1Q16 Financial and operating results for the period ended March 31, 2016 April 28, 2016 Unless otherwise specified, comparisons in this presentation are between 1Q16 and 1Q15. Exhibit 99.1

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 2 Forward-Looking Statements Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investors that these forward- looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on April 27, 2016, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today’s date.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 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 the net loss on the sale of CLIC and gain (loss) on reinsurance transactions, the earnings of CLIC prior to being sold, net realized investment gains (losses), fair value changes in embedded derivative liabilities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, other non-operating items, corporate interest expense and taxes; and debt to capital ratios, excluding accumulated other comprehensive income (loss). 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 | 1Q2016 Earnings | April 28, 2016 4

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 5 CNO Operating Earnings Per Share Excluding Significant Items* Operating Earnings Excl. Significant Items* $60.1 $46.6 Weighted Average Shares Outstanding 202.3 182.1 1Q16 Summary * A non-GAAP measure. Refer to the Appendix for a reconciliation to the corresponding GAAP measure. (amounts in millions, except per share data) Notable Items  Continued franchise growth ‒ NAP increased 2% ‒ Collected premium up 11% ‒ Policies in-force grew 1% ‒ Bankers Life annuity account values up 2%  Operating EPS (excluding significant items) down 13%  Returned an additional $103 million to shareholders 1Q15 $0.30 1Q16 $0.26

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 6 Tennenbaum Capital Partners (TCP) Investment  Tennenbaum Capital Partners ‒ Asset manager specializing in middle market direct lending and special situations investing ‒ Experienced management with solid long-term track record ‒ Will continue to operate on a stand-alone basis under its present executive leadership with CNO representation on the TCP Management Committee  Rationale for transaction ‒ Access to leading-edge proprietary knowledge and skill sets in asset classes outside of current core competencies ‒ Diversifies sources of general account investment income ‒ Investments are suitable for our long duration lines of business ‒ Further utilize our valuable tax assets Strategic investment in proven asset management firm

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 7 1Q16 Sales and Distribution Results Bankers Life * Third party sales are excluded from NAP in all periods. ** Includes Medicare Advantage, Medicare supplement, PDP, Dental/Vision and ACA products (prior periods have been restated to include ACA product sales). ($ millions) Quarterly NAP* Third Party Policies Sold** 5,392 4,273 2,980 20,711 3,703 Trailing 4-Quarters NAP $260.1 $258.3 $256.4 $251.9 $250.6 Collected Premiums $584.2 $603.9 $648.7 $654.5 $660.7 Trailing 4-Quarters Third Party Fee Income, Net $15.8 $16.4 $16.6 $17.6 $17.9  1Q NAP down 2% ‒ Decreases in life and Medicare supplement; partially offset by higher annuity and LTC  Collected premiums up 13%  Agent metrics ‒ New agent recruiting stabilized ‒ Average producing agents down 6%; agent productivity up 4%  Third party fee income up 13% 1Q15 $61.6 2Q15 $61.3 3Q15 $59.9 4Q15 $69.1 1Q16 $60.3

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 8 Washington National 1Q16 Sales and Distribution Results ($ millions) Quarterly NAP Trailing 4-Quarters NAP $99.8 $100.2 $100.4 $100.4 $101.2 Supplemental Health Collected Premiums $132.7 $136.1 $138.6 $137.4 $141.1  1Q NAP up 4% ‒ Worksite sales up 27% ‒ Individual sales down 7%  Growth in PMA agent force ‒ Average producing agents up 9%  Supplemental health collected premiums up 6% 1Q15 $22.6 2Q15 $25.7 3Q15 $25.8 4Q15 $26.3 1Q16 $23.4

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 9 1Q15 $21.1 2Q15 $18.5 3Q15 $18.9 4Q15 $15.6 1Q16 $24.1 1Q16 Sales and Distribution Results Colonial Penn ($ millions) Quarterly NAP Trailing 4-Quarters NAP $68.9 $70.9 $73.4 $74.1 $77.1 Collected Premiums $65.1 $65.1 $66.7 $66.0 $70.1 Inforce EBIT $10.6 $13.3 $14.9 $14.8 $12.7  1Q NAP up 14% ‒ Continued strong sales growth ‒ 8th consecutive quarter of YOY growth  Collected premiums up 8%  1Q EBIT of ($6.8) million ‒ Inforce EBIT of $12.7 million, up 20%  2016 EBIT guidance of $0-6 million

