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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 March 31, 2026


☐			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 April 30, 2026: 93,348,503

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		Page

Item 1.	Financial Statements (unaudited)

	Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025	3
	Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025	5
	Consolidated Statement of Comprehensive Income for the three months ended March 31, 2026 and 2025	6
	Consolidated Statement of Shareholders' Equity for the three months ended March 31, 2026 and 2025	7
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025	8
	Notes to Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations	58
	Cautionary Statement Regarding Forward-Looking Statements	58
	Overview	60
	Governmental Regulation	63
	Critical Accounting Estimates	64
	Results of Operations	65
	202 6 Outlook	76
	Liquidity and Capital Resources	77
	Investments	82
	Investments in Variable Interest Entities	88
	New Accounting Standards	90

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	90

Item 4.	Controls and Procedures	90


PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	91

Item 1A.	Risk Factors	91

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	91

Item 5.	Other Information	92

Item 6.	Exhibits	93

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(unaudited)

ASSETS


	March 31, 2026		December 31, 2025

Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: March 31, 2026 - $43.9 and December 31, 2025 - $36.0; amortized cost: March 31, 2026 - $26,081.4 and December 31, 2025 - $25,776.4)	$	23,881.1	$	23,886.8
Equity securities at fair value	332.8		389.2
Mortgage loans (net of allowance for credit losses: March 31, 2026 - $17.0 and December 31, 2025 - $20.9)	3,347.8		3,256.8
Policy loans	141.8		140.9
Trading securities	280.2		294.8
Investments held by variable interest entities (net of allowance for credit losses: March 31, 2026 - $1.0 and December 31, 2025 - $0.6; amortized cost: March 31, 2026 - $292.1 and December 31, 2025 - $294.1)	287.4		293.0
Other invested assets	1,695.1		1,737.0
Total investments	29,966.2		29,998.5
Cash and cash equivalents - unrestricted	1,129.5		956.1
Cash and cash equivalents held by variable interest entities	24.8		27.4
Accrued investment income	284.2		286.0
Present value of future profits	139.5		143.6
Deferred acquisition costs and sales inducements	2,441.3		2,397.3
Reinsurance receivables (net of allowance for credit losses: March 31, 2026 - $1.0 and December 31, 2025 - $1.0)	3,611.1		3,677.5

Income tax assets, net	748.9		713.3
Assets held in separate accounts	2.7		2.8
Other assets	615.2		588.1
Total assets	$	38,963.4	$	38,790.6

(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


	March 31, 2026		December 31, 2025

Liabilities:
Liabilities for insurance products:
Policyholder account balances	$	18,997.3	$	18,912.6
Future policy benefits	11,722.2		11,898.0
Market risk benefit liability	58.1		48.1
Liability for life insurance policy claims	58.8		58.4
Unearned and advanced premiums	225.2		228.0
Liabilities related to separate accounts	2.7		2.8
Other liabilities	1,098.6		952.8
Investment borrowings	2,691.7		2,441.7
Borrowings related to variable interest entities	274.4		274.4
Notes payable – direct corporate obligations	1,336.0		1,335.6
Total liabilities	36,465.0		36,152.4
Commitments and Contingencies (Note 14)
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: March 31, 2026 – 93,795,306; December 31, 2025 – 94,484,339)	0.9		0.9
Additional paid-in capital	1,277.8		1,336.3
Accumulated other comprehensive loss	(1,217.6)		(1,115.0)
Retained earnings	2,437.3		2,416.0
Total shareholders' equity	2,498.4		2,638.2
Total liabilities and shareholders' equity	$	38,963.4	$	38,790.6

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
	March 31,
		2026		2025

Revenues:
Insurance policy income		$	673.4	$	650.7
Net investment income:
General account assets		395.0		375.1
Policyholder and other special-purpose portfolios		(64.9)		(63.6)
Investment losses:
Realized investment losses		(7.8)		(3.8)
Other investment losses		(14.9)		(3.0)

Total investment losses		(22.7)		(6.8)
Fee revenue and other income		48.8		48.7
Total revenues		1,029.6		1,004.1
Benefits and expenses:
Insurance policy benefits		576.6		570.0
Liability for future policy benefits remeasurement gain		(6.5)		(12.2)
Change in fair value of market risk benefits		10.7		15.3
Interest expense		50.9		62.0
Amortization of deferred acquisition costs and present value of future profits		74.2		67.4


Gain on extinguishment of borrowings related to variable interest entities		—		(1.5)
Other operating costs and expenses		275.3		275.3
Total benefits and expenses		981.2		976.3
Income before income taxes		48.4		27.8
Income tax expense		10.7		6.3

Net income		$	37.7	$	21.5
Earnings per common share:
Basic:
Weighted average shares outstanding		94,078,000		100,743,000
Net income		$	0.40	$	0.21
Diluted:
Weighted average shares outstanding		96,139,000		103,070,000
Net income		$	0.39	$	0.21

The accompanying notes are an integral part

of the consolidated financial statements.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(Dollars in millions)

(unaudited)


	Three months ended
	March 31,
	2026		2025

Net income	$	37.7	$	21.5
Other comprehensive income (loss), before tax:
Unrealized (losses) gains on investments	(324.6)		229.4
Adjustment to discount rate for liability for future policy benefits	172.1		(68.8)
Adjustment to instrument-specific credit risk for market risk benefits	0.7		1.7
Reclassification adjustments:
For net realized investment losses included in net income	18.8		7.1
Other comprehensive income (loss) before tax	(133.0)		169.4
Income tax benefit (expense) related to items of accumulated other comprehensive income	30.4		(37.1)
Other comprehensive income (loss), net of tax	(102.6)		132.3
Comprehensive income (loss)	$	(64.9)	$	153.8

The accompanying notes are an integral part

of the consolidated financial statements.

