146.4 (22.3) (1) 124.1 Life 64.6 1.3 (1) 65.9 Total insurance product margin 274.6 (33.9) 240.7 Allocated expenses (138.8) - (138.8) Income from insurance products 135.8 (33.9) 101.9 Fee income 17.8 - 17.8 Investment income not allocated to product lines 38.3 - 38.3 Expenses not allocated to product lines (19.8) - (19.8) Operating earnings before taxes 172.1 (33.9) 138.2 Income tax (expense) benefit on operating income (38.2) 7.5 (30.7) Net operating income (2) 133.9$ (26.4)$ 107.5$ Net operating income per diluted share (2) 1.18$ 0.23$ 0.95$ Three months ended December 31, 2023 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Impacts arising from our comprehensive annual actuarial review. (2) A non-GAAP measure. See pages 35 and 37 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 4Q23 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q23 Significant Items

 
CNO Financial Group 30 Insurance product margin Annuity 57.0$ -$ 57.0$ Health 123.2 - 123.2 Life 59.8 - 59.8 Total insurance product margin 240.0 - 240.0 Allocated expenses (153.2) - (153.2) Income from insurance products 86.8 - 86.8 Fee income (2.9) - (2.9) Investment income not allocated to product lines 38.4 - 38.4 Expenses not allocated to product lines 7.5 (21.7) (1) (14.2) Operating earnings before taxes 129.8 (21.7) 108.1 Income tax (expense) benefit on operating income (28.5) 4.8 (23.7) Net operating income (2) 101.3$ (16.9)$ 84.4$ Net operating income per diluted share (2) 0.88$ (0.14)$ 0.74$ Three months ended September 30, 2023 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals. (2) A non-GAAP measure. See pages 35 and 37 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 3Q23 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q23 Significant Items

 
CNO Financial Group 31 Insurance product margin Annuity 50.8$ 3.2$ (1) 54.0$ Health 140.4 (18.3) (1) 122.1 Life 43.3 14.4 (1) 57.7 Total insurance product margin 234.5 (0.7) 233.8 Allocated expenses (149.1) - (149.1) Income from insurance products 85.4 (0.7) 84.7 Fee income 9.2 - 9.2 Investment income not allocated to product lines 25.2 - 25.2 Expenses not allocated to product lines (12.8) (12.8) Operating earnings before taxes 107.0 (0.7) 106.3 Income tax (expense) benefit on operating income (24.1) 0.2 (23.9) Net operating income (2) 82.9$ (0.5)$ 82.4$ Net operating income per diluted share (2) 0.71$ -$ 0.71$ Three months ended December 31, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Impacts arising from our comprehensive annual actuarial review. (2) A non-GAAP measure. See pages 35 and 37 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 4Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q22 Significant Items

 
CNO Financial Group 32 Insurance product margin Annuity 60.1$ -$ 60.1$ Health 125.4 - 125.4 Life 70.2 - 70.2 Total insurance product margin 255.7 - 255.7 Allocated expenses (152.2) - (152.2) Income from insurance products 103.5 - 103.5 Fee income 3.2 - 3.2 Investment income not allocated to product lines 64.6 - 64.6 Expenses not allocated to product lines 2.9 (22.5) (1) (19.6) Operating earnings before taxes 174.2 (22.5) 151.7 Income tax (expense) benefit on operating income (39.1) 5.1 (34.0) Net operating income (2) 135.1$ (17.4)$ 117.7$ Net operating income per diluted share (2) 1.15$ (0.15)$ 1.00$ Three months ended June 30, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Comprised of an experience refund of $22.5 million related to a reinsurance agreement. (2) A non-GAAP measure. See pages 35 and 37 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 2Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 2Q22 Significant Items

