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Quarterly Financial Supplement - 3Q2025
November 3, 2025

Page 1

Table of ContentsPage
Consolidated balance sheet3
Consolidated statement of operations4
Financial summary5
Insurance operations6
Margin from insurance products7-9
Collected premiums and insurance policy income10
Health and life new annualized premiums11
Computation of weighted average shares outstanding12
Annuities - account value rollforwards13
Consolidated statutory information of U.S. based insurance subsidiaries14
Investment income not allocated to product lines and investment income allocated to product lines
15-17
Other investment data17
Significant items
18-19
Notes20-21

Page 2

CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25
Assets
Investments:
  Fixed maturities, available for sale, at fair value$21,648.1 $22,617.9 $23,724.7 $22,730.1 $23,283.0 $23,047.0 $23,405.3 
  Equity securities at fair value
118.4 117.7 120.5 272.4 349.1 387.4 377.2 
  Mortgage loans2,087.1 2,176.0 2,372.7 2,506.3 2,601.2 2,834.3 3,042.7 
  Policy loans130.3 131.3 133.3 135.3 136.4 137.6 141.2 
  Trading securities222.8 207.8 217.4 304.2 308.0 308.3 296.9 
  Investments held by variable interest entities533.4 425.5 250.1 433.8 380.2 376.9 296.8 
  Other invested assets1,471.3 1,554.0 1,595.5 1,491.5 1,386.7 1,500.5 1,617.0 
  Total investments
26,211.4 27,230.2 28,414.2 27,873.6 28,444.6 28,592.0 29,177.1 
Cash and cash equivalents - unrestricted566.3 878.8 1,164.7 1,656.7 928.2 766.0 1,218.3 
Cash and cash equivalents held by variable interest entities83.5 113.3 80.6 341.0 96.6 50.0 23.3 
Accrued investment income252.0 262.5 276.2 286.4 289.6 279.4 282.0 
Present value of future profits175.5 170.4 165.7 161.0 156.5 152.1 147.8 
Deferred acquisition costs1,992.3 2,047.2 2,100.9 2,158.6 2,209.9 2,276.3 2,343.7 
Reinsurance receivables3,969.0 3,910.9 3,906.7 3,854.7 3,804.3 3,753.9 3,731.7 
Income tax assets, net
886.1 882.8 788.7 814.1 768.0 749.3 708.1 
Assets held in separate accounts3.3 3.2 3.3 3.3 3.1 2.9 2.7 
Other assets716.2 706.4 648.0 699.9 728.4 707.2 661.5 
Total assets$34,855.6 $36,205.7 $37,549.0 $37,849.3 $37,429.2 $37,329.1 $38,296.2 
Liabilities
Liabilities for insurance products:
  Policyholder account balances$15,361.1 $16,247.9 $16,992.4 $17,594.2 $17,314.3 $17,609.0 $18,290.3 
  Future policy benefits11,932.2 11,695.1 12,258.2 11,705.5 11,773.0 11,787.7 11,975.5 
  Market risk benefit liability99.6 93.0 74.1 60.0 73.6 63.8 52.6 
  Liability for life insurance policy claims65.1 59.6 59.9 61.1 63.5 60.7 61.5 
  Unearned and advanced premiums226.0 220.9 217.4 226.8 221.5 217.3 214.5 
  Liabilities related to separate accounts3.3 3.2 3.3 3.3 3.1 2.9 2.7 
Other liabilities905.0 934.4 951.0 1,163.3 1,027.2 935.8 1,036.9 
Investment borrowings2,189.1 2,189.0 2,188.9 2,188.8 2,188.6 2,441.7 2,441.7 
Borrowings related to variable interest entities565.5 501.4 283.1 497.6 375.1 352.8 274.3 
Notes payable - direct corporate obligations1,141.0 1,832.3 1,832.9 1,833.5 1,834.2 1,334.7 1,335.2 
Total liabilities32,487.9 33,776.8 34,861.2 35,334.1 34,874.1 34,806.4 35,685.2 
Shareholders' equity
Common stock1.1 1.1 1.0 1.0 1.0 1.0 1.0 
Additional paid-in capital1,851.2 1,797.6 1,715.9 1,632.5 1,535.0 1,441.4 1,389.4 
Retained earnings
1,995.7 2,094.5 2,086.9 2,253.1 2,258.2 2,333.0 2,339.5 
Total shareholders' equity before accumulated other comprehensive loss3,848.0 3,893.2 3,803.8 3,886.6 3,794.2 3,775.4 3,729.9 
Accumulated other comprehensive loss(1,480.3)(1,464.3)(1,116.0)(1,371.4)(1,239.1)(1,252.7)(1,118.9)
Total shareholders' equity2,367.7 2,428.9 2,687.8 2,515.2 2,555.1 2,522.7 2,611.0 
Total liabilities and shareholders' equity$34,855.6 $36,205.7 $37,549.0 $37,849.3 $37,429.2 $37,329.1 $38,296.2 
Book value per common share$21.81 $22.80 $25.86 $24.75 $25.58 $25.92 $27.24 
Book value per common share, excluding accumulated other comprehensive loss (1) (2)$35.44 $36.55 $36.60 $38.25 $37.98 $38.79 $38.92 
Book value per diluted share, excluding accumulated other comprehensive loss (1) (3)$34.97 $36.00 $35.84 $37.35 $37.27 $38.05 $38.10 

Page 3

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

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Revenues
Insurance policy income$628.4 $641.5 $645.0 $643.6 $2,558.5 $650.7 $651.3 $658.4 
Net investment income:
   General account assets301.9 351.7 366.3 399.5 1,419.4 375.1 378.3 382.9 
Policyholder and other special-purpose portfolios167.3 57.4 87.6 17.1 329.4 (63.6)105.4 116.8 
Investment gains (losses):
Realized investment losses(10.0)(26.3)(13.1)(26.2)(75.6)(3.8)(21.3)(12.9)
Other investment gains (losses)17.8 9.1 14.3 (15.5)25.7 (3.0)2.9 9.9 
Total investment gains (losses)7.8 (17.2)1.2 (41.7)(49.9)(6.8)(18.4)(3.0)
Fee revenue and other income51.1 32.8 29.5 78.7 192.1 48.7 34.9 33.6 
Total revenues1,156.5 1,066.2 1,129.6 1,097.2 4,449.5 1,004.1 1,151.5 1,188.7 
Benefits and expenses
Insurance policy benefits636.6 574.4 731.0 508.3 2,450.3 570.0 658.4 702.1 
Liability for future policy benefits remeasurement (gain) loss(6.4)(30.0)7.3 (12.0)(41.1)(12.2)(12.8)(30.8)
Change in fair value of market risk benefits(18.9)(5.8)(20.9)(14.9)(60.5)15.3 (10.9)(12.4)
Interest expense60.2 64.2 68.0 62.0 254.4 62.0 59.1 56.6 
Amortization of deferred acquisition costs and present value of future profits 60.5 61.4 64.0 65.3 251.2 67.4 68.6 69.9 
Goodwill and other asset impairment
— — — — — — — 96.7 
Gain on extinguishment of borrowings related to variable interest entities— — — — — (1.5)— — 
Other operating costs and expenses278.3 251.4 269.2 256.4 1,055.3 275.3 271.1 270.4 
Total benefits and expenses1,010.3 915.6 1,118.6 865.1 3,909.6 976.3 1,033.5 1,152.5 
Income before income taxes146.2 150.6 11.0 232.1 539.9 27.8 118.0 36.2 
Income tax expense33.9 34.3 1.7 49.2 119.1 6.3 26.2 13.1 
Net income$112.3 $116.3 $9.3 $182.9 $420.8 $21.5 $91.8 $23.1 