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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, December 31, 2024	101,619	$	1.0	$	1,632.5	$	(1,371.4)	$	2,253.1	$	2,515.2
Net income	—	—		—		—		21.5		21.5
Other comprehensive income, net of tax	—	—		—		132.3		—		132.3
Common stock repurchased	(2,482)	—		(99.9)		—		—		(99.9)
Dividends on common stock	—	—		—		—		(16.4)		(16.4)
Employee benefit plans, net of shares used to pay tax withholdings	757	—		2.4		—		—		2.4
Balance, March 31, 2025	99,894	$	1.0	$	1,535.0	$	(1,239.1)	$	2,258.2	$	2,555.1


	Common stock			Additional paid-in		Accumulated other comprehensive		Retained
	Shares	Amount		capital		income (loss)		earnings		Total








Balance, December 31, 2025	94,484	$	0.9	$	1,336.3	$	(1,115.0)	$	2,416.0	$	2,638.2
Net income	—	—		—		—		37.7		37.7
Other comprehensive loss, net of tax	—	—		—		(102.6)		—		(102.6)
Common stock repurchased	(1,435)	—		(60.0)		—		—		(60.0)
Dividends on common stock	—	—		—		—		(16.4)		(16.4)
Employee benefit plans, net of shares used to pay tax withholdings	746	—		1.5		—		—		1.5
Balance, March 31, 2026	93,795	$	0.9	$	1,277.8	$	(1,217.6)	$	2,437.3	$	2,498.4

The accompanying notes are an integral part

of the consolidated financial statements.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(unaudited)


	Three months ended
	March 31,
	2026		2025
Cash flows from operating activities:
Insurance policy income	$	613.3	$	589.8
Net investment income	387.8		360.3
Fee revenue and other income	60.9		62.1
Insurance policy benefits	(414.4)		(407.6)
Interest expense	(32.4)		(34.1)
Deferrable policy acquisition costs and sales inducements	(114.1)		(114.1)
Other operating costs	(336.4)		(322.2)
Income taxes	(15.9)		2.5
Net cash provided by operating activities	148.8		136.7
Cash flows from investing activities:
Sales of investments	3,896.0		462.9
Maturities and redemptions of investments	758.7		642.0
Purchases of investments	(4,834.2)		(1,639.7)

Other, net	(4.6)		(3.4)
Net cash used by investing activities	(184.1)		(538.2)
Cash flows from financing activities:



Issuance of common stock	5.6		6.5
Payments to repurchase common stock	(73.3)		(110.3)
Common stock dividends paid	(17.1)		(16.9)

Payments on financing arrangements	(4.0)		(3.7)
Amounts received for deposit products	560.7		574.2
Withdrawals from deposit products	(515.8)		(899.6)
Issuance of investment borrowings:
Federal Home Loan Bank	450.0		234.5

Payments on investment borrowings:
Federal Home Loan Bank	(200.0)		(234.6)
Related to variable interest entities	—		(121.5)


Net cash provided (used) by financing activities	206.1		(571.4)
Net increase (decrease) in cash and cash equivalents	170.8		(972.9)
Cash and cash equivalents - unrestricted and including held by variable interest entities, beginning of period	983.5		1,997.7
Cash and cash equivalents - unrestricted and including held by variable interest entities, end of period	$	1,154.3	$	1,024.8

The accompanying notes are an integral part

of the consolidated financial statements.

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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, 2025 consolidated balance sheet data was derived from the audited consolidated financial statements included in our 2025 Annual Report on Form 10-K. Accordingly, these interim consolidated financial statements should be read together with the consolidated financial statements included in our 2025 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, 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.

Goodwill and Intangible Assets

In February 2021, we acquired DirectPath, LLC ("DirectPath", now known as Optavise, LLC ("Optavise") subsequent to its name change in April 2022). In April 2019, we acquired Web Benefits Design Corporation ("WBD"), which was subsequently merged into Optavise during 2023. Optavise provides personalized benefits education, advocacy and transparency, and communications services that help employers reduce healthcare costs and assist employees with making informed benefits decisions. Optavise goodwill and other intangible assets arising from the acquisitions were reflected in our Fee income segment.

The Company concluded that goodwill of $69.5 million and other assets, primarily intangible assets, of $27.2 million were fully impaired as of September 30, 2025. We recognized an additional impairment charge of $5.2 million related to other long-lived assets as a result of exiting the fee services side of the Worksite business during the fourth quarter of 2025. Goodwill and intangible assets were included within other assets on the consolidated balance sheet.

Recently Adopted Accounting Standards

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). This update provides a practical expedient for entities when estimating expected credit losses to assume that current conditions as of the balance sheet

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-05 should be applied prospectively. We have adopted this standard for the annual period ending December 31, 2026 and for interim reporting periods within this annual period (i.e., for the quarter period ending March 31, 2026). This standard was adopted prospectively and did not have an impact on our financial position or results of operations.

We adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") retrospectively effective January 1, 2025. 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). The adoption of ASU 2023-09 modified our annual disclosures but did not have an impact on our financial position or results of operations.

Recently Issued Accounting Standards

In November 2025, the FASB issued Accounting Standards Update 2025-08, Financial Instruments – Credit Losses (Topic 326): Purchased Loans ("ASU 2025-08"). This update establishes a new category of acquired loans ("Purchased Seasoned Loans") subject to the gross-up approach. ASU 2025-08 is effective for annual periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-08 should be applied prospectively. We are currently evaluating the effect of ASU 2025-08 on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). This update removes all references to prescriptive and sequential software development stages, and adds that entities are required to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The update also removes Subtopic 350-50, Website Development Costs, and incorporates that guidance within Subtopic 350-40. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities will have the option to apply the updates prospectively, under a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or retrospectively. We are currently evaluating the effect of ASU 2025-06 on our consolidated financial statements and related disclosures.

