cno-20250728
0001224608falsetrue00012246082025-07-282025-07-280001224608us-gaap:CommonStockMember2025-07-282025-07-280001224608cno:RightsToPurchaseSeriesFJuniorParticipatingPreferredStockMember2025-07-282025-07-280001224608cno:A5125SubordinatedDebenturesDue2060Member2025-07-282025-07-28


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): July 28, 2025

CNO Financial Group, Inc.
(Exact Name of Registrant as Specified in Charter)
 
Delaware001-3179275-3108137
(State or Other
Jurisdiction of Incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareCNONew York Stock Exchange
Rights to purchase Series F Junior Participating Preferred StockNew York Stock Exchange
5.125% Subordinated Debentures due 2060CNOpANew York Stock Exchange

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

Emerging growth company ☐

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


Item 2.02.Results of Operations and Financial Condition.

On July 28, 2025, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended June 30, 2025, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference; (ii) the Quarterly Financial Supplement for June 30, 2025, 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 June 30, 2025, 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
99.2
99.3
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





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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: July 28, 2025
By:
/s/ Joel T. Koehneman
Joel T. Koehneman
Senior Vice President and
Chief Accounting Officer




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cnologopr.jpg                            News

For Immediate Release


CNO Financial Group Reports Second Quarter 2025 Results
Strong production; Solid financial results; On track to deliver 2025-2027 ROE targets

Carmel, Ind., July 28, 2025 - CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $91.8 million, or $0.91 per diluted share, in 2Q25 compared to $116.3 million or $1.06 per diluted share, in 2Q24. Non-economic accounting impacts due to market volatility increased net income in both 2Q25 and 2Q24. Net operating income,(1) which excludes these non-economic accounting impacts, was $87.5 million, or $0.87 per diluted share, in 2Q25 compared to $114.6 million, or $1.05 per diluted share, in 2Q24.

“Building on our strong second quarter and first half results, CNO remains on track to achieve our full-year 2025-2027 return on equity targets,” said Gary C. Bhojwani, chief executive officer. “Our consistent, repeatable results demonstrate the steady execution of our strategic plan and continue to position us for sustained, profitable growth.”

“Our business fundamentals remain strong. This quarter marked our twelfth consecutive quarter of sustained sales momentum underpinned by growing underwriting margins and investment income. Second quarter 2024 earnings were elevated relative to our typical run rate, thereby impacting 2025 comparables. Operating earnings per share are up 6% year-to-date, in line with expectations. Our robust capital position enabled us to once again deliver meaningful results while returning capital to shareholders and investing in the long-term health of the business.”

“CNO remains uniquely positioned to serve the growing needs of the middle-income market with our diverse products and distribution. With considerable momentum and favorable demographic tailwinds, we are well-equipped to navigate the evolving economic environment and continue to drive improved profitability.”

Second Quarter 2025 Highlights (as compared to the corresponding period in the prior year unless otherwise stated)

•Total new annualized premiums ("NAP")(4) up 17%; Total Life NAP up 22%; Total Health NAP up 11%

•Consumer Division NAP up 17%; Worksite Division NAP up 16%

•Annuity collected premiums up 19%; Client assets in brokerage and advisory up 27%

•Returned $116.7 million to shareholders

•Book value per share was $25.92; Book value per diluted share, excluding accumulated other comprehensive loss,(2) was $38.05, up 6%

•Return on equity ("ROE") of 11.9%; Operating ROE(5) of 11.8%


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 as defined in note (1). Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

Per diluted share
Quarter endedQuarter ended
June 30,June 30,
20252024% change20252024% change
Income from insurance products (b)
1.03 $1.10 (6)$103.0 $120.5 (15)
Fee income0.01 0.01 — 0.8 0.8 — 
Investment income not allocated to product lines (c)
0.33 0.41 (20)33.8 44.8 (25)
Expenses not allocated to product lines(0.25)(0.16)56 (25.3)(17.5)45 
Operating earnings before taxes1.12 1.36 112.3 148.6 
Income tax expense on operating income(0.25)(0.31)(19)(24.8)(34.0)(27)
Net operating income (1)0.87 1.05 (17)87.5 114.6 (24)
Net realized investment losses from sales, impairments and change in allowance for credit losses(0.22)(0.20)(21.8)(21.9)
Net change in market value of investments recognized in earnings0.03 0.04 3.4 4.7 
Changes in fair value of embedded derivative liabilities and market risk benefits0.25 0.15 25.2 16.8 
Other(0.01)0.02 (1.1)2.4 
Non-operating income before taxes
0.05 0.01 5.7 2.0 
Income tax expense on non-operating income
(0.01)— (1.4)(0.3)
Net non-operating income
0.04 0.01 4.3 1.7 
Net income$0.91 $1.06 $91.8 $116.3 
Weighted average diluted shares outstanding100.4 109.3 
____________________
(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 product 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 product 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. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ("FHLB") 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. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

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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
June 30,
20252024
Trailing four quarters:
Net Income$305.5 $432.2 
Net operating income (a non-GAAP financial measure)425.8 407.3 
Net operating income, excluding significant items401.7 364.0 
Average of each of the trailing four quarters average:
Shareholders’ equity$2,558.5 $2,171.4 
Accumulated other comprehensive loss1,271.2 1,653.2 
Shareholders’ equity, excluding accumulated other comprehensive loss3,829.7 3,824.6 
Net operating loss carryforwards(232.4)(176.2)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss carryforwards$3,597.3 $3,648.4 
Ratios:
Return on equity 11.9 %19.9 %
Operating return on equity (a non-GAAP financial measure) (5)
11.8 %11.2 %
Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)
11.2 %10.0 %

Shareholders’ equity$2,522.7 $2,428.9 
Accumulated other comprehensive loss1,252.7 1,464.3 
Shareholders’ equity, excluding accumulated other comprehensive loss3,775.4 3,893.2 
Basic shares outstanding97,319,000106,513,566
Diluted shares outstanding99,221,445 108,140,009 
Book value per share$25.92 $22.80 
Book value per diluted share$25.42 $22.46 
Accumulated other comprehensive loss per diluted share
12.63 13.54 
Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)
$38.05 $36.00 

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Non-Operating Items
Net investment losses in 2Q25 were $21.8 million, including the unfavorable change in the allowance for credit losses of $1.0 million. Net investment losses in 2Q24 were $21.9 million, including the favorable change in the allowance for credit losses of $4.1 million.

During 2Q25 and 2Q24, we recognized an increase in earnings of $3.4 million and $4.7 million, respectively, due to the net change in market value of investments.

In 2Q24, we recognized an increase in earnings of $3.5 million 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.

During 2Q25 and 2Q24, we recognized an increase in earnings of $25.2 million and $16.8 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, certain 4Q24 and 1Q25 amounts were revised to conform to the current period’s presentation for the correction of an error that is immaterial to the reported periods. The revision impacted net income, shareholders’ equity, and the related metrics of book value per common share, debt-to-capital ratio, and net income – trailing four quarters for those periods.

Other non-operating items in 2Q25 included $3.2 million of expense related to TechMod, a three-year project to modernize certain elements of our technology. In addition, other non-operating items included a reduction in the allowance for credit losses on reinsurance of $2.0 million.

INVESTMENT PORTFOLIO
(Dollars in millions)

Fixed maturities, available for sale, at amortized cost by asset class as of June 30, 2025 are as follows:
Investment gradeBelow investment gradeTotal
Corporate securities13,380.8$678.1 $14,058.9 
United States Treasury securities and obligations of the United States government and agencies217.9— 217.9 
States and political subdivisions3,318.723.6 3,342.3 
Foreign governments113.6— 113.6 
Asset-backed securities1,497.295.8 1,593.0 
Agency residential mortgage-backed securities910.7— 910.7 
Non-agency residential mortgage-backed securities1,282.0326.0 (a)1,608.0 
Collateralized loan obligations1,091.7— 1,091.7 
Commercial mortgage-backed securities2,158.9133.8 2,292.7 
Total$23,971.5 $1,257.3 $25,228.8 
____________________
(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).

As of June 30, 2025, the fair value of CNO’s available for sale fixed maturity portfolio was $23,047.0 million compared with an amortized cost of $25,228.8 million. Net unrealized losses were comprised of gross unrealized gains of $197.1 million and gross unrealized losses of $2,339.8 million as of June 30, 2025. The allowance for credit losses was $39.1 million at June 30, 2025.

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 378% at June 30, 2025, reflecting estimated 2Q25 statutory operating earnings of $22.0 million and the payment of insurance company dividends (net of capital contributions) to the holding company of $35.7 million during 2Q25.

During 2Q25, we repurchased $100.0 million of common stock under our securities repurchase program (including $1.6 million of repurchases settled in 3Q25). We repurchased 2.6 million common shares at an average cost of $38.09 per share. As of June 30, 2025, we had 97.3 million shares outstanding and had authority to repurchase up to an additional $540.4 million of our common stock. During 2Q25, dividends paid on common stock totaled $16.7 million.

Unrestricted cash and investments held by our holding company were $187.1 million at June 30, 2025 compared to $372.5 million at December 31, 2024.
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Book value per common share was $25.92 at June 30, 2025 compared to $24.75 at December 31, 2024. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $38.05 at June 30, 2025 compared to $37.35 at December 31, 2024.

The debt-to-capital ratio was 34.6% and 42.2% at June 30, 2025 and December 31, 2024, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.1% and 32.1% at June 30, 2025 and December 31, 2024, respectively. The reduction in the ratios from December 31, 2024 was primarily due to the repayment of the 2025 Notes in 2Q25.

Return on equity for the trailing four quarters ended June 30, 2025 and 2024 was 11.9% and 19.9%, respectively. Operating return on equity, excluding significant items(5), for the trailing four quarters ended June 30, 2025 and 2024 was 11.2% and 10.0%, 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, 2024 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 July 29, 2025 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/LE9zwo3l1n8LCba0M35GdCBypZJ59DuLjEa. 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 $37.3 billion in total assets. Our 3,400 associates, 4,900 exclusive agents and more than 6,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months endedSix months ended
June 30,June 30,
 2025202420252024
Revenues:  
Insurance policy income$651.3 $641.5 $1,302.0 $1,269.9 
Net investment income:
General account assets378.3 351.7 753.4 653.6 
Policyholder and other special-purpose portfolios105.4 57.4 41.8 224.7 
Investment gains (losses):
Realized investment losses(21.3)(26.3)(25.1)(36.3)
Other investment gains (losses)2.9 9.1 (0.1)26.9 
Total investment losses
(18.4)(17.2)(25.2)(9.4)
Fee revenue and other income34.9 32.8 83.6 83.9 
Total revenues1,151.5 1,066.2 2,155.6 2,222.7 
Benefits and expenses:    
Insurance policy benefits658.4 574.4 1,228.4 1,211.0 
Liability for future policy benefits remeasurement loss
(12.8)(30.0)(25.0)(36.4)
Change in fair value of market risk benefits(10.9)(5.8)4.4 (24.7)
Interest expense59.1 64.2 121.1 124.4 
Amortization of deferred acquisition costs and present value of future profits 68.6 61.4 136.0 121.9 
Gain on extinguishment of borrowings related to variable interest entities
— — (1.5)— 
Other operating costs and expenses271.1 251.4 546.4 529.7 
Total benefits and expenses1,033.5 915.6 2,009.8 1,925.9 
Income before income taxes118.0 150.6 145.8 296.8 
Income tax expense26.2 34.3 32.5 68.2 
Net income$91.8 $116.3 $113.3 $228.6 
Earnings per common share:  
Basic:  
Weighted average shares outstanding98,572,000 107,731,000 99,658,000 108,347,000 
Net income$0.93 $1.08 $1.14 $2.11 
Diluted:
Weighted average shares outstanding100,386,000 109,258,000 101,728,000 110,052,000 
Net income$0.91 $1.06 $1.11 $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; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; and (ix) other non-operating items including 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. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. 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 on CNO's website, CNOinc.com, in the Investors section under SEC Filings.
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(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)Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.



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The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):
Net operating
Net operatingincome,
income,excludingNet
excludingsignificantincome -
Net operatingSignificantsignificantitems - trailingNettrailing
incomeitemsitems (a)four quartersincome (loss)four quarters
3Q23$101.3 $(16.9)(b)$84.4 $287.7 $167.3 $278.2 
4Q23133.9 (26.4)(c)107.5 312.8 36.3 276.5 
1Q2457.5 — 57.5 311.7 112.3 389.6 
2Q24114.6 — 114.6 364.0 116.3 432.2 
3Q24119.2 (21.9)(d)97.3 376.9 9.3 274.2 
4Q24138.0 3.1 (e)141.1 410.5 182.9 420.8 
1Q2581.1 (5.3)(f)75.8 428.8 21.5 330.0 
2Q2587.5 — 87.5 401.7 91.8 305.5 
(a) See note (6) for additional information.
(b) Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals, net of tax expense of $4.8 million.
(c) 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.
(d) Comprised of $31.2 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 $6.4 million.
(e) Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.
(f) Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.

