cno-20221031
0001224608falsetrue00012246082022-10-312022-10-310001224608us-gaap:CommonStockMember2022-10-312022-10-310001224608cno:RightsToPurchaseSeriesEJuniorParticipatingPreferredStockMember2022-10-312022-10-310001224608cno:A5125SubordinatedDebenturesDue2060Member2022-10-312022-10-31


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

FORM 8-K

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

Date of Report (Date of earliest event reported): October 31, 2022

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

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

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

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

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

Emerging growth company ☐

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



Item 2.02.Results of Operations and Financial Condition.

On October 31, 2022, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended September 30, 2022, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference; (ii) the Quarterly Financial Supplement for September 30, 2022, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference; and (iii) additional financial information related to its financial and operating results for the quarter ended September 30, 2022, 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).





2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CNO Financial Group, Inc.
Date: October 31, 2022
By:/s/ John R. Kline
John R. Kline
Senior Vice President and
Chief Accounting Officer




3

Exhibit 99.1

cnologopra.jpg                            News

For Immediate Release

CNO Financial Group Reports Third Quarter 2022 Results
Solid third quarter results with earnings per share up 18%, continued strong sales momentum


Carmel, Ind., October 31, 2022 - CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ended September 30, 2022, net income was $105.0 million, or $0.91 per diluted share, compared to $99.8 million, or $0.77 per diluted share, in 3Q21. Net operating income (1) in 3Q22 was $56.9 million, or $0.49 per diluted share, compared to $92.8 million, or $0.72 per diluted share, in 3Q21.
"CNO again delivered solid earnings in a challenging macroeconomic environment," said Gary C. Bhojwani, chief executive officer. "Continued strong production in our annuities, direct-to-consumer and worksite businesses resulted in gains in total new annualized premiums for the quarter. Increases in our capital ratios and the consistent strength of our balance sheet underscore our disciplined capital management. While economic uncertainty is likely to persist, the resiliency of our diverse business model positions us well to continue to capitalize on the growing needs of our market and to deliver sustainable long-term value to our shareholders."
Third Quarter 2022 Highlights
•Earnings per diluted share of $0.91 in 3Q22, up from $0.77 in 3Q21
•Operating (1) EPS of $0.49 in 3Q22, compared to $0.72 in 3Q21
•Pre-tax operating earnings of $74.3 million in 3Q22, compared to $119.3 million in 3Q21, reflecting: (i) lower variable investment income returns; (ii) unfavorable impacts to the fixed index annuity margin from market volatility; and (iii) higher expenses related to continued investment in growth initiatives
•Total new annualized premiums (NAP) (4) up 3% from 3Q21
•Direct-to-consumer life insurance NAP (4) up 4% from 3Q21
•Worksite Division NAP (4) up 33% from 3Q21
•Annuity collected premiums up 11% from 3Q21
•Returned $26.1 million to shareholders in the form of share repurchases ($10.0 million) and dividends ($16.1 million); reduced weighted average share count by 10% since 3Q21
•Estimated consolidated risk-based capital ratio of 375% at September 30, 2022
•Return on equity (ROE) of 13.0%; operating ROE, as adjusted (6), of 10.2%
•Book value per share was $11.35; book value per diluted share, excluding accumulated other comprehensive loss (2), was $29.87



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

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

Per diluted share
Quarter endedQuarter ended
September 30,September 30,
20222021% change20222021% change
Income from insurance products (b)
$0.49 $0.64 (23)$56.8 $83.1 (32)
Fee income0.01 0.02 (50)1.4 2.6 (46)
Investment income not allocated to product lines (c)
0.28 0.40 (30)32.2 50.9 (37)
Expenses not allocated to product lines (d)
(0.14)(0.13)8 (16.1)(17.3)(7)
Operating earnings before taxes0.64 0.93 74.3 119.3 
Income tax expense on operating income(0.15)(0.21)(29)(17.4)(26.5)(34)
Net operating income (1)0.49 0.72 (32)56.9 92.8 (39)
Net realized investment gains (losses) from sales and change in allowance for credit losses (net of related amortization)— 0.02 (0.1)2.2 
Net change in market value of investments recognized in earnings(0.15)(0.04)(17.0)(4.6)
Fair value changes in embedded derivative liabilities (net of related amortization)0.57 0.09 66.0 10.9 
Other0.12 — 14.0 0.2 
Non-operating income before taxes0.54 0.07 62.9 8.7 
Income tax expense on non-operating income(0.12)(0.02)(14.8)(1.7)
Net non-operating income0.42 0.05 48.1 7.0 
Net income$0.91 $0.77 $105.0 $99.8 
Weighted average diluted shares outstanding115.9 129.0 

(a)    GAAP is defined as accounting principles generally accepted in the United States of America.
(b)    Income from insurance products is the sum of the insurance margins of the annuity, health and life segments, less allocated insurance administrative expenses. It excludes the fee income segment, investment income not allocated to product lines, expenses not allocated to product lines and income taxes. Insurance margin is management’s measure of the profitability of its annuity, health and life segments’ performance and consists of premiums 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 is defined as net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable and investment borrowings; (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.

2

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

Shareholders’ equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations. In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid. Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.
______________________________________________________________________________________________________
Quarter ended
September 30,
20222021
Trailing twelve months return on equity (a)
13.0 %8.4 %
Trailing twelve months operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (6)10.2 %11.5 %
Trailing twelve months operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (6)9.0 %11.6 %
Shareholders’ equity$1,297.9 $5,232.9 
Accumulated other comprehensive (income) loss2,165.7 (1,929.7)
Shareholders’ equity, excluding accumulated other comprehensive income (loss)3,463.6 3,303.2 
Net operating loss carryforwards(190.9)(266.9)
Shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards$3,272.7 $3,036.3 
Book value per diluted share$11.19 $41.23 
Accumulated other comprehensive (income) loss18.68 (15.20)
Book value per diluted share, excluding accumulated other comprehensive income (loss) (a non-GAAP financial measure) (2)$29.87 $26.03 

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

3

INSURANCE OPERATIONS


Annuity products accounted for 19 percent of the Company’s margin for the quarter.

Annuity premiums collected increased 11 percent and annuity account values increased 7 percent in 3Q22 compared to 3Q21.

Health products accounted for 60 percent of the Company’s insurance margin for the quarter and 65 percent of insurance policy income.

Life products accounted for 21 percent of the Company’s insurance margin for the quarter and 34 percent of insurance policy income.

Sales of health products were up 8 percent and sales of life products were down slightly in 3Q22 compared to 3Q21.

ANNUITY COLLECTED PREMIUMS
(Dollars in millions)
(Unaudited)
Quarter ended September 30,
20222021% change
Annuity collected premiums$370.0 $333.3 11 


INSURANCE POLICY INCOME
(Dollars in millions)
(Unaudited)
Quarter ended September 30,
20222021% change
Annuity$6.3 $5.8 9 
Health403.5 414.4 (3)
Life213.4 210.4 1 
Total insurance policy income$623.2 $630.6 (1)


SALES MEASURED AS NEW ANNUALIZED PREMIUMS FOR
LIFE AND HEALTH PRODUCTS
(Dollars in millions)
(Unaudited)
Quarter ended September 30,
20222021% change
Health$42.2 $39.2 8 
Life45.1 45.4 (1)
Total new annualized premiums (4)$87.3 $84.6 3 


4

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


Insurance margin is management’s measure of profitability of its annuity, health and life segments’ performance and consists of premiums plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life segments, less allocated insurance administrative expenses. It excludes the fee income segment, investment income not allocated to product lines, expenses not allocated to product lines and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of our operations. Insurance income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Financial Summary section above.
Quarter ended
September 30,
2022		% of insurance policy incomeSeptember 30,
2021		% of insurance policy income% change
Margin
Annuity interest margin$39.8 $52.5 (24)
Life insurance interest margin1.0 1.7 (41)
Total interest-sensitive margin40.8 54.2 (25)
Insurance margin
Health124.1 31 117.9 28 5 
Life (a)42.4 20 51.5 24 (18)
Total other insurance margin166.5 27 169.4 27 (2)
Total insurance margin207.3 223.6 
Allocated expenses(150.5)(140.5)
Income from insurance products$56.8 $83.1 
Per diluted share$0.49 $0.64 
Weighted average diluted shares115.9 129.0 


(a)    Net of $22.1 million and $19.7 million of non-deferred television advertising expense related to our direct distribution channel in the 2022 and 2021 periods, respectively.
    

Total allocated expenses were $150.5 million, up 7 percent from the year-ago quarter.

Total insurance margins were favorably impacted by approximately $22 million and $23 million in the quarters ended September 30, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.




5

ANNUITY RESULTS BY PRODUCT TYPE
(Dollars in millions)
(Unaudited)
Annuity margin
Quarter ended
September 30,
20222021
Fixed index annuities$29.3 $42.4 
Fixed interest annuities7.8 8.6 
Other annuities2.7 1.5 
Total$39.8 $52.5 

Annuity collected premiums
Quarter ended
September 30,
20222021
Annuity collected premiums$370.0 $333.3 

Average net insurance liabilities (5)
Quarter ended
September 30,
20222021
Fixed index annuities$8,555.6 $7,881.9 
Fixed interest annuities1,677.4 1,856.3 
Other annuities476.3 501.6 
Total$10,709.3 $10,239.8 

Margin/average net insurance liabilities (a)
Quarter ended
September 30,
20222021
Fixed index annuities1.37 %2.15 %
Fixed interest annuities1.86 %1.85 %
Other annuities2.27 %1.20 %
Total1.49 %2.05 %

(a)    Defined as annualized quarterly annuity margin divided by average net insurance liabilities (5).

Total annuity margins were favorably impacted by approximately $1 million and $1 million in the quarters ended September 30, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.
6

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

Health margin
Quarter ended
September 30,
20222021
Amount% of insurance policy incomeAmount% of insurance policy income% change
Supplemental health and other health$63.3 36 $50.9 30 24 
Medicare supplement38.2 23 37.3 21 2 
Long-term care22.6 23 29.7 45 (24)
Total$124.1 31 $117.9 28 5 


Health insurance policy income
Quarter ended
September 30,
20222021% change
Supplemental health and other health$173.5 $171.2 1 
Medicare supplement163.6 177.4 (8)
Long-term care66.4 65.8 1 
Total$403.5 $414.4 (3)

Health NAP (4)
Quarter ended
September 30,
20222021% change
Supplemental health and other health$28.2 $22.4 26 
Medicare supplement8.0 8.0 — 
Long-term care6.0 8.8 (32)
Total$42.2 $39.2 8 

Total health margins were favorably impacted by approximately $26 million and $25 million in the quarters ended September 30, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.
7

LIFE INSURANCE RESULTS BY PRODUCT TYPE
(Dollars in millions)
(Unaudited)
Life margin
Quarter ended
September 30,
20222021
Amount% of insurance policy incomeAmount% of insurance policy income% change
Life insurance interest margin$1.0 $1.7 (41)
Life insurance margin:
Traditional life27.1 16 33.2 20 (18)
Interest sensitive life15.3 35 18.3 43 (16)
Subtotal42.4 20 51.5 24 (18)
Total margin$43.4 $53.2 (18)

Life insurance policy income
Quarter ended
September 30,
20222021% change
Traditional life$169.9 $168.1 1 
Interest sensitive life43.5 42.3 3 
Total$213.4 $210.4 1 

Life NAP (4)
Quarter ended
September 30,
20222021% change
Traditional life$38.2 $38.2 — 
Interest sensitive life6.9 7.2 (4)
Total$45.1 $45.4 (1)

Average net insurance liabilities (5) and interest margin
Quarter ended
September 30,
20222021% change
Interest sensitive life products$1,025.0 $983.8 4 
Interest margin/average net insurance liabilities (5)0.39 %0.69 %(43)



Total life margins were unfavorably impacted by approximately $5 million and $3 million in the quarters ended September 30, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.



8

QUARTERLY AVERAGE EXCLUSIVE PRODUCING AGENTS

Average Exclusive Producing Agent Count
Quarter ended
September 30,%
20222021change
Consumer
Field agents (a) (c)3,913 4,168 (6)
Tele-sales agents184 235 (22)
Total agents4,097 4,403 (7)
Registered agents (b) (c)688 646 7 
Worksite (a) (c)
258 229 13 
____________________
(a) Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month.
(b) Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell
securities for clients, and/or investment advisors who can provide ongoing investment advice for clients.
(c) Agent counts represent the average of the last 3 months.


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

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

Quarter ended September 30,
20222021% change
Net investment income$268.1 $308.2 (13)
Allocated to product lines:
Annuity(117.3)(115.5)2 
Health(71.9)(72.2)— 
Life(36.6)(36.4)1 
Equity returns credited to policyholder account balances34.9 (7.2)(585)
Amounts allocated to product lines and credited to policyholder account balances(190.9)(231.3)(17)
Amount related to variable interest entities and other non-operating items(13.6)(7.1)92 
Interest expense on corporate debt(15.6)(15.6)— 
Interest expense on investment borrowings from the Federal Home Loan Bank program(10.3)(2.3)348 
Expenses related to FABN program(7.5)— n/m
Less amounts credited to deferred compensation plans (offsetting investment income)2.0 (1.0)(300)
Total adjustments(45.0)(26.0)
Investment income not allocated to product lines$32.2 $50.9 (37)
Per diluted share$0.28 $0.40 


9

INVESTMENT PORTFOLIO
(Dollars in millions)

The composition of the investment portfolio at September 30, 2022 is as follows:
$% of total
Fixed maturities, available for sale, at fair value$20,301.1 84 
Equity securities at fair value135.8 1 
Mortgage loans1,227.3 5 
Policy loans120.2 — 
Trading securities223.3 1 
Investments held by variable interest entities1,099.2 5 
Other invested assets1,028.6 4 
Total investment portfolio$24,135.5 100 

Fixed maturities, available for sale, at amortized cost by asset class as of September 30, 2022 are as follows:
Investment gradeBelow investment gradeTotal
Corporate securities$13,242.8 $699.4 $13,942.2 
United States Treasury securities and obligations of the United States government and agencies169.5 — 169.5 
States and political subdivisions2,807.2 11.6 2,818.8 
Foreign governments84.5 — 84.5 
Asset-backed securities1,266.5 135.5 1,402.0 
Agency residential mortgage-backed securities39.0 — 39.0 
Non-agency residential mortgage-backed securities1,168.2 587.3 (a)1,755.5 
Collateralized loan obligations778.3 — 778.3 
Commercial mortgage-backed securities2,368.6 84.1 2,452.7 
Total$21,924.6 $1,517.9 $23,442.5 

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

The fair value of CNO’s available for sale fixed maturity portfolio was $20.3 billion compared with an amortized cost of $23.4 billion. Net unrealized losses were comprised of gross unrealized gains of $94.0 million and gross unrealized losses of $3,183.4 million. The allowance for credit losses was $52.0 million at September 30, 2022.

At amortized cost and fair value, 94 percent and 93 percent of fixed maturities, available for sale, were rated “investment grade”, respectively.



10

Non-Operating Items
Net investment losses in 3Q22 were $.1 million (net of related amortization) including the favorable change in the allowance for credit losses of $7.5 million which was recorded in earnings. Net investment gains in 3Q21 were $2.2 million (net of related amortization) including the unfavorable change in the allowance for credit losses of $1.4 million which was recorded in earnings.

