cno-20230501
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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): May 1, 2023

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 May 1, 2023, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended March 31, 2023, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference; (ii) the Quarterly Financial Supplement for March 31, 2023, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference; (iii) additional financial information related to its financial and operating results for the quarter ended March 31, 2023, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference; and (iv) the Quarterly Financial Supplement for December 31, 2022 ("Recast Supplement") as recast to reflect the adoption of ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts, a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The information in the Recast Supplement is unaudited and is being provided to aid users of our financial statements in understanding the impacts of adopting ASU 2018-12. It is possible that the financial results included in the Company's future filings with the Securities and Exchange Commission may differ, perhaps materially, from the information in the Recast Supplement.

The information contained under Item 2.02 in this Current Report on Form 8-K (including Exhibits 99.1, 99.2, 99.3 and 99.4) 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
99.4
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CNO Financial Group, Inc.
Date: May 1, 2023
By:/s/ John R. Kline
John R. Kline
Senior Vice President and
Chief Accounting Officer




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Exhibit 99.1

cnologopr.jpg                            News

For Immediate Release

CNO Financial Group Reports First Quarter 2023 Results
Total new annualized premiums up 7%
Capital and liquidity remain above target levels

Carmel, Ind., May 1, 2023 - CNO Financial Group, Inc. (NYSE: CNO) today reported a net loss of $0.8 million, or $0.01 per diluted share, in 1Q23 compared to net income of $183.4 million, or $1.52 per diluted share, in 1Q22. Non-economic accounting impacts of market volatility often result in significant increases and decreases to our non-operating income and drove the net loss in 1Q23. Net operating income (1), which excludes these non-economic accounting impacts, was $58.6 million, or $0.51 per diluted share, in 1Q23 compared to $64.5 million, or $0.54 per diluted share, in 1Q22.
"Strengthening insurance margins, solid customer persistency and significant growth in fee income substantiate the fundamental health of CNO's operating businesses," said Gary C. Bhojwani, chief executive officer. "We posted record direct-to-consumer Life sales, record Medicare growth and continued sales momentum across nearly all insurance product categories. Successful agent recruiting generated producing agent count growth for both our Consumer and Worksite Divisions, evidencing a critical inflection point since the pandemic."
"Our capital and liquidity positions are above target levels. Our cash flow remains robust. We continue to be confident in our operating plan and reiterate our full-year operating guidance."

First Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
•Total new annualized premiums ("NAP") (4) up 7%
•     Medicare Supplement NAP up 20%; Medicare Advantage sales up 55%
•     Consumer Division field producing agent count up 1%; Worksite Division producing agent count up 38%
•     Returned $32.2 million to shareholders
•     Return on equity ("ROE") of 21.8%; operating ROE, as adjusted (6), of 10.3%

Adoption of New Accounting Standard
Effective January 1, 2023, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the first quarter of 2022 increased $71.1 million and $13.4 million, respectively. Concurrent with the adoption of the new guidance, we updated the method of determining non-operating earnings for our fixed indexed annuities to better identify the volatile non-economic accounting impacts of that line of business.


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

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

Per diluted share
Quarter endedQuarter ended
March 31,March 31,
20232022% change20232022% change
Income from insurance products (b)
$0.56 $0.52 8 $63.7 $62.4 2 
Fee income0.13 0.08 63 15.5 9.9 57 
Investment income not allocated to product lines (c)
0.14 0.22 (36)15.5 27.0 (43)
Expenses not allocated to product lines (d)
(0.16)(0.12)33 (18.3)(14.8)24 
Operating earnings before taxes0.67 0.70 76.4 84.5 
Income tax expense on operating income(0.16)(0.16)— (17.8)(20.0)(11)
Net operating income (1)0.51 0.54 (6)58.6 64.5 (9)
Net realized investment gains (losses) from sales and change in allowance for credit losses(0.11)(0.06)(12.7)(7.2)
Net change in market value of investments recognized in earnings(0.02)(0.21)(1.9)(25.5)
Changes in fair value of embedded derivative liabilities and market risk benefits(0.57)1.37 (65.1)165.4 
Other0.02 0.19 2.3 23.1 
Non-operating income (loss) before taxes(0.68)1.29 (77.4)155.8 
Income tax (expense) benefit on non-operating income0.16 (0.31)18.0 (36.9)
Net non-operating income (loss)(0.52)0.98 (59.4)118.9 
Net income (loss)$(0.01)$1.52 $(0.8)$183.4 
Weighted average diluted shares outstanding114.5 121.0 

(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 insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.
(c)    Investment income not allocated to product lines 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) impact of annual option forfeitures related to fixed indexed annuity surrenders; (iv) interest expense on notes payable and investment borrowings; (v) expenses related to the funding agreement-backed notes ("FABN") program; and (vi) 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
March 31,
20232022
Trailing twelve months return on equity (a)
21.8 %14.1 %
Trailing twelve months operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (6)10.3 %12.2 %
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)9.8 %12.3 %
Shareholders’ equity$2,031.8 $2,818.4 
Accumulated other comprehensive loss1,664.4 561.5 
Shareholders’ equity, excluding accumulated other comprehensive loss3,696.2 3,379.9 
Net operating loss carryforwards(152.4)(238.2)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss carryforwards$3,543.8 $3,141.7 
Book value per diluted share$17.49 $23.58 
Accumulated other comprehensive loss14.33 4.70 
Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)$31.82 $28.28 

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

3

INSURANCE OPERATIONS


Annuity products accounted for 26 percent of the Company’s margin for the quarter and annuity premiums collected increased 1 percent in 1Q23 compared to 1Q22.

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

Life products accounted for 21 percent of the Company’s insurance margin for the quarter and 35 percent of insurance policy income.

Sales of health products were up 14 percent and sales of life products were up 2 percent in 1Q23 compared to 1Q22.

ANNUITY COLLECTED PREMIUMS
(Dollars in millions)
(Unaudited)
Quarter ended March 31,
20232022% change
Annuity collected premiums$370.9 $368.6 1 


INSURANCE POLICY INCOME
(Dollars in millions)
(Unaudited)
Quarter ended March 31,
20232022% change
Annuity$5.1 $5.0 2 
Health401.4 406.7 (1)
Life219.0 213.3 3 
Total insurance policy income$625.5 $625.0 — 


SALES MEASURED AS NEW ANNUALIZED PREMIUMS FOR
LIFE AND HEALTH PRODUCTS
(Dollars in millions)
(Unaudited)
Quarter ended March 31,
20232022% change
Health$39.5 $34.8 14 
Life57.1 55.8 2 
Total new annualized premiums (4)$96.6 $90.6 7 


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 insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life 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
March 31,
2023		% of insurance policy incomeMarch 31,
2022		% of insurance policy income% change
Margin
Annuity interest margin$57.3 $55.9 3 
Life insurance interest margin1.1 1.1 — 
Total interest-sensitive margin58.4 57.0 2 
Insurance margin
Health116.5 29 115.3 28 1 
Life (a)46.3 21 34.9 16 33 
Total other insurance margin162.8 26 150.2 24 8 
Total insurance margin221.2 207.2 
Allocated expenses(157.5)(144.8)
Income from insurance products$63.7 $62.4 
Per diluted share$0.56 $0.52 
Weighted average diluted shares114.5 121.0 


(a)    Net of $28.7 million and $29.3 million of non-deferred television advertising expense related to our direct distribution channel in the 2023 and 2022 periods, respectively.
    

Total allocated expenses were $157.5 million, up 9 percent from 1Q22.





5

ANNUITY RESULTS BY PRODUCT TYPE
(Dollars in millions)
(Unaudited)
Annuity margin
Quarter ended
March 31,
20232022
Fixed indexed annuities$46.5 $44.8 
Fixed interest annuities9.1 8.5 
Other annuities1.7 2.6 
Total$57.3 $55.9 

Annuity collected premiums
Quarter ended
March 31,
20232022
Annuity collected premiums$370.9 $368.6 

Average net insurance liabilities (5)
Quarter ended
March 31,
20232022
Fixed indexed annuities$9,183.8 $8,486.3 
Fixed interest annuities1,630.9 1,761.2 
Other annuities469.5 490.2 
Total$11,284.2 $10,737.7 

Margin/average net insurance liabilities (a)
Quarter ended
March 31,
20232022
Fixed indexed annuities2.03 %2.11 %
Fixed interest annuities2.23 %1.93 %
Other annuities1.45 %2.12 %
Total2.03 %2.08 %

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


6

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

Health margin
Quarter ended
March 31,
20232022
Amount% of insurance policy incomeAmount% of insurance policy income% change
Supplemental health and other health$63.3 35 $56.1 32 13 
Medicare supplement26.1 17 34.6 21 (25)
Long-term care27.1 41 24.6 37 10 
Total$116.5 29 $115.3 28 1 


Health insurance policy income
Quarter ended
March 31,
20232022% change
Supplemental health and other health$179.0 $173.5 3 
Medicare supplement156.5 166.8 (6)
Long-term care65.9 66.4 (1)
Total$401.4 $406.7 (1)

Health NAP (4)
Quarter ended
March 31,
20232022% change
Supplemental health and other health$25.5 $21.5 19 
Medicare supplement7.8 6.5 20 
Long-term care6.2 6.8 (9)
Total$39.5 $34.8 14 


7

LIFE INSURANCE RESULTS BY PRODUCT TYPE
(Dollars in millions)
(Unaudited)
Life margin
Quarter ended
March 31,
20232022
Amount% of insurance policy incomeAmount% of insurance policy income% change
Life insurance interest margin$1.1 $1.1 — 
Life insurance margin:
Traditional life24.6 14 18.7 11 32 
Interest sensitive life21.7 49 16.2 38 34 
Subtotal46.3 21 34.9 16 33 
Total margin$47.4 $36.0 32 

Life insurance policy income
Quarter ended
March 31,
20232022% change
Traditional life$174.5 $170.2 3 
Interest sensitive life44.5 43.1 3 
Total$219.0 $213.3 3 

Life NAP (4)
Quarter ended
March 31,
20232022% change
Traditional life$49.7 $48.2 3 
Interest sensitive life7.4 7.6 (3)
Total$57.1 $55.8 2 

Average net insurance liabilities (5) and interest margin
Quarter ended
March 31,
20232022% change
Interest sensitive life products$1,032.0 $1,009.4 2 
Interest margin/average net insurance liabilities (5)0.43 %0.44 %(2)






8

QUARTERLY AVERAGE EXCLUSIVE PRODUCING AGENTS

Average Exclusive Producing Agent Count
Quarter ended
March 31,%
20232022change
Consumer
Field agents (a) (c)3,985 3,939 1 
Registered agents (b) (c)695 663 5 
Worksite (a) (c)
288 208 38 
____________________
(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) impact of annual option forfeitures related to fixed indexed annuity surrenders; (iv) interest expense on notes payable and investment borrowings; (v) expenses related to the FABN program; and (vi) 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 March 31,
20232022% change
Net investment income$343.0 $208.2 65 
Allocated to product lines:
Annuity(125.4)(117.5)7 
Health(74.0)(73.3)1 
Life(36.3)(35.5)2 
Equity returns credited to policyholder account balances(18.6)71.9 (126)
Amounts allocated to product lines and credited to policyholder account balances(254.3)(154.4)65 
Impact of annual option forfeitures related to fixed indexed annuity surrenders— 1.6 (100)
Amount related to variable interest entities and other non-operating items(20.9)(7.2)190 
Interest expense on corporate debt(15.7)(15.7)— 
Interest expense on investment borrowings from the Federal Home Loan Bank program(21.7)(2.4)804 
Expenses related to FABN program(7.6)(7.3)4 
Less amounts credited to deferred compensation plans (offsetting investment income)(7.3)4.2 (274)
Total adjustments(73.2)(26.8)
Investment income not allocated to product lines$15.5 $27.0 (43)
Per diluted share$0.14 $0.22 


9

INVESTMENT PORTFOLIO
(Dollars in millions)

The composition of the investment portfolio at March 31, 2023 is as follows:
$% of total
Fixed maturities, available for sale, at fair value$21,107.1 83 
Equity securities at fair value106.1 — 
Mortgage loans1,676.1 7 
Policy loans123.0 1 
Trading securities208.1 1 
Investments held by variable interest entities1,017.9 4 
Other invested assets1,097.1 4 
Total investment portfolio$25,335.4 100 

Fixed maturities, available for sale, at amortized cost by asset class as of March 31, 2023 are as follows:
Investment gradeBelow investment gradeTotal
Corporate securities$12,874.0 $623.0 $13,497.0 
United States Treasury securities and obligations of the United States government and agencies174.7 — 174.7 
States and political subdivisions2,778.8 10.6 2,789.4 
Foreign governments88.8 — 88.8 
Asset-backed securities1,335.6 123.0 1,458.6 
Agency residential mortgage-backed securities213.3 — 213.3 
Non-agency residential mortgage-backed securities1,212.4 565.8 (a)1,778.2 
Collateralized loan obligations954.3 — 954.3 
Commercial mortgage-backed securities2,480.1 83.5 2,563.6 
Total$22,112.0 $1,405.9 $23,517.9 

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

The fair value of CNO’s available for sale fixed maturity portfolio was $21.1 billion compared with an amortized cost of $23.5 billion. Net unrealized losses were comprised of gross unrealized gains of $143.7 million and gross unrealized losses of $2,495.4 million. The allowance for credit losses was $59.1 million at March 31, 2023.

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



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Non-Operating Items
Net investment losses in 1Q23 were $12.7 million including the unfavorable change in the allowance for credit losses of $1.5 million which was recorded in earnings. Net investment losses in 1Q22 were $7.2 million including the unfavorable change in the allowance for credit losses of $30.7 million which was recorded in earnings.

During 1Q23 and 1Q22, we recognized a decrease in earnings of $1.9 million and $25.5 million, respectively, due to the net change in market value of investments recognized in earnings.

During 1Q23 and 1Q22, we recognized an increase (decrease) in earnings of $(65.1) million and $165.4 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.

In 1Q22, other non-operating items included an increase in earnings of $22.7 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 380% at March 31, 2023, reflecting estimated 1Q23 statutory operating income of $39 million and the payment of insurance company dividends to the holding company of $34.2 million during 1Q23.

During 1Q23, we repurchased $15.1 million of common stock under our securities repurchase program. We repurchased .6 million common shares at an average cost of $23.87 per share. As of March 31, 2023, we had 114.9 million shares outstanding and had authority to repurchase up to an additional $171.8 million of our common stock. During 1Q23, dividends paid on common stock totaled $17.1 million.

Unrestricted cash and investments held by our holding company were $158 million at March 31, 2023, compared to $167 million at December 31, 2022.

Book value per common share was $17.68 at March 31, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $31.82 at March 31, 2023, compared to $31.89 at December 31, 2022.

The debt-to-capital ratio was 35.9 percent and 39.2 percent at March 31, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.6 percent at March 31, 2023, compared to 23.4 percent at December 31, 2022.

Return on equity for the trailing four quarters ended March 31, 2023 and 2022, was 21.8% and 14.1%, 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 March 31, 2023 and 2022, was 9.8% and 12.3%, respectively.

In this news release, CNO includes non-GAAP measures to enhance investors’ understanding of management’s view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing 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.


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CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

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

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

The Company will host a conference call to discuss results on May 2, 2023 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=e35d9938&confId=49849. 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 $34 billion in total assets. Our 3,400 associates, 4,300 exclusive agents and 4,000 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)

March 31,
2023		December 31,
2022
ASSETS
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: March 31, 2023 - $59.1 and December 31, 2022 - $56.0; amortized cost: March 31, 2023 - $23,517.9 and December 31, 2022 - $23,384.2)$21,107.1 $20,353.4 
Equity securities at fair value106.1 135.3 
Mortgage loans (net of allowance for credit losses: March 31, 2023 - $8.4 and December 31, 2022 - $8.0)1,676.1 1,411.9 
Policy loans123.0 121.6 
Trading securities208.1 207.9 
Investments held by variable interest entities (net of allowance for credit losses: March 31, 2023 - $3.5 and December 31, 2022 - $5.5; amortized cost: March 31, 2023 - $1,060.3 and December 31, 2022 - $1,134.2)1,017.9 1,077.6 
Other invested assets1,097.1 1,034.7 
Total investments25,335.4 24,342.4 
Cash and cash equivalents - unrestricted425.0 575.7 
Cash and cash equivalents held by variable interest entities97.1 69.2 
Accrued investment income241.3 235.6 
Present value of future profits197.6 203.7 
Deferred acquisition costs1,811.3 1,770.9 
Reinsurance receivables (net of allowance for credit losses: March 31, 2023 - $2.0 and December 31, 2022 - $2.0)4,189.6 4,223.4 
Market risk benefit asset57.8 65.3 
Income tax assets, net988.1 1,063.4 
Assets held in separate accounts2.8 2.7 
Other assets669.0 580.8 
Total assets$34,015.0 $33,133.1 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities: 
Liabilities for insurance products: 
Policyholder account liabilities$15,302.9 $15,234.2 
Future policy benefits11,623.3 11,240.2 
Market risk benefit liability17.6 11.3 
Liability for life insurance policy claims67.6 64.1 
Unearned and advanced premiums243.5 235.0 
Liabilities related to separate accounts2.8 2.7 
Other liabilities681.3 693.9 
Investment borrowings1,839.6 1,639.5 
Borrowings related to variable interest entities1,065.4 1,104.6 
Notes payable – direct corporate obligations1,139.2 1,138.8 
Total liabilities31,983.2 31,364.3 
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: March 31, 2023 – 114,905,172; December 31, 2022 – 114,343,070)1.1 1.1 
Additional paid-in capital2,021.1 2,033.8 
Accumulated other comprehensive loss(1,664.4)(1,957.3)
Retained earnings1,674.0 1,691.2 
Total shareholders' equity2,031.8 1,768.8 
Total liabilities and shareholders' equity$34,015.0 $33,133.1 

13

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months ended
March 31,
 20232022
Revenues:  
Insurance policy income$625.5 $625.0 
Net investment income:
General account assets292.2 277.5 
Policyholder and other special-purpose portfolios50.8 (69.3)
Investment gains (losses):
Realized investment gains (losses)(14.6)18.8 
Other investment losses— (51.5)
Total investment losses(14.6)(32.7)
Fee revenue and other income52.1 42.4 
Total revenues1,006.0 842.9 
Benefits and expenses:  
Insurance policy benefits609.7 333.9 
Liability for future policy benefits remeasurement loss0.6 7.0 
Change in fair value of market risk benefits14.8 (32.7)
Interest expense54.7 23.8 
Amortization55.5 52.3 
Other operating costs and expenses271.7 218.3 
Total benefits and expenses1,007.0 602.6 
Income (loss) before income taxes(1.0)240.3 
Income tax expense (benefit) on period income (loss)(0.2)56.9 
Net income (loss)$(0.8)$183.4 
Earnings per common share:  
Basic:  
Weighted average shares outstanding114,545,000 118,622,000 
Net income (loss)$(.01)$1.55 
Diluted:
Weighted average shares outstanding114,545,000 121,002,000 
Net income (loss)$(.01)$1.52 


