8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 28, 2021

CNO Financial Group, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-31792	75-3108137
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

11825 North Pennsylvania Street

Carmel, Indiana  46032

(Address of Principal Executive Offices) (Zip Code)

(317) 817-6100

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	CNO	New York Stock Exchange
Rights to purchase Series E Junior Participating Preferred Stock		New York Stock Exchange
5.125% Subordinated Debentures due 2060	CNOpA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2021, CNO Financial Group, Inc. ("CNO" or the "Company") issued: (i) a press release announcing its financial results for the quarter ended March 31, 2021, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference; (ii) the Quarterly Financial Supplement for March 31, 2021, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference; and (iii) additional financial information related to its financial and operating results for the quarter ended March 31, 2021, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

The information contained under Item 2.02 in this Current Report on Form 8-K (including Exhibits 99.1, 99.2 and 99.3) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information contained in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01(d). Financial Statements and Exhibits.

The following materials are furnished as exhibits to this Current Report on Form 8-K:

99.1	Press release dated April 28, 2021 related to financial results for the quarter ended March 31, 2021.
99.2	Quarterly Financial Supplement - 1Q2021.
99.3	First Quarter 2021 Financial and Operating Results for the period ended March 31, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CNO Financial Group, Inc.
Date: April 28, 2021
	By:	/s/ John R. Kline
		John R. Kline
		Senior Vice President and Chief Accounting Officer

3

EX-99.1

Exhibit 99.1

News

For Immediate Release

CNO Financial Group Reports First Quarter 2021 Results

Solid first quarter earnings; sales momentum returning to pre-pandemic levels;

completed $100 million in share repurchases

Carmel, Ind., April 28, 2021 - CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending March 31, 2021, net income was $147.4 million, or $1.08 per diluted share, compared to a net loss of $21.2 million, or $0.15 per diluted share, in 1Q20. Net operating income (1) in 1Q21 was $75.2 million, or $0.55 per diluted share, compared to $84.3 million, or $0.58 per diluted share, in 1Q20.

"CNO delivered another solid quarter, reflecting our continued ability to successfully navigate the pandemic from a position of strength," said Gary C. Bhojwani, chief executive officer. "Our performance throughout the challenges of COVID demonstrate the value of our diversified model. Within our Consumer Division, we generated record life sales and we are approaching pre-pandemic levels of growth in our annuities and broker-dealer client assets. Worksite sales continue to rebound, as expected, as workplaces reopen."

"We repurchased $100 million in stock in the first quarter and completed the DirectPath acquisition, while maintaining a strong capital and liquidity position," added Bhojwani. "As we look forward to a world beyond COVID, we see significant long-term opportunities to continue serving our existing clients, grow our business within the middle market and deliver value to our shareholders."

First Quarter 2021 Highlights

•Earnings (loss) per diluted share of $1.08 in 1Q21 compared to ($0.15) in 1Q20

•Operating (1) EPS of $0.55 in 1Q21 compared to $0.58 in 1Q20

•Life new annualized premiums ("NAP") (4) up a record 29% from 1Q20; direct-to-consumer NAP (4) up 38% from 1Q20

•Insurance product margin up 10% from 1Q20; favorably impacted by health care deferrals

•Book value per share was $36.75, up 40% from 1Q20; book value per diluted share, excluding accumulated other comprehensive income (2), was $24.83, up 13% from 1Q20

•Returned $116.3 million to shareholders in the form of share repurchases ($100.0 million) and dividends ($16.3 million); reduced weighted average share count by 6% since 1Q20

•Generated return on equity (ROE) of 9.6%; operating ROE, as adjusted (6), of 12.3%

•Completed the acquisition of DirectPath, LLC, a leading national provider of employee benefits management services to employers and employees (Read press release here)

FINANCIAL SUMMARY

Quarter End

(Amounts in millions, except per share data)

(Unaudited)

Net operating income, a non-GAAP(a) financial measure, is used consistently by CNO’s management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains (losses), changes in fair values of embedded derivatives, equity securities and the liability for a deferred compensation plan, and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

	Per diluted share
	Quarter ended					Quarter ended
	March 31,					March 31,
	2021		2020		% change	2021		2020		% change
Income from insurance products (b)	$	0.50	$	0.37	35	$	68.6	$	54.1	27
Fee income	0.05		0.05		—	7.3		7.8		(6)
Investment income not allocated to product lines (c)	0.32		0.40		(20)	43.0		57.4		(25)
Expenses not allocated to product lines	(0.16)		(0.09)		(78)	(22.0)		(13.8)		(59)
Operating earnings before taxes	0.71		0.73			96.9		105.5
Income tax expense on operating income	(0.16)		(0.15)		(7)	(21.7)		(21.2)		(2)
Net operating income (1)	0.55		0.58		(5)	75.2		84.3		(11)
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (net of related amortization)	0.03		(0.44)			3.6		(63.7)
Net change in market value of investments recognized in earnings	(0.05)		(0.33)			(6.4)		(48.4)
Fair value changes in embedded derivative liabilities (net of related amortization)	0.60		(0.46)			82.1		(66.7)
Other	0.10		0.02			13.8		2.3
Non-operating income (loss) before taxes	0.68		(1.21)			93.1		(176.5)
Income tax (expense) benefit on non-operating income (loss)	(0.15)		0.25			(20.9)		37.0
Valuation allowance for deferred tax assets and other tax items	—		0.23			—		34.0
Net non-operating income (loss)	0.53		(0.73)			72.2		(105.5)
Net income (loss)	$	1.08	$	(0.15)		$	147.4	$	(21.2)
Weighted average diluted shares outstanding	136.7		145.8

(a)    GAAP is defined as accounting principles generally accepted in the United States of America.

(b)    Income from insurance products is the sum of the insurance margins of the annuity, health and life segments, less allocated insurance administrative expenses. It excludes the fee income segment, excess investment income, parent company expenses and income taxes. Insurance margin is management’s measure of the profitability of its annuity, health and life segments’ performance and consists of premiums plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.

(c)    Investment income not allocated to product lines is defined as net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable and investment borrowings; and (iv) certain expenses related to benefit plans that are offset by special-purpose investment income.

2

FINANCIAL SUMMARY (continued)

Management vs. GAAP Measures

(Dollars in millions, except per share data)

(Unaudited)

Shareholders’ equity, excluding accumulated other comprehensive income, and book value per share, excluding accumulated other comprehensive income, are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations.

______________________________________________________________________________________________________

	Quarter ended
	March 31,
	2021			2020
Trailing twelve months return on equity (a)	9.6		%	7.8		%
Trailing twelve months operating return on equity, excluding accumulated other comprehensive income and net operating loss carryforwards (a non-GAAP financial measure) (6)	12.3		%	11.4		%
Trailing twelve months operating return, excluding significant items, on equity, excluding accumulated other comprehensive income and net operating loss carryforwards (a non-GAAP financial measure) (6)	11.7		%	11.1		%
Shareholders’ equity	$	4,860.7		$	3,765.8
Accumulated other comprehensive income	(1,518.1)			(595.2)
Shareholders’ equity, excluding accumulated other comprehensive income	3,342.6			3,170.6
Net operating loss carryforwards	(323.1)			(469.4)
Shareholders' equity, excluding accumulated other comprehensive income and net operating loss carryforwards	$	3,019.5		$	2,701.2
Book value per diluted share	$	36.11		$	26.16
Accumulated other comprehensive income	(11.28)			(4.13)
Book value per diluted share, excluding accumulated other comprehensive income (a non-GAAP financial measure) (2)	$	24.83		$	22.03

(a) Calculated using average shareholders’ equity for the measurement period.

3

INSURANCE OPERATIONS

Comparing 1Q2021 with 1Q2020

Annuity products accounted for 28 percent of the Company’s margin for the quarter.

Annuity premiums collected increased 11 percent and annuity account values increased 5 percent.

Health products accounted for 59 percent of the Company’s insurance margin for the quarter and 66 percent of insurance policy income.

Life products accounted for 13 percent of the Company’s insurance margin for the quarter and 33 percent of insurance policy income.

Sales of health products decreased by 19 percent and sales of life products were up 29 percent.

ANNUITY COLLECTED PREMIUMS

(Dollars in millions)

(Unaudited)

	Quarter ended March 31,
	2021		2020		% change
Annuity collected premiums	$	325.4	$	292.2	11

INSURANCE POLICY INCOME

(Dollars in millions)

(Unaudited)

	Quarter ended March 31,
	2021		2020		% change
Annuity riders	$	5.4	$	5.6	(4)
Health	416.5		429.0		(3)
Life	210.5		194.1		8
Total insurance policy income	$	632.4	$	628.7	1

SALES MEASURED AS NEW ANNUALIZED PREMIUMS FOR

LIFE AND HEALTH PRODUCTS

(Dollars in millions)

(Unaudited)

	Quarter ended March 31,
	2021		2020		% change
Health	$	35.7	$	44.0	(19)
Life	53.0		41.1		29
Total new annualized premiums (4)	$	88.7	$	85.1	4

4

INSURANCE MARGIN

(Amounts in millions, except per share data)

(Unaudited)

Insurance margin is management’s measure of profitability of its annuity, health and life segments’ performance and consists of premiums plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life segments, less allocated insurance administrative expenses. It excludes the fee income segment, investment income not allocated to product lines, expenses not allocated to product lines and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of our operations. Insurance income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Financial Summary section above.

	Quarter ended
	March 31, 2021		% of insurance policy income	March 31, 2020		% of insurance policy income	% change
Margin
Annuity interest margin	$	57.9		$	59.5		(3)
Life insurance interest margin	14.2			18.0			(21)
Total interest-sensitive margin	72.1			77.5			(7)
Insurance margin
Health	124.7		30	86.9		20	43
Life (a)	12.9		8	26.3		17	(51)
Total other insurance margin	137.6		23	113.2		19	22
Total insurance margin	209.7			190.7
Allocated expenses	(141.1)			(136.6)
Income from insurance products	$	68.6		$	54.1
Per diluted share	$	0.50		$	0.37
Weighted average diluted shares	136.7			145.8

(a)    Net of $23.3 million and $20.0 million of non-deferred television advertising expense related to our direct distribution channel in the 2021 and 2020 periods, respectively.

Total allocated expenses were $141.1 million, up 3 percent from the year-ago quarter.

5

ANNUITY RESULTS BY PRODUCT TYPE

(Dollars in millions)

(Unaudited)

Annuity margin
	Quarter ended
	March 31,
	2021		2020
Fixed index annuities	$	48.3	$	44.4
Fixed interest annuities	8.8		11.3
Other annuities	0.8		3.8
Total	$	57.9	$	59.5

Annuity collected premiums
	Quarter ended
	March 31,
	2021		2020
Annuity collected premiums	$	325.4	$	292.2

Average net insurance liabilities (5)
	Quarter ended
	March 31,
	2021		2020
Fixed index annuities	$	7,464.8	$	6,921.4
Fixed interest annuities	1,951.6		2,146.2
Other annuities	512.2		551.5
Total	$	9,928.6	$	9,619.1

Margin/average net insurance liabilities (a)
	Quarter ended
	March 31,
	2021		2020
Fixed index annuities	2.59	%	2.57	%
Fixed interest annuities	1.80	%	2.11	%
Other annuities	0.62	%	2.76	%
Total	2.33	%	2.47	%

(a)    Defined as annualized quarterly annuity margin divided by average net insurance liabilities (5).

6

HEALTH INSURANCE RESULTS BY PRODUCT TYPE

(Dollars in millions)

(Unaudited)

Health margin
	Quarter ended
	March 31,
	2021			2020
	Amount		% of insurance policy income	Amount		% of insurance policy income	% change
Supplemental health and other health	$	50.4	30	$	42.2	25	19
Medicare supplement	38.2		21	31.4		16	22
Long-term care	36.1		55	13.3		20	171
Total	$	124.7	30	$	86.9	20	43

Health insurance policy income
	Quarter ended
	March 31,
	2021		2020		% change
Supplemental health and other health	$	169.8	$	169.8	—
Medicare supplement	181.0		192.3		(6)
Long-term care	65.7		66.9		(2)
Total	$	416.5	$	429.0	(3)

Health NAP (4)
	Quarter ended
	March 31,
	2021		2020		% change
Supplemental health and other health	$	21.1	$	28.4	(26)
Medicare supplement	8.2		9.7		(15)
Long-term care	6.4		5.9		8
Total	$	35.7	$	44.0	(19)

7

LIFE INSURANCE RESULTS BY PRODUCT TYPE

(Dollars in millions)

(Unaudited)

Life margin
	Quarter ended
	March 31,
	2021			2020
	Amount		% of insurance policy income	Amount		% of insurance policy income	% change
Life insurance interest margin	$	1.9		$	1.5		27
Life insurance margin:
Traditional life	12.9		8	26.3		17	(51)
Interest sensitive life	12.3		30	16.5		42	(25)
Subtotal	25.2		12	42.8		22	(41)
Total margin	$	27.1		$	44.3		(39)

Life insurance policy income
	Quarter ended
	March 31,
	2021		2020		% change
Traditional life	$	169.7	$	154.5	10
Interest sensitive life	40.8		39.6		3
Total	$	210.5	$	194.1	8

Life NAP (4)
	Quarter ended
	March 31,
	2021		2020		% change
Traditional life	$	45.9	$	33.0	39
Interest sensitive life	7.1		8.1		(12)
Total	$	53.0	$	41.1	29

Average net insurance liabilities (5) and interest margin
	Quarter ended
	March 31,
	2021			2020			% change
Interest sensitive life products	$	954.7		$	900.1		6
Interest margin/average net insurance liabilities (5)	0.80		%	0.67		%	19

8

QUARTERLY AVERAGE EXCLUSIVE PRODUCING AGENTS

	Average Exclusive Producing Agent Count
	Quarter ended
	March 31,		%
	2021	2020	change
Consumer
Field agents (a) (c)	4,389	4,531	(3)
Tele-sales agents	258	238	8
Total agents	4,647	4,769	(3)
Registered agents (b) (c)	646	609	6
Worksite (a) (c)	241	421	(43)

____________________

(a) Producing agents are exclusive agents that have submitted at least one policy in the month.

(b) Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell

securities for clients, and/or investment advisors who can provide ongoing investment advice for clients.

(c) Agent counts represent the average of the last 3 months.

INVESTMENTS

INVESTMENT INCOME NOT ALLOCATED TO PRODUCT LINES

(Dollars in millions, except per share data)

Management uses investment income not allocated to product lines as the measure to evaluate the performance of the investment segment. It is defined as net investment income less the investment income allocated to our product segments and interest expense on debt. We also view investment income not allocated to product lines per diluted share as an important and useful measure to evaluate performance of the investment segment as it takes into consideration our share repurchase program.

