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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 June 30, 2025


☐			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.

11299 Illinois 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 F 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 July 30, 2025: 96,931,934

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		Page

Item 1.	Financial Statements (unaudited)

	Consolidated Balance Sheet as of June 30 , 2025 and December 31, 2024	3
	Consolidated Statement of Operations for the three and six months ended June 30 , 2025 and 2024	5
	Consolidated Statement of Comprehensive Income for the three and six months ended June 30 , 2025 and 2024	6
	Consolidated Statement of Shareholders' Equity for the three and six months ended June 30 , 2025 and 2024	7
	Consolidated Statement of Cash Flows for the six months ended June 30 , 2025 and 2024	8
	Notes to Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations	62
	Cautionary Statement Regarding Forward-Looking Statements	62
	Overview	64
	G overnmental Regulation	67
	Critical Accounting Estimates	67
	Results of Operations	68
	2025 Outlook	78
	L iquidity and Capital Resources	79
	Investments	85
	Investments in Variable Interest Entities	91
	New Accounting Standards	94

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	94

Item 4.	Controls and Procedures	94


PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	95

Item 1A.	Risk Factors	95

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	95

Item 5.	Other Information	96

Item 6.	Exhibits	97

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(unaudited)

ASSETS


	June 30, 2025		December 31, 2024

Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: June 30, 2025 - $39.1 and December 31, 2024 - $37.1; amortized cost: June 30, 2025 - $25,228.8 and December 31, 2024 - $25,151.0)	$	23,047.0	$	22,730.1
Equity securities at fair value	387.4		272.4
Mortgage loans (net of allowance for credit losses: June 30, 2025 - $21.1 and December 31, 2024 - $13.6)	2,834.3		2,506.3
Policy loans	137.6		135.3
Trading securities	308.3		304.2
Investments held by variable interest entities (net of allowance for credit losses: June 30, 2025 - $2.3 and December 31, 2024 - $1.3; amortized cost: June 30, 2025 - $380.9 and December 31, 2024 - $437.0	376.9		433.8
Other invested assets	1,500.5		1,491.5
Total investments	28,592.0		27,873.6
Cash and cash equivalents - unrestricted	766.0		1,656.7
Cash and cash equivalents held by variable interest entities	50.0		341.0
Accrued investment income	279.4		286.4
Present value of future profits	152.1		161.0
Deferred acquisition costs	2,276.3		2,158.6
Reinsurance receivables (net of allowance for credit losses: June 30, 2025 - $1.0 and December 31, 2024 - $3.0)	3,753.9		3,854.7

Income tax assets, net	749.3		814.1
Assets held in separate accounts	2.9		3.3
Other assets	707.2		699.9
Total assets	$	37,329.1	$	37,849.3

(continued on next page)

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET, continued

(Dollars in millions)

(unaudited)

LIABILITIES AND SHAREHOLDERS' EQUITY


	June 30, 2025		December 31, 2024

Liabilities:
Liabilities for insurance products:
Policyholder account balances	$	17,609.0	$	17,594.2
Future policy benefits	11,787.7		11,705.5
Market risk benefit liability	63.8		60.0
Liability for life insurance policy claims	60.7		61.1
Unearned and advanced premiums	217.3		226.8
Liabilities related to separate accounts	2.9		3.3
Other liabilities	935.8		1,163.3
Investment borrowings	2,441.7		2,188.8
Borrowings related to variable interest entities	352.8		497.6
Notes payable – direct corporate obligations	1,334.7		1,833.5
Total liabilities	34,806.4		35,334.1
Commitments and Contingencies (Note 14)
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: June 30, 2025 – 97,319,000; December 31, 2024 – 101,618,957)	1.0		1.0
Additional paid-in capital	1,441.4		1,632.5
Accumulated other comprehensive loss	(1,252.7)		(1,371.4)
Retained earnings	2,333.0		2,253.1
Total shareholders' equity	2,522.7		2,515.2
Total liabilities and shareholders' equity	$	37,329.1	$	37,849.3

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share data)

(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024

Revenues:
Insurance policy income	$	651.3	$	641.5	$	1,302.0	$	1,269.9
Net investment income:
General account assets	378.3		351.7		753.4		653.6
Policyholder and other special-purpose portfolios	105.4		57.4		41.8		224.7
Investment gains (losses):
Realized investment losses	(21.3)		(26.3)		(25.1)		(36.3)
Other investment gains (losses)	2.9		9.1		(0.1)		26.9

Total investment losses	(18.4)		(17.2)		(25.2)		(9.4)
Fee revenue and other income	34.9		32.8		83.6		83.9
Total revenues	1,151.5		1,066.2		2,155.6		2,222.7
Benefits and expenses:
Insurance policy benefits	658.4		574.4		1,228.4		1,211.0
Liability for future policy benefits remeasurement loss	(12.8)		(30.0)		(25.0)		(36.4)
Change in fair value of market risk benefits	(10.9)		(5.8)		4.4		(24.7)
Interest expense	59.1		64.2		121.1		124.4
Amortization of deferred acquisition costs and present value of future profits	68.6		61.4		136.0		121.9

Gain on extinguishment of borrowings related to variable interest entities	—		—		(1.5)		—
Other operating costs and expenses	271.1		251.4		546.4		529.7
Total benefits and expenses	1,033.5		915.6		2,009.8		1,925.9
Income before income taxes	118.0		150.6		145.8		296.8
Income tax expense	26.2		34.3		32.5		68.2

Net income	$	91.8	116.3		$	113.3	$	228.6
Earnings per common share:
Basic:
Weighted average shares outstanding	98,572,000		107,731,000		99,658,000		108,347,000
Net income	$	0.93	$	1.08	$	1.14	$	2.11
Diluted:
Weighted average shares outstanding	100,386,000		109,258,000		101,728,000		110,052,000
Net income	$	0.91	$	1.06	$	1.11	$	2.08

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(Dollars in millions)

(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024

Net income	$	91.8	$	116.3	$	113.3	$	228.6
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on investments	(11.4)		(217.1)		218.0		(331.7)
Adjustment to discount rate for liability for future policy benefits	(26.3)		206.8		(95.1)		438.5
Adjustment to instrument-specific credit risk for market risk benefits	(1.1)		0.8		0.6		(0.6)
Reclassification adjustments:
For net realized investment losses included in net income	20.6		29.7		27.7		37.0
Other comprehensive income (loss) before tax	(18.2)		20.2		151.2		143.2
Income tax (expense) benefit related to items of accumulated other comprehensive income (loss)	4.6		(4.2)		(32.5)		(30.7)
Other comprehensive income (loss), net of tax	(13.6)		16.0		118.7		112.5
Comprehensive income	$	78.2	$	132.3	$	232.0	$	341.1

The accompanying notes are an integral part

of the consolidated financial statements.

