Form 8-K - Current report

Share Name	Share Symbol	Market	Type
CNO Financial Group Inc	NYSE:CNO	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.08	-0.27%	29.74	29.86	29.52	29.82	635,591	22:30:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 31, 2023

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.)

11825 North Pennsylvania Street

Carmel, Indiana 46032

(Address of Principal Executive Offices) (Zip Code)

(317) 817-6100

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each 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 E 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 July 31, 2023, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended June 30, 2023, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference; (ii) the Quarterly Financial Supplement for June 30, 2023, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference; and (iii) additional financial information related to its financial and operating results for the quarter ended June 30, 2023, 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 July 31, 2023 related to financial results for the quarter ended June 30, 2023.
99.2			Quarterly Financial Supplement - 2Q2023.
99.3			Second Quarter 2023 Financial and Operating Results for the period ended June 30, 2023.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	CNO Financial Group, Inc.

Date: July 31, 2023
	By:	/s/ John R. Kline
		John R. Kline
		Senior Vice President and Chief Accounting Officer

Exhibit 99.1

News

For Immediate Release

CNO Financial Group Reports Second Quarter 2023 Results

Total new annualized premiums up 11%; strong capital position

Carmel, Ind., July 31, 2023 - CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.

"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.

"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."

"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."

Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)

•Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%

• Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%

• Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%

• Returned $47.4 million to shareholders

• Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34

• Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%

Adoption of New Accounting Standard

As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.

FINANCIAL SUMMARY

Quarter End

(Amounts in millions, except per share data)

(Unaudited)

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


	Per diluted share
	Quarter ended					Quarter ended
	June 30,					June 30,
	2023		2022		% change	2023		2022		% change

Income from insurance products (b)	$	0.64	$	0.88	(27)	$	73.7	$	103.5	(29)
Fee income	—		0.03		(100)	0.6		3.2		(81)
Investment income not allocated to product lines (c)	0.24		0.55		(56)	28.0		64.6		(57)
Expenses not allocated to product lines (d)	(0.18)		0.02		(1,000)	(21.1)		2.9		(828)
Operating earnings before taxes	0.70		1.48			81.2		174.2
Income tax expense on operating income	(0.16)		(0.33)		(52)	(18.9)		(39.1)		(52)
Net operating income (1)	0.54		1.15		(53)	62.3		135.1		(54)
Net realized investment losses from sales and change in allowance for credit losses	(0.27)		(0.23)			(31.3)		(27.1)
Net change in market value of investments recognized in earnings	(0.04)		(0.19)			(4.0)		(21.7)
Changes in fair value of embedded derivative liabilities and market risk benefits	0.44		1.37			50.4		160.6

Other	—		0.12			(0.2)		13.8
Non-operating income before taxes	0.13		1.07			14.9		125.6
Income tax expense on non-operating income	(0.03)		(0.23)			(3.5)		(27.4)

Net non-operating income	0.10		0.84			11.4		98.2
Net income	$	0.64	$	1.99		$	73.7	$	233.3

Weighted average diluted shares outstanding	115.6		117.3

(a) GAAP is defined as accounting principles generally accepted in the United States of America.

(b) Income from insurance products is the sum of the insurance margins of the annuity, health and life segments, less allocated insurance administrative expenses. It excludes the fee income segment, investment income not allocated to product lines, expenses not allocated to product lines and income taxes. Insurance margin is management’s measure of the profitability of its annuity, health and life segments’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.

(c) Investment income not allocated to product lines 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 and investment borrowings; (iv) expenses related to the funding agreement-backed notes ("FABN") program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders.

(d) Expenses not allocated to product lines in the second quarter of 2022 includes the $22.5 million favorable impact of an experience refund related to a reinsurance agreement.

FINANCIAL SUMMARY (continued)

Management vs. GAAP Measures

(Dollars in millions, except per share data)

(Unaudited)

Shareholders’ equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations. In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid. Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.

_____________________________________________________________________________________________________


	Quarter ended
	June 30,
	2023			2022

Trailing twelve months return on equity (a)	14.8		%	20.9		%
Trailing twelve months operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (6)	8.0		%	13.3		%
Trailing twelve months operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) (6)	8.0		%	12.7		%


Shareholders’ equity	$	1,995.8		$	2,127.9
Accumulated other comprehensive loss	1,733.5			1,415.8

Shareholders’ equity, excluding accumulated other comprehensive loss	3,729.3			3,543.7
Net operating loss carryforwards	(126.3)			(214.7)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss carryforwards	$	3,603.0		$	3,329.0

Book value per diluted share	$	17.31		$	18.31
Accumulated other comprehensive loss	15.03			12.19

Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)	$	32.34		$	30.50

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

INSURANCE OPERATIONS

Annuity products accounted for 26 percent of the Company’s margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.

Health products accounted for 48 percent of the Company’s insurance margin for the quarter and 63 percent of insurance policy income.

Life products accounted for 26 percent of the Company’s insurance margin for the quarter and 36 percent of insurance policy income.

Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.

ANNUITY COLLECTED PREMIUMS

(Dollars in millions)

(Unaudited)


	Quarter ended June 30,
	2023		2022		% change
Annuity collected premiums	$	401.8	$	435.0	(8)

INSURANCE POLICY INCOME

(Dollars in millions)

(Unaudited)


	Quarter ended June 30,
	2023		2022		% change
Annuity	$	8.1	$	5.8	40
Health	397.1		403.5		(2)
Life	223.1		216.3		3
Total insurance policy income	$	628.3	$	625.6	—

SALES MEASURED AS NEW ANNUALIZED PREMIUMS FOR

LIFE AND HEALTH PRODUCTS

(Dollars in millions)

(Unaudited)


	Quarter ended June 30,
	2023		2022		% change
Health	$	43.1	$	37.4	15
Life	55.6		51.4		8
Total new annualized premiums (4)	$	98.7	$	88.8	11

INSURANCE MARGIN

(Amounts in millions, except per share data)

(Unaudited)

Insurance margin is management’s measure of profitability of its annuity, health and life segments’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life segments, less allocated insurance administrative expenses. It excludes the fee income segment, investment income not allocated to product lines, expenses not allocated to product lines and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of our operations. Insurance income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Financial Summary section above.


	Quarter ended
	June 30, 2023		% of insurance policy income	June 30, 2022		% of insurance policy income	% change
Margin
Annuity interest margin	$	57.1		$	60.1		(5)
Life insurance interest margin	0.7			1.3			(46)
Total interest-sensitive margin	57.8			61.4			(6)
Insurance margin
Health	108.2		27	125.4		31	(14)
Life (a)	57.2		26	68.9		32	(17)
Total other insurance margin	165.4		27	194.3		31	(15)

Total insurance margin	223.2			255.7

Allocated expenses	(149.5)			(152.2)
Income from insurance products	$	73.7		$	103.5

Per diluted share	$	0.64		$	0.88
Weighted average diluted shares	115.6			117.3

(a) Net of $25.5 million and $22.6 million of non-deferred television advertising expense related to our direct distribution channel in the 2023 and 2022 periods, respectively.

Total allocated expenses were $149.5 million, down 2 percent from 2Q22.

ANNUITY RESULTS BY PRODUCT TYPE

(Dollars in millions)

(Unaudited)


Annuity margin
	Quarter ended
	June 30,
	2023		2022
Fixed indexed annuities	$	47.6	$	48.4
Fixed interest annuities	8.7		7.9
Other annuities	0.8		3.8
Total	$	57.1	$	60.1


Annuity collected premiums
	Quarter ended
	June 30,
	2023		2022
Annuity collected premiums	$	401.8	$	435.0


Average net insurance liabilities (5)
	Quarter ended
	June 30,
	2023		2022
Fixed indexed annuities	$	9,276.0	$	8,711.0
Fixed interest annuities	1,613.1		1,712.5
Other annuities	462.5		484.2
Total	$	11,351.6	$	10,907.7


Margin/average net insurance liabilities (a)
	Quarter ended
	June 30,
	2023		2022
Fixed indexed annuities	2.05	%	2.22	%
Fixed interest annuities	2.16	%	1.85	%
Other annuities	0.69	%	3.14	%
Total	2.01	%	2.20	%

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

HEALTH INSURANCE RESULTS BY PRODUCT TYPE

(Dollars in millions)

(Unaudited)


Health margin
	Quarter ended
	June 30,
	2023			2022
	Amount		% of insurance policy income	Amount		% of insurance policy income	% change
Supplemental health and other health	$	59.9	34	$	56.0	33	7
Medicare supplement	32.3		21	39.8		24	(19)
Long-term care	16.0		24	29.6		45	(46)
Total	$	108.2	27	$	125.4	31	(14)


Health insurance policy income
	Quarter ended
	June 30,
	2023		2022		% change
Supplemental health and other health	$	176.2	$	172.0	2
Medicare supplement	155.3		165.1		(6)
Long-term care	65.6		66.4		(1)
Total	$	397.1	$	403.5	(2)


Health NAP (4)
	Quarter ended
	June 30,
	2023		2022		% change
Supplemental health and other health	$	28.5	$	24.4	17
Medicare supplement	8.9		6.9		29
Long-term care	5.7		6.1		(7)
Total	$	43.1	$	37.4	15

LIFE INSURANCE RESULTS BY PRODUCT TYPE

(Dollars in millions)

(Unaudited)


Life margin
	Quarter ended
	June 30,
	2023			2022
	Amount		% of insurance policy income	Amount		% of insurance policy income	% change
Life insurance interest margin	$	0.7		$	1.3		(46)
Life insurance margin:
Traditional life	33.8		19	46.8		27	(28)
Interest sensitive life	23.4		52	22.1		50	6
Subtotal	57.2		26	68.9		32	(17)
Total margin	$	57.9		$	70.2		(18)


Life insurance policy income
	Quarter ended
	June 30,
	2023		2022		% change
Traditional life	$	177.8	$	172.5	3
Interest sensitive life	45.3		43.8		3
Total	$	223.1	$	216.3	3


Life NAP (4)
	Quarter ended
	June 30,
	2023		2022		% change
Traditional life	$	46.0	$	44.3	4
Interest sensitive life	9.6		7.1		35
Total	$	55.6	$	51.4	8


Average net insurance liabilities (5) and interest margin
	Quarter ended
	June 30,
	2023			2022			% change
Interest sensitive life products	$	1,035.4		$	1,016.4		2
Interest margin/average net insurance liabilities (5)	0.27		%	0.51		%	(47)

QUARTERLY AVERAGE EXCLUSIVE PRODUCING AGENTS


	Average Exclusive Producing Agent Count
	Quarter ended
	June 30,		%
	2023	2022	change
Consumer
Field agents (a) (c)	4,279	3,968	8
Registered agents (b) (c)	695	676	3
Worksite (a) (c)	310	234	32

____________________

(a) Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month.

(b) Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell

securities for clients, and/or investment advisors who can provide ongoing investment advice for clients.

INVESTMENTS

INVESTMENT INCOME NOT ALLOCATED TO PRODUCT LINES

(Dollars in millions, except per share data)

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


	Quarter ended June 30,
	2023		2022		% change
Net investment income	$	399.7	$	223.9	79
Allocated to product lines:
Annuity	(127.7)		(117.8)		8
Health	(74.3)		(73.0)		2
Life	(36.1)		(35.2)		3
Equity returns credited to policyholder account balances	(62.3)		92.4		(167)
Amounts allocated to product lines and credited to policyholder account balances	(300.4)		(133.6)		125
Impact of annual option forfeitures related to fixed indexed annuity surrenders	1.4		(0.5)		(380)
Amount related to variable interest entities and other non-operating items	(19.0)		(9.1)		109
Interest expense on corporate debt	(15.6)		(15.6)		—
Interest expense on investment borrowings from the Federal Home Loan Bank program	(24.2)		(4.7)		415
Expenses related to FABN program	(7.6)		(7.6)		—
Less amounts credited to deferred compensation plans (offsetting investment income)	(6.3)		11.8		(153)
Total adjustments	(71.3)		(25.7)
Investment income not allocated to product lines	$	28.0	$	64.6	(57)

Per diluted share	$	0.24	$	0.55

INVESTMENT PORTFOLIO

(Dollars in millions)

The composition of the investment portfolio at June 30, 2023 is as follows:


	$		% of total
Fixed maturities, available for sale, at fair value	$	20,959.7	83
Equity securities at fair value	96.4		—
Mortgage loans	1,825.9		7
Policy loans	124.2		—
Trading securities	218.9		1
Investments held by variable interest entities	948.2		4
Other invested assets	1,176.7		5
Total investment portfolio	$	25,350.0	100

Fixed maturities, available for sale, at amortized cost by asset class as of June 30, 2023 are as follows:


	Investment grade		Below investment grade			Total
Corporate securities	$	12,862.5	$	573.8		$	13,436.3
United States Treasury securities and obligations of the United States government and agencies	174.2		—			174.2
States and political subdivisions	2,804.6		10.6			2,815.2
Foreign governments	93.9		—			93.9
Asset-backed securities	1,365.7		119.8			1,485.5
Agency residential mortgage-backed securities	351.4		—			351.4
Non-agency residential mortgage-backed securities	1,218.8		539.3		(a)	1,758.1
Collateralized loan obligations	961.1		—			961.1
Commercial mortgage-backed securities	2,471.1		83.7			2,554.8

Total	$	22,303.3	$	1,327.2		$	23,630.5

____________________

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

The fair value of CNO’s available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.

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

Non-Operating Items

Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.

During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.

During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 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.

In 2Q22, other non-operating items included an increase in earnings of $14.0 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.

Statutory (based on non-GAAP measures) and GAAP Capital Information

Our consolidated statutory risk-based capital ratio was estimated at 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).

During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.

Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.

Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.

The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.

Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, respectively.

In this news release, CNO includes non-GAAP measures to enhance investors’ understanding of management’s view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO’s definitions of non-GAAP measures may differ from other companies’ definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

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

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

The Company will host a conference call to discuss results on August 1, 2023 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.

To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.

For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.