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 10 1Q Consolidated Financial Highlights CNO  Earnings Remain Strong ‒ Operating earnings per diluted share* of $0.27; $0.26 excluding significant items ‒ Unfavorable alternative investment results ‒ Operating ROE* of 8.9%; 8.3% excluding significant items  Continued Strength in Cash Flows and Key Capital Measures ‒ Estimated consolidated risk-based capital of 441%, reflecting $89 million of dividends paid to the Holding Company ‒ Leverage* of 19.8% ‒ Holding company cash and investments of $375 million, essentially flat to year-end 2015 ‒ Expect to fully utilize life NOL’ s in 2Q 2016 and begin paying cash taxes in 3Q 2016 ‒ Repurchased $90 million of common stock; maintaining 2016 share repurchase guidance range of $275-$375 million, absent compelling alternatives * A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 11 $(1.3) $(5.0) $(4.4) $(4.9) $(5.1) $(5.9) $4.2 $0.6 $6.7 $(6.8) $82.2 $86.4 $79.8 $89.1 $69.9 $28.5 $29.1 $30.6 $31.3 $26.3 1Q15 2Q15 3Q15 4Q15 1Q16 Corporate CP BLC WN ($ millions) * A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Segment Earnings 1Q16 Earnings Segment EBIT Excluding Significant Items* CNO $103.5 $114.7 $106.6 $122.2 $84.3  Alternative investment returns negatively impacted Bankers Life and Washington National; Corporate segment results impacted by COLI investments  Bankers Life 1Q15 results reflect favorable Medicare supplement claims  Colonial Penn results reflect higher marketing spend to drive profitable growth

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 12 $133 $134 $137 $138 $139 57.6% 65.7% 57.4% 57.5% 57.7% 1Q15 2Q15 3Q15 4Q15 1Q16 Earned Premium Reported Benefit Ratio Adjusted Benefit Ratio** ($ millions) * Interest-adjusted benefit ratio (IABR); a non-GAAP measure. Refer to the Appendix for the corresponding GAAP measure. ** Adjusted benefit ratio; long-term care IABR* excluding impact of policyholder actions following rate increases Health Margins 1Q16 Highlights & Outlook CNO Washington National Supplemental Health IABR* Bankers Life Long-term Care IABR* Bankers Life Medicare Supplement $193 $193 $193 $192 $193 67.4% 68.7% 71.5% 70.8% 71.1% 1Q15 2Q15 3Q15 4Q15 1Q16 $123 $121 $119 $119 $118 83.0% 84.6% 83.8% 79.6% 75.3% 85.5% 82.4% 1Q15 2Q15 3Q15 4Q15 1Q16  Medicare supplement benefit ratio of 71.1%, in line with expectations  2016 Outlook: Benefit ratio of 70-73%  IABR* decline due to rate increase related shock lapses  IABR* of 82.4% excluding shock lapse impacts  2016 Outlook: IABR* of 81-86%, excluding rate increase impacts  Supplemental health IABR* of 57.7%, in line with expectations  2016 Outlook: IABR* of 56-59%

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 13 $21.3 $15.4 $30.3 $48.5 $93.1 $1.3 $7.9 $12.4 $18.3 $10.0 Investment Results CNO ($ millions) Earned Yield*: 5.81% 5.78% 5.68% 5.72% 5.47% New Money Rate: 5.36% 5.06% 5.21% 5.17% 4.90% Average Invested Assets and Cash Realized Gains, Losses and Impairments * Earned Yield excludes FHLB. ** Excludes $11.3 million gain on dissolution of variable interest entity. Pre-Pay / Call / Make- whole Income: $5.1 $9.9 $5.6 $10.3 $6.3 Gross Realized Gains Gross Realized Losses Impairments 1Q15 2Q15 3Q15 $66.8 $20.2** $22.6 4Q15 $13.2 $23.3 $23.1 $42.7 $51.0  Higher level of realized gains and losses due to repositioning in energy, CMBS, and emerging markets  Tightening spreads facilitated energy and emerging markets exposure reductions of $225 million (13%) and $148 million (23%), respectively  Limited impairments $21,854 $21,956 $22,042 $22,219 $22,323 $300.1 $302.1 $298.2 $303.2 $291.0 1Q15 2Q15 3Q15 4Q15 1Q16 Net Investment Income 1Q16 $102.2 $103.1 Alternative Investment Income: $6.1 $0.7 ($0.3) ($0.5) ($3.7)  New money rate benefited from wider spreads in early 1Q, but we remain reluctant to change risk appetite in context of lower treasury yields  Alternative investment income down $10 million

