Please wait







cnologosupp.jpg


Quarterly Financial Supplement - 1Q2026
April 30, 2026

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
15-16
Other investment data17
Significant items
17-18
Notes
18-19

Page 2


CNO FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
Mar-25Jun-25Sep-25Dec-25Mar-26
Assets
Investments:
  Fixed maturities, available for sale, at fair value$23,283.0 $23,047.0 $23,405.3 $23,886.8 $23,881.1 
  Equity securities at fair value
349.1 387.4 377.2 389.2 332.8 
  Mortgage loans2,601.2 2,834.3 3,042.7 3,256.8 3,347.8 
  Policy loans136.4 137.6 141.2 140.9 141.8 
  Trading securities308.0 308.3 296.9 294.8 280.2 
  Investments held by variable interest entities380.2 376.9 296.8 293.0 287.4 
  Other invested assets1,386.7 1,500.5 1,617.0 1,737.0 1,695.1 
  Total investments
28,444.6 28,592.0 29,177.1 29,998.5 29,966.2 
Cash and cash equivalents - unrestricted928.2 766.0 1,218.3 956.1 1,129.5 
Cash and cash equivalents held by variable interest entities96.6 50.0 23.3 27.4 24.8 
Accrued investment income289.6 279.4 282.0 286.0 284.2 
Present value of future profits156.5 152.1 147.8 143.6 139.5 
Deferred acquisition costs2,209.9 2,276.3 2,343.7 2,397.3 2,441.3 
Reinsurance receivables3,804.3 3,753.9 3,731.7 3,677.5 3,611.1 
Income tax assets, net
768.0 749.3 708.1 713.3 748.9 
Assets held in separate accounts3.1 2.9 2.7 2.8 2.7 
Other assets728.4 707.2 661.5 588.1 615.2 
Total assets$37,429.2 $37,329.1 $38,296.2 $38,790.6 $38,963.4 
Liabilities
Liabilities for insurance products:
  Policyholder account balances$17,314.3 $17,609.0 $18,290.3 $18,912.6 $18,997.3 
  Future policy benefits11,773.0 11,787.7 11,975.5 11,898.0 11,722.2 
  Market risk benefit liability73.6 63.8 52.6 48.1 58.1 
  Liability for life insurance policy claims63.5 60.7 61.5 58.4 58.8 
  Unearned and advanced premiums221.5 217.3 214.5 228.0 225.2 
  Liabilities related to separate accounts3.1 2.9 2.7 2.8 2.7 
Other liabilities1,027.2 935.8 1,036.9 952.8 1,098.6 
Investment borrowings2,188.6 2,441.7 2,441.7 2,441.7 2,691.7 
Borrowings related to variable interest entities375.1 352.8 274.3 274.4 274.4 
Notes payable - direct corporate obligations1,834.2 1,334.7 1,335.2 1,335.6 1,336.0 
Total liabilities34,874.1 34,806.4 35,685.2 36,152.4 36,465.0 
Shareholders' equity
Common stock1.0 1.0 1.0 0.9 0.9 
Additional paid-in capital1,535.0 1,441.4 1,389.4 1,336.3 1,277.8 
Retained earnings
2,258.2 2,333.0 2,339.5 2,416.0 2,437.3 
Total shareholders' equity before accumulated other comprehensive loss3,794.2 3,775.4 3,729.9 3,753.2 3,716.0 
Accumulated other comprehensive loss(1,239.1)(1,252.7)(1,118.9)(1,115.0)(1,217.6)
Total shareholders' equity2,555.1 2,522.7 2,611.0 2,638.2 2,498.4 
Total liabilities and shareholders' equity$37,429.2 $37,329.1 $38,296.2 $38,790.6 $38,963.4 
Book value per common share$25.58 $25.92 $27.24 $27.92 $26.64 
Book value per common share, excluding accumulated other comprehensive loss (1) (2)$37.98 $38.79 $38.92 $39.72 $39.62 
Book value per diluted share, excluding accumulated other comprehensive loss (1) (3)$37.27 $38.05 $38.10 $38.81 $38.98 

