0001224608 12/31 2023 Q3 false true 225 274 0001224608 2023-01-01 2023-09-30 0001224608 us-gaap:CommonStockMember 2023-01-01 2023-09-30 0001224608 cno:RightsToPurchaseSeriesEJuniorParticipatingPreferredStockMember 2023-01-01 2023-09-30 0001224608 cno:A5125SubordinatedDebenturesDue2060Member 2023-01-01 2023-09-30 0001224608 2023-10-25 xbrli:shares 0001224608 2023-09-30 iso4217:USD 0001224608 2022-12-31 iso4217:USD xbrli:shares 0001224608 2023-07-01 2023-09-30 0001224608 2022-07-01 2022-09-30 0001224608 2022-01-01 2022-09-30 0001224608 us-gaap:CommonStockMember 2022-06-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001224608 us-gaap:RetainedEarningsMember 2022-06-30 0001224608 2022-06-30 0001224608 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0001224608 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001224608 us-gaap:CommonStockMember 2022-09-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0001224608 us-gaap:RetainedEarningsMember 2022-09-30 0001224608 2022-09-30 0001224608 us-gaap:CommonStockMember 2023-06-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0001224608 us-gaap:RetainedEarningsMember 2023-06-30 0001224608 2023-06-30 0001224608 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-01 2023-09-30 0001224608 us-gaap:CommonStockMember 2023-07-01 2023-09-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0001224608 us-gaap:CommonStockMember 2023-09-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0001224608 us-gaap:RetainedEarningsMember 2023-09-30 0001224608 us-gaap:CommonStockMember 2021-12-31 0001224608 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001224608 us-gaap:RetainedEarningsMember 2021-12-31 0001224608 2021-12-31 0001224608 us-gaap:RetainedEarningsMember 2022-01-01 2022-09-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-09-30 0001224608 us-gaap:CommonStockMember 2022-01-01 2022-09-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-09-30 0001224608 us-gaap:CommonStockMember 2022-12-31 0001224608 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001224608 us-gaap:RetainedEarningsMember 2022-12-31 0001224608 us-gaap:RetainedEarningsMember 2023-01-01 2023-09-30 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-09-30 0001224608 us-gaap:CommonStockMember 2023-01-01 2023-09-30 0001224608 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-09-30 0001224608 cno:FixedIndexedAnnuityMember 2023-09-30 0001224608 cno:FixedIndexedAnnuityMember 2022-12-31 0001224608 srt:ScenarioPreviouslyReportedMember 2020-12-31 0001224608 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2021-01-01 0001224608 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember 2021-01-01 0001224608 srt:ScenarioPreviouslyReportedMember 2022-12-31 0001224608 srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2022-12-31 0001224608 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember 2022-12-31 0001224608 srt:ScenarioPreviouslyReportedMember 2022-07-01 2022-09-30 0001224608 srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2022-07-01 2022-09-30 0001224608 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember 2022-07-01 2022-09-30 0001224608 srt:ScenarioPreviouslyReportedMember 2022-01-01 2022-09-30 0001224608 srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2022-01-01 2022-09-30 0001224608 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember 2022-01-01 2022-09-30 0001224608 srt:ScenarioPreviouslyReportedMember 2022-09-30 0001224608 srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2022-09-30 0001224608 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember 2022-09-30 0001224608 srt:ScenarioPreviouslyReportedMember 2021-01-01 0001224608 srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2021-01-01 0001224608 2021-01-01 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:ScenarioPreviouslyReportedMember 2021-01-01 0001224608 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2021-01-01 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2021-01-01 0001224608 us-gaap:RetainedEarningsMember srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2021-01-01 0001224608 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 0001224608 us-gaap:RetainedEarningsMember 2021-01-01 0001224608 us-gaap:CorporateDebtSecuritiesMember 2023-09-30 0001224608 us-gaap:USTreasuryAndGovernmentMember 2023-09-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2023-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember 2023-09-30 0001224608 us-gaap:FixedMaturitiesMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2022-12-31 0001224608 us-gaap:USTreasuryAndGovernmentMember 2022-12-31 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-12-31 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2022-12-31 0001224608 us-gaap:CollateralizedDebtObligationsMember 2022-12-31 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember 2022-12-31 0001224608 us-gaap:FixedMaturitiesMember 2022-12-31 0001224608 us-gaap:ForeignGovernmentDebtMember 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember 2023-06-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-06-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2023-06-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2023-06-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2023-07-01 2023-09-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-07-01 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2023-07-01 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2023-07-01 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-01-01 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2022-06-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-06-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2022-06-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2022-06-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2022-07-01 2022-09-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-07-01 2022-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2022-07-01 2022-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2022-07-01 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2022-09-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2022-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2021-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember 2021-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember 2022-01-01 2022-09-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-01-01 2022-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember 2022-01-01 2022-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember 2022-01-01 2022-09-30 0001224608 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:CommercialPortfolioSegmentMember cno:CommercialMortgageMember 2023-09-30 0001224608 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:CommercialPortfolioSegmentMember cno:CommercialMortgageMember 2023-09-30 0001224608 us-gaap:CommercialPortfolioSegmentMember 2023-01-01 2023-09-30 cno:mortgage_loan 0001224608 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:ResidentialMortgageMember 2023-09-30 0001224608 us-gaap:ResidentialMortgageMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-09-30 0001224608 us-gaap:FinancialAssetPastDueMember us-gaap:ResidentialPortfolioSegmentMember 2023-01-01 2023-09-30 cno:loan 0001224608 us-gaap:FinancialAssetPastDueMember us-gaap:ResidentialPortfolioSegmentMember 2023-09-30 0001224608 cno:ForeclosureMember us-gaap:FinancialAssetPastDueMember us-gaap:ResidentialPortfolioSegmentMember 2023-01-01 2023-09-30 0001224608 cno:ForeclosureMember us-gaap:FinancialAssetPastDueMember us-gaap:ResidentialPortfolioSegmentMember 2023-09-30 0001224608 srt:MaximumMember cno:DebtToValueRatioLessThan60PercentMember 2023-09-30 xbrli:pure 0001224608 us-gaap:CommercialPortfolioSegmentMember cno:DebtToValueRatioLessThan60PercentMember 2023-09-30 0001224608 cno:DebtToValueRatio60ToLessThan70PercentMember srt:MinimumMember 2023-09-30 0001224608 cno:DebtToValueRatio60ToLessThan70PercentMember srt:MaximumMember 2023-09-30 0001224608 cno:DebtToValueRatio60ToLessThan70PercentMember us-gaap:CommercialPortfolioSegmentMember 2023-09-30 0001224608 cno:DebtToValueRatio70ToLessThan80PercentMember srt:MinimumMember 2023-09-30 0001224608 cno:DebtToValueRatio70ToLessThan80PercentMember srt:MaximumMember 2023-09-30 0001224608 cno:DebtToValueRatio70ToLessThan80PercentMember us-gaap:CommercialPortfolioSegmentMember 2023-09-30 0001224608 cno:DebtToValueRatio80ToLessThan90PercentMember srt:MinimumMember 2023-09-30 0001224608 cno:DebtToValueRatio80ToLessThan90PercentMember srt:MaximumMember 2023-09-30 0001224608 cno:DebtToValueRatio80ToLessThan90PercentMember us-gaap:CommercialPortfolioSegmentMember 2023-09-30 0001224608 srt:MinimumMember cno:DebtToValueRatioGreaterThan90PercentMember 2023-09-30 0001224608 cno:DebtToValueRatio90PercentOrGreaterMember us-gaap:CommercialPortfolioSegmentMember 2023-09-30 0001224608 us-gaap:CommercialPortfolioSegmentMember 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember 2023-07-01 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember 2022-07-01 2022-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember 2023-01-01 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember 2022-01-01 2022-09-30 0001224608 cno:MarketableSecuritiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:EquitySecuritiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2023-01-01 2023-09-30 0001224608 cno:ReinsuranceContractMember cno:CoinsuranceMember 2023-01-01 2023-09-30 0001224608 cno:MarketableSecuritiesMember 2022-01-01 2022-09-30 0001224608 us-gaap:EquitySecuritiesMember 2022-01-01 2022-09-30 0001224608 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2022-01-01 2022-09-30 0001224608 cno:ReinsuranceContractMember cno:CoinsuranceMember 2022-01-01 2022-09-30 cno:investment 0001224608 us-gaap:CorporateDebtSecuritiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:OtherInvestmentsMember 2023-01-01 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember 2022-01-01 2022-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2022-01-01 2022-09-30 0001224608 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-01-01 2022-09-30 0001224608 us-gaap:OtherInvestmentsMember 2022-01-01 2022-09-30 0001224608 cno:SupplementalHealthMember 2022-12-31 0001224608 cno:MedicareSupplementMember 2022-12-31 0001224608 cno:LongTermCareMember 2022-12-31 0001224608 cno:TraditionalLifeMember 2022-12-31 0001224608 cno:OtherAnnuitiesMember 2022-12-31 0001224608 cno:SupplementalHealthMember 2023-01-01 2023-09-30 0001224608 cno:MedicareSupplementMember 2023-01-01 2023-09-30 0001224608 cno:LongTermCareMember 2023-01-01 2023-09-30 0001224608 cno:TraditionalLifeMember 2023-01-01 2023-09-30 0001224608 cno:OtherAnnuitiesMember 2023-01-01 2023-09-30 0001224608 cno:SupplementalHealthMember 2023-09-30 0001224608 cno:MedicareSupplementMember 2023-09-30 0001224608 cno:LongTermCareMember 2023-09-30 0001224608 cno:TraditionalLifeMember 2023-09-30 0001224608 cno:OtherAnnuitiesMember 2023-09-30 0001224608 cno:SupplementalHealthMember 2021-12-31 0001224608 cno:MedicareSupplementMember 2021-12-31 0001224608 cno:LongTermCareMember 2021-12-31 0001224608 cno:TraditionalLifeMember 2021-12-31 0001224608 cno:OtherAnnuitiesMember 2021-12-31 0001224608 cno:SupplementalHealthMember 2022-01-01 2022-09-30 0001224608 cno:MedicareSupplementMember 2022-01-01 2022-09-30 0001224608 cno:LongTermCareMember 2022-01-01 2022-09-30 0001224608 cno:TraditionalLifeMember 2022-01-01 2022-09-30 0001224608 cno:OtherAnnuitiesMember 2022-01-01 2022-09-30 0001224608 cno:SupplementalHealthMember 2022-09-30 0001224608 cno:MedicareSupplementMember 2022-09-30 0001224608 cno:LongTermCareMember 2022-09-30 0001224608 cno:TraditionalLifeMember 2022-09-30 0001224608 cno:OtherAnnuitiesMember 2022-09-30 0001224608 cno:OtherAnnuityMember 2023-01-01 2023-09-30 0001224608 cno:OtherAnnuityMember 2022-01-01 2022-09-30 0001224608 cno:OtherAnnuityMember 2023-09-30 0001224608 cno:OtherAnnuityMember 2022-09-30 0001224608 cno:FixedIndexedAnnuitiesMember 2022-12-31 0001224608 cno:FixedInterestAnnuitiesMember 2022-12-31 0001224608 us-gaap:InterestSensitiveLifeMember 2022-12-31 0001224608 cno:FundingAgreementBackedNotesMember 2022-12-31 0001224608 cno:OtherMember 2022-12-31 0001224608 cno:FixedIndexedAnnuitiesMember 2023-01-01 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember 2023-01-01 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember 2023-01-01 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember 2023-01-01 2023-09-30 0001224608 cno:OtherMember 2023-01-01 2023-09-30 0001224608 cno:FixedIndexedAnnuitiesMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember 2023-09-30 0001224608 cno:OtherMember 2023-09-30 0001224608 cno:FixedIndexedAnnuitiesMember 2021-12-31 0001224608 cno:FixedInterestAnnuitiesMember 2021-12-31 0001224608 us-gaap:InterestSensitiveLifeMember 2021-12-31 0001224608 cno:FundingAgreementBackedNotesMember 2021-12-31 0001224608 cno:OtherMember 2021-12-31 0001224608 cno:FixedIndexedAnnuitiesMember 2022-01-01 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember 2022-01-01 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember 2022-01-01 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember 2022-01-01 2022-09-30 0001224608 cno:OtherMember 2022-01-01 2022-09-30 0001224608 cno:FixedIndexedAnnuitiesMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember 2022-09-30 0001224608 cno:OtherMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member srt:MinimumMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member srt:MaximumMember 2023-09-30 0001224608 srt:MinimumMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 srt:MaximumMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 srt:MinimumMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2023-09-30 0001224608 cno:OtherAnnuityMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:OtherAnnuityMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:OtherAnnuityMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:OtherAnnuityMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember 2023-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember srt:MinimumMember 2023-09-30 0001224608 srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember 2023-09-30 0001224608 cno:OtherMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 srt:MaximumMember cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:OtherMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherMember 2023-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2023-09-30 0001224608 srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2023-09-30 0001224608 srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2023-09-30 0001224608 srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:ContractsExcludingFixedIndexAnnuitiesMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:ContractsExcludingFixedIndexAnnuitiesMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:ContractsExcludingFixedIndexAnnuitiesMember 2023-09-30 0001224608 cno:ContractsExcludingFixedIndexAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2023-09-30 0001224608 cno:ContractsExcludingFixedIndexAnnuitiesMember 2023-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member srt:MinimumMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member srt:MaximumMember 2022-09-30 0001224608 srt:MinimumMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 srt:MaximumMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 srt:MinimumMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FixedInterestAnnuitiesMember 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:FixedInterestAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2022-09-30 0001224608 cno:OtherAnnuityMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:OtherAnnuityMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:OtherAnnuityMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:OtherAnnuityMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherAnnuityMember 2022-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:OtherAnnuityMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:InterestSensitiveLifeMember 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 us-gaap:InterestSensitiveLifeMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:FundingAgreementBackedNotesMember 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:FundingAgreementBackedNotesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember srt:MinimumMember 2022-09-30 0001224608 srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member cno:OtherMember 2022-09-30 0001224608 cno:OtherMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 srt:MaximumMember cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:OtherMember srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:OtherMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:OtherMember 2022-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:OtherMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member srt:MinimumMember 2022-09-30 0001224608 srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member 2022-09-30 0001224608 srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 srt:MaximumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member 2022-09-30 0001224608 srt:MinimumMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember cno:ContractsExcludingFixedIndexAnnuitiesMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member cno:ContractsExcludingFixedIndexAnnuitiesMember 2022-09-30 0001224608 us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member cno:ContractsExcludingFixedIndexAnnuitiesMember 2022-09-30 0001224608 cno:ContractsExcludingFixedIndexAnnuitiesMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember 2022-09-30 0001224608 cno:ContractsExcludingFixedIndexAnnuitiesMember 2022-09-30 0001224608 cno:FundingAgreementBackedNoteMember 2022-12-31 0001224608 cno:FundingAgreementBackedNoteMember 2023-01-01 2023-09-30 0001224608 cno:FundingAgreementBackedNoteMember 2023-09-30 0001224608 cno:FundingAgreementBackedNoteMember 2021-12-31 0001224608 cno:FundingAgreementBackedNoteMember 2022-01-01 2022-09-30 0001224608 cno:FundingAgreementBackedNoteMember 2022-09-30 0001224608 cno:AnnuityMember 2022-12-31 0001224608 cno:AnnuityMember 2023-01-01 2023-09-30 0001224608 cno:AnnuityMember 2023-09-30 0001224608 cno:AnnuityMember 2021-12-31 0001224608 cno:AnnuityMember 2022-01-01 2022-09-30 0001224608 cno:AnnuityMember 2022-09-30 cno:product_line 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:LifeAndAnnuityInsuranceProductLineMember 2023-07-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:LifeAndAnnuityInsuranceProductLineMember 2022-07-01 2022-09-30 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:LifeAndAnnuityInsuranceProductLineMember 2023-01-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:LifeAndAnnuityInsuranceProductLineMember 2022-01-01 2022-09-30 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:HealthInsuranceProductLineMember 2023-07-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:HealthInsuranceProductLineMember 2022-07-01 2022-09-30 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:HealthInsuranceProductLineMember 2023-01-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember us-gaap:HealthInsuranceProductLineMember 2022-01-01 2022-09-30 0001224608 us-gaap:LifeInsuranceSegmentMember cno:InsuranceProductLinesSegmentMember 2023-07-01 2023-09-30 0001224608 us-gaap:LifeInsuranceSegmentMember cno:InsuranceProductLinesSegmentMember 2022-07-01 2022-09-30 0001224608 us-gaap:LifeInsuranceSegmentMember cno:InsuranceProductLinesSegmentMember 2023-01-01 2023-09-30 0001224608 us-gaap:LifeInsuranceSegmentMember cno:InsuranceProductLinesSegmentMember 2022-01-01 2022-09-30 0001224608 cno:NetInvestmentIncomeNotAllocatedToProductLinesMember 2023-07-01 2023-09-30 0001224608 cno:NetInvestmentIncomeNotAllocatedToProductLinesMember 2022-07-01 2022-09-30 0001224608 cno:NetInvestmentIncomeNotAllocatedToProductLinesMember 2023-01-01 2023-09-30 0001224608 cno:NetInvestmentIncomeNotAllocatedToProductLinesMember 2022-01-01 2022-09-30 0001224608 cno:FeeAndOtherRevenueSegmentMember 2023-07-01 2023-09-30 0001224608 cno:FeeAndOtherRevenueSegmentMember 2022-07-01 2022-09-30 0001224608 cno:FeeAndOtherRevenueSegmentMember 2023-01-01 2023-09-30 0001224608 cno:FeeAndOtherRevenueSegmentMember 2022-01-01 2022-09-30 0001224608 cno:ExpensesNotAllocatedToProductLinesMember 2023-07-01 2023-09-30 0001224608 cno:ExpensesNotAllocatedToProductLinesMember 2022-07-01 2022-09-30 0001224608 cno:ExpensesNotAllocatedToProductLinesMember 2023-01-01 2023-09-30 0001224608 cno:ExpensesNotAllocatedToProductLinesMember 2022-01-01 2022-09-30 0001224608 cno:InsuranceProductLinesSegmentMember 2023-07-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember 2022-07-01 2022-09-30 0001224608 cno:InsuranceProductLinesSegmentMember 2023-01-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember 2022-01-01 2022-09-30 0001224608 cno:InsuranceProductLinesSegmentMember cno:AllocatedExpensesMember 2023-07-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember cno:AllocatedExpensesMember 2022-07-01 2022-09-30 0001224608 cno:InsuranceProductLinesSegmentMember cno:AllocatedExpensesMember 2023-01-01 2023-09-30 0001224608 cno:InsuranceProductLinesSegmentMember cno:AllocatedExpensesMember 2022-01-01 2022-09-30 0001224608 us-gaap:OperatingSegmentsMember 2023-07-01 2023-09-30 0001224608 us-gaap:OperatingSegmentsMember 2022-07-01 2022-09-30 0001224608 us-gaap:OperatingSegmentsMember 2023-01-01 2023-09-30 0001224608 us-gaap:OperatingSegmentsMember 2022-01-01 2022-09-30 0001224608 us-gaap:MaterialReconcilingItemsMember 2023-07-01 2023-09-30 0001224608 us-gaap:MaterialReconcilingItemsMember 2022-07-01 2022-09-30 0001224608 us-gaap:MaterialReconcilingItemsMember 2023-01-01 2023-09-30 0001224608 us-gaap:MaterialReconcilingItemsMember 2022-01-01 2022-09-30 0001224608 us-gaap:EquityContractMember cno:OtherInvestedAssetsMember us-gaap:NondesignatedMember 2023-09-30 0001224608 us-gaap:EquityContractMember cno:OtherInvestedAssetsMember us-gaap:NondesignatedMember 2022-12-31 0001224608 cno:ReinsuranceReceivablesEmbeddedDerivativeMember us-gaap:NondesignatedMember cno:ReinsuranceReceivablesMember 2023-09-30 0001224608 cno:ReinsuranceReceivablesEmbeddedDerivativeMember us-gaap:NondesignatedMember cno:ReinsuranceReceivablesMember 2022-12-31 0001224608 us-gaap:NondesignatedMember 2023-09-30 0001224608 us-gaap:NondesignatedMember 2022-12-31 0001224608 cno:EquityIndexAnnuitiesEmbeddedDerivativeMember us-gaap:NondesignatedMember cno:PolicyholderAccountBalancesMember 2023-09-30 0001224608 cno:EquityIndexAnnuitiesEmbeddedDerivativeMember us-gaap:NondesignatedMember cno:PolicyholderAccountBalancesMember 2022-12-31 0001224608 cno:EquityIndexAnnuitiesEmbeddedDerivativeMember cno:FuturePolicyBenefitsMember us-gaap:NondesignatedMember 2023-09-30 0001224608 cno:EquityIndexAnnuitiesEmbeddedDerivativeMember cno:FuturePolicyBenefitsMember us-gaap:NondesignatedMember 2022-12-31 0001224608 us-gaap:EquityContractMember 2023-09-30 0001224608 us-gaap:EquityContractMember 2022-12-31 0001224608 us-gaap:InvestmentIncomeMember us-gaap:EquitySwapMember 2023-07-01 2023-09-30 0001224608 us-gaap:InvestmentIncomeMember us-gaap:EquitySwapMember 2022-07-01 2022-09-30 0001224608 us-gaap:InvestmentIncomeMember us-gaap:EquitySwapMember 2023-01-01 2023-09-30 0001224608 us-gaap:InvestmentIncomeMember us-gaap:EquitySwapMember 2022-01-01 2022-09-30 0001224608 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:GainLossOnInvestmentsMember1 cno:CoinsuranceMember 2023-07-01 2023-09-30 0001224608 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:GainLossOnInvestmentsMember1 cno:CoinsuranceMember 2022-07-01 2022-09-30 0001224608 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:GainLossOnInvestmentsMember1 cno:CoinsuranceMember 2023-01-01 2023-09-30 0001224608 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:GainLossOnInvestmentsMember1 cno:CoinsuranceMember 2022-01-01 2022-09-30 0001224608 cno:FixedIndexedAnnuitiesMember us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2023-07-01 2023-09-30 0001224608 cno:FixedIndexedAnnuitiesMember us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2022-07-01 2022-09-30 0001224608 cno:FixedIndexedAnnuitiesMember us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2023-01-01 2023-09-30 0001224608 cno:FixedIndexedAnnuitiesMember us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2022-01-01 2022-09-30 0001224608 us-gaap:DomesticCountryMember 2023-09-30 0001224608 cno:CarryforwardExpiration2026Member 2023-09-30 0001224608 cno:CarryforwardExpiration2027Member 2023-09-30 0001224608 cno:CarryforwardExpiration2028Member 2023-09-30 0001224608 cno:CarryforwardExpiration2029Member 2023-09-30 0001224608 cno:CarryforwardExpiration2030Member 2023-09-30 0001224608 cno:CarryforwardExpiration2031Member 2023-09-30 0001224608 cno:CarryforwardExpiration2032Member 2023-09-30 0001224608 cno:CarryforwardExpiration2033Member 2023-09-30 0001224608 cno:CarryforwardExpiration2034Member 2023-09-30 0001224608 cno:CarryforwardExpiration2035Member 2023-09-30 0001224608 cno:SeniorNote5.250PercentMember us-gaap:SeniorNotesMember 2023-09-30 0001224608 cno:SeniorNote5.250PercentMember us-gaap:SeniorNotesMember 2022-12-31 0001224608 cno:SeniorNote5.250PercentMay2029Member us-gaap:SeniorNotesMember 2023-09-30 0001224608 cno:SeniorNote5.250PercentMay2029Member us-gaap:SeniorNotesMember 2022-12-31 0001224608 us-gaap:SubordinatedDebtMember cno:A5125SubordinatedDebenturesDue2060Member 2023-09-30 0001224608 us-gaap:SubordinatedDebtMember cno:A5125SubordinatedDebenturesDue2060Member 2022-12-31 0001224608 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001224608 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001224608 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2021-07-16 0001224608 cno:CreditSpreadAdjustmentSOFRMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2021-07-16 2021-07-16 0001224608 cno:SecuredOvernightFinancingRateSOFRMember srt:MinimumMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2021-07-16 2021-07-16 0001224608 cno:SecuredOvernightFinancingRateSOFRMember srt:MaximumMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2021-07-16 2021-07-16 0001224608 srt:MinimumMember us-gaap:BaseRateMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2021-07-16 2021-07-16 0001224608 srt:MaximumMember us-gaap:BaseRateMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2021-07-16 2021-07-16 cno:subsidiary 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueApril2024Member 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueMay2024Member 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJuly2024RateMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueAugust2024RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueMay2025Member 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJune2025RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJune2025RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueSeptember2025Member 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueOctober2025RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueOctober2025RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueOctober2025RateThreeMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueNovember2025Member 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueDecember2025RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2026RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2026RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2026RateThreeMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2026RateFourMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueMay2026RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueMay2026RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueDecember2026RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2027RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2027RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2027RateThreeMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueFebruary2027RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueApril2027Member 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueMay2027Member 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJune2027RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJune2027RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJuly2027RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJuly2027RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueAugust2027RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2028RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2028RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJanuary2028RateThreeMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueFebruary2028RateOneMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueFebruary2028RateTwoMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueFebruary2028RateThreeMember 2023-09-30 0001224608 us-gaap:FederalHomeLoanBankAdvancesMember cno:BorrowingsDueJuly2028RateOneMember 2023-09-30 0001224608 cno:BorrowingsDueAugust2028RateOneMember us-gaap:FederalHomeLoanBankAdvancesMember 2023-09-30 0001224608 us-gaap:SubsequentEventMember 2023-10-01 2023-10-03 0001224608 us-gaap:CommonStockMember 2023-05-31 0001224608 us-gaap:CommonStockMember 2023-05-01 2023-05-31 0001224608 us-gaap:CommonStockMember 2023-01-01 2023-04-30 0001224608 2019-04-09 2019-04-09 cno:trust_agreement 0001224608 2022-03-25 2022-03-25 cno:policyholder 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:ReportableLegalEntitiesMember 2023-09-30 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:ConsolidationEliminationsMember 2023-09-30 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-09-30 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:ReportableLegalEntitiesMember 2022-12-31 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:ConsolidationEliminationsMember 2022-12-31 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-06-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-06-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-07-01 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-07-01 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-01-01 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-01-01 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-09-30 0001224608 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel2Member cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-12-31 0001224608 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-12-31 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel2Member cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 cno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 cno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 cno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 cno:TradingSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 cno:TradingSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 cno:TradingSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 us-gaap:CollateralizedDebtObligationsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 cno:TotalFixedMaturitiesAvailableForSaleMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 cno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 cno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 cno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 cno:TradingSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 cno:TradingSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 cno:OtherInvestedAssetsResidualTranchesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-06-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-07-01 2023-09-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-07-01 2022-09-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-01-01 2023-09-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-01-01 2022-09-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-09-30 0001224608 cno:InterestSensitiveProductsFixedIndexAnnuityProductsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember cno:ValuationTechniqueRecoveryMethodMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 cno:ValuationTechniqueRecoveryMethodMember srt:MinimumMember us-gaap:FairValueInputsLevel3Member cno:MeasurementInputExpectedRecoveryPercentageMember 2023-09-30 0001224608 srt:MaximumMember cno:ValuationTechniqueRecoveryMethodMember us-gaap:FairValueInputsLevel3Member cno:MeasurementInputExpectedRecoveryPercentageMember 2023-09-30 0001224608 cno:ValuationTechniqueRecoveryMethodMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cno:MeasurementInputExpectedRecoveryPercentageMember 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember cno:ValuationUnadjustedPurchasePriceMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:MarketApproachValuationTechniqueMember srt:WeightedAverageMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:EquitySecuritiesMember cno:ValuationTechniqueRecoveryMethodMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:EquitySecuritiesMember cno:ValuationUnadjustedPurchasePriceMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:FairValueInputsLevel3Member cno:ValuationUnadjustedThirdPartyPriceSourceMember 2023-09-30 0001224608 us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 srt:MinimumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:MeasurementInputLapseRateMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 srt:MaximumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:MeasurementInputLapseRateMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:MeasurementInputLapseRateMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:MeasurementInputUtilizationRateMember srt:MinimumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:MeasurementInputUtilizationRateMember srt:MaximumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:MeasurementInputUtilizationRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 srt:MinimumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember cno:MeasurementInputProjectedPortfolioYieldsMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 srt:MaximumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember cno:MeasurementInputProjectedPortfolioYieldsMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember srt:WeightedAverageMember cno:MeasurementInputProjectedPortfolioYieldsMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:MeasurementInputDiscountRateMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 cno:MeasurementInputsSurrenderRatesMember srt:MinimumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 cno:MeasurementInputsSurrenderRatesMember srt:MaximumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 cno:MeasurementInputsSurrenderRatesMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember cno:ValuationTechniqueRecoveryMethodMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 cno:ValuationTechniqueRecoveryMethodMember srt:MinimumMember us-gaap:FairValueInputsLevel3Member cno:MeasurementInputExpectedRecoveryPercentageMember 2022-12-31 0001224608 srt:MaximumMember cno:ValuationTechniqueRecoveryMethodMember us-gaap:FairValueInputsLevel3Member cno:MeasurementInputExpectedRecoveryPercentageMember 2022-12-31 0001224608 cno:ValuationTechniqueRecoveryMethodMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cno:MeasurementInputExpectedRecoveryPercentageMember 2022-12-31 0001224608 us-gaap:CorporateDebtSecuritiesMember cno:ValuationUnadjustedPurchasePriceMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:AssetBackedSecuritiesMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:MarketApproachValuationTechniqueMember srt:WeightedAverageMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:EquitySecuritiesMember cno:ValuationTechniqueRecoveryMethodMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:EquitySecuritiesMember cno:ValuationUnadjustedPurchasePriceMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:FairValueInputsLevel3Member cno:ValuationUnadjustedThirdPartyPriceSourceMember 2022-12-31 0001224608 us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 srt:MinimumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:MeasurementInputLapseRateMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 srt:MaximumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:MeasurementInputLapseRateMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:MeasurementInputLapseRateMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:MeasurementInputUtilizationRateMember srt:MinimumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:MeasurementInputUtilizationRateMember srt:MaximumMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:MeasurementInputUtilizationRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 srt:MinimumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember cno:MeasurementInputProjectedPortfolioYieldsMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 srt:MaximumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember cno:MeasurementInputProjectedPortfolioYieldsMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember srt:WeightedAverageMember cno:MeasurementInputProjectedPortfolioYieldsMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 us-gaap:MeasurementInputDiscountRateMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 cno:MeasurementInputsSurrenderRatesMember srt:MinimumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 cno:MeasurementInputsSurrenderRatesMember srt:MaximumMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 cno:MeasurementInputsSurrenderRatesMember cno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001224608 cno:JohnRKlineMember 2023-07-01 2023-09-30 0001224608 cno:JohnRKlineMember 2023-09-30 0001224608 cno:JeanneLinnenbringerMember 2023-07-01 2023-09-30 0001224608 cno:JeanneLinnenbringerMember 2023-09-30
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___
Commission File Number 001-31792
CNO Financial Group, Inc.

Delaware |  | 75-3108137
State of Incorporation |  | IRS Employer Identification No.
11825 N. Pennsylvania Street |  |  |
Carmel, | Indiana | 46032 |  | (317) | 817-6100
Address of principal executive offices |  | Telephone

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ 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. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
Shares of common stock outstanding as of October 25, 2023: 112,170,646

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION | Page
Item 1. | Financial Statements (unaudited) |
| Consolidated Balance Sheet as of September 30, 2023 and December 31, 2022 | 3
| Consolidated Statement of Operations for the three and nine months ended September 30, 2023 and 2022 | 5
| Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022 | 6
| Consolidated Statement of Shareholders' Equity for the three and nine months ended Se ptember 30, 2023 and 2022 | 7
| Consolidated Statement of Cash Flows for the nine months ended September 30, 2023 and 2022 | 9
| Notes to Consolidated Financial Statements | 10
Item 2. | Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations | 77
| Cautionary Statement Regarding Forward-Looking Statements | 77
| Overview | 79
| Critical Accounting Estimates | 83
| Results of Operations | 85
| Liquidity and Capital Resources | 96
| Investments | 102
| Investments in Variable Interest Entities | 109
| New Accounting Standards | 112
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 112
Item 4. | Controls and Procedures | 112
PART II - OTHER INFORMATION |
Item 1. | Legal Proceedings | 113
Item 1A. | Risk Factors | 113
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 113
Item 5. | Other Information | 114
Item 6. | Exhibits | 115

2

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(unaudited)
ASSETS

| September 30, 2023 |  | December 31, 2022
|  |  | (As recast)
Investments: |  |  |
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: September 30, 2023 - $69.4 and December 31, 2022 - $56.0; amortized cost: September 30, 2023 - $23,899.5 and December 31, 2022 - $23,384.2) | $ | 20,305.2 |  |  | $ | 20,353.4 |
Equity securities at fair value | 95.5 |  |  | 135.3 |
Mortgage loans (net of allowance for credit losses: September 30, 2023 - $10.9 and December 31, 2022 - $8.0) | 1,971.3 |  |  | 1,411.9 |
Policy loans | 126.4 |  |  | 121.6 |
Trading securities | 221.2 |  |  | 207.9 |
Investments held by variable interest entities (net of allowance for credit losses: September 30, 2023 - $2.9 and December 31, 2022 - $5.5; amortized cost: September 30, 2023 - $880.6 and December 31, 2022 - $1,134.2) | 858.1 |  |  | 1,077.6 |
Other invested assets | 1,119.9 |  |  | 1,034.7 |
Total investments | 24,697.6 |  |  | 24,342.4 |
Cash and cash equivalents - unrestricted | 460.8 |  |  | 575.7 |
Cash and cash equivalents held by variable interest entities | 122.0 |  |  | 69.2 |
Accrued investment income | 252.3 |  |  | 235.6 |
Present value of future profits | 186.2 |  |  | 203.7 |
Deferred acquisition costs | 1,897.5 |  |  | 1,770.9 |
Reinsurance receivables (net of allowance for credit losses: September 30, 2023 - $3.0 and December 31, 2022 - $2.0) | 4,053.2 |  |  | 4,223.4 |
Market risk benefit asset | 89.3 |  |  | 65.3 |
Income tax assets, net | 1,039.8 |  |  | 1,063.4 |
Assets held in separate accounts | 2.9 |  |  | 2.7 |
Other assets | 705.8 |  |  | 580.8 |
Total assets | $ | 33,507.4 |  |  | $ | 33,133.1 |

(continued on next page)
The accompanying notes are an integral part
of the consolidated financial statements.
3

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET, continued
(Dollars in millions)
(unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY

| September 30, 2023 |  | December 31, 2022
|  |  | (As recast)
Liabilities: |  |  |
Liabilities for insurance products: |  |  |
Policyholder account balances | $ | 15,481.8 |  |  | $ | 15,234.2 |
Future policy benefits | 10,829.9 |  |  | 11,240.2 |
Market risk benefit liability | 3.1 |  |  | 11.3 |
Liability for life insurance policy claims | 60.8 |  |  | 64.1 |
Unearned and advanced premiums | 221.2 |  |  | 235.0 |
Liabilities related to separate accounts | 2.9 |  |  | 2.7 |
Other liabilities | 869.6 |  |  | 693.9 |
Investment borrowings | 2,089.4 |  |  | 1,639.5 |
Borrowings related to variable interest entities | 918.5 |  |  | 1,104.6 |
Notes payable – direct corporate obligations | 1,140.1 |  |  | 1,138.8 |
Total liabilities | 31,617.3 |  |  | 31,364.3 |
Commitments and Contingencies |  |  |
Shareholders' equity: |  |  |
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: September 30, 2023 – 112,163,169; December 31, 2022 – 114,343,070) | 1.1 |  |  | 1.1 |
Additional paid-in capital | 1,965.3 |  |  | 2,033.8 |
Accumulated other comprehensive loss | (1,956.7) |  |  | (1,957.3) |
Retained earnings | 1,880.4 |  |  | 1,691.2 |
Total shareholders' equity | 1,890.1 |  |  | 1,768.8 |
Total liabilities and shareholders' equity | $ | 33,507.4 |  |  | $ | 33,133.1 |

The accompanying notes are an integral part
of the consolidated financial statements.
4

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  |  |  | (As recast) |  |  |  | (As recast)
Revenues: |  |  |  |  |  |  |  |
Insurance policy income |  | $ | 626.0 |  |  | $ | 623.2 |  |  | $ | 1,879.8 |  |  | $ | 1,873.8 |
Net investment income: |  |  |  |  |  |  |  |
General account assets |  | 324.8 |  |  | 289.0 |  |  | 925.1 |  |  | 884.2 |
Policyholder and other special-purpose portfolios |  | (33.0) |  |  | (20.9) |  |  | 109.4 |  |  | (184.0) |
Investment gains (losses): |  |  |  |  |  |  |  |
Realized investment gains (losses) |  | (21.6) |  |  | (8.2) |  |  | (58.0) |  |  | 3.6 |
Other investment losses |  | (7.7) |  |  | (9.5) |  |  | (21.2) |  |  | (102.8) |
Total investment losses |  | (29.3) |  |  | (17.7) |  |  | (79.2) |  |  | (99.2) |
Fee revenue and other income |  | 59.0 |  |  | 31.7 |  |  | 141.2 |  |  | 128.4 |
Total revenues |  | 947.5 |  |  | 905.3 |  |  | 2,976.3 |  |  | 2,603.2 |
Benefits and expenses: |  |  |  |  |  |  |  |
Insurance policy benefits |  | 399.1 |  |  | 396.1 |  |  | 1,574.7 |  |  | 1,032.2 |
Liability for future policy benefits remeasurement loss |  | (.1) |  |  | (5.0) |  |  | 8.8 |  |  | 2.3 |
Change in fair value of market risk benefits |  | (33.8) |  |  | (34.9) |  |  | (36.6) |  |  | (117.9) |
Interest expense |  | 62.6 |  |  | 37.6 |  |  | 174.9 |  |  | 89.2 |
Amortization of deferred acquisition costs and present value of future profits |  | 57.0 |  |  | 53.5 |  |  | 168.5 |  |  | 158.5 |
Other operating costs and expenses |  | 247.1 |  |  | 230.1 |  |  | 775.3 |  |  | 670.9 |
Total benefits and expenses |  | 731.9 |  |  | 677.4 |  |  | 2,665.6 |  |  | 1,835.2 |
Income before income taxes |  | 215.6 |  |  | 227.9 |  |  | 310.7 |  |  | 768.0 |
Income tax expense on period income |  | 48.3 |  |  | 52.0 |  |  | 70.5 |  |  | 175.4 |
Net income |  | $ | 167.3 |  |  | $ | 175.9 |  |  | $ | 240.2 |  |  | $ | 592.6 |
Earnings per common share: |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 112,689,000 |  |  | 114,354,000 |  |  | 113,836,000 |  |  | 116,170,000 |
Net income |  | $ | 1.48 |  |  | $ | 1.54 |  |  | $ | 2.11 |  |  | $ | 5.10 |
Diluted: |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 114,462,000 |  |  | 115,928,000 |  |  | 115,613,000 |  |  | 118,072,000 |
Net income |  | $ | 1.46 |  |  | $ | 1.52 |  |  | $ | 2.08 |  |  | $ | 5.02 |

The accompanying notes are an integral part
of the consolidated financial statements.
5