Page 4

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

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Insurance product margin (4)
Annuity margin$52.0 $76.1 $91.1 $55.0 $274.2 $54.5 $54.8 $72.9 
Health margin123.0 135.9 127.8 130.1 516.8 126.2 134.0 157.0 
Life margin54.6 63.1 63.3 68.0 249.0 68.2 63.6 70.6 
Total insurance product margin229.6 275.1 282.2 253.1 1,040.0 248.9 252.4 300.5 
Allocated expenses(161.6)(154.6)(153.0)(146.1)(615.3)(161.2)(149.4)(151.0)
Income from insurance products (8)68.0 120.5 129.2 107.0 424.7 87.7 103.0 149.5 
Fee income11.3 0.8 (2.7)20.6 30.0 (0.8)0.8 (3.9)
Investment income not allocated to product lines (9)12.3 44.8 45.5 65.3 167.9 38.0 33.8 39.5 
Expenses not allocated to product lines(16.8)(17.5)(18.5)(19.0)(71.8)(20.3)(25.3)(22.3)
Operating earnings before taxes74.8 148.6 153.5 173.9 550.8 104.6 112.3 162.8 
Income tax expense on operating income(17.3)(34.0)(34.3)(35.9)(121.5)(23.5)(24.8)(35.6)
Net operating income (10)57.5 114.6 119.2 138.0 429.3 81.1 87.5 127.2 
Net realized investment losses from sales, impairments and change in allowance for credit losses
(4.6)(21.9)(11.1)(35.1)(72.7)(13.2)(21.8)(8.8)
Net change in market value of investments recognized in earnings12.4 4.7 12.3 (6.6)22.8 6.4 3.4 5.8 
Fair value changes related to agent deferred compensation plan— 3.5 (3.5)6.6 6.6 — — — 
Changes in fair value of embedded derivative liabilities and market risk benefits64.0 16.8 (127.1)92.6 46.3 (69.6)25.2 (18.1)
Expenses related to TechMod initiative
— — — — — — (3.2)(7.2)
Goodwill and other asset impairment
— — — — — — — (96.7)
Other(0.4)(1.1)(13.1)0.7 (13.9)(0.4)2.1 (1.6)
Net non-operating income (loss) before taxes71.4 2.0 (142.5)58.2 (10.9)(76.8)5.7 (126.6)
Income tax (expense) benefit on non-operating income (loss)(16.6)(0.3)32.6 (13.3)2.4 17.2 (1.4)22.5 
Net non-operating income (loss)54.8 1.7 (109.9)44.9 (8.5)(59.6)4.3 (104.1)
Net income$112.3 $116.3 $9.3 $182.9 $420.8 $21.5 $91.8 $23.1 
Per diluted share
Net operating income$0.52 $1.05 $1.11 $1.31 $3.97 $0.79 $0.87 $1.29 
Net non-operating income (loss)0.49 0.01 (1.02)0.43 (0.08)(0.58)0.04 (1.05)
Net income$1.01 $1.06 $0.09 $1.74 $3.89 $0.21 $0.91 $0.24 

Page 5

CNO FINANCIAL GROUP, INC.
Insurance Operations
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Insurance product margin (4)
Annuity:
Insurance policy income$7.3 $9.3 $11.2 $7.7 $35.5 $9.8 $8.4 $10.7 
Net investment income (5) (6)134.5 140.5 142.2 147.8 565.0 148.0 155.3 157.7 
Insurance policy benefits(11.3)8.4 25.9 (7.8)15.2 (10.3)(10.0)6.2 
Interest credited (6)(58.3)(61.2)(65.2)(69.1)(253.8)(68.3)(73.4)(75.4)
Amortization and non-deferred commissions(20.2)(20.9)(23.0)(23.6)(87.7)(24.7)(25.5)(26.3)
Annuity margin52.0 76.1 91.1 55.0 274.2 54.5 54.8 72.9 
Health:
Insurance policy income398.4 403.6 406.9 409.4 1,618.3 412.0 412.5 416.0 
Net investment income (5)74.3 75.1 75.0 75.2 299.6 75.1 75.9 75.4 
Insurance policy benefits(308.5)(302.3)(314.1)(314.7)(1,239.6)(320.3)(313.3)(293.3)
Amortization and non-deferred commissions(41.2)(40.5)(40.0)(39.8)(161.5)(40.6)(41.1)(41.1)
Health margin123.0 135.9 127.8 130.1 516.8 126.2 134.0 157.0 
Life:
Insurance policy income222.7 228.6 226.9 226.5 904.7 228.9 230.4 231.7 
Net investment income (5) (7)36.5 36.7 36.8 37.1 147.1 37.6 37.8 37.8 
Insurance policy benefits(144.0)(144.6)(143.5)(143.9)(576.0)(138.1)(144.5)(142.6)
Interest credited (7)(12.5)(12.4)(13.3)(13.3)(51.5)(13.0)(13.8)(13.2)
Amortization and non-deferred commissions(23.5)(24.3)(25.1)(25.1)(98.0)(26.0)(27.6)(28.3)
Advertising expense(24.6)(20.9)(18.5)(13.3)(77.3)(21.2)(18.7)(14.8)
Life margin54.6 63.1 63.3 68.0 249.0 68.2 63.6 70.6 
Total insurance product margin229.6 275.1 282.2 253.1 1,040.0 248.9 252.4 300.5 
Allocated expenses:
Branch office expenses(19.8)(16.2)(16.7)(13.0)(65.7)(20.7)(15.9)(17.7)
Other allocated expenses(141.8)(138.4)(136.3)(133.1)(549.6)(140.5)(133.5)(133.3)
Income from insurance products (8)68.0 120.5 129.2 107.0 424.7 87.7 103.0 149.5 
Fee income11.3 0.8 (2.7)20.6 30.0 (0.8)0.8 (3.9)
Investment income not allocated to product lines (9)12.3 44.8 45.5 65.3 167.9 38.0 33.8 39.5 
Expenses not allocated to product lines(16.8)(17.5)(18.5)(19.0)(71.8)(20.3)(25.3)(22.3)
Operating earnings before taxes74.8 148.6 153.5 173.9 550.8 104.6 112.3 162.8 
Income tax expense on operating income(17.3)(34.0)(34.3)(35.9)(121.5)(23.5)(24.8)(35.6)
Net operating income (10)$57.5 $114.6 $119.2 $138.0 $429.3 $81.1 $87.5 $127.2 
Page 6