Page 3


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Revenues
Insurance policy income$650.7 $651.3 $658.4 $662.2 $2,622.6 $673.4 
Net investment income:
   General account assets375.1 378.3 382.9 406.1 1,542.4 395.0 
Policyholder and other special-purpose portfolios(63.6)105.4 116.8 22.4 181.0 (64.9)
Investment gains (losses):
Realized investment losses(3.8)(21.3)(12.9)(21.6)(59.6)(7.8)
Other investment (losses) gains
(3.0)2.9 9.9 (4.9)4.9 (14.9)
Total investment losses
(6.8)(18.4)(3.0)(26.5)(54.7)(22.7)
Fee revenue and other income48.7 34.9 33.6 78.9 196.1 48.8 
Total revenues1,004.1 1,151.5 1,188.7 1,143.1 4,487.4 1,029.6 
Benefits and expenses
Insurance policy benefits570.0 658.4 702.1 617.7 2,548.2 576.6 
Liability for future policy benefits remeasurement gain
(12.2)(12.8)(30.8)(14.9)(70.7)(6.5)
Change in fair value of market risk benefits15.3 (10.9)(12.4)(4.4)(12.4)10.7 
Interest expense62.0 59.1 56.6 53.2 230.9 50.9 
Amortization of deferred acquisition costs and present value of future profits 67.4 68.6 69.9 72.1 278.0 74.2 
Goodwill and other asset impairment
— — 96.7 5.2 101.9 — 
Gain on extinguishment related to VIEs
(1.5)— — — (1.5)— 
Other operating costs and expenses275.3 271.1 270.4 302.8 1,119.6 275.3 
Total benefits and expenses976.3 1,033.5 1,152.5 1,031.7 4,194.0 981.2 
Income before income taxes27.8 118.0 36.2 111.4 293.4 48.4 
Income tax expense6.3 26.2 13.1 18.5 64.1 10.7 
Net income$21.5 $91.8 $23.1 $92.9 $229.3 $37.7 

Page 4


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Insurance product margin (4)
Annuity margin$54.5 $54.8 $72.9 $56.4 $238.6 $58.5 
Health margin126.2 134.0 157.0 139.4 556.6 132.6 
Life margin68.2 63.6 70.6 70.0 272.4 65.8 
Total insurance product margin248.9 252.4 300.5 265.8 1,067.6 256.9 
Allocated expenses(161.2)(149.4)(151.0)(149.7)(611.3)(159.9)
Income from insurance products (8)87.7 103.0 149.5 116.1 456.3 97.0 
Fee income(0.8)0.8 (3.9)19.1 15.2 10.6 
Investment income not allocated to product lines (9)38.0 33.8 39.5 58.1 169.4 41.7 
Expenses not allocated to product lines(20.3)(25.3)(22.3)(19.8)(87.7)(19.4)
Operating earnings before taxes104.6 112.3 162.8 173.5 553.2 129.9 
Income tax expense on operating income(23.5)(24.8)(35.6)(30.1)(114.0)(28.6)
Net operating income (10)81.1 87.5 127.2 143.4 439.2 101.3 
Net realized investment losses from disposals, impairments and change in allowance for credit losses
(13.2)(21.8)(8.8)(25.2)(69.0)(15.2)
Net change in market value of investments recognized in earnings6.4 3.4 5.8 (1.3)14.3 (7.5)
Fair value changes related to agent deferred compensation plan— — — (1.7)(1.7)— 
Changes in fair value of embedded derivative liabilities and market risk benefits(69.6)25.2 (18.1)(1.5)(64.0)(42.4)
Expenses related to TechMod initiative
— (3.2)(7.2)(9.9)(20.3)(13.7)
Goodwill and other asset impairment
— — (96.7)(5.2)(101.9)— 
Net loss related to divested business— — — (17.3)(17.3)(1.9)
Other(0.4)2.1 (1.6)— 0.1 (0.8)
Net non-operating income (loss) before taxes(76.8)5.7 (126.6)(62.1)(259.8)(81.5)
Income tax (expense) benefit on non-operating income (loss)17.2 (1.4)22.5 11.6 49.9 17.9 
Net non-operating income (loss)(59.6)4.3 (104.1)(50.5)(209.9)(63.6)
Net income$21.5 $91.8 $23.1 $92.9 $229.3 $37.7 
Per diluted share
Net operating income$0.79 $0.87 $1.29 $1.47 $4.40 $1.05 
Net non-operating income (loss)(0.58)0.04 (1.05)(0.52)(2.10)(0.66)
Net income$0.21 $0.91 $0.24 $0.95 $2.30 $0.39 

