# EDGAR Filing Document

**Accession Number:** 0001224608
**File Stem:** 0001224608-25-000038
**Filing Date:** 2025-6
**Character Count:** 27342
**Document Hash:** 8475e4f25701a8b7632f29c59259b515
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001224608-25-000038.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001224608-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250610

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNO Financial Group, Inc.
- **CENTRAL INDEX KEY:** 0001224608
- **STANDARD INDUSTRIAL CLASSIFICATION:** ACCIDENT & HEALTH INSURANCE [6321]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 753108137
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31792
- **FILM NUMBER:** 251035947

**BUSINESS ADDRESS:**
- **STREET 1:** 11299 ILLINOIS STREET, SUITE 200
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** 3178176100

**MAIL ADDRESS:**
- **STREET 1:** 11299 ILLINOIS STREET, SUITE 200
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSECO INC
- **DATE OF NAME CHANGE:** 20030326

?xml version='1.0' encoding='ASCII'? cno-20250610

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): June 10, 2025

**CNO Financial Group, Inc.** 

(Exact Name of Registrant as Specified in Charter)

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

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**11299 Illinois Street** 

**Carmel, Indiana 46032** 

(Address of Principal Executive Offices) (Zip Code)

**(317) 817-6100** 

(Registrant's telephone number, including area code)

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| 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 |

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

Emerging growth company ☐

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

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

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On June 10, 2025, CNO Financial Group, Inc. (the "Company") issued an Investments Briefing presentation. This presentation and future updates to this presentation will be posted in the Investors section of the Company's website: ir.CNOinc.com. A copy of this information is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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

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| | |
|:---|:---|
| **Item 9.01(d).** | **Financial Statements and Exhibits.** |

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

99.1 <u>[Investments Briefing - June 2025.](a2025investmentsinvestor.htm)</u> <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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<u>SIGNATURES</u>

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

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| | | |
|:---|:---|:---|
| | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| Date: June 10, 2025 |  |  |
|  | By: | /s/ Joel T. Koehneman |
|  |  | Joel T. Koehneman |
|  |  | &nbsp;&nbsp;&nbsp;Senior Vice President and<br>Chief Accounting Officer |

---

## Exhibit 99.1

![](a2025investmentsinvestor001.jpg)

CNO Financial Group \| Investments Briefing \| June 10, 2025 1 CNO Financial Group Investments Briefing June 10, 2025

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CNO Financial Group \| Investments Briefing \| June 10, 2025 2 Welcome Adam Auvil Vice President, Investor Relations & Sustainability

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CNO Financial Group \| Investments Briefing \| June 10, 2025 3 OUR PURPOSE We secure the future of middle-income America. OUR MISSION We secure the future of middle-income America by providing insurance and financial services that help protect their health, income and retirement needs, while building enduring value for all our stakeholders. Our people  Employs approximately 3,400 associates  Contracts with over 10,000 agents and independent partners Our financial strength  Rated A (Excellent) by AM Best  Market capitalization: $3.9 billion (as of 5/22/2025)  $37 billion in total assets  Committed to improving run rate operating return on equity Serving our customers  3.2 million policies owned by our customers  $2 billion in claims paid in 2024 CNO Financial Group provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National.  Ticker symbol: CNO (NYSE)  Headquarters: Carmel, Indiana

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CNO Financial Group \| Investments Briefing \| June 10, 2025 4 Important Legal Information Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press releases, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today's date. This presentation contains financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP). Reconciliations between those non-GAAP measures and the comparable GAAP measures are included in the Appendix, or on the page such measure is presented. While management believes the measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the "Investors – Financials – SEC Filings" section of CNO's website, CNOinc.com. Forward-Looking Statements Non-GAAP Measures

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CNO Financial Group \| Investments Briefing \| June 10, 2025 5 Opening Remarks Eric Johnson Chief Investment Officer

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CNO Financial Group \| Investments Briefing \| June 10, 2025 6 4 5 3 2 1 Five Key Investments Messages Proven investment approach, resulting in solid track record Foundation of strong asset quality and disciplined management Competitive advantages Upside opportunities to drive operating ROE improvement Partnership is in our DNA

