CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Exhibit 12.1

Computation of Ratio of Earnings to

Fixed Charges and Preferred Dividends

(Dollars in millions)

	2011			2010			2009		2008			2007
Pretax income (loss) from operations:
Net income (loss)	$	335.7		$	240.6		$	20.4	$	(1,205.3	)	$	(256.2	)
Add income tax expense (benefit)	(29.5		)	(15.7		)	51.4		372.5			21.2
Add discontinued operations	—			—			—		722.7			105.9
Pretax income (loss) from operations	306.2			224.9			71.8		(110.1		)	(129.1		)
Add fixed charges:
Interest expense on corporate debt	76.3			79.3			84.7		67.9			80.3
Interest expense on investment borrowings	37.8			33.9			33.2		38.6			45.0
Interest added to policyholder account balances	282.5			303.9			324.4		330.5			399.5
Portion of rental (a)	13.1			13.0			12.8		13.4			13.7
Fixed charges	409.7			430.1			455.1		450.4			538.5
Adjusted earnings	$	715.9		$	655.0		$	526.9	$	340.3		$	409.4
Ratio of earnings to fixed charges	1.75X			1.52X			1.16X		(b)			(b)
Fixed charges	$	409.7		$	430.1		$	455.1	$	450.4		$	538.5
Add dividends on preferred stock, including dividends on preferred stock of subsidiaries (divided by the ratio of income to pretax income)	—			—			—		—			22.1
Fixed charges plus preferred dividends	$	409.7		$	430.1		$	455.1	$	450.4		$	560.6
Adjusted earnings	$	715.9		$	655.0		$	526.9	$	340.3		$	409.4
Ratio of earnings to fixed charges and preferred dividends	1.75X			1.52X			1.16X		(c)			(c)

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

(b) For such ratio, earnings were $110.1 million and $129.1 million less than fixed charges for the years ended December 31, 2008 and 2007, respectively.

(c) For such ratio, earnings were $110.1 million and $151.2 million less than fixed charges for the years ended December 31, 2008 and 2007, respectively.