Page 5


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Insurance product margin (4)
Annuity:
Insurance policy income$9.8 $8.4 $10.7 $10.4 $39.3 $8.7 
Net investment income (5) (6)148.0 155.3 157.7 160.3 621.3 161.0 
Insurance policy benefits(10.3)(10.0)6.2 (10.9)(25.0)(11.6)
Interest credited (6)(68.3)(73.4)(75.4)(76.4)(293.5)(71.8)
Amortization and non-deferred commissions(24.7)(25.5)(26.3)(27.0)(103.5)(27.8)
Annuity margin54.5 54.8 72.9 56.4 238.6 58.5 
Health:
Insurance policy income412.0 412.5 416.0 420.9 1,661.4 432.0 
Net investment income (5)75.1 75.9 75.4 75.5 301.9 74.5 
Insurance policy benefits(320.3)(313.3)(293.3)(314.9)(1,241.8)(331.2)
Amortization and non-deferred commissions(40.6)(41.1)(41.1)(42.1)(164.9)(42.7)
Health margin126.2 134.0 157.0 139.4 556.6 132.6 
Life:
Insurance policy income228.9 230.4 231.7 230.9 921.9 232.7 
Net investment income (5) (7)37.6 37.8 37.8 37.9 151.1 38.0 
Insurance policy benefits(138.1)(144.5)(142.6)(143.0)(568.2)(143.4)
Interest credited (7)(13.0)(13.8)(13.2)(13.7)(53.7)(13.7)
Amortization and non-deferred commissions(26.0)(27.6)(28.3)(29.1)(111.0)(29.5)
Advertising expense(21.2)(18.7)(14.8)(13.0)(67.7)(18.3)
Life margin68.2 63.6 70.6 70.0 272.4 65.8 
Total insurance product margin248.9 252.4 300.5 265.8 1,067.6 256.9 
Allocated expenses:
Branch office expenses(20.7)(15.9)(17.7)(13.8)(68.1)(20.0)
Other allocated expenses(140.5)(133.5)(133.3)(135.9)(543.2)(139.9)
Income from insurance products (8)87.7 103.0 149.5 116.1 456.3 97.0 
Fee income(0.8)0.8 (3.9)19.1 15.2 10.6 
Investment income not allocated to product lines (9)38.0 33.8 39.5 58.1 169.4 41.7 
Expenses not allocated to product lines(20.3)(25.3)(22.3)(19.8)(87.7)(19.4)
Operating earnings before taxes104.6 112.3 162.8 173.5 553.2 129.9 
Income tax expense on operating income(23.5)(24.8)(35.6)(30.1)(114.0)(28.6)
Net operating income (10)$81.1 $87.5 $127.2 $143.4 $439.2 $101.3 
Page 6


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Annuity margin (4):
Fixed indexed annuities
Insurance policy income$7.2 $6.7 $6.8 $6.9 $27.6 $6.3 
Net investment income (5) (6)120.9 127.8 130.4 133.1 512.2 134.3 
Insurance policy benefits(5.5)(5.0)8.8 (5.2)(6.9)(4.6)
Interest credited (6)(55.7)(60.8)(62.1)(63.7)(242.3)(60.2)
Amortization and non-deferred commissions(22.4)(23.3)(24.2)(24.7)(94.6)(25.6)
Margin from fixed indexed annuities$44.5 $45.4 $59.7 $46.4 $196.0 $50.2 
Average net insurance liabilities (11)$10,085.7 $10,543.4 $10,759.3 $10,941.4 $10,582.5 $11,104.1 
Margin/average net insurance liabilities (12)1.76 %1.72 %2.22 %1.70 %1.85 %1.81 %
Fixed interest annuities
Insurance policy income$0.5 $0.2 $0.8 $0.6 $2.1 $— 
Net investment income (5)21.6 21.8 21.8 21.7 86.9 21.3 
Insurance policy benefits0.2 (0.1)0.5 0.1 0.7 (0.8)
Interest credited(12.1)(11.8)(12.5)(12.1)(48.5)(11.1)
Amortization and non-deferred commissions(2.1)(2.1)(2.1)(2.1)(8.4)(2.1)
Margin from fixed interest annuities$8.1 $8.0 $8.5 $8.2 $32.8 $7.3 
Average net insurance liabilities (11)$1,599.5 $1,591.7 $1,587.4 $1,587.2 $1,591.4 $1,580.4 
Margin/average net insurance liabilities (12)2.03 %2.01 %2.14 %2.07 %2.06 %1.85 %
Other annuities
Insurance policy income$2.1 $1.6 $3.0 $2.9 $9.6 $2.4 
Net investment income (5)5.5 5.6 5.6 5.5 22.2 5.4 
Insurance policy benefits(5.0)(5.0)(3.0)(5.8)(18.8)(6.2)
Interest credited(0.5)(0.7)(0.9)(0.6)(2.7)(0.5)
Amortization and non-deferred commissions(0.2)(0.1)— (0.2)(0.5)(0.1)
Margin from other annuities$1.9 $1.4 $4.7 $1.8 $9.8 $1.0 
Average net insurance liabilities (11)$402.2 $398.5 $395.2 $392.1 $397.0 $388.9 
Margin/average net insurance liabilities (12)1.89 %1.41 %4.76 %1.84 %2.47 %1.03 %
Total annuity margin$54.5 $54.8 $72.9 $56.4 $238.6 $58.5 
Average net insurance liabilities (11)$12,087.4 $12,533.6 $12,741.9 $12,920.7 $12,570.9 $13,073.4 
Margin/average net insurance liabilities (12)1.80 %1.75 %2.29 %1.75 %1.90 %1.79 %
Page 7