	Quarter ended March 31,
	2021		2020		% change
Net investment income	$	338.2	$	169.6	99
Allocated to product lines:
Annuity	(115.7)		(117.4)		(1)
Health	(71.5)		(70.4)		2
Life	(35.8)		(34.3)		4
Equity returns credited to policyholder account balances	(42.5)		136.5		(131)
Amounts allocated to product lines and credited to policyholder account balances	(265.5)		(85.6)		210
Amount related to variable interest entities and other non-operating items	(7.8)		(11.6)		(33)
Interest expense on corporate debt	(15.5)		(13.6)		14
Interest expense on investment borrowings	(2.7)		(9.1)		(70)
Less amounts credited to deferred compensation plans (offsetting investment income)	(3.7)		7.7		(148)
Total adjustments	(29.7)		(26.6)
Investment income not allocated to product lines	$	43.0	$	57.4	(25)
Per diluted share	$	0.32	$	0.40

9

INVESTMENT PORTFOLIO

(Dollars in millions)

The composition of the investment portfolio at March 31, 2021 is as follows:

	$		% of total
Fixed maturities, available for sale, at fair value	$	22,610.4	84
Equity securities at fair value	164.4		1
Mortgage loans	1,297.7		5
Policy loans	121.0		—
Trading securities	242.6		1
Investments held by variable interest entities	1,224.0		5
Other invested assets	1,195.1		4
Total investment portfolio	$	26,855.2	100

Fixed maturities, available for sale, at amortized cost by asset class as of March 31, 2021 are as follows:

	Investment grade		Below investment grade			Total
Corporate securities	$	11,717.8	$	777.0		$	12,494.8
United States Treasury securities and obligations of the United States government and agencies	163.6		—			163.6
States and political subdivisions	2,354.3		12.5			2,366.8
Foreign governments	82.1		0.2			82.3
Asset-backed securities	941.9		96.9			1,038.8
Agency residential mortgage-backed securities	48.0		—			48.0
Non-agency residential mortgage-backed securities	883.7		920.1		(a)	1,803.8
Collateralized loan obligations	462.4		—			462.4
Commercial mortgage-backed securities	1,797.2		93.9			1,891.1
Total	$	18,451.0	$	1,900.6		$	20,351.6

____________________

(a)     Certain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners (NAIC).

The fair value of CNO’s available for sale fixed maturity portfolio was $22.6 billion compared with an amortized cost of $20.4 billion. Net unrealized gains were comprised of gross unrealized gains of $2.3 billion and gross unrealized losses of $77 million. The allowance for credit losses was $5.3 million at March 31, 2021.

At both amortized cost and fair value, 91 percent of fixed maturities, available for sale, were rated “investment grade”.

Acquisitions of fixed maturity investments during the quarter totaled $1.9 billion. Comparable information for acquisitions of fixed maturity investments is as follows:

	Fixed maturity acquisitions
	Quarter ended
	March 31,
	2021		2020
Total fixed maturity acquisitions (dollars in millions)	$	1,871.4	$	1,982.7
Annual effective yield	3.25		3.96
Average rating	A-		A-
Average life (in years)	10.7		5.3

10

Non-Operating Items

Net realized investment gains in 1Q21 were $3.6 million (net of related amortization) including the favorable change in the allowance for credit losses of $9.6 million which were recorded in earnings. Net realized investment losses in 1Q20 were $63.7 million (net of related amortization) including other-than-temporary impairment losses of $8.1 million and the unfavorable change in allowance for credit losses of $47.3 million which were recorded in earnings.

During 1Q21 and 1Q20, we recognized a decrease in earnings of $6.4 million and $48.4 million, respectively, due to the net change in market value of investments recognized in earnings.

During 1Q21 and 1Q20, we recognized an increase (decrease) in earnings of $82.1 million and $(66.7) million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities related to our fixed index annuities, net of related amortization. Such amounts include the impacts of changes in market interest rates used to determine the derivative's estimated fair value.

In 1Q21, other non-operating items included an increase in earnings of $13.2 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.

During 1Q20, we recognized a $34.0 million income tax benefit related to certain provisions of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act which permitted the carryback of net operating losses to prior periods.

Statutory (based on non-GAAP measures) and GAAP Capital Information

Our consolidated statutory risk-based capital ratio was estimated at 407% at March 31, 2021, reflecting estimated 1Q21 statutory operating income of $40 million and the payment of insurance company dividends to the holding company of $83.1 million during 1Q21.

During the first quarter of 2021, we repurchased $100.0 million of common stock under our securities repurchase program (including $2.2 million of repurchases settled in 2Q21). We repurchased 4.1 million common shares at an average cost of $24.34 per share. As of March 31, 2021, we had 132.3 million shares outstanding and had authority to repurchase up to an additional $169.3 million of our common stock. During 1Q21, dividends paid on common stock totaled $16.3 million.

Unrestricted cash and investments held by our holding company were $324 million at March 31, 2021, compared to $388 million at December 31, 2020.

Book value per common share was $36.75 at March 31, 2021 compared to $40.54 at December 31, 2020. Book value per diluted share, excluding accumulated other comprehensive income (2), was $24.83 at March 31, 2021, compared to $23.95 at December 31, 2020.

The debt-to-capital ratio was 19.0 percent and 17.2 percent at March 31, 2021 and December 31, 2020, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (3) was 25.4 percent at March 31, 2021 compared to 25.6 percent at December 31, 2020.

Return on equity for the trailing four quarters ended March 31, 2021 and 2020, was 9.6% and 7.8%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income and net operating loss carryforwards (6) for the trailing four quarters ended March 31, 2021 and 2020, was 11.7% and 11.1%, respectively.

In this news release, CNO includes non-GAAP measures to enhance investors’ understanding of management’s view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO’s definitions of non-GAAP measures may differ from other companies’ definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.

11

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO’s cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company’s Form 10-K for the year ended December 31, 2020 and any subsequent Form 10-Q on file with the Securities and Exchange Commission and on the Company’s website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

The Company will host a conference call to discuss results on April 29, 2021 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.

To participate by dial-in, please register at http://www.directeventreg.com/registration/event/3534588. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.

For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.

ABOUT CNO FINANCIAL GROUP

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and more than $35 billion in total assets. Our 3,400 associates, 5,000 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

12

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(unaudited)

	March 31, 2021		December 31, 2020
ASSETS
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: March 31, 2021 - $5.3 and December 31, 2020 - $2.2; amortized cost: March 31, 2021 - $20,351.6 and December 31, 2020 - $19,921.1)	$	22,610.4	$	23,383.6
Equity securities at fair value	164.4		151.2
Mortgage loans (net of allowance for credit losses: March 31, 2021 - $8.8 and December 31, 2020 - $11.8)	1,297.7		1,358.7
Policy loans	121.0		123.0
Trading securities	242.6		232.0
Investments held by variable interest entities (net of allowance for credit losses: March 31, 2021 - $5.4 and December 31, 2020 - $15.1; amortized cost: March 31, 2021 - $1,234.3 and December 31, 2020 - $1,211.3)	1,224.0		1,189.4
Other invested assets	1,195.1		1,146.4
Total investments	26,855.2		27,584.3
Cash and cash equivalents - unrestricted	662.9		937.8
Cash and cash equivalents held by variable interest entities	76.0		54.1
Accrued investment income	216.8		205.8
Present value of future profits	241.3		249.4
Deferred acquisition costs	1,168.4		1,027.8
Reinsurance receivables (net of allowance for credit losses: March 31, 2021 - $4.0 and December 31, 2020 - $4.0)	4,509.3		4,584.3
Income tax assets, net	358.2		199.4
Assets held in separate accounts	4.3		4.2
Other assets	567.1		492.8
Total assets	$	34,659.5	$	35,339.9
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Liabilities for insurance products:
Policyholder account liabilities	$	12,571.3	$	12,540.6
Future policy benefits	11,546.6		11,744.2
Liability for policy and contract claims	558.7		561.8
Unearned and advanced premiums	262.4		252.6
Liabilities related to separate accounts	4.3		4.2
Other liabilities	925.2		821.8
Investment borrowings	1,642.0		1,642.5
Borrowings related to variable interest entities	1,151.7		1,151.8
Notes payable – direct corporate obligations	1,136.6		1,136.2
Total liabilities	29,798.8		29,855.7
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: March 31, 2021 – 132,268,255; December 31, 2020 – 135,279,119)	1.3		1.3
Additional paid-in capital	2,457.8		2,544.5
Accumulated other comprehensive income	1,518.1		2,186.1
Retained earnings	883.5		752.3
Total shareholders' equity	4,860.7		5,484.2
Total liabilities and shareholders' equity	$	34,659.5	$	35,339.9

13

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share data)

(unaudited)

	Three months ended
	March 31,
	2021		2020
Revenues:
Insurance policy income	$	632.4	$	628.7
Net investment income:
General account assets	282.7		280.3
Policyholder and other special-purpose portfolios	55.5		(110.7)
Realized investment gains (losses):
Net realized investment losses	(12.4)		(60.1)
Change in allowance for credit losses and other-than-temporary impairment losses	9.6		(55.4)
Total realized losses	(2.8)		(115.5)
Fee revenue and other income	38.2		34.4
Total revenues	1,006.0		717.2
Benefits and expenses:
Insurance policy benefits	459.1		490.8
Interest expense	24.1		33.4
Amortization	99.7		50.2
Other operating costs and expenses	233.1		213.8
Total benefits and expenses	816.0		788.2
Income (loss) before income taxes	190.0		(71.0)
Income tax expense (benefit):
Tax expense (benefit) on period income	42.6		(15.8)
Valuation allowance for deferred tax assets and other tax items	—		(34.0)
Net income (loss)	$	147.4	$	(21.2)
Earnings per common share:
Basic:
Weighted average shares outstanding	134,140,000		145,829,000
Net income (loss)	$	1.10	$	(.15)
Diluted:
Weighted average shares outstanding	136,653,000		145,829,000
Net income (loss)	$	1.08	$	(.15)

14

NOTES

(1)Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of related amortization and taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, net of related amortization and taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss on extinguishment of debt, net of taxes; (vi) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure 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, CNOinc.com.

(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. 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 (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. The dilution from convertible securities is calculated assuming the securities were converted 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.

(3)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.

(4)Measured by new annualized premium for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.

(5)Net insurance liabilities are equal to total insurance liabilities less: (i) amounts related to reinsured business; (ii) deferred acquisition costs; (iii) present value of future profits; and (iv) the value of unexpired options credited to insurance liabilities.

(6)The following summarizes 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):

		Trailing twelve months ended
		1Q21			1Q20
Net operating income		$	353.2		$	308.5
Net operating income, excluding significant items		$	335.2		$	300.6
Net income		$	470.4		$	336.4
Average common equity, excluding accumulated other
	comprehensive income (loss) and net operating loss
	carryforwards (a non-GAAP financial measure)	$	2,876.5		$	2,713.0
Average common shareholders' equity		$	4,903.1		$	4,321.1
Operating return on equity, excluding accumulated other
	comprehensive income (loss) and net operating loss
	carryforwards (a non-GAAP financial measure)	12.3		%	11.4		%
Operating return, excluding significant items, on equity, excluding
	accumulated other comprehensive income (loss) and net
	operating loss carryforwards (a non-GAAP financial measure)	11.7		%	11.1		%
Return on equity		9.6		%	7.8		%

15

The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss) (dollars in millions):

								Net operating
						Net operating		income,
						income,		excluding				Net
						excluding		significant				income (loss) -
	Net operating		Significant			significant		items - trailing		Net		trailing
	income		items			items (a)		four quarters		income (loss)		four quarters
2Q19	$	76.4	$	—		$	76.4	$	304.6	$	37.6	$	(412.1)
3Q19	69.2		—			69.2		286.3		42.0		159.7
4Q19	78.6		(7.9)		(b)	70.7		282.1		278.0		409.4
1Q20	84.3		—			84.3		300.6		(21.2)		336.4
2Q20	79.4		(17.7)		(c)	61.7		285.9		82.0		380.8
3Q20	112.6		—			112.6		329.3		129.2		468.0
4Q20	86.0		(6.4)		(d)	79.6		338.2		111.8		301.8
1Q21	75.2		6.1		(e)	81.3		335.2		147.4		470.4
(a) See note (7) for additional information.
(b) Comprised of: (i) $10.0 million of unfavorable adjustments arising from our comprehensive annual actuarial review of assumptions; (ii) $20.0 million of the net favorable impact from legal and regulatory matters; and (iii) an increase in tax expense of $2.1 million.
(c) Comprised of: (i) $45.9 million of net favorable adjustments arising from our review of actuarial assumptions; (ii) $23.5 million unfavorable impact related to regulatory matters; and (iii) an increase in tax expense of $4.7 million.
(d) Comprised of: (i) $11.8 million of net favorable adjustments arising from our review of actuarial assumptions; (ii) $3.7 million unfavorable impact related to asset impairments; and (iii) an increase in tax expense of $1.7 million.
(e) Comprised of: (i) $5.3 million from legal and regulatory matters; (ii) $2.5 million of transaction expenses related to the previously announced acquisition of DirectPath, LLC; and (iii) a decrease in tax expense of $1.7 million.

A reconciliation of pretax operating earnings (a non-GAAP financial measure) to net income (loss) is as follows (dollars in millions):

	Twelve months ended
	1Q21		1Q20
Pretax operating earnings (a non-GAAP financial measure)	$	455.2	$	390.4
Income tax expense	(102.0)		(81.9)
Net operating income	353.2		308.5
Non-operating items:
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses, net of related amortization	36.2		(60.9)
Net change in market value of investments recognized in earnings	39.3		(39.5)
Fair value changes in embedded derivative liabilities, net of related amortization	69.7		(118.5)
Fair value changes related to the agent deferred compensation plan	(3.1)		(15.1)
Loss on extinguishment of debt	—		(7.3)
Other	8.0		(11.5)
Non-operating income (loss) before taxes	150.1		(252.8)
Income tax (expense) benefit:
On non-operating income (loss)	(32.9)		53.0
Valuation allowance for deferred tax assets and other tax items	—		227.7
Net non-operating income	117.2		27.9
Net income	$	470.4	$	336.4

16

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):

		1Q19		2Q19		3Q19		4Q19
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	2,703.4	$	2,702.9	$	2,685.0	$	2,761.9
Net operating loss carryforwards		479.6		451.1		425.4		542.6
Accumulated other comprehensive income		654.9		1,098.2		1,442.9		1,372.5
Common shareholders' equity		$	3,837.9	$	4,252.2	$	4,553.3	$	4,677.0
		1Q20		2Q20		3Q20		4Q20
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	2,701.2	$	2,784.2	$	2,905.1	$	2,956.2
Net operating loss carryforwards		469.4		426.8		377.2		341.9
Accumulated other comprehensive income		595.2		1,520.2		1,801.6		2,186.1
Common shareholders' equity		$	3,765.8	$	4,731.2	$	5,083.9	$	5,484.2
		1Q21
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,019.5
Net operating loss carryforwards		323.1
Accumulated other comprehensive income		1,518.1
Common shareholders' equity		$	4,860.7

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):

		Trailing four quarter average
		1Q21		1Q20
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	2,876.5	$	2,713.0
Net operating loss carryforwards		385.5		473.4
Accumulated other comprehensive income		1,641.1		1,134.7
Common shareholders' equity		$	4,903.1	$	4,321.1

17

(7)    The tables below summarize the financial impact of significant items on our net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

	Three months ended
	March 31, 2021
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	57.9	$	—		$	57.9
Health margin	124.7		—			124.7
Life margin	27.1		—			27.1
Total insurance product margin	209.7		—			209.7
Allocated expenses	(141.1)		—			(141.1)
Income from insurance products	68.6		—			68.6
Fee income	7.3		—			7.3
Investment income not allocated to product lines	43.0		—			43.0
Expenses not allocated to product lines	(22.0)		7.8		(a)	(14.2)
Operating earnings before taxes	96.9		7.8			104.7
Income tax (expense) benefit on operating income	(21.7)		(1.7)			(23.4)
Net operating income	$	75.2	$	6.1		$	81.3
Net operating income per diluted share	$	0.55	$	0.04		$	0.59

___________

(a)Comprised of: (i) $5.3 million from legal and regulatory matters; and (ii) $2.5 million of transaction expenses related to the previously announced acquisition of DirectPath, LLC. The legal and regulatory matters primarily consist of an increase to our liability for claims and interest pursuant to the Global Resolution Agreement, as we have now processed and verified most of the claims provided by the third party auditor allowing us to more accurately estimate the ultimate liability.