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 14 CNO Wrap-up  Committed to priorities and longer term objectives ‒ Re-energize growth, including ramp-up of BD/RIA ‒ Focus on ROE expansion ‒ Effective capital deployment ‒ Remain committed to reducing LTC exposure over time  Executive leadership changes aligned with driving profitable growth

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 15 Questions and Answers

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 16 Appendix

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 17 Energy Sector Overview March 31, 2016 18% 71% 8% 1% 2% A or Better BBB BB B CCC or Lower 51% 28% 6% 12% 3% Midstream Independent E&P Oilfield Services Integrated Other  Overall exposure down $225 million (13%) from year-end 2015 due to portfolio repositioning  Remaining exposure is reasonably calibrated to enterprise capital, is highly diversified, and has improved risk characteristics  Net unrealized loss substantially reduced from $104mm at year-end to $53mm at 3/31/16  1Q16 NAIC downgrades of $91 million or 3 RBC points (within range of expectations)  Despite 1Q downgrades, exposure remains substantially IG (90%)  HY (10%) weighted towards higher rated BB category and less volatile sectors (e.g., midstream)  For 2016, expect most significant impact of long term low oil prices to be downgrades (RBC)  Portfolio underwritten to withstand a prolonged period of $30 oil

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 18 Producing Agent Counts 1st Yr 2nd Yr 3rd Yr + Total Qtr Avg (3) 1st Yr 2nd Yr 3rd Yr + Total Qtr Avg (3) 3/31/2016 2,182 626 1,895 4,703 4,548 418 117 372 907 904 12/31/2015 2,051 584 1,927 4,562 4,565 410 127 367 904 899 9/30/2015 2,077 601 1,871 4,549 4,693 411 115 365 891 892 6/30/2015 2,484 606 1,891 4,981 4,939 423 132 346 901 882 3/31/2015 2,468 657 1,894 5,019 4,850 344 127 340 811 830 12/31/2014 2,258 664 1,868 4,790 4,842 365 128 337 830 831 12/31/2013 2,557 693 1,718 4,968 5,046 335 112 296 743 756 12/31/2012 2,429 662 1,600 4,691 4,850 298 108 269 675 687 12/31/2011 2,461 600 1,587 4,648 4,702 12/31/2010 2,199 668 1,486 4,353 4,391 12/31/2009 2,564 662 1,513 4,739 4,742 12/31/2008 2,489 651 1,324 4,464 4,417 12/31/2007 2,198 554 1,231 3,983 4,034 (1) Defined as the number of agents that have sold at least one policy in the period (2) Defined as active PMA appointed agents with $1,000 or more of New Annualized Premium in the prior 12 months (3) Agent counts at the end of each month used to calculate the average for the quarter Bankers Life (1) Washington National (2)

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 19 1Q16 Holding Company Liquidity CNO ($ millions) 1Q16 Cash and Investments Balance - Beginning $382.2 Sources Net Dividends from Insurance Subsidiaries 88.7 Dividends from Non-insurance Subsidiaries 7.9 Interest/Earnings on Corporate Investments 4.6 Surplus Debenture Interest 12.1 Service and Investment Fees, Net 1.8 Total Sources 115.1 Uses Interest 0.7 Share Repurchases 93.7 * Common Stock Dividend 12.7 Holding Company Expenses and Other 19.7 Total Uses 126.8 Non-cash changes in investment balances 4.2 Unrestricted Cash and Investments Balance - 3/31/2016 $374.7 * Includes $3.7 million of purchases from 4Q 2015 that settled in 1Q 2016.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 20 Non-Life $846 Life $37 Loss Carryforwards Valuation Allowance Leveraging Considerable Tax Assets CNO ($ millions) 1Q 2016 Loss Carryforwards $177** Outlook and Value v  Expect modest future valuation allowance releases  Life NOL’s expected to be fully utilized in 2Q 2016, reducing cash flows an estimated $15 million per quarter starting in 3Q 2016  Majority of non-life NOL’s expire in 2023  Estimated economic value of $500 million @ 10% discount rate Non-Life * Excludes $14 million related to state operating loss carryforwards and $12 million related to capital loss carryforwards. ** Excludes $10 million related to state operating loss carryforwards and $7 million related to capital loss carryforwards. $883*