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
|  |  | (As recast) |  |  |  | (As recast)
Net income | $ | 167.3 |  |  | $ | 175.9 |  |  | $ | 240.2 |  |  | $ | 592.6 |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Unrealized losses on investments | (922.4) |  |  | (1,407.2) |  |  | (569.1) |  |  | (6,128.2) |
Adjustment to discount rate for liability for future policy benefits | 627.0 |  |  | 862.6 |  |  | 520.9 |  |  | 3,241.4 |
Adjustment to instrument-specific credit risk for market risk benefits | (3.0) |  |  | .3 |  |  | (4.4) |  |  | 11.0 |
Reclassification adjustments: |  |  |  |  |  |  |
For net realized investment losses included in net income | 12.0 |  |  | 1.0 |  |  | 52.1 |  |  | 36.0 |
Other comprehensive loss before tax | (286.4) |  |  | (543.3) |  |  | (.5) |  |  | (2,839.8) |
Income tax benefit related to items of accumulated other comprehensive loss | 63.2 |  |  | 121.3 |  |  | 1.1 |  |  | 628.3 |
Other comprehensive income (loss), net of tax | (223.2) |  |  | (422.0) |  |  | .6 |  |  | (2,211.5) |
Comprehensive income (loss) | $ | (55.9) |  |  | $ | (246.1) |  |  | $ | 240.8 |  |  | $ | (1,618.9) |

The accompanying notes are an integral part
of the consolidated financial statements.
6

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Dollars in millions, shares in thousands)
(unaudited)

| Common stock |  | Additional paid-in |  | Accumulated other comprehensive |  | Retained |  |
| Shares |  | Amount |  | capital |  | income (loss) |  | earnings |  | Total
Balance, June 30, 2022 (as recast) | 114,795 |  |  | $ | 1.1 |  |  | $ | 2,032.7 |  |  | $ | (1,415.8) |  |  | $ | 1,509.9 |  |  | $ | 2,127.9 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | 175.9 |  |  | 175.9 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | (422.0) |  |  | — |  |  | (422.0) |
Common stock repurchased | (561) |  |  | — |  |  | (10.0) |  |  | — |  |  | — |  |  | (10.0) |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | (16.3) |  |  | (16.3) |
Employee benefit plans, net of shares used to pay tax withholdings | 133 |  |  | — |  |  | 7.9 |  |  | — |  |  | — |  |  | 7.9 |
Balance, September 30, 2022 (as recast) | 114,367 |  |  | $ | 1.1 |  |  | $ | 2,030.6 |  |  | $ | (1,837.8) |  |  | $ | 1,669.5 |  |  | $ | 1,863.4 |
Balance, June 30, 2023 | 113,674 |  |  | $ | 1.1 |  |  | $ | 1,997.9 |  |  | $ | (1,733.5) |  |  | $ | 1,730.3 |  |  | $ | 1,995.8 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | 167.3 |  |  | 167.3 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | (223.2) |  |  | — |  |  | (223.2) |
Common stock repurchased | (1,646) |  |  | — |  |  | (40.0) |  |  | — |  |  | — |  |  | (40.0) |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | (17.2) |  |  | (17.2) |
Employee benefit plans, net of shares used to pay tax withholdings | 135 |  |  | — |  |  | 7.4 |  |  | — |  |  | — |  |  | 7.4 |
Balance, September 30, 2023 | 112,163 |  |  | $ | 1.1 |  |  | $ | 1,965.3 |  |  | $ | (1,956.7) |  |  | $ | 1,880.4 |  |  | $ | 1,890.1 |

The accompanying notes are an integral part
of the consolidated financial statements.
7

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY, continued
(Dollars in millions, shares in thousands)
(unaudited)

| Common stock |  | Additional paid-in |  | Accumulated other comprehensive |  | Retained |  |
| Shares |  | Amount |  | capital |  | income (loss) |  | earnings |  | Total
Balance, December 31, 2021 (as recast) | 120,377 |  |  | $ | 1.2 |  |  | $ | 2,184.2 |  |  | $ | 373.7 |  |  | $ | 1,125.6 |  |  | $ | 3,684.7 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | 592.6 |  |  | 592.6 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | (2,211.5) |  |  | — |  |  | (2,211.5) |
Common stock repurchased | (7,168) |  |  | (.1) |  |  | (169.9) |  |  | — |  |  | — |  |  | (170.0) |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | (48.7) |  |  | (48.7) |
Employee benefit plans, net of shares used to pay tax withholdings | 1,158 |  |  | — |  |  | 16.3 |  |  | — |  |  | — |  |  | 16.3 |
Balance, September 30, 2022 (as recast) | 114,367 |  |  | $ | 1.1 |  |  | $ | 2,030.6 |  |  | $ | (1,837.8) |  |  | $ | 1,669.5 |  |  | $ | 1,863.4 |
Balance, December 31, 2022 (as recast) | 114,343 |  |  | $ | 1.1 |  |  | $ | 2,033.8 |  |  | $ | (1,957.3) |  |  | $ | 1,691.2 |  |  | $ | 1,768.8 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | 240.2 |  |  | 240.2 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | .6 |  |  | — |  |  | .6 |
Common stock repurchased | (3,625) |  |  | — |  |  | (85.1) |  |  | — |  |  | — |  |  | (85.1) |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | (51.0) |  |  | (51.0) |
Employee benefit plans, net of shares used to pay tax withholdings | 1,445 |  |  | — |  |  | 16.6 |  |  | — |  |  | — |  |  | 16.6 |
Balance, September 30, 2023 | 112,163 |  |  | $ | 1.1 |  |  | $ | 1,965.3 |  |  | $ | (1,956.7) |  |  | $ | 1,880.4 |  |  | $ | 1,890.1 |

The accompanying notes are an integral part
of the consolidated financial statements.
8

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(unaudited)

| Nine months ended
| September 30,
| 2023 |  | 2022
Cash flows from operating activities: |  |  |
Insurance policy income | $ | 1,713.4 |  |  | $ | 1,724.9 |
Net investment income | 979.5 |  |  | 832.2 |
Fee revenue and other income | 167.0 |  |  | 110.4 |
Insurance policy benefits | (1,215.2) |  |  | (1,243.4) |
Interest expense | (155.3) |  |  | (65.8) |
Deferrable policy acquisition costs | (277.6) |  |  | (248.5) |
Other operating costs | (759.7) |  |  | (754.6) |
Income taxes | (45.9) |  |  | (20.7) |
Net cash from operating activities | 406.2 |  |  | 334.5 |
Cash flows from investing activities: |  |  |
Sales of investments | 992.5 |  |  | 2,764.9 |
Maturities and redemptions of investments | 1,026.8 |  |  | 1,265.1 |
Purchases of investments | (2,897.1) |  |  | (5,521.1) |
Net purchases of trading securities | (37.2) |  |  | (37.4) |
Other | (30.3) |  |  | (39.4) |
Net cash used by investing activities | (945.3) |  |  | (1,567.9) |
Cash flows from financing activities: |  |  |
Issuance of common stock | 11.1 |  |  | 6.6 |
Payments to repurchase common stock | (95.8) |  |  | (180.2) |
Common stock dividends paid | (51.4) |  |  | (48.7) |
Proceeds from financing arrangements | 78.2 |  |  | — |
Amounts received for deposit products | 1,537.6 |  |  | 2,457.8 |
Withdrawals from deposit products | (1,265.8) |  |  | (1,071.0) |
Issuance of investment borrowings: |  |  |
Federal Home Loan Bank | 895.5 |  |  | 210.0 |
Payments on investment borrowings: |  |  |
Federal Home Loan Bank | (445.6) |  |  | (285.9) |
Related to variable interest entities | (186.8) |  |  | (33.4) |
Net cash provided by financing activities | 477.0 |  |  | 1,055.2 |
Net decrease in cash and cash equivalents | (62.1) |  |  | (178.2) |
Cash and cash equivalents - unrestricted and held by variable interest entities, beginning of period | 644.9 |  |  | 731.7 |
Cash and cash equivalents - unrestricted and held by variable interest entities, end of period | $ | 582.8 |  |  | $ | 553.5 |

The accompanying notes are an integral part
of the consolidated financial statements.
9

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
BUSINESS AND BASIS OF PRESENTATION
CNO Financial Group, Inc., a Delaware corporation ("CNO"), is a holding company for a group of insurance companies operating throughout the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance products. The terms "CNO Financial Group, Inc.", "CNO", the "Company", "we", "us", and "our" as used in these financial statements refer to CNO and its subsidiaries. Such terms, when used to describe insurance business and products, refer to the insurance business and products of CNO's insurance subsidiaries.
We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets. We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing.
Our unaudited consolidated financial statements reflect normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. As permitted by rules and regulations of the Securities and Exchange Commission (the "SEC") applicable to quarterly reports on Form 10-Q, we have condensed or omitted certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Results for interim periods are not necessarily indicative of the results that may be expected for a full year.
Effective January 1, 2023, we adopted Accounting Standards Update 2018-12 ("ASU 2018-12") related to targeted improvements to the accounting for long-duration insurance contracts, with a transition date of January 1, 2021 (the "Transition Date"). The adoption of ASU 2018-12 impacted accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Amounts within these interim financial statements, which were previously presented, have been recast to conform with the current accounting and presentation under ASU 2018-12. Disclosures of the impacts of ASU 2018-12 as of the Transition Date are included within the tables in the note to the consolidated financial statements entitled "Recently Adopted Accounting Standards."
Except for balances affected by the adoption of ASU 2018-12, the December 31, 2022 consolidated balance sheet data was derived from the audited consolidated financial statements included in our 2022 Annual Report on Form 10-K. Accordingly, these interim consolidated financial statements should be read together with the consolidated financial statements included in our 2022 Annual Report on Form 10-K.
When we prepare financial statements in conformity with GAAP, we are required to make estimates and assumptions that significantly affect reported amounts of various assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting periods. For example, we use significant estimates and assumptions to calculate values for deferred acquisition costs, the present value of future profits, fair value measurements of certain investments (including derivatives), allowance for credit losses and other-than-temporary impairments of investments, assets and liabilities related to income taxes, liabilities for insurance products, liabilities related to litigation and guaranty fund assessment accruals. If our future experience differs from these estimates and assumptions, our financial statements could be materially affected.
The accompanying financial statements are unaudited and include the accounts of the Company and its subsidiaries. Our consolidated financial statements exclude transactions between us and our consolidated affiliates, or among our consolidated affiliates.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summarizes the significant accounting policies that have been added or updated as a result of the adoption of ASU 2018-12:
Deferred acquisition costs, present value of future profits and sales inducements
Deferred acquisition costs represent policy acquisition costs that have been capitalized and are subject to amortization. Capitalized costs are incremental costs directly related to the successful acquisition of new or renewal insurance contracts.
10

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
Such costs consist primarily of commissions, underwriting, sales and contract issuance and processing expenses. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Deferred acquisition costs are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. For life and health insurance products, the constant level basis used is policy counts. For all annuity products, the constant level basis used is the initial deposit in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on our experience, industry data, and other factors and are consistent with those used for the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at the time. Unexpected lapses, due to higher mortality and lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. Changes in future estimates are recognized prospectively over the remaining expected contract term. The carrying amount of deferred acquisition costs is no longer subject to recovery testing after the adoption of ASU 2018-12.
The present value of future profits is the value assigned to the right to receive future cash flows from policyholder insurance contracts existing at September 10, 2003 (the effective date of the bankruptcy reorganization of Conseco, Inc. (the "Predecessor")). The present value of future profits is amortized in the same manner as described above for deferred acquisition costs, although such balances are subject to periodic recovery testing.
Certain of our annuity products offer sales inducements to contract holders in the form of enhanced crediting rates or bonus payments in the initial period of the contract. Certain of our life insurance products offer persistency bonuses credited to the contract holder's balance after the policy has been outstanding for a specified period of time. These enhanced rates and persistency bonuses are considered sales inducements in accordance with GAAP. Such amounts are deferred and amortized in the same manner as deferred acquisition costs (and are classified as deferred acquisition costs in the consolidated balance sheet). Unlike deferred acquisition costs, such amounts are considered contractual cash flows and, as a result, are subject to periodic recovery testing.
Market risk benefits
Market risk benefits ("MRBs") are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Many of our fixed indexed annuity products include a guaranteed living withdrawal benefit ("GLWB") that is considered a MRB. MRBs are measured at fair value using an option-based valuation model based on amount of exposure, market data, Company experience and other factors. Changes in fair value are recognized in earnings each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in accumulated other comprehensive income (loss). MRBs in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts.
Policyholder account balances
Policyholder account balances represent the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. It includes the accumulated account deposits, plus interest credited, less policyholder withdrawals and, if applicable, charges assessed. This balance also includes liabilities for the funding agreement-backed notes ("FABN").
Total liabilities for insurance products related to our fixed indexed annuities are comprised of: (i) the liability related to the host contract; and (ii) the fair market value of the embedded derivatives as summarized below (dollars in millions):

| September 30, 2023 |  | December 31, 2022
Fixed indexed annuity insurance liabilities: |  |  |
Host contract liability | $ | 8,284.5 |  |  | $ | 7,856.4 |
Embedded derivatives at fair value | 1,213.4 |  |  | 1,297.0 |
Total fixed indexed annuity insurance liabilities | $ | 9,497.9 |  |  | $ | 9,153.4 |

11

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
For presentation in the consolidated balance sheet, the total fixed indexed annuity insurance liability balance is bifurcated between: (i) policyholder account balances (which is the total of all current balances accruing to the policyholder under the terms and conditions of the policies assuming the contracts will continue in force); and (ii) the difference between the total fixed indexed annuity insurance liabilities summarized above and the policyholder account balances, which is classified as future policy benefits. These classifications are summarized below (dollars in millions):

| September 30, 2023 |  | December 31, 2022
Policyholder account balances | $ | 9,960.6 |  |  | $ | 9,644.8 |
Future policy benefits | (462.7) |  |  | (491.4) |
Total fixed indexed annuity insurance liabilities | $ | 9,497.9 |  |  | $ | 9,153.4 |

When the total policyholder account balance exceeds the total fixed indexed annuity insurance liabilities, a negative future policy benefit balance will occur.
Liability for future policy benefits
The liability for future policy benefits is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses (where the timing and amount of payment depends on policyholder mortality or morbidity), less the present value of estimated future net premiums to be collected from policyholders (where net premiums are gross premiums multiplied by the net-to-gross ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. The liability is estimated using current assumptions that include discount rates, mortality, morbidity, lapse/withdrawal rates and expenses. Such assumptions are based on our historical experience, industry data, and other factors that are inherently uncertain.
This liability also includes the amount of total reserves above (below) policyholder account balances for our fixed indexed annuity products due to the valuation of the related embedded derivative as described above.
The liability for future policy benefits is established using a net premium ratio approach where net premiums (the portion of gross premiums required to fund expected insurance benefits and claims settlement expenses) under the contract are accrued each period as the liability for future policy benefits. The net premium ratio used to accrue the liability for future policy benefits in each period is determined by using the historical and present value of expected future benefits and claim adjustment expenses for the cohort divided by the historical and present value of expected future gross premiums for the cohort.
Our long duration insurance contracts are grouped into annual calendar-year cohorts primarily based on the contractual issue date, marketing distribution channel, legal entity and product type. Single premium contracts are grouped into separate cohorts from other traditional products. Riders are generally combined with the base policy. Insurance contracts which were issued prior to September 10, 2003 (the effective date of the bankruptcy reorganization of our Predecessor) are grouped by marketing distribution channel, legal entity and product type in a single issue year cohort. The liability is adjusted for differences between actual and expected experience. We review our historical and future cash flow assumptions quarterly and update the net premium ratio used to calculate the liability each time the assumptions are changed. Each quarter, we update our estimates of cash flows expected over the entire life of a group of contracts using actual historical experience and current future cash flow assumptions. These updated cash flows are used to calculate the revised net premiums and net premium ratio, which are used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, before the updating of cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss and is presented as a separate component of benefit expense in the consolidated statement of operations. In subsequent periods, the revised net premiums are used to measure the liability for future policy benefits, subject to future revisions.
If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums is determined to be insufficient to provide for expected future policy benefits and claim settlement costs, the
12

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
net to gross ratio is capped at 100 percent. When this occurs, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately.
The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield ("A" credit rated corporate bond yield) at contract inception for contracts issued after January 1, 2021. The contract inception date for contracts issued by the Predecessor is September 10, 2003. The discount rate in effect at contract inception is locked-in for the calculation of the net to gross ratio and accretion of interest cost on the liability is recorded through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current rate at each reporting period with the impact resulting from such updates recorded in other comprehensive income.
We develop discount rate curves for discounting cash flows to calculate the liability for future policy benefits based on the duration characteristics of the underlying liabilities. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, we use the last market-observable yield level and use linear interpolation to determine yield assumptions for durations that do not have market-observable yields.
Liability for life insurance policy claims
The liability for life insurance policy claims include life policy and contract claims, including incurred but not reported claims. The liability for these claims is based on our estimated ultimate cost to settle all claims that have been incurred as of the reporting date. Such amounts are estimated based on an analysis of historical patterns of claims, which are continually reviewed and updated. Adjustments resulting from differences between our estimates and actual payments are recognized in the period the estimates are made or claims are paid.
Deferred profit liability
For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability ("DPL"). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.
The DPL is amortized and recognized in insurance policy benefits in proportion to insurance in force for life insurance contracts and expected future benefit payments for annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. We review and update the estimate of cash flows for the DPL at the same time as the estimate of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period and any difference is recognized as either a charge or credit to insurance policy benefits.
Reinsurance
We have determined that each of our reinsurance agreements provide indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Such reinsurance permits recovery of the reinsured losses from reinsurers, although it does not discharge our primary liability as the direct insurer of the risks reinsured.
The reinsurance recoverable for traditional and limited-payment contracts is generally measured using a net premium ratio approach to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts. Such amount is adjusted on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions.
13

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
RECENTLY ADOPTED ACCOUNTING STANDARDS
We adopted ASU 2018-12 effective January 1, 2023. The new guidance: (i) improves the timeliness of recognizing changes in the liability for future benefits and modifies the rate used to discount future cash flows; (ii) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts; (iii) simplifies the amortization of deferred acquisition costs; and (iv) requires enhanced disclosures, including disaggregated rollforwards of the liability for future policy benefits, policyholder account liabilities, MRBs and deferred acquisition costs. Additionally, qualitative and quantitative information about expected cash flows, estimates and assumptions is required. The new measurement guidance for traditional and limited-payment contract liabilities and the new guidance for the amortization of deferred acquisition costs was adopted on a modified retrospective transition approach. For contracts in-force at the Transition Date, we continue to use the existing locked-in investment yield interest rate assumption to calculate the net premium ratio, rather than the upper-medium grade fixed-income corporate instrument yield. However, for balance sheet remeasurement purposes, the current upper-medium grade fixed-income corporate instrument yield is used at transition through accumulated other comprehensive income (loss) and subsequently through other comprehensive income. For MRBs, we use the required retrospective application and were able to use hindsight to measure fair value components to the extent assumptions in a prior period are unobservable or otherwise unavailable.
We selected the modified retrospective transition method, except for MRBs where we are required to use the full retrospective approach. Pursuant to ASU 2018-12, the account balances subject to the guidance were recast on the Transition Date. The following summarizes the impact of adoption on the Transition Date (dollars in millions):

|  | January 1, 2021
|  | Amounts prior |  |  |  |
|  | to adoption of |  | Effect of |  |
|  | ASU 2018-12 |  | adoption |  | As recast
Present value of future profits |  | $ | 249.4 |  |  | $ | 10.2 |  |  | $ | 259.6 |
Deferred acquisition costs |  | 1,027.8 |  |  | 458.0 |  |  | 1,485.8 |
Reinsurance receivables |  | 4,584.3 |  |  | 144.1 |  |  | 4,728.4 |
Market risk benefit asset |  | — |  |  | 2.5 |  |  | 2.5 |
Income tax assets, net |  | 199.4 |  |  | 607.0 |  |  | 806.4 |
Total assets |  | 35,339.9 |  |  | 1,221.8 |  |  | 36,561.7 |
Policyholder account balances |  | 12,540.6 |  |  | (172.9) |  |  | 12,367.7 |
Future policy benefits |  | 11,744.2 |  |  | 3,960.7 |  |  | 15,704.9 |
Market risk benefit liability |  | — |  |  | 114.8 |  |  | 114.8 |
Liability for policy and contract claims |  | 561.8 |  |  | (470.1) |  |  | 91.7 |
Total liabilities |  | 29,855.7 |  |  | 3,432.5 |  |  | 33,288.2 |
Retained earnings |  | 752.3 |  |  | (130.9) |  | (a) | 621.4 |
Accumulated other comprehensive income (loss) |  | 2,186.1 |  |  | (2,079.8) |  |  | 106.3 |
Total shareholders' equity |  | 5,484.2 |  |  | (2,210.7) |  |  | 3,273.5 |

_____________________
(a) The impact to retained earnings was primarily related to certain long-term care product cohorts where the present value of expected benefits exceeded the reserve at the Transition Date plus the present value of future gross premiums. As a result, the net premium ratio was capped at 100 percent with an immediate increase in the reserve for such cohorts.
14

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following summarizes the impact of adoption on previously reported balances as of December 31, 2022 and as of and for the three and nine months ended September 30, 2022 (dollars in millions, except per share data):

|  | December 31, 2022
|  | As previously |  | Effect of |  |
|  | reported |  | adoption |  | As recast
Present value of future profits |  | $ | 212.2 |  |  | $ | (8.5) |  |  | $ | 203.7 |
Deferred acquisition costs |  | 1,913.4 |  |  | (142.5) |  |  | 1,770.9 |
Reinsurance receivables |  | 4,241.7 |  |  | (18.3) |  |  | 4,223.4 |
Market risk benefit asset |  | — |  |  | 65.3 |  |  | 65.3 |
Income tax assets, net |  | 1,165.5 |  |  | (102.1) |  |  | 1,063.4 |
Total assets |  | 33,339.2 |  |  | (206.1) |  |  | 33,133.1 |
Policyholder account balances |  | 14,858.3 |  |  | 375.9 |  |  | 15,234.2 |
Future policy benefits |  | 11,809.1 |  |  | (568.9) |  |  | 11,240.2 |
Market risk benefit liability |  | — |  |  | 11.3 |  |  | 11.3 |
Liability for policy and contract claims |  | 456.5 |  |  | (392.4) |  |  | 64.1 |
Total liabilities |  | 31,938.4 |  |  | (574.1) |  |  | 31,364.3 |
Retained earnings |  | 1,459.0 |  |  | 232.2 |  |  | 1,691.2 |
Accumulated other comprehensive income (loss) |  | (2,093.1) |  |  | 135.8 |  |  | (1,957.3) |
Total shareholders' equity |  | 1,400.8 |  |  | 368.0 |  |  | 1,768.8 |

|  | Three months ended
|  | September 30, 2022
|  | As previously |  | Effect of |  |
|  | reported |  | adoption |  | As recast
Insurance policy benefits |  | $ | 412.2 |  |  | $ | (16.1) |  |  | $ | 396.1 |
Liability for future policy benefits remeasurement loss |  | — |  |  | (5.0) |  |  | (5.0) |
Change in fair value of market risk benefits |  | — |  |  | (34.9) |  |  | (34.9) |
Amortization |  | 87.5 |  |  | (34.0) |  |  | 53.5 |
Other operating costs and expenses |  | 230.8 |  |  | (.7) |  |  | 230.1 |
Total benefits and expenses |  | 768.1 |  |  | (90.7) |  |  | 677.4 |
Income before income taxes |  | 137.2 |  |  | 90.7 |  |  | 227.9 |
Income tax expense |  | 32.2 |  |  | 19.8 |  |  | 52.0 |
Net income |  | 105.0 |  | 70.9 |  | 175.9 |
Earnings per common share - basic |  | $ | 0.92 |  |  | $ | 0.62 |  |  | $ | 1.54 |
Earnings per common share - diluted |  | 0.91 |  |  | 0.61 |  |  | 1.52 |

15

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________

|  | Nine months ended
|  | September 30, 2022
|  | As previously |  | Effect of |  |
|  | reported |  | adoption |  | As recast
Insurance policy benefits |  | $ | 1,099.1 |  |  | $ | (66.9) |  |  | $ | 1,032.2 |
Liability for future policy benefits remeasurement loss |  | — |  |  | 2.3 |  |  | 2.3 |
Change in fair value of market risk benefits |  | — |  |  | (117.9) |  |  | (117.9) |
Amortization |  | 279.5 |  |  | (121.0) |  |  | 158.5 |
Other operating costs and expenses |  | 673.5 |  |  | (2.6) |  |  | 670.9 |
Total benefits and expenses |  | 2,141.3 |  |  | (306.1) |  |  | 1,835.2 |
Income before income taxes |  | 461.9 |  |  | 306.1 |  |  | 768.0 |
Income tax expense |  | 108.5 |  |  | 66.9 |  |  | 175.4 |
Net income |  | 353.4 |  | 239.2 |  | 592.6 |
Earnings per common share - basic |  | $ | 3.04 |  |  | $ | 2.06 |  |  | $ | 5.10 |
Earnings per common share - diluted |  | 2.99 |  |  | 2.03 |  |  | 5.02 |

|  | As of September 30, 2022
|  | As previously |  | Effect of |  |
|  | reported |  | adoption |  | As recast
Retained earnings |  | $ | 1,431.9 |  |  | $ | 237.6 |  |  | 1,669.5 |
Accumulated other comprehensive loss |  | (2,165.7) |  |  | 327.9 |  |  | (1,837.8) |
Total shareholders' equity |  | 1,297.9 |  |  | 565.5 |  |  | 1,863.4 |

16

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following tables detail the January 1, 2021 transition adjustments by providing a rollforward of the ending reported balances as of December 31, 2020 to the opening balances as of January 1, 2021 for insurance-related balances, accumulated other comprehensive income and retained earnings (dollars in millions):

|  | January 1, 2021
|  | Asset accounts
|  | Present value of future profits |  | Deferred acquisition costs |  | Reinsurance receivables |  | Market risk benefit asset |  | Income tax assets, net
Amounts prior to adoption of ASU 2018-12 |  | $ | 249.4 |  |  | $ | 1,027.8 |  |  | $ | 4,584.3 |  |  | $ | — |  |  | $ | 199.4 |
Unwinding amounts related to unrealized gains (losses) |  | 10.2 |  |  | 458.0 |  |  | — |  |  | — |  |  | — |
Changes in measurement of assets |  | — |  |  | — |  |  | (81.6) |  |  | — |  |  | — |
Change in discount rates |  | — |  |  | — |  |  | 225.7 |  |  | — |  |  | — |
Changes in market benefit reserve basis |  | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |
Tax impacts of changes recognized in accumulated other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | 570.3 |
Tax impacts of changes recognized in retained earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 36.7 |
Amounts, as recast |  | $ | 259.6 |  |  | $ | 1,485.8 |  |  | $ | 4,728.4 |  |  | $ | 2.5 |  |  | $ | 806.4 |

|  | January 1, 2021
|  | Liability accounts
|  | Policyholder account balances |  | Future policy benefits |  | Market risk benefit liability |  | Liability for policy and contract claims
Amounts prior to adoption of ASU 2018-12 |  | $ | 12,540.6 |  |  | $ | 11,744.2 |  |  | $ | — |  |  | $ | 561.8 |
Unwinding amounts related to unrealized gains (losses) |  | — |  |  | (197.5) |  |  | — |  |  | — |
Changes in remeasurement of future policy benefits |  | — |  |  | 31.1 |  |  | — |  |  | — |
Changes in classification of liabilities (1) |  | (172.9) |  |  | 643.0 |  |  | — |  |  | (470.1) |
Reclass to market risk benefit liability |  | — |  |  | (66.6) |  |  | 66.6 |  |  | — |
Changes in market risk benefit reserve basis |  | — |  |  | — |  |  | 48.2 |  |  | — |
Change in discount rates |  | — |  |  | 3,550.7 |  |  | — |  |  | — |
Amounts, as recast |  | $ | 12,367.7 |  |  | $ | 15,704.9 |  |  | $ | 114.8 |  |  | $ | 91.7 |

_____________________
(1) Amount includes certain reclassifications to conform with the revised presentation of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration health contracts to the liability for future policy benefits.
17

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________

|  | January 1, 2021
|  | Shareholders' equity accounts
|  | Accumulated other comprehensive income |  | Retained earnings
Amounts prior to adoption of ASU 2018-12 |  | $ | 2,186.1 |  |  | $ | 752.3 |
Unwinding amounts related to unrealized gains (losses) |  | 665.7 |  |  | — |
Changes in measurement of assets and liabilities |  | — |  |  | (112.7) |
Change in market risk benefit reserve basis |  | 9.2 |  |  | (54.9) |
Tax impacts of changes recognized in retained earnings |  | — |  |  | 36.7 |
Change in discount rates |  | (3,325.0) |  |  | — |
Tax impacts of changes recognized in accumulated other comprehensive income |  | 570.3 |  |  | — |
Amounts, as recast |  | $ | 106.3 |  |  | $ | 621.4 |

INVESTMENTS
We classify our fixed maturity securities into one of two categories: (i) "available for sale" (which we carry at estimated fair value with any unrealized gain or loss, net of tax and related adjustments, recorded as a component of shareholders' equity); or (ii) "trading" (which we carry at estimated fair value with changes in such value recognized as either net investment income (classified as investment income from policyholder and other special-purpose portfolios) or investment gains (losses)).
Trading securities include: (i) investments purchased with the intent of selling in the near term to generate income; and (ii) certain fixed maturity securities containing embedded derivatives for which we have elected the fair value option. The change in fair value of the income generating investments is recognized in income from policyholder and other special-purpose portfolios (a component of net investment income). The change in fair value of securities with embedded derivatives is recognized in other investment gains (losses).
We review our available for sale fixed maturity securities with unrealized losses to determine whether such impairments are the result of credit losses. We analyze various factors to make such determinations including, but not limited to: (i) actions taken by rating agencies; (ii) default by the issuer; (iii) the significance of the decline; (iv) an assessment of our intent to sell the security before recovering the security's amortized cost; (v) an economic analysis of the issuer's industry; and (vi) the financial strength, liquidity, and recoverability of the issuer. We perform a security by security review each quarter to evaluate whether a credit loss has occurred.
In determining the credit loss component, we discount the estimated cash flows on a security by security basis. We consider the impact of macroeconomic conditions on inputs used to measure the amount of credit loss. For most structured securities, cash flow estimates are based on bond-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayment speeds and structural support, including overcollateralization, excess spread, subordination and guarantees. For corporate bonds, cash flow estimates are derived by considering asset type, rating, time to maturity, and applying an expected loss rate.
If a portion of the decline is due to credit-related factors, we separate the credit loss component of the impairment from the amount related to all other factors. The credit loss component is recorded as an allowance and reported in other investment gains (losses) (limited to the difference between estimated fair value and amortized cost). The impairment related to all other factors (non-credit factors) is reported in accumulated other comprehensive income (loss) along with unrealized gains (losses) related to fixed maturity investments, available for sale, net of tax and related adjustments. The allowance is adjusted for any additional credit losses and subsequent recoveries. When recognizing an allowance associated with a credit loss, the cost basis is not adjusted. When we determine a security is uncollectable, the remaining amortized cost will be written off.
If we intend to sell an impaired fixed maturity security, available for sale, or identify an impaired fixed maturity security, available for sale, for which it is more likely than not we will be required to sell before anticipated recovery, the
18

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
difference between the fair value and the amortized cost is included in other investment gains (losses) and the fair value becomes the new amortized cost. The new cost basis is not adjusted for any subsequent recoveries in fair value.
The Company reports accrued investment income separately from fixed maturities, available for sale, and has elected not to measure an allowance for credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments.
Accumulated other comprehensive income (loss), included in shareholders' equity as of September 30, 2023 and December 31, 2022, is comprised of the following (dollars in millions):

| September 30, 2023 |  | December 31, 2022
Net unrealized losses on investments having no allowance for credit losses | $ | (1,506.2) |  |  | $ | (1,247.0) |
Unrealized losses on investments with an allowance for credit losses | (2,038.5) |  |  | (1,780.7) |
Change in discount rates for liability for future policy benefits | 1,021.6 |  |  | 500.7 |
Change in instrument-specific credit risk for market risk benefits | 7.8 |  |  | 12.2 |
Deferred income tax assets | 558.6 |  |  | 557.5 |
Accumulated other comprehensive loss | $ | (1,956.7) |  |  | $ | (1,957.3) |

At September 30, 2023, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):

| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Allowance for credit losses |  | Estimated fair value
Corporate securities | $ | 13,312.1 |  |  | $ | 10.7 |  |  | $ | (2,297.1) |  |  | $ | (66.8) |  |  | $ | 10,958.9 |
United States Treasury securities and obligations of United States government corporations and agencies | 194.2 |  |  | — |  |  | (28.8) |  |  | — |  |  | 165.4 |
States and political subdivisions | 2,848.5 |  |  | 7.0 |  |  | (547.8) |  |  | (1.7) |  |  | 2,306.0 |
Foreign governments | 93.3 |  |  | — |  |  | (16.6) |  |  | (.7) |  |  | 76.0 |
Asset-backed securities | 1,500.2 |  |  | .2 |  |  | (141.0) |  |  | (.2) |  |  | 1,359.2 |
Agency residential mortgage-backed securities | 627.9 |  |  | .6 |  |  | (12.6) |  |  | — |  |  | 615.9 |
Non-agency residential mortgage-backed securities | 1,695.8 |  |  | 33.7 |  |  | (204.3) |  |  | — |  |  | 1,525.2 |
Collateralized loan obligations | 1,077.7 |  |  | 1.9 |  |  | (20.1) |  |  | — |  |  | 1,059.5 |
Commercial mortgage-backed securities | 2,549.8 |  |  | .6 |  |  | (311.3) |  |  | — |  |  | 2,239.1 |
Total fixed maturities, available for sale | $ | 23,899.5 |  |  | $ | 54.7 |  |  | $ | (3,579.6) |  |  | $ | (69.4) |  |  | $ | 20,305.2 |

19

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
At December 31, 2022, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):

| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Allowance for credit losses |  | Estimated fair value
Corporate securities | $ | 13,649.1 |  |  | $ | 29.9 |  |  | $ | (1,911.9) |  |  | $ | (54.4) |  |  | $ | 11,712.7 |
United States Treasury securities and obligations of United States government corporations and agencies | 171.7 |  |  | — |  |  | (13.0) |  |  | — |  |  | 158.7 |
States and political subdivisions | 2,846.9 |  |  | 19.3 |  |  | (476.8) |  |  | (.9) |  |  | 2,388.5 |
Foreign governments | 86.3 |  |  | .1 |  |  | (11.3) |  |  | (.4) |  |  | 74.7 |
Asset-backed securities | 1,435.7 |  |  | 1.0 |  |  | (149.4) |  |  | (.3) |  |  | 1,287.0 |
Agency residential mortgage-backed securities | 174.3 |  |  | 1.4 |  |  | (.7) |  |  | — |  |  | 175.0 |
Non-agency residential mortgage-backed securities | 1,700.4 |  |  | 40.0 |  |  | (191.9) |  |  | — |  |  | 1,548.5 |
Collateralized loan obligations | 825.2 |  |  | .3 |  |  | (39.6) |  |  | — |  |  | 785.9 |
Commercial mortgage-backed securities | 2,494.6 |  |  | .1 |  |  | (272.3) |  |  | — |  |  | 2,222.4 |
Total fixed maturities, available for sale | $ | 23,384.2 |  |  | $ | 92.1 |  |  | $ | (3,066.9) |  |  | $ | (56.0) |  |  | $ | 20,353.4 |

The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at September 30, 2023, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Structured securities (such as asset-backed securities, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities, collectively referred to as "structured securities") frequently include provisions for periodic principal payments and permit periodic unscheduled payments.

| Amortized cost |  | Estimated fair value
| (Dollars in millions)
Due in one year or less | $ | 171.9 |  |  | $ | 161.9 |
Due after one year through five years | 2,217.5 |  |  | 2,069.5 |
Due after five years through ten years | 1,729.0 |  |  | 1,551.7 |
Due after ten years | 12,329.7 |  |  | 9,723.2 |
Subtotal | 16,448.1 |  |  | 13,506.3 |
Structured securities | 7,451.4 |  |  | 6,798.9 |
Total fixed maturities, available for sale | $ | 23,899.5 |  |  | $ | 20,305.2 |

20

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at December 31, 2022, by contractual maturity.

| Amortized cost |  | Estimated fair value
| (Dollars in millions)
Due in one year or less | $ | 112.0 |  |  | $ | 110.8 |
Due after one year through five years | 1,913.7 |  |  | 1,790.2 |
Due after five years through ten years | 2,098.9 |  |  | 1,910.4 |
Due after ten years | 12,629.4 |  |  | 10,523.2 |
Subtotal | 16,754.0 |  |  | 14,334.6 |
Structured securities | 6,630.2 |  |  | 6,018.8 |
Total fixed maturities, available for sale | $ | 23,384.2 |  |  | $ | 20,353.4 |

Gross Unrealized Investment Losses
Our investment strategy is to maximize, over a sustained period and within acceptable parameters of quality and risk, investment income and total investment return through active strategic asset allocation and investment management. Accordingly, we may sell securities at a gain or a loss to enhance the projected total return of the portfolio as market opportunities change, to reflect changing perceptions of risk, or to better match certain characteristics of our investment portfolio with the corresponding characteristics of our insurance liabilities.
The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at September 30, 2023 (dollars in millions):

|  | Less than 12 months |  | 12 months or greater |  | Total
Description of securities |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Corporate securities |  | $ | 591.1 |  |  | $ | (42.3) |  |  | $ | 2,938.4 |  |  | $ | (631.8) |  |  | $ | 3,529.5 |  |  | $ | (674.1) |
United States Treasury securities and obligations of United States government corporations and agencies |  | 131.9 |  |  | (24.7) |  |  | 33.5 |  |  | (4.1) |  |  | 165.4 |  |  | (28.8) |
States and political subdivisions |  | 181.9 |  |  | (12.9) |  |  | 436.5 |  |  | (145.7) |  |  | 618.4 |  |  | (158.6) |
Foreign governments |  | 6.5 |  |  | (.5) |  |  | 23.3 |  |  | (2.8) |  |  | 29.8 |  |  | (3.3) |
Asset-backed securities |  | 212.8 |  |  | (4.1) |  |  | 1,050.6 |  |  | (133.6) |  |  | 1,263.4 |  |  | (137.7) |
Agency residential mortgage-backed securities |  | 505.8 |  |  | (12.3) |  |  | 7.1 |  |  | (.3) |  |  | 512.9 |  |  | (12.6) |
Non-agency residential mortgage-backed securities |  | 245.1 |  |  | (6.6) |  |  | 1,014.5 |  |  | (197.7) |  |  | 1,259.6 |  |  | (204.3) |
Collateralized loan obligations |  | 114.4 |  |  | (.4) |  |  | 642.6 |  |  | (19.7) |  |  | 757.0 |  |  | (20.1) |
Commercial mortgage-backed securities |  | 223.3 |  |  | (4.3) |  |  | 1,927.6 |  |  | (307.0) |  |  | 2,150.9 |  |  | (311.3) |
Total fixed maturities, available for sale |  | $ | 2,212.8 |  |  | $ | (108.1) |  |  | $ | 8,074.1 |  |  | $ | (1,442.7) |  |  | $ | 10,286.9 |  |  | $ | (1,550.8) |