	Three months ended
	December 31, 2020
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	68.1	$	(16.1)	(a)	$	52.0
Health margin	125.2		—			125.2
Life margin	37.3		4.3		(a)	41.6
Total insurance product margin	230.6		(11.8)			218.8
Allocated expenses	(162.7)		—			(162.7)
Income from insurance products	67.9		(11.8)			56.1
Fee income	2.9		—			2.9
Investment income not allocated to product lines	57.8		—			57.8
Expenses not allocated to product lines	(17.8)		3.7		(b)	(14.1)
Operating earnings before taxes	110.8		(8.1)			102.7
Income tax (expense) benefit on operating income	(24.8)		1.7			(23.1)
Net operating income	$	86.0	$	(6.4)		$	79.6
Net operating income per diluted share	$	0.61	$	(0.04)		$	0.57

___________

(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.

(b)Unfavorable impact related to asset impairments.

18

	Three months ended
	June 30, 2020
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	123.8	$	40.0	(a)	$	72.3
			(91.5)		(a)
Health margin	95.5		—			95.5
Life margin	36.1		5.6		(a)	41.7
Total insurance product margin	255.4		(45.9)			209.5
Allocated expenses	(128.1)		—			(128.1)
Income from insurance products	127.3		(45.9)			81.4
Fee income	5.2		—			5.2
Investment income not allocated to product lines	8.2		—			8.2
Expenses not allocated to product lines	(38.5)		23.5		(b)	(15.0)
Operating earnings before taxes	102.2		(22.4)			79.8
Income tax (expense) benefit on operating income	(22.8)		4.7			(18.1)
Net operating income	$	79.4	$	(17.7)		$	61.7
Net operating income per diluted share	$	0.55	$	(0.12)		$	0.43

___________

(a)Given our expectation that interest rates will remain low for the long-term, we performed an actuarial unlocking exercise in the second quarter of 2020 to reflect our assumption that average new money rates will remain flat at 4 percent forever. This change and the related impacts to persistency assumptions had a $45.6 million unfavorable impact on pre-tax earnings. As part of the actuarial unlocking exercise, we also changed our assumptions related to the future option costs we incur in providing benefits on fixed index annuities which had a favorable impact on pre-tax earnings of $91.5 million. The impact of these changes in assumptions is summarized below (dollars in millions):

	Line of business
	Fixed index annuities		Fixed interest annuities		Interest- sensitive life		Total
	Favorable (unfavorable)
Impacts of an average new money rate assumption of 4 percent
Insurance policy benefits	$	(5.0)	$	—	$	(7.4)	$	(12.4)
Amortization	(25.6)		(9.4)		1.8		(33.2)
Subtotal	(30.6)		(9.4)		(5.6)		(45.6)
Impacts of changes in future option costs
Insurance policy benefits	104.8		—		—		104.8
Amortization	(13.3)		—		—		(13.3)
Subtotal	91.5		—		—		91.5
Impact on pre-tax income	$	60.9	$	(9.4)	$	(5.6)	$	45.9

This actuarial unlocking exercise did not replace our comprehensive annual review of all assumptions for our insurance products, which we completed in the fourth quarter of 2020.

(b)We increased our liability for claims and interest pursuant to the previously disclosed Global Resolution Agreement entered into in November 2018. Pursuant to this agreement, a third-party auditor is acting on behalf of 41 states and the District of Columbia for the purpose of identifying deceased insureds and contract holders where benefits are payable pursuant to unclaimed property laws. The third-party auditor has provided information that we have processed and verified allowing us to more accurately estimate the ultimate liability pursuant to this agreement.

19

	Three months ended
	December 31, 2019
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	60.5	$	0.3	(a)	$	60.8
Health margin	93.0		—			93.0
Life margin	46.7		9.7		(a)	56.4
Total insurance product margin	200.2		10.0			210.2
Allocated expenses	(140.6)		—			(140.6)
Income from insurance products (5)	59.6		10.0			69.6
Fee income	11.7		—			11.7
Investment income not allocated to product lines (9)	26.2		—			26.2
Expenses not allocated to product lines	2.8		(20.0)		(b)	(17.2)
Operating earnings before taxes	100.3		(10.0)			90.3
Income tax (expense) benefit on operating income	(21.7)		2.1			(19.6)
Net operating income (10)	$	78.6	$	(7.9)		$	70.7
Net operating income per diluted share	$	0.52	$	(0.05)		$	0.47

___________

(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.

(b)$20.0 million of the net favorable impact from legal and regulatory matters.

For further information: CNO News Media, Valerie Dolenga, (312) 396-7688, Valerie.Dolenga@CNOinc.com; CNO Investor Relations, Jennifer Childe, (312) 396-7755, Jennifer.Childe@CNOinc.com

20

EX-99.2

Exhibit 99.2

Quarterly Financial Supplement - 1Q2021

April 28, 2021

Page 1

Table of Contents	Page
Consolidated balance sheet	3
Consolidated statement of operations	4
Financial summary	5
Insurance operations	6
Margin from insurance products	7-9
Collected premiums from annuity and interest sensitive life products and insurance policy income	10
Health and life new annualized premiums	11
Computation of weighted average shares outstanding	12
Annuities - account value rollforwards	13
Statutory information	14
Investment income not allocated to product lines and investment income allocated to product lines	15-18
Other investment data	18
Significant items	19-21
Notes	22

Page 2

CNO FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

	Mar-20		Jun-20		Sep-20		Dec-20		Mar-21
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	20,379.1	$	22,167.9	$	22,702.9	$	23,383.6	$	22,610.4
Equity securities at fair value	50.1		60.5		62.1		151.2		164.4
Mortgage loans	1,484.1		1,459.9		1,444.9		1,358.7		1,297.7
Policy loans	124.7		124.3		123.6		123.0		121.0
Trading securities	227.8		240.6		240.3		232.0		242.6
Investments held by variable interest entities	1,038.1		1,137.4		1,172.6		1,189.4		1,224.0
Other invested assets	953.3		993.8		1,070.6		1,146.4		1,195.1
Total investments	24,257.2		26,184.4		26,817.0		27,584.3		26,855.2
Cash and cash equivalents - unrestricted	482.0		521.1		735.6		937.8		662.9
Cash and cash equivalents held by variable interest entities	68.5		36.8		51.0		54.1		76.0
Accrued investment income	213.0		205.3		214.4		205.8		216.8
Present value of future profits	282.2		263.4		255.9		249.4		241.3
Deferred acquisition costs	1,398.6		1,120.9		1,084.0		1,027.8		1,168.4
Reinsurance receivables	4,727.5		4,712.6		4,613.1		4,584.3		4,509.3
Income tax assets, net	703.2		428.8		322.0		199.4		358.2
Assets held in separate accounts	3.2		3.7		3.9		4.2		4.3
Other assets	599.6		502.5		472.3		492.8		567.1
Total assets	$	32,735.0	$	33,979.5	$	34,569.2	$	35,339.9	$	34,659.5
Liabilities
Liabilities for insurance products:
Policyholder account liabilities	$	12,138.1	$	12,171.3	$	12,357.5	$	12,540.6	$	12,571.3
Future policy benefits	11,429.9		11,767.5		11,753.1		11,744.2		11,546.6
Liability for policy and contract claims	510.7		488.6		473.2		561.8		558.7
Unearned and advanced premiums	251.0		243.6		256.8		252.6		262.4
Liabilities related to separate accounts	3.2		3.7		3.9		4.2		4.3
Other liabilities	850.7		788.3		855.8		821.8		925.2
Investment borrowings	1,643.9		1,643.4		1,642.9		1,642.5		1,642.0
Borrowings related to variable interest entities	1,152.3		1,152.2		1,152.0		1,151.8		1,151.7
Notes payable - direct corporate obligations	989.4		989.7		990.1		1,136.2		1,136.6
Total liabilities	28,969.2		29,248.3		29,485.3		29,855.7		29,798.8
Shareholders' equity
Common stock	1.4		1.4		1.4		1.3		1.3
Additional paid-in capital	2,688.5		2,664.3		2,623.4		2,544.5		2,457.8
Retained earnings	480.7		545.3		657.5		752.3		883.5
Total shareholders' equity before accumulated other comprehensive income	3,170.6		3,211.0		3,282.3		3,298.1		3,342.6
Accumulated other comprehensive income	595.2		1,520.2		1,801.6		2,186.1		1,518.1
Total shareholders' equity	3,765.8		4,731.2		5,083.9		5,484.2		4,860.7
Total liabilities and shareholders' equity	$	32,735.0	$	33,979.5	$	34,569.2	$	35,339.9	$	34,659.5
	Mar-20		Jun-20		Sep-20		Dec-20		Mar-21
Book value per common share	$	26.22	$	33.38	$	36.59	$	40.54	$	36.75
Book value per common share, excluding accumulated other comprehensive income (1) (2)	$	22.08	$	22.66	$	23.63	$	24.38	$	25.27
Book value per diluted share (1) (3)	$	22.03	$	22.55	$	23.45	$	23.95	$	24.83

Page 3

CNO FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Revenues
Insurance policy income	$	628.7	$	625.3	$	628.3	$	629.0	$	2,511.3	$	632.4
Net investment income:
General account assets	280.3		231.7		276.9		290.1		1,079.0		282.7
Policyholder and other special-purpose portfolios	(110.7)		87.1		66.6		100.5		143.5		55.5
Realized investment gains (losses):
Net realized investment gains (losses)	(60.1)		27.9		8.2		6.3		(17.7)		(12.4)
Change in allowance for credit losses and other-than-temporary impairment losses	(55.4)		15.9		8.1		12.9		(18.5)		9.6
Total realized gains (losses)	(115.5)		43.8		16.3		19.2		(36.2)		(2.8)
Fee revenue and other income	34.4		26.3		25.4		37.4		123.5		38.2
Total revenues	717.2		1,014.2		1,013.5		1,076.2		3,821.1		1,006.0
Benefits and expenses
Insurance policy benefits	490.8		540.3		560.7		566.1		2,157.9		459.1
Interest expense	33.4		28.4		23.7		23.3		108.8		24.1
Amortization	50.2		88.5		53.5		75.9		268.1		99.7
Other operating costs and expenses	213.8		251.6		209.2		267.4		942.0		233.1
Total benefits and expenses	788.2		908.8		847.1		932.7		3,476.8		816.0
Income (loss) before income taxes	(71.0)		105.4		166.4		143.5		344.3		190.0
Income tax expense (benefit) on period income	(15.8)		23.4		37.2		31.7		76.5		42.6
Valuation allowance for deferred tax assets and other tax items	(34.0)		—		—		—		(34.0)		—
Net income (loss)	$	(21.2)	$	82.0	$	129.2	$	111.8	$	301.8	$	147.4

Page 4

CNO FINANCIAL GROUP, INC.

FINANCIAL SUMMARY

(Dollars in millions, except per share data)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Insurance product margin (4)
Annuity margin	$	59.5	$	123.8	$	45.3	$	68.1	$	296.7	$	57.9
Health margin	86.9		95.5		152.2		125.2		459.8		124.7
Life margin	44.3		36.1		47.3		37.3		165.0		27.1
Total insurance product margin	190.7		255.4		244.8		230.6		921.5		209.7
Allocated expenses	(136.6)		(128.1)		(130.3)		(162.7)		(557.7)		(141.1)
Income from insurance products (5)	54.1		127.3		114.5		67.9		363.8		68.6
Fee income	7.8		5.2		0.8		2.9		16.7		7.3
Investment income not allocated to product lines (9)	57.4		8.2		43.7		57.8		167.1		43.0
Expenses not allocated to product lines	(13.8)		(38.5)		(13.7)		(17.8)		(83.8)		(22.0)
Operating earnings before taxes	105.5		102.2		145.3		110.8		463.8		96.9
Income tax expense on operating income	(21.2)		(22.8)		(32.7)		(24.8)		(101.5)		(21.7)
Net operating income (10)	84.3		79.4		112.6		86.0		362.3		75.2
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (net of related amortization)	(63.7)		12.3		7.7		12.6		(31.1)		3.6
Net change in market value of investments recognized in earnings	(48.4)		31.2		8.5		6.0		(2.7)		(6.4)
Fair value changes related to agent deferred compensation plan	—		(13.2)		—		(3.1)		(16.3)		13.2
Fair value changes in embedded derivative liabilities (net of related amortization)	(66.7)		(27.1)		(1.6)		16.3		(79.1)		82.1
Other	2.3		—		6.5		0.9		9.7		0.6
Net non-operating income (loss) before taxes	(176.5)		3.2		21.1		32.7		(119.5)		93.1
Income tax (expense) benefit on non-operating income (loss)	37.0		(0.6)		(4.5)		(6.9)		25.0		(20.9)
Valuation allowance for deferred tax assets and other tax items	34.0		—		—		—		34.0		—
Net non-operating income (loss)	(105.5)		2.6		16.6		25.8		(60.5)		72.2
Net income (loss)	$	(21.2)	$	82.0	$	129.2	$	111.8	$	301.8	$	147.4
Per diluted share
Net operating income	$	0.58	$	0.55	$	0.79	$	0.61	$	2.53	$	0.55
Net non-operating income (loss)	(0.73)		0.02		0.12		0.19		(0.42)		0.53
Net income (loss)	$	(0.15)	$	0.57	$	0.91	$	0.80	$	2.11	$	1.08

Page 5

CNO FINANCIAL GROUP, INC.