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.

Revision of Prior Period Amounts

As previously disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, certain amounts presented in the prior years’ consolidated statement of operations for the three months ended March 31, 2025, consolidated statement of shareholders’ equity as of March 31, 2025 and related footnotes thereto have been corrected to conform with the current period presentation.

The Company identified an immaterial overstatement of its policy holder account balances and insurance policy benefits recorded for 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 by $10.1 million. The correction of this error had no impact on our statement of cash flows or segment results for the periods reported.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

The Company assessed the materiality of the error on the 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 error related to the overstatement of insurance policy benefits recorded for the three months ended March 31, 2025 (in millions, except per share amounts):


	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

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). When the fair value option is elected, unrealized gains and losses are recognized in other investment gains (losses) in the consolidated statement of operations.

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.

When we sell a security (other than trading securities), we report the difference between the sale proceeds and amortized cost (determined based on specific identification) as a realized investment gain or loss.

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 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

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

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 March 31, 2026, 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	$	14,558.6	$	39.6	$	(1,578.6)	$	(37.8)	$	12,981.8

United States Treasury securities and obligations of United States government corporations and agencies	208.9		—		(32.5)		—		176.4
States and political subdivisions	3,250.8		21.4		(390.2)		(2.8)		2,879.2
Foreign governments	134.8		0.4		(13.4)		(1.0)		120.8
Asset-backed securities	1,844.1		7.8		(51.4)		(0.1)		1,800.4
Agency residential mortgage-backed securities	810.6		9.5		(0.9)		—		819.2
Non-agency residential mortgage-backed securities	1,556.2		32.7		(85.5)		—		1,503.4
Collateralized loan obligations	1,466.5		1.3		(4.2)		—		1,463.6
Commercial mortgage-backed securities	2,250.9		4.1		(116.5)		(2.2)		2,136.3
Total fixed maturities, available for sale	$	26,081.4	$	116.8	$	(2,273.2)	$	(43.9)	$	23,881.1

At December 31, 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):


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Estimated fair value
Corporate securities	$	14,568.8	$	137.1	$	(1,413.2)	$	(30.2)	$	13,262.5

United States Treasury securities and obligations of United States government corporations and agencies	207.2		0.1		(30.2)		—		177.1
States and political subdivisions	3,311.4		25.1		(378.9)		(2.9)		2,954.7
Foreign governments	130.9		0.9		(10.7)		(0.6)		120.5
Asset-backed securities	1,780.8		14.0		(47.4)		(0.1)		1,747.3
Agency residential mortgage-backed securities	838.3		11.4		(0.2)		—		849.5
Non-agency residential mortgage-backed securities	1,639.1		37.5		(90.9)		—		1,585.7
Collateralized loan obligations	1,142.4		2.8		(2.7)		—		1,142.5
Commercial mortgage-backed securities	2,157.5		6.4		(114.7)		(2.2)		2,047.0
Total fixed maturities, available for sale	$	25,776.4	$	235.3	$	(2,088.9)	$	(36.0)	$	23,886.8

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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 March 31, 2026 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	$	258.3	$	255.4
Due after one year through five years	2,220.8		2,205.6
Due after five years through ten years	3,001.3		2,966.1
Due after ten years	12,672.7		10,731.1
Subtotal	18,153.1		16,158.2
Structured securities	7,928.3		7,722.9
Total fixed maturities, available for sale	$	26,081.4	$	23,881.1

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 March 31, 2026 (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	$	2,103.4	$	(75.5)	$	1,866.3	$	(411.6)	$	3,969.7	$	(487.1)
United States Treasury securities and obligations of United States government corporations and agencies	18.9		(0.2)		153.3		(32.3)		172.2		(32.5)
States and political subdivisions	261.4		(9.9)		846.8		(136.5)		1,108.2		(146.4)
Foreign governments	8.1		(0.2)		17.4		(3.2)		25.5		(3.4)
Asset-backed securities	618.0		(5.1)		441.5		(45.5)		1,059.5		(50.6)
Agency residential mortgage-backed securities	100.6		(0.6)		13.7		(0.3)		114.3		(0.9)
Non-agency residential mortgage-backed securities	239.5		(1.7)		624.8		(83.9)		864.3		(85.6)
Collateralized loan obligations	772.4		(2.4)		72.9		(1.8)		845.3		(4.2)
Commercial mortgage-backed securities	605.8		(3.7)		1,008.8		(112.7)		1,614.6		(116.4)
Total fixed maturities, available for sale	$	4,728.1	$	(99.3)	$	5,045.5	$	(827.8)	$	9,773.6	$	(927.1)

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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	$	734.9	$	(44.3)	$	2,645.8	$	(426.7)	$	3,380.7	$	(471.0)
United States Treasury securities and obligations of United States government corporations and agencies	0.4		—		153.9		(30.2)		154.3		(30.2)
States and political subdivisions	275.6		(8.5)		806.0		(127.6)		1,081.6		(136.1)
Foreign governments	3.1		—		24.3		(2.7)		27.4		(2.7)
Asset-backed securities	187.8		(1.8)		487.7		(44.9)		675.5		(46.7)
Agency residential mortgage-backed securities	59.8		—		13.8		(0.2)		73.6		(0.2)
Non-agency residential mortgage-backed securities	131.4		(0.9)		703.3		(90.0)		834.7		(90.9)
Collateralized loan obligations	227.3		(0.9)		62.9		(1.8)		290.2		(2.7)
Commercial mortgage-backed securities	243.7		(2.1)		1,067.2		(112.6)		1,310.9		(114.7)
Total fixed maturities, available for sale	$	1,864.0	$	(58.5)	$	5,964.9	$	(836.7)	$	7,828.9	$	(895.2)