21

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2022 (dollars in millions):

|  | Less than 12 months |  | 12 months or greater |  | Total
Description of securities |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Corporate securities |  | $ | 2,830.8 |  |  | $ | (329.4) |  |  | $ | 370.4 |  |  | $ | (129.3) |  |  | $ | 3,201.2 |  |  | $ | (458.7) |
United States Treasury securities and obligations of United States government corporations and agencies |  | 134.4 |  |  | (9.6) |  |  | 21.9 |  |  | (3.4) |  |  | 156.3 |  |  | (13.0) |
States and political subdivisions |  | 667.0 |  |  | (124.8) |  |  | 132.1 |  |  | (58.5) |  |  | 799.1 |  |  | (183.3) |
Foreign governments |  | 35.0 |  |  | (3.5) |  |  | 2.1 |  |  | (.3) |  |  | 37.1 |  |  | (3.8) |
Asset-backed securities |  | 914.0 |  |  | (90.1) |  |  | 258.1 |  |  | (53.4) |  |  | 1,172.1 |  |  | (143.5) |
Agency residential mortgage-backed securities |  | 59.7 |  |  | (.7) |  |  | — |  |  | — |  |  | 59.7 |  |  | (.7) |
Non-agency residential mortgage-backed securities |  | 861.6 |  |  | (89.7) |  |  | 335.4 |  |  | (102.2) |  |  | 1,197.0 |  |  | (191.9) |
Collateralized loan obligations |  | 553.0 |  |  | (27.4) |  |  | 184.2 |  |  | (12.2) |  |  | 737.2 |  |  | (39.6) |
Commercial mortgage-backed securities |  | 1,581.4 |  |  | (160.0) |  |  | 593.3 |  |  | (112.3) |  |  | 2,174.7 |  |  | (272.3) |
Total fixed maturities, available for sale |  | $ | 7,636.9 |  |  | $ | (835.2) |  |  | $ | 1,897.5 |  |  | $ | (471.6) |  |  | $ | 9,534.4 |  |  | $ | (1,306.8) |

Based on management's current assessment of investments with unrealized losses at September 30, 2023, the Company believes the issuers of the securities will continue to meet their obligations. While we do not have the intent to sell securities with unrealized losses and it is not more likely than not that we will be required to sell securities with unrealized losses prior to their anticipated recovery, our intent on an individual security may change, based upon market or other unforeseen developments. In such instances, if a loss is recognized from a sale subsequent to a balance sheet date due to these unexpected developments, the loss is recognized in the period in which we had the intent to sell the security before its anticipated recovery.
22

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended September 30, 2023 (dollars in millions):

| Corporate securities |  | States and political subdivisions |  | Foreign governments |  |  |  | Asset-backed securities |  | Total
Allowance at June 30, 2023 | $ | 64.4 |  |  | $ | 1.0 |  |  | $ | .5 |  |  |  |  | $ | .2 |  |  | $ | 66.1 |
Additions for securities for which credit losses were not previously recorded | 1.2 |  |  | — |  |  | — |  |  |  |  | .1 |  |  | 1.3 |
Additions for purchased securities with deteriorated credit | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Additions (reductions) for securities where an allowance was previously recorded | 1.5 |  |  | .7 |  |  | .2 |  |  |  |  | (.1) |  |  | 2.3 |
Reduction for securities sold during the period | (.3) |  |  | — |  |  | — |  |  |  |  | — |  |  | (.3) |
Reduction for securities for which the Company made the decision to sell where an allowance was previously recorded | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Write-offs | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Recoveries of previously written-off amount | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Allowance at September 30, 2023 | $ | 66.8 |  |  | $ | 1.7 |  |  | $ | .7 |  |  |  |  | $ | .2 |  |  | $ | 69.4 |

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the nine months ended September 30, 2023 (dollars in millions):

| Corporate securities |  | States and political subdivisions |  | Foreign governments |  |  |  | Asset-backed securities |  | Total
Allowance at December 31, 2022 | $ | 54.4 |  |  | $ | .9 |  |  | $ | .4 |  |  |  |  | $ | .3 |  |  | $ | 56.0 |
Additions for securities for which credit losses were not previously recorded | 5.9 |  |  | .2 |  |  | .1 |  |  |  |  | — |  |  | 6.2 |
Additions for purchased securities with deteriorated credit | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Additions (reductions) for securities where an allowance was previously recorded | 9.2 |  |  | .6 |  |  | .2 |  |  |  |  | (.1) |  |  | 9.9 |
Reduction for securities sold during the period | (2.7) |  |  | — |  |  | — |  |  |  |  | — |  |  | (2.7) |
Reduction for securities for which the Company made the decision to sell where an allowance was previously recorded | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Write-offs | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Recoveries of previously written-off amount | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Allowance at September 30, 2023 | $ | 66.8 |  |  | $ | 1.7 |  |  | $ | .7 |  |  |  |  | $ | .2 |  |  | $ | 69.4 |

23

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended September 30, 2022 (dollars in millions):

| Corporate securities |  | States and political subdivisions |  | Foreign governments |  |  |  | Asset-backed securities |  | Total
Allowance at June 30, 2022 | $ | 52.2 |  |  | $ | 1.1 |  |  | $ | .7 |  |  |  |  | $ | .2 |  |  | $ | 54.2 |
Additions for securities for which credit losses were not previously recorded | 7.2 |  |  | .2 |  |  | .1 |  |  |  |  | .1 |  |  | 7.6 |
Additions for purchased securities with deteriorated credit | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Additions (reductions) for securities where an allowance was previously recorded | (6.9) |  |  | .5 |  |  | — |  |  |  |  | — |  |  | (6.4) |
Reduction for securities sold during the period | (3.3) |  |  | (.1) |  |  | — |  |  |  |  | — |  |  | (3.4) |
Reduction for securities for which the Company made the decision to sell where an allowance was previously recorded | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Write-offs | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Recoveries of previously written-off amount | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Allowance at September 30, 2022 | $ | 49.2 |  |  | $ | 1.7 |  |  | $ | .8 |  |  |  |  | $ | .3 |  |  | $ | 52.0 |

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the nine months ended September 30, 2022 (dollars in millions):

| Corporate securities |  | States and political subdivisions |  | Foreign governments |  |  |  | Asset-backed securities |  | Total
Allowance at December 31, 2021 | $ | 7.4 |  |  | $ | — |  |  | $ | .2 |  |  |  |  | $ | — |  |  | $ | 7.6 |
Additions for securities for which credit losses were not previously recorded | 39.8 |  |  | .7 |  |  | .5 |  |  |  |  | .2 |  |  | 41.2 |
Additions for purchased securities with deteriorated credit | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Additions (reductions) for securities where an allowance was previously recorded | 11.8 |  |  | 1.1 |  |  | .1 |  |  |  |  | .1 |  |  | 13.1 |
Reduction for securities sold during the period | (9.8) |  |  | (.1) |  |  | — |  |  |  |  | — |  |  | (9.9) |
Reduction for securities for which the Company made the decision to sell where an allowance was previously recorded | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Write-offs | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Recoveries of previously written-off amount | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Allowance at September 30, 2022 | $ | 49.2 |  |  | $ | 1.7 |  |  | $ | .8 |  |  |  |  | $ | .3 |  |  | $ | 52.0 |

24

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
Mortgage Loans
Mortgage loans are carried at amortized unpaid balance, net of allowance for estimated credit losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Payment terms specified for mortgage loans may include a prepayment penalty for unscheduled payoff of the investment. Prepayment penalties are recognized as investment income when received.
The allowance for estimated credit losses is measured using a loss-rate method on an individual asset basis. Inputs used include asset-specific characteristics, current economic conditions, historical loss information and reasonable and supportable forecasts about future economic conditions.
The mortgage loan balance was comprised of commercial and residential mortgage loans. At September 30, 2023, we held commercial mortgage loan investments with an amortized cost and fair value of $1,410.6 million and $1,217.8 million, respectively. There were no commercial mortgage loans in process of foreclosure. At September 30, 2023, we held residential mortgage loan investments with an amortized cost and fair value of $571.6 million and $572.4 million, respectively. At September 30, 2023, there were five residential mortgage loans that were noncurrent with a carrying value of $2.3 million (of which, four loans with a carrying value of $2.0 million were in foreclosure).
The following table provides the amortized cost by year of origination and estimated fair value of our outstanding commercial mortgage loans and the underlying collateral as of September 30, 2023 (dollars in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated fair value
Loan-to-value ratio (a) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total amortized cost |  | Mortgage loans |  | Collateral
Less than 60% |  | $ | 163.6 |  |  | $ | 147.3 |  |  | $ | 115.1 |  |  | $ | 36.7 |  |  | $ | 73.8 |  |  | $ | 482.3 |  |  | $ | 1,018.8 |  |  | $ | 880.8 |  |  | $ | 3,789.7 |
60% to less than 70% |  | 47.1 |  |  | 87.3 |  |  | 11.1 |  |  | 5.6 |  |  | — |  |  | 36.8 |  |  | 187.9 |  |  | 165.5 |  |  | 287.0 |
70% to less than 80% |  | 19.5 |  |  | 77.8 |  |  | 24.8 |  |  | — |  |  | — |  |  | 40.1 |  |  | 162.2 |  |  | 138.7 |  |  | 214.1 |
80% to less than 90% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17.4 |  |  | 17.4 |  |  | 15.8 |  |  | 20.8 |
90% or greater |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24.3 |  |  | 24.3 |  |  | 17.0 |  |  | 25.1 |
Total |  | $ | 230.2 |  |  | $ | 312.4 |  |  | $ | 151.0 |  |  | $ | 42.3 |  |  | $ | 73.8 |  |  | $ | 600.9 |  |  | $ | 1,410.6 |  |  | $ | 1,217.8 |  |  | $ | 4,336.7 |

________________
(a)Loan-to-value ratios are calculated as the ratio of: (i) the amortized cost of the commercial mortgage loans; to (ii) the estimated fair value of the underlying collateral.
The following table summarizes changes in the allowance for credit losses related to mortgage loans for the three months ended September 30, 2023 and 2022 (dollars in millions):

|  | Three months ended
|  | September 30,
|  | 2023 |  | 2022
Allowance at the beginning of the period |  | $ | 10.3 |  |  | $ | 4.9 |
Current period provision for expected credit losses |  | .6 |  |  | .4 |
Initial allowance recognized for purchased financial assets with credit deterioration |  | — |  |  | — |
Write-offs charged against the allowance |  | — |  |  | — |
Recoveries of amounts previously written off |  | — |  |  | — |
Allowance at the end of the period |  | $ | 10.9 |  |  | $ | 5.3 |

25

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table summarizes changes in the allowance for credit losses related to mortgage loans for the nine months ended September 30, 2023 and 2022 (dollars in millions):

|  | Nine months ended
|  | September 30,
|  | 2023 |  | 2022
Allowance at the beginning of the period |  | $ | 8.0 |  |  | $ | 5.6 |
Current period provision for expected credit losses |  | 2.9 |  |  | (.3) |
Initial allowance recognized for purchased financial assets with credit deterioration |  | — |  |  | — |
Write-offs charged against the allowance |  | — |  |  | — |
Recoveries of amounts previously written off |  | — |  |  | — |
Allowance at the end of the period |  | $ | 10.9 |  |  | $ | 5.3 |

Total Investment Gains (Losses)
The following table sets forth the total investment gains (losses) for the periods indicated (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Realized investment gains (losses): |  |  |  |  |  |  |
Gross realized gains on sales of fixed maturities, available for sale | $ | 1.3 |  |  | $ | 18.1 |  |  | $ | 11.4 |  |  | $ | 96.4 |
Gross realized losses on sales of fixed maturities, available for sale | (9.8) |  |  | (24.4) |  |  | (45.8) |  |  | (81.3) |
Equity securities, net | — |  |  | — |  |  | (.6) |  |  | (8.3) |
Other, net | (13.1) |  |  | (1.9) |  |  | (23.0) |  |  | (3.2) |
Total realized investment gains (losses) | (21.6) |  |  | (8.2) |  |  | (58.0) |  |  | 3.6 |
Change in allowance for credit losses (a) | (2.3) |  |  | 7.5 |  |  | (13.7) |  |  | (46.9) |
Change in fair value of equity securities (b) | (.9) |  |  | (.7) |  |  | (.5) |  |  | (2.4) |
Other changes in fair value (c) | (4.5) |  |  | (16.3) |  |  | (7.0) |  |  | (53.5) |
Other investment losses | (7.7) |  |  | (9.5) |  |  | (21.2) |  |  | (102.8) |
Total investment losses | $ | (29.3) |  |  | $ | (17.7) |  |  | $ | (79.2) |  |  | $ | (99.2) |

_________________
(a) Changes in the allowance for credit losses includes $1.6 million and $5.7 million in the three months ended September 30, 2023 and 2022, respectively, and $2.6 million and $(2.8) million in the nine months ended September 30, 2023 and 2022, respectively, related to investments held by variable interest entities ("VIEs").
(b) Changes in the estimated fair value of equity securities (that are still held as of the end of the respective periods) were $(0.7) million and $(6.9) million for the nine months ended September 30, 2023 and 2022, respectively.
(c) Changes in the estimated fair value of trading securities that we have elected the fair value option (that are still held as of the end of the respective periods) were $(8.0) million and $(36.6) million in the nine months ended September 30, 2023 and 2022, respectively.
During the first nine months of 2023, we recognized net investment losses of $79.2 million, which were comprised of: (i) $50.5 million of net losses from the sales of investments; (ii) $1.1 million of losses related to equity securities, including the change in fair value; (iii) $11.4 million of losses related to certain fixed maturity investments with embedded derivatives, including the change in fair value; (iv) the decrease in fair value of embedded derivatives related to a modified coinsurance agreement of $2.5 million; and (v) an increase in the allowance for credit losses of $13.7 million.
During the first nine months of 2022, we recognized net investment losses of $99.2 million, which were comprised of: (i) $11.9 million of net gains from the sales of investments; (ii) $10.7 million of losses related to equity securities, including the
26

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
change in fair value; (iii) the decrease in fair value of certain fixed maturity investments with embedded derivatives of $37.4 million; (iv) the decrease in fair value of embedded derivatives related to a modified coinsurance agreement of $16.1 million; and (v) an increase in the allowance for credit losses of $46.9 million.
Our fixed maturity investments are generally purchased in the context of various long-term strategies, including funding insurance liabilities, so we do not generally seek to generate short-term realized gains through the purchase and sale of such securities. In certain circumstances, including those in which securities are selling at prices which exceed our view of their underlying economic value, or when it is possible to reinvest the proceeds to better meet our long-term asset-liability objectives, we may sell certain securities.
At September 30, 2023, there were no fixed maturity investments in default.
During the first nine months of 2023, the $45.8 million of gross realized losses on sales of $527.0 million of fixed maturity securities, available for sale, included: (i) $37.8 million related to various corporate securities; (ii) $6.0 million related to commercial mortgage-backed securities; and (iii) $2.0 million related to various other investments. Securities are generally sold at a loss following unforeseen issuer-specific events or conditions or shifts in perceived relative values. These reasons include but are not limited to: (i) changes in the investment environment; (ii) expectation that the market value could deteriorate; (iii) our desire to reduce our exposure to an asset class, an issuer or an industry; (iv) prospective or actual changes in credit quality; (v) better match certain characteristics of our investment portfolio with the corresponding characteristics of our insurance liabilities; or (vi) changes in expected portfolio cash flows.
During the first nine months of 2022, the $81.3 million of gross realized losses on sales of $1,321.7 million of fixed maturity securities, available for sale, included: (i) $54.3 million related to various corporate securities; (ii) $14.0 million related to non-agency residential mortgage-backed securities; (iii) $7.3 million related to states and political subdivisions; and (iv) $5.7 million related to various other investments.
Future events may occur, or additional information may become available, which may necessitate future realized losses in our portfolio. Significant losses could have a material adverse effect on our consolidated financial statements in future periods.
27

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
LIABILITIES FOR INSURANCE PRODUCTS
The liability for future policy benefits is determined based on numerous assumptions. The most significant assumptions for our life and annuity business are mortality and lapse/withdrawal rates which are based on our experience and, in cases of limited experience, industry experience. Mortality and lapse/withdrawal rates also take into consideration future expectations in policyholder behavior that may vary from past experience. For our health business, mortality rates, lapse rates, morbidity assumptions and future rate increases are based on our experience and, in cases of limited experience, industry experience. Such assumptions also consider future expectations in policyholder behavior that may vary from past experience.
In the first nine months of 2023, we reviewed the actual mortality, lapse, and morbidity experience and determined that no changes to assumptions for future cash flows were necessary. This is consistent with the impact in the "Effect of actual variances from expected experience" line items in the tables below, which indicate our actual experience did not deviate significantly from our expectations.
The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the nine months ended September 30, 2023 (dollars in millions):

|  | Nine months ended
|  | September 30, 2023
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Other annuities
Present value of expected net premiums ("PVENP"), beginning of period |  | $ | 2,781.3 |  |  | $ | 2,800.6 |  |  | $ | 1,034.1 |  |  | $ | 2,175.0 |  |  | $ | — |
Effect of changes in discount rate assumptions, beginning of period |  | 188.4 |  |  | 196.4 |  |  | 23.2 |  |  | 137.1 |  |  | — |
Beginning PVENP at original discount rate |  | 2,969.7 |  |  | 2,997.0 |  |  | 1,057.3 |  |  | 2,312.1 |  |  | — |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (40.9) |  |  | (4.2) |  |  | 20.7 |  |  | (47.0) |  |  | — |
Adjusted beginning of period PVENP |  | 2,928.8 |  |  | 2,992.8 |  |  | 1,078.0 |  |  | 2,265.1 |  |  | — |
Issuances |  | 205.1 |  |  | 238.9 |  |  | 56.3 |  |  | 300.7 |  |  | 4.7 |
Interest accrual |  | 96.7 |  |  | 91.3 |  |  | 37.1 |  |  | 70.0 |  |  | — |
Net premiums collected |  | (267.0) |  |  | (324.5) |  |  | (120.6) |  |  | (301.5) |  |  | (4.7) |
Ending PVENP at original discount rate |  | 2,963.6 |  |  | 2,998.5 |  |  | 1,050.8 |  |  | 2,334.3 |  |  | — |
Effect of changes in discount rate assumptions, end of period |  | (295.1) |  |  | (274.1) |  |  | (53.4) |  |  | (188.6) |  |  | — |
PVENP, end of period |  | $ | 2,668.5 |  |  | $ | 2,724.4 |  |  | $ | 997.4 |  |  | $ | 2,145.7 |  |  | $ | — |

Present value of expected future policy benefits ("PVEFPB"), beginning of period |  | $ | 5,886.8 |  |  | $ | 3,033.1 |  |  | $ | 4,158.1 |  |  | $ | 4,417.9 |  |  | $ | 310.9 |
Effect of changes in discount rate assumptions, beginning of period |  | 483.3 |  |  | 212.0 |  |  | 28.5 |  |  | 336.6 |  |  | 15.4 |
Beginning PVEFPB at original discount rate |  | 6,370.1 |  |  | 3,245.1 |  |  | 4,186.6 |  |  | 4,754.5 |  |  | 326.3 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (46.9) |  |  | 7.4 |  |  | 30.3 |  |  | (59.1) |  |  | 1.8 |
Adjusted beginning of period PVEFPB |  | 6,323.2 |  |  | 3,252.5 |  |  | 4,216.9 |  |  | 4,695.4 |  |  | 328.1 |
Issuances |  | 205.3 |  |  | 238.9 |  |  | 56.5 |  |  | 307.8 |  |  | 4.7 |
Interest accrual |  | 222.6 |  |  | 99.3 |  |  | 167.3 |  |  | 154.3 |  |  | 11.1 |
Benefit payments |  | (314.2) |  |  | (362.1) |  |  | (214.0) |  |  | (325.8) |  |  | (25.8) |
Ending PVEFPB at original discount rate |  | 6,436.9 |  |  | 3,228.6 |  |  | 4,226.7 |  |  | 4,831.7 |  |  | 318.1 |
Effect of changes in discount rate assumptions, end of period |  | (801.6) |  |  | (295.5) |  |  | (252.1) |  |  | (510.9) |  |  | (30.9) |
PVEFPB, end of period |  | $ | 5,635.3 |  |  | $ | 2,933.1 |  |  | $ | 3,974.6 |  |  | $ | 4,320.8 |  |  | $ | 287.2 |

Net liability for future policy benefits |  | $ | 2,966.8 |  |  | $ | 208.7 |  |  | $ | 2,977.2 |  |  | $ | 2,175.1 |  |  | $ | 287.2 |
Flooring impact |  | — |  |  | .2 |  |  | — |  |  | — |  |  | — |
Adjusted net liability for future policy benefits |  | 2,966.8 |  |  | 208.9 |  |  | 2,977.2 |  |  | 2,175.1 |  |  | 287.2 |
Related reinsurance recoverable |  | (1.3) |  |  | — |  |  | (330.4) |  |  | (182.2) |  |  | — |
Net liability for future policy benefits, net of reinsurance recoverable |  | $ | 2,965.5 |  |  | $ | 208.9 |  |  | $ | 2,646.8 |  |  | $ | 1,992.9 |  |  | $ | 287.2 |

28

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the nine months ended September 30, 2022 (dollars in millions):

|  | Nine months ended
|  | September 30, 2022
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Other annuities
PVENP, beginning of period |  | $ | 3,496.8 |  |  | $ | 3,454.0 |  |  | $ | 1,313.4 |  |  | $ | 2,483.7 |  |  | $ | — |
Effect of changes in discount rate assumptions, beginning of period |  | (525.6) |  |  | (341.8) |  |  | (183.2) |  |  | (239.4) |  |  | — |
Beginning PVENP at original discount rate |  | 2,971.2 |  |  | 3,112.2 |  |  | 1,130.2 |  |  | 2,244.3 |  |  | — |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (24.0) |  |  | (32.7) |  |  | (14.5) |  |  | (43.6) |  |  | — |
Adjusted beginning of period PVENP |  | 2,947.2 |  |  | 3,079.5 |  |  | 1,115.7 |  |  | 2,200.7 |  |  | — |
Issuances |  | 234.2 |  |  | 204.7 |  |  | 70.9 |  |  | 397.6 |  |  | 5.6 |
Interest accrual |  | 92.4 |  |  | 88.3 |  |  | 38.4 |  |  | 61.6 |  |  | — |
Net premiums collected |  | (265.0) |  |  | (346.3) |  |  | (127.1) |  |  | (300.7) |  |  | (5.6) |
Ending PVENP at original discount rate |  | 3,008.8 |  |  | 3,026.2 |  |  | 1,097.9 |  |  | 2,359.2 |  |  | — |
Effect of changes in discount rate assumptions, end of period |  | (273.5) |  |  | (260.3) |  |  | (43.8) |  |  | (205.1) |  |  | — |
PVENP, end of period |  | $ | 2,735.3 |  |  | $ | 2,765.9 |  |  | $ | 1,054.1 |  |  | $ | 2,154.1 |  |  | $ | — |

PVEFPB, beginning of period |  | $ | 7,688.0 |  |  | $ | 3,750.5 |  |  | $ | 5,501.6 |  |  | $ | 5,395.7 |  |  | $ | 431.9 |
Effect of changes in discount rate assumptions, beginning of period |  | (1,414.8) |  |  | (373.8) |  |  | (1,291.2) |  |  | (767.3) |  |  | (88.4) |
Beginning PVEFPB at original discount rate |  | 6,273.2 |  |  | 3,376.7 |  |  | 4,210.4 |  |  | 4,628.4 |  |  | 343.5 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (25.9) |  |  | (35.1) |  |  | (23.7) |  |  | (48.8) |  |  | (4.1) |
Adjusted beginning of period PVEFPB |  | 6,247.3 |  |  | 3,341.6 |  |  | 4,186.7 |  |  | 4,579.6 |  |  | 339.4 |
Issuances |  | 234.7 |  |  | 204.0 |  |  | 70.9 |  |  | 407.6 |  |  | 6.4 |
Interest accrual |  | 216.3 |  |  | 96.7 |  |  | 167.6 |  |  | 144.4 |  |  | 11.4 |
Benefit payments |  | (312.4) |  |  | (362.9) |  |  | (198.1) |  |  | (363.2) |  |  | (27.4) |
Ending PVEFPB at original discount rate |  | 6,385.9 |  |  | 3,279.4 |  |  | 4,227.1 |  |  | 4,768.4 |  |  | 329.8 |
Effect of changes in discount rate assumptions, end of period |  | (699.7) |  |  | (280.6) |  |  | (157.7) |  |  | (496.7) |  |  | (25.3) |
PVEFPB, end of period |  | $ | 5,686.2 |  |  | $ | 2,998.8 |  |  | $ | 4,069.4 |  |  | $ | 4,271.7 |  |  | $ | 304.5 |

Net liability for future policy benefits |  | $ | 2,950.9 |  |  | $ | 232.9 |  |  | $ | 3,015.3 |  |  | $ | 2,117.6 |  |  | $ | 304.5 |
Flooring impact |  | 37.6 |  |  | .3 |  |  | 16.3 |  |  | 9.3 |  |  | — |
Adjusted net liability for future policy benefits |  | 2,988.5 |  |  | 233.2 |  |  | 3,031.6 |  |  | 2,126.9 |  |  | 304.5 |
Related reinsurance recoverable |  | (3.0) |  |  | — |  |  | (318.0) |  |  | (196.1) |  |  | — |
Net liability for future policy benefits, net of reinsurance recoverable |  | $ | 2,985.5 |  |  | $ | 233.2 |  |  | $ | 2,713.6 |  |  | $ | 1,930.8 |  |  | $ | 304.5 |

29

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table reconciles the net liability for future policy benefits to the amount presented in the consolidated balance sheet (dollars in millions):

|  | September 30, 2023 |  | September 30, 2022
Balances included in the future policy benefits rollforwards: |  |  |  |
Supplemental health |  | $ | 2,966.8 |  |  | $ | 2,988.5 |
Medicare supplement |  | 208.9 |  |  | 233.2 |
Long-term care |  | 2,977.2 |  |  | 3,031.6 |
Traditional life |  | 2,175.1 |  |  | 2,126.9 |
Other annuities |  | 287.2 |  |  | 304.5 |
Reserves excluded from rollforward (1) |  | 2,574.0 |  |  | 2,616.1 |
Deferred profit liability |  | 60.8 |  |  | 50.4 |
Amount of reserves above (below) policyholder account balances (2) |  | (454.7) |  |  | (569.8) |
Future loss reserves (3) |  | 34.6 |  |  | 34.1 |
Future policy benefits |  | $ | 10,829.9 |  |  | $ | 10,815.5 |

_______________
(1) Primarily comprised of blocks of business that are 100% ceded.
(2) Such amount represents the difference between: (i) the total insurance liabilities for our fixed indexed annuities (including the host contract and the related embedded derivative); and (ii) the policyholder account balances for these products. The accounting requirement to bifurcate the embedded derivative and value it at the current estimated fair value results in this amount.
(3) In certain instances, the total insurance liabilities for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (the "future loss reserve") be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years.
30

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of MRBs includes market assumptions (interest rate, equity returns, volatility and dividend yields) and nonmarket assumptions (mortality rates, surrender and withdrawal rates, GLWB utilization and spreads). Market assumptions are updated quarterly to reflect current market conditions. During the first nine months of 2023, we reviewed the nonmarket assumptions used to calculate MRBs and determined that such assumptions were appropriate.
The following table presents the balance of and changes in MRBs associated with our fixed indexed annuities (dollars in millions):

|  | Nine months ended
|  | September 30,
|  | 2023 |  | 2022
Net liability (asset), beginning of period |  | $ | (54.0) |  |  | $ | 86.2 |
Effect of changes in the instrument-specific credit risk, beginning of period |  | 12.2 |  |  | 12.1 |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk |  | (41.8) |  |  | 98.3 |
Issuances |  | (.4) |  |  | (1.5) |
Interest accrual |  | 15.8 |  |  | 11.6 |
Attributed fees collected |  | — |  |  | — |
Benefit payments |  | — |  |  | — |
Effect of changes in interest rates |  | (36.2) |  |  | (140.3) |
Effect of changes in equity markets |  | 4.1 |  |  | (7.9) |
Effect of changes in equity index volatility |  | (17.5) |  |  | 20.6 |
Actual policyholder behavior different from expected behavior |  | 2.5 |  |  | .1 |
Effect of changes in future expected policyholder behavior - other |  | — |  |  | — |
Effect of changes in future expected policyholder behavior - risk margin |  | — |  |  | — |
Effect of changes in assumptions |  | (4.9) |  |  | (.4) |
Net liability (asset), end of period, before effect of changes in the instrument-specific credit risk |  | (78.4) |  |  | (19.5) |
Effect of changes in the instrument-specific credit risk, end of period |  | (7.8) |  |  | (23.1) |
Net asset, end of period |  | (86.2) |  |  | (42.6) |
Reinsurance recoverable, end of period |  | — |  |  | — |
Net asset, end of period, net of reinsurance |  | $ | (86.2) |  |  | $ | (42.6) |
Balance reported as an asset |  | $ | 89.3 |  |  | $ | 56.3 |
Balance reported as a liability |  | 3.1 |  |  | 13.7 |
Net asset |  | $ | (86.2) |  |  | $ | (42.6) |
Net amount at risk |  | $ | 51.0 |  |  | $ | 51.7 |
Weighted average attained age of contract holders |  | 69 |  | 68

31

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table summarizes the amount of revenue and interest related to traditional and limited-payment contracts recognized in the consolidated statement of operations (dollars in millions):

|  | Gross premiums (a) |  | Interest accretion (b)
|  | Nine months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Other annuities |  | $ | 5.7 |  |  | $ | 6.8 |  |  | $ | 11.1 |  |  | $ | 11.4 |
Supplemental health |  | 530.3 |  |  | 519.8 |  |  | 125.9 |  |  | 123.9 |
Medicare supplement |  | 453.4 |  |  | 487.7 |  |  | 8.0 |  |  | 8.4 |
Long-term care |  | 243.1 |  |  | 245.6 |  |  | 130.2 |  |  | 129.2 |
Traditional life |  | 534.6 |  |  | 518.9 |  |  | 84.3 |  |  | 82.8 |
Total |  | $ | 1,767.1 |  |  | $ | 1,778.8 |  |  | $ | 359.5 |  |  | $ | 355.7 |

_____________________
(a) Such amounts are included in insurance policy income in the consolidated statement of operations.
(b) Such amounts are included in insurance policy benefits in the consolidated statement of operations.
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for traditional and limited-payment contracts (dollars in millions):

|  | September 30, 2023 |  | September 30, 2022
|  | Undiscounted |  | Discounted (a) |  | Undiscounted |  | Discounted (a)
Other annuities |  |  |  |  |  |  |  |
Expected future gross premiums |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Expected future benefits and expenses |  | 385.9 |  |  | 287.2 |  |  | 409.3 |  |  | 304.5 |
Supplemental health |  |  |  |  |  |  |  |
Expected future gross premiums |  | 9,031.2 |  |  | 5,287.4 |  |  | 8,866.2 |  |  | 5,310.3 |
Expected future benefits and expenses |  | 10,163.1 |  |  | 5,635.3 |  |  | 10,948.7 |  |  | 5,686.2 |
Medicare supplement |  |  |  |  |  |  |  |
Expected future gross premiums |  | 5,589.1 |  |  | 3,756.3 |  |  | 5,521.0 |  |  | 3,857.2 |
Expected future benefits and expenses |  | 4,387.4 |  |  | 2,933.1 |  |  | 4,318.6 |  |  | 2,998.8 |
Long-term care |  |  |  |  |  |  |  |
Expected future gross premiums |  | 2,967.0 |  |  | 2,054.0 |  |  | 2,974.1 |  |  | 2,097.9 |
Expected future benefits and expenses |  | 7,483.6 |  |  | 3,974.6 |  |  | 7,546.5 |  |  | 4,069.4 |
Traditional life |  |  |  |  |  |  |  |
Expected future gross premiums |  | 5,542.6 |  |  | 3,840.1 |  |  | 5,448.2 |  |  | 3,835.7 |
Expected future benefits and expenses |  | 7,478.6 |  |  | 4,320.8 |  |  | 7,250.8 |  |  | 4,271.7 |

_____________________
(a) Calculated at the discount rates at period end.
Loss expense as a result of net premium ratio capping was not material in both the nine months ended September 30, 2023 and 2022.
32

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table provides the weighted average durations (under locked-in rates) of the liability for future policy benefits in years:

|  | September 30, 2023 |  | September 30, 2022
Other annuities |  | 9.7 |  | 9.7
Supplemental health |  | 11.7 |  | 12.0
Medicare supplement |  | 6.0 |  | 6.1
Long-term care |  | 10.3 |  | 10.7
Traditional life |  | 10.4 |  | 10.8

The following table provides the weighted average interest rates for the liability for future policy benefits:

|  | September 30, 2023 |  | September 30, 2022
Other annuities |  |  |  |
Interest accretion rate |  | 4.79 | % |  | 4.71 | %
Current discount rate |  | 6.10 | % |  | 5.76 | %
Supplemental health |  |  |  |
Interest accretion rate |  | 5.02 | % |  | 5.06 | %
Current discount rate |  | 6.09 | % |  | 5.72 | %
Medicare supplement |  |  |  |
Interest accretion rate |  | 4.28 | % |  | 4.21 | %
Current discount rate |  | 5.88 | % |  | 5.50 | %
Long-term care |  |  |  |
Interest accretion rate |  | 5.66 | % |  | 5.69 | %
Current discount rate |  | 6.13 | % |  | 5.83 | %
Traditional life |  |  |  |
Interest accretion rate |  | 4.77 | % |  | 4.76 | %
Current discount rate |  | 6.11 | % |  | 5.77 | %

33

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following tables present the balances of and changes in the liability for policyholder account balances (dollars in millions):

|  | Nine months ended
|  | September 30, 2023
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Other annuities |  | Interest-sensitive life |  | Funding agreements |  | Other (a)
Balance, beginning of period excluding contracts 100% ceded |  | $ | 9,490.4 |  |  | $ | 1,663.1 |  |  | $ | 127.1 |  |  | $ | 1,209.6 |  |  | $ | 1,410.8 |  |  | $ | 395.5 |
Issuances (funds collected from new business) |  | 996.6 |  |  | 139.5 |  |  | — |  |  | 30.0 |  |  | — |  |  | — |
Premiums received (premiums collected from inforce business) |  | .3 |  |  | 2.1 |  |  | 21.5 |  |  | 152.4 |  |  | — |  |  | 201.0 |
Policy charges |  | (14.4) |  |  | (.7) |  |  | — |  |  | (140.4) |  |  | — |  |  | — |
Surrenders and withdrawals |  | (538.4) |  |  | (124.7) |  |  | (30.3) |  |  | (24.3) |  |  | (24.2) |  |  | (216.6) |
Benefit payments |  | (185.0) |  |  | (80.8) |  |  | (4.6) |  |  | (19.6) |  |  | — |  |  | (.1) |
Interest credited |  | 52.7 |  |  | 34.2 |  |  | 1.8 |  |  | 30.5 |  |  | 21.6 |  |  | 2.0 |
Other |  | 17.0 |  |  | (.2) |  |  | (.3) |  |  | (.4) |  |  | — |  |  | — |
Balance, end of period excluding contracts 100% ceded |  | 9,819.2 |  |  | 1,632.5 |  |  | 115.2 |  |  | 1,237.8 |  |  | 1,408.2 |  |  | 381.8 |
Balance, end of period for contracts 100% ceded |  | 141.4 |  |  | 602.2 |  |  | 26.2 |  |  | 107.0 |  |  | — |  |  | 10.3 |
Balance, end of period |  | $ | 9,960.6 |  |  | $ | 2,234.7 |  |  | $ | 141.4 |  |  | $ | 1,344.8 |  |  | $ | 1,408.2 |  |  | $ | 392.1 |
Balance, end of period, reinsurance ceded |  | (141.4) |  |  | (602.2) |  |  | (26.2) |  |  | (125.2) |  |  | — |  |  | (24.3) |
Balance, end of period, net of reinsurance |  | $ | 9,819.2 |  |  | $ | 1,632.5 |  |  | $ | 115.2 |  |  | $ | 1,219.6 |  |  | $ | 1,408.2 |  |  | $ | 367.8 |

Weighted average crediting rate |  | 1.7 | % |  | 2.8 | % |  | 2.4 | % |  | 4.0 | % |  | 2.0 | % |  | 0.8 | %
Net amount at risk (b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,851.0 |  |  | $ | — |  |  | $ | — |
Cash surrender value, net of reinsurance |  | $ | 9,152.8 |  |  | $ | 1,609.4 |  |  | $ | 115.2 |  |  | $ | 997.8 |  |  | $ | — |  |  | $ | 367.8 |

_______________
(a) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.
(b) Represents the amount of insurance policy benefit expense that we would incur if death claims were filed on all annuity and interest-sensitive life contracts at the balance sheet date.
34

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________

|  | Nine months ended
|  | September 30, 2022
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Other annuities |  | Interest-sensitive life |  | Funding agreements |  | Other (a)
Balance, beginning of period excluding contracts 100% ceded |  | $ | 8,681.0 |  |  | $ | 1,806.1 |  |  | $ | 131.2 |  |  | $ | 1,163.9 |  |  | $ | 502.0 |  |  | $ | 368.0 |
Issuances (funds collected from new business) |  | 1,111.9 |  |  | 52.2 |  |  | — |  |  | 31.4 |  |  | 899.0 |  |  | — |
Premiums received (premiums collected from inforce business) |  | .2 |  |  | 2.9 |  |  | 25.9 |  |  | 143.5 |  |  | — |  |  | 196.2 |
Policy charges |  | (10.4) |  |  | (.6) |  |  | — |  |  | (135.4) |  |  | — |  |  | — |
Surrenders and withdrawals |  | (388.6) |  |  | (113.0) |  |  | (26.0) |  |  | (20.3) |  |  | (14.3) |  |  | (175.4) |
Benefit payments |  | (192.5) |  |  | (102.9) |  |  | (4.3) |  |  | (19.1) |  |  | — |  |  | — |
Interest credited |  | 102.8 |  |  | 34.3 |  |  | 1.8 |  |  | 34.9 |  |  | 21.3 |  |  | 1.9 |
Other |  | 15.5 |  |  | .3 |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period excluding contracts 100% ceded |  | 9,319.9 |  |  | 1,679.3 |  |  | 128.6 |  |  | 1,198.9 |  |  | 1,408.0 |  |  | 390.7 |
Balance, end of period for contracts 100% ceded |  | 158.7 |  |  | 644.4 |  |  | 26.5 |  |  | 114.0 |  |  | — |  |  | 10.7 |
Balance, end of period |  | $ | 9,478.6 |  |  | $ | 2,323.7 |  |  | $ | 155.1 |  |  | $ | 1,312.9 |  |  | $ | 1,408.0 |  |  | $ | 401.4 |
Balance, end of period, reinsurance ceded |  | (158.7) |  |  | (644.4) |  |  | (26.5) |  |  | (134.9) |  |  | — |  |  | (25.2) |
Balance, end of period, net of reinsurance |  | $ | 9,319.9 |  |  | $ | 1,679.3 |  |  | $ | 128.6 |  |  | $ | 1,178.0 |  |  | $ | 1,408.0 |  |  | $ | 376.2 |

Weighted average crediting rate |  | 1.4 | % |  | 2.6 | % |  | 2.2 | % |  | 4.3 | % |  | 2.0 | % |  | 0.8 | %
Net amount at risk (b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,029.5 |  |  | $ | — |  |  | $ | — |
Cash surrender value, net of reinsurance |  | $ | 8,684.3 |  |  | $ | 1,669.3 |  |  | $ | 128.6 |  |  | $ | 954.7 |  |  | $ | — |  |  | $ | 376.2 |

_________________
(a) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.
(b) Represents the amount of insurance policy benefit expense that we would incur if death claims were filed on all annuity and interest-sensitive life contracts at the balance sheet date.
35

