Form 8-K
8-K — CNO Financial Group, Inc.
Accession: 0001224608-26-000038
Filed: 2026-04-30
Period: 2026-04-30
CIK: 0001224608
SIC: 6321 (ACCIDENT & HEALTH INSURANCE)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — cno-20260430.htm (Primary)
EX-99.1 (exhibit991-03312026earnings.htm)
EX-99.2 (exhibit992-03312026investo.htm)
EX-99.3 (exhibit993inv_presx1qx20.htm)
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8-K
8-K (Primary)
Filename: cno-20260430.htm · Sequence: 1
cno-20260430
0001224608falsetrue00012246082026-04-302026-04-300001224608us-gaap:CommonStockMember2026-04-302026-04-300001224608cno:RightsToPurchaseSeriesFJuniorParticipatingPreferredStockMember2026-04-302026-04-300001224608cno:A5125SubordinatedDebenturesDue2060Member2026-04-302026-04-30
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): April 30, 2026
CNO Financial Group, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 001-31792 75-3108137
(State or Other
Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
11299 Illinois Street
Carmel, Indiana 46032
(Address of Principal Executive Offices) (Zip Code)
(317) 817-6100
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.01 per share CNO New York Stock Exchange
Rights to purchase Series F Junior Participating Preferred Stock New York Stock Exchange
5.125% Subordinated Debentures due 2060 CNOpA New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 30, 2026, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended March 31, 2026, 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, 2026, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference; and (iii) additional financial information related to its financial and operating results for the quarter ended March 31, 2026, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
The information contained under Item 2.02 in this Current Report on Form 8-K (including Exhibits 99.1, 99.2 and 99.3) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01(d). Financial Statements and Exhibits.
The following materials are furnished as exhibits to this Current Report on Form 8-K:
99.1
Press release dated April 30, 2026 related to financial results for the quarter ended March 31, 2026.
99.2
Quarterly Financial Supplement - 1Q2026.
99.3
First Quarter 2026 Financial and Operating Results for the period ended March 31, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CNO Financial Group, Inc.
Date: April 30, 2026
By:
/s/ Joel T. Koehneman
Joel T. Koehneman
Senior Vice President and
Chief Accounting Officer
3
EX-99.1
EX-99.1
Filename: exhibit991-03312026earnings.htm · Sequence: 2
Document
News
For Immediate Release
CNO Financial Group Reports First Quarter 2026 Results
Carmel, Ind., April 30, 2026 - CNO Financial Group, Inc. (NYSE: CNO) today reported its first quarter 2026 financial results:
•First quarter performance reflects disciplined execution and the strength of our diversified products and distribution.
•Net income was $38 million, or $0.39 per diluted share, and net operating income(1) was $101 million, or $1.05 per diluted share.
•Return on equity (ROE) of 9.5%; Operating ROE(5) of 12.2%, excluding significant items(5).
•Book value per share of $26.64 and book value per diluted share, excluding accumulated other comprehensive loss,(2) of $38.98.
•Operating earnings per share grew 33%, as continued sales momentum drove earnings growth.
•Total new annualized premiums (NAP)(4) up 11%, demonstrating consistent, sustained growth following a strong 2025.
•Total Medicare policies sold increased 24%, underscoring the strength of these products in expanding our household reach.
•Consumer and Worksite continued their producing agent count growth streak to 13 and 15 consecutive quarters, respectively.
“CNO is off to a strong start to 2026, building on the momentum from our excellent performance in 2025,” said Gary C. Bhojwani, chief executive officer. “With 15 consecutive quarters of sales growth, we’re pleased with the consistent results we’re generating as we continue to grow earnings, improve profitability and reinvest in the business.”
“Operating earnings per share grew 33% in the quarter, supported by strong performance across all areas of our business, including insurance product margin, investment results, fee income and capital management. Our results reflect the strength and resilience of our business model and our focus on the middle‑income market. Disciplined execution will continue to drive our growth and create meaningful value for customers, associates and shareholders.”
FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data)
(Unaudited)
Net income decreased in 1Q26 and 1Q25, primarily due to non-economic accounting impacts resulting from market volatility and investment losses. Additionally, 1Q26 net income was impacted by expenses related to our TechMod initiative.
Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items. Net operating income 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 the non-operating items as defined in note (1). Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.
In 1Q26, net income and net operating income(1) were unaffected by significant items, compared to favorable impacts in 1Q25 of $5.3 million or $0.05 per diluted share. Significant items are detailed in note (6).
Per diluted share
Quarter ended Quarter ended
March 31, March 31,
2026 2025 % change 2026 2025 % change
Income from insurance products (b)
$ 1.01 $ 0.85 19 % $ 97.0 $ 87.7 11 %
Fee income 0.11 (0.01) n/m 10.6 (0.8) n/m
Investment income not allocated to product lines (c)
0.43 0.37 16 41.7 38.0 10
Expenses not allocated to product lines (0.20) (0.20) — (19.4) (20.3) (4)
Operating earnings before taxes 1.35 1.01 129.9 104.6
Income tax expense on operating income (0.30) (0.23) 30 (28.6) (23.5) 22
Net operating income (1) 1.05 0.79 33 101.3 81.1 25
Net realized investment losses from disposals, impairments and change in allowance for credit losses
(0.16) (0.13) (15.2) (13.2)
Net change in market value of investments recognized in earnings (0.08) 0.06 (7.5) 6.4
Changes in fair value of embedded derivative liabilities and market risk benefits (0.44) (0.68) (42.4) (69.6)
Expenses related to TechMod initiative
(0.14) — (13.7) —
Net loss related to divested business
(0.02) — (1.9) —
Other (0.01) — (0.8) (0.4)
Non-operating income before taxes
(0.85) (0.75) (81.5) (76.8)
Income tax expense on non-operating income
0.19 0.17 17.9 17.2
Net non-operating income
(0.66) (0.58) (63.6) (59.6)
Net income $ 0.39 $ 0.21 $ 37.7 $ 21.5
Weighted average diluted shares outstanding 96.1 103.1
____________________
(a) GAAP is defined as accounting principles generally accepted in the United States of America.
(b) Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Insurance product margin is management’s measure of the profitability of its annuity, health and life 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.
(c) Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN") program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.
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,
2026 2025
Trailing four quarters:
Net Income $ 245.5 $ 330.0
Net operating income (a non-GAAP financial measure) 459.4 452.9
Net operating income, excluding significant items 427.2 428.8
Average of each of the trailing four quarters average:
Shareholders’ equity $ 2,574.7 $ 2,523.3
Accumulated other comprehensive loss 1,178.7 1,327.9
Shareholders’ equity, excluding accumulated other comprehensive loss 3,753.4 3,851.2
Net operating loss carryforwards (258.9) (237.6)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss carryforwards $ 3,494.5 $ 3,613.6
Ratios:
Return on equity 9.5 % 13.1 %
Operating return on equity (a non-GAAP financial measure) (5)
13.1 % 12.5 %
Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)
12.2 % 11.9 %
Shareholders’ equity $ 2,498.4 $ 2,555.1
Accumulated other comprehensive loss 1,217.6 1,239.1
Shareholders’ equity, excluding accumulated other comprehensive loss $ 3,716.0 $ 3,794.2
Basic shares outstanding 93,795,306 99,893,923
Diluted shares outstanding 95,323,466 101,796,131
Book value per share $ 26.64 $ 25.58
Book value per diluted share $ 26.21 $ 25.10
Accumulated other comprehensive loss per diluted share
12.77 12.17
Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)
$ 38.98 $ 37.27
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Non-Operating Items
Net investment losses in 1Q26 were $15.2 million, including the unfavorable change in the allowance for credit losses of $9.4 million. Net investment losses in 1Q25 were $13.2 million, including the unfavorable change in the allowance for credit losses of $9.6 million.
During 1Q26 and 1Q25, we recognized a decrease in earnings of $7.5 million and an increase of $6.4 million, respectively, due to the net change in market value of investments.
During 1Q26 and 1Q25, we recognized a decrease in earnings of $42.4 million and $69.6 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.
During 1Q26, we incurred $13.7 million of expense related to TechMod, a previously announced technology modernization
initiative. This three-year project began in the second quarter of 2025 to modernize certain elements of our technology.
We recognized a $1.9 million non-operating loss related to our previously announced exit from the fee services side of the Worksite business during 1Q26. Beginning in 4Q25, operating losses, including costs to exit this business, are reported in non-operating income. These operating losses were previously reported in operating income as a component of fee income.
INVESTMENT PORTFOLIO
(Dollars in millions)
Fixed maturities, available for sale, at amortized cost by asset class as of March 31, 2026 are as follows:
Investment grade Below investment grade Total
Corporate securities $ 13,878.7 $ 679.9 $ 14,558.6
United States Treasury securities and obligations of the United States government and agencies 208.9 — 208.9
States and political subdivisions 3,228.4 22.4 3,250.8
Foreign governments 134.8 — 134.8
Asset-backed securities 1,800.3 43.8 1,844.1
Agency residential mortgage-backed securities 810.6 — 810.6
Non-agency residential mortgage-backed securities 1,332.5 223.7 (a) 1,556.2
Collateralized loan obligations 1,466.5 — 1,466.5
Commercial mortgage-backed securities 2,162.4 88.5 2,250.9
Total $ 25,023.1 $ 1,058.3 $ 26,081.4
____________________
(a) Certain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners (NAIC).
As of March 31, 2026, the fair value of CNO’s available for sale fixed maturity portfolio was $23,881.1 million compared with an amortized cost of $26,081.4 million. Net unrealized losses were comprised of gross unrealized gains of $116.8 million and gross unrealized losses of $2,273.2 million as of March 31, 2026. The allowance for credit losses was $43.9 million at March 31, 2026.
Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 375 percent at March 31, 2026, reflecting estimated 1Q26 statutory operating gain of $23.0 million. There were no insurance company dividends, net of capital contributions, paid to the holding company during 1Q26.
During 1Q26, we repurchased $60.0 million of common stock under our securities repurchase program (including $0.8 million of repurchases settled in 2Q26). We repurchased 1.4 million common shares at an average cost of $41.79 per share. As of March 31, 2026, we had 93.8 million shares outstanding and had authority to repurchase up to an additional $360.4 million of our common stock. During 1Q26, dividends paid on common stock totaled $17.1 million.
Unrestricted cash and investments held by our holding company were $280.1 million at March 31, 2026 compared to $351.4 million at December 31, 2025.
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Book value per common share was $26.64 at March 31, 2026 compared to $27.92 at December 31, 2025. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $38.98 at March 31, 2026 compared to $38.81 at December 31, 2025.
The debt-to-capital ratio was 34.8% and 33.6% at March 31, 2026 and December 31, 2025, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.4% and 26.2% at March 31, 2026 and December 31, 2025, respectively.
Return on equity for the trailing four quarters ended March 31, 2026 and 2025 was 9.5% and 13.1%, respectively. Operating return on equity, excluding significant items(5), for the trailing four quarters ended March 31, 2026 and 2025 was 12.2% and 11.9%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors’ understanding of management’s view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective. CNO’s definitions of non-GAAP measures may differ from other companies’ definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO’s cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company’s Form 10-K for the year ended December 31, 2025 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 1, 2026 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://events.q4inc.com/attendee/401757742. 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 3.3 million policies and $39.0 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months ended
March 31,
2026 2025
Revenues:
Insurance policy income $ 673.4 $ 650.7
Net investment income:
General account assets 395.0 375.1
Policyholder and other special-purpose portfolios (64.9) (63.6)
Investment gains (losses):
Realized investment losses (7.8) (3.8)
Other investment losses
(14.9) (3.0)
Total investment losses
(22.7) (6.8)
Fee revenue and other income 48.8 48.7
Total revenues 1,029.6 1,004.1
Benefits and expenses:
Insurance policy benefits 576.6 570.0
Liability for future policy benefits remeasurement gain
(6.5) (12.2)
Change in fair value of market risk benefits 10.7 15.3
Interest expense 50.9 62.0
Amortization of deferred acquisition costs and present value of future profits 74.2 67.4
Gain on extinguishment of borrowings related to variable interest entities
— (1.5)
Other operating costs and expenses 275.3 275.3
Total benefits and expenses 981.2 976.3
Income before income taxes 48.4 27.8
Income tax expense 10.7 6.3
Net income $ 37.7 $ 21.5
Earnings per common share:
Basic:
Weighted average shares outstanding 94,078,000 100,743,000
Net income $ 0.40 $ 0.21
Diluted:
Weighted average shares outstanding 96,139,000 103,070,000
Net income $ 0.39 $ 0.21
NOTES
(1)Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred
compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on
extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure
6
is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.