Based on management's current assessment of investments with unrealized losses at March 31, 2026, the Company believes the issuers of the securities will continue to meet their obligations. 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. 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 March 31, 2026 (dollars in millions):


	Corporate securities		Other		Total
Allowance at December 31, 2025	$	30.2	$	5.8	$	36.0
Additions for securities for which credit losses were not previously recorded	8.9		0.2		9.1
Additions for securities where an allowance was previously recorded	1.4		0.1		1.5
Reduction for securities disposed during the period	(2.7)		—		(2.7)
Allowance at March 31, 2026	$	37.8	$	6.1	$	43.9

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 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	2.5		—		2.5
Additions (reductions) for securities where an allowance was previously recorded	0.8		(0.2)		0.6
Reduction for securities disposed during the period	(1.3)		—		(1.3)
Allowance at March 31, 2025	$	33.1	$	5.8	$	38.9

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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 March 31, 2026, we held commercial mortgage loan investments with an amortized cost and fair value of $1,852.9 million and $1,752.6 million, respectively. At March 31, 2026, there were no commercial mortgage loans that were non-current or in the process of 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 March 31, 2026 (dollars in millions):


															Estimated fair value
Loan-to-value ratio (a)	2026		2025		2024		2023		2022		Prior		Total amortized cost		Commercial mortgage loans		Collateral
Less than 60%	$	102.6	$	303.1	$	168.8	$	197.4	$	140.4	$	545.4	$	1,457.7	$	1,385.5	$	4,580.5
60% to less than 70%	—		88.6		15.0		17.7		37.4		25.7		184.4		175.4		279.8
70% to less than 80%	—		18.1		—		59.9		77.4		22.4		177.8		162.8		238.7
80% to less than 90%	—		10.0		—		—		13.4		—		23.4		21.5		29.0
90% to less than 100%	—		—		—		—		—		9.6		9.6		7.4		9.7

Total	$	102.6	$	419.8	$	183.8	$	275.0	$	268.6	$	603.1	$	1,852.9	$	1,752.6	$	5,137.7

________________

(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.

At March 31, 2026, we held residential mortgage loan investments with an amortized cost and fair value of $1,511.9 million and $1,527.8 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 March 31, 2026, there were 38 residential mortgage loans that were non-current with an amortized cost of $28.4 million (of which, 12 loans with an amortized cost of $8.0 million were in foreclosure).

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


	Three months ended
	March 31,
		2026		2025
Allowance at the beginning of the period		$	20.9	$	13.6
Increase (decrease) in provision for expected credit losses		(3.9)		6.5
Allowance at the end of the period		$	17.0	$	20.1

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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
	March 31,
	2026		2025
Realized investment gains (losses):
Gross realized gains on sales of fixed maturities, available for sale	$	52.2	$	1.0
Gross realized losses on sales of fixed maturities, available for sale	(56.3)		(2.8)
Equity securities, net	(1.9)		—
Other, net	(1.8)		(2.0)
Total realized investment losses	(7.8)		(3.8)
Change in allowance for credit losses and write-downs	(9.6)		(9.6)
Change in fair value of equity securities (a)	(2.0)		(2.5)
Other changes in fair value (b) (c)	(3.3)		9.1

Other investment losses	(14.9)		(3.0)
Total investment losses	$	(22.7)	$	(6.8)

_________________

(a) Changes in the estimated fair value of equity securities (that are still held as of the end of the respective periods) were $(3.6) million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.

(b) Other changes in fair value are comprised of (i) gains (losses) related to certain other invested assets and fixed maturity investments with embedded derivatives, including the change in fair value, of $(2.9) million and $7.9 million for the three months ended March 31, 2026 and 2025, respectively; and (ii) the increase (decrease) in fair value of embedded derivatives related to a modified coinsurance agreement of $(0.4) million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.

(c) 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 $(3.3) million and $5.8 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026, the $56.3 million of gross realized losses on sales of $1,657.1 million of fixed maturity securities, available for sale, primarily related to various lower-yielding corporate securities which were reinvested in higher-yielding securities and were largely offset by capital gains.

During the three months ended March 31, 2025, the $2.8 million of gross realized losses on sales of $230.3 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 March 31, 2026, the amortized cost and carrying value of fixed maturities that were non-income producing were $5.7 million and $3.5 million, respectively.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

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.

•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 and market risk benefit ("MRB") related to our fixed indexed annuity products, 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.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

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 services. Inputs generally consist of trades of identical or similar securities, quoted prices in active markets, issuer rating, benchmark yields, maturity, and credit spreads.

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

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

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 95 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 March 31, 2026 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	$	—	$	12,821.9	$	159.9	$	12,981.8

United States Treasury securities and obligations of United States government corporations and agencies	—		176.4		—		176.4
States and political subdivisions	—		2,879.2		—		2,879.2
Foreign governments	—		120.8		—		120.8
Asset-backed securities	—		1,757.2		43.2		1,800.4
Agency residential mortgage-backed securities	—		819.2		—		819.2
Non-agency residential mortgage-backed securities	—		1,486.0		17.4		1,503.4
Collateralized loan obligations	—		1,463.6		—		1,463.6
Commercial mortgage-backed securities	—		2,132.8		3.5		2,136.3
Total fixed maturities, available for sale	—		23,657.1		224.0		23,881.1
Equity securities - corporate securities	174.4		55.4		73.9		303.7
Trading securities:
Corporate securities	—		3.0		—		3.0



Asset-backed securities	—		37.4		—		37.4
Agency residential mortgage-backed securities	—		87.4		—		87.4
Non-agency residential mortgage-backed securities	—		38.5		—		38.5
Collateralized loan obligations	—		9.6		—		9.6
Commercial mortgage-backed securities	—		104.3		—		104.3