ABOUT CNO FINANCIAL GROUP

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(unaudited)


	June 30, 2023		December 31, 2022
ASSETS
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: June 30, 2023 - $66.1 and December 31, 2022 - $56.0; amortized cost: June 30, 2023 - $23,630.5 and December 31, 2022 - $23,384.2)	$	20,959.7	$	20,353.4
Equity securities at fair value	96.4		135.3
Mortgage loans (net of allowance for credit losses: June 30, 2023 - $10.3 and December 31, 2022 - $8.0)	1,825.9		1,411.9
Policy loans	124.2		121.6
Trading securities	218.9		207.9
Investments held by variable interest entities (net of allowance for credit losses: June 30, 2023 - $4.5 and December 31, 2022 - $5.5; amortized cost: June 30, 2023 - $982.2 and December 31, 2022 - $1,134.2)	948.2		1,077.6
Other invested assets	1,176.7		1,034.7
Total investments	25,350.0		24,342.4
Cash and cash equivalents - unrestricted	457.7		575.7
Cash and cash equivalents held by variable interest entities	104.2		69.2
Accrued investment income	242.1		235.6
Present value of future profits	191.8		203.7
Deferred acquisition costs	1,857.7		1,770.9
Reinsurance receivables (net of allowance for credit losses: June 30, 2023 - $2.0 and December 31, 2022 - $2.0)	4,029.2		4,223.4
Market risk benefit asset	66.0		65.3
Income tax assets, net	1,007.1		1,063.4
Assets held in separate accounts	3.0		2.7
Other assets	745.1		580.8
Total assets	$	34,053.9	$	33,133.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Liabilities for insurance products:
Policyholder account balances	$	15,387.7	$	15,234.2
Future policy benefits	11,479.6		11,240.2
Market risk benefit liability	10.5		11.3
Liability for life insurance policy claims	64.6		64.1
Unearned and advanced premiums	233.6		235.0
Liabilities related to separate accounts	3.0		2.7
Other liabilities	898.9		693.9
Investment borrowings	1,839.5		1,639.5
Borrowings related to variable interest entities	1,001.0		1,104.6
Notes payable – direct corporate obligations	1,139.7		1,138.8
Total liabilities	32,058.1		31,364.3
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: June 30, 2023 – 113,673,882; December 31, 2022 – 114,343,070)	1.1		1.1
Additional paid-in capital	1,997.9		2,033.8
Accumulated other comprehensive loss	(1,733.5)		(1,957.3)
Retained earnings	1,730.3		1,691.2
Total shareholders' equity	1,995.8		1,768.8
Total liabilities and shareholders' equity	$	34,053.9	$	33,133.1

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share data)

(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
Revenues:
Insurance policy income	$	628.3	$	625.6	$	1,253.8	$	1,250.6
Net investment income:
General account assets	308.1		317.7		600.3		595.2
Policyholder and other special-purpose portfolios	91.6		(93.8)		142.4		(163.1)
Investment gains (losses):
Realized investment gains (losses)	(21.8)		(7.0)		(36.4)		11.8
Other investment losses	(13.5)		(41.8)		(13.5)		(93.3)

Total investment losses	(35.3)		(48.8)		(49.9)		(81.5)
Fee revenue and other income	30.1		54.3		82.2		96.7
Total revenues	1,022.8		855.0		2,028.8		1,697.9
Benefits and expenses:
Insurance policy benefits	565.9		302.2		1,175.6		636.1
Liability for future policy benefits remeasurement loss	8.3		.3		8.9		7.3
Change in fair value of market risk benefits	(17.6)		(50.3)		(2.8)		(83.0)
Interest expense	57.6		27.8		112.3		51.6
Amortization	56.0		52.7		111.5		105.0


Other operating costs and expenses	256.5		222.5		528.2		440.8
Total benefits and expenses	926.7		555.2		1,933.7		1,157.8
Income before income taxes	96.1		299.8		95.1		540.1

Income tax expense on period income	22.4		66.5		22.2		123.4

Net income	$	73.7	$	233.3	$	72.9	$	416.7
Earnings per common share:
Basic:
Weighted average shares outstanding	114,273,000		115,533,000		114,409,000		117,078,000
Net income	$	.64	$	2.02	$	.64	$	3.56
Diluted:
Weighted average shares outstanding	115,650,000		117,286,000		116,189,000		119,144,000
Net income	$	.64	$	1.99	$	.63	$	3.50

NOTES

(1)Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available in the "Investors - SEC Filings" section of CNO's website, CNOinc.com.

(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(3)The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(4)Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.

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

(6)The following summarizes the calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows (dollars in millions):


		Trailing twelve months ended
		2Q23			2Q22
Net operating income		$	281.7		$	410.8

Net operating income, excluding significant items		$	281.2		$	393.4

Net income		$	286.8		$	677.3

Average common equity, excluding accumulated other
	comprehensive income (loss) and net operating loss
	carryforwards (a non-GAAP financial measure)	$	3,519.3		$	3,090.3

Average common shareholders' equity		$	1,931.5		$	3,239.8

Operating return on equity, excluding accumulated other
	comprehensive income (loss) and net operating loss
	carryforwards (a non-GAAP financial measure)	8.0		%	13.3		%

Operating return, excluding significant items, on equity, excluding
	accumulated other comprehensive income (loss) and net
	operating loss carryforwards (a non-GAAP financial measure)	8.0		%	12.7		%

Return on equity		14.8		%	20.9		%

The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss) (dollars in millions):


								Net operating
						Net 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
3Q21	$	108.1	$	2.3	(b)	$	110.4	N/A	$	103.4	N/A
4Q21	103.1		(2.3)		(c)	100.8		410.0	157.2		570.3
1Q22	64.5		—			64.5		373.2	183.4		491.7
2Q22	135.1		(17.4)		(d)	117.7		393.4	233.3		677.3
3Q22	77.9		—			77.9		360.9	175.9		749.8
4Q22	82.9		(0.5)		(e)	82.4		342.5	38.0		630.6
1Q23	58.6		—			58.6		336.6	(0.8)		446.4
2Q23	62.3		—			62.3		281.2	73.7		286.8

(a) See note (7) for additional information.

(b) Comprised of: (i) $3.0 million from legal and regulatory matters; and (ii) a decrease in tax expense of $.7 million.

(c) Comprised of: (i) $3.0 million of net favorable adjustments arising from our review of actuarial assumptions; and (ii) an increase in tax expense of $.7 million.

(d) Comprised of: (i) an experience refund of $22.5 million related to a reinsurance agreement; and (ii) an increase in tax expense of $5.1 million.

(e) Comprised of: (i) $.7 million of net favorable adjustments arising from our review of actuarial assumptions; and (ii) an increase in tax expense of $.2 million.

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


	Twelve months ended
	2Q23		2Q22
Pre-tax operating earnings (a non-GAAP financial measure)	$	365.6	$	529.3
Income tax expense	(83.9)		(118.5)
Net operating income	281.7		410.8
Non-operating items:
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses	(71.9)		(27.0)
Net change in market value of investments recognized in earnings	(31.9)		(63.9)
Changes in fair value of embedded derivative liabilities and market risk benefits	99.5		400.6
Fair value changes related to the agent deferred compensation plan	12.2		32.4

Other	(2.0)		2.3
Non-operating income before taxes	5.9		344.4

Income tax expense on non-operating income	(0.8)		(77.9)

Net non-operating income	5.1		266.5
Net income	$	286.8	$	677.3

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):


		1Q21		2Q21		3Q21		4Q21
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,003.2	$	2,989.0	$	2,993.3	$	3,067.3
Net operating loss carryforwards		323.1		292.9		266.9		243.7
Accumulated other comprehensive income		73.1		306.7		337.5		373.7
Common shareholders' equity		$	3,399.4	$	3,588.6	$	3,597.7	$	3,684.7

		1Q22		2Q22		3Q22		4Q22
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,141.7	$	3,329.0	$	3,510.3	$	3,557.1
Net operating loss carryforwards		238.2		214.7		190.9		169.0
Accumulated other comprehensive loss		(561.5)		(1,415.8)		(1,837.8)		(1,957.3)
Common shareholders' equity		$	2,818.4	$	2,127.9	$	1,863.4	$	1,768.8

		1Q23		2Q23
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,543.8	$	3,603.0
Net operating loss carryforwards		152.4		126.3
Accumulated other comprehensive loss		(1,664.4)		(1,733.5)
Common shareholders' equity		$	2,031.8	$	1,995.8


		Trailing four quarter average
		2Q23		2Q22
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,519.3	$	3,090.3
Net operating loss carryforwards		170.7		250.7
Accumulated other comprehensive loss		(1,758.5)		(101.2)
Common shareholders' equity		$	1,931.5	$	3,239.8

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


	Three months ended
	December 31, 2022
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	50.8	$	3.2	(a)	$	54.0
Health margin	140.4		(18.3)		(a)	122.1
Life margin	43.3		14.4		(a)	57.7
Total insurance product margin	234.5		(0.7)			233.8
Allocated expenses	(149.1)		—			(149.1)
Income from insurance products	85.4		(0.7)			84.7
Fee income	9.2		—			9.2
Investment income not allocated to product lines	25.2		—			25.2
Expenses not allocated to product lines	(12.8)		—			(12.8)
Operating earnings before taxes	107.0		(0.7)			106.3
Income tax (expense) benefit on operating income	(24.1)		0.2			(23.9)
Net operating income	$	82.9	$	(0.5)		$	82.4

Net operating income per diluted share	$	0.71	$	—		$	0.71

___________

(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.


	Three months ended
	June 30, 2022
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	60.1	$	—		$	60.1
Health margin	125.4		—			125.4
Life margin	70.2		—			70.2
Total insurance product margin	255.7		—			255.7
Allocated expenses	(152.2)		—			(152.2)
Income from insurance products	103.5		—			103.5
Fee income	3.2		—			3.2
Investment income not allocated to product lines	64.6		—			64.6
Expenses not allocated to product lines	2.9		(22.5)		(a)	(19.6)
Operating earnings before taxes	174.2		(22.5)			151.7
Income tax (expense) benefit on operating income	(39.1)		5.1			(34.0)
Net operating income	$	135.1	$	(17.4)		$	117.7

Net operating income per diluted share	$	1.15	$	(0.15)		$	1.00

___________

(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.


	Three months ended
	December 31, 2021
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	65.6	$	0.7	(a)	$	66.3
Health margin	126.2		(7.1)		(a)	119.1
Life margin	53.4		3.4		(a)	56.8
Total insurance product margin	245.2		(3.0)			242.2
Allocated expenses	(143.3)		—			(143.3)
Income from insurance products	101.9		(3.0)			98.9
Fee income	2.9		—			2.9
Investment income not allocated to product lines	44.4		—			44.4
Expenses not allocated to product lines	(17.4)		—			(17.4)
Operating earnings before taxes	131.8		(3.0)			128.8
Income tax (expense) benefit on operating income	(28.7)		0.7			(28.0)
Net operating income	$	103.1	$	(2.3)		$	100.8

Net operating income per diluted share	$	0.83	$	(0.02)		$	0.81

___________

(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.


	Three months ended
	September 30, 2021
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	58.5	$	—		$	58.5
Health margin	122.8		—			122.8
Life margin	60.8		—			60.8
Total insurance product margin	242.1		—			242.1
Allocated expenses	(140.5)		—			(140.5)
Income from insurance products	101.6		—			101.6
Fee income	2.6		—			2.6
Investment income not allocated to product lines	51.9		—			51.9
Expenses not allocated to product lines	(17.3)		3.0		(a)	(14.3)
Operating earnings before taxes	138.8		3.0			141.8
Income tax (expense) benefit on operating income	(30.7)		(0.7)			(31.4)
Net operating income	$	108.1	$	2.3		$	110.4

Net operating income per diluted share	$	0.84	$	0.02		$	0.86

___________

(a)Comprised of $3.0 million from legal and regulatory matters.

For further information:

CNO News Media

Valerie Dolenga

Valerie.Dolenga@CNOinc.com

CNO Investor Relations

Adam Auvil

Adam.Auvil@CNOinc.com

Exhibit 99.2

Quarterly Financial Supplement - 2Q2023

July 31, 2023

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 from annuity and interest sensitive life products and insurance policy income												10
Health and life new annualized premiums												11
Computation of weighted average shares outstanding												12
Annuities - account value rollforwards												13
Statutory information												14
Investment income not allocated to product lines and investment income allocated to product lines												15-18
Other investment data												18
Significant items												19-21
Notes												22-23

Page 2

CNO FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)



	Mar-22		Jun-22		Sep-22		Dec-22		Mar-23		Jun-23
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	23,479.4	$	21,362.7	$	20,301.1	$	20,353.4	$	21,107.1	$	20,959.7
Equity securities at fair value	91.0		136.9		135.8		135.3		106.1		96.4
Mortgage loans	1,213.3		1,215.3		1,227.3		1,411.9		1,676.1		1,825.9
Policy loans	119.5		119.5		120.2		121.6		123.0		124.2
Trading securities	223.0		198.9		223.3		207.9		208.1		218.9
Investments held by variable interest entities	1,180.8		1,107.7		1,099.2		1,077.6		1,017.9		948.2
Other invested assets	1,121.8		1,086.6		1,028.6		1,034.7		1,097.1		1,176.7
Total investments	27,428.8		25,227.6		24,135.5		24,342.4		25,335.4		25,350.0
Cash and cash equivalents - unrestricted	546.0		567.2		498.0		575.7		425.0		457.7
Cash and cash equivalents held by variable interest entities	48.0		52.2		55.5		69.2		97.1		104.2
Accrued investment income	227.9		224.1		236.0		235.6		241.3		242.1
Present value of future profits	223.2		216.4		210.0		203.7		197.6		191.8
Deferred acquisition costs	1,659.6		1,697.4		1,731.4		1,770.9		1,811.3		1,857.7
Reinsurance receivables	4,387.0		4,288.0		4,218.6		4,223.4		4,189.6		4,029.2
Market risk benefit asset	16.9		37.3		56.3		65.3		57.8		66.0
Income tax assets, net	773.1		951.9		1,023.9		1,063.4		988.1		1,007.1
Assets held in separate accounts	3.6		3.0		2.7		2.7		2.8		3.0
Other assets	671.0		566.9		552.2		580.8		669.0		745.1
Total assets	$	35,985.1	$	33,832.0	$	32,720.1	$	33,133.1	$	34,015.0	$	34,053.9
Liabilities
Liabilities for insurance products:
Policyholder account balances	$	14,725.6	$	14,959.4	$	15,079.7	$	15,234.2	$	15,302.9	$	15,387.7
Future policy benefits	13,206.1		11,784.9		10,815.5		11,240.2		11,623.3		11,479.6
Market risk benefit liability	63.8		29.9		13.7		11.3		17.6		10.5
Liability for life insurance policy claims	94.1		66.2		63.9		64.1		67.6		64.6
Unearned and advanced premiums	250.0		243.4		238.2		235.0		243.5		233.6
Liabilities related to separate accounts	3.6		3.0		2.7		2.7		2.8		3.0
Other liabilities	912.3		713.2		749.4		693.9		681.3		898.9
Investment borrowings	1,640.5		1,640.2		1,639.9		1,639.5		1,839.6		1,839.5
Borrowings related to variable interest entities	1,133.1		1,125.9		1,115.3		1,104.6		1,065.4		1,001.0
Notes payable - direct corporate obligations	1,137.6		1,138.0		1,138.4		1,138.8		1,139.2		1,139.7
Total liabilities	33,166.7		31,704.1		30,856.7		31,364.3		31,983.2		32,058.1
Shareholders' equity
Common stock	1.2		1.1		1.1		1.1		1.1		1.1
Additional paid-in capital	2,085.7		2,032.7		2,030.6		2,033.8		2,021.1		1,997.9
Retained earnings	1,293.0		1,509.9		1,669.5		1,691.2		1,674.0		1,730.3
Total shareholders' equity before accumulated other comprehensive income (loss)	3,379.9		3,543.7		3,701.2		3,726.1		3,696.2		3,729.3
Accumulated other comprehensive income (loss)	(561.5)		(1,415.8)		(1,837.8)		(1,957.3)		(1,664.4)		(1,733.5)
Total shareholders' equity	2,818.4		2,127.9		1,863.4		1,768.8		2,031.8		1,995.8
Total liabilities and shareholders' equity	$	35,985.1	$	33,832.0	$	32,720.1	$	33,133.1	$	34,015.0	$	34,053.9