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 21 The table below summarizes the financial impact of the significant item on our 1Q2015 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions). 1Q15 Significant Items CNO Net Operating Income: Bankers Life $ 82.2 $ - $ 82.2 Washington National Colonial Penn EBIT from business segments Corporate Operations, excluding corporate interest expense EBIT Corporate interest expense Operating earnings before tax Tax expense on operating income Net operating income * $ 60.1 $ - $ 60.1 Net operating income per diluted share* $ 0.30 $ - $ 0.30 Three months ended March 31, 2015* Actual results Significant items Excluding significant items 104.8 28.5 - 28.5 - 103.5 (10.5) - (10.5) (5.9) - (5.9) 104.8 - 93.0 - 93.0 32.9 - (1.3) - (1.3) 32.9 103.5 * We had previously included one significant item in our 1Q15 net operating income analysis which represented the $1.9 million after tax impact of unfavorable supplemental health reserve developments in the Washington National segment related to claims incurred in prior periods. After a comprehensive review of claims conduc ed in 2Q15, it was ultimately determined that the claims liability at March 31, 2015 for supplemental health claims incurred in 1Q15 was deficient by a similar amount. Accordingly, we are no longer reporting this as a significant item. * A non-GAAP measure. See pages 26 and 28 for a reconciliation to the corresponding GAAP measure.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 22 The table below summarizes the financial impact of the significant item on our 2Q2015 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions). 2Q15 Significant Items CNO Net Operating Income: Bankers Life $ 86.4 $ - $ 86.4 Washington National (1) Colonial Penn EBIT from business segments Corporate Operations, excluding corporate interest expense EBIT Corporate interest expense Operating earnings before tax Tax expense on operating income Net operating income * $ 60.8 $ 5.8 $ 66.6 Net operating income per diluted share* $ 0.31 $ 0.03 $ 0.34 (1) Pr -tax earnings in the Washington National segment included $9 million of unfavorable reserve developments in the supplemental health block related to claims incurred in prior periods. 93.8 9.0 102.8 33.0 3.2 (5.0) - (5.0) 36.2 105.7 9.0 114.7 (11.9) - (11.9) 4.2 - 4.2 110.7 9.0 119.7 20.1 9.0 29.1 Three months ended June 30, 2015 Actual results Significant items Excluding significant items * A non-GAAP measure. See pages 26 and 28 for a reconciliation to the corresponding GAAP measure.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 23 The table below summarizes the financial impact of the significant item on our 3Q2015 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions). 3Q15 Significant Items CNO * A non-GAAP measure. See pages 26 and 28 for a reconciliation to the corresponding GAAP measure. Net Operating Income: Bankers Life $ 79.8 $ - $ 79.8 Washington National Colonial Penn EBIT from business segments Corporate Operations, excluding corporate interest expense (1) EBIT Corporate interest expense Operating earnings before tax Tax expense on operating income Net operating income * $ 56.8 $ 7.5 $ 64.3 Net operating income per diluted share* $ 0.30 $ 0.03 $ 0.33 (1) Pre-tax earnings in the Corporate segment included the impact of current market conditions on the value of investments backing our Company-owned life insurance ("COLI") utilized as a vehicle to fund Bankers Life's agent deferred compensation plan. It should be noted that changes in the value of COLI investments are not subject to income tax. 87.8 7.5 95.3 31.0 - (11.9) 7.5 (4.4) 31.0 99.1 7.5 106.6 (11.3) - (11.3) 0.6 - 0.6 111.0 - 111.0 30.6 - 30.6 Three months ended September 30, 2015 Actual results Significant items Excluding significant items