A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):
Trailing four quarters
2Q252Q24
Pre-tax operating earnings (a non-GAAP financial measure)$544.3 $525.3 
Income tax expense(118.5)(118.0)
Net operating income425.8 407.3 
Non-operating items:
Net realized investment losses from sales, impairments and change in allowance for credit losses(81.2)(45.2)
Net change in market value of investments recognized in earnings15.5 16.7 
Changes in fair value of embedded derivative liabilities and market risk benefits(78.9)65.6 
Fair value changes related to the agent deferred compensation plan3.1 — 
Other(13.9)(3.9)
Non-operating loss before taxes(155.4)33.2 
    Income tax benefit on non-operating loss35.1 (8.3)
Net non-operating loss(120.3)24.9 
Net income$305.5 $432.2 
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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):

1Q232Q233Q234Q23
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,543.8 $3,603.0 $3,744.2 $3,712.8 
Net operating loss carryforwards152.4 126.3 102.6 79.6 
Accumulated other comprehensive loss(1,664.4)(1,733.5)(1,956.7)(1,576.8)
Common shareholders' equity$2,031.8 $1,995.8 $1,890.1 $2,215.6 
1Q242Q243Q244Q24
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 $3,810.0 
Net operating loss carryforwards311.2 296.5 273.9 76.6 
Accumulated other comprehensive loss(1,480.3)(1,464.3)(1,116.0)(1,371.4)
Common shareholders' equity$2,367.7 $2,428.9 $2,687.8 $2,515.2 
1Q252Q25
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,498.9 $3,504.3 
Net operating loss carryforwards295.3 271.1 
Accumulated other comprehensive loss(1,239.1)(1,252.7)
Common shareholders' equity$2,555.1 $2,522.7 

A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):
Trailing four quarter average
2Q252Q24
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,597.3 $3,648.4 
Net operating loss carryforwards232.4 176.2 
Accumulated other comprehensive loss(1,271.2)(1,653.2)
Common shareholders' equity$2,558.5 $2,171.4 


9

(6)    The tables below summarize the financial impact of significant items on our net operating income for the three months ended March 31, 2025 and the quarters during the year ended December 31, 2024 that had significant items impacting 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
March 31, 2025
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$54.5 $— $54.5 
Health margin126.2 — 126.2 
Life margin68.2 (6.8)(a)61.4 
Total insurance product margin248.9 (6.8)242.1 
Allocated expenses(161.2)— (161.2)
Income from insurance products
87.7 (6.8)80.9 
Fee income(0.8)— (0.8)
Investment income not allocated to product lines
38.0 — 38.0 
Expenses not allocated to product lines(20.3)— (20.3)
Operating earnings before taxes104.6 (6.8)97.8 
Income tax (expense) benefit on operating income(23.5)1.5 (22.0)
Net operating income
$81.1 $(5.3)$75.8 
Net operating income per diluted share$0.79 $(0.05)$0.74 
___________
(a)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves.
Three months ended
December 31, 2024
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$55.0 $— $55.0 
Health margin130.1 3.9 (a)134.0 
Life margin68.0 — 68.0 
Total insurance product margin253.1 3.9 257.0 
Allocated expenses(146.1)— (146.1)
Income from insurance products107.0 3.9 110.9 
Fee income20.6 — 20.6 
Investment income not allocated to product lines65.3 — 65.3 
Expenses not allocated to product lines(19.0)— (19.0)
Operating earnings before taxes173.9 3.9 177.8 
Income tax (expense) benefit on operating income(35.9)(0.8)(36.7)
Net operating income$138.0 $3.1 $141.1 
Net operating income per diluted share$1.31 $0.03 $1.34 
___________
(a)Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review.

10

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 margin127.8 4.3 
(a)
132.1 
Life margin63.3 0.7 
(a)
64.0 
Total insurance product margin282.2 (31.2)251.0 
Allocated expenses(153.0)— (153.0)
Income from insurance products129.2 (31.2)98.0 
Fee income(2.7)— (2.7)
Investment income not allocated to product lines45.5 — 45.5 
Expenses not allocated to product lines(18.5)2.9 
(b)
(15.6)
Operating earnings before taxes153.5 (28.3)125.2 
Income tax (expense) benefit on operating income(34.3)6.4 (27.9)
Net operating income$119.2 $(21.9)$97.3 
Net operating income per diluted share$1.11 $(0.19)$0.92 
___________
(a)Comprised of $31.2 million of 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.


For further information:

CNO News Media
Valerie Dolenga
[email protected]

CNO Investor Relations
Adam Auvil
[email protected]
11






cnologosuppa.jpg


Quarterly Financial Supplement - 2Q2025
July 28, 2025

Page 1

Table of ContentsPage
Consolidated balance sheet3
Consolidated statement of operations4
Financial summary5
Insurance operations6
Margin from insurance products7-9
Collected premiums and insurance policy income10
Health and life new annualized premiums11
Computation of weighted average shares outstanding12
Annuities - account value rollforwards13
Consolidated statutory information of U.S. based insurance subsidiaries14
Investment income not allocated to product lines and investment income allocated to product lines15-18
Other investment data18
Significant items19-20
Notes20-21

Page 2

CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25
Assets
Investments:
  Fixed maturities, available for sale, at fair value$21,648.1 $22,617.9 $23,724.7 $22,730.1 $23,283.0 $23,047.0 
  Equity securities at fair value
118.4 117.7 120.5 272.4 349.1 387.4 
  Mortgage loans2,087.1 2,176.0 2,372.7 2,506.3 2,601.2 2,834.3 
  Policy loans130.3 131.3 133.3 135.3 136.4 137.6 
  Trading securities222.8 207.8 217.4 304.2 308.0 308.3 
  Investments held by variable interest entities533.4 425.5 250.1 433.8 380.2 376.9 
  Other invested assets1,471.3 1,554.0 1,595.5 1,491.5 1,386.7 1,500.5 
  Total investments
26,211.4 27,230.2 28,414.2 27,873.6 28,444.6 28,592.0 
Cash and cash equivalents - unrestricted566.3 878.8 1,164.7 1,656.7 928.2 766.0 
Cash and cash equivalents held by variable interest entities83.5 113.3 80.6 341.0 96.6 50.0 
Accrued investment income252.0 262.5 276.2 286.4 289.6 279.4 
Present value of future profits175.5 170.4 165.7 161.0 156.5 152.1 
Deferred acquisition costs1,992.3 2,047.2 2,100.9 2,158.6 2,209.9 2,276.3 
Reinsurance receivables3,969.0 3,910.9 3,906.7 3,854.7 3,804.3 3,753.9 
Income tax assets, net
886.1 882.8 788.7 814.1 768.0 749.3 
Assets held in separate accounts3.3 3.2 3.3 3.3 3.1 2.9 
Other assets716.2 706.4 648.0 699.9 728.4 707.2 
Total assets (a)
$34,855.6 $36,205.7 $37,549.0 $37,849.3 $37,429.2 $37,329.1 
Liabilities
Liabilities for insurance products:
  Policyholder account balances$15,361.1 $16,247.9 $16,992.4 $17,594.2 $17,314.3 $17,609.0 
  Future policy benefits11,932.2 11,695.1 12,258.2 11,705.5 11,773.0 11,787.7 
  Market risk benefit liability99.6 93.0 74.1 60.0 73.6 63.8 
  Liability for life insurance policy claims65.1 59.6 59.9 61.1 63.5 60.7 
  Unearned and advanced premiums226.0 220.9 217.4 226.8 221.5 217.3 
  Liabilities related to separate accounts3.3 3.2 3.3 3.3 3.1 2.9 
Other liabilities905.0 934.4 951.0 1,163.3 1,027.2 935.8 
Investment borrowings2,189.1 2,189.0 2,188.9 2,188.8 2,188.6 2,441.7 
Borrowings related to variable interest entities565.5 501.4 283.1 497.6 375.1 352.8 
Notes payable - direct corporate obligations1,141.0 1,832.3 1,832.9 1,833.5 1,834.2 1,334.7 
Total liabilities (a)
32,487.9 33,776.8 34,861.2 35,334.1 34,874.1 34,806.4 
Shareholders' equity
Common stock1.1 1.1 1.0 1.0 1.0 1.0 
Additional paid-in capital1,851.2 1,797.6 1,715.9 1,632.5 1,535.0 1,441.4 
Retained earnings
1,995.7 2,094.5 2,086.9 2,253.1 2,258.2 2,333.0 
Total shareholders' equity before accumulated other comprehensive loss3,848.0 3,893.2 3,803.8 3,886.6 3,794.2 3,775.4 
Accumulated other comprehensive loss(1,480.3)(1,464.3)(1,116.0)(1,371.4)(1,239.1)(1,252.7)
Total shareholders' equity (a)
2,367.7 2,428.9 2,687.8 2,515.2 2,555.1 2,522.7 
Total liabilities and shareholders' equity (a)
$34,855.6 $36,205.7 $37,549.0 $37,849.3 $37,429.2 $37,329.1 
Book value per common share (a)
$21.81 $22.80 $25.86 $24.75 $25.58 $25.92 
Book value per common share, excluding accumulated other comprehensive loss (1) (2) (a)
$35.44 $36.55 $36.60 $38.25 $37.98 $38.79 
Book value per diluted share, excluding accumulated other comprehensive loss (1) (3) (a)
$34.97 $36.00 $35.84 $37.35 $37.27 $38.05 
___________
(a)    The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.
Page 3

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Revenues
Insurance policy income$628.4 $641.5 $645.0 $643.6 $2,558.5 $650.7 $651.3 
Net investment income:
   General account assets301.9 351.7 366.3 399.5 1,419.4 375.1 378.3 
Policyholder and other special-purpose portfolios167.3 57.4 87.6 17.1 329.4 (63.6)105.4 
Investment gains (losses):
Realized investment losses(10.0)(26.3)(13.1)(26.2)(75.6)(3.8)(21.3)
Other investment gains (losses)17.8 9.1 14.3 (15.5)25.7 (3.0)2.9 
Total investment gains (losses)7.8 (17.2)1.2 (41.7)(49.9)(6.8)(18.4)
Fee revenue and other income51.1 32.8 29.5 78.7 192.1 48.7 34.9 
Total revenues1,156.5 1,066.2 1,129.6 1,097.2 4,449.5 1,004.1 1,151.5 
Benefits and expenses
Insurance policy benefits636.6 574.4 731.0 508.3 2,450.3 570.0 658.4 
Liability for future policy benefits remeasurement (gain) loss(6.4)(30.0)7.3 (12.0)(41.1)(12.2)(12.8)
Change in fair value of market risk benefits(18.9)(5.8)(20.9)(14.9)(60.5)15.3 (10.9)
Interest expense60.2 64.2 68.0 62.0 254.4 62.0 59.1 
Amortization of deferred acquisition costs and present value of future profits 60.5 61.4 64.0 65.3 251.2 67.4 68.6 
Gain on extinguishment of borrowings related to variable interest entities
— — — — — (1.5)— 
Other operating costs and expenses278.3 251.4 269.2 256.4 1,055.3 275.3 271.1 
Total benefits and expenses (a)
1,010.3 915.6 1,118.6 865.1 3,909.6 976.3 1,033.5 
Income before income taxes (a)
146.2 150.6 11.0 232.1 539.9 27.8 118.0 
Income tax expense (a)
33.9 34.3 1.7 49.2 119.1 6.3 26.2 
Net income (a)
$112.3 $116.3 $9.3 $182.9 $420.8 $21.5 $91.8 
___________
(a)    The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.
Page 4