	Mar-22		Jun-22		Sep-22		Dec-22		Mar-23		Jun-23

Book value per common share	$	24.04	$	18.54	$	16.29	$	15.47	$	17.68	$	17.56

Book value per common share, excluding accumulated other comprehensive income (loss) (1) (2)	$	28.83	$	30.87	$	32.36	$	32.59	$	32.17	$	32.81

Book value per diluted share (1) (3)	$	28.28	$	30.50	$	31.91	$	31.89	$	31.82	$	32.34

Page 3

CNO FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Revenues
Insurance policy income	$	625.0	$	625.6	$	623.2	$	626.0	$	2,499.8	$	625.5	$	628.3
Net investment income:
General account assets	277.5		317.7		289.0		294.8		1,179.0		292.2		308.1
Policyholder and other special-purpose portfolios	(69.3)		(93.8)		(20.9)		20.9		(163.1)		50.8		91.6
Investment gains (losses):
Realized investment gains (losses)	18.8		(7.0)		(8.2)		(21.5)		(17.9)		(14.6)		(21.8)
Other investment losses	(51.5)		(41.8)		(9.5)		(14.7)		(117.5)		—		(13.5)

Total investment losses	(32.7)		(48.8)		(17.7)		(36.2)		(135.4)		(14.6)		(35.3)
Fee revenue and other income	42.4		54.3		31.7		68.1		196.5		52.1		30.1
Total revenues	842.9		855.0		905.3		973.6		3,576.8		1,006.0		1,022.8

Benefits and expenses
Insurance policy benefits	333.9		302.2		396.1		583.2		1,615.4		609.7		565.9
Liability for future policy benefits remeasurement (gain) loss	7.0		0.3		(5.0)		(17.9)		(15.6)		0.6		8.3
Change in fair value of market risk benefits	(32.7)		(50.3)		(34.9)		(22.3)		(140.2)		14.8		(17.6)
Interest expense	23.8		27.8		37.6		47.8		137.0		54.7		57.6
Amortization	52.3		52.7		53.5		54.3		212.8		55.5		56.0

Other operating costs and expenses	218.3		222.5		230.1		280.0		950.9		271.7		256.5
Total benefits and expenses	602.6		555.2		677.4		925.1		2,760.3		1,007.0		926.7

Income (loss) before income taxes	240.3		299.8		227.9		48.5		816.5		(1.0)		96.1
Income tax expense (benefit) on period income (loss)	56.9		66.5		52.0		10.5		185.9		(0.2)		22.4

Net income (loss)	$	183.4	$	233.3	$	175.9	$	38.0	$	630.6	$	(0.8)	$	73.7

Page 4

CNO FINANCIAL GROUP, INC.

FINANCIAL SUMMARY

(Dollars in millions, except per share data)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Insurance product margin (4)
Annuity margin	$	55.9	$	60.1	$	60.1	$	50.8	$	226.9	$	57.3	$	57.1
Health margin	115.3		125.4		123.3		140.4		504.4		116.5		108.2
Life margin	36.0		70.2		55.7		43.3		205.2		47.4		57.9
Total insurance product margin	207.2		255.7		239.1		234.5		936.5		221.2		223.2
Allocated expenses	(144.8)		(152.2)		(150.5)		(149.1)		(596.6)		(157.5)		(149.5)
Income from insurance products (5)	62.4		103.5		88.6		85.4		339.9		63.7		73.7
Fee income	9.9		3.2		1.4		9.2		23.7		15.5		0.6
Investment income not allocated to product lines (9)	27.0		64.6		27.1		25.2		143.9		15.5		28.0
Expenses not allocated to product lines	(14.8)		2.9		(16.1)		(12.8)		(40.8)		(18.3)		(21.1)
Operating earnings before taxes	84.5		174.2		101.0		107.0		466.7		76.4		81.2
Income tax expense on operating income	(20.0)		(39.1)		(23.1)		(24.1)		(106.3)		(17.8)		(18.9)
Net operating income (10)	64.5		135.1		77.9		82.9		360.4		58.6		62.3
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses	(7.2)		(27.1)		(0.7)		(27.2)		(62.2)		(12.7)		(31.3)
Net change in market value of investments recognized in earnings	(25.5)		(21.7)		(17.0)		(9.0)		(73.2)		(1.9)		(4.0)
Fair value changes related to agent deferred compensation plan	22.7		14.0		12.0		0.2		48.9		—		—
Changes in fair value of embedded derivative liabilities and market risk benefits	165.4		160.6		130.6		(16.4)		440.2		(65.1)		50.4

Other	0.4		(0.2)		2.0		(6.1)		(3.9)		2.3		(0.2)
Net non-operating income (loss) before taxes	155.8		125.6		126.9		(58.5)		349.8		(77.4)		14.9
Income tax (expense) benefit on non-operating income (loss)	(36.9)		(27.4)		(28.9)		13.6		(79.6)		18.0		(3.5)

Net non-operating income (loss)	118.9		98.2		98.0		(44.9)		270.2		(59.4)		11.4
Net income (loss)	$	183.4	$	233.3	$	175.9	$	38.0	$	630.6	$	(0.8)	$	73.7
Per diluted share
Net operating income	$	0.54	$	1.15	$	0.67	$	0.71	$	3.06	$	0.51	$	0.54
Net non-operating income (loss)	0.98		0.84		0.85		(0.38)		2.30		(0.52)		0.10
Net income (loss)	$	1.52	$	1.99	$	1.52	$	0.33	$	5.36	$	(0.01)	$	0.64

Page 5

CNO FINANCIAL GROUP, INC.

Insurance Operations

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Insurance product margin (4)
Annuity:
Insurance policy income	$	5.0	$	5.8	$	6.3	$	6.0	$	23.1	$	5.1	$	8.1
Net investment income (5) (6)	117.5		117.8		121.1		123.6		480.0		125.4		127.7
Insurance policy benefits	(9.5)		(6.8)		(6.5)		(15.5)		(38.3)		(8.7)		(10.6)
Interest credited (6)	(42.5)		(41.4)		(44.8)		(46.8)		(175.5)		(48.1)		(50.6)
Amortization and non-deferred commissions	(14.6)		(15.3)		(16.0)		(16.5)		(62.4)		(16.4)		(17.5)
Annuity margin	55.9		60.1		60.1		50.8		226.9		57.3		57.1
Health:
Insurance policy income	406.7		403.5		403.5		403.6		1,617.3		401.4		397.1
Net investment income (5)	73.3		73.0		73.3		73.7		293.3		74.0		74.3
Insurance policy benefits	(323.1)		(309.9)		(310.8)		(293.7)		(1,237.5)		(318.1)		(322.7)
Amortization and non-deferred commissions	(41.6)		(41.2)		(42.7)		(43.2)		(168.7)		(40.8)		(40.5)
Health margin	115.3		125.4		123.3		140.4		504.4		116.5		108.2
Life:
Insurance policy income	213.3		216.3		213.4		216.4		859.4		219.0		223.1
Net investment income (5) (7)	35.5		35.2		35.4		35.8		141.9		36.3		36.1
Insurance policy benefits	(153.1)		(127.7)		(138.7)		(155.8)		(575.3)		(147.2)		(142.8)
Interest credited (7)	(12.0)		(11.7)		(12.6)		(12.7)		(49.0)		(12.1)		(12.2)
Amortization and non-deferred commissions	(18.4)		(19.3)		(19.7)		(20.1)		(77.5)		(19.9)		(20.8)
Advertising expense	(29.3)		(22.6)		(22.1)		(20.3)		(94.3)		(28.7)		(25.5)
Life margin	36.0		70.2		55.7		43.3		205.2		47.4		57.9
Total insurance product margin	207.2		255.7		239.1		234.5		936.5		221.2		223.2
Allocated expenses:
Branch office expenses	(18.1)		(15.4)		(16.5)		(12.3)		(62.3)		(19.8)		(15.9)
Other allocated expenses	(126.7)		(136.8)		(134.0)		(136.8)		(534.3)		(137.7)		(133.6)
Income from insurance products (8)	62.4		103.5		88.6		85.4		339.9		63.7		73.7
Fee income	9.9		3.2		1.4		9.2		23.7		15.5		0.6
Investment income not allocated to product lines (9)	27.0		64.6		27.1		25.2		143.9		15.5		28.0
Expenses not allocated to product lines	(14.8)		2.9		(16.1)		(12.8)		(40.8)		(18.3)		(21.1)
Operating earnings before taxes	84.5		174.2		101.0		107.0		466.7		76.4		81.2
Income tax expense on operating income	(20.0)		(39.1)		(23.1)		(24.1)		(106.3)		(17.8)		(18.9)
Net operating income (10)	$	64.5	$	135.1	$	77.9	$	82.9	$	360.4	$	58.6	$	62.3

Page 6

CNO FINANCIAL GROUP, INC.

Margin from Annuity Products

(Dollars in millions)

(Unaudited)



	1Q			2Q			3Q			4Q			YTD			1Q			2Q
	2022			2022			2022			2022			2022			2023			2023
Annuity margin (4):
Fixed indexed annuities
Insurance policy income	$	3.0		$	3.7		$	3.6		$	4.2		$	14.5		$	3.6		$	5.5
Net investment income (5) (6)	90.1			91.4			95.0			97.3			373.8			98.8			101.2
Insurance policy benefits	(4.6)			(3.1)			(2.0)			(10.3)			(20.0)			(4.1)			(4.2)
Interest credited (6)	(30.4)			(29.5)			(33.0)			(34.6)			(127.5)			(36.4)			(38.9)
Amortization and non-deferred commissions	(13.3)			(14.1)			(14.7)			(15.3)			(57.4)			(15.4)			(16.0)
Margin from fixed indexed annuities	$	44.8		$	48.4		$	48.9		$	41.3		$	183.4		$	46.5		$	47.6
Average net insurance liabilities (11)	$	8,486.3		$	8,711.0		$	8,902.9		$	9,054.2		$	8,788.6		$	9,183.8		$	9,276.0
Margin/average net insurance liabilities (12)	2.11		%	2.22		%	2.20		%	1.82		%	2.09		%	2.03		%	2.05		%
Fixed interest annuities
Insurance policy income	$	0.1		$	0.3		$	0.2		$	0.2		$	0.8		$	0.3		$	0.2
Net investment income (5)	21.5			20.6			20.3			20.6			83.0			20.9			20.9
Insurance policy benefits	(0.4)			(0.6)			0.1			(0.2)			(1.1)			(0.1)			—
Interest credited	(11.5)			(11.3)			(11.2)			(11.7)			(45.7)			(11.1)			(11.1)
Amortization and non-deferred commissions	(1.2)			(1.1)			(1.2)			(1.1)			(4.6)			(0.9)			(1.3)
Margin from fixed interest annuities	$	8.5		$	7.9		$	8.2		$	7.8		$	32.4		$	9.1		$	8.7
Average net insurance liabilities (11)	$	1,761.2		$	1,712.5		$	1,675.9		$	1,652.6		$	1,700.5		$	1,630.9		$	1,613.1
Margin/average net insurance liabilities (12)	1.93		%	1.85		%	1.96		%	1.89		%	1.91		%	2.23		%	2.16		%
Other annuities
Insurance policy income	$	1.9		$	1.8		$	2.5		$	1.6		$	7.8		$	1.2		$	2.4
Net investment income (5)	5.9			5.8			5.8			5.7			23.2			5.7			5.6
Insurance policy benefits	(4.5)			(3.1)			(4.6)			(5.0)			(17.2)			(4.5)			(6.4)
Interest credited	(0.6)			(0.6)			(0.6)			(0.5)			(2.3)			(0.6)			(0.6)
Amortization and non-deferred commissions	(0.1)			(0.1)			(0.1)			(0.1)			(0.4)			(0.1)			(0.2)
Margin from other annuities	$	2.6		$	3.8		$	3.0		$	1.7		$	11.1		$	1.7		$	0.8
Average net insurance liabilities (11)	$	490.2		$	484.2		$	478.8		$	473.6		$	481.7		$	469.5		$	462.5
Margin/average net insurance liabilities (12)	2.12		%	3.14		%	2.51		%	1.44		%	2.30		%	1.45		%	0.69		%
Total annuity margin	$	55.9		$	60.1		$	60.1		$	50.8		$	226.9		$	57.3		$	57.1
Average net insurance liabilities (11)	$	10,737.7		$	10,907.7		$	11,057.6		$	11,180.4		$	10,970.8		$	11,284.2		$	11,351.6
Margin/average net insurance liabilities (12)	2.08		%	2.20		%	2.17		%	1.82		%	2.07		%	2.03		%	2.01		%

Page 7

CNO FINANCIAL GROUP, INC.