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table reconciles the liability for policyholder account balances to the amount presented in the consolidated balance sheet (dollars in millions):

|  | September 30, 2023 |  | September 30, 2022
Amounts included in the liability for policyholder account balances rollforwards: |  |  |  |
Fixed indexed annuities |  | $ | 9,960.6 |  |  | $ | 9,478.6 |
Fixed interest annuities |  | 2,234.7 |  |  | 2,323.7 |
Other annuities |  | 141.4 |  |  | 155.1 |
Interest-sensitive life |  | 1,344.8 |  |  | 1,312.9 |
Funding agreements |  | 1,408.2 |  |  | 1,408.0 |
Other |  | 392.1 |  |  | 401.4 |
Total |  | $ | 15,481.8 |  |  | $ | 15,079.7 |

36

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums (dollars in millions):

|  | September 30, 2023
Range of guaranteed minimum crediting rates (a) |  | At guaranteed minimum |  | 1-50 basis points above |  | 51-150 basis points above |  | Greater than 150 basis points above |  | Total
Fixed interest annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | $ | 122.3 |  |  | $ | 257.4 |  |  | $ | 183.4 |  |  | $ | 79.1 |  |  | $ | 642.2 |
3.00%-4.99% |  | 1,475.8 |  |  | 27.1 |  |  | — |  |  | — |  |  | 1,502.9 |
5.00% and greater |  | 89.6 |  |  | — |  |  | — |  |  | — |  |  | 89.6 |
Subtotal |  | 1,687.7 |  |  | 284.5 |  |  | 183.4 |  |  | 79.1 |  |  | 2,234.7 |
Other annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 36.4 |  |  | 25.3 |  |  | — |  |  | — |  |  | 61.7 |
3.00%-4.99% |  | 46.4 |  |  | — |  |  | — |  |  | — |  |  | 46.4 |
5.00% and greater |  | 33.3 |  |  | — |  |  | — |  |  | — |  |  | 33.3 |
Subtotal |  | 116.1 |  |  | 25.3 |  |  | — |  |  | — |  |  | 141.4 |
Interest-sensitive life |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 22.0 |  |  | 37.2 |  |  | 298.5 |  |  | 305.1 |  |  | 662.8 |
3.00%-4.99% |  | 451.2 |  |  | 50.5 |  |  | 157.5 |  |  | .5 |  |  | 659.7 |
5.00% and greater |  | 21.8 |  |  | .5 |  |  | — |  |  | — |  |  | 22.3 |
Subtotal |  | 495.0 |  |  | 88.2 |  |  | 456.0 |  |  | 305.6 |  |  | 1,344.8 |
Funding agreements |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 1,408.2 |  |  | — |  |  | — |  |  | — |  |  | 1,408.2 |
3.00%-4.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
5.00% and greater |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal |  | 1,408.2 |  |  | — |  |  | — |  |  | — |  |  | 1,408.2 |
Other |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 17.5 |  |  | 351.2 |  |  | — |  |  | — |  |  | 368.7 |
3.00%-4.99% |  | 23.2 |  |  | — |  |  | — |  |  | — |  |  | 23.2 |
5.00% and greater |  | .2 |  |  | — |  |  | — |  |  | — |  |  | .2 |
Subtotal |  | 40.9 |  |  | 351.2 |  |  | — |  |  | — |  |  | 392.1 |
Total |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 1,606.4 |  |  | 671.1 |  |  | 481.9 |  |  | 384.2 |  |  | 3,143.6 |
3.00%-4.99% |  | 1,996.6 |  |  | 77.6 |  |  | 157.5 |  |  | .5 |  |  | 2,232.2 |
5.00% and greater |  | 144.9 |  |  | .5 |  |  | — |  |  | — |  |  | 145.4 |
Total policyholder account balances, excluding fixed indexed annuities |  | $ | 3,747.9 |  |  | $ | 749.2 |  |  | $ | 639.4 |  |  | $ | 384.7 |  |  | 5,521.2 |
Fixed indexed annuity account balances |  |  |  |  |  |  |  |  |  | 9,960.6 |
Total policyholder account balances |  |  |  |  |  |  |  |  |  | $ | 15,481.8 |

____________________
(a) Excludes the account balances related to our fixed indexed annuity contracts which do not have a minimum crediting rate since returns are based on an index.
37

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________

|  | September 30, 2022
Range of guaranteed minimum crediting rates (a) |  | At guaranteed minimum |  | 1-50 basis points above |  | 51-150 basis points above |  | Greater than 150 basis points above |  | Total
Fixed interest annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | $ | 163.8 |  |  | $ | 319.6 |  |  | $ | 29.9 |  |  | $ | 44.1 |  |  | $ | 557.4 |
3.00%-4.99% |  | 1,651.7 |  |  | 22.4 |  |  | .1 |  |  | — |  |  | 1,674.2 |
5.00% and greater |  | 92.1 |  |  | — |  |  | — |  |  | — |  |  | 92.1 |
Subtotal |  | 1,907.6 |  |  | 342.0 |  |  | 30.0 |  |  | 44.1 |  |  | 2,323.7 |
Other annuities |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 49.2 |  |  | 30.2 |  |  | — |  |  | — |  |  | 79.4 |
3.00%-4.99% |  | 39.8 |  |  | — |  |  | — |  |  | — |  |  | 39.8 |
5.00% and greater |  | 35.9 |  |  | — |  |  | — |  |  | — |  |  | 35.9 |
Subtotal |  | 124.9 |  |  | 30.2 |  |  | — |  |  | — |  |  | 155.1 |
Interest-sensitive life |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 8.1 |  |  | — |  |  | .6 |  |  | 619.2 |  |  | 627.9 |
3.00%-4.99% |  | 404.1 |  |  | 103.0 |  |  | 154.8 |  |  | .2 |  |  | 662.1 |
5.00% and greater |  | 22.4 |  |  | .5 |  |  | — |  |  | — |  |  | 22.9 |
Subtotal |  | 434.6 |  |  | 103.5 |  |  | 155.4 |  |  | 619.4 |  |  | 1,312.9 |
Funding agreements |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 1,408.0 |  |  | — |  |  | — |  |  | — |  |  | 1,408.0 |
3.00%-4.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
5.00% and greater |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal |  | 1,408.0 |  |  | — |  |  | — |  |  | — |  |  | 1,408.0 |
Other |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 18.2 |  |  | 358.7 |  |  | — |  |  | — |  |  | 376.9 |
3.00%-4.99% |  | 24.1 |  |  | — |  |  | — |  |  | — |  |  | 24.1 |
5.00% and greater |  | .4 |  |  | — |  |  | — |  |  | — |  |  | .4 |
Subtotal |  | 42.7 |  |  | 358.7 |  |  | — |  |  | — |  |  | 401.4 |
Total |  |  |  |  |  |  |  |  |  |
0.00%-2.99% |  | 1,647.3 |  |  | 708.5 |  |  | 30.5 |  |  | 663.3 |  |  | 3,049.6 |
3.00%-4.99% |  | 2,119.7 |  |  | 125.4 |  |  | 154.9 |  |  | .2 |  |  | 2,400.2 |
5.00% and greater |  | 150.8 |  |  | .5 |  |  | — |  |  | — |  |  | 151.3 |
Total policyholder account balances, excluding fixed indexed annuities |  | $ | 3,917.8 |  |  | $ | 834.4 |  |  | $ | 185.4 |  |  | $ | 663.5 |  |  | 5,601.1 |
Fixed indexed annuity account balances |  |  |  |  |  |  |  |  |  | 9,478.6 |
Total policyholder account balances |  |  |  |  |  |  |  |  |  | $ | 15,079.7 |

____________________
(a) Excludes the account balances related to our fixed indexed annuity contracts which do not have a minimum crediting rate since returns are based on an index.
38

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS
Changes in deferred acquisition costs were as follows (dollars in millions):

|  | Nine months ended
|  | September 30, 2023
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Interest-sensitive life |  | Traditional life |  | Funding agreements |  | Total
Beginning of period |  | $ | 365.6 |  |  | $ | 19.6 |  |  | $ | 378.8 |  |  | $ | 161.2 |  |  | $ | 137.9 |  |  | $ | 212.2 |  |  | $ | 409.1 |  |  | $ | 6.0 |  |  | $ | 1,690.4 |
Capitalizations |  | 65.5 |  |  | 8.0 |  |  | 43.8 |  |  | 17.7 |  |  | 11.3 |  |  | 27.5 |  |  | 86.9 |  |  | — |  |  | 260.7 |
Amortization expense |  | (34.1) |  |  | (2.8) |  |  | (23.2) |  |  | (21.0) |  |  | (11.5) |  |  | (10.7) |  |  | (37.9) |  |  | (1.2) |  |  | (142.4) |
End of period |  | $ | 397.0 |  |  | $ | 24.8 |  |  | $ | 399.4 |  |  | $ | 157.9 |  |  | $ | 137.7 |  |  | $ | 229.0 |  |  | $ | 458.1 |  |  | $ | 4.8 |  |  | $ | 1,808.7 |

|  | Nine months ended
|  | September 30, 2022
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Interest-sensitive life |  | Traditional life |  | Funding agreements |  | Total
Beginning of period |  | $ | 313.0 |  |  | $ | 19.0 |  |  | $ | 357.5 |  |  | $ | 170.2 |  |  | $ | 136.4 |  |  | $ | 196.3 |  |  | $ | 357.6 |  |  | $ | 3.3 |  |  | $ | 1,553.3 |
Capitalizations |  | 68.6 |  |  | 2.6 |  |  | 37.0 |  |  | 15.7 |  |  | 12.7 |  |  | 22.1 |  |  | 69.8 |  |  | 4.2 |  |  | 232.7 |
Amortization expense |  | (29.7) |  |  | (2.6) |  |  | (21.7) |  |  | (22.4) |  |  | (11.5) |  |  | (10.4) |  |  | (31.6) |  |  | (1.1) |  |  | (131.0) |
End of period |  | $ | 351.9 |  |  | $ | 19.0 |  |  | $ | 372.8 |  |  | $ | 163.5 |  |  | $ | 137.6 |  |  | $ | 208.0 |  |  | $ | 395.8 |  |  | $ | 6.4 |  |  | $ | 1,655.0 |

Changes in the present value of future profits were as follows (dollars in millions):

|  | Nine months ended
|  | September 30, 2023
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 154.0 |  |  | $ | 27.5 |  |  | $ | 6.2 |  |  | $ | 14.8 |  |  | $ | .8 |  |  | $ | .4 |  |  | $ | 203.7 |
Amortization expense |  | (9.8) |  |  | (5.3) |  |  | (.8) |  |  | (1.4) |  |  | (.1) |  |  | (.1) |  |  | (17.5) |
End of period |  | $ | 144.2 |  |  | $ | 22.2 |  |  | $ | 5.4 |  |  | $ | 13.4 |  |  | $ | .7 |  |  | $ | .3 |  |  | $ | 186.2 |

|  | Nine months ended
|  | September 30, 2022
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 168.1 |  |  | $ | 36.5 |  |  | $ | 7.3 |  |  | $ | 16.9 |  |  | $ | .9 |  |  | $ | .4 |  |  | $ | 230.1 |
Amortization expense |  | (10.6) |  |  | (6.9) |  |  | (.9) |  |  | (1.6) |  |  | (.1) |  |  | — |  |  | (20.1) |
End of period |  | $ | 157.5 |  |  | $ | 29.6 |  |  | $ | 6.4 |  |  | $ | 15.3 |  |  | $ | .8 |  |  | $ | .4 |  |  | $ | 210.0 |

39

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
Changes in sales inducements were as follows (dollars in millions):

|  | Nine months ended
|  | September 30, 2023
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 76.0 |  |  | $ | 4.5 |  |  | $ | 80.5 |
Capitalizations |  | 16.3 |  |  | .6 |  |  | 16.9 |
Amortization expense |  | (8.0) |  |  | (.6) |  |  | (8.6) |
End of period |  | $ | 84.3 |  |  | $ | 4.5 |  |  | $ | 88.8 |

|  | Nine months ended
|  | September 30, 2022
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 63.0 |  |  | $ | 5.0 |  |  | $ | 68.0 |
Capitalizations |  | 15.5 |  |  | .3 |  |  | 15.8 |
Amortization expense |  | (6.7) |  |  | (.7) |  |  | (7.4) |
End of period |  | $ | 71.8 |  |  | $ | 4.6 |  |  | $ | 76.4 |

EARNINGS PER SHARE
A reconciliation of net income and shares used to calculate basic and diluted earnings per share is as follows (dollars in millions and shares in thousands):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income for basic and diluted earnings per share | $ | 167.3 |  |  | $ | 175.9 |  |  | $ | 240.2 |  |  | $ | 592.6 |
Shares: |  |  |  |  |  |  |
Weighted average shares outstanding for basic earnings per share | 112,689 |  |  | 114,354 |  |  | 113,836 |  |  | 116,170 |
Effect of dilutive securities on weighted average shares: |  |  |  |  |  |  |
Amounts related to employee benefit plans | 1,773 |  |  | 1,574 |  |  | 1,777 |  |  | 1,902 |
Weighted average shares outstanding for diluted earnings per share | 114,462 |  |  | 115,928 |  |  | 115,613 |  |  | 118,072 |

Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Restricted shares (including our performance units) are not included in basic earnings per share until vested. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options were exercised and restricted stock was vested. The dilution from options and restricted shares 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 average market price during the period, reducing the dilutive effect of the exercise of the options (or the vesting of the restricted stock and performance units).
40

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
BUSINESS SEGMENTS
We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way management makes operating decisions and assesses the performance of the business.
Our insurance product line segments (annuity, health and life) include marketing, underwriting and administration of the policies our insurance subsidiaries sell. The business written in each of the three product categories through all of our insurance subsidiaries is aggregated allowing management and investors to assess the performance of each product category. When analyzing profitability of these segments, we use insurance product margin as the measure of profitability, which is: (i) insurance policy income; and (ii) net investment income allocated to the insurance product lines; less (i) insurance policy benefits and interest credited to policyholders; and (ii) amortization, non-deferred commissions and advertising expense. Net 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. Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.
Income from insurance products is the sum of the insurance product 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 insurance product margin and income from insurance products help provide a better understanding of the business and a more meaningful analysis of the results of our insurance product lines.
We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company.
The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. This structure unifies consumer capabilities into a single division and integrates the strength of our agent sales forces with one of the largest direct-to-consumer insurance businesses with proven experience in advertising, web/digital and call center support.
The Worksite Division focuses on worksite and group sales for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually. With a separate Worksite Division, we are bringing a sharper focus to this high-growth business while further capitalizing on the strength of our wholly-owned subsidiary, Optavise, LLC ("Optavise"), a national provider of year-round technology-driven employee benefits management services.
The Consumer and Worksite Divisions are primarily focused on marketing insurance products, several types of which are sold in both divisions and underwritten in the same manner. Sales of group underwritten policies are currently not significant, but are expected to increase within the Worksite Division.
The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability of this segment is the total net investment income not allocated to the insurance products. Investment income not allocated to product lines represents 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, investment borrowings and financing agreements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investments income not allocated to product lines), net of interest expense on corporate debt and financing agreements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on
41

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.
Our fee income segment includes the earnings generated from sales of third-party insurance products, services provided by Optavise and the operations of our broker/dealer and registered investment advisor.
Expenses not allocated to product lines include the expenses of our corporate operations, excluding interest expense on debt.
We measure segment performance by excluding total investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan, income taxes and other non-operating items consisting primarily of earnings attributable to VIEs ("pre-tax operating earnings") because we believe that this performance measure is a better indicator of the ongoing business and trends in our business. Our primary investment focus is on investment income to support our liabilities for insurance products as opposed to the generation of investment gains (losses), and a long-term focus is necessary to maintain profitability over the life of the business.
Investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan and other non-operating items consisting primarily of earnings attributable to VIEs depend on market conditions or represent unusual items that do not necessarily relate to the underlying business of our segments. Investment gains (losses) and changes in fair value of embedded derivative liabilities and MRBs may affect future earnings levels since our underlying business is long-term in nature and changes in our investment portfolio may impact our ability to earn the assumed interest rates needed to maintain the profitability of our business.
Operating information by segment is as follows (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy income | $ | 7.2 |  |  | $ | 6.3 |  |  | $ | 20.4 |  |  | $ | 17.1 |
Net investment income | 131.0 |  |  | 121.1 |  |  | 384.1 |  |  | 356.4 |
Total annuity revenues | 138.2 |  |  | 127.4 |  |  | 404.5 |  |  | 373.5 |
Health: |  |  |  |  |  |  |
Insurance policy income | 397.8 |  |  | 403.5 |  |  | 1,196.3 |  |  | 1,213.7 |
Net investment income | 74.2 |  |  | 73.3 |  |  | 222.5 |  |  | 219.6 |
Total health revenues | 472.0 |  |  | 476.8 |  |  | 1,418.8 |  |  | 1,433.3 |
Life: |  |  |  |  |  |  |
Insurance policy income | 221.0 |  |  | 213.4 |  |  | 663.1 |  |  | 643.0 |
Net investment income | 36.3 |  |  | 35.4 |  |  | 108.7 |  |  | 106.1 |
Total life revenues | 257.3 |  |  | 248.8 |  |  | 771.8 |  |  | 749.1 |
Change in market values of the underlying options supporting the fixed indexed annuity and life products (offset by market value changes credited to policyholder balances) | (54.6) |  |  | (34.9) |  |  | 26.3 |  |  | (199.2) |
Investment income not allocated to product lines | 86.2 |  |  | 59.6 |  |  | 234.3 |  |  | 187.4 |
Fee revenue and other income: |  |  |  |  |  |  |
Fee income | 27.9 |  |  | 30.6 |  |  | 108.6 |  |  | 102.0 |
Amounts netted in expenses not allocated to product lines | 32.1 |  |  | 1.8 |  |  | 35.2 |  |  | 28.9 |
Total segment revenues | $ | 959.1 |  |  | $ | 910.1 |  |  | $ | 2,999.5 |  |  | $ | 2,675.0 |

(continued on next page)
42

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
(continued from previous page)

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Expenses: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy benefits | $ | 9.8 |  |  | $ | 6.5 |  |  | $ | 29.1 |  |  | $ | 22.8 |
Interest credited | 53.4 |  |  | 44.8 |  |  | 152.1 |  |  | 128.7 |
Amortization and non-deferred commissions | 18.0 |  |  | 16.0 |  |  | 51.9 |  |  | 45.9 |
Total annuity expenses | 81.2 |  |  | 67.3 |  |  | 233.1 |  |  | 197.4 |
Health: |  |  |  |  |  |  |
Insurance policy benefits | 308.5 |  |  | 310.8 |  |  | 949.3 |  |  | 943.8 |
Amortization and non-deferred commissions | 40.3 |  |  | 42.7 |  |  | 121.6 |  |  | 125.5 |
Total health expenses | 348.8 |  |  | 353.5 |  |  | 1,070.9 |  |  | 1,069.3 |
Life: |  |  |  |  |  |  |
Insurance policy benefits | 140.7 |  |  | 138.7 |  |  | 430.7 |  |  | 419.5 |
Interest credited | 12.1 |  |  | 12.6 |  |  | 36.4 |  |  | 36.3 |
Amortization, non-deferred commissions and advertising expense | 44.7 |  |  | 41.8 |  |  | 139.6 |  |  | 131.4 |
Total life expenses | 197.5 |  |  | 193.1 |  |  | 606.7 |  |  | 587.2 |
Allocated expenses | 153.2 |  |  | 150.5 |  |  | 460.2 |  |  | 447.5 |
Expenses not allocated to product lines | 24.6 |  |  | 17.9 |  |  | 67.1 |  |  | 56.9 |
Market value changes of options credited to fixed indexed annuity and life policyholders | (54.6) |  |  | (34.9) |  |  | 26.3 |  |  | (199.2) |
Amounts netted in investment income not allocated to product lines: |  |  |  |  |  |  |
Interest expense | 45.1 |  |  | 25.9 |  |  | 122.3 |  |  | 64.3 |
Interest credited | 7.2 |  |  | 7.2 |  |  | 21.6 |  |  | 21.3 |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | (2.5) |  |  | 1.1 |  |  | (3.9) |  |  | — |
Amortization | .4 |  |  | .3 |  |  | 1.2 |  |  | 1.1 |
Other expenses | (2.4) |  |  | (2.0) |  |  | 11.2 |  |  | (18.0) |
Expenses netted in fee revenue: |  |  |  |  |  |  |
Commissions and other operating expenses | 30.8 |  |  | 29.2 |  |  | 95.4 |  |  | 87.5 |
Total segment expenses | 829.3 |  |  | 809.1 |  |  | 2,712.1 |  |  | 2,315.3 |
Pre-tax measure of profitability: |  |  |  |  |  |  |
Annuity margin | 57.0 |  |  | 60.1 |  |  | 171.4 |  |  | 176.1 |
Health margin | 123.2 |  |  | 123.3 |  |  | 347.9 |  |  | 364.0 |
Life margin | 59.8 |  |  | 55.7 |  |  | 165.1 |  |  | 161.9 |
Total insurance product margin | 240.0 |  |  | 239.1 |  |  | 684.4 |  |  | 702.0 |
Allocated expenses | (153.2) |  |  | (150.5) |  |  | (460.2) |  |  | (447.5) |
Income from insurance products | 86.8 |  |  | 88.6 |  |  | 224.2 |  |  | 254.5 |
Fee income | (2.9) |  |  | 1.4 |  |  | 13.2 |  |  | 14.5 |
Investment income not allocated to product lines | 38.4 |  |  | 27.1 |  |  | 81.9 |  |  | 118.7 |
Expenses not allocated to product lines | 7.5 |  |  | (16.1) |  |  | (31.9) |  |  | (28.0) |
Operating earnings before taxes | 129.8 |  |  | 101.0 |  |  | 287.4 |  |  | 359.7 |
Income tax expense on operating income | 28.5 |  |  | 23.1 |  |  | 65.2 |  |  | 82.2 |
Net operating income | $ | 101.3 |  |  | $ | 77.9 |  |  | $ | 222.2 |  |  | $ | 277.5 |

43

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income is as follows (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Total segment revenues | $ | 959.1 |  |  | $ | 910.1 |  |  | $ | 2,999.5 |  |  | $ | 2,675.0 |
Total investment losses | (29.3) |  |  | (17.7) |  |  | (79.2) |  |  | (99.2) |
Revenues related to earnings attributable to VIEs | 17.7 |  |  | 12.9 |  |  | 56.0 |  |  | 27.4 |
Consolidated revenues | 947.5 |  |  | 905.3 |  |  | 2,976.3 |  |  | 2,603.2 |
Total segment expenses | 829.3 |  |  | 809.1 |  |  | 2,712.1 |  |  | 2,315.3 |
Insurance policy benefits - changes in fair value of embedded derivative liabilities and market risk benefits | (109.4) |  |  | (130.6) |  |  | (94.7) |  |  | (456.6) |
Expenses attributable to VIEs | 17.8 |  |  | 11.9 |  |  | 54.0 |  |  | 26.2 |
Fair value changes related to agent deferred compensation plan | (6.8) |  |  | (12.0) |  |  | (6.8) |  |  | (48.7) |
Other expenses | 1.0 |  |  | (1.0) |  |  | 1.0 |  |  | (1.0) |
Consolidated expenses | 731.9 |  |  | 677.4 |  |  | 2,665.6 |  |  | 1,835.2 |
Income before tax | 215.6 |  |  | 227.9 |  |  | 310.7 |  |  | 768.0 |
Income tax expense on period income | 48.3 |  |  | 52.0 |  |  | 70.5 |  |  | 175.4 |
Net income | 167.3 |  |  | $ | 175.9 |  |  | $ | 240.2 |  |  | $ | 592.6 |

44

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
ACCOUNTING FOR DERIVATIVES
Our freestanding and embedded derivatives, which are not designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):

|  | Fair value
|  | September 30, 2023 |  | December 31, 2022
Assets: |  |  |  |
Other invested assets: |  |  |  |
Fixed indexed call options |  | $ | 150.0 |  |  | $ | 56.7 |
Reinsurance receivables |  | (20.3) |  |  | (17.8) |
Total assets |  | $ | 129.7 |  |  | $ | 38.9 |
Liabilities: |  |  |  |
Embedded derivatives related to fixed indexed annuities at fair value: |  |  |  |
Policyholder account balances |  | $ | 1,676.1 |  |  | $ | 1,788.4 |
Future policy benefits |  | (462.7) |  |  | (491.4) |
Total liabilities |  | $ | 1,213.4 |  |  | $ | 1,297.0 |

We are required to establish an embedded derivative related to a modified coinsurance agreement pursuant to which we assume the risks of a block of health insurance business. The embedded derivative represents the mark-to-market adjustment for approximately $85 million in underlying investments held by the ceding reinsurer at September 30, 2023.
Our fixed indexed annuity products provide a guaranteed minimum rate of return and a higher potential return that is based on a percentage (the "participation rate") of the amount of increase in the value of a particular index, such as the Standard & Poor's 500 Index, over a specified period. We are generally able to change the participation rate at the beginning of each index period (typically on each policy anniversary date), subject to contractual minimums. The Company accounts for the options attributed to the policyholder for the estimated life of the contract as embedded derivatives. These accounting requirements often create volatility in the earnings from these products. We typically buy call options (including call spreads) referenced to the applicable indices in an effort to offset or hedge potential increases to policyholder benefits resulting from increases in the particular index to which the policy's return is linked. The notional amount of these options was $3.0 billion and $2.8 billion at September 30, 2023 and December 31, 2022, respectively.
We purchase certain fixed maturity securities that contain embedded derivatives that are required to be held at fair value on the consolidated balance sheet. We have elected the fair value option to carry the entire security at fair value with changes in fair value recognized in net income.
45

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table provides the pre-tax impact recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Net investment income (loss) from policyholder and other special-purpose portfolios: |  |  |  |  |  |  |  |
Fixed indexed call options |  | $ | (55.0) |  |  | $ | (34.7) |  |  | $ | 24.9 |  |  | $ | (165.7) |
Total investment gains (losses): |  |  |  |  |  |  |  |
Embedded derivative related to modified coinsurance agreement |  | (2.2) |  |  | (4.4) |  |  | (2.5) |  |  | (50.8) |
Total revenues from derivative instruments, not designated as hedges |  | (57.2) |  |  | (39.1) |  |  | 22.4 |  |  | (216.5) |
Insurance policy benefits: |  |  |  |  |  |  |  |
Embedded derivatives related to fixed indexed annuities |  | (125.8) |  |  | (129.1) |  |  | (37.7) |  |  | (525.5) |
Net pre-tax impact |  | $ | 68.6 |  |  | $ | 90.0 |  |  | $ | 60.1 |  |  | $ | 309.0 |

Derivative Counterparty Risk
If the counterparties to the call options fail to meet their obligations, we may recognize a loss. We limit our exposure to such a loss by diversifying among several counterparties believed to be strong and creditworthy. At September 30, 2023, all of our counterparties were rated "A" or higher by S&P Global Ratings ("S&P").
The Company and its subsidiaries are parties to master netting arrangements with its counterparties related to entering into various derivative contracts.
The following table summarizes information related to derivatives with master netting arrangements or collateral as of September 30, 2023 and December 31, 2022 (dollars in millions):

|  |  |  |  |  |  |  |  | Gross amounts not offset in the balance sheet |  |
|  |  | Gross amounts recognized |  | Gross amounts offset in the balance sheet |  | Net amounts of assets presented in the balance sheet |  | Non-cash collateral |  | Cash collateral received |  | Net amount
September 30, 2023: |  |
| Fixed indexed call options |  | $ | 150.0 |  |  | $ | — |  |  | $ | 150.0 |  |  | $ | 28.5 |  |  | $ | — |  |  | $ | 121.5 |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
| Fixed indexed call options |  | 56.7 |  |  | — |  |  | 56.7 |  |  | — |  |  | — |  |  | 56.7 |

REINSURANCE
The cost of reinsurance ceded totaled $46.7 million and $51.2 million in the third quarters of 2023 and 2022, respectively, and $144.7 million and $152.3 million in the first nine months of 2023 and 2022, respectively. We deduct this cost from insurance policy income. Reinsurance recoveries netted against insurance policy benefits totaled $98.3 million and $95.1 million in the third quarters of 2023 and 2022, respectively, and $320.1 million and $296.0 million in the first nine months of 2023 and 2022, respectively.
From time to time, we assume insurance from other companies. Any costs associated with the assumption of insurance are amortized consistent with the method used to amortize deferred acquisition costs. Reinsurance premiums assumed totaled $4.2 million and $4.7 million in the third quarters of 2023 and 2022, respectively, and $12.6 million and $14.2 million in the
46

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
first nine months of 2023 and 2022, respectively. Insurance policy benefits related to reinsurance assumed totaled $5.8 million and $7.2 million in the third quarters of 2023 and 2022, respectively, and $16.3 million and $19.7 million in the first nine months of 2023 and 2022, respectively.
INCOME TAXES
The Company's interim tax expense is based upon the estimated annual effective tax rate for the respective period. Under authoritative guidance, certain items are required to be excluded from the estimated annual effective tax rate calculation. Such items include changes in judgment about the realizability of deferred tax assets resulting from changes in projections of income expected to be available in future years, and items deemed to be unusual, infrequent, or that cannot be reliably estimated. In these cases, the actual tax expense or benefit applicable to that item is treated discretely and is reported in the same period as the related item. The components of income tax expense are as follows (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Current tax expense | $ | 6.3 |  |  | $ | 14.9 |  |  | $ | 40.0 |  |  | $ | 19.9 |
Deferred tax expense | 42.0 |  |  | 37.1 |  |  | 30.5 |  |  | 155.5 |
Total income tax expense | $ | 48.3 |  |  | $ | 52.0 |  |  | $ | 70.5 |  |  | $ | 175.4 |

A reconciliation of the U.S. statutory corporate tax rate to the estimated annual effective rate, reflected in the consolidated statement of operations is as follows:

| Nine months ended
| September 30,
| 2023 |  | 2022
U.S. statutory corporate rate | 21.0 | % |  | 21.0 | %
Non-taxable income and nondeductible benefits, net | (.4) |  |  | (.1) |
State taxes | 2.1 |  |  | 1.9 |
Effective tax rate | 22.7 | % |  | 22.8 | %

47

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):

| September 30, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Net federal operating loss carryforwards | $ | 100.1 |  |  | $ | 166.0 |
Net state operating loss carryforwards | 2.5 |  |  | 2.5 |
Insurance liabilities | 312.8 |  |  | 298.5 |
Indirect costs allocable to self-constructed real estate assets | 244.5 |  |  | 214.8 |
Accumulated other comprehensive loss | 552.6 |  |  | 552.4 |
Other | 2.9 |  |  | 7.3 |
Gross deferred tax assets | 1,215.4 |  |  | 1,241.5 |
Deferred tax liabilities: |  |  |
Investments | (30.8) |  |  | (37.2) |
Present value of future profits and deferred acquisition costs | (158.6) |  |  | (148.9) |
Gross deferred tax liabilities | (189.4) |  |  | (186.1) |
Net deferred tax assets | 1,026.0 |  |  | 1,055.4 |
Current income taxes prepaid | 13.8 |  |  | 8.0 |
Income tax assets, net | $ | 1,039.8 |  |  | $ | 1,063.4 |

Our income tax expense includes deferred income taxes arising from temporary differences between the financial reporting and tax bases of assets and liabilities and net operating loss carryforwards ("NOLs"). Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which temporary differences are expected to be recovered or paid. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period when the changes are enacted.
A reduction of the net carrying amount of deferred tax assets by establishing a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. In assessing the need for a valuation allowance, all available evidence, both positive and negative, are considered to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. This assessment requires significant judgment and considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of carryforward periods, our experience with operating loss and tax credit carryforwards expiring unused, and tax planning strategies.
We evaluate the need to establish a valuation allowance for our deferred income tax assets on an ongoing basis using a deferred tax valuation model. Our model is adjusted to reflect changes in our projections of future taxable income. Our estimates of future taxable income are based on evidence we consider to be objectively verifiable. At September 30, 2023, our projection of future taxable income for purposes of determining the valuation allowance is based on our estimates of such future taxable income through the date our NOLs expire. Such estimates are subject to numerous risks and uncertainties and the extent to which actual impacts differ from the assumptions used in our deferred tax valuation model. Based on our assessment, we have concluded that it is more likely than not that all our deferred tax assets of $1,026.0 million will be realized through future taxable earnings.
Recovery of our deferred tax asset is dependent on achieving the level of future taxable income projected in our deferred tax valuation model and failure to do so could result in the recognition of a valuation allowance in a future period. The recognition of a valuation allowance would increase income tax expense and reduce shareholders' equity, and such an increase could have a significant impact upon our earnings in the future.
The Internal Revenue Code (the "Code") limits the extent to which losses realized by a non-life entity (or entities) may offset income from a life insurance company (or companies) to the lesser of: (i) 35 percent of the income of the life insurance company; or (ii) 35 percent of the total loss of the non-life entities (including NOLs of the non-life entities). There is no similar
48

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
limitation on the extent to which losses realized by a life insurance entity (or entities) may offset income from a non-life entity (or entities).
Section 382 of the Code imposes limitations on a corporation's ability to use its NOLs when the company undergoes a 50 percent ownership change over a three-year period. Future transactions and the timing of such transactions could cause an ownership change for Section 382 income tax purposes. Such transactions may include, but are not limited to, additional repurchases under our securities repurchase program, issuances of common stock and acquisitions or sales of shares of CNO stock by certain holders of our shares, including persons who have held, currently hold or may accumulate in the future five percent or more of our outstanding common stock for their own account. Many of these transactions are beyond our control. If an additional ownership change were to occur for purposes of Section 382, we would be required to calculate an annual restriction on the use of our NOLs to offset future taxable income. The annual restriction would be calculated based upon the value of CNO's equity at the time of such ownership change, multiplied by a federal long-term tax exempt rate (3.17 percent at September 30, 2023), and the annual restriction could limit our ability to use a substantial portion of our NOLs to offset future taxable income. We regularly monitor ownership change (as calculated for purposes of Section 382) and, as of September 30, 2023, we were below the 50 percent ownership change level that could limit our ability to utilize our NOLs.
We have $476.6 million of federal non-life NOLs as of September 30, 2023, as summarized below (dollars in millions):

|  | Net operating loss
Year of expiration |  | carryforwards
2026 |  | $ | 125.1 |
2027 |  | 10.8 |
2028 |  | 80.3 |
2029 |  | 213.2 |
2030 |  | .3 |
2031 |  | .2 |
2032 |  | 44.4 |
2033 |  | .6 |
2034 |  | .9 |
2035 |  | .8 |
Total federal non-life NOLs |  | $ | 476.6 |

Our non-life NOLs can be used to offset 35 percent of life insurance company taxable income and 100 percent of non-life company taxable income until all non-life NOLs are utilized or expire.
We also had deferred tax assets related to NOLs for state income taxes of $2.5 million at both September 30, 2023 and December 31, 2022. The related state NOLs are available to offset future state taxable income in certain states and are expected to be fully utilized prior to expiration.
The Internal Revenue Service is conducting an examination of our 2016 through 2018 tax returns. The federal statute of limitations remains open with respect to tax years 2016 through 2022. The Company’s various state income tax returns are generally open for tax years based on individual state statutes of limitation. Generally, for tax years which generate NOLs, capital losses or tax credit carryforwards, the statute remains open until the expiration of the statute of limitations for the tax year in which such carryforwards are utilized. The outcome of tax audits cannot be predicted with certainty. If the Company’s tax audits are not resolved in a manner consistent with management’s expectations, the Company may be required to adjust its provision for income taxes.
49

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS
The following notes payable were direct corporate obligations of the Company as of September 30, 2023 and December 31, 2022 (dollars in millions):

| September 30, 2023 |  | December 31, 2022
5.250% Senior Notes due May 2025 | $ | 500.0 |  |  | $ | 500.0 |
5.250% Senior Notes due May 2029 | 500.0 |  |  | 500.0 |
5.125% Subordinated Debentures due November 2060 | 150.0 |  |  | 150.0 |
Revolving Credit Agreement (as defined below) | — |  |  | — |
Unamortized debt issue costs | (9.9) |  |  | (11.2) |
Direct corporate obligations | $ | 1,140.1 |  |  | $ | 1,138.8 |

Revolving Credit Agreement
The $250.0 million revolving credit agreement (the "Revolving Credit Agreement"), among other things, (i) requires the Company to maintain (each as calculated in accordance with the Revolving Credit Agreement): (i) a debt to total capitalization ratio (excluding hybrid securities, except to the extent that the aggregate amount outstanding of all such hybrid securities exceeds an amount equal to 15 percent of total capitalization) of not more than 35.0 percent (such ratio was 21.5 percent at September 30, 2023); and (ii) a minimum consolidated net worth of not less than the sum of (x) $2,674 million plus (y) 25.0 percent of the net equity proceeds received by the Company from the issuance and sale of equity interests in the Company (the Company's consolidated net worth was $3,846.8 million at September 30, 2023 compared to the minimum requirement of $2,696.5 million). The maturity date of the Revolving Credit Agreement is July 16, 2026. The Revolving Credit Agreement contains certain other restrictive covenants with which the Company must comply. The interest rate applicable to loans under the Revolving Credit Agreement is calculated as the Secured Overnight Financing Rate ("SOFR") (plus a credit spread adjustment of 0.10 percent for all available interest periods) or the base rate, at the Company’s option, plus a margin based on the Company’s unsecured debt rating. The margins under the Revolving Credit Agreement range from 1.375 percent to 2.125 percent, in the case of loans at the SOFR, and 0.375 percent to 1.125 percent, in the case of loans at the base rate. The commitment fee under the Revolving Credit Agreement is based on the Company's unsecured debt rating. There were no amounts outstanding under the Revolving Credit Agreement during the nine months ended September 30, 2023.
INVESTMENT BORROWINGS
Three of the Company's insurance subsidiaries (Bankers Life and Casualty Company ("Bankers Life"), Washington National Insurance Company ("Washington National") and Colonial Penn Life Insurance Company ("Colonial Penn")) are members of the FHLB. As members of the FHLB, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLB. We are required to hold certain minimum amounts of FHLB common stock as a condition of membership in the FHLB, and additional amounts based on the amount of the borrowings. At September 30, 2023, the carrying value of the FHLB common stock was $90.1 million. As of September 30, 2023, collateralized borrowings from the FHLB totaled $2.1 billion and the proceeds were used to purchase matched variable rate fixed maturity securities. The borrowings are classified as investment borrowings in the accompanying consolidated balance sheet. The borrowings are collateralized by investments with an estimated fair value of $2.5 billion at September 30, 2023, which are maintained in a custodial account for the benefit of the FHLB. Substantially all of such investments are classified as fixed maturities, available for sale, in our consolidated balance sheet.
50

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following summarizes the terms of the borrowings from the FHLB by our insurance subsidiaries (dollars in millions):