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, March 31, 2024	108,569	$	1.1	$	1,851.2	$	(1,480.3)	$	1,995.7	$	2,367.7
Net income	—	—		—		—		116.3		116.3
Other comprehensive income (loss), net of tax	—	—		—		16.0		—		16.0
Common stock repurchased	(2,173)	—		(60.0)		—		—		(60.0)
Dividends on common stock	—	—		—		—		(17.5)		(17.5)
Employee benefit plans, net of shares used to pay tax withholdings	118	—		6.4		—		—		6.4
Balance, June 30, 2024	106,514	$	1.1	$	1,797.6	$	(1,464.3)	$	2,094.5	$	2,428.9

Balance, March 31, 2025	99,894	$	1.0	$	1,535.0	$	(1,239.1)	$	2,258.2	$	2,555.1
Net income	—	—		—		—		91.8		91.8
Other comprehensive income (loss), net of tax	—	—		—		(13.6)		—		(13.6)
Common stock repurchased	(2,624)	—		(100.0)		—		—		(100.0)
Dividends on common stock	—	—		—		—		(17.0)		(17.0)
Employee benefit plans, net of shares used to pay tax withholdings	49	—		6.4		—		—		6.4
Balance, June 30, 2025	97,319	$	1.0	$	1,441.4	$	(1,252.7)	$	2,333.0	$	2,522.7


	Common stock			Additional paid-in		Accumulated other comprehensive		Retained
	Shares	Amount		capital		income (loss)		earnings		Total
Balance, December 31, 2023	109,358	$	1.1	$	1,891.5	$	(1,576.8)	$	1,899.8	$	2,215.6
Net income	—	—		—		—		228.6		228.6
Other comprehensive income (loss), net of tax	—	—		—		112.5		—		112.5
Common stock repurchased	(3,656)	—		(100.0)		—		—		(100.0)
Dividends on common stock	—	—		—		—		(33.9)		(33.9)
Employee benefit plans, net of shares used to pay tax withholdings	812	—		6.1		—		—		6.1
Balance, June 30, 2024	106,514	$	1.1	$	1,797.6	$	(1,464.3)	$	2,094.5	$	2,428.9

Balance, December 31, 2024	101,619	$	1.0	$	1,632.5	$	(1,371.4)	$	2,253.1	$	2,515.2
Net income	—	—		—		—		113.3		113.3
Other comprehensive income (loss), net of tax	—	—		—		118.7		—		118.7
Common stock repurchased	(5,105)	—		(199.9)		—		—		(199.9)
Dividends on common stock	—	—		—		—		(33.4)		(33.4)
Employee benefit plans, net of shares used to pay tax withholdings	805	—		8.8		—		—		8.8
Balance, June 30, 2025	97,319	$	1.0	$	1,441.4	$	(1,252.7)	$	2,333.0	$	2,522.7

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(unaudited)


	Six months ended
	June 30,
	2025		2024
Cash flows from operating activities:
Insurance policy income	$	1,182.4	$	1,164.4
Net investment income	748.2		679.0
Fee revenue and other income	98.5		89.0
Insurance policy benefits	(822.9)		(821.0)
Interest expense	(114.4)		(122.2)
Deferrable policy acquisition costs	(244.8)		(214.4)
Other operating costs	(564.5)		(523.8)
Income taxes	(0.3)		(45.5)
Net cash provided by operating activities	282.2		205.5
Cash flows from investing activities:
Sales of investments	1,716.9		1,339.2
Maturities and redemptions of investments	1,263.1		967.0
Purchases of investments	(3,631.2)		(3,476.0)
Net sales of trading securities	—		6.0
Other	(9.2)		(5.7)
Net cash used by investing activities	(660.4)		(1,169.5)
Cash flows from financing activities:
Issuance of notes payable, net	—		691.0
Payments on notes payable	(500.0)		—

Issuance of common stock	7.1		3.8
Payments to repurchase common stock	(210.6)		(118.6)
Common stock dividends paid	(33.6)		(34.5)

Payments on financing arrangements	(7.6)		(7.1)
Amounts received for deposit products	1,234.1		1,856.1
Withdrawals from deposit products	(1,402.1)		(1,007.5)
Issuance of investment borrowings:
Federal Home Loan Bank	526.8		237.0

Payments on investment borrowings:
Federal Home Loan Bank	(273.8)		(237.2)
Related to variable interest entities	(143.8)		(315.9)


Net cash provided (used) by financing activities	(803.5)		1,067.1
Net increase (decrease) in cash and cash equivalents	(1,181.7)		103.1
Cash and cash equivalents - unrestricted and including held by variable interest entities, beginning of period	1,997.7		889.0
Cash and cash equivalents - unrestricted and including held by variable interest entities, end of period	$	816.0	$	992.1

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

1. BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

CNO Financial Group, Inc., a Delaware corporation ("CNO"), is a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services 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.

The December 31, 2024 consolidated balance sheet data was derived from the audited consolidated financial statements included in our 2024 Annual Report on Form 10-K. Accordingly, these interim consolidated financial statements should be read together with the consolidated financial statements included in our 2024 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, guaranty fund assessment accruals, goodwill and intangible assets, and fee revenue. 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.

