8-K

\

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

 PURSUANT TO SECTION 13 OR 15(d) OF THE

 SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 3, 2010

CNO Financial Group, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-31792	75-3108137
(State or Other  Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer  Identification No.)

11825 North Pennsylvania Street

Carmel, Indiana  46032

(Address of Principal Executive Offices) (Zip Code)

(317) 817-6100

(Registrant’s telephone number, including area code)

Conseco, Inc.

(Former Name or Former Address, if Changed Since

 Last Report)

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

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

On November 3, 2010, CNO Financial Group, Inc. issued additional financial information related to its financial and operating results for the quarter ended September 30, 2010, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained under Item 2.02 in this Current Report on Form 8-K (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01(d). Financial Statements and Exhibits.

The following materials are furnished as exhibits to this Current Report on Form 8-K:

99.1 Third Quarter 2010 Financial and Operating Results for the period ended September 30, 2010.

2

SIGNATURES

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

	CNO Financial Group, Inc.
Date: November 3, 2010
	By:	/s/ John R. Kline
		John R. Kline
		Senior Vice President and Chief Accounting Officer

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EX-99.1

3Q10
Financial and operating results for the period ended September 30, 2010

NOVEMBER 3, 2010

Unless otherwise specified, comparisons in this presentation are between 3Q10 and 3Q09.

Exhibit 99.1

CNO Financial Group

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Forward-Looking Statements

Cautionary Statement Regarding Forward-Looking Statements.Our statements, trend analyses and other information contained in this
press release relative to markets for CNO Financial’s products and trends in CNO Financial’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) changes in or sustained low interest rates causing a reduction in
investment income, the margins of our subsidiaries’ fixed annuity and life insurance businesses and demand for their products; (ii) 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; (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 health products, including our long-term
care business; (v) the receipt of any 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 deferred
acquisition costs or the present value of future profits; (viii) the recoverability of our deferred tax assets and the effect of potential ownership
changes and tax rate changes on theirvalue; (ix) our assumption that the positions we take on our tax return filings, including our position that
our 7.0% convertible senior debentures due 2016 will not be treated as stock for purposes of Section 382 of the Internal Revenue Code of
1986, as amended, and will not trigger an ownership change, will not be successfully challenged by the Internal Revenue Service; (x) changes
in accounting principles and the interpretation thereof; (xi) our ability to continue to satisfy the financial ratio and balance requirements and other
covenants of our debt agreements; (xii) 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, (xiii) performance and valuation of our
investments, including the impact of realized losses (including other-than-temporary impairment charges); (xiv) 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; (xv) the ultimate outcome of lawsuits filed against us and other legal and regulatory proceedings to which we are
subject; (xvi) our ability to complete the remediation ofthe material weakness in internal controls over our actuarial reporting process and to
maintain effective controls over financial reporting; (xvii) our ability to continue to recruit and retain productive agents and distribution partners
and customer response to new products, distribution channels and marketing initiatives; (xviii) our ability to achieve eventual upgrades of the
financial strength ratings of CNO Financial and our insurance company subsidiaries as well as the impact of our ratings on our business, our
ability to access capital and the cost of capital; (xix) the risk factors or uncertainties listed from time to time in our filings with the Securities and
Exchange Commission; (xx) 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 (xxi) 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 forward-looking
statements are expressly qualified in their entirety by the foregoing cautionary statements.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

3

Non-GAAP Measures

This presentation contains the following financial measures that differ from the
comparable measures under Generally Accepted Accounting Principles (GAAP):
operating earnings measures; book value, excluding accumulated other comprehensive
income (loss) per share; operating return measures; earnings before net realized
investment gains (losses) and corporate interest and taxes; debt to capital ratios,
excluding accumulated other comprehensive income (loss); and interest-adjusted benefit
ratios.Reconciliations between those non-GAAP measures and the comparable GAAP
measures are included in the Appendix, or on the page such measure is presented.

While management believes these measures are useful to enhance understanding and
comparability of our financial results, these non-GAAP measures should not be
considered substitutes for the most directly comparable GAAP measures.

Additional information concerning non-GAAP measures is included in our periodic filings
with the Securities and Exchange Commission that are available in the “Investors - SEC
Filings” section of CNO’s website, www.CNOinc.com.