Total trading securities	—		280.2		—		280.2
Investments held by variable interest entities - corporate securities	—		287.4		—		287.4
Other invested assets:
Derivatives	—		195.2		—		195.2
Residual tranches	—		—		4.5		4.5
Total other invested assets	—		195.2		4.5		199.7

Assets held in separate accounts	—		2.7		—		2.7
Total assets carried at fair value by category	$	174.4	$	24,478.0	$	302.4	$	24,954.8
Equity securities measured at net asset value							29.1
Total assets carried at fair value							$	24,983.9

Liabilities:
Market risk benefit liability	$	—	$	—	$	58.1	$	58.1
Embedded derivatives associated with fixed indexed annuity products	—		—		1,564.2		1,564.2
Total liabilities carried at fair value	$	—	$	—	$	1,622.3	$	1,622.3

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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, 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	$	—	$	13,130.7	$	131.8	$	13,262.5

United States Treasury securities and obligations of United States government corporations and agencies	—		177.1		—		177.1
States and political subdivisions	—		2,954.7		—		2,954.7
Foreign governments	—		120.5		—		120.5
Asset-backed securities	—		1,710.8		36.5		1,747.3
Agency residential mortgage-backed securities	—		849.5		—		849.5
Non-agency residential mortgage-backed securities	—		1,585.7		—		1,585.7
Collateralized loan obligations	—		1,142.5		—		1,142.5
Commercial mortgage-backed securities	—		2,043.5		3.5		2,047.0
Total fixed maturities, available for sale	—		23,715.0		171.8		23,886.8
Equity securities - corporate securities	176.5		117.0		73.7		367.2
Trading securities:



Asset-backed securities	—		38.7		—		38.7
Agency residential mortgage-backed securities	—		97.5		—		97.5
Non-agency residential mortgage-backed securities	—		44.2		—		44.2
Collateralized loan obligations	—		9.7		—		9.7
Commercial mortgage-backed securities	—		104.7		—		104.7

Total trading securities	—		294.8		—		294.8
Investments held by variable interest entities - corporate securities	—		293.0		—		293.0
Other invested assets:
Derivatives	—		323.5		—		323.5
Residual tranches	—		—		4.2		4.2
Total other invested assets	—		323.5		4.2		327.7

Assets held in separate accounts	—		2.8		—		2.8
Total assets carried at fair value by category	$	176.5	$	24,746.1	$	249.7	$	25,172.3
Equity securities measured at net asset value							22.0
Total assets carried at fair value							$	25,194.3

Liabilities:
Market risk benefit liability	$	—	$	—	$	48.1	$	48.1
Embedded derivatives associated with fixed indexed annuity products	—		—		1,600.6		1,600.6
Total liabilities carried at fair value	$	—	$	—	$	1,648.7	$	1,648.7

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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 March 31, 2026 (dollars in millions):


	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Beginning of period	$	171.8	$	73.7	$	4.2	$	249.7
Gains (losses) included in net income	(0.8)		0.2		0.1		(0.5)
Gains (losses) included in accumulated other comprehensive loss	(0.7)		—		—		(0.7)
Purchases, sales, issuances and settlements (a)
Purchases	18.7		—		0.3		19.0
Sales	(1.1)		—		(0.1)		(1.2)
Transfers into Level 3 (b)	44.4		—		—		44.4
Transfers out of Level 3 (b)	(8.3)		—		—		(8.3)
End of period	$	224.0	$	73.9	$	4.5	$	302.4

Change in unrealized gains or losses for the period included in net income for assets held at the end of the reporting period	$	(0.8)	$	0.2	$	0.1	$	(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	$	(1.1)	$	—	$	—	$	(1.1)

_________

(a)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 March 31, 2026.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________


	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	—		(0.1)		—		(0.1)
Gains (losses) included in accumulated other comprehensive loss	2.9		—		—		2.9
Purchases, sales, issuances and settlements (a)
Purchases	81.6		—		—		81.6
Sales	(14.8)		—		—		(14.8)
Transfers into Level 3 (b)	66.0		—		—		66.0
Transfers out of Level 3 (b)	(14.3)		—		(92.8)		(107.1)
End of period	$	277.3	$	73.3	$	2.6	$	353.2

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	$	(0.1)	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive loss for assets held at the end of the reporting period	$	1.9	$	—	$	—	$	1.9

_________

(b)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. Transfers out of Level 3 other invested assets include $92.8 million of residual tranches that are valued based on our ownership share of the equity of the investee, as reported to us by the General Partner. These are not held at fair value and have been transferred out of Level 3.

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 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 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 other comprehensive loss for assets 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 March 31, 2026, 74 percent of our Level 3 fixed maturities, available for sale, were investment grade and 71 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 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
	March 31,
	2026		2025
Balance at beginning of the period	$	1,600.6	$	1,493.2
Premiums less benefits	(9.4)		(8.5)
Change in fair value, net	(27.0)		(2.8)
Balance at end of the period	$	1,564.2	$	1,481.9

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.

