CNO Financial Group, Inc. (Form: 8-K, Received: 02/05/2026 16:17:28)

1 Unless otherwise specified, comparisons in this presentation are between 4Q24 and 4Q25. Fourth Quarter 2025 Financial and operating results for the period ended December 31, 2025 February 5, 2026

2 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 release issued on February 5, 2026, 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. Forward-Looking Statements 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. Non-GAAP Measures IMPORTANT LEGAL INFORMATION

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.

4 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Operational Highlights Financial Highlights YEAR IN REVIEW Delivered another year of exceptional results; Achieved all 2025 guidance metrics  Operating EPS1 was $4.40, up 11% – Operating EPS1 excluding significant items was $4.02, up 6% – Continued strong underwriting and net investment income (NII) results – Operating return on equity1 (ROE) of 11.4% excluding significant items  Robust total capital position; Continued strong free cash flow generation  Executed second reinsurance transaction with Bermuda affiliate  Returned $386 million to shareholders, up 11%  Book value per diluted share excluding AOCI1 was $38.81  14th consecutive quarter of strong insurance sales – Total new annualized premiums (NAP), up 15% – Consumer Division NAP, up 15% – Worksite Division NAP, up 15% – Annuity collected premium, up 9% – Client assets in brokerage and advisory, up 24%  12th consecutive quarter of growth in producing agent count (PAC) – Most productive year ever for both the Bankers Life and Optavise captive agencies Records Comparisons are between full year 2025 and 2024 unless otherwise specified.

5 4Q FY 1Q 2Q 3Q 4Q FY vs 4Q24 vs FY24 New Annualized Premiums1 $108.6 $415.4 $105.7 $119.9 $125.1 $128.5 $479.2 18.3% 15.4% Consumer 91.0 353.4 91.3 101.9 106.1 108.7 408.0 19.5% 15.4% Worksite 17.6 62.0 14.4 18.0 19.0 19.8 71.2 12.5% 14.8% Annuity Collected Premiums $493.1 $1,790.6 $442.0 $520.5 $472.5 $508.3 $1,943.3 3.1% 8.5% Fee Revenue1,2 $78.7 $190.6 $47.4 $33.5 $33.0 $71.4 $185.3 -9.3% -2.8% Consumer 69.8 156.4 39.4 26.7 26.2 71.4 163.7 2.3% 4.7% Worksite 8.9 34.2 8.0 6.8 6.8 -- 21.6 -- -36.8% Policyholder and Client Assets $16,475 -- $16,591 $17,448 $18,108 $18,307 -- 11.1% -- Annuity Account Values 12,413 -- 12,593 12,856 13,068 13,271 -- 6.9% -- Client Assets in BD and Advisory1 4,062 -- 3,998 4,592 5,040 5,036 -- 24.0% -- Producing Agent Counts (PAC) 1 4,952 -- 4,820 4,961 4,928 5,016 -- 1.3% -- Consumer 4,574 -- 4,424 4,558 4,518 4,612 -- 0.8% -- Worksite 378 -- 396 403 410 404 -- 6.9% -- Average Book Value of Investments & Cash $30,399 -- $30,756 $30,733 $30,878 $31,462 -- 3.5% -- Average Yield on Allocated Investments 4.87% 4.80% 4.87% 4.92% 4.91% 4.92% 4.91% 5 bps 11 bps New Money Rate 6.72% -- 6.43% 6.42% 6.20% 6.11% -- -61 bps -- Book Value per Diluted Share x AOCI 3 $37.35 -- $37.27 $38.05 $38.10 $38.81 -- 3.9% -- 3-year CAGR 11.6% -- 9.6% 7.7% 6.1% 6.8% -- -- -- Change20252024 IN VE ST M EN TS & CA PI TA L PR O DU CT IO N DI ST RI BU TI O N GROWTH SCORECARD Record setting production in 2025 (dollars in millions) 1 See page 24 for a glossary of terms and definitions. 2 Beginning in 4Q25, Worksite Division fee services revenue will be reported as non-operating due to the previously announced exit of the business. 3 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure.