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Insurance product margin (4)
Annuity margin$52.0 $76.1 $91.1 $55.0 $274.2 $54.5 $54.8 
Health margin123.0 135.9 127.8 130.1 516.8 126.2 134.0 
Life margin54.6 63.1 63.3 68.0 249.0 68.2 63.6 
Total insurance product margin229.6 275.1 282.2 253.1 1,040.0 248.9 252.4 
Allocated expenses(161.6)(154.6)(153.0)(146.1)(615.3)(161.2)(149.4)
Income from insurance products (8)68.0 120.5 129.2 107.0 424.7 87.7 103.0 
Fee income11.3 0.8 (2.7)20.6 30.0 (0.8)0.8 
Investment income not allocated to product lines (9)12.3 44.8 45.5 65.3 167.9 38.0 33.8 
Expenses not allocated to product lines(16.8)(17.5)(18.5)(19.0)(71.8)(20.3)(25.3)
Operating earnings before taxes74.8 148.6 153.5 173.9 550.8 104.6 112.3 
Income tax expense on operating income(17.3)(34.0)(34.3)(35.9)(121.5)(23.5)(24.8)
Net operating income (10)57.5 114.6 119.2 138.0 429.3 81.1 87.5 
Net realized investment losses from sales, impairments and change in allowance for credit losses
(4.6)(21.9)(11.1)(35.1)(72.7)(13.2)(21.8)
Net change in market value of investments recognized in earnings12.4 4.7 12.3 (6.6)22.8 6.4 3.4 
Fair value changes related to agent deferred compensation plan— 3.5 (3.5)6.6 6.6 — — 
Changes in fair value of embedded derivative liabilities and market risk benefits64.0 16.8 (127.1)92.6 46.3 (69.6)25.2 
Other(0.4)(1.1)(13.1)0.7 (13.9)(0.4)(1.1)
Net non-operating income (loss) before taxes (a)
71.4 2.0 (142.5)58.2 (10.9)(76.8)5.7 
Income tax (expense) benefit on non-operating income (loss) (a)
(16.6)(0.3)32.6 (13.3)2.4 17.2 (1.4)
Net non-operating income (loss) (a)
54.8 1.7 (109.9)44.9 (8.5)(59.6)4.3 
Net income (a)
$112.3 $116.3 $9.3 $182.9 $420.8 $21.5 $91.8 
Per diluted share
Net operating income$0.52 $1.05 $1.11 $1.31 $3.97 $0.79 $0.87 
Net non-operating income (loss) (a)
0.49 0.01 (1.02)0.43 (0.08)(0.58)0.04 
Net income (a)
$1.01 $1.06 $0.09 $1.74 $3.89 $0.21 $0.91 
__________
(a)    The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.
Page 5

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Insurance product margin (4)
Annuity:
Insurance policy income$7.3 $9.3 $11.2 $7.7 $35.5 $9.8 $8.4 
Net investment income (5) (6)134.5 140.5 142.2 147.8 565.0 148.0 155.3 
Insurance policy benefits(11.3)8.4 25.9 (7.8)15.2 (10.3)(10.0)
Interest credited (6)(58.3)(61.2)(65.2)(69.1)(253.8)(68.3)(73.4)
Amortization and non-deferred commissions(20.2)(20.9)(23.0)(23.6)(87.7)(24.7)(25.5)
Annuity margin52.0 76.1 91.1 55.0 274.2 54.5 54.8 
Health:
Insurance policy income398.4 403.6 406.9 409.4 1,618.3 412.0 412.5 
Net investment income (5)74.3 75.1 75.0 75.2 299.6 75.1 75.9 
Insurance policy benefits(308.5)(302.3)(314.1)(314.7)(1,239.6)(320.3)(313.3)
Amortization and non-deferred commissions(41.2)(40.5)(40.0)(39.8)(161.5)(40.6)(41.1)
Health margin123.0 135.9 127.8 130.1 516.8 126.2 134.0 
Life:
Insurance policy income222.7 228.6 226.9 226.5 904.7 228.9 230.4 
Net investment income (5) (7)36.5 36.7 36.8 37.1 147.1 37.6 37.8 
Insurance policy benefits(144.0)(144.6)(143.5)(143.9)(576.0)(138.1)(144.5)
Interest credited (7)(12.5)(12.4)(13.3)(13.3)(51.5)(13.0)(13.8)
Amortization and non-deferred commissions(23.5)(24.3)(25.1)(25.1)(98.0)(26.0)(27.6)
Advertising expense(24.6)(20.9)(18.5)(13.3)(77.3)(21.2)(18.7)
Life margin54.6 63.1 63.3 68.0 249.0 68.2 63.6 
Total insurance product margin229.6 275.1 282.2 253.1 1,040.0 248.9 252.4 
Allocated expenses:
Branch office expenses(19.8)(16.2)(16.7)(13.0)(65.7)(20.7)(15.9)
Other allocated expenses(141.8)(138.4)(136.3)(133.1)(549.6)(140.5)(133.5)
Income from insurance products (8)68.0 120.5 129.2 107.0 424.7 87.7 103.0 
Fee income11.3 0.8 (2.7)20.6 30.0 (0.8)0.8 
Investment income not allocated to product lines (9)12.3 44.8 45.5 65.3 167.9 38.0 33.8 
Expenses not allocated to product lines(16.8)(17.5)(18.5)(19.0)(71.8)(20.3)(25.3)
Operating earnings before taxes74.8 148.6 153.5 173.9 550.8 104.6 112.3 
Income tax expense on operating income(17.3)(34.0)(34.3)(35.9)(121.5)(23.5)(24.8)
Net operating income (10)$57.5 $114.6 $119.2 $138.0 $429.3 $81.1 $87.5 
Page 6

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Annuity margin (4):
Fixed indexed annuities
Insurance policy income$6.0 $7.2 $8.7 $6.1 $28.0 $7.2 $6.7 
Net investment income (5) (6)108.4 113.8 115.9 120.6 458.7 120.9 127.8 
Insurance policy benefits(5.8)(2.6)28.7 (6.1)14.2 (5.5)(5.0)
Interest credited (6)(46.7)(49.4)(53.3)(55.7)(205.1)(55.7)(60.8)
Amortization and non-deferred commissions(18.5)(19.1)(21.0)(21.4)(80.0)(22.4)(23.3)
Margin from fixed indexed annuities$43.4 $49.9 $79.0 $43.5 $215.8 $44.5 $45.4 
Average net insurance liabilities (11)$9,636.3 $9,758.1 $9,899.4 $10,101.6 $9,848.9 $10,085.7 $10,543.4 
Margin/average net insurance liabilities (12)1.80 %2.05 %3.19 %1.72 %2.19 %1.76 %1.72 %
Fixed interest annuities
Insurance policy income$0.1 $0.4 $0.1 $0.6 $1.2 $0.5 $0.2 
Net investment income (5)20.6 21.1 20.8 21.6 84.1 21.6 21.8 
Insurance policy benefits(0.4)0.1 (0.4)0.8 0.1 0.2 (0.1)
Interest credited(11.1)(11.3)(11.3)(12.9)(46.6)(12.1)(11.8)
Amortization and non-deferred commissions(1.6)(1.6)(1.9)(2.1)(7.2)(2.1)(2.1)
Margin from fixed interest annuities$7.6 $8.7 $7.3 $8.0 $31.6 $8.1 $8.0 
Average net insurance liabilities (11)$1,588.0 $1,569.4 $1,568.2 $1,587.7 $1,578.3 $1,599.5 $1,591.7 
Margin/average net insurance liabilities (12)1.91 %2.22 %1.86 %2.02 %2.00 %2.03 %2.01 %
Other annuities
Insurance policy income$1.2 $1.7 $2.4 $1.0 $6.3 $2.1 $1.6 
Net investment income (5)5.5 5.6 5.5 5.6 22.2 5.5 5.6 
Insurance policy benefits(5.1)10.9 (2.4)(2.5)0.9 (5.0)(5.0)
Interest credited(0.5)(0.5)(0.6)(0.5)(2.1)(0.5)(0.7)
Amortization and non-deferred commissions(0.1)(0.2)(0.1)(0.1)(0.5)(0.2)(0.1)
Margin from other annuities$1.0 $17.5 $4.8 $3.5 $26.8 $1.9 $1.4 
Average net insurance liabilities (11)$439.9 $426.4 $414.4 $408.6 $422.3 $402.2 $398.5 
Margin/average net insurance liabilities (12)0.91 %16.42 %4.63 %3.43 %6.35 %1.89 %1.41 %
Total annuity margin$52.0 $76.1 $91.1 $55.0 $274.2 $54.5 $54.8 
Average net insurance liabilities (11)$11,664.2 $11,753.9 $11,882.0 $12,097.9 $11,849.5 $12,087.4 $12,533.6 
Margin/average net insurance liabilities (12)1.78 %2.59 %3.07 %1.82 %2.31 %1.80 %1.75 %
Page 7

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Health margin (4):
Supplemental health
Insurance policy income$179.7 $180.1 $182.0 $183.3 $725.1 $185.1 $185.0 
Net investment income (5)39.0 39.4 39.6 39.7 157.7 39.8 40.5 
Insurance policy benefits(125.8)(127.4)(125.8)(125.2)(504.2)(131.6)(128.7)
Amortization and non-deferred commissions(27.5)(27.0)(27.2)(27.1)(108.8)(27.7)(28.2)
Margin from supplemental health$65.4 $65.1 $68.6 $70.7 $269.8 $65.6 $68.6 
Margin/insurance policy income36 %36 %38 %39 %37 %35 %37 %
Medicare supplement
Insurance policy income$151.7 $155.8 $156.3 $156.7 $620.5 $156.3 $155.9 
Net investment income (5)1.4 1.3 1.3 1.3 5.3 1.2 1.2 
Insurance policy benefits(116.4)(111.5)(121.6)(122.9)(472.4)(120.0)(119.5)
Amortization and non-deferred commissions(10.2)(10.1)(9.7)(9.5)(39.5)(9.4)(9.4)
Margin from Medicare supplement$26.5 $35.5 $26.3 $25.6 $113.9 $28.1 $28.2 
Margin/insurance policy income17 %23 %17 %16 %18 %18 %18 %
Long-term care
Insurance policy income$67.0 $67.7 $68.6 $69.4 $272.7 $70.6 $71.6 
Net investment income (5)33.9 34.4 34.1 34.2 136.6 34.1 34.2 
Insurance policy benefits(66.3)(63.4)(66.7)(66.6)(263.0)(68.7)(65.1)
Amortization and non-deferred commissions(3.5)(3.4)(3.1)(3.2)(13.2)(3.5)(3.5)
Margin from long-term care$31.1 $35.3 $32.9 $33.8 $133.1 $32.5 $37.2 
Margin/insurance policy income46 %52 %48 %49 %49 %46 %52 %
Total health margin$123.0 $135.9 $127.8 $130.1 $516.8 $126.2 $134.0 
Margin/insurance policy income31 %34 %31 %32 %32 %31 %32 %
Page 8

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Life margin (4):
Interest sensitive life
Insurance policy income$46.6 $46.9 $47.0 $47.4 $187.9 $48.1 $48.0 
Net investment income (5) (7)13.2 13.2 13.3 13.5 53.2 13.9 13.9 
Insurance policy benefits(19.9)(18.6)(13.6)(19.7)(71.8)(19.9)(20.7)
Interest credited (7)(12.3)(12.3)(13.2)(13.1)(50.9)(12.9)(13.7)
Amortization and non-deferred commissions(5.1)(5.3)(5.3)(4.8)(20.5)(5.1)(5.6)
Margin from interest sensitive life$22.5 $23.9 $28.2 $23.3 $97.9 $24.1 $21.9 
Average net insurance liabilities (11)$1,056.1 $1,063.0 $1,070.8 $1,078.7 $1,067.2 $1,096.1 $1,106.9 
Interest margin$0.9 $0.9 $0.1 $0.4 $2.3 $1.0 $0.2 
Interest margin/average net insurance liabilities (12)0.34 %0.34 %0.04 %0.15 %0.22 %0.36 %0.07 %
Underwriting margin$21.6 $23.0 $28.1 $22.9 $95.6 $23.1 $21.7 
Underwriting margin/insurance policy income46 %49 %60 %48 %51 %48 %45 %
Traditional life
Insurance policy income$176.1 $181.7 $179.9 $179.1 $716.8 $180.8 $182.4 
Net investment income (5)23.3 23.5 23.5 23.6 93.9 23.7 23.9 
Insurance policy benefits(124.1)(126.0)(129.9)(124.2)(504.2)(118.2)(123.8)
Interest credited(0.2)(0.1)(0.1)(0.2)(0.6)(0.1)(0.1)
Amortization and non-deferred commissions(18.4)(19.0)(19.8)(20.3)(77.5)(20.9)(22.0)
Advertising expense(24.6)(20.9)(18.5)(13.3)(77.3)(21.2)(18.7)
Margin from traditional life$32.1 $39.2 $35.1 $44.7 $151.1 $44.1 $41.7 
Margin/insurance policy income18 %22 %20 %25 %21 %24 %23 %
Margin excluding advertising expense/insurance policy income32 %33 %30 %32 %32 %36 %33 %
Total life margin$54.6 $63.1 $63.3 $68.0 $249.0 $68.2 $63.6 



