EX-12.1 5 cno09302011ex121.htm EXHIBIT 12.1 CNO 09.30.2011 EX 12.1


CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)

 
Nine months ended September 30, 2011
 
Year ended December 31, 2010
 
Pretax income from operations:
 
 
 
 
Net income
$
309.4

 
$
284.6

 
Add income tax expense (benefit)
(46.1
)
 
8.9

 
Pretax income from operations
263.3

 
293.5

 
Add fixed charges:
 
 
 
 
Interest expense on corporate debt
58.6

 
79.3

 
Interest expense on investment borrowings
27.4

 
33.9

 
Interest added to policyholder account balances
212.8

 
303.9

 
Portion of rental (a)
9.7

 
13.0

 
Fixed charges
308.5

 
430.1

 
Adjusted earnings
$
571.8

 
$
723.6

 
Ratio of earnings to fixed charges
1.85X

 
1.68X

 
____________________
(a)
Interest portion of rental is estimated to be 33 percent.