Amount |  | Maturity |  | Interest rate at
borrowed |  | date |  | September 30, 2023
$ | 100.0 |  |  | April 2024 |  | Variable rate – 5.628%
22.0 |  |  | May 2024 |  | Variable rate – 5.743%
15.5 |  |  | July 2024 |  | Fixed rate – 1.990%
27.0 |  |  | August 2024 |  | Fixed rate – .640%
21.7 |  |  | May 2025 |  | Variable rate – 5.728%
18.2 |  |  | June 2025 |  | Fixed rate – 2.940%
12.5 |  |  | June 2025 |  | Variable rate – 5.880%
125.0 |  |  | September 2025 |  | Variable rate – 5.660%
100.0 |  |  | October 2025 |  | Variable rate – 5.878%
100.0 |  |  | October 2025 |  | Variable rate – 5.878%
57.7 |  |  | October 2025 |  | Variable rate – 5.843%
50.0 |  |  | November 2025 |  | Variable rate – 5.854%
12.5 |  |  | December 2025 |  | Variable rate – 5.896%
50.0 |  |  | January 2026 |  | Variable rate – 5.808%
50.0 |  |  | January 2026 |  | Variable rate – 5.857%
100.0 |  |  | January 2026 |  | Variable rate – 5.803%
15.0 |  |  | January 2026 |  | Variable rate – 5.977%
21.8 |  |  | May 2026 |  | Variable rate – 5.693%
50.0 |  |  | May 2026 |  | Variable rate – 5.580%
75.0 |  |  | December 2026 |  | Variable rate – 5.767%
75.0 |  |  | January 2027 |  | Variable rate – 5.663%
50.0 |  |  | January 2027 |  | Variable rate – 5.758%
50.0 |  |  | January 2027 |  | Variable rate – 5.813%
100.0 |  |  | February 2027 |  | Variable rate – 5.788%
50.0 |  |  | April 2027 |  | Variable rate – 5.674%
50.0 |  |  | May 2027 |  | Variable rate – 5.684%
100.0 |  |  | June 2027 |  | Variable rate – 5.680%
10.0 |  |  | June 2027 |  | Variable rate – 5.903%
50.0 |  |  | July 2027 |  | Variable rate – 6.044%
50.0 |  |  | July 2027 |  | Variable rate – 6.064%
100.0 |  |  | August 2027 |  | Variable rate – 6.048%
75.0 |  |  | January 2028 |  | Variable rate – 5.788%
50.0 |  |  | January 2028 |  | Variable rate – 5.798%
50.0 |  |  | January 2028 |  | Variable rate – 5.868%
34.5 |  |  | February 2028 |  | Variable rate – 5.908%
21.0 |  |  | February 2028 |  | Variable rate – 5.788%
100.0 |  |  | February 2028 |  | Variable rate – 5.808%
15.0 |  |  | July 2028 |  | Variable rate – 5.690%
35.0 |  |  | August 2028 |  | Variable rate – 5.700%
$ | 2,089.4 |  |  |  |  |

51

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
Generally, the variable and fixed rate borrowings are pre-payable. At September 30, 2023, the aggregate prepayment penalty on such outstanding borrowings was not material.
Interest expense of $74.2 million and $17.4 million in the first nine months of 2023 and 2022, respectively, was recognized related to total borrowings from the FHLB, reflecting both higher interest rates on the variable rate investment borrowings and higher average borrowings outstanding in the 2023 period.
CHANGES IN COMMON STOCK
In the first nine months of 2023, we repurchased 3.6 million shares of common stock for $85.1 million under our securities repurchase program (including $0.8 million of repurchases settled in the fourth quarter of 2023). In May 2023, the Company's Board of Directors approved an additional $500.0 million to repurchase the Company's outstanding shares of common stock. The Company had remaining repurchase authority of $601.8 million as of September 30, 2023.
In the first nine months of 2023, we issued 1.4 million shares of common stock, net of shares withheld to pay tax withholdings, pursuant to employee benefit plans.
In the first nine months of 2023, dividends declared on common stock totaled $51.0 million ($0.44 per common share). In May 2023, the Company increased its quarterly common stock dividend to $0.15 per share from $0.14 per share.
LITIGATION AND OTHER LEGAL PROCEEDINGS
Legal Proceedings
The Company and its subsidiaries are involved in various legal actions in the normal course of business, in which claims for compensatory and punitive damages are asserted, some for substantial amounts. We recognize an estimated loss from these loss contingencies when we believe it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Some of the pending matters have been filed as purported class actions and some actions have been filed in certain jurisdictions that permit punitive damage awards that are disproportionate to the actual damages incurred. The amounts sought in certain of these actions are often large or indeterminate and the ultimate outcome of certain actions is difficult to predict. In the event of an adverse outcome in one or more of these matters, there is a possibility that the ultimate liability may be in excess of the liabilities we have established and could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, the resolution of pending or future litigation may involve modifications to the terms of outstanding insurance policies or could impact the timing and amount of rate increases, which could adversely affect the future profitability of the related insurance policies. Based upon information presently available, and in light of legal, factual and other defenses available to the Company and its subsidiaries, the Company does not believe that it is probable that the ultimate liability from either pending or threatened legal actions, after consideration of existing loss provisions, will have a material adverse effect on the Company's consolidated financial condition, operating results or cash flows. However, given the inherent difficulty in predicting the outcome of legal proceedings, there exists the possibility that such legal actions could have a material adverse effect on the Company's consolidated financial condition, operating results or cash flows.
In addition to the inherent difficulty of predicting litigation outcomes, particularly those that will be decided by a jury, some matters purport to seek substantial or an unspecified amount of damages for unsubstantiated conduct spanning several years based on complex legal theories and damages models. The alleged damages typically are indeterminate or not factually supported in the complaint, and, in any event, the Company's experience indicates that monetary demands for damages often bear little relation to the ultimate loss. In some cases, plaintiffs are seeking to certify classes in the litigation and class certification either has been denied or is pending and we have filed oppositions to class certification or sought to decertify a prior class certification. In addition, for many of these cases: (i) there is uncertainty as to the outcome of pending appeals or motions; (ii) there are significant factual issues to be resolved; and/or (iii) there are novel legal issues presented. Accordingly, the Company cannot reasonably estimate the possible loss or range of loss in excess of amounts accrued, if any, or predict the timing of the eventual resolution of these matters. The Company reviews these matters on an ongoing basis. When assessing reasonably possible and probable outcomes, the Company bases its assessment on the expected ultimate outcome following all appeals.
52

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
On April 9, 2019, Bankers Conseco Life Insurance Company ("BCLIC") and Washington National commenced an action entitled Bankers Conseco Life Insurance Company and Washington National Insurance Company v. Wilmington Trust, National Association, in the Supreme Court of the State of New York, County of New York, Commercial Division (the "Wilmington Action"). BCLIC and Washington National seek an unspecified amount of damages, costs, attorney's fees, and other relief as the court deems appropriate. In the Wilmington Action, BCLIC and Washington National assert claims against Wilmington Trust, National Association ("Wilmington") for breaching its express contractual obligations under four trust agreements pursuant to which Wilmington was the trustee in regard to trust assets ceded as part of reinsurance agreements with Beechwood Re Ltd. ("BRe"), as well as for breaching its fiduciary duties to BCLIC and Washington National. The Court granted Wilmington's motion to dismiss this litigation. BCLIC and Washington National appealed the Court's decision. On April 20, 2021, the New York Appellate Division of the Supreme Court, First Judicial Department unanimously reversed the trial court and reinstated breach of contract and breach of fiduciary duty claims against Wilmington. The case has been resolved by settlement and dismissed.
On June 7, 2019, the Joint Official Liquidators of Platinum Partners Value Arbitrage Fund L.P. (in Official Liquidation) and Principal Growth Strategies, LLC, commenced suit against, among others, CNO Financial Group, Inc., BCLIC, Washington National and 40|86 Advisors, Inc. (collectively, the "CNO Parties") in Delaware Chancery Court. Plaintiffs seek an unspecified amount of damages, costs, attorney's fees, and other relief as the court deems appropriate. Plaintiffs allege that the CNO Parties were unjustly enriched when they terminated BCLIC and Washington National's reinsurance agreements with BRe and recaptured assets from reinsurance trusts, in particular, Agera securities. Plaintiffs contend that the Agera securities were fraudulently transferred to the reinsurance trusts by other Platinum-related entities and they are seeking to claw back those Agera securities, or the value of those assets, from the CNO Parties. The CNO Parties are vigorously contesting the plaintiff's claims. The CNO Parties had removed the case to the United States District Court for the District of Delaware but on April 6, 2020, the District Court granted the plaintiff's motion to remand the case back to the Delaware Chancery Court. Plaintiffs have filed an Amended Complaint and the CNO Parties have moved to dismiss the Amended Complaint. The Delaware Chancery Court denied the CNO Parties’ motions to dismiss the Amended Complaint on the basis of forum non conveniens, but granted the CNO Parties’ motion to stay the case pending the conclusion of a related matter. After the stay is lifted, the court will address the CNO Parties’ and other defendants’ motions to dismiss the Amended Complaint on numerous other grounds.
On June 28, 2019, BCLIC and Washington National commenced an action entitled Bankers Conseco Life Insurance Company and Washington National Insurance Company v. KPMG LLP, in the Supreme Court of the State of New York, County of New York, Commercial Division (the "KPMG Action"). BCLIC and Washington National seek an unspecified amount of damages, costs, attorney's fees, and other relief as the court deems appropriate. In the KPMG Action, BCLIC and Washington National assert claims against KPMG LLP ("KPMG") for aiding and abetting fraud, constructive fraud and negligent misrepresentation arising from KPMG's alleged role in the Platinum Partners' scheme to defraud BCLIC and Washington National into reinsuring its long-term care business with BRe. The Court granted KPMG’s motion to dismiss this litigation. BCLIC and Washington National appealed the Court's decision. On December 1, 2020, the New York Appellate Division of the Supreme Court, First Judicial Department unanimously reversed the trial court and reinstated the aiding and abetting claim against KPMG. The case has been resolved by settlement and dismissed.
On October 5, 2012, plaintiffs William Jeffrey Burnett and Joe H. Camp commenced an action entitled Burnett v. Conseco Life Ins. Co. against, among others, CNO Financial Group, Inc. and CNO Services, LLC (collectively, the "CNO Entities") in the United States District Court for the Central District of California on behalf of a putative class of former interest-sensitive whole life insurance policyholders who surrendered their policies or let them lapse. Plaintiffs' first amended complaint alleges that the CNO Entities are liable under an alter ego theory for Conseco Life Insurance Company's purported breach of the optional premium payment provision (the "Optional Premium Payment") of plaintiffs' insurance policies. In January 2018, the case was transferred to the United States District Court for the Southern District of Indiana. On August 17, 2020, the Court denied the CNO Entities' motions to dismiss. On January 13, 2021, the Court granted final approval of a class action settlement between plaintiffs and co-defendant Conseco Life Insurance Company (n/k/a Wilco Life Insurance Company). The case remains pending against the CNO Entities. On March 25, 2022, the Court certified a Rule 23(b)(3) class of under 2,000 policyholders who invoked the policy's Optional Premium Payment prior to October 2008 and who surrendered their policies between October 7, 2008 and September 1, 2011. The Court's certification order acknowledged the existence of individualized issues of causation and damages, which the Court stated could be addressed in individualized proceedings following a class trial on the alter ego allegations and the meaning of the subject insurance policy language. The CNO Entities continue to vigorously defend the case.
53

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
Regulatory Examinations and Fines
Insurance companies face significant risks related to regulatory investigations and actions. Regulatory investigations generally result from matters related to sales or underwriting practices, payment of contingent or other sales commissions, claim payments and procedures, product design, product disclosure, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, procedures related to canceling policies, changing the way cost of insurance charges are calculated for certain life insurance products or recommending unsuitable products to customers. We are, in the ordinary course of our business, subject to various examinations, inquiries and information requests from state, federal and other authorities. The ultimate outcome of these regulatory actions (including the costs of complying with information requests and policy reviews) cannot be predicted with certainty. In the event of an unfavorable outcome in one or more of these matters, the ultimate liability may be in excess of liabilities we have established and we could suffer significant reputational harm as a result of these matters, which could also have a material adverse effect on our business, financial condition, results of operations or cash flows.
CONSOLIDATED STATEMENT OF CASH FLOWS
The following reconciles net income to net cash from operating activities (dollars in millions):

| Nine months ended
| September 30,
| 2023 |  | 2022
Cash flows from operating activities: |  |  |
Net income | $ | 240.2 |  |  | $ | 592.6 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |
Amortization and depreciation | 198.5 |  |  | 184.7 |
Income taxes | 24.6 |  |  | 154.7 |
Insurance liabilities | 169.5 |  |  | (475.0) |
Accrual, amortization and fair value changes included in investment income | (54.9) |  |  | 132.0 |
Deferral of policy acquisition costs | (277.6) |  |  | (248.5) |
Net investment losses | 79.2 |  |  | 99.2 |
Other (a) | 26.7 |  |  | (105.2) |
Net cash from operating activities | $ | 406.2 |  |  | $ | 334.5 |

_____________
(a) Primarily relates to: (i) changes in other assets and liabilities related to the timing of payments and receipts; and (ii) the change in fair value of the deferred compensation plan liability.
Other non-cash items not reflected in the investing and financing activities sections of the consolidated statement of cash flows (dollars in millions):

| Nine months ended
| September 30,
| 2023 |  | 2022
Amounts related to employee benefit plans | $ | 18.4 |  |  | $ | 19.8 |

54

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
INVESTMENTS IN VARIABLE INTEREST ENTITIES
We have concluded that we are the primary beneficiary with respect to certain VIEs, which are consolidated in our financial statements. In consolidating the VIEs, we consistently use the financial information most recently distributed to investors in the VIE.
All of the VIEs are collateralized loan trusts that were established to issue securities to finance the purchase of corporate loans and other permitted investments. The assets held by the trusts are legally isolated and not available to the Company. The liabilities of the VIEs are expected to be satisfied from the cash flows generated by the underlying loans held by the trusts, not from the assets of the Company. The Company has no financial obligation to the VIEs beyond its investment in each VIE.
Certain of our subsidiaries are noteholders of the VIEs. Another subsidiary of the Company is the investment manager for the VIEs. As such, it has the power to direct the most significant activities of the VIEs which materially impacts the economic performance of the VIEs.
The following tables provide supplemental information about the assets and liabilities of the VIEs which have been consolidated in accordance with authoritative guidance (dollars in millions):

| September 30, 2023
| VIEs |  | Eliminations |  | Net effect on consolidated balance sheet
Assets: |  |  |  |  |
Investments held by variable interest entities | $ | 858.1 |  |  | $ | — |  |  | $ | 858.1 |
Notes receivable of VIEs held by subsidiaries | — |  |  | (113.8) |  |  | (113.8) |
Cash and cash equivalents held by variable interest entities | 122.0 |  |  | — |  |  | 122.0 |
Accrued investment income | 2.5 |  |  | — |  |  | 2.5 |
Income tax assets, net | 13.4 |  |  | — |  |  | 13.4 |
Other assets | .1 |  |  | (.8) |  |  | (.7) |
Total assets | $ | 996.1 |  |  | $ | (114.6) |  |  | $ | 881.5 |
Liabilities: |  |  |  |  |
Other liabilities | $ | 17.8 |  |  | $ | (4.2) |  |  | $ | 13.6 |
Borrowings related to variable interest entities | 918.5 |  |  | — |  |  | 918.5 |
Notes payable of VIEs held by subsidiaries | 126.1 |  |  | (126.1) |  |  | — |
Total liabilities | $ | 1,062.4 |  |  | $ | (130.3) |  |  | $ | 932.1 |

55

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________

| December 31, 2022
| VIEs |  | Eliminations |  | Net effect on consolidated balance sheet
Assets: |  |  |  |  |
Investments held by variable interest entities | $ | 1,077.6 |  |  | $ | — |  |  | $ | 1,077.6 |
Notes receivable of VIEs held by subsidiaries | — |  |  | (113.8) |  |  | (113.8) |
Cash and cash equivalents held by variable interest entities | 69.2 |  |  | — |  |  | 69.2 |
Accrued investment income | 3.5 |  |  | — |  |  | 3.5 |
Income tax assets, net | 19.6 |  |  | — |  |  | 19.6 |
Other assets | 2.5 |  |  | (.8) |  |  | 1.7 |
Total assets | $ | 1,172.4 |  |  | $ | (114.6) |  |  | $ | 1,057.8 |
Liabilities: |  |  |  |  |
Other liabilities | $ | 29.3 |  |  | $ | (2.4) |  |  | $ | 26.9 |
Borrowings related to variable interest entities | 1,104.6 |  |  | — |  |  | 1,104.6 |
Notes payable of VIEs held by subsidiaries | 126.1 |  |  | (126.1) |  |  | — |
Total liabilities | $ | 1,260.0 |  |  | $ | (128.5) |  |  | $ | 1,131.5 |

The investment portfolios held by the VIEs are primarily comprised of commercial bank loans to corporate obligors which are almost entirely rated below-investment grade. At September 30, 2023, such loans had an amortized cost of $880.6 million; gross unrealized gains of $1.9 million; gross unrealized losses of $21.5 million; allowance for credit losses of $2.9 million; and an estimated fair value of $858.1 million.
The following table summarizes changes in the allowance for credit losses related to corporate securities held by VIEs for the three months ended September 30, 2023 and 2022 (dollars in millions):

|  | Three months ended
|  | September 30,
|  | 2023 |  | 2022
Allowance at the beginning of the period |  | $ | 4.5 |  |  | $ | 12.2 |
Additions for securities for which credit losses were not previously recorded |  | .1 |  |  | .9 |
Additions for purchased securities with deteriorated credit |  | — |  |  | — |
Additions (reductions) for securities where an allowance was previously recorded |  | (.6) |  |  | (5.7) |
Reduction for securities sold during the period |  | (1.1) |  |  | (.9) |
Reduction for securities for which the Company made the decision to sell where an allowance was previously recorded |  | — |  |  | — |
Write-offs |  | — |  |  | — |
Recoveries of previously written-off amount |  | — |  |  | — |
Allowance at the end of the period |  | $ | 2.9 |  |  | $ | 6.5 |

56

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table summarizes changes in the allowance for credit losses related to corporate securities held by VIEs for the nine months ended September 30, 2023 and 2022 (dollars in millions):

|  | Nine months ended
|  | September 30,
|  | 2023 |  | 2022
Allowance at the beginning of the period |  | $ | 5.5 |  |  | $ | 3.7 |
Additions for securities for which credit losses were not previously recorded |  | .7 |  |  | 7.2 |
Additions for purchased securities with deteriorated credit |  | — |  |  | — |
Additions (reductions) for securities where an allowance was previously recorded |  | (.5) |  |  | (2.5) |
Reduction for securities sold during the period |  | (2.8) |  |  | (1.9) |
Reduction for securities for which the Company made the decision to sell where an allowance was previously recorded |  | — |  |  | — |
Write-offs |  | — |  |  | — |
Recoveries of previously written-off amount |  | — |  |  | — |
Allowance at the end of the period |  | $ | 2.9 |  |  | $ | 6.5 |

The following table sets forth the amortized cost and estimated fair value of the investments held by the VIEs at September 30, 2023, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

| Amortized cost |  | Estimated fair value
| (Dollars in millions)
Due in one year or less | $ | 5.3 |  |  | $ | 4.6 |
Due after one year through five years | 770.2 |  |  | 750.4 |
Due after five years through ten years | 105.1 |  |  | 103.1 |
Total | $ | 880.6 |  |  | $ | 858.1 |

During the first nine months of 2023, the VIEs recognized investment losses of $4.2 million which were comprised of: (i) $6.8 million of net losses from the sales of fixed maturities; and (ii) a decrease in the allowance for credit losses of $2.6 million. Such net realized losses included gross realized losses of $6.9 million from the sale of $18.5 million of investments. During the first nine months of 2022, the VIEs recognized net investment losses of $6.7 million which were comprised of: (i) $3.9 million of net losses from the sales of fixed maturities; and (ii) an increase in the allowance for credit losses of $2.8 million. Such net realized losses included gross realized losses of $3.9 million from the sale of $55.9 million of investments.
At September 30, 2023, there were no fixed maturity investments held by the VIEs in default.
At September 30, 2023, the VIEs held: (i) investments (for which an allowance for credit losses has not been recorded) with a fair value of $90.6 million and gross unrealized losses not deemed to have credit losses of $0.3 million that had been in an unrealized loss position for less than twelve months; and (ii) investments (for which an allowance for credit losses has not been recorded) with a fair value of $447.3 million and gross unrealized losses not deemed to have credit losses of $11.4 million that had been in an unrealized loss position for twelve months or greater.
At December 31, 2022, the VIEs held: (i) investments (for which an allowance for credit losses has not been recorded) with a fair value of $392.2 million and gross unrealized losses of $14.2 million that had been in an unrealized loss position for less than twelve months; and (ii) investments (for which an allowance for credit losses has not been recorded) with a fair value of $477.9 million and gross unrealized losses of $17.3 million that had been in an unrealized loss position for twelve months or greater.
57

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The investments held by the VIEs are evaluated for impairment in a manner that is consistent with the Company's fixed maturities, available for sale.
In addition, the Company, in the normal course of business, makes passive investments in structured securities issued by VIEs for which the Company is not the investment manager. These structured securities include asset-backed securities, collateralized loan obligations, commercial mortgage-backed securities, agency residential mortgage-backed securities and
non-agency residential mortgage-backed securities. Our maximum exposure to loss on these securities is limited to our cost basis in the investment. We have determined that we are not the primary beneficiary of these structured securities due to the relative size of our investment in comparison to the total principal amount of the individual structured securities and the level of credit subordination which reduces our obligation to absorb gains or losses.
At September 30, 2023, we held investments in various limited partnerships and hedge funds, in which we are not the primary beneficiary, totaling $540.1 million (classified as other invested assets). At September 30, 2023, we had unfunded commitments to these partnerships totaling $523.7 million. Our maximum exposure to loss on these investments is limited to the amount of our investment.
FAIR VALUE MEASUREMENTS
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and, therefore, represents an exit price, not an entry price. We carry certain assets and liabilities at fair value on a recurring basis, including fixed maturities, equity securities, trading securities, investments held by VIEs, derivatives, separate account assets and embedded derivatives. We carry our COLI, which is invested in a series of mutual funds, at its cash surrender value which approximates fair value. In addition, we disclose fair value for certain financial instruments, including mortgage loans, policy loans, cash and cash equivalents, insurance liabilities for interest-sensitive products and funding agreements, investment borrowings, notes payable and borrowings related to VIEs.
The degree of judgment utilized in measuring the fair value of financial instruments is largely dependent on the level to which pricing is based on observable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. Financial instruments with readily available active quoted prices would be considered to have fair values based on the highest level of observable inputs, and little judgment would be utilized in measuring fair value. Financial instruments that rarely trade would often have fair value based on a lower level of observable inputs, and more judgment would be utilized in measuring fair value.
Valuation Hierarchy
There is a three-level hierarchy for valuing assets or liabilities at fair value based on whether inputs are observable or unobservable.
•Level 1 – includes assets and liabilities valued using inputs that are unadjusted quoted prices in active markets for identical assets or liabilities. Our Level 1 assets primarily include cash and cash equivalents and exchange-traded securities.
•Level 2 – includes assets and liabilities valued using inputs that are quoted prices for similar assets in an active market, quoted prices for identical or similar assets in a market that is not active, observable inputs, or observable inputs that can be corroborated by market data. Level 2 assets and liabilities include those financial instruments that are valued by independent pricing services using models or other valuation methodologies. These models consider various inputs such as credit rating, maturity, corporate credit spreads, reported trades and other inputs that are observable or derived from observable information in the marketplace or are supported by transactions executed in the marketplace. Financial assets in this category primarily include: certain publicly registered and privately placed corporate fixed maturity securities; certain government or agency securities; certain mortgage and asset-backed securities; certain equity securities; most investments held by our consolidated VIEs; and derivatives such as call options. Financial liabilities in this category include investment borrowings, notes payable and borrowings related to VIEs.
•Level 3 – includes assets and liabilities valued using unobservable inputs that are used in model-based valuations that contain management assumptions. Level 3 assets and liabilities include those financial instruments whose fair value is
58

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
estimated based on broker/dealer quotes, pricing services or internally developed models or methodologies utilizing significant inputs not based on, or corroborated by, readily available market information. Financial assets in this category include certain corporate securities, certain structured securities, mortgage loans, and other less liquid securities. Financial liabilities in this category include our insurance liabilities for interest-sensitive products, which includes embedded derivatives (including embedded derivatives related to our fixed indexed annuity products and to a modified coinsurance arrangement), and funding agreements since their values include significant unobservable inputs including actuarial assumptions.
At each reporting date, we classify assets and liabilities into the three input levels based on the lowest level of input that is significant to the measurement of fair value for each asset and liability reported at fair value. This classification is impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. Our assessment of the significance of a particular input to the fair value measurement and the ultimate classification of each asset and liability requires judgment and is subject to change from period to period based on the observability of the valuation inputs.
The vast majority of our assets carried at fair value use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from independent pricing services, which use Level 2 inputs for the determination of fair value. Our Level 2 assets are valued as follows:
•Fixed maturities available for sale, equity securities and trading securities
Corporate securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.
U.S. Treasuries and obligations of U.S. Government corporations and agencies are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets and maturity.
States and political subdivisions are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances and credit spreads.
Foreign governments are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances, benchmark yields, credit spreads and issuer rating.
Asset-backed securities, agency and non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of quoted prices in inactive markets, spreads on actively traded securities, expected prepayments, expected default rates, expected recovery rates and issue specific information including, but not limited to, collateral type, seniority and vintage.
Equity securities are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.
•Investments held by VIEs
Corporate securities are generally priced using market and income approaches using pricing vendors. Inputs generally consist of issuer rating, benchmark yields, maturity, and credit spreads.
59

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
•Other invested assets - derivatives
The fair value measurements for derivative instruments, including embedded derivatives requiring bifurcation, are determined based on the consideration of several inputs including closing exchange or over-the-counter market price quotes, time value and volatility factors underlying options, market interest rates and non-performance risk.
Third-party pricing services normally derive security prices through recently reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information. If there are no recently reported trades, the third-party pricing services may use matrix or model processes to develop a security price where future cash flow expectations are discounted at an estimated risk-adjusted market rate. The number of prices obtained for a given security is dependent on the Company's analysis of such prices as further described below.
As the Company is responsible for the determination of fair value, we have control processes designed to ensure that the fair values received from third-party pricing sources are reasonable and the valuation techniques and assumptions used appear reasonable and consistent with prevailing market conditions. Additionally, when inputs are provided by third-party pricing sources, we have controls in place to review those inputs for reasonableness. As part of these controls, we perform monthly quantitative and qualitative analysis on the prices received from third parties to determine whether the prices are reasonable estimates of fair value. The Company's analysis includes: (i) a review of the methodology used by third-party pricing services; (ii) where available, a comparison of multiple pricing services' valuations for the same security; (iii) a review of month to month price fluctuations; (iv) a review to ensure valuations are not unreasonably dated; and (v) back testing to compare actual purchase and sale transactions with valuations received from third parties. As a result of such procedures, the Company may conclude a particular price received from a third party is not reflective of current market conditions. In those instances, we may request additional pricing quotes or apply internally developed valuations. However, the number of such instances is insignificant and the aggregate change in value of such investments is not materially different from the original prices received.
The categorization of the fair value measurements of our investments priced by independent pricing services was based upon the Company's judgment of the inputs or methodologies used by the independent pricing services to value different asset classes. Such inputs typically include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other relevant data. The Company categorizes such fair value measurements based upon asset classes and the underlying observable or unobservable inputs used to value such investments.
For securities that are not priced by pricing services and may not be reliably priced using pricing models, we obtain broker quotes. These broker quotes are non-binding and represent an exit price, but assumptions used to establish the fair value may not be observable and therefore represent Level 3 inputs. Approximately 79 percent of our Level 3 fixed maturity securities and trading securities were valued using unadjusted broker quotes or broker-provided valuation inputs. The remaining Level 3 fixed maturity investments do not have readily determinable market prices and/or observable inputs. For these securities, we use internally developed valuations. Key assumptions used to determine fair value for these securities may include risk premiums, projected performance of underlying collateral and other factors involving significant assumptions which may not be reflective of an active market. For certain investments, we use a matrix or model process to develop a security price where future cash flow expectations are discounted at an estimated market rate. The pricing matrix incorporates term interest rates as well as a spread level based on the issuer's credit rating, other factors relating to the issuer, and the security's maturity. In some instances issuer-specific spread adjustments, which can be positive or negative, are made based upon internal analysis of security specifics such as liquidity, deal size, and time to maturity.
60

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at September 30, 2023 is as follows (dollars in millions):

| Quoted prices in active markets for identical assets or liabilities (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |
Corporate securities | $ | — |  |  | $ | 10,831.1 |  |  | $ | 127.8 |  |  | $ | 10,958.9 |
United States Treasury securities and obligations of United States government corporations and agencies | — |  |  | 165.4 |  |  | — |  |  | 165.4 |
States and political subdivisions | — |  |  | 2,306.0 |  |  | — |  |  | 2,306.0 |
Foreign governments | — |  |  | 76.0 |  |  | — |  |  | 76.0 |
Asset-backed securities | — |  |  | 1,317.7 |  |  | 41.5 |  |  | 1,359.2 |
Agency residential mortgage-backed securities | — |  |  | 615.9 |  |  | — |  |  | 615.9 |
Non-agency residential mortgage-backed securities | — |  |  | 1,522.6 |  |  | 2.6 |  |  | 1,525.2 |
Collateralized loan obligations | — |  |  | 1,059.5 |  |  | — |  |  | 1,059.5 |
Commercial mortgage-backed securities | — |  |  | 2,226.8 |  |  | 12.3 |  |  | 2,239.1 |
Total fixed maturities, available for sale | — |  |  | 20,121.0 |  |  | 184.2 |  |  | 20,305.2 |
Equity securities - corporate securities | 22.9 |  |  | — |  |  | 72.6 |  |  | 95.5 |
Trading securities: |  |  |  |  |  |  |
Asset-backed securities | — |  |  | 34.9 |  |  | — |  |  | 34.9 |
Agency residential mortgage-backed securities | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Non-agency residential mortgage-backed securities | — |  |  | 59.9 |  |  | — |  |  | 59.9 |
Collateralized debt obligations | — |  |  | 8.9 |  |  | — |  |  | 8.9 |
Commercial mortgage-backed securities | — |  |  | 114.1 |  |  | — |  |  | 114.1 |
Total trading securities | — |  |  | 221.2 |  |  | — |  |  | 221.2 |
Investments held by variable interest entities - corporate securities | — |  |  | 858.1 |  |  | — |  |  | 858.1 |
Other invested assets: |  |  |  |  |  |  |
Derivatives | — |  |  | 150.0 |  |  | — |  |  | 150.0 |
Residual tranches | — |  |  | 13.7 |  |  | 12.1 |  |  | 25.8 |
Total other invested assets | — |  |  | 163.7 |  |  | 12.1 |  |  | 175.8 |
Market risk benefit asset | — |  |  | — |  |  | 89.3 |  |  | 89.3 |
Assets held in separate accounts | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Total assets carried at fair value by category | $ | 22.9 |  |  | $ | 21,366.9 |  |  | $ | 358.2 |  |  | $ | 21,748.0 |
Liabilities: |  |  |  |  |  |  |
Market risk benefit liability | $ | — |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | 3.1 |
Embedded derivatives associated with fixed indexed annuity products | — |  |  | — |  |  | 1,213.4 |  |  | 1,213.4 |
Total liabilities carried at fair value by category | $ | — |  |  | $ | — |  |  | $ | 1,216.5 |  |  | $ | 1,216.5 |

61

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at December 31, 2022 is as follows (dollars in millions):

| Quoted prices in active markets for identical assets or liabilities (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |
Corporate securities | $ | — |  |  | $ | 11,584.9 |  |  | $ | 127.8 |  |  | $ | 11,712.7 |
United States Treasury securities and obligations of United States government corporations and agencies | — |  |  | 158.7 |  |  | — |  |  | 158.7 |
States and political subdivisions | — |  |  | 2,388.5 |  |  | — |  |  | 2,388.5 |
Foreign governments | — |  |  | 74.7 |  |  | — |  |  | 74.7 |
Asset-backed securities | — |  |  | 1,230.0 |  |  | 57.0 |  |  | 1,287.0 |
Agency residential mortgage-backed securities | — |  |  | 175.0 |  |  | — |  |  | 175.0 |
Non-agency residential mortgage-backed securities | — |  |  | 1,492.3 |  |  | 56.2 |  |  | 1,548.5 |
Collateralized loan obligations | — |  |  | 782.5 |  |  | 3.4 |  |  | 785.9 |
Commercial mortgage-backed securities | — |  |  | 2,207.9 |  |  | 14.5 |  |  | 2,222.4 |
Total fixed maturities, available for sale | — |  |  | 20,094.5 |  |  | 258.9 |  |  | 20,353.4 |
Equity securities - corporate securities | 59.6 |  |  | — |  |  | 75.7 |  |  | 135.3 |
Trading securities: |  |  |  |  |  |  |
Asset-backed securities | — |  |  | 15.1 |  |  | — |  |  | 15.1 |
Agency residential mortgage-backed securities | — |  |  | .3 |  |  | — |  |  | .3 |
Non-agency residential mortgage-backed securities | — |  |  | 60.2 |  |  | .5 |  |  | 60.7 |
Commercial mortgage-backed securities | — |  |  | 131.8 |  |  | — |  |  | 131.8 |
Total trading securities | — |  |  | 207.4 |  |  | .5 |  |  | 207.9 |
Investments held by variable interest entities - corporate securities | — |  |  | 1,077.6 |  |  | — |  |  | 1,077.6 |
Other invested assets: |  |  |  |  |  |  |
Derivatives | — |  |  | 56.7 |  |  | — |  |  | 56.7 |
Residual tranches | — |  |  | — |  |  | 18.3 |  |  | 18.3 |
Total other invested assets | — |  |  | 56.7 |  |  | 18.3 |  |  | 75.0 |
Market risk benefit asset | — |  |  | — |  |  | 65.3 |  |  | 65.3 |
Assets held in separate accounts | — |  |  | 2.7 |  |  | — |  |  | 2.7 |
Total assets carried at fair value by category | $ | 59.6 |  |  | $ | 21,438.9 |  |  | $ | 418.7 |  |  | $ | 21,917.2 |
Liabilities: |  |  |  |  |  |  |
Market risk benefit liability | $ | — |  |  | $ | — |  |  | $ | 11.3 |  |  | $ | 11.3 |
Embedded derivatives associated with fixed indexed annuity products | — |  |  | — |  |  | 1,297.0 |  |  | 1,297.0 |
Total liabilities carried at fair value by category | $ | — |  |  | $ | — |  |  | $ | 1,308.3 |  |  | $ | 1,308.3 |

62

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The fair value of our financial instruments disclosed at fair value on a recurring basis are as follows (dollars in millions):

| September 30, 2023
| Quoted prices in active markets for identical assets or liabilities (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Total estimated fair value |  | Total carrying amount
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | — |  |  | $ | — |  |  | $ | 1,790.2 |  |  | $ | 1,790.2 |  |  | $ | 1,971.3 |
Policy loans | — |  |  | — |  |  | 126.4 |  |  | 126.4 |  |  | 126.4 |
Other invested assets: |  |  |  |  |  |  |  |  |
Company-owned life insurance | — |  |  | 200.5 |  |  | — |  |  | 200.5 |  |  | 200.5 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Unrestricted | 460.8 |  |  | — |  |  | — |  |  | 460.8 |  |  | 460.8 |
Held by variable interest entities | 122.0 |  |  | — |  |  | — |  |  | 122.0 |  |  | 122.0 |
Liabilities: |  |  |  |  |  |  |  |  |
Policyholder account balances | — |  |  | — |  |  | 15,481.8 |  |  | 15,481.8 |  |  | 15,481.8 |
Future policy benefits | — |  |  | — |  |  | (462.7) |  |  | (462.7) |  |  | (462.7) |
Investment borrowings | — |  |  | 2,090.3 |  |  | — |  |  | 2,090.3 |  |  | 2,089.4 |
Borrowings related to variable interest entities | — |  |  | 929.0 |  |  | — |  |  | 929.0 |  |  | 918.5 |
Notes payable – direct corporate obligations | — |  |  | 1,054.1 |  |  | — |  |  | 1,054.1 |  |  | 1,140.1 |

| December 31, 2022
| Quoted prices in active markets for identical assets or liabilities (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Total estimated fair value |  | Total carrying amount
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | — |  |  | $ | — |  |  | $ | 1,273.6 |  |  | $ | 1,273.6 |  |  | $ | 1,411.9 |
Policy loans | — |  |  | — |  |  | 121.6 |  |  | 121.6 |  |  | 121.6 |
Other invested assets: |  |  |  |  |  |  |  |  |
Company-owned life insurance | — |  |  | 199.1 |  |  | — |  |  | 199.1 |  |  | 199.1 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Unrestricted | 575.7 |  |  | — |  |  | — |  |  | 575.7 |  |  | 575.7 |
Held by variable interest entities | 69.2 |  |  | — |  |  | — |  |  | 69.2 |  |  | 69.2 |
Liabilities: |  |  |  |  |  |  |  |  |
Policyholder account balances | — |  |  | — |  |  | 15,234.2 |  |  | 15,234.2 |  |  | 15,234.2 |
Future policy benefits | — |  |  | — |  |  | (491.4) |  |  | (491.4) |  |  | (491.4) |
Investment borrowings | — |  |  | 1,640.5 |  |  | — |  |  | 1,640.5 |  |  | 1,639.5 |
Borrowings related to variable interest entities | — |  |  | 1,066.3 |  |  | — |  |  | 1,066.3 |  |  | 1,104.6 |
Notes payable – direct corporate obligations | — |  |  | 1,077.0 |  |  | — |  |  | 1,077.0 |  |  | 1,138.8 |

63

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the three months ended September 30, 2023 (dollars in millions):

|  | September 30, 2023 |  |  |  |
|  | Beginning balance as of June 30, 2023 |  | Purchases, sales, issuances and settlements, net (b) |  | Total realized and unrealized gains (losses) included in net income |  | Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) |  | Transfers into Level 3 (a) |  | Transfers out of Level 3 (a) |  | Ending balance as of September 30, 2023 |  | Amount of total gains (losses) for the three months ended September 30, 2023 included in our net income relating to assets still held as of the reporting date |  | Amount of total gains (losses) for the three months ended September 30, 2023 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 136.2 |  |  | $ | 6.3 |  |  | $ | (12.8) |  |  | $ | 2.9 |  |  | $ | 1.6 |  |  | $ | (6.4) |  |  | $ | 127.8 |  |  | $ | (12.8) |  |  | $ | 2.1 |
Asset-backed securities |  | 39.8 |  |  | 1.1 |  |  | — |  |  | .6 |  |  | — |  |  | — |  |  | 41.5 |  |  | — |  |  | .6 |
Non-agency residential mortgage-backed securities |  | 6.0 |  |  | — |  |  | — |  |  | .1 |  |  | 2.5 |  |  | (6.0) |  |  | 2.6 |  |  | — |  |  | .1 |
Commercial mortgage-backed securities |  | 12.4 |  |  | — |  |  | — |  |  | (.1) |  |  | — |  |  | — |  |  | 12.3 |  |  | — |  |  | (.1) |
Total fixed maturities, available for sale |  | 194.4 |  |  | 7.4 |  |  | (12.8) |  |  | 3.5 |  |  | 4.1 |  |  | (12.4) |  |  | 184.2 |  |  | (12.8) |  |  | 2.7 |
Equity securities - corporate securities |  | 72.8 |  |  | — |  |  | (.2) |  |  | — |  |  | — |  |  | — |  |  | 72.6 |  |  | (.2) |  |  | — |
Other invested assets - residual tranches |  | 7.5 |  |  | 3.9 |  |  | — |  |  | — |  |  | .7 |  |  | — |  |  | 12.1 |  |  | — |  |  | — |

64

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
_________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases and sales of fixed maturity and equity securities. The following summarizes such activity for the three months ended September 30, 2023 (dollars in millions):

| Purchases |  | Sales |  | Issuances |  | Settlements |  | Purchases, sales, issuances and settlements, net
Assets: |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |
Corporate securities | $ | 6.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6.3 |
Asset-backed securities | 1.3 |  |  | (.2) |  |  | — |  |  | — |  |  | 1.1 |
Total fixed maturities, available for sale | 7.6 |  |  | (.2) |  |  | — |  |  | — |  |  | 7.4 |
Other invested assets - residual tranches | 3.9 |  |  | — |  |  | — |  |  | — |  |  | 3.9 |