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 taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss 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 for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
(6)The following summarizes the calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows (dollars in millions):
Trailing twelve months ended
1Q231Q22
Net operating income$354.5 $369.7 
Net operating income, excluding significant items$336.6 $373.2 
Net income$446.4 $491.7 
Average common equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure)$3,434.8 $3,030.5 
Average common shareholders' equity$2,046.3 $3,495.0 
Operating return on equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure)10.3 %12.2 %
Operating return, excluding significant items, on equity, excluding
accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure)9.8 %12.3 %
Return on equity21.8 %14.1 %
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 quartersincome (loss)four quarters
2Q21$94.0 $3.5 (b)$97.5 N/A$47.7 N/A
3Q21108.1 2.3 (c)110.4 N/A103.4 N/A
4Q21103.1 (2.3)(d)100.8 $410.0 157.2 $570.3 
1Q2264.5 — 64.5 373.2 183.4 491.7 
2Q22135.1 (17.4)(e)117.7 393.4 233.3 677.3 
3Q2277.9 — 77.9 360.9 175.9 749.8 
4Q2282.9 (0.5)(f)82.4 342.5 38.0 630.6 
1Q2358.6 — 58.6 336.6 (0.8)446.4 
(a) See note (7) for additional information.
(b) Comprised of: (i) $4.5 million from legal and regulatory matters; and (ii) a decrease in tax expense of $1.0 million.
(c) Comprised of: (i) $3.0 million from legal and regulatory matters; and (ii) a decrease in tax expense of $.7 million.
(d) Comprised of: (i) $3.0 million of net favorable adjustments arising from our review of actuarial assumptions; and (ii) an increase in tax expense of $.7 million.
(e) 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.
(f) Comprised of: (i) $.7 million of net favorable adjustments arising from our review of actuarial assumptions; and (ii) an increase in tax expense of $.2 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
1Q231Q22
Pre-tax operating earnings (a non-GAAP financial measure)$458.6 $476.9 
Income tax expense(104.1)(107.2)
Net operating income354.5 369.7 
Non-operating items:
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses(67.7)25.7 
Net change in market value of investments recognized in earnings(49.6)(36.5)
Changes in fair value of embedded derivative liabilities and market risk benefits209.7 148.9 
Fair value changes related to the agent deferred compensation plan26.2 18.4 
Other(2.0)3.4 
Non-operating income before taxes116.6 159.9 
    Income tax expense on non-operating income(24.7)(37.9)
Net non-operating income91.9 122.0 
Net income$446.4 $491.7 
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):
1Q212Q213Q214Q21
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,003.2 $2,989.0 $2,993.3 $3,067.3 
Net operating loss carryforwards323.1 292.9 266.9 243.7 
Accumulated other comprehensive income73.1 306.7 337.5 373.7 
Common shareholders' equity$3,399.4 $3,588.6 $3,597.7 $3,684.7 
1Q222Q223Q224Q22
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,141.7 $3,329.0 $3,510.3 $3,557.1 
Net operating loss carryforwards238.2 214.7 190.9 169.0 
Accumulated other comprehensive loss(561.5)(1,415.8)(1,837.8)(1,957.3)
Common shareholders' equity$2,818.4 $2,127.9 $1,863.4 $1,768.8 
1Q23
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,543.8 
Net operating loss carryforwards152.4 
Accumulated other comprehensive loss(1,664.4)
Common shareholders' equity$2,031.8 

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
1Q231Q22
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)$3,434.8 $3,030.5 
Net operating loss carryforwards192.5 271.1 
Accumulated other comprehensive income (loss)(1,581.0)193.4 
Common shareholders' equity$2,046.3 $3,495.0 


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

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

18

Three months ended
December 31, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$65.6 $0.7 (a)$66.3 
Health margin126.2 (7.1)(a)119.1 
Life margin53.4 3.4 (a)56.8 
Total insurance product margin245.2 (3.0)242.2 
Allocated expenses(143.3)— (143.3)
Income from insurance products101.9 (3.0)98.9 
Fee income2.9 — 2.9 
Investment income not allocated to product lines44.4 — 44.4 
Expenses not allocated to product lines(17.4)— (17.4)
Operating earnings before taxes131.8 (3.0)128.8 
Income tax (expense) benefit on operating income(28.7)0.7 (28.0)
Net operating income$103.1 $(2.3)$100.8 
Net operating income per diluted share$0.83 $(0.02)$0.81 
___________
(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.
Three months ended
September 30, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$58.5 $— $58.5 
Health margin122.8 — 122.8 
Life margin60.8 — 60.8 
Total insurance product margin242.1 — 242.1 
Allocated expenses(140.5)— (140.5)
Income from insurance products101.6 — 101.6 
Fee income2.6 — 2.6 
Investment income not allocated to product lines51.9 — 51.9 
Expenses not allocated to product lines(17.3)3.0 (a)(14.3)
Operating earnings before taxes138.8 3.0 141.8 
Income tax (expense) benefit on operating income(30.7)(0.7)(31.4)
Net operating income$108.1 $2.3 $110.4 
Net operating income per diluted share$0.84 $0.02 $0.86 
___________
(a)Comprised of $3.0 million from legal and regulatory matters.


19

Three months ended
June 30, 2021
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin
Annuity margin$60.0 $— $60.0 
Health margin121.7 — 121.7 
Life margin50.3 — 50.3 
Total insurance product margin232.0 — 232.0 
Allocated expenses(141.6)— (141.6)
Income from insurance products90.4 — 90.4 
Fee income6.6 — 6.6 
Investment income not allocated to product lines48.6 — 48.6 
Expenses not allocated to product lines(23.8)4.5 (a)(19.3)
Operating earnings before taxes121.8 4.5 126.3 
Income tax (expense) benefit on operating income(27.8)(1.0)(28.8)
Net operating income$94.0 $3.5 $97.5 
Net operating income per diluted share$0.70 $0.03 $0.73 
___________
(a)Comprised of $4.5 million from legal and regulatory matters.




For further information:

CNO News Media
Valerie Dolenga
[email protected]

CNO Investor Relations
Adam Auvil
[email protected]
20

Exhibit 99.2




cnologosupp1a.jpg


Quarterly Financial Supplement - 1Q2023
The information in this quarterly financial supplement is unaudited and prior periods have been recast to aid users of our financial statements in understanding the impacts of adopting ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts. It is possible that the financial results included in our future filings with the Securities and Exchange Commission may differ, perhaps materially, from the information presented herein.
May 1, 2023

Page 1

Table of ContentsPage
Consolidated balance sheet3
Consolidated statement of operations4
Financial summary5
Insurance operations6
Margin from insurance products7-9
Collected premiums from annuity and interest sensitive life products and insurance policy income10
Health and life new annualized premiums11
Computation of weighted average shares outstanding12
Statutory information13
Investment income not allocated to product lines and investment income allocated to product lines14-17
Other investment data17
Significant items18-20
Notes21

Page 2

CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-22Jun-22Sep-22Dec-22Mar-23
Assets
Investments:
  Fixed maturities, available for sale, at fair value$23,479.4 $21,362.7 $20,301.1 $20,353.4 $21,107.1 
  Equity securities at fair value91.0 136.9 135.8 135.3 106.1 
  Mortgage loans1,213.3 1,215.3 1,227.3 1,411.9 1,676.1 
  Policy loans119.5 119.5 120.2 121.6 123.0 
  Trading securities223.0 198.9 223.3 207.9 208.1 
  Investments held by variable interest entities1,180.8 1,107.7 1,099.2 1,077.6 1,017.9 
  Other invested assets1,121.8 1,086.6 1,028.6 1,034.7 1,097.1 
  Total investments27,428.8 25,227.6 24,135.5 24,342.4 25,335.4 
Cash and cash equivalents - unrestricted546.0 567.2 498.0 575.7 425.0 
Cash and cash equivalents held by variable interest entities48.0 52.2 55.5 69.2 97.1 
Accrued investment income227.9 224.1 236.0 235.6 241.3 
Present value of future profits223.2 216.4 210.0 203.7 197.6 
Deferred acquisition costs1,659.6 1,697.4 1,731.4 1,770.9 1,811.3 
Reinsurance receivables4,387.0 4,288.0 4,218.6 4,223.4 4,189.6 
Market risk benefit asset16.9 37.3 56.3 65.3 57.8 
Income tax assets, net773.1 951.9 1,023.9 1,063.4 988.1 
Assets held in separate accounts3.6 3.0 2.7 2.7 2.8 
Other assets671.0 566.9 552.2 580.8 669.0 
Total assets$35,985.1 $33,832.0 $32,720.1 $33,133.1 $34,015.0 
Liabilities
Liabilities for insurance products:
  Policyholder account liabilities$14,725.6 $14,959.4 $15,079.7 $15,234.2 $15,302.9 
  Future policy benefits13,206.1 11,784.9 10,815.5 11,240.2 11,623.3 
  Market risk benefit liability63.8 29.9 13.7 11.3 17.6 
  Liability for life insurance policy claims94.1 66.2 63.9 64.1 67.6 
  Unearned and advanced premiums250.0 243.4 238.2 235.0 243.5 
  Liabilities related to separate accounts3.6 3.0 2.7 2.7 2.8 
Other liabilities912.3 713.2 749.4 693.9 681.3 
Investment borrowings1,640.5 1,640.2 1,639.9 1,639.5 1,839.6 
Borrowings related to variable interest entities1,133.1 1,125.9 1,115.3 1,104.6 1,065.4 
Notes payable - direct corporate obligations1,137.6 1,138.0 1,138.4 1,138.8 1,139.2 
Total liabilities33,166.7 31,704.1 30,856.7 31,364.3 31,983.2 
Shareholders' equity
Common stock1.2 1.1 1.1 1.1 1.1 
Additional paid-in capital2,085.7 2,032.7 2,030.6 2,033.8 2,021.1 
Retained earnings1,293.0 1,509.9 1,669.5 1,691.2 1,674.0 
Total shareholders' equity before accumulated other comprehensive income (loss)3,379.9 3,543.7 3,701.2 3,726.1 3,696.2 
Accumulated other comprehensive income (loss)(561.5)(1,415.8)(1,837.8)(1,957.3)(1,664.4)
Total shareholders' equity2,818.4 2,127.9 1,863.4 1,768.8 2,031.8 
Total liabilities and shareholders' equity$35,985.1 $33,832.0 $32,720.1 $33,133.1 $34,015.0 
Mar-22Jun-22Sep-22Dec-22Mar-23
Book value per common share$24.04 $18.54 $16.29 $15.47 $17.68 
Book value per common share, excluding accumulated other comprehensive income (loss) (1) (2)$28.83 $30.87 $32.36 $32.59 $32.17 
Book value per diluted share (1) (3)$28.28 $30.50 $31.91 $31.89 $31.82 
Page 3

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


1Q2Q3Q4QYTD1Q
202220222022202220222023
Revenues
Insurance policy income$625.0 $625.6 $623.2 $626.0 $2,499.8 $625.5 
Net investment income:
   General account assets277.5 317.7 289.0 294.8 1,179.0 292.2 
Policyholder and other special-purpose portfolios(69.3)(93.8)(20.9)20.9 (163.1)50.8 
Investment gains (losses):
Realized investment gains (losses)18.8 (7.0)(8.2)(21.5)(17.9)(14.6)
Other investment losses(51.5)(41.8)(9.5)(14.7)(117.5)— 
Total investment losses(32.7)(48.8)(17.7)(36.2)(135.4)(14.6)
Fee revenue and other income42.4 54.3 31.7 68.1 196.5 52.1 
Total revenues842.9 855.0 905.3 973.6 3,576.8 1,006.0 
Benefits and expenses
Insurance policy benefits333.9 302.2 396.1 583.2 1,615.4 609.7 
Liability for future policy benefits remeasurement (gain) loss7.0 0.3 (5.0)(17.9)(15.6)0.6 
Change in fair value of market risk benefits(32.7)(50.3)(34.9)(22.3)(140.2)14.8 
Interest expense23.8 27.8 37.6 47.8 137.0 54.7 
Amortization52.3 52.7 53.5 54.3 212.8 55.5 
Other operating costs and expenses218.3 222.5 230.1 280.0 950.9 271.7 
Total benefits and expenses602.6 555.2 677.4 925.1 2,760.3 1,007.0 
Income (loss) before income taxes240.3 299.8 227.9 48.5 816.5 (1.0)
Income tax expense (benefit) on period income (loss)56.9 66.5 52.0 10.5 185.9 (0.2)
Net income (loss)$183.4 $233.3 $175.9 $38.0 $630.6 $(0.8)


Page 4

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

1Q2Q3Q4QYTD1Q
202220222022202220222023
Insurance product margin (4)
Annuity margin$55.9 $60.1 $60.1 $50.8 $226.9 $57.3 
Health margin115.3 125.4 123.3 140.4 504.4 116.5 
Life margin36.0 70.2 55.7 43.3 205.2 47.4 
Total insurance product margin207.2 255.7 239.1 234.5 936.5 221.2 
Allocated expenses(144.8)(152.2)(150.5)(149.1)(596.6)(157.5)
Income from insurance products (5)62.4 103.5 88.6 85.4 339.9 63.7 
Fee income9.9 3.2 1.4 9.2 23.7 15.5 
Investment income not allocated to product lines (9)27.0 64.6 27.1 25.2 143.9 15.5 
Expenses not allocated to product lines(14.8)2.9 (16.1)(12.8)(40.8)(18.3)
Operating earnings before taxes84.5 174.2 101.0 107.0 466.7 76.4 
Income tax expense on operating income(20.0)(39.1)(23.1)(24.1)(106.3)(17.8)
Net operating income (10)64.5 135.1 77.9 82.9 360.4 58.6 
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses(7.2)(27.1)(0.7)(27.2)(62.2)(12.7)
Net change in market value of investments recognized in earnings(25.5)(21.7)(17.0)(9.0)(73.2)(1.9)
Fair value changes related to agent deferred compensation plan22.7 14.0 12.0 0.2 48.9 — 
Changes in fair value of embedded derivative liabilities and market risk benefits165.4 160.6 130.6 (16.4)440.2 (65.1)
Other0.4 (0.2)2.0 (6.1)(3.9)2.3 
Net non-operating income (loss) before taxes155.8 125.6 126.9 (58.5)349.8 (77.4)
Income tax (expense) benefit on non-operating income (loss)(36.9)(27.4)(28.9)13.6 (79.6)18.0 
Net non-operating income (loss)118.9 98.2 98.0 (44.9)270.2 (59.4)
Net income (loss)$183.4 $233.3 $175.9 $38.0 $630.6 $(0.8)
Per diluted share
Net operating income$0.54 $1.15 $0.67 $0.71 $3.06 $0.51 
Net non-operating income (loss)0.98 0.84 0.85 (0.38)2.30 (0.52)
Net income (loss)$1.52 $1.99 $1.52 $0.33 $5.36 $(0.01)


Page 5

CNO FINANCIAL GROUP, INC.
Insurance Operations
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202220222022202220222023
Insurance product margin (4)
Annuity:
Insurance policy income$5.0 $5.8 $6.3 $6.0 $23.1 $5.1 
Net investment income (5) (6)117.5 117.8 121.1 123.6 480.0 125.4 
Insurance policy benefits(9.5)(6.8)(6.5)(15.5)(38.3)(8.7)
Interest credited (6)(42.5)(41.4)(44.8)(46.8)(175.5)(48.1)
Amortization and non-deferred commissions(14.6)(15.3)(16.0)(16.5)(62.4)(16.4)
Annuity margin55.9 60.1 60.1 50.8 226.9 57.3 
Health:
Insurance policy income406.7 403.5 403.5 403.6 1,617.3 401.4 
Net investment income (5)73.3 73.0 73.3 73.7 293.3 74.0 
Insurance policy benefits(323.1)(309.9)(310.8)(293.7)(1,237.5)(318.1)
Amortization and non-deferred commissions(41.6)(41.2)(42.7)(43.2)(168.7)(40.8)
Health margin115.3 125.4 123.3 140.4 504.4 116.5 
Life:
Insurance policy income213.3 216.3 213.4 216.4 859.4 219.0 
Net investment income (5) (7)35.5 35.2 35.4 35.8 141.9 36.3 
Insurance policy benefits(153.1)(127.7)(138.7)(155.8)(575.3)(147.2)
Interest credited (7)(12.0)(11.7)(12.6)(12.7)(49.0)(12.1)
Amortization and non-deferred commissions(18.4)(19.3)(19.7)(20.1)(77.5)(19.9)
Advertising expense(29.3)(22.6)(22.1)(20.3)(94.3)(28.7)
Life margin36.0 70.2 55.7 43.3 205.2 47.4 
Total insurance product margin207.2 255.7 239.1 234.5 936.5 221.2 
Allocated expenses:
Branch office expenses(18.1)(15.4)(16.5)(12.3)(62.3)(19.8)
Other allocated expenses(126.7)(136.8)(134.0)(136.8)(534.3)(137.7)
Income from insurance products (8)62.4 103.5 88.6 85.4 339.9 63.7 
Fee income9.9 3.2 1.4 9.2 23.7 15.5 
Investment income not allocated to product lines (9)27.0 64.6 27.1 25.2 143.9 15.5 
Expenses not allocated to product lines(14.8)2.9 (16.1)(12.8)(40.8)(18.3)
Operating earnings before taxes84.5 174.2 101.0 107.0 466.7 76.4 
Income tax expense on operating income(20.0)(39.1)(23.1)(24.1)(106.3)(17.8)
Net operating income (10)$64.5 $135.1 $77.9 $82.9 $360.4 $58.6 
Page 6

