Form 8-K - Current report

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): October 31, 2024

CNO Financial Group, Inc.

(Exact Name of Registrant as Specified in Charter)


Delaware	001-31792	75-3108137
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

11299 Illinois 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 class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

CNO

New York Stock Exchange

Rights to purchase Series F Junior Participating Preferred Stock

New York Stock Exchange

5.125% Subordinated Debentures due 2060

CNOpA

New 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 October 31, 2024, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended September 30, 2024, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference; (ii) the Quarterly Financial Supplement for September 30, 2024, 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 September 30, 2024, 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:


99.1			Press release dated October 31 , 2024 related to financial results for the quarter ended Sep tember 30, 2024.
99.2			Quarterly Financial Supplement - 3 Q2024.
99.3			Third Quarter 2024 Financial and Operating Results for the period ended September 30, 2024.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

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: October 31, 2024
	By:	/s/ Michellen A. Wildin
		Michellen A. Wildin
		Senior Vice President and Chief Accounting Officer

News

For Immediate Release

CNO Financial Group Reports Third Quarter 2024 Results

Strong third quarter production; Record annuity collected premiums

Carmel, Ind., October 31, 2024 - CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $9.3 million, or $0.09 per diluted share, in 3Q24 compared to $167.3 million, or $1.46 per diluted share, in 3Q23. Non-economic accounting impacts due to market volatility affected both periods which reduced net income in 2024 and increased it in 2023. Net operating income,(1) which excludes these non-economic accounting impacts, was $119.2 million, or $1.11 per diluted share, in 3Q24 compared to $101.3 million, or $0.88 per diluted share, in 3Q23.

Significant items(6) positively impacted both net income and net operating income(1) by $18.8 million, or $0.17 per diluted share, in 3Q24 compared to $16.9 million, or $0.14 per diluted share, in 3Q23.

“CNO delivered another quarter of excellent net operating income and sales performance, reflecting continued agent force growth, and ongoing strength in our underwriting margins and net investment income,” said Gary C. Bhojwani, chief executive officer. “We posted our ninth consecutive quarter of sales growth, led by record annuity collected premiums and strong Medicare and long-term care sales.”

“Our sustained sales growth is translating into earnings growth, with operating earnings per share up 26%. All Growth Scorecard performance metrics are up once again. As we advance our growth strategy, we continue to optimize the balance between production, profitability and capital management.”

“CNO has a unique and differentiated position to serve the middle-income market through our products, distribution capabilities and proven track record of execution. We enter the fourth quarter with momentum, supported by favorable demographic trends, a supportive macroeconomic environment and our strong financial position.”

Third Quarter 2024 Highlights (as compared to the corresponding period in the prior year unless otherwise stated)

•Annuity collected premiums up 25%; Policyholder and client assets up 12%

•Medicare Supplement new annualized premiums ("NAP")(4) up 15%; Medicare Advantage sales up 26%

•Producing agent counts in the Consumer Division and Worksite Division up 5% and 17%, respectively

•Raising full-year guidance for earnings and cash flow

• Returned $106.8 million to shareholders

• Book value per share was $25.86; Book value per diluted share, excluding accumulated other comprehensive loss,(2) was $35.84

• Return on equity ("ROE") of 11.8%; Operating ROE, as adjusted,(5) of 11.7%

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 ended					Quarter ended
	September 30,					September 30,
	2024		2023		% change	2024		2023		% change

Income from insurance products (b)	1.21		$	0.76	59	$	129.2	$	86.8	49
Fee income	(0.03)		(0.03)		—	(2.7)		(2.9)		(7)
Investment income not allocated to product lines (c)	0.42		0.33		27	45.5		38.4		18
Expenses not allocated to product lines	(0.17)		0.07		n/m	(18.5)		7.5		n/m
Operating earnings before taxes	1.43		1.13			153.5		129.8
Income tax expense on operating income	(0.32)		(0.25)		28	(34.3)		(28.5)		20
Net operating income (1)	1.11		0.88		26	119.2		101.3		18
Net realized investment losses from sales, impairments and change in allowance for credit losses	(0.10)		(0.17)			(11.1)		(20.1)
Net change in market value of investments recognized in earnings	0.11		(0.08)			12.3		(9.2)
Changes in fair value of embedded derivative liabilities and market risk benefits	(1.19)		0.95			(127.1)		109.4

Other	(0.15)		0.05			(16.6)		5.7
Non-operating income (loss) before taxes	(1.33)		0.75			(142.5)		85.8
Income tax benefit (expense) on non-operating income	0.31		(0.17)			32.6		(19.8)

Net non-operating income (loss)	(1.02)		0.58			(109.9)		66.0
Net income	$	0.09	$	1.46		$	9.3	$	167.3

Weighted average diluted shares outstanding	107.1		114.5

n/m - not meaningful

____________________

(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.

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
	September 30,
	2024			2023

Trailing twelve months return on equity (a)	11.8		%	14.5		%
Trailing twelve months operating return on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (5)	11.7		%	8.5		%
Trailing twelve months operating return, excluding significant items, on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (5)	10.5		%	8.0		%


Shareholders’ equity	$	2,687.8		$	1,890.1
Accumulated other comprehensive loss	1,116.0			1,956.7

Shareholders’ equity, excluding accumulated other comprehensive loss	3,803.8			3,846.8
Net operating loss carryforwards	(273.9)			(102.6)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss carryforwards	$	3,529.9		$	3,744.2

Book value per diluted share	$	25.32		$	16.58
Accumulated other comprehensive loss	10.52			17.17

Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)	$	35.84		$	33.75

____________________

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

Non-Operating Items

Net investment losses in 3Q24 were $11.1 million, including the favorable change in the allowance for credit losses of $11.6 million. Net investment losses in 3Q23 were $20.1 million, including the unfavorable change in the allowance for credit losses of $2.3 million.

During 3Q24 and 3Q23, we recognized an increase (decrease) in earnings of $12.3 million and $(9.2) million, respectively, due to the net change in market value of investments.

During 3Q24 and 3Q23, we recognized an increase (decrease) in earnings of $(127.1) million and $109.4 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 addition, 3Q24 includes the impacts to the fair value of the embedded derivative and market risk benefits resulting from our comprehensive annual actuarial review.

Other non-operating items in 3Q24 included a charge of $8.3 million primarily related to a 5% workforce reduction and transition costs for outsourcing certain operations activities. In addition, other non-operating items included an increase (decrease) in earnings of $(3.5) million and $6.8 million in 3Q24 and 3Q23, 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.

INVESTMENT PORTFOLIO

(Dollars in millions)

Fixed maturities, available for sale, at amortized cost by asset class as of September 30, 2024 are as follows:


	Investment grade		Below investment grade			Total
Corporate securities	$	13,083.3	$	641.9		$	13,725.2
Certificates of deposit	470.0		—			470.0
United States Treasury securities and obligations of the United States government and agencies	210.8		—			210.8
States and political subdivisions	3,213.6		9.6			3,223.2
Foreign governments	103.2		—			103.2
Asset-backed securities	1,479.4		99.1			1,578.5
Agency residential mortgage-backed securities	812.5		—			812.5
Non-agency residential mortgage-backed securities	1,252.0		418.0		(a)	1,670.0
Collateralized loan obligations	1,083.2		—			1,083.2
Commercial mortgage-backed securities	2,285.8		84.0			2,369.8

Total	$	23,993.8	$	1,252.6		$	25,246.4

____________________

(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 $23.7 billion compared with an amortized cost of $25.2 billion. Net unrealized losses were comprised of gross unrealized gains of $300.3 million and gross unrealized losses of $1,796.1 million. The allowance for credit losses was $25.9 million at September 30, 2024.

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 388% at September 30, 2024, reflecting estimated 3Q24 statutory operating earnings of $8.4 million (and $32.5 million in the first nine months of 2024) and the payment of insurance company dividends (net of capital contributions) to the holding company of $38.9 million during 3Q24 (and $111.9 million (net of capital contributions) in the first nine months of 2024).

During 3Q24, we repurchased $90.0 million of common stock under our securities repurchase program (including $1.4 million of repurchases settled in 4Q24). We repurchased 2.8 million common shares at an average cost of $32.03 per share. As of September 30, 2024, we had 103.9 million shares outstanding and had authority to repurchase up to an additional $331.8 million of our common stock. During 3Q24, dividends paid on common stock totaled $16.9 million.

Unrestricted cash and investments held by our holding company were $453 million at September 30, 2024 compared to $256.0 million at December 31, 2023. In addition, the holding company has invested $500 million of the proceeds from the previously announced May 2024 issuance of $700.0 million of 6.450% senior notes due 2034 (the "2034 Notes") primarily into certificates of deposit which are expected to be used for the repayment of $500.0 million of 5.250% senior notes due May 2025 (the "2025 Notes").

Book value per common share was $25.86 at September 30, 2024 compared to $20.26 at December 31, 2023. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $35.84 at September 30, 2024 compared to $33.94 at December 31, 2023.

The debt-to-capital ratio was 40.5% and 34.0% at September 30, 2024 and December 31, 2023, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 32.5% and 23.1% at September 30, 2024 and December 31, 2023, respectively. Such ratios reflect the issuance of the 2034 Notes in May 2024. At September 30, 2024, adjusting for the expected repayment of the 2025 Notes, the debt-to-total capital ratio would have been 33.2% and the debt-to-total capital ratio, excluding accumulated other comprehensive income (loss), would have been 26.0%.

Return on equity for the trailing four quarters ended September 30, 2024 and 2023 was 11.8% and 14.5%, respectively. Operating return, excluding significant items, on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards(5), for the trailing four quarters ended September 30, 2024 and 2023 was 10.5% and 8.0%, 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.

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, 2023 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 November 1, 2024 at 11:00 a.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=7b707407&confId=72581. 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 $38 billion in total assets. Our 3,500 associates, 4,800 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.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(unaudited)


	September 30, 2024		December 31, 2023
ASSETS
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: September 30, 2024 - $25.9 and December 31, 2023 - $42.9; amortized cost: September 30, 2024 - $25,246.4 and December 31, 2023 - $23,699.2)	$	23,724.7	$	21,506.2
Equity securities at fair value	120.5		96.9
Mortgage loans (net of allowance for credit losses: September 30, 2024 - $16.5 and December 31, 2023 - $15.4)	2,372.7		2,064.1
Policy loans	133.3		128.5
Trading securities	217.4		222.7
Investments held by variable interest entities (net of allowance for credit losses: September 30, 2024 - $1.8 and December 31, 2023 - $3.1; amortized cost: September 30, 2024 - $258.8 and December 31, 2023 - $787.6)	250.1		768.6
Other invested assets	1,595.5		1,353.4
Total investments	28,414.2		26,140.4
Cash and cash equivalents - unrestricted	1,164.7		774.5
Cash and cash equivalents held by variable interest entities	80.6		114.5
Accrued investment income	276.2		251.5
Present value of future profits	165.7		180.7
Deferred acquisition costs	2,100.9		1,944.4
Reinsurance receivables (net of allowance for credit losses: September 30, 2024 - $3.0 and December 31, 2023 - $3.0)	3,906.7		4,040.7
Market risk benefit asset	96.4		75.4
Income tax assets, net	788.7		936.2
Assets held in separate accounts	3.3		3.1
Other assets	648.0		641.1
Total assets	$	37,645.4	$	35,102.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Liabilities for insurance products:
Policyholder account balances	$	17,240.5	$	15,667.8
Future policy benefits	12,179.6		11,928.2
Market risk benefit liability	1.0		7.4
Liability for life insurance policy claims	59.9		62.1
Unearned and advanced premiums	217.4		218.9
Liabilities related to separate accounts	3.3		3.1
Other liabilities	951.0		848.8
Investment borrowings	2,188.9		2,189.3
Borrowings related to variable interest entities	283.1		820.8
Notes payable – direct corporate obligations	1,832.9		1,140.5
Total liabilities	34,957.6		32,886.9
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: September 30, 2024 – 103,922,954; December 31, 2023 – 109,357,540)	1.0		1.1
Additional paid-in capital	1,715.9		1,891.5
Accumulated other comprehensive loss	(1,116.0)		(1,576.8)
Retained earnings	2,086.9		1,899.8
Total shareholders' equity	2,687.8		2,215.6
Total liabilities and shareholders' equity	$	37,645.4	$	35,102.5

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share data)

(unaudited)


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Revenues:
Insurance policy income	$	645.0	$	626.0	$	1,914.9	$	1,879.8
Net investment income:
General account assets	366.3		324.8		1,019.9		925.1
Policyholder and other special-purpose portfolios	87.6		(33.0)		312.3		109.4
Investment gains (losses):
Realized investment losses	(13.1)		(21.6)		(49.4)		(58.0)
Other investment gains (losses)	14.3		(7.7)		41.2		(21.2)

Total investment gains (losses)	1.2		(29.3)		(8.2)		(79.2)
Fee revenue and other income	29.5		59.0		113.4		141.2
Total revenues	1,129.6		947.5		3,352.3		2,976.3
Benefits and expenses:
Insurance policy benefits	726.2		399.1		1,926.4		1,574.7
Liability for future policy benefits remeasurement (gain) loss	7.3		(0.1)		(29.1)		8.8
Change in fair value of market risk benefits	(16.1)		(33.8)		(30.0)		(36.6)
Interest expense	68.0		62.6		192.4		174.9
Amortization of deferred acquisition costs and present value of future profits	64.0		57.0		185.9		168.5