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Health margin (4):
Supplemental health
Insurance policy income$185.1 $185.0 $186.5 $188.2 $744.8 $190.4 
Net investment income (5)39.8 40.5 40.2 40.6 161.1 40.9 
Insurance policy benefits(131.6)(128.7)(101.6)(126.0)(487.9)(131.2)
Amortization and non-deferred commissions(27.7)(28.2)(28.0)(28.7)(112.6)(28.9)
Margin from supplemental health$65.6 $68.6 $97.1 $74.1 $305.4 $71.2 
Margin/insurance policy income35 %37 %52 %39 %41 %37 %
Medicare supplement
Insurance policy income$156.3 $155.9 $156.5 $158.3 $627.0 $165.9 
Net investment income (5)1.2 1.2 1.2 1.2 4.8 1.1 
Insurance policy benefits(120.0)(119.5)(127.2)(121.5)(488.2)(134.2)
Amortization and non-deferred commissions(9.4)(9.4)(9.3)(9.4)(37.5)(9.7)
Margin from Medicare supplement$28.1 $28.2 $21.2 $28.6 $106.1 $23.1 
Margin/insurance policy income18 %18 %14 %18 %17 %14 %
Long-term care
Insurance policy income$70.6 $71.6 $73.0 $74.4 $289.6 $75.7 
Net investment income (5)34.1 34.2 34.0 33.7 136.0 32.5 
Insurance policy benefits(68.7)(65.1)(64.5)(67.4)(265.7)(65.8)
Amortization and non-deferred commissions(3.5)(3.5)(3.8)(4.0)(14.8)(4.1)
Margin from long-term care$32.5 $37.2 $38.7 $36.7 $145.1 $38.3 
Margin/insurance policy income46 %52 %53 %49 %50 %51 %
Total health margin$126.2 $134.0 $157.0 $139.4 $556.6 $132.6 
Margin/insurance policy income31 %32 %38 %33 %34 %31 %
Page 8


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Life margin (4):
Interest sensitive life
Insurance policy income$48.1 $48.0 $48.4 $48.9 $193.4 $49.4 
Net investment income (5) (7)13.9 13.9 14.0 14.1 55.9 14.2 
Insurance policy benefits(19.9)(20.7)(20.2)(18.9)(79.7)(21.0)
Interest credited (7)(12.9)(13.7)(13.1)(13.5)(53.2)(13.6)
Amortization and non-deferred commissions(5.1)(5.6)(5.6)(5.8)(22.1)(6.2)
Margin from interest sensitive life$24.1 $21.9 $23.5 $24.8 $94.3 $22.8 
Average net insurance liabilities (11)$1,096.1 $1,106.9 $1,126.7 $1,124.0 $1,113.4 $1,132.7 
Interest margin$1.0 $0.2 $0.9 $0.6 $2.7 $0.6 
Interest margin/average net insurance liabilities (12)0.36 %0.07 %0.32 %0.21 %0.24 %0.21 %
Underwriting margin$23.1 $21.7 $22.6 $24.2 $91.6 $22.2 
Underwriting margin/insurance policy income48 %45 %47 %49 %47 %45 %
Traditional life
Insurance policy income$180.8 $182.4 $183.3 $182.0 $728.5 $183.3 
Net investment income (5)23.7 23.9 23.8 23.8 95.2 23.8 
Insurance policy benefits(118.2)(123.8)(122.4)(124.1)(488.5)(122.4)
Interest credited(0.1)(0.1)(0.1)(0.2)(0.5)(0.1)
Amortization and non-deferred commissions(20.9)(22.0)(22.7)(23.3)(88.9)(23.3)
Advertising expense(21.2)(18.7)(14.8)(13.0)(67.7)(18.3)
Margin from traditional life$44.1 $41.7 $47.1 $45.2 $178.1 $43.0 
Margin/insurance policy income24 %23 %26 %25 %24 %23 %
Margin excluding advertising expense/insurance policy income36 %33 %34 %32 %34 %33 %
Total life margin$68.2 $63.6 $70.6 $70.0 $272.4 $65.8 