6 CONSUMER DIVISION UPDATE Strong 2025 results; 13th consecutive quarter of sustained growth  PAC up 1%; 12th consecutive quarter of growth – Strong agent productivity and retention – Registered agents up 8%  Total Medicare policies sold up 5%  NAP generated from non-TV lead sources represented 70% of total D2C sales  Record Life and Health NAP up 15%, up 20% vs 4Q24  Life NAP up 10%; Record D2C NAP, up 20%  Health NAP up 22%, up 38% vs 4Q24 – Medicare Supplement NAP up 49%, up 92% vs 4Q24; Best quarter since 2009 – Supplemental Health NAP up 15%; LTC NAP up 4%  Record Annuity collected premiums, up 9%; 4Q25 second highest quarter of all time – Inforce account value up 7%  Record client assets in brokerage and advisory, up 24% – Total accounts up 12% Operational Highlights Distribution Highlights Comparisons are between full year 2025 and 2024 unless otherwise specified.

7 WORKSITE DIVISION UPDATE Record quarter and year for insurance sales; 15th consecutive quarter of NAP growth  Record Life and Health NAP, up 15%, up 13% vs 4Q24 – Record Life NAP up 36%, up 46% vs 4Q24 – Hospital Indemnity NAP up 41%, up 105% vs 4Q24 – Accident NAP up 11%, up 9% vs 4Q24  PAC up 7%; 14th consecutive quarter of growth – Recruiting up 10% – Strong productivity  Geographic expansion contributed 11% of NAP growth for 2025  New group premium up 23% Operational Highlights Distribution Highlights Comparisons are between full year 2025 and 2024 unless otherwise specified.

8 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Net operating earnings per share1 (dollars in millions, except per share amounts) Earnings Results FINANCIAL HIGHLIGHTS Excluding significant items Sustained, profitable growth delivered 11.4% operating ROE1 excluding significant items Highlights Net operating income1 $138.0 $143.4 $429.3 $439.2 Net operating income excluding significant items1 $141.1 $143.4 $410.5 $401.7 Net Income $182.9 $92.9 $420.8 $229.3 Weighted average shares outstanding (in millions) 105.2 97.3 108.1 99.8 $1.31 $1.47 $3.97 $4.40 4Q24 4Q25 FY2024 FY2025 $1.34 $3.80 Fourth Quarter 2025  Operating EPS1 up 12%, up 10% excluding significant items — Strength in insurance product margin and NII allocated to products — Expense ratio of 18.1%, excluding significant items  $60 million of share repurchases Full Year 2025  Operating EPS1 up 11%, up 6% excluding significant items — Continued strength in insurance product margin — NII allocated to products, benefiting from growing asset base and yield improvement — Expense ratio of 18.9%, excluding significant items  Reduced weighted average shares outstanding by 8% for both the quarter and the year  Maintained robust capital position, bolstered by strong free cash flow generation  $320 million of share repurchases, up 14%  Operating ROE1 of 12.4% and 11.4% excluding significant items $4.02

9 (dollars in millions) Insurance Product Margin Excluding Significant Items1 1 Excludes impacts from the annual actuarial review and out-of-period adjustment in 1Q2025. See the Appendix for a reconciliation to the corresponding GAAP measure and a breakdown of impacts by major product category. Annuity margin  Fixed Indexed Annuities (FIA) – growth in the block  Other Annuities – favorable prior period reserve releases on closed block policies Health margin  Supplemental Health – growth in the block  Medicare Supplement – modestly higher claims, partially offset by growth in the block  LTC – growth in the block alongside 100% retention of new business Life margin  Growth in the block Highlights INSURANCE PRODUCT MARGIN Outstanding sales performance driving growth in insurance product margins 4Q24 1Q25 2Q25 3Q25 4Q25 Annuity $55.0 $54.5 $54.8 $56.3 $56.4 Fixed Indexed Annuities $43.5 $44.5 $45.4 $45.9 $46.4 Fixed Interest Annuities $8.0 $8.1 $8.0 $8.5 $8.2 Other Annuities $3.5 $1.9 $1.4 $1.9 $1.8 Health $134.0 $126.2 $134.0 $135.9 $139.4 Supplemental Health $70.8 $65.6 $68.6 $72.3 $74.1 Medicare Supplement $29.4 $28.1 $28.2 $30.4 $28.6 Long-term Care $33.8 $32.5 $37.2 $33.2 $36.7 Life $68.0 $61.4 $63.6 $67.0 $70.0 Interest Sensitive Life $23.3 $24.1 $21.9 $20.7 $24.8 Traditional Life $44.7 $37.3 $41.7 $46.3 $45.2 Total Margin $257.0 $242.1 $252.4 $259.2 $265.8