Margin from Health Products

(Dollars in millions)

(Unaudited)



	1Q			2Q			3Q			4Q			YTD			1Q			2Q
	2022			2022			2022			2022			2022			2023			2023
Health margin (4):
Supplemental health
Insurance policy income	$	173.5		$	172.0		$	173.5		$	175.3		$	694.3		$	179.0		$	176.2
Net investment income (5)	37.4			37.6			37.7			38.2			150.9			38.6			38.9
Insurance policy benefits	(129.3)			(128.1)			(125.8)			(125.6)			(508.8)			(128.2)			(128.9)
Amortization and non-deferred commissions	(25.5)			(25.5)			(26.9)			(27.6)			(105.5)			(26.1)			(26.3)
Margin from supplemental health	$	56.1		$	56.0		$	58.5		$	60.3		$	230.9		$	63.3		$	59.9
Margin/insurance policy income	32		%	33		%	34		%	34		%	33		%	35		%	34		%
Medicare supplement
Insurance policy income	$	166.8		$	165.1		$	163.6		$	162.3		$	657.8		$	156.5		$	155.3
Net investment income (5)	1.3			1.4			1.4			1.3			5.4			1.3			1.2
Insurance policy benefits	(120.5)			(114.1)			(113.9)			(113.4)			(461.9)			(120.5)			(113.4)
Amortization and non-deferred commissions	(13.0)			(12.6)			(12.4)			(12.3)			(50.3)			(11.2)			(10.8)
Margin from Medicare supplement	$	34.6		$	39.8		$	38.7		$	37.9		$	151.0		$	26.1		$	32.3
Margin/insurance policy income	21		%	24		%	24		%	23		%	23		%	17		%	21		%
Long-term care
Insurance policy income	$	66.4		$	66.4		$	66.4		$	66.0		$	265.2		$	65.9		$	65.6
Net investment income (5)	34.6			34.0			34.2			34.2			137.0			34.1			34.2
Insurance policy benefits	(73.3)			(67.7)			(71.1)			(54.7)			(266.8)			(69.4)			(80.4)
Amortization and non-deferred commissions	(3.1)			(3.1)			(3.4)			(3.3)			(12.9)			(3.5)			(3.4)
Margin from long-term care	$	24.6		$	29.6		$	26.1		$	42.2		$	122.5		$	27.1		$	16.0
Margin/insurance policy income	37		%	45		%	39		%	64		%	46		%	41		%	24		%
Total health margin	$	115.3		$	125.4		$	123.3		$	140.4		$	504.4		$	116.5		$	108.2
Margin/insurance policy income	28		%	31		%	31		%	35		%	31		%	29		%	27		%

Page 8

CNO FINANCIAL GROUP, INC.

Margin from Life Products

(Dollars in millions)

(Unaudited)



	1Q			2Q			3Q			4Q			YTD			1Q			2Q
	2022			2022			2022			2022			2022			2023			2023
Life margin (4):
Interest sensitive life
Insurance policy income	$	43.1		$	43.8		$	43.5		$	44.2		$	174.6		$	44.5		$	45.3
Net investment income (5) (7)	13.0			12.8			12.9			12.9			51.6			13.1			12.7
Insurance policy benefits	(21.2)			(15.8)			(20.5)			(17.7)			(75.2)			(18.2)			(17.1)
Interest credited (7)	(11.9)			(11.5)			(12.4)			(12.5)			(48.3)			(12.0)			(12.0)
Amortization and non-deferred commissions	(5.7)			(5.9)			(5.9)			(5.7)			(23.2)			(4.6)			(4.8)
Margin from interest sensitive life	$	17.3		$	23.4		$	17.6		$	21.2		$	79.5		$	22.8		$	24.1
Average net insurance liabilities (11)	$	1,009.4		$	1,016.4		$	1,019.2		$	1,026.9		$	1,018.0		$	1,032.0		$	1,035.4
Interest margin	$	1.1		$	1.3		$	0.5		$	0.4		$	3.3		$	1.1		$	0.7
Interest margin/average net insurance liabilities (12)	0.44		%	0.51		%	0.20		%	0.16		%	0.32		%	0.43		%	0.27		%
Underwriting margin	$	16.2		$	22.1		$	17.1		$	20.8		$	76.2		$	21.7		$	23.4
Underwriting margin/insurance policy income	38		%	50		%	39		%	47		%	44		%	49		%	52		%
Traditional life
Insurance policy income	$	170.2		$	172.5		$	169.9		$	172.2		$	684.8		$	174.5		$	177.8
Net investment income (5)	22.5			22.4			22.5			22.9			90.3			23.2			23.4
Insurance policy benefits	(131.9)			(111.9)			(118.2)			(138.1)			(500.1)			(129.0)			(125.7)
Interest credited	(0.1)			(0.2)			(0.2)			(0.2)			(0.7)			(0.1)			(0.2)
Amortization and non-deferred commissions	(12.7)			(13.4)			(13.8)			(14.4)			(54.3)			(15.3)			(16.0)
Advertising expense	(29.3)			(22.6)			(22.1)			(20.3)			(94.3)			(28.7)			(25.5)
Margin from traditional life	$	18.7		$	46.8		$	38.1		$	22.1		$	125.7		$	24.6		$	33.8
Margin/insurance policy income	11		%	27		%	22		%	13		%	18		%	14		%	19		%
Margin excluding advertising expense/insurance policy income	28		%	40		%	35		%	25		%	32		%	31		%	33		%
Total life margin	$	36.0		$	70.2		$	55.7		$	43.3		$	205.2		$	47.4		$	57.9

Page 9

CNO FINANCIAL GROUP, INC.

Collected Premiums From Annuity and Interest Sensitive Life Products

and Insurance Policy Income

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Collected premiums from annuity and interest-sensitive life products:
Annuities	$	368.6	$	435.0	$	370.0	$	431.0	$	1,604.6	$	370.9	$	401.8
Interest-sensitive life	56.6		56.6		56.6		58.1		227.9		58.2		60.3
Total collected premiums from annuity and interest-sensitive life products	$	425.2	$	491.6	$	426.6	$	489.1	$	1,832.5	$	429.1	$	462.1

Insurance policy income:
Annuity products
Fixed indexed annuities	$	3.0	$	3.7	$	3.6	$	4.2	$	14.5	$	3.6	$	5.5
Fixed interest annuities	0.1		0.3		0.2		0.2		0.8		0.3		0.2
Other annuities	1.9		1.8		2.5		1.6		7.8		1.2		2.4
Total annuity insurance policy income	5.0		5.8		6.3		6.0		23.1		5.1		8.1
Health products
Supplemental health	173.5		172.0		173.5		175.3		694.3		179.0		176.2
Medicare supplement	166.8		165.1		163.6		162.3		657.8		156.5		155.3
Long-term care	66.4		66.4		66.4		66.0		265.2		65.9		65.6
Total health insurance policy income	406.7		403.5		403.5		403.6		1,617.3		401.4		397.1
Life products
Interest-sensitive life	43.1		43.8		43.5		44.1		174.5		44.5		45.3
Traditional life	170.2		172.5		169.9		172.3		684.9		174.5		177.8
Total life insurance policy income	213.3		216.3		213.4		216.4		859.4		219.0		223.1
Total insurance policy income	$	625.0	$	625.6	$	623.2	$	626.0	$	2,499.8	$	625.5	$	628.3

Page 10

CNO FINANCIAL GROUP, INC.

Health and Life

New Annualized Premiums ("NAP")

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Consumer Division
Health products:
Supplemental health	$	15.5	$	16.7	$	19.3	$	24.6	$	76.1	$	17.4	$	18.7
Medicare supplement	6.5		6.9		8.0		10.4		31.8		7.8		8.9
Long-term care	6.8		6.1		6.0		6.2		25.1		6.2		5.7
Total Consumer Division health NAP	28.8		29.7		33.3		41.2		133.0		31.4		33.3
Life products:
Interest sensitive life	5.1		4.8		4.6		4.4		18.9		4.6		6.3
Traditional life	48.2		44.3		38.2		33.2		163.9		49.7		46.0
Total Consumer Division life NAP	53.3		49.1		42.8		37.6		182.8		54.3		52.3
Total Consumer Division health and life NAP	$	82.1	$	78.8	$	76.1	$	78.8	$	315.8	$	85.7	$	85.6
Worksite Division
Health products:
Supplemental health	$	6.0	$	7.7	$	8.9	$	8.7	$	31.3	$	8.1	$	9.8
Life products:
Interest sensitive life	2.5		2.3		2.3		3.2		10.3		2.8		3.3
Total Worksite Division health and life NAP	$	8.5	$	10.0	$	11.2	$	11.9	$	41.6	$	10.9	$	13.1
Total NAP (both divisions)
Health products:
Supplemental health	$	21.5	$	24.4	$	28.2	$	33.3	$	107.4	$	25.5	$	28.5
Medicare supplement	6.5		6.9		8.0		10.4		31.8		7.8		8.9
Long-term care	6.8		6.1		6.0		6.2		25.1		6.2		5.7
Total health NAP	34.8		37.4		42.2		49.9		164.3		39.5		43.1
Life products:
Interest sensitive life	7.6		7.1		6.9		7.6		29.2		7.4		9.6
Traditional life	48.2		44.3		38.2		33.2		163.9		49.7		46.0
Total life NAP	55.8		51.4		45.1		40.8		193.1		57.1		55.6
Total NAP	$	90.6	$	88.8	$	87.3	$	90.7	$	357.4	$	96.6	$	98.7

Page 11

CNO FINANCIAL GROUP, INC.

Computation of Weighted Average Shares Outstanding

(Shares in thousands)



	1Q	2Q	3Q	4Q	YTD	1Q	2Q
	2022	2022	2022	2022	2022	2023 (a)	2023
Basic
Shares outstanding, beginning of period	120,377.2	117,241.0	114,795.3	114,367.3	120,377.2	114,343.1	114,905.2
Weighted average share activity during the period:
Shares repurchased	(2,098.0)	(1,774.6)	(467.6)	(145.1)	(5,579.4)	(255.7)	(675.8)
Amounts related to employee benefit plans	488.5	76.9	26.6	200.8	1,273.6	671.8	45.9
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans	(145.5)	(10.2)	(0.6)	(0.9)	(338.6)	(214.3)	(1.8)
Weighted average basic shares outstanding during the period	118,622.2	115,533.1	114,353.7	114,422.1	115,732.8	114,544.9	114,273.5
Basic shares outstanding, end of period	117,241.0	114,795.3	114,367.3	114,343.1	114,343.1	114,905.2	113,673.9
Diluted
Weighted average basic shares outstanding	118,622.2	115,533.1	114,353.7	114,422.1	115,732.8	114,544.9	114,273.5
Common stock equivalent shares related to:
Employee benefit plans	2,379.9	1,752.5	1,574.8	2,231.1	1,984.5	—	1,376.1
Weighted average diluted shares outstanding during the period	121,002.1	117,285.6	115,928.5	116,653.2	117,717.3	114,544.9	115,649.6
Diluted shares outstanding, end of period	119,502.6	116,203.1	115,970.6	116,842.1	116,842.1	116,176.0	115,303.3

___________

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

Page 12

CNO FINANCIAL GROUP, INC.

Annuities - Account Value Rollforwards

(Dollars in millions)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Fixed indexed annuities
Balance, beginning of period excluding contracts 100% ceded	$	8,681.0	$	8,902.0	$	9,162.9	$	9,320.0	$	8,681.0	$	9,490.4	$	9,584.3
Issuances	354.6		411.3		346.0		397.3		1,509.2		323.3		351.6
Premiums received	0.1		—		0.1		0.1		0.3		0.4		(0.2)
Policy charges	(3.0)		(3.6)		(3.8)		(4.0)		(14.4)		(4.0)		(5.2)
Surrenders and withdrawals	(133.7)		(127.2)		(127.7)		(178.9)		(567.5)		(178.2)		(182.6)
Benefit payments	(67.3)		(58.1)		(67.0)		(55.4)		(247.8)		(59.2)		(63.1)
Interest credited	65.7		32.6		4.5		4.8		107.6		6.1		17.2
Other	4.6		5.9		5.0		6.5		22.0		5.5		5.7
Balance, end of period excluding contracts 100% ceded	$	8,902.0	$	9,162.9	$	9,320.0	$	9,490.4	$	9,490.4	$	9,584.3	$	9,707.7

Fixed interest annuities
Balance, beginning of period excluding contracts 100% ceded	$	1,806.1	$	1,751.8	$	1,711.3	$	1,679.3	$	1,806.1	$	1,663.1	$	1,649.3
Issuances	10.5		20.0		21.7		31.5		83.7		45.3		45.8
Premiums received	1.1		1.0		0.8		0.8		3.7		0.7		0.9
Policy charges	(0.1)		(0.2)		(0.2)		(0.2)		(0.7)		(0.2)		(0.2)
Surrenders and withdrawals	(37.9)		(40.7)		(34.4)		(36.2)		(149.2)		(43.3)		(42.1)
Benefit payments	(39.6)		(31.9)		(31.4)		(24.2)		(127.1)		(27.7)		(28.2)
Interest credited	11.5		11.4		11.4		11.8		46.1		11.3		11.2
Other	0.2		(0.1)		0.1		0.3		0.5		0.1		(0.1)
Balance, end of period excluding contracts 100% ceded	$	1,751.8	$	1,711.3	$	1,679.3	$	1,663.1	$	1,663.1	$	1,649.3	$	1,636.6

Total annuities
Balance, beginning of period excluding contracts 100% ceded	$	10,487.1	$	10,653.8	$	10,874.2	$	10,999.3	$	10,487.1	$	11,153.5	$	11,233.6
Issuances	365.1		431.3		367.7		428.8		1,592.9		368.6		397.4
Premiums received	1.2		1.0		0.9		0.9		4.0		1.1		0.7
Policy charges	(3.1)		(3.8)		(4.0)		(4.2)		(15.1)		(4.2)		(5.4)
Surrenders and withdrawals	(171.6)		(167.9)		(162.1)		(215.1)		(716.7)		(221.5)		(224.7)
Benefit payments	(106.9)		(90.0)		(98.4)		(79.6)		(374.9)		(86.9)		(91.3)
Interest credited	77.2		44.0		15.9		16.6		153.7		17.4		28.4
Other	4.8		5.8		5.1		6.8		22.5		5.6		5.6
Balance, end of period excluding contracts 100% ceded	$	10,653.8	$	10,874.2	$	10,999.3	$	11,153.5	$	11,153.5	$	11,233.6	$	11,344.3

Page 13

CNO FINANCIAL GROUP, INC.