CNO Financial Group

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CNO Financial Group

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CNO Financial Group

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CNO Financial Group

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CNO Financial Group

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CNO Financial Group

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3Q10: Summary

CNO

§Net income of $49.4 million, up 221%

§Net operating income* of $47.1 million, down 13%

–16 cents per diluted share, reflecting dilution from issuance of
shares of common stock and convertible debentures, and more
than 4 cents per share of intangible write-downs

§Consolidated RBC at 320%, up 2 percentage points from 2Q2010

§Holding company liquidity at $190 million, up $60 million from
2Q2010

§Asset values increased: AOCI of $688.1 million at 9/30/10 vs.
AOCL of $(264) million at 12/31/09

§Core sales** of $86 million, down 7%

*Management believes that an analysis of net income applicable to common stock before: (1) loss on extinguishment or modification of debt, net of income taxes; and
(2) net realized investment gains or losses, net of related amortization and income taxes (“Net operating income,” a non-GAAP financial measure) is important to
evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate
performance because loss on extinguishment of debt and realized investment gains or losses can be affected by events that are unrelated to the company’s
underlying fundamentals. The table on page 11 reconciles the non-GAAP measure to the corresponding GAAP measure.

**Excludes PFFS and PDP.

CNO Financial Group

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3Q10 Summary of Results

CNO

($ millions, except per-share amounts)

*Management believes that an analysis of earnings before net realized investment gains (losses) (a non-GAAP financial measure) provides an
alternative measure of the operating results of the company because such items are unrelated to the company’s continuing operations. The table
above provides a reconciliation to the corresponding GAAP measure.

CNO Financial Group

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Quarterly Earnings

CNO Consolidated

*Management believes that an analysis of earnings before net realized investment gains (losses), corporate interest, loss on extinguishment
or modification of debt and taxes (“EBIT,” a non-GAAP financial measure) provides a clearer comparison of the operating results of the
company quarter-over-quarter because it excludes: (1) corporate interest expense; (2) loss on extinguishment or modification of debt; and (3)
net realized investment gains (losses) that are unrelated to the company’s underlying fundamentals. The table above provides a reconciliation
of EBIT to net income.

($ millions)

CNO Financial Group

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Operating ROE

CNO

Operating ROE*, Trailing 4 Quarters

*Operating return excludes gain (loss) on extinguishment or modification of debt, net realized investment gains (losses), valuation
allowance related to deferred tax assets and discontinued operations.Equity excludes accumulated other comprehensive income
(loss) and the value of net operating loss carryforwards.See Appendix for corresponding GAAP measure.

Average common shareholders’ equity,
excluding AOCI/L and net operating loss
carryforwards, trailing 4 quarters ($ mils): $2,503.9 $2,551.1 $2,679.2 $2,808.3 $2,942.8

CNO Financial Group

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Operating EPS (Diluted)*

*Operating earnings per share exclude loss on extinguishment or modification of debt, net realized investment gains (losses) and
valuation allowance related to deferred tax assets.See Appendix for a reconciliation to the corresponding GAAP measure.

Weighted average diluted shares (in millions): 185.8 217.5 292.1 302.6 306.0

§65.9 million shares of common
stock and $293.0 million of
convertible debentures issued
in 4Q09 through 2Q10

CNO Financial Group

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Book Value

CNO

*See Appendix for a reconciliation to the corresponding GAAP measure.

(in millions, except per-share amounts)

Book value per diluted share as of September 30, 2010 was $13.70

–Excludes AOCI

–Includes the effects of converting the $293.0 million of 7.0% debentures

CNO Financial Group

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CNO Financial Group

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* Last twelve months

CNO Financial Group

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Financial Strength

CNO

*Risk-Based Capital (“RBC”) requirements provide a tool for insurance regulators to determine the
levels of statutory capital and surplus an insurer must maintain in relation to its insurance and
investment risks. The RBC ratio is the ratio of the statutory consolidated adjusted capital of our
insurance subsidiaries to RBC.

Consolidated RBC Ratio*

Liquidity

§RBC increased to 320% in 3Q2010

–Positive impact from statutory operating
income (+18 points)

–Primarily offset by net dividends paid to
the holding company (-12 points)

–Does not include anticipated impact of
WNIC merger (+9 points)

CNO Financial Group

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3Q Summary

Bankers Life

§Earnings of $95.5 million, up 12%

–Increased earnings of $20 million due primarily to:

•Higher average yields on a larger asset base

•Improved Med Supp benefit ratio

–Partially offset by lower PFFS earnings of approximately $13 million

•3Q2009 favorably impacted by prior year reserve releases

§Sales (NAP) down 11%

–Lower sales of Med Supp (-20%), LTC (-26%), and annuities (-3%);
partially offset by higher life sales (+4%)

§Additional LTC rate increase activity has commenced

CNO Financial Group

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Bankers Life

($ millions)

Quarterly NAP*

*PFFS and PDP sales are not comparable and are excluded from NAP in all periods; in addition, we no longer assume any of the risks on
PFFS contracts through reinsurance.