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CNO Financial Group \| Investments Briefing \| June 10, 2025 7 CNO Investments Presenters Eric Johnson Chief Investment Officer Investment Experience: 30 years Years at CNO: 28 Jesse Horsfall Senior Vice President, Portfolio Management Investment Experience: 32 years Years at CNO: 31 Zandra de Haai Senior Vice President, Research Investment Experience: 27 years Years at CNO: 6 Jerimy Horner Vice President, Structured Securities Investment Experience: 26 years Years at CNO: 25 Andy Aiello Vice President, Commercial Mortgage Investment Experience: 24 years Years at CNO: 13 Eddy Piedra Vice President, Loans & CLOs Investment Experience: 29 years Years at CNO: 17 Matt Hall Vice President, Alternatives Investment Experience: 25 years Years at CNO: 15

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CNO Financial Group \| Investments Briefing \| June 10, 2025 8 Private & Specialized Assets Strategic Partners Core Fixed Income General Account Capital Management ALM Strategic Asset Allocation (SAA) Research Portfolio Management Investment Leverage Performance Management Compliance Outsource Insource Clear Approach Clarity Collaboration Consistency Responsive

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CNO Financial Group \| Investments Briefing \| June 10, 2025 9 Historical Investment Performance Assets Under Management (AUM) (Book Value. Dollars in billions.) Credit Impairments (% of AUM) New Money Rate (In percent) Average NAIC Rating (Book Value Weighted) 2019 2020 2021 2022 2023 2024 22.3 23.2 24.7 26.5 27.6 30.4 2019 2020 2021 2022 2023 2024 4.46 4.16 3.53 5.05 6.37 6.45 2019 2020 2021 2022 2023 2024 0.09 0.04 0.03 0.02 0.03 0.03 2019 2020 2021 2022 2023 2024 1.47 1.54 1.49 1.43 1.40 1.41 Proven investment approach, resulting in solid track record

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CNO Financial Group \| Investments Briefing \| June 10, 2025 10 Opportunistic Legacy Residential Mortgage-Backed Securities Significant AUM investment during great financial crisis (GFC) Residential Mortgage Loans Early mover (2017) in highly capital efficient sector ABS Early mover in post GFC "esoteric" collateral CLOs Sponsor of 9 CLOs since 2010 Strategic Investments Highly selective early mover (2016) executing two strategic transactions with significant contribution to CNO earnings Track record of contributing to ROE improvement

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CNO Financial Group \| Investments Briefing \| June 10, 2025 11 General Account Summary Jesse Horsfall Senior Vice President, Portfolio Management

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CNO Financial Group \| Investments Briefing \| June 10, 2025 12 Unless otherwise noted, all data as of 3/31/2025. $30B General Account Summary  High quality portfolio – ~97% Investment Grade (I.G.) and ~97% priced by a third party  Highly diversified portfolio supported by deep expertise and partners  Capacity to take illiquidity up in appropriate market conditions General Account AUM 5% 3% 5% 3% 4% 11% 8% 2% 5% 4% 6% 44% I.G. Corporates – 44% Non-Agency RMBS – 6% Residential Mortgage Loans – 4% Commercial Mortgage Loans – 5% HY Corporates – 2% CMBS – 8% Municipals – 11% CLO – 3% Alternatives – 3% Other – 5% ABS – 5% Govts/Agency – 4% Foundation of strong asset quality ready for wide range of market conditions

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CNO Financial Group \| Investments Briefing \| June 10, 2025 13 Higher Persistency Lower Dynamic Lapse Captive Distribution Distribution and products provide structural competitive advantages Annuity Surrender Protection Significant Mix of Products Financial Stability Asset/Liability Management (ALM) 0% - 2.0% 16% 8.01%+ 50% 6.01% - 8.0% 14% 2.01% - 4.0% 8% 4.01% - 6.0% 12%

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CNO Financial Group \| Investments Briefing \| June 10, 2025 14 Granular asset modeling Integrated process between asset, product, liability teams Continued tech/ops infrastructure innovation Executive/Board of Directors engagement Integrated analysis – SAA, ALM, capital efficiency Conservative compliance guidelines Scenario testing Asset/Liability Management 4 5 3 2 1 6 7 Well-established enterprise discipline enables competitive advantage

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CNO Financial Group \| Investments Briefing \| June 10, 2025 15 2% 4% 16%RMLs 3% Alternatives 0% 5% 31% 5% 2%CML 44% 69%18%I.G. Corps Key Portfolio Metrics 11% 14%0%Municipals 9%0% 8% CMBS Min Max Peer Comparison Significant opportunity to add illiquid assets as market considerations warrant 4% 2% 0%HY Corps 5% 7%0%ABS 6% 41%1%Non-Agency RMBS 8%0% 4% Govt / Agency Min Max 4% 2% 1%EM Peer Min Peer Max CNO Legend