Statutory Information - Consolidated Basis (13)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023 (a)

Net gain from operations before interest expense and federal income taxes	$	26.7	$	87.7	$	78.4	$	75.0	$	267.8	$	58.3	$	55.6
Interest expense on surplus debentures held by parent company	12.0		12.2		20.1		14.6		58.9		15.9		16.6
Net gain from operations before federal income taxes	14.7		75.5		58.3		60.4		208.9		42.4		39.0
Federal income tax expense (benefit)	(15.8)		(17.6)		(7.0)		(14.6)		(55.0)		3.3		1.9
Net gain from operations before net realized capital gains (losses)	30.5		93.1		65.3		75.0		263.9		39.1		37.1
Net realized capital gains (losses)	—		(11.2)		(0.6)		(14.1)		(25.9)		(1.3)		(20.6)
Net income	$	30.5	$	81.9	$	64.7	$	60.9	$	238.0	$	37.8	$	16.5


Capital and surplus	$	1,738.0	$	1,796.9	$	1,847.0	$	1,849.8	$	1,849.8	$	1,831.3	$	1,857.0
Asset valuation reserve (AVR)	319.5		306.7		304.7		305.8		305.8		317.8		316.5
Capital, surplus and AVR	2,057.5		2,103.6		2,151.7		2,155.6		2,155.6		2,149.1		2,173.5
Interest maintenance reserve (IMR)	422.4		421.3		413.0		395.7		395.7		385.6		381.7
Total statutory capital, surplus, AVR & IMR	$	2,479.9	$	2,524.9	$	2,564.7	$	2,551.3	$	2,551.3	$	2,534.7	$	2,555.2



Risk-based capital ratio	365	%	360	%	375	%	384	%	384	%	380	%	386	%

___________

(a) Such amounts are preliminary as the statutory basis financial statements of our insurance subsidiaries for 2Q23 will

be filed with the respective insurance regulators on or about August 15, 2023.

Page 14

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Net investment income	$	208.2	$	223.9	$	268.1	$	315.7	$	1,015.9	$	343.0	$	399.7
Allocated to product lines:
Annuity	(117.5)		(117.8)		(121.1)		(123.6)		(480.0)		(125.4)		(127.7)
Health	(73.3)		(73.0)		(73.3)		(73.7)		(293.3)		(74.0)		(74.3)
Life	(35.5)		(35.2)		(35.4)		(35.8)		(141.9)		(36.3)		(36.1)
Equity returns credited to policyholder account balances	71.9		92.4		34.9		6.1		205.3		(18.6)		(62.3)
Amounts allocated to product lines and credited to policyholder account balances	(154.4)		(133.6)		(194.9)		(227.0)		(709.9)		(254.3)		(300.4)
Impact of annual option forfeitures related to fixed indexed annuity surrenders	1.6		(0.5)		(1.1)		(1.0)		(1.0)		—		1.4
Amount related to variable interest entities and other non-operating items	(7.2)		(9.1)		(13.6)		(18.6)		(48.5)		(20.9)		(19.0)
Interest expense on debt	(15.7)		(15.6)		(15.6)		(15.6)		(62.5)		(15.7)		(15.6)
Interest expense on investment borrowings from the Federal Home Loan Bank ("FHLB") program	(2.4)		(4.7)		(10.3)		(16.1)		(33.5)		(21.7)		(24.2)
Expenses related to the funding agreement-backed notes ("FABN") program (a)	(7.3)		(7.6)		(7.5)		(7.6)		(30.0)		(7.6)		(7.6)
Less amounts credited to deferred compensation plans (offsetting investment income)	4.2		11.8		2.0		(4.6)		13.4		(7.3)		(6.3)
Total adjustments	(26.8)		(25.7)		(46.1)		(63.5)		(162.1)		(73.2)		(71.3)
Investment income not allocated to product lines	$	27.0	$	64.6	$	27.1	$	25.2	$	143.9	$	15.5	$	28.0

___________

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

Page 15

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Investment income not allocated:
Excluding variable components:
From general account assets	$	22.3	$	27.1	$	27.4	$	30.7	$	107.5	$	24.9	$	26.4
Other investment income	0.1		0.3		1.1		1.7		3.2		1.9		2.0
Spread income:
FHLB program:
Investment income on matched assets	11.7		19.3		24.5		28.0		83.5		31.8		34.7
Interest expense	(2.4)		(4.7)		(10.3)		(16.1)		(33.5)		(21.7)		(24.2)
Net spread income on FHLB program	9.3		14.6		14.2		11.9		50.0		10.1		10.5
FABN program:
Investment income on matched assets	10.1		13.2		13.2		13.6		50.1		13.8		14.6
Expenses (b)	(7.3)		(7.6)		(7.5)		(7.6)		(30.0)		(7.6)		(7.6)
Net spread income on FABN program	2.8		5.6		5.7		6.0		20.1		6.2		7.0
Interest expense on corporate debt	(15.7)		(15.6)		(15.6)		(15.6)		(62.5)		(15.7)		(15.6)
Total excluding variable components	18.8		32.0		32.8		34.7		118.3		27.4		30.3
Variable components:
Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan:
Change in value of COLI investments	(3.4)		(2.3)		(0.2)		1.5		(4.4)		2.2		2.4
Increase in liability for agent deferred compensation plan	(1.5)		(1.5)		(1.5)		(1.6)		(6.1)		(1.6)		(1.6)
Net COLI income (loss)	(4.9)		(3.8)		(1.7)		(0.1)		(10.5)		0.6		0.8
Other variable components:
Alternative investment income (loss):
Total	11.3		27.1		(2.5)		(5.2)		30.7		(9.4)		0.2
Allocated to product lines	(7.4)		(7.4)		(7.6)		(7.9)		(30.3)		(7.8)		(7.8)
Excess alternative investment income (loss)	3.9		19.7		(10.1)		(13.1)		0.4		(17.2)		(7.6)
Prepayment and call income	5.2		14.9		3.7		1.6		25.4		0.1		0.1
Trading account	2.7		1.5		1.8		1.7		7.7		2.6		1.3
Hedge variance related to fixed indexed products	(1.0)		(0.4)		0.2		(0.1)		(1.3)		—		(1.0)
Impact of annual option forfeitures related to fixed indexed annuity surrenders	1.6		(0.5)		(1.1)		(1.0)		(1.0)		—		1.4
Other (a)	0.7		1.2		1.5		1.5		4.9		2.0		2.7
Total variable components	8.2		32.6		(5.7)		(9.5)		25.6		(11.9)		(2.3)
Total investment income not allocated to product lines	$	27.0	$	64.6	$	27.1	$	25.2	$	143.9	$	15.5	$	28.0

___________

(a) Includes impacts of changes in projected cash flows and other investment income.

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

Page 16

CNO FINANCIAL GROUP, INC.

Investment Income Allocated to Product Lines (5)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities	$	8,486.3	$	8,711.0	$	8,902.9	$	9,054.2	$	8,788.6	$	9,183.8	$	9,276.0
Fixed interest annuities	1,761.2		1,712.5		1,675.9		1,652.6		1,700.5		1,630.9		1,613.1
Other annuities	490.2		484.2		478.8		473.6		481.7		469.5		462.5
Total annuity average net insurance liabilities (11)	10,737.7		10,907.7		11,057.6		11,180.4		10,970.8		11,284.2		11,351.6
Health:
Supplemental health	3,215.6		3,250.7		3,278.3		3,308.8		3,263.3		3,331.0		3,350.6
Medicare supplement	129.5		140.3		135.1		121.9		131.7		124.2		118.7
Long-term care	2,639.2		2,650.1		2,658.0		2,659.4		2,651.7		2,659.8		2,670.5
Total health average net insurance liabilities (11)	5,984.3		6,041.1		6,071.4		6,090.1		6,046.7		6,115.0		6,139.8
Life:
Interest sensitive	1,009.4		1,016.4		1,019.2		1,026.9		1,018.0		1,032.0		1,035.4
Traditional	1,957.1		1,951.0		1,943.7		1,956.1		1,952.0		1,973.0		1,975.3
Total life average net insurance liabilities (11)	2,966.5		2,967.4		2,962.9		2,983.0		2,970.0		3,005.0		3,010.7
Total average net insurance liabilities (11)	$	19,688.5	$	19,916.2	$	20,091.9	$	20,253.5	$	19,987.5	$	20,404.2	$	20,502.1


Average yield on allocated investments
Annuity:
Fixed indexed annuities	4.25	%	4.20	%	4.27	%	4.30	%	4.25	%	4.30	%	4.36	%
Fixed interest annuities	4.88	%	4.81	%	4.85	%	4.99	%	4.88	%	5.13	%	5.18	%
Other annuities	4.81	%	4.79	%	4.85	%	4.81	%	4.82	%	4.86	%	4.84	%
Average yield on investments allocated to annuities	4.38	%	4.32	%	4.38	%	4.42	%	4.38	%	4.45	%	4.50	%
Health:
Supplemental health	4.65	%	4.63	%	4.60	%	4.62	%	4.62	%	4.64	%	4.64	%
Medicare supplement	4.11	%	4.01	%	4.01	%	4.06	%	4.05	%	4.13	%	4.19	%
Long-term care	5.24	%	5.13	%	5.15	%	5.14	%	5.17	%	5.13	%	5.12	%
Average yield on investments allocated to health products	4.90	%	4.83	%	4.83	%	4.84	%	4.85	%	4.84	%	4.84	%
Life:
Interest sensitive	5.15	%	5.04	%	5.06	%	5.02	%	5.07	%	5.08	%	4.91	%
Traditional	4.60	%	4.59	%	4.63	%	4.68	%	4.63	%	4.70	%	4.74	%
Average yield on investments allocated to life products	4.79	%	4.74	%	4.78	%	4.80	%	4.78	%	4.83	%	4.80	%
Total average yield	4.60	%	4.54	%	4.57	%	4.60	%	4.58	%	4.62	%	4.65	%


Allocated investment income
Annuity:
Fixed indexed annuities	$	90.1	$	91.4	$	95.0	$	97.3	$	373.8	$	98.8	$	101.2
Fixed interest annuities	21.5		20.6		20.3		20.6		83.0		20.9		20.9
Other annuities	5.9		5.8		5.8		5.7		23.2		5.7		5.6
Total investment income allocated to annuities	117.5		117.8		121.1		123.6		480.0		125.4		127.7
Health:
Supplemental health	37.4		37.6		37.7		38.2		150.9		38.6		38.9
Medicare supplement	1.3		1.4		1.4		1.3		5.4		1.3		1.2
Long-term care	34.6		34.0		34.2		34.2		137.0		34.1		34.2
Total investment income allocated to health products	73.3		73.0		73.3		73.7		293.3		74.0		74.3
Life:
Interest sensitive	13.0		12.8		12.9		12.9		51.6		13.1		12.7
Traditional	22.5		22.4		22.5		22.9		90.3		23.2		23.4
Total investment income allocated to life products	35.5		35.2		35.4		35.8		141.9		36.3		36.1
Total allocated investment income	$	226.3	$	226.0	$	229.8	$	233.1	$	915.2	$	235.7	$	238.1

Page 17

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)



	1Q		2Q		3Q		4Q		YTD		1Q		2Q
	2022		2022		2022		2022		2022		2023		2023
General account assets investment income	$	277.5	$	317.7	$	289.0	$	294.8	$	1,179.0	$	292.2	$	308.1
Policyholder and other special purpose portfolio investment income (loss)	(69.3)		(93.8)		(20.9)		20.9		(163.1)		50.8		91.6
Less equity returns credited to policyholders:
Annuity	64.3		80.1		30.9		6.0		181.3		(16.5)		(56.1)
Life	7.6		12.3		4.0		0.1		24.0		(2.1)		(6.2)
Less amount related to variable interest entities	(7.2)		(9.1)		(13.6)		(18.6)		(48.5)		(20.9)		(19.0)
Less amounts credited to deferred compensation plans	4.2		11.8		2.0		(4.6)		13.4		(7.3)		(6.3)
Other special purpose portfolio investment income (loss)	(0.4)		1.3		2.4		3.8		7.1		4.0		4.0
Adjusted net investment income	277.1		319.0		291.4		298.6		1,186.1		296.2		312.1
Less amounts allocated to product lines
Annuity	(117.5)		(117.8)		(121.1)		(123.6)		(480.0)		(125.4)		(127.7)
Health	(73.3)		(73.0)		(73.3)		(73.7)		(293.3)		(74.0)		(74.3)
Life	(35.5)		(35.2)		(35.4)		(35.8)		(141.9)		(36.3)		(36.1)
Total investment income allocated to product lines	(226.3)		(226.0)		(229.8)		(233.1)		(915.2)		(235.7)		(238.1)
Impact of annual option forfeitures related to fixed indexed annuity surrenders	1.6		(0.5)		(1.1)		(1.0)		(1.0)		—		1.4
Less interest expense on investment borrowings from FHLB program	(2.4)		(4.7)		(10.3)		(16.1)		(33.5)		(21.7)		(24.2)
Less expenses related to FABN program	(7.3)		(7.6)		(7.5)		(7.6)		(30.0)		(7.6)		(7.6)
Less interest expense on debt	(15.7)		(15.6)		(15.6)		(15.6)		(62.5)		(15.7)		(15.6)
Investment income not allocated to product lines	$	27.0	$	64.6	$	27.1	$	25.2	$	143.9	$	15.5	$	28.0

Other Investment Data



	1Q			2Q			3Q			4Q			1Q			2Q
	2022			2022			2022			2022			2023			2023
Average book value of invested assets and cash	$	25,791.7		$	25,954.0		$	26,251.0		$	26,484.1		$	26,801.8		$	26,900.3
Net investment income from general account investments	277.5			317.7			289.0			294.8			292.2			308.1
New money rate (14)	3.73		%	5.53		%	5.36		%	5.96		%	6.34		%	6.32		%
Book yield (15)	4.53		%	4.52		%	4.54		%	4.55		%	4.56		%	4.58		%
Earned yield (16)	4.50		%	5.00		%	4.35		%	4.35		%	4.22		%	4.41		%
Pre-pay/call/make-whole income	$	5.2		$	14.9		$	3.7		$	1.6		$	0.1		$	0.1
Alternative investment income (loss)	11.3			27.1			(2.5)			(5.2)			(9.4)			0.2

Page 18

CNO FINANCIAL GROUP, INC.