Recently Adopted Accounting Standards

We adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable

Segment Disclosures ("ASU 2023-07") effective January 1, 2024. ASU 2023-07 is intended to improve reportable segment

disclosure requirements primarily through enhanced disclosures about significant segment expenses. Such requirements

include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker

("CODM") and included within each reported measure of segment profit or loss on an annual and interim basis; (ii)

disclosures of an amount for other segment items by reportable segment and a description of its composition on an annual

and interim basis (the other segment items category is the difference between segment revenues less the segment expenses

disclosed pursuant to the new guidance); (iii) providing all annual disclosures on a reportable segment’s profit or loss and

assets currently required by Financial Accounting Standards Board ("FASB") ASC Topic 280, Segment Reporting, in

interim periods; and (iv) specifying the title and position of the CODM and an explanation of how the CODM uses the

reported measures to assess segment performance and make decisions about allocating resources. The adoption of ASU

2023-07 did not have an impact on our financial position or results of operations, and did not have a material impact on our

disclosures. The adoption was made retrospectively.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

Recently Issued Accounting Standards

In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting

Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement

Expenses (“ASU 2024-03”), which requires disclosure of additional information about specific expense categories in the

notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for

interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 may be

applied retrospectively or prospectively. The adoption of ASU 2024-03 will modify our disclosures but will not have an impact on our financial position or results of operations. We do not expect the impact to our disclosures to be material.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the effectiveness of

income tax disclosures by requiring, among other things, the disclosure on an annual basis of: (i) specific categories in the

rate reconciliation; and (ii) additional information for reconciling items that meet a quantitative threshold. In addition, ASU

2023-09 requires disclosure (on an annual basis) of the following information about income taxes paid: (i) the amount of

income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount

of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of

refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). ASU 2023-09 is

effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective

application (with early adoption permitted). The adoption of ASU 2023-09 will modify our disclosures but will not have an

impact on our financial position or results of operations.

Revision of Prior Period Amounts

Certain amounts presented in the prior years’ consolidated statement of operations for the three and six months ended June 30, 2024, consolidated balance sheet as of December 31, 2024, consolidated statement of shareholders’ equity as of December 31, 2024 and related footnotes thereto have been corrected to conform with the current period presentation. During the fourth quarter of 2024, the Company corrected certain immaterial errors that resulted in misclassifications related to market risk benefits.

Upon the adoption of Accounting Standards Update 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, the Company recorded the fair value of the market risk benefit ("MRB") in policyholder account balances, resulting in no initial MRB presented separately on the consolidated balance sheet. MRBs are required to be presented separately in the consolidated balance sheet. Subsequent to transaction inception, the resulting accumulated change in the fair value of the MRBs was recorded as market risk benefits within the consolidated balance sheet. Additionally, the transaction’s resulting policyholder account balance discount was accreted in change in fair value of MRBs. This accretion should have been recorded in insurance policy benefits within the consolidated statement of operations.

To correct for the error, the Company increased insurance policy benefits and decreased change in value of market benefits by $5.6 million within the consolidated statement of operations for the three months ended June 30, 2024, and the Company increased insurance policy benefits and decreased change in fair value of market risk benefits by $10.8 million within the consolidated statement of operations for the six months ended June 30, 2024.

In addition, the Company identified an immaterial overstatement of its policy holder account balances and insurance policy benefits recorded for the year ended December 31, 2024 and the quarter ended March 31, 2025 related to the calculation of the embedded derivative for its flexible premium bonus indexed annuity product. This error caused the embedded derivative to be overstated as of these periods by $21.6 million and $31.7 million, respectively. The correction of these errors had no impact on our statement of cash flows or segment results for the periods reported.

Finally, the consolidated balance sheet for the year ended December 31, 2024 has been revised to correct immaterial errors related to the classification of non-redeemable preferred stock and to reflect an unsettled investment trade by one of our variable interest entities ("VIEs"). To correct for these errors, fixed maturities, available for sale, at fair value was decreased $110.4 million with a corresponding increase to equity securities at fair value, and investments held by variable interest entities increased $1.5 million with a corresponding increase to other liabilities.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

The Company assessed the materiality of these errors on prior period consolidated financial statements and determined that such financial statements were not materially misstated. Accordingly, the Company corrected these immaterial errors in this Quarterly Report on Form 10-Q. The following tables present the impact of the correction of the immaterial errors related to the overstatement of policy holder account balances and insurance policy benefits recorded, the classification of non-redeemable preferred stock and to reflect an unsettled investment trade by one of our variable interest entities for the year ended December 31, 2024 and for the three months ended March 31, 2025 (in millions):


Consolidated Balance Sheet
	December 31, 2024
	As Previously Reported		Adjustments		As Revised
Investments
Fixed maturities, available for sale, at fair value	$	22,840.5	$	(110.4)	$	22,730.1
Equity securities at fair value	162.0		110.4		272.4
Investments held by variable interest entities	432.3		1.5		433.8
Total investments	27,872.1		1.5		27,873.6
Income tax assets, net	818.9		(4.8)		814.1
Total assets	37,852.6		(3.3)		$	37,849.3

Liabilities:
Policyholder account balances	17,615.8		(21.6)		17,594.2
Other liabilities	1,161.8		1.5		1,163.3
Total Liabilities	35,354.2		(20.1)		$	35,334.1

Shareholders' equity:
Retained earnings	2,236.3		16.8		2,253.1
Total shareholders' equity	2,498.4		16.8		2,515.2
Total liabilities and shareholders' equity	37,852.6		(3.3)		37,849.3


Consolidated Statement of Shareholders' Equity
	Retained earnings
Balance, December 31, 2024	$	2,236.3
Correction of immaterial error	16.8
Balance, December 31, 2024 (as revised)	$	2,253.1

Balance, March 31, 2025	$	2,233.6
Correction of immaterial error	24.6
Balance, March 31, 2025 (as revised)	$	2,258.2

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

The following tables present line items for prior period impacts to the Company’s consolidated statement of operations that have been affected by the immaterial error discussed above and that will be revised in conjunction with future filings (in millions):


	Three months ended September 30, 2024
	As previously reported		Adjustments		As Revised
Insurance policy benefits	$	726.2	$	4.8	$	731.0
Change in fair value of market risk benefits	(16.1)		(4.8)		(20.9)
Total benefits and expenses	1,118.6		—		1,118.6
Income before income taxes	11.0		—		11.0

Basic earnings per common share	$	0.09	$	—	$	0.09
Diluted earnings per common share	$	0.09	$	—	$	0.09

	Nine months ended September 30, 2024
	As previously reported		Adjustments		As Revised
Insurance policy benefits	$	1,926.4	$	15.6	$	1,942.0
Change in fair value of market risk benefits	(30.0)		(15.6)		(45.6)
Total benefits and expenses	3,044.5		—		3,044.5
Income before income taxes	307.8		—		307.8

Basic earnings per common share	$	2.22	$	—	$	2.22
Diluted earnings per common share	$	2.18	$	—	$	2.18