CNO FINANCIAL GROUP, INC.
Margin from Annuity Products
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Annuity margin (4):
Fixed indexed annuities
Insurance policy income$6.0 $7.2 $8.7 $6.1 $28.0 $7.2 $6.7 $6.8 
Net investment income (5) (6)108.4 113.8 115.9 120.6 458.7 120.9 127.8 130.4 
Insurance policy benefits(5.8)(2.6)28.7 (6.1)14.2 (5.5)(5.0)8.8 
Interest credited (6)(46.7)(49.4)(53.3)(55.7)(205.1)(55.7)(60.8)(62.1)
Amortization and non-deferred commissions(18.5)(19.1)(21.0)(21.4)(80.0)(22.4)(23.3)(24.2)
Margin from fixed indexed annuities$43.4 $49.9 $79.0 $43.5 $215.8 $44.5 $45.4 $59.7 
Average net insurance liabilities (11)$9,636.3 $9,758.1 $9,899.4 $10,101.6 $9,848.9 $10,085.7 $10,543.4 $10,759.3 
Margin/average net insurance liabilities (12)1.80 %2.05 %3.19 %1.72 %2.19 %1.76 %1.72 %2.22 %
Fixed interest annuities
Insurance policy income$0.1 $0.4 $0.1 $0.6 $1.2 $0.5 $0.2 $0.8 
Net investment income (5)20.6 21.1 20.8 21.6 84.1 21.6 21.8 21.8 
Insurance policy benefits(0.4)0.1 (0.4)0.8 0.1 0.2 (0.1)0.5 
Interest credited(11.1)(11.3)(11.3)(12.9)(46.6)(12.1)(11.8)(12.5)
Amortization and non-deferred commissions(1.6)(1.6)(1.9)(2.1)(7.2)(2.1)(2.1)(2.1)
Margin from fixed interest annuities$7.6 $8.7 $7.3 $8.0 $31.6 $8.1 $8.0 $8.5 
Average net insurance liabilities (11)$1,588.0 $1,569.4 $1,568.2 $1,587.7 $1,578.3 $1,599.5 $1,591.7 $1,587.4 
Margin/average net insurance liabilities (12)1.91 %2.22 %1.86 %2.02 %2.00 %2.03 %2.01 %2.14 %
Other annuities
Insurance policy income$1.2 $1.7 $2.4 $1.0 $6.3 $2.1 $1.6 $3.0 
Net investment income (5)5.5 5.6 5.5 5.6 22.2 5.5 5.6 5.6 
Insurance policy benefits(5.1)10.9 (2.4)(2.5)0.9 (5.0)(5.0)(3.0)
Interest credited(0.5)(0.5)(0.6)(0.5)(2.1)(0.5)(0.7)(0.9)
Amortization and non-deferred commissions(0.1)(0.2)(0.1)(0.1)(0.5)(0.2)(0.1)— 
Margin from other annuities$1.0 $17.5 $4.8 $3.5 $26.8 $1.9 $1.4 $4.7 
Average net insurance liabilities (11)$439.9 $426.4 $414.4 $408.6 $422.3 $402.2 $398.5 $395.2 
Margin/average net insurance liabilities (12)0.91 %16.42 %4.63 %3.43 %6.35 %1.89 %1.41 %4.76 %
Total annuity margin$52.0 $76.1 $91.1 $55.0 $274.2 $54.5 $54.8 $72.9 
Average net insurance liabilities (11)$11,664.2 $11,753.9 $11,882.0 $12,097.9 $11,849.5 $12,087.4 $12,533.6 $12,741.9 
Margin/average net insurance liabilities (12)1.78 %2.59 %3.07 %1.82 %2.31 %1.80 %1.75 %2.29 %
Page 7

CNO FINANCIAL GROUP, INC.
Margin from Health Products
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Health margin (4):
Supplemental health
Insurance policy income$179.7 $180.1 $182.0 $183.3 $725.1 $185.1 $185.0 $186.5 
Net investment income (5)39.0 39.4 39.6 39.7 157.7 39.8 40.5 40.2 
Insurance policy benefits(125.8)(127.4)(125.8)(125.2)(504.2)(131.6)(128.7)(101.6)
Amortization and non-deferred commissions(27.5)(27.0)(27.2)(27.1)(108.8)(27.7)(28.2)(28.0)
Margin from supplemental health$65.4 $65.1 $68.6 $70.7 $269.8 $65.6 $68.6 $97.1 
Margin/insurance policy income36 %36 %38 %39 %37 %35 %37 %52 %
Medicare supplement
Insurance policy income$151.7 $155.8 $156.3 $156.7 $620.5 $156.3 $155.9 $156.5 
Net investment income (5)1.4 1.3 1.3 1.3 5.3 1.2 1.2 1.2 
Insurance policy benefits(116.4)(111.5)(121.6)(122.9)(472.4)(120.0)(119.5)(127.2)
Amortization and non-deferred commissions(10.2)(10.1)(9.7)(9.5)(39.5)(9.4)(9.4)(9.3)
Margin from Medicare supplement$26.5 $35.5 $26.3 $25.6 $113.9 $28.1 $28.2 $21.2 
Margin/insurance policy income17 %23 %17 %16 %18 %18 %18 %14 %
Long-term care
Insurance policy income$67.0 $67.7 $68.6 $69.4 $272.7 $70.6 $71.6 $73.0 
Net investment income (5)33.9 34.4 34.1 34.2 136.6 34.1 34.2 34.0 
Insurance policy benefits(66.3)(63.4)(66.7)(66.6)(263.0)(68.7)(65.1)(64.5)
Amortization and non-deferred commissions(3.5)(3.4)(3.1)(3.2)(13.2)(3.5)(3.5)(3.8)
Margin from long-term care$31.1 $35.3 $32.9 $33.8 $133.1 $32.5 $37.2 $38.7 
Margin/insurance policy income46 %52 %48 %49 %49 %46 %52 %53 %
Total health margin$123.0 $135.9 $127.8 $130.1 $516.8 $126.2 $134.0 $157.0 
Margin/insurance policy income31 %34 %31 %32 %32 %31 %32 %38 %
Page 8