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CNO Financial Group \| Investments Briefing \| June 10, 2025 16 Taxable Municipals Zandra de Haai Senior Vice President, Research

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CNO Financial Group \| Investments Briefing \| June 10, 2025 17 Taxable Municipals $3.30bn AUM 11 % GENERAL ACCOUNT AA- AVERAGE NAIC EQUIVALENT 99 % INVESTMENT GRADE PEER COMPARISON Tax 10% General Obligation 13% Housing 20% Education 15% Health 6% Transportation 14% Misc. 14% Utilities 7% Overweight sector – foundation of solid asset quality 11% 14%0%

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CNO Financial Group \| Investments Briefing \| June 10, 2025 18 Average Investment Portfolio Construction  Target: 85% Revenue & 15% Govts/Agency  Metropolitan Statistical Areas (MSAs) > 250,000 residents Target Return  I.G. Corps + 25 – 50 bps Target Geography  $10mm – $25mm; minimum issue size ~$50mm General Obligation Bonds: Emphasis on broad taxing authority, significant unrestricted fund balances. Tax bases with strong demographic trends. Housing: AAA/AA rated large statewide programs. Asset coverage 110%+ with Ginnie wrap. Very low historical default experience. Transportation: Focus on essential infrastructure facilities with consistent utilization and predictable cash flows such as ports, airports, and rental car credits. Stable operations, adequate reserves, comfortable debt service coverage.  Project Finance, Prisons, Charter Schools, High Yield, Tobacco, Energy-Related, Military Housing Avoid Higher Ed: Focus on selective, top tier systems with stable / growing enrollment trends: sizeable endowments and strong unrestricted liquidity. Taxable Municipals In-house core competency delivering alpha

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CNO Financial Group \| Investments Briefing \| June 10, 2025 19 Structured Securities Jerimy Horner Vice President, Structured Securities

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CNO Financial Group \| Investments Briefing \| June 10, 2025 20 Asset Backed Securities (ABS) AVOID: Litigation Finance, Recreational Vehicles, Manufactured Housing, Commodity Finance, Marketplace Lending $1.67bn AUM 5 % GENERAL ACCOUNT A- AVG NAIC EQUIVALENT 94 % INVESTMENT GRADE PEER COMPARISON Other 6% Whole Business 29% Consumer Finance 17% Equipment 16% Auto 11% Net Lease 7% Transportation 7% Student Loans 6% 5% 7%0% Overweight sector – foundation of solid asset quality

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CNO Financial Group \| Investments Briefing \| June 10, 2025 21 Residential Mortgage-Backed Securities (RMBS) $1.72bn AUM 6 % GENERAL ACCOUNT AA+ NAIC EQUIVALENT 100 % INVESTMENT GRADE PEER COMPARISON AVOID: Mortgage derivatives, LTV > 80%, DTI > 50%, SFR, HELOCs, Fix-and-Flip Agency 32% Legacy 19% Reperforming Loans 11% Non-QM 12% Prime 2.0 27% 6% 41%1% Overweight sector – foundation of solid asset quality

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CNO Financial Group \| Investments Briefing \| June 10, 2025 22 $1.08bn AUM 4 % GENERAL ACCOUNT A NAIC EQUIVALENT 98 % INVESTMENT GRADE 43 % AGENCY ELIGIBLE PEER COMPARISON Early Mover Best in class Partners Conservative Guidelines High Loan Quality Agency Eligible: prime quality borrowers (FICO >700): loan size $250k – $750k. Non-QM: prime quality borrowers (FICO >700): conservative income documentation requirements; first lien/first mortgage only, geographic diversity. 1 2 Residential Mortgage Loans (RMLs) Opportunistic early mover 2% 4% 16%

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CNO Financial Group \| Investments Briefing \| June 10, 2025 23 Portfolio Construction  Vintage diversity, average LTV < 70% Target Return  UST + 200 bps Avoid  LTV > 80%, DTI > 50%, Large Loans (> $3mm), Vacation Rentals, Multi-family loans Geography  State concentration limit 25%. De-emphasize loans in selected geos with significant physical risks Residential Mortgage Loans LTV Percentage FICO Score 60-80 82% 40-60 12% 80+ 2% 20-40 4% 751-800 48% 800+ 12% 651-700 8% 701-750 32% High quality book performing well

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CNO Financial Group \| Investments Briefing \| June 10, 2025 24 Commercial Mortgage Andrew Aiello Vice President, Commercial Mortgage