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 March 31, 2026 (dollars in millions):

Fair value at March 31, 2026

Valuation techniques

Unobservable inputs

Range (weighted average) (a)

Assets:

Corporate securities (c)

0.3

Recovery method

% Recovery expected

25.00%

Asset-backed securities (b)

7.4

Discounted cash flow analysis

Discount margins

1.63%

Asset-backed securities (c)

3.5

Recovery method

% Recovery expected

61.44%

Equity securities (d)

64.6

Market comparables

EBITDA multiples

11.3X

Total assets

75.8

Liabilities:

Market risk benefit liability (e)

58.1

Discounted cash flow analysis

Surrender rates

0.46% - 17.68% (3.44%)

Partial withdrawal rates

0.00% - 3.00% (0.96%)

Mortality

0.03% - 39.75% (3.63%)

GLWB utilization

5.92% - 47.62% (25.07%)

Non-performance risk spread

0.09% - 0.37% (N/A)

Embedded derivatives related to fixed indexed annuity products (f)

1,564.2

Discounted projected embedded derivatives

Surrender rates

0.46% - 23.36% (6.11%)

Partial withdrawal rates

0.00% - 4.50% (2.78%)

Mortality

0.03% - 39.75% (4.05%)

GLWB utilization

5.92% - 47.62% (25.07%)

Option budget

0.90% - 3.38% (2.64%)

Non-performance risk spread

0.09% - 0.37% (N/A)

Total liabilities

1,622.3

________________________________

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

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

(b) Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to the applicable risk-free rate. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.

(c) Corporate and asset-backed securities - The significant unobservable input used in the fair value measurement of these 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 surrender rates, partial withdrawal rates, mortality and GLWB utilization. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally decrease the value of a MRB liability. Increases in partial withdrawal rates would generally decrease the value of a MRB liability. A decrease in the mortality assumption would generally increase the MRB liability. Increases in utilization rates would generally increase the value of a MRB liability. Increases in non-performance risk spread decrease the MRB liability.

(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 surrender rates, partial withdrawal rates, mortality, GLWB utilization, option budget, and non-performance risk. Assumed surrender rates, partial withdrawal rates, and mortality 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. Increases (decreases) in utilization rates would generally increase (decrease) the value of the embedded derivative. Increases (decreases) in option budget in isolation would have resulted in a higher (lower) fair value measurement. Increases in non-performance risk spread result in a lower fair value measurement.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

Fair value at December 31, 2025

Valuation techniques

Unobservable inputs

Range (weighted average) (a)

Assets:

Corporate securities (c)

0.5

Recovery method

% of recovery expected

50.00%

Asset-backed securities (b)

7.6

Discounted cash flow analysis

Discount margins

1.61%

Asset-backed securities (c)

3.5

Recovery method

% Recovery expected

61.24%

Equity securities (d)

64.5

Market comparables

EBITDA multiples

10.9X

Total assets

76.1

Liabilities:

Market risk benefit liability (e)

48.1

Discounted cash flow analysis

Surrender rates

0.46% - 17.68% (3.44%)

Partial withdrawal rates

0.00% - 3.00% (0.96%)

Mortality

0.03% - 39.75% (3.63%)

GLWB utilization

5.92% - 47.62% (25.07%)

Non-performance risk spread

0.09% - 0.31% (N/A)

Embedded derivatives related to fixed indexed annuity products (f)

1,600.6

Discounted projected embedded derivatives

Surrender rates

0.46% - 23.36% (6.11%)

Partial withdrawal rates

0.00% - 4.50% (2.78%)

Mortality

0.03% - 39.75% (4.05%)

GLWB utilization

5.92% - 47.62% (25.07%)

Option budget

0.90% - 3.38% (2.64%)

Non-performance risk spread

0.09% - 0.31% (N/A)

Total liabilities

1,648.7

________________________________

(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 surrender rates, partial withdrawal rates, mortality and GLWB utilization. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally decrease the value of a MRB liability. Increases in partial withdrawal rates would generally decrease the value of a MRB liability. A decrease in the mortality assumption would generally increase the MRB liability. Increases in utilization rates would generally increase the value of a MRB liability. Increases in non-performance risk spread decrease the MRB liability.

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):


	March 31, 2026
	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	$	—	$	—	$	3,280.4	$	3,280.4	$	3,347.8
Policy loans	—		—		141.8		141.8		141.8
Other invested assets:
Company-owned life insurance (a)	—		424.6		—		424.6		424.6
Cash and cash equivalents:
Unrestricted	1,129.5		—		—		1,129.5		1,129.5
Held by variable interest entities	24.8		—		—		24.8		24.8
Total	$	1,154.3	$	424.6	$	3,422.2	$	5,001.1	$	5,068.5

Liabilities:
Policyholder account balances (b)	$	—	$	—	$	17,433.1	$	17,433.1	$	17,433.1
Investment borrowings	—		2,693.1		—		2,693.1		2,691.7
Borrowings related to variable interest entities	—		275.7		—		275.7		274.4
Notes payable – direct corporate obligations	—		—		1,334.9		1,334.9		1,336.0
Total	$	—	$	2,968.8	$	18,768.0	$	21,736.8	$	21,735.2

_________

(a)Includes $222.8 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 2025 Annual Report on Form 10-K, and a $201.8 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, 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	$	—	$	—	$	3,196.9	$	3,196.9	$	3,256.8
Policy loans	—		—		140.9		140.9		140.9
Other invested assets:
Company-owned life insurance (a)	—		420.9		—		420.9		420.9
Cash and cash equivalents:
Unrestricted	956.1		—		—		956.1		956.1
Held by variable interest entities	27.4		—		—		27.4		27.4
Total	$	983.5	$	420.9	$	3,337.8	$	4,742.2	$	4,802.1

Liabilities:
Policyholder account balances (b)	$	—	$	—	$	17,312.0	$	17,312.0	$	17,312.0
Investment borrowings	—		2,443.2		—		2,443.2		2,441.7
Borrowings related to variable interest entities	—		277.1		—		277.1		274.4
Notes payable – direct corporate obligations	—		1,365.7		—		1,365.7		1,335.6
Total	$	—	$	4,086.0	$	17,312.0	$	21,398.0	$	21,363.7

_________

(a)Includes $222.3 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 2025 Annual Report on Form 10-K, and a $198.6 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 three months ended March 31, 2026 (dollars in millions):