(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(3)The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(4)Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.
(5)Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.
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The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):
Net operating
Net operating income,
income, excluding Net
excluding significant income -
Net operating Significant significant items - trailing Net trailing
income items items (a) four quarters income (loss) four quarters
2Q24 $ 114.6 $ — $ 114.6 $ 364.0 $ 116.3 $ 432.2
3Q24 119.2 (21.9)
(b)
97.3 376.9 9.3 274.2
4Q24 138.0 3.1
(c)
141.1 410.5 182.9 420.8
1Q25 81.1 (5.3)
(d)
75.8 428.8 21.5 330.0
2Q25 87.5 — 87.5 401.7 91.8 305.5
3Q25 127.2 (32.2) (e) 95.0 399.4 23.1 319.3
4Q25 143.4 — 143.4 401.7 92.9 229.3
1Q26 101.3 — 101.3 427.2 37.7 245.5
(a) See note (6) for additional information.
(b) Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.
(c) Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.
(d) Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.
(e) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.
A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):
Trailing four quarters
1Q26 1Q25
Pre-tax operating earnings (a non-GAAP financial measure) $ 578.5 $ 580.6
Income tax expense (119.1) (127.7)
Net operating income 459.4 452.9
Non-operating items:
Net realized investment losses from disposals, impairments and change in allowance for credit losses
(71.0) (81.3)
Net change in market value of investments recognized in earnings 0.4 16.8
Changes in fair value of embedded derivative liabilities and market risk benefits (36.8) (87.3)
Fair value changes related to the agent deferred compensation plan (1.7) 6.6
Expenses related to TechMod initiative
(34.0) —
Goodwill and other asset impairment
(101.9) —
Net loss related to divested business
(19.2) —
Other (0.3) (13.9)
Non-operating loss before taxes (264.5) (159.1)
Income tax benefit on non-operating loss 50.6 36.2
Net non-operating loss (213.9) (122.9)
Net income $ 245.5 $ 330.0
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):
1Q24 2Q24 3Q24 4Q24
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) $ 3,536.8 $ 3,596.7 $ 3,529.9 $ 3,810.0
Net operating loss carryforwards 311.2 296.5 273.9 76.6
Accumulated other comprehensive loss (1,480.3) (1,464.3) (1,116.0) (1,371.4)
Common shareholders' equity $ 2,367.7 $ 2,428.9 $ 2,687.8 $ 2,515.2
1Q25 2Q25 3Q25 4Q25
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) $ 3,498.9 $ 3,504.3 $ 3,483.6 $ 3,510.2
Net operating loss carryforwards 295.3 271.1 246.3 243.0
Accumulated other comprehensive loss (1,239.1) (1,252.7) (1,118.9) (1,115.0)
Common shareholders' equity $ 2,555.1 $ 2,522.7 $ 2,611.0 $ 2,638.2
1Q26
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) $ 3,461.2
Net operating loss carryforwards 254.8
Accumulated other comprehensive loss (1,217.6)
Common shareholders' equity $ 2,498.4
A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):
Trailing four quarter average
1Q26 1Q25
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) $ 3,494.5 $ 3,613.6
Net operating loss carryforwards 258.9 237.6
Accumulated other comprehensive loss (1,178.7) (1,327.9)
Common shareholders' equity $ 2,574.7 $ 2,523.3
9
(6) The tables below summarize the financial impact of significant items on our net operating income for the quarters during the year ended December 31, 2025 that had significant items impacting our net operating income. There were no significant items on our net operating income during the three months ended March 31, 2026. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).
Three months ended
September 30, 2025
Actual results Significant items Excluding significant
items
Insurance product margin
Annuity margin $ 72.9 $ (16.6) (a) $ 56.3
Health margin 157.0 (21.1) (a) 135.9
Life margin 70.6 (3.6) (a) 67.0
Total insurance product margin 300.5 (41.3) 259.2
Allocated expenses (151.0) — (151.0)
Income from insurance products
149.5 (41.3) 108.2
Fee income (3.9) — (3.9)
Investment income not allocated to product lines
39.5 — 39.5
Expenses not allocated to product lines (22.3) — (22.3)
Operating earnings before taxes 162.8 (41.3) 121.5
Income tax (expense) benefit on operating income (35.6) 9.1 (26.5)
Net operating income
$ 127.2 $ (32.2) $ 95.0
Net operating income per diluted share $ 1.29 $ (0.33) $ 0.96
___________
(a)Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.
Three months ended
March 31, 2025
Actual results Significant items Excluding significant
items
Insurance product margin
Annuity margin $ 54.5 $ — $ 54.5
Health margin 126.2 — 126.2
Life margin 68.2 (6.8) (a) 61.4
Total insurance product margin 248.9 (6.8) 242.1
Allocated expenses (161.2) — (161.2)
Income from insurance products
87.7 (6.8) 80.9
Fee income (0.8) — (0.8)
Investment income not allocated to product lines
38.0 — 38.0
Expenses not allocated to product lines (20.3) — (20.3)
Operating earnings before taxes 104.6 (6.8) 97.8
Income tax (expense) benefit on operating income (23.5) 1.5 (22.0)
Net operating income
$ 81.1 $ (5.3) $ 75.8
Net operating income per diluted share $ 0.79 $ (0.05) $ 0.74
___________
(a)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves.
For further information:
CNO News Media
Valerie Dolenga
Valerie.Dolenga@CNOinc.com
CNO Investor Relations
Adam Auvil
Adam.Auvil@CNOinc.com
10
EX-99.2
EX-99.2
Filename: exhibit992-03312026investo.htm · Sequence: 3
Document
Quarterly Financial Supplement - 1Q2026
April 30, 2026
Page 1
Table of Contents Page
Consolidated balance sheet 3
Consolidated statement of operations 4
Financial summary 5
Insurance operations 6
Margin from insurance products 7-9
Collected premiums and insurance policy income 10
Health and life new annualized premiums 11
Computation of weighted average shares outstanding 12
Annuities - account value rollforwards 13
Consolidated statutory information of U.S. based insurance subsidiaries 14
Investment income not allocated to product lines and investment income allocated to product lines
15-16
Other investment data 17
Significant items
17-18
Notes
18-19
Page 2
CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-25 Jun-25 Sep-25 Dec-25 Mar-26
Assets
Investments:
Fixed maturities, available for sale, at fair value $ 23,283.0 $ 23,047.0 $ 23,405.3 $ 23,886.8 $ 23,881.1
Equity securities at fair value
349.1 387.4 377.2 389.2 332.8
Mortgage loans 2,601.2 2,834.3 3,042.7 3,256.8 3,347.8
Policy loans 136.4 137.6 141.2 140.9 141.8
Trading securities 308.0 308.3 296.9 294.8 280.2
Investments held by variable interest entities 380.2 376.9 296.8 293.0 287.4
Other invested assets 1,386.7 1,500.5 1,617.0 1,737.0 1,695.1
Total investments
28,444.6 28,592.0 29,177.1 29,998.5 29,966.2
Cash and cash equivalents - unrestricted 928.2 766.0 1,218.3 956.1 1,129.5
Cash and cash equivalents held by variable interest entities 96.6 50.0 23.3 27.4 24.8
Accrued investment income 289.6 279.4 282.0 286.0 284.2
Present value of future profits 156.5 152.1 147.8 143.6 139.5
Deferred acquisition costs 2,209.9 2,276.3 2,343.7 2,397.3 2,441.3
Reinsurance receivables 3,804.3 3,753.9 3,731.7 3,677.5 3,611.1
Income tax assets, net
768.0 749.3 708.1 713.3 748.9
Assets held in separate accounts 3.1 2.9 2.7 2.8 2.7
Other assets 728.4 707.2 661.5 588.1 615.2
Total assets $ 37,429.2 $ 37,329.1 $ 38,296.2 $ 38,790.6 $ 38,963.4
Liabilities
Liabilities for insurance products:
Policyholder account balances $ 17,314.3 $ 17,609.0 $ 18,290.3 $ 18,912.6 $ 18,997.3
Future policy benefits 11,773.0 11,787.7 11,975.5 11,898.0 11,722.2
Market risk benefit liability 73.6 63.8 52.6 48.1 58.1
Liability for life insurance policy claims 63.5 60.7 61.5 58.4 58.8
Unearned and advanced premiums 221.5 217.3 214.5 228.0 225.2
Liabilities related to separate accounts 3.1 2.9 2.7 2.8 2.7
Other liabilities 1,027.2 935.8 1,036.9 952.8 1,098.6
Investment borrowings 2,188.6 2,441.7 2,441.7 2,441.7 2,691.7
Borrowings related to variable interest entities 375.1 352.8 274.3 274.4 274.4
Notes payable - direct corporate obligations 1,834.2 1,334.7 1,335.2 1,335.6 1,336.0
Total liabilities 34,874.1 34,806.4 35,685.2 36,152.4 36,465.0
Shareholders' equity
Common stock 1.0 1.0 1.0 0.9 0.9
Additional paid-in capital 1,535.0 1,441.4 1,389.4 1,336.3 1,277.8
Retained earnings
2,258.2 2,333.0 2,339.5 2,416.0 2,437.3
Total shareholders' equity before accumulated other comprehensive loss 3,794.2 3,775.4 3,729.9 3,753.2 3,716.0
Accumulated other comprehensive loss (1,239.1) (1,252.7) (1,118.9) (1,115.0) (1,217.6)
Total shareholders' equity 2,555.1 2,522.7 2,611.0 2,638.2 2,498.4
Total liabilities and shareholders' equity $ 37,429.2 $ 37,329.1 $ 38,296.2 $ 38,790.6 $ 38,963.4
Book value per common share $ 25.58 $ 25.92 $ 27.24 $ 27.92 $ 26.64
Book value per common share, excluding accumulated other comprehensive loss (1) (2) $ 37.98 $ 38.79 $ 38.92 $ 39.72 $ 39.62
Book value per diluted share, excluding accumulated other comprehensive loss (1) (3) $ 37.27 $ 38.05 $ 38.10 $ 38.81 $ 38.98
Page 3
CNO FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Revenues
Insurance policy income $ 650.7 $ 651.3 $ 658.4 $ 662.2 $ 2,622.6 $ 673.4
Net investment income:
General account assets 375.1 378.3 382.9 406.1 1,542.4 395.0
Policyholder and other special-purpose portfolios (63.6) 105.4 116.8 22.4 181.0 (64.9)
Investment gains (losses):
Realized investment losses (3.8) (21.3) (12.9) (21.6) (59.6) (7.8)
Other investment (losses) gains
(3.0) 2.9 9.9 (4.9) 4.9 (14.9)
Total investment losses
(6.8) (18.4) (3.0) (26.5) (54.7) (22.7)
Fee revenue and other income 48.7 34.9 33.6 78.9 196.1 48.8
Total revenues 1,004.1 1,151.5 1,188.7 1,143.1 4,487.4 1,029.6
Benefits and expenses
Insurance policy benefits 570.0 658.4 702.1 617.7 2,548.2 576.6
Liability for future policy benefits remeasurement gain
(12.2) (12.8) (30.8) (14.9) (70.7) (6.5)
Change in fair value of market risk benefits 15.3 (10.9) (12.4) (4.4) (12.4) 10.7
Interest expense 62.0 59.1 56.6 53.2 230.9 50.9
Amortization of deferred acquisition costs and present value of future profits 67.4 68.6 69.9 72.1 278.0 74.2
Goodwill and other asset impairment
— — 96.7 5.2 101.9 —
Gain on extinguishment related to VIEs
(1.5) — — — (1.5) —
Other operating costs and expenses 275.3 271.1 270.4 302.8 1,119.6 275.3
Total benefits and expenses 976.3 1,033.5 1,152.5 1,031.7 4,194.0 981.2
Income before income taxes 27.8 118.0 36.2 111.4 293.4 48.4
Income tax expense 6.3 26.2 13.1 18.5 64.1 10.7
Net income $ 21.5 $ 91.8 $ 23.1 $ 92.9 $ 229.3 $ 37.7
Page 4
CNO FINANCIAL GROUP, INC.