65

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the nine months ended September 30, 2023 (dollars in millions):

|  | September 30, 2023 |  |  |  |
|  | Beginning balance as of December 31, 2022 |  | Purchases, sales, issuances and settlements, net (b) |  | Total realized and unrealized gains (losses) included in net income |  | Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) |  | Transfers into Level 3 (a) |  | Transfers out of Level 3 (a) |  | Ending balance as of September 30, 2023 |  | Amount of total gains (losses) for the nine months ended September 30, 2023 included in our net income relating to assets still held as of the reporting date |  | Amount of total gains (losses) for the nine months ended September 30, 2023 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 127.8 |  |  | $ | 9.1 |  |  | $ | (1.7) |  |  | $ | (6.9) |  |  | $ | 5.9 |  |  | $ | (6.4) |  |  | $ | 127.8 |  |  | $ | (1.7) |  |  | $ | (9.2) |
Asset-backed securities |  | 57.0 |  |  | (3.9) |  |  | (.2) |  |  | (1.0) |  |  | — |  |  | (10.4) |  |  | 41.5 |  |  | — |  |  | (1.1) |
Non-agency residential mortgage-backed securities |  | 56.2 |  |  | (.1) |  |  | — |  |  | .2 |  |  | — |  |  | (53.7) |  |  | 2.6 |  |  | — |  |  | .2 |
Collateralized loan obligations |  | 3.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.4) |  |  | — |  |  | — |  |  | — |
Commercial mortgage-backed securities |  | 14.5 |  |  | — |  |  | — |  |  | (2.2) |  |  | — |  |  | — |  |  | 12.3 |  |  | — |  |  | (2.2) |
Total fixed maturities, available for sale |  | 258.9 |  |  | 5.1 |  |  | (1.9) |  |  | (9.9) |  |  | 5.9 |  |  | (73.9) |  |  | 184.2 |  |  | (1.7) |  |  | (12.3) |
Equity securities - corporate securities |  | 75.7 |  |  | (2.1) |  |  | (1.0) |  |  | — |  |  | — |  |  | — |  |  | 72.6 |  |  | (.5) |  |  | — |
Trading securities - non-agency residential mortgage-backed securities |  | .5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (.5) |  |  | — |  |  | — |  |  | — |
Other invested assets - residual tranches |  | 18.3 |  |  | 6.1 |  |  | .4 |  |  | — |  |  | — |  |  | (12.7) |  |  | 12.1 |  |  | .4 |  |  | — |

66

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
_________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases and sales of fixed maturity and equity securities. The following summarizes such activity for the nine months ended September 30, 2023 (dollars in millions):

| Purchases |  | Sales |  | Issuances |  | Settlements |  | Purchases, sales, issuances and settlements, net
Assets: |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |
Corporate securities | $ | 10.5 |  |  | $ | (1.4) |  |  | $ | — |  |  | $ | — |  |  | $ | 9.1 |
Asset-backed securities | 3.8 |  |  | (7.7) |  |  | — |  |  | — |  |  | (3.9) |
Non-agency residential mortgage-backed securities | — |  |  | (.1) |  |  | — |  |  | — |  |  | (.1) |
Total fixed maturities, available for sale | 14.3 |  |  | (9.2) |  |  | — |  |  | — |  |  | 5.1 |
Equity securities - corporate securities | — |  |  | (2.1) |  |  | — |  |  | — |  |  | (2.1) |
Other invested assets - residual tranches | 6.4 |  |  | (.3) |  |  | — |  |  | — |  |  | 6.1 |

67

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the three months ended September 30, 2022 (dollars in millions):

| September 30, 2022 |  |  |  |
| Beginning balance as of June 30, 2022 |  | Purchases, sales, issuances and settlements, net (b) |  | Total realized and unrealized gains (losses) included in net income |  | Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) |  | Transfers into Level 3 (a) |  | Transfers out of Level 3 (a) |  | Ending balance as of September 30, 2022 |  | Amount of total gains (losses) for the three months ended September 30, 2022 included in our net income relating to assets still held as of the reporting date |  | Amount of total gains (losses) for the three months ended September 30, 2022 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities | $ | 124.0 |  |  | $ | 2.7 |  |  | $ | (.9) |  |  | $ | (13.4) |  |  | $ | 9.7 |  |  | $ | — |  |  | $ | 122.1 |  |  | $ | (.9) |  |  | $ | (14.2) |
Asset-backed securities | 29.7 |  |  | 18.3 |  |  | — |  |  | (3.2) |  |  | 4.1 |  |  | — |  |  | 48.9 |  |  | — |  |  | (3.2) |
Non-agency residential mortgage-backed securities | 40.5 |  |  | (.1) |  |  | — |  |  | (2.5) |  |  | 13.6 |  |  | (22.4) |  |  | 29.1 |  |  | — |  |  | (2.5) |
Collateralized loan obligations | 4.4 |  |  | — |  |  | — |  |  | — |  |  | 13.4 |  |  | (4.4) |  |  | 13.4 |  |  | — |  |  | — |
Commercial mortgage-backed securities | 16.5 |  |  | — |  |  | — |  |  | (1.1) |  |  | 22.2 |  |  | — |  |  | 37.6 |  |  | — |  |  | (1.1) |
Total fixed maturities, available for sale | 215.1 |  |  | 20.9 |  |  | (.9) |  |  | (20.2) |  |  | 63.0 |  |  | (26.8) |  |  | 251.1 |  |  | (.9) |  |  | (21.0) |
Equity securities - corporate securities | 8.2 |  |  | — |  |  | (.5) |  |  | — |  |  | 67.1 |  |  | — |  |  | 74.8 |  |  | (.5) |  |  | — |
Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency residential mortgage-backed securities | 3.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.4) |  |  | — |  |  | — |  |  | — |
Commercial mortgage-backed securities | 6.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6.0) |  |  | — |  |  | — |  |  | — |
Total trading securities | 9.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9.4) |  |  | — |  |  | — |  |  | — |
Other invested assets - residual tranches | 2.6 |  |  | 1.6 |  |  | (.5) |  |  | — |  |  | .3 |  |  | — |  |  | 4.0 |  |  | (.5) |  |  | — |

68

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
____________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases and sales of fixed maturity and equity securities. The following summarizes such activity for the three months ended September 30, 2022 (dollars in millions):

| Purchases |  | Sales |  | Issuances |  | Settlements |  | Purchases, sales, issuances and settlements, net
Assets: |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |
Corporate securities | $ | 9.3 |  |  | $ | (6.6) |  |  | $ | — |  |  | $ | — |  |  | $ | 2.7 |
Asset-backed securities | 19.0 |  |  | (.7) |  |  | — |  |  | — |  |  | 18.3 |
Non-agency residential mortgage-backed securities | — |  |  | (.1) |  |  | — |  |  | — |  |  | (.1) |
Total fixed maturities, available for sale | 28.3 |  |  | (7.4) |  |  | — |  |  | — |  |  | 20.9 |
Other invested assets - residual tranches | 1.6 |  |  | — |  |  | — |  |  | — |  |  | 1.6 |

69

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the nine months ended September 30, 2022 (dollars in millions):

| September 30, 2022 |  |  |  |
| Beginning balance as of December 31, 2021 |  | Purchases, sales, issuances and settlements, net (b) |  | Total realized and unrealized gains (losses) included in net income |  | Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) |  | Transfers into Level 3 (a) |  | Transfers out of Level 3 (a) |  | Ending balance as of September 30, 2022 |  | Amount of total gains (losses) for the nine months ended September 30, 2022 included in our net income relating to assets still held as of the reporting date |  | Amount of total gains (losses) for the nine months ended September 30, 2022 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities | $ | 89.7 |  |  | $ | 13.0 |  |  | $ | (.1) |  |  | $ | (41.7) |  |  | $ | 68.6 |  |  | $ | (7.4) |  |  | $ | 122.1 |  |  | $ | .4 |  |  | $ | (43.1) |
Asset-backed securities | 26.6 |  |  | 26.0 |  |  | — |  |  | (6.4) |  |  | 2.7 |  |  | — |  |  | 48.9 |  |  | — |  |  | (6.4) |
Non-agency residential mortgage-backed securities | — |  |  | 6.0 |  |  | — |  |  | (10.3) |  |  | 33.4 |  |  | — |  |  | 29.1 |  |  | — |  |  | (10.3) |
Collateralized loan obligations | 5.0 |  |  | — |  |  | — |  |  | (.4) |  |  | 13.8 |  |  | (5.0) |  |  | 13.4 |  |  | — |  |  | (.4) |
Commercial mortgage-backed securities | 19.0 |  |  | 28.0 |  |  | — |  |  | (9.4) |  |  | — |  |  | — |  |  | 37.6 |  |  | — |  |  | (9.5) |
Total fixed maturities, available for sale | 140.3 |  |  | 73.0 |  |  | (.1) |  |  | (68.2) |  |  | 118.5 |  |  | (12.4) |  |  | 251.1 |  |  | .4 |  |  | (69.7) |
Equity securities - corporate securities | 11.5 |  |  | 63.9 |  |  | (.6) |  |  | — |  |  | — |  |  | — |  |  | 74.8 |  |  | (.5) |  |  | — |
Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency residential mortgage-backed securities | 3.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.5) |  |  | — |  |  | — |  |  | — |
Commercial mortgage-backed securities | 12.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12.9) |  |  | — |  |  | — |  |  | — |
Total trading securities | 16.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16.4) |  |  | — |  |  | — |  |  | — |
Investments held by variable interest entities - corporate securities | 2.2 |  |  | (2.1) |  |  | (.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other invested assets - residual tranches | — |  |  | 2.8 |  |  | — |  |  | (.6) |  |  | 1.8 |  |  | — |  |  | 4.0 |  |  | — |  |  | (.6) |

70

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
____________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases and sales of fixed maturity and equity securities. The following summarizes such activity for the nine months ended September 30, 2022 (dollars in millions):

| Purchases |  | Sales |  | Issuances |  | Settlements |  | Purchases, sales, issuances and settlements, net
Assets: |  |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |  |
Corporate securities | $ | 24.2 |  |  | $ | (11.2) |  |  | $ | — |  |  | $ | — |  |  | $ | 13.0 |
Asset-backed securities | 26.9 |  |  | (.9) |  |  | — |  |  | — |  |  | 26.0 |
Non-agency residential mortgage-backed securities | 6.5 |  |  | (.5) |  |  | — |  |  | — |  |  | 6.0 |
Commercial mortgage-backed securities | 28.0 |  |  | — |  |  | — |  |  | — |  |  | 28.0 |
Total fixed maturities, available for sale | 85.6 |  |  | (12.6) |  |  | — |  |  | — |  |  | 73.0 |
Equity securities - corporate securities | 67.0 |  |  | (3.1) |  |  | — |  |  | — |  |  | 63.9 |
Investments held by variable interest entities - corporate securities | — |  |  | (2.1) |  |  | — |  |  | — |  |  | (2.1) |
Other invested assets - residual tranches | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |

Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses during the time the applicable financial instruments were classified as Level 3. Realized and unrealized gains (losses) on Level 3 assets are primarily reported in either net investment income for policyholder and other special-purpose portfolios or investment gains (losses) within the consolidated statement of operations; or accumulated other comprehensive income (loss) within shareholders' equity based on the appropriate accounting treatment for the instrument. The amount presented for gains (losses) included in our net income for assets still held as of the reporting date primarily represents: (i) the change in allowance for credit losses for fixed maturities, available for sale; and (ii) changes in fair value of equity securities and trading securities that are held as of the reporting date. The amount presented for gains (losses) included in accumulated other comprehensive income (loss) for assets still held as of the reporting date primarily represents changes in the fair value of fixed maturities, available for sale, that are held as of the reporting date.
At September 30, 2023, 84 percent of our Level 3 fixed maturities, available for sale, were investment grade and 69 percent of our Level 3 fixed maturities, available for sale, consisted of corporate securities.
71

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table summarizes changes in the value of our embedded derivatives associated with fixed indexed annuity products (classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives") which are measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Balance at beginning of the period | $ | 1,355.4 |  |  | $ | 1,371.0 |  |  | $ | 1,297.0 |  |  | $ | 1,724.1 |
Premiums less benefits | (16.2) |  |  | 12.0 |  |  | (45.9) |  |  | 55.3 |
Change in fair value, net | (125.8) |  |  | (129.1) |  |  | (37.7) |  |  | (525.5) |
Balance at end of the period | $ | 1,213.4 |  |  | $ | 1,253.9 |  |  | $ | 1,213.4 |  |  | $ | 1,253.9 |

The change in fair value, net for each period in our embedded derivatives is included in the insurance policy benefits line item in the consolidated statement of operations.
72

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at September 30, 2023 (dollars in millions):

| Fair value at September 30, 2023 |  | Valuation techniques |  | Unobservable inputs |  | Range (weighted average) (a)
Assets: |  |  |  |  |  |  |
Corporate securities (b) | $ | 2.7 |  |  | Discounted cash flow analysis |  | Discount margins |  | 2.22%
Corporate securities (c) | 2.5 |  |  | Recovery method |  | Percent of recovery expected |  | 0.00% - 25.00% (25.00%)
Corporate securities (d) | 1.5 |  |  | Unadjusted purchase price |  | Not applicable |  | Not applicable
Asset-backed securities (e) | 23.6 |  |  | Discounted cash flow analysis |  | Discount margins |  | 2.23% - 3.39% (2.98%)
Equity securities (f) | 63.3 |  |  | Market comparables |  | EBITDA multiples |  | 10.7X
Equity securities (g) | .1 |  |  | Recovery method |  | Percent of recovery expected |  | 0.00% - 100.00% (100.00%)
Equity securities (h) | 9.2 |  |  | Unadjusted purchase price |  | Not applicable |  | Not applicable
Other assets categorized as Level 3 (i) | 166.0 |  |  | Unadjusted third-party price source |  | Not applicable |  | Not applicable
Market risk benefit asset (j) | 89.3 |  |  | Discounted cash flow analysis |  | Surrender rates |  | 1.28% - 11.05% (3.68%)
|  |  |  |  | Utilization rates |  | 5.92% - 47.62% (22.54%)
Total | 358.2 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Market risk benefit liability (j) | 3.1 |  |  | Discounted cash flow analysis |  | Surrender rates |  | 1.28% - 11.05% (3.68%)
|  |  |  |  | Utilization rates |  | 5.92% - 47.62% (22.54%)
Embedded derivatives related to fixed indexed annuity products (k) | 1,213.4 |  |  | Discounted projected embedded derivatives |  | Projected portfolio yields |  | 4.30% - 4.63% (4.31%)
|  |  |  |  | Discount rates |  | 3.66% - 5.55% (5.20%)
|  |  |  |  | Surrender rates |  | 1.90% - 27.70% (9.20%)

________________________________
(a) The weighted average is based on the relative fair value of the related assets or liabilities.
(b) Corporate securities - The significant unobservable input used in the fair value measurement of our corporate securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(c) Corporate securities - The significant unobservable input used in the fair value measurement of these corporate securities is percentage of recovery expected. Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(d) Corporate securities - For these assets, there were no adjustments to the purchase price.
(e) Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(f) Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"). Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.
(g) Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is percentage of recovery expected. Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
73

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
(h) Equity securities - For these assets, there were no adjustments to the purchase price.
(i) Other assets categorized as Level 3 - For these assets, there were no adjustments to non-binding quoted market prices obtained from third-party pricing sources.
(j) Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs are based on significant unobservable inputs including assumptions related to surrenders and utilization of policy benefits. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally increase the value of a MRB asset or decrease the value of a MRB liability (with decreases in assumed surrender rates having the opposite impacts). Increases in utilization rates would generally decrease the value of a MRB asset or increase the value of a MRB liability (with decreases in utilization rates having the opposite impacts).
(k) Embedded derivatives related to fixed indexed annuity products - The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are projected portfolio yields, discount rates and surrender rates. Increases (decreases) in projected portfolio yields in isolation would have resulted in a higher (lower) fair value measurement. The discount rate is based on risk free rates (U.S. Treasury rates for similar durations) adjusted for our non-performance risk and risk margins for non-capital market inputs. Increases (decreases) in the discount rates would have resulted in a lower (higher) fair value measurement. Assumed surrender rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. The embedded derivatives related to fixed indexed annuity products are classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives".
74

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at December 31, 2022 (dollars in millions):

| Fair value at December 31, 2022 |  | Valuation techniques |  | Unobservable inputs |  | Range (weighted average) (a)
Assets: |  |  |  |  |  |  |
Corporate securities (b) | $ | 2.9 |  |  | Discounted cash flow analysis |  | Discount margins |  | 2.23% - 3.94% (2.25%)
Corporate securities (c) | 3.5 |  |  | Recovery method |  | Percent of recovery expected |  | 0.00% - 35.00% (35.00%)
Corporate securities (d) | .5 |  |  | Unadjusted purchase price |  | Not applicable |  | Not applicable
Asset-backed securities (e) | 21.8 |  |  | Discounted cash flow analysis |  | Discount margins |  | 2.50% - 3.86% (3.30%)
Equity securities (f) | 63.9 |  |  | Market comparables |  | EBITDA multiples |  | 8.5X
Equity securities (g) | .1 |  |  | Recovery method |  | Percent of recovery expected |  | 0.00% - 100.00% (100.00%)
Equity securities (h) | 11.7 |  |  | Unadjusted purchase price |  | Not applicable |  | Not applicable
Other assets categorized as Level 3 (i) | 249.0 |  |  | Unadjusted third-party price source |  | Not applicable |  | Not applicable
Market risk benefit asset (j) | 65.3 |  |  | Discounted cash flow analysis |  | Surrender rates |  | 1.28% - 11.05% (3.45%)
|  |  |  |  | Utilization rates |  | 6.78% - 63.16% (20.09%)
Total | 418.7 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Market risk benefit liability (j) | 11.3 |  |  | Discounted cash flow analysis |  | Surrender rates |  | 1.28% - 11.05% (3.45%)
|  |  |  |  | Utilization rates |  | 6.78% - 63.16% (20.09%)
Embedded derivatives related to fixed indexed annuity products (k) | 1,297.0 |  |  | Discounted projected embedded derivatives |  | Projected portfolio yields |  | 4.30% - 4.63% (4.31%)
|  |  |  |  | Discount rates |  | 3.77% - 5.48% (4.47%)
|  |  |  |  | Surrender rates |  | 1.90% - 27.70% (9.20%)

________________________________
(a) The weighted average is based on the relative fair value of the related assets or liabilities.
(b) Corporate securities - The significant unobservable input used in the fair value measurement of our corporate securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(c) Corporate securities - The significant unobservable input used in the fair value measurement of these corporate securities is percentage of recovery expected. Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(d) Corporate securities - For these assets, there were no adjustments to the purchase price.
(e) Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(f) Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of earnings before EBITDA. Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.
75

Table of Contents
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________
(g) Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is percentage of recovery expected. Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(h) Equity securities - For these assets, there were no adjustments to the purchase price.
(i) Other assets categorized as Level 3 - For these assets, there were no adjustments to non-binding quoted market prices obtained from third-party pricing sources.
(j) Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs are based on significant unobservable inputs including assumptions related to surrenders and utilization of policy benefits. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally increase the value of a MRB asset or decrease the value of a MRB liability (with decreases in assumed surrender rates having the opposite impacts). Increases in utilization rates would generally decrease the value of a MRB asset or increase the value of a MRB liability (with decreases in utilization rates having the opposite impacts).
(k) Embedded derivatives related to fixed indexed annuity products - The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are projected portfolio yields, discount rates and surrender rates. Increases (decreases) in projected portfolio yields in isolation would have resulted in a higher (lower) fair value measurement. The discount rate is based on risk free rates (U.S. Treasury rates for similar durations) adjusted for our non-performance risk and risk margins for non-capital market inputs. Increases (decreases) in the discount rates would have resulted in a lower (higher) fair value measurement. Assumed surrender rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. The embedded derivatives related to fixed indexed annuity products are classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives".
76

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
In this section, we review the consolidated financial condition of CNO at September 30, 2023, and its consolidated results of operations for the nine months ended September 30, 2023 and 2022, and, where appropriate, factors that may affect future financial performance. Please read this discussion in conjunction with the accompanying consolidated financial statements and notes. Results for interim periods are not necessarily indicative of the results that may be expected for a full year.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our statements, trend analyses and other information contained in this report and elsewhere (such as in filings by CNO with the SEC, press releases, presentations by CNO or its management or oral statements) relative to markets for CNO's products and trends in CNO's operations or financial results, as well as other statements, contain forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by the use of terms such as "anticipate," "believe," "plan," "estimate," "expect," "project," "intend," "may," "will," "would," "contemplate," "possible," "attempt," "seek," "should," "could," "goal," "target," "on track," "comfortable with," "optimistic," "guidance," "outlook" and similar words, although some forward-looking statements are expressed differently. You should consider statements that contain these words carefully because they describe our expectations, plans, strategies and goals and our beliefs concerning future business conditions, our results of operations, financial position, and our business outlook or they state other "forward-looking" information based on currently available information. The "Risk Factors" section of our 2022 Annual Report on Form 10-K provides examples of risks, uncertainties and events that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements. Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things:
•general economic, market and political conditions and uncertainties, including the performance and fluctuations of the financial markets which may affect the value of our investments as well as our ability to raise capital or refinance existing indebtedness and the cost of doing so;
•the impact of pandemics and major public health issues, including the novel coronavirus pandemic and the resulting financial market, economic and other impacts;
•exposure to interest rate risk, including interest rate volatility, may negatively impact our results of operations, financial position or cash flow;
•future investment results, including the impact of realized losses (including other-than-temporary impairment charges) may diminish the value of our invested assets and negatively impact our profitability, our financial condition and our liquidity;
•the ultimate outcome of lawsuits filed against us and other legal and regulatory proceedings to which we are subject;
•our ability to make anticipated changes to certain non-guaranteed elements of our life insurance products;
•our ability to obtain adequate and timely rate increases on our health products, including our long-term care business;
•the receipt of any required regulatory approvals for dividend and surplus debenture interest payments from our insurance subsidiaries;
•mortality, morbidity, the increased cost and usage of health care services, persistency, the adequacy of our previous reserve estimates, changes in the health care market and other factors which may affect the profitability of our insurance products;
•changes in our assumptions related to deferred acquisition costs or the present value of future profits;
77

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
•the recoverability of our deferred tax assets and the effect of potential ownership changes and tax rate changes on their value;
•our assumption that the positions we take on our tax return filings will not be successfully challenged by the Internal Revenue Service;
•changes in accounting principles and the interpretation thereof;
•our ability to continue to satisfy the financial ratio and balance requirements and other covenants of our debt agreements;
•performance and valuation of our investments;
•our ability to identify products and markets in which we can compete effectively against competitors with greater market share, higher ratings, greater financial resources and stronger brand recognition;
•our ability to generate sufficient liquidity to meet our debt service obligations and other cash needs;
•changes in capital deployment opportunities;
•our ability to maintain effective controls over financial reporting and modeling;
•our ability to continue to recruit and retain productive agents and distribution partners;
•customer response to new products, distribution channels and marketing initiatives;
•inflation or other unfavorable economic or business conditions may impact the sales and persistency of insurance products, a portion of our insurance policy benefits affected by increased medical coverage costs and various selling, general and administrative expenses;
•our ability to maintain the financial strength ratings of CNO and our insurance company subsidiaries as well as the impact of our ratings on our business, our ability to access capital, and the cost of capital;
•regulatory changes or actions, including: those relating to regulation of the financial affairs of our insurance companies, such as the calculation of risk-based capital and minimum capital requirements, and payment of dividends and surplus debenture interest to us; regulation of the sale, underwriting and pricing of products; health care regulation affecting health insurance products; and privacy laws and regulations;
•changes in the Federal income tax laws and regulations which may affect or eliminate the relative tax advantages of some of our products or affect the value of our deferred tax assets;
•availability and effectiveness of reinsurance arrangements, as well as the impact of any defaults or failure of reinsurers to perform;
•the performance of third party service providers (both domestic and international) and potential difficulties arising from outsourcing arrangements;
•expectations for the growth rate of sales, collected premiums, annuity deposits and assets;
•interruption in telecommunication, information technology or other operational systems or failure to maintain the security, confidentiality or privacy of sensitive data on such systems;
•events of terrorism, natural disasters or other catastrophic events, including potential adverse impacts from climate change which may increase the frequency or severity of weather-related disasters;
78

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
•cyber-security attacks, risk of data loss and other security breaches;
•ineffectiveness of risk management policies and procedures in identifying, monitoring and managing risks; and
•the risk factors or uncertainties listed from time to time in our filings with the SEC.
Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by the foregoing cautionary statement. Our forward-looking statements speak only as of the date made. We assume no obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements.
The reporting of risk-based capital ("RBC") measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.
OVERVIEW
We are a holding company for a group of insurance companies operating throughout the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services products. We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets. We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing.
We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way management makes operating decisions and assesses the performance of the business.
Our insurance product line segments (annuity, health and life) include marketing, underwriting and administration of the policies our insurance subsidiaries sell. The business written in each of the three product categories through all of our insurance subsidiaries is aggregated allowing management and investors to assess the performance of each product category. Insurance product margin is management’s measure of the profitability of its annuity, health and life product lines' performance and consists of insurance policy income 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, 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 the results of our insurance product lines.
We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company.
The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. This structure unifies consumer capabilities into a single division and integrates the strength of our agent sales forces with one of the largest direct-to-consumer insurance businesses with proven experience in advertising, web/digital and call center support.
The Worksite Division focuses on worksite and group sales for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually. With a separate Worksite Division, we are bringing a sharper focus to this high-growth business while further capitalizing on the strength of our wholly-owned subsidiary, Optavise, a national provider of year-round technology-driven employee benefits management services.
79

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
The Consumer and Worksite Divisions are primarily focused on marketing insurance products, several types of which are sold in both divisions and underwritten in the same manner. Sales of group underwritten policies are currently not significant, but are expected to increase within the Worksite Division.
The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability of this segment is the total net investment income not allocated to the insurance products. Investment income not allocated to product lines represents 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, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our FHLB investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from COLI and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.
Our fee income segment includes the earnings generated from sales of third-party insurance products, services provided by Optavise and the operations of our broker/dealer and registered investment advisor.
Expenses not allocated to product lines include the expenses of our corporate operations, excluding interest expense on debt.
80

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
The following summarizes our earnings for the three and nine months ending September 30, 2023 and 2022 (dollars in millions, except per share data):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Insurance product margin |  |  |  |  |  |  |
Annuity margin | $ | 57.0 |  |  | $ | 60.1 |  |  | $ | 171.4 |  |  | $ | 176.1 |
Health margin | 123.2 |  |  | 123.3 |  |  | 347.9 |  |  | 364.0 |
Life margin | 59.8 |  |  | 55.7 |  |  | 165.1 |  |  | 161.9 |
Total insurance product margin | 240.0 |  |  | 239.1 |  |  | 684.4 |  |  | 702.0 |
Allocated expenses | (153.2) |  |  | (150.5) |  |  | (460.2) |  |  | (447.5) |
Income from insurance products | 86.8 |  |  | 88.6 |  |  | 224.2 |  |  | 254.5 |
Fee income | (2.9) |  |  | 1.4 |  |  | 13.2 |  |  | 14.5 |
Investment income not allocated to product lines | 38.4 |  |  | 27.1 |  |  | 81.9 |  |  | 118.7 |
Expenses not allocated to product lines | 7.5 |  |  | (16.1) |  |  | (31.9) |  |  | (28.0) |
Operating earnings before taxes | 129.8 |  |  | 101.0 |  |  | 287.4 |  |  | 359.7 |
Income tax expense on operating income | (28.5) |  |  | (23.1) |  |  | (65.2) |  |  | (82.2) |
Net operating income (a) | 101.3 |  |  | 77.9 |  |  | 222.2 |  |  | 277.5 |
Net realized investment losses from sales and change in allowance for credit losses | (20.1) |  |  | (.7) |  |  | (64.1) |  |  | (35.0) |
Net change in market value of investments recognized in earnings | (9.2) |  |  | (17.0) |  |  | (15.1) |  |  | (64.2) |
Fair value changes related to agent deferred compensation plan | 6.8 |  |  | 12.0 |  |  | 6.8 |  |  | 48.7 |
Changes in fair value of embedded derivative liabilities and market risk benefits | 109.4 |  |  | 130.6 |  |  | 94.7 |  |  | 456.6 |
Other | (1.1) |  |  | 2.0 |  |  | 1.0 |  |  | 2.2 |
Net non-operating income before taxes | 85.8 |  |  | 126.9 |  |  | 23.3 |  |  | 408.3 |
Income tax expense on non-operating income | (19.8) |  |  | (28.9) |  |  | (5.3) |  |  | (93.2) |
Net non-operating income | 66.0 |  |  | 98.0 |  |  | 18.0 |  |  | 315.1 |
Net income | $ | 167.3 |  |  | $ | 175.9 |  |  | $ | 240.2 |  |  | $ | 592.6 |
Per diluted share |  |  |  |  |  |  |
Net operating income | $ | .88 |  |  | $ | .67 |  |  | $ | 1.92 |  |  | $ | 2.35 |
Net non-operating income | .58 |  |  | .85 |  |  | .16 |  |  | 2.67 |
Net income | $ | 1.46 |  |  | $ | 1.52 |  |  | $ | 2.08 |  |  | $ | 5.02 |

81

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
____________
(a)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 taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and MRBs related to our fixed indexed annuities, net of 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 VIEs, 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. The income tax expense or benefit included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. 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. The table above reconciles the non-GAAP measure to the corresponding GAAP measure.
In addition, management uses these non-GAAP financial measures in its budgeting process, financial analysis of segment performance and in assessing the allocation of resources. We believe these non-GAAP financial measures enhance an investor's understanding of our financial performance and allows them to make more informed judgments about the Company as a whole. These measures also highlight operating trends that might not otherwise be apparent. However, net operating income is not a measurement of financial performance under GAAP and should not be considered as an alternative to cash flow from operating activities, as measures of liquidity, or as an alternative to net income as measures of our operating performance or any other measures of performance derived in accordance with GAAP. In addition, net operating income should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Net operating income has limitations as an analytical tool, and you should not consider such measure either in isolation or as a substitute for analyzing our results as reported under GAAP. Our definition and calculation of net operating income are not necessarily comparable to other similarly titled measures used by other companies due to different methods of calculation. Also, as we adopted the new accounting standard related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023, we updated our method of determining non-operating earnings for our fixed indexed annuities to better identify the volatile non-economic impacts of that line of business. This resulted in fixed indexed annuity margins that more closely reflect the economics of the business.
GOVERNMENTAL REGULATION
Risk-Based Capital
On August 13, 2023, the National Association of Insurance Commissioners (“NAIC”) adopted a short-term
solution related to the accounting treatment of an insurer’s negative interest maintenance reserve (“IMR”)
balance, which may occur when a rising interest rate environment causes an insurer’s IMR balance to become
negative as a result of bond sales executed at a capital loss. The new interim statutory accounting guidance,
which is effective until December 31, 2025, allows an insurer with an authorized control level RBC greater than
300% to admit negative IMR up to 10% of its general account capital and surplus, subject to certain restrictions
and reporting obligations. The NAIC intends to develop a long-term solution for the accounting treatment of
negative IMR even if interest rates shift.
The NAIC has undertaken a principles-based bond project, which includes consideration of factors to
determine whether an investment in an asset-backed security qualifies for reporting on an insurer’s statutory
financial statement as a bond on Schedule D-1 as opposed to Schedule BA (other long-term investment assets),
the latter of which has a higher risk charge. The NAIC is also reviewing the RBC treatment of collateralized loan
obligations (“CLOs”), as discussed below, and on August 16, 2023, the NAIC increased the RBC factor for
structured security residual tranches from 30% to 45%, which will be effective for year-end 2024 RBC filings.
82

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Regulation of Investments
The NAIC has been evaluating the risks associated with insurers’ investments in leveraged loans and
CLOs. Under the NAIC’s recent amendment to the Purposes and Procedures Manual, the NAIC’s Structured
Securities Group will assign risk weights to CLOs based on its own modeling and evaluate tranche level losses
across all debt and equity tranches under a series of calibrated and weighted collateral stress scenarios to
assign NAIC designations. The goal is to ensure that the aggregate RBC factor for owning all tranches of a CLO is
the same as that required for owning all of the underlying loan collateral, in order to avoid RBC arbitrage. The
amendment will become effective on January 1, 2024, with insurers first reporting the financially modeled
NAIC designations for CLOs with their year-end 2024 financial statement filings. It is possible that the NAIC may
propose new regulations or changes to statutory accounting principles regarding CLOs.
Privacy and Cybersecurity Regulation
In July 2023, the SEC adopted the Risk Management, Strategy, Governance, and Incident Disclosure Final Rule (the "Cybersecurity Final Rule") requiring enhanced disclosures of material cybersecurity incidents in a Form 8-K and periodic disclosures of, among other things, details on the processes to assess, identify, and manage those risks, cybersecurity governance, and management's role in overseeing such a compliance program, including the board of directors' oversight of cybersecurity risks. Certain reporting requirements under the Cybersecurity Final Rule become effective as early as December 2023.
The NAIC’s Privacy Protections (H) Working Group (“PPWG”) continues to develop a new Consumer Privacy Protections and Model Law (“Model 674”) to replace the existing privacy models #670 (Insurance Information and Privacy Protections Model Act) and #672 (Privacy of Consumer Financial and Health Information Regulation.) Following meetings in the spring of 2023, the PPWG rewrote model 674 to incorporate industry feedback and they exposed a new draft in July 2023. Due to the large number of comments received, the PPWG intends to ask for an extension of time to develop the new model law at the NAIC’s Fall National Meeting in December 2023.
CRITICAL ACCOUNTING ESTIMATES
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of various assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Management has made estimates in the past that we believed to be appropriate but were subsequently revised to reflect actual experience. If our future experience differs materially from these estimates and assumptions, our results of operations and financial condition could be materially affected.
Effective January 1, 2023, we adopted ASU 2018-12. The adoption of ASU 2018-12 impacted the accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Disclosures of the impacts of ASU 2018-12 as of the Transition Date are included within the tables in the note to the consolidated financial statements entitled "Recently Adopted Accounting Standards." For a discussion of our significant accounting policies impacted by the adoption of ASU 2018-12, see the note to the consolidated financial statements entitled "Summary of Significant Accounting Policies".
The critical accounting estimates that were not impacted as a result of the adoption of ASU 2018-12 are described in "Critical Accounting Estimates" in our 2022 Annual Report on Form 10-K. Below is a discussion of our updated critical accounting estimates.
Present Value of Future Profits and Deferred Acquisition Costs
Amortization of the present value of future profits and deferred acquisition costs is calculated using the same contract groupings (or cohorts), mortality and lapse assumptions that are used in calculating the liability for future policy benefits, and these assumptions are reviewed and updated at least annually.
83

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
As a result of the adoption of ASU 2018-12, the amortization methodology related to these account balances is no longer subject to the same degree of variability and does not require a high degree of judgment. However, these accounts remain sensitive to unexpected lapses, due to higher mortality and lapse experience than expected. Such changes are recognized in the current period as a reduction of the capitalized balances. The effect of changes in assumptions related to future mortality and lapses are recognized prospectively over the remaining contract term. The carrying value of deferred acquisition costs is no longer subject to recovery testing after the adoption of ASU 2018-12.
Liabilities for Insurance Products
The adoption of ASU 2018-12 significantly changes how we account for the liabilities for insurance products for long-duration contracts and amends existing recognition, measurement, presentation and disclosure requirements. As part of this adoption, we measure all payments under an insurance contract including future expected claims and unpaid policy claims (with the exception of life insurance policy and contract claims, which are classified in the "liability for life insurance policy claims") and related expenses as an integrated reserve. This resulted in unpaid claims on long-duration health insurance contracts that were previously in the "liability for policy and contract claims" pre-adoption to be now presented as part of the liability for future policy benefits.
Our liabilities for future policy benefits are measured using the net premium ratio approach as described in the note to the consolidated financial statements entitled "Summary of Significant Accounting Policies".
The liability for future policy benefits is determined based on numerous assumptions. The most significant assumptions for our life and annuity business are mortality and lapse/withdrawal rates which are based on our experience and, in cases of limited experience, industry experience. Mortality and lapse/withdrawal rates also take into consideration future expectations in policyholder behavior that may vary from past experience. For our health business, mortality rates, lapse rates, morbidity assumptions and future rate increases are based on our experience and, in cases of limited experience, industry experience. Such assumptions also consider future expectations in policyholder behavior that may vary from past experience. In addition, the liability for future policy benefits is measured using estimated discount rates. The assumptions and estimates that we use often depend on judgment regarding the likelihood of future events and are inherently uncertain.
Cash flow assumptions related to our insurance contracts are established when a policy is issued and are evaluated each quarter to determine if assumption updates are required. A more detailed review of assumptions is performed annually during the fourth quarter. Changes to our cash flow assumptions are recognized in the liability for future policy benefits remeasurement (gain) loss in the consolidated statement of operations. Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are also recognized in the liability for future policy benefits remeasurement (gain) loss in the consolidated statement of operations.
Discount rates used to calculate net premiums are locked in at policy inception and provide the basis to recognize interest expense in the consolidated statement of operations. Discount rates used to measure the carrying value of the liability for future policy benefits in the consolidated balance sheet are updated each reporting period, and differences between the liability balances calculated using the locked-in rate and the updated discount rates are recognized in accumulated other comprehensive income (loss). For additional discussion on the determination of discount rates, see the note to the consolidated financial statements entitled "Summary of Significant Accounting Policies".
Market risk benefits
MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Many of our fixed indexed annuity products include a GLWB that is considered a MRB. MRBs are measured at fair value using an option-based valuation model based on amount of exposure, market data, Company experience and other factors. Changes in fair value are recognized in earnings each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in accumulated other comprehensive income (loss). MRBs in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts.
The cost of MRBs may rise in volatile or declining equity markets or in a low interest rate environment. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility, variations in actuarial
84