	Supplemental health		Medicare supplement		Long-term care		Traditional life		Other annuities		Total
Present value of expected net premiums ("PVENP"), beginning of period	$	2,645.7	$	3,661.6	$	1,196.6	$	2,213.7	$	—	$	9,717.6
Effect of changes in discount rate assumptions, beginning of period	107.6		111.5		(4.8)		42.9		—		257.2
Beginning PVENP at original discount rate	2,753.3		3,773.1		1,191.8		2,256.6		—		9,974.8

Effect of actual variances from expected experience	5.4		19.9		(17.4)		(26.2)		—		(18.3)
Adjusted beginning of period PVENP	2,758.7		3,793.0		1,174.4		2,230.4		—		9,956.5
Issuances	63.8		275.0		45.3		90.3		1.9		476.3
Interest accrual	30.5		41.6		14.0		23.9		—		110.0
Net premiums collected	(87.5)		(129.4)		(42.3)		(98.4)		(1.9)		(359.5)
Ending PVENP at original discount rate	2,765.5		3,980.2		1,191.4		2,246.2		—		10,183.3
Effect of changes in discount rate assumptions, end of period	(144.3)		(157.4)		(10.4)		(66.3)		—		(378.4)
PVENP, end of period	$	2,621.2	$	3,822.8	$	1,181.0	$	2,179.9	$	—	$	9,804.9


Present value of expected future policy benefits ("PVEFPB"), beginning of period	$	5,984.2	$	3,864.0	$	4,409.2	$	4,677.8	$	260.0	$	19,195.2
Effect of changes in discount rate assumptions, beginning of period	359.2		120.6		10.5		199.5		11.1		700.9
Beginning PVEFPB at original discount rate	6,343.4		3,984.6		4,419.7		4,877.3		271.1		19,896.1

Effect of actual variances from expected experience	6.2		23.3		(24.7)		(30.7)		1.0		(24.9)
Adjusted beginning of period PVEFPB	6,349.6		4,007.9		4,395.0		4,846.6		272.1		19,871.2
Issuances	63.8		275.0		45.3		90.3		1.9		476.3
Interest accrual	73.4		44.0		57.8		53.5		3.2		231.9
Benefit payments	(102.9)		(132.8)		(72.4)		(118.7)		(7.0)		(433.8)
Ending PVEFPB at original discount rate	6,383.9		4,194.1		4,425.7		4,871.7		270.2		20,145.6
Effect of changes in discount rate assumptions, end of period	(462.3)		(168.4)		(92.6)		(266.0)		(15.7)		(1,005.0)
PVEFPB, end of period	$	5,921.6	$	4,025.7	$	4,333.1	$	4,605.7	$	254.5	$	19,140.6


Net liability for future policy benefits	$	3,300.4	$	202.9	$	3,152.1	$	2,425.8	$	254.5	$	9,335.7
Flooring impact	—		1.2		—		—		—		1.2
Adjusted net liability for future policy benefits	3,300.4		204.1		3,152.1		2,425.8		254.5		9,336.9
Related reinsurance recoverable	(1.7)		—		(378.7)		(152.2)		—		(532.6)
Net liability for future policy benefits, net of reinsurance recoverable	$	3,298.7	$	204.1	$	2,773.4	$	2,273.6	$	254.5	$	8,804.3


Adjusted net liability for future policy benefits	$	9,336.9
Reserves excluded from rollforward (a)	2,287.9
Deferred liability	72.5
Future loss reserves (b)	24.9
Future policy benefits	$	11,722.2

(a) Primarily comprised of blocks of business that are 100% ceded.

(b) In certain instances for interest-sensitive products, 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.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________


	Supplemental health		Medicare supplement		Long-term care		Traditional life		Other annuities		Total
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	(19.4)		33.3		(17.8)		(32.4)		—		(36.3)
Adjusted beginning of period PVENP	2,804.5		3,390.4		1,110.7		2,285.0		—		9,590.6
Issuances	108.3		157.3		43.1		91.8		1.6		402.1
Interest accrual	30.9		35.4		13.2		23.6		—		103.1
Net premiums collected	(90.0)		(116.8)		(40.6)		(99.9)		(1.6)		(348.9)
Ending PVENP at original discount rate	2,853.7		3,466.3		1,126.4		2,300.5		—		9,746.9
Effect of changes in discount rate assumptions, end of period	(154.3)		(157.9)		(13.9)		(86.4)		—		(412.5)
PVENP, end of period	$	2,699.4	$	3,308.4	$	1,112.5	$	2,214.1	$	—	$	9,334.4


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	(22.6)		34.7		(20.8)		(40.7)		0.6		(48.8)
Adjusted beginning of period PVEFPB	6,322.2		3,621.8		4,313.4		4,863.2		281.3		19,401.9
Issuances	111.2		157.4		43.1		92.0		1.6		405.3
Interest accrual	73.2		37.9		57.0		52.6		3.2		223.9
Benefit payments	(104.1)		(123.4)		(73.0)		(122.5)		(7.2)		(430.2)
Ending PVEFPB at original discount rate	6,402.5		3,693.7		4,340.5		4,885.3		278.9		19,600.9
Effect of changes in discount rate assumptions, end of period	(465.5)		(171.3)		(60.9)		(283.0)		(16.5)		(997.2)
PVEFPB, end of period	$	5,937.0	$	3,522.4	$	4,279.6	$	4,602.3	$	262.4	$	18,603.7


Net liability for future policy benefits	$	3,237.6	$	214.0	$	3,167.1	$	2,388.2	$	262.4	$	9,269.3
Flooring impact	—		0.7		—		—		—		0.7
Adjusted net liability for future policy benefits	3,237.6		214.7		3,167.1		2,388.2		262.4		9,270.0
Related reinsurance recoverable	(1.2)		—		(368.1)		(166.4)		—		(535.7)
Net liability for future policy benefits, net of reinsurance recoverable	$	3,236.4	$	214.7	$	2,799.0	$	2,221.8	$	262.4	$	8,734.3


Adjusted net liability for future policy benefits	$	9,270.0
Reserves excluded from rollforward (a)	2,406.7
Deferred liability	68.7
Future loss reserves (b)	27.6
Future policy benefits	$	11,773.0

(a) Primarily comprised of blocks of business that are 100% ceded.