4Q22 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.


	Three months ended
	December 31, 2022
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	50.8	$	3.2	(a)	$	54.0
Health margin	140.4		(18.3)		(a)	122.1
Life margin	43.3		14.4		(a)	57.7
Total insurance product margin	234.5		(0.7)			233.8
Allocated expenses	(149.1)		—			(149.1)
Income from insurance products (5)	85.4		(0.7)			84.7
Fee income	9.2		—			9.2
Investment income not allocated to product lines (9)	25.2		—			25.2
Expenses not allocated to product lines	(12.8)		—			(12.8)
Operating earnings before taxes	107.0		(0.7)			106.3
Income tax (expense) benefit on operating income	(24.1)		0.2			(23.9)
Net operating income (10)	$	82.9	$	(0.5)		$	82.4

Net operating income per diluted share	$	0.71	$	—		$	0.71

___________

(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.

CNO FINANCIAL GROUP, INC.

2Q22 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

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


	Three months ended
	June 30, 2022
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	60.1	$	—		$	60.1
Health margin	125.4		—			125.4
Life margin	70.2		—			70.2
Total insurance product margin	255.7		—			255.7
Allocated expenses	(152.2)		—			(152.2)
Income from insurance products (5)	103.5		—			103.5
Fee income	3.2		—			3.2
Investment income not allocated to product lines (9)	64.6		—			64.6
Expenses not allocated to product lines	2.9		(22.5)		(a)	(19.6)
Operating earnings before taxes	174.2		(22.5)			151.7
Income tax (expense) benefit on operating income	(39.1)		5.1			(34.0)
Net operating income (10)	$	135.1	$	(17.4)		$	117.7

Net operating income per diluted share	$	1.15	$	(0.15)		$	1.00

___________

(a)Comprised of an experience refund of $22.5 million related to a reinsurance agreement.

Page 19

CNO FINANCIAL GROUP, INC.

4Q21 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

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


	Three months ended
	December 31, 2021
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	65.6	$	0.7	(a)	$	66.3
Health margin	126.2		(7.1)		(a)	119.1
Life margin	53.4		3.4		(a)	56.8
Total insurance product margin	245.2		(3.0)			242.2
Allocated expenses	(143.3)		—			(143.3)
Income from insurance products (5)	101.9		(3.0)			98.9
Fee income	2.9		—			2.9
Investment income not allocated to product lines (9)	44.4		—			44.4
Expenses not allocated to product lines	(17.4)		—			(17.4)
Operating earnings before taxes	131.8		(3.0)			128.8
Income tax (expense) benefit on operating income	(28.7)		0.7			(28.0)
Net operating income (10)	$	103.1	$	(2.3)		$	100.8

Net operating income per diluted share	$	0.83	$	(0.02)		$	0.81

___________

(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.

CNO FINANCIAL GROUP, INC.

3Q21 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

The table below summarizes the financial impact of significant items on our 3Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.


	Three months ended
	September 30, 2021
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	58.5	$	—		$	58.5
Health margin	122.8		—			122.8
Life margin	60.8		—			60.8
Total insurance product margin	242.1		—			242.1
Allocated expenses	(140.5)		—			(140.5)
Income from insurance products (5)	101.6		—			101.6
Fee income	2.6		—			2.6
Investment income not allocated to product lines (9)	51.9		—			51.9
Expenses not allocated to product lines	(17.3)		3.0		(a)	(14.3)
Operating earnings before taxes	138.8		3.0			141.8
Income tax (expense) benefit on operating income	(30.7)		(0.7)			(31.4)
Net operating income (10)	$	108.1	$	2.3		$	110.4

Net operating income per diluted share	$	0.84	$	0.02		$	0.86

___________

(a)Comprised of $3.0 million from legal and regulatory matters.

Page 20

CNO FINANCIAL GROUP, INC.

2Q21 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

The table below summarizes the financial impact of significant items on our 2Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.


	Three months ended
	June 30, 2021
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	60.0	$	—		$	60.0
Health margin	121.7		—			121.7
Life margin	50.3		—			50.3
Total insurance product margin	232.0		—			232.0
Allocated expenses	(141.6)		—			(141.6)
Income from insurance products (5)	90.4		—			90.4
Fee income	6.6		—			6.6
Investment income not allocated to product lines (9)	48.6		—			48.6
Expenses not allocated to product lines	(23.8)		4.5		(a)	(19.3)
Operating earnings before taxes	121.8		4.5			126.3
Income tax (expense) benefit on operating income	(27.8)		(1.0)			(28.8)
Net operating income (10)	$	94.0	$	3.5		$	97.5

Net operating income per diluted share	$	0.70	$	0.03		$	0.73

___________

(a)Comprised of $4.5 million from legal and regulatory matters.

Page 21

Notes

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

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

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

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

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

(6)Excludes the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding amount credited to policyholder account balances. Such amounts were $(64.3) million, $(80.1) million, $(30.9) million, $(6.0) million, $16.5 million and $56.1 million in 1Q22, 2Q22, 3Q22, 4Q22, 1Q23 and 2Q23, 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 $(7.6) million, $(12.3) million, $(4.0) million, $(.1) million, $2.1 million and $6.2 million in 1Q22, 2Q22, 3Q22, 4Q22, 1Q23 and 2Q23, respectively.

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

(9)Investment income not allocated to product lines 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 and investment borrowings; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investments income not allocated to product lines), net of interest expense on corporate debt.

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

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

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

(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from GAAP.

(14)The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our Federal Home Loan Bank and FABN programs and investments purchased by the variable interest entities.

Page 22

Notes (continued)

(15)Book yield on fixed maturity investments, excluding investments held in the: (i) Federal Home Loan Bank and FABN programs; and (ii) the investments held by the variable interest entities.

(16)Earned yield is the investment income earned during the period divided by the average book value of the investment portfolio, excluding: (i) investments held in the Federal Home Loan Bank and FABN programs; and (ii) the investments held by the variable interest entities.

Page 23

CNO Financial Group 1 Second Quarter 2023 Financial and operating results for the period ended June 30, 2023 July 31, 2023 Unless otherwise specified, comparisons in this presentation are between 2Q22 and 2Q23. Exhibit 99.3

CNO Financial Group 2 Important Legal Information Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on July 31, 2023, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today’s date. Forward-Looking Statements This presentation contains financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP). Reconciliations between those non-GAAP measures and the comparable GAAP measures are included in the Appendix, or on the page such measure is presented. While management believes the measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – Financials – SEC Filings” section of CNO’s website, CNOinc.com. Non-GAAP Measures Effective January 1, 2023, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts. Concurrent with the adoption of the new guidance, we updated the method of determining non- operating earnings for our fixed indexed annuities to better identify the volatile non-economic accounting impacts of that line of business. As a result of the adoption of the new guidance and methodology, certain historical amounts have changed. Our quarterly financial supplement – 4Q22 as recast to reflect the new standard is available in the “Investors – Financials – Quarterly Earnings” section of CNO’s website, CNOinc.com. Adoption of New Accounting Standard

CNO Financial Group 3

CNO Financial Group 4 Continued sales momentum, solid net investment income, strong capital position Quarter in Review Strong Operational Results Disciplined Execution 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.  Operating EPS1 of $0.54  Total NAP up 11%, balanced sales benefiting from diversified distribution and growing agent counts  Strong recruiting and retention driving producing agent count (“PAC”) growth  Consumer Division up 8%  Worksite Division up 32%  Higher new money rates driving continued improvement in investment yield allocated to products; VII improved sequentially  Elevated health claims expected to moderate in 2H23  Capital & liquidity improved from 1Q23 and remain above target levels  High-quality investment portfolio producing stable core returns  Returned $47 million to shareholders  Book value per diluted share excluding AOCI1 was $32.34

CNO Financial Group 5 2Q 3Q 4Q FY 1Q 2Q Y/Y New Annualized Premiums 1 Life $51.4 $45.1 $40.8 $193.1 $57.1 $55.6 8.2% Health 37.4 42.2 49.9 164.3 39.5 43.1 15.2% Total Life and Health $88.8 $87.3 $90.7 $357.4 $96.6 $98.7 11.1% Collected Premiums Life $229.2 $226.4 $229.5 $911.8 $234.6 $236.6 3.2% Health 398.4 399.0 402.1 1,608.4 404.9 389.3 -2.3% Total Life and Health $627.6 $625.4 $631.6 $2,520.2 $639.5 $625.9 -0.3% Annuity Collected Premiums $435.0 $370.0 $431.0 $1,604.6 $370.9 $401.8 -7.6% Client Assets in BD and Advisory 2 $2,562.1 $2,453.3 $2,636.7 $2,636.7 $2,610.1 $2,928.1 14.3% Fee Revenue 3 $31.1 $30.6 $67.3 $169.3 $51.3 $29.4 -5.5% 2022 % Change2023 Strong Life and Health NAP results, client assets up on improved market conditions Growth Scorecard (dollars in millions) 1 Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. 2 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. 3 Represents fee revenue from the sales of third-party insurance products; services provided by WBD; fee revenue earned by Optavise (formerly known as DirectPath prior to its name change in April 2022); fees generated by our broker-dealer and registered investment advisor.

CNO Financial Group 6 Life and Health NAP benefiting from continued strong productivity and growth in agent counts Consumer Division Update Strong Operational Results Disciplined Execution  Total Life and Health NAP up 9%  Life NAP up 7%, field Life sales up 20%  One-third of field Life sales derived from D2C generated leads  Health NAP up 12%, Medicare Supplement up 29%, Supp Health up 12%  Third highest quarter of annuity sales  Annuity account value up 4%  PAC up 8%, second consecutive quarter of YoY growth  Recruiting up 27%, fourth consecutive quarter of YoY growth  Registered agent1 count up 3%  Agent retention and productivity remain strong  Implemented automated underwriting on Simplified Issue Life products 1 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients.

CNO Financial Group 7 Insurance sales back to pre-pandemic levels, fifth consecutive quarter of PAC growth Worksite Division Update  Life and Health NAP up 31%  Strong retention of existing employer customers  Stable employee persistency and premium collection  PAC up 32%, first-year agent counts up 94%  Strong first-year agent productivity up 64%  Agent referral program driving growth in PAC  Results benefiting from new broker relationships  Successful launch of refreshed accident product Strong Operational Results Disciplined Execution

CNO Financial Group 8 Favorable impacts from NII allocated to products offset by VII and Health claims Financial Highlights Earnings ResultsSecond Quarter 2023 Net operating income1 $135.1 $62.3 Net operating income excluding significant items1 $117.7 $62.3 Net income $233.3 $73.7 Weighted average shares outstanding (in millions) 117.3 115.6 (dollars in millions, except where noted) 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. $1.15 $0.54 $1.99 $0.64 $1.00 Net operating earnings per share1 Net income (loss) per share 2Q22 2Q23  2Q23 Operating EPS1 excl. significant items of $0.54, vs. $1.00 in 2Q22  Favorable impacts (expected to persist)  Net investment income allocated to products benefiting from:  Higher NMR  Growth in the business  Expense discipline  Offsetting impacts (expected to moderate)  VII above expectations in 2Q22 and below expectations in 2Q23, driven by alternative investments and call/prepayment activity  Elevated health claims in LTC and Med Supp  Favorable LDTI impact on trad life margin in 2Q22  Solid free cash flow generation  Strong capital position  $30 million of share repurchases  Operating ROE1, as adjusted, of 8.0% Excluding significant items

CNO Financial Group 9 Margins impacted by elevated Health claims in the current period, which are expected to moderate, and favorable life benefits in the prior period Insurance Product Margin 2Q22 3Q22 4Q22 1Q23 2Q23 Annuity $60.1 $60.1 $54.0 $57.3 $57.1 Fixed indexed annuities $48.4 $48.9 $44.5 $46.5 $47.6 Fixed interest annuities $7.9 $8.2 $7.8 $9.1 $8.7 Other annuities $3.8 $3.0 $1.7 $1.7 $0.8 Health $125.4 $123.3 $122.1 $116.5 $108.2 Supplemental health $56.0 $58.5 $58.4 $63.3 $59.9 Medicare supplement $39.8 $38.7 $37.9 $26.1 $32.3 Long-term care $29.6 $26.1 $25.8 $27.1 $16.0 Life $70.2 $55.7 $57.7 $47.4 $57.9 Interest sensitive life $23.4 $17.6 $22.6 $22.8 $24.1 Traditional life $46.8 $38.1 $35.1 $24.6 $33.8 Total Margin $255.7 $239.1 $233.8 $221.2 $223.2 2Q 2023 Highlights (dollars in millions) Insurance Product Margin Excluding Significant Items1  Annuity margin  Favorable mortality in other annuities in 2Q22  Health margin  LTC – unfavorable claims experience  Med Supp – runoff of legacy block and unfavorable claims experience  Life margin  Trad Life – $10 million favorable LDTI impact in the prior period; advertising expense up 1 Excludes $3.2 million unfavorable annuity unlocking, $18.3 million favorable health unlocking and $14.4 million unfavorable life unlocking in 4Q22. See the Appendix for a reconciliation to the corresponding GAAP measure.