Page 9


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Collected premiums:
Annuity products
Fixed indexed annuities$388.0 $470.2 $425.3 $456.4 $1,739.9 $392.9 
Fixed interest annuities51.7 47.8 44.7 50.1 194.3 38.6 
Other annuities2.3 2.5 2.5 1.8 9.1 2.3 
Total annuity collected premiums442.0 520.5 472.5 508.3 1,943.3 433.8 
Health products
Supplemental health184.8 184.6 184.8 190.3 744.5 189.9 
Medicare supplement151.1 153.0 154.4 168.3 626.8 163.6 
Long-term care69.8 71.9 73.4 77.1 292.2 74.5 
Total health collected premiums405.7 409.5 412.6 435.7 1,663.5 428.0 
Life products
Interest-sensitive life62.9 63.6 64.4 64.9 255.8 65.7 
Traditional life181.5 181.9 182.6 182.7 728.7 184.1 
Total life collected premiums244.4 245.5 247.0 247.6 984.5 249.8 
Total collected premiums$1,092.1 $1,175.5 $1,132.1 $1,191.6 $4,591.3 $1,111.6 
Insurance policy income:
Annuity products
Fixed indexed annuities$7.2 $6.7 $6.8 $6.9 $27.6 $6.3 
Fixed interest annuities0.5 0.2 0.8 0.6 2.1 — 
Other annuities2.1 1.6 3.0 2.9 9.6 2.4 
Total annuity insurance policy income9.8 8.5 10.6 10.4 39.3 8.7 
Health products
Supplemental health185.1 185.0 186.5 188.2 744.8 190.4 
Medicare supplement156.3 155.9 156.5 158.3 627.0 165.9 
Long-term care70.6 71.6 73.0 74.4 289.6 75.7 
Total health insurance policy income412.0 412.5 416.0 420.9 1,661.4 432.0 
Life products
Interest-sensitive life 48.1 48.0 48.4 48.9 193.4 49.4 
Traditional life 180.8 182.4 183.3 182.0 728.5 183.3 
Total life insurance policy income228.9 230.4 231.7 230.9 921.9 232.7 
Total insurance policy income$650.7 $651.4 $658.3 $662.2 $2,622.6 $673.4 



Page 10


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Consumer Division
Health products:
Supplemental health$19.5 $22.0 $23.5 $26.0 $91.0 $21.4 
Medicare supplement12.0 12.2 13.3 31.8 69.3 18.3 
Long-term care10.2 10.1 12.4 12.1 44.8 10.2 
Total Consumer Division health NAP41.7 44.3 49.2 69.9 205.1 49.9 
Life products:
Interest sensitive life3.6 5.6 4.5 4.2 17.9 3.8 
Traditional life46.0 52.0 52.4 34.6 185.0 46.1 
Total Consumer Division life NAP49.6 57.6 56.9 38.8 202.9 49.9 
Total Consumer Division health and life NAP$91.3 $101.9 $106.1 $108.7 $408.0 $99.8 
Worksite Division
Health products:
Supplemental health$10.3 $11.7 $13.4 $13.1 $48.5 $11.2 
Life products:
Interest sensitive life4.1 6.3 5.6 6.7 22.7 6.4 
Total Worksite Division health and life NAP$14.4 $18.0 $19.0 $19.8 $71.2 $17.6 
Total NAP (both divisions)
Health products:
Supplemental health$29.8 $33.7 $36.9 $39.1 $139.5 $32.6 
Medicare supplement12.0 12.2 13.3 31.8 69.3 18.3 
Long-term care10.2 10.1 12.4 12.1 44.8 10.2 
Total health NAP52.0 56.0 62.6 83.0 253.6 61.1 
Life products:
Interest sensitive life 7.7 11.9 10.1 10.9 40.6 10.2 
Traditional life 46.0 52.0 52.4 34.6 185.0 46.1 
Total life NAP53.7 63.9 62.5 45.5 225.6 56.3 
Total NAP$105.7 $119.9 $125.1 $128.5 $479.2 $117.4 


Page 11


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Basic
Shares outstanding, beginning of period101,619.0 99,893.9 97,319.0 95,841.0 101,619.0 94,484.3 
Weighted average share activity during the period:
Shares repurchased(1,106.8)(1,347.6)(731.7)(767.7)(4,554.0)(667.3)
Amounts related to employee benefit plans307.9 26.7 16.4 64.3 914.5 372.0 
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans(77.3)(0.8)(0.9)(1.6)(216.1)(110.8)
Weighted average basic shares outstanding during the period100,742.8 98,572.2 96,602.8 95,136.0 97,763.4 94,078.2 
Basic shares outstanding, end of period99,893.9 97,319.0 95,841.0 94,484.3 94,484.3 93,795.3 
Diluted
Weighted average basic shares outstanding100,742.8 98,572.2 96,602.8 95,136.0 97,763.4 94,078.2 
Common stock equivalent shares related to:
Employee benefit plans2,327.1 1,814.0 1,950.6 2,141.6 2,058.4 2,060.6 
Weighted average diluted shares outstanding during the period103,069.9 100,386.2 98,553.4 97,277.6 99,821.8 96,138.8 
Diluted shares outstanding, end of period101,796.1 99,221.4 97,902.8 96,714.2 96,714.2 95,323.5 




