EX-12.1 10 cno12312014ex121.htm EXHIBIT 12.1 CNO 12.31.2014 EX 12.1



Exhibit 12.1

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


 
2014
 
2013
 
2012
 
2011
 
2010
Pretax income from operations:
 
 
 
 
 
 
 
 
 
Net income
$
51.4

 
$
478.0

 
$
221.0

 
$
335.7

 
$
240.6

Add income tax expense (benefit)
123.7

 
(173.2
)
 
(65.3
)
 
(29.5
)
 
(15.7
)
Pretax income from operations
175.1

 
304.8

 
155.7

 
306.2

 
224.9

Add fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense on corporate debt
43.9

 
51.3

 
66.2

 
76.3

 
79.3

Interest expense on investment borrowings and borrowings related to variable interest entities
48.9

 
54.0

 
48.4

 
37.8

 
33.9

Interest added to policyholder account balances
173.0

 
232.5

 
260.5

 
282.5

 
303.9

Portion of rental (a)
15.1

 
13.3

 
14.6

 
13.1

 
13.0

Fixed charges
280.9

 
351.1

 
389.7

 
409.7

 
430.1

Adjusted earnings
$
456.0

 
$
655.9

 
$
545.4

 
$
715.9

 
$
655.0

Ratio of earnings to fixed charges
1.62X

 
1.87X

 
1.40X

 
1.75X

 
1.52X


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