Insurance Operations

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Insurance product margin (4)
Annuity:
Insurance policy income	$	5.6	$	4.5	$	4.3	$	4.4	$	18.8	$	5.4
Net investment income (5) (6)	117.4		116.6		115.6		115.5		465.1		115.7
Insurance policy benefits	(5.5)		107.7		(20.1)		11.6		93.7		(6.2)
Interest credited (6)	(42.0)		(43.6)		(42.4)		(42.6)		(170.6)		(38.7)
Amortization and non-deferred commissions	(16.0)		(61.4)		(12.1)		(20.8)		(110.3)		(18.3)
Annuity margin	59.5		123.8		45.3		68.1		296.7		57.9
Health:
Insurance policy income	429.0		426.5		421.4		422.6		1,699.5		416.5
Net investment income (5)	70.4		70.1		70.9		70.9		282.3		71.5
Insurance policy benefits	(353.8)		(359.0)		(295.5)		(321.4)		(1,329.7)		(306.6)
Amortization and non-deferred commissions	(58.7)		(42.1)		(44.6)		(46.9)		(192.3)		(56.7)
Health margin	86.9		95.5		152.2		125.2		459.8		124.7
Life:
Insurance policy income	194.1		194.3		202.6		202.0		793.0		210.5
Net investment income (5) (7)	34.3		34.7		35.2		35.4		139.6		35.8
Insurance policy benefits	(131.9)		(147.8)		(143.3)		(147.0)		(570.0)		(163.6)
Interest credited (7)	(10.3)		(10.9)		(11.4)		(11.9)		(44.5)		(10.6)
Amortization and non-deferred commissions	(21.9)		(18.0)		(21.6)		(25.6)		(87.1)		(21.7)
Advertising expense	(20.0)		(16.2)		(14.2)		(15.6)		(66.0)		(23.3)
Life margin	44.3		36.1		47.3		37.3		165.0		27.1
Total insurance product margin	190.7		255.4		244.8		230.6		921.5		209.7
Allocated expenses:
Branch office expenses	(18.9)		(15.1)		(13.5)		(17.5)		(65.0)		(18.5)
Other allocated expenses	(117.7)		(113.0)		(116.8)		(145.2)		(492.7)		(122.6)
Income from insurance products (8)	54.1		127.3		114.5		67.9		363.8		68.6
Fee income	7.8		5.2		0.8		2.9		16.7		7.3
Investment income not allocated to product lines (9)	57.4		8.2		43.7		57.8		167.1		43.0
Expenses not allocated to product lines	(13.8)		(38.5)		(13.7)		(17.8)		(83.8)		(22.0)
Operating earnings before taxes	105.5		102.2		145.3		110.8		463.8		96.9
Income tax expense on operating income	(21.2)		(22.8)		(32.7)		(24.8)		(101.5)		(21.7)
Net operating income (10)	$	84.3	$	79.4	$	112.6	$	86.0	$	362.3	$	75.2

Page 6

CNO FINANCIAL GROUP, INC.

Margin from Annuity Products

(Dollars in millions)

(Unaudited)

	1Q			2Q			3Q			4Q			YTD			1Q
	2020			2020			2020			2020			2020			2021
Annuity margin (4):
Fixed index annuities
Insurance policy income	$	3.3		$	2.6		$	2.5		$	2.9		$	11.3		$	3.0
Net investment income (5) (6)	82.1			82.9			83.1			84.0			332.1			84.9
Insurance policy benefits	(1.0)			104.1			(11.5)			17.2			108.8			1.6
Interest credited (6)	(26.2)			(28.3)			(27.6)			(28.0)			(110.1)			(24.9)
Amortization and non-deferred commissions	(13.8)			(49.6)			(9.9)			(18.0)			(91.3)			(16.3)
Margin from fixed index annuities	$	44.4		$	111.7		$	36.6		$	58.1		$	250.8		$	48.3
Average net insurance liabilities (11)	$	6,921.4		$	7,056.3		$	7,173.9		$	7,342.1		$	7,123.4		$	7,464.8
Margin/average net insurance liabilities (12)	2.57		%	6.33		%	2.04		%	3.17		%	3.52		%	2.59		%
Fixed interest annuities
Insurance policy income	$	0.3		$	0.1		$	0.2		$	0.3		$	0.9		$	0.2
Net investment income (5)	28.1			26.8			25.7			25.0			105.6			24.4
Insurance policy benefits	(0.1)			—			(0.4)			(0.1)			(0.6)			(0.7)
Interest credited	(14.9)			(14.4)			(14.2)			(13.9)			(57.4)			(13.2)
Amortization and non-deferred commissions	(2.1)			(11.7)			(2.1)			(2.8)			(18.7)			(1.9)
Margin from fixed interest annuities	$	11.3		$	0.8		$	9.2		$	8.5		$	29.8		$	8.8
Average net insurance liabilities (11)	$	2,146.2		$	2,088.2		$	2,041.6		$	2,000.1		$	2,069.1		$	1,951.6
Margin/average net insurance liabilities (12)	2.11		%	0.15		%	1.80		%	1.70		%	1.44		%	1.80		%
Other annuities
Insurance policy income	$	2.0		$	1.8		$	1.6		$	1.2		$	6.6		$	2.2
Net investment income (5)	7.2			6.9			6.8			6.5			27.4			6.4
Insurance policy benefits	(4.4)			3.6			(8.2)			(5.5)			(14.5)			(7.1)
Interest credited	(0.9)			(0.9)			(0.6)			(0.7)			(3.1)			(0.6)
Amortization and non-deferred commissions	(0.1)			(0.1)			(0.1)			—			(0.3)			(0.1)
Margin from other annuities	$	3.8		$	11.3		$	(0.5)		$	1.5		$	16.1		$	0.8
Average net insurance liabilities (11)	$	551.5		$	533.5		$	524.0		$	517.9		$	531.7		$	512.2
Margin/average net insurance liabilities (12)	2.76		%	8.47		%	(0.38)		%	1.16		%	3.03		%	0.62		%
Total annuity margin	$	59.5		$	123.8		$	45.3		$	68.1		$	296.7		$	57.9
Average net insurance liabilities (11)	$	9,619.1		$	9,678.0		$	9,739.5		$	9,860.1		$	9,724.2		$	9,928.6
Margin/average net insurance liabilities (12)	2.47		%	5.12		%	1.86		%	2.76		%	3.05		%	2.33		%

Page 7

CNO FINANCIAL GROUP, INC.

Margin from Health Products

(Dollars in millions)

(Unaudited)

	1Q			2Q			3Q			4Q			YTD			1Q
	2020			2020			2020			2020			2020			2021
Health margin (4):
Supplemental health
Insurance policy income	$	169.8		$	169.8		$	169.2		$	170.6		$	679.4		$	169.8
Net investment income (5)	34.9			34.9			35.5			35.6			140.9			36.1
Insurance policy benefits	(132.9)			(138.1)			(125.8)			(124.1)			(520.9)			(126.3)
Amortization and non-deferred commissions	(29.6)			(26.2)			(27.8)			(29.1)			(112.7)			(29.2)
Margin from supplemental health	$	42.2		$	40.4		$	51.1		$	53.0		$	186.7		$	50.4
Margin/insurance policy income	25		%	24		%	30		%	31		%	27		%	30		%
Medicare supplement
Insurance policy income	$	192.3		$	190.3		$	186.1		$	186.0		$	754.7		$	181.0
Net investment income (5)	1.2			1.2			1.2			1.3			4.9			1.3
Insurance policy benefits	(136.7)			(136.6)			(102.0)			(129.7)			(505.0)			(120.0)
Amortization and non-deferred commissions	(25.4)			(13.0)			(13.6)			(14.3)			(66.3)			(24.1)
Margin from Medicare supplement	$	31.4		$	41.9		$	71.7		$	43.3		$	188.3		$	38.2
Margin/insurance policy income	16		%	22		%	39		%	23		%	25		%	21		%
Long-term care
Insurance policy income	$	66.9		$	66.4		$	66.1		$	66.0		$	265.4		$	65.7
Net investment income (5)	34.3			34.0			34.2			34.0			136.5			34.1
Insurance policy benefits	(84.2)			(84.3)			(67.7)			(67.6)			(303.8)			(60.3)
Amortization and non-deferred commissions	(3.7)			(2.9)			(3.2)			(3.5)			(13.3)			(3.4)
Margin from long-term care	$	13.3		$	13.2		$	29.4		$	28.9		$	84.8		$	36.1
Margin/insurance policy income	20		%	20		%	44		%	44		%	32		%	55		%
Total health margin	$	86.9		$	95.5		$	152.2		$	125.2		$	459.8		$	124.7
Margin/insurance policy income	20		%	22		%	36		%	30		%	27		%	30		%

Page 8

CNO FINANCIAL GROUP, INC.

Margin from Life Products

(Dollars in millions)

(Unaudited)

	1Q			2Q			3Q			4Q			YTD			1Q
	2020			2020			2020			2020			2020			2021
Life margin (4):
Interest sensitive life
Insurance policy income	$	39.6		$	38.7		$	40.1		$	40.4		$	158.8		$	40.8
Net investment income (5) (7)	11.7			11.7			11.9			12.1			47.4			12.4
Insurance policy benefits	(15.7)			(23.2)			(16.0)			(21.2)			(76.1)			(22.7)
Interest credited (7)	(10.2)			(10.7)			(11.2)			(11.7)			(43.8)			(10.5)
Amortization and non-deferred commissions	(7.4)			(4.8)			(6.9)			(9.1)			(28.2)			(5.8)
Margin from interest sensitive life	$	18.0		$	11.7		$	17.9		$	10.5		$	58.1		$	14.2
Average net insurance liabilities (11)	$	900.1		$	913.5		$	926.7		$	939.9		$	920.0		$	954.7
Interest margin	$	1.5		$	1.0		$	0.7		$	0.4		$	3.6		$	1.9
Interest margin/average net insurance liabilities (12)	0.67		%	0.44		%	0.30		%	0.17		%	0.39		%	0.80		%
Underwriting margin	$	16.5		$	10.7		$	17.2		$	10.1		$	54.5		$	12.3
Underwriting margin/insurance policy income	42		%	28		%	43		%	25		%	34		%	30		%
Traditional life
Insurance policy income	$	154.5		$	155.6		$	162.5		$	161.6		$	634.2		$	169.7
Net investment income (5)	22.6			23.0			23.3			23.3			92.2			23.4
Insurance policy benefits	(116.2)			(124.6)			(127.3)			(125.8)			(493.9)			(140.9)
Interest credited	(0.1)			(0.2)			(0.2)			(0.2)			(0.7)			(0.1)
Amortization and non-deferred commissions	(14.5)			(13.2)			(14.7)			(16.5)			(58.9)			(15.9)
Advertising expense	(20.0)			(16.2)			(14.2)			(15.6)			(66.0)			(23.3)
Margin from traditional life	$	26.3		$	24.4		$	29.4		$	26.8		$	106.9		$	12.9
Margin/insurance policy income	17		%	16		%	18		%	17		%	17		%	8		%
Margin excluding advertising expense/insurance policy income	30		%	26		%	27		%	26		%	27		%	21		%
Total life margin	$	44.3		$	36.1		$	47.3		$	37.3		$	165.0		$	27.1

Page 9

CNO FINANCIAL GROUP, INC.

Collected Premiums From Annuity and Interest Sensitive Life Products

and Insurance Policy Income

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Collected premiums from annuity and interest-sensitive life products:
Annuities	$	292.2	$	242.7	$	285.1	$	345.0	$	1,165.0	$	325.4
Interest-sensitive life	53.1		51.3		50.0		52.1		206.5		54.5
Total collected premiums from annuity and interest-sensitive life products	$	345.3	$	294.0	$	335.1	$	397.1	$	1,371.5	$	379.9
Insurance policy income:
Annuity products
Fixed index annuities	$	3.3	$	2.6	$	2.5	$	2.9	$	11.3	$	3.0
Fixed interest annuities	0.3		0.1		0.2		0.3		0.9		0.2
Other annuities	2.0		1.8		1.6		1.2		6.6		2.2
Total annuity insurance policy income	5.6		4.5		4.3		4.4		18.8		5.4
Health products
Supplemental health	169.8		169.8		169.2		170.6		679.4		169.8
Medicare supplement	192.3		190.3		186.1		186.0		754.7		181.0
Long-term care	66.9		66.4		66.1		66.0		265.4		65.7
Total health insurance policy income	429.0		426.5		421.4		422.6		1,699.5		416.5
Life products
Interest-sensitive life	39.6		38.7		40.1		40.4		158.8		40.8
Traditional life	154.5		155.6		162.5		161.6		634.2		169.7
Total life insurance policy income	194.1		194.3		202.6		202.0		793.0		210.5
Total insurance policy income	$	628.7	$	625.3	$	628.3	$	629.0	$	2,511.3	$	632.4

Page 10

CNO FINANCIAL GROUP, INC.

Health and Life

New Annualized Premiums ("NAP")

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Consumer Division
Health products:
Supplemental health	$	19.6	$	5.6	$	16.2	$	21.5	$	62.9	$	14.4
Medicare supplement	9.7		8.9		11.0		12.2		41.8		8.2
Long-term care	5.9		4.3		7.1		7.2		24.5		6.4
Total Consumer Division health NAP	35.2		18.8		34.3		40.9		129.2		29.0
Life products:
Interest sensitive life	5.6		5.1		5.8		6.0		22.5		5.9
Traditional life	33.0		41.5		37.7		29.8		142.0		45.9
Total Consumer Division life NAP	38.6		46.6		43.5		35.8		164.5		51.8
Total Consumer Division health and life NAP	$	73.8	$	65.4	$	77.8	$	76.7	$	293.7	$	80.8
Worksite Division
Health products:
Supplemental health	$	8.8	$	3.2	$	5.1	$	8.2	$	25.3	$	6.7
Life products:
Interest sensitive life	2.5		0.8		0.8		1.3		5.4		1.2
Total Worksite Division health and life NAP	$	11.3	$	4.0	$	5.9	$	9.5	$	30.7	$	7.9
Total NAP (both divisions)
Health products:
Supplemental health	$	28.4	$	8.8	$	21.3	$	29.7	$	88.2	$	21.1
Medicare supplement	9.7		8.9		11.0		12.2		41.8		8.2
Long-term care	5.9		4.3		7.1		7.2		24.5		6.4
Total health NAP	44.0		22.0		39.4		49.1		154.5		35.7
Life products:
Interest sensitive life	8.1		5.9		6.6		7.3		27.9		7.1
Traditional life	33.0		41.5		37.7		29.8		142.0		45.9
Total life NAP	41.1		47.4		44.3		37.1		169.9		53.0
Total NAP	$	85.1	$	69.4	$	83.7	$	86.2	$	324.4	$	88.7

Page 11

CNO FINANCIAL GROUP, INC.

Computation of Weighted Average Shares Outstanding

(Shares in thousands)

	1Q	2Q	3Q	4Q	YTD	1Q
	2020 (a)	2020	2020	2020	2020	2021
Basic
Shares outstanding, beginning of period	148,084.2	143,610.0	141,718.6	138,931.4	148,084.2	135,279.1
Weighted average shares issued during the period:
Shares repurchased	(2,444.0)	(227.2)	(835.9)	(1,053.9)	(6,685.8)	(1,471.5)
Amounts related to employee benefit plans	287.5	42.7	19.3	356.2	962.7	384.3
Shares withheld for the payment of the exercise price and taxes related to employee benefit plans	(98.3)	(4.0)	(1.8)	(1.9)	(265.4)	(52.2)
Weighted average basic shares outstanding during the period	145,829.4	143,421.5	140,900.2	138,231.8	142,095.7	134,139.7
Basic shares outstanding, end of period	143,610.0	141,718.6	138,931.4	135,279.1	135,279.1	132,268.3
Diluted
Weighted average basic shares outstanding	145,829.4	143,421.5	140,900.2	138,231.8	142,095.7	134,139.7
Common stock equivalent shares related to:
Employee benefit plans	—	519.1	830.2	2,154.7	1,068.1	2,513.6
Weighted average diluted shares outstanding during the period	145,829.4	143,940.6	141,730.4	140,386.5	143,163.8	136,653.3
Diluted shares outstanding, end of period	143,936.2	142,410.1	139,972.2	137,717.3	137,717.3	134,624.5

___________

(a)     Equivalent common shares of 768.4 were not included in the diluted weighted average shares outstanding due to the net loss recognized in 1Q20.

