EX-12.1 4 cno12312017ex121.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)


 
2017
 
2016
 
2015
 
2014
 
2013
Pretax income from operations:
 
 
 
 
 
 
 
 
 
Net income
$
175.6

 
$
358.2

 
$
270.7

 
$
51.4

 
$
478.0

Add income tax expense (benefit)
304.9

 
(5.0
)
 
97.0

 
123.7

 
(173.2
)
Pretax income from operations
480.5

 
353.2

 
367.7

 
175.1

 
304.8

Add fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense on corporate debt
46.5

 
45.8

 
45.0

 
43.9

 
51.3

Interest expense on investment borrowings and borrowings related to variable interest entities
77.2

 
70.6

 
49.9

 
48.9

 
54.0

Interest added to policyholder account balances
105.2

 
112.9

 
122.7

 
173.0

 
232.5

Portion of rental (a)
18.7

 
17.2

 
14.1

 
15.1

 
13.3

Fixed charges
247.6

 
246.5

 
231.7

 
280.9

 
351.1

Adjusted earnings
$
728.1

 
$
599.7

 
$
599.4

 
$
456.0

 
$
655.9

Ratio of earnings to fixed charges
2.94X

 
2.43X

 
2.59X

 
1.62X

 
1.87X


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