Other operating costs and expenses	269.2		247.1		798.9		775.3
Total benefits and expenses	1,118.6		731.9		3,044.5		2,665.6
Income before income taxes	11.0		215.6		307.8		310.7

Income tax expense	1.7		48.3		69.9		70.5

Net income	$	9.3	$	167.3	$	237.9	$	240.2
Earnings per common share:
Basic:
Weighted average shares outstanding	105,101,000		112,689,000		107,265,000		113,836,000
Net income	$	.09	$	1.48	$	2.22	$	2.11
Diluted:
Weighted average shares outstanding	107,131,000		114,462,000		109,078,000		115,613,000
Net income	$	.09	$	1.46	$	2.18	$	2.08

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) gains or losses related to material reinsurance transactions, 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 table on page 2. 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)The following summarizes the calculations of: (i) operating return on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, as adjusted to exclude 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):


		Trailing twelve months ended
		3Q24			3Q23
Net operating income		$	425.2		$	305.1

Net operating income, excluding significant items		$	380.0		$	287.7

Net income		$	274.2		$	278.2

Average common equity, excluding accumulated other
	comprehensive income (loss) and net operating loss
	carryforwards (a non-GAAP financial measure)	$	3,620.8		$	3,582.8

Average common shareholders' equity		$	2,325.3		$	1,918.3

Operating return on equity as adjusted to exclude accumulated
	other comprehensive income (loss) and net operating loss
	carryforwards (a non-GAAP financial measure)	11.7		%	8.5		%

Operating return, excluding significant items, on equity as adjusted
	to exclude accumulated other comprehensive income (loss) and
	net operating loss carryforwards (a non-GAAP financial measure)	10.5		%	8.0		%

Return on equity		11.8		%	14.5		%

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 operating		income,
						income,		excluding				Net
						excluding		significant				income -
	Net operating		Significant			significant		items - trailing		Net		trailing
	income		items			items (a)		four quarters		income (loss)		four quarters
4Q22	$	82.9	$	(0.5)	(b)	$	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)		(c)	84.4		287.7		167.3		278.2
4Q23	133.9		(26.4)		(d)	107.5		312.8		36.3		276.5
1Q24	57.5		—			57.5		311.7		112.3		389.6
2Q24	114.6		—			114.6		364.0		116.3		432.2
3Q24	119.2		(18.8)		(e)	100.4		380.0		9.3		274.2

(a) See note (6) for additional information.

(b) Comprised of $.7 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $.2 million.

(c) Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals, net of tax expense of $4.8 million.

(d) 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.

(e) Comprised of $27.3 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $5.6 million.

A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):


	Twelve months ended
	3Q24		3Q23
Pre-tax operating earnings (a non-GAAP financial measure)	$	549.0	$	394.4
Income tax expense	(123.8)		(89.3)
Net operating income	425.2		305.1
Non-operating items:
Net realized investment losses from sales, impairments and change in allowance for credit losses	(36.2)		(91.3)
Net change in market value of investments recognized in earnings	38.2		(24.1)
Changes in fair value of embedded derivative liabilities and market risk benefits	(170.9)		78.3
Fair value changes related to the agent deferred compensation plan	(10.3)		7.0

Other	(15.9)		(5.1)
Non-operating loss before taxes	(195.1)		(35.2)

Income tax benefit on non-operating loss	44.1		8.3

Net non-operating loss	(151.0)		(26.9)
Net income	$	274.2	$	278.2

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):


		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

		1Q24		2Q24		3Q24
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,536.8	$	3,596.7	$	3,529.9
Net operating loss carryforwards		311.2		296.5		273.9
Accumulated other comprehensive loss		(1,480.3)		(1,464.3)		(1,116.0)
Common shareholders' equity		$	2,367.7	$	2,428.9	$	2,687.8


		Trailing four quarter average
		3Q24		3Q23
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,620.8	$	3,582.8
Net operating loss carryforwards		218.9		148.6
Accumulated other comprehensive loss		(1,514.4)		(1,813.1)
Common shareholders' equity		$	2,325.3	$	1,918.3

(6) 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).


	Three months ended
	September 30, 2024
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	91.1	$	(36.2)	(a)	$	54.9
Health margin	127.8		8.2		(a)	136.0
Life margin	63.3		0.7		(a)	64.0
Total insurance product margin	282.2		(27.3)			254.9
Allocated expenses	(153.0)		—			(153.0)
Income from insurance products	129.2		(27.3)			101.9
Fee income	(2.7)		—			(2.7)
Investment income not allocated to product lines	45.5		—			45.5
Expenses not allocated to product lines	(18.5)		2.9		(b)	(15.6)
Operating earnings before taxes	153.5		(24.4)			129.1
Income tax (expense) benefit on operating income	(34.3)		5.6			(28.7)
Net operating income	$	119.2	$	(18.8)		$	100.4

Net operating income per diluted share	$	1.11	$	(0.17)		$	0.94

___________

(a)Comprised of $27.3 million of the net favorable impact arising from our comprehensive annual actuarial review.

(b)Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.


	Three months ended
	December 31, 2023
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	63.6	$	(12.9)	(a)	$	50.7
Health margin	146.4		(22.3)		(a)	124.1
Life margin	64.6		1.3		(a)	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	$	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.


	Three months ended
	September 30, 2023
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	57.0	$	—		$	57.0
Health margin	123.2		—			123.2
Life margin	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)		(a)	(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	$	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.


	Three months ended
	December 31, 2022
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	50.8	$	3.2	(a)	$	54.0
Health margin	140.4		(18.3)		(a)	122.1
Life margin	43.3		14.4		(a)	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	$	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.

For further information:

CNO News Media

Valerie Dolenga

Valerie.Dolenga@CNOinc.com

CNO Investor Relations

Adam Auvil

Adam.Auvil@CNOinc.com

Quarterly Financial Supplement - 3Q2024

October 31, 2024

Page 1


Table of Contents												Page

Consolidated balance sheet												3
Consolidated statement of operations												4
Financial summary												5
Insurance operations												6
Margin from insurance products												7-9
Collected premiums and insurance policy income												10
Health and life new annualized premiums												11
Computation of weighted average shares outstanding												12
Annuities - account value rollforwards												13
Consolidated statutory information of U.S. based insurance subsidiaries												14
Investment income not allocated to product lines and investment income allocated to product lines												15-18
Other investment data												18
Significant items												19-20
Notes												20-21

Page 2

CNO FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)



	Mar-23		Jun-23		Sep-23		Dec-23		Mar-24		Jun-24		Sep-24
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	21,107.1	$	20,959.7	$	20,305.2	$	21,506.2	$	21,648.1	$	22,617.9	$	23,724.7
Equity securities at fair value	106.1		96.4		95.5		96.9		118.4		117.7		120.5
Mortgage loans	1,676.1		1,825.9		1,971.3		2,064.1		2,087.1		2,176.0		2,372.7
Policy loans	123.0		124.2		126.4		128.5		130.3		131.3		133.3
Trading securities	208.1		218.9		221.2		222.7		222.8		207.8		217.4
Investments held by variable interest entities	1,017.9		948.2		858.1		768.6		533.4		425.5		250.1
Other invested assets	1,097.1		1,176.7		1,119.9		1,353.4		1,471.3		1,554.0		1,595.5
Total investments	25,335.4		25,350.0		24,697.6		26,140.4		26,211.4		27,230.2		28,414.2
Cash and cash equivalents - unrestricted	425.0		457.7		460.8		774.5		566.3		878.8		1,164.7
Cash and cash equivalents held by variable interest entities	97.1		104.2		122.0		114.5		83.5		113.3		80.6
Accrued investment income	241.3		242.1		252.3		251.5		252.0		262.5		276.2
Present value of future profits	197.6		191.8		186.2		180.7		175.5		170.4		165.7
Deferred acquisition costs	1,811.3		1,857.7		1,897.5		1,944.4		1,992.3		2,047.2		2,100.9
Reinsurance receivables	4,189.6		4,029.2		4,053.2		4,040.7		3,969.0		3,910.9		3,906.7
Market risk benefit asset	57.8		66.0		89.3		75.4		84.1		84.5		96.4
Income tax assets, net	988.1		1,007.1		1,039.8		936.2		886.1		882.8		788.7
Assets held in separate accounts	2.8		3.0		2.9		3.1		3.3		3.2		3.3
Other assets	669.0		745.1		705.8		641.1		716.2		706.4		648.0
Total assets	$	34,015.0	$	34,053.9	$	33,507.4	$	35,102.5	$	34,939.7	$	36,290.2	$	37,645.4
Liabilities
Liabilities for insurance products:
Policyholder account balances	$	15,302.9	$	15,387.7	$	15,481.8	$	15,667.8	$	15,736.7	$	16,637.9	$	17,240.5
Future policy benefits	11,623.3		11,479.6		10,829.9		11,928.2		11,736.5		11,479.4		12,179.6
Market risk benefit liability	17.6		10.5		3.1		7.4		3.8		3.2		1.0
Liability for life insurance policy claims	67.6		64.6		60.8		62.1		65.1		59.6		59.9
Unearned and advanced premiums	243.5		233.6		221.2		218.9		226.0		220.9		217.4
Liabilities related to separate accounts	2.8		3.0		2.9		3.1		3.3		3.2		3.3
Other liabilities	681.3		898.9		869.6		848.8		905.0		934.4		951.0
Investment borrowings	1,839.6		1,839.5		2,089.4		2,189.3		2,189.1		2,189.0		2,188.9
Borrowings related to variable interest entities	1,065.4		1,001.0		918.5		820.8		565.5		501.4		283.1
Notes payable - direct corporate obligations	1,139.2		1,139.7		1,140.1		1,140.5		1,141.0		1,832.3		1,832.9
Total liabilities	31,983.2		32,058.1		31,617.3		32,886.9		32,572.0		33,861.3		34,957.6
Shareholders' equity
Common stock	1.1		1.1		1.1		1.1		1.1		1.1		1.0
Additional paid-in capital	2,021.1		1,997.9		1,965.3		1,891.5		1,851.2		1,797.6		1,715.9
Retained earnings	1,674.0		1,730.3		1,880.4		1,899.8		1,995.7		2,094.5		2,086.9
Total shareholders' equity before accumulated other comprehensive loss	3,696.2		3,729.3		3,846.8		3,792.4		3,848.0		3,893.2		3,803.8
Accumulated other comprehensive loss	(1,664.4)		(1,733.5)		(1,956.7)		(1,576.8)		(1,480.3)		(1,464.3)		(1,116.0)
Total shareholders' equity	2,031.8		1,995.8		1,890.1		2,215.6		2,367.7		2,428.9		2,687.8
Total liabilities and shareholders' equity	$	34,015.0	$	34,053.9	$	33,507.4	$	35,102.5	$	34,939.7	$	36,290.2	$	37,645.4



	Mar-23		Jun-23		Sep-23		Dec-23		Mar-24		Jun-24		Sep-24

Book value per common share	$	17.68	$	17.56	$	16.85	$	20.26	$	21.81	$	22.80	$	25.86

Book value per common share, excluding accumulated other comprehensive loss (1) (2)	$	32.17	$	32.81	$	34.30	$	34.68	$	35.44	$	36.55	$	36.60

Book value per diluted share (1) (3)	$	31.82	$	32.34	$	33.75	$	33.94	$	34.97	$	36.00	$	35.84

Page 3

CNO FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Revenues
Insurance policy income	$	625.5	$	628.3	$	626.0	$	625.7	$	2,505.5	$	628.4	$	641.5	$	645.0
Net investment income:
General account assets	292.2		308.1		324.8		325.1		1,250.2		301.9		351.7		366.3
Policyholder and other special-purpose portfolios	50.8		91.6		(33.0)		140.1		249.5		167.3		57.4		87.6
Investment gains (losses):
Realized investment losses	(14.6)		(21.8)		(21.6)		(11.3)		(69.3)		(10.0)		(26.3)		(13.1)
Other investment gains (losses)	—		(13.5)		(7.7)		21.5		0.3		17.8		9.1		14.3

Total investment gains (losses)	(14.6)		(35.3)		(29.3)		10.2		(69.0)		7.8		(17.2)		1.2
Fee revenue and other income	52.1		30.1		59.0		69.4		210.6		51.1		32.8		29.5
Total revenues	1,006.0		1,022.8		947.5		1,170.5		4,146.8		1,156.5		1,066.2		1,129.6

Benefits and expenses
Insurance policy benefits	609.7		565.9		399.1		743.5		2,318.2		631.4		568.8		726.2
Liability for future policy benefits remeasurement (gain) loss	0.6		8.3		(0.1)		(30.0)		(21.2)		(6.4)		(30.0)		7.3
Change in fair value of market risk benefits	14.8		(17.6)		(33.8)		15.3		(21.3)		(13.7)		(0.2)		(16.1)
Interest expense	54.7		57.6		62.6		63.7		238.6		60.2		64.2		68.0
Amortization of deferred acquisition costs and present value of future profits	55.5		56.0		57.0		58.9		227.4		60.5		61.4		64.0

Other operating costs and expenses	271.7		256.5		247.1		273.0		1,048.3		278.3		251.4		269.2
Total benefits and expenses	1,007.0		926.7		731.9		1,124.4		3,790.0		1,010.3		915.6		1,118.6

Income (loss) before income taxes	(1.0)		96.1		215.6		46.1		356.8		146.2		150.6		11.0
Income tax expense (benefit) on period income (loss)	(0.2)		22.4		48.3		9.8		80.3		33.9		34.3		1.7

Net income (loss)	$	(0.8)	$	73.7	$	167.3	$	36.3	$	276.5	$	112.3	$	116.3	$	9.3

Page 4

CNO FINANCIAL GROUP, INC.