CNO FINANCIAL GROUP, INC.
Margin from Life Products
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Life margin (4):
Interest sensitive life
Insurance policy income$46.6 $46.9 $47.0 $47.4 $187.9 $48.1 $48.0 $48.4 
Net investment income (5) (7)13.2 13.2 13.3 13.5 53.2 13.9 13.9 14.0 
Insurance policy benefits(19.9)(18.6)(13.6)(19.7)(71.8)(19.9)(20.7)(20.2)
Interest credited (7)(12.3)(12.3)(13.2)(13.1)(50.9)(12.9)(13.7)(13.1)
Amortization and non-deferred commissions(5.1)(5.3)(5.3)(4.8)(20.5)(5.1)(5.6)(5.6)
Margin from interest sensitive life$22.5 $23.9 $28.2 $23.3 $97.9 $24.1 $21.9 $23.5 
Average net insurance liabilities (11)$1,056.1 $1,063.0 $1,070.8 $1,078.7 $1,067.2 $1,096.1 $1,106.9 $1,126.7 
Interest margin$0.9 $0.9 $0.1 $0.4 $2.3 $1.0 $0.2 $0.9 
Interest margin/average net insurance liabilities (12)0.34 %0.34 %0.04 %0.15 %0.22 %0.36 %0.07 %0.32 %
Underwriting margin$21.6 $23.0 $28.1 $22.9 $95.6 $23.1 $21.7 $22.6 
Underwriting margin/insurance policy income46 %49 %60 %48 %51 %48 %45 %47 %
Traditional life
Insurance policy income$176.1 $181.7 $179.9 $179.1 $716.8 $180.8 $182.4 $183.3 
Net investment income (5)23.3 23.5 23.5 23.6 93.9 23.7 23.9 23.8 
Insurance policy benefits(124.1)(126.0)(129.9)(124.2)(504.2)(118.2)(123.8)(122.4)
Interest credited(0.2)(0.1)(0.1)(0.2)(0.6)(0.1)(0.1)(0.1)
Amortization and non-deferred commissions(18.4)(19.0)(19.8)(20.3)(77.5)(20.9)(22.0)(22.7)
Advertising expense(24.6)(20.9)(18.5)(13.3)(77.3)(21.2)(18.7)(14.8)
Margin from traditional life$32.1 $39.2 $35.1 $44.7 $151.1 $44.1 $41.7 $47.1 
Margin/insurance policy income18 %22 %20 %25 %21 %24 %23 %26 %
Margin excluding advertising expense/insurance policy income32 %33 %30 %32 %32 %36 %33 %34 %
Total life margin$54.6 $63.1 $63.3 $68.0 $249.0 $68.2 $63.6 $70.6 



Page 9

CNO FINANCIAL GROUP, INC.
Collected Premiums and Insurance Policy Income
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Collected premiums:
Annuity products
Fixed indexed annuities$345.5 $388.5 $398.8 $409.9 $1,542.7 $388.0 $470.2 $425.3 
Fixed interest annuities45.9 49.1 62.9 81.2 239.1 51.7 47.8 44.7 
Other annuities1.9 1.5 3.4 2.0 8.8 2.3 2.5 2.5 
Total annuity collected premiums393.3 439.1 465.1 493.1 1,790.6 442.0 520.5 472.5 
Health products
Supplemental health181.4 179.8 181.3 183.2 725.7 184.8 184.6 184.8 
Medicare supplement155.7 152.4 153.1 164.5 625.7 151.1 153.0 154.4 
Long-term care67.7 67.9 68.7 71.9 276.2 69.8 71.9 73.4 
Total health collected premiums404.8 400.1 403.1 419.6 1,627.6 405.7 409.5 412.6 
Life products
Interest-sensitive life60.5 61.3 61.0 61.3 244.1 62.9 63.6 64.4 
Traditional life176.8 181.1 180.0 178.5 716.4 181.5 181.9 182.6 
Total life collected premiums237.3 242.4 241.0 239.8 960.5 244.4 245.5 247.0 
Total collected premiums$1,035.4 $1,081.6 $1,109.2 $1,152.5 $4,378.7 $1,092.1 $1,175.5 $1,132.1 
Insurance policy income:
Annuity products
Fixed indexed annuities$6.0 $7.2 $8.7 $6.1 $28.0 $7.2 $6.7 $6.8 
Fixed interest annuities0.1 0.4 0.1 0.6 1.2 0.5 0.2 0.8 
Other annuities1.2 1.7 2.4 1.0 6.3 2.1 1.6 3.0 
Total annuity insurance policy income7.3 9.3 11.2 7.7 35.5 9.8 8.5 10.6 
Health products
Supplemental health179.7 180.1 182.0 183.3 725.1 185.1 185.0 186.5 
Medicare supplement151.7 155.8 156.3 156.7 620.5 156.3 155.9 156.5 
Long-term care67.0 67.7 68.6 69.4 272.7 70.6 71.6 73.0 
Total health insurance policy income398.4 403.6 406.9 409.4 1,618.3 412.0 412.5 416.0 
Life products
Interest-sensitive life 46.6 46.9 47.0 47.4 187.9 48.1 48.0 48.4 
Traditional life 176.1 181.7 179.9 179.1 716.8 180.8 182.4 183.3 
Total life insurance policy income222.7 228.6 226.9 226.5 904.7 228.9 230.4 231.7 
Total insurance policy income$628.4 $641.5 $645.0 $643.6 $2,558.5 $650.7 $651.4 $658.3 


Page 10

CNO FINANCIAL GROUP, INC.
Health and Life
New Annualized Premiums ("NAP")
(Dollars in millions)
(Unaudited)