PFFS policies issued: -0.2 -1.0 22.8 -0.4 0.1

PDP policies issued: 3.8 1.3 8.0 0.2 1.1

Policies issued and not included in NAP (net of chargebacks, in thousands):

Sales and Distribution Results

§NAP down 11%

–Med Supp down due to customer
preference for products with lower
premiums and benefits

–Lower sales of LTC following pricing
changes made to improve profitability

CNO Financial Group

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Bankers Life

5,258

5,309

5,312

5,353

§Recruiting is down versus 2009, but
comparable to 2008 levels

§Producer force has remained stable

Total Producers

CNO Financial Group

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§Maintain pricing discipline; introduced new
lower cost, cost sharing product (Plan N)

§Application submissions are flat to prior year,
the mix is shifting to these lower premium
plans but still maintains target margins and
allows us to penetrate more households

§Distribution is prepared to capitalize on
changes occurring in private fee for service
plans

§Will evaluate introducing more granular rate
structure and tighter underwriting

Bankers Strategy

§Several leading carriers using
Modernized Medigap plans to grow
share with aggressive pricing

§Some carriers offering “no questions
asked” guaranteed issue plans up to
age 71

§New entrants attacking market
including major healthcare plans

§Expect greater competition as regional
carriers exit Medicare Advantage
market and distributors move away
from individual major medical due to
compressed margins

Highlights

Bankers Life

Med Supp Market

CNO Financial Group

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Bankers Life

§For policies generally sold:

–Between 1992-2003 we will be filing for an additional increase ONLY on
plans with inflation protection

–Between 2002-2005 we will be filing for an additional increase on ALL
plans

§For these two blocks, we will be filing for additional premium increases

–The projected financial impact is estimated to be $22 - $27 million after
all states have approved and premium increases have been
implemented

Additional rate increase filings commenced on our LTC portfolio in
October

LTC Rate Increase

CNO Financial Group

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Quarterly Earnings

($ millions)

Management believes that an analysis of income before net realized investment gains (losses), net of related amortization (a non-GAAP
financial measure), is important to evaluate the financial performance of our business, and is a measure commonly used in the life insurance
industry.Management uses this measure to evaluate performance because realized gains or losses can be affected by events that are
unrelated to a company’s underlying fundamentals. The table on Page 11 reconciles the non-GAAP measure to the corresponding GAAP
measure.See Appendix for a reconciliation of the return on equity measure to the corresponding GAAP measure.

Trailing 4 Quarter Operating Return on Allocated Capital: 12.6%

Bankers Life

CNO Financial Group

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Splitting the CIG Segment

Washington National

and OCB

§Two new segments, consistent with how we are managing our business

–Washington National (primarily actively marketed lines of business)

•Markets and distributes supplemental health and traditional life insurance to middle-
income consumers at home and at the worksite

•Products marketed through PMA and through independent agents

•Products are underwritten by Washington National Insurance Company

–Other CNO Business - “OCB” (primarily closed blocks of business)

•Blocks of interest-sensitive life insurance, traditional life insurance, annuities, long-term
care insurance and other supplemental health products

•Not actively marketed

•Issued or acquired by Conseco Life Insurance Company and Washington National
Insurance Company

§Another step toward increased transparency

–Provides greater visibility into the performance of our actively marketed
lines of business

–Sharpens focus on improving results of our closed blocks of business

CNO Financial Group

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3Q Summary

Washington National

§Earnings of $27.2 million, down 6.5%

–3Q2009 favorably impacted by reserve refinements related to
supplemental health (comprised of specified disease, accident
and hospital indemnity policies) of approximately $4 million

§Sales (NAP) of $19 million, down 4%

–Decrease due to de-emphasis in Med supp and annuities

–NAP of core supplemental health products was $18 million, up
11%

§Strong supplemental health sales growth in both WNIC
Independent and PMA channels

§Solid recruiting results

CNO Financial Group

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Washington National

($ millions)

§Supplemental health sales up 11%

–PMA up 15%

–WNIC* Independent flat

§WNIC Independent voluntary
worksite sales up 8%

–Up 22% YTD vs. 2009

3Q09 NAP

3Q10 NAP

3Q10 Sales Results

* Washington National Insurance Company

CNO Financial Group

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Quarterly Earnings

Washington National

Management believes that an analysis of income (loss) before net realized investment gains (losses), net of related amortization (a non-
GAAP financial measure), is important to evaluate the financial performance of our business, and is a measure commonly used in the life
insurance industry.Management uses this measure to evaluate performance because realized gains or losses can be affected by events
that are unrelated to a company’s underlying fundamentals. The table on Page 11 reconciles the non-GAAP measure to the corresponding
GAAP measure.