Page 9

CNO FINANCIAL GROUP, INC.
Collected Premiums and Insurance Policy Income
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Collected premiums:
Annuity products
Fixed indexed annuities$345.5 $388.5 $398.8 $409.9 $1,542.7 $388.0 $470.2 
Fixed interest annuities45.9 49.1 62.9 81.2 239.1 51.7 47.8 
Other annuities1.9 1.5 3.4 2.0 8.8 2.3 2.5 
Total annuity collected premiums393.3 439.1 465.1 493.1 1,790.6 442.0 520.5 
Health products
Supplemental health181.4 179.8 181.3 183.2 725.7 184.8 184.6 
Medicare supplement155.7 152.4 153.1 164.5 625.7 151.1 153.0 
Long-term care67.7 67.9 68.7 71.9 276.2 69.8 71.9 
Total health collected premiums404.8 400.1 403.1 419.6 1,627.6 405.7 409.5 
Life products
Interest-sensitive life60.5 61.3 61.0 61.3 244.1 62.9 63.6 
Traditional life176.8 181.1 180.0 178.5 716.4 181.5 181.9 
Total life collected premiums237.3 242.4 241.0 239.8 960.5 244.4 245.5 
Total collected premiums$1,035.4 $1,081.6 $1,109.2 $1,152.5 $4,378.7 $1,092.1 $1,175.5 
Insurance policy income:
Annuity products
Fixed indexed annuities$6.0 $7.2 $8.7 $6.1 $28.0 $7.2 $6.7 
Fixed interest annuities0.1 0.4 0.1 0.6 1.2 0.5 0.2 
Other annuities1.2 1.7 2.4 1.0 6.3 2.1 1.6 
Total annuity insurance policy income7.3 9.3 11.2 7.7 35.5 9.8 8.5 
Health products
Supplemental health179.7 180.1 182.0 183.3 725.1 185.1 185.0 
Medicare supplement151.7 155.8 156.3 156.7 620.5 156.3 155.9 
Long-term care67.0 67.7 68.6 69.4 272.7 70.6 71.6 
Total health insurance policy income398.4 403.6 406.9 409.4 1,618.3 412.0 412.5 
Life products
Interest-sensitive life 46.6 46.9 47.0 47.4 187.9 48.1 48.0 
Traditional life 176.1 181.7 179.9 179.1 716.8 180.8 182.4 
Total life insurance policy income222.7 228.6 226.9 226.5 904.7 228.9 230.4 
Total insurance policy income$628.4 $641.5 $645.0 $643.6 $2,558.5 $650.7 $651.4 


Page 10

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Consumer Division
Health products:
Supplemental health$18.0 $18.2 $19.1 $23.7 $79.0 $19.5 $22.0 
Medicare supplement9.7 10.3 10.0 16.6 46.6 12.0 12.2 
Long-term care10.6 10.7 11.6 10.2 43.1 10.2 10.1 
Total Consumer Division health NAP38.3 39.2 40.7 50.5 168.7 41.7 44.3 
Life products:
Interest sensitive life4.4 5.0 4.2 4.0 17.6 3.6 5.6 
Traditional life48.8 43.2 38.6 36.5 167.1 46.0 52.0 
Total Consumer Division life NAP53.2 48.2 42.8 40.5 184.7 49.6 57.6 
Total Consumer Division health and life NAP$91.5 $87.4 $83.5 $91.0 $353.4 $91.3 $101.9 
Worksite Division
Health products:
Supplemental health$9.5 $11.4 $11.4 $13.0 $45.3 $10.3 $11.7 
Life products:
Interest sensitive life3.5 4.1 4.5 4.6 16.7 4.1 6.3 
Total Worksite Division health and life NAP$13.0 $15.5 $15.9 $17.6 $62.0 $14.4 $18.0 
Total NAP (both divisions)
Health products:
Supplemental health$27.5 $29.6 $30.5 $36.7 $124.3 $29.8 $33.7 
Medicare supplement9.7 10.3 10.0 16.6 46.6 12.0 12.2 
Long-term care10.6 10.7 11.6 10.2 43.1 10.2 10.1 
Total health NAP47.8 50.6 52.1 63.5 214.0 52.0 56.0 
Life products:
Interest sensitive life 7.9 9.1 8.7 8.6 34.3 7.7 11.9 
Traditional life 48.8 43.2 38.6 36.5 167.1 46.0 52.0 
Total life NAP56.7 52.3 47.3 45.1 201.4 53.7 63.9 
Total NAP$104.5 $102.9 $99.4 $108.6 $415.4 $105.7 $119.9 

Page 11

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Basic
Shares outstanding, beginning of period109,357.5 108,568.6 106,513.6 103,923.0 109,357.5 101,619.0 99,893.9 
Weighted average share activity during the period:
Shares repurchased(618.6)(893.0)(1,483.9)(1,233.7)(3,958.1)(1,106.8)(1,347.6)
Amounts related to employee benefit plans344.5 57.0 76.7 90.4 1,028.3 307.9 26.7 
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans(119.5)(1.9)(4.9)(1.5)(284.1)(77.3)(0.8)
Weighted average basic shares outstanding during the period108,963.9 107,730.7 105,101.5 102,778.2 106,143.6 100,742.8 98,572.2 
Basic shares outstanding, end of period108,568.6 106,513.6 103,923.0 101,619.0 101,619.0 99,893.9 97,319.0 
Diluted
Weighted average basic shares outstanding108,963.9 107,730.7 105,101.5 102,778.2 106,143.6 100,742.8 98,572.2 
Common stock equivalent shares related to:
Employee benefit plans1,881.0 1,527.5 2,029.5 2,452.1 1,972.6 2,327.1 1,814.0 
Weighted average diluted shares outstanding during the period110,844.9 109,258.2 107,131.0 105,230.3 108,116.2 103,069.9 100,386.2 
Diluted shares outstanding, end of period110,036.5 108,140.0 106,141.8 104,052.8 104,052.8 101,796.1 99,221.4 



Page 12

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Fixed indexed annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$9,999.2 $10,112.7 $10,279.1 $10,468.0 $9,999.2 $10,766.3 $10,952.1 
Issuances (funds collected from new business)345.4 388.5 398.7 409.0 1,541.6 383.7 463.0 
Premiums received (premiums collected from inforce business)0.5 0.7 0.1 1.3 2.6 4.0 7.4 
Policy charges(6.5)(7.9)(8.8)(6.5)(29.7)(6.8)(6.9)
Surrenders and withdrawals(232.2)(235.2)(239.1)(221.1)(927.6)(233.3)(221.6)
Benefit payments(74.4)(77.6)(67.5)(54.9)(274.4)(72.7)(74.6)
Interest credited68.9 84.0 91.2 155.7 399.8 96.4 85.0 
Other11.8 13.9 14.3 14.8 54.8 14.5 16.9 
Policyholder account balances, end of period excluding contracts 100% ceded
$10,112.7 $10,279.1 $10,468.0 $10,766.3 $10,766.3 $10,952.1 $11,221.3 
Fixed interest annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$1,636.4 $1,610.6 $1,602.6 $1,612.7 $1,636.4 $1,646.6 $1,640.7 
Issuances (funds collected from new business)45.1 48.5 62.3 80.5 236.4 50.9 47.1 
Premiums received (premiums collected from inforce business)1.0 0.5 1.0 0.4 2.9 0.7 1.0 
Policy charges(0.3)(0.3)(0.4)(0.4)(1.4)(0.4)(0.5)
Surrenders and withdrawals(52.8)(42.4)(39.2)(37.1)(171.5)(41.4)(40.9)
Benefit payments(30.2)(25.8)(25.0)(22.8)(103.8)(28.4)(25.2)
Interest credited11.4 11.6 11.7 13.3 48.0 12.7 12.5 
Other— (0.1)(0.3)— (0.4)— — 
Policyholder account balances, end of period excluding contracts 100% ceded
$1,610.6 $1,602.6 $1,612.7 $1,646.6 $1,646.6 $1,640.7 $1,634.7 
Total annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$11,635.6 $11,723.3 $11,881.7 $12,080.7 $11,635.6 $12,412.9 $12,592.8 
Issuances (funds collected from new business)390.5 437.0 461.0 489.5 1,778.0 434.6 510.1 
Premiums received (premiums collected from inforce business)1.5 1.2 1.1 1.7 5.5 4.7 8.4 
Policy charges(6.8)(8.2)(9.2)(6.9)(31.1)(7.2)(7.4)
Surrenders and withdrawals(285.0)(277.6)(278.3)(258.2)(1,099.1)(274.7)(262.5)
Benefit payments(104.6)(103.4)(92.5)(77.7)(378.2)(101.1)(99.8)
Interest credited80.3 95.6 102.9 169.0 447.8 109.1 97.5 
Other11.8 13.8 14.0 14.8 54.4 14.5 16.9 
Policyholder account balances, end of period excluding contracts 100% ceded
$11,723.3 $11,881.7 $12,080.7 $12,412.9 $12,412.9 $12,592.8 $12,856.0 
Page 13

CNO FINANCIAL GROUP, INC.
Consolidated Statutory Information of U.S. Based Insurance Subsidiaries (13)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025 (a)
Net gain from operations before interest expense and federal income taxes$40.3 $63.3 $58.9 $161.1 $323.6 $29.0 $37.7 
Interest expense on surplus debentures held by parent company17.6 17.5 32.9 16.4 84.4 15.5 15.7 
Net gain from operations before federal income taxes22.7 45.8 26.0 144.7 239.2 13.5 22.0 
Federal income tax expense (benefit)26.7 17.7 17.6 (19.7)42.3 — — 
Net gain (loss) from operations before net realized capital gains (losses)(4.0)28.1 8.4 164.4 196.9 13.5 22.0 
Net realized capital gains (losses)(4.2)7.4 (0.5)(23.0)(20.3)(1.2)(2.6)
Net income (loss)$(8.2)$35.5 $7.9 $141.4 $176.6 $12.3 $19.4 
Capital and surplus$1,487.3 $1,489.5 $1,446.6 $1,458.1 $1,458.1 $1,422.3 $1,417.8 
Asset valuation reserve (AVR)351.8 369.8 393.2 407.1 407.1 428.5 459.3 
Capital, surplus and AVR1,839.1 1,859.3 1,839.8 1,865.2 1,865.2 1,850.8 1,877.1 
Interest maintenance reserve (IMR)362.1 344.0 338.1 334.2 334.2 331.5 315.8 
Total statutory capital, surplus, AVR & IMR$2,201.2 $2,203.3 $2,177.9 $2,199.4 $2,199.4 $2,182.3 $2,192.9 
Risk-based capital ratio391 %394 %388 %383 %383 %379 %378 %
___________
(a)    Such amounts are preliminary as the statutory basis financial statements of our U.S. based insurance subsidiaries for 2Q25 will be filed with the respective insurance regulators on or about August 14, 2025.
Page 14

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Net investment income$469.2 $409.1 $453.9 $416.6 $1,748.8 $311.5 $483.7 
Allocated to product lines:
Annuity(134.5)(140.5)(142.2)(147.8)(565.0)(148.0)(155.3)
Health(74.3)(75.1)(75.0)(75.2)(299.6)(75.1)(75.9)
Life(36.5)(36.7)(36.8)(37.1)(147.1)(37.6)(37.8)
Equity returns credited to policyholder account balances(139.7)(38.9)(67.6)(7.5)(253.7)70.2 (79.5)
Amounts allocated to product lines and credited to policyholder account balances(385.0)(291.2)(321.6)(267.6)(1,265.4)(190.5)(348.5)
Impact of annual option forfeitures related to fixed indexed annuity surrenders6.2 6.0 7.4 6.4 26.0 3.5 1.5 
Amount related to variable interest entities and other non-operating items(12.6)(9.6)(5.3)(6.0)(33.5)(7.2)(7.0)
Interest expense on debt(15.7)(21.8)(27.2)(27.1)(91.8)(27.2)(24.6)
Interest expense on financing arrangements(1.2)(1.2)(1.1)(1.2)(4.7)(1.0)(1.0)
Interest expense on investment borrowings from the Federal Home Loan Bank ("FHLB") program(31.4)(31.4)(31.8)(28.6)(123.2)(26.0)(27.7)
Expenses related to the funding agreement-backed notes ("FABN") program (a)(7.6)(10.9)(20.6)(24.9)(64.0)(27.9)(27.7)
Less amounts credited to deferred compensation plans (offsetting investment income)(9.6)(4.2)(8.2)(2.3)(24.3)2.8 (14.9)
Total adjustments(71.9)(73.1)(86.8)(83.7)(315.5)(83.0)(101.4)
Investment income not allocated to product lines$12.3 $44.8 $45.5 $65.3 $167.9 $38.0 $33.8 