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Consumer Division
Health products:
Supplemental health$18.0 $18.2 $19.1 $23.7 $79.0 $19.5 $22.0 $23.5 
Medicare supplement9.7 10.3 10.0 16.6 46.6 12.0 12.2 13.3 
Long-term care10.6 10.7 11.6 10.2 43.1 10.2 10.1 12.4 
Total Consumer Division health NAP38.3 39.2 40.7 50.5 168.7 41.7 44.3 49.2 
Life products:
Interest sensitive life4.4 5.0 4.2 4.0 17.6 3.6 5.6 4.5 
Traditional life48.8 43.2 38.6 36.5 167.1 46.0 52.0 52.4 
Total Consumer Division life NAP53.2 48.2 42.8 40.5 184.7 49.6 57.6 56.9 
Total Consumer Division health and life NAP$91.5 $87.4 $83.5 $91.0 $353.4 $91.3 $101.9 $106.1 
Worksite Division
Health products:
Supplemental health$9.5 $11.4 $11.4 $13.0 $45.3 $10.3 $11.7 $13.4 
Life products:
Interest sensitive life3.5 4.1 4.5 4.6 16.7 4.1 6.3 5.6 
Total Worksite Division health and life NAP$13.0 $15.5 $15.9 $17.6 $62.0 $14.4 $18.0 $19.0 
Total NAP (both divisions)
Health products:
Supplemental health$27.5 $29.6 $30.5 $36.7 $124.3 $29.8 $33.7 $36.9 
Medicare supplement9.7 10.3 10.0 16.6 46.6 12.0 12.2 13.3 
Long-term care10.6 10.7 11.6 10.2 43.1 10.2 10.1 12.4 
Total health NAP47.8 50.6 52.1 63.5 214.0 52.0 56.0 62.6 
Life products:
Interest sensitive life 7.9 9.1 8.7 8.6 34.3 7.7 11.9 10.1 
Traditional life 48.8 43.2 38.6 36.5 167.1 46.0 52.0 52.4 
Total life NAP56.7 52.3 47.3 45.1 201.4 53.7 63.9 62.5 
Total NAP$104.5 $102.9 $99.4 $108.6 $415.4 $105.7 $119.9 $125.1 

Page 11

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

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Basic
Shares outstanding, beginning of period109,357.5 108,568.6 106,513.6 103,923.0 109,357.5 101,619.0 99,893.9 97,319.0 
Weighted average share activity during the period:
Shares repurchased(618.6)(893.0)(1,483.9)(1,233.7)(3,958.1)(1,106.8)(1,347.6)(731.7)
Amounts related to employee benefit plans344.5 57.0 76.7 90.4 1,028.3 307.9 26.7 16.4 
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans(119.5)(1.9)(4.9)(1.5)(284.1)(77.3)(0.8)(0.9)
Weighted average basic shares outstanding during the period108,963.9 107,730.7 105,101.5 102,778.2 106,143.6 100,742.8 98,572.2 96,602.8 
Basic shares outstanding, end of period108,568.6 106,513.6 103,923.0 101,619.0 101,619.0 99,893.9 97,319.0 95,841.0 
Diluted
Weighted average basic shares outstanding108,963.9 107,730.7 105,101.5 102,778.2 106,143.6 100,742.8 98,572.2 96,602.8 
Common stock equivalent shares related to:
Employee benefit plans1,881.0 1,527.5 2,029.5 2,452.1 1,972.6 2,327.1 1,814.0 1,950.6 
Weighted average diluted shares outstanding during the period110,844.9 109,258.2 107,131.0 105,230.3 108,116.2 103,069.9 100,386.2 98,553.4 
Diluted shares outstanding, end of period110,036.5 108,140.0 106,141.8 104,052.8 104,052.8 101,796.1 99,221.4 97,902.8 



Page 12

CNO FINANCIAL GROUP, INC.
Annuities - Account Value Rollforwards
(Dollars in millions)

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Fixed indexed annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$9,999.2 $10,112.7 $10,279.1 $10,468.0 $9,999.2 $10,766.3 $10,952.1 $11,221.3 
Issuances (funds collected from new business)345.4 388.5 398.7 409.0 1,541.6 383.7 463.0 418.7 
Premiums received (premiums collected from inforce business)0.5 0.7 0.1 1.3 2.6 4.0 7.4 6.6 
Policy charges(6.5)(7.9)(8.8)(6.5)(29.7)(6.8)(6.9)(6.9)
Surrenders and withdrawals(232.2)(235.2)(239.1)(221.1)(927.6)(233.3)(221.6)(215.6)
Benefit payments(74.4)(77.6)(67.5)(54.9)(274.4)(72.7)(74.6)(72.6)
Interest credited68.9 84.0 91.2 155.7 399.8 96.4 85.0 66.9 
Other11.8 13.9 14.3 14.8 54.8 14.5 16.9 14.6 
Policyholder account balances, end of period excluding contracts 100% ceded
$10,112.7 $10,279.1 $10,468.0 $10,766.3 $10,766.3 $10,952.1 $11,221.3 $11,433.0 
Fixed interest annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$1,636.4 $1,610.6 $1,602.6 $1,612.7 $1,636.4 $1,646.6 $1,640.7 $1,634.7 
Issuances (funds collected from new business)45.1 48.5 62.3 80.5 236.4 50.9 47.1 44.2 
Premiums received (premiums collected from inforce business)1.0 0.5 1.0 0.4 2.9 0.7 1.0 0.2 
Policy charges(0.3)(0.3)(0.4)(0.4)(1.4)(0.4)(0.5)(0.5)
Surrenders and withdrawals(52.8)(42.4)(39.2)(37.1)(171.5)(41.4)(40.9)(35.4)
Benefit payments(30.2)(25.8)(25.0)(22.8)(103.8)(28.4)(25.2)(21.3)
Interest credited11.4 11.6 11.7 13.3 48.0 12.7 12.5 13.1 
Other— (0.1)(0.3)— (0.4)— — 0.1 
Policyholder account balances, end of period excluding contracts 100% ceded
$1,610.6 $1,602.6 $1,612.7 $1,646.6 $1,646.6 $1,640.7 $1,634.7 $1,635.1 
Total annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$11,635.6 $11,723.3 $11,881.7 $12,080.7 $11,635.6 $12,412.9 $12,592.8 $12,856.0 
Issuances (funds collected from new business)390.5 437.0 461.0 489.5 1,778.0 434.6 510.1 462.9 
Premiums received (premiums collected from inforce business)1.5 1.2 1.1 1.7 5.5 4.7 8.4 6.8 
Policy charges(6.8)(8.2)(9.2)(6.9)(31.1)(7.2)(7.4)(7.4)
Surrenders and withdrawals(285.0)(277.6)(278.3)(258.2)(1,099.1)(274.7)(262.5)(251.0)
Benefit payments(104.6)(103.4)(92.5)(77.7)(378.2)(101.1)(99.8)(93.9)
Interest credited80.3 95.6 102.9 169.0 447.8 109.1 97.5 80.0 
Other11.8 13.8 14.0 14.8 54.4 14.5 16.9 14.7 
Policyholder account balances, end of period excluding contracts 100% ceded
$11,723.3 $11,881.7 $12,080.7 $12,412.9 $12,412.9 $12,592.8 $12,856.0 $13,068.1 
Page 13

