Carmel, Ind., February 6, 2025 - CNO Financial Group, Inc. (NYSE: CNO) today announced its financial results for the fourth quarter and full year ended December 31, 2024. Net income in 4Q24 was $166.1 million, or $1.58 per diluted share, compared to $36.3 million, or $0.32 per diluted share, in 4Q23. Net income for the year ended December 31, 2024 was $404.0 million, or $3.74 per diluted share, compared to $276.5 million, or $2.40 per diluted share, in 2023. Non-economic accounting impacts due to market volatility increased net income in 4Q24 and full year 2024, and decreased net income in 4Q23 and full year 2023.

Net operating income (1), which excludes these non-economic accounting impacts, was $138.0 million, or $1.31 per diluted share, in 4Q24 compared to $133.9 million, or $1.18 per diluted share, in 4Q23. Net operating income (1) for the year ended December 31, 2024 was $429.3 million, or $3.97 per diluted share, compared to $356.1 million, or $3.09 per diluted share, in 2023.

In 4Q24, both net income and net operating income (1) were unfavorably impacted by significant items of $3.1 million, or $0.03 per diluted share, compared to a favorable impact in 4Q23 of $26.4 million, or $0.23 per diluted share. For the year, both net income and net operating income (1) were favorably impacted by significant items of $18.8 million, or $0.17 per diluted share, in 2024 and $43.3 million, or $0.37 per diluted share, in 2023.

“CNO delivered an exceptional quarter and full-year financial performance, demonstrating our ability to grow the franchise while also growing earnings and improving profitability,” said Gary C. Bhojwani, chief executive officer. “Building on 10 consecutive quarters of sales growth and strong agent force metrics, 2024 represented one of CNO’s best operating performances of the past several years, highlighted by production records across both divisions.”

“Operating earnings per share excluding significant items were up 41% for the quarter and 40% for the year, as sustained sales growth continued to translate into earnings growth. Significant improvement in operating earnings per share and operating return on equity reflect ongoing strength in our underwriting margins and net investment income coupled with expense and capital discipline. Our capital position and free cash flow generation remained robust, while returning $349 million to shareholders, a 50% increase from 2023.”

“As we enter 2025, CNO continues to be well-positioned to continue profitable growth, capitalize on the favorable macro and demographic environment, and drive long-term ROE expansion.”

Full Year 2024 Highlights (as compared to the corresponding period in the prior year where applicable)

•Total new annualized premiums ("NAP") (4) up 7%

•Record Worksite Division NAP, up 16%; Consumer Division NAP up 5%

•Record Annuity collected premium, up 13%

•Record client assets in brokerage and advisory, up 28%

•     Returned $349.3 million to shareholders

•     Return on equity ("ROE") of 16.4%; Operating ROE (5) of 11.9%

Fourth Quarter 2024 Highlights (as compared to the corresponding period in the prior year where applicable)

•Total NAP up 13%; Record Worksite Division NAP, up 23%; Consumer Division up 11%

•Record Annuity collected premium, up 12% - Second consecutive quarter

•Medicare Supplement NAP up 44%; Medicare Advantage submitted applications up 39%

•Producing agent counts in the Consumer and Worksite Divisions both up 8%

•Returned $108.0 million to shareholders

• Book value per share was $24.59; Book value per diluted share, excluding accumulated other comprehensive loss, (2) was $37.19, up 10% Net operating income, a non-GAAP(a) financial measure, is used consistently by CNO’s management to evaluate the operating

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performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income

primarily because it excludes certain non-operating items as defined in note (1). Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

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

(b)    Income from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Insurance margin is management’s measure of the profitability of its annuity, health and life segments’ performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expenses and amortization of acquisition costs.

(c)    Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN") program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investments income not allocated to product lines), net of interest expense on corporate debt and financing arrangements.

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Shareholders’ equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations. In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid. Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.

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

Net investment losses in 4Q24 were $35.1 million including the unfavorable change in the allowance for credit losses of $7.8 million which was recorded in earnings. Net investment gains in 4Q23 were $1.4 million including the favorable change in the allowance for credit losses of $21.8 million which was recorded in earnings.

During 4Q24 and 4Q23, we recognized a (decrease) increase in earnings of $(6.6) million and $8.8 million, respectively, due to the net change in market value of investments recognized in earnings.

During 4Q24 and 4Q23, we recognized an increase (decrease) in earnings of $71.0 million and $(124.6) million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.