FINANCIAL SUMMARY

(Dollars in millions, except per share data)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Insurance product margin (4)
Annuity margin	$	57.3	$	57.1	$	57.0	$	63.6	$	235.0	$	52.0	$	76.1	$	91.1
Health margin	116.5		108.2		123.2		146.4		494.3		123.0		135.9		127.8
Life margin	47.4		57.9		59.8		64.6		229.7		54.6		63.1		63.3
Total insurance product margin	221.2		223.2		240.0		274.6		959.0		229.6		275.1		282.2
Allocated expenses	(157.5)		(149.5)		(153.2)		(138.8)		(599.0)		(161.6)		(154.6)		(153.0)
Income from insurance products (8)	63.7		73.7		86.8		135.8		360.0		68.0		120.5		129.2
Fee income	15.5		0.6		(2.9)		17.8		31.0		11.3		0.8		(2.7)
Investment income not allocated to product lines (9)	15.5		28.0		38.4		38.3		120.2		12.3		44.8		45.5
Expenses not allocated to product lines	(18.3)		(21.1)		7.5		(19.8)		(51.7)		(16.8)		(17.5)		(18.5)
Operating earnings before taxes	76.4		81.2		129.8		172.1		459.5		74.8		148.6		153.5
Income tax expense on operating income	(17.8)		(18.9)		(28.5)		(38.2)		(103.4)		(17.3)		(34.0)		(34.3)
Net operating income (10)	58.6		62.3		101.3		133.9		356.1		57.5		114.6		119.2
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses	(12.7)		(31.3)		(20.1)		1.4		(62.7)		(4.6)		(21.9)		(11.1)
Net change in market value of investments recognized in earnings	(1.9)		(4.0)		(9.2)		8.8		(6.3)		12.4		4.7		12.3
Fair value changes related to agent deferred compensation plan	—		—		6.8		(10.3)		(3.5)		—		3.5		(3.5)
Changes in fair value of embedded derivative liabilities and market risk benefits	(65.1)		50.4		109.4		(124.6)		(29.9)		64.0		16.8		(127.1)

Other	2.3		(0.2)		(1.1)		(1.3)		(0.3)		(0.4)		(1.1)		(13.1)
Net non-operating income (loss) before taxes	(77.4)		14.9		85.8		(126.0)		(102.7)		71.4		2.0		(142.5)
Income tax (expense) benefit on non-operating income (loss)	18.0		(3.5)		(19.8)		28.4		23.1		(16.6)		(0.3)		32.6

Net non-operating income (loss)	(59.4)		11.4		66.0		(97.6)		(79.6)		54.8		1.7		(109.9)
Net income (loss)	$	(0.8)	$	73.7	$	167.3	$	36.3	$	276.5	$	112.3	$	116.3	$	9.3
Per diluted share
Net operating income	$	0.51	$	0.54	$	0.88	$	1.18	$	3.09	$	0.52	$	1.05	$	1.11
Net non-operating income (loss)	(0.52)		0.10		0.58		(0.86)		(0.69)		0.49		0.01		(1.02)
Net income (loss)	$	(0.01)	$	0.64	$	1.46	$	0.32	$	2.40	$	1.01	$	1.06	$	0.09

Page 5

CNO FINANCIAL GROUP, INC.

Insurance Operations

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Insurance product margin (4)
Annuity:
Insurance policy income	$	5.1	$	8.1	$	7.2	$	8.0	$	28.4	$	7.3	$	9.3	$	11.2
Net investment income (5) (6)	125.4		127.7		131.0		132.2		516.3		134.5		140.5		142.2
Insurance policy benefits	(8.7)		(10.6)		(9.8)		0.1		(29.0)		(11.3)		8.4		25.9
Interest credited (6)	(48.1)		(50.6)		(53.4)		(57.3)		(209.4)		(58.3)		(61.2)		(65.2)
Amortization and non-deferred commissions	(16.4)		(17.5)		(18.0)		(19.4)		(71.3)		(20.2)		(20.9)		(23.0)
Annuity margin	57.3		57.1		57.0		63.6		235.0		52.0		76.1		91.1
Health:
Insurance policy income	401.4		397.1		397.8		398.3		1,594.6		398.4		403.6		406.9
Net investment income (5)	74.0		74.3		74.2		74.2		296.7		74.3		75.1		75.0
Insurance policy benefits	(318.1)		(322.7)		(308.5)		(285.6)		(1,234.9)		(308.5)		(302.3)		(314.1)
Amortization and non-deferred commissions	(40.8)		(40.5)		(40.3)		(40.5)		(162.1)		(41.2)		(40.5)		(40.0)
Health margin	116.5		108.2		123.2		146.4		494.3		123.0		135.9		127.8
Life:
Insurance policy income	219.0		223.1		221.0		219.4		882.5		222.7		228.6		226.9
Net investment income (5) (7)	36.3		36.1		36.3		36.1		144.8		36.5		36.7		36.8
Insurance policy benefits	(147.2)		(142.8)		(140.7)		(139.3)		(570.0)		(144.0)		(144.6)		(143.5)
Interest credited (7)	(12.1)		(12.2)		(12.1)		(12.9)		(49.3)		(12.5)		(12.4)		(13.3)
Amortization and non-deferred commissions	(19.9)		(20.8)		(22.1)		(23.0)		(85.8)		(23.5)		(24.3)		(25.1)
Advertising expense	(28.7)		(25.5)		(22.6)		(15.7)		(92.5)		(24.6)		(20.9)		(18.5)
Life margin	47.4		57.9		59.8		64.6		229.7		54.6		63.1		63.3
Total insurance product margin	221.2		223.2		240.0		274.6		959.0		229.6		275.1		282.2
Allocated expenses:
Branch office expenses	(19.8)		(15.9)		(16.3)		(12.9)		(64.9)		(19.8)		(16.2)		(16.7)
Other allocated expenses	(137.7)		(133.6)		(136.9)		(125.9)		(534.1)		(141.8)		(138.4)		(136.3)
Income from insurance products (8)	63.7		73.7		86.8		135.8		360.0		68.0		120.5		129.2
Fee income	15.5		0.6		(2.9)		17.8		31.0		11.3		0.8		(2.7)
Investment income not allocated to product lines (9)	15.5		28.0		38.4		38.3		120.2		12.3		44.8		45.5
Expenses not allocated to product lines	(18.3)		(21.1)		7.5		(19.8)		(51.7)		(16.8)		(17.5)		(18.5)
Operating earnings before taxes	76.4		81.2		129.8		172.1		459.5		74.8		148.6		153.5
Income tax expense on operating income	(17.8)		(18.9)		(28.5)		(38.2)		(103.4)		(17.3)		(34.0)		(34.3)
Net operating income (10)	$	58.6	$	62.3	$	101.3	$	133.9	$	356.1	$	57.5	$	114.6	$	119.2

Page 6

CNO FINANCIAL GROUP, INC.

Margin from Annuity Products

(Dollars in millions)

(Unaudited)



	1Q			2Q			3Q			4Q			YTD			1Q			2Q			3Q
	2023			2023			2023			2023			2023			2024			2024			2024
Annuity margin (4):
Fixed indexed annuities
Insurance policy income	$	3.6		$	5.5		$	5.1		$	5.5		$	19.7		$	6.0		$	7.2		$	8.7
Net investment income (5) (6)	98.8			101.2			104.4			105.9			410.3			108.4			113.8			115.9
Insurance policy benefits	(4.1)			(4.2)			(4.3)			2.5			(10.1)			(5.8)			(2.6)			28.7
Interest credited (6)	(36.4)			(38.9)			(41.5)			(45.1)			(161.9)			(46.7)			(49.4)			(53.3)
Amortization and non-deferred commissions	(15.4)			(16.0)			(16.5)			(17.9)			(65.8)			(18.5)			(19.1)			(21.0)
Margin from fixed indexed annuities	$	46.5		$	47.6		$	47.2		$	50.9		$	192.2		$	43.4		$	49.9		$	79.0
Average net insurance liabilities (11)	$	9,183.8		$	9,276.0		$	9,381.0		$	9,508.7		$	9,337.3		$	9,636.3		$	9,758.1		$	9,899.4
Margin/average net insurance liabilities (12)	2.03		%	2.05		%	2.01		%	2.14		%	2.06		%	1.80		%	2.05		%	3.19		%
Fixed interest annuities
Insurance policy income	$	0.3		$	0.2		$	0.3		$	0.2		$	1.0		$	0.1		$	0.4		$	0.1
Net investment income (5)	20.9			20.9			21.0			20.8			83.6			20.6			21.1			20.8
Insurance policy benefits	(0.1)			—			(0.1)			(0.3)			(0.5)			(0.4)			0.1			(0.4)
Interest credited	(11.1)			(11.1)			(11.4)			(11.6)			(45.2)			(11.1)			(11.3)			(11.3)
Amortization and non-deferred commissions	(0.9)			(1.3)			(1.4)			(1.4)			(5.0)			(1.6)			(1.6)			(1.9)
Margin from fixed interest annuities	$	9.1		$	8.7		$	8.4		$	7.7		$	33.9		$	7.6		$	8.7		$	7.3
Average net insurance liabilities (11)	$	1,630.9		$	1,613.1		$	1,603.0		$	1,600.9		$	1,612.0		$	1,588.0		$	1,569.4		$	1,568.2
Margin/average net insurance liabilities (12)	2.23		%	2.16		%	2.10		%	1.92		%	2.10		%	1.91		%	2.22		%	1.86		%
Other annuities
Insurance policy income	$	1.2		$	2.4		$	1.8		$	2.3		$	7.7		$	1.2		$	1.7		$	2.4
Net investment income (5)	5.7			5.6			5.6			5.5			22.4			5.5			5.6			5.5
Insurance policy benefits	(4.5)			(6.4)			(5.4)			(2.1)			(18.4)			(5.1)			10.9			(2.4)
Interest credited	(0.6)			(0.6)			(0.5)			(0.6)			(2.3)			(0.5)			(0.5)			(0.6)
Amortization and non-deferred commissions	(0.1)			(0.2)			(0.1)			(0.1)			(0.5)			(0.1)			(0.2)			(0.1)
Margin from other annuities	$	1.7		$	0.8		$	1.4		$	5.0		$	8.9		$	1.0		$	17.5		$	4.8
Average net insurance liabilities (11)	$	469.5		$	462.5		$	455.6		$	447.5		$	458.8		$	439.9		$	426.4		$	414.4
Margin/average net insurance liabilities (12)	1.45		%	0.69		%	1.23		%	4.47		%	1.94		%	0.91		%	16.42		%	4.63		%
Total annuity margin	$	57.3		$	57.1		$	57.0		$	63.6		$	235.0		$	52.0		$	76.1		$	91.1
Average net insurance liabilities (11)	$	11,284.2		$	11,351.6		$	11,439.6		$	11,557.1		$	11,408.1		$	11,664.2		$	11,753.9		$	11,882.0
Margin/average net insurance liabilities (12)	2.03		%	2.01		%	1.99		%	2.20		%	2.06		%	1.78		%	2.59		%	3.07		%

Page 7

CNO FINANCIAL GROUP, INC.