___________
(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)
1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Investment income not allocated:
Excluding variable components:
From general account assets$27.1 $25.0 $28.2 $47.6 $127.9 $27.3 $23.7 
Other investment income3.1 6.8 12.9 13.8 36.6 10.9 6.6 
Spread income:
FHLB program:
Investment income on matched assets41.7 42.4 41.0 36.1 161.2 35.4 36.6 
Interest expense(31.4)(31.4)(31.8)(28.6)(123.2)(26.0)(27.7)
Net spread income on FHLB program10.3 11.0 9.2 7.5 38.0 9.4 8.9 
FABN program:
Investment income on matched assets14.9 19.6 28.6 33.6 96.7 34.3 36.9 
Expenses (b)(7.6)(10.9)(20.6)(24.9)(64.0)(27.9)(27.7)
Net spread income on FABN program7.3 8.7 8.0 8.7 32.7 6.4 9.2 
Interest expense on corporate debt(15.7)(21.8)(27.2)(27.1)(91.8)(27.2)(24.6)
Interest expense on financing arrangements(1.2)(1.2)(1.1)(1.2)(4.7)(1.0)(1.0)
Total excluding variable components 30.9 28.5 30.0 49.3 138.7 25.8 22.8 
Variable components:
Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan:
Change in value of COLI investments3.6 2.9 4.1 0.7 11.3 3.0 2.1 
Increase in liability for agent deferred compensation plan(1.6)(1.6)(1.6)(1.6)(6.4)(1.6)(1.6)
Net COLI income (loss)2.0 1.3 2.5 (0.9)4.9 1.4 0.5 
Other variable components:
Alternative investment income (loss):
Total(24.3)11.9 8.9 17.1 13.6 12.9 11.7 
Allocated to product lines(7.1)(6.4)(6.5)(8.2)(28.2)(6.0)(6.0)
Allocated to FABN program— (0.4)0.6 (0.9)(0.7)— (0.7)
Excess alternative investment income (loss)(31.4)5.1 3.0 8.0 (15.3)6.9 5.0 
Trading account2.1 1.0 1.3 0.5 4.9 1.6 2.0 
Hedge variance related to fixed indexed products0.5 — (0.4)2.1 2.2 (0.5)1.5 
Impact of annual option forfeitures related to fixed indexed annuity surrenders6.2 6.0 7.4 6.4 26.0 3.5 1.5 
Other (a)2.0 2.9 1.7 (0.1)6.5 (0.7)0.5 
Total variable components(18.6)16.3 15.5 16.0 29.2 12.2 11.0 
Total investment income not allocated to product lines $12.3 $44.8 $45.5 $65.3 $167.9 $38.0 $33.8 
___________
(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)
1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities$9,636.3 $9,758.1 $9,899.4 $10,101.6 $9,848.9 $10,085.7 $10,543.4 
Fixed interest annuities1,588.0 1,569.4 1,568.2 1,587.7 1,578.3 1,599.5 1,591.7 
Other annuities439.9 426.4 414.4 408.6 422.3 402.2 398.5 
Total annuity average net insurance liabilities (11)11,664.2 11,753.9 11,882.0 12,097.9 11,849.5 12,087.4 12,533.6 
Health:
Supplemental health3,346.3 3,351.1 3,361.1 3,372.5 3,357.8 3,387.4 3,405.3 
Medicare supplement114.8 111.6 105.8 111.9 111.0 113.1 102.0 
Long-term care2,698.7 2,696.1 2,693.4 2,694.3 2,695.6 2,695.7 2,694.5 
Total health average net insurance liabilities (11)6,159.8 6,158.8 6,160.3 6,178.7 6,164.4 6,196.2 6,201.8 
Life:
Interest sensitive1,056.1 1,063.0 1,070.8 1,078.7 1,067.2 1,096.1 1,106.9 
Traditional1,994.1 1,997.3 2,007.6 2,019.9 2,004.7 2,020.3 2,011.9 
Total life average net insurance liabilities (11)3,050.2 3,060.3 3,078.4 3,098.6 3,071.9 3,116.4 3,118.8 
Total average net insurance liabilities (11)$20,874.2 $20,973.0 $21,120.7 $21,375.2 $21,085.8 $21,400.0 $21,854.2 
Average yield on allocated investments
Annuity:
Fixed indexed annuities4.50 %4.66 %4.68 %4.78 %4.66 %4.79 %4.85 %
Fixed interest annuities5.19 %5.38 %5.31 %5.44 %5.33 %5.40 %5.48 %
Other annuities5.00 %5.25 %5.31 %5.48 %5.26 %5.47 %5.62 %
Average yield on investments allocated to annuities4.61 %4.78 %4.79 %4.89 %4.77 %4.90 %4.95 %
Health:
Supplemental health4.66 %4.70 %4.71 %4.71 %4.70 %4.70 %4.76 %
Medicare supplement4.73 %4.89 %4.91 %4.65 %4.77 %4.24 %4.71 %
Long-term care5.02 %5.10 %5.06 %5.08 %5.07 %5.06 %5.08 %
Average yield on investments allocated to health products4.82 %4.88 %4.87 %4.87 %4.86 %4.85 %4.90 %
Life:
Interest sensitive5.00 %4.97 %4.97 %5.01 %4.99 %5.07 %5.02 %
Traditional4.67 %4.71 %4.68 %4.67 %4.68 %4.69 %4.75 %
Average yield on investments allocated to life products4.79 %4.80 %4.78 %4.79 %4.79 %4.83 %4.85 %
Total average yield4.70 %4.81 %4.81 %4.87 %4.80 %4.87 %4.92 %
Allocated investment income
Annuity:
Fixed indexed annuities$108.4 $113.8 $115.9 $120.6 $458.7 $120.9 $127.8 
Fixed interest annuities20.6 21.1 20.8 21.6 84.1 21.6 21.8 
Other annuities5.5 5.6 5.5 5.6 22.2 5.5 5.6 
Total investment income allocated to annuities134.5 140.5 142.2 147.8 565.0 148.0 155.2 
Health:
Supplemental health39.0 39.4 39.6 39.7 157.7 39.8 40.5 
Medicare supplement1.4 1.3 1.3 1.3 5.3 1.2 1.2 
Long-term care33.9 34.4 34.1 34.2 136.6 34.1 34.2 
Total investment income allocated to health products74.3 75.1 75.0 75.2 299.6 75.1 75.9 
Life:
   Interest sensitive13.2 13.2 13.3 13.5 53.2 13.9 13.9 
Traditional23.3 23.5 23.5 23.6 93.9 23.7 23.9 
Total investment income allocated to life products36.5 36.7 36.8 37.1 147.1 37.6 37.8 
Total allocated investment income$245.3 $252.3 $254.0 $260.1 $1,011.7 $260.7 $268.9 
Page 17

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

1Q2Q3Q4QYTD1Q2Q
2024202420242024202420252025
General account assets investment income$301.9 $351.7 $366.3 $399.5 $1,419.4 $375.1 $378.3 
Policyholder and other special purpose portfolio investment income (loss)167.3 57.4 87.6 17.1 329.4 (63.6)105.4 
Less equity returns credited to policyholders:
Annuity(128.6)(34.9)(62.1)(6.2)(231.8)63.5 (70.4)
Life(11.1)(4.0)(5.5)(1.3)(21.9)6.7 (9.1)
Less amount related to variable interest entities(12.6)(9.6)(5.3)(6.0)(33.5)(7.2)(7.0)
Less amounts credited to deferred compensation plans(9.6)(4.2)(8.2)(2.3)(24.3)2.8 (14.9)
Other special purpose portfolio investment income (loss)5.4 4.7 6.5 1.3 17.9 2.2 4.0 
Adjusted net investment income307.3 356.4 372.8 400.8 1,437.3 377.3 382.3 
Less amounts allocated to product lines
Annuity(134.5)(140.5)(142.2)(147.8)(565.0)(148.0)(155.3)
Health(74.3)(75.1)(75.0)(75.2)(299.6)(75.1)(75.9)
Life(36.5)(36.7)(36.8)(37.1)(147.1)(37.6)(37.8)
Total investment income allocated to product lines(245.3)(252.3)(254.0)(260.1)(1,011.7)(260.7)(269.0)
Impact of annual option forfeitures related to fixed indexed annuity surrenders6.2 6.0 7.4 6.4 26.0 3.5 1.5 
Less interest expense on investment borrowings from FHLB program(31.4)(31.4)(31.8)(28.6)(123.2)(26.0)(27.7)
Less expenses related to FABN program(7.6)(10.9)(20.6)(24.9)(64.0)(27.9)(27.7)
Less interest expense on debt(15.7)(21.8)(27.2)(27.1)(91.8)(27.2)(24.6)
Less interest expense on financing arrangements(1.2)(1.2)(1.1)(1.2)(4.7)(1.0)(1.0)
Investment income not allocated to product lines$12.3 $44.8 $45.5 $65.3 $167.9 $38.0 $33.8 

Other Investment Data

1Q2Q3Q4Q1Q2Q
202420242024202420252025
Average book value of invested assets and cash$27,897.0 $28,577.4 $29,716.2 $30,398.9 $30,755.7 $30,732.5 
Net investment income from general account investments301.9 351.7 366.3 399.5 375.1 378.3 
New money rate (14)6.17 %6.41 %6.50 %6.72 %6.43 %6.42 %
Book yield (15)4.64 %4.73 %4.78 %4.78 %4.81 %4.83 %
Earned yield (16)4.06 %4.71 %4.71 %5.16 %4.71 %4.73 %
Alternative investment income (loss)(24.3)11.9 8.9 17.1 12.9 11.7 

Page 18

CNO FINANCIAL GROUP, INC.
1Q25 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our net operating income for the three months ended March 31, 2025. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
March 31, 2025
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$54.5 $— $54.5 
Health margin126.2 — 126.2 
Life margin68.2 (6.8)(a)61.4 
Total insurance product margin248.9 (6.8)242.1 
Allocated expenses(161.2)— (161.2)
Income from insurance products (5)87.7 (6.8)80.9 
Fee income(0.8)— (0.8)
Investment income not allocated to product lines (9)38.0 — 38.0 
Expenses not allocated to product lines(20.3)— (20.3)
Operating earnings before taxes104.6 (6.8)97.8 
Income tax (expense) benefit on operating income(23.5)1.5 (22.0)
Net operating income (10)$81.1 $(5.3)$75.8 
Net operating income per diluted share$0.79 $(0.05)$0.74 
___________
(a)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves.

4Q24 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

Three months ended
December 31, 2024
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$55.0 $— $55.0 
Health margin130.1 3.9 (a)134.0 
Life margin68.0 — 68.0 
Total insurance product margin253.1 3.9 257.0 
Allocated expenses(146.1)— (146.1)
Income from insurance products (5)107.0 3.9 110.9 
Fee income20.6 — 20.6 
Investment income not allocated to product lines (9)65.3 — 65.3 
Expenses not allocated to product lines(19.0)— (19.0)
Operating earnings before taxes173.9 3.9 177.8 
Income tax (expense) benefit on operating income(35.9)(0.8)(36.7)
Net operating income (10)$138.0 $3.1 $141.1 
Net operating income per diluted share$1.31 $0.03 $1.34 
___________
(a)Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review.


Page 19

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 margin127.8 4.3 
(a)
132.1 
Life margin63.3 0.7 
(a)
64.0 
Total insurance product margin282.2 (31.2)251.0 
Allocated expenses(153.0)(153.0)
Income from insurance products (5)129.2 (31.2)98.0 
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 taxes153.5 (28.3)125.2 
Income tax (expense) benefit on operating income(34.3)6.4 (27.9)
Net operating income (10)$119.2 $(21.9)$97.3 
Net operating income per diluted share$1.11 $(0.19)$0.92 
___________
(a)Comprised of $31.2 million of 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.


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 product 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. See note (8) for definition of income from insurance products.
(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 $128.6 million, $34.9 million, $62.1 million, $6.2 million, $(63.5) million, and $70.4 million in 1Q24, 2Q24, 3Q24, 4Q24, 1Q25, and 2Q25, 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 $11.1 million, $4.0 million, $5.5 million, $1.3 million, $(6.7) million, and $9.1 million in 1Q24, 2Q24, 3Q24, 4Q24, 1Q25, and 2Q25, respectively.
(8)Income from insurance products is the sum of the insurance product 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 an additional 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.
Page 20

(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 amounts allocated to product lines, investments held by our holding companies, the spread we earn from our FHLB 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 investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

(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 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 ("MRBs") 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) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; and (ix) other non-operating items including 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. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. The table above reconciles the non-GAAP measure to the corresponding GAAP measure.