 
CNO Financial Group 33 Actual Results Significant Items Excluding significant items Insurance product margin Annuity 235.0$ (12.9)$ (1) 222.1$ Health 494.3 (22.3) (1) 472.0 Life 229.7 1.3 (1) 231.0 Total insurance product margin 959.0 (33.9) 925.1 Allocated expenses (599.0) - (599.0) Income from insurance products 360.0 (33.9) 326.1 Fee income 31.0 - 31.0 Investment income not allocated to product lines 120.2 - 120.2 Expenses not allocated to product lines (51.7) (21.7) (2) (73.4) Operating earnings before taxes 459.5 (55.6) 403.9 Income tax (expense) benefit on operating income (103.4) 12.3 (91.1) Net operating income (3) 356.1$ (43.3)$ 312.8$ Net operating income per diluted share (3) 3.09$ (0.37)$ 2.72$ December 31, 2023 Year ended (dollars in millions, except per-share amounts) (1) Comprised of $33.9 million of net favorable impacts arising from our actuarial review. [4Q23] (2) Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals. [3Q23] (3) A non-GAAP measure. See pages 35 and 37 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 2023 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 2023 Significant Items

 
CNO Financial Group 34 Insurance product margin Annuity 226.9$ 3.2$ (1) 230.1$ Health 504.4 (18.3) (1) 486.1 Life 205.2 14.4 (1) 219.6 Total insurance product margin 936.5 (0.7) 935.8 Allocated expenses (596.6) - (596.6) Income from insurance products 339.9 (0.7) 339.2 Fee income 23.7 - 23.7 Investment income not allocated to product lines 143.9 - 143.9 Expenses not allocated to product lines (40.8) (22.5) (2) (63.3) Operating earnings before taxes 466.7 (23.2) 443.5 Income tax (expense) benefit on operating income (106.3) 5.3 (101.0) Net operating income (3) 360.4$ (17.9)$ 342.5$ Net operating income per diluted share (3) 3.06$ (0.15)$ 2.91$ Year ended December 31, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Comprised of $0.7 million of the net favorable impact arising from our comprehensive annual actuarial review. (2) Comprised of an experience refund of $22.5 million related to a reinsurance agreement. (3) A non-GAAP measure. See pages 35 and 37 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 2022 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 2022 Significant Items

 
CNO Financial Group 35 (dollars in millions) * Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the above table. Quarterly Earnings 4Q22 YTD 4Q22 1Q23 2Q23 3Q23 4Q23 YTD 4Q23 Insurance product margin Annuity 50.8$ 226.9$ 57.3$ 57.1$ 57.0$ 63.6$ 235.0$ Health 140.4 504.4 116.5 108.2 123.2 146.4 494.3 Life 43.3 205.2 47.4 57.9 59.8 64.6 229.7 Total insurance product margin 234.5 936.5 221.2 223.2 240.0 274.6 959.0 Allocated expenses (149.1) (596.6) (157.5) (149.5) (153.2) (138.8) (599.0) Income from insurance products 85.4 339.9 63.7 73.7 86.8 135.8 360.0 Fee income 9.2 23.7 15.5 0.6 (2.9) 17.8 31.0 Investment income not allocated to product lines 25.2 143.9 15.5 28.0 38.4 38.3 120.2 Expenses not allocated to product lines (12.8) (40.8) (18.3) (21.1) 7.5 (19.8) (51.7) Operating earnings before taxes 107.0 466.7 76.4 81.2 129.8 172.1 459.5 Income tax expense on operating income (24.1) (106.3) (17.8) (18.9) (28.5) (38.2) (103.4) Net operating income* 82.9 360.4 58.6 62.3 101.3 133.9 356.1 Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (27.2) (62.2) (12.7) (31.3) (20.1) 1.4 (62.7) Net change in market value of investments recognized in earnings (9.0) (73.2) (1.9) (4.0) (9.2) 8.8 (6.3) Changes in fair value of embedded derivative liabilities and market risk benefits (16.4) 440.2 (65.1) 50.4 109.4 (124.6) (29.9) Fair value changes related to agent deferred compensation plan 0.2 48.9 - - 6.8 (10.3) (3.5) Other (6.1) (3.9) 2.3 (0.2) (1.1) (1.3) (0.3) Non-operating income (loss) before taxes (58.5) 349.8 (77.4) 14.9 85.8 (126.0) (102.7) Income tax (expense) benefit on non-operating income (loss) 13.6 (79.6) 18.0 (3.5) (19.8) 28.4 23.1 Net non-operating income (loss) (44.9) 270.2 (59.4) 11.4 66.0 (97.6) (79.6) Net income (loss) 38.0$ 630.6$ (0.8)$ 73.7$ 167.3$ 36.3$ 276.5$

 
CNO Financial Group 36 Information Related to Certain Non-GAAP Financial Measures The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered as substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website, www.CNOinc.com. Operating earnings measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in the valuation allowance for deferred tax assets and other tax items and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non- GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals.