CNO FINANCIAL GROUP, INC.
Margin from Annuity Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202220222022202220222023
Annuity margin (4):
Fixed indexed annuities
Insurance policy income$3.0 $3.7 $3.6 $4.2 $14.5 $3.6 
Net investment income (5) (6)90.1 91.4 95.0 97.3 373.8 98.8 
Insurance policy benefits(4.6)(3.1)(2.0)(10.3)(20.0)(4.1)
Interest credited (6)(30.4)(29.5)(33.0)(34.6)(127.5)(36.4)
Amortization and non-deferred commissions(13.3)(14.1)(14.7)(15.3)(57.4)(15.4)
Margin from fixed indexed annuities$44.8 $48.4 $48.9 $41.3 $183.4 $46.5 
Average net insurance liabilities (11)$8,486.3 $8,711.0 $8,902.9 $9,054.2 $8,788.6 $9,183.8 
Margin/average net insurance liabilities (12)2.11 %2.22 %2.20 %1.82 %2.09 %2.03 %
Fixed interest annuities
Insurance policy income$0.1 $0.3 $0.2 $0.2 $0.8 $0.3 
Net investment income (5)21.5 20.6 20.3 20.6 83.0 20.9 
Insurance policy benefits(0.4)(0.6)0.1 (0.2)(1.1)(0.1)
Interest credited(11.5)(11.3)(11.2)(11.7)(45.7)(11.1)
Amortization and non-deferred commissions(1.2)(1.1)(1.2)(1.1)(4.6)(0.9)
Margin from fixed interest annuities$8.5 $7.9 $8.2 $7.8 $32.4 $9.1 
Average net insurance liabilities (11)$1,761.2 $1,712.5 $1,675.9 $1,652.6 $1,700.5 $1,630.9 
Margin/average net insurance liabilities (12)1.93 %1.85 %1.96 %1.89 %1.91 %2.23 %
Other annuities
Insurance policy income$1.9 $1.8 $2.5 $1.6 $7.8 $1.2 
Net investment income (5)5.9 5.8 5.8 5.7 23.2 5.7 
Insurance policy benefits(4.5)(3.1)(4.6)(5.0)(17.2)(4.5)
Interest credited(0.6)(0.6)(0.6)(0.5)(2.3)(0.6)
Amortization and non-deferred commissions(0.1)(0.1)(0.1)(0.1)(0.4)(0.1)
Margin from other annuities$2.6 $3.8 $3.0 $1.7 $11.1 $1.7 
Average net insurance liabilities (11)$490.2 $484.2 $478.8 $473.6 $481.7 $469.5 
Margin/average net insurance liabilities (12)2.12 %3.14 %2.51 %1.44 %2.30 %1.45 %
Total annuity margin$55.9 $60.1 $60.1 $50.8 $226.9 $57.3 
Average net insurance liabilities (11)$10,737.7 $10,907.7 $11,057.6 $11,180.4 $10,970.8 $11,284.2 
Margin/average net insurance liabilities (12)2.08 %2.20 %2.17 %1.82 %2.07 %2.03 %
Page 7

CNO FINANCIAL GROUP, INC.
Margin from Health Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202220222022202220222023
Health margin (4):
Supplemental health
Insurance policy income$173.5 $172.0 $173.5 $175.3 $694.3 $179.0 
Net investment income (5)37.4 37.6 37.7 38.2 150.9 38.6 
Insurance policy benefits(129.3)(128.1)(125.8)(125.6)(508.8)(128.2)
Amortization and non-deferred commissions(25.5)(25.5)(26.9)(27.6)(105.5)(26.1)
Margin from supplemental health$56.1 $56.0 $58.5 $60.3 $230.9 $63.3 
Margin/insurance policy income32 %33 %34 %34 %33 %35 %
Medicare supplement
Insurance policy income$166.8 $165.1 $163.6 $162.3 $657.8 $156.5 
Net investment income (5)1.3 1.4 1.4 1.3 5.4 1.3 
Insurance policy benefits(120.5)(114.1)(113.9)(113.4)(461.9)(120.5)
Amortization and non-deferred commissions(13.0)(12.6)(12.4)(12.3)(50.3)(11.2)
Margin from Medicare supplement$34.6 $39.8 $38.7 $37.9 $151.0 $26.1 
Margin/insurance policy income21 %24 %24 %23 %23 %17 %
Long-term care
Insurance policy income$66.4 $66.4 $66.4 $66.0 $265.2 $65.9 
Net investment income (5)34.6 34.0 34.2 34.2 137.0 34.1 
Insurance policy benefits(73.3)(67.7)(71.1)(54.7)(266.8)(69.4)
Amortization and non-deferred commissions(3.1)(3.1)(3.4)(3.3)(12.9)(3.5)
Margin from long-term care$24.6 $29.6 $26.1 $42.2 $122.5 $27.1 
Margin/insurance policy income37 %45 %39 %64 %46 %41 %
Total health margin$115.3 $125.4 $123.3 $140.4 $504.4 $116.5 
Margin/insurance policy income28 %31 %31 %35 %31 %29 %
Page 8

CNO FINANCIAL GROUP, INC.
Margin from Life Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202220222022202220222023
Life margin (4):
Interest sensitive life
Insurance policy income$43.1 $43.8 $43.5 $44.2 $174.6 $44.5 
Net investment income (5) (7)13.0 12.8 12.9 12.9 51.6 13.1 
Insurance policy benefits(21.2)(15.8)(20.5)(17.7)(75.2)(18.2)
Interest credited (7)(11.9)(11.5)(12.4)(12.5)(48.3)(12.0)
Amortization and non-deferred commissions(5.7)(5.9)(5.9)(5.7)(23.2)(4.6)
Margin from interest sensitive life$17.3 $23.4 $17.6 $21.2 $79.5 $22.8 
Average net insurance liabilities (11)$1,009.4 $1,016.4 $1,019.2 $1,026.9 $1,018.0 $1,032.0 
Interest margin$1.1 $1.3 $0.5 $0.4 $3.3 $1.1 
Interest margin/average net insurance liabilities (12)0.44 %0.51 %0.20 %0.16 %0.32 %0.43 %
Underwriting margin$16.2 $22.1 $17.1 $20.8 $76.2 $21.7 
Underwriting margin/insurance policy income38 %50 %39 %47 %44 %49 %
Traditional life
Insurance policy income$170.2 $172.5 $169.9 $172.2 $684.8 $174.5 
Net investment income (5)22.5 22.4 22.5 22.9 90.3 23.2 
Insurance policy benefits(131.9)(111.9)(118.2)(138.1)(500.1)(129.0)
Interest credited(0.1)(0.2)(0.2)(0.2)(0.7)(0.1)
Amortization and non-deferred commissions(12.7)(13.4)(13.8)(14.4)(54.3)(15.3)
Advertising expense(29.3)(22.6)(22.1)(20.3)(94.3)(28.7)
Margin from traditional life$18.7 $46.8 $38.1 $22.1 $125.7 $24.6 
Margin/insurance policy income11 %27 %22 %13 %18 %14 %
Margin excluding advertising expense/insurance policy income28 %40 %35 %25 %32 %31 %
Total life margin$36.0 $70.2 $55.7 $43.3 $205.2 $47.4 



Page 9

CNO FINANCIAL GROUP, INC.
Collected Premiums From Annuity and Interest Sensitive Life Products
and Insurance Policy Income
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202220222022202220222023
Collected premiums from annuity and interest-sensitive life products:
Annuities$368.6 $435.0 $370.0 $431.0 $1,604.6 $370.9 
Interest-sensitive life56.6 56.6 56.6 58.1 227.9 58.2 
Total collected premiums from annuity and interest-sensitive life products$425.2 $491.6 $426.6 $489.1 $1,832.5 $429.1 
Insurance policy income:
Annuity products
Fixed indexed annuities$3.0 $3.7 $3.6 $4.2 $14.5 $3.6 
Fixed interest annuities0.1 0.3 0.2 0.2 0.8 0.3 
Other annuities1.9 1.8 2.5 1.6 7.8 1.2 
Total annuity insurance policy income5.0 5.8 6.3 6.0 23.1 5.1 
Health products
Supplemental health173.5 172.0 173.5 175.3 694.3 179.0 
Medicare supplement166.8 165.1 163.6 162.3 657.8 156.5 
Long-term care66.4 66.4 66.4 66.0 265.2 65.9 
Total health insurance policy income406.7 403.5 403.5 403.6 1,617.3 401.4 
Life products
Interest-sensitive life 43.1 43.8 43.5 44.1 174.5 44.5 
Traditional life 170.2 172.5 169.9 172.3 684.9 174.5 
Total life insurance policy income213.3 216.3 213.4 216.4 859.4 219.0 
Total insurance policy income$625.0 $625.6 $623.2 $626.0 $2,499.8 $625.5 


Page 10

CNO FINANCIAL GROUP, INC.
Health and Life
New Annualized Premiums ("NAP")
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202220222022202220222023
Consumer Division
Health products:
Supplemental health$15.5 $16.7 $19.3 $24.6 $76.1 $17.4 
Medicare supplement6.5 6.9 8.0 10.4 31.8 7.8 
Long-term care6.8 6.1 6.0 6.2 25.1 6.2 
Total Consumer Division health NAP28.8 29.7 33.3 41.2 133.0 31.4 
Life products:
Interest sensitive life5.1 4.8 4.6 4.4 18.9 4.6 
Traditional life48.2 44.3 38.2 33.2 163.9 49.7 
Total Consumer Division life NAP53.3 49.1 42.8 37.6 182.8 54.3 
Total Consumer Division health and life NAP$82.1 $78.8 $76.1 $78.8 $315.8 $85.7 
Worksite Division
Health products:
Supplemental health$6.0 $7.7 $8.9 $8.7 $31.3 $8.1 
Life products:
Interest sensitive life2.5 2.3 2.3 3.2 10.3 2.8 
Total Worksite Division health and life NAP$8.5 $10.0 $11.2 $11.9 $41.6 $10.9 
Total NAP (both divisions)
Health products:
Supplemental health$21.5 $24.4 $28.2 $33.3 $107.4 $25.5 
Medicare supplement6.5 6.9 8.0 10.4 31.8 7.8 
Long-term care6.8 6.1 6.0 6.2 25.1 6.2 
Total health NAP34.8 37.4 42.2 49.9 164.3 39.5 
Life products:
Interest sensitive life 7.6 7.1 6.9 7.6 29.2 7.4 
Traditional life 48.2 44.3 38.2 33.2 163.9 49.7 
Total life NAP55.8 51.4 45.1 40.8 193.1 57.1 
Total NAP$90.6 $88.8 $87.3 $90.7 $357.4 $96.6 

Page 11

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


1Q2Q3Q4QYTD1Q
202220222022202220222023 (a)
Basic
Shares outstanding, beginning of period120,377.2 117,241.0 114,795.3 114,367.3 120,377.2 114,343.1 
Weighted average share activity during the period:
Shares repurchased(2,098.0)(1,774.6)(467.6)(145.1)(5,579.4)(255.7)
Amounts related to employee benefit plans488.5 76.9 26.6 200.8 1,273.6 671.8 
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans(145.5)(10.2)(0.6)(0.9)(338.6)(214.3)
Weighted average basic shares outstanding during the period118,622.2 115,533.1 114,353.7 114,422.1 115,732.8 114,544.9 
Basic shares outstanding, end of period117,241.0 114,795.3 114,367.3 114,343.1 114,343.1 114,905.2 
Diluted
Weighted average basic shares outstanding118,622.2 115,533.1 114,353.7 114,422.1 115,732.8 114,544.9 
Common stock equivalent shares related to:
Employee benefit plans2,379.9 1,752.5 1,574.8 2,231.1 1,984.5 — 
Weighted average diluted shares outstanding during the period121,002.1 117,285.6 115,928.5 116,653.2 117,717.3 114,544.9 
Diluted shares outstanding, end of period119,502.6 116,203.1 115,970.6 116,842.1 116,842.1 116,176.0 

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




Page 12

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


1Q2Q3Q4QYTD1Q
202220222022202220222023 (a)
Net gain from operations before interest expense and federal income taxes$26.7 $87.7 $78.4 $75.0 $267.8 $58.3 
Interest expense on surplus debentures held by parent company12.0 12.2 20.1 14.6 58.9 15.9 
Net gain from operations before federal income taxes14.7 75.5 58.3 60.4 208.9 42.4 
Federal income tax expense (benefit)(15.8)(17.6)(7.0)(14.6)(55.0)3.3 
Net gain from operations before net realized capital gains (losses)30.5 93.1 65.3 75.0 263.9 39.1 
Net realized capital gains (losses)— (11.2)(0.6)(14.1)(25.9)(1.3)
Net income $30.5 $81.9 $64.7 $60.9 $238.0 $37.8 
Capital and surplus$1,738.0 $1,796.9 $1,847.0 $1,849.8 $1,849.8 $1,831.3 
Asset valuation reserve (AVR)319.5 306.7 304.7 305.8 305.8 317.8 
Capital, surplus and AVR2,057.5 2,103.6 2,151.7 2,155.6 2,155.6 2,149.1 
Interest maintenance reserve (IMR)422.4 421.3 413.0 395.7 395.7 385.6 
Total statutory capital, surplus, AVR & IMR$2,479.9 $2,524.9 $2,564.7 $2,551.3 $2,551.3 $2,534.7 
Risk-based capital ratio365 %360 %375 %384 %384 %380 %



___________
(a)    Such amounts are preliminary as the statutory basis financial statements of our insurance subsidiaries for 1Q23 will
be filed with the respective insurance regulators on or about May 15, 2023.




Page 13

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


1Q2Q3Q4QYTD1Q
202220222022202220222023
Net investment income$208.2 $223.9 $268.1 $315.7 $1,015.9 $343.0 
Allocated to product lines:
Annuity(117.5)(117.8)(121.1)(123.6)(480.0)(125.4)
Health(73.3)(73.0)(73.3)(73.7)(293.3)(74.0)
Life(35.5)(35.2)(35.4)(35.8)(141.9)(36.3)
Equity returns credited to policyholder account balances71.9 92.4 34.9 6.1 205.3 (18.6)
Amounts allocated to product lines and credited to policyholder account balances(154.4)(133.6)(194.9)(227.0)(709.9)(254.3)
Impact of annual option forfeitures related to fixed indexed annuity surrenders1.6 (0.5)(1.1)(1.0)(1.0)— 
Amount related to variable interest entities and other non-operating items(7.2)(9.1)(13.6)(18.6)(48.5)(20.9)
Interest expense on debt(15.7)(15.6)(15.6)(15.6)(62.5)(15.7)
Interest expense on investment borrowings from the Federal Home Loan Bank ("FHLB") program(2.4)(4.7)(10.3)(16.1)(33.5)(21.7)
Expenses related to the funding agreement-backed notes ("FABN") program (a)(7.3)(7.6)(7.5)(7.6)(30.0)(7.6)
Less amounts credited to deferred compensation plans (offsetting investment income)4.2 11.8 2.0 (4.6)13.4 (7.3)
Total adjustments(26.8)(25.7)(46.1)(63.5)(162.1)(73.2)
Investment income not allocated to product lines$27.0 $64.6 $27.1 $25.2 $143.9 $15.5 

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


Page 14

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


1Q2Q3Q4QYTD1Q
202220222022202220222023
Investment income not allocated:
Excluding variable components:
From general account assets$22.3 $27.1 $27.4 $30.7 $107.5 $24.9 
Other investment income0.1 0.3 1.1 1.7 3.2 1.9 
Spread income:
FHLB program:
Investment income on matched assets11.7 19.3 24.5 28.0 83.5 31.8 
Interest expense(2.4)(4.7)(10.3)(16.1)(33.5)(21.7)
Net spread income on FHLB program9.3 14.6 14.2 11.9 50.0 10.1 
FABN program:
Investment income on matched assets10.1 13.2 13.2 13.6 50.1 13.8 
Expenses (b)(7.3)(7.6)(7.5)(7.6)(30.0)(7.6)
Net spread income on FABN program2.8 5.6 5.7 6.0 20.1 6.2 
Interest expense on corporate debt(15.7)(15.6)(15.6)(15.6)(62.5)(15.7)
Total excluding variable components 18.8 32.0 32.8 34.7 118.3 27.4 
Variable components:
Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan:
Change in value of COLI investments(3.4)(2.3)(0.2)1.5 (4.4)2.2 
Increase in liability for agent deferred compensation plan(1.5)(1.5)(1.5)(1.6)(6.1)(1.6)
Net COLI income (loss)(4.9)(3.8)(1.7)(0.1)(10.5)0.6 
Other variable components:
Alternative investment income (loss):
Total11.3 27.1 (2.5)(5.2)30.7 (9.4)
Allocated to product lines(7.4)(7.4)(7.6)(7.9)(30.3)(7.8)
Excess alternative investment income (loss)3.9 19.7 (10.1)(13.1)0.4 (17.2)
Prepayment and call income5.2 14.9 3.7 1.6 25.4 0.1 
Trading account2.7 1.5 1.8 1.7 7.7 2.6 
Hedge variance related to fixed indexed products(1.0)(0.4)0.2 (0.1)(1.3)— 
Impact of annual option forfeitures related to fixed indexed annuity surrenders1.6 (0.5)(1.1)(1.0)(1.0)— 
Other (a)0.7 1.2 1.5 1.5 4.9 2.0 
Total variable components8.2 32.6 (5.7)(9.5)25.6 (11.9)
Total investment income not allocated to product lines $27.0 $64.6 $27.1 $25.2 $143.9 $15.5 
___________
(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 15