Page 12


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

1Q2Q3Q4QYTD1Q
202520252025202520252026
Fixed indexed annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$10,766.3 $10,952.1 $11,221.3 $11,433.0 $10,766.3 $11,633.0 
Issuances (funds collected from new business)383.7 463.0 418.7 445.3 1,710.7 385.0 
Premiums received (premiums collected from inforce business)4.0 7.4 6.6 10.9 28.9 8.5 
Policy charges(6.8)(6.9)(6.9)(6.7)(27.3)(6.9)
Surrenders and withdrawals(233.3)(221.6)(215.6)(249.3)(919.8)(260.3)
Benefit payments(72.7)(74.6)(72.6)(70.4)(290.3)(70.4)
Interest credited96.4 85.0 66.9 53.1 301.4 89.8 
Other14.5 16.9 14.6 17.1 63.1 13.1 
Policyholder account balances, end of period excluding contracts 100% ceded
$10,952.1 $11,221.3 $11,433.0 $11,633.0 $11,633.0 $11,791.8 
Fixed interest annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$1,646.6 $1,640.7 $1,634.7 $1,635.1 $1,646.6 $1,637.5 
Issuances (funds collected from new business)50.9 47.1 44.2 49.5 191.7 38.1 
Premiums received (premiums collected from inforce business)0.7 1.0 0.2 0.3 2.2 1.1 
Policy charges(0.4)(0.5)(0.5)(0.4)(1.8)(0.5)
Surrenders and withdrawals(41.4)(40.9)(35.4)(37.6)(155.3)(40.1)
Benefit payments(28.4)(25.2)(21.3)(22.0)(96.9)(24.5)
Interest credited12.7 12.5 13.1 12.6 50.9 11.6 
Other— — 0.1 — 0.1 — 
Policyholder account balances, end of period excluding contracts 100% ceded
$1,640.7 $1,634.7 $1,635.1 $1,637.5 $1,637.5 $1,623.2 
Total annuities
Policyholder account balances, beginning of period excluding contracts 100% ceded
$12,412.9 $12,592.8 $12,856.0 $13,068.1 $12,412.9 $13,270.5 
Issuances (funds collected from new business)434.6 510.1 462.9 494.8 1,902.4 423.1 
Premiums received (premiums collected from inforce business)4.7 8.4 6.8 11.2 31.1 9.6 
Policy charges(7.2)(7.4)(7.4)(7.1)(29.1)(7.4)
Surrenders and withdrawals(274.7)(262.5)(251.0)(286.9)(1,075.1)(300.4)
Benefit payments(101.1)(99.8)(93.9)(92.4)(387.2)(94.9)
Interest credited109.1 97.5 80.0 65.7 352.3 101.4 
Other14.5 16.9 14.7 17.1 63.2 13.1 
Policyholder account balances, end of period excluding contracts 100% ceded
$12,592.8 $12,856.0 $13,068.1 $13,270.5 $13,270.5 $13,415.0 

Page 13


CNO FINANCIAL GROUP, INC.
Consolidated Statutory Information of U.S. Based Insurance Subsidiaries (13)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
20252025
2025 (a)
20252025
2026 (b)
Net gain from operations before interest expense and federal income taxes$29.0 $37.7 $45.2 $95.3 $207.2 $37.4 
Interest expense on surplus debentures held by parent company15.5 15.7 29.4 15.3 75.9 14.4 
Net gain from operations before federal income taxes13.5 22.0 15.8 80.0 131.3 23.0 
Federal income tax expense (benefit)— — 20.9 61.6 82.5 — 
Net gain (loss) from operations before net realized capital gains (losses)13.5 22.0 (5.1)18.4 48.8 23.0 
Net realized capital losses
(1.2)(2.6)(11.1)(48.5)(63.4)(1.5)
Net income (loss)$12.3 $19.4 $(16.2)$(30.1)$(14.6)$21.5 
Capital and surplus$1,422.3 $1,417.8 $1,403.1 $1,405.3 $1,405.3 $1,399.1 
Asset valuation reserve (AVR)428.5 459.3 485.0 508.7 508.7 534.2 
Capital, surplus and AVR1,850.8 1,877.1 1,888.1 1,914.0 1,914.0 1,933.3 
Interest maintenance reserve (IMR)331.5 315.8 298.3 252.6 252.6 246.2 
Total statutory capital, surplus, AVR & IMR$2,182.3 $2,192.9 $2,186.4 $2,166.6 $2,166.6 $2,179.5 
Risk-based capital ratio379 %378 %380 %380 %380 %375 %
___________
(a)    Statutory capital and surplus, IMR and risk-based capital ratio are adjusted to reflect equal and offsetting timing impacts associated with the reinsurance transaction executed with our Bermuda reinsurance company in October 2025.
(b)     Such amounts are preliminary as the statutory basis financial statements of our U.S. based insurance subsidiaries for 1Q26 will be filed with the respective insurance regulators on or about May 14, 2026.