FINANCIAL SUMMARY
(Dollars in millions, except per share data)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Insurance product margin (4)
Annuity margin $ 54.5 $ 54.8 $ 72.9 $ 56.4 $ 238.6 $ 58.5
Health margin 126.2 134.0 157.0 139.4 556.6 132.6
Life margin 68.2 63.6 70.6 70.0 272.4 65.8
Total insurance product margin 248.9 252.4 300.5 265.8 1,067.6 256.9
Allocated expenses (161.2) (149.4) (151.0) (149.7) (611.3) (159.9)
Income from insurance products (8) 87.7 103.0 149.5 116.1 456.3 97.0
Fee income (0.8) 0.8 (3.9) 19.1 15.2 10.6
Investment income not allocated to product lines (9) 38.0 33.8 39.5 58.1 169.4 41.7
Expenses not allocated to product lines (20.3) (25.3) (22.3) (19.8) (87.7) (19.4)
Operating earnings before taxes 104.6 112.3 162.8 173.5 553.2 129.9
Income tax expense on operating income (23.5) (24.8) (35.6) (30.1) (114.0) (28.6)
Net operating income (10) 81.1 87.5 127.2 143.4 439.2 101.3
Net realized investment losses from disposals, impairments and change in allowance for credit losses
(13.2) (21.8) (8.8) (25.2) (69.0) (15.2)
Net change in market value of investments recognized in earnings 6.4 3.4 5.8 (1.3) 14.3 (7.5)
Fair value changes related to agent deferred compensation plan — — — (1.7) (1.7) —
Changes in fair value of embedded derivative liabilities and market risk benefits (69.6) 25.2 (18.1) (1.5) (64.0) (42.4)
Expenses related to TechMod initiative
— (3.2) (7.2) (9.9) (20.3) (13.7)
Goodwill and other asset impairment
— — (96.7) (5.2) (101.9) —
Net loss related to divested business — — — (17.3) (17.3) (1.9)
Other (0.4) 2.1 (1.6) — 0.1 (0.8)
Net non-operating income (loss) before taxes (76.8) 5.7 (126.6) (62.1) (259.8) (81.5)
Income tax (expense) benefit on non-operating income (loss) 17.2 (1.4) 22.5 11.6 49.9 17.9
Net non-operating income (loss) (59.6) 4.3 (104.1) (50.5) (209.9) (63.6)
Net income $ 21.5 $ 91.8 $ 23.1 $ 92.9 $ 229.3 $ 37.7
Per diluted share
Net operating income $ 0.79 $ 0.87 $ 1.29 $ 1.47 $ 4.40 $ 1.05
Net non-operating income (loss) (0.58) 0.04 (1.05) (0.52) (2.10) (0.66)
Net income $ 0.21 $ 0.91 $ 0.24 $ 0.95 $ 2.30 $ 0.39
Page 5
CNO FINANCIAL GROUP, INC.
Insurance Operations
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Insurance product margin (4)
Annuity:
Insurance policy income $ 9.8 $ 8.4 $ 10.7 $ 10.4 $ 39.3 $ 8.7
Net investment income (5) (6) 148.0 155.3 157.7 160.3 621.3 161.0
Insurance policy benefits (10.3) (10.0) 6.2 (10.9) (25.0) (11.6)
Interest credited (6) (68.3) (73.4) (75.4) (76.4) (293.5) (71.8)
Amortization and non-deferred commissions (24.7) (25.5) (26.3) (27.0) (103.5) (27.8)
Annuity margin 54.5 54.8 72.9 56.4 238.6 58.5
Health:
Insurance policy income 412.0 412.5 416.0 420.9 1,661.4 432.0
Net investment income (5) 75.1 75.9 75.4 75.5 301.9 74.5
Insurance policy benefits (320.3) (313.3) (293.3) (314.9) (1,241.8) (331.2)
Amortization and non-deferred commissions (40.6) (41.1) (41.1) (42.1) (164.9) (42.7)
Health margin 126.2 134.0 157.0 139.4 556.6 132.6
Life:
Insurance policy income 228.9 230.4 231.7 230.9 921.9 232.7
Net investment income (5) (7) 37.6 37.8 37.8 37.9 151.1 38.0
Insurance policy benefits (138.1) (144.5) (142.6) (143.0) (568.2) (143.4)
Interest credited (7) (13.0) (13.8) (13.2) (13.7) (53.7) (13.7)
Amortization and non-deferred commissions (26.0) (27.6) (28.3) (29.1) (111.0) (29.5)
Advertising expense (21.2) (18.7) (14.8) (13.0) (67.7) (18.3)
Life margin 68.2 63.6 70.6 70.0 272.4 65.8
Total insurance product margin 248.9 252.4 300.5 265.8 1,067.6 256.9
Allocated expenses:
Branch office expenses (20.7) (15.9) (17.7) (13.8) (68.1) (20.0)
Other allocated expenses (140.5) (133.5) (133.3) (135.9) (543.2) (139.9)
Income from insurance products (8) 87.7 103.0 149.5 116.1 456.3 97.0
Fee income (0.8) 0.8 (3.9) 19.1 15.2 10.6
Investment income not allocated to product lines (9) 38.0 33.8 39.5 58.1 169.4 41.7
Expenses not allocated to product lines (20.3) (25.3) (22.3) (19.8) (87.7) (19.4)
Operating earnings before taxes 104.6 112.3 162.8 173.5 553.2 129.9
Income tax expense on operating income (23.5) (24.8) (35.6) (30.1) (114.0) (28.6)
Net operating income (10) $ 81.1 $ 87.5 $ 127.2 $ 143.4 $ 439.2 $ 101.3
Page 6
CNO FINANCIAL GROUP, INC.
Margin from Annuity Products
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Annuity margin (4):
Fixed indexed annuities
Insurance policy income $ 7.2 $ 6.7 $ 6.8 $ 6.9 $ 27.6 $ 6.3
Net investment income (5) (6) 120.9 127.8 130.4 133.1 512.2 134.3
Insurance policy benefits (5.5) (5.0) 8.8 (5.2) (6.9) (4.6)
Interest credited (6) (55.7) (60.8) (62.1) (63.7) (242.3) (60.2)
Amortization and non-deferred commissions (22.4) (23.3) (24.2) (24.7) (94.6) (25.6)
Margin from fixed indexed annuities $ 44.5 $ 45.4 $ 59.7 $ 46.4 $ 196.0 $ 50.2
Average net insurance liabilities (11) $ 10,085.7 $ 10,543.4 $ 10,759.3 $ 10,941.4 $ 10,582.5 $ 11,104.1
Margin/average net insurance liabilities (12) 1.76 % 1.72 % 2.22 % 1.70 % 1.85 % 1.81 %
Fixed interest annuities
Insurance policy income $ 0.5 $ 0.2 $ 0.8 $ 0.6 $ 2.1 $ —
Net investment income (5) 21.6 21.8 21.8 21.7 86.9 21.3
Insurance policy benefits 0.2 (0.1) 0.5 0.1 0.7 (0.8)
Interest credited (12.1) (11.8) (12.5) (12.1) (48.5) (11.1)
Amortization and non-deferred commissions (2.1) (2.1) (2.1) (2.1) (8.4) (2.1)
Margin from fixed interest annuities $ 8.1 $ 8.0 $ 8.5 $ 8.2 $ 32.8 $ 7.3
Average net insurance liabilities (11) $ 1,599.5 $ 1,591.7 $ 1,587.4 $ 1,587.2 $ 1,591.4 $ 1,580.4
Margin/average net insurance liabilities (12) 2.03 % 2.01 % 2.14 % 2.07 % 2.06 % 1.85 %
Other annuities
Insurance policy income $ 2.1 $ 1.6 $ 3.0 $ 2.9 $ 9.6 $ 2.4
Net investment income (5) 5.5 5.6 5.6 5.5 22.2 5.4
Insurance policy benefits (5.0) (5.0) (3.0) (5.8) (18.8) (6.2)
Interest credited (0.5) (0.7) (0.9) (0.6) (2.7) (0.5)
Amortization and non-deferred commissions (0.2) (0.1) — (0.2) (0.5) (0.1)
Margin from other annuities $ 1.9 $ 1.4 $ 4.7 $ 1.8 $ 9.8 $ 1.0
Average net insurance liabilities (11) $ 402.2 $ 398.5 $ 395.2 $ 392.1 $ 397.0 $ 388.9
Margin/average net insurance liabilities (12) 1.89 % 1.41 % 4.76 % 1.84 % 2.47 % 1.03 %
Total annuity margin $ 54.5 $ 54.8 $ 72.9 $ 56.4 $ 238.6 $ 58.5
Average net insurance liabilities (11) $ 12,087.4 $ 12,533.6 $ 12,741.9 $ 12,920.7 $ 12,570.9 $ 13,073.4
Margin/average net insurance liabilities (12) 1.80 % 1.75 % 2.29 % 1.75 % 1.90 % 1.79 %
Page 7
CNO FINANCIAL GROUP, INC.
Margin from Health Products
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Health margin (4):
Supplemental health
Insurance policy income $ 185.1 $ 185.0 $ 186.5 $ 188.2 $ 744.8 $ 190.4
Net investment income (5) 39.8 40.5 40.2 40.6 161.1 40.9
Insurance policy benefits (131.6) (128.7) (101.6) (126.0) (487.9) (131.2)
Amortization and non-deferred commissions (27.7) (28.2) (28.0) (28.7) (112.6) (28.9)
Margin from supplemental health $ 65.6 $ 68.6 $ 97.1 $ 74.1 $ 305.4 $ 71.2
Margin/insurance policy income 35 % 37 % 52 % 39 % 41 % 37 %
Medicare supplement
Insurance policy income $ 156.3 $ 155.9 $ 156.5 $ 158.3 $ 627.0 $ 165.9
Net investment income (5) 1.2 1.2 1.2 1.2 4.8 1.1
Insurance policy benefits (120.0) (119.5) (127.2) (121.5) (488.2) (134.2)
Amortization and non-deferred commissions (9.4) (9.4) (9.3) (9.4) (37.5) (9.7)
Margin from Medicare supplement $ 28.1 $ 28.2 $ 21.2 $ 28.6 $ 106.1 $ 23.1
Margin/insurance policy income 18 % 18 % 14 % 18 % 17 % 14 %
Long-term care
Insurance policy income $ 70.6 $ 71.6 $ 73.0 $ 74.4 $ 289.6 $ 75.7
Net investment income (5) 34.1 34.2 34.0 33.7 136.0 32.5
Insurance policy benefits (68.7) (65.1) (64.5) (67.4) (265.7) (65.8)
Amortization and non-deferred commissions (3.5) (3.5) (3.8) (4.0) (14.8) (4.1)
Margin from long-term care $ 32.5 $ 37.2 $ 38.7 $ 36.7 $ 145.1 $ 38.3
Margin/insurance policy income 46 % 52 % 53 % 49 % 50 % 51 %
Total health margin $ 126.2 $ 134.0 $ 157.0 $ 139.4 $ 556.6 $ 132.6
Margin/insurance policy income 31 % 32 % 38 % 33 % 34 % 31 %
Page 8
CNO FINANCIAL GROUP, INC.