	Year ended December 31, 2024
	As previously reported		Adjustments		As Revised
Insurance policy benefits	$	2,471.9	$	(21.6)	$	2,450.3
Total benefits and expenses	3,931.2		(21.6)		3,909.6
Income before income taxes	518.3		21.6		539.9
Income tax expense	114.3		4.8		119.1
Net income	404.0		16.8		420.8

Basic earnings per common share	$	3.81	$	0.15	$	3.96
Diluted earnings per common share	$	3.74	$	0.15	$	3.89


	Three months ended March 31, 2025
	As previously reported		Adjustments		As Revised
Insurance policy benefits	$	580.1	$	(10.1)	$	570.0
Total benefits and expenses	986.4		(10.1)		976.3
Income before income taxes	17.7		10.1		27.8
Income tax expense	4.0		2.3		6.3
Net income	13.7		7.8		21.5

Basic earnings per common share	$	0.14	$	0.07	$	0.21
Diluted earnings per common share	$	0.13	$	0.08	$	0.21

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

2. 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 any allowance for credit losses and income taxes, 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 in the consolidated statement of operations. The change in fair value of securities with embedded derivatives is recognized in other investment gains (losses) in the consolidated statement of operations.

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 over-collateralization, 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 uncollectible, 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 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.

At June 30, 2025, 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):

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Estimated fair value
Corporate securities	$	14,058.9	$	112.6	$	(1,561.0)	$	(33.1)	$	12,577.4
Certificates of deposit	—		—		—		—		—
United States Treasury securities and obligations of United States government corporations and agencies	217.9		—		(29.7)		—		188.2
States and political subdivisions	3,342.3		18.2		(423.6)		(2.9)		2,934.0
Foreign governments	113.6		0.5		(13.8)		(0.8)		99.5
Asset-backed securities	1,593.0		10.3		(51.9)		(0.1)		1,551.3
Agency residential mortgage-backed securities	910.7		9.7		(1.3)		—		919.1
Non-agency residential mortgage-backed securities	1,608.0		36.8		(108.6)		—		1,536.2
Collateralized loan obligations	1,091.7		3.8		(5.0)		—		1,090.5
Commercial mortgage-backed securities	2,292.7		5.2		(144.9)		(2.2)		2,150.8
Total fixed maturities, available for sale	$	25,228.8	$	197.1	$	(2,339.8)	$	(39.1)	$	23,047.0

At December 31, 2024, 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	$	13,672.1	$	60.2	$	(1,660.4)	$	(31.1)	$	12,040.8
Certificates of deposit	470.0		18.3		—		—		488.3
United States Treasury securities and obligations of United States government corporations and agencies	214.8		—		(28.6)		—		186.2
States and political subdivisions	3,261.9		12.2		(436.4)		(3.4)		2,834.3
Foreign governments	107.2		0.1		(15.3)		(0.9)		91.1
Asset-backed securities	1,574.6		8.3		(66.4)		(0.1)		1,516.4
Agency residential mortgage-backed securities	819.8		5.3		(5.5)		—		819.6
Non-agency residential mortgage-backed securities	1,636.3		33.6		(130.8)		—		1,539.1
Collateralized loan obligations	1,015.2		5.6		(4.0)		—		1,016.8
Commercial mortgage-backed securities	2,379.1		3.7		(183.7)		(1.6)		2,197.5
Total fixed maturities, available for sale	$	25,151.0	$	147.3	$	(2,531.1)	$	(37.1)	$	22,730.1

The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale at June 30, 2025 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.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________


	Amortized cost		Estimated fair value
	(Dollars in millions)
Due in one year or less	$	240.4	$	239.5
Due after one year through five years	2,164.6		2,146.1
Due after five years through ten years	2,468.2		2,477.3
Due after ten years	12,859.5		10,936.2
Subtotal	17,732.7		15,799.1
Structured securities	7,496.1		7,247.9
Total fixed maturities, available for sale	$	25,228.8	$	23,047.0

Gross Unrealized Investment Losses

Our investment strategy is to manage, over a sustained period and within acceptable parameters of quality and risk, capital efficiency 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 June 30, 2025 (dollars in millions):


	Less than 12 months				12 months or greater				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Corporate securities	$	622.2	$	(21.6)	$	2,889.8	$	(497.2)	$	3,512.0	$	(518.8)
United States Treasury securities and obligations of United States government corporations and agencies	39.0		(5.4)		144.3		(24.4)		183.3		(29.8)
States and political subdivisions	631.9		(12.2)		747.3		(158.8)		1,379.2		(171.0)
Foreign governments	19.9		(0.7)		8.6		(1.0)		28.5		(1.7)
Asset-backed securities	80.7		(0.7)		698.0		(49.9)		778.7		(50.6)
Agency residential mortgage-backed securities	176.5		(1.3)		3.0		—		179.5		(1.3)
Non-agency residential mortgage-backed securities	57.7		(0.6)		829.3		(108.1)		887.0		(108.7)
Collateralized loan obligations	316.4		(2.0)		71.3		(3.0)		387.7		(5.0)
Commercial mortgage-backed securities	162.7		(0.8)		1,436.7		(144.1)		1,599.4		(144.9)
Total fixed maturities, available for sale	$	2,107.0	$	(45.3)	$	6,828.3	$	(986.5)	$	8,935.3	$	(1,031.8)

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________


	Less than 12 months				12 months or greater				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Corporate securities	$	1,200.8	$	(35.5)	$	4,029.2	$	(740.3)	$	5,230.0	$	(775.8)
United States Treasury securities and obligations of United States government corporations and agencies	44.7		(3.8)		141.5		(24.8)		186.2		(28.6)
States and political subdivisions	831.9		(20.5)		896.1		(212.1)		1,728.0		(232.6)
Foreign governments	17.4		(1.0)		10.0		(1.0)		27.4		(2.0)
Asset-backed securities	124.8		(1.2)		807.9		(64.3)		932.7		(65.5)
Agency residential mortgage-backed securities	297.1		(5.3)		3.1		(0.2)		300.2		(5.5)
Non-agency residential mortgage-backed securities	128.0		(1.4)		884.6		(129.4)		1,012.6		(130.8)
Collateralized loan obligations	162.9		(0.7)		66.9		(3.2)		229.8		(3.9)
Commercial mortgage-backed securities	174.5		(1.2)		1,642.7		(182.5)		1,817.2		(183.7)
Total fixed maturities, available for sale	$	2,982.1	$	(70.6)	$	8,482.0	$	(1,357.8)	$	11,464.1	$	(1,428.4)

Based on management's current assessment of investments with unrealized losses at June 30, 2025, 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.