Margin from Health Products

(Dollars in millions)

(Unaudited)



	1Q			2Q			3Q			4Q			YTD			1Q			2Q			3Q
	2023			2023			2023			2023			2023			2024			2024			2024
Health margin (4):
Supplemental health
Insurance policy income	$	179.0		$	176.2		$	177.9		$	178.1		$	711.2		$	179.7		$	180.1		$	182.0
Net investment income (5)	38.6			38.9			39.0			38.8			155.3			39.0			39.4			39.6
Insurance policy benefits	(128.2)			(128.9)			(128.0)			(81.0)			(466.1)			(125.8)			(127.4)			(125.8)
Amortization and non-deferred commissions	(26.1)			(26.3)			(26.1)			(27.5)			(106.0)			(27.5)			(27.0)			(27.2)
Margin from supplemental health	$	63.3		$	59.9		$	62.8		$	108.4		$	294.4		$	65.4		$	65.1		$	68.6
Margin/insurance policy income	35		%	34		%	35		%	61		%	41		%	36		%	36		%	38		%
Medicare supplement
Insurance policy income	$	156.5		$	155.3		$	154.2		$	153.9		$	619.9		$	151.7		$	155.8		$	156.3
Net investment income (5)	1.3			1.2			1.1			1.3			4.9			1.4			1.3			1.3
Insurance policy benefits	(120.5)			(113.4)			(107.4)			(123.4)			(464.7)			(116.4)			(111.5)			(121.6)
Amortization and non-deferred commissions	(11.2)			(10.8)			(10.7)			(10.5)			(43.2)			(10.2)			(10.1)			(9.7)
Margin from Medicare supplement	$	26.1		$	32.3		$	37.2		$	21.3		$	116.9		$	26.5		$	35.5		$	26.3
Margin/insurance policy income	17		%	21		%	24		%	14		%	19		%	17		%	23		%	17		%
Long-term care
Insurance policy income	$	65.9		$	65.6		$	65.7		$	66.3		$	263.5		$	67.0		$	67.7		$	68.6
Net investment income (5)	34.1			34.2			34.1			34.1			136.5			33.9			34.4			34.1
Insurance policy benefits	(69.4)			(80.4)			(73.1)			(81.2)			(304.1)			(66.3)			(63.4)			(66.7)
Amortization and non-deferred commissions	(3.5)			(3.4)			(3.5)			(2.5)			(12.9)			(3.5)			(3.4)			(3.1)
Margin from long-term care	$	27.1		$	16.0		$	23.2		$	16.7		$	83.0		$	31.1		$	35.3		$	32.9
Margin/insurance policy income	41		%	24		%	35		%	25		%	31		%	46		%	52		%	48		%
Total health margin	$	116.5		$	108.2		$	123.2		$	146.4		$	494.3		$	123.0		$	135.9		$	127.8
Margin/insurance policy income	29		%	27		%	31		%	37		%	31		%	31		%	34		%	31		%

Page 8

CNO FINANCIAL GROUP, INC.

Margin from Life Products

(Dollars in millions)

(Unaudited)



	1Q			2Q			3Q			4Q			YTD			1Q			2Q			3Q
	2023			2023			2023			2023			2023			2024			2024			2024
Life margin (4):
Interest sensitive life
Insurance policy income	$	44.5		$	45.3		$	45.1		$	46.2		$	181.1		$	46.6		$	46.9		$	47.0
Net investment income (5) (7)	13.1			12.7			12.9			12.8			51.5			13.2			13.2			13.3
Insurance policy benefits	(18.2)			(17.1)			(18.1)			(12.3)			(65.7)			(19.9)			(18.6)			(13.6)
Interest credited (7)	(12.0)			(12.0)			(11.9)			(12.8)			(48.7)			(12.3)			(12.3)			(13.2)
Amortization and non-deferred commissions	(4.6)			(4.8)			(5.1)			(5.0)			(19.5)			(5.1)			(5.3)			(5.3)
Margin from interest sensitive life	$	22.8		$	24.1		$	22.9		$	28.9		$	98.7		$	22.5		$	23.9		$	28.2
Average net insurance liabilities (11)	$	1,032.0		$	1,035.4		$	1,039.6		$	1,045.8		$	1,038.2		$	1,056.1		$	1,063.0		$	1,070.8
Interest margin	$	1.1		$	0.7		$	1.0		$	—		$	2.8		$	0.9		$	0.9		$	0.1
Interest margin/average net insurance liabilities (12)	0.43		%	0.27		%	0.38		%	—		%	0.27		%	0.34		%	0.34		%	0.04		%
Underwriting margin	$	21.7		$	23.4		$	21.9		$	28.9		$	95.9		$	21.6		$	23.0		$	28.1
Underwriting margin/insurance policy income	49		%	52		%	49		%	63		%	53		%	46		%	49		%	60		%
Traditional life
Insurance policy income	$	174.5		$	177.8		$	175.9		$	173.2		$	701.4		$	176.1		$	181.7		$	179.9
Net investment income (5)	23.2			23.4			23.4			23.3			93.3			23.3			23.5			23.5
Insurance policy benefits	(129.0)			(125.7)			(122.6)			(127.0)			(504.3)			(124.1)			(126.0)			(129.9)
Interest credited	(0.1)			(0.2)			(0.2)			(0.1)			(0.6)			(0.2)			(0.1)			(0.1)
Amortization and non-deferred commissions	(15.3)			(16.0)			(17.0)			(18.0)			(66.3)			(18.4)			(19.0)			(19.8)
Advertising expense	(28.7)			(25.5)			(22.6)			(15.7)			(92.5)			(24.6)			(20.9)			(18.5)
Margin from traditional life	$	24.6		$	33.8		$	36.9		$	35.7		$	131.0		$	32.1		$	39.2		$	35.1
Margin/insurance policy income	14		%	19		%	21		%	21		%	19		%	18		%	22		%	20		%
Margin excluding advertising expense/insurance policy income	31		%	33		%	34		%	30		%	32		%	32		%	33		%	30		%
Total life margin	$	47.4		$	57.9		$	59.8		$	64.6		$	229.7		$	54.6		$	63.1		$	63.3

Page 9

CNO FINANCIAL GROUP, INC.

Collected Premiums and Insurance Policy Income

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Collected premiums:
Annuity products
Fixed indexed annuities	$	323.3	$	351.6	$	321.8	$	377.2	$	1,373.9	$	345.5	$	388.5	$	398.8
Fixed interest annuities	46.1		46.6		48.9		58.1		199.7		45.9		49.1		62.9
Other annuities	1.5		3.6		1.5		3.0		9.6		1.9		1.5		3.4
Total annuity collected premiums	370.9		401.8		372.2		438.3		1,583.2		393.3		439.1		465.1
Health products
Supplemental health	180.0		175.8		175.6		175.2		706.6		181.4		179.8		181.3
Medicare supplement	158.4		148.4		146.6		156.0		609.4		155.7		152.4		153.1
Long-term care	66.5		65.1		63.9		66.3		261.8		67.7		67.9		68.7
Total health collected premiums	404.9		389.3		386.1		397.5		1,577.8		404.8		400.1		403.1
Life products
Interest-sensitive life	58.2		60.3		58.3		60.2		237.0		60.5		61.3		61.0
Traditional life	176.4		176.3		175.2		172.1		700.0		176.8		181.1		180.0
Total life collected premiums	234.6		236.6		233.5		232.3		937.0		237.3		242.4		241.0
Total collected premiums	$	1,010.4	$	1,027.7	$	991.8	$	1,068.1	$	4,098.0	$	1,035.4	$	1,081.6	$	1,109.2

Insurance policy income:
Annuity products
Fixed indexed annuities	$	3.6	$	5.5	$	5.1	$	5.5	$	19.7	$	6.0	$	7.2	$	8.7
Fixed interest annuities	0.3		0.2		0.3		0.2		1.0		0.1		0.4		0.1
Other annuities	1.2		2.4		1.8		2.3		7.7		1.2		1.7		2.4
Total annuity insurance policy income	5.1		8.1		7.2		8.0		28.4		7.3		9.3		11.2
Health products
Supplemental health	179.0		176.2		178.0		178.1		711.3		179.7		180.1		182.0
Medicare supplement	156.5		155.3		154.1		153.9		619.8		151.7		155.8		156.3
Long-term care	65.9		65.6		65.7		66.3		263.5		67.0		67.7		68.6
Total health insurance policy income	401.4		397.1		397.8		398.3		1,594.6		398.4		403.6		406.9
Life products
Interest-sensitive life	44.5		45.3		45.1		46.2		181.1		46.6		46.9		47.0
Traditional life	174.5		177.8		175.9		173.2		701.4		176.1		181.7		179.9
Total life insurance policy income	219.0		223.1		221.0		219.4		882.5		222.7		228.6		226.9
Total insurance policy income	$	625.5	$	628.3	$	626.0	$	625.7	$	2,505.5	$	628.4	$	641.5	$	645.0

Page 10

CNO FINANCIAL GROUP, INC.

Health and Life

New Annualized Premiums ("NAP")

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Consumer Division
Health products:
Supplemental health	$	17.4	$	18.7	$	19.2	$	19.2	$	74.5	$	18.0	$	18.2	$	19.1
Medicare supplement	7.8		8.9		8.7		11.5		36.9		9.7		10.3		10.0
Long-term care	6.2		5.7		8.9		11.1		31.9		10.6		10.7		11.6
Total Consumer Division health NAP	31.4		33.3		36.8		41.8		143.3		38.3		39.2		40.7
Life products:
Interest sensitive life	4.6		6.3		4.4		4.5		19.8		4.4		5.0		4.2
Traditional life	49.7		46.0		41.9		35.5		173.1		48.8		43.2		38.6
Total Consumer Division life NAP	54.3		52.3		46.3		40.0		192.9		53.2		48.2		42.8
Total Consumer Division health and life NAP	$	85.7	$	85.6	$	83.1	$	81.8	$	336.2	$	91.5	$	87.4	$	83.5
Worksite Division
Health products:
Supplemental health	$	8.1	$	9.8	$	11.5	$	10.4	$	39.8	$	9.5	$	11.4	$	11.4
Life products:
Interest sensitive life	2.8		3.3		3.7		3.9		13.7		3.5		4.1		4.5
Total Worksite Division health and life NAP	$	10.9	$	13.1	$	15.2	$	14.3	$	53.5	$	13.0	$	15.5	$	15.9
Total NAP (both divisions)
Health products:
Supplemental health	$	25.5	$	28.5	$	30.7	$	29.6	$	114.3	$	27.5	$	29.6	$	30.5
Medicare supplement	7.8		8.9		8.7		11.5		36.9		9.7		10.3		10.0
Long-term care	6.2		5.7		8.9		11.1		31.9		10.6		10.7		11.6
Total health NAP	39.5		43.1		48.3		52.2		183.1		47.8		50.6		52.1
Life products:
Interest sensitive life	7.4		9.6		8.1		8.4		33.5		7.9		9.1		8.7
Traditional life	49.7		46.0		41.9		35.5		173.1		48.8		43.2		38.6
Total life NAP	57.1		55.6		50.0		43.9		206.6		56.7		52.3		47.3
Total NAP	$	96.6	$	98.7	$	98.3	$	96.1	$	389.7	$	104.5	$	102.9	$	99.4

Page 11

CNO FINANCIAL GROUP, INC.

Computation of Weighted Average Shares Outstanding

(Shares in thousands)



	1Q	2Q	3Q	4Q	YTD	1Q	2Q	3Q
	2023 (a)	2023	2023	2023	2023	2024	2024	2024
Basic
Shares outstanding, beginning of period	114,343.1	114,905.2	113,673.9	112,163.2	114,343.1	109,357.5	108,568.6	106,513.6
Weighted average share activity during the period:
Shares repurchased	(255.7)	(675.8)	(1,006.4)	(630.0)	(2,201.3)	(618.6)	(893.0)	(1,483.9)
Amounts related to employee benefit plans	671.8	45.9	23.5	61.2	1,571.6	344.5	57.0	76.7
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans	(214.3)	(1.8)	(1.9)	(3.8)	(438.9)	(119.5)	(1.9)	(4.9)
Weighted average basic shares outstanding during the period	114,544.9	114,273.5	112,689.1	111,590.6	113,274.5	108,963.9	107,730.7	105,101.5
Basic shares outstanding, end of period	114,905.2	113,673.9	112,163.2	109,357.5	109,357.5	108,568.6	106,513.6	103,923.0
Diluted
Weighted average basic shares outstanding	114,544.9	114,273.5	112,689.1	111,590.6	113,274.5	108,963.9	107,730.7	105,101.5
Common stock equivalent shares related to:
Employee benefit plans	—	1,376.1	1,772.8	2,066.6	1,849.5	1,881.0	1,527.5	2,029.5
Weighted average diluted shares outstanding during the period	114,544.9	115,649.6	114,461.9	113,657.2	115,124.0	110,844.9	109,258.2	107,131.0
Diluted shares outstanding, end of period	116,176.0	115,303.3	113,974.7	111,750.3	111,750.3	110,036.5	108,140.0	106,141.8

___________

(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)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Fixed indexed annuities
Balance, beginning of period excluding contracts 100% ceded	$	9,490.4	$	9,584.3	$	9,707.7	$	9,819.2	$	9,490.4	$	9,999.2	$	10,112.7	$	10,279.1
Issuances (funds collected from new business)	323.3		351.6		321.7		377.1		1,373.7		345.4		388.5		398.7
Premiums received (premiums collected from inforce business)	0.4		(0.2)		0.1		(0.2)		0.1		0.5		0.7		0.1
Policy charges	(4.0)		(5.2)		(5.2)		(5.3)		(19.7)		(6.5)		(7.9)		(8.8)
Surrenders and withdrawals	(178.2)		(182.6)		(177.6)		(199.9)		(738.3)		(232.2)		(235.2)		(239.1)
Benefit payments	(59.2)		(63.1)		(62.7)		(58.9)		(243.9)		(74.4)		(77.6)		(67.5)
Interest credited	6.1		17.2		29.4		59.9		112.6		68.9		84.0		91.2
Other	5.5		5.7		5.8		7.3		24.3		11.8		13.9		14.3
Balance, end of period excluding contracts 100% ceded	$	9,584.3	$	9,707.7	$	9,819.2	$	9,999.2	$	9,999.2	$	10,112.7	$	10,279.1	$	10,468.0