(11)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account values for interest sensitive 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 accounting principles generally accepted in the United States of America.
(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 FHLB and FABN programs and investments purchased by the variable interest entities.
(15)Book yield on fixed maturity investments, excluding investments held in the: (i) FHLB 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 FHLB 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 2Q24 and 2Q25. Second Quarter 2025 Financial and operating results for the period ended June 30, 2025 July 28, 2025

 
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 July 28, 2025, 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 Financial Highlights QUARTER IN REVIEW Business fundamentals remain strong; On track to deliver 2025-2027 ROE targets ▪ Operating EPS1 of $0.87 – Solid underwriting and net investment income (NII) results – New money rate of 6.4%; 10th consecutive quarter above 6% – Operating return on equity1 (ROE) excl. significant items of 11.2% ▪ Capital and liquidity remains above target levels; Continued robust free cash flow generation ▪ Returned $117 million to shareholders in the quarter and $234 million year-to-date ▪ Book value per diluted share excluding AOCI1 was $38.05, up 6% ▪ Distribution model and product portfolio delivering consistent, repeatable results ▪ 12th consecutive quarter of strong sales momentum – Total new annualized premiums (NAP), up 17% – Annuity collected premiums, up 19% – Worksite Division NAP, up 16% – Client assets in brokerage and advisory, up 27% ▪ 10th consecutive quarter of growth in producing agent count (PAC) Records

 
5 GROWTH SCORECARD Growth in all scorecard metrics (dollars in millions) 1 See page 26 for a glossary of terms and definitions. 2 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure. 3 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors. Change 2Q 3Q 4Q FY 1Q 2Q vs 2Q24 New Annualized Premiums 1 $102.9 $99.4 $108.6 $415.4 $105.7 $119.9 16.5% Consumer 87.4 83.5 91.0 353.4 91.3 101.9 16.6% Worksite 15.5 15.9 17.6 62.0 14.4 18.0 16.1% Annuity Collected Premiums $439.1 $465.1 $493.1 $1,790.6 $442.0 $520.5 18.5% Fee Revenue 1 $32.0 $29.3 $78.7 $190.6 $47.4 $33.5 4.7% Policyholder and Client Assets $15,509 $16,012 $16,475 -- $16,591 $17,448 12.5% Annuity Account Values 11,882 12,081 12,413 -- 12,593 12,856 8.2% Client Assets in BD and Advisory 1 3,627 3,931 4,062 -- 3,998 4,592 26.6% Producing Agent Counts (PAC) 1 4,811 4,859 4,952 -- 4,820 4,961 3.1% Consumer 4,422 4,484 4,574 -- 4,424 4,558 3.1% Worksite 389 375 378 -- 396 403 3.6% Average Book Value of Investments & Cash $28,577 $29,716 $30,399 -- $30,756 $30,733 7.5% Average Yield on Allocated Investments 4.81% 4.81% 4.87% 4.80% 4.87% 4.92% 11 bps New Money Rate 6.41% 6.50% 6.72% -- 6.43% 6.42% 1 bps Book Value per Diluted Share x AOCI 2,3 $36.00 $35.84 $37.35 -- $37.27 $38.05 5.7% 2-year CAGR 8.6% 6.0% 8.2% -- 8.2% 8.5% -- 20252024 IN V E S T M E N T S & C A P IT A L P R O D U C T IO N D IS T R IB U T IO N

 
6 CONSUMER DIVISION UPDATE 11th consecutive quarter of sustained growth; Nearly all products up double-digits ▪ PAC up 3%; 10th consecutive quarter of growth – Strong agent productivity and retention – Registered agents up 6% ▪ NAP generated from web/digital channels 30% of total D2C, up 39% ▪ 89% instant decision rate on eligible Simplified Issue Life business, up 12% ▪ Record Annuity collected premiums, up 19% – Average size up 11%; Inforce account value up 8% ▪ Record client assets in brokerage and advisory, up 27% – New accounts up 13%; Average account size up 12% ▪ Life and Health NAP up 17% ▪ Life NAP up 20% – Record direct-to-consumer (D2C) NAP, up 29%; Field agent NAP up 4% ▪ Health NAP up 13% – Supplemental Health NAP up 21%; Medicare Supplement NAP up 18% Operational Highlights Distribution Highlights

 
7 WORKSITE DIVISION UPDATE 13th consecutive quarter of NAP growth; Double-digit growth in 11 of last 13 quarters ▪ Record Life and Health NAP, up 16% – Record Life NAP, up 54% – Hospital Indemnity NAP up 22% – Accident NAP up 16% ▪ NAP from new group clients up 84% ▪ PAC up 4%; 12th consecutive quarter of growth – Recruiting up 34% – Strong productivity ▪ Geographic expansion contributed 25% of NAP growth for 2Q25 ▪ Positive early reception to Optavise Clear Operational Highlights Distribution Highlights

 
8 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Net operating income1 $114.6 $87.5 $172.1 $168.6 Net operating income excluding significant items1 $114.6 $87.5 $172.1 $163.3 Weighted average shares outstanding (in millions) 109.3 100.4 110.0 101.7 Net operating earnings per share1 (dollars in millions, except per share amounts); TTM = trailing twelve months Earnings Results FINANCIAL HIGHLIGHTS ▪ 2Q and YTD 2025 Operating EPS1 in line with expectations with puts and takes — Continued strength in insurance product margin, reflecting growth in the business, rising portfolio yields, and net favorable claims experience across the product set — Yield on alternative investments below long-term run-rate ▪ Continued strong capital position ▪ Robust capital return, $100 million of share repurchases — 8% reduction in weighted average diluted shares outstanding ▪ On track to achieve 2025-2027 target ROE — TTM Operating ROE1 of 11.8%, and 11.2% excluding significant items $1.05 $0.87 $1.57 $1.66 2Q24 2Q25 YTD2024 YTD2025 Excluding significant items $1.61 Solid operating earnings driven by profitable and sustainable growth Highlights

 
9 (dollars in millions) Insurance Product Margin Excluding Significant Items1 1 Excludes the following impacts from the annual actuarial review and the favorable impact of an out-of-period adjustment in 1Q2025. See the Appendix for a reconciliation to the corresponding GAAP measure. 3Q24: Annuity - $36.2 million, Health - ($4.3) million, and Life ($0.7) million 4Q24: Health - ($3.9) million 1Q25: Life - $6.8 million Annuity margin ▪ Fixed Indexed Annuities – favorable prior period MRB reserve change partially offset by growth in the block ▪ Other Annuities – favorable prior period reserve releases on closed block policies Health margin ▪ Supplemental Health – growth in the block ▪ Medicare Supplement – modestly higher claims ▪ LTC – growth in the block Life margin ▪ ISL – higher policy benefits ▪ Traditional Life – lower nondeferrable advertising expense Highlights INSURANCE PRODUCT MARGIN Total margin slightly favorable to run-rate expectations – demonstrating resiliency of diversified product set 2Q24 3Q24 4Q24 1Q25 2Q25 Annuity $76.1 $54.9 $55.0 $54.5 $54.8 Fixed Indexed Annuities $49.9 $42.8 $43.5 $44.5 $45.4 Fixed Interest Annuities $8.7 $7.3 $8.0 $8.1 $8.0 Other Annuities $17.5 $4.8 $3.5 $1.9 $1.4 Health $135.9 $132.1 $134.0 $126.2 $134.0 Supplemental Health $65.1 $68.3 $70.8 $65.6 $68.6 Medicare Supplement $35.5 $31.8 $29.4 $28.1 $28.2 Long-term Care $35.3 $32.0 $33.8 $32.5 $37.2 Life $63.1 $64.0 $68.0 $61.4 $63.6 Interest Sensitive Life $23.9 $24.4 $23.3 $24.1 $21.9 Traditional Life $39.2 $39.6 $44.7 $37.3 $41.7 Total Margin $275.1 $251.0 $257.0 $242.1 $252.4

 
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 4.92% vs. 4.81% in 2Q24 ▪ Average net insurance liabilities 2 up 4% ▪ Alternative investment income flat; Below long-term return expectations ▪ Reduced option forfeitures due to lower Annuity surrenders ▪ Spread compression in FHLB program ▪ Higher interest expense on corporate debt 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 2Q 2024 2Q 2025 $269.0 $252.3 $44.8 $33.8 $- $100.0 $200.0 $300.0 2Q 2024 2Q 2025 $- $100.0 $200.0 $300.0 2Q 2024 2Q 2025 $302.8$297.1 INVESTMENT RESULTS 7th consecutive quarter of growth in net investment income; Continued strong new money rates (dollars in millions) ▪ New money rate of 6.42%, compared to 6.43% in 1Q25 and 6.41% in 2Q24 ▪ Average book value of invested assets up 8%; 12th consecutive quarter of book yield increase ▪ Earned yield of 4.73%, compared to 4.71% in 1Q25 and 4.71% in 2Q24

 
11 1 Fair Value as of 06/30/2025 PORTFOLIO COMPOSITION High quality portfolio built for resilience in volatile market environments Highlights General Approach $29 Billion of Invested Assets1 ▪ High degree of liquidity: over 55% of portfolio in corporate and government bonds ▪ Strong credit risk profile — Capital efficient: 96% 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 ▪ Growth in AUM leverages increased book yield, resulting in higher net investment income IG Corporates, 41.3% Non- Agency RMBS, 5.5% Mortgage Loans, 9.5% HY Corporates, 2.2% CMBS, 7.8% Municipals, 10.1% ABS, 5.5% Govts/Agency, 4.5% CLO, 3.8% Equities, 1.2% Other Invested Assets, 2.5% Alternatives, 2.8% Policy Loans, 0.5% Cash, 2.8%

 
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% ◼ Debt covenant ceiling of 35% ◼ $134 million in debt capacity to top of target leverage range ◼ Target minimum holding company liquidity of $150 million ◼ Liquidity backstopped by $250 million undrawn revolver ◼ Staggered debt maturities in 2029 and 2034 CAPITAL AND LIQUIDITY OVERVIEW Well positioned for wide range of macroeconomic conditions; Capital and liquidity remain above target levels Debt to capital2 excluding $500 million note that matured May 2025 402% 383% 379% 378% 2023 2024 1Q25 2Q25 $256 $372 $250 $187 2023 2024 1Q25 2Q25 23.1% 32.1% 32.7% 26.1% 2023 2024 1Q25 2Q25 26.1% 25.6%

 
13 Earnings Free Cash Flow / Excess Capital 2025 GUIDANCE Guidance excludes significant items ▪ Improve run rate operating ROE by 150 basis points through 2027 (off 2024 run rate of 10%) ▪ ~50 basis points of improvement in 2025 ▪ $3.70 – $3.90 operating EPS ▪ 19.0% – 19.2% expense ratio ▪ ~23% effective tax rate ▪ $200 – $250 million excess cash flow to holding company ▪ 375% consolidated RBC ratio target ▪ $150 million minimum holding company liquidity ▪ 25% – 28% target leverage Reaffirm full-year 2025 and three-year ROE guidance; Narrowed expense ratio range

 
14 4 5 3 2 1 Exclusive focus on underserved middle-income market Significant demographic tailwinds Diverse and integrated "last mile" in-person and virtual model Delivering growth while improving ROE Strong balance sheet and robust free cash flow resilient against market events WHY INVEST IN CNO 6 Track record of execution and delivering on our promises

 
15 Questions and Answers

 
16 ▪ Cash Flow Profile Slide 17 ▪ Broker-Dealer/Registered Investment Advisor Slide 18 ▪ Expense Ratio Slide 19 ▪ Levers To Drive Operating ROE Slide 20 ▪ Financial Results Seasonality Slide 21 ▪ New Money Summary Slide 22 ▪ Commercial Mortgage Loans Slide 23 ▪ Commercial Mortgage-Backed Securities Slide 24 ▪ Long-Term Care Insurance Slide 25 ▪ Glossary of Terms and Definitions Slide 26 ▪ Tax Asset Summary Slide 27 Appendix 1: Quarter in Review