Margin from Life Products
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Life margin (4):
Interest sensitive life
Insurance policy income $ 48.1 $ 48.0 $ 48.4 $ 48.9 $ 193.4 $ 49.4
Net investment income (5) (7) 13.9 13.9 14.0 14.1 55.9 14.2
Insurance policy benefits (19.9) (20.7) (20.2) (18.9) (79.7) (21.0)
Interest credited (7) (12.9) (13.7) (13.1) (13.5) (53.2) (13.6)
Amortization and non-deferred commissions (5.1) (5.6) (5.6) (5.8) (22.1) (6.2)
Margin from interest sensitive life $ 24.1 $ 21.9 $ 23.5 $ 24.8 $ 94.3 $ 22.8
Average net insurance liabilities (11) $ 1,096.1 $ 1,106.9 $ 1,126.7 $ 1,124.0 $ 1,113.4 $ 1,132.7
Interest margin $ 1.0 $ 0.2 $ 0.9 $ 0.6 $ 2.7 $ 0.6
Interest margin/average net insurance liabilities (12) 0.36 % 0.07 % 0.32 % 0.21 % 0.24 % 0.21 %
Underwriting margin $ 23.1 $ 21.7 $ 22.6 $ 24.2 $ 91.6 $ 22.2
Underwriting margin/insurance policy income 48 % 45 % 47 % 49 % 47 % 45 %
Traditional life
Insurance policy income $ 180.8 $ 182.4 $ 183.3 $ 182.0 $ 728.5 $ 183.3
Net investment income (5) 23.7 23.9 23.8 23.8 95.2 23.8
Insurance policy benefits (118.2) (123.8) (122.4) (124.1) (488.5) (122.4)
Interest credited (0.1) (0.1) (0.1) (0.2) (0.5) (0.1)
Amortization and non-deferred commissions (20.9) (22.0) (22.7) (23.3) (88.9) (23.3)
Advertising expense (21.2) (18.7) (14.8) (13.0) (67.7) (18.3)
Margin from traditional life $ 44.1 $ 41.7 $ 47.1 $ 45.2 $ 178.1 $ 43.0
Margin/insurance policy income 24 % 23 % 26 % 25 % 24 % 23 %
Margin excluding advertising expense/insurance policy income 36 % 33 % 34 % 32 % 34 % 33 %
Total life margin $ 68.2 $ 63.6 $ 70.6 $ 70.0 $ 272.4 $ 65.8
Page 9
CNO FINANCIAL GROUP, INC.
Collected Premiums and Insurance Policy Income
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Collected premiums:
Annuity products
Fixed indexed annuities $ 388.0 $ 470.2 $ 425.3 $ 456.4 $ 1,739.9 $ 392.9
Fixed interest annuities 51.7 47.8 44.7 50.1 194.3 38.6
Other annuities 2.3 2.5 2.5 1.8 9.1 2.3
Total annuity collected premiums 442.0 520.5 472.5 508.3 1,943.3 433.8
Health products
Supplemental health 184.8 184.6 184.8 190.3 744.5 189.9
Medicare supplement 151.1 153.0 154.4 168.3 626.8 163.6
Long-term care 69.8 71.9 73.4 77.1 292.2 74.5
Total health collected premiums 405.7 409.5 412.6 435.7 1,663.5 428.0
Life products
Interest-sensitive life 62.9 63.6 64.4 64.9 255.8 65.7
Traditional life 181.5 181.9 182.6 182.7 728.7 184.1
Total life collected premiums 244.4 245.5 247.0 247.6 984.5 249.8
Total collected premiums $ 1,092.1 $ 1,175.5 $ 1,132.1 $ 1,191.6 $ 4,591.3 $ 1,111.6
Insurance policy income:
Annuity products
Fixed indexed annuities $ 7.2 $ 6.7 $ 6.8 $ 6.9 $ 27.6 $ 6.3
Fixed interest annuities 0.5 0.2 0.8 0.6 2.1 —
Other annuities 2.1 1.6 3.0 2.9 9.6 2.4
Total annuity insurance policy income 9.8 8.5 10.6 10.4 39.3 8.7
Health products
Supplemental health 185.1 185.0 186.5 188.2 744.8 190.4
Medicare supplement 156.3 155.9 156.5 158.3 627.0 165.9
Long-term care 70.6 71.6 73.0 74.4 289.6 75.7
Total health insurance policy income 412.0 412.5 416.0 420.9 1,661.4 432.0
Life products
Interest-sensitive life 48.1 48.0 48.4 48.9 193.4 49.4
Traditional life 180.8 182.4 183.3 182.0 728.5 183.3
Total life insurance policy income 228.9 230.4 231.7 230.9 921.9 232.7
Total insurance policy income $ 650.7 $ 651.4 $ 658.3 $ 662.2 $ 2,622.6 $ 673.4
Page 10
CNO FINANCIAL GROUP, INC.
Health and Life
New Annualized Premiums ("NAP")
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Consumer Division
Health products:
Supplemental health $ 19.5 $ 22.0 $ 23.5 $ 26.0 $ 91.0 $ 21.4
Medicare supplement 12.0 12.2 13.3 31.8 69.3 18.3
Long-term care 10.2 10.1 12.4 12.1 44.8 10.2
Total Consumer Division health NAP 41.7 44.3 49.2 69.9 205.1 49.9
Life products:
Interest sensitive life 3.6 5.6 4.5 4.2 17.9 3.8
Traditional life 46.0 52.0 52.4 34.6 185.0 46.1
Total Consumer Division life NAP 49.6 57.6 56.9 38.8 202.9 49.9
Total Consumer Division health and life NAP $ 91.3 $ 101.9 $ 106.1 $ 108.7 $ 408.0 $ 99.8
Worksite Division
Health products:
Supplemental health $ 10.3 $ 11.7 $ 13.4 $ 13.1 $ 48.5 $ 11.2
Life products:
Interest sensitive life 4.1 6.3 5.6 6.7 22.7 6.4
Total Worksite Division health and life NAP $ 14.4 $ 18.0 $ 19.0 $ 19.8 $ 71.2 $ 17.6
Total NAP (both divisions)
Health products:
Supplemental health $ 29.8 $ 33.7 $ 36.9 $ 39.1 $ 139.5 $ 32.6
Medicare supplement 12.0 12.2 13.3 31.8 69.3 18.3
Long-term care 10.2 10.1 12.4 12.1 44.8 10.2
Total health NAP 52.0 56.0 62.6 83.0 253.6 61.1
Life products:
Interest sensitive life 7.7 11.9 10.1 10.9 40.6 10.2
Traditional life 46.0 52.0 52.4 34.6 185.0 46.1
Total life NAP 53.7 63.9 62.5 45.5 225.6 56.3
Total NAP $ 105.7 $ 119.9 $ 125.1 $ 128.5 $ 479.2 $ 117.4
Page 11
CNO FINANCIAL GROUP, INC.
Computation of Weighted Average Shares Outstanding
(Shares in thousands)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Basic
Shares outstanding, beginning of period 101,619.0 99,893.9 97,319.0 95,841.0 101,619.0 94,484.3
Weighted average share activity during the period:
Shares repurchased (1,106.8) (1,347.6) (731.7) (767.7) (4,554.0) (667.3)
Amounts related to employee benefit plans 307.9 26.7 16.4 64.3 914.5 372.0
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans (77.3) (0.8) (0.9) (1.6) (216.1) (110.8)
Weighted average basic shares outstanding during the period 100,742.8 98,572.2 96,602.8 95,136.0 97,763.4 94,078.2
Basic shares outstanding, end of period 99,893.9 97,319.0 95,841.0 94,484.3 94,484.3 93,795.3
Diluted
Weighted average basic shares outstanding 100,742.8 98,572.2 96,602.8 95,136.0 97,763.4 94,078.2
Common stock equivalent shares related to:
Employee benefit plans 2,327.1 1,814.0 1,950.6 2,141.6 2,058.4 2,060.6
Weighted average diluted shares outstanding during the period 103,069.9 100,386.2 98,553.4 97,277.6 99,821.8 96,138.8
Diluted shares outstanding, end of period 101,796.1 99,221.4 97,902.8 96,714.2 96,714.2 95,323.5
Page 12
CNO FINANCIAL GROUP, INC.
Annuities - Account Value Rollforwards
(Dollars in millions)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Fixed indexed annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$ 10,766.3 $ 10,952.1 $ 11,221.3 $ 11,433.0 $ 10,766.3 $ 11,633.0
Issuances (funds collected from new business) 383.7 463.0 418.7 445.3 1,710.7 385.0
Premiums received (premiums collected from inforce business) 4.0 7.4 6.6 10.9 28.9 8.5
Policy charges (6.8) (6.9) (6.9) (6.7) (27.3) (6.9)
Surrenders and withdrawals (233.3) (221.6) (215.6) (249.3) (919.8) (260.3)
Benefit payments (72.7) (74.6) (72.6) (70.4) (290.3) (70.4)
Interest credited 96.4 85.0 66.9 53.1 301.4 89.8
Other 14.5 16.9 14.6 17.1 63.1 13.1
Policyholder account balances, end of period excluding contracts 100% ceded
$ 10,952.1 $ 11,221.3 $ 11,433.0 $ 11,633.0 $ 11,633.0 $ 11,791.8
Fixed interest annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$ 1,646.6 $ 1,640.7 $ 1,634.7 $ 1,635.1 $ 1,646.6 $ 1,637.5
Issuances (funds collected from new business) 50.9 47.1 44.2 49.5 191.7 38.1
Premiums received (premiums collected from inforce business) 0.7 1.0 0.2 0.3 2.2 1.1
Policy charges (0.4) (0.5) (0.5) (0.4) (1.8) (0.5)
Surrenders and withdrawals (41.4) (40.9) (35.4) (37.6) (155.3) (40.1)
Benefit payments (28.4) (25.2) (21.3) (22.0) (96.9) (24.5)
Interest credited 12.7 12.5 13.1 12.6 50.9 11.6
Other — — 0.1 — 0.1 —
Policyholder account balances, end of period excluding contracts 100% ceded
$ 1,640.7 $ 1,634.7 $ 1,635.1 $ 1,637.5 $ 1,637.5 $ 1,623.2
Total annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$ 12,412.9 $ 12,592.8 $ 12,856.0 $ 13,068.1 $ 12,412.9 $ 13,270.5
Issuances (funds collected from new business) 434.6 510.1 462.9 494.8 1,902.4 423.1
Premiums received (premiums collected from inforce business) 4.7 8.4 6.8 11.2 31.1 9.6
Policy charges (7.2) (7.4) (7.4) (7.1) (29.1) (7.4)
Surrenders and withdrawals (274.7) (262.5) (251.0) (286.9) (1,075.1) (300.4)
Benefit payments (101.1) (99.8) (93.9) (92.4) (387.2) (94.9)
Interest credited 109.1 97.5 80.0 65.7 352.3 101.4
Other 14.5 16.9 14.7 17.1 63.2 13.1
Policyholder account balances, end of period excluding contracts 100% ceded
$ 12,592.8 $ 12,856.0 $ 13,068.1 $ 13,270.5 $ 13,270.5 $ 13,415.0
Page 13
CNO FINANCIAL GROUP, INC.
Consolidated Statutory Information of U.S. Based Insurance Subsidiaries (13)
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025
2025 (a)
2025 2025
2026 (b)
Net gain from operations before interest expense and federal income taxes $ 29.0 $ 37.7 $ 45.2 $ 95.3 $ 207.2 $ 37.4
Interest expense on surplus debentures held by parent company 15.5 15.7 29.4 15.3 75.9 14.4
Net gain from operations before federal income taxes 13.5 22.0 15.8 80.0 131.3 23.0
Federal income tax expense (benefit) — — 20.9 61.6 82.5 —
Net gain (loss) from operations before net realized capital gains (losses) 13.5 22.0 (5.1) 18.4 48.8 23.0
Net realized capital losses
(1.2) (2.6) (11.1) (48.5) (63.4) (1.5)
Net income (loss) $ 12.3 $ 19.4 $ (16.2) $ (30.1) $ (14.6) $ 21.5
Capital and surplus $ 1,422.3 $ 1,417.8 $ 1,403.1 $ 1,405.3 $ 1,405.3 $ 1,399.1
Asset valuation reserve (AVR) 428.5 459.3 485.0 508.7 508.7 534.2
Capital, surplus and AVR 1,850.8 1,877.1 1,888.1 1,914.0 1,914.0 1,933.3
Interest maintenance reserve (IMR) 331.5 315.8 298.3 252.6 252.6 246.2
Total statutory capital, surplus, AVR & IMR $ 2,182.3 $ 2,192.9 $ 2,186.4 $ 2,166.6 $ 2,166.6 $ 2,179.5
Risk-based capital ratio 379 % 378 % 380 % 380 % 380 % 375 %
___________
(a) Statutory capital and surplus, IMR and risk-based capital ratio are adjusted to reflect equal and offsetting timing impacts associated with the reinsurance transaction executed with our Bermuda reinsurance company in October 2025.