Page 12

CNO FINANCIAL GROUP, INC.

Annuities - Account Value Rollforwards

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Fixed index annuities
Balance as of the beginning of the period	$	7,133.1	$	7,280.3	$	7,394.1	$	7,567.2	$	7,133.1	$	7,761.4
Gross deposits	281.7		231.5		277.2		331.7		1,122.1		314.6
Withdrawals	(185.8)		(148.0)		(133.2)		(164.6)		(631.6)		(193.1)
Returns reinvested	51.3		30.3		29.1		27.1		137.8		60.3
Balance as of the end of the period	$	7,280.3	$	7,394.1	$	7,567.2	$	7,761.4	$	7,761.4	$	7,943.2
Fixed interest annuities
Balance as of the beginning of the period	$	2,217.5	$	2,147.4	$	2,089.4	$	2,044.3	$	2,217.5	$	1,998.9
Gross deposits	9.3		9.0		6.8		12.3		37.4		9.3
Withdrawals	(94.3)		(81.1)		(66.1)		(71.8)		(313.3)		(78.2)
Returns reinvested	14.9		14.1		14.2		14.1		57.3		13.2
Balance as of the end of the period	$	2,147.4	$	2,089.4	$	2,044.3	$	1,998.9	$	1,998.9	$	1,943.2
Total annuities
Balance as of the beginning of the period	$	9,350.6	$	9,427.7	$	9,483.5	$	9,611.5	$	9,350.6	$	9,760.3
Gross deposits	291.0		240.5		284.0		344.0		1,159.5		323.9
Withdrawals	(280.1)		(229.1)		(199.3)		(236.4)		(944.9)		(271.3)
Returns reinvested	66.2		44.4		43.3		41.2		195.1		73.5
Balance as of the end of the period	$	9,427.7	$	9,483.5	$	9,611.5	$	9,760.3	$	9,760.3	$	9,886.4

Page 13

CNO FINANCIAL GROUP, INC.

Statutory Information - Consolidated Basis (13)

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020 (a)		2020		2020		2020		2020		2021 (b)
Net gain from operations before interest expense and federal income taxes	$	33.3	$	99.5	$	135.1	$	72.6	$	340.5	$	53.6
Interest expense on surplus debentures held by parent company	12.1		12.1		21.0		12.2		57.4		12.0
Net gain from operations before federal income taxes	21.2		87.4		114.1		60.4		283.1		41.6
Federal income tax expense (benefit)	(113.0)		(6.8)		(16.1)		(2.5)		(138.4)		1.8
Net gain from operations before net realized capital gains (losses)	134.2		94.2		130.2		62.9		421.5		39.8
Net realized capital gains (losses)	(3.3)		(7.8)		0.4		(1.2)		(11.9)		(0.6)
Net income	$	130.9	$	86.4	$	130.6	$	61.7	$	409.6	$	39.2
Capital and surplus	$	1,750.3	$	1,771.1	$	1,868.1	$	1,805.5	$	1,805.5	$	1,781.8
Asset valuation reserve (AVR)	236.4		226.7		269.9		304.0		304.0		327.5
Capital, surplus and AVR	1,986.7		1,997.8		2,138.0		2,109.5		2,109.5		2,109.3
Interest maintenance reserve (IMR)	408.2		410.6		408.2		406.6		406.6		401.5
Total statutory capital, surplus, AVR & IMR	$	2,394.9	$	2,408.4	$	2,546.2	$	2,516.1	$	2,516.1	$	2,510.8

Risk-based capital ratio 406  % 405  % 428  % 411  % 411  % 407  %

___________

(a)    The federal income tax benefit and capital and surplus were favorably impacted by $99 million and $53 million, respectively, related to certain provisions included in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.

(b)    Such amounts are preliminary as the statutory basis financial statements of our insurance subsidiaries for 1Q21 will

be filed with the respective insurance regulators on or about May 14, 2021.

Page 14

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Net investment income	$	169.6	$	318.8	$	343.5	$	390.6	$	1,222.5	$	338.2
Allocated to product lines:
Annuity	(117.4)		(116.6)		(115.6)		(115.5)		(465.1)		(115.7)
Health	(70.4)		(70.1)		(70.9)		(70.9)		(282.3)		(71.5)
Life	(34.3)		(34.7)		(35.2)		(35.4)		(139.6)		(35.8)
Equity returns credited to policyholder account balances	136.5		(50.7)		(46.0)		(77.6)		(37.8)		(42.5)
Amounts allocated to product lines and credited to policyholder account balances	(85.6)		(272.1)		(267.7)		(299.4)		(924.8)		(265.5)
Amount related to variable interest entities and other non-operating items	(11.6)		(9.6)		(9.8)		(8.2)		(39.2)		(7.8)
Interest expense on debt	(13.6)		(13.6)		(13.6)		(14.4)		(55.2)		(15.5)
Interest expense on investment borrowings	(9.1)		(5.8)		(3.4)		(2.9)		(21.2)		(2.7)
Less amounts credited to deferred compensation plans (offsetting investment income)	7.7		(9.5)		(5.3)		(7.9)		(15.0)		(3.7)
Total adjustments	(26.6)		(38.5)		(32.1)		(33.4)		(130.6)		(29.7)
Investment income not allocated to product lines	$	57.4	$	8.2	$	43.7	$	57.8	$	167.1	$	43.0

Page 15

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Investment income not allocated:
Excluding variable components:
From general account assets	$	23.3	$	26.5	$	24.6	$	25.2	$	99.6	$	24.6
Other investment income	0.5		0.1		0.1		0.1		0.8		—
Spread income from Federal Home Loan Bank investment program:
Investment income on matched assets	13.5		10.9		10.9		10.7		46.0		10.3
Investment borrowing expenses	(9.1)		(5.8)		(3.4)		(2.9)		(21.2)		(2.7)
Net spread income	4.4		5.1		7.5		7.8		24.8		7.6
Interest expense on corporate debt	(13.6)		(13.6)		(13.6)		(14.4)		(55.2)		(15.5)
Total excluding variable components	14.6		18.1		18.6		18.7		70.0		16.7
Variable components:
Net income from Corporate Owned Life Insurance ("COLI") supporting agent deferred compensation plan
Change in value of COLI investments	3.2		6.4		3.1		3.0		15.7		(3.9)
Increase in liability for agent deferred compensation plan	(1.6)		(1.6)		(1.6)		(1.6)		(6.4)		(1.6)
Net COLI income (loss)	1.6		4.8		1.5		1.4		9.3		(5.5)
Other variable components:
Alternative investment income:
Total	17.2		(12.5)		27.1		35.0		66.8		34.1
Allocated to product lines	(7.7)		(7.7)		(7.9)		(8.0)		(31.3)		(7.9)
Excess alternative investment income	9.5		(20.2)		19.2		27.0		35.5		26.2
Prepayment and call income	8.9		0.1		2.6		9.1		20.7		1.7
Trading account	17.3		6.0		2.6		2.2		28.1		2.0
Hedge variance related to fixed index products	(0.1)		3.2		(1.0)		(0.4)		1.7		1.1
Other (a)	5.6		(3.8)		0.2		(0.2)		1.8		0.8
Total variable components	42.8		(9.9)		25.1		39.1		97.1		26.3
Total investment income not allocated to product lines	$	57.4	$	8.2	$	43.7	$	57.8	$	167.1	$	43.0

___________

(a)    Includes impacts of changes in projected cash flows and other investment income.

Page 16

CNO FINANCIAL GROUP, INC.

Investment Income Allocated to Product Lines (5)

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
Average net insurance liabilities(11)
Annuity:
Fixed index annuities	$	6,921.4	$	7,056.3	$	7,173.9	$	7,342.1	$	7,123.4	$	7,464.8
Fixed interest annuities	2,146.2		2,088.2		2,041.6		2,000.1		2,069.1		1,951.6
Other annuities	551.5		533.5		524.0		517.9		531.7		512.2
Total annuity average net insurance liabilities (11)	9,619.1		9,678.0		9,739.5		9,860.1		9,724.2		9,928.6
Health:
Supplemental health	2,887.1		2,935.7		2,988.1		3,031.9		2,960.7		3,073.9
Medicare supplement	102.5		111.6		116.9		114.4		111.3		122.5
Long-term care	2,482.8		2,464.2		2,477.7		2,487.2		2,478.0		2,492.1
Total health average net insurance liabilities (11)	5,472.4		5,511.5		5,582.7		5,633.5		5,550.0		5,688.5
Life:
Interest sensitive	900.1		913.5		926.7		939.9		920.0		954.7
Traditional	1,872.5		1,883.5		1,905.9		1,933.2		1,898.8		1,956.5
Total life average net insurance liabilities (11)	2,772.6		2,797.0		2,832.6		2,873.1		2,818.8		2,911.2
Total average net insurance liabilities (11)	$	17,864.1	$	17,986.5	$	18,154.8	$	18,366.7	$	18,093.0	$	18,528.3

Average yield on allocated investments
Annuity:
Fixed index annuities	4.74	%	4.70	%	4.63	%	4.58	%	4.66	%	4.55	%
Fixed interest annuities	5.24	%	5.13	%	5.04	%	5.00	%	5.10	%	5.00	%
Other annuities	5.22	%	5.17	%	5.19	%	5.02	%	5.15	%	5.00	%
Average yield on investments allocated to annuities	4.88	%	4.82	%	4.75	%	4.69	%	4.78	%	4.66	%
Health:
Supplemental health	4.84	%	4.76	%	4.75	%	4.70	%	4.76	%	4.70	%
Medicare supplement	4.41	%	4.34	%	4.33	%	4.28	%	4.34	%	4.30	%
Long-term care	5.53	%	5.52	%	5.52	%	5.47	%	5.51	%	5.47	%
Average yield on investments allocated to health products	5.15	%	5.09	%	5.08	%	5.03	%	5.09	%	5.03	%
Life:
Interest sensitive	5.20	%	5.12	%	5.14	%	5.15	%	5.15	%	5.20	%
Traditional	4.83	%	4.88	%	4.89	%	4.82	%	4.86	%	4.78	%
Average yield on investments allocated to life products	4.95	%	4.96	%	4.97	%	4.93	%	4.95	%	4.92	%
Total average yield	4.97	%	4.92	%	4.88	%	4.83	%	4.90	%	4.81	%

Allocated investment income
Annuity:
Fixed index annuities	$	82.1	$	82.9	$	83.1	$	84.0	$	332.1	$	84.9
Fixed interest annuities	28.1		26.8		25.7		25.0		105.6		24.4
Other annuities	7.2		6.9		6.8		6.5		27.4		6.4
Total investment income allocated to annuities	117.4		116.6		115.6		115.5		465.1		115.7
Health:
Supplemental health	34.9		34.9		35.5		35.6		140.9		36.1
Medicare supplement	1.2		1.2		1.2		1.3		4.9		1.3
Long-term care	34.3		34.0		34.2		34.0		136.5		34.1
Total investment income allocated to health products	70.4		70.1		70.9		70.9		282.3		71.5
Life:
Interest sensitive	11.7		11.7		11.9		12.1		47.4		12.4
Traditional	22.6		23.0		23.3		23.3		92.2		23.4
Total investment income allocated to life products	34.3		34.7		35.2		35.4		139.6		35.8
Total allocated investment income	$	222.1	$	221.4	$	221.7	$	221.8	$	887.0	$	223.0

Page 17

CNO FINANCIAL GROUP, INC.

Investment Income Not Allocated to Product Lines (9)

(Dollars in millions)

(Unaudited)

	1Q		2Q		3Q		4Q		YTD		1Q
	2020		2020		2020		2020		2020		2021
General account assets investment income	$	280.3	$	231.7	$	276.9	$	290.1	$	1,079.0	$	282.7
Policyholder and other special purpose portfolio investment income	(110.7)		87.1		66.6		100.5		143.5		55.5
Less equity returns credited to policyholders:
Annuity	119.9		(44.9)		(39.3)		(68.0)		(32.3)		(37.7)
Life	16.6		(5.8)		(6.7)		(9.6)		(5.5)		(4.8)
Less amount related to variable interest entities	(11.6)		(9.6)		(9.8)		(8.2)		(39.2)		(7.8)
Less amounts credited to deferred compensation plans	7.7		(9.5)		(5.3)		(7.9)		(15.0)		(3.7)
Other special purpose portfolio investment income	21.9		17.3		5.5		6.8		51.5		1.5
Adjusted net investment income	302.2		249.0		282.4		296.9		1,130.5		284.2
Less amounts allocated to product lines
Annuity	(117.4)		(116.6)		(115.6)		(115.5)		(465.1)		(115.7)
Health	(70.4)		(70.1)		(70.9)		(70.9)		(282.3)		(71.5)
Life	(34.3)		(34.7)		(35.2)		(35.4)		(139.6)		(35.8)
Total investment income allocated to product lines	(222.1)		(221.4)		(221.7)		(221.8)		(887.0)		(223.0)
Less interest expense on investment borrowings	(9.1)		(5.8)		(3.4)		(2.9)		(21.2)		(2.7)
Less interest expense on debt	(13.6)		(13.6)		(13.6)		(14.4)		(55.2)		(15.5)
Investment income not allocated to product lines	$	57.4	$	8.2	$	43.7	$	57.8	$	167.1	$	43.0

Other Investment Data

	1Q			2Q			3Q			4Q			1Q
	2020			2020			2020			2020			2021
Average invested assets and cash	$	22,483.7		$	22,618.1		$	22,832.1		$	23,170.3		$	23,418.7
Net investment income from general account investments	280.3			231.7			276.9			290.1			282.7
New money rate (14)	4.46		%	4.49		%	4.08		%	3.58		%	3.57		%
Book yield	4.90		%	4.88		%	4.85		%	4.81		%	4.76		%
Earned yield	5.15		%	4.23		%	5.04		%	5.22		%	5.03		%
Pre-pay/call/make-whole income	$	8.9		$	0.1		$	2.6		$	9.1		$	1.7
Alternative investment income	17.2			(12.5)			27.1			35.0			34.1
Impairments	8.1			—			—			—			0.5

Page 18

CNO FINANCIAL GROUP, INC.

1Q21 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

The table below summarizes the financial impact of significant items on our 1Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

	Three months ended
	March 31, 2021
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	57.9	$	—		$	57.9
Health margin	124.7		—			124.7
Life margin	27.1		—			27.1
Total insurance product margin	209.7		—			209.7
Allocated expenses	(141.1)		—			(141.1)
Income from insurance products (5)	68.6		—			68.6
Fee income	7.3		—			7.3
Investment income not allocated to product lines (9)	43.0		—			43.0
Expenses not allocated to product lines	(22.0)		7.8		(a)	(14.2)
Operating earnings before taxes	96.9		7.8			104.7
Income tax (expense) benefit on operating income	(21.7)		(1.7)			(23.4)
Net operating income (10)	$	75.2	$	6.1		$	81.3
Net operating income per diluted share	$	0.55	$	0.04		$	0.59

___________

(a)Comprised of: (i) $5.3 million from legal and regulatory matters; and (ii) $2.5 million of transaction expenses related to the previously announced acquisition of DirectPath, LLC. The legal and regulatory matters primarily consist of an increase to our liability for claims and interest pursuant to the Global Resolution Agreement, as we have now processed and verified most of the claims provided by the third party auditor allowing us to more accurately estimate the ultimate liability.