During 3Q22 and 3Q21, we recognized a decrease in earnings of $17.0 million and $4.6 million, respectively, due to the net change in market value of investments recognized in earnings.

During 3Q22 and 3Q21, we recognized an increase in earnings of $66.0 million and $10.9 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities related to our fixed index annuities, net of related amortization. Such amounts include the impacts of changes in market interest rates used to determine the derivative's estimated fair value.

In 3Q22, other non-operating items included an increase in earnings of $12.0 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.

Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 375% at September 30, 2022, reflecting estimated 3Q22 statutory operating income of $65 million (and $189 million in the first nine months of 2022) and the payment of insurance company dividends to the holding company of $11.0 million during 3Q22 (and $95.0 million, net of capital contributions, in the first nine months of 2022).

During the third quarter of 2022, we repurchased $10.0 million of common stock under our securities repurchase program. We repurchased .6 million common shares at an average cost of $17.84 per share. As of September 30, 2022, we had 114.4 million shares outstanding and had authority to repurchase up to an additional $196.9 million of our common stock. During 3Q22, dividends paid on common stock totaled $16.1 million.

Unrestricted cash and investments held by our holding company were $162 million at September 30, 2022, compared to $249 million at December 31, 2021.

Book value per common share was $11.35 at September 30, 2022 compared to $43.69 at December 31, 2021. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $29.87 at September 30, 2022, compared to $26.86 at December 31, 2021.

The debt-to-capital ratio was 46.7 percent and 17.8 percent at September 30, 2022 and December 31, 2021, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 24.7 percent at September 30, 2022, compared to 25.6 percent at December 31, 2021.

Return on equity for the trailing four quarters ended September 30, 2022 and 2021, was 13.0% and 8.4%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended September 30, 2022 and 2021, was 9.0% and 11.6%, 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 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.


11

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, 2021 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company’s website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

The Company will host a conference call to discuss results on November 1, 2022 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.

To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=95f5bc7a&confld=43374. 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 $33 billion in total assets. Our 3,400 associates, 4,400 exclusive agents and 4,700 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
12

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

September 30,
2022		December 31,
2021
ASSETS
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: September 30, 2022 - $52.0 and December 31, 2021 - $7.6; amortized cost: September 30, 2022 - $23,442.5 and December 31, 2021 - $21,867.6)
$20,301.1 $24,805.4 
Equity securities at fair value135.8 131.1 
Mortgage loans (net of allowance for credit losses: September 30, 2022 - $5.3 and December 31, 2021 - $5.6)
1,227.3 1,218.6 
Policy loans120.2 120.2 
Trading securities223.3 227.2 
Investments held by variable interest entities (net of allowance for credit losses: September 30, 2022 - $6.5 and December 31, 2021 - $3.7; amortized cost: September 30, 2022 - $1,166.7 and December 31, 2021 - $1,206.8)
1,099.2 1,199.6 
Other invested assets1,028.6 1,224.0 
Total investments24,135.5 28,926.1 
Cash and cash equivalents - unrestricted498.0 632.1 
Cash and cash equivalents held by variable interest entities55.5 99.6 
Accrued investment income236.0 216.4 
Present value of future profits218.9 222.6 
Deferred acquisition costs1,886.4 1,112.0 
Reinsurance receivables (net of allowance for credit losses: September 30, 2022 - $2.0 and December 31, 2021 - $3.0)
4,271.9 4,354.3 
Income tax assets, net1,180.2 118.3 
Assets held in separate accounts2.7 3.9 
Other assets552.2 519.1 
Total assets$33,037.3 $36,204.4 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities: 
Liabilities for insurance products: 
Policyholder account liabilities$14,653.7 $13,689.7 
Future policy benefits11,747.5 11,670.7 
Liability for policy and contract claims454.3 501.8 
Unearned and advanced premiums238.2 246.7 
Liabilities related to separate accounts2.7 3.9 
Other liabilities749.4 830.9 
Investment borrowings1,639.9 1,715.8 
Borrowings related to variable interest entities1,115.3 1,147.9 
Notes payable – direct corporate obligations1,138.4 1,137.3 
Total liabilities31,739.4 30,944.7 
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: September 30, 2022 – 114,367,345; December 31, 2021 – 120,377,152)
1.1 1.2 
Additional paid-in capital2,030.6 2,184.2 
Accumulated other comprehensive income (loss)(2,165.7)1,947.1 
Retained earnings1,431.9 1,127.2 
Total shareholders' equity1,297.9 5,259.7 
Total liabilities and shareholders' equity$33,037.3 $36,204.4 

13

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months endedNine months ended
September 30,September 30,
 2022202120222021
Revenues:  
Insurance policy income$623.2 $630.6 $1,873.8 $1,893.5 
Net investment income:
General account assets289.0 289.5 884.2 854.3 
Policyholder and other special-purpose portfolios(20.9)18.7 (184.0)171.3 
Investment gains (losses):
Realized investment gains (losses)(8.2)3.7 3.6 14.8 
Other investment gains (losses)(9.5)(6.0)(102.8)11.4 
Total investment gains (losses)(17.7)(2.3)(99.2)26.2 
Fee revenue and other income31.7 31.8 128.4 102.1 
Total revenues905.3 968.3 2,603.2 3,047.4 
Benefits and expenses:    
Insurance policy benefits412.2 524.8 1,099.1 1,641.3 
Interest expense37.6 23.7 89.2 71.8 
Amortization87.5 57.9 279.5 200.2 
Other operating costs and expenses230.8 233.9 673.5 714.5 
Total benefits and expenses768.1 840.3 2,141.3 2,627.8 
Income before income taxes137.2 128.0 461.9 419.6 
Income tax expense on period income32.2 28.2 108.5 94.4 
Net income$105.0 $99.8 $353.4 $325.2 
Earnings per common share:  
Basic:  
Weighted average shares outstanding114,354,000 126,429,000 116,170,000 130,528,000 
Net income$.92 $.79 $3.04 $2.49 
Diluted:
Weighted average shares outstanding115,928,000 129,018,000 118,072,000 133,162,000 
Net income$.91 $.77 $2.99 $2.44 


14

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 related amortization and taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, net of related amortization and taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss on extinguishment of debt, net of taxes; (vi) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available in the "Investors - SEC Filings" section of CNO's website, CNOinc.com.
(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(3)The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(4)Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.
(5)Net insurance liabilities are equal to total insurance liabilities less: (i) amounts related to reinsured business; (ii) deferred acquisition costs; (iii) present value of future profits; and (iv) the value of unexpired options credited to insurance liabilities.
(6)The following summarizes the calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows (dollars in millions):
Trailing twelve months ended
3Q223Q21
Net operating income$316.6 $343.1 
Net operating income, excluding significant items$279.0 $348.6 
Net income$469.2 $437.0 
Average common equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure)$3,114.5 $2,995.5 
Average common shareholders' equity$3,607.0 $5,206.8 
Operating return on equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure)10.2 %11.5 %
Operating return, excluding significant items, on equity, excluding
accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure)9.0 %11.6 %
Return on equity13.0 %8.4 %

15

The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss) (dollars in millions):
Net operating
Net operatingincome,
income,excludingNet
excludingsignificantincome -
Net operatingSignificantsignificantitems - trailingNettrailing
incomeitemsitems (a)four quartersincomefour quarters
4Q20$86.0 $(6.4)(b)$79.6 $338.2 $111.8 $301.8 
1Q2175.2 6.1 (c)81.3 335.2 147.4 470.4 
2Q2189.1 3.5 (d)92.6 366.1 78.0 466.4 
3Q2192.8 2.3 (e)95.1 348.6 99.8 437.0 
4Q21108.5 (20.2)(f)88.3 357.3 115.8 441.0 
1Q2251.1 — 51.1 327.1 112.3 405.9 
2Q22100.1 (17.4)(g)82.7 317.2 136.1 464.0 
3Q2256.9 — 56.9 279.0 105.0 469.2 
(a) See note (7) for additional information.
(b) Comprised of: (i) $11.8 million of net favorable adjustments arising from our review of actuarial assumptions; (ii) $3.7 million unfavorable impact related to asset impairments; and (iii) an increase in tax expense of $1.7 million.
(c) Comprised of: (i) $5.3 million from legal and regulatory matters; (ii) $2.5 million of transaction expenses related to the previously announced acquisition of Optavise, LLC ("Optavise", formerly known as DirectPath, LLC prior to its name change in April 2022); and (iii) a decrease in tax expense of $1.7 million.
(d) Comprised of: (i) $4.5 million from legal and regulatory matters; and (ii) a decrease in tax expense of $1.0 million.
(e) Comprised of: (i) $3.0 million from legal and regulatory matters; and (ii) a decrease in tax expense of $.7 million.
(f) Comprised of: (i) $25.9 million of net favorable adjustments arising from our review of actuarial assumptions; and (ii) an increase in tax expense of $5.7 million.
(g) Comprised of: (i) an experience refund of $22.5 million related to a reinsurance agreement; and (ii) an increase in tax expense of $5.1 million.

A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):
Twelve months ended
3Q223Q21
Pre-tax operating earnings (a non-GAAP financial measure)$410.8 $442.6 
Income tax expense(94.2)(99.5)
Net operating income316.6 343.1 
Non-operating items:
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses, net of related amortization(28.6)42.7 
Net change in market value of investments recognized in earnings(76.3)0.7 
Fair value changes in embedded derivative liabilities, net of related amortization255.6 64.4 
Fair value changes related to the agent deferred compensation plan44.4 10.1 
Other4.1 2.6 
Non-operating income before taxes199.2 120.5 
    Income tax expense on non-operating income(46.6)(26.6)
Net non-operating income152.6 93.9 
Net income$469.2 $437.0 
16

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):
1Q202Q203Q204Q20
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$2,701.2 $2,784.2 $2,905.1 $2,956.2 
Net operating loss carryforwards469.4 426.8 377.2 341.9 
Accumulated other comprehensive income595.2 1,520.2 1,801.6 2,186.1 
Common shareholders' equity$3,765.8 $4,731.2 $5,083.9 $5,484.2 
1Q212Q213Q214Q21
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,019.5 $3,035.6 $3,036.3 $3,068.9 
Net operating loss carryforwards323.1 292.9 266.9 243.7 
Accumulated other comprehensive income1,518.1 1,995.5 1,929.7 1,947.1 
Common shareholders' equity$4,860.7 $5,324.0 $5,232.9 $5,259.7 
1Q222Q223Q22
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,072.2 $3,162.3 $3,272.7 
Net operating loss carryforwards238.2 214.7 190.9 
Accumulated other comprehensive income (loss)380.5 (1,165.0)(2,165.7)
Common shareholders' equity$3,690.9 $2,212.0 $1,297.9 

A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):
Trailing four quarter average
3Q223Q21
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,114.5 $2,995.5 
Net operating loss carryforwards231.4 320.0 
Accumulated other comprehensive income261.1 1,891.3 
Common shareholders' equity$3,607.0 $5,206.8 


17

(7)    The tables below summarize the financial impact of significant items on our net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).

Three months ended
June 30, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$37.1 $— $37.1 
Health margin113.4 — 113.4 
Life margin56.8 — 56.8 
Total insurance product margin207.3 — 207.3 
Allocated expenses(152.2)— (152.2)
Income from insurance products55.1 — 55.1 
Fee income3.2 — 3.2 
Investment income not allocated to product lines68.5 — 68.5 
Expenses not allocated to product lines2.9 (22.5)(a)(19.6)
Operating earnings before taxes129.7 (22.5)107.2 
Income tax (expense) benefit on operating income(29.6)5.1 (24.5)
Net operating income$100.1 $(17.4)$82.7 
Net operating income per diluted share$0.85 $(0.14)$0.71 
___________
(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.

Three months ended
December 31, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$93.9 $(26.9)(a)$67.0 
Health margin129.5 — 129.5 
Life margin30.4 1.0 (a)31.4 
Total insurance product margin253.8 (25.9)227.9 
Allocated expenses(143.3)— (143.3)
Income from insurance products110.5 (25.9)84.6 
Fee income2.9 — 2.9 
Investment income not allocated to product lines42.8 — 42.8 
Expenses not allocated to product lines(17.4)— (17.4)
Operating earnings before taxes138.8 (25.9)112.9 
Income tax (expense) benefit on operating income(30.3)5.7 (24.6)
Net operating income$108.5 $(20.2)$88.3 
Net operating income per diluted share$0.87 $(0.16)$0.71 
___________
(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.
18

Three months ended
September 30, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$52.5 $— $52.5 
Health margin117.9 — 117.9 
Life margin53.2 — 53.2 
Total insurance product margin223.6 — 223.6 
Allocated expenses(140.5)— (140.5)
Income from insurance products83.1 — 83.1 
Fee income2.6 — 2.6 
Investment income not allocated to product lines50.9 — 50.9 
Expenses not allocated to product lines(17.3)3.0 (a)(14.3)
Operating earnings before taxes119.3 3.0 122.3 
Income tax (expense) benefit on operating income(26.5)(0.7)(27.2)
Net operating income$92.8 $2.3 $95.1 
Net operating income per diluted share$0.72 $0.02 $0.74 
___________
(a)Comprised of $3.0 million from legal and regulatory matters.


Three months ended
June 30, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$66.0 $— $66.0 
Health margin120.9 — 120.9 
Life margin39.7 — 39.7 
Total insurance product margin226.6 — 226.6 
Allocated expenses(141.6)— (141.6)
Income from insurance products85.0 — 85.0 
Fee income6.6 — 6.6 
Investment income not allocated to product lines47.8 — 47.8 
Expenses not allocated to product lines(23.8)4.5 (a)(19.3)
Operating earnings before taxes115.6 4.5 120.1 
Income tax (expense) benefit on operating income(26.5)(1.0)(27.5)
Net operating income$89.1 $3.5 $92.6 
Net operating income per diluted share$0.66 $0.03 $0.69 
___________
(a)Comprised of $4.5 million from legal and regulatory matters.


19

Three months ended
March 31, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$57.9 $— $57.9 
Health margin124.7 — 124.7 
Life margin27.1 — 27.1 
Total insurance product margin209.7 — 209.7 
Allocated expenses(141.1)— (141.1)
Income from insurance products68.6 — 68.6 
Fee income7.3 — 7.3 
Investment income not allocated to product lines43.0 — 43.0 
Expenses not allocated to product lines(22.0)7.8 (a)(14.2)
Operating earnings before taxes96.9 7.8 104.7 
Income tax (expense) benefit on operating income(21.7)(1.7)(23.4)
Net operating income$75.2 $6.1 $81.3 
Net operating income per diluted share$0.55 $0.04 $0.59 
___________
(a)Comprised of: (i) $5.3 million from legal and regulatory matters; and (ii) $2.5 million of transaction expenses related to the previously announced acquisition of Optavise. The legal and regulatory matters primarily consist of an increase to our liability for claims and interest pursuant to the Global Resolution Agreement, as we have now processed and verified most of the claims provided by the third party auditor allowing us to more accurately estimate the ultimate liability.