CNO FINANCIAL GROUP, INC.
Investment Income Allocated to Product Lines (5)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202220222022202220222023
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities$8,486.3 $8,711.0 $8,902.9 $9,054.2 $8,788.6 $9,183.8 
Fixed interest annuities1,761.2 1,712.5 1,675.9 1,652.6 1,700.5 1,630.9 
Other annuities490.2 484.2 478.8 473.6 481.7 469.5 
Total annuity average net insurance liabilities (11)10,737.7 10,907.7 11,057.6 11,180.4 10,970.8 11,284.2 
Health:
Supplemental health3,215.6 3,250.7 3,278.3 3,308.8 3,263.3 3,331.0 
Medicare supplement129.5 140.3 135.1 121.9 131.7 124.2 
Long-term care2,639.2 2,650.1 2,658.0 2,659.4 2,651.7 2,659.8 
Total health average net insurance liabilities (11)5,984.3 6,041.1 6,071.4 6,090.1 6,046.7 6,115.0 
Life:
Interest sensitive1,009.4 1,016.4 1,019.2 1,026.9 1,018.0 1,032.0 
Traditional1,957.1 1,951.0 1,943.7 1,956.1 1,952.0 1,973.0 
Total life average net insurance liabilities (11)2,966.5 2,967.4 2,962.9 2,983.0 2,970.0 3,005.0 
Total average net insurance liabilities (11)$19,688.5 $19,916.2 $20,091.9 $20,253.5 $19,987.5 $20,404.2 
Average yield on allocated investments
Annuity:
Fixed indexed annuities4.25 %4.20 %4.27 %4.30 %4.25 %4.30 %
Fixed interest annuities4.88 %4.81 %4.85 %4.99 %4.88 %5.13 %
Other annuities4.81 %4.79 %4.85 %4.81 %4.82 %4.86 %
Average yield on investments allocated to annuities4.38 %4.32 %4.38 %4.42 %4.38 %4.45 %
Health:
Supplemental health4.65 %4.63 %4.60 %4.62 %4.62 %4.64 %
Medicare supplement4.11 %4.01 %4.01 %4.06 %4.05 %4.11 %
Long-term care5.24 %5.13 %5.15 %5.14 %5.17 %5.13 %
Average yield on investments allocated to health products4.90 %4.83 %4.83 %4.84 %4.85 %4.84 %
Life:
Interest sensitive5.15 %5.04 %5.06 %5.02 %5.07 %5.08 %
Traditional4.60 %4.59 %4.63 %4.68 %4.63 %4.70 %
Average yield on investments allocated to life products4.79 %4.74 %4.78 %4.80 %4.78 %4.83 %
Total average yield4.60 %4.54 %4.57 %4.60 %4.58 %4.62 %
Allocated investment income
Annuity:
Fixed indexed annuities$90.1 $91.4 $95.0 $97.3 $373.8 $98.8 
Fixed interest annuities21.5 20.6 20.3 20.6 83.0 20.9 
Other annuities5.9 5.8 5.8 5.7 23.2 5.7 
Total investment income allocated to annuities117.5 117.8 121.1 123.6 480.0 125.4 
Health:
Supplemental health37.4 37.6 37.7 38.2 150.9 38.6 
Medicare supplement1.3 1.4 1.4 1.3 5.4 1.3 
Long-term care34.6 34.0 34.2 34.2 137.0 34.1 
Total investment income allocated to health products73.3 73.0 73.3 73.7 293.3 74.0 
Life:
   Interest sensitive13.0 12.8 12.9 12.9 51.6 13.1 
Traditional22.5 22.4 22.5 22.9 90.3 23.2 
Total investment income allocated to life products35.5 35.2 35.4 35.8 141.9 36.3 
Total allocated investment income$226.3 $226.0 $229.8 $233.1 $915.2 $235.7 
Page 16

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

1Q2Q3Q4QYTD1Q
202220222022202220222023
General account assets investment income$277.5 $317.7 $289.0 $294.8 $1,179.0 $292.2 
Policyholder and other special purpose portfolio investment income (loss)(69.3)(93.8)(20.9)20.9 (163.1)50.8 
Less equity returns credited to policyholders:
Annuity64.3 80.1 30.9 6.0 181.3 (16.5)
Life7.6 12.3 4.0 0.1 24.0 (2.1)
Less amount related to variable interest entities(7.2)(9.1)(13.6)(18.6)(48.5)(20.9)
Less amounts credited to deferred compensation plans4.2 11.8 2.0 (4.6)13.4 (7.3)
Other special purpose portfolio investment income (loss)(0.4)1.3 2.4 3.8 7.1 4.0 
Adjusted net investment income277.1 319.0 291.4 298.6 1,186.1 296.2 
Less amounts allocated to product lines
Annuity(117.5)(117.8)(121.1)(123.6)(480.0)(125.4)
Health(73.3)(73.0)(73.3)(73.7)(293.3)(74.0)
Life(35.5)(35.2)(35.4)(35.8)(141.9)(36.3)
Total investment income allocated to product lines(226.3)(226.0)(229.8)(233.1)(915.2)(235.7)
Impact of annual option forfeitures related to fixed indexed annuity surrenders1.6 (0.5)(1.1)(1.0)(1.0)— 
Less interest expense on investment borrowings from FHLB program(2.4)(4.7)(10.3)(16.1)(33.5)(21.7)
Less expenses related to FABN program(7.3)(7.6)(7.5)(7.6)(30.0)(7.6)
Less interest expense on debt(15.7)(15.6)(15.6)(15.6)(62.5)(15.7)
Investment income not allocated to product lines$27.0 $64.6 $27.1 $25.2 $143.9 $15.5 

Other Investment Data

1Q2Q3Q4Q1Q
20222022202220222023
Average book value of invested assets and cash$25,791.7 $25,954.0 $26,251.0 $26,484.1 $26,801.8 
Net investment income from general account investments277.5 317.7 289.0 294.8 292.2 
New money rate (14)3.73 %5.53 %5.36 %5.96 %6.34 %
Book yield4.53 %4.52 %4.54 %4.55 %4.56 %
Earned yield4.50 %5.00 %4.35 %4.35 %4.22 %
Pre-pay/call/make-whole income$5.2 $14.9 $3.7 $1.6 $0.1 
Alternative investment income (loss)11.3 27.1 (2.5)(5.2)(9.4)

Page 17

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

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

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

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

Three months ended
June 30, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$60.1 $— $60.1 
Health margin125.4 — 125.4 
Life margin70.2 — 70.2 
Total insurance product margin255.7 — 255.7 
Allocated expenses(152.2)— (152.2)
Income from insurance products (5)103.5 — 103.5 
Fee income3.2 — 3.2 
Investment income not allocated to product lines (9)64.6 — 64.6 
Expenses not allocated to product lines2.9 (22.5)(a)(19.6)
Operating earnings before taxes174.2 (22.5)151.7 
Income tax (expense) benefit on operating income(39.1)5.1 (34.0)
Net operating income (10)$135.1 $(17.4)$117.7 
Net operating income per diluted share$1.15 $(0.15)$1.00 
___________
(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.
Page 18

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$65.6 $0.7 (a)$66.3 
Health margin126.2 (7.1)(a)119.1 
Life margin53.4 3.4 (a)56.8 
Total insurance product margin245.2 (3.0)242.2 
Allocated expenses(143.3)— (143.3)
Income from insurance products (5)101.9 (3.0)98.9 
Fee income2.9 — 2.9 
Investment income not allocated to product lines (9)44.4 — 44.4 
Expenses not allocated to product lines(17.4)— (17.4)
Operating earnings before taxes131.8 (3.0)128.8 
Income tax (expense) benefit on operating income(28.7)0.7 (28.0)
Net operating income (10)$103.1 $(2.3)$100.8 
Net operating income per diluted share$0.83 $(0.02)$0.81 
___________
(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.

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$58.5 $— $58.5 
Health margin122.8 — 122.8 
Life margin60.8 — 60.8 
Total insurance product margin242.1 — 242.1 
Allocated expenses(140.5)— (140.5)
Income from insurance products (5)101.6 — 101.6 
Fee income2.6 — 2.6 
Investment income not allocated to product lines (9)51.9 — 51.9 
Expenses not allocated to product lines(17.3)3.0 (a)(14.3)
Operating earnings before taxes138.8 3.0 141.8 
Income tax (expense) benefit on operating income(30.7)(0.7)(31.4)
Net operating income (10)$108.1 $2.3 $110.4 
Net operating income per diluted share$0.84 $0.02 $0.86 
___________
(a)Comprised of $3.0 million from legal and regulatory matters.

Page 19

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$60.0 $— $60.0 
Health margin121.7 — 121.7 
Life margin50.3 — 50.3 
Total insurance product margin232.0 — 232.0 
Allocated expenses(141.6)— (141.6)
Income from insurance products (5)90.4 — 90.4 
Fee income6.6 — 6.6 
Investment income not allocated to product lines (9)48.6 — 48.6 
Expenses not allocated to product lines(23.8)4.5 (a)(19.3)
Operating earnings before taxes121.8 4.5 126.3 
Income tax (expense) benefit on operating income(27.8)(1.0)(28.8)
Net operating income (10)$94.0 $3.5 $97.5 
Net operating income per diluted share$0.70 $0.03 $0.73 
___________
(a)Comprised of $4.5 million from legal and regulatory matters.



Page 20

Notes

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

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

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

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

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

(6)Excludes the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding amount credited to policyholder account liabilities. Such amounts were $(64.3) million, $(80.1) million, $(30.9) million, $(6.0) million and $16.5 million in 1Q22, 2Q22, 3Q22, 4Q22 and 1Q23, respectively.

(7)Excludes the change in market values of the underlying options supporting the fixed indexed life products and corresponding amount credited to policyholder account liabilities. Such amounts were $(7.6) million, $(12.3) million, $(4.0) million, $(.1) million and $2.1 million in 1Q22, 2Q22, 3Q22, 4Q22 and 1Q23, 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) impact of annual option forfeitures related to fixed indexed annuity surrenders; (iv) interest expense on notes payable and investment borrowings; (v) expenses related to the FABN program; and (vi) 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 taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes (“Net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals.

(11)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.

(12)Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.

(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's 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 21
CNO Financial Group 1 First Quarter 2023 Financial and operating results for the period ended March 31, 2023 May 1, 2023 Unless otherwise specified, comparisons in this presentation are between 1Q22 and 1Q23. 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 May 1, 2023, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today’s date. Forward-Looking Statements This presentation contains financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP). Reconciliations between those non-GAAP measures and the comparable GAAP measures are included in the Appendix, or on the page such measure is presented. While management believes the measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – Financials – SEC Filings” section of CNO’s website, CNOinc.com. Non-GAAP Measures Effective January 1, 2023, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts. Concurrent with the adoption of the new guidance, we updated the method of determining non- operating earnings for our fixed indexed annuities to better identify the volatile non-economic accounting impacts of that line of business. As a result of the adoption of the new guidance and methodology, certain historical amounts have changed. Our quarterly financial supplement – 4Q22 as recast to reflect the new standard is available in the “Investors – Financials – Quarterly Earnings” section of CNO’s website, CNOinc.com. Adoption of New Accounting Standard

 
CNO Financial Group 3

 
CNO Financial Group 4 Continued strong overall sales, strong insurance product margins, resilient capital position Quarter in Review Strong Operational Results Disciplined Execution 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.  Operating EPS1 of $0.51  Total NAP up 7%, balanced sales growth benefitting from diversified distribution  Strong recruiting driving producing agent count (“PAC”) growth  Consumer Division up 1%  Worksite Division up 38%  Insurance product margin up 7%, fee income up 57%  +6% NMR driving continued growth in investment yield allocated to products  Capital and liquidity above target levels  Investment portfolio well positioned to weather market turmoil  Returned $32 million to shareholders; weighted average shares outstanding decreased by 5%  Book value per diluted share excluding AOCI1 up 13%

 
CNO Financial Group 5 2023 1Q 2Q 3Q 4Q FY 1Q Y/Y New Annualized Premiums 1 Life $55.8 $51.4 $45.1 $40.8 $193.1 $57.1 2.3% Health 34.8 37.4 42.2 49.9 164.3 39.5 13.5% Total Life and Health $90.6 $88.8 $87.3 $90.7 $357.4 $96.6 6.6% Collected Premiums Life $226.7 $229.2 $226.4 $229.5 $911.8 $234.6 3.5% Health 408.9 398.4 399.0 402.1 1,608.4 404.9 -1.0% Total Life and Health $635.6 $627.6 $625.4 $631.6 $2,520.2 $639.5 0.6% Annuity Collected Premiums $368.6 $435.0 $370.0 $431.0 $1,604.6 $370.9 0.6% Client Assets in BD and Advisory 2 $2,835.1 $2,562.1 $2,453.3 $2,636.7 $2,636.7 $2,610.1 -7.9% Fee Revenue 3 $40.3 $31.1 $30.6 $67.3 $169.3 $51.3 27.3% 2022 % Change Strong production momentum, considerable fee revenue growth Growth Scorecard (dollars in millions) 1 Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. 2 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. 3 Represents fee revenue from the sales of third-party insurance products; 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 Balanced growth across nearly all product lines, record D2C Life sales Consumer Division Update Strong Operational Results Disciplined Execution  Total Life and Health NAP up 4%  Total third-party policies issued up 81%, Medicare Advantage sales up 55%  Life NAP - record D2C sales; Bankers field agent sales up 5%  Health NAP – Med Supp up 20%; Supp Health up 12%  Annuity collected premiums up 1%, 10th consecutive quarter of YoY growth  Field PAC up 1%, first quarter of YoY growth since onset of COVID  Recruiting up 22%  Registered agent1 count up 5%  Agent retention and productivity remain strong  Total Medicare policies issued per agent up 43% 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 Eighth consecutive quarter of insurance sales growth; fourth consecutive quarter of producing agent count growth Worksite Division Update  Life and Health insurance sales up 28%  Strong retention of existing employer customers  Stable employee persistency and premium collection  Optavise Now driving improved enrollment attendance rates  Rebrand has created positive momentum in insurance sales and recruiting  PAC up 38%, recruiting up 48%  Agent referral program driving continued recruiting momentum  Strong agent productivity gains YoY Strong Operational Results Disciplined Execution

 
CNO Financial Group 8 Financial Highlights Non-economic accounting impact to GAAP earnings, solid operating earnings Earnings ResultsFirst Quarter 2023 Net operating income1 $64.5 $58.6 Net income (loss) $183.4 ($0.8) Weighted average shares outstanding (in millions) 121.0 114.5 (dollars in millions, except where noted) 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. There were no significant items in either period. $0.54 $0.51 $1.52 ($0.01) Net operating earnings per share1 Net income (loss) per share 1Q22 1Q23  1Q23 net loss per share of $0.01  Primarily due to non-economic changes in fair value of embedded derivative liabilities and market risk benefits, reported as non-operating  1Q23 operating EPS1 of $0.51, vs. $0.54 in 1Q22  Strong insurance product margins and fee income  Net investment income allocated to products benefiting from higher NMRs  Lower variable NII  Total expenses up; projected expense ratio for full year is unchanged  $15 million of share repurchases  Weighted average share count down 5%  Operating ROE1, as adjusted, of 10.3%

 
CNO Financial Group 9 1Q22 2Q22 3Q22 4Q22 1Q23 Annuity $55.9 $60.1 $60.1 $54.0 $57.3 Fixed indexed annuities $44.8 $48.4 $48.9 $44.5 $46.5 Fixed interest annuities $8.5 $7.9 $8.2 $7.8 $9.1 Other annuities $2.6 $3.8 $3.0 $1.7 $1.7 Health $115.3 $125.4 $123.3 $122.1 $116.5 Supplemental health $56.1 $56.0 $58.5 $58.4 $63.3 Medicare supplement $34.6 $39.8 $38.7 $37.9 $26.1 Long-term care $24.6 $29.6 $26.1 $25.8 $27.1 Life $36.0 $70.2 $55.7 $57.7 $47.4 Interest sensitive life $17.3 $23.4 $17.6 $22.6 $22.8 Traditional life $18.7 $46.8 $38.1 $35.1 $24.6 Total Margin $207.2 $255.7 $239.1 $233.8 $221.2 1Q 2023 Highlights1 Insurance Product Margin (dollars in millions) Strong margins continue post LDTI implementation Insurance Product Margin Excluding Significant Items1  Total margin up $14 million  Annuity margin up $1 million  Growth in FIA  Health margin up $1 million  Growth in Supp Health offset by run off of legacy Med Supp  Life margin up $11 million  Primarily due to growth and lower mortality across both ISL and Trad Life 1 Excludes $3.2 million unfavorable annuity unlocking, $18.3 million favorable health unlocking and $14.4 million unfavorable life unlocking in 4Q22. See the Appendix for a reconciliation to the corresponding GAAP measure.

 
CNO Financial Group 10 $27.0 $15.5 $- $50.0 $100.0 $150.0 $200.0 1Q 2022 1Q 2023 Investment Income Not Allocated to Product Lines $- $100.0 $200.0 $300.0 $400.0 1Q 2022 1Q 2023 Total Net Investment Income1 Annuity Health Life Not Allocated $251.2 $- $100.0 $200.0 $300.0 $400.0 1Q 2022 1Q 2023 Investment Income Allocated to Product Lines Annuity Health Life $235.7 Investment Results  Average yield on allocated investments of 4.62% vs. 4.60% in 1Q22  Average net insurance liabilities2 up 3.6% YoY 1 Reflects sum of allocated and non-allocated investment income. Refer to pages 14-17 of the financial supplement for more information on the components of net investment income. 2 Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities. $226.3 $253.3  New money rate of 6.34%, compared to 5.96% in 4Q22  Average book value of invested assets up 3.9% YoY; 3rd consecutive quarter of book yield increase  Earned yield of 4.22% vs. 4.35% in 4Q22, and 4.50% in 1Q22  Investment income not allocated to product lines down $12 million  Sequentially and YoY lower alternative and call/prepayment income  Favorable FHLB and FABN results  Lower returns from alternatives allocation (dollars in millions) Improving NII allocated to products due to 6.34% NMR; lower variable NII consistent with market conditions

 
CNO Financial Group 11 Quality of portfolio evident during recent market turmoil, continued up-in-quality bias Portfolio Composition $25 billion of Invested Assets Highlights (Fair Value as of 3/31/2023) General Approach  Positioned for relative stable performance across credit cycles  Focus on quality - margin against adverse development  Calibrated allocation to risk asset categories – specific boundaries on the amount of high-risk assets we will own  Low impairments through multiple cycles  Embedded asset liability management  Opportunistic investments protect/grow book yield and core earnings power  High degree of liquidity: 61% of portfolio in corporate and government bonds  Up-in-quality positioning over past 12 months  “BBB” allocation reduced by 330 bps in the last 12 months  “A” and better allocation increased by 460 bps in the last 12 months  Strong credit risk profile  Capital efficient: 97% rated NAIC 1 or 2  Portfolio average rating A  Significant credit enhancement in structured products including CMBS  Diversified commercial and residential mortgage allocation. No commercial mortgage loan delinquencies.  Alternative investments emphasizing current cash flows and comparatively predictable results IG Corporates, 46.2% Non-Agency RMBS, 6.9% Commercial Mortgage Loans, 4.7% Residential Mortgage Loans, 1.6% HY Corporates, 2.2% CMBS, 9.8% Municipals, 10.0% ABS, 5.5% Govts/Agency, 1.9% CLO, 3.7% Equities, 0.4% Other, 2.0% Alternatives, 2.4% Policy Loans, 0.5% Cash, 2.1%

 
CNO Financial Group 12 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%  $298 million in debt capacity to top of target leverage range  Target consolidated RBC ratio of approximately 375%  RBC variability expected in periods of market volatility Holding Company Liquidity  Target minimum holding company liquidity of $150 million  Liquidity backstopped by $250 million undrawn revolver  No outstanding debt maturities until 2025 386% 384% 380% 2021 2022 1Q 2023 $249 $167 $158 2021 2022 1Q 2023 25.6% 23.4% 23.6% 2021 2022 1Q 2023 Capital and Liquidity Overview Capital and liquidity above target levels (dollars in millions)