 
17 1 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions (dollars in millions) CASH FLOW PROFILE 2Q24 2Q25 2Q24 2Q25 Holding Company Cash Flows: Net Dividends (Contributions) from/to Subsidiaries 56.3$ 35.7$ 259.1$ 108.2$ Management Fees 28.4 31.2 115.6 123.0 Surplus Debenture Interest 17.5 15.7 84.6 80.5 Earnings on Corporate Investments 4.8 8.6 17.6 47.3 Other 11.2 34.5 (7.7) 11.3 Holding Company Sources of Cash 1 118.2 125.7 469.2 370.3 Holding Company Expenses and Other (12.7) (16.3) (68.0) (69.6) Intercompany Tax Receipts (Payments) 41.6 (3.7) 73.0 20.0 Tax Payments (26.6) (1.3) (63.5) (4.9) Interest Payments (28.3) (50.7) (60.8) (109.9) Excess Cash Flow to Holding Company 1 92.2 53.7 349.9 205.9 Net Proceeds from the Issuance of Notes Payable 691.0 - 691.0 - Notes Payable Repayment - (500.0) - (500.0) Share Repurchases (59.7) (100.2) (219.8) (381.0) Dividend Payments to Stockholders (17.2) (16.7) (68.1) (66.8) Net Change in Holding Company Cash and Investments 706.3 (563.2) 753.0 (741.9) Cash and Investments, Beginning of Period 222.8 750.3 176.1 929.1 Cash and Investments, End of Period 929.1$ 187.1$ 929.1$ 187.1$ Amounts Invested for the Future Repayment of Notes Payable (500.0) - (500.0) - Available Cash and Investments, End of Period 429.1$ 187.1$ 429.1$ 187.1$ Trailing Twelve MonthsFor the Quarter

 
18 Account values up 27% YoY; Registered agent counts up 6% 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. 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. 4 1Q25 Net New Client Asses in Brokerage and Advisory amounts have been revised to correct misstatements identified during the current period. The revision did not have a material impact on the previously reported disclosure. (dollars in millions) BROKER-DEALER/REGISTERED INVESTMENT ADVISOR 2Q 3Q 4Q 1Q 4 2Q Net New Client Assets in Brokerage 55.9$ 36.6$ 60.7$ 61.3$ 62.0$ Brokerage and Advisory 1 Advisory 82.9 91.7 94.2 69.4 140.4 Total 138.8$ 128.3$ 154.9$ 130.7$ 202.4$ Client Assets in Brokerage and Brokerage 1,932.2$ 2,058.5$ 2,119.6$ 2,117.4$ 2,293.3$ Advisory 1 at end of period Advisory 1,694.6 1,872.2 1,942.8 1,880.5 2,298.4 Total 3,626.8$ 3,930.7$ 4,062.4$ 3,997.9$ 4,591.7$ Registered Agent Counts 2,3 Total 718 722 726 739 759 2024 2025

 
19 1 Expense ratio calculation = 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 29-32 for a reconciliation of the significant items. EXPENSE RATIO1 (dollars in millions) 2Q 3Q 4Q 1Q 2Q Allocated & Non Allocated Expenses 172.1$ 171.5$ 165.1$ 181.5$ 174.7$ Allocated & Non Allocated Expenses - YTD 350.5 522.0 687.1 181.5 356.2 Significant Items 2 -$ 2.9$ -$ -$ -$ Significant Items - YTD 2 - 2.9 2.9 - - Allocated & Non Allocated Expenses Excluding Significant Items 172.1$ 168.6$ 165.1$ 181.5$ 174.7$ Allocated & Non Allocated Expenses Excluding Significant Items - YTD 350.5 519.1 684.2 181.5 356.2 Policy Income and Net Investment Income Allocated to Products 893.8$ 899.0$ 903.7$ 911.4$ 920.3$ Policy Income and Net Investment Income Allocated to Products - YTD 1,767.5 2,666.5 3,570.2 911.4 1,831.7 Expense Ratio 19.3% 18.8% 18.3% 19.9% 19.0% Expense Ratio - YTD 19.8% 19.5% 19.2% 19.9% 19.4% Rolling Twelve Months Ratio 19.3% 19.2% 19.2% 19.1% 19.0% 2024 2025

 
20 LEVERS TO DRIVE OPERATING ROE Combination of top and bottom-line actions to improve Operating ROE over the long-term ▪ Accelerating brokerage and advisory growth ▪ Product introductions (both insurance and services) ▪ New business terms, processing and underwriting ▪ Optimize agent count and productivity ▪ Increase synergies between field and D2C ▪ Worksite Division geographic expansion and focus on new group development ▪ Selective new independent distribution partnerships ▪ Optimize capital structure ▪ Optimize reinsurance, including Bermuda captive ▪ Strategic asset allocation and minority investments ▪ Expense discipline ▪ Enhanced customer service capabilities ▪ Technology platform modernization Products Distribution Investments & Capital Operational Efficiencies Operating ROE Improvement This list is a representative sample of initiatives under consideration and is not exhaustive.

 
21 (dollars in millions) FINANCIAL RESULTS SEASONALITY 1Q 2Q 3Q 4Q Medicare Supplement Margin Seasonally highest claims and surrenders Mortality Seasonally highest mortality D2C Advertising Traditionally highest advertising Traditionally lowest advertising Fee Income* ~1/4 income Near breakeven Near breakeven ~3/4 income Expenses Quarterly trend to be similar to 2024 * - Refers to typical seasonality patterns. 1Q25 results did not follow the typical pattern, however, this schedule remains best estimate for future periods unless specified otherwise. For 2025, we now expect the majority of fee income to be reported in the fourth quarter.

 
22 2Q25 General Account New Money Purchases NEW MONEY SUMMARY (dollars in millions) Residential Mortgage Loans 29.9% IG Corp AAA-A 29.9% IG Corp BBB 7.7% Municipals 5.9% ABS 5.5% Alternatives 5.4% CRE Loans 5.1% CMBS 3.8% Rated Notes 2.4% RMBS 1.9% CLO Debt 1.1% EM 1.0% HY Corp 0.4% $ % GAAP YTM Residential Mortgage Loans 276.2 29.9% 6.37% IG Corp AAA-A 276.2 29.9% 6.11% IG Corp BBB 71.5 7.7% 5.85% Municipals 54.1 5.9% 6.01% ABS 50.7 5.5% 5.75% Alternatives 49.8 5.4% 11.63% CRE Loans 47.4 5.1% 5.30% CMBS 35.3 3.8% 5.70% Rated Notes 22.1 2.4% 7.34% RMBS 17.2 1.9% 6.23% CLO Debt 10.6 1.1% 6.01% EM 8.8 1.0% 5.45% HY Corp 3.7 0.4% 8.59% Total 923.7 100.0% 6.42%

 
23 48.9% 26.5% 13.4% 9.6% 1.6% 0.0% >2.00x 1.70x-2.00x 1.40x-1.70x 1.15x-1.40x 1.00x-1.15x <1.00x $3.7 $43.9 $76.7 $117.7 $91.0 2025 2026 2027 2028 2029 41.0% 19.6% 20.8% 8.6% 6.4% 3.6% < 40% 40%-50% 50%-60% 60%-70% 70%-80% >80% Property Type Avg LTV Apartment 38.7% Industrial 33.5% Mixed Use 43.3% Office 45.2% Other 21.7% Retail 34.2% 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 propertiesOur CRE loan portfolio is not significantly exposed to 2025/2026 maturity default risk (dollars in millions) COMMERCIAL MORTGAGE LOANS LTV % o f T o ta l A U M M a tu ri ti e s ( $ m m ) DSCR Apartment $515.8 39% Industrial $360.3 28% Mixed Use $15.2 1% Office $110.6 8% Other $99.0 8% Retail $206.7 16%

 
24 9% 12% 22% 50% <10 10-15 15-30 >30 Source: NAIC Loss Scenario Our CMBS investments have significant structural cushion for collateral losses Our holdings have limited loss content in severe scenariosOur CMBS allocation is tilted toward lower risk property types Our CMBS allocation is highly rated - 91% AAA/AA/A categories (dollars in millions) COMMERCIAL MORTGAGE-BACKED SECURITIES The composition in the 10% credit support bucket: 50% Freddie K, 35% SASB, 15% 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 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% Estimated Life of Portfolio CNO Principal Loss 68% of our CMBS investments are considered ‘no-loss’ in 2025 NAIC scenario testing Bull Change in CRE Values NAIC Scenarios Bear AAA, 68% AA, 13% A, 11% BBB, 4% BIG, 4%

 
25 New sales focused on short duration products ▪ Recent growth due to strong sales in LTC Fundamental product ▪ 99% of new sales for policies with 2 years or less in benefits ▪ Average benefit period of 13 months for policies sold in 2025 Reserve assumptions informed by historical experience ▪ No morbidity improvement ▪ No mortality improvement ▪ Minimal future rate increases Favorable economic profile ▪ Total LTC is just 12% of overall CNO insurance liabilities ▪ Downside risk significantly reduced after 2018 reinsurance transaction ▪ Average maximum benefit at issuance is $165 per day for in-force block Block highlights ▪ Less than 22% of policies have inflation benefits ▪ 2.15% 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 74.7 years Highly differentiated; prudently-managed in-force block LONG-TERM CARE INSURANCE

 
26 GLOSSARY OF TERMS AND DEFINITIONS New Annualized Premiums - 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. Fee Revenue - 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. Client Assets in Broker Dealer (BD) and Advisory - 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. Producing Agent Counts (PAC) - Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month.

 
27 Value of NOLs Details ▪ Remaining non-life NOLs with expiration dates ranging from 2028 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 $170 million @ 10% discount rate ($1.72 on a per diluted share basis) $229 (dollars in millions) $229 million / $2.31 per diluted share value of remaining NOLs TAX ASSET SUMMARY AS OF JUNE 30, 2025 Non-life NOLs with Expiration Dates (2028-2035) $52 2025 Life and Non-Life NOLs with no Expiration Date $177

 
28 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 29 - 44

 
29 (dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 1Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 1Q25 SIGNIFICANT ITEMS Insurance product margin Annuity 54.5$ -$ 54.5$ Health 126.2 - 126.2 Life 68.2 (6.8) (a) 61.4 Total insurance product margin 248.9 (6.8) 242.1 Allocated expenses (161.2) - (161.2) Income from insurance products 87.7 (6.8) 80.9 Fee income (0.8) - (0.8) Investment income not allocated to product lines 38.0 - 38.0 Expenses not allocated to product lines (20.3) - (20.3) Operating earnings before taxes 104.6 (6.8) 97.8 Income tax (expense) benefit on operating (23.5) 1.5 (22.0) Net operating income (b) 81.1$ (5.3)$ 75.8$ Net operating income per diluted share (b) 0.79$ (0.05)$ 0.74$ Three months ended March 31, 2025 Actual results Significant items Excluding significant items (a) Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves. (b) A non-GAAP measure. See pages 35 and 36 for a reconciliation to the corresponding GAAP measure.

 
30 2024 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 2024 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 amounts) (a) Comprised of $27.3 million of the net favorable impact arising from our comprehensive annual actuarial review. (b) Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment. (c) A non-GAAP measure. See pages 35 and 36 for a reconciliation to the corresponding GAAP measure. Actual Results Significant Items Excluding significant items Insurance product margin Annuity 274.2$ (36.2)$ (a) 238.0$ Health 516.8 8.2 (a) 525.0 Life 249.0 0.7 (a) 249.7 Total insurance product margin 1,040.0 (27.3) 1,012.7 Allocated expenses (615.3) - (615.3) Income from insurance products 424.7 (27.3) 397.4 Fee income 30.0 - 30.0 Investment income not allocated to product lines 167.9 - 167.9 Expenses not allocated to product lines (71.8) 2.9 (b) (68.9) Operating earnings before taxes 550.8 (24.4) 526.4 Income tax (expense) benefit on operating (121.5) 5.6 (115.9) Net operating income (c) 429.3$ (18.8)$ 410.5$ Net operating income per diluted share (c) 3.97$ (0.17)$ 3.80$ December 31, 2024 Year ended

 
31 (dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 4Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q24 SIGNIFICANT ITEMS Insurance product margin Annuity 55.0$ -$ 55.0$ Health 130.1 3.9 (a) 134.0 Life 68.0 - 68.0 Total insurance product margin 253.1 3.9 257.0 Allocated expenses (146.1) - (146.1) Income from insurance products 107.0 3.9 110.9 Fee income 20.6 - 20.6 Investment income not allocated to product lines 65.3 - 65.3 Expenses not allocated to product lines (19.0) - (19.0) Operating earnings before taxes 173.9 3.9 177.8 Income tax (expense) benefit on operating (35.9) (0.8) (36.7) Net operating income (b) 138.0$ 3.1$ 141.1$ Net operating income per diluted share (b) 1.31$ 0.03$ 1.34$ Three months ended December 31, 2024 Actual results Significant items Excluding significant items (a) Comprised of $3.9 millions of the unfavorable impact arising from our comprehensive annual actuarial review. (b) A non-GAAP measure. See pages 35 and 36 for a reconciliation to the corresponding GAAP measure.