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CNO Financial Group \| Investments Briefing \| June 10, 2025 25 Commercial Mortgage Loans (CMLs) $1.54bn AUM 5 % GENERAL ACCOUNT 100 % INVESTMENT GRADE EQUIVALENT 44 AVERAGE LTV % 2.8x AVERAGE DSCR $54mm 2025 / 2026 MATURITIES PEER COMPARISON Industrial 26% Office 9% Other 9% Retail 17% Multifamily 39% Conservative underwriting criteria – foundation of solid asset quality 31% 5% 2%

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CNO Financial Group \| Investments Briefing \| June 10, 2025 26 Target Return  I.G. Corps + 25 – 50 bps Loan Size  $5 million – $35 million Portfolio Construction  First mortgage financing for stabilized properties Geography  Tier 1 and Tier 2 markets Avoid  CBD office, hospitality, regional shopping centers, tertiary markets, transitional assets, construction risk, lease up risk, direct coastal exposure Class A Multifamily: Class A, stabilized assets, suburban garden or midrise with desirable amenities, located in areas with favorable population trends. Industrial: Institutional quality bulk warehouse, minimal office finish, typically multi-tenant, infill locations within major distribution markets. Retail: Necessity-based, typically anchored by major national or regional grocer with long term lease, minimal shop tenants, located in areas with favorable population trends. Key Underwriting Metrics  Low to moderate leverage (LTV<75%) Minimum 1.25 DSCR Commercial Mortgage Loans (CMLs) Conservative Guidelines Consistent Underwriting Proven Institutional Sponsorship Solid Performance Conservative underwriting criteria – foundation of solid asset quality

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CNO Financial Group \| Investments Briefing \| June 10, 2025 27 CML Office Deep Dive 55% Portfolio Average LTV <40% 15% 40%-50% 50%-60% 60%-70% 70%-80% >80% 25% 17% 5% 13% 25% $112mm AUM 15 LOANS 16 % AVERAGE DEBT YIELD 100 % INVESTMENT GRADE EQUIVALENT 55 % SUBURBAN OFFICE 45 % MEDICAL OFFICE $8mm 2025 / 2026 MATURITIES 2.1x Portfolio Average DSCR >2.00x 52% 1.70x-2.00x 1.40x-1.70x 1.15x-1.40x 1.00x-1.15x <1.00x 24% 16% 0% 8% 0% Underweight asset class, focused on highest quality properties

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CNO Financial Group \| Investments Briefing \| June 10, 2025 28 Collateralized Loan Obligations (CLO) Eddy Piedra Vice President, Loans & CLOs

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CNO Financial Group \| Investments Briefing \| June 10, 2025 29 CLO Debt Portfolio Composition Gross Historical Upgrades / Downgrades $1.02bn AUM 3 % GENERAL ACCOUNT AA AVERAGE NRSRO 100 % INVESTMENT GRADE PEER COMPARISON BBB 2% AAA 27%A 19% AAA 52% 2024 20252020 2021 2022 2023 45 12 2 22 16 40 Conservative credit criteria resulting in strong ratings performance 0% 3% 13%

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CNO Financial Group \| Investments Briefing \| June 10, 2025 30 Investment opportunities Structure/Pricing Underwriting Purchased Investment opportunities Structure/Pricing Underwriting Purchased CLO Group CML Group CML Group AI Utilization CLO Group AI Utilization AI Experimentation Faster, cheaper, more consistent asset sourcing

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CNO Financial Group \| Investments Briefing \| June 10, 2025 31 Alternatives and FABN Matt Hall Vice President, Alternatives

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CNO Financial Group \| Investments Briefing \| June 10, 2025 32 Alternatives Buyouts 73% $0.78bn AUM 3 % GENERAL ACCOUNT $0.41bn UNFUNDED COMMITMENTS PEER COMPARISON Private Equity 44% Venture 1% Secondaries 4% Real Estate Equity 15% Co- Investments 21% Real Estate Debt 5% Infrastructure 4% Private Credit 32% Credit Opportunities 32% Direct Lending 48% 3% 0% 5% Asset Based Finance 29% Upside opportunities to improve returns

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CNO Financial Group \| Investments Briefing \| June 10, 2025 33 Alternatives Target Return  7% – 14% Commitment Size  $15 – 50mm Portfolio Construction  Diversified portfolio of funds, strategies, managers, and vintages Geography  United States Avoid  Hedge funds, reputational/compliance issues, inaugural funds Manager Selection Track Record / Performance Proprietary Asset Sourcing Style Consistency Low NAV Volatility Cultural Alignment Focus on consistent cash flow versus binary results