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could affect net income and changes in our nonperformance risk could materially affect other comprehensive income.
RESULTS OF OPERATIONS
The following tables and narratives summarize the operating results of our segments (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Insurance product margin |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy income | $ | 7.2 |  |  | $ | 6.3 |  |  | $ | 20.4 |  |  | $ | 17.1 |
Net investment income | 131.0 |  |  | 121.1 |  |  | 384.1 |  |  | 356.4 |
Insurance policy benefits | (9.8) |  |  | (6.5) |  |  | (29.1) |  |  | (22.8) |
Interest credited | (53.4) |  |  | (44.8) |  |  | (152.1) |  |  | (128.7) |
Amortization and non-deferred commissions (a) | (18.0) |  |  | (16.0) |  |  | (51.9) |  |  | (45.9) |
Annuity margin | 57.0 |  |  | 60.1 |  |  | 171.4 |  |  | 176.1 |
Health: |  |  |  |  |  |  |
Insurance policy income | 397.8 |  |  | 403.5 |  |  | 1,196.3 |  |  | 1,213.7 |
Net investment income | 74.2 |  |  | 73.3 |  |  | 222.5 |  |  | 219.6 |
Insurance policy benefits | (308.5) |  |  | (310.8) |  |  | (949.3) |  |  | (943.8) |
Amortization and non-deferred commissions (a) | (40.3) |  |  | (42.7) |  |  | (121.6) |  |  | (125.5) |
Health margin | 123.2 |  |  | 123.3 |  |  | 347.9 |  |  | 364.0 |
Life: |  |  |  |  |  |  |
Insurance policy income | 221.0 |  |  | 213.4 |  |  | 663.1 |  |  | 643.0 |
Net investment income | 36.3 |  |  | 35.4 |  |  | 108.7 |  |  | 106.1 |
Insurance policy benefits | (140.7) |  |  | (138.7) |  |  | (430.7) |  |  | (419.5) |
Interest credited | (12.1) |  |  | (12.6) |  |  | (36.4) |  |  | (36.3) |
Amortization and non-deferred commissions (a) | (22.1) |  |  | (19.7) |  |  | (62.8) |  |  | (57.4) |
Advertising expense | (22.6) |  |  | (22.1) |  |  | (76.8) |  |  | (74.0) |
Life margin | 59.8 |  |  | 55.7 |  |  | 165.1 |  |  | 161.9 |
Total insurance product margin | 240.0 |  |  | 239.1 |  |  | 684.4 |  |  | 702.0 |
Allocated expenses: |  |  |  |  |  |  |
Branch office expenses | (16.3) |  |  | (16.5) |  |  | (52.0) |  |  | (50.0) |
Other allocated expenses | (136.9) |  |  | (134.0) |  |  | (408.2) |  |  | (397.5) |
Income from insurance products | 86.8 |  |  | 88.6 |  |  | 224.2 |  |  | 254.5 |
Fee income | (2.9) |  |  | 1.4 |  |  | 13.2 |  |  | 14.5 |
Investment income not allocated to product lines | 38.4 |  |  | 27.1 |  |  | 81.9 |  |  | 118.7 |
Expenses not allocated to product lines | 7.5 |  |  | (16.1) |  |  | (31.9) |  |  | (28.0) |
Operating earnings before taxes | 129.8 |  |  | 101.0 |  |  | 287.4 |  |  | 359.7 |
Income tax expense on operating income | (28.5) |  |  | (23.1) |  |  | (65.2) |  |  | (82.2) |
Net operating income | $ | 101.3 |  |  | $ | 77.9 |  |  | $ | 222.2 |  |  | $ | 277.5 |

____________
(a)Amortization and non-deferred commissions are comprised of: (i) the amortization of deferred acquisition costs and present value of future profits; and (ii) commission expenses that are not directly related to the successful acquisition of
85

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
new or renewal insurance contracts and, therefore, are not eligible to be deferred. Such non-deferred commissions are included in other operating costs and expenses on the consolidated statement of operations.
CNO is the top tier holding company for a group of insurance companies operating throughout the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services products. We view our operations by segments, which consist of insurance product lines. These products are distributed by our two divisions. The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. The Worksite Division focuses on worksite and group sales for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually.
Insurance product margin is management’s measure of the profitability of its annuity, health and life product lines' performance and consists of insurance policy income 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, 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 the results of our insurance product lines.
Net 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. Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsurance business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities. Investment income not allocated to product lines represents 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, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our FHLB investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from COLI and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements.
Summary of Operating Results: Net operating income was $101.3 million in the third quarter of 2023, up from $77.9 million in the third quarter of 2022, and was $222.2 million in the first nine months of 2023, down from $277.5 million in the first nine months of 2022.
Insurance product margin was $240.0 million in the third quarter of 2023 compared to $239.1 million in the third quarter of 2022, and was $684.4 million in the first nine months of 2023 compared to $702.0 million in the first nine months of 2022. Insurance product margins in the first nine months of 2023 were impacted by: (i) both unfavorable claim experience in our Medicare supplement line of business as well as a reduction in the size of the block; and (ii) unfavorable claim experience in our long-term care line of business. The claim experience in our Medicare supplement business returned to expected levels in the third quarter of 2023 as compared to the first six months of 2023. The claim experience in our long-term care business moderated in the third quarter of 2023, particularly as compared to the unfavorable experience in the second quarter of 2023. In addition, the traditional life margin was favorably impacted in the second quarter of 2022 due to a larger than typical reduction in claim liabilities due to the work down of a backlog of claims that were in-the-course-of-settlement. Such claim payments also had a positive impact (of approximately $10 million) on the change in the liability for future policy benefits as calculated under the new LDTI standard.
86

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Total allocated and unallocated expenses are summarized in the table below. Expenses not allocated to product lines in the 2023 periods reflect significant items related to the net favorable impact of legal recoveries, net of expenses and increased legal accruals. Expenses not allocated to product lines in the first nine months of 2022 include the impact of a significant item related to an experience refund pursuant to the terms of a reinsurance agreement. Total allocated and unallocated expenses as adjusted for the significant item are summarized below (dollars in millions):

| Three months ended |  | Nine months ended |  |
| September 30, |  | September 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Expenses allocated to product lines | $ | 153.2 |  |  | $ | 150.5 |  |  | $ | 460.2 |  |  | $ | 447.5 |  |  |  |  |
Expenses not allocated to product lines | (7.5) |  |  | 16.1 |  |  | 31.9 |  |  | 28.0 |  |  |  |  |
Net favorable impact from legal matters | 21.7 |  |  | — |  |  | 21.7 |  |  | — |  |  |  |  |
Experience refund related to a reinsurance agreement (a) | — |  |  | — |  |  | — |  |  | 22.5 |  |  |  |  |
Adjusted total | $ | 167.4 |  |  | $ | 166.6 |  |  | $ | 513.8 |  |  | $ | 498.0 |  |  |  |  |

_______________
(a) Under the terms of the reinsurance agreement to cede a substantial portion of our legacy long-term care block, we were entitled to receive an experience refund of up to $22.5 million if certain rate increases were approved and implemented. As of June 30, 2022, all requirements to earn the maximum experience refund had been met and the refund was recognized. The refund was received in the second quarter of 2023.
Though expenses were elevated in the first nine months of 2023, we currently expect our projected expense ratio for the full year to be between 19.2 percent to 19.4 percent, narrowing the range of our previous guidance of between 19.0 percent to 19.4 percent. The expense ratio is defined as total allocated and unallocated expenses (excluding any significant items) divided by the sum of insurance policy income and net investment income allocated to products.
The fee income segment is summarized below (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fee revenue | $ | 27.9 |  |  | $ | 30.6 |  |  | $ | 108.6 |  |  | $ | 102.0 |
Operating costs and expenses | (30.8) |  |  | (29.2) |  |  | (95.4) |  |  | (87.5) |
Net fee income | $ | (2.9) |  |  | $ | 1.4 |  |  | $ | 13.2 |  |  | $ | 14.5 |

The decrease in net fee income in the first nine months of 2023 is primarily due to lower net fee income related to services provided by Optavise, partially offset by growth in the sales of third party products in recent periods and changes to our revenue recognition assumptions reflecting favorable policy persistency. The decrease in net fee income in the third quarter of 2023, as compared to the same period in 2022, reflects less favorable changes to our revenue recognition assumptions on the sales of third party products and lower net fee income related to services provided by Optavise.
Investment income not allocated to product lines generally fluctuates from period to period based on the level of prepayment income (including call premiums) and trading account income; the performance of our alternative investments (which are typically reported a quarter in arrears); the earnings related to the investments underlying our COLI; and the spread we earn from our FHLB investment borrowing and FABN programs.
The effective tax rate for the first nine months of 2023 was 22.7 percent.
87

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Margin from Annuity Products (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Annuity margin: |  |  |  |  |  |  |
Fixed indexed annuities |  |  |  |  |  |  |
Insurance policy income | $ | 5.1 |  |  | $ | 3.6 |  |  | $ | 14.2 |  |  | $ | 10.3 |
Net investment income | 104.4 |  |  | 95.0 |  |  | 304.4 |  |  | 276.5 |
Insurance policy benefits | (4.3) |  |  | (2.0) |  |  | (12.6) |  |  | (9.7) |
Interest credited | (41.5) |  |  | (33.0) |  |  | (116.8) |  |  | (92.9) |
Amortization and non-deferred commissions | (16.5) |  |  | (14.7) |  |  | (47.9) |  |  | (42.1) |
Margin from fixed indexed annuities | $ | 47.2 |  |  | $ | 48.9 |  |  | $ | 141.3 |  |  | $ | 142.1 |
Average net insurance liabilities | $ | 9,381.0 |  |  | $ | 8,902.9 |  |  | $ | 9,280.2 |  |  | $ | 8,700.1 |
Margin/average net insurance liabilities | 2.01 | % |  | 2.20 | % |  | 2.03 | % |  | 2.18 | %
Fixed interest annuities |  |  |  |  |  |  |
Insurance policy income | $ | .3 |  |  | $ | .2 |  |  | $ | .8 |  |  | $ | .6 |
Net investment income | 21.0 |  |  | 20.3 |  |  | 62.8 |  |  | 62.4 |
Insurance policy benefits | (.1) |  |  | .1 |  |  | (.2) |  |  | (.9) |
Interest credited | (11.4) |  |  | (11.2) |  |  | (33.6) |  |  | (34.0) |
Amortization and non-deferred commissions | (1.4) |  |  | (1.2) |  |  | (3.6) |  |  | (3.5) |
Margin from fixed interest annuities | $ | 8.4 |  |  | $ | 8.2 |  |  | $ | 26.2 |  |  | $ | 24.6 |
Average net insurance liabilities | $ | 1,603.0 |  |  | $ | 1,675.9 |  |  | $ | 1,615.7 |  |  | $ | 1,716.5 |
Margin/average net insurance liabilities | 2.10 | % |  | 1.96 | % |  | 2.16 | % |  | 1.91 | %
Other annuities |  |  |  |  |  |  |
Insurance policy income | $ | 1.8 |  |  | $ | 2.5 |  |  | $ | 5.4 |  |  | $ | 6.2 |
Net investment income | 5.6 |  |  | 5.8 |  |  | 16.9 |  |  | 17.5 |
Insurance policy benefits | (5.4) |  |  | (4.6) |  |  | (16.3) |  |  | (12.2) |
Interest credited | (.5) |  |  | (.6) |  |  | (1.7) |  |  | (1.8) |
Amortization and non-deferred commissions | (.1) |  |  | (.1) |  |  | (.4) |  |  | (.3) |
Margin from other annuities | $ | 1.4 |  |  | $ | 3.0 |  |  | $ | 3.9 |  |  | $ | 9.4 |
Average net insurance liabilities | $ | 455.6 |  |  | $ | 478.8 |  |  | $ | 462.6 |  |  | $ | 484.4 |
Margin/average net insurance liabilities | 1.23 | % |  | 2.51 | % |  | 1.12 | % |  | 2.59 | %
Total annuity margin | $ | 57.0 |  |  | $ | 60.1 |  |  | $ | 171.4 |  |  | $ | 176.1 |
Average net insurance liabilities | $ | 11,439.6 |  |  | $ | 11,057.6 |  |  | $ | 11,358.5 |  |  | $ | 10,901.0 |
Margin/average net insurance liabilities | 1.99 | % |  | 2.17 | % |  | 2.01 | % |  | 2.15 | %

Margin from fixed indexed annuities was $47.2 million in the third quarter of 2023 compared to $48.9 million in the third quarter of 2022, and was $141.3 million in the first nine months of 2023 compared to $142.1 million in the first nine months of 2022. The margins in 2023 are relatively flat, as compared to the same periods in the prior year, as growth in the block is primarily being offset by spread compression driven by increased surrenders of higher spread products. Average net insurance liabilities (policyholder account balances 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) were $9,381.0 million and $8,902.9 million in the third quarters of 2023 and 2022, respectively, and were $9,280.2 million and $8,700.1 million in the first nine months of 2023 and 2022, respectively, driven by deposits and reinvested returns in excess of withdrawals. The increase in net insurance liabilities results in higher net investment income allocated. The earned yield was 4.45 percent in the third quarter of 2023 up from 4.27 percent in the third quarter of 2022, and was 4.37 percent in the first nine months of 2023 up from 4.24 percent in the first nine months of 2022, reflecting higher portfolio yields.
88

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Net investment income and interest credited exclude the change in market values of the underlying options supporting the fixed indexed annuity products and corresponding offsetting amount credited to policyholder account balances. Such amounts were $(49.8) million and $(30.9) million in the third quarters of 2023 and 2022, respectively, and were $22.8 million and $(175.3) million in the first nine months of 2023 and 2022, respectively.
Margin from fixed interest annuities was $8.4 million in the third quarter of 2023 compared to $8.2 million in the third quarter of 2022, and was $26.2 million in the first nine months of 2023 compared to $24.6 million in the first nine months of 2022, driven primarily by higher spreads, partially offset by a reduction in the size of the block. Average net insurance liabilities were $1,603.0 million in the third quarter of 2023 compared to $1,675.9 million in the third quarter of 2022, and were $1,615.7 million in the first nine months of 2023 compared to $1,716.5 million in the first nine months of 2022, driven by withdrawals in excess of deposits and reinvested returns. The decrease in net insurance liabilities results in lower net investment income allocated, however, the earned yield increased to 5.24 percent in the third quarter of 2023 from 4.85 percent in the third quarter of 2022, and to 5.18 percent in the first nine months of 2023 from 4.85 percent in the first nine months of 2022, reflecting higher portfolio yields.
Margin from other annuities was $1.4 million in the third quarter of 2023 compared to $3.0 million in the third quarter of 2022, and was $3.9 million in the first nine months of 2023 compared to $9.4 million in the first nine months of 2022. The margin on this relatively small block of business is sensitive to annuitant mortality related to contracts with life contingencies. An increase in mortality in this block will result in a decrease in insurance liabilities and insurance policy benefits. Such mortality was lower in the 2023 periods compared to the same periods in 2022.
89

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Margin from Health Products (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Health margin: |  |  |  |  |  |  |
Supplemental health |  |  |  |  |  |  |
Insurance policy income | $ | 177.9 |  |  | $ | 173.5 |  |  | $ | 533.1 |  |  | $ | 519.0 |
Net investment income | 39.0 |  |  | 37.7 |  |  | 116.5 |  |  | 112.7 |
Insurance policy benefits | (128.0) |  |  | (125.8) |  |  | (385.1) |  |  | (383.2) |
Amortization and non-deferred commissions | (26.1) |  |  | (26.9) |  |  | (78.5) |  |  | (77.9) |
Margin from supplemental health | $ | 62.8 |  |  | $ | 58.5 |  |  | $ | 186.0 |  |  | $ | 170.6 |
Margin/insurance policy income | 35 | % |  | 34 | % |  | 35 | % |  | 33 | %
Medicare supplement |  |  |  |  |  |  |
Insurance policy income | $ | 154.2 |  |  | $ | 163.6 |  |  | $ | 466.0 |  |  | $ | 495.5 |
Net investment income | 1.1 |  |  | 1.4 |  |  | 3.6 |  |  | 4.1 |
Insurance policy benefits | (107.4) |  |  | (113.9) |  |  | (341.3) |  |  | (348.5) |
Amortization and non-deferred commissions | (10.7) |  |  | (12.4) |  |  | (32.7) |  |  | (38.0) |
Margin from Medicare supplement | $ | 37.2 |  |  | $ | 38.7 |  |  | $ | 95.6 |  |  | $ | 113.1 |
Margin/insurance policy income | 24 | % |  | 24 | % |  | 21 | % |  | 23 | %
Long-term care |  |  |  |  |  |  |
Insurance policy income | $ | 65.7 |  |  | $ | 66.4 |  |  | $ | 197.2 |  |  | $ | 199.2 |
Net investment income | 34.1 |  |  | 34.2 |  |  | 102.4 |  |  | 102.8 |
Insurance policy benefits | (73.1) |  |  | (71.1) |  |  | (222.9) |  |  | (212.1) |
Amortization and non-deferred commissions | (3.5) |  |  | (3.4) |  |  | (10.4) |  |  | (9.6) |
Margin from long-term care | $ | 23.2 |  |  | $ | 26.1 |  |  | $ | 66.3 |  |  | $ | 80.3 |
Margin/insurance policy income | 35 | % |  | 39 | % |  | 34 | % |  | 40 | %
Total health margin | $ | 123.2 |  |  | $ | 123.3 |  |  | $ | 347.9 |  |  | $ | 364.0 |
Margin/insurance policy income | 31 | % |  | 31 | % |  | 29 | % |  | 30 | %

Margin from supplemental health business was $62.8 million in the third quarter of 2023 compared to $58.5 million in the third quarter of 2022, and was $186.0 million in the first nine months of 2023 compared to $170.6 million in the first nine months of 2022, reflecting growth in the block. The margin as a percentage of insurance policy income was 35 percent in the third quarter of 2023 compared to 34 percent in the prior year period, and was 35 percent in the first nine months of 2023 compared to 33 percent in the first nine months of 2022.
Our supplemental health products (including specified disease, accident and hospital indemnity products) generally provide fixed or limited benefits. For example, payments under cancer insurance policies are generally made directly to, or at the direction of, the policyholder following diagnosis of, or treatment for, a covered type of cancer. Approximately three-fourths of our supplemental health policies inforce (based on policy count) are sold with return of premium or cash value riders. The return of premium rider generally provides that after a policy has been inforce for a specified number of years or upon the policyholder reaching a specified age, we will pay to the policyholder, or a beneficiary under the policy, the aggregate amount of all premiums paid under the policy, without interest, less the aggregate amount of all claims incurred under the policy. The cash value rider is similar to the return of premium rider, but also provides for payment of a graded portion of the return of premium benefit if the policy terminates before the return of premium benefit is earned. Accordingly, the net cash flows from these products generally result in the accumulation of amounts in the early years of a policy (reflected in our earnings as reserve increases which is a component of insurance policy benefits) which will be paid out as benefits in later policy years (reflected in our earnings as reserve decreases which offset the recording of benefit payments). As the policies age, insurance policy benefits will typically increase, but the increase in benefits will be partially offset by investment income earned on the accumulated assets.
90

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Margin from Medicare supplement business was $37.2 million and $38.7 million in the third quarters of 2023 and 2022, respectively, and $95.6 million and $113.1 million in the first nine months of 2023 and 2022, respectively. The decrease in margin on the Medicare supplement business is primarily due to a reduction in the size of the block and unfavorable claims experience (although claim experience returned to expected levels in the third quarter of 2023 as compared to the first six months of 2023). Claim experience will fluctuate from period to period. Insurance policy income was $154.2 million in the third quarter of 2023, down 5.7 percent from the third quarter of 2022, and was $466.0 million the first nine months of 2023 down 6.0 percent from the first nine months of 2022, reflecting lower sales in recent periods partially offset by premium rate increases. Over the last several years, we have experienced a shift in the sale of Medicare supplement policies to the sale of Medicare Advantage policies. We receive fee income when Medicare Advantage policies of other providers are sold, which is recorded in our Fee income segment. We continue to invest in both our Medicare supplement products and Medicare Advantage distribution to meet our customers' needs and preferences. For example, we launched a new competitive Medicare supplement product in 2022.
Medicare supplement business consists of both individual and group policies. Government regulations generally require we attain and maintain a ratio of total benefits incurred to total premiums earned (excluding changes in policy benefits reserves which is a component of Insurance policy benefits) of not less than 65 percent on individual products and not less than 75 percent on group products. The ratio is determined after three years from the original issuance of the policy and over the lifetime of the policy and measured in accordance with statutory accounting principles. Since the insurance product liabilities we establish for Medicare supplement business are subject to significant estimates, the ultimate claim liability we incur for a particular period is likely to be different than our initial estimate. Changes to our estimates are reflected in insurance policy benefits in the period the change is determined.
Margin from Long-term care products was $23.2 million and $26.1 million in the third quarters of 2023 and 2022, respectively, and $66.3 million and $80.3 million in the first nine months of 2023 and 2022, respectively. The margin as a percentage of insurance policy income was 35 percent in the third quarter of 2023 compared to 39 percent in the third quarter of 2022, and was 34 percent in the first nine months of 2023 compared to 40 percent in the first nine months of 2022. The decrease in margins in the 2023 periods is primarily due to unfavorable claims experience as compared to the prior year periods. However, the claims experience in this block moderated in the third quarter of 2023 as we expected, particularly as compared to the unfavorable experience in the second quarter of 2023. Claim experience will fluctuate from quarter to quarter.
91

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Margin from Life Products (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Life margin: |  |  |  |  |  |  |
Interest-sensitive life |  |  |  |  |  |  |
Insurance policy income | $ | 45.1 |  |  | $ | 43.5 |  |  | $ | 134.9 |  |  | $ | 130.4 |
Net investment income | 12.9 |  |  | 12.9 |  |  | 38.7 |  |  | 38.7 |
Insurance policy benefits | (18.1) |  |  | (20.5) |  |  | (53.4) |  |  | (57.5) |
Interest credited | (11.9) |  |  | (12.4) |  |  | (35.9) |  |  | (35.8) |
Amortization and non-deferred commissions | (5.1) |  |  | (5.9) |  |  | (14.5) |  |  | (17.5) |
Margin from interest-sensitive life | $ | 22.9 |  |  | $ | 17.6 |  |  | $ | 69.8 |  |  | $ | 58.3 |
Average net insurance liabilities | $ | 1,039.6 |  |  | $ | 1,019.2 |  |  | $ | 1,035.7 |  |  | $ | 1,015.0 |
Interest margin | $ | 1.0 |  |  | $ | .5 |  |  | $ | 2.8 |  |  | $ | 2.9 |
Interest margin/average net insurance liabilities | .38 | % |  | .20 | % |  | .36 | % |  | .38 | %
Underwriting margin | $ | 21.9 |  |  | $ | 17.1 |  |  | $ | 67.0 |  |  | $ | 55.4 |
Underwriting margin/insurance policy income | 49 | % |  | 39 | % |  | 50 | % |  | 42 | %
Traditional life |  |  |  |  |  |  |
Insurance policy income | $ | 175.9 |  |  | $ | 169.9 |  |  | $ | 528.2 |  |  | $ | 512.6 |
Net investment income | 23.4 |  |  | 22.5 |  |  | 70.0 |  |  | 67.4 |
Insurance policy benefits | (122.6) |  |  | (118.2) |  |  | (377.3) |  |  | (362.0) |
Interest credited | (.2) |  |  | (.2) |  |  | (.5) |  |  | (.5) |
Amortization and non-deferred commissions | (17.0) |  |  | (13.8) |  |  | (48.3) |  |  | (39.9) |
Advertising expense | (22.6) |  |  | (22.1) |  |  | (76.8) |  |  | (74.0) |
Margin from traditional life | $ | 36.9 |  |  | $ | 38.1 |  |  | $ | 95.3 |  |  | $ | 103.6 |
Margin/insurance policy income | 21 | % |  | 22 | % |  | 18 | % |  | 20 | %
Margin excluding advertising expense/insurance policy income | 34 | % |  | 35 | % |  | 33 | % |  | 35 | %
Total life margin | $ | 59.8 |  |  | $ | 55.7 |  |  | $ | 165.1 |  |  | $ | 161.9 |

Margin from interest-sensitive life business was $22.9 million in the third quarter of 2023, up 30 percent from the third quarter of 2022, and was $69.8 million in the first nine months of 2023, up 20 percent from the first nine months of 2022, reflecting favorable mortality, as compared to the 2022 periods, and growth in the block due to sales in recent periods.
The interest margin was $1.0 million and $0.5 million in the third quarters of 2023 and 2022, respectively, and was $2.8 million and $2.9 million in the first nine months of 2023 and 2022, respectively. Net investment income in the 2023 periods was comparable to the 2022 periods. The increase in average net insurance liabilities results in higher net investment income allocated, which is offset by lower earned yields. The earned yield was 4.96 percent and 5.06 percent in the third quarters of 2023 and 2022, respectively, and was 4.98 percent and 5.08 percent in the first nine months of 2023 and 2022, respectively. The decrease in earned yields is due to the sale or maturity of higher yielding investments. Interest credited to policyholders may be changed annually but is subject to minimum guaranteed rates and, as a result, any reduction in our earned rate may not be fully reflected in the rate credited to policyholders.
Net investment income and interest credited exclude the change in market values of the underlying options supporting the fixed indexed life products and corresponding offsetting amount credited to policyholder account balances. Such amounts were $(4.8) million and $(4.0) million in the third quarters of 2023 and 2022, respectively, and were $3.5 million and $(23.9) million in the first nine months of 2023 and 2022, respectively.
Margin from traditional life business was $36.9 million and $38.1 million in the third quarters of 2023 and 2022, respectively, and was $95.3 million and $103.6 million in the first nine months of 2023 and 2022, respectively. In the second
92

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
quarter of 2022, there was a larger than typical reduction in traditional life claim liabilities due to the work down of a backlog of claims that were in-the-course-of-settlement. The claim payments also had a favorable impact (of approximately $10 million) on the change in the liability for future policy benefits, as calculated under the new LDTI standard, which is the primary driver of the decrease in the traditional life margin in the first nine months of 2023 as compared to the same period in 2022.
Allocated net investment income was higher in the 2023 periods, as compared to the 2022 periods, primarily due to growth in the block and higher investment yields. The earned yield was 4.72 percent and 4.63 percent in the third quarters of 2023 and 2022, respectively, and was 4.72 percent and 4.61 percent in the first nine months of 2023 and 2022, respectively.
Advertising expense was $22.6 million in the third quarter of 2023, up 2.3 percent from the comparable period in 2022, and was $76.8 million in the first nine months of 2023, up 3.8 percent from the comparable period in 2022. The demand and cost of television advertising can fluctuate from period to period. We are disciplined with our marketing expenditures and will increase or decrease our marketing spend depending on the current economics of the purchase or other factors.
Collected Premiums From Annuity and Interest-Sensitive Life Products (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Collected premiums from annuity and interest-sensitive life products: |  |  |  |  |  |  |
Annuities | $ | 372.2 |  |  | $ | 370.0 |  |  | $ | 1,144.9 |  |  | $ | 1,173.6 |
Interest-sensitive life | 58.3 |  |  | 56.6 |  |  | 176.8 |  |  | 169.8 |
Total collected premiums from annuity and interest-sensitive life products | $ | 430.5 |  |  | $ | 426.6 |  |  | $ | 1,321.7 |  |  | $ | 1,343.4 |

Collected premiums from annuity and interest-sensitive products increased 0.9 percent in the third quarter of 2023 compared to the third quarter of 2022, and decreased 1.6 percent in the first nine months of 2023 compared to the first nine months of 2022. Premium collections from fixed indexed annuities decreased 7.0 percent to $321.8 million in the third quarter of 2023 compared to the same period of 2022, and 10 percent to $996.7 million in the first nine months of 2023 compared to the first nine months of 2022. Premium collections from fixed interest annuities increased 117 percent to $48.9 million in the third quarter of 2023 compared to the same period in 2022, and 157 percent to $141.6 million in the first nine months of 2023 compared to the first nine months of 2022, resulting from increased consumer preference for these products in the current interest rate environment.
93

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Investment Income Not Allocated to Product Lines (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net investment income | $ | 291.8 |  |  | $ | 268.1 |  |  | $ | 1,034.5 |  |  | $ | 700.2 |
Allocated to product lines: |  |  |  |  |  |  |
Annuity | (131.0) |  |  | (121.1) |  |  | (384.1) |  |  | (356.4) |
Health | (74.2) |  |  | (73.3) |  |  | (222.5) |  |  | (219.6) |
Life | (36.3) |  |  | (35.4) |  |  | (108.7) |  |  | (106.1) |
Equity returns credited to policyholder account balances | 54.6 |  |  | 34.9 |  |  | (26.3) |  |  | 199.2 |
Amounts allocated to product lines and credited to policyholder account balances | (186.9) |  |  | (194.9) |  |  | (741.6) |  |  | (482.9) |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | 2.5 |  |  | (1.1) |  |  | 3.9 |  |  | — |
Amount related to variable interest entities and other non-operating items | (18.7) |  |  | (13.6) |  |  | (58.6) |  |  | (29.9) |
Interest expense on debt | (15.7) |  |  | (15.6) |  |  | (47.0) |  |  | (46.9) |
Interest expense on financing arrangements | (1.1) |  |  | — |  |  | (1.1) |  |  | — |
Interest expense on investment borrowings from FHLB | (28.3) |  |  | (10.3) |  |  | (74.2) |  |  | (17.4) |
Expenses related to FABN program | (7.6) |  |  | (7.5) |  |  | (22.8) |  |  | (22.4) |
Less amounts credited to deferred compensation plans (offsetting investment income) | 2.4 |  |  | 2.0 |  |  | (11.2) |  |  | 18.0 |
Total adjustments | (66.5) |  |  | (46.1) |  |  | (211.0) |  |  | (98.6) |
Investment income not allocated to product lines | $ | 38.4 |  |  | $ | 27.1 |  |  | $ | 81.9 |  |  | $ | 118.7 |

The above table reconciles net investment income to investment income not allocated to product lines. Such amount will generally fluctuate from period to period based on the level of prepayment income (including call premiums) and trading account income; the performance of our alternative investments (which are typically reported a quarter in arrears); the earnings related to the investments underlying our COLI; and the spread we earn from our FHLB investment borrowing and FABN programs.
Net Non-Operating Income:
The following summarizes our net non-operating income (loss) for the three and nine months ending September 30, 2023 and 2022 (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net realized investment losses from sales and change in allowance for credit losses | $ | (20.1) |  |  | $ | (.7) |  |  | $ | (64.1) |  |  | $ | (35.0) |
Net change in market value of investments recognized in earnings | (9.2) |  |  | (17.0) |  |  | (15.1) |  |  | (64.2) |
Fair value changes related to agent deferred compensation plan | 6.8 |  |  | 12.0 |  |  | 6.8 |  |  | 48.7 |
Changes in fair value of embedded derivative liabilities and market risk benefits | 109.4 |  |  | 130.6 |  |  | 94.7 |  |  | 456.6 |
Other | (1.1) |  |  | 2.0 |  |  | 1.0 |  |  | 2.2 |
Net non-operating income before taxes | $ | 85.8 |  |  | $ | 126.9 |  |  | $ | 23.3 |  |  | $ | 408.3 |

94

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Net realized investment losses in the three and nine months ended September 30, 2023, were $20.1 million and $64.1 million, respectively, including the unfavorable change in the allowance for credit losses of $2.3 million and $13.7 million, respectively, which was recorded in earnings. Net realized investment losses in the three and nine months ended September 30, 2022, were $0.7 million and $35.0 million, respectively, including the favorable (unfavorable) change in the allowance for credit losses of $7.5 million and $(46.9) million, respectively, which was recorded in earnings.
The change in market value of investments recognized in earnings was a decrease of $9.2 million and $17.0 million in the third quarters of 2023 and 2022, respectively, and $15.1 million and $64.2 million in the first nine months of 2023 and 2022, respectively. The change in value will fluctuate from period to period based on market conditions.
During the first nine months of 2023 and 2022, we recognized an increase in earnings of $6.8 million and $48.7 million, respectively, 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.
We recognized an increase in earnings of $94.7 million and $456.6 million in the first nine months of 2023 and 2022, respectively, resulting from changes in the fair value of embedded derivative liabilities and MRBs related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and MRBs.
Other non-operating items primarily include earnings attributable to VIEs that we are required to consolidate, net of affiliated amounts. Such earnings are not indicative of, and are unrelated to, the Company's underlying fundamentals.
95

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
LIQUIDITY AND CAPITAL RESOURCES
2023 Outlook
Prior to the sharp rise in interest rates in the United States in 2022, interest rates had been at or near historically low levels. We expect that a continued level of higher interest rates will benefit our operating results over time. We continuously monitor current market conditions and the impact to our business from potential changes in overall economic growth. We are also subject to financial impacts associated with changes in the equity markets and the credit cycle.
Subsequent to September 30, 2023, we received all necessary approvals for: (i) the formation of a wholly-owned Bermuda captive reinsurance company; and (ii) a reinsurance agreement to cede approximately $6.2 billion of our inforce fixed indexed annuity statutory reserves, in addition to new fixed indexed annuity business. Implementation of the initial intercompany reinsurance agreement is in process, with an effective date of October 1, 2023. In the event that the Bermuda Monetary Authority changes its capital adequacy model of the Bermuda captive reinsurance company, we may be required to contribute additional capital to the captive, which would reduce the capital efficiency of the structure and may adversely impact the free cash flow available to the holding company.
For 2023, we currently expect operating earnings per diluted share to be in the range of $2.70 to $2.80, excluding any significant items in the year (narrowing the range from our previous guidance of $2.65 to $2.85 per diluted share, with no change to the midpoint of the range).
With respect to excess cash flow in 2023, we currently expect cash flow to the holding company to be in the range of $330 million to $350 million (including the impact of the intercompany reinsurance agreement with our Bermuda subsidiary), as compared to our previous guidance of $180 million to $200 million.
96

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Our capital structure as of September 30, 2023 and December 31, 2022 was as follows (dollars in millions):

| September 30, 2023 |  | December 31, 2022
Total capital: |  |  |
Corporate notes payable | $ | 1,140.1 |  |  | $ | 1,138.8 |
Shareholders’ equity: |  |  |
Common stock | 1.1 |  |  | 1.1 |
Additional paid-in capital | 1,965.3 |  |  | 2,033.8 |
Accumulated other comprehensive loss | (1,956.7) |  |  | (1,957.3) |
Retained earnings | 1,880.4 |  |  | 1,691.2 |
Total shareholders’ equity | 1,890.1 |  |  | 1,768.8 |
Total capital | $ | 3,030.2 |  |  | $ | 2,907.6 |

The following table summarizes certain financial ratios as of and for the nine months ended September 30, 2023 and as of and for the year ended December 31, 2022:

| September 30, 2023 |  | December 31, 2022
Book value per common share | $ | 16.85 |  |  | $ | 15.47 |
Book value per common share, excluding accumulated other comprehensive income (loss) (a) | 34.30 |  |  | 32.59 |
Debt to total capital ratios: |  |  |
Corporate debt to total capital | 37.6 | % |  | 39.2 | %
Corporate debt to total capital, excluding accumulated other comprehensive income (loss) (a) (b) | 22.9 | % |  | 23.4 | %

_____________________
(a)This non-GAAP measure differs from the corresponding GAAP measure presented immediately above, 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 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. However, this measure does not replace the corresponding GAAP measure.
(b)Our targeted ratio is in the range of 25.0 percent to 28.0 percent.
Liquidity for Insurance Operations
Our insurance companies generally receive adequate cash flows from premium collections and investment income to meet their obligations. Life insurance, long-term care and supplemental health insurance and annuity liabilities are generally long-term in nature. Life and annuity policyholders may, however, withdraw funds or surrender their policies, subject to any applicable penalty provisions; there are generally no withdrawal or surrender benefits for long-term care insurance. We actively manage the relationship between the duration of our invested assets and the estimated duration of benefit payments arising from contract liabilities.
Three of the Company's insurance subsidiaries (Bankers Life, Washington National and Colonial Penn) are members of the FHLB. As members of the FHLB, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLB. We are required to hold certain minimum amounts of FHLB common stock as a condition of membership in the FHLB, and additional amounts based on the amount of the borrowings. At September 30, 2023, the carrying value of the FHLB common stock was $90.1 million. As of September 30, 2023, collateralized borrowings from the FHLB totaled $2.1 billion and the proceeds were used to purchase matched variable rate fixed maturity securities. The borrowings are classified as investment borrowings in the accompanying consolidated balance sheet. The borrowings are collateralized by investments with an estimated fair value of $2.5 billion at September 30, 2023, which are maintained in custodial accounts for the benefit of the FHLB.
97

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
State laws generally give state insurance regulatory agencies broad authority to protect policyholders in their jurisdictions. Regulators have used this authority in the past to restrict the ability of our insurance subsidiaries to pay any dividends or other amounts without prior approval. We cannot be assured that the regulators will not seek to assert greater supervision and control over our insurance subsidiaries' businesses and financial affairs.
Our estimated consolidated statutory RBC ratio was 392 percent at September 30, 2023, compared to 384 percent at December 31, 2022. In the first nine months of 2023, the RBC ratio reflected: (i) our estimated consolidated statutory operating earnings of $113 million; (ii) insurance company dividends (net of capital contributions) of $58.7 million that were paid to the holding company; and (iii) the impact of a sale-leaseback program as further discussed below. Our RBC ratio at September 30, 2023, exceeded our targeted RBC ratio of 375 percent and the minimum 350 percent that is reflected in our risk appetite statement that we share and discuss with rating agencies and insurance regulators. We believe that the 375 percent RBC ratio target continues to adequately support our financial strength and credit ratings.
In June 2023, we began a sale-leaseback program resulting in an $80 million reduction in non-admitted assets and a corresponding increase in total adjusted capital which favorably impacted our consolidated RBC ratio. Such sale-leaseback transactions are accounted for as operating leases pursuant to statutory accounting principles. Pursuant to GAAP, the sale-leaseback transactions do not meet the criteria for a sale. Accordingly, we account for these transactions as financing arrangements which are classified as other liabilities in our consolidated balance sheet.
Our insurance subsidiaries transfer exposure to certain risk to others through reinsurance arrangements. When we obtain reinsurance, we are still liable for those transferred risks in the event the reinsurer defaults on its obligations. The failure, insolvency, inability or unwillingness of one or more of the Company's reinsurers to perform in accordance with the terms of its reinsurance agreement could negatively impact our earnings or financial position and our consolidated statutory RBC ratio.
Financial Strength Ratings of our Insurance Subsidiaries
Financial strength ratings provided by AM Best Company ("AM Best"), Fitch Ratings ("Fitch"), Moody's Investor Services, Inc. ("Moody's") and S&P are the rating agency's opinions of the ability of our insurance subsidiaries to pay policyholder claims and obligations when due.
S&P most recently reviewed its "A-" financial strength ratings of our primary insurance subsidiaries on June 23, 2023. The outlook for these ratings is stable. S&P financial strength ratings range from "AAA" to "R" and some companies are not rated. An insurer rated "A", in S&P's opinion, has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings. Pluses and minuses show the relative standing within a category. S&P has twenty-one possible ratings. There are six ratings above the "A-" rating of our primary insurance subsidiaries and fourteen ratings that are below that rating.
Moody's most recently reviewed its "A3" financial strength ratings of our primary insurance subsidiaries on May 12, 2023. The outlook for these ratings remains stable. Moody’s financial strength ratings range from "Aaa" to "C". These ratings may be supplemented with numbers "1", "2", or "3" to show relative standing within a category. In Moody's view, an insurer rated "A" offers good financial security, however, certain elements may be present which suggest a susceptibility to impairment sometime in the future. Moody's has twenty-one possible ratings. There are six ratings above the "A3" rating of our primary insurance subsidiaries and fourteen ratings that are below that rating.
On February 1, 2023, AM Best affirmed its "A" financial strength ratings of our primary insurance subsidiaries and the outlook for these ratings is stable. The "A" rating is assigned to companies that have an excellent ability, in AM Best's opinion, to meet their ongoing obligations to policyholders. AM Best ratings for the industry currently range from "A++ (Superior)" to "F (In Liquidation)" and some companies are not rated. AM Best has sixteen possible ratings. There are two ratings above the "A" rating of our primary insurance subsidiaries and thirteen ratings that are below that rating.
On November 21, 2022, Fitch affirmed its "A-" financial strength ratings of our primary insurance subsidiaries and revised the outlook for these ratings to positive from stable. An insurer rated "A", in Fitch's opinion, indicates a low expectation of ceased or interrupted payments and indicates strong capacity to meet policyholder and contract obligations. This capacity may, nonetheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings. Fitch ratings for the industry range from "AAA Exceptionally Strong" to "C Distressed" and some companies are not
98