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended June 30, 2025 (dollars in millions):


	Corporate securities		Other		Total
Allowance at March 31, 2025	$	33.1	$	5.8	$	38.9
Additions for securities for which credit losses were not previously recorded	0.6		—		0.6
Additions (reductions) for securities where an allowance was previously recorded	0.1		0.2		0.3
Reduction for securities disposed during the period	(0.7)		—		(0.7)
Allowance at June 30, 2025	$	33.1	$	6.0	$	39.1

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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 six months ended June 30, 2025 (dollars in millions):


	Corporate securities		Other		Total
Allowance at December 31, 2024	$	31.1	$	6.0	$	37.1
Additions for securities for which credit losses were not previously recorded	3.1		—		3.1
Additions (reductions) for securities where an allowance was previously recorded	0.9		—		0.9
Reduction for securities disposed during the period	(2.0)		—		(2.0)
Allowance at June 30, 2025	$	33.1	$	6.0	$	39.1

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended June 30, 2024 (dollars in millions):


	Corporate securities		Other		Total
Allowance at March 31, 2024	$	37.7	$	1.3	$	39.0
Additions for securities for which credit losses were not previously recorded	2.2		—		2.2
Additions (reductions) for securities where an allowance was previously recorded	(0.2)		—		(0.2)
Reduction for securities disposed during the period	(1.1)		(0.1)		(1.2)
Allowance at June 30, 2024	$	38.6	$	1.2	$	39.8

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the six months ended June 30, 2024 (dollars in millions):


	Corporate securities		Other		Total
Allowance at December 31, 2023	$	41.7	$	1.2	$	42.9
Additions for securities for which credit losses were not previously recorded	4.4		—		4.4
Additions (reductions) for securities where an allowance was previously recorded	(6.3)		0.1		(6.2)
Reduction for securities disposed during the period	(1.2)		(0.1)		(1.3)
Allowance at June 30, 2024	$	38.6	$	1.2	$	39.8

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 June 30, 2025, we held commercial mortgage loan investments with an amortized cost and fair value of $1,572.7 million and $1,462.7 million, respectively. At June 30, 2025, there were no commercial mortgage loans that were non-current or in the process of foreclosure.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

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 June 30, 2025 (dollars in millions):


															Estimated fair value
Loan-to-value ratio (a)	2025		2024		2023		2022		2021		Prior		Total amortized cost		Commercial mortgage loans		Collateral
Less than 60%	$	73.3	$	153.3	$	179.7	$	143.0	$	119.5	$	469.0	$	1,137.8	$	1,067.5	$	3,741.1
60% to less than 70%	38.8		31.3		60.1		24.2		12.0		25.5		191.9		180.3		293.9
70% to less than 80%	18.3		—		65.4		51.0		—		37.6		172.3		153.2		232.4
80% to less than 90%	—		—		—		61.1		—		—		61.1		54.2		73.3
90% to less than 100%	—		—		—		—		7.8		1.8		9.6		7.5		9.8

Total	$	130.4	$	184.6	$	305.2	$	279.3	$	139.3	$	533.9	$	1,572.7	$	1,462.7	$	4,350.5

________________

(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.

At June 30, 2025, we held residential mortgage loan investments with an amortized cost and fair value of $1,282.8 million and $1,289.9 million, respectively. We consider current or non-current loan status as our primary credit quality indicator in conjunction with other quantitative and qualitative factors. We define non-current loans as those that are 90 or more days past-due and/or in nonaccrual status. At June 30, 2025, there were 27 residential mortgage loans that were non-current with an amortized cost of $24.4 million (of which, six loans with an amortized cost of $3.9 million were in foreclosure).

The following table summarizes changes in the allowance for credit losses related to mortgage loans for the periods indicated (dollars in millions):


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Allowance at the beginning of the period	$	20.1	$	16.6	$	13.6	$	15.4
Increase (decrease) in provision for expected credit losses	1.0		(3.4)		7.5		(2.2)
Allowance at the end of the period	$	21.1	$	13.2	$	21.1	$	13.2

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

Total Investment Gains (Losses)

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


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Realized investment gains (losses):
Gross realized gains on sales of fixed maturities, available for sale	$	1.9	$	0.9	$	2.9	$	3.0
Gross realized losses on sales of fixed maturities, available for sale	(21.8)		(27.6)		(24.6)		(33.5)
Equity securities, net	(0.5)		(0.1)		(0.5)		(0.1)
Other, net	(0.9)		0.5		(2.9)		(5.7)
Total realized investment losses	(21.3)		(26.3)		(25.1)		(36.3)
Change in allowance for credit losses (a)	(1.0)		4.1		(10.7)		5.6
Change in fair value of equity securities (b)	4.6		(0.7)		2.1		0.2
Other changes in fair value (c) (d)	(0.7)		5.7		8.5		17.3
Gain on liquidation of variable interest entities	—		—		—		3.8
Other investment gains (losses)	2.9		9.1		(0.1)		26.9
Total investment gains (losses)	$	(18.4)	$	(17.2)	$	(25.2)	$	(9.4)

_________________

(a) Changes in the allowance for credit losses includes $0.2 million and $1.5 million in the three months ended June 30, 2025 and 2024, respectively, and $(1.0) million and $0.3 million in the six months ended June 30, 2025 and 2024, 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 $4.2 million and $(0.7) million in the three months ended June 30, 2025 and 2024, respectively, and were $4.8 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.

(c) Comprised of $(0.8) million of losses and $5.8 million of gains related to certain other invested assets and fixed maturity investments with embedded derivatives, including the change in fair value, in the three months ended June 30, 2025 and 2024, respectively, and $7.2 million and $17.1 million in the six months ended June 30, 2025 and 2024, respectively. The increase in fair value of embedded derivatives related to a modified coinsurance agreement of $0.1 million and $(0.1) million in the three months ended June 30, 2025 and 2024, respectively, and $1.3 million and $0.2 million in the six months ended June 30, 2025 and 2024, respectively.

(d) Changes in the estimated fair value of fixed maturity investments with embedded derivatives that we have elected the fair value option (that are still held as of the end of the respective periods) were $0.8 million and nil in the three months ended June 30, 2025 and 2024, respectively, and $6.6 million and $4.7 million in the six months ended June 30, 2025 and 2024, respectively.