 
CNO Financial Group 13 2023 Outlook1 1Applying LDTI, the new FIA operating income methodology, and excluding significant items. Free Cash Flow / Excess Capital Earnings  375% consolidated RBC ratio target  Target leverage of 25.0% – 28.0%  $170mm – $200mm of excess cash flow to holdco before impact of Bermuda captive reinsurance structure  EPS range of $2.80 – $3.00  19.0 – 19.4% expense ratio  23.0 – 24.0% effective tax rate Bermuda reinsurance captive  Contingent on all necessary regulatory approvals, we expect excess cash flow to the holdco to increase by $150 - $200 million at inception of the reinsurance treaty

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

 
CNO Financial Group 15 Questions and Answers

 
CNO Financial Group 16  Agent pilots, technology- driven customer experience enhancements  Hybrid distribution  Worksite B2B marketing, lead generation  Share repurchases: $15 million in 1Q23  Dividends: $17 million in 1Q23  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 17 Cash Flow Profile 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. 2 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions. (dollars in millions) 1Q22 1Q23 1Q22 1Q23 Net Operating Income1 64.5$ 58.6$ 369.7$ 354.5$ Holding Company Cash Flows: Dividends from Subsidiaries 69.6$ 34.2$ 335.5$ 135.9$ Management Fees 33.2 30.2 119.3 121.0 Surplus Debenture Interest 12.0 15.9 55.4 62.7 Earnings on Corporate Investments 2.1 4.3 7.7 11.9 Other (14.0) (16.8) 10.6 0.6 Holding Company Sources of Cash 2 102.9 67.8 528.5 332.1 Holding Company Expenses and Other (27.4) (38.4) (79.0) (116.7) Tax Payments (13.6) (5.3) (50.5) (14.6) Interest Payments (2.1) (2.1) (60.8) (60.8) Excess Cash Flow to Holding Company 2 59.8 22.0 338.2 140.0 Share Repurchases (100.0) (14.6) (404.6) (94.5) Dividend Payments to Stockholders (16.1) (17.0) (65.4) (65.7) Contributions to Insurance Subsidiaries - - - (14.6) Net Change in Holding Company Cash and Investments (56.3) (9.6) (131.8) (34.8) Cash and Investments, Beginning of Period 248.6 167.1 324.1 192.3 Cash and Investments, End of Period 192.3$ 157.5$ 192.3$ 157.5$ Trailing Twelve MonthsFor the Quarter

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

 
CNO Financial Group 19 Account values down 8% YoY; $2.6 billion in client assets Broker-Dealer/Registered Investment Advisor 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Prior periods have been restated to conform with current presentation. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 111 East Wacker Drive, Suite 1900, Chicago, IL 60601 (dollars in millions) 2023 1Q 2Q 3Q 4Q 1Q Net New Client Assets in Brokerage (35.2)$ (10.5)$ (17.9)$ (9.2)$ 7.9$ Brokerage and Advisory1 Advisory 76.1 24.2 32.9 31.8 54.2 Total 40.9$ 13.7$ 15.0$ 22.6$ 62.1$ Client Assets in Brokerage and Brokerage 1,675.2$ 1,492.2$ 1,412.8$ 1,495.5$ 1,563.5$ Advisory1 at end of period Advisory 1,159.9 1,069.9 1,040.5 1,141.2 1,046.6 Total 2,835.1$ 2,562.1$ 2,453.3$ 2,636.7$ 2,610.1$ 2022

 
CNO Financial Group 20 PAC growth across both divisions a result of successful recruiting strategies and a softening labor market, 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. 2023 % Change % Change Consumer 1Q 2Q 3Q 4Q 1Q vs. 4Q22 vs. 1Q22 Producing Field Agents1,3 3,939 3,968 3,913 3,882 3,985 2.7% 1.2% Registered Agents2,3 663 676 688 695 695 0.0% 4.8% Worksite Producing Field Agents1,3 208 234 258 275 288 4.7% 38.5% 2022

 
CNO Financial Group 21 Significant NMR increase reflects higher market yields New Money Rate Walk 5.96% 6.34% -0.45% 0.84% 0.00% -0.01%

 
CNO Financial Group 22 Strategically harvesting rising market yields, in the context of up-in-quality strategy New Money Summary 1Q General Account New Money Purchases $ % GAAP YTM Duration IG Corp AAA-A 146.6 21.3% 6.10% 5.64 IG Corp BBB 14.5 2.1% 6.24% 5.94 HY Corp 0.9 0.1% 6.30% 5.59 Municipals 30.7 4.5% 5.42% 10.66 RMBS 132.8 19.3% 5.41% 1.90 ABS 89.5 13.0% 5.80% 3.31 CMBS 15.1 2.2% 5.62% 6.09 CLOs 26.6 3.9% 7.37% 0.47 Commercial Real Estate 21.8 3.2% 5.20% 2.39 Direct Investment 3.5 0.5% 6.56% 0.00 EM 7.1 1.0% 5.73% 14.16 Residential Mortgage Loans 199.5 29.0% 7.57% 3.75 Total 688.6 100% 6.34% 3.0

 
CNO Financial Group 23 36% 17% 30% 11% 6% 0% < 40% 40% - 50% 50% - 60% 60% - 70% 70% - 75% >75% Commercial Mortgage Loans Our CRE loan portfolio emphasizes lower risk sectors Our CRE loan portfolio is conservatively margined with cushion for adverse development % o f T ot al A U M LTV Apartment 37.3% Industrial - 28.1% Office - 13.8% Other - 4.0% Retail - 16.7% Property Type LTV Avg (%) Apartment 51.7 Industrial 39.9 Mixed Use 35.4 Office 50.1 Other 31.3 Retail 40.5 Borrowers are substantially all stabilized, cash flowing properties 43.6% 22.1% 18.6% 13.8% 1.9% 0.0% > 2.00x 1.70x - 2.00x 1.40x - 1.70x 1.15x - 1.40x 1.0x - 1.15x < 1.00x DSCR Our CRE loan portfolio is not significantly exposed to 2023 and 2024 maturity default risk $0 $10 $20 $30 $40 $50 $60 2023 2024 2025 2026 M at ur iti es (dollars in millions)

 
CNO Financial Group 24 CNO Index Multifamily Office Other Industrial Retail Hotel $4.4 $5.4 $6.1 $8.6 $12.3 $14.7 $17.2 $21.5 Source: NAIC Loss Scenario Commercial Mortgage-Backed Securities Our CMBS investments have significant structural cushion for collateral losses Our holdings have limited loss content in severe scenarios Change in CRE Values – NAIC Scenarios BearBull 10% 6% -1% -10% -19% -24% -29% -40% Estimated CNO Principal Loss Our CMBS allocation is tilted toward lower risk property types 11% 28% 25% 19% 11% 11% 28% 16% 7% 22% 16% 6% Our CMBS allocation is highly rated - 91% AAA/AA/A categories 89% of our CMBS investments are considered ‘no- loss’ in 2022 NAIC scenario testing Market consistent estimates of collateral losses range from lows of 4% to highs of 8%. 2023 Fed stress test CRE loss rate of 9%. % L os s A bs or bi ng S ub or di na tio n in S tr uc tu re 11% 18% 22% 49% <10 10-15 15-30 >30 AAA $2,038.3 AA+ $83.9 AA $31.7 AA- $171.2 A+ $78.3 A $81.7 A- $79.7 BBB+ $39.7 BBB $40.5 BBB- $23.7 BB+ $43.5 BB $1.8 (dollars in millions)

 
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 Favorable economic profile  Total LTC is just 13.3% of overall CNO insurance liabilities  Downside risk significantly reduced after 2018 reinsurance transaction  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 $150 DTAs related to tax strategy $224 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 $218 million @ 10% discount rate ($1.88 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. $374 (dollars in millions) $374 million/$3.22 per diluted share value of NOLs and DTAs related to tax strategy Tax Asset Summary as of March 31, 2023

 
CNO Financial Group 27 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 28 - 44

 
CNO Financial Group 28 Insurance product margin Annuity 50.8$ 3.2$ (1) 54.0$ Health 140.4 (18.3) (1) 122.1 Life 43.3 14.4 (1) 57.7 Total insurance product margin 234.5 (0.7) 233.8 Allocated expenses (149.1) - (149.1) Income from insurance products 85.4 (0.7) 84.7 Fee income 9.2 - 9.2 Investment income not allocated to product lines 25.2 - 25.2 Expenses not allocated to product lines (12.8) (12.8) Operating earnings before taxes 107.0 (0.7) 106.3 Income tax expense on operating income (24.1) 0.2 (23.9) Net operating income (2) 82.9$ (0.5)$ 82.4 Net operating income per diluted share (2) 0.71$ -$ 0.71$ Three months ended December 31, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Adjustments arising from our comprehensive annual actuarial review of assumptions. (2) A non-GAAP measure. See pages 33 and 35 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 4Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q22 Significant Items

 
CNO Financial Group 29 Insurance product margin Annuity 60.1$ -$ 60.1$ Health 125.4 - 125.4 Life 70.2 - 70.2 Total insurance product margin 255.7 - 255.7 Allocated expenses (152.2) - (152.2) Income from insurance products 103.5 - 103.5 Fee income 3.2 - 3.2 Investment income not allocated to product lines 64.6 - 64.6 Expenses not allocated to product lines 2.9 (22.5) (1) (19.6) Operating earnings before taxes 174.2 (22.5) 151.7 Income tax (expense) benefit on operating income (39.1) 5.1 (34.0) Net operating income (2) 135.1$ (17.4)$ 117.7 Net operating income per diluted share (2) 1.15$ (0.15)$ 1.00$ Three months ended June 30, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Comprised of an experience refund of $22.5 million related to a reinsurance agreement. (2) A non-GAAP measure. See pages 33 and 35 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 30 Insurance product margin Annuity 65.6$ 0.7$ (1) 66.3$ Health 126.2 (7.1) (1) 119.1 Life 53.4 3.4 (1) 56.8 Total insurance product margin 245.2 (3.0) 242.2 Allocated expenses (143.3) - (143.3) Income from insurance products 101.9 (3.0) 98.9 Fee income 2.9 - 2.9 Investment income not allocated to product lines 44.4 - 44.4 Expenses not allocated to product lines (17.4) - (17.4) Operating earnings before taxes 131.8 (3.0) 128.8 Income tax (expense) benefit on operating income (28.7) 0.7 (28.0) Net operating income (2) 103.1$ (2.3)$ 100.8 Net operating income per diluted share (2) 0.83$ (0.02)$ 0.81$ 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 33 and 35 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 31 Insurance product margin Annuity 58.5$ -$ 58.5$ Health 122.8 - 122.8 Life 60.8 - 60.8 Total insurance product margin 242.1 - 242.1 Allocated expenses (140.5) - (140.5) Income from insurance products 101.6 - 101.6 Fee income 2.6 - 2.6 Investment income not allocated to product lines 51.9 - 51.9 Expenses not allocated to product lines (17.3) 3.0 (1) (14.3) Operating earnings before taxes 138.8 3.0 141.8 Income tax expense on operating income (30.7) (0.7) (31.4) Net operating income (2) 108.1$ 2.3$ 110.4 Net operating income per diluted share (2) 0.84$ 0.02$ 0.86$ 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 33 and 35 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 32 Insurance product margin Annuity 60.0$ -$ 60.0$ Health 121.7 - 121.7 Life 50.3 - 50.3 Total insurance product margin 232.0 - 232.0 Allocated expenses (141.6) - (141.6) Income from insurance products 90.4 - 90.4 Fee income 6.6 - 6.6 Investment income not allocated to product lines 48.6 - 48.6 Expenses not allocated to product lines (23.8) 4.5 (1) (19.3) Operating earnings before taxes 121.8 4.5 126.3 Income tax expense on operating income (27.8) (1.0) (28.8) Net operating income (2) 94.0$ 3.5$ 97.5 Net operating income per diluted share (2) 0.70$ 0.03$ 0.73$ 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 33 and 35 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 33 (dollars in millions) * Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss 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 1Q22 2Q22 3Q22 4Q22 1Q23 Insurance product margin Annuity 55.9$ 60.1$ 60.1$ 50.8$ 57.3$ Health 115.3 125.4 123.3 140.4 116.5 Life 36.0 70.2 55.7 43.3 47.4 Total insurance product margin 207.2 255.7 239.1 234.5 221.2 Allocated expenses (144.8) (152.2) (150.5) (149.1) (157.5) Income from insurance products 62.4 103.5 88.6 85.4 63.7 Fee income 9.9 3.2 1.4 9.2 15.5 Investment income not allocated to product lines 27.0 64.6 27.1 25.2 15.5 Expenses not allocated to product lines (14.8) 2.9 (16.1) (12.8) (18.3) Operating earnings before taxes 84.5 174.2 101.0 107.0 76.4 Income tax expense on operating income (20.0) (39.1) (23.1) (24.1) (17.8) Net operating income* 64.5 135.1 77.9 82.9 58.6 Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (7.2) (27.1) (0.7) (27.2) (12.7) Net change in market value of investments recognized in earnings (25.5) (21.7) (17.0) (9.0) (1.9) Changes in fair value of embedded derivative liabilities and market risk benefits 165.4 160.6 130.6 (16.4) (65.1) Fair value changes related to agent deferred compensation plan 22.7 14.0 12.0 0.2 - Other 0.4 (0.2) 2.0 (6.1) 2.3 Non-operating income (loss) before taxes 155.8 125.6 126.9 (58.5) (77.4) Income tax (expense) benefit on non-operating income (loss) (36.9) (27.4) (28.9) 13.6 18.0 Net non-operating income (loss) 118.9 98.2 98.0 (44.9) (59.4) Net income (loss) 183.4$ 233.3$ 175.9$ 38.0$ (0.8)$

 
CNO Financial Group 34 Information Related to Certain Non-GAAP Financial Measures The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered as substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website, www.CNOinc.com. Operating earnings measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in the valuation allowance for deferred tax assets and other tax items and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non- GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals.

 
CNO Financial Group 35 A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows: (dollars in millions, except per-share amounts) Information Related to Certain Non-GAAP Financial Measures 1Q22 2Q22 3Q22 4Q22 1Q23 Net income (loss) applicable to common stock 183.4$ 233.3$ 175.9$ 38.0$ (0.8)$ Non-operating items: Net realized investment (gains) losses from sales and impairments 7.2 27.1 0.7 27.2 12.7 Net change in market value of investments recognized in earnings 25.5 21.7 17.0 9.0 1.9 Changes in fair value of embedded derivative liabilities and market risk benefits (165.4) (160.6) (130.6) 16.4 65.1 Fair value changes related to the agent deferred compensation plan (22.7) (14.0) (12.0) (0.2) - Other (0.4) 0.2 (2.0) 6.1 (2.3) Non-operating (income) loss before taxes (155.8) (125.6) (126.9) 58.5 77.4 Income tax (expense) benefit on non-operating income 36.9 27.4 28.9 (13.6) (18.0) Net non-operating (income) loss (118.9) (98.2) (98.0) 44.9 59.4 Net operating income (a non-GAAP financial measure) 64.5$ 135.1$ 77.9$ 82.9$ 58.6$ Per diluted share: Net income (loss) 1.52$ 1.99$ 1.52$ 0.33$ (0.01)$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.04 0.18 - 0.18 0.09 Net change in market value of investments recognized in earnings (net of taxes) 0.16 0.14 0.11 0.06 0.01 Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) (1.04) (1.07) (0.87) 0.10 0.44 Fair value changes related to the agent deferred compensation plan (net of taxes) (0.14) (0.09) (0.08) - - Other - - (0.01) 0.04 (0.02) Net operating income (a non-GAAP financial measure) 0.54$ 1.15$ 0.67$ 0.71$ 0.51$

 
CNO Financial Group 36 A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as follows: (dollars in millions, except per-share amounts, and shares in thousands) Information Related to Certain Non-GAAP Financial Measures 1Q22 2Q22 3Q22 4Q22 1Q23 Operating income 64.5$ 135.1$ 77.9$ 82.9$ 58.6$ Weighted average shares outstanding for basic earnings per share 118,622 115,533 114,354 114,422 114,545 Effect of dilutive securities on weighted average shares: Stock options, restricted stock and performance units 2,380 1,753 1,574 2,231 - Weighted average shares outstanding for diluted earnings per share 121,002 117,286 115,928 116,653 114,545 Net operating income per diluted share 0.54$ 1.15$ 0.67$ 0.71$ 0.51$ (a) (a) Equivalent common shares of 2,182.5 were not included in the diluted weighted average shares outstanding due to the net loss recognized in 1Q23.