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
rated. Pluses and minuses show the relative standing within a category. Fitch has nineteen possible ratings. There are six ratings above the "A-" rating of our primary insurance subsidiaries and twelve ratings that are below that rating.
Rating agencies have increased the frequency and scope of their credit reviews and requested additional information from the companies that they rate, including us. They may also adjust upward the capital and other requirements employed in their rating models for maintenance of certain ratings levels. We cannot predict what actions rating agencies may take, or what actions we may take in response. Accordingly, downgrades and outlook revisions related to us or the life insurance industry may occur in the future at any time and without notice by any rating agency. These could increase policy surrenders and withdrawals, adversely affect relationships with our distribution channels, reduce new sales, reduce our ability to borrow and increase our future borrowing costs.
Liquidity of the Holding Companies
Availability and Sources and Uses of Holding Company Liquidity; Limitations on Ability of Insurance Subsidiaries to Make Dividend and Surplus Debenture Interest Payments to the Holding Companies; Limitations on Holding Company Activities
At September 30, 2023, CNO, CDOC, Inc. ("CDOC", our wholly owned subsidiary and the immediate parent of Washington National and Conseco Life Insurance Company of Texas ("CLTX")) and our other non-insurance subsidiaries held $171 million of unrestricted cash and cash equivalents which was above our minimum target level of $150 million.
CNO and CDOC are holding companies with no business operations of their own; they depend on their operating subsidiaries for cash to make principal and interest payments on debt, and to pay administrative expenses and income taxes. CNO and CDOC receive cash from insurance subsidiaries, consisting of dividends and distributions, interest payments on surplus debentures and tax-sharing payments, as well as cash from non-insurance subsidiaries consisting of dividends, distributions, loans and advances. The principal non-insurance subsidiaries that provide cash to CNO and CDOC are 40|86 Advisors, Inc., which receives fees from the insurance subsidiaries for investment services, and CNO Services, LLC which receives fees from the insurance subsidiaries for providing administrative services. The agreements between our insurance subsidiaries and CNO Services, LLC and 40|86 Advisors, Inc., respectively, were previously approved by the domestic insurance regulator for each insurance company, and any payments thereunder do not require further regulatory approval.
The ability of our insurance subsidiaries to pay dividends is subject to state insurance department regulations and is based on the financial statements of our insurance subsidiaries prepared in accordance with statutory accounting practices prescribed or permitted by regulatory authorities, which differ from GAAP. These regulations generally permit dividends to be paid from statutory earned surplus of the insurance company without regulatory approval for any 12-month period in amounts equal to the greater of (or in some states, the lesser of): (i) statutory net gain from operations or net income for the prior year; or (ii) 10 percent of statutory capital and surplus as of the end of the preceding year. However, as each of the immediate insurance subsidiaries of CDOC has significant negative earned surplus, any dividend payments from the insurance subsidiaries require the prior approval of the director or commissioner of the applicable state insurance department. In the first nine months of 2023, our insurance subsidiaries paid dividends to CDOC totaling $82.2 million. We expect to receive regulatory approval for future dividends from our subsidiaries, but there can be no assurance that such payments will be approved or that the financial condition of our insurance subsidiaries will not change, making future approvals less likely.
CDOC holds surplus debentures from CLTX with an aggregate principal amount of $749.6 million. Interest payments on those surplus debentures do not require additional approval provided the RBC ratio of CLTX exceeds 100 percent (but do require prior written notice to the Texas Department of Insurance). The estimated RBC ratio of CLTX was 336 percent at September 30, 2023. CDOC also holds a surplus debenture from Colonial Penn with a principal balance of $160.0 million. Interest payments on that surplus debenture require prior approval by the Pennsylvania Insurance Department. Dividends and other payments from our non-insurance subsidiaries, including 40|86 Advisors, Inc. and CNO Services, LLC, to CNO or CDOC do not require approval by any regulatory authority or other third party. However, insurance regulators may prohibit payments by our insurance subsidiaries to parent companies if they determine that such payments could be adverse to our policyholders or contractholders.
99

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
The insurance subsidiaries of CDOC receive funds to pay dividends primarily from: (i) the earnings of their direct businesses; (ii) tax sharing payments received from subsidiaries (if applicable); and (iii) with respect to CLTX, dividends received from subsidiaries. At September 30, 2023, the subsidiaries of CLTX had earned surplus (deficit) as summarized below (dollars in millions):

Subsidiaries of CLTX |  | Earned surplus (deficit) |  | Additional information
Bankers Life |  | $ | 375.9 |  |  | (a)
Colonial Penn |  | (507.5) |  |  | (b)

____________________
(a)Bankers Life paid dividends of $55.0 million to CLTX in the first nine months of 2023. Bankers Life may pay dividends from earned surplus without regulatory approval or prior notice for any 12-month period if such dividends are less than the greater of: (i) statutory net income for the prior year; or (ii) 10 percent of statutory capital and surplus as of the end of the preceding year. Dividends in excess of these levels require 30 days prior notice. Immediately after the implementation of the reinsurance transaction with our wholly owned Bermuda reinsurance subsidiary (see " – 2023 Outlook" above), the earned surplus of Bankers Life will be zero. Accordingly, Bankers Life will not be able to pay dividends until future earnings result in an earned surplus balance. However, even if the earned surplus balance is zero or in a deficit position, Bankers Life could request approval from the Illinois Department of Insurance for return-of-capital distributions, the payment of which would be subject to prior approval.
(b)The deficit is primarily due to transactions which occurred several years ago, including a tax planning transaction and the fee paid to recapture a block of business previously ceded to an unaffiliated insurer.
A significant deterioration in the financial condition, earnings or cash flow of the material subsidiaries of CNO or CDOC for any reason could hinder such subsidiaries' ability to pay cash dividends or other disbursements to CNO and/or CDOC, which, in turn, could limit CNO's ability to meet debt service requirements and satisfy other financial obligations. In addition, we may choose to retain capital in our insurance subsidiaries or to contribute additional capital to our insurance subsidiaries to maintain or strengthen their surplus or fund reinsurance transactions, and these decisions could limit the amount available at our top tier insurance subsidiaries to pay dividends to the holding companies. In the first nine months of 2023, CDOC made capital contributions of $23.5 million to CLTX.
At September 30, 2023, there are no amounts outstanding under our $250 million Revolving Credit Agreement and there are no scheduled repayments of our direct corporate obligations until May 2025.
Free cash flow is a measure of holding company liquidity and is calculated as: (i) dividends, management fees and surplus debenture interest payments received from our subsidiaries; plus (ii) earnings on corporate investments; less (iii) interest expense, corporate expenses and net tax payments. In the first nine months of 2023, we generated $139 million of such free cash flow. The Company expects to deploy its free cash flow into investments to accelerate profitable growth, common stock dividends and share repurchases. The amount and timing of future share repurchases (if any) will be based on business and market conditions and other factors including, but not limited to, available free cash flow, the current price of our common stock and investment opportunities. In the first nine months of 2023, we repurchased 3.6 million shares of common stock for $85.1 million under our securities repurchase program (including $0.8 million of repurchases settled in the fourth quarter of 2023). In May 2023, the Company's Board of Directors approved an additional $500.0 million to repurchase the Company's outstanding shares of common stock. The Company had remaining repurchase authority of $601.8 million as of September 30, 2023.
In the first nine months of 2023, dividends declared on common stock totaled $51.0 million ($0.44 per common share). In May 2023, the Company increased its quarterly common stock dividend to $0.15 per share from $0.14 per share.
S&P most recently reviewed its "BBB-" rating on our senior unsecured debt on June 23, 2023. The outlook for these ratings is stable. In S&P's view, an obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. Pluses and minuses show the relative standing within a category. S&P has a total of twenty-two possible ratings ranging from "AAA (Extremely Strong)" to "D (Payment Default)". There are nine ratings above CNO's "BBB-" rating and twelve ratings that are below its rating.
100

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Moody's most recently reviewed its "Baa3" rating on our senior unsecured debt on May 12, 2023. The outlook for these ratings remains stable. In Moody's view, obligations rated "Baa" are subject to moderate credit risk and may possess certain speculative characteristics. A rating is supplemented with numerical modifiers "1", "2" or "3" to show the relative standing within a category. Moody's has a total of twenty-one possible ratings ranging from "Aaa" to "C". There are nine ratings above CNO's "Baa3" rating and eleven ratings that are below its rating.
On February 1, 2023, AM Best affirmed its "bbb" rating on our issuer credit and senior unsecured debt and the outlook for these ratings is stable. In AM Best's view, a company rated "bbb" has an adequate ability to meet the terms of its obligations; however, the issuer is more susceptible to changes in economic or other conditions. Pluses and minuses show the relative standing within a category. AM Best has a total of twenty-two possible ratings ranging from "aaa (Exceptional)" to "d (In default)". There are eight ratings above CNO's "bbb" rating and thirteen ratings that are below its rating.
On November 21, 2022, Fitch affirmed its "BBB-" rating on our senior unsecured debt. Fitch also affirmed CNO's long term issue default rating of "BBB" and revised the outlook for this rating to positive from stable. In Fitch's view, an obligation rated "BBB" indicates that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. Pluses and minuses show the relative standing within a category. Fitch has a total of twenty-one possible ratings ranging from "AAA" to "D". There are nine ratings above CNO's "BBB-" rating and eleven ratings that are below its rating.
We believe that the existing cash available to the holding company, the cash flows to be generated from operations and other transactions will be sufficient to allow us to meet our debt service obligations, pay corporate expenses and satisfy other financial obligations. However, our cash flow is affected by a variety of factors, many of which are outside of our control, including insurance regulatory issues, competition, financial markets and other general business conditions. We cannot provide assurance that we will possess sufficient income and liquidity to meet all of our debt service requirements and other holding company obligations.
101

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
INVESTMENTS
At September 30, 2023, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):

| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Allowance for credit losses |  | Estimated fair value
Investment grade (a): |  |  |  |  |  |  |  |  |
Corporate securities | $ | 12,751.9 |  |  | $ | 10.3 |  |  | $ | (2,248.1) |  |  | $ | (38.4) |  |  | $ | 10,475.7 |
United States Treasury securities and obligations of United States government corporations and agencies | 194.2 |  |  | — |  |  | (28.8) |  |  | — |  |  | 165.4 |
States and political subdivisions | 2,837.9 |  |  | 7.0 |  |  | (547.0) |  |  | (1.5) |  |  | 2,296.4 |
Foreign governments | 93.3 |  |  | — |  |  | (16.6) |  |  | (.7) |  |  | 76.0 |
Asset-backed securities | 1,388.3 |  |  | .2 |  |  | (124.1) |  |  | (.2) |  |  | 1,264.2 |
Agency residential mortgage-backed securities | 627.9 |  |  | .6 |  |  | (12.6) |  |  | — |  |  | 615.9 |
Non-agency residential mortgage-backed securities | 1,171.3 |  |  | 4.6 |  |  | (183.2) |  |  | — |  |  | 992.7 |
Collateralized loan obligations | 1,077.7 |  |  | 1.9 |  |  | (20.1) |  |  | — |  |  | 1,059.5 |
Commercial mortgage-backed securities | 2,462.5 |  |  | .6 |  |  | (285.4) |  |  | — |  |  | 2,177.7 |
Total investment grade fixed maturities, available for sale | 22,605.0 |  |  | 25.2 |  |  | (3,465.9) |  |  | (40.8) |  |  | 19,123.5 |
Below-investment grade (a) (b): |  |  |  |  |  |  |  |  |
Corporate securities | 560.2 |  |  | .4 |  |  | (49.0) |  |  | (28.4) |  |  | 483.2 |
States and political subdivisions | 10.6 |  |  | — |  |  | (.8) |  |  | (.2) |  |  | 9.6 |
Asset-backed securities | 111.9 |  |  | — |  |  | (16.9) |  |  | — |  |  | 95.0 |
Non-agency residential mortgage-backed securities | 524.5 |  |  | 29.1 |  |  | (21.1) |  |  | — |  |  | 532.5 |
Commercial mortgage-backed securities | 87.3 |  |  | — |  |  | (25.9) |  |  | — |  |  | 61.4 |
Total below-investment grade fixed maturities, available for sale | 1,294.5 |  |  | 29.5 |  |  | (113.7) |  |  | (28.6) |  |  | 1,181.7 |
Total fixed maturities, available for sale | $ | 23,899.5 |  |  | $ | 54.7 |  |  | $ | (3,579.6) |  |  | $ | (69.4) |  |  | $ | 20,305.2 |

_______________
(a)Investment ratings are assigned the second lowest rating by Nationally Recognized Statistical Rating Organizations ("NRSROs") (Moody's, S&P or Fitch), or if not rated by such firms, the rating assigned by the NAIC. NAIC designations of "1" or "2" include fixed maturities generally rated investment grade (rated "Baa3" or higher by Moody's or rated "BBB-" or higher by S&P and Fitch). NAIC designations of "3" through "6" are referred to as below-investment grade (which generally are rated "Ba1" or lower by Moody's or rated "BB+" or lower by S&P and Fitch). References to investment grade or below-investment grade throughout our consolidated financial statements are determined as described above.
(b) Certain structured securities rated below-investment grade by NRSROs 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 NAIC. Refer to the table below for a summary of our fixed maturity securities, available for sale, by NAIC designations.
102

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
The NAIC evaluates the fixed maturity investments of insurers for regulatory and capital assessment purposes and assigns securities to one of six credit quality categories called NAIC designations, which are used by insurers when preparing their annual statements based on statutory accounting principles. The NAIC designations are generally similar to the credit quality designations of the NRSROs for marketable fixed maturity securities, except for certain structured securities. However, certain structured securities rated below investment grade by the NRSROs can be assigned NAIC 1 or NAIC 2 designations depending on the cost basis of the holding relative to estimated recoverable amounts as determined by the NAIC. The following summarizes the NAIC designations and NRSRO equivalent ratings:

NAIC Designation |  | NRSRO Equivalent Rating
1 |  | AAA/AA/A
2 |  | BBB
3 |  | BB
4 |  | B
5 |  | CCC and lower
6 |  | In or near default

A summary of our fixed maturity securities, available for sale, by NAIC designations (or for fixed maturity securities held by non-regulated entities, based on NRSRO ratings) as of September 30, 2023 is as follows (dollars in millions):

NAIC designation |  | Amortized cost |  | Estimated fair value |  | Percentage of total estimated fair value
1 |  | $ | 15,213.8 |  |  | $ | 13,011.4 |  |  | 64.1 | %
2 |  | 7,974.8 |  |  | 6,692.0 |  |  | 32.9 |
Total NAIC 1 and 2 (investment grade) |  | 23,188.6 |  |  | 19,703.4 |  |  | 97.0 |
3 |  | 544.3 |  |  | 469.5 |  |  | 2.3 |
4 |  | 139.5 |  |  | 122.4 |  |  | .6 |
5 |  | 8.1 |  |  | 7.4 |  |  | .1 |
6 |  | 19.0 |  |  | 2.5 |  |  | — |
Total NAIC 3, 4, 5 and 6 (below-investment grade) |  | 710.9 |  |  | 601.8 |  |  | 3.0 |
Total |  | $ | 23,899.5 |  |  | $ | 20,305.2 |  |  | 100.0 | %

103

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Fixed Maturity Securities, Available for Sale
The following table summarizes the carrying values and gross unrealized losses of our fixed maturity securities, available for sale, by category as of September 30, 2023 (dollars in millions):

| Carrying value |  | Percent of fixed maturities |  | Gross unrealized losses |  | Percent of gross unrealized losses
States and political subdivisions | $ | 2,306.0 |  |  | 11.4 | % |  | $ | 547.8 |  |  | 15.3 | %
Commercial mortgage-backed securities | 2,239.1 |  |  | 11.0 |  |  | 311.3 |  |  | 8.7 |
Banks | 1,705.8 |  |  | 8.4 |  |  | 299.3 |  |  | 8.4 |
Non-agency residential mortgage-backed securities | 1,525.2 |  |  | 7.5 |  |  | 204.3 |  |  | 5.7 |
Asset-backed securities | 1,359.2 |  |  | 6.7 |  |  | 141.0 |  |  | 3.9 |
Collateralized loan obligations | 1,059.5 |  |  | 5.2 |  |  | 20.1 |  |  | .6 |
Utilities | 1,024.7 |  |  | 5.0 |  |  | 219.8 |  |  | 6.1 |
Insurance | 1,024.6 |  |  | 5.0 |  |  | 256.8 |  |  | 7.2 |
Healthcare/pharmaceuticals | 958.0 |  |  | 4.7 |  |  | 268.1 |  |  | 7.5 |
Brokerage | 899.3 |  |  | 4.4 |  |  | 169.4 |  |  | 4.7 |
Technology | 719.0 |  |  | 3.5 |  |  | 187.9 |  |  | 5.3 |
Agency residential mortgage-backed securities | 615.9 |  |  | 3.0 |  |  | 12.6 |  |  | .4 |
Food/beverage | 612.0 |  |  | 3.0 |  |  | 115.7 |  |  | 3.2 |
Energy | 478.6 |  |  | 2.4 |  |  | 67.5 |  |  | 1.9 |
Cable/media | 426.5 |  |  | 2.1 |  |  | 101.8 |  |  | 2.8 |
Real estate/REITs | 335.6 |  |  | 1.7 |  |  | 62.4 |  |  | 1.7 |
Transportation | 320.4 |  |  | 1.6 |  |  | 55.4 |  |  | 1.6 |
Telecom | 295.5 |  |  | 1.5 |  |  | 53.1 |  |  | 1.5 |
Capital goods | 254.6 |  |  | 1.3 |  |  | 50.3 |  |  | 1.4 |
Chemicals | 243.1 |  |  | 1.2 |  |  | 55.0 |  |  | 1.5 |
Other | 1,902.6 |  |  | 9.4 |  |  | 380.0 |  |  | 10.6 |
Total fixed maturities, available for sale | $ | 20,305.2 |  |  | 100.0 | % |  | $ | 3,579.6 |  |  | 100.0 | %

Below-Investment Grade Securities
At September 30, 2023, the amortized cost of the Company's below-investment grade fixed maturity securities, available for sale, was $1,294.5 million, or 5.4 percent of the Company's fixed maturity portfolio (or $710.9 million, or 3.0 percent, of the Company's fixed maturity portfolio measured on credit quality ratings assigned by the NAIC). The estimated fair value of the below-investment grade portfolio was $1,181.7 million, or 91 percent of the amortized cost.
Below-investment grade corporate debt securities typically have different characteristics than investment grade corporate debt securities. Based on historical performance, probability of default by the borrower is significantly greater for below-investment grade corporate debt securities and in many cases severity of loss is relatively greater as such securities are generally unsecured and often subordinated to other indebtedness of the issuer. Also, issuers of below-investment grade corporate debt securities frequently have higher levels of debt relative to investment-grade issuers, hence, all other things being equal, are generally more sensitive to adverse economic conditions. The Company attempts to reduce the overall risk related to its investment in below-investment grade securities, as in all investments, through careful credit analysis, strict investment policy guidelines, and diversification by issuer and/or guarantor and by industry.
104

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Net Realized and Unrealized Investment Losses
During the first nine months of 2023, we recognized $45.8 million of realized losses on sales of $527.0 million of fixed maturity securities, available for sale, including: (i) $37.8 million related to various corporate securities; (ii) $6.0 million related to commercial mortgage-backed securities; and (iii) $2.0 million related to various other investments. Securities are generally sold at a loss following unforeseen issuer-specific events or conditions or shifts in perceived relative values. These reasons include but are not limited to: (i) changes in the investment environment; (ii) expectation that the market value could deteriorate; (iii) our desire to reduce our exposure to an asset class, an issuer or an industry; (iv) prospective or actual changes in credit quality; (v) better match certain characteristics of our investment portfolio with the corresponding characteristics of our insurance liabilities; or (vi) changes in expected portfolio cash flows.
During the first nine months of 2022, we recognized $81.3 million of realized losses on sales of $1,321.7 million of fixed maturity securities, available for sale, including: (i) $54.3 million related to various corporate securities; (ii) $14.0 million related to non-agency residential mortgage-backed securities; (iii) $7.3 million related to states and political subdivisions; and (iv) $5.7 million related to various other investments.
The following summarizes the investments sold at a loss during the first nine months of 2023 which had been
continuously in an unrealized loss position exceeding 20 percent of the amortized cost basis prior to the sale for the period
indicated (dollars in millions):

|  |  | At date of sale
| Number of issuers |  | Amortized cost |  | Fair value
Less than 6 months prior to sale | 3 |  | $ | 45.6 |  |  | $ | 24.0 |
Greater than or equal to 6 months and less than 12 months prior to sale | 1 |  | 2.6 |  |  | .1 |
Greater than 12 months prior to sale | 1 |  | .9 |  |  | .2 |
|  |  | $ | 49.1 |  |  | $ | 24.3 |

Future events may occur, or additional information may become available, which may necessitate future realized losses in our portfolio. Significant losses could have a material adverse effect on our consolidated financial statements in future periods.
The following table sets forth the amortized cost and estimated fair value of those fixed maturities, available for sale, with unrealized losses at September 30, 2023, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Structured securities frequently include provisions for periodic principal payments and permit periodic unscheduled payments.

| Amortized cost |  | Estimated fair value
| (Dollars in millions)
Due in one year or less | $ | 144.5 |  |  | $ | 134.3 |
Due after one year through five years | 2,063.0 |  |  | 1,913.0 |
Due after five years through ten years | 1,533.3 |  |  | 1,351.5 |
Due after ten years | 11,962.2 |  |  | 9,344.7 |
Subtotal | 15,703.0 |  |  | 12,743.5 |
Structured securities | 6,663.5 |  |  | 5,974.0 |
Total | $ | 22,366.5 |  |  | $ | 18,717.5 |

105

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
The following summarizes the investments in our portfolio rated below-investment grade not deemed to have credit losses which have been continuously in an unrealized loss position exceeding 20 percent of the cost basis for the period indicated as of September 30, 2023 (dollars in millions):

| Number of issuers |  | Cost basis |  | Unrealized loss |  | Estimated fair value |
Less than 6 months | 10 |  | $ | 43.8 |  |  | $ | (10.8) |  |  | $ | 33.0 |  |
Greater than or equal to 6 months and less than 12 months | 3 |  | 33.7 |  |  | (12.2) |  |  | 21.5 |  |
Greater than 12 months | 5 |  | 40.5 |  |  | (14.7) |  |  | 25.8 |  |
Total |  |  | $ | 118.0 |  |  | $ | (37.7) |  |  | $ | 80.3 |  |

106

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
The following table summarizes the gross unrealized losses of our fixed maturity securities, available for sale, by category and ratings category as of September 30, 2023 (dollars in millions):

| Investment grade |  | Below-investment grade |  |
| AAA/AA/A |  | BBB |  | BB |  | B+ and below |  | Total gross unrealized losses
States and political subdivisions | $ | 534.8 |  |  | $ | 12.2 |  |  | $ | — |  |  | $ | .8 |  |  | $ | 547.8 |
Commercial mortgage-backed securities | 235.4 |  |  | 50.0 |  |  | 23.5 |  |  | 2.4 |  |  | 311.3 |
Banks | 167.9 |  |  | 128.1 |  |  | 3.3 |  |  | — |  |  | 299.3 |
Healthcare/pharmaceuticals | 177.6 |  |  | 86.6 |  |  | 2.9 |  |  | 1.0 |  |  | 268.1 |
Insurance | 127.9 |  |  | 125.0 |  |  | 3.5 |  |  | .4 |  |  | 256.8 |
Utilities | 126.3 |  |  | 91.3 |  |  | 2.1 |  |  | .1 |  |  | 219.8 |
Non-agency residential mortgage-backed securities | 121.9 |  |  | 61.3 |  |  | 1.1 |  |  | 20.0 |  |  | 204.3 |
Technology | 110.1 |  |  | 72.0 |  |  | 5.6 |  |  | .2 |  |  | 187.9 |
Brokerage | 91.2 |  |  | 76.1 |  |  | 1.6 |  |  | .5 |  |  | 169.4 |
Asset-backed securities | 53.9 |  |  | 70.2 |  |  | 16.2 |  |  | .7 |  |  | 141.0 |
Food/beverage | 36.8 |  |  | 77.2 |  |  | 1.3 |  |  | .4 |  |  | 115.7 |
Cable/media | 15.5 |  |  | 79.4 |  |  | 4.1 |  |  | 2.8 |  |  | 101.8 |
Energy | 13.8 |  |  | 53.5 |  |  | .2 |  |  | — |  |  | 67.5 |
Real estate/REITs | 35.1 |  |  | 26.6 |  |  | .7 |  |  | — |  |  | 62.4 |
Transportation | 21.4 |  |  | 33.7 |  |  | — |  |  | .3 |  |  | 55.4 |
Chemicals | 4.8 |  |  | 48.9 |  |  | .8 |  |  | .5 |  |  | 55.0 |
Telecom | .5 |  |  | 52.6 |  |  | — |  |  | — |  |  | 53.1 |
Capital goods | 23.1 |  |  | 24.0 |  |  | 3.2 |  |  | — |  |  | 50.3 |
Consumer products | 25.3 |  |  | 14.8 |  |  | 3.6 |  |  | 1.0 |  |  | 44.7 |
Retail | 23.8 |  |  | 17.3 |  |  | 1.7 |  |  | 1.7 |  |  | 44.5 |
Autos | 5.9 |  |  | 23.7 |  |  | 1.5 |  |  | — |  |  | 31.1 |
Aerospace/defense | 8.6 |  |  | 21.5 |  |  | — |  |  | .1 |  |  | 30.2 |
Building materials | 5.9 |  |  | 23.1 |  |  | .4 |  |  | .2 |  |  | 29.6 |
United States Treasury securities and obligations of United States government corporations and agencies | 28.8 |  |  | — |  |  | — |  |  | — |  |  | 28.8 |
Metals and mining | 8.7 |  |  | 13.5 |  |  | .7 |  |  | — |  |  | 22.9 |
Collateralized loan obligations | 18.4 |  |  | 1.7 |  |  | — |  |  | — |  |  | 20.1 |
Paper | .8 |  |  | 17.1 |  |  | .1 |  |  | .3 |  |  | 18.3 |
Foreign governments | 7.3 |  |  | 9.3 |  |  | — |  |  | — |  |  | 16.6 |
Entertainment/hotels | 8.2 |  |  | 4.5 |  |  | .6 |  |  | — |  |  | 13.3 |
Agency residential mortgage-backed securities | 12.3 |  |  | .3 |  |  | — |  |  | — |  |  | 12.6 |
Business services | — |  |  | 2.6 |  |  | .7 |  |  | .2 |  |  | 3.5 |
Other | 86.8 |  |  | 9.0 |  |  | .6 |  |  | .1 |  |  | 96.5 |
Total fixed maturities, available for sale | $ | 2,138.8 |  |  | $ | 1,327.1 |  |  | $ | 80.0 |  |  | $ | 33.7 |  |  | $ | 3,579.6 |

Our investment strategy is to maximize, over a sustained period and within acceptable parameters of quality and risk, investment income and total investment return through active strategic asset allocation and investment management. Accordingly, we may sell securities at a gain or a loss to enhance the projected total return of the portfolio as market
107

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
opportunities change, to reflect changing perceptions of risk, or to better match certain characteristics of our investment portfolio with the corresponding characteristics of our insurance liabilities.
Structured Securities
At September 30, 2023, fixed maturity investments included structured securities with an estimated fair value of $6.8 billion (or 33.5 percent of all fixed maturity securities). The yield characteristics of structured securities generally differ in some respects from those of traditional corporate fixed-income securities or government securities. For example, interest and principal payments on structured securities may occur more frequently, often monthly. In many instances, we are subject to variability in the amount and timing of principal and interest payments. For example, in many cases, partial prepayments may occur at the option of the issuer and prepayment rates are influenced by a number of factors that cannot be predicted with certainty, including: the relative sensitivity of prepayments on the underlying assets backing the security to changes in interest rates and asset values; the availability of alternative financing; a variety of economic, geographic and other factors; the timing, pace and proceeds of liquidations of defaulted collateral; and various security-specific structural considerations (for example, the repayment priority of a given security in a securitization structure). In addition, the total amount of payments for non-agency structured securities may be affected by changes to cumulative default rates or loss severities of the related collateral.
The amortized cost and estimated fair value of structured securities at September 30, 2023, summarized by type of security, were as follows (dollars in millions):

|  |  | Estimated fair value
Type | Amortized cost |  | Amount |  | Percent of fixed maturities
Asset-backed securities | $ | 1,500.2 |  |  | $ | 1,359.2 |  |  | 6.7 | %
Agency residential mortgage-backed securities | 627.9 |  |  | 615.9 |  |  | 3.1 |
Non-agency residential mortgage-backed securities | 1,695.8 |  |  | 1,525.2 |  |  | 7.5 |
Collateralized loan obligations | 1,077.7 |  |  | 1,059.5 |  |  | 5.2 |
Commercial mortgage-backed securities | 2,549.8 |  |  | 2,239.1 |  |  | 11.0 |
Total structured securities | $ | 7,451.4 |  |  | $ | 6,798.9 |  |  | 33.5 | %

Residential mortgage-backed securities ("RMBS") include transactions collateralized by agency-guaranteed and non-agency mortgage obligations. Non-agency RMBS investments are primarily categorized by underlying borrower credit quality: Prime, Alt-A, Non-Qualified Mortgage ("Non-QM"), and Subprime. Prime borrowers typically default with the lowest frequency, Alt-A and Non-QM default at higher rates, and Subprime borrowers default with the highest frequency. In addition to borrower credit categories, RMBS investments include Re-Performing Loan ("RPL") and Credit Risk Transfer ("CRT") transactions. RPL transactions include borrowers with prior difficulty meeting the original mortgage terms and were subsequently modified, resulting in a sustainable payback arrangement. CRT securities are collateralized by Government-Sponsored Enterprise ("GSE") conforming mortgages and Prime borrowers, but without an agency guarantee against default losses.
Commercial mortgage-backed securities ("CMBS") are secured by commercial real estate mortgages, generally income producing properties that are managed for profit. Property types include, but are not limited to, multi-family dwellings including apartments, retail centers, hotels, restaurants, hospitals, nursing homes, warehouses, and office buildings. While most CMBS have call protection features whereby underlying borrowers may not prepay their mortgages for stated periods of time without incurring prepayment penalties, recoveries on defaulted collateral may result in involuntary prepayments.
108

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
INVESTMENTS IN VARIABLE INTEREST ENTITIES
The following table provides supplemental information about the revenues and expenses of the VIEs which have been consolidated in accordance with authoritative guidance, after giving effect to the elimination of our investment in the VIEs and investment management fees earned by a subsidiary of the Company (dollars in millions):

| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |
Net investment income – policyholder and other special-purpose portfolios | $ | 21.3 |  |  | $ | 16.0 |  |  | $ | 65.7 |  |  | $ | 39.6 |
Fee revenue and other income | 1.0 |  |  | 1.4 |  |  | 3.5 |  |  | 3.9 |
Total revenues | 22.3 |  |  | 17.4 |  |  | 69.2 |  |  | 43.5 |
Expenses: |  |  |  |  |  |  |
Interest expense | 17.5 |  |  | 11.7 |  |  | 52.6 |  |  | 24.9 |
Other operating expenses | .3 |  |  | .2 |  |  | 1.4 |  |  | 1.3 |
Total expenses | 17.8 |  |  | 11.9 |  |  | 54.0 |  |  | 26.2 |
Income before net investment gains (losses) and income taxes | 4.5 |  |  | 5.5 |  |  | 15.2 |  |  | 17.3 |
Net investment gains (losses) | (.2) |  |  | 3.5 |  |  | (4.2) |  |  | (6.7) |
Income before income taxes | $ | 4.3 |  |  | $ | 9.0 |  |  | $ | 11.0 |  |  | $ | 10.6 |

109

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
Supplemental Information on Investments Held by VIEs
The following table summarizes the carrying values and gross unrealized losses of the investments held by the VIEs by category as of September 30, 2023 (dollars in millions):

| Carrying value |  | Percent of fixed maturities |  | Gross unrealized losses |  | Percent of gross unrealized losses |  |
Cable/media | $ | 111.3 |  |  | 13.0 | % |  | $ | 4.2 |  |  | 19.7 | % |  |
Healthcare/pharmaceuticals | 105.1 |  |  | 12.2 |  |  | 3.7 |  |  | 17.3 |  |  |
Technology | 104.5 |  |  | 12.2 |  |  | 5.2 |  |  | 24.4 |  |  |
Food/beverage | 57.8 |  |  | 6.7 |  |  | 1.7 |  |  | 7.7 |  |  |
Brokerage | 51.3 |  |  | 6.0 |  |  | .4 |  |  | 1.6 |  |  |
Chemicals | 45.1 |  |  | 5.3 |  |  | .3 |  |  | 1.5 |  |  |
Building materials | 44.8 |  |  | 5.2 |  |  | .5 |  |  | 2.2 |  |  |
Transportation | 41.2 |  |  | 4.8 |  |  | .3 |  |  | 1.3 |  |  |
Paper | 37.7 |  |  | 4.4 |  |  | .3 |  |  | 1.4 |  |  |
Utilities | 36.4 |  |  | 4.2 |  |  | .3 |  |  | 1.4 |  |  |
Capital goods | 34.8 |  |  | 4.1 |  |  | .6 |  |  | 2.9 |  |  |
Consumer products | 29.1 |  |  | 3.4 |  |  | .9 |  |  | 4.0 |  |  |
Autos | 28.1 |  |  | 3.3 |  |  | .1 |  |  | .3 |  |  |
Insurance | 26.4 |  |  | 3.1 |  |  | .1 |  |  | .5 |  |  |
Business services | 26.1 |  |  | 3.0 |  |  | .3 |  |  | 1.3 |  |  |
Banks | 16.6 |  |  | 1.9 |  |  | .1 |  |  | .3 |  |  |
Aerospace/defense | 11.9 |  |  | 1.4 |  |  | .1 |  |  | .6 |  |  |
Other | 49.9 |  |  | 5.8 |  |  | 2.4 |  |  | 11.6 |  |  |
Total | $ | 858.1 |  |  | 100.0 | % |  | $ | 21.5 |  |  | 100.0 | % |  |

The following table sets forth the amortized cost and estimated fair value of those investments held by the VIEs with unrealized losses at September 30, 2023, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

| Amortized cost |  | Estimated fair value
| (Dollars in millions)
Due in one year or less | $ | 4.2 |  |  | $ | 3.4 |
Due after one year through five years | 583.7 |  |  | 562.3 |
Due after five years through ten years | 79.3 |  |  | 77.1 |
Total | $ | 667.2 |  |  | $ | 642.8 |

110

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
The following summarizes the investments held by the VIEs sold at a loss during the first nine months of 2023 which had been continuously in an unrealized loss position exceeding 20 percent of the amortized cost basis prior to the sale for the period indicated (dollars in millions):

|  |  | At date of sale
| Number of issuers |  | Amortized cost |  | Fair value
Less than 6 months prior to sale | 3 |  | $ | 3.7 |  |  | $ | 2.6 |
Greater than or equal to 6 months and less than 12 months prior to sale | 2 |  | 4.9 |  |  | 1.8 |
Greater than 12 months prior to sale | 1 |  | 3.5 |  |  | 1.0 |
|  |  | $ | 12.1 |  |  | $ | 5.4 |

The following summarizes the investments held by the VIEs rated below-investment grade not deemed to have credit losses which have been continuously in an unrealized loss position exceeding 20 percent of the cost basis for the period indicated as of September 30, 2023 (dollars in millions):

| Number of issuers |  | Cost basis |  | Unrealized loss |  | Estimated fair value |
Less than 6 months | 1 |  | $ | 4.3 |  |  | $ | (1.3) |  |  | $ | 3.0 |  |
Greater than or equal to 6 months and less than 12 months | 1 |  | 2.7 |  |  | (1.1) |  |  | 1.6 |  |
Greater than 12 months | 1 |  | 1.9 |  |  | (.4) |  |  | 1.5 |  |
Total |  |  | $ | 8.9 |  |  | $ | (2.8) |  |  | $ | 6.1 |  |

111

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
NEW ACCOUNTING STANDARDS
See "Recently Adopted Accounting Standards" in the notes to consolidated financial statements for a discussion of recently adopted accounting standards.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Our market risks, and the ways we manage them, are summarized in "Management's Discussion and Analysis of Financial Condition and Results of Operations", included in our Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes in the first nine months of 2023 to such risks or our management of such risks.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures. CNO's management, under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of CNO's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, (the "Exchange Act")). Based on its evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2023, CNO's disclosure controls and procedures were effective to ensure that information required to be disclosed by CNO in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures are also designed to reasonably assure that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes to Internal Control Over Financial Reporting. There were no changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended September 30, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
112

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Information required for Part II, Item 1 is incorporated by reference to the discussion under the heading "Litigation and Other Legal Proceedings" in the footnotes to our consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
ITEM 1A. RISK FACTORS.
CNO and its businesses are subject to a number of risks including general business and financial risk. Any or all of such risks could have a material adverse effect on the business, financial condition or results of operations of CNO. Refer to "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, for further discussion of such risk factors. There have been no material changes from such previously disclosed risk factors.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Issuer Purchases of Equity Securities

Period (in 2023) |  | Total number of shares (or units) purchased |  | Average price paid per share (or unit) |  | Total number of shares (or units) purchased as part of publicly announced plans or programs |  | Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (a)
|  |  |  |  |  |  |  | (dollars in millions)
July 1 through July 31 |  | 845,817 |  |  | $ | 24.61 |  |  | 845,256 |  |  | $ | 621.0 |
August 1 through August 31 |  | 478,037 |  |  | 24.12 |  |  | 475,563 |  |  | 609.5 |
September 1 through September 30 |  | 324,918 |  |  | 23.67 |  |  | 324,854 |  |  | 601.8 |
Total |  | 1,648,772 |  |  | 24.28 |  |  | 1,645,673 |  |  | 601.8 |

_________________
(a) The Company's Board of Directors has authorized additional repurchases from time to time, most recently in May 2023 when it authorized the repurchase of an additional $500.0 million of the Company's outstanding shares of common stock.
113

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
ITEM 5. OTHER INFORMATION.
During the third quarter of 2023, certain officers (as defined in Rule 16a-1(f) of the Exchange Act) (the "Section 16 officers") of the Company adopted separate Rule 10b5-1 trading arrangements (as defined in Item 408(a) of Regulation S-K) for the sale of the Company’s common stock. The following summarizes the material terms of such Rule 10b5-1 trading arrangements:

Name and title of officer |  | Date of trading arrangement |  | Duration of trading arrangement (a) |  | Aggregate shares of common stock to be sold pursuant to the trading arrangement
John R. Kline |  | August 17, 2023 |  | March 29, 2024 |  | 21,642 |
–Senior Vice President and Chief Accounting Officer |  |  |  |  |  |
Jeanne L. Linnenbringer |  | August 29, 2023 |  | May 28, 2024 |  | 4,000 |
–Chief Operations Officer |  |  |  |  |  |

_________
(a) Or such earlier date that the aggregate amount of shares has been sold.
During the third quarter of 2023, no other of the Company's directors or Section 16 officers has adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K).
114

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
___________________
ITEM 6. EXHIBITS.

3.1 | Amended and Restated Certificate of Incorporation of CNO Financial Group, Inc., incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K filed August 1, 2022.
3.2 | Amended and Restated Bylaws of CNO Financial Group, Inc., incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K filed December 14, 2022.
10.1 | CNO Services, LLC Executive Severance Pay Plan, amended and restated effective September 1, 2023.
31.1 | Certification Pursuant to the Securities Exchange Act Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 | Certification Pursuant to the Securities Exchange Act Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH | XBRL Taxonomy Extension Schema Document.
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB | XBRL Taxonomy Extension Label Linkbase Document.
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document).

115

SIGNATURE
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 thereunto duly authorized.
CNO FINANCIAL GROUP, INC.
Dated: November 8, 2023

| By: | /s/ John R. Kline
|  | John R. Kline
|  | Senior Vice President and Chief Accounting Officer
|  | (authorized officer and principal accounting officer)

116