Fixed interest annuities
Balance, beginning of period excluding contracts 100% ceded	$	1,663.1	$	1,649.3	$	1,636.6	$	1,632.5	$	1,663.1	$	1,636.4	$	1,610.6	$	1,602.6
Issuances (funds collected from new business)	45.3		45.8		48.4		57.5		197.0		45.1		48.5		62.3
Premiums received (premiums collected from inforce business)	0.7		0.9		0.5		0.6		2.7		1.0		0.5		1.0
Policy charges	(0.2)		(0.2)		(0.3)		(0.3)		(1.0)		(0.3)		(0.3)		(0.4)
Surrenders and withdrawals	(43.3)		(42.1)		(39.3)		(39.9)		(164.6)		(52.8)		(42.4)		(39.2)
Benefit payments	(27.7)		(28.2)		(24.9)		(26.1)		(106.9)		(30.2)		(25.8)		(25.0)
Interest credited	11.3		11.2		11.7		11.9		46.1		11.4		11.6		11.7
Other	0.1		(0.1)		(0.2)		0.2		—		—		(0.1)		(0.3)
Balance, end of period excluding contracts 100% ceded	$	1,649.3	$	1,636.6	$	1,632.5	$	1,636.4	$	1,636.4	$	1,610.6	$	1,602.6	$	1,612.7

Total annuities
Balance, beginning of period excluding contracts 100% ceded	$	11,153.5	$	11,233.6	$	11,344.3	$	11,451.7	$	11,153.5	$	11,635.6	$	11,723.3	$	11,881.7
Issuances (funds collected from new business)	368.6		397.4		370.1		434.6		1,570.7		390.5		437.0		461.0
Premiums received (premiums collected from inforce business)	1.1		0.7		0.6		0.4		2.8		1.5		1.2		1.1
Policy charges	(4.2)		(5.4)		(5.5)		(5.6)		(20.7)		(6.8)		(8.2)		(9.2)
Surrenders and withdrawals	(221.5)		(224.7)		(216.9)		(239.8)		(902.9)		(285.0)		(277.6)		(278.3)
Benefit payments	(86.9)		(91.3)		(87.6)		(85.0)		(350.8)		(104.6)		(103.4)		(92.5)
Interest credited	17.4		28.4		41.1		71.8		158.7		80.3		95.6		102.9
Other	5.6		5.6		5.6		7.5		24.3		11.8		13.8		14.0
Balance, end of period excluding contracts 100% ceded	$	11,233.6	$	11,344.3	$	11,451.7	$	11,635.6	$	11,635.6	$	11,723.3	$	11,881.7	$	12,080.7

Page 13

CNO FINANCIAL GROUP, INC.

Consolidated Statutory Information of U.S. Based Insurance Subsidiaries (13)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024 (a)

Net gain from operations before interest expense and federal income taxes	$	58.3	$	55.6	$	54.0	$	67.4	$	235.3	$	40.3	$	63.3	$	58.9
Interest expense on surplus debentures held by parent company	15.9		16.6		31.6		17.9		82.0		17.6		17.5		32.9
Net gain from operations before federal income taxes	42.4		39.0		22.4		49.5		153.3		22.7		45.8		26.0
Federal income tax expense (benefit)	3.3		1.9		(15.0)		31.8		22.0		26.7		17.7		17.6
Net gain (loss) from operations before net realized capital gains (losses)	39.1		37.1		37.4		17.7		131.3		(4.0)		28.1		8.4
Net realized capital gains (losses)	(1.3)		(20.6)		(6.2)		1.8		(26.3)		(4.2)		7.4		(0.5)
Net income (loss)	$	37.8	$	16.5	$	31.2	$	19.5	$	105.0	$	(8.2)	$	35.5	$	7.9


Capital and surplus	$	1,831.3	$	1,857.0	$	1,932.6	$	1,558.9	$	1,558.9	$	1,487.3	$	1,489.5	$	1,446.6
Asset valuation reserve (AVR)	317.8		316.5		333.9		352.5		352.5		351.8		369.8		393.2
Capital, surplus and AVR	2,149.1		2,173.5		2,266.5		1,911.4		1,911.4		1,839.1		1,859.3		1,839.8
Interest maintenance reserve (IMR)	385.6		381.7		372.1		368.1		368.1		362.1		344.0		338.1
Total statutory capital, surplus, AVR & IMR	$	2,534.7	$	2,555.2	$	2,638.6	$	2,279.5	$	2,279.5	$	2,201.2	$	2,203.3	$	2,177.9



Risk-based capital ratio	380	%	386	%	392	%	402	%	402	%	391	%	394	%	388	%

___________

(a) Such amounts are preliminary as the statutory basis financial statements of our U.S. based insurance subsidiaries for 3Q24 will be filed with the respective insurance regulators on or about November 14, 2024.

Page 14

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Net investment income	$	343.0	$	399.7	$	291.8	$	465.2	$	1,499.7	$	469.2	$	409.1	$	453.9
Allocated to product lines:
Annuity	(125.4)		(127.7)		(131.0)		(132.2)		(516.3)		(134.5)		(140.5)		(142.2)
Health	(74.0)		(74.3)		(74.2)		(74.2)		(296.7)		(74.3)		(75.1)		(75.0)
Life	(36.3)		(36.1)		(36.3)		(36.1)		(144.8)		(36.5)		(36.7)		(36.8)
Equity returns credited to policyholder account balances	(18.6)		(62.3)		54.6		(105.2)		(131.5)		(139.7)		(38.9)		(67.6)
Amounts allocated to product lines and credited to policyholder account balances	(254.3)		(300.4)		(186.9)		(347.7)		(1,089.3)		(385.0)		(291.2)		(321.6)
Impact of annual option forfeitures related to fixed indexed annuity surrenders	—		1.4		2.5		3.2		7.1		6.2		6.0		7.4
Amount related to variable interest entities and other non-operating items	(20.9)		(19.0)		(18.7)		(16.2)		(74.8)		(12.6)		(9.6)		(5.3)
Interest expense on debt	(15.7)		(15.6)		(15.7)		(15.7)		(62.7)		(15.7)		(21.8)		(27.2)
Interest expense on financing arrangements	—		—		(1.1)		(1.3)		(2.4)		(1.2)		(1.2)		(1.1)
Interest expense on investment borrowings from the Federal Home Loan Bank ("FHLB") program	(21.7)		(24.2)		(28.3)		(30.5)		(104.7)		(31.4)		(31.4)		(31.8)
Expenses related to the funding agreement-backed notes ("FABN") program (a)	(7.6)		(7.6)		(7.6)		(7.6)		(30.4)		(7.6)		(10.9)		(20.6)
Less amounts credited to deferred compensation plans (offsetting investment income)	(7.3)		(6.3)		2.4		(11.1)		(22.3)		(9.6)		(4.2)		(8.2)
Total adjustments	(73.2)		(71.3)		(66.5)		(79.2)		(290.2)		(71.9)		(73.1)		(86.8)
Investment income not allocated to product lines	$	15.5	$	28.0	$	38.4	$	38.3	$	120.2	$	12.3	$	44.8	$	45.5

___________

(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)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Investment income not allocated:
Excluding variable components:
From general account assets	$	24.9	$	26.4	$	27.2	$	29.8	$	108.3	$	27.1	$	25.0	$	28.2
Other investment income	1.9		2.0		2.4		3.0		9.3		3.1		6.8		12.9
Spread income:
FHLB program:
Investment income on matched assets	31.8		34.7		39.4		41.5		147.4		41.7		42.4		41.0
Interest expense	(21.7)		(24.2)		(28.3)		(30.5)		(104.7)		(31.4)		(31.4)		(31.8)
Net spread income on FHLB program	10.1		10.5		11.1		11.0		42.7		10.3		11.0		9.2
FABN program:
Investment income on matched assets	13.8		14.6		15.8		14.8		59.0		14.9		19.6		28.6
Expenses (b)	(7.6)		(7.6)		(7.6)		(7.6)		(30.4)		(7.6)		(10.9)		(20.6)
Net spread income on FABN program	6.2		7.0		8.2		7.2		28.6		7.3		8.7		8.0
Interest expense on corporate debt	(15.7)		(15.6)		(15.7)		(15.7)		(62.7)		(15.7)		(21.8)		(27.2)
Interest expense on financing arrangements	—		—		(1.1)		(1.3)		(2.4)		(1.2)		(1.2)		(1.1)
Total excluding variable components	27.4		30.3		32.1		34.0		123.8		30.9		28.5		30.0
Variable components:
Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan:
Change in value of COLI investments	2.2		2.4		2.6		5.8		13.0		3.6		2.9		4.1
Increase in liability for agent deferred compensation plan	(1.6)		(1.6)		(1.7)		(1.6)		(6.5)		(1.6)		(1.6)		(1.6)
Net COLI income (loss)	0.6		0.8		0.9		4.2		6.5		2.0		1.3		2.5
Other variable components:
Alternative investment income (loss):
Total	(9.4)		0.2		6.5		0.9		(1.8)		(24.3)		11.9		8.9
Allocated to product lines	(7.8)		(7.8)		(7.5)		(7.4)		(30.5)		(7.1)		(6.4)		(6.5)
Allocated to FABN program	—		—		—		—		—		—		(0.4)		0.6
Excess alternative investment income (loss)	(17.2)		(7.6)		(1.0)		(6.5)		(32.3)		(31.4)		5.1		3.0
Trading account	2.6		1.3		1.3		1.3		6.5		2.1		1.0		1.3
Hedge variance related to fixed indexed products	—		(1.0)		(0.3)		(1.2)		(2.5)		0.5		—		(0.4)
Impact of annual option forfeitures related to fixed indexed annuity surrenders	—		1.4		2.5		3.2		7.1		6.2		6.0		7.4
Other (a)	2.1		2.8		2.9		3.3		11.1		2.0		2.9		1.7
Total variable components	(11.9)		(2.3)		6.3		4.3		(3.6)		(18.6)		16.3		15.5
Total investment income not allocated to product lines	$	15.5	$	28.0	$	38.4	$	38.3	$	120.2	$	12.3	$	44.8	$	45.5

___________

(a) Includes impacts of changes in projected cash flows, prepayment and call income 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)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities	$	9,183.8	$	9,276.0	$	9,381.0	$	9,508.7	$	9,337.3	$	9,636.3	$	9,758.1	$	9,899.4
Fixed interest annuities	1,630.9		1,613.1		1,603.0		1,600.9		1,612.0		1,588.0		1,569.4		1,568.2
Other annuities	469.5		462.5		455.6		447.5		458.8		439.9		426.4		414.4
Total annuity average net insurance liabilities (11)	11,284.2		11,351.6		11,439.6		11,557.1		11,408.1		11,664.2		11,753.9		11,882.0
Health:
Supplemental health	3,331.0		3,350.6		3,365.8		3,356.9		3,351.1		3,346.3		3,351.1		3,361.1
Medicare supplement	124.2		118.7		107.1		106.7		114.2		114.8		111.6		105.8
Long-term care	2,659.8		2,670.5		2,681.9		2,692.5		2,676.1		2,698.7		2,696.1		2,693.4
Total health average net insurance liabilities (11)	6,115.0		6,139.8		6,154.8		6,156.1		6,141.4		6,159.8		6,158.8		6,160.3
Life:
Interest sensitive	1,032.0		1,035.4		1,039.6		1,045.8		1,038.2		1,056.1		1,063.0		1,070.8
Traditional	1,973.0		1,975.3		1,981.8		1,989.0		1,979.8		1,994.1		1,997.3		2,007.6
Total life average net insurance liabilities (11)	3,005.0		3,010.7		3,021.4		3,034.8		3,018.0		3,050.2		3,060.3		3,078.4
Total average net insurance liabilities (11)	$	20,404.2	$	20,502.1	$	20,615.8	$	20,748.0	$	20,567.5	$	20,874.2	$	20,973.0	$	21,120.7


Average yield on allocated investments
Annuity:
Fixed indexed annuities	4.30	%	4.36	%	4.45	%	4.45	%	4.39	%	4.50	%	4.66	%	4.68	%
Fixed interest annuities	5.13	%	5.18	%	5.24	%	5.20	%	5.19	%	5.19	%	5.38	%	5.31	%
Other annuities	4.86	%	4.84	%	4.92	%	4.92	%	4.88	%	5.00	%	5.25	%	5.31	%
Average yield on investments allocated to annuities	4.45	%	4.50	%	4.58	%	4.58	%	4.53	%	4.61	%	4.78	%	4.79	%
Health:
Supplemental health	4.64	%	4.64	%	4.63	%	4.62	%	4.63	%	4.66	%	4.70	%	4.71	%
Medicare supplement	4.13	%	4.19	%	4.25	%	4.42	%	4.24	%	4.73	%	4.89	%	4.91	%
Long-term care	5.13	%	5.12	%	5.09	%	5.07	%	5.10	%	5.02	%	5.10	%	5.06	%
Average yield on investments allocated to health products	4.84	%	4.84	%	4.82	%	4.82	%	4.83	%	4.82	%	4.88	%	4.87	%
Life:
Interest sensitive	5.08	%	4.91	%	4.96	%	4.90	%	4.96	%	5.00	%	4.97	%	4.97	%
Traditional	4.70	%	4.74	%	4.72	%	4.69	%	4.71	%	4.67	%	4.71	%	4.68	%
Average yield on investments allocated to life products	4.83	%	4.80	%	4.81	%	4.76	%	4.80	%	4.79	%	4.80	%	4.78	%
Total average yield	4.62	%	4.65	%	4.69	%	4.68	%	4.66	%	4.70	%	4.81	%	4.81	%