Page 14


CNO FINANCIAL GROUP, INC.
Investment Income Not Allocated to Product Lines (9)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202520252025202520252026
Investment income not allocated:
Excluding variable components:
From general account assets$28.0 $24.1 $20.6 $32.3 $105.0 $23.4 
Other investment income10.9 6.6 1.8 3.2 22.5 3.2 
Spread income:
Federal Home Loan Bank ("FHLB") program:
Investment income
35.4 36.6 40.6 37.8 150.4 36.9 
Interest expense (a)
(26.0)(27.7)(29.7)(27.8)(111.2)(25.9)
Net spread income on FHLB program9.4 8.9 10.9 10.0 39.2 11.0 
Funding agreement-backed notes ("FABN") program:
Investment income
34.3 36.9 37.6 42.9 151.7 46.5 
Expenses (a)(b)
(27.9)(27.7)(29.1)(32.9)(117.6)(36.7)
Net spread income on FABN program6.4 9.2 8.5 10.0 34.1 9.8 
Interest expense on corporate debt (a)
(27.2)(24.6)(20.3)(20.4)(92.5)(20.3)
Interest expense on financing arrangements (a)
(1.0)(1.0)(0.8)(0.9)(3.7)(0.7)
Total excluding variable components 26.5 23.2 20.7 34.2 104.6 26.4 
Variable components:
Net income from assets supporting deferred compensation plans:
Investment income
(2.1)15.0 11.3 4.6 28.8 (5.9)
Expenses (a)
2.8 (14.9)(10.4)(4.2)(26.7)4.0 
Net income from assets supporting deferred compensation plans
0.7 0.1 0.9 0.4 2.1 (1.9)
Alternative investment income (loss):
Total alternative income
12.9 11.7 15.8 24.1 64.5 17.7 
Allocated to product lines(6.0)(6.0)(5.9)(5.0)(22.9)(5.2)
Allocated to FABN program— (0.7)0.1 (0.1)(0.7)(0.8)
Excess alternative investment income (loss)6.9 5.0 10.0 19.0 40.9 11.7 
Trading account income
1.6 2.0 1.2 0.9 5.7 1.2 
Hedge variance related to fixed indexed products (a)
(0.5)1.5 — (0.2)0.8 (0.1)
Impact of annual option forfeitures related to fixed indexed annuity surrenders (a)
3.5 1.5 3.8 5.6 14.4 4.2 
Impacts of change in projected cash flows, prepayment and call income and other
(0.7)0.5 2.9 (1.8)0.9 0.2 
Total variable components11.5 10.6 18.8 23.9 64.8 15.3 
Total investment income not allocated to product lines $38.0 $33.8 $39.5 $58.1 $169.4 $41.7 
Reconciliation to net investment income:
Total investment income not allocated to product lines$38.0 $33.8 $39.5 $58.1 $169.4 $41.7 
Amounts allocated to products260.7 268.9 271.0 273.7 1,074.3 273.5 
Total allocated and not allocated to products investment income
298.7 302.7 310.5 331.8 1,243.7 315.2 
Investment income on variable interest entities reported as non-operating income
7.2 7.0 4.5 4.6 23.3 4.0 
Add back amounts reported as benefits and expenses76.3 92.9 86.5 80.8 336.5 75.5 
Change in market values of the underlying options supporting fixed indexed products(70.7)81.1 98.2 11.3 119.9 (64.6)
Net investment income$311.5 483.7 499.7 428.5 1,723.4 $330.1 
___________
(a)    Amounts reported as benefits and expenses
(b)    Comprised of interest credited and amortization of deferred acquisition costs
Page 15