(b) Such amounts are preliminary as the statutory basis financial statements of our U.S. based insurance subsidiaries for 1Q26 will be filed with the respective insurance regulators on or about May 14, 2026.
Page 14
CNO FINANCIAL GROUP, INC.
Investment Income Not Allocated to Product Lines (9)
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Investment income not allocated:
Excluding variable components:
From general account assets $ 28.0 $ 24.1 $ 20.6 $ 32.3 $ 105.0 $ 23.4
Other investment income 10.9 6.6 1.8 3.2 22.5 3.2
Spread income:
Federal Home Loan Bank ("FHLB") program:
Investment income
35.4 36.6 40.6 37.8 150.4 36.9
Interest expense (a)
(26.0) (27.7) (29.7) (27.8) (111.2) (25.9)
Net spread income on FHLB program 9.4 8.9 10.9 10.0 39.2 11.0
Funding agreement-backed notes ("FABN") program:
Investment income
34.3 36.9 37.6 42.9 151.7 46.5
Expenses (a)(b)
(27.9) (27.7) (29.1) (32.9) (117.6) (36.7)
Net spread income on FABN program 6.4 9.2 8.5 10.0 34.1 9.8
Interest expense on corporate debt (a)
(27.2) (24.6) (20.3) (20.4) (92.5) (20.3)
Interest expense on financing arrangements (a)
(1.0) (1.0) (0.8) (0.9) (3.7) (0.7)
Total excluding variable components 26.5 23.2 20.7 34.2 104.6 26.4
Variable components:
Net income from assets supporting deferred compensation plans:
Investment income
(2.1) 15.0 11.3 4.6 28.8 (5.9)
Expenses (a)
2.8 (14.9) (10.4) (4.2) (26.7) 4.0
Net income from assets supporting deferred compensation plans
0.7 0.1 0.9 0.4 2.1 (1.9)
Alternative investment income (loss):
Total alternative income
12.9 11.7 15.8 24.1 64.5 17.7
Allocated to product lines (6.0) (6.0) (5.9) (5.0) (22.9) (5.2)
Allocated to FABN program — (0.7) 0.1 (0.1) (0.7) (0.8)
Excess alternative investment income (loss) 6.9 5.0 10.0 19.0 40.9 11.7
Trading account income
1.6 2.0 1.2 0.9 5.7 1.2
Hedge variance related to fixed indexed products (a)
(0.5) 1.5 — (0.2) 0.8 (0.1)
Impact of annual option forfeitures related to fixed indexed annuity surrenders (a)
3.5 1.5 3.8 5.6 14.4 4.2
Impacts of change in projected cash flows, prepayment and call income and other
(0.7) 0.5 2.9 (1.8) 0.9 0.2
Total variable components 11.5 10.6 18.8 23.9 64.8 15.3
Total investment income not allocated to product lines $ 38.0 $ 33.8 $ 39.5 $ 58.1 $ 169.4 $ 41.7
Reconciliation to net investment income:
Total investment income not allocated to product lines $ 38.0 $ 33.8 $ 39.5 $ 58.1 $ 169.4 $ 41.7
Amounts allocated to products 260.7 268.9 271.0 273.7 1,074.3 273.5
Total allocated and not allocated to products investment income
298.7 302.7 310.5 331.8 1,243.7 315.2
Investment income on variable interest entities reported as non-operating income
7.2 7.0 4.5 4.6 23.3 4.0
Add back amounts reported as benefits and expenses 76.3 92.9 86.5 80.8 336.5 75.5
Change in market values of the underlying options supporting fixed indexed products (70.7) 81.1 98.2 11.3 119.9 (64.6)
Net investment income $ 311.5 483.7 499.7 428.5 1,723.4 $ 330.1
___________
(a) Amounts reported as benefits and expenses
(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)
1Q 2Q 3Q 4Q YTD 1Q
2025 2025 2025 2025 2025 2026
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities $ 10,085.7 $ 10,543.4 $ 10,759.3 $ 10,941.4 $ 10,582.5 $ 11,104.1
Fixed interest annuities 1,599.5 1,591.7 1,587.4 1,587.2 1,591.4 1,580.4
Other annuities 402.2 398.5 395.2 392.1 397.0 388.9
Total annuity average net insurance liabilities (11) 12,087.4 12,533.6 12,741.9 12,920.7 12,570.9 13,073.4
Health:
Supplemental health 3,387.4 3,405.3 3,405.2 3,407.0 3,401.2 3,425.9
Medicare supplement 113.1 102.0 95.7 95.6 101.6 94.3
Long-term care 2,695.7 2,694.5 2,691.0 2,689.1 2,692.6 2,687.9
Total health average net insurance liabilities (11) 6,196.2 6,201.8 6,191.9 6,191.7 6,195.4 6,208.1
Life:
Interest sensitive 1,096.1 1,106.9 1,126.7 1,124.0 1,113.4 1,132.7
Traditional 2,020.3 2,011.9 2,002.5 2,006.7 2,010.4 2,016.6
Total life average net insurance liabilities (11) 3,116.4 3,118.8 3,129.2 3,130.7 3,123.8 3,149.3
Total average net insurance liabilities (11) $ 21,400.0 $ 21,854.2 $ 22,063.0 $ 22,243.1 $ 21,890.1 $ 22,430.8
Average yield on allocated investments
Annuity:
Fixed indexed annuities 4.79 % 4.85 % 4.85 % 4.87 % 4.84 % 4.84 %
Fixed interest annuities 5.40 % 5.48 % 5.49 % 5.47 % 5.46 % 5.39 %
Other annuities 5.47 % 5.62 % 5.67 % 5.61 % 5.59 % 5.55 %
Average yield on investments allocated to annuities 4.90 % 4.95 % 4.95 % 4.96 % 4.94 % 4.93 %
Health:
Supplemental health 4.70 % 4.76 % 4.72 % 4.77 % 4.74 % 4.78 %
Medicare supplement 4.24 % 4.71 % 5.02 % 5.02 % 4.72 % 4.67 %
Long-term care 5.06 % 5.08 % 5.05 % 5.01 % 5.05 % 4.84 %
Average yield on investments allocated to health products 4.85 % 4.90 % 4.87 % 4.88 % 4.87 % 4.80 %
Life:
Interest sensitive 5.07 % 5.02 % 4.97 % 5.02 % 5.02 % 5.01 %
Traditional 4.69 % 4.75 % 4.75 % 4.74 % 4.74 % 4.72 %
Average yield on investments allocated to life products 4.83 % 4.85 % 4.83 % 4.84 % 4.84 % 4.83 %
Total average yield 4.87 % 4.92 % 4.91 % 4.92 % 4.91 % 4.88 %
Allocated investment income
Annuity:
Fixed indexed annuities $ 120.9 $ 127.8 $ 130.4 $ 133.1 $ 512.2 $ 134.3
Fixed interest annuities 21.6 21.8 21.8 21.7 86.9 21.3
Other annuities 5.5 5.6 5.6 5.5 22.2 5.4
Total investment income allocated to annuities 148.0 155.2 157.8 160.3 621.3 161.0
Health:
Supplemental health 39.8 40.5 40.2 40.6 161.1 40.9
Medicare supplement 1.2 1.2 1.2 1.2 4.8 1.1
Long-term care 34.1 34.2 34.0 33.7 136.0 32.5
Total investment income allocated to health products 75.1 75.9 75.4 75.5 301.9 74.5
Life:
Interest sensitive 13.9 13.9 14.0 14.1 55.9 14.2
Traditional 23.7 23.9 23.8 23.8 95.2 23.8
Total investment income allocated to life products 37.6 37.8 37.8 37.9 151.1 38.0
Total allocated investment income $ 260.7 $ 268.9 $ 271.0 $ 273.7 $ 1,074.3 $ 273.5
Page 16
CNO FINANCIAL GROUP, INC.
Other Investment Data
(Dollars in millions)
(Unaudited)
1Q 2Q 3Q 4Q 1Q
2025 2025 2025 2025 2026
Average book value of invested assets and cash $ 30,755.7 $ 30,732.5 $ 30,878.3 $ 31,461.7 $ 32,039.4
New money rate (14) 6.43 % 6.42 % 6.20 % 6.11 % 6.08 %
Book yield (15) 4.81 % 4.83 % 4.83 % 4.84 % 4.86 %
Earned yield (16) 4.71 % 4.73 % 4.77 % 5.04 % 4.79 %
Fair value of invested assets and cash
$ 28,900.6 $ 28,899.5 $ 29,998.9 $ 30,601.7 $ 30,740.9
Equity returns credited to policyholders (70.2) 79.5 98.2 11.5 (64.5)
CNO FINANCIAL GROUP, INC.
3Q25 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)
The table below summarizes the financial impact of significant items on our net operating income for the three months ended September 30, 2025. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
September 30, 2025
Actual results Significant items Excluding significant
items
Insurance product margin (4)
Annuity margin $ 72.9 $ (16.6) (a) $ 56.3
Health margin 157.0 (21.1) (a) 135.9
Life margin 70.6 (3.6) (a) 67.0
Total insurance product margin 300.5 (41.3) 259.2
Allocated expenses (151.0) — (151.0)
Income from insurance products (5) 149.5 (41.3) 108.2
Fee income (3.9) — (3.9)
Investment income not allocated to product lines (9) 39.5 — 39.5
Expenses not allocated to product lines (22.3) — (22.3)
Operating earnings before taxes 162.8 (41.3) 121.5
Income tax (expense) benefit on operating income (35.6) 9.1 (26.5)
Net operating income (10) $ 127.2 $ (32.2) $ 95.0
Net operating income per diluted share $ 1.29 $ (0.33) $ 0.96
___________
(a)Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.
Page 17
1Q25 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)
The table below summarizes the financial impact of significant items on our net operating income for the three months ended March 31, 2025. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
March 31, 2025
Actual results Significant items Excluding significant
items
Insurance product margin (4)
Annuity margin $ 54.5 $ — $ 54.5
Health margin 126.2 — 126.2
Life margin 68.2 (6.8) (a) 61.4
Total insurance product margin 248.9 (6.8) 242.1
Allocated expenses (161.2) — (161.2)
Income from insurance products (5) 87.7 (6.8) 80.9
Fee income (0.8) — (0.8)
Investment income not allocated to product lines (9) 38.0 — 38.0
Expenses not allocated to product lines (20.3) — (20.3)
Operating earnings before taxes 104.6 (6.8) 97.8
Income tax (expense) benefit on operating income (23.5) 1.5 (22.0)
Net operating income (10) $ 81.1 $ (5.3) $ 75.8
Net operating income per diluted share $ 0.79 $ (0.05) $ 0.74
___________
(a)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves.
Notes
(1)Excludes accumulated other comprehensive income (loss). Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(2)Shareholders' equity divided by common shares outstanding.
(3)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.
(4)Insurance product margin is management’s measure of the profitability of its annuity, health and life product lines’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. See note (8) for definition of income from insurance products.
(5)Net investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. See note (11) for definition of net insurance liabilities.
(6)Excludes the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding amount credited to policyholder account balances. Such amounts were $(63.5) million, $70.4 million, $89.4 million, $10.2 million and $(58.7) million in 1Q25, 2Q25, 3Q25, 4Q25 and 1Q26, respectively.