Allocated investment income
Annuity:
Fixed indexed annuities	$	98.8	$	101.2	$	104.4	$	105.9	$	410.3	$	108.4	$	113.8	$	115.9
Fixed interest annuities	20.9		20.9		21.0		20.8		83.6		20.6		21.1		20.8
Other annuities	5.7		5.6		5.6		5.5		22.4		5.5		5.6		5.5
Total investment income allocated to annuities	125.4		127.7		131.0		132.2		516.3		134.5		140.5		142.2
Health:
Supplemental health	38.6		38.9		39.0		38.8		155.3		39.0		39.4		39.6
Medicare supplement	1.3		1.2		1.1		1.3		4.9		1.4		1.3		1.3
Long-term care	34.1		34.2		34.1		34.1		136.5		33.9		34.4		34.1
Total investment income allocated to health products	74.0		74.3		74.2		74.2		296.7		74.3		75.1		75.0
Life:
Interest sensitive	13.1		12.7		12.9		12.8		51.5		13.2		13.2		13.3
Traditional	23.2		23.4		23.4		23.3		93.3		23.3		23.5		23.5
Total investment income allocated to life products	36.3		36.1		36.3		36.1		144.8		36.5		36.7		36.8
Total allocated investment income	$	235.7	$	238.1	$	241.5	$	242.5	$	957.8	$	245.3	$	252.3	$	254.0

Page 17

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q
	2023		2023		2023		2023		2023		2024		2024		2024
General account assets investment income	$	292.2	$	308.1	$	324.8	$	325.1	$	1,250.2	$	301.9	$	351.7	$	366.3
Policyholder and other special purpose portfolio investment income (loss)	50.8		91.6		(33.0)		140.1		249.5		167.3		57.4		87.6
Less equity returns credited to policyholders:
Annuity	(16.5)		(56.1)		49.8		(95.5)		(118.3)		(128.6)		(34.9)		(62.1)
Life	(2.1)		(6.2)		4.8		(9.7)		(13.2)		(11.1)		(4.0)		(5.5)
Less amount related to variable interest entities	(20.9)		(19.0)		(18.7)		(16.2)		(74.8)		(12.6)		(9.6)		(5.3)
Less amounts credited to deferred compensation plans	(7.3)		(6.3)		2.4		(11.1)		(22.3)		(9.6)		(4.2)		(8.2)
Other special purpose portfolio investment income (loss)	4.0		4.0		5.3		7.6		20.9		5.4		4.7		6.5
Adjusted net investment income	296.2		312.1		330.1		332.7		1,271.1		307.3		356.4		372.8
Less amounts allocated to product lines
Annuity	(125.4)		(127.7)		(131.0)		(132.2)		(516.3)		(134.5)		(140.5)		(142.2)
Health	(74.0)		(74.3)		(74.2)		(74.2)		(296.7)		(74.3)		(75.1)		(75.0)
Life	(36.3)		(36.1)		(36.3)		(36.1)		(144.8)		(36.5)		(36.7)		(36.8)
Total investment income allocated to product lines	(235.7)		(238.1)		(241.5)		(242.5)		(957.8)		(245.3)		(252.3)		(254.0)
Impact of annual option forfeitures related to fixed indexed annuity surrenders	—		1.4		2.5		3.2		7.1		6.2		6.0		7.4
Less interest expense on investment borrowings from FHLB program	(21.7)		(24.2)		(28.3)		(30.5)		(104.7)		(31.4)		(31.4)		(31.8)
Less expenses related to FABN program	(7.6)		(7.6)		(7.6)		(7.6)		(30.4)		(7.6)		(10.9)		(20.6)
Less interest expense on debt	(15.7)		(15.6)		(15.7)		(15.7)		(62.7)		(15.7)		(21.8)		(27.2)
Less interest expense on financing arrangements	—		—		(1.1)		(1.3)		(2.4)		(1.2)		(1.2)		(1.1)
Investment income not allocated to product lines	$	15.5	$	28.0	$	38.4	$	38.3	$	120.2	$	12.3	$	44.8	$	45.5

Other Investment Data



	1Q			2Q			3Q			4Q			1Q			2Q			3Q
	2023			2023			2023			2023			2024			2024			2024
Average book value of invested assets and cash	$	26,801.8		$	26,900.3		$	27,287.6		$	27,648.7		$	27,897.0		$	28,577.4		$	29,716.2
Net investment income from general account investments	292.2			308.1			324.8			325.1			301.9			351.7			366.3
New money rate (14)	6.34		%	6.32		%	6.03		%	6.92		%	6.17		%	6.41		%	6.50		%
Book yield (15)	4.56		%	4.58		%	4.60		%	4.62		%	4.64		%	4.73		%	4.78		%
Earned yield (16)	4.22		%	4.41		%	4.55		%	4.49		%	4.06		%	4.71		%	4.71		%
Alternative investment income (loss)	(9.4)			0.2			6.5			0.9			(24.3)			11.9			8.9

Page 18

CNO FINANCIAL GROUP, INC.

3Q24 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

The table below summarizes the financial impact of significant items on our 3Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.


	Three months ended
	September 30, 2024
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	91.1	$	(36.2)	(a)	$	54.9
Health margin	127.8		8.2		(a)	136.0
Life margin	63.3		0.7		(a)	64.0
Total insurance product margin	282.2		(27.3)			254.9
Allocated expenses	(153.0)		—			(153.0)
Income from insurance products (5)	129.2		(27.3)			101.9
Fee income	(2.7)		—			(2.7)
Investment income not allocated to product lines (9)	45.5		—			45.5
Expenses not allocated to product lines	(18.5)		2.9		(b)	(15.6)
Operating earnings before taxes	153.5		(24.4)			129.1
Income tax (expense) benefit on operating income	(34.3)		5.6			(28.7)
Net operating income (10)	$	119.2	$	(18.8)		$	100.4

Net operating income per diluted share	$	1.11	$	(0.17)		$	0.94

___________

(a)Comprised of $27.3 million of the net favorable impact arising from our comprehensive annual actuarial review.

(b)Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.

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 results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	63.6	$	(12.9)	(a)	$	50.7
Health margin	146.4		(22.3)		(a)	124.1
Life margin	64.6		1.3		(a)	65.9
Total insurance product margin	274.6		(33.9)			240.7
Allocated expenses	(138.8)		—			(138.8)
Income from insurance products (5)	135.8		(33.9)			101.9
Fee income	17.8		—			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 taxes	172.1		(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 review.

Page 19

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 results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	57.0	$	—		$	57.0
Health margin	123.2		—			123.2
Life margin	59.8		—			59.8
Total insurance product margin	240.0		—			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 lines	7.5		(21.7)		(a)	(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 (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.

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 $16.5 million, $56.1 million, $(49.8) million, $95.5 million, $128.6 million, $34.9 million and $62.1 million in 1Q23, 2Q23, 3Q23, 4Q23, 1Q24, 2Q24 and 3Q24, 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 $2.1 million, $6.2 million, $(4.8) million, $9.7 million, $11.1 million, $4.0 million and $5.5 million in 1Q23, 2Q23, 3Q23, 4Q23, 1Q24, 2Q24 and 3Q24, 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

Page 20

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) gains or losses related to material reinsurance transactions, 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 reinsured 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.

(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 21

1 Unless otherwise specified, comparisons in this presentation are between 3Q23 and 3Q24. Third Quarter 2024 Financial and operating results for the period ended September 30, 2024 October 31, 2024

2 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 October 31, 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 IMPORTANT LEGAL INFORMATION

3 OUR PURPOSE We secure the future of middle-income America. OUR MISSION We secure the future of middle-income America by providing insurance and financial services that help protect their health, income and retirement needs, while building enduring value for all our stakeholders.

4 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Operational Highlights ▪ 9th consecutive quarter of strong sales momentum – Record Annuity collected premiums, up 25% – Total new annualized premiums (NAP) up 1% in total, up 7% excluding direct-to- consumer (D2C) ▪ Total producing agent count (PAC) up 6%; 7th consecutive quarter of growth ▪ Policyholder and client assets up 12% ▪ Diverse and integrated distribution model and broad product portfolio delivering consistent and sustainable results Financial Highlights QUARTER IN REVIEW Continued strong results in operating earnings, production, distribution, and capital ▪ Operating EPS1 of $1.11, up 26% – Operating EPS1 excluding significant items of $0.94, up 27% – Continued strong underwriting and investment income results ▪ New money rate of 6.5%, the 7th consecutive quarter above 6% – Average yield on allocated investments up 12 basis points ▪ Capital and liquidity remain above target levels; continued strong free cash flow generation ▪ Returned $107 million to shareholders ▪ Book value per diluted share excluding AOCI1 was $35.84

5 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 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. 3 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. 4 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure. GROWTH SCORECARD Growth in all scorecard metrics (dollars in millions) 3Q 4Q FY 1Q 2Q 3Q vs 3Q23 New Annualized Premiums 1 $98.3 $96.1 $389.7 $104.5 $102.9 $99.4 1.1% Consumer 83.1 81.8 336.2 91.5 87.4 83.5 0.5% Worksite 15.2 14.3 53.5 13.0 15.5 15.9 4.6% Annuity Collected Premiums $372.2 $438.3 $1,583.2 $393.3 $439.1 $465.1 25.0% Fee Revenue 2 $27.9 $69.0 $177.6 $50.5 $32.0 $29.3 5.0% Policyholder and Client Assets $14,357 $14,804 -- $15,169 $15,509 $16,012 11.5% Annuity Account Values 11,452 11,636 -- 11,723 11,882 $12,081 5.5% Client Assets in BD and Advisory 3 2,905 3,168 -- 3,446 3,627 3,931 35.3% Producing Agent Counts (PAC) 4,588 4,573 -- 4,690 4,811 4,859 5.9% Consumer 4,267 4,224 -- 4,322 4,422 4,484 5.1% Worksite 321 349 -- 368 389 375 16.8% Average Book Value of Investments & Cash $27,288 $27,649 -- $27,897 $28,577 $29,716 8.9% Average Yield on Allocated Investments 4.69% 4.68% 4.66% 4.70% 4.81% 4.81% 12 bps New Money Rate 6.03% 6.92% -- 6.17% 6.41% 6.50% 47 bps Book Value per Diluted Share x AOCI 4 $33.75 $33.94 -- $34.97 $36.00 $35.84 6.2% 2-year CAGR 14.6% 12.4% -- 11.2% 8.6% 6.0% -- IN V E S T M E N T S & C A P IT A L Change2023 P R O D U C T IO N D IS T R IB U T IO N 2024

6 CONSUMER DIVISION UPDATE 8th consecutive quarter of sustained sales momentum ▪ PAC up 5%, 7th consecutive quarter of growth – Recruiting up 5%, 9th consecutive quarter of growth ▪ Agent productivity and retention remain strong and sustainable ▪ Continued disciplined and opportunistic approach to D2C advertising spend ▪ NAP generated from web/digital channels 32% of total D2C ▪ Life and Health NAP up 1%, Field agent NAP up 9% ▪ Health NAP up 11%; Medicare Supplement NAP up 15%; LTC NAP up 31% ▪ Record Annuity collected premiums, up 25%; Account values up 6% ▪ Medicare Advantage policies sold up 26% ▪ Client assets in brokerage and advisory up 35% to a record $3.9B – New accounts up 11% Operational Highlights Distribution Highlights

7 WORKSITE DIVISION UPDATE 10th consecutive quarter of NAP growth ▪ Life and Health NAP up 4% ▪ New products driving growth – Hospital Indemnity product up 66% – Critical Illness product up 9% ▪ Fee sales1 up 108% ▪ NAP from new group clients up 164% ▪ PAC up 17%, first-year PAC up 16% ▪ Strong agent recruiting and retention ▪ Continued success with geographic expansion, contributing 11% of NAP growth in the quarter Operational Highlights Distribution Highlights 1 Fee sales represents the annualized value of fee-based services contracts executed in the quarter.