CNO FINANCIAL GROUP, INC.
Investment Income Allocated to Product Lines (5)
(Dollars in millions)
(Unaudited)
1Q2Q3Q4QYTD1Q
202520252025202520252026
Average net insurance liabilities (11)
Annuity:
Fixed indexed annuities$10,085.7 $10,543.4 $10,759.3 $10,941.4 $10,582.5 $11,104.1 
Fixed interest annuities1,599.5 1,591.7 1,587.4 1,587.2 1,591.4 1,580.4 
Other annuities402.2 398.5 395.2 392.1 397.0 388.9 
Total annuity average net insurance liabilities (11)12,087.4 12,533.6 12,741.9 12,920.7 12,570.9 13,073.4 
Health:
Supplemental health3,387.4 3,405.3 3,405.2 3,407.0 3,401.2 3,425.9 
Medicare supplement113.1 102.0 95.7 95.6 101.6 94.3 
Long-term care2,695.7 2,694.5 2,691.0 2,689.1 2,692.6 2,687.9 
Total health average net insurance liabilities (11)6,196.2 6,201.8 6,191.9 6,191.7 6,195.4 6,208.1 
Life:
Interest sensitive1,096.1 1,106.9 1,126.7 1,124.0 1,113.4 1,132.7 
Traditional2,020.3 2,011.9 2,002.5 2,006.7 2,010.4 2,016.6 
Total life average net insurance liabilities (11)3,116.4 3,118.8 3,129.2 3,130.7 3,123.8 3,149.3 
Total average net insurance liabilities (11)$21,400.0 $21,854.2 $22,063.0 $22,243.1 $21,890.1 $22,430.8 
Average yield on allocated investments
Annuity:
Fixed indexed annuities4.79 %4.85 %4.85 %4.87 %4.84 %4.84 %
Fixed interest annuities5.40 %5.48 %5.49 %5.47 %5.46 %5.39 %
Other annuities5.47 %5.62 %5.67 %5.61 %5.59 %5.55 %
Average yield on investments allocated to annuities4.90 %4.95 %4.95 %4.96 %4.94 %4.93 %
Health:
Supplemental health4.70 %4.76 %4.72 %4.77 %4.74 %4.78 %
Medicare supplement4.24 %4.71 %5.02 %5.02 %4.72 %4.67 %
Long-term care5.06 %5.08 %5.05 %5.01 %5.05 %4.84 %
Average yield on investments allocated to health products4.85 %4.90 %4.87 %4.88 %4.87 %4.80 %
Life:
Interest sensitive5.07 %5.02 %4.97 %5.02 %5.02 %5.01 %
Traditional4.69 %4.75 %4.75 %4.74 %4.74 %4.72 %
Average yield on investments allocated to life products4.83 %4.85 %4.83 %4.84 %4.84 %4.83 %
Total average yield4.87 %4.92 %4.91 %4.92 %4.91 %4.88 %
Allocated investment income
Annuity:
Fixed indexed annuities$120.9 $127.8 $130.4 $133.1 $512.2 $134.3 
Fixed interest annuities21.6 21.8 21.8 21.7 86.9 21.3 
Other annuities5.5 5.6 5.6 5.5 22.2 5.4 
Total investment income allocated to annuities148.0 155.2 157.8 160.3 621.3 161.0 
Health:
Supplemental health39.8 40.5 40.2 40.6 161.1 40.9 
Medicare supplement1.2 1.2 1.2 1.2 4.8 1.1 
Long-term care34.1 34.2 34.0 33.7 136.0 32.5 
Total investment income allocated to health products75.1 75.9 75.4 75.5 301.9 74.5 
Life:
   Interest sensitive13.9 13.9 14.0 14.1 55.9 14.2 
Traditional23.7 23.9 23.8 23.8 95.2 23.8 
Total investment income allocated to life products37.6 37.8 37.8 37.9 151.1 38.0 
Total allocated investment income$260.7 $268.9 $271.0 $273.7 $1,074.3 $273.5 
Page 16


CNO FINANCIAL GROUP, INC.
Other Investment Data
(Dollars in millions)
(Unaudited)
1Q2Q3Q4Q1Q
20252025202520252026
Average book value of invested assets and cash$30,755.7 $30,732.5 $30,878.3 $31,461.7 $32,039.4 
New money rate (14)6.43 %6.42 %6.20 %6.11 %6.08 %
Book yield (15)4.81 %4.83 %4.83 %4.84 %4.86 %
Earned yield (16)4.71 %4.73 %4.77 %5.04 %4.79 %
Fair value of invested assets and cash
$28,900.6 $28,899.5 $29,998.9 $30,601.7 $30,740.9 
Equity returns credited to policyholders(70.2)79.5 98.2 11.5 (64.5)

CNO FINANCIAL GROUP, INC.

3Q25 Significant Items
(Dollars in millions, except per share amounts)
(Unaudited)

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

Three months ended
September 30, 2025
Actual 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.










Page 17


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

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

Three months ended
March 31, 2025
Actual 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.

Notes

(1)Excludes accumulated other comprehensive income (loss). Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(2)Shareholders' equity divided by common shares outstanding.
(3)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.
(4)Insurance product margin is management’s measure of the profitability of its annuity, health and life product lines’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. See note (8) for definition of income from insurance products.
(5)Net investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. See note (11) for definition of net insurance liabilities.
(6)Excludes the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding amount credited to policyholder account balances. Such amounts were $(63.5) million, $70.4 million, $89.4 million, $10.2 million and $(58.7) million in 1Q25, 2Q25, 3Q25, 4Q25 and 1Q26, respectively.
(7)Excludes the change in market values of the underlying options supporting the fixed indexed life products and corresponding amount credited to policyholder account balances. Such amounts were $(6.7) million, $9.1 million, $8.8 million, $1.3 million and $(5.8) million in 1Q25, 2Q25, 3Q25, 4Q25 and 1Q26, respectively.
(8)Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information provides an additional understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.
(9)Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by
Page 18


special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our FHLB investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

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

(11)Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account values for interest sensitive products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
(12)Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.
(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's U.S. based insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from accounting principles generally accepted in the United States of America.
(14)The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our FHLB and FABN programs and investments purchased by the variable interest entities.
(15)Book yield on fixed maturity investments, excluding investments held in the: (i) FHLB and FABN programs; and (ii) the investments held by the variable interest entities.
(16)Earned yield is the investment income earned during the period divided by the average book value of the investment portfolio, excluding: (i) investments held in the FHLB and FABN programs; and (ii) the investments held by the variable interest entities.
Page 19