Page 19

CNO FINANCIAL GROUP, INC.

4Q20 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

The table below summarizes the financial impact of significant items on our 4Q20 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

	Three months ended
	December 31, 2020
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	68.1	$	(16.1)	(a)	$	52.0
Health margin	125.2		—			125.2
Life margin	37.3		4.3		(a)	41.6
Total insurance product margin	230.6		(11.8)			218.8
Allocated expenses	(162.7)		—			(162.7)
Income from insurance products (5)	67.9		(11.8)			56.1
Fee income	2.9		—			2.9
Investment income not allocated to product lines (9)	57.8		—			57.8
Expenses not allocated to product lines	(17.8)		3.7		(b)	(14.1)
Operating earnings before taxes	110.8		(8.1)			102.7
Income tax (expense) benefit on operating income	(24.8)		1.7			(23.1)
Net operating income (10)	$	86.0	$	(6.4)		$	79.6
Net operating income per diluted share	$	0.61	$	(0.04)		$	0.57

___________

(a)Adjustments arising from our comprehensive annual actuarial review of assumptions.

(b)Unfavorable impact related to asset impairments.

Page 20

CNO FINANCIAL GROUP, INC.

2Q20 Significant Items

(Dollars in millions, except per share amounts)

(Unaudited)

The table below summarizes the financial impact of significant items on our 2Q20 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results.

	Three months ended
	June 30, 2020
	Actual results		Significant items			Excluding significant items
Insurance product margin (4)
Annuity margin	$	123.8	$	40.0	(a)	$	72.3
			(91.5)		(a)
Health margin	95.5		—			95.5
Life margin	36.1		5.6		(a)	41.7
Total insurance product margin	255.4		(45.9)			209.5
Allocated expenses	(128.1)		—			(128.1)
Income from insurance products (5)	127.3		(45.9)			81.4
Fee income	5.2		—			5.2
Investment income not allocated to product lines (9)	8.2		—			8.2
Expenses not allocated to product lines	(38.5)		23.5		(b)	(15.0)
Operating earnings before taxes	102.2		(22.4)			79.8
Income tax (expense) benefit on operating income	(22.8)		4.7			(18.1)
Net operating income (10)	$	79.4	$	(17.7)		$	61.7
Net operating income per diluted share	$	0.55	$	(0.12)		$	0.43

___________

(a)Given our expectation that interest rates will remain low for the long-term, we performed an actuarial unlocking exercise in the second quarter of 2020 to reflect our assumption that average new money rates will remain flat at 4 percent forever. This change and the related impacts to persistency assumptions had a $45.6 million unfavorable impact on pre-tax earnings. As part of the actuarial unlocking exercise, we also changed our assumptions related to the future option costs we incur in providing benefits on fixed index annuities which had a favorable impact on pre-tax earnings of $91.5 million. The impact of these changes in assumptions is summarized below (dollars in millions):

	Line of business
	Fixed index annuities		Fixed interest annuities		Interest- sensitive life		Total
	Favorable (unfavorable)
Impacts of an average new money rate assumption of 4 percent
Insurance policy benefits	$	(5.0)	$	—	$	(7.4)	$	(12.4)
Amortization	(25.6)		(9.4)		1.8		(33.2)
Subtotal	(30.6)		(9.4)		(5.6)		(45.6)
Impacts of changes in future option costs
Insurance policy benefits	104.8		—		—		104.8
Amortization	(13.3)		—		—		(13.3)
Subtotal	91.5		—		—		91.5
Impact on pre-tax income	$	60.9	$	(9.4)	$	(5.6)	$	45.9

This actuarial unlocking exercise did not replace our comprehensive annual review of all assumptions for our insurance products, which we completed in the fourth quarter of 2020.

(b)We increased our liability for claims and interest pursuant to the previously disclosed Global Resolution Agreement entered into in November 2018. Pursuant to this agreement, a third-party auditor is acting on behalf of 41 states and the District of Columbia for the purpose of identifying deceased insureds and contract holders where benefits are payable pursuant to unclaimed property laws. The third-party auditor has provided information that we have processed and verified allowing us to more accurately estimate the ultimate liability pursuant to this agreement.

Page 21

Notes

(1)Excludes accumulated other comprehensive income. 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.

(2)Shareholders' equity divided by common shares outstanding.

(3)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. 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 (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.

(4)Insurance margin is management’s measure of profitability of its annuity, health and life product lines’ performance and consists of premiums plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.

(5)Investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. See note (11) for definition of net insurance liabilities.

(6)Excludes the change in market values of the underlying options supporting the fixed index annuity products and corresponding amount credited to policyholder account liabilities. Such amounts were $(119.9) million, $44.9 million, $39.3 million, $68.0 million and $37.7 million in 1Q20, 2Q20, 3Q20, 4Q20 and 1Q21, respectively.

(7)Excludes the change in market values of the underlying options supporting the fixed index life products and corresponding amount credited to policyholder account liabilities. Such amounts were $(16.6) million, $5.8 million, $6.7 million, $9.6 million and $4.8 million in 1Q20, 2Q20, 3Q20, 4Q20 and 1Q21, respectively.

(8)Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Income from insurance products, a non-GAAP measure, is a component of net operating income, which is reconciled to net income on page 5 of this Quarterly Financial Supplement.

(9)Investment income not allocated to product lines is defined as net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable and investment borrowings; and (iv) certain expenses related to benefit plans that are offset by special-purpose investment income. Investment income not allocated to product lines includes investment income on investments in excess of average net insurance liabilities, investments held by our holding companies, the spread we earn from the Federal Home Loan Bank investment borrowing program and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income from company-owned life insurance ("COLI") and variations in income from alternative investments), net of interest expense.

(10)Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net of related amortization and taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, net of related amortization and taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss related to reinsurance transaction, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes (“Net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals.

(11)Net insurance liabilities are equal to total insurance liabilities less: (i) amounts related to reinsured business; (ii) deferred acquisition costs; (iii) present value of future profits; and (iv) the value of unexpired options credited to insurance liabilities.

(12)Margin/average net insurance liabilities for quarterly periods is calculated by annualizing the quarters' margin divided by the average net insurance liabilities.

(13)Based on statutory accounting practices prescribed or permitted by regulatory authorities for CNO Financial's insurance subsidiaries after appropriate elimination of intercompany accounts among such subsidiaries. Such accounting practices differ from GAAP.

(14)The new money rate is for the investments purchased during the period to support our insurance products and capital. It excludes the new money rate on investments purchased with investment borrowings under our Federal Home Loan Bank program and investments purchased by the variable interest entities.

Page 22

EX-99.3

Financial and operating results for the period ended March 31, 2021 April 28, 2021 Unless otherwise specified, comparisons in this presentation are between 1Q20 and 1Q21. Exhibit 99.3

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 2 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 28, 2021, 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. Forward-Looking Statements This presentation contains financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP). 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 the 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, CNOinc.com. Non-GAAP Measures

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 3

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 4 Strong earnings; sales metrics approaching or exceeding pre-pandemic levels • COVID demonstrated value of diversified model • Operating income per share1 up 2% excl. significant items • Insurance product margin up 10%; favorably impacted by deferral of care • Continued improvement in growth metrics; persistency consistent with pre-pandemic levels • Capital and liquidity remain strong • Book value per diluted share excl. AOCI1 up 13% • Returned $116 million to shareholders • $100 million in share repurchases • Completed acquisition of DirectPath • A.M. Best outlook revised to Positive from Stable 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 5 New Annualized Premium 1 Life $41.1 $47.4 $44.3 $37.1 $169.9 $53.0 29.0% Health 44.0 22.0 39.4 49.1 154.5 35.7 -18.9% Total Life and Health $85.1 $69.4 $83.7 $86.2 $324.4 $88.7 4.2% Collected Premiums Life $207.7 $206.1 $213.3 $212.5 $839.6 $226.5 9.1% Health 419.1 419.2 431.7 421.6 1,691.6 424.7 1.3% Total Life and Health $626.8 $625.3 $645.0 $634.1 $2,531.2 $651.2 3.9% Annuity Collected Premiums $292.2 $242.7 $285.1 $345.0 $1,165.0 $325.4 11.4% Client Assets in BD and Advisory2 $1,768.9 $1,981.4 $2,067.2 $2,311.6 $2,311.6 $2,444.6 38.2% Fee Revenue3 $28.8 $20.7 $19.9 $36.6 $106.0 $32.3 12.2%E xp a n d t o th e R ig h t D ri ve G ro w th 1 Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. 2 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Prior periods have been restated to conform with current presentation. 3 Represents fee revenue from the sales of third-party insurance products; services provided by WBD; fees generated by our broker-dealer and registered investment advisor. Beginning in 1Q21, such amount includes fee revenue earned by DirectPath. (dollars in millions) All five metrics up year-over-year

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 6 Transformation driving record Life sales and improved productivity Maintain growth momentum Optimize distribution Expand reach • Life sales up record 34%, driven by D2C sales up 38% and exclusive field agent Life sales up 29% • Annuity collected premiums up 11% • Exclusive agent force stable • Cross-channel collaboration driving productivity • Registered Agent1 count up 6% • Approximately 50% of Life and Health NAP sold virtually • Steady growth in client assets in brokerage and advisory 1 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients.

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 7 Workplaces re-opening; momentum building Restore growth Evolve digital capabilities & tools Enhance portfolio • Continued sequential improvement in sales growth • Employer base stable • Steady premium collection • Solid veteran agent retention • Leveraging WBD technology to access new groups • Piloting online lead generation / B2B marketing • Combination of DirectPath and WBD offerings creates unique bundle; cross-sell pipeline growing • New monthly income protection group term life product available nationwide • Continued rollout of group critical illness product

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 8 Disciplined and opportunistic approach to maximize shareholder value Organic investments to sustain and grow the core businesses • Agent pilots, technology-driven customer experience enhancements • Hybrid distribution • Worksite B2B marketing, lead generation Return capital to shareholders • $100 million in share repurchases in 1Q21 • Continued capacity to repurchase shares Opportunistic transactions • Highly selective M&A • LTC reinsurance (2018), Web Benefits Design (2019), DirectPath (2021)

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 9 Significant progress • Performed GHG emissions inventory • Established GHG emissions reduction target • Earmarked $100 million for new impact investments • Advanced DE&I programs • Linked DE&I progress to executive compensation • Augmented associate benefits • Developed responsible investment policy • Enhanced policies that promote ethical and responsible business practices • Formed CNO Council on Sustainability

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 10 $0.59 Solid start to the year, emerging from pandemic Earnings ResultsFirst Quarter 2021 Net operating income1 $84.3 $75.2 Net income (loss) $(21.2) $147.4 Weighted average shares outstanding (in millions) 145.8 136.7 (dollars in millions, except where noted) Net operating earnings per share1 • Operating EPS1 of $0.55, down 5% from $0.58 in 1Q20 • $0.59 / up 2% excl. significant items • $0.13 / $22 million net favorable COVID impact • $0.08 lower variable net investment income • Operating ROE1, as adjusted, of 12.3%; 11.7% excl. significant items • $100 million in share repurchases • Weighted average share count reduced by 6% YoY • Consolidated RBC ratio of 407% • Holdco liquidity of $324 million • Statutory operating income estimated to be $40 million • Statutory capital and surplus of $1.8 billion 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Net income (loss) per share 1Q20 1Q21 Excluding significant items

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 11 $59.5 $72.3 $45.3 $52.0 $57.9 $44.3 $41.7 $47.3 $41.6 $27.1 $86.9 $95.5 $152.2 $125.2 $124.7 (dollars in millions) Ongoing favorable net COVID impact; stable underlying margins 2.47% 2.99% 1.86% 2.11% 2.33% Margin / average net insurance liabilities Margin / insurance policy income 20% 22% 36% 30% 30% ISL: Margin / average net insurance liabilities 0.67% 0.44% 0.30% 0.17% 0.80% ISL: Underwriting margin / insurance policy income 42% 42% 43% 36% 30% Trad: Margin / insurance policy income 17% 16% 18% 17% 8% Trad: Margin ex. Adv. Exp. / insurance policy income 30% 26% 27% 26% 21% Highlights1 • Total margin up $19 million, or 10% • Favorable COVID impact of $22 million • Annuity margin down $2 million, or 3% • Favorable COVID impact of $1 million • Health margin up $38 million, or 43% • Favorable COVID impact of $40 million from deferral of care • Medicare Supplement: $9 million • Supplemental health: $6 million • Long-term care: $25 million • Life margin down $17 million, or 39% • Unfavorable COVID mortality impact of $19 million • Underlying business performing as expected excluding COVID 1 Excludes $16.1 million favorable annuity unlocking/$4.3 million unfavorable life unlocking in 4Q20; $51.5 million favorable annuity unlocking/$5.6 million unfavorable life unlocking in 2Q20. See the Appendix for a reconciliation to the corresponding GAAP measure.