Other non-operating items included an increase (decrease) in earnings of $6.6 million and $(10.3) million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability in 4Q24 and 4Q23, respectively. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.

Fixed maturities, available for sale, at amortized cost by asset class as of December 31, 2024 are as follows:

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

The fair value of CNO’s available for sale fixed maturity portfolio was $22.8 billion compared with an amortized cost of $25.3 billion. Net unrealized losses were comprised of gross unrealized gains of $147.4 million and gross unrealized losses of $2,534.0 million. The allowance for credit losses was $37.1 million at December 31, 2024.

The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 383% at December 31, 2024, reflecting estimated 4Q24 statutory operating income of $164.4 million (and $196.9 million during 2024) and the payment of insurance company dividends, net of capital contributions, to the holding company of $17.1 million during 4Q24 (and $129.0 million, net of capital contributions, during 2024).

During 4Q24, we repurchased $91.6 million of common stock under our securities repurchase program (including $1.4 million of repurchases settled in 1Q25). We repurchased 2.5 million common shares at an average cost of $36.96 per share. As of December 31, 2024, we had 101.6 million shares outstanding and had authority to repurchase up to an additional $240.3 million of our common stock. During 4Q24, we paid dividends on common stock of $16.4 million.

Unrestricted cash and investments held by our holding company were $372.5 million at December 31, 2024, compared to $256.0 million at December 31, 2023. In addition, the holding company has invested $500 million of the proceeds from the May 2024 issuance of $700.0 million of 6.450% senior notes due 2034 (the "2034 Notes") primarily into certificates of deposit which are expected to be used for the repayment of $500.0 million of 5.250% senior notes due May 2025 (the "2025 Notes").

Book value per common share was $24.59 at December 31, 2024 compared to $20.26 at December 31, 2023. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $37.19 at December 31, 2024, compared to $33.94 at December 31, 2023.

The debt-to-capital ratio was 42.3% and 34.0% at December 31, 2024 and 2023, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 32.1% and 23.1% at December 31, 2024 and 2023, respectively. Such ratios reflect the issuance of the 2034 Notes in May 2024. At December 31, 2024, adjusting for the expected repayment of the 2025 Notes, the debt-to-total capital ratio would have been 34.8% and the debt-to-total capital ratio, excluding accumulated other comprehensive income (loss), would have been 25.6%.

Return on equity for the years ended December 31, 2024 and 2023, was 16.4% and 14.0%, respectively. Operating return on equity, excluding significant items (5) for the years ended December 31, 2024 and 2023, was 11.4% and 8.6%, respectively.

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

This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO’s cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company’s Form 10-K for the year ended December 31, 2023 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company’s website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

The Company will host a conference call to discuss results on February 7, 2025 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available in the Investors section of the company's website.

To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=7dd256fb&confId=76554. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.

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

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income, and retirement needs with 3.2 million policies and $37.9 billion in total assets. Our 3,500 associates, 4,900 exclusive agents and more than 5,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

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(a) The prior period column has been revised to conform to current year's presentation for the correction of immaterial errors.

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(a) The prior period columns have been revised to conform to current year's presentation for the correction of immaterial errors.

(1)Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or

losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk

benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred

compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on

extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and

(viii) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net

operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals. A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.

(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(3)The calculation of the debt-to-total capital ratio non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

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

(5)The following summarizes the calculations of: (i) operating return on equity (a non-GAAP financial measure), which is equal to the trailing four quarters of net operating income (1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; (ii) operating return on equity, excluding significant items (a non-GAAP financial measure), which is equal to the trailing four quarters of net operating income(1) , excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; and (iii) return on equity (dollars in millions):

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

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

(6)    The tables below summarize the financial impact of significant items on our net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).

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(a)Comprised of $27.3 million of the net favorable impact arising from our comprehensive annual actuarial review.

(b)Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.

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(a)Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review.

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(a) Significant items impacting the health margin were revised from $8.2 million reported at September 30, 2024 to $4.3 million.

(b) Comprised of $31.2 million of net favorable impact arising from our comprehensive annual actuarial review.

(c) Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.

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(a)Comprised of $33.9 million of the net favorable impact arising from our comprehensive annual actuarial review.

(b)Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals.

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(a)Comprised of $33.9 million of the net favorable impact arising from our comprehensive annual actuarial review.

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(a)Comprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals.

For further information:

CNO News Media

Valerie Dolenga

Valerie.Dolenga@CNOinc.com

CNO Investor Relations

Adam Auvil

Adam.Auvil@CNOinc.com

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