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.

During the three months ended June 30, 2025, the $21.8 million of gross realized losses on sales of $440.3 million of fixed maturity securities, available for sale, primarily related to various corporate securities. Securities are generally sold at a loss following unforeseen sector or issuer-specific events or conditions, shifts in perceived credit quality relative values, or in connection with strategic asset repositionings related to changes in market conditions.

During the six months ended June 30, 2025, the $24.6 million of gross realized losses on sales of $525.1 million of fixed maturity securities, available for sale, primarily related to various corporate securities.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

During the three months ended June 30, 2024, the $27.6 million of gross realized losses on sales of $472.1 million of fixed maturity securities, available for sale, primarily related to various corporate securities and commercial mortgage-backed securities.

During the six months ended June 30, 2024, the $33.5 million of gross realized losses on sales of $669.2 million of fixed maturity securities, available for sale, primarily related to various corporate securities and commercial mortgage-backed securities.

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.

At June 30, 2025, the amortized cost and carrying value of fixed maturities that were non-income producing were $5.7 million and $3.5 million, respectively.

3. 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 company-owned life insurance ("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 that are not carried at fair value, 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.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

•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 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, policy 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 independent pricing vendors. Inputs generally consist of issuer rating, benchmark yields, maturity, and credit spreads.

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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 observable market 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. 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 97 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.

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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 June 30, 2025 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	$	—	$	12,179.8	$	397.6	$	12,577.4
Certificates of deposit	—		—		—		—
United States Treasury securities and obligations of United States government corporations and agencies	—		188.2		—		188.2
States and political subdivisions	—		2,934.0		—		2,934.0
Foreign governments	—		99.5		—		99.5
Asset-backed securities	—		1,497.8		53.5		1,551.3
Agency residential mortgage-backed securities	—		919.1		—		919.1
Non-agency residential mortgage-backed securities	—		1,536.2		—		1,536.2
Collateralized loan obligations	—		1,090.5		—		1,090.5
Commercial mortgage-backed securities	—		2,147.3		3.5		2,150.8
Total fixed maturities, available for sale	—		22,592.4		454.6		23,047.0

Equity securities - corporate securities	161.8		131.2		94.4		387.4

Trading securities:
Corporate securities	—		2.0		—		2.0



Asset-backed securities	—		39.9		—		39.9
Agency residential mortgage-backed securities	—		98.0		—		98.0
Non-agency residential mortgage-backed securities	—		51.3		—		51.3
Collateralized loan obligations	—		9.4		—		9.4
Commercial mortgage-backed securities	—		107.7		—		107.7

Total trading securities	—		308.3		—		308.3
Investments held by variable interest entities - corporate securities	—		376.9		—		376.9
Other invested assets:
Derivatives	—		210.4		—		210.4
Residual tranches	—		—		2.6		2.6
Total other invested assets	—		210.4		2.6		213.0

Assets held in separate accounts	—		2.9		—		2.9
Total assets carried at fair value by category	161.8		$	23,622.1	$	551.6	$	24,335.5
Residual tranches measured at net asset value							104.9
Total assets carried at fair value							$	24,440.4

Liabilities:
Market risk benefit liability	$	—	$	—	$	63.8	$	63.8
Embedded derivatives associated with fixed indexed annuity products	—		—		1,502.4		1,502.4
Total liabilities carried at fair value	$	—	$	—	$	1,566.2	$	1,566.2

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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, 2024 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	$	—	$	11,912.8	$	128.0	$	12,040.8
Certificates of deposit	—		488.3		—		488.3
United States Treasury securities and obligations of United States government corporations and agencies	—		186.2		—		186.2
States and political subdivisions	—		2,834.3		—		2,834.3
Foreign governments	—		91.1		—		91.1
Asset-backed securities	—		1,496.6		19.8		1,516.4
Agency residential mortgage-backed securities	—		819.6		—		819.6
Non-agency residential mortgage-backed securities	—		1,539.1		—		1,539.1
Collateralized loan obligations	—		1,012.8		4.0		1,016.8
Commercial mortgage-backed securities	—		2,193.4		4.1		2,197.5
Total fixed maturities, available for sale	—		22,574.2		155.9		22,730.1

Equity securities - corporate securities	64.0		134.9		73.4		272.3


Trading securities:



Asset-backed securities	—		40.6		—		40.6
Agency residential mortgage-backed securities	—		97.1		—		97.1
Non-agency residential mortgage-backed securities	—		53.3		—		53.3
Collateralized loan obligations	—		9.5		—		9.5
Commercial mortgage-backed securities	—		103.7		—		103.7

Total trading securities	—		304.2		—		304.2
Investments held by variable interest entities - corporate securities	—		433.8		—		433.8
Other invested assets:
Derivatives	—		279.0		—		279.0
Residual tranches	—		1.5		95.4		96.9
Total other invested assets	—		280.5		95.4		375.9

Assets held in separate accounts	—		3.3		—		3.3
Total assets carried at fair value	$	64.0	$	23,730.9	$	324.7	$	24,119.6

Liabilities:
Market risk benefit liability	$	—	$	—	$	60.0	$	60.0
Embedded derivatives associated with fixed indexed annuity products	—		—		1,471.6		1,471.6
Total liabilities carried at fair value	$	—	$	—	$	1,531.6	$	1,531.6

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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 June 30, 2025 (dollars in millions):


	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Beginning of period	$	277.3	$	73.3	$	2.6	$	353.2
Gains (losses) included in net income	(2.2)		1.1		—		(1.1)
Gains (losses) included in accumulated other comprehensive loss	(2.3)		—		—		(2.3)
Purchases, sales, issuances and settlements (b)
Purchases	82.8		—		—		82.8
Sales	(14.2)		—		—		(14.2)
Transfers into Level 3 (a)	129.6		20.0		—		149.6
Transfers out of Level 3 (a)	(16.4)		—		—		(16.4)
End of period	$	454.6	$	94.4	$	2.6	$	551.6

Change in unrealized gains or losses for the period included in net income for assets held at the end of the reporting period	$	(2.2)	$	1.1	$	—	$	(1.1)
Change in unrealized gains or losses for the period included in other comprehensive loss for assets held at the end of the reporting period	$	(3.5)	$	—	$	—	$	(3.5)

_________

(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 independent pricing service information for certain assets that the Company is able to validate.

(b)Purchases, sales, issuances and settlements 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. There were no issuances or settlements during the three months ended June 30, 2025.