(7)Excludes the change in market values of the underlying options supporting the fixed indexed life products and corresponding amount credited to policyholder account balances. Such amounts were $(6.7) million, $9.1 million, $8.8 million, $1.3 million and $(5.8) million in 1Q25, 2Q25, 3Q25, 4Q25 and 1Q26, respectively.
(8)Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information provides an additional understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.
(9)Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by
Page 18
special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our FHLB investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.
(10)Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines. The table above reconciles the non-GAAP measure to the corresponding GAAP measure.
(11)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account values for interest sensitive products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
(12)Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.
(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's U.S. based insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from accounting principles generally accepted in the United States of America.
(14)The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our FHLB and FABN programs and investments purchased by the variable interest entities.
(15)Book yield on fixed maturity investments, excluding investments held in the: (i) FHLB and FABN programs; and (ii) the investments held by the variable interest entities.
(16)Earned yield is the investment income earned during the period divided by the average book value of the investment portfolio, excluding: (i) investments held in the FHLB and FABN programs; and (ii) the investments held by the variable interest entities.
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EX-99.3
EX-99.3
Filename: exhibit993inv_presx1qx20.htm · Sequence: 4
exhibit993inv_presx1qx20
1 Unless otherwise specified, comparisons in this presentation are between 1Q25 and 1Q26. First Quarter 2026 Financial and operating results for the period ended March 31, 2026 April 30, 2026
2 Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on April 30, 2026, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today’s date. Forward-Looking Statements This presentation contains financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP). Reconciliations between those non-GAAP measures and the comparable GAAP measures are included in the Appendix, or on the page such measure is presented. While management believes the measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – Financials – SEC Filings” section of CNO’s website, CNOinc.com. Non-GAAP Measures IMPORTANT LEGAL INFORMATION
3 OUR PURPOSE We secure the future of middle-income America. OUR MISSION We secure the future of middle-income America by providing insurance and financial services that help protect their health, income and retirement needs, while building enduring value for all our stakeholders.
4 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Operational Highlights Financial Highlights QUARTER IN REVIEW Strong start to 2026; Results illustrate the resilience of our business model Operating EPS1 of $1.05, up 33% – Operating EPS1 excluding significant items of $1.05, up 42% – Continued strong underwriting and net investment income (NII) results – Operating return on equity1 (ROE) of 12.2%, excluding significant items Robust total capital position Returned $77 million to shareholders Book value per diluted share excluding AOCI1 of $38.98 15th consecutive quarter of strong insurance sales – Total new annualized premiums (NAP) up 11% – Sales growth in nearly all product categories – Growth in brokerage and advisory for the 12th consecutive quarter 13th consecutive quarter of growth in producing agent count (PAC) Durable competitive moat delivering consistent and repeatable results
5 2026 1Q 2Q 3Q 4Q FY 1Q vs 1Q25 New Annualized Premiums1 $105.7 $119.9 $125.1 $128.5 $479.2 $117.4 11.1% Consumer 91.3 101.9 106.1 108.7 408.0 99.8 9.3% Worksite 14.4 18.0 19.0 19.8 71.2 17.6 22.2% Annuity Collected Premiums $442.0 $520.5 $472.5 $508.3 $1,943.3 $433.8 -1.9% Fee Revenue1,2 $47.4 $33.5 $33.0 $71.4 $185.3 $42.8 n/m Consumer 39.4 26.7 26.2 71.4 163.7 42.8 8.6% Worksite 8.0 6.8 6.8 -- 21.6 -- n/m Policyholder and Client Assets $16,591 $17,448 $18,108 $18,307 -- $18,497 11.5% Annuity Account Values 12,593 12,856 13,068 13,271 -- 13,415 6.5% Client Assets in BD and Advisory1 3,998 4,592 5,040 5,036 -- 5,082 27.1% Producing Agent Counts (PAC) 1 4,820 4,961 4,928 5,016 -- 4,965 3.0% Consumer 4,424 4,558 4,518 4,612 -- 4,566 3.2% Worksite 396 403 410 404 -- 401 1.3% Average Book Value of Investments & Cash $30,756 $30,733 $30,878 $31,462 -- $32,039 4.2% Average Yield on Allocated Investments 4.87% 4.92% 4.91% 4.92% 4.91% 4.88% 1 bps New Money Rate 6.43% 6.42% 6.20% 6.11% -- 6.08% -35 bps Book Value per Diluted Share x AOCI 3 $37.27 $38.05 $38.10 $38.81 -- $38.98 4.6% 3-year CAGR 9.6% 7.7% 6.1% 6.8% -- 7.0% -- Change2025 IN VE ST M EN TS & C A PI TA L PR O D U C TI O N D IS TR IB U TI O N GROWTH SCORECARD Sustained and repeatable growth (dollars in millions) 1 See page 25 for a glossary of terms and definitions. 2 Beginning in 4Q25, Worksite Division fee services revenue will be reported as non-operating due to the previously announced exit of the business. 3 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure. n/m Result not meaningful following the reclassification of Worksite fee revenue to non-operating results in 4Q25.
6 CONSUMER DIVISION UPDATE 14 consecutive quarters of sales growth with a 9% three-year CAGR in Life and Health NAP PAC up 3%; 13th consecutive quarter of growth – Strong agent productivity and retention – Registered agents up 7% Total Medicare policies sold up 24% NAP generated from non-TV lead sources represented nearly 65% of total D2C sales Life and Health NAP up 9% Health NAP up 20% – Supplemental Health NAP up 10% – Medicare Supplement NAP up 53% Life NAP up 1%; D2C NAP up 1% Annuity account value up 7% Record client assets in brokerage and advisory, up 27% – Total accounts up 13% Operational Highlights Distribution Highlights
7 WORKSITE DIVISION UPDATE 16 consecutive quarters of sales growth with a 20% four-year CAGR Life and Health NAP up 22% – Life NAP up 56% – Hospital Indemnity NAP up 121% – Accident NAP up 18% PAC up 1%; 15th consecutive quarter of growth – Recruiting up 8% – Strong productivity NAP from new clients up 65% Operational Highlights Distribution Highlights
8 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Net operating earnings per share1 (dollars in millions, except per share amounts); TTM = trailing twelve months Earnings Results FINANCIAL HIGHLIGHTS Excluding significant items Operating EPS1 up 42% excluding significant items Highlights Net operating income1 $81.1 $101.3 Net operating income excluding significant items1 $75.8 $101.3 Net Income $21.5 $37.7 Weighted average shares outstanding (in millions) 103.1 96.1 $0.79 $1.05 1Q25 1Q26 $0.74 Operating EPS1 up 33%, up 42% excluding significant items — Sales growth contributing to strength in insurance product margin and NII — Fee income and expenses in line with full year expectations $60 million of share repurchases — 7% reduction in weighted average diluted shares outstanding Maintained strong capital position TTM operating ROE1 of 13.1%, and 12.2% excluding significant items
9 Annuity margin Fixed Indexed Annuities (FIA) – growth in the block Health margin Supplemental Health – growth in the block Medicare Supplement – modestly higher claims, partially offset by growth in the block LTC – growth in the block and favorable morbidity Life margin Traditional Life – growth in the block, favorable mortality, and lower nondeferrable advertising expense (dollars in millions) Insurance Product Margin Excluding Significant Items1 1 Excludes impacts from the annual actuarial review and out-of-period adjustment in 1Q 2025. See the Appendix for a reconciliation to the corresponding GAAP measure and a breakdown of impacts by major product category. INSURANCE PRODUCT MARGIN Sales momentum driving growth in insurance product margins 1Q25 2Q25 3Q25 4Q25 1Q26 Annuity $54.5 $54.8 $56.3 $56.4 $58.5 Fixed Indexed Annuities $44.5 $45.4 $45.9 $46.4 $50.2 Fixed Interest Annuities $8.1 $8.0 $8.5 $8.2 $7.3 Other Annuities $1.9 $1.4 $1.9 $1.8 $1.0 Health $126.2 $134.0 $135.9 $139.4 $132.6 Supplemental Health $65.6 $68.6 $72.3 $74.1 $71.2 Medicare Supplement $28.1 $28.2 $30.4 $28.6 $23.1 Long-term Care $32.5 $37.2 $33.2 $36.7 $38.3 Life $61.4 $63.6 $67.0 $70.0 $65.8 Interest Sensitive Life $24.1 $21.9 $20.7 $24.8 $22.8 Traditional Life $37.3 $41.7 $46.3 $45.2 $43.0 Total Margin $242.1 $252.4 $259.2 $265.8 $256.9 Highlights
10 1 Reflects sum of allocated and non-allocated investment income. Refer to pages 15-17 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 reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities. Average yield on allocated investments of 4.88% in 1Q26 vs. 4.87% in 1Q25 Average net insurance liabilities2 up 4.8% Total NII not allocated improved, driven by higher alternative investment income and growth in FHLB & FABN programs Investment Income Allocated to Product Lines Investment Income Not Allocated to Product Lines Annuity Health Life Not allocated $- $100.0 $200.0 $300.0 1Q25 1Q26 INVESTMENT RESULTS (dollars in millions) New money rate of 6.08% in 1Q26, 13th consecutive quarter over 6% Average book value of invested assets up 4.2% Earned yield of 4.79% in 1Q26 vs. 4.71% in 1Q25 $260.7 $273.5 $- $100.0 $200.0 $300.0 1Q25 1Q26 10th consecutive quarter of growth in net investment income1 Total Net Investment Income1 $38.0 $41.7 $- $100.0 $200.0 $300.0 1Q25 1Q26 $315.2 $298.7