CNO Financial Group 10 Improving NII allocated to products due to strong NMR; lower but improved VII trend $64.6 $28.0 $- $50.0 $100.0 $150.0 $200.0 2Q 2022 2Q 2023 Investment Income Not Allocated to Product Lines $- $100.0 $200.0 $300.0 $400.0 2Q 2022 2Q 2023 Total Net Investment Income1 Annuity Health Life Not Allocated $266.1 $- $100.0 $200.0 $300.0 $400.0 2Q 2022 2Q 2023 Investment Income Allocated to Product Lines Annuity Health Life $238.1 Investment Results -8.4%  Average yield on allocated investments of 4.65% vs. 4.54% in 2Q22  Average net insurance liabilities2 up 2.9% YoY 1 Reflects sum of allocated and non-allocated investment income. Refer to pages 15-18 of the financial supplement for more information on the components of net investment income. 2 Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities. $226.0 $290.6  New money rate of 6.32%, compared to 6.34% in 1Q23  Average book value of invested assets up 3.6% YoY; 4th consecutive quarter of book yield increase  Earned yield of 4.41% vs. 4.22% in 1Q23, and 4.35% in 4Q22  Investment income not allocated to product lines down $37 million  YoY lower alternative and call/prepayment income  Results improved sequentially  Continued favorable FHLB and FABN results (dollars in millions)

CNO Financial Group 11 High-quality portfolio performing as expected, continued up-in-quality bias Portfolio Composition $25 Billion of Invested Assets Highlights (Fair Value as of 6/30/2023) General Approach  Positioned for relatively stable performance across credit cycles  Focus on quality - margin against adverse development  Calibrated allocation to risk asset categories – specific boundaries on the amount of high-risk assets we will own  Low impairments through multiple cycles  Embedded asset liability management  Opportunistic investments protect/grow book yield and core earnings power  High degree of liquidity: 60% of portfolio in corporate and government bonds  Up-in-quality positioning over past 12 months  “BBB” allocation reduced by 330 bps in the last 12 months  “A” and better allocation increased by 470 bps in the last 12 months  Strong credit risk profile  Capital efficient: 97% rated NAIC 1 or 2  Portfolio average rating A  Significant credit enhancement in structured products including CMBS  Diversified commercial and residential mortgage allocation. No commercial mortgage loan delinquencies  Alternative investments emphasizing consistent cash flows as a source of return IG Corporates, 45.2% Non-Agency RMBS, 6.8% Commercial Mortgage Loans, 4.8% Residential Mortgage Loans, 2.0% HY Corporates, 2.0% CMBS, 9.6% Municipals, 9.9% ABS, 5.6% Govts/Agency, 2.4% CLO, 3.8% Equities, 0.4% Other, 2.4% Alternatives, 2.4% Policy Loans, 0.5% Cash, 2.3%

CNO Financial Group 12 1 The ratio of the combined capital of the insurance companies to the minimum amount of capital appropriate to support the overall business operations, as determined based on the methodology developed by the National Association of Insurance Commissioners. 2 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure. Debt to Capital2 Consolidated Risk Based Capital (RBC) Ratio1  Target leverage of 25 - 28%  Debt covenant ceiling of 35%  $311 million in debt capacity to top of target leverage range  Target consolidated RBC ratio of approximately 375%  RBC variability expected in periods of market volatility Holding Company Liquidity  Target minimum holding company liquidity of $150 million  Liquidity backstopped by $250 million undrawn revolver  No outstanding debt maturities until 2025 386% 384% 380% 386% 2021 2022 1Q 2023 2Q 2023 $249 $167 $158 $176 2021 2022 1Q 2023 2Q 2023 25.6% 23.4% 23.6% 23.4% 2021 2022 1Q 2023 2Q 2023 Capital and Liquidity Overview Capital and liquidity remain above target levels (dollars in millions)

CNO Financial Group 13 2023 Outlook1 1Excluding significant items. Earnings Free Cash Flow / Excess Capital  EPS range of $2.65 - $2.85  19.0 – 19.4% expense ratio  23.0 – 24.0% effective tax rate  375% consolidated RBC ratio target  Target leverage of 25.0% – 28.0%  $180mm – $200mm of excess cash flow to holdco assuming current capital and reinsurance structure  Bermuda captive discussions ongoing

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

CNO Financial Group 15 Questions and Answers

CNO Financial Group 16  Agent pilots, technology- driven customer experience enhancements  Hybrid distribution  Worksite B2B marketing, lead generation  Share repurchases: $30 million in 2Q23  Dividends: $17 million in 2Q23  Highly selective M&A  CNO Ventures; strategic minority investments largely in InsurTech  LTC reinsurance (2018), Web Benefits Design (2019), DirectPath (2021) Opportunistic transactions Return capital to shareholders Organic investments to sustain and grow the core businesses Disciplined and opportunistic approach to maximize shareholder value Excess Capital Allocation Strategy

CNO Financial Group 17 Cash Flow Profile 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. 2 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions. (dollars in millions) 2Q22 2Q23 2Q22 2Q23 Net Operating Income1 135.1$ 62.3$ 410.8$ 281.7$ Holding Company Cash Flows: Dividends from Subsidiaries 31.7$ 59.0$ 260.7$ 148.6$ Management Fees 29.0 29.6 120.7 121.6 Surplus Debenture Interest 12.1 16.6 55.4 67.2 Earnings on Corporate Investments 1.5 3.3 6.8 13.7 Other 9.4 12.5 (2.4) 3.7 Holding Company Sources of Cash2 83.7 121.0 441.2 354.8 Holding Company Expenses and Other (30.3) (11.6) (94.9) (98.0) Tax Payments - (15.3) (36.4) (29.9) Interest Payments (28.3) (28.3) (60.8) (60.8) Excess Cash Flow to Holding Company2 25.1 65.8 249.1 166.1 Share Repurchases (60.0) (29.7) (380.0) (64.2) Dividend Payments to Stockholders (16.5) (17.5) (64.6) (66.7) Net Change in Holding Company Cash and Investments (51.4) 18.6 (195.5) 35.2 Cash and Investments, Beginning of Period 192.3 157.5 336.4 140.9 Cash and Investments, End of Period 140.9$ 176.1$ 140.9$ 176.1$ Trailing Twelve MonthsFor the Quarter

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

CNO Financial Group 19 Account values up 14% YoY; $2.9 billion in client assets Broker-Dealer/Registered Investment Advisor 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Prior periods have been restated to conform with current presentation. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 111 East Wacker Drive, Suite 1900, Chicago, IL 60601 (dollars in millions) 2Q 3Q 4Q 1Q 2Q Net New Client Assets in Brokerage (10.5)$ (17.9)$ (9.2)$ 7.9$ (4.2)$ Brokerage and Advisory1 Advisory 24.2 32.9 31.8 54.2 41.8 Total 13.7$ 15.0$ 22.6$ 62.1$ 37.6$ Client Assets in Brokerage and Brokerage 1,492.2$ 1,412.8$ 1,495.5$ 1,563.5$ 1,626.1$ Advisory1 at end of period Advisory 1,069.9 1,040.5 1,141.2 1,046.6 1,302.0 Total 2,562.1$ 2,453.3$ 2,636.7$ 2,610.1$ 2,928.1$ 2022 2023

CNO Financial Group 20 PAC growth across both divisions a result of successful recruiting strategies and a softening labor market Exclusive Agent Counts 1 Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients. 3 Agent and representative counts represent the average of the last 3 months. % Change % Change Consumer 2Q 3Q 4Q 1Q 2Q vs. 1Q23 vs. 2Q22 Producing Field Agents1,3 3,968 3,913 3,882 3,985 4,279 7.4% 7.8% Registered Agents2,3 676 688 695 695 695 0.0% 2.8% Worksite Producing Field Agents1,3 234 258 275 288 310 7.6% 32.5% 2022 2023

CNO Financial Group 21 Flat NMR reflects peaking interest rates New Money Rate Walk

CNO Financial Group 22 Strategically harvesting rising market yields, in the context of up-in-quality strategy New Money Summary 2Q General Account New Money Purchases $ % GAAP YTM Duration RMBS 141.7 24.0 5.63% 5.34 ABS 81.5 13.8 7.11% 3.75 Municipals 78.9 13.4 5.51% 12.02 Residential Mortgage Loans 72.3 12.2 7.00% 7.00 IG Corp AAA-A 56.5 9.6 6.14% 6.05 IG Corp BBB 56.2 9.5 6.09% 8.05 EM 38.4 6.5 5.57% 9.07 CMBS 33.8 5.7 6.05% 3.63 Commercial Real Estate 29.5 5.0 9.93% 9.93 Direct Investment 1.5 0.3 6.80% 7.54 Total 590.2 100% 6.32% 6.92 RMBS, 12.0% ABS, 6.9% Municipals, 6.7% Residential Mortgage Loans, 6.1% IG Corp AAA-A, 4.8% IG Corp BBB, 4.8% EM, 3.3% CMBS, 2.9% Commercial Real Estate, 2.5% Direct Investment, 0.1%

CNO Financial Group 23 Commercial Mortgage Loans Our CRE loan portfolio emphasizes lower risk sectors Our CRE loan portfolio is conservatively margined with cushion for adverse development % o f T ot al A U M LTV Borrowers are substantially all stabilized properties DSCR Our CRE loan portfolio is not significantly exposed to 2023 and 2024 maturity default risk $0 $10 $20 $30 $40 $50 $60 2023 2024 2025 2026 M at ur iti es (dollars in millions) AA, $18.5 A, $49.1 BBB, $9.0 BB, $27.5 B, $13.2 42.8% 21.2% 26.7% 7.7% 1.7% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% < 40% 40% - 50% 50% - 60% 60% - 70% 70% - 75% >75% 44.4% 23.5% 20.8% 11.0% 0.4% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% > 2.00x 1.70x - 2.00x 1.40x - 1.70x 1.15x - 1.40x 1.0x - 1.15x < 1.00x Property Type LTV Avg (%) Apartment 49.8 Industrial 37.3 Mixed Use 36.3 Off ice 50.1 Other 29.7 Retail 42.0

CNO Financial Group 24 11% 17% 22% 50% <10 10-15 15-30 >30 CNO Index Multifamily Office Other Industrial Retail Hotel $4.4 $5.4 $6.1 $8.6 $12.3 $14.7 $17.2 $21.5 Source: NAIC Loss Scenario Commercial Mortgage-Backed Securities Our CMBS investments have significant structural cushion for collateral losses Our holdings have limited loss content in severe scenarios Change in CRE Values – NAIC Scenarios BearBull 10% 6% -1% -10% -19% -24% -29% -40% Estimated Life of Portfolio CNO Principal Loss Our CMBS allocation is tilted toward lower risk property types 11% 28% 25% 19% 11% 11% 28% 16% 7% 22% 16% 6% Our CMBS allocation is highly rated - 91% AAA/AA/A categories 89% of our CMBS investments are considered ‘no-loss’ in 2022 NAIC scenario testing Market consistent estimates of collateral losses range from lows of 4% to highs of 8%. 2023 Fed stress test CRE loss rate of 9%. % L os s A bs or bi ng S ub or di na tio n in S tr uc tu re (dollars in millions) AAA $2,020.2 AA+ $83.9 AA $36.2 AA- $171.3 A+ $77.9 A $81.8 A- $83.5 BBB+ $37.8 BBB $40.6 BBB- $23.6 BB+ $43.6 BB $1.8

CNO Financial Group 25 New sales (~$25 million annually) focused on short duration products  98% of new sales for policies with 2 years or less in benefits  Average benefit period of 11 months  New business 25% reinsured since 2008 Reserve assumptions informed by historical experience  No morbidity improvement  No mortality improvement  Minimal future rate increases Favorable economic profile  Total LTC is just 13.1% of overall CNO insurance liabilities  Downside risk significantly reduced after 2018 reinsurance transaction  Average maximum benefit at issuance is $161 per day for inforce block Block Highlights  Less than 25% of policies have inflation benefits  2.4% of policies have lifetime benefits and the average non-lifetime benefit period is ~1.5 years  Average attained age is 74.7 years Long-Term Care Insurance Highly differentiated inforce block; prudently managed

CNO Financial Group 26 Non-Life NOLs $124 DTAs related to tax strategy $235 Value of NOLs and deferred tax assets (DTAs) related to tax strategy Details  Total estimated economic value of tax assets related to our NOLs and tax strategy of approximately $216 million @ 10% discount rate ($1.88 on a per share basis).  Life NOLs have been fully utilized. Non- life NOLs are expected to offset 100% of non-life taxable income and 35% of life taxable income through 2023. $359 (dollars in millions) $359 million/$3.11 per diluted share value of NOLs and DTAs related to tax strategy Tax Asset Summary as of June 30, 2023

CNO Financial Group 27 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 28 - 43

CNO Financial Group 28 Insurance product margin Annuity 50.8$ 3.2$ (1) 54.0$ Health 140.4 (18.3) (1) 122.1 Life 43.3 14.4 (1) 57.7 Total insurance product margin 234.5 (0.7) 233.8 Allocated expenses (149.1) - (149.1) Income from insurance products 85.4 (0.7) 84.7 Fee income 9.2 - 9.2 Investment income not allocated to product lines 25.2 - 25.2 Expenses not allocated to product lines (12.8) (12.8) Operating earnings before taxes 107.0 (0.7) 106.3 Income tax expense on operating income (24.1) 0.2 (23.9) Net operating income (2) 82.9$ (0.5)$ 82.4 Net operating income per diluted share (2) 0.71$ -$ 0.71$ Three months ended December 31, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Adjustments arising from our comprehensive annual actuarial review of assumptions. (2) A non-GAAP measure. See pages 32 and 34 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 4Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q22 Significant Items

CNO Financial Group 29 Insurance product margin Annuity 60.1$ -$ 60.1$ Health 125.4 - 125.4 Life 70.2 - 70.2 Total insurance product margin 255.7 - 255.7 Allocated expenses (152.2) - (152.2) Income from insurance products 103.5 - 103.5 Fee income 3.2 - 3.2 Investment income not allocated to product lines 64.6 - 64.6 Expenses not allocated to product lines 2.9 (22.5) (1) (19.6) Operating earnings before taxes 174.2 (22.5) 151.7 Income tax (expense) benefit on operating income (39.1) 5.1 (34.0) Net operating income (2) 135.1$ (17.4)$ 117.7 Net operating income per diluted share (2) 1.15$ (0.15)$ 1.00$ Three months ended June 30, 2022 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Comprised of an experience refund of $22.5 million related to a reinsurance agreement. (2) A non-GAAP measure. See pages 32 and 34 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 2Q22 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 2Q22 Significant Items