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 24 The table below summarizes the financial impact of the significant item on our 4Q2015 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions). 4Q15 Significant Items CNO * A non-GAAP measure. See pages 26 and 28 for a reconciliation to the corresponding GAAP measure. Net Operating Income: Bankers Life $ 121.2 $ (32.1) (1) $ 89.1 Washington National (2) Colonial Penn EBIT from business segments Corporate Operations, excluding corporate interest expense (3) EBIT Corporate interest expense Operating earnings before tax Tax expense on operating income Net operating income * $ 97.0 $ (25.7) $ 71.3 Net operating income per diluted share* $ 0.52 $ (0.14) $ 0.38 Three months ended December 31, 2015 Actual results Significant items Excluding significant items 127.1 32.3 (1.0) 31.3 (37.3) 122.2 (11.3) - (11.3) 6.7 - 6.7 160.2 (33.1) 148.2 (37.3) 110.9 51.2 (11.6) (0.7) (4.2) (4.9) 39.6 159.5 (2) Pre-tax earnings in the Washington National segment included $1.0 million of favorable impacts from our comprehensive annual actuarial review. (3) Pre-tax earnings in the Corporate segment included a $4.2 million positive impact of current market conditions on the value of investments backing our Company- owned life insurance ("COLI") used as a vehicle to fund Bankers Life's agent deferred compensation plan. (1) Pre-tax earnings in the Bankers segment included: (i) $25.8 million of favorable impacts from our comprehensive annual actuarial review including the net impact from model enhancements and changes in assumptions related to mortality, long-term interest rates and the spread earned on fixed index annuities; and (ii) the $6.3 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate increases.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 25 The table below summarizes the financial impact of the significant item on our 1Q2016 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions). 1Q16 Significant Items CNO * A non-GAAP measure. See pages 26 and 28 for a reconciliation to the corresponding GAAP measure. Net Operating Income: Bankers Life $ 77.6 $ (7.7) (1) $ 69.9 Washington National Colonial Penn EBIT from business segments Corporate Operations, excluding corporate interest expense (2) EBIT Corporate interest expense Operating earnings before tax Tax expense on operating income Net operating income * $ 49.6 $ (3.0) $ 46.6 Net operating income per diluted share* $ 0.27 $ (0.01) $ 0.26 Three months ended March 31, 2016 Actual results Significant items Excluding significant items 89.4 26.3 - 26.3 (4.7) 84.3 (11.4) - (11.4) (6.8) - (6.8) 97.1 (7.7) 77.6 (4.7) 72.9 28.0 (1.7) (8.1) 3.0 (5.1) 26.3 89.0 (2) Pre-tax earnings in the Corporate segment included $3.0 million of accelerated stock compensation expense releated to retirement eligible employees. (1) Pre-tax earnings in the Bankers segment included the $7.7 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate increases.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 26 Quarterly Earnings CNO *Management believes that an analysis of earnings before net realized investment gains (losses), fair value changes in embedded derivative liabilities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, other non-operating items, corporate interest expense 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) net realized investment gains (losses); (2) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities that are unrelated to the company’s underlying fundamentals; (3) fair value changes related to the agent deferred compensation plan; (4) loss on extinguishment of debt; (5) charges in the valuation allowance for deferred tax assets; and (6) other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and earnings attributable to variable interest entities. The table above provides a reconciliation of EBIT to net income. 1Q15 2Q15 3Q15 4Q15 1Q16 Bankers Life 82.2$ 86.4$ 79.8$ 121.2$ 77.6$ Washington National 28.5 20.1 30.6 32.3 26.3 Colonial Penn (5.9) 4.2 0.6 6.7 (6.8) EBIT from business segments 104.8 110.7 111.0 160.2 97.1 Corporate operations, excluding interest expense (1.3) (5.0) (11.9) (0.7) (8.1) EBIT* 103.5 105.7 99.1 159.5 89.0 Corporate interest expense (10.5) (11.9) (11.3) (11.3) (11.4) Operating earnings before taxes 93.0 93.8 87.8 148.2 77.6 Tax expense on period income 32.9 33.0 31.0 51.2 28.0 Net operating income 60.1 60.8 56.8 97.0 49.6 Net realized investment gains (losses), net of related amortization and taxes (1.4) (6.8) (12.3) (10.3) (0.6) Fair value changes in embedded derivative liabilities, net of related amortization and taxes (8.3) 16.8 (10.2) 9.4 (19.2) Fair value changes related to the agent deferred compensation plan, net of taxes - - - 9.8 (3.9) Loss on extinguishment of debt, net of taxes - (21.3) - - - Valuation allowance for deferred tax assets and other tax items - - - 32.5 20.0 Other 2.4 (2.7) (0.5) (1.1) (0.4) Net income 52.8$ 46.8$ 33.8$ 137.3$ 45.5$ ($ millions)