Three months ended
December 31, 2020
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$68.1 $(16.1)(a)$52.0 
Health margin125.2 — 125.2 
Life margin37.3 4.3 (a)41.6 
Total insurance product margin230.6 (11.8)218.8 
Allocated expenses(162.7)— (162.7)
Income from insurance products67.9 (11.8)56.1 
Fee income2.9 — 2.9 
Investment income not allocated to product lines57.8 — 57.8 
Expenses not allocated to product lines(17.8)3.7 (b)(14.1)
Operating earnings before taxes110.8 (8.1)102.7 
Income tax (expense) benefit on operating income(24.8)1.7 (23.1)
Net operating income$86.0 $(6.4)$79.6 
Net operating income per diluted share$0.61 $(0.04)$0.57 
___________
(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.
(b)Unfavorable impact related to asset impairments.


For further information:

CNO News Media
Valerie Dolenga
[email protected]

CNO Investor Relations
Adam Auvil
[email protected]
20

Exhibit 99.2




cnologosuppa.jpg


Quarterly Financial Supplement - 3Q2022
October 31, 2022

Page 1

Table of ContentsPage
Consolidated balance sheet3
Consolidated statement of operations4
Financial summary5
Insurance operations6
Margin from insurance products7-9
Estimated impacts of COVID-19 on insurance product margins10
Collected premiums from annuity and interest sensitive life products and insurance policy income11
Health and life new annualized premiums12
Computation of weighted average shares outstanding13
Annuities - account value rollforwards14
Statutory information15
Investment income not allocated to product lines and investment income allocated to product lines16-19
Other investment data19
Significant items20-23
Notes24

Page 2

CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22
Assets
Investments:
  Fixed maturities, available for sale, at fair value$22,610.4 $23,806.6 $24,142.0 $24,805.4 $23,479.4 $21,362.7 $20,301.1 
  Equity securities at fair value164.4 149.3 146.4 131.1 91.0 136.9 135.8 
  Mortgage loans1,297.7 1,276.9 1,211.0 1,218.6 1,213.3 1,215.3 1,227.3 
  Policy loans121.0 120.3 119.7 120.2 119.5 119.5 120.2 
  Trading securities242.6 247.0 243.6 227.2 223.0 198.9 223.3 
  Investments held by variable interest entities1,224.0 1,233.5 1,221.3 1,199.6 1,180.8 1,107.7 1,099.2 
  Other invested assets1,195.1 1,226.0 1,172.6 1,224.0 1,121.8 1,086.6 1,028.6 
  Total investments26,855.2 28,059.6 28,256.6 28,926.1 27,428.8 25,227.6 24,135.5 
Cash and cash equivalents - unrestricted662.9 652.5 742.1 632.1 546.0 567.2 498.0 
Cash and cash equivalents held by variable interest entities76.0 62.3 70.5 99.6 48.0 52.2 55.5 
Accrued investment income216.8 210.7 218.1 216.4 227.9 224.1 236.0 
Present value of future profits241.3 235.2 229.0 222.6 222.8 219.8 218.9 
Deferred acquisition costs1,168.4 1,051.4 1,082.7 1,112.0 1,487.6 1,767.0 1,886.4 
Reinsurance receivables4,509.3 4,460.9 4,409.7 4,354.3 4,298.2 4,277.9 4,271.9 
Income tax assets, net358.2 218.6 145.7 118.3 534.2 929.8 1,180.2 
Assets held in separate accounts4.3 4.5 4.5 3.9 3.6 3.0 2.7 
Other assets567.1 564.0 554.8 519.1 671.0 566.9 552.2 
Total assets$34,659.5 $35,519.7 $35,713.7 $36,204.4 $35,468.1 $33,835.5 $33,037.3 
Liabilities
Liabilities for insurance products:
  Policyholder account liabilities$12,571.3 $12,840.8 $12,992.0 $13,689.7 $14,546.3 $14,608.8 $14,653.7 
  Future policy benefits11,546.6 11,689.8 11,699.7 11,670.7 11,646.5 11,684.6 11,747.5 
  Liability for policy and contract claims558.7 528.3 512.3 501.8 507.3 466.4 454.3 
  Unearned and advanced premiums262.4 255.8 247.5 246.7 250.0 243.4 238.2 
  Liabilities related to separate accounts4.3 4.5 4.5 3.9 3.6 3.0 2.7 
Other liabilities925.2 946.5 995.3 830.9 912.3 713.2 749.4 
Investment borrowings1,642.0 1,641.5 1,741.1 1,715.8 1,640.5 1,640.2 1,639.9 
Borrowings related to variable interest entities1,151.7 1,151.6 1,151.4 1,147.9 1,133.1 1,125.9 1,115.3 
Notes payable - direct corporate obligations1,136.6 1,136.9 1,137.0 1,137.3 1,137.6 1,138.0 1,138.4 
Total liabilities29,798.8 30,195.7 30,480.8 30,944.7 31,777.2 31,623.5 31,739.4 
Shareholders' equity
Common stock1.3 1.3 1.2 1.2 1.2 1.1 1.1 
Additional paid-in capital2,457.8 2,383.0 2,274.6 2,184.2 2,085.7 2,032.7 2,030.6 
Retained earnings883.5 944.2 1,027.4 1,127.2 1,223.5 1,343.2 1,431.9 
Total shareholders' equity before accumulated other comprehensive income (loss)3,342.6 3,328.5 3,303.2 3,312.6 3,310.4 3,377.0 3,463.6 
Accumulated other comprehensive income (loss)1,518.1 1,995.5 1,929.7 1,947.1 380.5 (1,165.0)(2,165.7)
Total shareholders' equity4,860.7 5,324.0 5,232.9 5,259.7 3,690.9 2,212.0 1,297.9 
Total liabilities and shareholders' equity$34,659.5 $35,519.7 $35,713.7 $36,204.4 $35,468.1 $33,835.5 $33,037.3 
Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22
Book value per common share$36.75 $41.24 $42.11 $43.69 $31.48 $19.27 $11.35 
Book value per common share, excluding accumulated other comprehensive income (loss) (1) (2)$25.27 $25.78 $26.58 $27.52 $28.24 $29.42 $30.28 
Book value per diluted share (1) (3)$24.83 $25.30 $26.03 $26.86 $27.70 $29.06 $29.87 
Page 3

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


1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Revenues
Insurance policy income$632.4 $630.5 $630.6 $629.9 $2,523.4 $625.0 $625.6 $623.2 
Net investment income:
   General account assets282.7 282.1 289.5 285.9 1,140.2 277.5 317.7 289.0 
Policyholder and other special-purpose portfolios55.5 97.1 18.7 109.2 280.5 (69.3)(93.8)(20.9)
Investment gains (losses):
Realized investment gains (losses)(6.0)17.1 3.7 6.5 21.3 18.8 (7.0)(8.2)
Other investment gains (losses)3.2 14.2 (6.0)(13.6)(2.2)(51.5)(41.8)(9.5)
Total investment gains (losses)(2.8)31.3 (2.3)(7.1)19.1 (32.7)(48.8)(17.7)
Fee revenue and other income38.2 32.1 31.8 56.9 159.0 42.4 54.3 31.7 
Total revenues1,006.0 1,073.1 968.3 1,074.8 4,122.2 842.9 855.0 905.3 
Benefits and expenses
Insurance policy benefits459.1 657.4 524.8 549.4 2,190.7 346.7 340.2 412.2 
Interest expense24.1 24.0 23.7 23.6 95.4 23.8 27.8 37.6 
Amortization99.7 42.6 57.9 80.9 281.1 103.9 88.1 87.5 
Other operating costs and expenses233.1 247.5 233.9 272.8 987.3 219.2 223.5 230.8 
Total benefits and expenses816.0 971.5 840.3 926.7 3,554.5 693.6 679.6 768.1 
Income before income taxes190.0 101.6 128.0 148.1 567.7 149.3 175.4 137.2 
Income tax expense on period income42.6 23.6 28.2 32.3 126.7 37.0 39.3 32.2 
Net income$147.4 $78.0 $99.8 $115.8 $441.0 $112.3 $136.1 $105.0 


Page 4

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

1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Insurance product margin (4)
Annuity margin$57.9 $66.0 $52.5 $93.9 $270.3 $44.6 $37.1 $39.8 
Health margin124.7 120.9 117.9 129.5 493.0 124.8 113.4 124.1 
Life margin27.1 39.7 53.2 30.4 150.4 19.8 56.8 43.4 
Total insurance product margin209.7 226.6 223.6 253.8 913.7 189.2 207.3 207.3 
Allocated expenses(141.1)(141.6)(140.5)(143.3)(566.5)(144.8)(152.2)(150.5)
Income from insurance products (5)68.6 85.0 83.1 110.5 347.2 44.4 55.1 56.8 
Fee income7.3 6.6 2.6 2.9 19.4 9.9 3.2 1.4 
Investment income not allocated to product lines (9)43.0 47.8 50.9 42.8 184.5 28.5 68.5 32.2 
Expenses not allocated to product lines(22.0)(23.8)(17.3)(17.4)(80.5)(14.8)2.9 (16.1)
Operating earnings before taxes96.9 115.6 119.3 138.8 470.6 68.0 129.7 74.3 
Income tax expense on operating income(21.7)(26.5)(26.5)(30.3)(105.0)(16.9)(29.6)(17.4)
Net operating income (10)75.2 89.1 92.8 108.5 365.6 51.1 100.1 56.9 
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (net of related amortization)3.6 24.3 2.2 4.7 34.8 (7.1)(26.1)(0.1)
Net change in market value of investments recognized in earnings(6.4)5.7 (4.6)(12.1)(17.4)(25.5)(21.7)(17.0)
Fair value changes related to agent deferred compensation plan13.2 — — (4.3)8.9 22.7 14.0 12.0 
Fair value changes in embedded derivative liabilities (net of related amortization)82.1 (44.9)10.9 19.1 67.2 90.8 79.7 66.0 
Other0.6 0.9 0.2 1.9 3.6 0.4 (0.2)2.0 
Net non-operating income (loss) before taxes93.1 (14.0)8.7 9.3 97.1 81.3 45.7 62.9 
Income tax (expense) benefit on non-operating income (loss)(20.9)2.9 (1.7)(2.0)(21.7)(20.1)(9.7)(14.8)
Net non-operating income (loss)72.2 (11.1)7.0 7.3 75.4 61.2 36.0 48.1 
Net income$147.4 $78.0 $99.8 $115.8 $441.0 $112.3 $136.1 $105.0 
Per diluted share
Net operating income$0.55 $0.66 $0.72 $0.87 $2.79 $0.42 $0.85 $0.49 
Net non-operating income (loss)0.53 (0.08)0.05 0.06 0.57 0.51 0.31 0.42 
Net income$1.08 $0.58 $0.77 $0.93 $3.36 $0.93 $1.16 $0.91 


Page 5

CNO FINANCIAL GROUP, INC.
Insurance Operations
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Insurance product margin (4)
Annuity:
Insurance policy income$5.4 $4.3 $5.8 $4.1 $19.6 $5.0 $5.8 $6.3 
Net investment income (5) (6)115.7 114.9 115.5 116.3 462.4 115.1 114.8 117.3 
Insurance policy benefits(6.2)(1.3)(16.2)38.2 14.5 (17.8)(27.6)(23.7)
Interest credited (6)(38.7)(36.9)(38.1)(35.4)(149.1)(41.3)(42.3)(46.3)
Amortization and non-deferred commissions(18.3)(15.0)(14.5)(29.3)(77.1)(16.4)(13.6)(13.8)
Annuity margin57.9 66.0 52.5 93.9 270.3 44.6 37.1 39.8 
Health:
Insurance policy income416.5 415.4 414.4 415.2 1,661.5 406.7 403.5 403.5 
Net investment income (5)71.5 71.6 72.2 72.4 287.7 71.8 71.6 71.9 
Insurance policy benefits(306.6)(323.3)(325.4)(311.0)(1,266.3)(301.3)(315.7)(307.8)
Amortization and non-deferred commissions(56.7)(42.8)(43.3)(47.1)(189.9)(52.4)(46.0)(43.5)
Health margin124.7 120.9 117.9 129.5 493.0 124.8 113.4 124.1 
Life:
Insurance policy income210.5 210.8 210.4 210.6 842.3 213.3 216.3 213.4 
Net investment income (5) (7)35.8 36.1 36.4 36.4 144.7 36.3 36.2 36.6 
Insurance policy benefits(163.6)(149.5)(141.3)(159.1)(613.5)(163.6)(138.4)(142.6)
Interest credited (7)(10.6)(11.0)(11.1)(11.7)(44.4)(11.6)(11.3)(12.2)
Amortization and non-deferred commissions(21.7)(21.8)(21.4)(24.0)(88.9)(25.3)(23.4)(29.7)
Advertising expense(23.3)(24.9)(19.8)(21.8)(89.8)(29.3)(22.6)(22.1)
Life margin27.1 39.7 53.2 30.4 150.4 19.8 56.8 43.4 
Total insurance product margin209.7 226.6 223.6 253.8 913.7 189.2 207.3 207.3 
Allocated expenses:
Branch office expenses(18.5)(16.2)(14.8)(13.0)(62.5)(18.1)(15.4)(16.5)
Other allocated expenses(122.6)(125.4)(125.7)(130.3)(504.0)(126.7)(136.8)(134.0)
Income from insurance products (8)68.6 85.0 83.1 110.5 347.2 44.4 55.1 56.8 
Fee income7.3 6.6 2.6 2.9 19.4 9.9 3.2 1.4 
Investment income not allocated to product lines (9)43.0 47.8 50.9 42.8 184.5 28.5 68.5 32.2 
Expenses not allocated to product lines(22.0)(23.8)(17.3)(17.4)(80.5)(14.8)2.9 (16.1)
Operating earnings before taxes96.9 115.6 119.3 138.8 470.6 68.0 129.7 74.3 
Income tax expense on operating income(21.7)(26.5)(26.5)(30.3)(105.0)(16.9)(29.6)(17.4)
Net operating income (10)$75.2 $89.1 $92.8 $108.5 $365.6 $51.1 $100.1 $56.9 
Page 6