 
CNO Financial Group 37 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units were vested, and convertible securities were converted. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments. A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows: (dollars in millions, except per-share amounts) Information Related to Certain Non-GAAP Financial Measures 1Q22 2Q22 3Q22 4Q22 1Q23 Total shareholders' equity 2,818.4$ 2,127.9$ 1,863.4$ 1,768.8$ 2,031.8$ Shares outstanding for the period 117,241,006 114,795,328 114,367,345 114,343,070 114,905,172 Book value per share 24.04$ 18.54$ 16.29$ 15.47$ 17.68$ Total shareholders' equity 2,818.4$ 2,127.9$ 1,863.4$ 1,768.8$ 2,031.8$ Accumulated other comprehensive loss (561.5) (1,415.8) (1,837.8) (1,957.3) (1,664.4) Adjusted shareholders' equity excluding AOCI 3,379.9$ 3,543.7$ 3,701.2$ 3,726.1$ 3,696.2$ Shares outstanding for the period 117,241,006 114,795,328 114,367,345 114,343,070 114,905,172 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 2,261,617 1,407,756 1,603,295 2,499,071 - Diluted shares outstanding 119,502,623 116,203,084 115,970,640 116,842,141 14,905,172 Book value per diluted share (a non-GAAP measure) 28.28$ 30.50$ 31.91$ 31.89$ 31.82$

 
CNO Financial Group 38 Operating return measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, fair value changes related to the agent deferred compensation plan, 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 39 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Information Related to Certain Non-GAAP Financial Measures 1Q22 2Q22 3Q22 4Q22 1Q23 Operating income 369.7$ 410.8$ 380.6$ 360.4$ 354.5$ Operating income, excluding significant items 373.2$ 393.4$ 360.9$ 342.5$ 336.6$ Net income 491.7$ 677.3$ 749.8$ 630.6$ 446.4$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,030.5$ 3,090.3$ 3,197.5$ 3,323.3$ 3,434.8$ Average common shareholders' equity 3,495.0$ 3,239.8$ 2,840.4$ 2,384.1$ 2,046.3$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 12.2% 13.3% 11.9% 10.8% 10.3% Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 12.3% 12.7% 11.3% 10.3% 9.8% Return on equity 14.1% 20.9% 26.4% 26.5% 21.8% Twelve Months Ended

 
CNO Financial Group 40 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): (dollars in millions) (a) The significant items have been discussed in prior press releases. (Continued on next page) Information Related to Certain Non-GAAP Financial Measures Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income (loss) Net income - trailing four quarters 2Q21 94.0$ 3.5$ 97.5$ NA 47.7$ NA 3Q21 108.1 2.3 110.4 NA 103.4 NA 4Q21 103.1 (2.3) 100.8 410.0$ 157.2 570.3$ 1Q22 64.5 - 64.5 373.2 183.4 491.7 2Q22 135.1 (17.4) 117.7 393.4 233.3 677.3 3Q22 77.9 - 77.9 360.9 175.9 749.8 4Q22 82.9 (0.5) 82.4 342.5 38.0 630.6 1Q23 58.6 - 58.6 336.6 (0.8) 446.4

 
CNO Financial Group 41 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Information Related to Certain Non-GAAP Financial Measures 1Q22 2Q22 3Q22 4Q22 1Q23 Pre-tax operating earnings (a non-GAAP financial measure) 476.9$ 529.3$ 491.5$ 466.7$ 458.6$ Income tax expense (107.2) (118.5) (110.9) (106.3) (104.1) Operating return 369.7 410.8 380.6 360.4 354.5 Non-operating items: Net realized investment gains (losses) from sales and impairments 25.7 (27.0) (30.0) (62.2) (67.7) Net change in market value of investments recognized in earnings (36.5) (63.9) (76.3) (73.2) (49.6) Changes in fair value of embedded derivative liabilities and market risk benefits 148.9 400.6 535.3 440.2 209.7 Fair value changes and amendment related to the agent deferred compensation plan 18.4 32.4 44.4 48.9 26.2 Other 3.4 2.3 4.1 (3.9) (2.0) Non-operating income before taxes 159.9 344.4 477.5 349.8 116.6 Income tax expense on non-operating income (37.9) (77.9) (108.3) (79.6) (24.7) Net non-operating income 122.0 266.5 369.2 270.2 91.9 Net income 491.7$ 677.3$ 749.8$ 630.6$ 446.4$ Twelve Months Ended

 
CNO Financial Group 42 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 1Q21 2Q21 3Q21 4Q21 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,003.2$ 2,989.0$ 2,993.3$ 3,067.3$ Net operating loss carryforwards 323.1 292.9 266.9 243.7 Accumulated other comprehensive income 73.1 306.7 337.5 373.7 Common shareholders' equity 3,399.4$ 3,588.6$ 3,597.7$ 3,684.7$ 1Q22 2Q22 3Q22 4Q22 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,141.7$ 3,329.0$ 3,510.3$ 3,557.1$ Net operating loss carryforwards 238.2 214.7 190.9 169.0 Accumulated other comprehensive loss (561.5) (1,415.8) (1,837.8) (1,957.3) Common shareholders' equity 2,818.4$ 2,127.9$ 1,863.4$ 1,768.8$ 1Q23 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,543.8$ Net operating loss carryforwards 152.4 Accumulated other comprehensive loss (1,664.4) Common shareholders' equity 2,031.8$

 
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 1Q22 2Q22 3Q22 4Q22 1Q23 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,030.5$ 3,090.3$ 3,197.4$ 3,323.3$ 3,434.8$ Net operating loss carryforwards 271.1 250.7 231.4 212.5 192.5 Accumulated other comprehensive income (loss) 193.4 (101.2) (588.4) (1,151.7) (1,581.0) Common shareholders' equity 3,495.0$ 3,239.8$ 2,840.4$ 2,384.1$ 2,046.3$ Trailing Four Quarter Average

 
CNO Financial Group 44 Debt to capital ratio, excluding accumulated other comprehensive income (loss) The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. A reconciliation of these ratios is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 2021 2022 1Q23 Corporate notes payable 1,137.3$ 1,138.8$ 1,139.2$ Total shareholders' equity 3,684.7 1,768.8 2,031.8 Total capital 4,822.0$ 2,907.6$ 3,171.0$ Corporate debt to capital 23.6% 39.2% 35.9% Corporate notes payable 1,137.3$ 1,138.8$ 1,139.2$ Total shareholders' equity 3,684.7 1,768.8 2,031.8 Less accumulated other comprehensive (income) loss (373.7) 1,957.3 1,664.4 Total capital 4,448.3$ 4,864.9$ 4,835.4$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 25.6% 23.4% 23.6%

 

Exhibit 99.4




cnologosupp.jpg


Quarterly Financial Supplement - 4Q2022 as Recast to Reflect the Adoption of ASU 2018-12
The information in this recast quarterly financial supplement is unaudited and is being provided to aid users of our financial statements in understanding the impacts of adopting ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts. It is possible that the financial results included in our future filings with the Securities and Exchange Commission may differ, perhaps materially, from the information presented herein.
May 1, 2023

Page 1

Table of ContentsPage
Consolidated balance sheet3
Consolidated statement of operations4
Financial summary5
Insurance operations6
Margin from insurance products7-9
Collected premiums from annuity and interest sensitive life products and insurance policy income10
Health and life new annualized premiums11
Computation of weighted average shares outstanding12
Statutory information13
Investment income not allocated to product lines and investment income allocated to product lines14-17
Other investment data17
Significant items18-21
Notes22

Page 2

CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-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 $20,353.4 
  Equity securities at fair value164.4 149.3 146.4 131.1 91.0 136.9 135.8 135.3 
  Mortgage loans1,297.7 1,276.9 1,211.0 1,218.6 1,213.3 1,215.3 1,227.3 1,411.9 
  Policy loans121.0 120.3 119.7 120.2 119.5 119.5 120.2 121.6 
  Trading securities242.6 247.0 243.6 227.2 223.0 198.9 223.3 207.9 
  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 1,077.6 
  Other invested assets1,195.1 1,226.0 1,172.6 1,224.0 1,121.8 1,086.6 1,028.6 1,034.7 
  Total investments26,855.2 28,059.6 28,256.6 28,926.1 27,428.8 25,227.6 24,135.5 24,342.4 
Cash and cash equivalents - unrestricted662.9 652.5 742.1 632.1 546.0 567.2 498.0 575.7 
Cash and cash equivalents held by variable interest entities76.0 62.3 70.5 99.6 48.0 52.2 55.5 69.2 
Accrued investment income216.8 210.7 218.1 216.4 227.9 224.1 236.0 235.6 
Present value of future profits251.9 244.5 237.4 230.1 223.2 216.4 210.0 203.7 
Deferred acquisition costs1,517.4 1,549.3 1,578.5 1,621.3 1,659.6 1,697.4 1,731.4 1,770.9 
Reinsurance receivables4,602.0 4,585.7 4,523.4 4,473.5 4,387.0 4,288.0 4,218.6 4,223.4 
Market risk benefit asset15.0 8.5 6.0 7.6 16.9 37.3 56.3 65.3 
Income tax assets, net759.0 694.6 494.3 550.2 773.1 951.9 1,023.9 1,063.4 
Assets held in separate accounts4.3 4.5 4.5 3.9 3.6 3.0 2.7 2.7 
Other assets567.1 564.0 554.8 519.1 671.0 566.9 552.2 580.8 
Total assets$35,527.6 $36,636.2 $36,686.2 $37,279.9 $35,985.1 $33,832.0 $32,720.1 $33,133.1 
Liabilities
Liabilities for insurance products:
  Policyholder account liabilities$12,502.2 $12,702.4 $12,905.8 $13,648.6 $14,725.6 $14,959.4 $15,079.7 $15,234.2 
  Future policy benefits14,352.1 15,031.7 14,826.5 14,685.8 13,206.1 11,784.9 10,815.5 11,240.2 
  Market risk benefit liability57.9 84.9 95.3 93.8 63.8 29.9 13.7 11.3 
  Liability for life insurance policy claims93.8 91.8 84.1 84.5 94.1 66.2 63.9 64.1 
  Unearned and advanced premiums262.4 255.8 247.5 246.7 250.0 243.4 238.2 235.0 
  Liabilities related to separate accounts4.3 4.5 4.5 3.9 3.6 3.0 2.7 2.7 
Other liabilities925.2 946.5 995.3 830.9 912.3 713.2 749.4 693.9 
Investment borrowings1,642.0 1,641.5 1,741.1 1,715.8 1,640.5 1,640.2 1,639.9 1,639.5 
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 1,104.6 
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 1,138.8 
Total liabilities32,128.2 33,047.6 33,188.5 33,595.2 33,166.7 31,704.1 30,856.7 31,364.3 
Shareholders' equity
Common stock1.3 1.3 1.2 1.2 1.2 1.1 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 2,033.8 
Retained earnings867.2 897.6 984.4 1,125.6 1,293.0 1,509.9 1,669.5 1,691.2 
Total shareholders' equity before accumulated other comprehensive income (loss)3,326.3 3,281.9 3,260.2 3,311.0 3,379.9 3,543.7 3,701.2 3,726.1 
Accumulated other comprehensive income (loss)73.1 306.7 337.5 373.7 (561.5)(1,415.8)(1,837.8)(1,957.3)
Total shareholders' equity3,399.4 3,588.6 3,597.7 3,684.7 2,818.4 2,127.9 1,863.4 1,768.8 
Total liabilities and shareholders' equity$35,527.6 $36,636.2 $36,786.2 $37,279.9 $35,985.1 $33,832.0 $32,720.1 $33,133.1 
Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22
Book value per common share$25.70 $27.80 $28.95 $30.61 $24.04 $18.54 $16.29 $15.47 
Book value per common share, excluding accumulated other comprehensive income (loss) (1) (2)$25.15 $25.42 $26.23 $27.51 $28.83 $30.87 $32.36 $32.59 
Book value per diluted share (1) (3)$24.71 $24.95 $25.69 $26.85 $28.28 $30.50 $31.91 $31.89 
Page 3

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


1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Revenues
Insurance policy income$632.4 $630.5 $630.6 $629.9 $2,523.4 $625.0 $625.6 $623.2 $626.0 $2,499.8 
Net investment income:
   General account assets282.7 282.1 289.5 285.9 1,140.2 277.5 317.7 289.0 294.8 1,179.0 
Policyholder and other special-purpose portfolios55.5 97.1 18.7 109.2 280.5 (69.3)(93.8)(20.9)20.9 (163.1)
Investment gains (losses):
Realized investment gains (losses)(6.0)17.1 3.7 6.5 21.3 18.8 (7.0)(8.2)(21.5)(17.9)
Other investment gains (losses)3.2 14.2 (6.0)(13.6)(2.2)(51.5)(41.8)(9.5)(14.7)(117.5)
Total investment gains (losses)(2.8)31.3 (2.3)(7.1)19.1 (32.7)(48.8)(17.7)(36.2)(135.4)
Fee revenue and other income38.2 32.1 31.8 56.9 159.0 42.4 54.3 31.7 68.1 196.5 
Total revenues1,006.0 1,073.1 968.3 1,074.8 4,122.2 842.9 855.0 905.3 973.6 3,576.8 
Benefits and expenses
Insurance policy benefits452.6 660.0 524.2 551.3 2,188.1 333.9 302.2 396.1 583.2 1,615.4 
Liability for future policy benefits remeasurement (gain) loss(16.5)— (9.0)(25.8)(51.3)7.0 0.3 (5.0)(17.9)(15.6)
Change in fair value of market risk benefits(70.7)31.2 14.4 2.0 (23.1)(32.7)(50.3)(34.9)(22.3)(140.2)
Interest expense24.1 24.0 23.7 23.6 95.4 23.8 27.8 37.6 47.8 137.0 
Amortization48.7 48.8 49.6 51.1 198.2 52.3 52.7 53.5 54.3 212.8 
Other operating costs and expenses231.2 246.2 232.8 271.6 981.8 218.3 222.5 230.1 280.0 950.9 
Total benefits and expenses669.4 1,010.2 835.7 873.8 3,389.1 602.6 555.2 677.4 925.1 2,760.3 
Income before income taxes336.6 62.9 132.6 201.0 733.1 240.3 299.8 227.9 48.5 816.5 
Income tax expense on period income74.6 15.2 29.2 43.8 162.8 56.9 66.5 52.0 10.5 185.9 
Net income$262.0 $47.7 $103.4 $157.2 $570.3 $183.4 $233.3 $175.9 $38.0 $630.6 


Page 4

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

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Insurance product margin (4)
Annuity margin$59.1 $60.0 $58.5 $65.6 $243.2 $55.9 $60.1 $60.1 $50.8 $226.9 
Health margin126.9 121.7 122.8 126.2 497.6 115.3 125.4 123.3 140.4 504.4 
Life margin48.1 50.3 60.8 53.4 212.6 36.0 70.2 55.7 43.3 205.2 
Total insurance product margin234.1 232.0 242.1 245.2 953.4 207.2 255.7 239.1 234.5 936.5 
Allocated expenses(141.1)(141.6)(140.5)(143.3)(566.5)(144.8)(152.2)(150.5)(149.1)(596.6)
Income from insurance products (5)93.0 90.4 101.6 101.9 386.9 62.4 103.5 88.6 85.4 339.9 
Fee income7.3 6.6 2.6 2.9 19.4 9.9 3.2 1.4 9.2 23.7 
Investment income not allocated to product lines (9)44.0 48.6 51.9 44.4 188.9 27.0 64.6 27.1 25.2 143.9 
Expenses not allocated to product lines(22.0)(23.8)(17.3)(17.4)(80.5)(14.8)2.9 (16.1)(12.8)(40.8)
Operating earnings before taxes122.3 121.8 138.8 131.8 514.7 84.5 174.2 101.0 107.0 466.7 
Income tax expense on operating income(27.1)(27.8)(30.7)(28.7)(114.3)(20.0)(39.1)(23.1)(24.1)(106.3)
Net operating income (10)95.2 94.0 108.1 103.1 400.4 64.5 135.1 77.9 82.9 360.4 
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses3.6 25.6 2.3 5.0 36.5 (7.2)(27.1)(0.7)(27.2)(62.2)
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)(9.0)(73.2)
Fair value changes related to agent deferred compensation plan13.2 — — (4.3)8.9 22.7 14.0 12.0 0.2 48.9 
Changes in fair value of embedded derivative liabilities and market risk benefits203.3 (91.1)(4.1)78.7 186.8 165.4 160.6 130.6 (16.4)440.2 
Other0.6 0.9 0.2 1.9 3.6 0.4 (0.2)2.0 (6.1)(3.9)
Net non-operating income (loss) before taxes214.3 (58.9)(6.2)69.2 218.4 155.8 125.6 126.9 (58.5)349.8 
Income tax (expense) benefit on non-operating income (loss)(47.5)12.6 1.5 (15.1)(48.5)(36.9)(27.4)(28.9)13.6 (79.6)
Net non-operating income (loss)166.8 (46.3)(4.7)54.1 169.9 118.9 98.2 98.0 (44.9)270.2 
Net income$262.0 $47.7 $103.4 $157.2 $570.3 $183.4 $233.3 $175.9 $38.0 $630.6 
Per diluted share
Net operating income$0.70 $0.70 $0.84 $0.83 $3.05 $0.54 $1.15 $0.67 $0.71 $3.06 
Net non-operating income (loss)1.22 (0.34)(0.04)0.43 1.30 0.98 0.84 0.85 (0.38)2.30 
Net income$1.92 $0.36 $0.80 $1.26 $4.35 $1.52 $1.99 $1.52 $0.33 $5.36 


Page 5

CNO FINANCIAL GROUP, INC.
Insurance Operations
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Insurance product margin (4)
Annuity:
Insurance policy income$5.4 $4.3 $5.8 $4.1 $19.6 $5.0 $5.8 $6.3 $6.0 $23.1 
Net investment income (5) (6)117.2 116.6 117.0 118.1 468.9 117.5 117.8 121.1 123.6 480.0 
Insurance policy benefits(8.6)(7.5)(9.1)(3.2)(28.4)(9.5)(6.8)(6.5)(15.5)(38.3)
Interest credited (6)(42.2)(40.3)(41.3)(39.1)(162.9)(42.5)(41.4)(44.8)(46.8)(175.5)
Amortization and non-deferred commissions(12.7)(13.1)(13.9)(14.3)(54.0)(14.6)(15.3)(16.0)(16.5)(62.4)
Annuity margin59.1 60.0 58.5 65.6 243.2 55.9 60.1 60.1 50.8 226.9 
Health:
Insurance policy income416.5 415.4 414.4 415.2 1,661.5 406.7 403.5 403.5 403.6 1,617.3 
Net investment income (5)72.9 73.1 73.6 73.9 293.5 73.3 73.0 73.3 73.7 293.3 
Insurance policy benefits(321.5)(326.2)(323.3)(318.1)(1,289.1)(323.1)(309.9)(310.8)(293.7)(1,237.5)
Amortization and non-deferred commissions(41.0)(40.6)(41.9)(44.8)(168.3)(41.6)(41.2)(42.7)(43.2)(168.7)
Health margin126.9 121.7 122.8 126.2 497.6 115.3 125.4 123.3 140.4 504.4 
Life:
Insurance policy income210.5 210.8 210.4 210.6 842.3 213.3 216.3 213.4 216.4 859.4 
Net investment income (5) (7)35.7 35.8 36.0 35.7 143.2 35.5 35.2 35.4 35.8 141.9 
Insurance policy benefits(146.7)(142.5)(136.6)(141.7)(567.5)(153.1)(127.7)(138.7)(155.8)(575.3)
Interest credited (7)(11.0)(11.2)(11.5)(12.1)(45.8)(12.0)(11.7)(12.6)(12.7)(49.0)
Amortization and non-deferred commissions(17.1)(17.6)(17.8)(17.3)(69.8)(18.4)(19.3)(19.7)(20.1)(77.5)
Advertising expense(23.3)(25.0)(19.7)(21.8)(89.8)(29.3)(22.6)(22.1)(20.3)(94.3)
Life margin48.1 50.3 60.8 53.4 212.6 36.0 70.2 55.7 43.3 205.2 
Total insurance product margin234.1 232.0 242.1 245.2 953.4 207.2 255.7 239.1 234.5 936.5 
Allocated expenses:
Branch office expenses(18.5)(16.2)(14.8)(13.0)(62.5)(18.1)(15.4)(16.5)(12.3)(62.3)
Other allocated expenses(122.6)(125.4)(125.7)(130.3)(504.0)(126.7)(136.8)(134.0)(136.8)(534.3)
Income from insurance products (8)93.0 90.4 101.6 101.9 386.9 62.4 103.5 88.6 85.4 339.9 
Fee income7.3 6.6 2.6 2.9 19.4 9.9 3.2 1.4 9.2 23.7 
Investment income not allocated to product lines (9)44.0 48.6 51.9 44.4 188.9 27.0 64.6 27.1 25.2 143.9 
Expenses not allocated to product lines(22.0)(23.8)(17.3)(17.4)(80.5)(14.8)2.9 (16.1)(12.8)(40.8)
Operating earnings before taxes122.3 121.8 138.8 131.8 514.7 84.5 174.2 101.0 107.0 466.7 
Income tax expense on operating income(27.1)(27.8)(30.7)(28.7)(114.3)(20.0)(39.1)(23.1)(24.1)(106.3)
Net operating income (10)$95.2 $94.0 $108.1 $103.1 $400.4 $64.5 $135.1 $77.9 $82.9 $360.4 
Page 6