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 27 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 net realized gains or losses, fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in our valuation allowance for deferred tax assets and other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and earnings attributable to variable interest entities (“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 these items are unrelated to the Company’s continuing operations. Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 28 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): 1Q15 2Q15 3Q15 4Q15 1Q16 Net income applicable to common stock 52.8$ 46.8$ 33.8$ 137.3$ 45.5$ Net realized investment (gains) losses, net of related amortization and taxes 1.4 6.8 12.3 10.3 0.6 Fair value changes in embedded derivative liabilities, net of related amortization and taxes 8.3 (16.8) 10.2 (9.4) 19.2 Fair value changes related to the agent deferred compensation plan (net of taxes) - - - (9.8) 3.9 Valuation allowance for deferred tax assets and other tax items - - - (32.5) (20.0) Loss on extinguishment of debt (net of taxes) - 21.3 - - - Other (2.4) 2.7 0.5 1.1 0.4 Net operating income (a non-GAAP financial measure) 60.1$ 60.8$ 56.8$ 97.0$ 49.6$ Per diluted share: Net income 0.26$ 0.24$ 0.18$ 0.73$ 0.25$ Net realized investment (gains) losses, net of related amortization and taxes 0.01 0.03 0.07 0.05 - Fair value changes in embedded derivative liabilities, net of related amortization and taxes 0.04 (0.08) 0.05 (0.05) 0.11 Fair value changes related to the agent deferred compensation plan (net of taxes) - - - (0.05) 0.02 Valuation allowance for deferred tax assets and other tax items - - - (0.17) (0.11) Loss on extinguishment of debt (net of taxes) - 0.11 - - - Other (0.01) 0.01 - 0.01 - Net operating income (a non-GAAP financial measure) 0.30$ 0.31$ 0.30$ 0.52$ 0.27$

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 29 1Q15 2Q15 3Q15 4Q15 1Q16 Operating income 60.1$ 60.8$ 56.8$ 97.0$ 49.6$ Weighted average shares outstanding for basic earnings per share 200,491 195,857 190,259 185,608 180,350 Effect of dilutive securities on weighted average shares: Stock options, restricted stock and performance units 1,784 2,216 2,106 2,342 1,778 Weighted average shares outstanding for diluted earnings per share 202,275 198,073 192,365 187,951 182,128 Operating earnings per diluted share 0.30$ 0.31$ 0.30$ 0.52$ 0.27$ A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as follows (dollars in millions, except per-share amounts, and shares in thousands): Information Related to Certain Non-GAAP Financial Measures