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 12 $- $100.0 $200.0 $300.0 $400.0 1Q 2020 1Q 2021 Includes $2.0M trading gains $- $100.0 $200.0 $300.0 $400.0 1Q 2020 1Q 2021 Annuity Health Life Not Allocated $- $100.0 $200.0 $300.0 $400.0 1Q 2020 1Q 2021 Annuity Health Life • Invested assets up 4% • New money rate of 3.57%; flat sequentially due to effects of up-in-quality actions and higher treasury rates • $1,139 million new money investments with average rating of A- and average duration of 15 years • 33 bps impact from 100 bps reduction in BBB allocation (dollars in millions) 1 Reflects sum of allocated and non-allocated investment income. Refer to pages 15-18 of the financial supplement for more information on the components of net investment income. Solid core investment results; up-in-quality $222.1 $223.0 $266.0 $279.5 $43.0 $57.4 • Average yield on allocated investments was 4.81% compared to 4.90% in 4Q20 • 160 bps increase in allocation to A-rated fixed income securities • Investment Income Not Allocated to Product Lines down $14.4 million YoY • Strong alternatives performance in 1Q21 • Prior period results included favorable trading gains, higher COLI mark-to-market, and elevated prepays Includes $17.3M trading gains

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 13 High quality, well-positioned $26 billion of Invested Assets Highlights (Fair Value as of 3/31/2021) General Approach • Positioned for stable performance across credit cycles • Focus on quality • Lower than average allocation to most higher risk categories • Low impairments through multiple cycles • • • ~$13.7 billion public corporate bonds • ~$5.7 billion structured securities • ~$2.9 billion municipal, political subdivisions, and U.S. and foreign government bonds • • 95% rated NAIC 1 / 2 • Diversified commercial and residential mortgages with low LTVs • Significant credit enhancement in structured products • Alternative investments emphasizing current cash flows and comparatively predictable results

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 14 Strong free cash flow generation and conversion (dollars in millions) 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. 2 Cash flows exclude capital contributions to insurance subsidiaries, acquisitions, dividend payments, stock repurchases, and financing transactions. Net Operating Income1 84.3$ 75.2$ 308.5$ 353.2$ Dividends from Subsidiaries 87.8$ 83.1$ 233.1$ 335.1$ Management Fees 29.8 31.7 116.1 113.6 Surplus Debenture Interest 12.1 12.0 59.4 57.2 Earnings on Corporate Investments 11.6 2.1 20.3 19.6 Other (22.9) 12.0 7.6 69.4 Holding Company Expenses and Other (39.3) (21.5) (89.2) (92.8) Tax Payments - (16.1) - (37.9) Interest Payments (0.2) (2.1) (47.5) (55.1) Net Proceeds from New Debt - 0.0 64.9 146.4 Share Repurchases (84.8) (97.8) (294.3) (277.8) Dividend Payments to Stockholders (16.2) (16.3) (66.8) (67.1) Acquisition 0.0 (51.1) (68.8) (51.1) Non-Cash Changes in Investment Balances 3.5 - 3.5 (3.5) Cash and Investments, Beginning of Period 186.7 388.1 229.8 168.1

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 15 1 The ratio of the combined capital of the insurance companies to the minimum amount of capital appropriate to support the overall business operations, as determined based on the methodology developed by the National Association of Insurance Commissioners. 2 Excluding accumulated other comprehensive income (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure.  Target leverage of 25.0 – 28.0%  Debt covenant ceiling of 35%  Debt capacity within limit of target leverage $163 million  Targeted consolidated RBC ratio of 375-400%  Excess due to intentional conservative positioning  RBC variability can be expected in periods of market volatility  Minimum targeted holding company liquidity of $150 million  Liquidity bolstered by $250 million undrawn revolver  No outstanding debt maturities until 2025 Conservative approach to capital structure; strong liquidity (dollars in millions) 408% 411% 407% 2019 2020 1Q 2021 23.0% 25.6% 25.4% 2019 2020 1Q 2021 $186.7 $388.1 $324.1 2019 2020 1Q 2021

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 16 1 Assumes approximately 360k U.S. COVID deaths in 2021 with pandemic trailing off through 2021; economic growth and investment portfolio assumptions market consistent and in-line with base case assumptions from rating agencies. 2 Assumes approximately 480k U.S. COVID deaths in 2021; continued new cases, hospitalizations and deaths; lower level of positive morbidity impact; lower GDP and higher unemployment relative to baseline scenario; negative alternative asset returns in 2021 and higher portfolio credit migration.  Continued positive momentum; sales metrics approaching or exceeding pre-pandemic levels  Maintain target RBC and holding company liquidity / leverage / dividends  Modest share repurchase capacity  Manage capital and liquidity closer to target levels, reducing excess capital gradually over time  COVID-related (still much uncertainty) • Modest net favorable mortality/morbidity impact for the balance of 2021 • Modest net unfavorable mortality/morbidity impact in the first half of 2022  Investment income • Allocated to products: flat to prior year – higher assets offset by lower yield (lower rates, higher quality) • Not allocated to products: return on alternatives to revert to the mean  Fee income • Modestly favorable to prior year  Expenses (excluding significant items) • For the balance of the year, generally consistent with the first quarter of 2021 • Total expenses for the year roughly flat to prior year

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 17 • Reinsured life block (2009) • Recapitalized company (2012) • Initiated dividend (2012) • Sold Legacy Life Insurance Block (2014) • Migrated ratings upwards–within non-investment grade ratings classes • Completed Senior Leadership additions • Reinsured LTC block • Achieved investment grade credit ratings • Up-in-quality portfolio repositioning • Sustainable momentum in recruiting and sales • Benefiting from diverse business model and strong retention • Balancing capital return with investments in growth • Conservative capital structure • Up-in-quality investment positioning • Successfully pivoting to new sales approaches • Accelerating integration of D2C and exclusive agents • Expanding D2C offerings • Reimagining future workplace • Optimize customer-centric business alignment • Expand omnichannel delivery model • Extract potential from Worksite business • Enhance growth, margin and ROE profile • Maximize distributable cash flow • Accelerate pace of capital deployment • Leverage technology Pivoting to post COVID strategic priorities

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 18 Well-positioned in underserved senior middle-income market Highly differentiated business model Favorable demographic tailwinds Sustainable growth initiatives in place Strong balance sheet; robust free cash flow generation

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 19

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 20 • Broker-Dealer/Registered Investment Advisor Slide 21 • Exclusive Agent Counts Slide 22 • New Money Rate Walk Slide 23 • New Money Summary Slide 24 • Investment Overview Slides 25-27 • Long-Term Care Insurance Slide 28 • Tax Asset Summary Slide 29

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 21 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Prior periods have been restated to conform with current presentation. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 111 East Wacker Drive, Suite 1900, Chicago, IL 60601 (dollars in millions) Account values up YoY; $2.4 billion in client assets Brokerage 15.3$ (26.7)$ (31.5)$ 3.0$ (12.4)$ Advisory 65.7 38.6 23.5 43.9 74.2 Total 81.0$ 11.9$ (8.0)$ 46.9$ 61.8$ Brokerage 1,243.4$ 1,355.2$ 1,384.4$ 1,520.9$ 1,560.3$ Advisory 525.5 626.2 682.8 790.7 884.3 Total 1,768.9$ 1,981.4$ 2,067.2$ 2,311.6$ 2,444.6$

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 22 Producing Field Agents 1,3 4,531 4,066 4,448 4,539 4,389 -3% Producing Tele-Sales Agents 1,3 238 237 239 257 258 8% Total Producing Agents 1,3 4,769 4,303 4,687 4,796 4,647 -3% Registered Agents 2,3 609 603 618 641 646 6% Producing Field Agents 1,3 421 225 242 255 241 -43% 1 Producing agents are exclusive agents that have submitted at least one policy in the month. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients. 3 Agent and representative counts represent the average of the last 3 months. Producing agent count down; overall agent retention flat; registered agent growth

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 23 Flat sequentially; higher rates offset by tighter spreads, up-in-quality actions

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 24 IG Corporates 73% Structured Securities 13% Municipals 7% HY Corporates 5% CML 2% Direct investment 0.3% Emphasis on up-in-quality investments during first quarter 95% Investment Grade Allocation First Quarter Investments Allocation $ Allocation% Yield Average Rating Average Duration IG Corporates 829 72.7% 3.49% A 17.6 Structured Securities 142 12.5% 3.74% BBB+ 6.5 Municipals 80 7.1% 3.26% AA 15.5 HY Corporates 59 5.2% 4.69% BB- 5.1 CML 25 2.2% 2.75% AA 7.0 Direct investment 3 0.3% 11.18% NR - Total 1,139 100% 3.57% A- 15.2

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 25 AAA 11.6%AA+ 3.7% AA 50.1% A 30.2% A- 2.2% Key Portfolio Metrics Cumulative loss scenarios versus Break Points 100% AAA-A Ratings Composition Portfolio Portfolio Index AAA 11.6% - - AA 53.8% - - A 34.6% - - BBB - N/A 5.0% BB - N/A 3.0% % of Rating Downgrade Watch 11.7% 11.3% 10.9% 13.7% 13.5% 14.1%14.1% 15.1% 13.1% 33.7% 26.4% 21.9% AAA AA A Base Case NAIC Stress GFC Break Point AAA AA A Credit Support Portfolio 38% 25% 17% Market 37% 25% 19% WARF Portfolio 3,031 3,092 3,067 Market 3,062 3,071 3,106 Diversity Score Portfolio 81 82 82 Market 78 76 76 WAPx Portfolio 97.3 97.5 98.0 Market 97.5 97.5 97.3 (As of 3/31/2021) Significant cushion against stress scenarios

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 26 Eas t 25.6% South 34.5% Centra l 13.7% Mounta in 8.2% Pacific 17.9% CM1 78.3% CM2 21.7% Apartment 29.0% Industrial 20.0% Offi ce Building 18.5% Other commercial 12.0% Reta il 20.5% Key Portfolio Facts Portfolio Geography Underlying Property Type Ratings Composition $1.2 billion of net invested assets 100% First Mortgage 100% Rated CM1-2 49% Weighted Avg LTV¹ 2.06x Weighted DSCR¹ 1 LTV and DSCR as of year 2020 operating statements (As of 3/31/2021) Very conservatively underwritten; loss resistant, no delinquencies or forbearances

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 27 Conduit 50.9% Agency MF 15.6% SASB 33.5% Hotels 9.3% Retail 13.7% Office 30.0% Multi family 24.5% Industrial 11.1% Mixed Use 11.4% Key Portfolio Facts Underlying Property Type SASB versus Conduit $2.0 billion of net invested assets 78.0% Rated AAA-A 66% Weighted Avg LTV¹ 2.15x Weighted DSCR¹ Zero forbearance or delinquencies in SASB portfolio Rating Book Value Market Value Market/ Book Credit Support Delinq. Rate Hotel% Retail% AAA 548 576 105% 37.9% 6.7% 12.6% 19.4% AA 273 290 106% 28.1% 6.3% 9.7% 22.7% A 749 778 104% 24.5% 3.6% 10.7% 10.1% BBB 358 380 106% 18.0% 1.7% 3.5% 6.0% BB 96 97 101% 5.5% 1.3% 1.4% 11.7% 2,024 2,122 105% 26.6% 4.3% 9.3% 13.7% DSCR 2.82 LTV 78% Hotel % 7.1% Retail % 4.9% SASB (As of 3/31/2021; dollars in millions) Excess credit support beyond market consistent expectations for collateral losses 1 LTV based on appraisal at loan origination, DSCR as of year 2020 operating statements

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 28  – 98% of new sales for policies with 2 years or less in benefits – Average benefit period of 11 months – New business 25% reinsured since 2008  – No morbidity improvement – No mortality improvement – Minimal future rate increases – New money rates reflect a low for long environment  – 2020 Loss Recognition Testing margin increased to $302 million or ~12% of Net GAAP Liabilities driven by margin from new business and favorable pre-COVID morbidity trends – Statutory reserves ~$180 million higher than GAAP net liabilities – Total LTC is just 13% of overall CNO reserves – Potential adverse impact from severe stress scenarios is significantly reduced Highly differentiated in-force block; prudently managed

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 29 Non-life NOLs $322 DTAs related to tax strategy $119 Value of NOLs and deferred tax assets (DTAs) related to tax strategy Details • Total estimated economic value of NOLs and DTAs related to tax strategy of approximately $366 million @ 10% discount rate ($2.72 on per share basis). • Life NOLs have been fully utilized. Non- life NOLs are expected to offset 100% of non-life taxable income and 35% of life taxable income through 2023. $441 (As of 3/31/2021; dollars in millions) $441 million/$3.23 per diluted share value of NOLs and DTAs related to tax strategy

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 30 • Non-GAAP Financial Measures Slides 31-47

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 31 The table below summarizes the financial impact of significant items on our 1Q21 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. (dollars in millions, except per-share amounts) (1) Comprised of: (i) $5.3 million from legal and regulatory matters; and (ii) $2.5 million of transaction expenses related to the previously announced acquisition of DirectPath, LLC. The legal and regulatory matters primarily consist of an increase to our liability for claims and interest pursuant to the Global Resolution Agreement, as we have now processed and verified most of the claims provided by the third party auditor allowing us to more accurately estimate the ultimate liability. (2) A non-GAAP measure. See pages 36 and 38 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 57.9$ -$ 57.9$ Health 124.7 - 124.7 Life 27.1 - 27.1 Total insurance product margin 209.7 - 209.7 Allocated expenses (141.1) - (141.1) Income from insurance products 68.6 - 68.6 Fee income 7.3 - 7.3 Investment income not allocated to product lines 43.0 - 43.0 Expenses not allocated to product lines (22.0) 7.8 (1) (14.2) Operating earnings before taxes 96.9 7.8 104.7 Income tax expense on operating income (21.7) (1.7) (23.4) Net operating income (2) 75.2$ 6.1$ 81.3 Net operating income per diluted share (2) 0.55$ 0.04$ 0.59$ Three months ended March 31, 2021 Actual results Significant items Excluding significant items

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 32 The table below summarizes the financial impact of significant items on our 4Q20 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. (dollars in millions, except per-share amounts) (1) Adjustments arising from our comprehensive annual actuarial review of assumptions. (2) Unfavorable impact related to asset impairments. (3) A non-GAAP measure. See pages 36 and 38 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 68.1$ (16.1)$ (1) 52.0$ Health 125.2 - 125.2 Life 37.3 4.3 (1) 41.6 Total insurance product margin 230.6 (11.8) 218.8 Allocated expenses (162.7) - (162.7) Income from insurance products 67.9 (11.8) 56.1 Fee income 2.9 - 2.9 Investment income not allocated to product lines 57.8 - 57.8 Expenses not allocated to product lines (17.8) 3.7 (2) (14.1) Operating earnings before taxes 110.8 (8.1) 102.7 Income tax expense on operating income (24.8) 1.7 (23.1) Net operating income (3) 86.0$ (6.4)$ 79.6$ Net operating income per diluted share (3) 0.61$ (0.04)$ 0.57$ Three months ended December 31, 2020 Actual results Significant items Excluding significant items

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 33 The table below summarizes the financial impact of significant items on our 2Q20 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. (dollars in millions, except per-share amounts) Insurance product margin Annuity 123.8$ 40.0$ (1) 72.3$ (91.5) (1) Health 95.5 - 95.5 Life 36.1 5.6 (1) 41.7 Total insurance product margin 255.4 (45.9) 209.5 Allocated expenses (128.1) - (128.1) Income from insurance products 127.3 (45.9) 81.4 Fee income 5.2 - 5.2 Investment income not allocated to product lines 8.2 - 8.2 Expenses not allocated to product lines (38.5) 23.5 (2) (15.0) Operating earnings before taxes 102.2 (22.4) 79.8 Income tax expense on operating income (22.8) 4.7 (18.1) Net operating income (3) 79.4$ (17.7)$ 61.7$ Net operating income per diluted share (3) $0.55 (0.12)$ 0.43$ Three months ended June 30, 2020 Actual results Significant items Excluding significant items The footnotes to the above table are on the following page.