 
CNO Financial Group 37 A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows: (dollars in millions, except per-share amounts) Information Related to Certain Non-GAAP Financial Measures 4Q22 YTD 4Q22 1Q23 2Q23 3Q23 4Q23 YTD 4Q23 Net income (loss) applicable to common stock 38.0$ 630.6$ (0.8)$ 73.7$ 167.3$ 36.3$ 276.5$ Non-operating items: Net realized investment (gains) losses from sales and impairments 27.2 62.2 12.7 31.3 20.1 (1.4) 62.7 Net change in market value of investments recognized in earnings 9.0 73.2 1.9 4.0 9.2 (8.8) 6.3 Changes in fair value of embedded derivative liabilities and market risk benefits 16.4 (440.2) 65.1 (50.4) (109.4) 124.6 29.9 Fair value changes related to the agent deferred compensation plan (0.2) (48.9) - - (6.8) 10.3 3.5 Other 6.1 3.9 (2.3) 0.2 1.1 1.3 0.3 Non-operating (income) loss before taxes 58.5 (349.8) 77.4 (14.9) (85.8) 126.0 102.7 Income tax expense (benefit) on non-operating income (13.6) 79.6 (18.0) 3.5 19.8 (28.4) (23.1) Net non-operating (income) loss 44.9 (270.2) 59.4 (11.4) (66.0) 97.6 79.6 Net operating income (a non-GAAP financial measure) 82.9$ 360.4$ 58.6$ 62.3$ 101.3$ 133.9$ 356.1$ Per diluted share: Net income (loss) 0.33$ 5.36$ (0.01)$ 0.64$ 1.46$ 0.32$ 2.40$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.18 0.41 0.09 0.21 0.14 (0.01) 0.42 Net change in market value of investments recognized in earnings (net of taxes) 0.06 0.48 0.01 0.02 0.06 (0.06) 0.04 Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) 0.10 (2.89) 0.44 (0.33) (0.74) 0.85 0.20 Fair value changes related to the agent deferred compensation plan (net of taxes) - (0.32) - - (0.05) 0.07 0.03 Other 0.04 0.02 (0.02) - 0.01 0.01 - Net operating income (a non-GAAP financial measure) 0.71$ 3.06$ 0.51$ 0.54$ 0.88$ 1.18$ 3.09$

 
CNO Financial Group 38 A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as follows: (dollars in millions, except per-share amounts, and shares in thousands) Information Related to Certain Non-GAAP Financial Measures 4Q22 1Q23 2Q23 3Q23 4Q23 Operating income 82.9$ 58.6$ 62.3$ 101.3$ 133.9$ Weighted average shares outstanding for basic earnings per share 114,422 114,545 114,273 112,689 111,590 Effect of dilutive securities on weighted average shares: Stock options, restricted stock and performance units 2,231 - 1,377 1,773 2,067 Weighted average shares outstanding for diluted earnings per share 116,653 114,545 115,650 114,462 113,657 Net operating income per diluted share 0.71$ 0.51$ 0.54$ 0.88$ 1.18$ (a) (a) Equivalent common shares of 2,182.5 were not included in the diluted weighted average shares outstanding due to the net loss recognized in 1Q23.