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 30 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options and warrants were exercised, restricted stock and performance units were vested and convertible securities were converted. 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 and warrants (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. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. 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. 1Q15 2Q15 3Q15 4Q15 1Q16 Total shareholders' equity 4,753.6$ 4,364.2$ 4,171.0$ 4,138.5$ 4,226.6$ Shares outstanding for the period 198,631,949 193,467,712 186,741,760 184,028,511 179,098,447 Book value per share 23.93$ 22.56$ 22.34$ 22.49$ 23.60$ Total shareholders' equity 4,753.6$ 4,364.2$ 4,171.0$ 4,138.5$ 4,226.6$ Less accumulated other comprehensive income (934.2) (605.0) (510.4) (402.8) (540.5) A justed shareholders' equity excluding AOCI 3,819.4$ 3,759.2$ 3,660.6$ 3,735.7$ 3,686.1$ S r ut t ing for the period 198,631,949 193,467,712 186,741,760 184,028,511 179,098,447 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 1,857,139 2,243,615 2,176,988 2,311,877 1,803,822 Diluted shares outstanding 200,489,088 195,711,327 188,918,748 186,340,388 180,902,269 Book value per diluted share (a non-GAAP financial measure) 19.05$ 19.21$ 19.38$ 20.05$ 20.38$ A reconciliation from book value per share to book value per diluted 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 | 1Q2016 Earnings | April 28, 2016 31 Information Related to Certain Non-GAAP Financial Measures The interest-adjusted benefit ratio (a non-GAAP measure) is calculated by dividing the product's insurance policy benefits less imputed interest income on the accumulated assets backing the insurance liabilities by insurance policy income. Interest income is an important factor in measuring the performance of longer duration health products. The net cash flows generally cause an accumulation of amounts in the early years of a policy (accounted for as reserve increases), which will be paid out as benefits in later policy years (accounted for as reserve decreases). Accordingly, as the policies age, the benefit ratio will typically increase, but the increase in the change in reserve will be partially offset by the imputed interest income earned on the accumulated assets. The interest-adjusted benefit ratio reflects the effects of such interest income offset. Since interest income is an important factor in measuring the performance of these products, management believes a benefit ratio, which includes the effect of interest income, is useful in analyzing product performance. The interest-adjusted benefit ratio excluding the impact of rate increases eliminates the release of reserves due to the impact of policyholder actions following rate increases. 1Q15 2Q15 3Q15 4Q15 1Q16 Bankers Life Long-term care benefit ratios Earned premium 122.6$ 120.5$ 119.0$ 118.6$ 118.5$ Benefit ratio before imputed interest income on reserves 137.8% 140.7% 141.1% 137.1% 132.9% Interest-adjusted benefit ratio 83.0% 84.6% 83.8% 79.6% 75.3% Interest-adjusted benefit ratio, exluding the impact of reserve releases due to rate increases 83.0% 84.6% 83.8% 85.5% 82.4% Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 20.8$ 18.6$ 19.3$ 24.2$ 29.3$ A just d und rwriting margin (excluding the impact of reserve releases due to rate increases) 20.8 18.6 19.3 17.2 20.9 Was ington National Supplemental health benefit ratios Earned premium 132.8$ 134.4$ 136.6$ 138.0$ 139.2$ Benefit ratio before imputed interest income on reserves 82.4% 90.3% 81.7% 81.8% 81.2% Interest-adjusted benefit ratio 57.6% 65.7% 57.4% 57.5% 57.7% Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 56.2$ 46.1$ 58.2$ 58.6$ 58.9$ Interest-adjusted benefit ratios

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 32 Information Related to Certain Non-GAAP Financial Measures Operating return measures Management believes that an analysis of net income applicable to common stock before the net loss on sale of CLIC and gain (loss) on reinsurance transactions, the earnings of CLIC prior to being sold, net realized gains or losses, fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, changes in our valuation allowance for deferred tax assets and other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and earnings attributable to variable interest entities (“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 these items are unrelated to the Company’s continuing operations. Management also believes that an operating return, excluding significant items, is important as the impact of these items enhances the understanding of our operating results. 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.

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 33 Information Related to Certain Non-GAAP Financial Measures The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non- GAAP financial measure); and (iii) return on equity are as follows (dollars in millions): 1Q15 2Q15 3Q15 4Q15 1Q16 Operating income 277.1$ 266.6$ 246.8$ 274.7$ 264.2$ Operating income, excluding significant items 270.6$ 265.9$ 260.7$ 262.3$ 248.8$ Net Income 332.2$ 300.9$ 217.3$ 270.7$ 263.4$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,029.3$ 3,027.6$ 3,009.4$ 2,992.3$ 2,981.7$ Average common shareholders' equity 4,746.6$ 4,692.0$ 4,563.1$ 4,425.5$ 4,290.9$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryfo wards (a non-GAAP financial measure) 9.1% 8.8% 8.2% 9.2% 8.9% Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 8.9% 8.8% 8.7% 8.8% 8.3% Return on equity 7.0% 6.4% 4.8% 6.1% 6.1% Trailing twelve months ended (Continued on next page)

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 34 Information Related to Certain Non-GAAP Financial Measures The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (dollars in millions): Operating Operating earnings, earnings, excluding Net excluding significant income - Operating Significant significant items - trailing Net trailing earnings (a) items (b) items four quarters income four quarters 2Q14 71.3$ -$ 71.3$ 260.1$ 78.1$ 239.1$ 3Q14 76.6 (7.1) 69.5 266.8 117.4 73.5 4Q14 69.1 0.6 69.7 272.3 83.9 51.4 1Q15 60.1 - 60.1 270.6 52.8 332.2 2Q15 60.8 5.8 66.6 265.9 46.8 300.9 3Q15 56.8 7.5 64.3 260.7 33.8 217.3 4Q15 97.0 (25.7) 71.3 262.3 137.3 270.7 1Q16 49.6 (3.0) 46.6 248.8 45.5 263.4 (a) - Operating earnings excludes the results from CLIC prior to being sold. (b) - The significant items have been discussed in prior press releases. (Continued on next page)