CNO FINANCIAL GROUP, INC.
Margin from Annuity Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Annuity margin (4):
Fixed index annuities
Insurance policy income$3.0 $3.3 $3.3 $3.2 $12.8 $3.0 $3.7 $3.6 
Net investment income (5) (6)84.9 84.9 86.3 87.8 343.9 87.7 88.4 91.3 
Insurance policy benefits1.6 3.8 (9.8)38.1 33.7 (13.7)(24.0)(19.0)
Interest credited (6)(24.9)(23.4)(24.8)(22.6)(95.7)(29.3)(30.4)(34.4)
Amortization and non-deferred commissions(16.3)(13.3)(12.6)(29.1)(71.3)(14.5)(11.9)(12.2)
Margin from fixed index annuities$48.3 $55.3 $42.4 $77.4 $223.4 $33.2 $25.8 $29.3 
Average net insurance liabilities (11)$7,464.8 $7,643.4 $7,881.9 $8,096.7 $7,771.8 $8,268.4 $8,420.5 $8,555.6 
Margin/average net insurance liabilities (12)2.59 %2.89 %2.15 %3.82 %2.87 %1.61 %1.23 %1.37 %
Fixed interest annuities
Insurance policy income$0.2 $0.1 $0.3 $0.2 $0.8 $0.1 $0.3 $0.2 
Net investment income (5)24.4 23.7 23.0 22.5 93.6 21.5 20.6 20.3 
Insurance policy benefits(0.7)0.2 (0.2)(0.4)(1.1)(0.3)(0.6)0.1 
Interest credited(13.2)(12.8)(12.7)(12.2)(50.9)(11.4)(11.3)(11.3)
Amortization and non-deferred commissions(1.9)(1.7)(1.8)— (5.4)(1.8)(1.6)(1.5)
Margin from fixed interest annuities$8.8 $9.5 $8.6 $10.1 $37.0 $8.1 $7.4 $7.8 
Average net insurance liabilities (11)$1,951.6 $1,899.5 $1,856.3 $1,813.3 $1,880.1 $1,761.9 $1,713.6 $1,677.4 
Margin/average net insurance liabilities (12)1.80 %2.00 %1.85 %2.23 %1.97 %1.84 %1.73 %1.86 %
Other annuities
Insurance policy income$2.2 $0.9 $2.2 $0.7 $6.0 $1.9 $1.8 $2.5 
Net investment income (5)6.4 6.3 6.2 6.0 24.9 5.9 5.8 5.7 
Insurance policy benefits(7.1)(5.3)(6.2)0.5 (18.1)(3.8)(3.0)(4.8)
Interest credited(0.6)(0.7)(0.6)(0.6)(2.5)(0.6)(0.6)(0.6)
Amortization and non-deferred commissions(0.1)— (0.1)(0.2)(0.4)(0.1)(0.1)(0.1)
Margin from other annuities$0.8 $1.2 $1.5 $6.4 $9.9 $3.3 $3.9 $2.7 
Average net insurance liabilities (11)$512.2 $506.8 $501.6 $495.8 $504.1 $488.0 $481.6 $476.3 
Margin/average net insurance liabilities (12)0.62 %0.95 %1.20 %5.16 %1.96 %2.70 %3.24 %2.27 %
Total annuity margin$57.9 $66.0 $52.5 $93.9 $270.3 $44.6 $37.1 $39.8 
Average net insurance liabilities (11)$9,928.6 $10,049.7 $10,239.8 $10,405.8 $10,156.0 $10,518.3 $10,615.7 $10,709.3 
Margin/average net insurance liabilities (12)2.33 %2.63 %2.05 %3.61 %2.66 %1.70 %1.40 %1.49 %
Page 7

CNO FINANCIAL GROUP, INC.
Margin from Health Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Health margin (4):
Supplemental health
Insurance policy income$169.8 $170.0 $171.2 $172.8 $683.8 $173.5 $172.0 $173.5 
Net investment income (5)36.1 36.3 36.9 37.3 146.6 37.5 37.8 38.0 
Insurance policy benefits(126.3)(130.9)(127.8)(124.7)(509.7)(124.4)(128.5)(117.7)
Amortization and non-deferred commissions(29.2)(27.9)(29.4)(31.4)(117.9)(29.4)(29.0)(30.5)
Margin from supplemental health$50.4 $47.5 $50.9 $54.0 $202.8 $57.2 $52.3 $63.3 
Margin/insurance policy income30 %28 %30 %31 %30 %33 %30 %36 %
Medicare supplement
Insurance policy income$181.0 $179.7 $177.4 $176.0 $714.1 $166.8 $165.1 $163.6 
Net investment income (5)1.3 1.3 1.3 1.2 5.1 1.3 1.4 1.3 
Insurance policy benefits(120.0)(123.0)(129.7)(120.8)(493.5)(110.2)(115.5)(115.9)
Amortization and non-deferred commissions(24.1)(12.3)(11.7)(13.6)(61.7)(21.7)(14.6)(10.8)
Margin from Medicare supplement$38.2 $45.7 $37.3 $42.8 $164.0 $36.2 $36.4 $38.2 
Margin/insurance policy income21 %25 %21 %24 %23 %22 %22 %23 %
Long-term care
Insurance policy income$65.7 $65.7 $65.8 $66.4 $263.6 $66.4 $66.4 $66.4 
Net investment income (5)34.1 34.0 34.0 33.9 136.0 33.0 32.4 32.6 
Insurance policy benefits(60.3)(69.4)(67.9)(65.5)(263.1)(66.7)(71.7)(74.2)
Amortization and non-deferred commissions(3.4)(2.6)(2.2)(2.1)(10.3)(1.3)(2.4)(2.2)
Margin from long-term care$36.1 $27.7 $29.7 $32.7 $126.2 $31.4 $24.7 $22.6 
Margin/insurance policy income55 %42 %45 %49 %48 %47 %37 %34 %
Total health margin$124.7 $120.9 $117.9 $129.5 $493.0 $124.8 $113.4 $124.1 
Margin/insurance policy income30 %29 %28 %31 %30 %31 %28 %31 %
Page 8

CNO FINANCIAL GROUP, INC.
Margin from Life Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Life margin (4):
Interest sensitive life
Insurance policy income$40.8 $41.4 $42.3 $42.6 $167.1 $43.1 $43.8 $43.5 
Net investment income (5) (7)12.4 12.4 12.6 12.8 50.2 13.0 12.9 13.0 
Insurance policy benefits(22.7)(20.0)(17.4)(22.5)(82.6)(21.2)(15.8)(20.5)
Interest credited (7)(10.5)(10.8)(10.9)(11.5)(43.7)(11.5)(11.1)(12.0)
Amortization and non-deferred commissions(5.8)(6.2)(6.6)(6.7)(25.3)(6.5)(8.0)(7.7)
Margin from interest sensitive life$14.2 $16.8 $20.0 $14.7 $65.7 $16.9 $21.8 $16.3 
Average net insurance liabilities (11)$954.7 $970.0 $983.8 $996.9 $976.4 $1,011.9 $1,020.3 $1,025.0 
Interest margin$1.9 $1.6 $1.7 $1.3 $6.5 $1.5 $1.8 $1.0 
Interest margin/average net insurance liabilities (12)0.80 %0.66 %0.69 %0.52 %0.67 %0.59 %0.71 %0.39 %
Underwriting margin$12.3 $15.2 $18.3 $13.4 $59.2 $15.4 $20.0 $15.3 
Underwriting margin/insurance policy income30 %37 %43 %31 %35 %36 %46 %35 %
Traditional life
Insurance policy income$169.7 $169.4 $168.1 $168.0 $675.2 $170.2 $172.5 $169.9 
Net investment income (5)23.4 23.7 23.8 23.6 94.5 23.3 23.3 23.6 
Insurance policy benefits(140.9)(129.5)(123.9)(136.6)(530.9)(142.4)(122.6)(122.1)
Interest credited(0.1)(0.2)(0.2)(0.2)(0.7)(0.1)(0.2)(0.2)
Amortization and non-deferred commissions(15.9)(15.5)(14.9)(17.3)(63.6)(18.8)(15.4)(22.0)
Advertising expense(23.3)(25.0)(19.7)(21.8)(89.8)(29.3)(22.6)(22.1)
Margin from traditional life$12.9 $22.9 $33.2 $15.7 $84.7 $2.9 $35.0 $27.1 
Margin/insurance policy income8 %14 %20 %9 %13 %2 %20 %16 %
Margin excluding advertising expense/insurance policy income21 %28 %31 %22 %26 %19 %33 %29 %
Total life margin$27.1 $39.7 $53.2 $30.4 $150.4 $19.8 $56.8 $43.4 


Page 9

CNO FINANCIAL GROUP, INC.
Estimated Impacts of COVID-19 on Insurance Product Margins
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Favorable (Unfavorable)
Insurance product:
Annuities$1 $2 $1 $1 $5 $— $1 $1 
Supplemental health6 2 8 10 26 9 6 14 
Medicare supplement9 11 3 9 32 7 4 3 
Long-term care25 17 14 16 72 16 11 9 
Total health products40 30 25 35 130 32 21 26 
Interest sensitive life(7)(4)(1)(4)(16)(3)— (3)
Traditional life(12)(7)(2)(16)(37)(13)— (2)
Total life(19)(11)(3)(20)(53)(16)— (5)
Total$22 $21 $23 $16 $82 $16 $22 $22 
Page 10

CNO FINANCIAL GROUP, INC.
Collected Premiums From Annuity and Interest Sensitive Life Products
and Insurance Policy Income
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Collected premiums from annuity and interest-sensitive life products:
Annuities$325.4 $344.3 $333.3 $397.4 $1,400.4 $368.6 $435.0 $370.0 
Interest-sensitive life54.5 54.6 54.4 55.9 219.4 56.6 56.6 56.6 
Total collected premiums from annuity and interest-sensitive life products$379.9 $398.9 $387.7 $453.3 $1,619.8 $425.2 $491.6 $426.6 
Insurance policy income:
Annuity products
Fixed index annuities$3.0 $3.3 $3.3 $3.2 $12.8 $3.0 $3.7 $3.6 
Fixed interest annuities0.2 0.1 0.3 0.2 0.8 0.1 0.3 0.2 
Other annuities2.2 0.9 2.2 0.7 6.0 1.9 1.8 2.5 
Total annuity insurance policy income5.4 4.3 5.8 4.1 19.6 5.0 5.8 6.3 
Health products
Supplemental health169.8 170.0 171.2 172.8 683.8 173.5 172.0 173.5 
Medicare supplement181.0 179.7 177.4 176.0 714.1 166.8 165.1 163.6 
Long-term care65.7 65.7 65.8 66.4 263.6 66.4 66.4 66.4 
Total health insurance policy income416.5 415.4 414.4 415.2 1,661.5 406.7 403.5 403.5 
Life products
Interest-sensitive life 40.8 41.4 42.3 42.6 167.1 43.1 43.8 43.5 
Traditional life 169.7 169.4 168.1 168.0 675.2 170.2 172.5 169.9 
Total life insurance policy income210.5 210.8 210.4 210.6 842.3 213.3 216.3 213.4 
Total insurance policy income$632.4 $630.5 $630.6 $629.9 $2,523.4 $625.0 $625.6 $623.2 


Page 11

CNO FINANCIAL GROUP, INC.
Health and Life
New Annualized Premiums ("NAP")
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Consumer Division
Health products:
Supplemental health$14.4 $20.1 $15.8 $19.6 $69.9 $15.5 $16.7 $19.3 
Medicare supplement8.2 8.8 8.0 9.1 34.1 6.5 6.9 8.0 
Long-term care6.4 7.0 8.8 10.5 32.7 6.8 6.1 6.0 
Total Consumer Division health NAP29.0 35.9 32.6 39.2 136.7 28.8 29.7 33.3 
Life products:
Interest sensitive life5.9 6.5 5.4 6.1 23.9 5.1 4.8 4.6 
Traditional life45.9 43.9 38.2 31.2 159.2 48.2 44.3 38.2 
Total Consumer Division life NAP51.8 50.4 43.6 37.3 183.1 53.3 49.1 42.8 
Total Consumer Division health and life NAP$80.8 $86.3 $76.2 $76.5 $319.8 $82.1 $78.8 $76.1 
Worksite Division
Health products:
Supplemental health$6.7 $5.6 $6.6 $8.5 $27.4 $6.0 $7.7 $8.9 
Life products:
Interest sensitive life1.2 1.9 1.8 2.5 7.4 2.5 2.3 2.3 
Total Worksite Division health and life NAP$7.9 $7.5 $8.4 $11.0 $34.8 $8.5 $10.0 $11.2 
Total NAP (both divisions)
Health products:
Supplemental health$21.1 $25.7 $22.4 $28.1 $97.3 $21.5 $24.4 $28.2 
Medicare supplement8.2 8.8 8.0 9.1 34.1 6.5 6.9 8.0 
Long-term care6.4 7.0 8.8 10.5 32.7 6.8 6.1 6.0 
Total health NAP35.7 41.5 39.2 47.7 164.1 34.8 37.4 42.2 
Life products:
Interest sensitive life 7.1 8.4 7.2 8.6 31.3 7.6 7.1 6.9 
Traditional life 45.9 43.9 38.2 31.2 159.2 48.2 44.3 38.2 
Total life NAP53.0 52.3 45.4 39.8 190.5 55.8 51.4 45.1 
Total NAP$88.7 $93.8 $84.6 $87.5 $354.6 $90.6 $88.8 $87.3 

Page 12

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


1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Basic
Shares outstanding, beginning of period135,279.1 132,268.3 129,105.0 124,269.9 135,279.1 120,377.2 117,241.0 114,795.3 
Weighted average share activity during the period:
Shares repurchased(1,471.5)(1,436.5)(2,706.6)(2,382.9)(8,054.5)(2,098.0)(1,774.6)(467.6)
Amounts related to employee benefit plans384.3 191.1 32.2 131.1 1,350.4 488.5 76.9 26.6 
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans(52.2)(7.0)(1.3)(1.5)(174.6)(145.5)(10.2)(0.6)
Weighted average basic shares outstanding during the period134,139.7 131,015.9 126,429.3 122,016.6 128,400.4 118,622.2 115,533.1 114,353.7 
Basic shares outstanding, end of period132,268.3 129,105.0 124,269.9 120,377.2 120,377.2 117,241.0 114,795.3 114,367.3 
Diluted
Weighted average basic shares outstanding134,139.7 131,015.9 126,429.3 122,016.6 128,400.4 118,622.2 115,533.1 114,353.7 
Common stock equivalent shares related to:
Employee benefit plans2,513.6 2,797.8 2,588.7 3,003.0 2,725.8 2,379.9 1,752.5 1,574.8 
Weighted average diluted shares outstanding during the period136,653.3 133,813.7 129,018.0 125,019.6 131,126.2 121,002.1 117,285.6 115,928.5 
Diluted shares outstanding, end of period134,624.5 131,549.3 126,917.6 123,330.7 123,330.7 119,502.6 116,203.1 115,970.6 






Page 13

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

1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Fixed index annuities
Balance as of the beginning of the period$7,761.4 $7,943.2 $8,180.2 $8,403.0 $7,761.4 $8,681.0 $8,901.9 $9,162.9 
Gross deposits314.6 328.8 320.1 384.6 1,348.1 354.7 411.3 346.1 
Withdrawals(193.1)(174.2)(179.0)(197.9)(744.2)(204.0)(188.9)(198.5)
Returns reinvested60.3 82.4 81.7 91.3 315.7 70.2 38.6 9.5 
Balance as of the end of the period$7,943.2 $8,180.2 $8,403.0 $8,681.0 $8,681.0 $8,901.9 $9,162.9 $9,320.0 
Fixed interest annuities
Balance as of the beginning of the period$1,998.9 $1,943.2 $1,891.8 $1,854.2 $1,998.9 $1,806.1 $1,751.9 $1,711.3 
Gross deposits9.3 14.4 10.2 11.6 45.5 11.6 21.0 22.6 
Withdrawals(78.2)(78.2)(60.6)(72.0)(289.0)(77.6)(72.8)(66.0)
Returns reinvested13.2 12.4 12.8 12.3 50.7 11.8 11.2 11.4 
Balance as of the end of the period$1,943.2 $1,891.8 $1,854.2 $1,806.1 $1,806.1 $1,751.9 $1,711.3 $1,679.3 
Total annuities
Balance as of the beginning of the period$9,760.3 $9,886.4 $10,072.0 $10,257.2 $9,760.3 $10,487.1 $10,653.8 $10,874.2 
Gross deposits323.9 343.2 330.3 396.2 1,393.6 366.3 432.3 368.7 
Withdrawals(271.3)(252.4)(239.6)(269.9)(1,033.2)(281.6)(261.7)(264.5)
Returns reinvested73.5 94.8 94.5 103.6 366.4 82.0 49.8 20.9 
Balance as of the end of the period$9,886.4 $10,072.0 $10,257.2 $10,487.1 $10,487.1 $10,653.8 $10,874.2 $10,999.3 
Page 14