 
CNO Financial Group 39 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units were vested, and convertible securities were converted. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments. A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows: (dollars in millions, except per-share amounts) Information Related to Certain Non-GAAP Financial Measures 4Q22 1Q23 2Q23 3Q23 4Q23 Total shareholders' equity 1,768.8$ 2,031.8$ 1,995.8$ 1,890.1$ 2,215.6$ Shares outstanding for the period 114,343,070 114,905,172 113,673,882 112,163,169 109,357,540 Book value per share 15.47$ 17.68$ 17.56$ 16.85$ 20.26$ Total shareholders' equity 1,768.8$ 2,031.8$ 1,995.8$ 1,890.1$ 2,215.6$ Accumulated other comprehensive loss (1,957.3) (1,664.4) (1,733.5) (1,956.7) (1,576.8) Adjusted shareholders' equity excluding AOCI 3,726.1$ 3,696.2$ 3,729.3$ 3,846.8$ 3,792.4$ Shares outstanding for the period 114,343,070 114,905,172 113,673,882 112,163,169 109,357,540 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 2,499,071 1,270,836 1,629,412 1,811,501 2,392,716 Diluted shares outstanding 116,842,141 116,176,008 115,303,294 113,974,670 111,750,256 Book value per diluted share (a non-GAAP measure) 31.89$ 31.82$ 32.34$ 33.75$ 33.94$

 
CNO Financial Group 40 Operating return measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, fair value changes related to the agent deferred compensation plan, changes in the valuation allowance for deferred tax assets and other tax items, loss on extinguishment of debt and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals. Management also believes that an operating return, excluding significant items, is important as the impact of these items enhances the understanding of our operating results. This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income (loss) has been excluded from the value of equity used to determine this ratio. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets). In accordance with GAAP, these assets are not discounted, and accordingly will not provide a return to shareholders (until after it is realized as a reduction to taxes that would otherwise be paid). Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns and the comparability of these measures from period-to-period. Operating return measures are used in measuring the performance of our business units and are used as a basis for incentive compensation. Information Related to Certain Non-GAAP Financial Measures

 
CNO Financial Group 41 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Information Related to Certain Non-GAAP Financial Measures 4Q22 1Q23 2Q23 3Q23 4Q23 Operating income 360.4$ 354.5$ 281.7$ 305.1$ 356.1$ Operating income, excluding significant items 342.5$ 336.6$ 281.2$ 287.7$ 312.8$ Net income 630.6$ 446.4$ 286.8$ 278.2$ 276.5$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,323.3$ 3,434.8$ 3,519.3$ 3,582.8$ 3,631.5$ Average common shareholders' equity 2,384.1$ 2,046.3$ 1,931.5$ 1,918.3$ 1,977.5$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 10.8% 10.3% 8.0% 8.5% 9.8% Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 10.3% 9.8% 8.0% 8.0% 8.6% Return on equity 26.5% 21.8% 14.8% 14.5% 14.0% Twelve Months Ended

 
CNO Financial Group 42 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): (dollars in millions) (a) The significant items have been discussed in either the current or prior press releases. (Continued on next page) Information Related to Certain Non-GAAP Financial Measures Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income (loss) Net income - trailing four quarters 1Q22 64.5$ -$ 64.5$ 272.4$ 183.4$ 334.5$ 2Q22 135.1 (17.4) 117.7 292.6 233.3 520.1 3Q22 77.9 - 77.9 260.1 175.9 592.6 4Q22 82.9 (0.5) 82.4 342.5 38.0 630.6 1Q23 58.6 - 58.6 336.6 (0.8) 446.4 2Q23 62.3 - 62.3 281.2 73.7 286.8 3Q23 101.3 (16.9) 84.4 287.7 167.3 278.2 4Q23 133.9 (26.4) 107.5 312.8 36.3 276.5

 
CNO Financial Group 43 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Information Related to Certain Non-GAAP Financial Measures 4Q22 1Q23 2Q23 3Q23 4Q23 Pre-tax operating earnings (a non-GAAP financial measure) 466.7$ 458.6$ 365.6$ 394.4$ 459.5$ Income tax expense (106.3) (104.1) (83.9) (89.3) (103.4) Operating return 360.4 354.5 281.7 305.1 356.1 Non-operating items: Net realized investment losses from sales and impairments (62.2) (67.7) (71.9) (91.3) (62.7) Net change in market value of investments recognized in earnings (73.2) (49.6) (31.9) (24.1) (6.3) Changes in fair value of embedded derivative liabilities and market risk benefits 440.2 209.7 99.5 78.3 (29.9) Fair value changes and amendment related to the agent deferred compensation plan 48.9 26.2 12.2 7.0 (3.5) Other (3.9) (2.0) (2.0) (5.1) (0.3) Non-operating income (loss) before taxes 349.8 116.6 5.9 (35.2) (102.7) Income tax (expense) benefit on non-operating income (loss) (79.6) (24.7) (0.8) 8.3 23.1 Net non-operating income (loss) 270.2 91.9 5.1 (26.9) (79.6) Net income 630.6$ 446.4$ 286.8$ 278.2$ 276.5$ Twelve Months Ended