CNO FINANCIAL GROUP, INC.
Consolidated Statutory Information of U.S. Based Insurance Subsidiaries (13)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025 (a)
Net gain from operations before interest expense and federal income taxes$40.3 $63.3 $58.9 $161.1 $323.6 $29.0 $37.7 $45.2 
Interest expense on surplus debentures held by parent company17.6 17.5 32.9 16.4 84.4 15.5 15.7 29.4 
Net gain from operations before federal income taxes22.7 45.8 26.0 144.7 239.2 13.5 22.0 15.8 
Federal income tax expense (benefit)26.7 17.7 17.6 (19.7)42.3 — — 20.9 
Net gain (loss) from operations before net realized capital gains (losses)(4.0)28.1 8.4 164.4 196.9 13.5 22.0 (5.1)
Net realized capital gains (losses)(4.2)7.4 (0.5)(23.0)(20.3)(1.2)(2.6)(11.1)
Net income (loss)$(8.2)$35.5 $7.9 $141.4 $176.6 $12.3 $19.4 $(16.2)
Capital and surplus$1,487.3 $1,489.5 $1,446.6 $1,458.1 $1,458.1 $1,422.3 $1,417.8 $1,403.1 
Asset valuation reserve (AVR)351.8 369.8 393.2 407.1 407.1 428.5 459.3 485.0 
Capital, surplus and AVR1,839.1 1,859.3 1,839.8 1,865.2 1,865.2 1,850.8 1,877.1 1,888.1 
Interest maintenance reserve (IMR)362.1 344.0 338.1 334.2 334.2 331.5 315.8 298.3 
Total statutory capital, surplus, AVR & IMR$2,201.2 $2,203.3 $2,177.9 $2,199.4 $2,199.4 $2,182.3 $2,192.9 $2,186.4 
Risk-based capital ratio391 %394 %388 %383 %383 %379 %378 %380 %
___________
(a)    Such amounts are preliminary as the statutory basis financial statements of our U.S. based insurance subsidiaries for 3Q25 will be filed with the respective insurance regulators on or about November 14, 2025. Statutory capital and surplus, IMR and risk-based capital ratio are adjusted to reflect equal and offsetting timing impacts associated with the reinsurance transaction executed with our Bermuda reinsurance company in October 2025.
Page 14

CNO FINANCIAL GROUP, INC.
Investment Income Not Allocated to Product Lines (9)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Investment income not allocated:
Excluding variable components:
From general account assets$27.6 $25.0 $28.8 $47.8 $129.2 $28.0 $24.1 $20.6 
Other investment income3.1 6.8 12.9 13.8 36.6 10.9 6.6 1.8 
Spread income:
FHLB program:
Investment income
41.7 42.4 41.0 36.1 161.2 35.4 36.6 40.6 
Interest expense (a)
(31.4)(31.4)(31.8)(28.6)(123.2)(26.0)(27.7)(29.7)
Net spread income on FHLB program10.3 11.0 9.2 7.5 38.0 9.4 8.9 10.9 
FABN program:
Investment income
14.9 19.6 28.6 33.6 96.7 34.3 36.9 37.6 
Expenses (a)(b)
(7.6)(10.9)(20.6)(24.9)(64.0)(27.9)(27.7)(29.1)
Net spread income on FABN program7.3 8.7 8.0 8.7 32.7 6.4 9.2 8.5 
Interest expense on corporate debt (a)
(15.7)(21.8)(27.2)(27.1)(91.8)(27.2)(24.6)(20.3)
Interest expense on financing arrangements (a)
(1.2)(1.2)(1.1)(1.2)(4.7)(1.0)(1.0)(0.8)
Total excluding variable components 31.4 28.5 30.6 49.5 140.0 26.5 23.2 20.7 
Variable components:
Net income from assets supporting deferred compensation plans:
Investment income
11.1 5.5 10.1 1.2 27.9 (2.1)15.0 11.3 
Expenses (a)
(9.6)(4.2)(8.2)(2.3)(24.3)2.8 (14.9)(10.4)
Net income from assets supporting deferred compensation plans
1.5 1.3 1.9 (1.1)3.6 0.7 0.1 0.9 
Alternative investment income (loss):
Total alternative income
(24.3)11.9 8.9 17.1 13.6 12.9 11.7 15.8 
Allocated to product lines(7.1)(6.4)(6.5)(8.2)(28.2)(6.0)(6.0)(5.9)
Allocated to FABN program— (0.4)0.6 (0.9)(0.7)— (0.7)0.1 
Excess alternative investment income (loss)(31.4)5.1 3.0 8.0 (15.3)6.9 5.0 10.0 
Trading account income
2.1 1.0 1.3 0.5 4.9 1.6 2.0 1.2 
Hedge variance related to fixed indexed products (a)
0.5 — (0.4)2.1 2.2 (0.5)1.5 — 
Impact of annual option forfeitures related to fixed indexed annuity surrenders (a)
6.2 6.0 7.4 6.4 26.0 3.5 1.5 3.8 
Impacts of change in projected cash flows, prepayment and call income and other
2.0 2.9 1.7 (0.1)6.5 (0.7)0.5 2.9 
Total variable components(19.1)16.3 14.9 15.8 27.9 11.5 10.6 18.8 
Total investment income not allocated to product lines $12.3 $44.8 $45.5 $65.3 $167.9 $38.0 $33.8 $39.5 
Reconciliation to net investment income:
Total investment income not allocated to product lines$12.3 $44.8 $45.5 $65.3 $167.9 $38.0 $33.8 $39.5 
Investment income on variable interest entities reported as non-operating income
12.6 9.6 5.3 6.0 33.5 7.2 7.0 4.5 
Add back amounts reported as benefits and expenses58.8 63.5 81.9 75.6 279.8 76.3 92.9 86.5 
Change in market values of the underlying options supporting fixed indexed products140.2 38.9 67.2 9.6 255.9 (70.7)81.1 98.2 
Amounts allocated to products245.3 252.3 254.0 260.1 1,011.7 260.7 268.9 271.0 
Net investment income$469.2 $409.1 $453.9 $416.6 $1,748.8 $311.5 $483.7 $499.7 
___________
(a)    Amounts reported as benefits and expenses
(b)    Comprised of interest credited and amortization of deferred acquisition costs
Page 15