11 Debt to Capital2 Consolidated Risk Based Capital (RBC) Ratio1 Holding Company Liquidity 1 The ratio of the combined capital of the insurance companies to the minimum amount of capital appropriate to support the overall business operations, as determined based on the methodology developed by the National Association of Insurance Commissioners. 2 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure. (dollars in millions) Managing RBC Ratio in the range of 360% – 390% RBC ratio variability expected in periods of market volatility Target leverage of 25% - 28% Debt covenant ceiling of 35% $109 million in debt capacity to top of target leverage range Target minimum holding company liquidity of $150 million Liquidity backstopped by $250 million undrawn revolver Staggered debt maturities in 2029 and 2034 CAPITAL AND LIQUIDITY OVERVIEW Robust total capital position Debt to capital2 excluding $500 million note that matured May 2025 $256 $372 $351 $280 2023 2024 2025 1Q26 23.1% 32.1% 26.2% 26.4% 2023 2024 2025 1Q26 25.6% 402% 383% 380% 375% 2023 2024 2025 1Q26
12 2026 Earnings 2026 Free Cash Flow / Excess Capital GUIDANCE Guidance excludes significant items $4.25 – $4.45 operating EPS 18.8% – 19.2% expense ratio ~22.5% effective tax rate $200 – $250 million free cash flow 360% – 390% RBC Ratio $150 million minimum holding company liquidity 25% – 28% debt to total capital ratio Return on Equity Improve run rate operating ROE by 200 basis points through 2027 Off 2024 run rate of 10% While growing and investing in the business Reaffirm full-year 2026 guidance and 2027 ROE target
13 4 5 3 2 1 Exclusive middle-market focus and “last-mile” captive distribution create a durable competitive moat Significant demographic tailwinds Proven investment results built on a foundation of strong asset quality and disciplined management Strong balance sheet and robust free cash flow resilient against market events WHY INVEST IN CNO 6 Track record of execution and delivering on our promises Sustained growth while improving ROE and modernizing the business
14 Questions and Answers
15 Cash Flow Profile Slide 16 Broker-Dealer/Registered Investment Advisor Slide 17 Expense Ratio Slide 18 Portfolio Composition Slide 19 New Money Summary Slide 20 Private Credit Slide 21 Financial Results Seasonality Slide 22 Long-Term Care Insurance Slide 23 Tax Asset Summary Slide 24 Glossary of Terms and Definitions Slide 25 Appendix 1: Quarter in Review
16 1 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions (dollars in millions) CASH FLOW PROFILE
17 Account values up 27% YoY; Registered agent count up 7% 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 303 East Wacker Drive, 5th Floor, Chicago, IL 60601. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients. 3 Representative counts represent the average of the last 3 months. 4 1Q25 Net New Client Assets in Brokerage and Advisory amounts have been revised to correct previously identified misstatements. The revision did not have a material impact on the previously reported disclosure. (dollars in millions) BROKER-DEALER/REGISTERED INVESTMENT ADVISOR 1Q4 2Q 3Q 4Q 1Q Net New Client Assets in Brokerage 61.3$ 62.0$ 74.1$ 67.6$ 63.1$ Brokerage and Advisory1 Advisory 69.4 140.4 124.2 (90.2) 99.2 Total 130.7$ 202.4$ 198.3$ (22.6)$ 162.3$ Client Assets in Brokerage and Brokerage 2,117.4$ 2,293.3$ 2,472.4$ 2,543.2$ 2,521.9$ Advisory1 at end of period Advisory 1,880.5 2,298.4 2,567.3 2,493.0 2,560.1 Total 3,997.9$ 4,591.7$ 5,039.7$ 5,036.2$ 5,082.0$ Registered Agent Counts 2,3 Total 739 759 766 781 794 20262025
18 1 Expense ratio calculation = expenses allocated to products plus not allocated to products, divided by the sum of insurance policy income and net investment income allocated to products. Results exclude significant items. 2 See pages 27-29 for a reconciliation of the significant items. EXPENSE RATIO1 (dollars in millions) 1Q 2Q 3Q 4Q 1Q Allocated & Non Allocated Expenses 181.5$ 174.7$ 173.3$ 169.5$ 179.3$ Allocated & Non Allocated Expenses - YTD 181.5 356.2 529.5 699.0 179.3 Significant Items2 -$ -$ -$ -$ -$ Significant Items - YTD2 - - - - - Allocated & Non Allocated Expenses Excluding Significant Items 181.5$ 174.7$ 173.3$ 169.5$ 179.3$ Allocated & Non Allocated Expenses Excluding Significant Items - YTD 181.5 356.2 529.5 699.0 179.3 Policy Income and Net Investment Income Allocated to Products 911.4$ 920.3$ 929.3$ 935.9$ 946.9$ Policy Income and Net Investment Income Allocated to Products - YTD 911.4 1,831.7 2,761.0 3,696.9 946.9 Expense Ratio 19.9% 19.0% 18.6% 18.1% 18.9% Expense Ratio - YTD 19.9% 19.4% 19.2% 18.9% 18.9% Rolling Twelve Months Ratio 19.1% 19.0% 19.0% 18.9% 18.7% 2025 2026
19 1 Fair Value as of 3/31/2026 PORTFOLIO COMPOSITION High-quality, liquid portfolio producing solid and consistent results Highlights General Approach $31 Billion of Invested Assets1 High degree of liquidity: over 55% of portfolio in corporate and government bonds Strong credit risk profile — Capital efficient: ~97% rated NAIC 1 or 2 — Portfolio average rating A — CRE and private credit portfolios performing as expected Positioned for stable performance across credit cycles Focus on quality - margin against adverse development Low impairments through multiple cycles Embedded asset liability management Opportunistic investments protect/grow book yield and core earnings power Growth in AUM leverages increasing book yield, resulting in higher net investment income IG Corporates, 40.1% Non- Agency RMBS, 5.0% Mortgage Loans, 10.6% HY Corporates, 2.0% CMBS, 7.3% Municipals, 9.4% ABS, 6.0% Govts/Agency, 3.9% CLO, 4.8% Equities, 0.9% Other Invested Assets, 2.4% Alternatives, 3.3% Policy Loans, 0.5% Cash, 3.8%
20 1Q26 General Account New Money Purchases NEW MONEY SUMMARY (dollars in millions) $ % GAAP YTM CLO Debt 314.2 24.0% 5.60% IG Corp BBB 193.7 14.8% 5.64% IG Corp AAA-A 151.7 11.6% 5.83% ABS 141.2 10.8% 5.85% Residential Mortgage Loan 122.3 9.3% 5.70% CRE Loans 102.7 7.9% 5.30% Alternatives 82.2 6.3% 11.92% HY Corp 49.1 3.8% 6.41% Municipals 39.9 3.1% 5.90% RMBS 36.1 2.7% 5.02% Rated Notes 27.9 2.1% 6.93% EM 25.6 2.0% 4.86% CMBS 20.7 1.6% 5.33% Total 1,307.3 100.0% 6.08% CLO Debt 24.0% IG Corp BBB 14.8% IG Corp AAA-A 11.6% ABS 10.8% Resident ial Mortgag e … CRE Loan s… Alternatives 6.3% HY Corp 3.8% Municipals… RMBS 2.7% Rated Notes 2.1% EM 2.0% CMBS 1.6%
21 DBRS 8% Egan Jones 4% Fitch 5% KBRA 66% Moodys 14% S&P 3% PRIVATE CREDIT $1.6B of exposure diversified across asset managers, structures, vintages; 2,000+ underlying credits 1 Non-rated (NR) holdings primarily consist of LPs, residuals, and interval funds, all of which are part of our Alternatives allocation but included here because they have private credit exposure. By Rating1 A 34% AA 9% AAA 1% B 3% BB 6% BBB 27% CCC 0.3% NR 20% By Structure ………………………….. ABF Loans 23% Interval Funds 6% LPs 7% Middle Market Loans 4% Portfolio Finance Loans 18% Rated Notes 34% Residuals 8% By Asset Class By Rating Agency Asset Based Finance 51% Direct Lending 25% Infrastructure 3% Opportunistic 3% Portfolio Finance 18%
22 FINANCIAL RESULTS SEASONALITY 1Q 2Q 3Q 4Q Medicare Supplement Margin Seasonally highest claims and surrenders Mortality Seasonally highest mortality D2C Advertising Traditionally highest advertising Traditionally lowest advertising Fee Income ~1/3 income Near breakeven Near breakeven ~2/3 income Expenses Traditionally highest expense ratio Traditionally lowest expense ratio 1Q26 spend was below plan and is expected to normalize over the balance of the year, with modestly higher expense ratios in 2Q and 3Q relative to 1Q, and normal seasonal pattern in 4Q Quarterly trend similar to 2025
23 New sales focused on short duration products Recent growth due to strong sales in LTC Fundamental product 99% of new sales for policies with 2 years or less in benefits Average benefit period of 13 months for policies sold in 2026 Reserve assumptions informed by historical experience No morbidity improvement No mortality improvement Minimal future rate increases Favorable economic profile Total LTC is just 12% of overall CNO insurance liabilities Downside risk significantly reduced after 2018 reinsurance transaction Average maximum benefit at issuance is $166 per day for in-force block Block highlights Less than 22% of policies have inflation benefits 2% of policies have lifetime benefits, the median benefit period is ~1 year, and the average non-lifetime benefit period is ~1.4 years Average attained age is 75 years Highly differentiated; prudently-managed in-force block LONG-TERM CARE INSURANCE
24 Non-life NOLs with Expiration Dates (2032-2035) $3 NOLs with no Expiration Date $214 Value of NOLs Details Remaining NOLs are expected to be fully utilized and can generally offset 80% of non- life taxable income and 35% of life taxable income Total estimated economic value of tax assets related to our NOLs of approximately $161 million @ 10% discount rate ($1.69 on a per diluted share basis) $217 (dollars in millions) $217 million / $2.27 per diluted share value of remaining NOLs TAX ASSET SUMMARY AS OF MARCH 31, 2026
25 GLOSSARY OF TERMS AND DEFINITIONS New Annualized Premiums - Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. Fee Revenue - Represents fee revenue from the sales of third-party insurance products, fees generated by our broker/dealer and registered investment advisor, and prior to 4Q25, fee revenue earned by the Worksite Division fee services business. Client Assets in Broker Dealer (BD) and Advisory - Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Producing Agent Counts (PAC) - Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month.
26 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 27 - 41
27 2025 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 2025 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. (dollars in millions, except per-share amounts) Insurance product margin Annuity 238.6$ (16.6)$ (a) 222.0$ Health 556.6 (21.1) (a) 535.5 Life 272.4 (10.4) (a) 262.0 Total insurance product margin 1,067.6 (48.1) 1,019.5 Allocated expenses (611.3) - (611.3) Income from insurance products 456.3 (48.1) 408.2 Fee income 15.2 - 15.2 Investment income not allocated to product lines 169.4 - 169.4 Expenses not allocated to product lines (87.7) - (87.7) Operating earnings before taxes 553.2 (48.1) 505.1 Income tax (expense) benefit on operating income (114.0) 10.6 (103.4) Net operating income (b) 439.2$ (37.5)$ 401.7$ Net operating income per diluted share (b) 4.40$ (0.38)$ 4.02$ Actual Results Significant Items Excluding significant items Year ended December 31, 2025 (a) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review during 3Q25 and $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, during 1Q25. (b) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure.