81 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Net operating income1 $101.3 $119.2 Net operating income excluding significant items1 $84.4 $100.4 Weighted average shares outstanding (in millions) 114.5 107.1 Net operating earnings per share1 Third Quarter 2024 (dollars in millions, except where noted) Earnings Results FINANCIAL HIGHLIGHTS Operating EPS growth driven by continued strong underwriting and NII results 3Q23 3Q24 ▪ Operating EPS1 of $1.11, up 26% — Net favorable results from annual actuarial review ▪ Operating EPS1 excl. significant items of $0.94, up 27% — Strong insurance product margins across most product lines — NII allocated to products, benefiting from growing asset base and 12 bps improvement in yield — NII not allocated to products benefiting from improved alternative investment returns — Expense ratio excluding significant items was 18.8% in 3Q24 and 19.2% LTM ▪ Maintained robust capital position, bolstered by strong free cash flow generation ▪ Accelerated capital return, $90 million of share repurchases ▪ Operating ROE1 as reported of 11.7%, and 10.5% excluding significant items $0.88 $0.74 Excluding significant items $0.94 $1.11

9 (dollars in millions) Insurance Product Margin Excluding Significant Items1 1 Excludes the following impacts from annual actuarial review. See the Appendix for a reconciliation to the corresponding GAAP measure. 4Q23: Annuity - $12.9 million, Health - $22.3 million, and Life - ($1.3) million 3Q24: Annuity - $36.2 million, Health - ($8.2) million, and Life ($0.7) million Annuity margin ▪ Fixed Indexed Annuities – higher amortization from assumption unlocking and spread compression ▪ Other Annuities – favorable reserve releases due to higher mortality on closed block policies Health margin ▪ Supplemental Health – favorable morbidity and growth in the block ▪ LTC – favorable morbidity and growth in the block Life margin ▪ Traditional Life – lower nondeferrable advertising expense Annual actuarial review ▪ Current period net benefit of $27.3 million, primarily due to Fixed Indexed Annuities ▪ Quarterly go-forward income pattern changes beginning 3Q24 ▪ Fixed Indexed Annuities – ($1.5) million ▪ Med Supp – ($0.5) million Highlights INSURANCE PRODUCT MARGIN Continued strong underwriting margin 3Q23 4Q23 1Q24 2Q24 3Q24 Annuity $57.0 $50.7 $52.0 $76.1 $54.9 Fixed Indexed Annuities $47.2 $41.5 $43.4 $49.9 $42.8 Fixed Interest Annuities $8.4 $7.7 $7.6 $8.7 $7.3 Other Annuities $1.4 $1.5 $1.0 $17.5 $4.8 Health $123.2 $124.1 $123.0 $135.9 $136.0 Supplemental Health $62.8 $66.5 $65.4 $65.1 $68.3 Medicare Supplement $37.2 $31.9 $26.5 $35.5 $35.7 Long-term Care $23.2 $25.7 $31.1 $35.3 $32.0 Life $59.8 $65.9 $54.6 $63.1 $64.0 Interest Sensitive Life $22.9 $25.0 $22.5 $23.9 $24.4 Traditional Life $36.9 $40.9 $32.1 $39.2 $39.6 Total Margin $240.0 $240.7 $229.6 $275.1 $254.9

10 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 reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities. ▪ Average yield on allocated investments of 4.81% vs. 4.69% in 3Q23 ▪ Average net insurance liabilities 2 up 2.4% ▪ New money rate of 6.50%, compared to 6.41% in 2Q24 and 6.03% in 3Q23 ▪ Average book value of invested assets up 9%; 9th consecutive quarter of book yield increase ▪ Earned yield of 4.71%, compared to 4.71% in 2Q24 and 4.55% in 3Q23 ▪ Investment income not allocated to product lines up $7.1 million ▪ Improved alternative investment income year-over-year ▪ Issued $400 million FABN in the quarter Investment Income Allocated to Product Lines Investment Income Not Allocated to Product Lines Total Net Investment Income1 Annuity Health Life Not allocated $- $100.0 $200.0 $300.0 3Q 2023 3Q 2024 $ 254.0$241.5 $38.4 $45.5 $- $100.0 $200.0 $300.0 3Q 2023 3Q 2024 $- $100.0 $200.0 $300.0 3Q 2023 3Q 2024 $299.5 $279.9 INVESTMENT RESULTS Continued strong net investment income (dollars in millions)

11 1 Fair Value as of 09/30/2024 PORTFOLIO COMPOSITION High-quality, liquid portfolio producing solid and consistent results Highlights General Approach IG Corporates, 41.3% CDs, 1.6% Non- Agency RMBS, 5.7% Mortgage Loans, 7.8% HY Corporates, 2.1% CMBS, 7.9% Municipals, 10.2% ABS, 5.4% Govts/Agency, 3.8% CLO, 3.7% Equities, 0.4% Other Invested Assets, 2.9% Alternatives, 2.5% Policy Loans, 0.5% Cash, 4.2% $29 Billion of Invested Assets1 ▪ High degree of liquidity: over 45% of portfolio in corporate and government bonds ▪ Strong credit risk profile — Capital efficient: 97% rated NAIC 1 or 2 — Portfolio average rating A — CRE portfolio performing as expected ▪ Positioned for stable performance across credit cycles ▪ Focus on quality - margin against adverse development ▪ Low impairments through multiple cycles ▪ Embedded asset liability management ▪ Opportunistic investments protect/grow book yield and core earnings power

12 Debt to Capital2 Consolidated Risk Based Capital (RBC) Ratio1 Holding Company Liquidity 1 The ratio of the combined capital of the 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. (dollars in millions) ◼ Target consolidated RBC ratio of approximately 375% ◼ RBC variability expected in periods of market volatility ◼ Target leverage of 25% - 28% ◼ Reported result of 32.5%2 includes $500 million note maturing May 2025, expected to be repaid with proceeds from the recent $700 million debt issuance. Excluding this note, debt to capital is 26.0%2 ◼ Debt covenant ceiling of 35% ◼ $145 million in debt capacity to top of target leverage range, assuming repayment of 2025 Notes ◼ Target minimum holding company liquidity of $150 million ◼ Liquidity backstopped by $250 million undrawn revolver ◼ Issued $700 million in senior unsecured notes in 2Q24, $500 million earmarked for repayment of May 2025 maturity ◼ Staggered debt maturities in 2029 and 2034 CAPITAL AND LIQUIDITY OVERVIEW Capital and liquidity remain above target levels 25.5% Debt to capital2 excluding $500 million note maturing May 2025 $167 $256 $223 2022 2023 1Q24 2Q24 3Q24 23.4% 23.1% 22.9% 32.0% 32.5% 2022 2023 1Q24 2Q24 3Q24 25.5% $429 $453 26.0% 384% 402% 391% 394% 388% 2022 2023 1Q24 2Q24 3Q24

13 Earnings ▪ $3.50 - $3.60 operating EPS ▪ 19.0% – 19.2% expense ratio ▪ ~23% effective tax rate ▪ $250 – $275 million excess cash flow to holding company ▪ 375% consolidated RBC ratio target ▪ $150 million minimum holding company liquidity ▪ 25% – 28% target leverage Free Cash Flow / Excess Capital 2024 OUTLOOK Raising full-year guidance for earnings and cash flow Guidance excludes significant items

14 4 5 3 2 1 Exclusive focus on underserved middle-income market Significant demographic tailwinds Diverse and integrated "last mile" virtual and in-person model Growth initiatives delivering sustainable results Strong balance sheet and solid free cash flow generation WHY INVEST IN CNO

15 Questions and Answers

16 ▪ Cash Flow Profile Slide 17 ▪ Broker-Dealer/Registered Investment Advisor Slide 18 ▪ Expense Ratio Slide 19 ▪ New Money Rate Walk Slide 20 ▪ New Money Summary Slide 21 ▪ Commercial Mortgage Loans Slide 22 ▪ Commercial Mortgage-Backed Securities Slide 23 ▪ Long-Term Care Insurance Slide 24 ▪ Tax Asset Summary Slide 25 Appendix 1: Quarter in Review

17 1 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions (dollars in millions) CASH FLOW PROFILE

18 Account values up 35% YoY; Record $3.9 billion in client assets 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Prior periods have been restated to conform with current presentation. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 303 East Wacker Drive, 5th Floor, Chicago, IL 60601. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients. 3 Representative counts represent the average of the last 3 months. (dollars in millions) BROKER-DEALER/REGISTERED INVESTMENT ADVISOR 3Q 4Q 1Q 2Q 3Q Net New Client Assets in Brokerage 16.7$ (1.0)$ 10.5$ 55.9$ 36.6$ Brokerage and Advisory 1 Advisory 47.8 18.7 57.7 82.9 91.7 Total 64.5$ 17.7$ 68.2$ 138.8$ 128.3$ Client Assets in Brokerage and Brokerage 1,597.6$ 1,729.8$ 1,855.6$ 1,932.2$ 2,058.5$ Advisory 1 at end of period Advisory 1,307.6 1,438.2 1,590.4 1,694.6 1,872.2 Total 2,905.2$ 3,168.0$ 3,446.0$ 3,626.8$ 3,930.7$ Registered Agent Counts 2,3 Total 701 708 710 718 722 2023 2024

19 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 pages 27 and 29 for a reconciliation of the significant items. EXPENSE RATIO1 (dollars in millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Allocated & Non Allocated Expenses 175.8$ 170.6$ 145.7$ 158.6$ 178.4$ 172.1$ 171.5$ Allocated & Non Allocated Expenses - YTD 175.8 346.4 492.1 650.7 178.4 350.5 522.0 Significant Items 2 -$ -$ (21.7)$ -$ -$ -$ 2.9$ Significant Items - YTD 2 - - (21.7) (21.7) - - 2.9 Allocated & Non Allocated Expenses Excluding Significant Items 175.8$ 170.6$ 167.4$ 158.6$ 178.4$ 172.1$ 168.6$ Allocated & Non Allocated Expenses Excluding Significant Items - YTD 175.8 346.4 513.8 672.4 178.4 350.5 519.1 Policy Income and Net Investment Income Allocated to Products 861.2$ 866.4$ 867.5$ 868.2$ 873.7$ 893.8$ 899.0$ Policy Income and Net Investment Income Allocated to Products - YTD 861.2 1,727.6 2,595.1 3,463.3 873.7 1,767.5 2,666.5 Expense Ratio excluding Significant Items 20.4% 19.7% 19.3% 18.3% 20.4% 19.3% 18.8% Expense Ratio excluding Significant Items - YTD 20.4% 20.1% 19.8% 19.4% 20.4% 19.8% 19.5% Rolling Twelve Months Ratio 19.7% 19.6% 19.6% 19.4% 19.4% 19.3% 19.2% 2023 2024

20 NEW MONEY RATE WALK

21 3Q24 General Account New Money Purchases NEW MONEY SUMMARY (dollars in millions) IG Corp BBB, 23.7% RMBS, 20.1% Municipals, 12.2% Alternatives, 9.4% IG Corp AAA-A, 7.7% CRE Loans, 7.5% ABS, 7.4% HY Corp, 4.3% CMBS, 4.0% CLO Debt, 3.6% EM, 0.1% $ % GAAP YTM Duration IG Corp BBB 141.8 23.7% 5.83% 8.0 RMBS 120.4 20.1% 6.34% 4.0 Municipals 73.1 12.2% 5.75% 11.4 Alternatives 56.1 9.4% 9.71% 2.8 IG Corp AAA-A 45.9 7.7% 5.39% 8.4 CRE Loans 44.7 7.5% 5.82% 3.4 ABS 44.3 7.4% 6.80% 2.8 HY Corp 25.9 4.3% 7.60% 3.5 CMBS 24.2 4.0% 7.04% 1.0 CLO Debt 21.3 3.6% 7.17% 0.9 EM 0.4 0.1% 5.89% 6.5 Total 598.2 100% 6.50% 5.7

22 $16.7 $9.0 $50.2 $74.5 $114.0 2024 2025 2026 2027 2028 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 2024/2025 maturity default risk (dollars in millions) % o f T o ta l A U M LTV COMMERCIAL MORTGAGE LOANS M a tu ri ti e s ( $ m m ) One delinquent loan in the last 8 years Apartment $492.8 38% Industrial $353.2 28% Mixed Use $15.5 1% Office $117.3 9% Other $101.2 8% Retail $200.4 16% 41.5% 19.5% 19.7% 9.9% 4.1% 5.4% <40% 40%-50% 50%-60% 60%-70% 70%-80% >80% Prop Type Avg LTV (%) Apartment 46.8 Industrial 42.8 Mixed Use 47.2 Office 61.7 Other 25.9 Retail 41.5 48.6% 22.9% 18.0% 8.9% 1.6% 0.0% >2.00x 1.70x-2.00x 1.40x-1.70x 1.15x-1.40 1.00x-1.15x <1.00x

23 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 - 93% AAA/AA/A categories 70% of our CMBS investments are considered ‘no-loss’ in 2024 NAIC scenario testing The composition in the 10% credit support bucket: 40% Freddie K, 49% SASB, 11% Conduit. Base Case Loss <50bps. % L o s s A b s o rb in g S u b o rd in a ti o n i n S tr u c tu re (dollars in millions) COMMERCIAL MORTGAGE-BACKED SECURITIES AAA, 68% BB, 2% A, 11% AA, 12% BBB, 7% B, 0.1% 9% 14% 25% 51% <10 10-15 15-30 >30 CNO Index Multifamily Office Other Industrial Retail Hotel 6.6 8.2 9.2 13.0 18.6 22.2 26.0 32.5 10% 6% -1% -10% -19% -24% -29% -40%

24 New sales (~$50 million annually) focused on short duration products ▪ Recent growth due to launch of new LTC Fundamental product ▪ 99% of new sales for policies with 2 years or less in benefits ▪ Average benefit period of 12 months Reserve assumptions informed by historical experience ▪ No morbidity improvement ▪ No mortality improvement ▪ Minimal future rate increases Favorable economic profile ▪ Total LTC is just 12.8% of overall CNO insurance liabilities ▪ Downside risk significantly reduced after 2018 reinsurance transaction ▪ Average maximum benefit at issuance is $164 per day for inforce block Block highlights ▪ Less than 25% of policies have inflation benefits ▪ 2.2% of policies have lifetime benefits, the median benefit period is ~1 year, and the average non-lifetime benefit period is ~1.4 years ▪ Average attained age is 74.8 years Highly differentiated inforce block; Prudently managed LONG-TERM CARE INSURANCE