10 1 Reflects sum of allocated and non-allocated investment income. Refer to pages 15-17 of the financial supplement for more information on the components of net investment income. 2 Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.  Average yield on allocated investments of 4.92% in 4Q25 vs. 4.87% in 4Q24  Average net insurance liabilities2 up 4.1%  Puts and takes across the various components, solid net results.  Alternative investment income met yield expectations in 4Q25  Issued $400 million FABN in the quarter and $750 million for the year Investment Income Allocated to Product Lines Investment Income Not Allocated to Product Lines Annuity Health Life Not allocated $- $300.0 $600.0 $900.0 $1,200.0 4Q24 4Q25 FY2024 FY2025 $- $50.0 $100.0 $150.0 $200.0 4Q24 4Q25 FY2024 FY2025 $- $300.0 $600.0 $900.0 $1,200.0 4Q24 4Q25 FY2024 FY2025 INVESTMENT RESULTS (dollars in millions)  New money rate of 6.11% in 4Q25, 12th consecutive quarter over 6%  Average book value of invested assets up 3.5%  Earned yield of 5.04% in 4Q25 vs. 5.16% in 4Q24 $260.1 $273.7 $1,011.7 $1,074.3 $65.3 $58.1 $167.9 $169.4 $1,243.7$1,179.6 $331.8$325.4 9th consecutive quarter of growth in net investment income1 Total Net Investment Income1

11 1 Fair Value as of 12/31/2025 PORTFOLIO COMPOSITION High-quality, liquid portfolio producing solid and consistent results Highlights General Approach $31 Billion of Invested Assets1  High degree of liquidity: over 55% of portfolio in corporate and government bonds  Strong credit risk profile — Capital efficient: 97% rated NAIC 1 or 2 — Portfolio average rating A — CRE and private credit portfolios performing as expected  Positioned for stable performance across credit cycles  Focus on quality - margin against adverse development  Low impairments through multiple cycles  Embedded asset liability management  Opportunistic investments protect/grow book yield and core earnings power  Growth in AUM leverages increased book yield, resulting in higher net investment income IG Corporates, 41.1% Non- Agency RMBS, 5.3% Mortgage Loans, 10.4% HY Corporates, 2.1% CMBS, 7.0% Municipals, 9.6% ABS, 5.8% Govts/Agency, 4.1% CLO, 3.8% Equities, 1.1% Other Invested Assets, 2.8% Alternatives, 3.0% Policy Loans, 0.7% Cash, 3.2%

12 Debt to Capital2 Consolidated Risk Based Capital (RBC) Ratio1 Holding Company Liquidity 1 The ratio of the combined capital of the insurance companies to the minimum amount of capital appropriate to support the overall business operations, as determined based on the methodology developed by the National Association of Insurance Commissioners. 2 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure. (dollars in millions)  Managing RBC Ratio in the range of 360% – 390%  RBC ratio variability expected in periods of market volatility  Target leverage of 25% - 28%  Debt covenant ceiling of 35%  $124 million in debt capacity to top of target leverage range  Target minimum holding company liquidity of $150 million  Liquidity backstopped by $250 million undrawn revolver  Staggered debt maturities in 2029 and 2034 CAPITAL AND LIQUIDITY OVERVIEW Robust total capital position Debt to capital2 excluding $500 million note that matured May 2025 402% 383% 380% 2023 2024 2025 $256 $372 $351 2023 2024 2025 23.1% 32.1% 26.2% 2023 2024 2025 25.6%