 
32 (dollars in millions, except per-share amounts) (a) Impacts arising from our comprehensive annual actuarial review. (b) Unfavorable impact related to a fixed asset impairment. (c) A non-GAAP measure. See pages 35 and 36 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)$ (a) 54.9$ Health 127.8 4.3 (a) 132.1 Life 63.3 0.7 (a) 64.0 Total insurance product margin 282.2 (31.2) 251.0 Allocated expenses (153.0) - (153.0) Income from insurance products 129.2 (31.2) 98.0 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 (28.3) 125.2 Income tax (expense) benefit on operating (34.3) 6.4 (27.9) Net operating income (d) 119.2$ (21.9)$ 97.3$ Net operating income per diluted share (d) 1.11$ (0.19)$ 0.92$ Three months ended September 30, 2024 Actual results Significant items Excluding significant items

 
33 (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 ("MRBs") 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) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; and (ix) other nonoperating items including 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. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the above table. QUARTERLY EARNINGS 2Q24 3Q24 4Q24 1Q25 2Q25 Insurance product margin Annuity 76.1$ 91.1$ 55.0$ 54.5$ 54.8$ Health 135.9 127.8 130.1 126.2 134.0 Life 63.1 63.3 68.0 68.2 63.6 Total insurance product margin 275.1 282.2 253.1 248.9 252.4 Allocated expenses (154.6) (153.0) (146.1) (161.2) (149.4) Income from insurance products 120.5 129.2 107.0 87.7 103.0 Fee income 0.8 (2.7) 20.6 (0.8) 0.8 Investment income not allocated to product lines 44.8 45.5 65.3 38.0 33.8 Expenses not allocated to product lines (17.5) (18.5) (19.0) (20.3) (25.3) Operating earnings before taxes 148.6 153.5 173.9 104.6 112.3 Income tax expense on operating income (34.0) (34.3) (35.9) (23.5) (24.8) Net operating income* 114.6 119.2 138.0 81.1 87.5 Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (21.9) (11.1) (35.1) (13.2) (21.8) Net change in market value of investments recognized in earnings 4.7 12.3 (6.6) 6.4 3.4 Changes in fair value of embedded derivative liabilities and market risk benefits 1 16.8 (127.1) 92.6 (69.6) 25.2 Fair value changes related to agent deferred compensation plan 3.5 (3.5) 6.6 - - Other (1.1) (13.1) 0.7 (0.4) (1.1) Non-operating income (loss) before taxes 1 2.0 (142.5) 58.2 (76.8) 5.7 Income tax (expense) benefit on non-operating income (loss) 1 (0.3) 32.6 (13.3) 17.2 (1.4) Net non-operating income (loss) 1 1.7 (109.9) 44.9 (59.6) 4.3 Net income 1 116.3$ 9.3$ 182.9$ 21.5$ 91.8$ 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
34 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 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 ("MRBs") 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) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; and (ix) other nonoperating items including 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. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES

 
35 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) 2Q24 3Q24 4Q24 1Q25 2Q25 Net income applicable to common stock 1 116.3$ 9.3$ 182.9$ 21.5$ 91.8$ Non-operating items: Net realized investment (gains) losses from sales and impairments 21.9 11.1 35.1 13.2 21.8 Net change in market value of investments recognized in earnings (4.7) (12.3) 6.6 (6.4) (3.4) Changes in fair value of embedded derivative liabilities and market risk benefits 1 (16.8) 127.1 (92.6) 69.6 (25.2) Fair value changes related to the agent deferred compensation plan (3.5) 3.5 (6.6) - - Other 1.1 13.1 (0.7) 0.4 1.1 Non-operating (income) loss before taxes 1 (2.0) 142.5 (58.2) 76.8 (5.7) Income tax expense (benefit) on non-operating income 1 0.3 (32.6) 13.3 (17.2) 1.4 Net non-operating (income) loss 1 (1.7) 109.9 (44.9) 59.6 (4.3) Net operating income (a non-GAAP financial measure) 114.6$ 119.2$ 138.0$ 81.1$ 87.5$ Per diluted share: Net income 1 1.06$ 0.09$ 1.74$ 0.21$ 0.91$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.15 0.08 0.26 0.10 0.17 Net change in market value of investments recognized in earnings (net of taxes) (0.03) (0.09) 0.04 (0.05) (0.03) Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) 1 (0.12) 0.91 (0.68) 0.52 (0.19) Fair value changes related to the agent deferred compensation plan (net of taxes) (0.02) 0.03 (0.05) - - Other 0.01 0.09 - 0.01 0.01 Net operating income (a non-GAAP financial measure) 1.05$ 1.11$ 1.31$ 0.79$ 0.87$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
36 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) 2Q24 3Q24 4Q24 1Q25 2Q25 Operating income 114.6$ 119.2$ 138.0$ 81.1$ 87.5$ Weighted average shares outstanding for basic earnings per share 107,731 105,102 102,778 100,743 98,572 Effect of dilutive securities on weighted average shares: Employee benefit plans 1,527 2,029 2,452 2,327 1,814 Weighted average shares outstanding for diluted earnings per share 109,258 107,131 105,230 103,070 100,386 Net operating income per diluted share 1.05$ 1.11$ 1.31$ 0.79$ 0.87$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES

 
37 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) 2Q24 3Q24 4Q24 1Q25 2Q25 Total shareholders' equity 1 2,428.9$ 2,687.8$ 2,515.2$ 2,555.1$ 2,522.7$ Shares outstanding for the period 106,513,566 103,922,954 101,618,957 99,893,923 97,319,000 Book value per share 1 22.80$ 25.86$ 24.75$ 25.58$ 25.92$ Total shareholders' equity 1 2,428.9$ 2,687.8$ 2,515.2$ 2,555.1$ 2,522.7$ Accumulated other comprehensive loss (1,464.3) (1,116.0) (1,371.4) (1,239.1) (1,252.7) Adjusted shareholders' equity excluding AOCI 3,893.2$ 3,803.8$ 3,886.6$ 3,794.2$ 3,775.4$ Shares outstanding for the period 106,513,566 103,922,954 101,618,957 99,893,923 97,319,000 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 1,626,443 2,218,846 2,433,836 1,902,208 1,902,445 Diluted shares outstanding 108,140,009 106,141,800 104,052,793 101,796,131 99,221,445 Book value per diluted share (a non-GAAP measure) 1 36.00$ 35.84$ 37.35$ 37.27$ 38.05$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
38 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 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 ("MRBs") 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) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; and (ix) other nonoperating items including 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. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. 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

 
39 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) Trailing four quarters average equity is calculated using the following formula (P = Period) – ((P1+P2) /2 +(P2+P3) /2 +(P3+P4) /2 + (P4+P5) /2) /4 [e.g. – the formula for calculating 4Q25 average equity would be the following – ((4Q24+1Q25) /2 +(1Q25+2Q25) /2 +(2Q25+3Q25) /2 + (3Q25+4Q25) /2) /4 ] 2Q24 3Q24 4Q24 1Q25 2Q25 Operating income 407.3$ 425.2$ 429.3$ 452.9$ 425.8$ Operating income, excluding significant items 364.0$ 376.9$ 410.5$ 428.8$ 401.7$ Net income 1 432.2$ 274.2$ 420.8$ 330.0$ 305.5$ Average common equity, excluding accumulated other 1 comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,648.4$ 3,620.8$ 3,606.2$ 3,613.6$ 3,597.3$ Average common shareholders' equity 1 2,171.4$ 2,325.3$ 2,462.5$ 2,523.3$ 2,558.5$ Operating return on equity, excluding accumulated other 1 comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.2% 11.7% 11.9% 12.5% 11.8% Operating return on equity, excluding significant items, accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 1 10.0% 10.4% 11.4% 11.9% 11.2% Return on equity 1 19.9% 11.8% 17.1% 13.1% 11.9% Twelve Months Ended INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
40 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) Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income (loss) 1 Net income - trailing four quarters 1 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 (21.9) 97.3 376.9 9.3 274.2 4Q24 138.0 3.1 141.1 410.5 182.9 420.8 1Q25 81.1 (5.3) 75.8 428.8 21.5 330.0 2Q25 87.5 - 87.5 401.7 91.8 305.5 INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
41 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) 2Q24 3Q24 4Q24 1Q25 2Q25 Pre-tax operating earnings (a non-GAAP financial measure) 525.3$ 549.0$ 550.8$ 580.6$ 544.3$ Income tax expense (118.0) (123.8) (121.5) (127.7) (118.5) Operating return 407.3 425.2 429.3 452.9 425.8 Non-operating items: Net realized investment losses from sales and impairments (45.2) (36.2) (72.7) (81.3) (81.2) Net change in market value of investments recognized in earnings 16.7 38.2 22.8 16.8 15.5 Changes in fair value of embedded derivative liabilities and market risk benefits 1 65.6 (170.9) 46.3 (87.3) (78.9) Fair value changes and amendment related to the agent deferred compensation plan - (10.3) 6.6 6.6 3.1 Other (3.9) (15.9) (13.9) (13.9) (13.9) Non-operating income (loss) before taxes 1 33.2 (195.1) (10.9) (159.1) (155.4) Income tax (expense) benefit on non-operating income (loss) 1 (8.3) 44.1 2.4 36.2 35.1 Net non-operating income (loss) 1 24.9 (151.0) (8.5) (122.9) (120.3) Net income 1 432.2$ 274.2$ 420.8$ 330.0$ 305.5$ Twelve Months Ended INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
42 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) 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 4Q24 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 1 3,536.8$ 3,596.7$ 3,529.9$ 3,810.0$ Net operating loss carryforwards 311.2 296.5 273.9 76.6 Accumulated other comprehensive loss (1,480.3) (1,464.3) (1,116.0) (1,371.4) Common shareholders' equity 1 2,367.7$ 2,428.9$ 2,687.8$ 2,515.2$ 1Q25 2Q25 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 1 3,498.9$ 3,504.3$ Net operating loss carryforwards 295.3 271.1 Accumulated other comprehensive loss (1,239.1) (1,252.7) Common shareholders' equity 1 2,555.1$ 2,522.7$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
43 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) 2Q24 3Q24 4Q24 1Q25 2Q25 Consolidated capital, excluding accumulated other 1 comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,648.4$ 3,620.8$ 3,606.2$ 3,613.6$ 3,597.3$ Net operating loss carryforwards 176.2 218.9 240.0 237.6 232.4 Accumulated other comprehensive loss (1,653.2) (1,514.4) (1,383.7) (1,327.9) (1,271.2) Common shareholders' equity 1 2,171.4$ 2,325.3$ 2,462.5$ 2,523.3$ 2,558.5$ Trailing Four Quarter Average INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.

 
44 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) 2023 2024 1Q25 2Q25 Corporate notes payable 1,140.5$ 1,833.5$ 1,834.2$ 1,334.7$ Total shareholders' equity 1 2,215.6 2,515.2 2,555.1 2,522.7 Total capital 1 3,356.1$ 4,348.7$ 4,389.3$ 3,857.4$ Corporate debt to capital 1 34.0% 42.2% 41.8% 34.6% Corporate notes payable 1,140.5$ 1,833.5$ 1,834.2$ 1,334.7$ Total shareholders' equity 1 2,215.6 2,515.2 2,555.1 2,522.7 Less accumulated other comprehensive (income) loss 1,576.8 1,371.4 1,239.1 1,252.7 Total capital 1 4,932.9$ 5,720.1$ 5,628.4$ 5,110.1$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 1 23.1% 32.1% 32.6% 26.1% Corporate notes payable $1,833.5 $1,834.2 (499.5) (499.8) Adjusted corporate notes payable $1,334.0 $1,334.4 Total shareholders' equity 1 $2,515.2 $2,555.1 Less accumulated other comprehensive loss 1,371.4 1,239.1 Loss on assumed extinguishment of debt (0.4) (0.2) Adjusted shareholders' equity 1 $3,886.2 $3,794.0 Adjusted total capital 1 $5,220.2 $5,128.4 Debt to total capital ratio, excluding AOCI, as adjusted for the assumed repayment of the 2025 Notes (a non-GAAP financial measure) 1 25.6% 26.0% Assumed repayment of 2025 notes, net of unamortized debt issuance costs INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1 The prior period columns have been revised to conform to current period's presentation for the correction of immaterial errors.