($ millions)

Trailing 4 Quarter Operating Return on Allocated Capital: 9.4%

CNO Financial Group

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3Q Summary

Colonial Penn

§Earnings of $7.8 million, up 5.4%

–Results for 3Q2010 reflect favorable life margins

§Sales growth continues: NAP up 8%

–YTD sales up 10%

–YTD lead generation up 42%

CNO Financial Group

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Quarterly Earnings

Colonial Penn

($ millions)

Management believes that an analysis of income before net realized investment gains (losses), net of related amortization (a non-GAAP
financial measure), is important to evaluate the financial performance of our business, and is a measure commonly used in the life
insurance industry.Management uses this measure to evaluate performance because realized gains or losses can be affected by events
that are unrelated to a company’s underlying fundamentals. The table on Page 11 reconciles the non-GAAP measure to the corresponding
GAAP measure.See Appendix for a reconciliation of the return on equity measure to the corresponding GAAP measure.

Trailing 4 Quarter Operating Return on Allocated Capital: 7.7%

CNO Financial Group

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3Q Summary

Other CNO Business

§Loss of $24.4 million, compared to loss of $7.5 million

–Reduction in earnings of approximately $13 million due to
additional amortization expense related to interest sensitive
products

–Reduction in earnings of approximately $6 million due to the write
-off of PVFP on LTC block

–Reduction in earnings of approximately $4 million due to
increased legal settlement expenses

CNO Financial Group

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Sharpened Focus

§Segmentation provides transparency and brings strong focus on
addressing such issues as:

–Non-Guaranteed Element Management

–Expense Management

–Risk Mitigation

§Requires a methodical approach

§Near term results expected to continue exhibiting volatility

–Portions of the business are in loss recognition

–Present value impact of some assumption changes

Other CNO Business

CNO Financial Group

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Quarterly Earnings (Losses)

Other CNO Business

Management believes that an analysis of income (loss) before net realized investment gains (losses), net of related amortization (a non-
GAAP financial measure), is important to evaluate the financial performance of our business, and is a measure commonly used in the life
insurance industry.Management uses this measure to evaluate performance because realized gains or losses can be affected by events
that are unrelated to a company’s underlying fundamentals. The table on Page 11 reconciles the non-GAAP measure to the corresponding
GAAP measure.

($ millions)

Trailing 4 Quarter Operating Return on Allocated Capital: -6.6%

CNO Financial Group

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CNO

§Reduced guaranteed minimum interest rates for most interest sensitive product sales

§Lowering credited rates

§Reduced commissions

§Factoring future premiums into our LTC liability duration and invested to match these
longer durations

–Durations on our LTC business are long, but shorter than other companies actively
selling LTC due to our target market

§Factored into 3Q10 loss recognition testing

–Assumed continuation of current interest rates through 2011

–Resulted in a charge of approximately $13 million in the OCB segment

§Increased portfolio yields in spite of the low interest rate environment

Addressing the Low Interest Rate
Environment

CNO Financial Group

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Net Investment Income

CNO

($ millions)

General Account Investment Income

Yield: 5.62% 5.63% 5.76% 5.83% 5.86%

§3Q10 portfolio yield increase due
primarily to sustained new money
rates exceeding portfolio rate

CNO Financial Group

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Realized Gains/Losses Recognized

through Net Income

CNO

CNO Financial Group

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Unrealized Gain/Loss*

CNO

($ millions)

*Includes debt and equity securities classified as available for sale.Excludes investments from variable interest entities which we
consolidate under GAAP.

3Q09

4Q09

1Q10

2Q10

3Q10

CNO Financial Group

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3Q10 Impairments

CNO

CNO Financial Group

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Asset Allocation at 9/30/10*

CNO

($ millions)

*Excludes investments from variable interest entities which we consolidate under GAAP (the related liabilities are non-recourse to CNO).

