exhibit991.htm

KBW Insurance Conference

September 7, 2010

Exhibit 99.1

CNO Financial Group

Forward-looking statements

Cautionary Statement Regarding Forward-Looking Statements. Our statements, trend analyses and other information contained in
these materials relative to markets for CNO Financial Group’s products and trends in CNO Financial Group’s operations or financial
results, as well as other statements, contain forward-looking statements within the meaning of the federal securities laws and the Private
Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by the use of terms such as “anticipate,”
“believe,” “plan,” “estimate,” “expect,” “project,” “intend,” “may,” “will,” “would,” “contemplate,” “possible,” “attempt,” “seek,” “should,”
“could,” “goal,” “target,” “on track,” “comfortable with,” “optimistic” and similar words, although some forward-looking statements are
expressed differently. You should consider statements that contain these words carefully because they describe our expectations, plans,
strategies and goals and our beliefs concerning future business conditions, our results of operations, financial position, and our business
outlook or they state other ‘‘forward-looking’’ information based on currently available information. Assumptions and other important
factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among
other things: (i) general economic, market and political conditions, including the performance and fluctuations of the financial markets
which may affect our ability to raise capital or refinance existing indebtedness and the cost of doing so; (ii) our ability to continue to satisfy
the financial ratio and balance requirements and other covenants of our debt agreements; (iii) our ability to generate sufficient liquidity to
meet our debt service obligations and other cash needs; (iv) our ability to obtain adequate and timely rate increases on our supplemental
health products including our long-term care business; (v) the receipt of required regulatory approvals for dividend and surplus debenture
interest payments from our insurance subsidiaries; (vi) mortality, morbidity, the increased cost and usage of health care services,
persistency, the adequacy of our previous reserve estimates and other factors which may affect the profitability of our insurance products;
(vii) changes in our assumptions related to the cost of policies produced or the value of policies in force at the effective date of our
emergence from bankruptcy; (viii) the recoverability of our deferred tax asset and the effect of potential tax rate changes on its value; (ix)
changes in accounting principles and the interpretation thereof; (x) our ability to achieve anticipated expense reductions and levels of
operational efficiencies including improvements in claims adjudication and continued automation and rationalization of operating systems;
(xi) performance and valuation of our investments, including the impact of realized losses (including other-than-temporary impairment
charges); (xii) our ability to identify products and markets in which we can compete effectively against competitors with greater market
share, higher ratings, greater financial resources and stronger brand recognition; (xiii) the ultimate outcome of lawsuits filed against us
and other legal and regulatory proceedings to which we are subject; (xiv) our ability to complete the remediation of the material weakness
in internal controls over our actuarial reporting process and to maintain effective controls over financial reporting; (xv) our ability to
continue to recruit and retain productive agents and distribution partners and customer response to new products, distribution channels
and marketing initiatives; (xvi) our ability to achieve eventual upgrades of the financial strength ratings of CNO Financial Group and our
insurance company subsidiaries as well as the potential impact of rating downgrades on our business; (xvii) the risk factors or
uncertainties listed from time to time in our filings with the Securities and Exchange Commission; (xviii) regulatory changes or actions,
including those relating to regulation of the financial affairs of our insurance companies, such as the payment of dividends and surplus
debenture interest to us, regulation of financial services affecting (among other things) bank sales and underwriting of insurance products,
regulation of the sale, underwriting and pricing of products, and health care regulation affecting health insurance products; and (xix)
changes in the Federal income tax laws and regulations which may affect or eliminate the relative tax advantages of some of our
products. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove
incorrect, could also cause actual results to differ materially from those projected. All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by the foregoing cautionary statement. Our forward-looking statements speak
only as of the date made. We assume no obligation to update or to publicly announce the results of any revisions to any of the forward-
looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting
the forward-looking statements.

CNO Financial Group

The Company: CNO Financial Group

§ Focused on serving the protection needs of the fast-growing but underserved
senior middle income market

§ Products include supplemental health, life, annuity and long-term care

§ Sold through efficient, growing distribution channels:

– Bankers Life: strong career agent franchise

– Colonial Penn: direct distribution platform

– Washington National: wholly-owned distributor (PMA) and independent agents

§ Centralized services operation to add value to all units

§ Over 3.9 million policies in force

CNO Financial Group

Value Through Growth and Execution

The Opportunity: Rapidly Growing, Underserved Market

§ Our focus is meeting the needs of fast-growing senior market

§ Attractive demographics: Baby Boomers reaching retirement age

– The first of Boomer population become Medicare-eligible next year

– Americans turning 65 will grow by nearly 4% annually over next decade

– In ten years, population 65 years old and older will increase by 50%

– Financial downturn underscored importance of risk management and
guaranteed products

We know this market better than anyone, pursue it full-time, and represent
a pure play in the attractive senior middle income market