CNO FINANCIAL GROUP, INC.
Statutory Information - Consolidated Basis (13)
(Dollars in millions)
(Unaudited)


1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022 (a)
Net gain from operations before interest expense and federal income taxes$53.6 $85.1 $96.1 $87.4 $322.2 $26.7 $87.7 $78.4 
Interest expense on surplus debentures held by parent company12.0 12.2 19.0 12.2 55.4 12.0 12.2 20.1 
Net gain from operations before federal income taxes41.6 72.9 77.1 75.2 266.8 14.7 75.5 58.3 
Federal income tax expense (benefit)1.8 (2.2)(9.0)(12.5)(21.9)(15.8)(17.6)(7.0)
Net gain from operations before net realized capital gains (losses)39.8 75.1 86.1 87.7 288.7 30.5 93.1 65.3 
Net realized capital gains (losses)(0.6)(1.5)(1.3)(7.8)(11.2)— (11.2)(0.6)
Net income $39.2 $73.6 $84.8 $79.9 $277.5 $30.5 $81.9 $64.7 
Capital and surplus$1,781.8 $1,782.8 $1,715.7 $1,799.6 $1,799.6 $1,738.0 $1,796.9 $1,847.0 
Asset valuation reserve (AVR)327.5 330.4 334.8 332.5 332.5 319.5 306.7 304.7 
Capital, surplus and AVR2,109.3 2,113.2 2,050.5 2,132.1 2,132.1 2,057.5 2,103.6 2,151.7 
Interest maintenance reserve (IMR)401.5 411.9 409.0 407.9 407.9 422.4 421.3 413.0 
Total statutory capital, surplus, AVR & IMR$2,510.8 $2,525.1 $2,459.5 $2,540.0 $2,540.0 $2,479.9 $2,524.9 $2,564.7 
Risk-based capital ratio407 %409 %388 %386 %386 %365 %360 %375 %



___________
(a)    Such amounts are preliminary as the statutory basis financial statements of our insurance subsidiaries for 3Q22 will
be filed with the respective insurance regulators on or about November 15, 2022.


Page 15

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


1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Net investment income$338.2 $379.2 $308.2 $395.1 $1,420.7 $208.2 $223.9 $268.1 
Allocated to product lines:
Annuity(115.7)(114.9)(115.5)(116.3)(462.4)(115.1)(114.8)(117.3)
Health(71.5)(71.6)(72.2)(72.4)(287.7)(71.8)(71.6)(71.9)
Life(35.8)(36.1)(36.4)(36.4)(144.7)(36.3)(36.2)(36.6)
Equity returns credited to policyholder account balances(42.5)(76.1)(7.2)(94.0)(219.8)71.9 92.4 34.9 
Amounts allocated to product lines and credited to policyholder account balances(265.5)(298.7)(231.3)(319.1)(1,114.6)(151.3)(130.2)(190.9)
Amount related to variable interest entities and other non-operating items(7.8)(8.0)(7.1)(7.6)(30.5)(7.2)(9.1)(13.6)
Interest expense on debt(15.5)(15.6)(15.6)(15.7)(62.4)(15.7)(15.6)(15.6)
Interest expense on investment borrowings from the Federal Home Loan Bank ("FHLB") program(2.7)(2.5)(2.3)(2.3)(9.8)(2.4)(4.7)(10.3)
Expenses related to the funding agreement-backed notes ("FABN") program (a)— — — (2.3)(2.3)(7.3)(7.6)(7.5)
Less amounts credited to deferred compensation plans (offsetting investment income)(3.7)(6.6)(1.0)(5.3)(16.6)4.2 11.8 2.0 
Total adjustments(29.7)(32.7)(26.0)(33.2)(121.6)(28.4)(25.2)(45.0)
Investment income not allocated to product lines$43.0 $47.8 $50.9 $42.8 $184.5 $28.5 $68.5 $32.2 

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


Page 16

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


1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Investment income not allocated:
Excluding variable components:
From general account assets$24.6 $24.9 $23.1 $22.4 $95.0 $25.4 $30.5 $31.5 
Other investment income— 0.1 0.1 0.1 0.3 0.1 0.3 1.1 
Spread income:
FHLB program:
Investment income on matched assets10.3 10.4 10.3 10.6 41.6 11.7 19.3 24.5 
Interest expense(2.7)(2.5)(2.3)(2.3)(9.8)(2.4)(4.7)(10.3)
Net spread income on FHLB program7.6 7.9 8.0 8.3 31.8 9.3 14.6 14.2 
FABN program:
Investment income on matched assets— — — 3.3 3.3 10.1 13.2 13.2 
Expenses (b)— — — (2.3)(2.3)(7.3)(7.6)(7.6)
Net spread income on FABN program— — — 1.0 1.0 2.8 5.6 5.6 
Interest expense on corporate debt(15.5)(15.6)(15.6)(15.7)(62.4)(15.7)(15.6)(15.6)
Total excluding variable components 16.7 17.3 15.6 16.1 65.7 21.9 35.4 36.8 
Variable components:
Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan:
Change in value of COLI investments(3.9)2.1 (0.1)(0.8)(2.7)(3.4)(2.3)(0.2)
Increase in liability for agent deferred compensation plan(1.6)(1.5)(1.6)(1.6)(6.3)(1.5)(1.5)(1.5)
Net COLI income (loss)(5.5)0.6 (1.7)(2.4)(9.0)(4.9)(3.8)(1.7)
Other variable components:
Alternative investment income (loss):
Total34.1 29.0 32.3 22.2 117.6 11.3 27.1 (2.5)
Allocated to product lines(7.9)(7.8)(7.6)(7.4)(30.7)(7.4)(7.4)(7.6)
Excess alternative investment income (loss)26.2 21.2 24.7 14.8 86.9 3.9 19.7 (10.1)
Prepayment and call income1.7 4.9 10.2 11.6 28.4 5.2 14.9 3.7 
Trading account2.0 2.4 1.4 1.4 7.2 2.7 1.5 1.8 
Hedge variance related to fixed index products1.1 (0.1)0.2 (0.1)1.1 (1.0)(0.4)0.2 
Other (a)0.8 1.5 0.5 1.4 4.2 0.7 1.2 1.5 
Total variable components26.3 30.5 35.3 26.7 118.8 6.6 33.1 (4.6)
Total investment income not allocated to product lines $43.0 $47.8 $50.9 $42.8 $184.5 $28.5 $68.5 $32.2 
___________
(a)    Includes impacts of changes in projected cash flows and other investment income.
(b)    Comprised of interest credited and amortization of deferred acquisition costs.

Page 17

CNO FINANCIAL GROUP, INC.
Investment Income Allocated to Product Lines (5)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
Average net insurance liabilities (11)
Annuity:
Fixed index annuities$7,464.8 $7,643.4 $7,881.9 $8,096.7 $7,771.8 $8,268.4 $8,420.5 $8,555.6 
Fixed interest annuities1,951.6 1,899.5 1,856.3 1,813.3 1,880.1 1,761.9 1,713.6 1,677.4 
Other annuities512.2 506.8 501.6 495.8 504.1 488.0 481.6 476.3 
Total annuity average net insurance liabilities (11)9,928.6 10,049.7 10,239.8 10,405.8 10,156.0 10,518.3 10,615.7 10,709.3 
Health:
Supplemental health3,073.9 3,117.7 3,157.8 3,193.2 3,135.6 3,229.8 3,267.2 3,295.3 
Medicare supplement122.5 123.1 120.6 123.8 122.5 126.3 138.0 134.7 
Long-term care2,492.1 2,498.3 2,503.1 2,511.4 2,501.2 2,515.8 2,524.1 2,534.6 
Total health average net insurance liabilities (11)5,688.5 5,739.1 5,781.5 5,828.4 5,759.3 5,871.9 5,929.3 5,964.6 
Life:
Interest sensitive954.7 970.0 983.8 996.9 976.4 1,011.9 1,020.3 1,025.0 
Traditional1,956.5 1,975.4 1,998.4 2,011.0 1,985.3 2,025.6 2,033.7 2,038.3 
Total life average net insurance liabilities (11)2,911.2 2,945.4 2,982.2 3,007.9 2,961.7 3,037.5 3,054.0 3,063.3 
Total average net insurance liabilities (11)$18,528.3 $18,734.2 $19,003.5 $19,242.1 $18,877.0 $19,427.7 $19,599.0 $19,737.2 
Average yield on allocated investments
Annuity:
Fixed index annuities4.55 %4.44 %4.38 %4.34 %4.42 %4.24 %4.20 %4.27 %
Fixed interest annuities5.00 %4.99 %4.96 %4.96 %4.98 %4.88 %4.81 %4.84 %
Other annuities5.00 %4.97 %4.94 %4.84 %4.94 %4.84 %4.82 %4.79 %
Average yield on investments allocated to annuities4.66 %4.57 %4.51 %4.47 %4.55 %4.38 %4.33 %4.38 %
Health:
Supplemental health4.70 %4.66 %4.67 %4.67 %4.68 %4.64 %4.63 %4.61 %
Medicare supplement4.30 %4.24 %4.20 %4.20 %4.24 %4.11 %4.01 %4.01 %
Long-term care5.47 %5.44 %5.43 %5.40 %5.44 %5.25 %5.13 %5.14 %
Average yield on investments allocated to health products5.03 %4.99 %5.00 %4.97 %5.00 %4.89 %4.83 %4.82 %
Life:
Interest sensitive5.20 %5.11 %5.12 %5.14 %5.14 %5.14 %5.06 %5.07 %
Traditional4.78 %4.80 %4.76 %4.69 %4.76 %4.60 %4.58 %4.63 %
Average yield on investments allocated to life products4.92 %4.90 %4.88 %4.84 %4.89 %4.78 %4.74 %4.78 %
Total average yield4.81 %4.75 %4.72 %4.68 %4.74 %4.60 %4.54 %4.58 %
Allocated investment income
Annuity:
Fixed index annuities$84.9 $84.9 $86.3 $87.8 $343.9 $87.7 $88.4 $91.3 
Fixed interest annuities24.4 23.7 23.0 22.5 93.6 21.5 20.6 20.3 
Other annuities6.4 6.3 6.2 6.0 24.9 5.9 5.8 5.7 
Total investment income allocated to annuities115.7 114.9 115.5 116.3 462.4 115.1 114.8 117.3 
Health:
Supplemental health36.1 36.3 36.9 37.3 146.6 37.5 37.8 38.0 
Medicare supplement1.3 1.3 1.3 1.2 5.1 1.3 1.4 1.3 
Long-term care34.1 34.0 34.0 33.9 136.0 33.0 32.4 32.6 
Total investment income allocated to health products71.5 71.6 72.2 72.4 287.7 71.8 71.6 71.9 
Life:
   Interest sensitive12.4 12.4 12.6 12.8 50.2 13.0 12.9 13.0 
Traditional23.4 23.7 23.8 23.6 94.5 23.3 23.3 23.6 
Total investment income allocated to life products35.8 36.1 36.4 36.4 144.7 36.3 36.2 36.6 
Total allocated investment income$223.0 $222.6 $224.1 $225.1 $894.8 $223.2 $222.6 $225.8 
Page 18

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

1Q2Q3Q4QYTD1Q2Q3Q
20212021202120212021202220222022
General account assets investment income$282.7 $282.1 $289.5 $285.9 $1,140.2 $277.5 $317.7 $289.0 
Policyholder and other special purpose portfolio investment income (loss)55.5 97.1 18.7 109.2 280.5 (69.3)(93.8)(20.9)
Less equity returns credited to policyholders:
Annuity(37.7)(68.3)(6.3)(83.2)(195.5)64.3 80.1 30.9 
Life(4.8)(7.8)(0.9)(10.8)(24.3)7.6 12.3 4.0 
Less amount related to variable interest entities(7.8)(8.0)(7.1)(7.6)(30.5)(7.2)(9.1)(13.6)
Less amounts credited to deferred compensation plans(3.7)(6.6)(1.0)(5.3)(16.6)4.2 11.8 2.0 
Other special purpose portfolio investment income (loss)1.5 6.4 3.4 2.3 13.6 (0.4)1.3 2.4 
Adjusted net investment income284.2 288.5 292.9 288.2 1,153.8 277.1 319.0 291.4 
Less amounts allocated to product lines
Annuity(115.7)(114.9)(115.5)(116.3)(462.4)(115.1)(114.8)(117.3)
Health(71.5)(71.6)(72.2)(72.4)(287.7)(71.8)(71.6)(71.9)
Life(35.8)(36.1)(36.4)(36.4)(144.7)(36.3)(36.2)(36.6)
Total investment income allocated to product lines(223.0)(222.6)(224.1)(225.1)(894.8)(223.2)(222.6)(225.8)
Less interest expense on investment borrowings from FHLB program(2.7)(2.5)(2.3)(2.3)(9.8)(2.4)(4.7)(10.3)
Less expenses related to FABN program— — — (2.3)(2.3)(7.3)(7.6)(7.5)
Less interest expense on debt(15.5)(15.6)(15.6)(15.7)(62.4)(15.7)(15.6)(15.6)
Investment income not allocated to product lines$43.0 $47.8 $50.9 $42.8 $184.5 $28.5 $68.5 $32.2 

Other Investment Data

1Q2Q3Q4Q1Q2Q3Q
2021202120212021202220222022
Average book value of invested assets and cash$23,418.7 $23,585.3 $23,936.9 $24,696.3 $25,791.7 $25,954.0 $26,251.0 
Net investment income from general account investments282.7 282.1 289.5 285.9 277.5 317.7 289.0 
New money rate (14)3.57 %3.38 %3.55 %3.67 %3.73 %5.53 %5.36 %
Book yield4.76 %4.71 %4.63 %4.59 %4.53 %4.52 %4.54 %
Earned yield5.03 %4.97 %5.03 %4.83 %4.50 %5.00 %4.35 %
Pre-pay/call/make-whole income$1.7 $4.9 $10.2 $11.6 $5.2 $14.9 $3.7 
Alternative investment income (loss)34.1 29.0 32.3 22.2 11.3 27.1 (2.5)
Impairments0.5 — — 2.4 — — — 



Page 19

CNO FINANCIAL GROUP, INC.
2Q22 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

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

Three months ended
June 30, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$37.1 $— $37.1 
Health margin113.4 — 113.4 
Life margin56.8 — 56.8 
Total insurance product margin207.3 — 207.3 
Allocated expenses(152.2)— (152.2)
Income from insurance products (5)55.1 — 55.1 
Fee income3.2 — 3.2 
Investment income not allocated to product lines (9)68.5 — 68.5 
Expenses not allocated to product lines2.9 (22.5)(a)(19.6)
Operating earnings before taxes129.7 (22.5)107.2 
Income tax (expense) benefit on operating income(29.6)5.1 (24.5)
Net operating income (10)$100.1 $(17.4)$82.7 
Net operating income per diluted share$0.85 $(0.14)$0.71 
___________
(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.