CNO Financial Group

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Investment Quality: Fixed Maturities*

CNO

Fixed Maturities, available for sale, by Rating
at 9/30/10 (Market Value)

% of Bonds which are Investment Grade: 9/30/09 93% 12/31/09 93% 3/31/10 93% 6/30/10 92% 9/30/10 92%

*Excludes investments from variable interest entities which we consolidate under GAAP (the related liabilities are non-recourse to CNO).

AAA

11%

AA

9%

A

26%

BBB

46%

<BBB

8%

§92% investment grade:

–Substantially unchanged

–Ratings migration pattern
reverting to historical norms

CNO Financial Group

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Alt-A at 9/30/10

CNO

§0.9% of total invested assets

§Substantial proportion of investments purchased at discounts reflective of current market
expectations for cash flows from collateral

§Collateral performing better than overall Alt-A collateral universe in terms of delinquency and
accumulated loss trends

§All securities evaluated using market-consistent estimates of collateral performance

*Market value.

($ millions)

CNO Financial Group

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Prime Jumbo at 9/30/10

CNO

§3.4% of total invested assets

§Substantial proportion of investments purchased at discounts reflective of current
market expectations for cash flows from collateral

§All securities evaluated using market-consistent estimates of collateral performance

§Credit support remains substantial relative to anticipated cumulative losses

*Market value.

($ millions)

CNO Financial Group

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CMBS at 9/30/10

CNO

(GAAP book value - $ millions)

Pre-2004

20.6%

2004

12.4%

2005

24.5%

2006

14.9%

2007

22.2%

2009

5.4%

CNO Financial Group

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CMBS at 9/30/10

CNO

§5.7% of invested assets

§Collateral performing materially better than overall CMBS collateral universe in terms of delinquency
and cumulative loss

§All securities evaluated using market-consistent estimates of collateral performance

§Substantial credit support inherent in structures relative to expected cumulative losses

*% of market value

($ millions)

CNO Financial Group

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Commercial Mortgage Loans at 9/30/10

CNO

By Property Type

§Current LTV of approximately 63%

§Trailing debt service coverage ratio (DSCR) stable at approximately 1.48

2010
2.5%

2009
0.4%

2008
18.1%

2007
20.6%

2006
19.3%

2005
12.0%

2004 and Prior
27.1%

Office
37.5%

Indus.
17.4%

Other
0.2%

Retail
39.8%

Multi-
Family
5.1%

CNO Financial Group

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Summary

CNO

§Stabilized earnings, generating excess capital

§Completed WNIC merger and CIG re-segmentation

§Focused on profitable growth

§Strengthened liquidity, improved RBC

§Positioned for early debt refinancing

CNO Financial Group

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Questions and Answers

CNO Financial Group

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Appendix

CNO Financial Group

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We will also be making the following terminology changes in our financial reports to more
accurately describe our business and/or for consistency with industry peers.

(1)Includes specified disease, accident, and hospital indemnity products

(2)Includes supplemental health, Medicare supplement, and long term care products

Terminology Changes

CNO Financial Group

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Statutory Surplus ($ millions)

*Also applicable in 2010 for Debt to Capital ratio only.

**Excludes Accumulated Other Comprehensive Income (Loss), as defined by the senior credit facility.

$1,200

$1,100

Prior Amendment Level

New 2011 Level*

New 2012 Level

CNO

250%

200%

1.5x

2.0x

1.75x

225%

$1,300

Covenant Metrics

CNO Financial Group

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3Q10 Liquidity

CNO

($ millions)

CNO Financial Group

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Adjusted operating earnings for the purpose of calculating operating return on allocated
capital is determined as follows:

Allocated capital is calculated as follows:

* A non-GAAP financial measure.Refer to the Appendix for a reconciliation to the corresponding GAAP measure.