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CNO Financial Group \| Investments Briefing \| June 10, 2025 34  Strong PE returns (30% average annual)  Consistent CRE returns (8 – 9 % range)  Reversion in PE returns (2.4% annual average returns)  Rebalancing reduced market beta by downsizing CRE from 39% to 20% and increasing PE from 19% to 44%  Target allocation 3 - 5% of AUM Alternatives Historical returns demonstrate attractiveness of asset class Excluding estimated CRE COVID impacts, portfolio returned 4% in 2023 and 7% in 2024. 9.8% 11.7% 20.1% 5.0% 1.9% 2022 2021 2020 2023 2019 2024 -0.3%

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CNO Financial Group \| Investments Briefing \| June 10, 2025 35 NII 1 20 29 33 6 FABN Strong demand growing scale and investment income contribution YE 2021 500 YE 2022 YE 2023 YE 2024 1Q25 900 1,400 1,400 1,600 3,000 400 2,600 Maturity Net Issuance Outstanding Dollars in millions.

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CNO Financial Group \| Investments Briefing \| June 10, 2025 36 Closing Remarks Eric Johnson Chief Investment Officer

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CNO Financial Group \| Investments Briefing \| June 10, 2025 37 We are Offensively Defensive Short Wall Street – Long Main Street Long Duration & High Quality: In a faltering economy, one investment strategy would be to add long duration high quality non cyclicals to benefit from eventually declining rates. Asset Backed Securities: Yield per unit of credit quality represents high relative value, especially senior in the capital stack. Consumer credit trends, which have normalized to weaker levels post pandemic, and are exposed to a downcase in unemployment, remain generally protected in truly draconian scenarios. Given the combination of economic and rate volatility, this could be a safe spot that pays. Cash / Short Duration: The curve remains relatively flat. Until risk adjusted yields are much higher, investors are likely to retain high cash/money market balances. CRE CLO AA: Spreads remain wide as the primary market reopened in 2H24. Particularly strong risk reward tradeoff. 2-3x expected loss cushion, floating rate coupons with index floors at least 300 basis points. Agency MBS: The recent sell off in risk assets and spread widening in agency MBS has created an opportunity in a world of 'choppy bottoms'. Does not constitute investment advice.

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CNO Financial Group \| Investments Briefing \| June 10, 2025 38 AUM reallocation of $600mm - $1.5bnIncrease allocation by $500mm - $1.0bn Modest increase in AUM Increase investment leverageI.G. Private Alternatives Fixed Income Portfolio Optimization Trades Allocation Net Investment Income (NII) Enhancement Upside opportunities to support ROE improvement Increase FABN/FHLB

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CNO Financial Group \| Investments Briefing \| June 10, 2025 39 CNO has a Position of Relative Advantage We will weather the storm "Up in Quality" especially in volatile sectors Highly liquid assets Rigorous asset valuation procedures Solid ALM & Compliance disciplines Low liability convexity "Dry Powder" for attractive opportunities

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CNO Financial Group \| Investments Briefing \| June 10, 2025 40 4 5 3 2 1 Five Key Investments Messages Proven investment approach, resulting in solid track record Foundation of strong asset quality and disciplined management Competitive advantages Upside opportunities to drive operating ROE improvement Partnership is in our DNA

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CNO Financial Group \| Investments Briefing \| June 10, 2025 41 Why Invest in CNO Adam Auvil Vice President, IR & Sustainability

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CNO Financial Group \| Investments Briefing \| June 10, 2025 42 4 5 3 2 1 Exclusive focus on underserved middle-income market Significant demographic tailwinds Diverse and integrated "last mile" in-person and virtual model Delivering growth while improving ROE Strong balance sheet and robust free cash flow resilient against market events 6 Track record of execution and delivering on our promises Why Invest in CNO

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CNO Financial Group \| Investments Briefing \| June 10, 2025 43 KEY MESSAGES Q&A Enter questions in chat

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CNO Financial Group \| Investments Briefing \| June 10, 2025 44 FOOTNOTES Peer Comparison (page 15) • Peer min / max data as of 12/31/2024. • Source for I.G. Corps, Municipals, Alternatives, CMBS, RMBS, Govt Agency: UBS "US Life and P&C Insurance" 14 Apr 2025. • Source for ABS, RML, CML, HY Corps, and EM: CapIQ. • CNO % allocation represents GAAP BV as % of AUM at 3/31/2025. Footnotes

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