CNO FINANCIAL GROUP, INC.
4Q21 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

Three months ended
December 31, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$93.9 $(26.9)(a)$67.0 
Health margin129.5 — 129.5 
Life margin30.4 1.0 (a)31.4 
Total insurance product margin253.8 (25.9)227.9 
Allocated expenses(143.3)— (143.3)
Income from insurance products (5)110.5 (25.9)84.6 
Fee income2.9 — 2.9 
Investment income not allocated to product lines (9)42.8 — 42.8 
Expenses not allocated to product lines(17.4)— (17.4)
Operating earnings before taxes138.8 (25.9)112.9 
Income tax (expense) benefit on operating income(30.3)5.7 (24.6)
Net operating income (10)$108.5 $(20.2)$88.3 
Net operating income per diluted share$0.87 $(0.16)$0.71 
___________
(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.
Page 20

CNO FINANCIAL GROUP, INC.
3Q21 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 3Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
September 30, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$52.5 $— $52.5 
Health margin117.9 — 117.9 
Life margin53.2 — 53.2 
Total insurance product margin223.6 — 223.6 
Allocated expenses(140.5)— (140.5)
Income from insurance products (5)83.1 — 83.1 
Fee income2.6 — 2.6 
Investment income not allocated to product lines (9)50.9 — 50.9 
Expenses not allocated to product lines(17.3)3.0 (a)(14.3)
Operating earnings before taxes119.3 3.0 122.3 
Income tax (expense) benefit on operating income(26.5)(0.7)(27.2)
Net operating income (10)$92.8 $2.3 $95.1 
Net operating income per diluted share$0.72 $0.02 $0.74 
___________
(a)Comprised of $3.0 million from legal and regulatory matters.

CNO FINANCIAL GROUP, INC.
2Q21 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 2Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
June 30, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$66.0 $— $66.0 
Health margin120.9 — 120.9 
Life margin39.7 — 39.7 
Total insurance product margin226.6 — 226.6 
Allocated expenses(141.6)— (141.6)
Income from insurance products (5)85.0 — 85.0 
Fee income6.6 — 6.6 
Investment income not allocated to product lines (9)47.8 — 47.8 
Expenses not allocated to product lines(23.8)4.5 (a)(19.3)
Operating earnings before taxes115.6 4.5 120.1 
Income tax (expense) benefit on operating income(26.5)(1.0)(27.5)
Net operating income (10)$89.1 $3.5 $92.6 
Net operating income per diluted share$0.66 $0.03 $0.69 
___________
(a)Comprised of $4.5 million from legal and regulatory matters.


Page 21

CNO FINANCIAL GROUP, INC.
1Q21 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 1Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
March 31, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$57.9 $— $57.9 
Health margin124.7 — 124.7 
Life margin27.1 — 27.1 
Total insurance product margin209.7 — 209.7 
Allocated expenses(141.1)— (141.1)
Income from insurance products (5)68.6 — 68.6 
Fee income7.3 — 7.3 
Investment income not allocated to product lines (9)43.0 — 43.0 
Expenses not allocated to product lines(22.0)7.8 (a)(14.2)
Operating earnings before taxes96.9 7.8 104.7 
Income tax (expense) benefit on operating income(21.7)(1.7)(23.4)
Net operating income (10)$75.2 $6.1 $81.3 
Net operating income per diluted share$0.55 $0.04 $0.59 
___________
(a)Comprised of: (i) $5.3 million from legal and regulatory matters; and (ii) $2.5 million of transaction expenses related to the previously announced acquisition of Optavise, LLC (formerly known as DirectPath, LLC prior to its name change in April 2022). The legal and regulatory matters primarily consist of an increase to our liability for claims and interest pursuant to the Global Resolution Agreement, as we have now processed and verified most of the claims provided by the third party auditor allowing us to more accurately estimate the ultimate liability.

Page 22

CNO FINANCIAL GROUP, INC.
4Q20 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q20 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
December 31, 2020
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$68.1 $(16.1)(a)$52.0 
Health margin125.2 — 125.2 
Life margin37.3 4.3 (a)41.6 
Total insurance product margin230.6 (11.8)218.8 
Allocated expenses(162.7)— (162.7)
Income from insurance products (5)67.9 (11.8)56.1 
Fee income2.9 — 2.9 
Investment income not allocated to product lines (9)57.8 — 57.8 
Expenses not allocated to product lines(17.8)3.7 (b)(14.1)
Operating earnings before taxes110.8 (8.1)102.7 
Income tax (expense) benefit on operating income(24.8)1.7 (23.1)
Net operating income (10)$86.0 $(6.4)$79.6 
Net operating income per diluted share$0.61 $(0.04)$0.57 
___________
(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.
(b)Unfavorable impact related to asset impairments.





Page 23


Notes

(1)Excludes accumulated other comprehensive income (loss). Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(2)Shareholders' equity divided by common shares outstanding.

(3)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.

(4)Insurance margin is management’s measure of profitability of its annuity, health and life product lines’ performance and consists of premiums plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.

(5)Investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. See note (11) for definition of net insurance liabilities.

(6)Excludes the change in market values of the underlying options supporting the fixed index annuity products and corresponding amount credited to policyholder account liabilities. Such amounts were $37.7 million, $68.3 million, $6.3 million, $83.2 million, $(64.3) million, $(80.1) million and $(30.9) million in 1Q21, 2Q21, 3Q21, 4Q21, 1Q22, 2Q22 and 3Q22, respectively.

(7)Excludes the change in market values of the underlying options supporting the fixed index life products and corresponding amount credited to policyholder account liabilities. Such amounts were $4.8 million, $7.8 million, $.9 million, $10.8 million, $(7.6) million, $(12.3) million and $(4.0) million in 1Q21, 2Q21, 3Q21, 4Q21, 1Q22, 2Q22 and 3Q22, respectively.

(8)Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.

(9)Investment income not allocated to product lines is defined as net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable and investment borrowings; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income. Investment income not allocated to product lines includes investment income on investments in excess of average net insurance liabilities, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income from company-owned life insurance ("COLI") and variations in income from alternative investments), net of interest expense.

(10)Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net of related amortization and taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, net of related amortization and taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes (“Net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals.

(11)Net insurance liabilities are equal to total insurance liabilities less: (i) amounts related to reinsured business; (ii) deferred acquisition costs; (iii) present value of future profits; and (iv) 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 insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from GAAP.

(14)The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our Federal Home Loan Bank program and investments purchased by the variable interest entities.
Page 24
CNO Financial Group 1 Third Quarter 2022 Financial and operating results for the period ended September 30, 2022 October 31, 2022 Unless otherwise specified, comparisons in this presentation are between 3Q21 and 3Q22. Exhibit 99.3

 
CNO Financial Group 2 Important Legal Information Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on October 31, 2022, 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

 
CNO Financial Group 3

 
CNO Financial Group 4 Solid overall sales and capital position; continued strong new money rates Quarter in Review Strong Operational Performance  Key capital ratios at or above target levels  Benefitting from investments in Consumer & Worksite divisions  Returned $26 million to shareholders; weighted average shares outstanding decreased 10%  Book value per diluted share excluding AOCI1 up 15% 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Building on Track Record of Execution  Operating EPS1 of $0.49  Continued stable underlying insurance product margins  Sequential growth in yield on assets allocated to products  Sales reflect value of diversified products and distribution; continued improvement in agent productivity and cross-sales success 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.

 
CNO Financial Group 5 3Q 4Q FY 1Q 2Q 3Q Y/Y New Annualized Premiums 1 Life $45.4 $39.8 $190.5 $55.8 $51.4 $45.1 -0.7% Health 39.2 47.7 164.1 34.8 37.4 42.2 7.7% Total Life and Health $84.6 $87.5 $354.6 $90.6 $88.8 $87.3 3.2% Collected Premiums Life $222.2 $223.7 $895.8 $226.7 $229.2 $226.4 1.9% Health 407.3 416.9 1,659.5 408.9 398.4 399.0 -2.0% Total Life and Health $629.5 $640.6 $2,555.3 $635.6 $627.6 $625.4 -0.7% Annuity Collected Premiums $333.3 $397.4 $1,400.4 $368.6 $435.0 $370.0 11.0% Client Assets in BD and Advisory 2 $2,693.1 $2,898.5 $2,898.5 $2,835.1 $2,562.1 $2,453.3 -8.9% Fee Revenue 3 $28.0 $56.2 $147.6 $40.3 $31.1 $30.6 9.3% % Change2021 2022 Strength in Annuity, D2C and Worksite insurance sales Growth Scorecard E xp a n d to th e R ig h t D ri ve G ro w th (dollars in millions) 1 Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. 2 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. 3 Represents fee revenue from the sales of third-party insurance products; services provided by WBD; fee revenue earned by Optavise (formerly known as DirectPath prior to its name change in April 2022); fees generated by our broker-dealer and registered investment advisor.

 
CNO Financial Group 6 Continued sales growth in Annuity and D2C Life; recruiting improvement accelerating Consumer Division Update Third Quarter HighlightsKey Initiatives Expand reach Maintain growth momentum Optimize distribution  Annuity collected premiums up 11%  D2C Life sales up 4%  Third-party policies sold up 36%  Recruiting up 9%, field producing agent count down 6%  Agent productivity up 5%  Registered agent1 count up 7%  Expanded pilot to instantly connect Medicare customers to local agents  Continued to enhance distribution through third parties 1 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.

 
CNO Financial Group 7 Insurance sales momentum continuing; strong producing agent count growth Worksite Division Update Third Quarter Highlights  Life and Health insurance sales up 33%  Stable employer base and premium collection  Positive early indicators on hybrid enrollment platform – Optavise Now  Launched new local and regional broker approach Key Initiatives Expand reach  Producing agent count up 13%, up 10% sequentially  Agent referral program driving recruiting momentum Restore growth Optimize distribution

 
CNO Financial Group 8 $0.74 Financial Highlights Stable underlying insurance margins and investment income allocated to products Earnings ResultsThird Quarter 2022 Net operating income1 $92.8 $56.9 Net operating income excluding significant items1 $95.1 $56.9 Net income $99.8 $105.0 Weighted average shares outstanding (in millions) 129.0 115.9 (dollars in millions, except where noted)  3Q22 Operating EPS1 excl. significant items of $0.49, vs. $0.74 in 3Q21  Stable underlying insurance product margins  Adverse GAAP accounting impacts on Fixed Index Annuities  Strong net investment income allocated to products, lower variable NII  Total expenses up as expected  $10 million of share repurchases  Weighted average share count down 10%  Operating ROE1, as adjusted, of 10.2% 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. $0.72 $0.49 $0.77 $0.91 3Q21 3Q22 Net operating earnings per share1 Net income per share Excluding significant items

 
CNO Financial Group 9 3Q 2022 Highlights1 Insurance Product Margin (dollars in millions) Stable underlying margins; unfavorable GAAP accounting impacts Insurance Product Margin Excluding Significant Items1  Total margin down $16 million; flat adjusting for the items noted below  Annuity margin down $13 million; down $2 million after adjustments  $11 million unfavorable market impact to fixed index annuities  $17 million unfavorable in 3Q22 vs. $6 million unfavorable in 3Q21  Health margin up $6 million; up $5 million after adjustments  $1 million improvement in favorable COVID impacts  Life margin down $10 million; down $3 million after adjustments  $2 million increase in unfavorable COVID impacts  $2 million increase in non-deferrable life advertising expense  $3 million favorable non-COVID mortality in 3Q21 1 Excludes $26.9 million favorable annuity unlocking/$1.0 million unfavorable life unlocking in 4Q21. See the Appendix for a reconciliation to the corresponding GAAP measure. $52.5 $67.0 $44.6 $37.1 $39.8 $53.2 $31.4 $19.8 $56.8 $43.4 $117.9 $129.5 $124.8 $113.4 $124.1 3Q21 4Q21 1Q22 2Q22 3Q22 Annuity Health Life Total Margin $223.6 $227.9 $189.2 $207.3 $207.3 2.05% 2.58% 1.70% 1.40% 1.49% Margin / average net insurance liabilities Margin / insurance policy income 28% 31% 31% 28% 31% ISL: Interest margin / average net insurance liabilities 0.69% 0.52% 0.59% 0.71% 0.39% ISL: Underwriting margin / insurance policy income 43% 34% 36% 46% 35% Trad: Margin / insurance policy income 20% 9% 2% 20% 16% Trad: Margin ex. Adv. Exp. / insurance policy income 31% 22% 19% 33% 29%

 
CNO Financial Group 10 3Q 4Q 1Q 2Q 3Q Annuity Margin excl. significant items 1 Margin before impacts due to market volatility $58 $62 $55 $58 $57 Impacts due to market volatility ($6) $5 ($10) ($21) ($17) Reported margin $53 $67 $45 $37 $40 2021 2022 Attractive and stable annuity margins GAAP Annuity Results (dollars in millions)  Our hedge program utilizes call options to hedge the economic value of the embedded derivatives of our Fixed Index Annuities. This process is designed to eliminate the market risk associated with the underlying benefits and produce predictable spread earnings.  FAS133 embedded derivative accounting, the impacts of which we do not hedge, produces income volatility. While a large component of this volatility is captured in non-operating income, a portion remains in operating income. 1 Excludes $26.9 million favorable annuity unlocking in 4Q21. See the Appendix for a reconciliation to the corresponding GAAP measure.