CNO FINANCIAL GROUP, INC.
Investment Income Allocated to Product Lines (5)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities$9,636.3 $9,758.1 $9,899.4 $10,101.6 $9,848.9 $10,085.7 $10,543.4 $10,759.3 
Fixed interest annuities1,588.0 1,569.4 1,568.2 1,587.7 1,578.3 1,599.5 1,591.7 1,587.4 
Other annuities439.9 426.4 414.4 408.6 422.3 402.2 398.5 395.2 
Total annuity average net insurance liabilities (11)11,664.2 11,753.9 11,882.0 12,097.9 11,849.5 12,087.4 12,533.6 12,741.9 
Health:
Supplemental health3,346.3 3,351.1 3,361.1 3,372.5 3,357.8 3,387.4 3,405.3 3,405.2 
Medicare supplement114.8 111.6 105.8 111.9 111.0 113.1 102.0 95.7 
Long-term care2,698.7 2,696.1 2,693.4 2,694.3 2,695.6 2,695.7 2,694.5 2,691.0 
Total health average net insurance liabilities (11)6,159.8 6,158.8 6,160.3 6,178.7 6,164.4 6,196.2 6,201.8 6,191.9 
Life:
Interest sensitive1,056.1 1,063.0 1,070.8 1,078.7 1,067.2 1,096.1 1,106.9 1,126.7 
Traditional1,994.1 1,997.3 2,007.6 2,019.9 2,004.7 2,020.3 2,011.9 2,002.5 
Total life average net insurance liabilities (11)3,050.2 3,060.3 3,078.4 3,098.6 3,071.9 3,116.4 3,118.8 3,129.2 
Total average net insurance liabilities (11)$20,874.2 $20,973.0 $21,120.7 $21,375.2 $21,085.8 $21,400.0 $21,854.2 $22,063.0 
Average yield on allocated investments
Annuity:
Fixed indexed annuities4.50 %4.66 %4.68 %4.78 %4.66 %4.79 %4.85 %4.85 %
Fixed interest annuities5.19 %5.38 %5.31 %5.44 %5.33 %5.40 %5.48 %5.49 %
Other annuities5.00 %5.25 %5.31 %5.48 %5.26 %5.47 %5.62 %5.67 %
Average yield on investments allocated to annuities4.61 %4.78 %4.79 %4.89 %4.77 %4.90 %4.95 %4.95 %
Health:
Supplemental health4.66 %4.70 %4.71 %4.71 %4.70 %4.70 %4.76 %4.72 %
Medicare supplement4.73 %4.89 %4.91 %4.65 %4.77 %4.24 %4.71 %5.02 %
Long-term care5.02 %5.10 %5.06 %5.08 %5.07 %5.06 %5.08 %5.05 %
Average yield on investments allocated to health products4.82 %4.88 %4.87 %4.87 %4.86 %4.85 %4.90 %4.87 %
Life:
Interest sensitive5.00 %4.97 %4.97 %5.01 %4.99 %5.07 %5.02 %4.97 %
Traditional4.67 %4.71 %4.68 %4.67 %4.68 %4.69 %4.75 %4.75 %
Average yield on investments allocated to life products4.79 %4.80 %4.78 %4.79 %4.79 %4.83 %4.85 %4.83 %
Total average yield4.70 %4.81 %4.81 %4.87 %4.80 %4.87 %4.92 %4.91 %
Allocated investment income
Annuity:
Fixed indexed annuities$108.4 $113.8 $115.9 $120.6 $458.7 $120.9 $127.8 $130.4 
Fixed interest annuities20.6 21.1 20.8 21.6 84.1 21.6 21.8 21.8 
Other annuities5.5 5.6 5.5 5.6 22.2 5.5 5.6 5.6 
Total investment income allocated to annuities134.5 140.5 142.2 147.8 565.0 148.0 155.2 157.8 
Health:
Supplemental health39.0 39.4 39.6 39.7 157.7 39.8 40.5 40.2 
Medicare supplement1.4 1.3 1.3 1.3 5.3 1.2 1.2 1.2 
Long-term care33.9 34.4 34.1 34.2 136.6 34.1 34.2 34.0 
Total investment income allocated to health products74.3 75.1 75.0 75.2 299.6 75.1 75.9 75.4 
Life:
   Interest sensitive13.2 13.2 13.3 13.5 53.2 13.9 13.9 14.0 
Traditional23.3 23.5 23.5 23.6 93.9 23.7 23.9 23.8 
Total investment income allocated to life products36.5 36.7 36.8 37.1 147.1 37.6 37.8 37.8 
Total allocated investment income$245.3 $252.3 $254.0 $260.1 $1,011.7 $260.7 $268.9 $271.0 
Page 16

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

1Q2Q3Q4QYTD1Q2Q3Q
20242024202420242024202520252025
General account assets investment income$301.9 $351.7 $366.3 $399.5 $1,419.4 $375.1 $378.3 $382.9 
Policyholder and other special purpose portfolio investment income (loss)167.3 57.4 87.6 17.1 329.4 (63.6)105.4 116.7 
Less equity returns credited to policyholders:
Annuity(128.6)(34.9)(62.1)(6.2)(231.8)63.5 (70.4)(89.4)
Life(11.1)(4.0)(5.5)(1.3)(21.9)6.7 (9.1)(8.8)
Less amount related to variable interest entities(12.6)(9.6)(5.3)(6.0)(33.5)(7.2)(7.0)(4.5)
Less amounts credited to deferred compensation plans(9.6)(4.2)(8.2)(2.3)(24.3)2.8 (14.9)(10.4)
Other special purpose portfolio investment income (loss)5.4 4.7 6.5 1.3 17.9 2.2 4.0 3.6 
Adjusted net investment income307.3 356.4 372.8 400.8 1,437.3 377.3 382.3 386.5 
Less amounts allocated to product lines
Annuity(134.5)(140.5)(142.2)(147.8)(565.0)(148.0)(155.2)(157.8)
Health(74.3)(75.1)(75.0)(75.2)(299.6)(75.1)(75.9)(75.4)
Life(36.5)(36.7)(36.8)(37.1)(147.1)(37.6)(37.8)(37.8)
Total investment income allocated to product lines(245.3)(252.3)(254.0)(260.1)(1,011.7)(260.7)(268.9)(271.0)
Impact of annual option forfeitures related to fixed indexed annuity surrenders6.2 6.0 7.4 6.4 26.0 3.5 1.5 3.8 
Less interest expense on investment borrowings from FHLB program(31.4)(31.4)(31.8)(28.6)(123.2)(26.0)(27.7)(29.7)
Less expenses related to FABN program(7.6)(10.9)(20.6)(24.9)(64.0)(27.9)(27.7)(29.1)
Less interest expense on debt(15.7)(21.8)(27.2)(27.1)(91.8)(27.2)(24.6)(20.3)
Less interest expense on financing arrangements(1.2)(1.2)(1.1)(1.2)(4.7)(1.0)(1.0)(0.8)
Investment income not allocated to product lines$12.3 $44.8 $45.5 $65.3 $167.9 $38.0 $33.9 $39.4 