CNO FINANCIAL GROUP, INC.
Margin from Annuity Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Annuity margin (4):
Fixed indexed annuities
Insurance policy income$3.0 $3.3 $3.3 $3.2 $12.8 $3.0 $3.7 $3.6 $4.2 $14.5 
Net investment income (5) (6)86.4 86.6 87.8 89.4 350.2 90.1 91.4 95.0 97.3 373.8 
Insurance policy benefits(1.2)(2.4)(2.8)(3.5)(9.9)(4.6)(3.1)(2.0)(10.3)(20.0)
Interest credited (6)(28.4)(26.8)(28.0)(26.3)(109.5)(30.4)(29.5)(33.0)(34.6)(127.5)
Amortization and non-deferred commissions(11.3)(11.9)(12.5)(12.9)(48.6)(13.3)(14.1)(14.7)(15.3)(57.4)
Margin from fixed indexed annuities$48.5 $48.8 $47.8 $49.9 $195.0 $44.8 $48.4 $48.9 $41.3 $183.4 
Average net insurance liabilities (11)$7,597.5 $7,796.1 $8,016.5 $8,252.6 $7,915.7 $8,486.3 $8,711.0 $8,902.9 $9,054.2 $8,788.6 
Margin/average net insurance liabilities (12)2.55 %2.50 %2.39 %2.42 %2.46 %2.11 %2.22 %2.20 %1.82 %2.09 %
Fixed interest annuities
Insurance policy income$0.2 $0.1 $0.3 $0.2 $0.8 $0.1 $0.3 $0.2 $0.2 $0.8 
Net investment income (5)24.4 23.7 23.0 22.5 93.6 21.5 20.6 20.3 20.6 83.0 
Insurance policy benefits(0.7)0.2 (0.2)(0.4)(1.1)(0.4)(0.6)0.1 (0.2)(1.1)
Interest credited(13.2)(12.8)(12.7)(12.2)(50.9)(11.5)(11.3)(11.2)(11.7)(45.7)
Amortization and non-deferred commissions(1.3)(1.2)(1.3)(1.2)(5.0)(1.2)(1.1)(1.2)(1.1)(4.6)
Margin from fixed interest annuities$9.4 $10.0 $9.1 $8.9 $37.4 $8.5 $7.9 $8.2 $7.8 $32.4 
Average net insurance liabilities (11)$1,951.3 $1,898.7 $1,854.9 $1,812.3 $1,879.3 $1,761.2 $1,712.5 $1,675.9 $1,652.6 $1,700.5 
Margin/average net insurance liabilities (12)1.93 %2.11 %1.96 %1.96 %1.99 %1.93 %1.85 %1.96 %1.89 %1.91 %
Other annuities
Insurance policy income$2.2 $0.9 $2.2 $0.7 $6.0 $1.9 $1.8 $2.5 $1.6 $7.8 
Net investment income (5)6.4 6.3 6.2 6.2 25.1 5.9 5.8 5.8 5.7 23.2 
Insurance policy benefits(6.7)(5.3)(6.1)0.7 (17.4)(4.5)(3.1)(4.6)(5.0)(17.2)
Interest credited(0.6)(0.7)(0.6)(0.6)(2.5)(0.6)(0.6)(0.6)(0.5)(2.3)
Amortization and non-deferred commissions(0.1)— (0.1)(0.2)(0.4)(0.1)(0.1)(0.1)(0.1)(0.4)
Margin from other annuities$1.2 $1.2 $1.6 $6.8 $10.8 $2.6 $3.8 $3.0 $1.7 $11.1 
Average net insurance liabilities (11)$514.6 $509.0 $503.7 $497.8 $506.3 $490.2 $484.2 $478.8 $473.6 $481.7 
Margin/average net insurance liabilities (12)0.93 %0.94 %1.27 %5.46 %2.13 %2.12 %3.14 %2.51 %1.44 %2.30 %
Total annuity margin$59.1 $60.0 $58.5 $65.6 $243.2 $55.9 $60.1 $60.1 $50.8 $226.9 
Average net insurance liabilities (11)$10,063.4 $10,203.8 $10,375.1 $10,562.7 $10,301.3 $10,737.7 $10,907.7 $11,057.6 $11,180.4 $10,970.8 
Margin/average net insurance liabilities (12)2.35 %2.35 %2.26 %2.48 %2.36 %2.08 %2.20 %2.17 %1.82 %2.07 %
Page 7

CNO FINANCIAL GROUP, INC.
Margin from Health Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Health margin (4):
Supplemental health
Insurance policy income$169.8 $170.0 $171.2 $172.8 $683.8 $173.5 $172.0 $173.5 $175.3 $694.3 
Net investment income (5)36.1 36.2 36.9 37.2 146.4 37.4 37.6 37.7 38.2 150.9 
Insurance policy benefits(128.0)(128.6)(126.5)(125.8)(508.9)(129.3)(128.1)(125.8)(125.6)(508.8)
Amortization and non-deferred commissions(25.1)(25.0)(26.4)(27.9)(104.4)(25.5)(25.5)(26.9)(27.6)(105.5)
Margin from supplemental health$52.8 $52.6 $55.2 $56.3 $216.9 $56.1 $56.0 $58.5 $60.3 $230.9 
Margin/insurance policy income31 %31 %32 %33 %32 %32 %33 %34 %34 %33 %
Medicare supplement
Insurance policy income$181.0 $179.7 $177.4 $176.0 $714.1 $166.8 $165.1 $163.6 $162.3 $657.8 
Net investment income (5)1.3 1.4 1.2 1.4 5.3 1.3 1.4 1.4 1.3 5.4 
Insurance policy benefits(133.6)(126.5)(125.3)(120.8)(506.2)(120.5)(114.1)(113.9)(113.4)(461.9)
Amortization and non-deferred commissions(12.5)(12.3)(12.4)(13.5)(50.7)(13.0)(12.6)(12.4)(12.3)(50.3)
Margin from Medicare supplement$36.2 $42.3 $40.9 $43.1 $162.5 $34.6 $39.8 $38.7 $37.9 $151.0 
Margin/insurance policy income20 %24 %23 %24 %23 %21 %24 %24 %23 %23 %
Long-term care
Insurance policy income$65.7 $65.7 $65.8 $66.4 $263.6 $66.4 $66.4 $66.4 $66.0 $265.2 
Net investment income (5)35.5 35.5 35.5 35.3 141.8 34.6 34.0 34.2 34.2 137.0 
Insurance policy benefits(59.9)(71.1)(71.5)(71.5)(274.0)(73.3)(67.7)(71.1)(54.7)(266.8)
Amortization and non-deferred commissions(3.4)(3.3)(3.1)(3.4)(13.2)(3.1)(3.1)(3.4)(3.3)(12.9)
Margin from long-term care$37.9 $26.8 $26.7 $26.8 $118.2 $24.6 $29.6 $26.1 $42.2 $122.5 
Margin/insurance policy income58 %41 %41 %40 %45 %37 %45 %39 %64 %46 %
Total health margin$126.9 $121.7 $122.8 $126.2 $497.6 $115.3 $125.4 $123.3 $140.4 $504.4 
Margin/insurance policy income30 %29 %30 %30 %30 %28 %31 %31 %35 %31 %
Page 8

CNO FINANCIAL GROUP, INC.
Margin from Life Products
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
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 $44.2 $174.6 
Net investment income (5) (7)12.4 12.4 12.6 12.8 50.2 13.0 12.8 12.9 12.9 51.6 
Insurance policy benefits(22.7)(20.0)(17.4)(22.5)(82.6)(21.2)(15.8)(20.5)(17.7)(75.2)
Interest credited (7)(10.9)(11.0)(11.3)(11.9)(45.1)(11.9)(11.5)(12.4)(12.5)(48.3)
Amortization and non-deferred commissions(5.9)(5.9)(5.9)(5.6)(23.3)(5.7)(5.9)(5.9)(5.7)(23.2)
Margin from interest sensitive life$13.7 $16.9 $20.3 $15.4 $66.3 $17.3 $23.4 $17.6 $21.2 $79.5 
Average net insurance liabilities (11)$954.8 $969.9 $983.1 $995.3 $975.8 $1,009.4 $1,016.4 $1,019.2 $1,026.9 $1,018.0 
Interest margin$1.5 $1.4 $1.3 $0.9 $5.1 $1.1 $1.3 $0.5 $0.4 $3.3 
Interest margin/average net insurance liabilities (12)0.63 %0.58 %0.53 %0.36 %0.52 %0.44 %0.51 %0.20 %0.16 %0.32 %
Underwriting margin$12.2 $15.5 $19.0 $14.5 $61.2 $16.2 $22.1 $17.1 $20.8 $76.2 
Underwriting margin/insurance policy income30 %37 %45 %34 %37 %38 %50 %39 %47 %44 %
Traditional life
Insurance policy income$169.7 $169.4 $168.1 $168.0 $675.2 $170.2 $172.5 $169.9 $172.2 $684.8 
Net investment income (5)23.3 23.4 23.4 22.9 93.0 22.5 22.4 22.5 22.9 90.3 
Insurance policy benefits(124.0)(122.5)(119.2)(119.2)(484.9)(131.9)(111.9)(118.2)(138.1)(500.1)
Interest credited(0.1)(0.2)(0.2)(0.2)(0.7)(0.1)(0.2)(0.2)(0.2)(0.7)
Amortization and non-deferred commissions(11.2)(11.7)(11.9)(11.7)(46.5)(12.7)(13.4)(13.8)(14.4)(54.3)
Advertising expense(23.3)(25.0)(19.7)(21.8)(89.8)(29.3)(22.6)(22.1)(20.3)(94.3)
Margin from traditional life$34.4 $33.4 $40.5 $38.0 $146.3 $18.7 $46.8 $38.1 $22.1 $125.7 
Margin/insurance policy income20 %20 %24 %23 %22 %11 %27 %22 %13 %18 %
Margin excluding advertising expense/insurance policy income34 %34 %36 %36 %35 %28 %40 %35 %25 %32 %
Total life margin$48.1 $50.3 $60.8 $53.4 $212.6 $36.0 $70.2 $55.7 $43.3 $205.2 



Page 9

CNO FINANCIAL GROUP, INC.
Collected Premiums From Annuity and Interest Sensitive Life Products
and Insurance Policy Income
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
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 $431.0 $1,604.6 
Interest-sensitive life54.5 54.6 54.4 55.9 219.4 56.6 56.6 56.6 58.1 227.9 
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 $489.1 $1,832.5 
Insurance policy income:
Annuity products
Fixed indexed annuities$3.0 $3.3 $3.3 $3.2 $12.8 $3.0 $3.7 $3.6 $4.2 $14.5 
Fixed interest annuities0.2 0.1 0.3 0.2 0.8 0.1 0.3 0.2 0.2 0.8 
Other annuities2.2 0.9 2.2 0.7 6.0 1.9 1.8 2.5 1.6 7.8 
Total annuity insurance policy income5.4 4.3 5.8 4.1 19.6 5.0 5.8 6.3 6.0 23.1 
Health products
Supplemental health169.8 170.0 171.2 172.8 683.8 173.5 172.0 173.5 175.3 694.3 
Medicare supplement181.0 179.7 177.4 176.0 714.1 166.8 165.1 163.6 162.3 657.8 
Long-term care65.7 65.7 65.8 66.4 263.6 66.4 66.4 66.4 66.0 265.2 
Total health insurance policy income416.5 415.4 414.4 415.2 1,661.5 406.7 403.5 403.5 403.6 1,617.3 
Life products
Interest-sensitive life 40.8 41.4 42.3 42.6 167.1 43.1 43.8 43.5 44.1 174.5 
Traditional life 169.7 169.4 168.1 168.0 675.2 170.2 172.5 169.9 172.3 684.9 
Total life insurance policy income210.5 210.8 210.4 210.6 842.3 213.3 216.3 213.4 216.4 859.4 
Total insurance policy income$632.4 $630.5 $630.6 $629.9 $2,523.4 $625.0 $625.6 $623.2 $626.0 $2,499.8 


Page 10

CNO FINANCIAL GROUP, INC.
Health and Life
New Annualized Premiums ("NAP")
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Consumer Division
Health products:
Supplemental health$14.4 $20.1 $15.8 $19.6 $69.9 $15.5 $16.7 $19.3 $24.6 $76.1 
Medicare supplement8.2 8.8 8.0 9.1 34.1 6.5 6.9 8.0 10.4 31.8 
Long-term care6.4 7.0 8.8 10.5 32.7 6.8 6.1 6.0 6.2 25.1 
Total Consumer Division health NAP29.0 35.9 32.6 39.2 136.7 28.8 29.7 33.3 41.2 133.0 
Life products:
Interest sensitive life5.9 6.5 5.4 6.1 23.9 5.1 4.8 4.6 4.4 18.9 
Traditional life45.9 43.9 38.2 31.2 159.2 48.2 44.3 38.2 33.2 163.9 
Total Consumer Division life NAP51.8 50.4 43.6 37.3 183.1 53.3 49.1 42.8 37.6 182.8 
Total Consumer Division health and life NAP$80.8 $86.3 $76.2 $76.5 $319.8 $82.1 $78.8 $76.1 $78.8 $315.8 
Worksite Division
Health products:
Supplemental health$6.7 $5.6 $6.6 $8.5 $27.4 $6.0 $7.7 $8.9 $8.7 $31.3 
Life products:
Interest sensitive life1.2 1.9 1.8 2.5 7.4 2.5 2.3 2.3 3.2 10.3 
Total Worksite Division health and life NAP$7.9 $7.5 $8.4 $11.0 $34.8 $8.5 $10.0 $11.2 $11.9 $41.6 
Total NAP (both divisions)
Health products:
Supplemental health$21.1 $25.7 $22.4 $28.1 $97.3 $21.5 $24.4 $28.2 $33.3 $107.4 
Medicare supplement8.2 8.8 8.0 9.1 34.1 6.5 6.9 8.0 10.4 31.8 
Long-term care6.4 7.0 8.8 10.5 32.7 6.8 6.1 6.0 6.2 25.1 
Total health NAP35.7 41.5 39.2 47.7 164.1 34.8 37.4 42.2 49.9 164.3 
Life products:
Interest sensitive life 7.1 8.4 7.2 8.6 31.3 7.6 7.1 6.9 7.6 29.2 
Traditional life 45.9 43.9 38.2 31.2 159.2 48.2 44.3 38.2 33.2 163.9 
Total life NAP53.0 52.3 45.4 39.8 190.5 55.8 51.4 45.1 40.8 193.1 
Total NAP$88.7 $93.8 $84.6 $87.5 $354.6 $90.6 $88.8 $87.3 $90.7 $357.4 

Page 11

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


1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Basic
Shares outstanding, beginning of period135,279.1 132,268.3 129,105.0 124,269.9 135,279.1 120,377.2 117,241.0 114,795.3 114,367.3 120,377.2 
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)(145.1)(5,579.4)
Amounts related to employee benefit plans384.3 191.1 32.2 131.1 1,350.4 488.5 76.9 26.6 200.8 1,273.6 
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)(0.9)(338.6)
Weighted average basic shares outstanding during the period134,139.7 131,015.9 126,429.3 122,016.6 128,400.4 118,622.2 115,533.1 114,353.7 114,422.1 115,732.8 
Basic shares outstanding, end of period132,268.3 129,105.0 124,269.9 120,377.2 120,377.2 117,241.0 114,795.3 114,367.3 114,343.1 114,343.1 
Diluted
Weighted average basic shares outstanding134,139.7 131,015.9 126,429.3 122,016.6 128,400.4 118,622.2 115,533.1 114,353.7 114,422.1 115,732.8 
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 2,231.1 1,984.5 
Weighted average diluted shares outstanding during the period136,653.3 133,813.7 129,018.0 125,019.6 131,126.2 121,002.1 117,285.6 115,928.5 116,653.2 117,717.3 
Diluted shares outstanding, end of period134,624.5 131,549.3 126,917.6 123,330.7 123,330.7 119,502.6 116,203.1 115,970.6 116,842.1 116,842.1 







Page 12

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


1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
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 $75.0 $267.8 
Interest expense on surplus debentures held by parent company12.0 12.2 19.0 12.2 55.4 12.0 12.2 20.1 14.6 58.9 
Net gain from operations before federal income taxes41.6 72.9 77.1 75.2 266.8 14.7 75.5 58.3 60.4 208.9 
Federal income tax expense (benefit)1.8 (2.2)(9.0)(12.5)(21.9)(15.8)(17.6)(7.0)(14.6)(55.0)
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 75.0 263.9 
Net realized capital gains (losses)(0.6)(1.5)(1.3)(7.8)(11.2)— (11.2)(0.6)(14.1)(25.9)
Net income $39.2 $73.6 $84.8 $79.9 $277.5 $30.5 $81.9 $64.7 $60.9 $238.0 
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 $1,849.8 $1,849.8 
Asset valuation reserve (AVR)327.5 330.4 334.8 332.5 332.5 319.5 306.7 304.7 305.8 305.8 
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 2,155.6 2,155.6 
Interest maintenance reserve (IMR)401.5 411.9 409.0 407.9 407.9 422.4 421.3 413.0 395.7 395.7 
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 $2,551.3 $2,551.3 
Risk-based capital ratio407 %409 %388 %386 %386 %365 %360 %375 %384 %384 %