 
CNO Financial Group 11 $- $50.0 $100.0 $150.0 $200.0 3Q 2021 3Q 2022 Investment Income Not Allocated to Product Lines $- $100.0 $200.0 $300.0 $400.0 3Q 2021 3Q 2022 Total Net Investment Income1 Annuity Health Life Not Allocated $- $100.0 $200.0 $300.0 $400.0 3Q 2021 3Q 2022 Investment Income Allocated to Product Lines Annuity Health Life Investment Results  Average yield on allocated investments of 4.58% vs. 4.54% in 2Q22 and 4.72% in 3Q21  Average net insurance liabilities2 up 3.9% YoY 1 Reflects sum of allocated and non-allocated investment income. Refer to pages 16-19 of the financial supplement for more information on the components of net investment income. 2 Net insurance liabilities are equal to total insurance liabilities less: (i) amounts related to reinsured business; (ii) deferred acquisition costs; (iii) present value of future profits; and (iv) the value of unexpired options credited to insurance liabilities. +0.8% $224.1 $225.8 $258.0 $275.0 $32.2 $50.9  Average book value of invested assets up 9.7% YoY  Earned yield of 4.35% vs. 5.00% in 2Q22, and 5.03% in 3Q21  New money rate of 5.36%, compared to 5.53% in 2Q22  Reflects higher interest rates and spreads, offset by lower quarterly contribution from new direct investments  Investment income not allocated to product lines down $19 mm  Sequentially and YoY lower alternatives returns; moderated call/prepayment activity  New FABN program in 4Q21  Favorable FHLB results (dollars in millions) Stable core NII; sustained increase in new money rates

 
CNO Financial Group 12 High quality, stable core returns with variable upside, continued up-in-quality bias Portfolio Composition $23 billion of Invested Assets Highlights (Fair Value as of 9/30/2022) General Approach  Positioned for stable performance across credit cycles  Focus on quality - margin against adverse development  Calibrated, lower than average allocation to most higher risk categories – specific boundaries on the amount of high-risk assets we will own  Low impairments through multiple cycles  Embedded asset liability management  High degree of liquidity  62% of portfolio in corporate and government bonds  Reflects up-in-quality positioning over past 18 months  Strong credit risk profile  96% rated NAIC 1 or 2  Portfolio average rating A  Significant credit enhancement in structured products  Diversified commercial and residential mortgages with favorable performance metrics and strong operating characteristics. No commercial mortgage loan delinquencies.  Alternative investments emphasizing current cash flows and comparatively predictable results  “BBB” allocation reduced by 290 bps in the last 12 months  “A” and better allocation increased by 360 bps in the last 12 months IG Corporates, 47.6% Non-Agency RMBS, 7.3% Mortgage Loans, 4.7% HY Corporates, 2.6% CMBS, 10.1% Municipals, 10.2% ABS, 5.5% Govts/Agency, 1.1% CLO, 3.1% Equities, 0.6% Other, 1.7% Alternatives, 2.7% Policy Loans, 0.5% Cash, 2.4%

 
CNO Financial Group 13 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. Debt to Capital2 Consolidated Risk Based Capital (RBC) Ratio1  Target leverage of 25 - 28%  Debt covenant ceiling of 35%  $200 million in debt capacity to top of target leverage range  Target consolidated RBC ratio of approximately 375%  RBC variability expected in periods of market volatility Holding Company Liquidity  Target minimum holding company liquidity of $150 million  Liquidity backstopped by $250 million undrawn revolver  No outstanding debt maturities until 2025 411% 386% 365% 360% 375% 2020 2021 1Q 2022 2Q 2022 3Q 2022 $388.1 $248.6 $192.3 $140.9 $162.3 2020 2021 1Q 2022 2Q 2022 3Q 2022 25.6% 25.6% 25.6% 25.2% 24.7% 2020 2021 1Q 2022 2Q 2022 3Q 2022 Capital and Liquidity Overview Balanced approach to capital structure; at target capital levels (dollars in millions)

 
CNO Financial Group 14 Expect modest consolidated near-term earnings gains as a result of implementation Long-Duration Targeted Improvement Description Expected Earnings Restatement Impact Impact to Insurance Policy Benefits Less quarter-to-quarter volatility as temporary deviations from experience, including COVID impacts, are offset by reserve changes in the current period. Release of provisions for adverse deviations (PADs) embedded in actuarial liabilities (inforce only) Positive impacts from PADs will be released over time. Impact from change to Deferred Acquisition Cost amortization Positive impacts from lower amortization across all three product lines. Change in retained earnings Transition impacts to reserves increase earnings in the restatement period (1Q 2021 to 4Q 2022). Go forward expected to be less as the transition impact balance is drawn down.

 
CNO Financial Group 15 Investment Highlights Sustainable growth initiatives in place Favorable demographic tailwinds Well-positioned in underserved middle market Differentiated "last mile" virtual & in-person model Strong balance sheet; robust free cash flow generation

 
CNO Financial Group 16 Questions and Answers

 
CNO Financial Group 17  Increasing sales momentum  Growth in producing agent counts  Free cash flow expected to be lower than 2021 reflecting diminishing COVID impacts and alternative investment returns, capital strain from new business, and the ramp up of the FABN program  Free cash flow conversion rate to remain strong  Manage to 375% RBC and $150 million holdco liquidity  COVID-related  Continued tapering of net favorable COVID impacts  Investment income  Allocated to products: slightly up due to asset growth and leveling yield  Not allocated to products: lower than 2021 as alternative yields continue to moderate  Fee income  4Q seasonally strong with AEP and employer benefit enrollments  Expenses (excluding significant items)  4Q22 results expected to be in-line with YTD 3Q22 trend  Effective Tax rate  23 – 24%, trending up vs. 2021 due to state income tax impacts 2022 Outlook Sales Earnings Free Cash Flow / Excess Capital

 
CNO Financial Group 18  Agent pilots, technology- driven customer experience enhancements  Hybrid distribution  Worksite B2B marketing, lead generation  Share repurchases: $10 million in 3Q22  Dividends: $16 million in 3Q22  Highly selective M&A  CNO Ventures; strategic minority investments largely in InsurTech  LTC reinsurance (2018), Web Benefits Design (2019), DirectPath (2021) Opportunistic transactions Return capital to shareholders Organic investments to sustain and grow the core businesses Disciplined and opportunistic approach to maximize shareholder value Excess Capital Allocation Strategy

 
CNO Financial Group 19 Cash Flow Profile 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. 2 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions. (dollars in millions) 3Q21 3Q22 3Q21 3Q22 Net Operating Income1 92.8$ 56.9$ 343.0$ 316.6$ Holding Company Cash Flows: Dividends from Subsidiaries 148.7$ 11.0$ 462.2$ 137.6$ Management Fees 28.5 27.5 113.7 119.7 Surplus Debenture Interest 19.0 20.1 55.3 56.5 Earnings on Corporate Investments 1.5 2.9 8.2 8.2 Other 3.5 18.7 51.9 12.8 Holding Company Sources of Cash2 201.2 80.2 691.3 334.8 Holding Company Expenses and Other (18.1) (30.6) (68.7) (107.4) Tax Payments (14.7) - (59.6) (21.7) Interest Payments (2.1) (2.1) (58.9) (60.8) Excess Cash Flow to Holding Company2 166.3 47.5 504.1 144.9 Net Proceeds from New Debt - - 146.4 - Share Repurchases (120.0) (10.0) (402.4) (270.0) Dividend Payments to Stockholders (16.3) (16.1) (66.5) (64.4) Contributions to Insurance Subsidiaries - - - (14.6) Acquisition - - (51.1) - Net Change in Holding Company Cash and Investments 30.0 21.4 130.5 (204.1) Cash and Investments, Beginning of Period 336.4 140.9 235.9 366.4 Cash and Investments, End of Period 366.4$ 162.3$ 366.4$ 162.3$ Trailing Twelve MonthsFor the Quarter

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

 
CNO Financial Group 21 Account values down 9% YoY; $2.5 billion in client assets Broker-Dealer/Registered Investment Advisor 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Prior periods have been restated to conform with current presentation. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 111 East Wacker Drive, Suite 1900, Chicago, IL 60601 (dollars in millions) 3Q 4Q 1Q 2Q 3Q Net New Client Assets in Brokerage (23.0)$ 9.0$ (35.2)$ (10.5)$ (17.9)$ Brokerage and Advisory1 Advisory 66.0 67.5 76.1 24.2 32.9 Total 43.0$ 76.5$ 40.9$ 13.7$ 15.0$ Client Assets in Brokerage and Brokerage 1,639.0$ 1,734.0$ 1,675.2$ 1,492.2$ 1,412.8$ Advisory1 at end of period Advisory 1,054.1 1,164.5 1,159.9 1,069.9 1,040.5 Total 2,693.1$ 2,898.5$ 2,835.1$ 2,562.1$ 2,453.3$ 2021 2022

 
CNO Financial Group 22 Softening macro environment helping recruiting, veteran agent retention strong Exclusive Agent Counts 1 Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients. 3 Agent and representative counts represent the average of the last 3 months. % Change % Change Consumer 3Q 4Q 1Q 2Q 3Q 3Q/2Q Y/Y Producing Field Agents1,3 4,168 4,008 3,939 3,968 3,913 -1.4% -6.1% Producing Tele-Sales Agents1,3 235 220 217 204 184 -9.8% -21.7% Total Producing Agents1,3 4,403 4,228 4,156 4,172 4,097 -1.8% -6.9% Registered Agents2,3 646 655 663 676 688 1.8% 6.5% Worksite Producing Field Agents1,3 229 227 208 234 258 10.3% 12.7% 2021 2022

 
CNO Financial Group 23 Significant NMR increase reflects higher market yields offset by the contribution from direct investments New Money Rate Walk 5.53% 5.36%

 
CNO Financial Group 24 Strategically harvesting rising market yields, while sliding up-in-quality New Money Summary 3Q General Account New Money Purchases $ % GAAP YTM Duration IG Corp AAA-A 220 24.4% 5.11% 7.8 Muni 187 20.7% 5.22% 12.0 ABS 177 19.6% 5.42% 3.0 Non- Agency RMBS 95 10.5% 5.53% 3.1 CMBS 64 7.1% 5.16% 6.9 CML 55 6.1% 4.84% 7.8 Direct/Alternatives 46 5.1% 6.87% N/A Residential Mortgages 19 2.1% 6.16% 4.2 IG Corp BBB 16 1.8% 5.40% 7.4 HY Corp 11 1.2% 7.22% 3.3 EM 7 0.8% 5.04% 9.5 CLOs 5 0.5% 5.25% 4.0 TOTAL: 902 100.0% 5.36% 6.6 IG Corporates, 26.2% Muni, 20.7% CLOs, 0.5% CMBS, 7.1% EM, 0.8% CML, 6.1%HY Corp, 1.2% ABS, 19.6% Residential Mortgages, 2.1% Non- Agency RMBS, 10.5% Direct/Alternatives, 5.1%

 
CNO Financial Group 25 New sales (~$25 million annually) focused on short duration products  98% of new sales for policies with 2 years or less in benefits  Average benefit period of 11 months  New business 25% reinsured since 2008 Reserve assumptions informed by historical experience  No morbidity improvement  No mortality improvement  Minimal future rate increases  New money rates reflect a low for long environment Favorable economic profile  2021 Loss Recognition Testing margin increased to $376 million or ~15% of Net GAAP Liabilities driven by margin from new business  Statutory reserves ~$237 million higher than LTC Net GAAP Liabilities, which are currently ~$2.53 billion  Total LTC is just 12.5% of overall CNO insurance liabilities  Potential adverse impact from severe stress scenarios is significantly reduced  Average maximum benefit at issuance is $143 per day for inforce block Long-Term Care Insurance Highly differentiated inforce block; prudently managed

 
CNO Financial Group 26 Non-Life NOLs $189 DTAs related to tax strategy $199 Value of NOLs and deferred tax assets (DTAs) related to tax strategy Details  Total estimated economic value of tax assets related to our NOLs and tax strategy of approximately $214 million @ 10% discount rate ($1.84 on a per share basis).  Life NOLs have been fully utilized. Non- life NOLs are expected to offset 100% of non-life taxable income and 35% of life taxable income through 2023. $388 (dollars in millions) $388 million/$3.34 per diluted share value of NOLs and DTAs related to tax strategy Tax Asset Summary as of September 30, 2022

 
CNO Financial Group 27 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 28 - 45

 
CNO Financial Group 28 Insurance product margin Annuity 37.1$ -$ 37.1$ Health 113.4 - 113.4 Life 56.8 - 56.8 Total insurance product margin 207.3 - 207.3 Allocated expenses (152.2) - (152.2) Income from insurance products 55.1 - 55.1 Fee income 3.2 - 3.2 Investment income not allocated to product lines 68.5 - 68.5 Expenses not allocated to product lines 2.9 (22.5) (1) (19.6) Operating earnings before taxes 129.7 (22.5) 107.2 Income tax expense on operating income (29.6) 5.1 (24.5) Net operating income (2) 100.1$ (17.4)$ 82.7 Net operating income per diluted share (2) 0.85$ (0.14)$ 0.71$ Three months ended June 30, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Comprised of an experience refund of $22.5 million related to a reinsurance agreement. (2) A non-GAAP measure. See pages 34 and 36 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 2Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 2Q22 Significant Items

 
CNO Financial Group 29 Insurance product margin Annuity 93.9$ (26.9)$ (1) 67.0$ Health 129.5 - 129.5 Life 30.4 1.0 (1) 31.4 Total insurance product margin 253.8 (25.9) 227.9 Allocated expenses (143.3) - (143.3) Income from insurance products 110.5 (25.9) 84.6 Fee income 2.9 - 2.9 Investment income not allocated to product lines 42.8 - 42.8 Expenses not allocated to product lines (17.4) - (17.4) Operating earnings before taxes 138.8 (25.9) 112.9 Income tax expense on operating income (30.3) 5.7 (24.6) Net operating income (2) 108.5$ (20.2)$ 88.3 Net operating income per diluted share (2) 0.87$ (0.16)$ 0.71$ Three months ended December 31, 2021 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Adjustments arising from our comprehensive annual actuarial review of assumptions. (2) A non-GAAP measure. See pages 34 and 36 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 4Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q21 Significant Items

 
CNO Financial Group 30 Insurance product margin Annuity 52.5$ -$ 52.5$ Health 117.9 - 117.9 Life 53.2 - 53.2 Total insurance product margin 223.6 - 223.6 Allocated expenses (140.5) - (140.5) Income from insurance products 83.1 - 83.1 Fee income 2.6 - 2.6 Investment income not allocated to product lines 50.9 - 50.9 Expenses not allocated to product lines (17.3) 3.0 (1) (14.3) Operating earnings before taxes 119.3 3.0 122.3 Income tax expense on operating income (26.5) (0.7) (27.2) Net operating income (2) 92.8$ 2.3$ 95.1 Net operating income per diluted share (2) 0.72$ 0.02$ 0.74$ Three months ended September 30, 2021 Actual results Significant items Excluding significant items (1) Comprised of $3.0 million from legal and regulatory matters. (2) A non-GAAP measure. See pages 34 and 36 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 3Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q21 Significant Items (dollars in millions, except per-share amounts)

 
CNO Financial Group 31 Insurance product margin Annuity 66.0$ -$ 66.0$ Health 120.9 - 120.9 Life 39.7 - 39.7 Total insurance product margin 226.6 - 226.6 Allocated expenses (141.6) - (141.6) Income from insurance products 85.0 - 85.0 Fee income 6.6 - 6.6 Investment income not allocated to product lines 47.8 - 47.8 Expenses not allocated to product lines (23.8) 4.5 (1) (19.3) Operating earnings before taxes 115.6 4.5 120.1 Income tax expense on operating income (26.5) (1.0) (27.5) Net operating income (2) 89.1$ 3.5$ 92.6 Net operating income per diluted share (2) 0.66$ 0.03$ 0.69$ Three months ended June 30, 2021 Actual results Significant items Excluding significant items (1) Comprised of $4.5 million from legal and regulatory matters. (2) A non-GAAP measure. See pages 34 and 36 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 2Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 2Q21 Significant Items (dollars in millions, except per-share amounts)

