EX-99.2 3 exhibit992-06302023investo.htm EX-99.2

Exhibit 99.2

Quarterly Financial Supplement - 2Q2023

July 31, 2023

Page 1

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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CNO FINANCIAL GROUP, INC.

4Q21 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

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

						Three months ended
						December 31, 2021
						Actual 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

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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

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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.

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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.

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