 
CNO Financial Group 44 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 1Q21 2Q21 3Q21 4Q21 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,003.2$ 2,989.0$ 2,993.3$ 3,067.3$ Net operating loss carryforwards 323.1 292.9 266.9 243.7 Accumulated other comprehensive income 73.1 306.7 337.5 373.7 Common shareholders' equity 3,399.4$ 3,588.6$ 3,597.7$ 3,684.7$ 1Q22 2Q22 3Q22 4Q22 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,141.7$ 3,329.0$ 3,510.3$ 3,557.1$ Net operating loss carryforwards 238.2 214.7 190.9 169.0 Accumulated other comprehensive loss (561.5) (1,415.8) (1,837.8) (1,957.3) Common shareholders' equity 2,818.4$ 2,127.9$ 1,863.4$ 1,768.8$ 1Q23 2Q23 3Q23 4Q23 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,543.8$ 3,603.0$ 3,744.2$ 3,712.8$ Net operating loss carryforwards 152.4 126.3 102.6 79.6 Accumulated other comprehensive loss (1,664.4) (1,733.5) (1,956.7) (1,576.8) Common shareholders' equity 2,031.8$ 1,995.8$ 1,890.1$ 2,215.6$

 
CNO Financial Group 45 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 4Q22 1Q23 2Q23 3Q23 4Q23 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,323.3$ 3,434.8$ 3,519.3$ 3,582.8$ 3,631.5$ Net operating loss carryforwards 212.5 192.5 170.7 148.6 126.4 Accumulated other comprehensive loss (1,151.7) (1,581.0) (1,758.5) (1,813.1) (1,780.4) Common shareholders' equity 2,384.1$ 2,046.3$ 1,931.5$ 1,918.3$ 1,977.5$ Trailing Four Quarter Average

 
CNO Financial Group 46 Debt to capital ratio, excluding accumulated other comprehensive income (loss) The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. A reconciliation of these ratios is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 2021 2022 2023 Corporate notes payable 1,137.3$ 1,138.8$ 1,140.5$ Total shareholders' equity 3,684.7 1,768.8 2,215.6 Total capital 4,822.0$ 2,907.6$ 3,356.1$ Corporate debt to capital 23.6% 39.2% 34.0% Corporate notes payable 1,137.3$ 1,138.8$ 1,140.5$ Total shareholders' equity 3,684.7 1,768.8 2,215.6 Less accumulated other comprehensive (income) loss (373.7) 1,957.3 1,576.8 Total capital 4,448.3$ 4,864.9$ 4,932.9$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 25.6% 23.4% 23.1%

 
v3.24.0.1
Cover Page
Feb. 06, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 06, 2024
Entity Registrant Name CNO Financial Group, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-31792
Entity Tax Identification Number 75-3108137
Entity Address, Address Line One 11825 North Pennsylvania Street
Entity Address, City or Town Carmel
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46032
City Area Code 317
Local Phone Number 817-6100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001224608
Amendment Flag false
Common Stock, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol CNO
Security Exchange Name NYSE
Rights to purchase Series E Junior Participating Preferred Stock  
Document Information [Line Items]  
Title of 12(b) Security Rights to purchase Series E Junior Participating Preferred Stock
No Trading Symbol Flag true
Security Exchange Name NYSE
5.125% Subordinated Debentures due 2060  
Document Information [Line Items]  
Title of 12(b) Security 5.125% Subordinated Debentures due 2060
Trading Symbol CNOpA
Security Exchange Name NYSE
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