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.

The following table presents the balance of and changes in MRBs associated with our fixed indexed annuities (dollars in millions):


	Three months ended
	March 31,
	2026		2025
Net liability, beginning of period	$	48.1	$	60.0
Effect of changes in the instrument-specific credit risk, beginning of period	0.9		1.4
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	49.0		61.4
Issuances	1.0		1.1
Interest accrual	0.6		0.8


Effect of changes in interest rates	—		5.8
Effect of changes in equity markets	(0.4)		2.0
Effect of changes in equity index volatility	9.6		6.8
Actual policyholder behavior different from expected behavior	(0.9)		(0.3)


Effect of changes in assumptions	0.8		(0.9)
Net liability, end of period, before effect of changes in the instrument-specific credit risk	59.7		76.7
Effect of changes in the instrument-specific credit risk, end of period	(1.6)		(3.1)


Net liability, end of period, net of reinsurance	$	58.1	$	73.6

Balance reported as an asset	$	—	$	—
Balance reported as a liability	58.1		73.6
Net liability	$	58.1	$	73.6

Net amount at risk	$	14.2	$	25.2
Weighted average attained age of contract holders	70		69

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)
	Three months ended				Three months ended
	March 31,				March 31,
	2026		2025		2026		2025
Other annuities	$	2.4	$	2.0	$	3.2	$	3.2
Supplemental health	189.9		184.8		42.9		42.3
Medicare supplement	171.7		158.1		2.4		2.5
Long-term care	90.3		86.7		43.8		43.8
Traditional life	185.7		183.4		29.6		29.0
Total	$	640.0	$	615.0	$	121.9	$	120.8

_____________________

(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 future gross premiums and expected future benefits and expenses for traditional and limited-payment contracts (dollars in millions):


	March 31, 2026				March 31, 2025
	Undiscounted		Discounted (a)		Undiscounted		Discounted (a)
Other annuities
Expected future gross premiums	$	—	$	—	$	—	$	—
Expected future benefits and expenses	305.0		254.5		324.1		262.4
Supplemental health
Expected future gross premiums	9,162.1		5,610.5		9,028.5		5,543.1
Expected future benefits and expenses	10,865.4		5,921.6		11,079.0		5,937.0
Medicare supplement
Expected future gross premiums	7,492.9		5,009.8		6,484.6		4,427.0
Expected future benefits and expenses	6,032.0		4,025.7		5,187.4		3,522.4
Long-term care
Expected future gross premiums	3,729.2		2,563.3		3,508.9		2,437.8
Expected future benefits and expenses	8,207.3		4,333.1		7,967.7		4,279.6
Traditional life
Expected future gross premiums	5,735.0		4,199.1		5,681.9		4,077.6
Expected future benefits and expenses	7,635.2		4,605.7		7,616.2		4,602.3

_____________________

(a) Calculated at the discount rates at period end.

Loss expense as a result of net premium ratio capping was not material for the three months ended March 31, 2026 and 2025.

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 discount rates) of the liability for future policy benefits in years:


	March 31, 2026	March 31, 2025
Other annuities	9.5	9.6
Supplemental health	10.5	11.3
Medicare supplement	5.3	6.3
Long-term care	10.8	10.8
Traditional life	10.0	10.2

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


	March 31, 2026		March 31, 2025
Other annuities
Interest accretion rate	4.87	%	4.80	%
Current discount rate	5.63		5.63
Supplemental health
Interest accretion rate	4.95		4.97
Current discount rate	5.56		5.51
Medicare supplement
Interest accretion rate	4.19		4.31
Current discount rate	5.01		5.23
Long-term care
Interest accretion rate	5.63		5.66
Current discount rate	5.66		5.57
Traditional life
Interest accretion rate	4.82		4.78
Current discount rate	5.61		5.53

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):


	Three months ended
	March 31, 2026
	Fixed indexed annuities		Fixed interest annuities		Other annuities		Interest-sensitive life (a)		Funding agreements		Other (b)		Total
Policyholder account values, beginning of period excluding contracts 100% ceded	$	11,633.0	$	1,637.5	$	104.5	$	1,383.2	$	3,373.6	$	348.7	$	18,480.5
Issuances (funds collected from new business)	385.0		38.1		—		11.6		—		—		434.7
Premiums received (premiums collected from inforce business)	8.5		1.1		5.6		55.9		—		56.9		128.0
Policy charges	(6.9)		(0.5)		—		(51.3)		—		—		(58.7)
Surrenders and withdrawals	(260.3)		(40.1)		(8.0)		(9.8)		(24.2)		(62.6)		(405.0)
Benefit payments	(70.4)		(24.5)		(1.3)		(5.4)		—		—		(101.6)
Interest credited	89.8		11.6		0.5		16.7		35.6		0.6		154.8
Other	13.1		—		(0.1)		(0.5)		—		—		12.5
Policyholder account values, end of period excluding contracts 100% ceded	11,791.8		1,623.2		101.2		1,400.4		3,385.0		343.6		18,645.2
Policyholder account values, end of period for contracts 100% ceded	109.2		481.6		31.2		91.4		—		9.6		723.0
Amount of reserves above (below) policyholder account values (c)	(381.2)		—		—		10.3		—		—		(370.9)
Balance, end of period	$	11,519.8	$	2,104.8	$	132.4	$	1,502.1

CNO Financial Group, Inc. 10-Q