Operating Return on Allocated Capital:12.6%9.4%7.7%-6.6%-8.3%5.5%

Operating Return on Allocated Capital Computation*

CNO Financial Group

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Commercial Mortgage Loans at 9/30/10

CNO

Pacific

9.9%

Mountain

9.9%

West North
Central

12.3%

West South
Central

6.1%

East North
Central

17.2%

East South
Central

5.7%

New England

8.7%

Middle
Atlantic

8.2%

South
Atlantic

22.0%

CNO Financial Group

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Commercial Mortgage Loans at 9/30/10

By Maturity

CNO

($ millions)

CNO Financial Group

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Collected Premiums

CNO

§Trailing 4 quarters down 17%

–Decline at Bankers Life due
to termination of PFFS
reinsurance contracts and
lower annuity sales, as
expected

–Consistent growth at
Colonial Penn

–Slight decline at Washington
National primarily due to
Wilton Re transaction in
3Q2009

–Decline at OCB primarily
due to Wilton Re transaction
in 3Q2009 and continued
run-off of inforce blocks, as
expected

($ millions)

CP

Washington
National

Collected Premiums -Trailing 4 Quarters

3Q09

$4,423.1

4Q09

$4,114.8

BLC OTHER

1Q10

$3,937.2

BLC PFFS

2Q10

$3,819.6

3Q10

$3,651.1

OCB

CNO Financial Group

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Segment Performance

Bankers Life

*Operating earnings exclude net realized gains (losses).See Appendix for corresponding GAAP measure of our consolidated results of
operations.

PTOI-Trailing 4 Quarters:$233.4$278.0$286.5$287.2$297.3

Revenues-Quarterly:$695.1$654.5$584.4$563.9$617.2

Pre-Tax Operating Income*

Revenues -Tr. 4 Quarters:$2,684.4$2,647.5$2,596.8$2,497.9$2,420.0

($ millions)

§Earnings of $95.5 million, up 12%

•Higher average yields on a larger
asset base

•Improved Med Supp benefit ratio

•3Q2009 favorably impacted by
prior year reserve releases

CNO Financial Group

56

Premiums - Med Supp

§First-year premiums up 29%

Med Supp - First-Year Premiums

Med Supp First-Year Prems.-Tr. 4 Qtrs:$86.5$91.7$99.2$107.5$114.1

Med Supp Total Premiums-Quarterly:$168.9$173.8$176.6$168.8$170.1

Med Supp NAP-Quarterly:$19.9$56.8$19.4$21.0$16.0

Med Supp NAP-Trailing 4 Quarters:$85.4$114.3$115.3$117.1$113.2

Bankers Life

($ millions)

CNO Financial Group

57

Premiums - Long-Term Care

($ millions)

First-Year Prems.-Tr. 4 Qtrs:$22.1$17.7$18.3$19.1$21.9

Total Premiums-Quarterly:$154.3$149.5$149.5$146.6$145.0

Long-Term Care- First-Year Premiums*

NAP-Quarterly:$9.8$8.3$8.6$8.7$7.2

NAP-Trailing 4 Quarters:$35.0$35.4$36.5$35.4$32.8

*Includes $6.6 million in 3Q09, $3.9 million in 4Q09, $5.0 million in 1Q10, $3.5 million in 2Q10, and $2.8 million in 3Q10 of premiums
ceded under business reinsurance agreement.

3Q09

(Direct)

$9.5

4Q09

(Direct)

$9.8

1Q10

(Direct)

$9.8

2Q10

(Direct)

$9.0

3Q10

(Direct)

$8.5

Bankers Life

§Net first-year premiums* up 97%,
reflecting reduction in new
business reinsurance

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58

Premiums - Life Insurance

($ millions)

First-Year Prems.-Tr. 4 Qtrs:$79.8$82.6$86.0$91.4$93.8

Total Premiums-Quarterly:$63.2$61.4$46.5$52.1$54.8

Life - First-Year Premiums

NAP-Quarterly:$15.8$13.7$15.8$17.3$16.3

NAP-Trailing 4 Quarters:$55.4$57.7$60.9$62.6$63.1

SPWL

Non-

SPWL

3Q09

$23.4

$10.5

$12.9

4Q09

$23.0

$10.8

$12.2

1Q10

$20.2

$9.6

$10.6

2Q10

$24.8

$12.4

$12.4

3Q10

$25.8

$11.9

$13.9

Bankers Life

§Fluctuations in first-year
premiums primarily reflect
variance in sales of single-
premium policies

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59

Premiums - Annuity

($ millions)

First-Year Prems.-Tr. 4 Qtrs:$1,270.3$1,057.1$979.1$984.4$965.1

Total Premiums-Quarterly:$284.7$198.2$224.4$281.1$265.8

Annuity - First-Year Premiums

Bankers Life

§First-year premiums down 7%

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60

Annuity Surrenders

IA Surrenders

(annualized quarterly rate)

Non-IA Surrenders

(annualized quarterly rate)

Bankers Life

§Total account value:

–IAs - $1.9 billion

–Non-IAs - $4.8 billion

§Average account value:

–IAs - $1.8

–Non-IAs - $4.8 billion

–IAs - 96%

–Non-IAs - 86%

CNO Financial Group

61

Benefit Ratio* - PDP

*We calculate benefit ratios by dividing insurance policy benefits by insurance policy income.