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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 six months ended June 30, 2025 (dollars in millions):


	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Beginning of period	$	155.9	$	73.4	$	95.4	$	324.7
Gains (losses) included in net income	(0.5)		1.0		—		0.5
Gains (losses) included in accumulated other comprehensive loss	(0.3)		—		—		(0.3)
Purchases, sales, issuances and settlements (b)
Purchases	234.4		20.0		—		254.4
Sales	(20.0)		—		—		(20.0)
Transfers into Level 3 (a)	115.1		—		—		115.1
Transfers out of Level 3 (a)	(30.0)		—		(92.8)		(122.8)
End of period	$	454.6	$	94.4	$	2.6	$	551.6

Change in unrealized gains or losses for the period included in net income for assets held at the end of the reporting period	$	(0.5)	$	1.0	$	—	$	0.5
Change in unrealized gains or losses for the period included in other comprehensive loss for assets held at the end of the reporting period	$	(2.1)	$	—	$	—	$	(2.1)

_________

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________


	Fixed Maturities		Equity Securities		Trading Securities		Other Invested Assets		Total
Beginning of period	$	173.1	$	72.6	$	—	$	52.2	$	297.9
Gains (losses) included in net income	0.1		0.2		—		5.6		5.9
Gains (losses) included in accumulated other comprehensive loss	(2.5)		—		—		—		(2.5)
Purchases, sales, issuances and settlements (b)
Purchases	11.3		—		—		8.6		19.9
Sales	(5.3)		—		—		(3.0)		(8.3)
Transfers into Level 3 (a)	—		—		2.8		2.6		5.4
Transfers out of Level 3 (a)	(23.2)		—		—		—		(23.2)
End of period	$	153.5	$	72.8	$	2.8	$	66.0	$	295.1

Change in unrealized gains or losses for the period included in net income for assets held at the end of the reporting period	$	0.1	$	0.2	$	—	$	5.6	$	5.9
Change in unrealized gains or losses for the period included in other comprehensive loss for assets held at the end of the reporting period	$	(3.3)	$	—	$	—	$	—	$	(3.3)

_________

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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 six months ended June 30, 2024 (dollars in millions):


	Fixed Maturities		Equity Securities		Trading Securities		Other Invested Assets		Total
Beginning of period	$	197.9	$	72.7	$	—	$	31.5	$	302.1
Gains (losses) included in net income	4.4		0.1		(0.1)		12.0		16.4
Gains (losses) included in accumulated other comprehensive loss	(8.3)		—		—		—		(8.3)
Purchases, sales, issuances and settlements (b)
Purchases	14.2		—		—		19.4		33.6
Sales	(3.9)		—		—		(4.4)		(8.3)
Transfers into Level 3 (a)	—		—		2.9		7.5		10.4
Transfers out of Level 3 (a)	(50.8)		—		—		—		(50.8)
End of period	$	153.5	$	72.8	$	2.8	$	66.0	$	295.1

Change in unrealized gains or losses for the period included in net income for assets held at the end of the reporting period	$	4.4	$	0.2	$	(0.1)	$	12.0	$	16.5
Change in unrealized gains or losses for the period included in other comprehensive loss for assets held at the end of the reporting period	$	(9.9)	$	—	$	—	$	—	$	(9.9)

_________

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 the 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.

Residual tranches are generally valued based on our ownership share of the equity of the investee as reported to us by the General Partner and are typically reported one quarter in arrears. These investments are typically non-redeemable, however they can be transferred to a third party with the consent of the General Partner. The Company does not have plans to sell any of these assets at less than fair value. Investments underlying these entities are generally expected to be liquidated within a 10-year timeframe. We had unfunded commitments to invest $34.3 million in these entities as of June 30, 2025.

At June 30, 2025, 88 percent of our Level 3 fixed maturities, available for sale, were investment grade and 87 percent of our Level 3 fixed maturities, available for sale, consisted of corporate securities.

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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 "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				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Balance at beginning of the period	$	1,450.2	$	1,426.8	$	1,471.6	$	1,376.7
Premiums less benefits	(7.5)		(19.1)		(16.0)		(36.9)
Change in fair value, net	59.7		10.3		46.8		78.2
Balance at end of the period	$	1,502.4	$	1,418.0	$	1,502.4	$	1,418.0

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.

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 June 30, 2025 (dollars in millions):

Fair value at June 30, 2025

Valuation techniques

Unobservable inputs

Range (weighted average) (a)

Assets:

Asset-backed securities (b)

7.7

Discounted cash flow analysis

Discount margins

2.26%

Asset-backed securities (c)

3.5

Recovery method

% Recovery expected

62.00%

Equity securities (d)

64.7

Market comparables

EBITDA multiples

11.4X

Total

75.9

Liabilities:

Market risk benefit liability (e)

63.8

Discounted cash flow analysis

Surrender rates

1.45% - 17.00% (4.38%)

Utilization rates

5.92% - 47.62% (24.95%)

Embedded derivatives related to fixed indexed annuity products (f)

1,502.4

Discounted projected embedded derivatives

Projected portfolio yields

4.52% - 4.92% (4.69%)

Discount rates

3.64% - 6.96% (4.87%)

Surrender rates

1.45% - 30.10% (7.54%)

________________________________

(a) The weighted average is based on the relative fair value of the related assets or liabilities.

(b) 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.

(c) Asset-backed 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) 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.

(e) Market risk benefits – Many of our fixed indexed annuity products include a guaranteed living withdrawal benefit ("GLWB") that is considered a MRB. The calculation of the value of MRBs is based on significant unobservable inputs including nonmarket assumptions related to mortality rates, surrender and withdrawal rates and GLWB utilization. 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).

(f) Embedded derivatives related to fixed indexed annuity products are classified as policyholder account liabilities on the consolidated balance sheet. 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.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

Fair value at December 31, 2024

Valuation techniques

Unobservable inputs

Range (weighted average) (a)

Assets:

Asset-backed securities (b)

8.1

Discounted cash flow analysis

Discount margins

1.49%

Asset-backed securities (c)

4.1

Recovery method

% Recovery expected

71.3%

Equity securities (d)

64.2

Market comparables

EBITDA multiples

14.0X

Total

76.4

Liabilities:

Market risk benefit liability (e)

60.0

Discounted cash flow analysis

Surrender rates

1.45% - 17.00% (4.38%)

Utilization rates

5.92% - 47.62% (24.95%)

Embedded derivatives related to fixed indexed annuity products (f)

1,471.6

Discounted projected embedded derivatives

Projected portfolio yields

4.52% - 4.92% (4.69%)

Discount rates

4.21% - 5.88% (5.04%)

Surrender rates

1.45% - 30.10% (7.54%)

________________________________

(a) The weighted average is based on the relative fair value of the related assets or liabilities.