 
CNO Financial Group 32 Insurance product margin Annuity 57.9$ -$ 57.9$ Health 124.7 - 124.7 Life 27.1 - 27.1 Total insurance product margin 209.7 - 209.7 Allocated expenses (141.1) - (141.1) Income from insurance products 68.6 - 68.6 Fee income 7.3 - 7.3 Investment income not allocated to product lines 43.0 - 43.0 Expenses not allocated to product lines (22.0) 7.8 (1) (14.2) Operating earnings before taxes 96.9 7.8 104.7 Income tax expense on operating income (21.7) (1.7) (23.4) Net operating income (2) 75.2$ 6.1$ 81.3 Net operating income per diluted share (2) 0.55$ 0.04$ 0.59$ Three months ended March 31, 2021 Actual results Significant items Excluding significant items (1) Comprised of: (i) $5.3 million from legal and regulatory matters; and (ii) $2.5 million of transaction expenses related to the previously announced acquisition of Optavise, LLC. The legal and regulatory matters primarily consist of an increase to our liability for claims and interest pursuant to the Global Resolution Agreement, as we have now processed and verified most of the claims provided by the third-party auditor allowing us to more accurately estimate the ultimate liability. (2) A non-GAAP measure. See pages 34 and 36 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 1Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 1Q21 Significant Items (dollars in millions, except per-share amounts)

 
CNO Financial Group 33 Insurance product margin Annuity 68.1$ (16.1)$ (1) 52.0$ Health 125.2 - 125.2 Life 37.3 4.3 (1) 41.6 Total insurance product margin 230.6 (11.8) 218.8 Allocated expenses (162.7) - (162.7) Income from insurance products 67.9 (11.8) 56.1 Fee income 2.9 - 2.9 Investment income not allocated to product lines 57.8 - 57.8 Expenses not allocated to product lines (17.8) 3.7 (2) (14.1) Operating earnings before taxes 110.8 (8.1) 102.7 Income tax expense on operating income (24.8) 1.7 (23.1) Net operating income (3) 86.0$ (6.4)$ 79.6$ Net operating income per diluted share (3) 0.61$ (0.04)$ 0.57$ Three months ended December 31, 2020 Actual results Significant items Excluding significant items (1) Adjustments arising from our comprehensive annual actuarial review of assumptions. (2) Unfavorable impact related to asset impairments. (3) A non-GAAP measure. See pages 34 and 36 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 4Q20 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q20 Significant Items (dollars in millions, except per-share amounts)

 
CNO Financial Group 34 (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 related amortization and taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, net of related amortization and taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss on extinguishment of debt, net of taxes; (vi) changes in the valuation allowance for deferred tax assets and other tax items; and (vii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the above table. Quarterly Earnings 3Q21 4Q21 1Q22 2Q22 3Q22 Insurance product margin Annuity 52.5$ 93.9$ 44.6$ 37.1$ 39.8$ Health 117.9 129.5 124.8 113.4 124.1 Life 53.2 30.4 19.8 56.8 43.4 Total insurance product margin 223.6 253.8 189.2 207.3 207.3 Allocated expenses (140.5) (143.3) (144.8) (152.2) (150.5) Income from insurance products 83.1 110.5 44.4 55.1 56.8 Fee income 2.6 2.9 9.9 3.2 1.4 Investment income not allocated to product lines 50.9 42.8 28.5 68.5 32.2 Expenses not allocated to product lines (17.3) (17.4) (14.8) 2.9 (16.1) Operating earnings before taxes 119.3 138.8 68.0 129.7 74.3 Income tax expense on operating income (26.5) (30.3) (16.9) (29.6) (17.4) Net operating income* 92.8 108.5 51.1 100.1 56.9 Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (net of related amortization) 2.2 4.7 (7.1) (26.1) (0.1) Net change in market value of investments recognized in earnings (4.6) (12.1) (25.5) (21.7) (17.0) Fair value changes in embedded derivative liabilities (net of related amortization) 10.9 19.1 90.8 79.7 66.0 Fair value changes related to agent deferred compensation plan - (4.3) 22.7 14.0 12.0 Other 0.2 1.9 0.4 (0.2) 2.0 Non-operating income before taxes 8.7 9.3 81.3 45.7 62.9 Income tax expense on non-operating income (1.7) (2.0) (20.1) (9.7) (14.8) Net non-operating income 7.0 7.3 61.2 36.0 48.1 Net income 99.8$ 115.8$ 112.3$ 136.1$ 105.0$

 
CNO Financial Group 35 Information Related to Certain Non-GAAP Financial Measures The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered as substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website, www.CNOinc.com. Operating earnings measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in the valuation allowance for deferred tax assets and other tax items and other non- operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals.

 
CNO Financial Group 36 A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows: (dollars in millions, except per-share amounts) Information Related to Certain Non-GAAP Financial Measures 3Q21 4Q21 1Q22 2Q22 3Q22 Net income applicable to common stock 99.8$ 115.8$ 112.3$ 136.1$ 105.0$ Non-operating items: Net realized investment (gains) losses from sales and impairments, net of related amortization (2.2) (4.7) 7.1 26.1 0.1 Net change in market value of investments recognized in earnings 4.6 12.1 25.5 21.7 17.0 Fair value changes in embedded derivative liabilities, net of related amortization (10.9) (19.1) (90.8) (79.7) (66.0) Fair value changes related to the agent deferred compensation plan - 4.3 (22.7) (14.0) (12.0) Other (0.2) (1.9) (0.4) 0.2 (2.0) Non-operating income before taxes (8.7) (9.3) (81.3) (45.7) (62.9) Income tax expense on non-operating income (1.7) (2.0) (20.1) (9.7) (14.8) Net non-operating income (7.0) (7.3) (61.2) (36.0) (48.1) Net operating income (a non-GAAP financial measure) 92.8$ 108.5$ 51.1$ 100.1$ 56.9$ Per diluted share: Net income 0.77$ 0.93$ 0.93$ 1.16$ 0.91$ Net realized investment (gains) losses from sales and impairments (net of related amortization and taxes) (0.02) (0.03) 0.04 0.17 - Net change in market value of investments recognized in earnings (net of taxes) 0.03 0.07 0.16 0.14 0.11 Fair value changes in embedded derivative liabilities (net of related amortization and taxes) (0.06) (0.12) (0.57) (0.53) (0.44) Fair value changes related to the agent deferred compensation plan (net of taxes) - 0.03 (0.14) (0.09) (0.08) Other - (0.01) - - (0.01) Net operating income (a non-GAAP financial measure) 0.72$ 0.87$ 0.42$ 0.85$ 0.49$

 
CNO Financial Group 37 A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as follows: (dollars in millions, except per-share amounts, and shares in thousands) Information Related to Certain Non-GAAP Financial Measures 3Q21 4Q21 1Q22 2Q22 3Q22 Operating income 92.8$ 108.5$ 51.1$ 100.1$ 56.9$ Weighted average shares outstanding for basic earnings per share 126,429 122,017 118,622 115,533 114,354 Effect of dilutive securities on weighted average shares: Stock options, restricted stock and performance units 2,589 3,003 2,380 1,753 1,574 Weighted average shares outstanding for diluted earnings per share 129,018 125,020 121,002 117,286 115,928 Net operating income per diluted share 0.72$ 0.87$ 0.42$ 0.85$ 0.49$

 
CNO Financial Group 38 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units were vested, and convertible securities were converted. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments. A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows: (dollars in millions, except per-share amounts) Information Related to Certain Non-GAAP Financial Measures 3Q21 4Q21 1Q22 2Q22 3Q22 Total shareholders' equity 5,232.9$ 5,259.7$ 3,690.9$ 2,212.0$ 1,297.9$ Shares outstanding for the period 124,269,869 120,377,152 117,241,006 114,795,328 114,367,345 Book value per share 42.11$ 43.69$ 31.48$ 19.27$ 11.35$ Total shareholders' equity 5,232.9$ 5,259.7$ 3,690.9$ 2,212.0$ 1,297.9$ Less accumulated other comprehensive (income) loss (1,929.7) (1,947.1) (380.5) 1,165.0 2,165.7 Adjusted shareholders' equity excluding AOCI 3,303.2$ 3,312.6$ 3,310.4$ 3,377.0$ 3,463.6$ Shares outstanding for the period 124,269,869 120,377,152 117,241,006 114,795,328 114,367,345 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 2,647,710 2,953,586 2,261,617 1,407,756 1,603,295 Diluted shares outstanding 126,917,579 123,330,738 119,502,623 116,203,084 115,970,640 Book value per diluted share (a non-GAAP measure) 26.03$ 26.86$ 27.70$ 29.06$ 29.87$

 
CNO Financial Group 39 Operating return measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in the valuation allowance for deferred tax assets and other tax items, loss on extinguishment of debt and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals. Management also believes that an operating return, excluding significant items, is important as the impact of these items enhances the understanding of our operating results. This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income (loss) has been excluded from the value of equity used to determine this ratio. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets). In accordance with GAAP, these assets are not discounted, and accordingly will not provide a return to shareholders (until after it is realized as a reduction to taxes that would otherwise be paid). Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns and the comparability of these measures from period-to-period. Operating return measures are used in measuring the performance of our business units and are used as a basis for incentive compensation. Information Related to Certain Non-GAAP Financial Measures

 
CNO Financial Group 40 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Information Related to Certain Non-GAAP Financial Measures 3Q21 4Q21 1Q22 2Q22 3Q22 Operating income 343.1$ 365.6$ 341.5$ 352.5$ 316.6$ Operating income, excluding significant items 348.6$ 357.3$ 327.1$ 317.2$ 279.0$ Net income 437.0$ 441.0$ 405.9$ 464.0$ 469.2$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,995.5$ 3,026.0$ 3,046.7$ 3,069.1$ 3,114.5$ Average common shareholders' equity 5,206.8$ 5,197.4$ 5,023.1$ 4,487.9$ 3,607.0$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.5% 12.1% 11.2% 11.5% 10.2% Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.6% 11.8% 10.7% 10.3% 9.0% Return on equity 8.4% 8.5% 8.1% 10.3% 13.0% Trailing Twelve Months Ended

 
CNO Financial Group 41 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income: (dollars in millions) (a) The significant items have been discussed in prior press releases. (Continued on next page) Information Related to Certain Non-GAAP Financial Measures Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income Net income - trailing four quarters 4Q20 86.0$ (6.4)$ 79.6$ 338.2$ 111.8$ 301.8$ 1Q21 75.2 6.1 81.3 335.2 147.4 470.4 2Q21 89.1 3.5 92.6 366.1 78.0 466.4 3Q21 92.8 2.3 95.1 348.6 99.8 437.0 4Q21 108.5 (20.2) 88.3 357.3 115.8 441.0 1Q22 51.1 - 51.1 327.1 112.3 405.9 2Q22 100.1 (17.4) 82.7 317.2 136.1 464.0 3Q22 56.9 - 56.9 279.0 105.0 469.2

 
CNO Financial Group 42 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Information Related to Certain Non-GAAP Financial Measures 3Q21 4Q21 1Q22 2Q22 3Q22 Pre-tax operating earnings (a non-GAAP financial measure) 442.6$ 470.6$ 441.7$ 455.8$ 410.8$ Income tax expense (99.5) (105.0) (100.2) (103.3) (94.2) Operating return 343.1 365.6 341.5 352.5 316.6 Non-operating items: Net realized investment gains (losses) from sales and impairments, net of related amortization 42.7 34.8 24.1 (26.3) (28.6) Net change in market value of investments recognized in earnings 0.7 (17.4) (36.5) (63.9) (76.3) Fair value changes in embedded derivative liabilities, net of related amortization 64.4 67.2 75.9 200.5 255.6 Fair value changes and amendment related to the agent deferred compensation plan 10.1 8.9 18.4 32.4 44.4 Other 2.6 3.6 3.4 2.3 4.1 Non-operating income before taxes 120.5 97.1 85.3 145.0 199.2 Income tax expense on non-operating income (26.6) (21.7) (20.9) (33.5) (46.6) Net non-operating income 93.9 75.4 64.4 111.5 152.6 Net income 437.0$ 441.0$ 405.9$ 464.0$ 469.2$ Twelve Months Ended

 
CNO Financial Group 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) Information Related to Certain Non-GAAP Financial Measures 1Q19 2Q19 3Q19 4Q19 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,703.4$ 2,702.9$ 2,685.0$ 2,761.9$ Net operating loss carryforwards 479.6 451.1 425.4 542.6 Accumulated other comprehensive income 654.9 1,098.2 1,442.9 1,372.5 Common shareholders' equity 3,837.9$ 4,252.2$ 4,553.3$ 4,677.0$ 1Q20 2Q20 3Q20 4Q20 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,701.2$ 2,784.2$ 2,905.1$ 2,956.2$ Net operating loss carryforwards 469.4 426.8 377.2 341.9 Accumulated other comprehensive income 595.2 1,520.2 1,801.6 2,186.1 Common shareholders' equity 3,765.8$ 4,731.2$ 5,083.9$ 5,484.2$ 1Q21 2Q21 3Q21 4Q21 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,019.5$ 3,035.6$ 3,036.3$ 3,068.9$ Net operating loss carryforwards 323.1 292.9 266.9 243.7 Accumulated other comprehensive income 1,518.1 1,995.5 1,929.7 1,947.1 Common shareholders' equity 4,860.7$ 5,324.0$ 5,232.9$ 5,259.7$ 1Q22 2Q22 3Q22 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,072.2$ 3,162.3$ 3,272.7$ Net operating loss carryforwards 238.2 214.7 190.9 Accumulated other comprehensive income (loss) 380.5 (1,165.0) (2,165.7) Common shareholders' equity 3,690.9$ 2,212.0$ 1,297.9$

 
CNO Financial Group 44 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 3Q21 4Q21 1Q22 2Q22 3Q22 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,995.5$ 3,026.0$ 3,046.7$ 3,069.1$ 3,114.5$ Net operating loss carryforwards 320.0 293.9 271.0 250.7 231.4 Accumulated other comprehensive income 1,891.3 1,877.5 1,705.4 1,168.1 261.1 Common shareholders' equity 5,206.8$ 5,197.4$ 5,023.1$ 4,487.9$ 3,607.0$ Trailing Four Quarter Average

 
CNO Financial Group 45 Debt to capital ratio, excluding accumulated other comprehensive income (loss) The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. A reconciliation of these ratios is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Corporate notes payable 1,136.2$ 1,136.6$ 1,136.9$ 1,137.0$ 1,137.3$ 1,137.6$ 1,138.0$ 1,138.4$ Total shareholders' equity 5,484.2 4,860.7 5,324.0 5,232.9 5,259.7 3,690.9 2,212.0 1,297.9 Total capital 6,620.4$ 5,997.3$ 6,460.9$ 6,369.9$ 6,397.0$ 4,828.5$ 3,350.0$ 2,436.3$ Corporate debt to capital 17.2% 19.0% 17.6% 17.8% 17.8% 23.6% 34.0% 46.7% Corporate notes payable 1,136.2$ 1,136.6$ 1,136.9$ 1,137.0$ 1,137.3$ 1,137.6$ 1,138.0$ 1,138.4$ Total shareholders' equity 5,484.2 4,860.7 5,324.0 5,232.9 5,259.7 3,690.9 2,212.0 1,297.9 Less accumulated other comprehensive (income) loss (2,186.1) (1,518.1) (1,995.5) (1,929.7) (1,947.1) (380.5) 1,165.0 2,165.7 Total capital 4,434.3$ 4,479.2$ 4,465.4$ 4,440.2$ 4,449.9$ 4,448.0$ 4,515.0$ 4,602.0$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 25.6% 25.4% 25.5% 25.6% 25.6% 25.6% 25.2% 24.7%