CNO Financial Group 30 Insurance product margin Annuity 65.6$ 0.7$ (1) 66.3$ Health 126.2 (7.1) (1) 119.1 Life 53.4 3.4 (1) 56.8 Total insurance product margin 245.2 (3.0) 242.2 Allocated expenses (143.3) - (143.3) Income from insurance products 101.9 (3.0) 98.9 Fee income 2.9 - 2.9 Investment income not allocated to product lines 44.4 - 44.4 Expenses not allocated to product lines (17.4) - (17.4) Operating earnings before taxes 131.8 (3.0) 128.8 Income tax (expense) benefit on operating income (28.7) 0.7 (28.0) Net operating income (2) 103.1$ (2.3)$ 100.8 Net operating income per diluted share (2) 0.83$ (0.02)$ 0.81$ Three months ended December 31, 2021 Actual results Significant items Excluding significant items (dollars in millions, except per-share amounts) (1) Adjustments arising from our comprehensive annual actuarial review of assumptions. (2) A non-GAAP measure. See pages 32 and 34 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 4Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q21 Significant Items

CNO Financial Group 31 Insurance product margin Annuity 58.5$ -$ 58.5$ Health 122.8 - 122.8 Life 60.8 - 60.8 Total insurance product margin 242.1 - 242.1 Allocated expenses (140.5) - (140.5) Income from insurance products 101.6 - 101.6 Fee income 2.6 - 2.6 Investment income not allocated to product lines 51.9 - 51.9 Expenses not allocated to product lines (17.3) 3.0 (1) (14.3) Operating earnings before taxes 138.8 3.0 141.8 Income tax expense on operating income (30.7) (0.7) (31.4) Net operating income (2) 108.1$ 2.3$ 110.4 Net operating income per diluted share (2) 0.84$ 0.02$ 0.86$ Three months ended September 30, 2021 Actual results Significant items Excluding significant items (1) Comprised of $3.0 million from legal and regulatory matters. (2) A non-GAAP measure. See pages 32 and 34 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 3Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q21 Significant Items (dollars in millions, except per-share amounts)

CNO Financial Group 32 (dollars in millions) * Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss on extinguishment of debt, net of taxes; (vi) changes in the valuation allowance for deferred tax assets and other tax items; and (vii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the above table. Quarterly Earnings 2Q22 3Q22 4Q22 1Q23 2Q23 Insurance product margin Annuity 60.1$ 60.1$ 50.8$ 57.3$ 57.1$ Health 125.4 123.3 140.4 116.5 108.2 Life 70.2 55.7 43.3 47.4 57.9 Total insurance product margin 255.7 239.1 234.5 221.2 223.2 Allocated expenses (152.2) (150.5) (149.1) (157.5) (149.5) Income from insurance products 103.5 88.6 85.4 63.7 73.7 Fee income 3.2 1.4 9.2 15.5 0.6 Investment income not allocated to product lines 64.6 27.1 25.2 15.5 28.0 Expenses not allocated to product lines 2.9 (16.1) (12.8) (18.3) (21.1) Operating earnings before taxes 174.2 101.0 107.0 76.4 81.2 Income tax expense on operating income (39.1) (23.1) (24.1) (17.8) (18.9) Net operating income* 135.1 77.9 82.9 58.6 62.3 Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (27.1) (0.7) (27.2) (12.7) (31.3) Net change in market value of investments recognized in earnings (21.7) (17.0) (9.0) (1.9) (4.0) Changes in fair value of embedded derivative liabilities and market risk benefits 160.6 130.6 (16.4) (65.1) 50.4 Fair value changes related to agent deferred compensation plan 14.0 12.0 0.2 - - Other (0.2) 2.0 (6.1) 2.3 (0.2) Non-operating income (loss) before taxes 125.6 126.9 (58.5) (77.4) 14.9 Income tax (expense) benefit on non-operating income (loss) (27.4) (28.9) 13.6 18.0 (3.5) Net non-operating income (loss) 98.2 98.0 (44.9) (59.4) 11.4 Net income (loss) 233.3$ 175.9$ 38.0$ (0.8)$ 73.7$

CNO Financial Group 33 Information Related to Certain Non-GAAP Financial Measures The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered as substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website, www.CNOinc.com. Operating earnings measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in the valuation allowance for deferred tax assets and other tax items and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non- GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals.

CNO Financial Group 34 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 2Q22 3Q22 4Q22 1Q23 2Q23 Net income (loss) applicable to common stock 233.3$ 175.9$ 38.0$ (0.8)$ 73.7$ Non-operating items: Net realized investment (gains) losses from sales and impairments 27.1 0.7 27.2 12.7 31.3 Net change in market value of investments recognized in earnings 21.7 17.0 9.0 1.9 4.0 Changes in fair value of embedded derivative liabilities and market risk benefits (160.6) (130.6) 16.4 65.1 (50.4) Fair value changes related to the agent deferred compensation plan (14.0) (12.0) (0.2) - - Other 0.2 (2.0) 6.1 (2.3) 0.2 Non-operating (income) loss before taxes (125.6) (126.9) 58.5 77.4 (14.9) Income tax expense (benefit) on non-operating income 27.4 28.9 (13.6) (18.0) 3.5 Net non-operating (income) loss (98.2) (98.0) 44.9 59.4 (11.4) Net operating income (a non-GAAP financial measure) 135.1$ 77.9$ 82.9$ 58.6$ 62.3$ Per diluted share: Net income (loss) 1.99$ 1.52$ 0.33$ (0.01)$ 0.64$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.18 - 0.18 0.09 0.21 Net change in market value of investments recognized in earnings (net of taxes) 0.14 0.11 0.06 0.01 0.02 Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) (1.07) (0.87) 0.10 0.44 (0.33) Fair value changes related to the agent deferred compensation plan (net of taxes) (0.09) (0.08) - - - Other - (0.01) 0.04 (0.02) - Net operating income (a non-GAAP financial measure) 1.15$ 0.67$ 0.71$ 0.51$ 0.54$

CNO Financial Group 35 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 2Q22 3Q22 4Q22 1Q23 2Q23 Operating income 135.1$ 77.9$ 82.9$ 58.6$ 62.3$ Weighted average shares outstanding for basic earnings per share 115,533 114,354 114,422 114,545 114,273 Effect of dilutive securities on weighted average shares: Stock options, restricted stock and performance units 1,753 1,574 2,231 - 1,377 Weighted average shares outstanding for diluted earnings per share 117,286 115,928 116,653 114,545 115,650 Net operating income per diluted share 1.15$ 0.67$ 0.71$ 0.51$ 0.54$ (a) (a) Equivalent common shares of 2,182.5 were not included in the diluted weighted average shares outstanding due to the net loss recognized in 1Q23.

CNO Financial Group 36 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units were vested, and convertible securities were converted. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments. A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows: (dollars in millions, except per-share amounts) Information Related to Certain Non-GAAP Financial Measures 2Q22 3Q22 4Q22 1Q23 2Q23 Total shareholders' equity 2,127.9$ 1,863.4$ 1,768.8$ 2,031.8$ 1,995.8$ Shares outstanding for the period 114,795,328 114,367,345 114,343,070 114,905,172 113,673,882 Book value per share 18.54$ 16.29$ 15.47$ 17.68$ 17.56$ Total shareholders' equity 2,127.9$ 1,863.4$ 1,768.8$ 2,031.8$ 1,995.8$ Accumulated other comprehensive loss (1,415.8) (1,837.8) (1,957.3) (1,664.4) (1,733.5) Adjusted shareholders' equity excluding AOCI 3,543.7$ 3,701.2$ 3,726.1$ 3,696.2$ 3,729.3$ Shares outstanding for the period 114,795,328 114,367,345 114,343,070 114,905,172 113,673,882 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 1,407,756 1,603,295 2,499,071 1,270,836 1,629,412 Diluted shares outstanding 116,203,084 115,970,640 116,842,141 116,176,008 115,303,294 Book value per diluted share (a non-GAAP measure) 30.50$ 31.91$ 31.89$ 31.82$ 32.34$

CNO Financial Group 37 Operating return measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in the valuation allowance for deferred tax assets and other tax items, loss on extinguishment of debt and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non- GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals. Management also believes that an operating return, excluding significant items, is important as the impact of these items enhances the understanding of our operating results. This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income (loss) has been excluded from the value of equity used to determine this ratio. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets). In accordance with GAAP, these assets are not discounted, and accordingly will not provide a return to shareholders (until after it is realized as a reduction to taxes that would otherwise be paid). Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns and the comparability of these measures from period-to-period. Operating return measures are used in measuring the performance of our business units and are used as a basis for incentive compensation. Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group 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 2Q22 3Q22 4Q22 1Q23 2Q23 Operating income 410.8$ 380.6$ 360.4$ 354.5$ 281.7$ Operating income, excluding significant items 393.4$ 360.9$ 342.5$ 336.6$ 281.2$ Net income 677.3$ 749.8$ 630.6$ 446.4$ 286.8$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,090.3$ 3,197.5$ 3,323.3$ 3,434.8$ 3,519.3$ Average common shareholders' equity 3,239.8$ 2,840.4$ 2,384.1$ 2,046.3$ 1,931.5$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 13.3% 11.9% 10.8% 10.3% 8.0% Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 12.7% 11.3% 10.3% 9.8% 8.0% Return on equity 20.9% 26.4% 26.5% 21.8% 14.8% Twelve Months Ended

CNO Financial Group 39 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): (dollars in millions) (a) The significant items have been discussed in prior press releases. (Continued on next page) Information Related to Certain Non-GAAP Financial Measures Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income (loss) Net income - trailing four quarters 3Q21 108.1$ 2.3$ 110.4$ NA 103.4$ NA 4Q21 103.1 (2.3) 100.8 410.0$ 157.2 570.3$ 1Q22 64.5 - 64.5 373.2 183.4 491.7 2Q22 135.1 (17.4) 117.7 393.4 233.3 677.3 3Q22 77.9 - 77.9 360.9 175.9 749.8 4Q22 82.9 (0.5) 82.4 342.5 38.0 630.6 1Q23 58.6 - 58.6 336.6 (0.8) 446.4 2Q23 62.3 - 62.3 281.2 73.7 286.8

CNO Financial Group 40 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Information Related to Certain Non-GAAP Financial Measures 2Q22 3Q22 4Q22 1Q23 2Q23 Pre-tax operating earnings (a non-GAAP financial measure) 529.3$ 491.5$ 466.7$ 458.6$ 365.6$ Income tax expense (118.5) (110.9) (106.3) (104.1) (83.9) Operating return 410.8 380.6 360.4 354.5 281.7 Non-operating items: Net realized investment gains (losses) from sales and impairments (27.0) (30.0) (62.2) (67.7) (71.9) Net change in market value of investments recognized in earnings (63.9) (76.3) (73.2) (49.6) (31.9) Changes in fair value of embedded derivative liabilities and market risk benefits 400.6 535.3 440.2 209.7 99.5 Fair value changes and amendment related to the agent deferred compensation plan 32.4 44.4 48.9 26.2 12.2 Other 2.3 4.1 (3.9) (2.0) (2.0) Non-operating income before taxes 344.4 477.5 349.8 116.6 5.9 Income tax expense on non-operating income (77.9) (108.3) (79.6) (24.7) (0.8) Net non-operating income 266.5 369.2 270.2 91.9 5.1 Net income 677.3$ 749.8$ 630.6$ 446.4$ 286.8$ Twelve Months Ended

CNO Financial Group 41 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 1Q21 2Q21 3Q21 4Q21 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,003.2$ 2,989.0$ 2,993.3$ 3,067.3$ Net operating loss carryforwards 323.1 292.9 266.9 243.7 Accumulated other comprehensive income 73.1 306.7 337.5 373.7 Common shareholders' equity 3,399.4$ 3,588.6$ 3,597.7$ 3,684.7$ 1Q22 2Q22 3Q22 4Q22 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,141.7$ 3,329.0$ 3,510.3$ 3,557.1$ Net operating loss carryforwards 238.2 214.7 190.9 169.0 Accumulated other comprehensive loss (561.5) (1,415.8) (1,837.8) (1,957.3) Common shareholders' equity 2,818.4$ 2,127.9$ 1,863.4$ 1,768.8$ 1Q23 2Q23 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,543.8$ 3,603.0$ Net operating loss carryforwards 152.4 126.3 Accumulated other comprehensive loss (1,664.4) (1,733.5) Common shareholders' equity 2,031.8$ 1,995.8$

CNO Financial Group 42 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 2Q22 3Q22 4Q22 1Q23 2Q23 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,090.3$ 3,197.4$ 3,323.3$ 3,434.8$ 3,519.3$ Net operating loss carryforwards 250.7 231.4 212.5 192.5 170.7 Accumulated other comprehensive income (loss) (101.2) (588.4) (1,151.7) (1,581.0) (1,758.5) Common shareholders' equity 3,239.8$ 2,840.4$ 2,384.1$ 2,046.3$ 1,931.5$ Trailing Four Quarter Average

CNO Financial Group 43 Debt to capital ratio, excluding accumulated other comprehensive income (loss) The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. A reconciliation of these ratios is as follows: (dollars in millions) Information Related to Certain Non-GAAP Financial Measures 2021 2022 1Q23 2Q23 Corporate notes payable 1,137.3$ 1,138.8$ 1,139.2$ 1,139.7$ Total shareholders' equity 3,684.7 1,768.8 2,031.8 1,995.8 Total capital 4,822.0$ 2,907.6$ 3,171.0$ 3,135.5$ Corporate debt to capital 23.6% 39.2% 35.9% 36.3% Corporate notes payable 1,137.3$ 1,138.8$ 1,139.2$ 1,139.7$ Total shareholders' equity 3,684.7 1,768.8 2,031.8 1,995.8 Less accumulated other comprehensive (income) loss (373.7) 1,957.3 1,664.4 1,733.5 Total capital 4,448.3$ 4,864.9$ 4,835.4$ 4,869.0$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 25.6% 23.4% 23.6% 23.4%

Cover Page	Jul. 31, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 31, 2023
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	11825 North Pennsylvania Street
Entity Address, City or Town	Carmel
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46032
City Area Code	317
Local Phone Number	817-6100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001224608
Amendment Flag	false
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CNO
Security Exchange Name	NYSE
Rights to purchase Series E Junior Participating Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Rights to purchase Series E Junior Participating Preferred Stock
No Trading Symbol Flag	true
Security Exchange Name	NYSE
5.125% Subordinated Debentures due 2060
Document Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due 2060
Trading Symbol	CNOpA
Security Exchange Name	NYSE

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CNO CNO Financial Group Inc