EX-12.1 5 cno03312017ex121.htm EXHIBIT 12.1 Exhibit



Exhibit 12.1

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

 
Three months
 
 
 
ended
 
Year ended
 
March 31,
 
December 31,
 
2017
 
2016
Pretax income from operations:
 
 
 
Net income
$
62.3

 
$
358.2

Add income tax expense (benefit)
34.4

 
(5.0
)
Pretax income from operations
96.7

 
353.2

Add fixed charges:
 
 
 
Interest expense on corporate debt
11.5

 
45.8

Interest expense on investment borrowings and borrowings related to variable interest entities
19.3

 
70.6

Interest added to policyholder account balances
26.8

 
112.9

Portion of rental (a)
4.8

 
17.2

Fixed charges
62.4

 
246.5

Adjusted earnings
$
159.1

 
$
599.7

Ratio of earnings to fixed charges
2.55X

 
2.43X


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