Bankers Life

§Down 3.6 points, impacted by
improved pricing and plan design
changes

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62

Benefit Ratio* - Med Supp

*We calculate benefit ratios by dividing insurance policy benefits by insurance policy income.

Bankers Life

§3Q10 impacted by favorable
claims experience

CNO Financial Group

63

Interest-Adjusted Benefit
Ratio* - LTC

*We calculate interest-adjusted benefit ratios by dividing insurance policy benefits less interest income on the accumulated assets
backing the insurance liabilities by insurance policy income.

Trailing 4 Quarter Avg.:68.2%67.9%69.6%71.0%71.7%

Qtrly. non-int. adjusted:108.3%104.3%114.4%113.0%114.2%

Bankers Life

§Stable results overall

§3Q09 impacted by reserve
releases related to policyholder
actions following rate increases

CNO Financial Group

64

Segment Performance

Washington National

*Operating earnings exclude net realized gains (losses). See Appendix for corresponding GAAP measure of our consolidated results of
operations.

PTOI-Trailing 4 Quarters:$133.7$110.9$104.9$100.8$98.9

Revenues-Quarterly:$198.2$191.3$191.1$190.8$191.6

Pre-Tax Operating Income (Loss)*

Revenues-Tr. 4 Quarters:$801.1$788.3$780.2$771.4$764.8

($ millions)

§Earnings of $27.2 million, down
6.5%

–3Q2009 favorably impacted by
reserve refinements related to
supplemental health products of
approximately $4 million

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65

Premiums - Med Supp

($ millions)

First-Year Prems.-Tr. 4 Qtrs:$8.0$7.2$6.9$6.1$4.6

Total Premiums-Quarterly:$46.9$43.7$40.7$38.7$37.9

Med Supp - First-Year Premiums

NAP-Quarterly:$1.3$1.5$1.1$0.7$0.4

NAP-Trailing 4 Quarters:$7.8$5.8$5.2$4.6$3.7

§First-year collections down 68%

–Focus on core products (i.e.,
supplemental health)

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66

Premiums -

Supplemental Health

Washington National

($ millions)

First-Year Prems.-Tr. 4 Qtrs:$43.6$45.4$47.7$49.7$50.9

Total Premiums-Quarterly:$96.2$99.0$99.6$100.2$101.5

Supplemental Health - First-Year Premiums

NAP-Quarterly:$16.1$15.2$14.6$17.5$18.0

NAP-Trailing 4 Quarters:$54.3$57.5$60.6$63.4$65.3

§NAP up 11%

–Increased focus on supplemental
health products

–Momentum increasing in Worksite
market

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67

Interest-Adjusted Benefit Ratio* -

Supplemental Health Insurance

Trailing 4 Quarter Avg.:41.2%46.0%47.8%48.4%50.3%

Qtrly. non-int. adjusted:76.6%82.0%82.3%83.2%81.3%

*We calculate interest-adjusted benefit ratios by dividing insurance policy benefits, less interest income on the accumulated assets backing
the insurance liabilities, by insurance policy income.

§Up 7.6 points vs. 3Q09

§Non-interest adjusted ratio
81.3% vs. 3Q09 76.6%

CNO Financial Group

68

Segment Performance

Colonial Penn

*Operating earnings exclude net realized gains (losses).See Appendix for corresponding GAAP measure of our consolidated results of
operations.

PTOI-Trailing 4 Quarters:$30.2$29.4$29.6$26.2$26.6

Revenues-Quarterly:$58.1$57.8$58.1$59.1$58.9

Pre-Tax Operating Income*

Revenues -Tr. 4 Quarters:$235.1$235.7$236.7$233.1$233.9

($ millions)

§Earnings of $7.8 million, up
5.4%

–Results for 3Q2010 reflect
favorable life margins

CNO Financial Group

69

Premiums - Life Insurance

Colonial Penn

($ millions)

First-Year Prems.-Tr. 4 Qtrs:$34.4$33.0$31.7$31.4$31.6

Total Premiums-Quarterly:$45.6$48.9$47.3$46.7$46.9

Life - First-Year Premiums

NAP-Quarterly:$10.6$8.4$13.1$12.2$11.5

NAP-Trailing 4 Quarters:$44.3$41.9$42.7$44.3$45.2

§Sales (NAP) up 8%

–YTD sales up 10%

–YTD lead generation up 42%

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70

Segment Performance

Other CNO Business

*Operating earnings exclude net realized gains (losses). See Appendix for corresponding GAAP measure of our consolidated results of
operations.