25 Value of NOLs Details ▪ Effective January 1, 2024, the Company changed its method of accounting for indirect costs allocable to self-constructed real estate assets. This tax method change will result in a current year deduction of certain costs previously capitalized under the prior method. As a result, the Company recognized a loss of $985 million in the first quarter of 2024 for tax reporting purposes. In 2024, the loss will offset 100% of non- life taxable income and 35% of life taxable income. Any remaining loss after 2024 can be carried forward indefinitely but will be limited each year to 80% of non-life taxable income and 35% of life taxable income pursuant to tax regulations. ▪ In May 2024, the Internal Revenue Service ("IRS") changed the requirements as it relates to the above tax method accounting change. Previously this tax method accounting change was automatically accepted by the IRS, now the IRS requires companies to obtain approval. The Company requested approval for this method change in June 2024. ▪ Remaining non-life NOLs with expiration dates ranging from 2026 through 2035 are expected to be fully utilized and can offset 100% of non-life taxable income and 35% of life taxable income. ▪ Total estimated economic value of tax assets related to our NOLs and tax strategy of approximately $199 million @ 10% discount rate ($1.88 on a per share basis). $274 (dollars in millions) $274 million / $2.58 per diluted share value of remaining NOLs Non-Life NOLs with Expiration Dates (2026-2035) $77 2024 Non-Life Tax Loss $197 TAX ASSET SUMMARY AS OF SEPTEMBER 30, 2024

26 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 27 - 42

27 (dollars in millions, except per-share amounts) (1) Impacts arising from our comprehensive annual actuarial review. (2) Unfavorable impact related to a fixed asset impairment. (3) A non-GAAP measure. See pages 31 and 33 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 3Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q24 SIGNIFICANT ITEMS Insurance product margin Annuity 91.1$ (36.2)$ (1) 54.9$ Health 127.8 8.2 (1) 136.0 Life 63.3 0.7 (1) 64.0 Total insurance product margin 282.2 (27.3) 254.9 Allocated expenses (153.0) - (153.0) Income from insurance products 129.2 (27.3) 101.9 Fee income (2.7) - (2.7) Investment income not allocated to product lines 45.5 - 45.5 Expenses not allocated to product lines (18.5) 2.9 (2) (15.6) Operating earnings before taxes 153.5 (24.4) 129.1 Income tax (expense) benefit on operating income (34.3) 5.6 (28.7) Net operating income (3) 119.2$ (18.8)$ 100.4$ Net operating income per diluted share (3) 1.11$ (0.17)$ 0.94$ Three months ended September 30, 2024 Actual results Significant items Excluding significant items

28 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 31 and 33 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

29 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) Legal recoveries, net of expenses and increased legal accruals. (2) A non-GAAP measure. See pages 31 and 33 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

30 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 31 and 33 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

31 (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) gains or losses related to material reinsurance transactions, 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 3Q23 4Q23 1Q24 2Q24 3Q24 Insurance product margin Annuity 57.0$ 63.6$ 52.0$ 76.1$ 91.1$ Health 123.2 146.4 123.0 135.9 127.8 Life 59.8 64.6 54.6 63.1 63.3 Total insurance product margin 240.0 274.6 229.6 275.1 282.2 Allocated expenses (153.2) (138.8) (161.6) (154.6) (153.0) Income from insurance products 86.8 135.8 68.0 120.5 129.2 Fee income (2.9) 17.8 11.3 0.8 (2.7) Investment income not allocated to product lines 38.4 38.3 12.3 44.8 45.5 Expenses not allocated to product lines 7.5 (19.8) (16.8) (17.5) (18.5) Operating earnings before taxes 129.8 172.1 74.8 148.6 153.5 Income tax expense on operating income (28.5) (38.2) (17.3) (34.0) (34.3) Net operating income* 101.3 133.9 57.5 114.6 119.2 Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (20.1) 1.4 (4.6) (21.9) (11.1) Net change in market value of investments recognized in earnings (9.2) 8.8 12.4 4.7 12.3 Changes in fair value of embedded derivative liabilities and market risk benefits 109.4 (124.6) 64.0 16.8 (127.1) Fair value changes related to agent deferred compensation plan 6.8 (10.3) - 3.5 (3.5) Other (1.1) (1.3) (0.4) (1.1) (13.1) Non-operating income (loss) before taxes 85.8 (126.0) 71.4 2.0 (142.5) Income tax (expense) benefit on non-operating income (loss) (19.8) 28.4 (16.6) (0.3) 32.6 Net non-operating income (loss) 66.0 (97.6) 54.8 1.7 (109.9) Net income 167.3$ 36.3$ 112.3$ 116.3$ 9.3$

32 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: (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) gains or losses related to material reinsurance transactions, 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. INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES

33 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 3Q23 4Q23 1Q24 2Q24 3Q24 Net income applicable to common stock 167.3$ 36.3$ 112.3$ 116.3$ 9.3$ Non-operating items: Net realized investment (gains) losses from sales and impairments 20.1 (1.4) 4.6 21.9 11.1 Net change in market value of investments recognized in earnings 9.2 (8.8) (12.4) (4.7) (12.3) Changes in fair value of embedded derivative liabilities and market risk benefits (109.4) 124.6 (64.0) (16.8) 127.1 Fair value changes related to the agent deferred compensation plan (6.8) 10.3 - (3.5) 3.5 Other 1.1 1.3 0.4 1.1 13.1 Non-operating (income) loss before taxes (85.8) 126.0 (71.4) (2.0) 142.5 Income tax expense (benefit) on non-operating income 19.8 (28.4) 16.6 0.3 (32.6) Net non-operating (income) loss (66.0) 97.6 (54.8) (1.7) 109.9 Net operating income (a non-GAAP financial measure) 101.3$ 133.9$ 57.5$ 114.6$ 119.2$ Per diluted share: Net income 1.46$ 0.32$ 1.01$ 1.06$ 0.09$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.14 (0.01) 0.03 0.15 0.08 Net change in market value of investments recognized in earnings (net of taxes) 0.06 (0.06) (0.08) (0.03) (0.09) Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) (0.74) 0.85 (0.44) (0.12) 0.91 Fair value changes related to the agent deferred compensation plan (net of taxes) (0.05) 0.07 - (0.02) 0.03 Other 0.01 0.01 - 0.01 0.09 Net operating income (a non-GAAP financial measure) 0.88$ 1.18$ 0.52$ 1.05$ 1.11$

34 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 3Q23 4Q23 1Q24 2Q24 3Q24 Operating income 101.3$ 133.9$ 57.5$ 114.6$ 119.2$ Weighted average shares outstanding for basic earnings per share 112,689 111,590 108,964 107,731 105,102 Effect of dilutive securities on weighted average shares: Employee benefit plans 1,773 2,067 1,881 1,527 2,029 Weighted average shares outstanding for diluted earnings per share 114,462 113,657 110,845 109,258 107,131 Net operating income per diluted share 0.88$ 1.18$ 0.52$ 1.05$ 1.11$

35 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 share and per-share amounts) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 3Q23 4Q23 1Q24 2Q24 3Q24 Total shareholders' equity 1,890.1$ 2,215.6$ 2,367.7$ 2,428.9$ 2,687.8$ Shares outstanding for the period 112,163,169 109,357,540 108,568,594 106,513,566 103,922,954 Book value per share 16.85$ 20.26$ 21.81$ 22.80$ 25.86$ Total shareholders' equity 1,890.1$ 2,215.6$ 2,367.7$ 2,428.9$ 2,687.8$ Accumulated other comprehensive loss (1,956.7) (1,576.8) (1,480.3) (1,464.3) (1,116.0) Adjusted shareholders' equity excluding AOCI 3,846.8$ 3,792.4$ 3,848.0$ 3,893.2$ 3,803.8$ Shares outstanding for the period 112,163,169 109,357,540 108,568,594 106,513,566 103,922,954 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 1,811,501 2,392,716 1,467,901 1,626,443 2,218,846 Diluted shares outstanding 113,974,670 111,750,256 110,036,495 108,140,009 106,141,800 Book value per diluted share (a non-GAAP measure) 33.75$ 33.94$ 34.97$ 36.00$ 35.84$

36 Operating return measures 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) gains or losses related to material reinsurance transactions, 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. 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

37 The calculations of: (i) Operating return on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) Operating return, excluding significant items, on equity as adjusted to exclude 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 3Q23 4Q23 1Q24 2Q24 3Q24 Operating income 305.1$ 356.1$ 355.0$ 407.3$ 425.2$ Operating income, excluding significant items 287.7$ 312.8$ 311.7$ 364.0$ 380.0$ Net income 278.2$ 276.5$ 389.6$ 432.2$ 274.2$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,582.8$ 3,631.5$ 3,650.0$ 3,648.4$ 3,620.8$ Average common shareholders' equity 1,918.3$ 1,977.5$ 2,075.3$ 2,171.4$ 2,325.3$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 8.5% 9.8% 9.7% 11.2% 11.7% Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 8.0% 8.6% 8.5% 10.0% 10.5% Return on equity 14.5% 14.0% 18.8% 19.9% 11.8% Twelve Months Ended

38 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 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 1Q24 57.5 - 57.5 311.7 112.3 389.6 2Q24 114.6 - 114.6 364.0 116.3 432.2 3Q24 119.2 (18.8) 100.4 380.0 9.3 274.2

39 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 3Q23 4Q23 1Q24 2Q24 3Q24 Pre-tax operating earnings (a non-GAAP financial measure) 394.4$ 459.5$ 457.9$ 525.3$ 549.0$ Income tax expense (89.3) (103.4) (102.9) (118.0) (123.8) Operating return 305.1 356.1 355.0 407.3 425.2 Non-operating items: Net realized investment losses from sales and impairments (91.3) (62.7) (54.6) (45.2) (36.2) Net change in market value of investments recognized in earnings (24.1) (6.3) 8.0 16.7 38.2 Changes in fair value of embedded derivative liabilities and market risk benefits 78.3 (29.9) 99.2 65.6 (170.9) Fair value changes and amendment related to the agent deferred compensation plan 7.0 (3.5) (3.5) - (10.3) Other (5.1) (0.3) (3.0) (3.9) (15.9) Non-operating income (loss) before taxes (35.2) (102.7) 46.1 33.2 (195.1) Income tax (expense) benefit on non-operating income (loss) 8.3 23.1 (11.5) (8.3) 44.1 Net non-operating income (loss) (26.9) (79.6) 34.6 24.9 (151.0) Net income 278.2$ 276.5$ 389.6$ 432.2$ 274.2$ Twelve Months Ended

40 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) 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$ 1Q24 2Q24 3Q24 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,536.8$ 3,596.7$ 3,529.9$ Net operating loss carryforwards 311.2 296.5 273.9 Accumulated other comprehensive loss (1,480.3) (1,464.3) (1,116.0) Common shareholders' equity 2,367.7$ 2,428.9$ 2,687.8$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES

41 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 3Q23 4Q23 1Q24 2Q24 3Q24 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,582.8$ 3,631.5$ 3,650.0$ 3,648.4$ 3,620.8$ Net operating loss carryforwards 148.6 126.4 135.1 176.2 218.9 Accumulated other comprehensive loss (1,813.1) (1,780.4) (1,709.8) (1,653.2) (1,514.4) Common shareholders' equity 1,918.3$ 1,977.5$ 2,075.3$ 2,171.4$ 2,325.3$ Trailing Four Quarter Average

42 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 2022 2023 1Q24 2Q24 3Q24 Corporate notes payable 1,138.8$ 1,140.5$ 1,141.0$ 1,832.3$ 1,832.9$ Total shareholders' equity 1,768.8 2,215.6 2,367.7 2,428.9 2,687.8 Total capital 2,907.6$ 3,356.1$ 3,508.7$ 4,261.2$ 4,520.7$ Corporate debt to capital 39.2% 34.0% 32.5% 43.0% 40.5% Corporate notes payable 1,138.8$ 1,140.5$ 1,141.0$ 1,832.3$ 1,832.9$ Total shareholders' equity 1,768.8 2,215.6 2,367.7 2,428.9 2,687.8 Less accumulated other comprehensive (income) loss 1,957.3 1,576.8 1,480.3 1,464.3 1,116.0 Total capital 4,864.9$ 4,932.9$ 4,989.0$ 5,725.5$ 5,636.7$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 23.4% 23.1% 22.9% 32.0% 32.5% Corporate notes payable 1,832.3$ 1,832.9$ Assumed repayment of 2025 notes, net of unamortized debt issuance costs (499.0) (499.2) Adjusted corporate notes payable 1,333.3$ 1,333.7$ Total shareholders' equity 2,428.9$ 2,687.8$ Less accumulated other comprehensive loss 1,464.3 1,116.0 Loss on assumed extinguishment of debt (0.8) (0.6) Adjusted shareholders' equity 3,892.4$ 3,803.2$ Adjusted total capital 5,225.7$ 5,136.9$ Debt to total capital ratio, excluding AOCI, as adjusted for the assumed repayment of the 2025 Notes (a non-GAAP financial measure) 25.5% 26.0%

Cover Page	Oct. 31, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 31, 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	11299 Illinois 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 F Junior Participating Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Rights to purchase Series F 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