Page 13

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


1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Net investment income$338.2 $379.2 $308.2 $395.1 $1,420.7 $208.2 $223.9 $268.1 $315.7 $1,015.9 
Allocated to product lines:
Annuity(117.2)(116.6)(117.0)(118.1)(468.9)(117.5)(117.8)(121.1)(123.6)(480.0)
Health(72.9)(73.1)(73.6)(73.9)(293.5)(73.3)(73.0)(73.3)(73.7)(293.3)
Life(35.7)(35.8)(36.0)(35.7)(143.2)(35.5)(35.2)(35.4)(35.8)(141.9)
Equity returns credited to policyholder account balances(42.5)(76.1)(7.2)(94.0)(219.8)71.9 92.4 34.9 6.1 205.3 
Amounts allocated to product lines and credited to policyholder account balances(268.3)(301.6)(233.8)(321.7)(1,125.4)(154.4)(133.6)(194.9)(227.0)(709.9)
Impact of annual option forfeitures related to fixed indexed annuity surrenders3.8 3.7 3.5 4.2 15.2 1.6 (0.5)(1.1)(1.0)(1.0)
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)(18.6)(48.5)
Interest expense on debt(15.5)(15.6)(15.6)(15.7)(62.4)(15.7)(15.6)(15.6)(15.6)(62.5)
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)(16.1)(33.5)
Expenses related to the funding agreement-backed notes ("FABN") program (a)— — — (2.3)(2.3)(7.3)(7.6)(7.5)(7.6)(30.0)
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 (4.6)13.4 
Total adjustments(25.9)(29.0)(22.5)(29.0)(106.4)(26.8)(25.7)(46.1)(63.5)(162.1)
Investment income not allocated to product lines$44.0 $48.6 $51.9 $44.4 $188.9 $27.0 $64.6 $27.1 $25.2 $143.9 

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


Page 14

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


1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Investment income not allocated:
Excluding variable components:
From general account assets$21.8 $22.0 $20.6 $19.8 $84.2 $22.3 $27.1 $27.4 $30.7 $107.5 
Other investment income— 0.1 0.1 0.1 0.3 0.1 0.3 1.1 1.7 3.2 
Spread income:
FHLB program:
Investment income on matched assets10.3 10.4 10.3 10.6 41.6 11.7 19.3 24.5 28.0 83.5 
Interest expense(2.7)(2.5)(2.3)(2.3)(9.8)(2.4)(4.7)(10.3)(16.1)(33.5)
Net spread income on FHLB program7.6 7.9 8.0 8.3 31.8 9.3 14.6 14.2 11.9 50.0 
FABN program:
Investment income on matched assets— — — 3.3 3.3 10.1 13.2 13.2 13.6 50.1 
Expenses (b)— — — (2.3)(2.3)(7.3)(7.6)(7.5)(7.6)(30.0)
Net spread income on FABN program— — — 1.0 1.0 2.8 5.6 5.7 6.0 20.1 
Interest expense on corporate debt(15.5)(15.6)(15.6)(15.7)(62.4)(15.7)(15.6)(15.6)(15.6)(62.5)
Total excluding variable components 13.9 14.4 13.1 13.5 54.9 18.8 32.0 32.8 34.7 118.3 
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)1.5 (4.4)
Increase in liability for agent deferred compensation plan(1.6)(1.5)(1.6)(1.6)(6.3)(1.5)(1.5)(1.5)(1.6)(6.1)
Net COLI income (loss)(5.5)0.6 (1.7)(2.4)(9.0)(4.9)(3.8)(1.7)(0.1)(10.5)
Other variable components:
Alternative investment income (loss):
Total34.1 29.0 32.3 22.2 117.6 11.3 27.1 (2.5)(5.2)30.7 
Allocated to product lines(7.9)(7.8)(7.6)(7.4)(30.7)(7.4)(7.4)(7.6)(7.9)(30.3)
Excess alternative investment income (loss)26.2 21.2 24.7 14.8 86.9 3.9 19.7 (10.1)(13.1)0.4 
Prepayment and call income1.7 4.9 10.2 11.6 28.4 5.2 14.9 3.7 1.6 25.4 
Trading account2.0 2.4 1.4 1.4 7.2 2.7 1.5 1.8 1.7 7.7 
Hedge variance related to fixed indexed products1.1 (0.1)0.2 (0.1)1.1 (1.0)(0.4)0.2 (0.1)(1.3)
Impact of annual option forfeitures related to fixed indexed annuity surrenders3.8 3.7 3.5 4.2 15.2 1.6 (0.5)(1.1)(1.0)(1.0)
Other (a)0.8 1.5 0.5 1.4 4.2 0.7 1.2 1.5 1.5 4.9 
Total variable components30.1 34.2 38.8 30.9 134.0 8.2 32.6 (5.7)(9.5)25.6 
Total investment income not allocated to product lines $44.0 $48.6 $51.9 $44.4 $188.9 $27.0 $64.6 $27.1 $25.2 $143.9 
___________
(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 15

CNO FINANCIAL GROUP, INC.
Investment Income Allocated to Product Lines (5)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities$7,597.5 $7,796.1 $8,016.5 $8,252.6 $7,915.7 $8,486.3 $8,711.0 $8,902.9 $9,054.2 $8,788.6 
Fixed interest annuities1,951.3 1,898.7 1,854.9 1,812.3 1,879.3 1,761.2 1,712.5 1,675.9 1,652.6 1,700.5 
Other annuities514.6 509.0 503.7 497.8 506.3 490.2 484.2 478.8 473.6 481.7 
Total annuity average net insurance liabilities (11)10,063.4 10,203.8 10,375.1 10,562.7 10,301.3 10,737.7 10,907.7 11,057.6 11,180.4 10,970.8 
Health:
Supplemental health3,075.9 3,115.1 3,149.5 3,180.7 3,130.3 3,215.6 3,250.7 3,278.3 3,308.8 3,263.3 
Medicare supplement124.2 127.5 124.9 126.2 125.7 129.5 140.3 135.1 121.9 131.7 
Long-term care2,597.3 2,604.4 2,612.8 2,626.9 2,610.3 2,639.2 2,650.1 2,658.0 2,659.4 2,651.7 
Total health average net insurance liabilities (11)5,797.4 5,847.0 5,887.2 5,933.8 5,866.3 5,984.3 6,041.1 6,071.4 6,090.1 6,046.7 
Life:
Interest sensitive954.8 969.9 983.1 995.3 975.8 1,009.4 1,016.4 1,019.2 1,026.9 1,018.0 
Traditional1,946.4 1,949.7 1,963.9 1,961.7 1,955.4 1,957.1 1,951.0 1,943.7 1,956.1 1,952.0 
Total life average net insurance liabilities (11)2,901.2 2,919.6 2,947.0 2,957.0 2,931.2 2,966.5 2,967.4 2,962.9 2,983.0 2,970.0 
Total average net insurance liabilities (11)$18,762.0 $18,970.4 $19,209.3 $19,453.5 $19,098.8 $19,688.5 $19,916.2 $20,091.9 $20,253.5 $19,987.5 
Average yield on allocated investments
Annuity:
Fixed indexed annuities4.55 %4.44 %4.38 %4.33 %4.42 %4.25 %4.20 %4.27 %4.30 %4.25 %
Fixed interest annuities5.00 %4.99 %4.96 %4.97 %4.98 %4.88 %4.81 %4.85 %4.99 %4.88 %
Other annuities4.97 %4.95 %4.92 %4.98 %4.96 %4.81 %4.79 %4.85 %4.81 %4.82 %
Average yield on investments allocated to annuities4.66 %4.57 %4.51 %4.47 %4.55 %4.38 %4.32 %4.38 %4.42 %4.38 %
Health:
Supplemental health4.69 %4.65 %4.69 %4.68 %4.68 %4.65 %4.63 %4.60 %4.62 %4.62 %
Medicare supplement4.30 %4.24 %4.20 %4.18 %4.23 %4.11 %4.01 %4.01 %4.06 %4.05 %
Long-term care5.47 %5.45 %5.43 %5.38 %5.43 %5.24 %5.13 %5.15 %5.14 %5.17 %
Average yield on investments allocated to health products5.03 %5.00 %5.00 %4.98 %5.00 %4.90 %4.83 %4.83 %4.84 %4.85 %
Life:
Interest sensitive5.19 %5.11 %5.13 %5.14 %5.14 %5.15 %5.04 %5.06 %5.02 %5.07 %
Traditional4.79 %4.80 %4.77 %4.67 %4.76 %4.60 %4.59 %4.63 %4.68 %4.63 %
Average yield on investments allocated to life products4.92 %4.90 %4.89 %4.83 %4.89 %4.79 %4.74 %4.78 %4.80 %4.78 %
Total average yield4.81 %4.75 %4.72 %4.68 %4.74 %4.60 %4.54 %4.57 %4.60 %4.58 %
Allocated investment income
Annuity:
Fixed indexed annuities$86.4 $86.6 $87.8 $89.4 $350.2 $90.1 $91.4 $95.0 $97.3 $373.8 
Fixed interest annuities24.4 23.7 23.0 22.5 93.6 21.5 20.6 20.3 20.6 83.0 
Other annuities6.4 6.3 6.2 6.2 25.1 5.9 5.8 5.8 5.7 23.2 
Total investment income allocated to annuities117.2 116.6 117.0 118.1 468.9 117.5 117.8 121.1 123.6 480.0 
Health:
Supplemental health36.1 36.2 36.9 37.2 146.4 37.4 37.6 37.7 38.2 150.9 
Medicare supplement1.3 1.4 1.2 1.4 5.3 1.3 1.4 1.4 1.3 5.4 
Long-term care35.5 35.5 35.5 35.3 141.8 34.6 34.0 34.2 34.2 137.0 
Total investment income allocated to health products72.9 73.1 73.6 73.9 293.5 73.3 73.0 73.3 73.7 293.3 
Life:
   Interest sensitive12.4 12.4 12.6 12.8 50.2 13.0 12.8 12.9 12.9 51.6 
Traditional23.3 23.4 23.4 22.9 93.0 22.5 22.4 22.5 22.9 90.3 
Total investment income allocated to life products35.7 35.8 36.0 35.7 143.2 35.5 35.2 35.4 35.8 141.9 
Total allocated investment income$225.8 $225.5 $226.6 $227.7 $905.6 $226.3 $226.0 $229.8 $233.1 $915.2 
Page 16

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

1Q2Q3Q4QYTD1Q2Q3Q4QYTD
2021202120212021202120222022202220222022
General account assets investment income$282.7 $282.1 $289.5 $285.9 $1,140.2 $277.5 $317.7 $289.0 $294.8 $1,179.0 
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)20.9 (163.1)
Less equity returns credited to policyholders:
Annuity(37.7)(68.3)(6.3)(83.2)(195.5)64.3 80.1 30.9 6.0 181.3 
Life(4.8)(7.8)(0.9)(10.8)(24.3)7.6 12.3 4.0 0.1 24.0 
Less amount related to variable interest entities(7.8)(8.0)(7.1)(7.6)(30.5)(7.2)(9.1)(13.6)(18.6)(48.5)
Less amounts credited to deferred compensation plans(3.7)(6.6)(1.0)(5.3)(16.6)4.2 11.8 2.0 (4.6)13.4 
Other special purpose portfolio investment income (loss)1.5 6.4 3.4 2.3 13.6 (0.4)1.3 2.4 3.8 7.1 
Adjusted net investment income284.2 288.5 292.9 288.2 1,153.8 277.1 319.0 291.4 298.6 1,186.1 
Less amounts allocated to product lines
Annuity(117.2)(116.6)(117.0)(118.1)(468.9)(117.5)(117.8)(121.1)(123.6)(480.0)
Health(72.9)(73.1)(73.6)(73.9)(293.5)(73.3)(73.0)(73.3)(73.7)(293.3)
Life(35.7)(35.8)(36.0)(35.7)(143.2)(35.5)(35.2)(35.4)(35.8)(141.9)
Total investment income allocated to product lines(225.8)(225.5)(226.6)(227.7)(905.6)(226.3)(226.0)(229.8)(233.1)(915.2)
Impact of annual option forfeitures related to fixed indexed annuity surrenders3.8 3.7 3.5 4.2 15.2 1.6 (0.5)(1.1)(1.0)(1.0)
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)(16.1)(33.5)
Less expenses related to FABN program— — — (2.3)(2.3)(7.3)(7.6)(7.5)(7.6)(30.0)
Less interest expense on debt(15.5)(15.6)(15.6)(15.7)(62.4)(15.7)(15.6)(15.6)(15.6)(62.5)
Investment income not allocated to product lines$44.0 $48.6 $51.9 $44.4 $188.9 $27.0 $64.6 $27.1 $25.2 $143.9 

Other Investment Data

1Q2Q3Q4Q1Q2Q3Q4Q
20212021202120212022202220222022
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 $26,484.1 
Net investment income from general account investments282.7 282.1 289.5 285.9 277.5 317.7 289.0 294.8 
New money rate (14)3.57 %3.38 %3.55 %3.67 %3.73 %5.53 %5.36 %5.96 %
Book yield4.76 %4.71 %4.63 %4.59 %4.53 %4.52 %4.54 %4.55 %
Earned yield5.03 %4.97 %5.03 %4.83 %4.50 %5.00 %4.35 %4.35 %
Pre-pay/call/make-whole income$1.7 $4.9 $10.2 $11.6 $5.2 $14.9 $3.7 $1.6 
Alternative investment income (loss)34.1 29.0 32.3 22.2 11.3 27.1 (2.5)(5.2)
Impairments0.5 — — 2.4 — — — — 

Page 17

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

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

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

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

Three months ended
June 30, 2022
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$60.1 $— $60.1 
Health margin125.4 — 125.4 
Life margin70.2 — 70.2 
Total insurance product margin255.7 — 255.7 
Allocated expenses(152.2)— (152.2)
Income from insurance products (5)103.5 — 103.5 
Fee income3.2 — 3.2 
Investment income not allocated to product lines (9)64.6 — 64.6 
Expenses not allocated to product lines2.9 (22.5)(a)(19.6)
Operating earnings before taxes174.2 (22.5)151.7 
Income tax (expense) benefit on operating income(39.1)5.1 (34.0)
Net operating income (10)$135.1 $(17.4)$117.7 
Net operating income per diluted share$1.15 $(0.15)$1.00 
___________
(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.
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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$65.6 $0.7 (a)$66.3 
Health margin126.2 (7.1)(a)119.1 
Life margin53.4 3.4 (a)56.8 
Total insurance product margin245.2 (3.0)242.2 
Allocated expenses(143.3)— (143.3)
Income from insurance products (5)101.9 (3.0)98.9 
Fee income2.9 — 2.9 
Investment income not allocated to product lines (9)44.4 — 44.4 
Expenses not allocated to product lines(17.4)— (17.4)
Operating earnings before taxes131.8 (3.0)128.8 
Income tax (expense) benefit on operating income(28.7)0.7 (28.0)
Net operating income (10)$103.1 $(2.3)$100.8 
Net operating income per diluted share$0.83 $(0.02)$0.81 
___________
(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.

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$58.5 $— $58.5 
Health margin122.8 — 122.8 
Life margin60.8 — 60.8 
Total insurance product margin242.1 — 242.1 
Allocated expenses(140.5)— (140.5)
Income from insurance products (5)101.6 — 101.6 
Fee income2.6 — 2.6 
Investment income not allocated to product lines (9)51.9 — 51.9 
Expenses not allocated to product lines(17.3)3.0 (a)(14.3)
Operating earnings before taxes138.8 3.0 141.8 
Income tax (expense) benefit on operating income(30.7)(0.7)(31.4)
Net operating income (10)$108.1 $2.3 $110.4 
Net operating income per diluted share$0.84 $0.02 $0.86 
___________
(a)Comprised of $3.0 million from legal and regulatory matters.
Page 19


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$60.0 $— $60.0 
Health margin121.7 — 121.7 
Life margin50.3 — 50.3 
Total insurance product margin232.0 — 232.0 
Allocated expenses(141.6)— (141.6)
Income from insurance products (5)90.4 — 90.4 
Fee income6.6 — 6.6 
Investment income not allocated to product lines (9)48.6 — 48.6 
Expenses not allocated to product lines(23.8)4.5 (a)(19.3)
Operating earnings before taxes121.8 4.5 126.3 
Income tax (expense) benefit on operating income(27.8)(1.0)(28.8)
Net operating income (10)$94.0 $3.5 $97.5 
Net operating income per diluted share$0.70 $0.03 $0.73 
___________
(a)Comprised of $4.5 million from legal and regulatory matters.


Page 20

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$59.1 $— $59.1 
Health margin126.9 — 126.9 
Life margin48.1 — 48.1 
Total insurance product margin234.1 — 234.1 
Allocated expenses(141.1)— (141.1)
Income from insurance products (5)93.0 — 93.0 
Fee income7.3 — 7.3 
Investment income not allocated to product lines (9)44.0 — 44.0 
Expenses not allocated to product lines(22.0)7.8 (a)(14.2)
Operating earnings before taxes122.3 7.8 130.1 
Income tax (expense) benefit on operating income(27.1)(1.7)(28.8)
Net operating income (10)$95.2 $6.1 $101.3 
Net operating income per diluted share$0.70 $0.04 $0.74 
___________
(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 21


Notes

(1)Excludes accumulated other comprehensive income (loss). Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(2)Shareholders' equity divided by common shares outstanding.
(3)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.
(4)Insurance margin is management’s measure of profitability of its annuity, health and life product lines’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.
(5)Investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. See note (11) for definition of net insurance liabilities.
(6)Excludes the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding amount credited to policyholder account liabilities. Such amounts were $37.7 million, $68.3 million, $6.3 million, $83.2 million, $(64.3) million, $(80.1) million, $(30.9) million and $(6.0) million in 1Q21, 2Q21, 3Q21, 4Q21, 1Q22, 2Q22, 3Q22 and 4Q22, respectively.
(7)Excludes the change in market values of the underlying options supporting the fixed indexed life products and corresponding amount credited to policyholder account liabilities. Such amounts were $4.8 million, $7.8 million, $.9 million, $10.8 million, $(7.6) million, $(12.3) million, $(4.0) million and $(.1) million in 1Q21, 2Q21, 3Q21, 4Q21, 1Q22, 2Q22, 3Q22 and 4Q22, 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) impact of annual option forfeitures related to fixed indexed annuity surrenders; (iv) interest expense on notes payable and investment borrowings; (v) expenses related to the FABN program; and (vi) 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 taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes (“Net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals.
(11)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
(12)Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.
(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's 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 22