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 35 Information Related to Certain Non-GAAP Financial Measures A reconciliation of pretax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions): 1Q15 2Q15 3Q15 4Q15 1Q16 Pretax operating earnings (a non-GAAP financial measure) 428.4$ 413.5$ 381.5$ 422.8$ 407.4$ Income tax (expense) benefit (151.3) (146.9) (134.7) (148.1) (143.2) Operating return 277.1 266.6 246.8 274.7 264.2 Earnings of CLIC prior to being sold, net of taxes 8.5 - - - - Net loss on sale of CLIC and gain (loss) on reinsurance transactions, inculding impact of taxes 28.3 25.8 2.9 - - Net realized investment gains, net of related amortization and taxes 6.4 (7.9) (22.8) (30.8) (30.0) Fair value changes in embedded derivative liabilities, net of related amortization and taxes (24.5) (2.9) (13.1) 7.7 (3.2) Fair value changes related to the agent deferred compensation plan, net of taxes (17.4) (9.8) (9.8) 9.8 5.9 Loss on extinguishment or modification of debt (net of taxes) (0.4) (21.3) (21.3) (21.3) (21.3) Valuation allowance for deferred tax assets and other tax items 54.9 50.9 34.1 32.5 52.5 Other (0.7) (0.5) 0.5 (1.9) (4.7) Net income 332.2$ 300.9$ 217.3$ 270.7$ 263.4$ Twelve months ended (Continued on next page)

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 36 Information Related to Certain Non-GAAP Financial Measures 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): 1Q14 2Q14 3Q14 4Q14 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,996.0$ 3,032.6$ 3,028.0$ 3,045.3$ Net operating loss carryforwards 948.0 885.6 834.7 817.6 Accumulated other comprehensive income 766.2 926.1 859.3 825.3 Common shareholders' equity 4,710.2$ 4,844.3$ 4,722.0$ 4,688.2$ 1Q15 2Q15 3Q15 4Q15 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,026.1$ 2,989.7$ 2,924.9$ 3,011.6$ Net operating loss carryforwards 793.3 769.5 735.7 724.1 Accumulated other comprehensive income 934.2 605.0 510.4 402.8 Common shareholders' equity 4,753.6$ 4,364.2$ 4,171.0$ 4,138.5$ 1Q16 Consolidated capital, excluding accumulated other comprehensive incom loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,975.3$ Net operating loss carryforwards 710.8 Accumulated other comprehensive income 540.5 Common shareholders' equity 4,226.6$

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 37 Information Related to Certain Non-GAAP Financial Measures 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): 1Q15 2Q15 3Q15 4Q15 1Q16 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,029.3$ 3,027.6$ 3,009.4$ 2,992.3$ 2,981.7$ Net operating loss carryforwards 852.1 818.3 791.4 767.3 745.3 Accumulated other comprehensive income 865.2 846.1 762.3 665.9 563.9 Common shareholders' equity 4,746.6$ 4,692.0$ 4,563.1$ 4,425.5$ 4,290.9$ Trailing Four Quarter Average

CNO Financial Group | 1Q2016 Earnings | April 28, 2016 38 Information Related to Certain Non-GAAP Financial Measures 1Q15 2Q15 3Q15 4Q15 1Q16 Corporate notes payable 761.8$ 909.2$ 909.8$ 911.1$ 911.5$ Total shareholders' equity 4,753.6 4,364.2 4,171.0 4,138.5 4,226.6 Total capital 5,515.4$ 5,273.4$ 5,080.8$ 5,049.6$ 5,138.1$ orporat debt to capital 13.8% 17.2% 17.9% 18.0% 17.7% Corporate notes payable 761.8$ 909.2$ 909.8$ 911.1$ 911.5$ Total shareholders' equity 4,753.6 4,364.2 4,171.0 4,138.5 4,226.6 Less accumulated other comprehensive income (934.2) (605.0) (510.4) (402.8) (540.5) Total capital 4,581.2$ 4,668.4$ 4,570.4$ 4,646.8$ 4,597.6$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 16.6% 19.5% 19.9% 19.6% 19.8% Debt to capital ratio, excluding accumulated other comprehensive income (loss) The debt to capital ratio, excluding accumulated other comprehensive income (loss), 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. A reconciliation of these ratios is as follows ($ in millions):