Other Investment Data

1Q2Q3Q4Q1Q2Q3Q
2024202420242024202520252025
Average book value of invested assets and cash$27,897.0 $28,577.4 $29,716.2 $30,398.9 $30,755.7 $30,732.5 $30,878.3 
Net investment income from general account investments301.9 351.7 366.3 399.5 375.1 378.3 382.9 
New money rate (14)6.17 %6.41 %6.50 %6.72 %6.43 %6.42 %6.20 %
Book yield (15)4.64 %4.73 %4.78 %4.78 %4.81 %4.83 %4.83 %
Earned yield (16)4.06 %4.71 %4.71 %5.16 %4.71 %4.73 %4.77 %
Alternative investment income (loss)(24.3)11.9 8.9 17.1 12.9 11.7 15.8 

Page 17

CNO FINANCIAL GROUP, INC.
3Q25 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our net operating income for the three months ended September 30, 2025. Management believes that identifying the impact of these items enhances the understanding of our operating results.

Three months ended
September 30, 2025
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$72.9 $(16.6)(a)$56.3 
Health margin157.0 (21.1)(a)135.9 
Life margin70.6 (3.6)(a)67.0 
Total insurance product margin300.5 (41.3)259.2 
Allocated expenses(151.0)— (151.0)
Income from insurance products (5)149.5 (41.3)108.2 
Fee income(3.9)— (3.9)
Investment income not allocated to product lines (9)39.5 — 39.5 
Expenses not allocated to product lines(22.3)— (22.3)
Operating earnings before taxes162.8 (41.3)121.5 
Income tax (expense) benefit on operating income(35.6)9.1 (26.5)
Net operating income (10)$127.2 $(32.2)$95.0 
Net operating income per diluted share$1.29 $(0.33)$0.96 
___________
(a)Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.

1Q25 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our net operating income for the three months ended March 31, 2025. Management believes that identifying the impact of these items enhances the understanding of our operating results.

Three months ended
March 31, 2025
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$54.5 $— $54.5 
Health margin126.2 — 126.2 
Life margin68.2 (6.8)(a)61.4 
Total insurance product margin248.9 (6.8)242.1 
Allocated expenses(161.2)— (161.2)
Income from insurance products (5)87.7 (6.8)80.9 
Fee income(0.8)— (0.8)
Investment income not allocated to product lines (9)38.0 — 38.0 
Expenses not allocated to product lines(20.3)— (20.3)
Operating earnings before taxes104.6 (6.8)97.8 
Income tax (expense) benefit on operating income(23.5)1.5 (22.0)
Net operating income (10)$81.1 $(5.3)$75.8 
Net operating income per diluted share$0.79 $(0.05)$0.74 
___________
(a)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves.
Page 18

4Q24 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

Three months ended
December 31, 2024
Actual resultsSignificant itemsExcluding significant
items
Insurance product margin (4)
Annuity margin$55.0 $— $55.0 
Health margin130.1 3.9 (a)134.0 
Life margin68.0 — 68.0 
Total insurance product margin253.1 3.9 257.0 
Allocated expenses(146.1)— (146.1)
Income from insurance products (5)107.0 3.9 110.9 
Fee income20.6 — 20.6 
Investment income not allocated to product lines (9)65.3 — 65.3 
Expenses not allocated to product lines(19.0)— (19.0)
Operating earnings before taxes173.9 3.9 177.8 
Income tax (expense) benefit on operating income(35.9)(0.8)(36.7)
Net operating income (10)$138.0 $3.1 $141.1 
Net operating income per diluted share$1.31 $0.03 $1.34 
___________
(a)Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review.

3Q24 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

The table below summarizes the financial impact of significant items on our 3Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.
Three months ended
September 30, 2024
Actual results
Significant items (a)
Excluding significant
items
Insurance product margin (4)
Annuity margin$91.1 $(36.2)
(b)
$54.9 
Health margin127.8 4.3 
(b)
132.1 
Life margin63.3 0.7 
(b)
64.0 
Total insurance product margin282.2 (31.2)251.0 
Allocated expenses(153.0)(153.0)
Income from insurance products (5)129.2 (31.2)98.0 
Fee income(2.7)— (2.7)
Investment income not allocated to product lines (9)45.5 — 45.5 
Expenses not allocated to product lines(18.5)2.9 
(c)
(15.6)
Operating earnings before taxes153.5 (28.3)125.2 
Income tax (expense) benefit on operating income(34.3)6.4 (27.9)
Net operating income (10)$119.2 $(21.9)$97.3 
Net operating income per diluted share$1.11 $(0.19)$0.92 
___________
(a)Significant items impacting the health margin were revised from $8.2 million reported in September 30, 2024 to $4.3 million.
(b)Comprised of $31.2 million of net favorable impact arising from our comprehensive annual actuarial review.
(c)Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.
Page 19


Notes

(1)Excludes accumulated other comprehensive income (loss). Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(2)Shareholders' equity divided by common shares outstanding.
(3)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.
(4)Insurance product margin is management’s measure of profitability of its annuity, health and life product lines’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. See note (8) for definition of income from insurance products.
(5)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 $128.6 million, $34.9 million, $62.1 million, $6.2 million, $(63.5) million, $70.4 million and $89.4 million in 1Q24, 2Q24, 3Q24, 4Q24, 1Q25, 2Q25 and 3Q25, 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 $11.1 million, $4.0 million, $5.5 million, $1.3 million, $(6.7) million, $9.1 million and $8.8 million in 1Q24, 2Q24, 3Q24, 4Q24, 1Q25, 2Q25 and 3Q25, respectively.
(8)Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide an additional understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.
(9)Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our FHLB investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

(10)Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from 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 ("MRBs") related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses; and (x) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. The table above reconciles the non-GAAP measure to the corresponding GAAP measure.

(11)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account values for interest sensitive products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
(12)Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.
(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's U.S. based insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from accounting principles generally accepted in the United States of America.
Page 20

(14)The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our FHLB and FABN programs and investments purchased by the variable interest entities.
(15)Book yield on fixed maturity investments, excluding investments held in the: (i) FHLB and FABN programs; and (ii) the investments held by the variable interest entities.
(16)Earned yield is the investment income earned during the period divided by the average book value of the investment portfolio, excluding: (i) investments held in the FHLB and FABN programs; and (ii) the investments held by the variable interest entities.
Page 21