(d) Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of EBITDA. Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.

(e) 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 is based on significant unobservable inputs including nonmarket assumptions related to mortality rates, surrender and withdrawal rates and GLWB utilization. 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).

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

The fair value of our financial instruments not carried at fair value on a recurring basis are as follows (dollars in millions):


	June 30, 2025
	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	$	—	$	—	$	2,752.6	$	2,752.6	$	2,834.3
Policy loans	—		—		137.6		137.6		137.6
Other invested assets:
Company-owned life insurance (a)	—		409.6		—		409.6		409.6
Cash and cash equivalents:
Unrestricted	766.0		—		—		766.0		766.0
Held by variable interest entities	50.0		—		—		50.0		50.0
Total	$	816.0	$	409.6	$	2,890.2	$	4,115.8	$	4,197.5

Liabilities:
Policyholder account balances (b)	$	—	$	—	$	16,106.6	$	16,106.6	$	16,106.6

Investment borrowings	—		2,442.7		—		2,442.7		2,441.7
Borrowings related to variable interest entities	—		355.7		—		355.7		352.8
Notes payable – direct corporate obligations	—		1,343.4		—		1,343.4		1,334.7

_________

(a)Includes $217.8 million of COLI purchased as an investment vehicle to fund our agent deferred compensation plan, as further described in the footnote to the consolidated financial statements entitled "Agent Deferred Compensation Plan" within our 2024 Form 10-K, and a $191.8 million investment in a COLI policy for key employees that is recorded in our general account assets.

(b)Policyholder account balances represent the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This amount excludes the embedded derivatives related to fixed indexed annuity products, which are measured at fair value on a recurring basis.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________


	December 31, 2024
	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	$	—	$	—	$	2,376.0	$	2,376.0	$	2,506.3
Policy loans	—		—		135.3		135.3		135.3
Other invested assets:
Company-owned life insurance (a)	—		402.1		—		402.1		402.1
Cash and cash equivalents:
Unrestricted	1,656.7		—		—		1,656.7		1,656.7
Held by variable interest entities	341.0		—		—		341.0		341.0
Total	$	1,997.7	402.1		$	2,511.3	$	4,911.1	$	5,041.4

Liabilities:
Policyholder account balances (b)	$	—	$	—	$	16,122.6	$	16,122.6	$	16,122.6

Investment borrowings	—		2,189.8		—		2,189.8		2,188.8
Borrowings related to variable interest entities	—		499.0		—		499.0		497.6
Notes payable – direct corporate obligations	—		1,837.9		—		1,837.9		1,833.5

_________

(a)Includes $212.6 million of COLI purchased as an investment vehicle to fund our agent deferred compensation plan, as further described in the footnote to the consolidated financial statements entitled "Agent Deferred Compensation Plan" within our 2024 Form 10-K, and a $189.5 million investment in a COLI policy for key employees that is recorded in our general account assets.

4. 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 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.

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 six months ended June 30, 2025 (dollars in millions):


	Six months ended
	June 30, 2025
	Supplemental health		Medicare supplement		Long-term care		Traditional life		Other annuities		Total
Present value of expected net premiums ("PVENP"), beginning of period	$	2,643.9	$	3,161.9	$	1,102.8	$	2,203.9	$	—	$	9,112.5
Effect of changes in discount rate assumptions, beginning of period	180.0		195.2		25.7		113.5		—		514.4
Beginning PVENP at original discount rate	2,823.9		3,357.1		1,128.5		2,317.4		—		9,626.9

Effect of actual variances from expected experience	(46.8)		51.6		(26.0)		(54.3)		—		(75.5)
Adjusted beginning of period PVENP	2,777.1		3,408.7		1,102.5		2,263.1		—		9,551.4
Issuances	171.5		253.5		84.1		193.3		2.8		705.2
Interest accrual	61.6		71.1		26.4		47.2		—		206.3
Net premiums collected	(178.7)		(230.1)		(82.2)		(199.2)		(2.8)		(693.0)
Ending PVENP at original discount rate	2,831.5		3,503.2		1,130.8		2,304.4		—		9,769.9
Effect of changes in discount rate assumptions, end of period	(138.2)		(133.3)		(6.3)		(67.9)		—		(345.7)
PVENP, end of period	$	2,693.3	$	3,369.9	$	1,124.5	$	2,236.5	$	—	$	9,424.2


Present value of expected future policy benefits ("PVEFPB"), beginning of period	$	5,828.2	$	3,375.6	$	4,240.1	$	4,570.6	$	264.5	$	18,279.0
Effect of changes in discount rate assumptions, beginning of period	516.6		211.5		94.1		333.3		16.2		1,171.7
Beginning PVEFPB at original discount rate	6,344.8		3,587.1		4,334.2		4,903.9		280.7		19,450.7

Effect of actual variances from expected experience	(52.8)		57.7		(37.1)		(71.1)		1.6		(101.7)
Adjusted beginning of period PVEFPB	6,292.0		3,644.8		4,297.1		4,832.8		282.3		19,349.0
Issuances	174.6		253.6		84.2		195.6		2.9		710.9
Interest accrual	146.3		76.2		114.0		105.2		6.4		448.1
Benefit payments	(216.4)		(252.8)		(144.8)		(237.7)		(14.2)		(865.9)
Ending PVEFPB at original discount rate	6,396.5		3,721.8		4,350.5		4,895.9		277.4		19,642.1
Effect of changes in discount rate assumptions, end of period	(441.6)		(144.4)		(49.8)		(253.5)		(14.0)		(903.3)
PVEFPB, end of period	$	5,954.9	$	3,577.4	$	4,300.7	$	4,642.4	$	263.4	$	18,738.8


Net liability for future policy benefits	$	3,261.6	$	207.5	$	3,176.2	$	2,405.9	$	263.4	$	9,314.6
Flooring impact	—		0.7		—		—		—		0.7
Adjusted net liability for future policy benefits	3,261.6

CNO Financial Group, Inc. 10-Q