PTOI-Trailing 4 Quarters:$(28.2)$(43.6)$(43.1)$(30.3)$(47.2)

Revenues-Quarterly:$183.0$166.4$167.4$153.6$172.2

Pre-Tax Operating Income (Loss)*

Revenues-Tr. 4 Quarters: :$724.2$712.3$699.7$670.4$659.6

($ millions)

§Losses of $24.4 million compared to
3Q2009 losses of $7.5 million

–Additional amortization expense in
interest sensitive products(-$13
million)

–Write-off of PVFP on LTC block(-$6
million)

–Increased legal settlement expenses
(-$4 million)

CNO Financial Group

71

Information Related to Certain Non-GAAP Financial Measures

The following provides additional information regarding certain non-GAAP measures used in this presentation.A non-GAAP
measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts
that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with
GAAP.While management believes these measures are useful to enhance understanding and comparability of our financial
results, these non-GAAP measures should not be considered as substitutes for the most directly comparable GAAP measures.
Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange
Commission that are available in the “Investors - SEC Filings” section of CNO’s website, www.CNOinc.com.

Operating earnings measures
Management believes that an analysis of net income applicable to common stock before 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 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.

CNO Financial Group

72

Information Related to Certain Non-GAAP Financial Measures

A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows
(dollars in millions, except per-share amounts):

CNO Financial Group

73

Book value, excluding accumulated other comprehensive income (loss), per share
This non-GAAP financial measure differs from book value per share because accumulated other comprehensive income (loss) has been
excluded from the book value used to determine the measure.Management believes this non-GAAP financial measure is useful because it
removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in
the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions
made by management.

A reconciliation from book value per share to book value per share, excluding accumulated other comprehensive income (loss) is as follows
(dollars in millions, except per share amounts):

Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group

74

Operating return measures

Management believes that an analysis of return before 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 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 continued operations.

This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income (loss) has been
excluded from the value of equity used to determine this ratio.Management believes this non-GAAP financial measure is useful because it
removes the volatility that arises from changes in accumulated other comprehensive income (loss).Such volatility is often caused by changes in
the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions
made by management.

In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets).In accordance with
GAAP, these assets are not discounted, and accordingly will not provide a return to shareholders (until after it is realized as a reduction to taxes
that would otherwise be paid).Management believes that excluding this value from the equity component of this measure enhances the
understanding of the effect these non-discounted assets have on operating returns and the comparability of these measures from period-to-
period.Operating return measures are used in measuring the performance of our business units and are used as a basis for incentive
compensation.

All references to return on allocated capital measures assume a capital allocation based on a 275% targeted risk-based capital at the segment
level.Additionally, corporate debt has been allocated to the segments.

Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group

75

The calculations of: (i) operating return on allocated capital, excluding accumulated other comprehensive income (loss) and net operating
loss carryforwards (a non-GAAP financial measure); and (ii) return on equity, for the twelve months ended September 30, 2010, are as
follows (dollars in millions):

(Continued on next page)

Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group

76

A reconciliation of pretax operating earnings (a non-GAAP financial measure) to segment operating return (loss) and consolidated net income
(loss) for the twelve months ended September 30, 2010, is as follows (dollars in millions):

(Continued on next page)

Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group

77

A reconciliation of average allocated capital (for the purpose of determining return on allocated capital), excluding accumulated other
comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to average common shareholders’ equity, is
as follows (dollars in millions):

(Continued on next page)

(Continued from previous page)

Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group

78

A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-
GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):

(Continued from previous page)

Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group

79

A reconciliation of the debt to capital ratio to debt to capital, excluding accumulated other comprehensive income (loss) is as follows (dollars in
millions):

Debt to capital ratio, excluding accumulated other comprehensive income (loss)

This non-GAAP financial measure differs from the debt to capital ratio because accumulated other comprehensive income (loss) has been
excluded from the value of capital used to determine this measure.Management believes this non-GAAP financial measure is useful because it
removes the volatility that arises from changes in accumulated other comprehensive income (loss).Such volatility is often caused by changes in
the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions
made by management.

Information Related to Certain Non-GAAP Financial Measures