28 (dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 3Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q25 SIGNIFICANT ITEMS (a) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review. (b) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 72.9$ (16.6)$ (a) 56.3$ Health 157.0 (21.1) (a) 135.9 Life 70.6 (3.6) (a) 67.0 Total insurance product margin 300.5 (41.3) 259.2 Allocated expenses (151.0) - (151.0) Income from insurance products 149.5 (41.3) 108.2 Fee income (3.9) - (3.9) Investment income not allocated to product lines 39.5 - 39.5 Expenses not allocated to product lines (22.3) - (22.3) Operating earnings before taxes 162.8 (41.3) 121.5 Income tax (expense) benefit on operating income (35.6) 9.1 (26.5) Net operating income (b) 127.2$ (32.2)$ 95.0$ Net operating income per diluted share (b) 1.29$ (0.33)$ 0.96$ Three months ended September 30, 2025 Actual results Significant items Excluding significant items
29 (dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 1Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 1Q25 SIGNIFICANT ITEMS (a) Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves. (b) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 54.5$ -$ 54.5$ Health 126.2 - 126.2 Life 68.2 (6.8) (a) 61.4 Total insurance product margin 248.9 (6.8) 242.1 Allocated expenses (161.2) - (161.2) Income from insurance products 87.7 (6.8) 80.9 Fee income (0.8) - (0.8) Investment income not allocated to product lines 38.0 - 38.0 Expenses not allocated to product lines (20.3) - (20.3) Operating earnings before taxes 104.6 (6.8) 97.8 Income tax (expense) benefit on operating income (23.5) 1.5 (22.0) Net operating income (b) 81.1$ (5.3)$ 75.8$ Net operating income per diluted share (b) 0.79$ (0.05)$ 0.74$ Actual results Significant items Excluding significant items Three months ended March 31, 2025
30 1Q25 2Q25 3Q25 4Q25 1Q26 Insurance product margin Annuity 54.5$ 54.8$ 72.9$ 56.4$ 58.5$ Health 126.2 134.0 157.0 139.4 132.6 Life 68.2 63.6 70.6 70.0 65.8 Total insurance product margin 248.9 252.4 300.5 265.8 256.9 Allocated expenses (161.2) (149.4) (151.0) (149.7) (159.9) Income from insurance products 87.7 103.0 149.5 116.1 97.0 Fee income (0.8) 0.8 (3.9) 19.1 10.6 Investment income not allocated to product lines 38.0 33.8 39.5 58.1 41.7 Expenses not allocated to product lines (20.3) (25.3) (22.3) (19.8) (19.4) Operating earnings before taxes 104.6 112.3 162.8 173.5 129.9 Income tax expense on operating income (23.5) (24.8) (35.6) (30.1) (28.6) Net operating income* 81.1 87.5 127.2 143.4 101.3 Net realized investment gains (losses) from disposals, impairments and change in allowance for credit losses (13.2) (21.8) (8.8) (25.2) (15.2) Net change in market value of investments recognized in earnings 6.4 3.4 5.8 (1.3) (7.5) Fair value changes related to agent deferred compensation plan - - - (1.7) - Changes in fair value of embedded derivative liabilities and market risk benefits (69.6) 25.2 (18.1) (1.5) (42.4) Expenses related to TechMod initiative - (3.2) (7.2) (9.9) (13.7) Goodwill and intangible asset impairment - - (96.7) (5.2) - Net loss related to divested business - - - (17.3) (1.9) Other (0.4) 2.1 (1.6) - (0.8) Non-operating income (loss) before taxes (76.8) 5.7 (126.6) (62.1) (81.5) Income tax (expense) benefit on non-operating income (loss) 17.2 (1.4) 22.5 11.6 17.9 Net non-operating income (loss) (59.6) 4.3 (104.1) (50.5) (63.6) Net income 21.5 91.8 23.1 92.9 37.7 (dollars in millions) * Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits ("MRBs") related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the table. QUARTERLY EARNINGS
31 The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered as substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website, www.CNOinc.com. Operating earnings measures Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, 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 MRBs related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) costs related to TechMod that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES
32 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 1Q25 2Q25 3Q25 4Q25 1Q26 Net income applicable to common stock 21.5$ 91.8$ 23.1$ 92.9$ 37.7$ Non-operating items: Net realized investment (gains) losses from sales and impairments 13.2 21.8 8.8 25.2 15.2 Net change in market value of investments recognized in earnings (6.4) (3.4) (5.8) 1.3 7.5 Fair value changes related to the agent deferred compensation plan - - - 1.7 - Changes in fair value of embedded derivative liabilities and market risk benefits 69.6 (25.2) 18.1 1.5 42.4 Expenses related to TechMod initiative - 3.2 7.2 9.9 13.7 Goodwill and intangible asset impairment - - 96.7 5.2 - Net loss related to divested business - - - 17.3 1.9 Other 0.4 (2.1) 1.6 - 0.8 Non-operating (income) loss before taxes 76.8 (5.7) 126.6 62.1 81.5 Income tax expense (benefit) on non-operating income (17.2) 1.4 (22.5) (11.6) (17.9) Net non-operating (income) loss 59.6 (4.3) 104.1 50.5 63.6 Net operating income (a non-GAAP financial measure) 81.1$ 87.5$ 127.2$ 143.4$ 101.3$ Per diluted share: Net income 0.21$ 0.91$ 0.24$ 0.95$ 0.39$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.10 0.17 0.07 0.22 0.12 Net change in market value of investments recognized in earnings (net of taxes) (0.05) (0.03) (0.05) 0.01 0.06 Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) 0.52 (0.19) 0.14 0.02 0.34 Fair value changes related to the agent deferred compensation plan (net of taxes) - - - 0.01 - Expenses related to TechMod initiative - 0.02 0.06 0.08 0.11 Goodwill and intangible asset impairment - - 0.82 0.04 - Net loss related to divested business - - - 0.14 0.02 Other 0.01 (0.01) 0.01 - 0.01 Net operating income (a non-GAAP financial measure) 0.79$ 0.87$ 1.29$ 1.47$ 1.05$
33 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 1Q25 2Q25 3Q25 4Q25 1Q26 Net operating income 81.1$ 87.5$ 127.2$ 143.4$ 101.3$ Weighted average shares outstanding for basic earnings per share 100,743 98,572 96,603 95,136 94,078 Effect of dilutive securities on weighted average shares: Employee benefit plans 2,327 1,814 1,951 2,142 2,061 Weighted average shares outstanding for diluted earnings per share 103,070 100,386 98,553 97,278 96,139 Net operating income per diluted share 0.79$ 0.87$ 1.29$ 1.47$ 1.05$
34 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units were vested, and convertible securities were converted. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments. A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows: (dollars in millions, except share and per-share amounts) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1Q25 2Q25 3Q25 4Q25 1Q26 Total shareholders' equity 2,555.1$ 2,522.7$ 2,611.0$ 2,638.2$ 2,498.4$ Shares outstanding for the period 99,893,923 97,319,000 95,840,989 94,484,339 93,795,306 Book value per share 25.58$ 25.92$ 27.24$ 27.92$ 26.64$ Total shareholders' equity 2,555.1$ 2,522.7$ 2,611.0$ 2,638.2$ 2,498.4$ Accumulated other comprehensive loss (1,239.1) (1,252.7) (1,118.9) (1,115.0) (1,217.6) Adjusted shareholders' equity excluding AOCI 3,794.2$ 3,775.4$ 3,729.9$ 3,753.2$ 3,716.0$ Shares outstanding for the period 99,893,923 97,319,000 95,840,989 94,484,339 93,795,306 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 1,902,208 1,902,445 2,061,774 2,229,874 1,528,160 Diluted shares outstanding 101,796,131 99,221,445 97,902,763 96,714,213 95,323,466 Book value per diluted share excluding AOCI (a non-GAAP measure) $ 37.27 $ 38.05 $ 38.10 $ 38.81 $ 38.98
35 Operating return measures Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, 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 MRBs related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) costs related to TechMod that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non- operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non- operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. 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
36 The calculations of: (i) Operating return on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) Operating return, excluding significant items, on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non- GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Trailing four quarters average equity is calculated using the following formula (P = Period) – ((P1+P2) /2 +(P2+P3) /2 +(P3+P4) /2 + (P4+P5) /2) /4 [e.g. – the formula for calculating 1Q26 average equity would be the following – ((1Q25+2Q25) /2 +(2Q25+3Q25) /2 + (3Q25+4Q25) /2) + (4Q25+1Q26) /2) /4 ] INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1Q25 2Q25 3Q25 4Q25 1Q26 Net operating income 452.9$ 425.8$ 433.8$ 439.2$ 459.4$ Net operating income, excluding significant items 428.8$ 401.7$ 399.4$ 401.7$ 427.2$ Net income 330.0$ 305.5$ 319.3$ 229.3$ 245.5$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,613.6$ 3,597.3$ 3,580.0$ 3,536.7$ 3,494.5$ Average common shareholders' equity 2,523.3$ 2,558.5$ 2,560.6$ 2,566.4$ 2,574.7$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 12.5% 11.8% 12.1% 12.4% 13.1% Operating return on equity, excluding significant items, accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.9% 11.2% 11.2% 11.4% 12.2% Return on equity 13.1% 11.9% 12.5% 8.9% 9.5% Twelve Months Ended
37 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): (dollars in millions) (a) The significant items have been discussed in either the current or prior press releases. (Continued on next page) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income (loss) Net income - trailing four quarters 2Q24 114.6 - 114.6 364.0 116.3 432.2 3Q24 119.2 (21.9) 97.3 376.9 9.3 274.2 4Q24 138.0 3.1 141.1 410.5 182.9 420.8 1Q25 81.1 (5.3) 75.8 428.8 21.5 330.0 2Q25 87.5 - 87.5 401.7 91.8 305.5 3Q25 127.2 (32.2) 95.0 399.4 23.1 319.3 4Q25 143.4 - 143.4 401.7 92.9 229.3 1Q26 101.3 - 101.3 427.2 37.7 245.5
38 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 1Q25 2Q25 3Q25 4Q25 1Q26 Pre-tax operating earnings (a non-GAAP financial measure) 580.6$ 544.3$ 553.6$ 553.2$ 578.5$ Income tax expense (127.7) (118.5) (119.8) (114.0) (119.1) Operating return 452.9 425.8 433.8 439.2 459.4 Non-operating items: Net realized investment losses from sales and impairments (81.3) (81.2) (78.9) (69.0) (71.0) Net change in market value of investments recognized in earnings 16.8 15.5 9.0 14.3 0.4 Changes in fair value of embedded derivative liabilities and market risk benefits (87.3) (78.9) 30.1 (64.0) (36.8) Fair value changes and amendment related to the agent deferred compensation plan 6.6 3.1 6.6 (1.7) (1.7) Expenses related to TechMod initiative - (3.2) (7.2) (20.3) (34.0) Goodwill and other intangible asset impairment - - (96.7) (101.9) (101.9) Net loss related to divested business - - - (17.3) (19.2) Other (13.9) (10.7) (2.4) 0.1 (0.3) Non-operating income (loss) before taxes (159.1) (155.4) (139.5) (259.8) (264.5) Income tax (expense) benefit on non-operating income (loss) 36.2 35.1 25.0 49.9 50.6 Net non-operating income (loss) (122.9) (120.3) (114.5) (209.9) (213.9) Net income 330.0$ 305.5$ 319.3$ 229.3$ 245.5$ Twelve Months Ended
39 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) 1Q24 2Q24 3Q24 4Q24 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,536.8$ 3,596.7$ 3,529.9$ 3,810.0$ Net operating loss carryforwards 311.2 296.5 273.9 76.6 Accumulated other comprehensive loss (1,480.3) (1,464.3) (1,116.0) (1,371.4) Common shareholders' equity 2,367.7$ 2,428.9$ 2,687.8$ 2,515.2$ 1Q25 2Q25 3Q25 4Q25 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,498.9$ 3,504.3$ 3,483.6$ 3,510.2$ Net operating loss carryforwards 295.3 271.1 246.3 243.0 Accumulated other comprehensive loss (1,239.1) (1,252.7) (1,118.9) (1,115.0) Common shareholders' equity 2,555.1$ 2,522.7$ 2,611.0$ 2,638.2$ 1Q26 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,461.2$ Net operating loss carryforwards 254.8 Accumulated other comprehensive loss (1,217.6) Common shareholders' equity 2,498.4$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES
40 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 1Q25 2Q25 3Q25 4Q25 1Q26 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,613.6$ 3,597.3$ 3,580.0$ 3,536.7$ 3,494.5$ Net operating loss carryforwards 237.6 232.4 225.8 243.1 258.9 Accumulated other comprehensive loss (1,327.9) (1,271.2) (1,245.2) (1,213.4) (1,178.7) Common shareholders' equity 2,523.3$ 2,558.5$ 2,560.6$ 2,566.4$ 2,574.7$ Trailing Four Quarter Average
41 2023 2024 2025 1Q26 Corporate notes payable 1,140.5$ 1,833.5$ 1,335.6$ 1,336.0$ Total shareholders' equity 2,215.6 2,515.2 2,638.2 2,498.4 Total capital 3,356.1$ 4,348.7$ 3,973.8$ 3,834.4$ Corporate debt to capital 34.0% 42.2% 33.6% 34.8% Corporate notes payable 1,140.5$ 1,833.5$ 1,335.6$ 1,336.0$ Total shareholders' equity 2,215.6 2,515.2 2,638.2 2,498.4 Less accumulated other comprehensive (income) loss 1,576.8 1,371.4 1,115.0 1,217.6 Total capital 4,932.9$ 5,720.1$ 5,088.8$ 5,052.0$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 23.1% 32.1% 26.2% 26.4% Corporate notes payable $1,833.5 Assumed repayment of 2025 notes, net of unamortized debt issuance costs (499.5) Adjusted corporate notes payable $1,334.0 Total shareholders' equity $2,515.2 Less accumulated other comprehensive loss 1,371.4 Loss on assumed extinguishment of debt (0.4) Adjusted shareholders' equity $3,886.2 Adjusted total capital $5,220.2 Debt to total capital ratio, excluding AOCI, as adjusted for the assumed repayment of the 2025 Notes (a non-GAAP financial measure) 25.6% 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
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v3.26.1
Cover Page
Apr. 30, 2026
Document Information [Line Items]
Document Type
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Document Period End Date
Apr. 30, 2026
Entity Registrant Name
CNO Financial Group, Inc.
Entity Incorporation, State or Country Code
DE
Entity File Number
001-31792
Entity Tax Identification Number
75-3108137
Entity Address, Address Line One
11299 Illinois Street
Entity Address, City or Town
Carmel
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IN
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City Area Code
317
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Common Stock, par value $0.01 per share
Document Information [Line Items]
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Trading Symbol
CNO
Security Exchange Name
NYSE
Rights To Purchase Series F Junior Participating Preferred Stock
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5.125% Subordinated Debentures due 2060
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