CNO Financial Group

Well-Capitalized To Continue Growth Momentum

§ CNO Financial is well-capitalized because in 2009 we:

– Completed two significant reinsurance transactions, receiving
$100 million in ceding commission

– Refinanced $293 million of convertible debentures early

– Raised $296 million in public and private equity deals, and

– Repaid $285 million in long-term debt

§ Financial Metrics at June 30, 2010

– Debt to Capital Ratio of 21%*

– Consolidated Risk Based Capital Ratio of 318%

– Holding Company liquidity of approximately $130 million

* A non-GAAP measure - Accumulated other comprehensive income (loss) has been excluded from the value of capital
used to determine this measure. Refer to the appendix for a reconciliation to the comparable GAAP measure.

CNO Financial Group

Pre/After Tax GAAP Operating Income

CNO Financial Group

Broad Distribution Reach

• Focused on middle-income senior
market with Medicare supplement,
life, annuity, LTC, Medicare Part D
and Medicare Advantage products

• “Kitchen-table” sales model
through 5,600 career agents and
sales managers; growing agents at
4.5% annually for past six years

• 150+ branches nationwide

• Focused on middle-income
working Americans and retirees
with supplemental health and
protection products

• Worksite sales in 20,000 groups
e.g. small business, education,
government, and healthcare

• Distribution through independent
channels and PMA (owned
distributor) with over 2,100 agents
and 20% annual growth in
supplemental health sales in each
of the last 2 years

• Focused on lower middle-income
retirees with simple, low-cost life
insurance products

• Direct response model with media
and mail-based lead generation
with robust telemarketing support

Captive

Direct

PMA/Independent

2009 Collected Premium / Pre-tax Operating Income ($ in millions)

$3,001 / $278

$919 / $67 (CIG)

$195 / $29

CNO Financial Group

CNO has expertise
across important middle
-market products

• Equity-Indexed Life and
Annuity Products
(Longevity Solutions)

• Long-Term Care

• Final expense

• Specified Disease

CNO can access
consumers across
multiple channels

• With an Agent (Retail)

• Bankers

• Washington National

• PMA (CNO-owned)

• Without an Agent (Direct)

• Colonial Penn

• At Work (Worksite Marketing)

• PMA Worksite Division

• Washington National -
Independents

Strong trends are driving
middle-market consumers

• Rising medical costs

• Decline of societal safety
nets (government and
employer)

CNO: The right products and the right channels for
today’s middle-market consumer

CNO Financial Group

Few competitors in our target space

CNO Financial Group

Recent results demonstrate CNO’s potential

§ Q2 2010 marks sixth consecutive quarter of GAAP net income

§ 2009 Statutory Operating Earnings (net of tax) of $264 million

§ Continued focus on profitable growth in all three insurance segments

– 2009 EBIT* up 16% and core sales** up 6% over 2008

– 1st half 2010 EBIT* up 6.2% and core sales up 4.4% over 1st half of 2009

§ Rating upgrades and improved outlook

* Refer to appendix for more information regarding this non-GAAP measure

** Core sales reflect total new annualized premium (“NAP”) excluding Private-Fee-For-Service (“PFFS”) and Prescription Drug Plan (“PDP”)

CNO Financial Group

Colonial Penn

CIG

218.0

233.5

226.2

222.4

242.9

56.4

68.8

93.0

78.2

70.5

(a) Measured by new annualized premium, which includes 6% of annuity and 10% of single premium whole life deposits and 100% of all other premiums. PDP and PFFS
sales have been excluded from all periods

(b) Excludes group business not sold by Bankers agents

272.2

72.1

121.5

35.8

Total New Sales Across Business Units
(NAP - $ in millions) (a)

CNO Financial Group

CNO Financial: Compelling Investment Thesis

§ Strategic focus on burgeoning senior middle-market—unique “pure play”

§ Attractive growth and profit potential driven by demographics and
execution

§ Tremendous progress financially and operationally

§ Well-capitalized and well managed

§ Value of tax paying status not yet fully realized in stock price

§ Strong performance momentum—6 straight quarters of improved financial
results

Questions and Answers

Appendix

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
“Investor - SEC Filings” section of our website, www.CNOinc.com.

Operating earnings measures
Management believes that an analysis of net income applicable to common stock before discontinued
operations, loss on extinguishment or modification of debt, net realized gains or losses and increases
to our valuation allowance for deferred tax assets (“net operating income,” a non-GAAP financial
measure) is important to evaluate the performance of the Company and is a key measure commonly
used in the life insurance industry. Management uses this measure to evaluate performance because
discontinued operations, loss on extinguishment or modification of debt, realized investment gains or
losses and increases to our valuation allowance for deferred tax assets are unrelated to the Company’s
continuing operations.