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 34 (Continued from the previous page) (1) Given our expectation that interest rates will remain low for the long-term, we performed an actuarial unlocking exercise in the second quarter of 2020 to reflect our assumption that average new money rates will remain flat at 4 percent forever. This change and the related impacts to persistency assumptions had a $45.6 million unfavorable impact on pre-tax earnings. As part of the actuarial unlocking exercise, we also changed our assumptions related to the future option costs we incur in providing benefits on fixed index annuities which had a favorable impact on pre-tax earnings of $91.5 million. The impact of these changes in assumptions is summarized below (dollars in millions): This actuarial unlocking exercise did not replace our comprehensive annual review of all assumptions for our insurance products, which we completed in the fourth quarter of 2020. (2) We increased our liability for claims and interest pursuant to the previously disclosed Global Resolution Agreement entered into in November 2018. Pursuant to this agreement, a third-party auditor is acting on behalf of 41 states and the District of Columbia for the purpose of identifying deceased insureds and contract holders where benefits are payable pursuant to unclaimed property laws. The third-party auditor has provided information that we have processed and verified allowing us to more accurately estimate the ultimate liability pursuant to this agreement. (3) A non-GAAP measure. See pages 36 and 38 for a reconciliation to the corresponding GAAP measure. Line of business Fixed index annuities Fixed interest annuities Interest- sensitive life Total Favorable (unfavorable) Impacts of an average new money rate assumption of 4 percent Insurance policy benefits $ (5.0) $ — $ (7.4) $ (12.4) Amortization (25.6) (9.4) 1.8 (33.2) Subtotal (30.6) (9.4) (5.6) (45.6) Impacts of changes in future option costs Insurance policy benefits 104.8 — — 104.8 Amortization (13.3) — — (13.3) Subtotal 91.5 — — 91.5 Impact on pre-tax income $ 60.9 $ (9.4) $ (5.6) $ 45.9

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 35 The table below summarizes the financial impact of significant items on our 4Q19 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. (dollars in millions, except per-share amounts) (1) Adjustments arising from our comprehensive annual actuarial review of assumptions. (2) $20.0 million of the net favorable impact from legal and regulatory matters. (3) A non-GAAP measure. See pages 36 and 38 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 60.5$ 0.3$ (1) 60.8$ Health 93.0 - 93.0 Life 46.7 9.7 (1) 56.4 Total insurance product margin 200.2 10.0 210.2 Allocated expenses (140.6) - (140.6) Income from insurance products 59.6 10.0 69.6 Fee income 11.7 - 11.7 Investment income not allocated to product lines 26.2 - 26.2 Expenses not allocated to product lines 2.8 (20.0) (2) (17.2) Operating earnings before taxes 100.3 (10.0) 90.3 Income tax expense on operating income (21.7) 2.1 (19.6) Net operating income (3) 78.6$ (7.9)$ 70.7$ Net operating income per diluted share (3) 0.52$ (0.05)$ 0.47$ Three months ended December 31, 2019 Actual results Significant items Excluding significant items

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 36 (dollars in millions) * Management believes that an analysis of Net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of related amortization and taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, net of related amortization and taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) loss on extinguishment of debt, net of taxes; (vi) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items consisting primarily of earnings attributable to variable interest entities, net of taxes ("Net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of Net operating income to Net income applicable to common stock is provided in the above table. 1Q20 2Q20 3Q20 4Q20 1Q21 Insurance product margin Annuity 59.5$ 123.8$ 45.3$ 68.1$ 57.9$ Health 86.9 95.5 152.2 125.2 124.7 Life 44.3 36.1 47.3 37.3 27.1 Total insurance product margin 190.7 255.4 244.8 230.6 209.7 Allocated expenses (136.6) (128.1) (130.3) (162.7) (141.1) Income from insurance products 54.1 127.3 114.5 67.9 68.6 Fee income 7.8 5.2 0.8 2.9 7.3 Investment income not allocated to product lines 57.4 8.2 43.7 57.8 43.0 Expenses not allocated to product lines (13.8) (38.5) (13.7) (17.8) (22.0) Operating earnings before taxes 105.5 102.2 145.3 110.8 96.9 Income tax expense on operating income (21.2) (22.8) (32.7) (24.8) (21.7) Net operating income* 84.3 79.4 112.6 86.0 75.2 Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (net of related amortization) (63.7) 12.3 7.7 12.6 3.6 Net change in market value of investments recognized in earnings (48.4) 31.2 8.5 6.0 (6.4) Fair value changes in embedded derivative liabilities (net of related amortization) (66.7) (27.1) (1.6) 16.3 82.1 Fair value changes related to agent deferred compensation plan - (13.2) - (3.1) 13.2 Other 2.3 - 6.5 0.9 0.6 Non-operating income (loss) before taxes (176.5) 3.2 21.1 32.7 93.1 Income tax expense (benefit): On non-operating income (loss) (37.0) 0.6 4.5 6.9 20.9 Valuation allowance for deferred tax assets and other tax items (34.0) - - - - Net non-operating income (loss) (105.5) 2.6 16.6 25.8 72.2 Net income (loss) (21.2)$ 82.0$ 129.2$ 111.8$ 147.4$

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 37 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 investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, 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 the valuation allowance for deferred tax assets and other tax items and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non- GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals.

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 38 A reconciliation of net income (loss) applicable to common stock to net operating income (and related per-share amounts) is as follows: (dollars in millions, except per-share amounts) 1Q20 2Q20 3Q20 4Q20 1Q21 (21.2)$ 82.0$ 129.2$ 111.8$ 147.4$ Non-operating items: Net realized investment (gains) losses from sales and impairments, net of related amortization 63.7 (12.3) (7.7) (12.6) (3.6) Net change in market value of investments recognized in earnings 48.4 (31.2) (8.5) (6.0) 6.4 Fair value changes in embedded derivative liabilities, net of related amortization 66.7 27.1 1.6 (16.3) (82.1) Fair value changes related to the agent deferred compensation plan - 13.2 - 3.1 (13.2) Other (2.3) - (6.5) (0.9) (0.6) Non-operating (income) loss before taxes 176.5 (3.2) (21.1) (32.7) (93.1) Income tax (expense) benefit On non-operating (income) loss 37.0 (0.6) (4.5) (6.9) (20.9) Valuation allowance for deferred tax assets and other tax items 34.0 - - - - Net non-operating (income) loss 105.5 (2.6) (16.6) (25.8) (72.2) 84.3$ 79.4$ 112.6$ 86.0$ 75.2$ (0.15)$ 0.57$ 0.91$ 0.80$ 1.08$ Net realized investment (gains) losses from sales and impairments (net of related amortization and taxes) 0.35 (0.07) (0.04) (0.07) (0.02) Net change in market value of investments recognized in earnings (net of taxes) 0.26 (0.17) (0.05) (0.04) 0.04 Fair value changes in embedded derivative liabilities (net of related amortization and taxes) 0.36 0.15 0.01 (0.09) (0.47) Fair value changes related to the agent deferred compensation plan (net of taxes) - 0.07 - 0.02 (0.08) Valuation allowance for deferred tax assets and other tax items (0.23) - - - - Other (0.01) - (0.04) (0.01) - 0.58$ 0.55$ 0.79$ 0.61$ 0.55$

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 39 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) (a) Equivalent common shares of 768 were not included in the diluted weighted average shares outstanding due to the net less recognized in 1Q20. 1Q20 (a) 2Q20 3Q20 4Q20 1Q21 Operating income 84.3$ 79.4$ 112.6$ 86.0$ 75.2$ Weighted average shares outstanding for basic earnings per share 145,829 143,422 140,900 138,232 134,140 Effect of dilutive securities on weighted average shares: Stock options, restricted stock and performance units - 519 830 2,155 2,513 Weighted average shares outstanding for diluted earnings per share 145,829 143,941 141,730 140,387 136,653 Net operating income per diluted share 0.58$ 0.55$ 0.79$ 0.61$ 0.55$

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 40 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options 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 (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. 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) 1Q20 2Q20 3Q20 4Q20 1Q21 Total shareholders' equity 3,765.8$ 4,731.2$ 5,083.9$ 5,484.2$ 4,860.7$ Shares outstanding for the period 143,610,046 141,718,570 138,931,352 135,279,119 132,268,255 Book value per share 26.22$ 33.38$ 36.59$ 40.54$ 36.75$ Total shareholders' equity 3,765.8$ 4,731.2$ 5,083.9$ 5,484.2$ 4,860.7$ Less accumulated other comprehensive income (595.2) (1,520.2) (1,801.6) (2,186.1) (1,518.1) Adjusted shareholders' equity excluding AOCI 3,170.6$ 3,211.0$ 3,282.3$ 3,298.1$ 3,342.6$ Shares outstanding for the period 143,610,046 141,718,570 138,931,352 135,279,119 132,268,255 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 326,110 691,574 1,040,861 2,438,176 2,356,263 Diluted shares outstanding 143,936,156 142,410,144 139,972,213 137,717,295 134,624,518 Book value per diluted share (a non-GAAP measure) 22.03$ 22.55$ 23.45$ 23.95$ 24.83$

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 41 Operating return measures Management believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales, impairments and change in allowance for credit losses, net change in market value of investments recognized in earnings, 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 the valuation allowance for deferred tax assets and other tax items, loss on extinguishment of debt and other non-operating items consisting primarily of earnings attributable to variable interest entities (“net operating income,” a non-GAAP financial measure) is important to evaluate the financial performance of the Company and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the Company’s underlying fundamentals. 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 | First Quarter 2021 Earnings | April 28, 2021 42 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 item, 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) (Continued on next page) 1Q20 2Q20 3Q20 4Q20 1Q21 Operating income 308.5$ 311.5$ 354.9$ 362.3$ 353.2$ Operating income, excluding significant items 300.6$ 285.9$ 329.3$ 338.2$ 335.2$ Net income 336.4$ 380.8$ 468.0$ 301.8$ 470.4$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,713.0$ 2,722.9$ 2,760.6$ 2,812.4$ 2,876.5$ Average common shareholders' equity 4,321.1$ 4,372.0$ 4,498.2$ 4,665.4$ 4,903.1$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.4% 11.4% 12.9% 12.9% 12.3% Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.1% 10.5% 11.9% 12.0% 11.7% Return on equity 7.8% 8.7% 10.4% 6.5% 9.6% Trailing Twelve Months Ended

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 43 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): (dollars in millions) Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income (loss) Net income (loss) - trailing four quarters 2Q19 76.4$ -$ 76.4$ 304.6$ 37.6$ (412.1)$ 3Q19 69.2 - 69.2 286.3 42.0 159.7 4Q19 78.6 (7.9) 70.7 282.1 278.0 409.4 1Q20 84.3 - 84.3 300.6 (21.2) 336.4 2Q20 79.4 (17.7) 61.7 285.9 82.0 380.8 3Q20 112.6 - 112.6 329.3 129.2 468.0 4Q20 86.0 (6.4) 79.6 338.2 111.8 301.8 1Q21 75.2 6.1 81.3 335.2 147.4 470.4 (a) The significant items have been discussed in prior press releases. (Continued on next page)

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 44 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 item, 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) (Continued on next page) 1Q20 2Q20 3Q20 4Q20 1Q21 Pretax operating earnings (a non-GAAP financial measure) 390.4$ 395.9$ 453.3$ 463.8$ 455.2$ Income tax expense (81.9) (84.4) (98.4) (101.5) (102.0) Operating return 308.5 311.5 354.9 362.3 353.2 Non-operating items: Net realized investment gains (losses) from sales and impairments, net of related amortization (60.9) (46.9) (36.6) (31.1) 36.2 Net change in market value of investments recognized in earnings (39.5) (15.1) (11.3) (2.7) 39.3 Fair value changes in embedded derivative liabilities, net of related amortization (118.5) (109.7) (82.0) (79.1) 69.7 Fair value changes and amendment related to the agent deferred compensation plan (15.1) (16.7) (10.7) (16.3) (3.1) Loss on extinguishment of debt (7.3) - - - - Other (11.5) (12.2) (4.5) 9.7 8.0 Non-operating loss before taxes (252.8) (200.6) (145.1) (119.5) 150.1 Income tax benefit: On non-operating loss (53.0) (42.2) (30.5) (25.0) 32.9 Valuation allowance for deferred tax assets and other tax items (227.7) (227.7) (227.7) (34.0) - Net non-operating income (loss) 27.9 69.3 113.1 (60.5) 117.2 Net income 336.4$ 380.8$ 468.0$ 301.8$ 470.4$ Twelve Months Ended

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 45 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) 1Q18 2Q18 3Q18 4Q18 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,318.7$ 3,366.0$ 2,705.8$ 2,687.3$ Net operating loss carryforwards 404.2 388.7 510.6 505.9 Accumulated other comprehensive income 894.3 700.2 403.5 177.7 Common shareholders' equity 4,617.2$ 4,454.9$ 3,619.9$ 3,370.9$ 1Q19 2Q19 3Q19 4Q19 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,703.4$ 2,702.9$ 2,685.0$ 2,761.9$ Net operating loss carryforwards 479.6 451.1 425.4 542.6 Accumulated other comprehensive income 654.9 1,098.2 1,442.9 1,372.5 Common shareholders' equity 3,837.9$ 4,252.2$ 4,553.3$ 4,677.0$ 1Q20 2Q20 3Q20 4Q20 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,701.2$ 2,784.2$ 2,905.1$ 2,956.2$ Net operating loss carryforwards 469.4 426.8 377.2 341.9 Accumulated other comprehensive income 595.2 1,520.2 1,801.6 2,186.1 Common shareholders' equity 3,765.8$ 4,731.2$ 5,083.9$ 5,484.2$ 1Q21 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,019.5$ Net operating loss carryforwards 323.1 Accumulated other comprehensive income 1,518.1 Common shareholders' equity 4,860.7$

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 46 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) 1Q20 2Q20 3Q20 4Q20 1Q21 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 2,713.0$ 2,722.9$ 2,760.6$ 2,812.4$ 2,876.5$ Net operating loss carryforwards 473.4 469.1 460.0 428.9 385.5 Accumulated other comprehensive income 1,134.7 1,180.0 1,277.6 1,424.1 1,641.1 Common shareholders' equity 4,321.1$ 4,372.0$ 4,498.2$ 4,665.4$ 4,903.1$ Trailing Four Quarter Average

CNO Financial Group | First Quarter 2021 Earnings | April 28, 2021 47 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: (dollars in millions) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Corporate notes payable 989.1$ 989.4$ 989.7$ 990.1$ 1,136.2$ 1,136.6$ Total shareholders' equity 4,677.0 3,765.8 4,731.2 5,083.9 5,484.2 4,860.7 Total capital 5,666.1$ 4,755.2$ 5,720.9$ 6,074.0$ 6,620.4$ 5,997.3$ Corporate debt to capital 17.5% 20.8% 17.3% 16.3% 17.2% 19.0% Corporate notes payable 989.1$ 989.4$ 989.7$ 990.1$ 1,136.2$ 1,136.6$ Total shareholders' equity 4,677.0 3,765.8 4,731.2 5,083.9 5,484.2 4,860.7 Less accumulated other comprehensive income (1,372.5) (595.2) (1,520.2) (1,801.6) (2,186.1) (1,518.1) Total capital 4,293.6$ 4,160.0$ 4,200.7$ 4,272.4$ 4,434.3$ 4,479.2$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 23.0% 23.8% 23.6% 23.2% 25.6% 25.4%

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Cover Page	Apr. 28, 2021
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 28, 2021
Entity Registrant Name	CNO Financial Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-31792
Entity Tax Identification Number	75-3108137
Entity Address, Address Line One	11825 North Pennsylvania Street
Entity Address, City or Town	Carmel
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46032
City Area Code	317
Local Phone Number	817-6100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001224608
Amendment Flag	false
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CNO
Security Exchange Name	NYSE
Rights to purchase Series E Junior Participating Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Rights to purchase Series E Junior Participating Preferred Stock
No Trading Symbol Flag	true
Security Exchange Name	NYSE
5.125% Subordinated Debentures due 2060
Document Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due 2060
Trading Symbol	CNOpA
Security Exchange Name	NYSE