13 2026 Earnings 2026 Free Cash Flow / Excess Capital GUIDANCE Guidance excludes significant items  $4.25 – $4.45 operating EPS  18.8% – 19.2% expense ratio  ~22.5% effective tax rate  $200 – $250 million free cash flow  360% – 390% RBC Ratio  $150 million minimum holding company liquidity  25% – 28% debt to total capital ratio Return on Equity  Improve run rate operating ROE by 200 basis points through 2027  Off 2024 run rate of 10%

14 4 5 3 2 1 Exclusive middle-market focus and “last-mile” captive distribution create a durable competitive moat Significant demographic tailwinds Proven investment results built on a foundation of strong asset quality and disciplined management Strong balance sheet and robust free cash flow resilient against market events WHY INVEST IN CNO 6 Track record of execution and delivering on our promises Delivering growth while improving ROE and modernizing the business

15 Questions and Answers

16  Cash Flow Profile Slide 17  Broker-Dealer/Registered Investment Advisor Slide 18  Expense Ratio Slide 19  Levers To Drive Operating ROE Slide 20  Financial Results Seasonality Slide 21  New Money Summary Slide 22  Private Credit Slide 23  Long-Term Care Insurance Slide 24  Glossary of Terms and Definitions Slide 25  Tax Asset Summary Slide 26 Appendix 1: Quarter in Review

17 1 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions (dollars in millions) CASH FLOW PROFILE 4Q24 4Q25 4Q24 4Q25 Holding Company Cash Flows: Net Dividends (Contributions) from/to Subsidiaries 24.7$ 273.8$ 163.2$ 318.4$ Management Fees 31.0 30.3 119.7 124.4 Surplus Debenture Interest 16.4 15.3 84.4 75.9 Earnings on Corporate Investments 11.3 4.2 38.2 26.6 Other (2.8) 31.5 (1.2) 59.3 Holding Company Sources of Cash1 80.6 355.1 404.3 604.6 Holding Company Expenses and Other (15.6) (94.1) (64.1) (162.1) Intercompany Tax Receipts (Payments) 19.2 38.8 74.5 50.6 Tax Payments (2.0) (28.0) (42.9) (34.9) Interest Payments (55.1) (37.8) (87.5) (92.7) Free Cash Flow1 27.1 234.0 284.3 365.5 Net Proceeds from the Issuance of Notes Payable - - 691.0 - Notes Payable Repayment - - - (500.0) Share Repurchases (91.6) (60.1) (290.8) (320.4) Dividend Payments to Stockholders (16.4) (16.2) (67.7) (66.2) Net Change in Holding Company Cash and Investments (80.9) 157.7 616.8 (521.1) Cash and Investments, Beginning of Period 953.4 193.7 255.6 872.5 Cash and Investments, End of Period 872.5$ 351.4$ 872.5$ 351.4$ Amounts Invested for the Future Repayment of Notes Payable (500.0) - (500.0) - Available Cash and Investments, End of Period 372.5$ 351.4$ 372.5$ 351.4$ Trailing Twelve MonthsFor the Quarter

18 Account values up 24% YoY; Registered agent counts up 8% 1 Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc. Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 303 East Wacker Drive, 5th Floor, Chicago, IL 60601. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients. 3 Representative counts represent the average of the last 3 months. 4 1Q25 Net New Client Assets in Brokerage and Advisory amounts have been revised to correct previously identified misstatements. The revision did not have a material impact on the previously reported disclosure. (dollars in millions) BROKER-DEALER/REGISTERED INVESTMENT ADVISOR 4Q 1Q4 2Q 3Q 4Q Net New Client Assets in Brokerage 60.7$ 61.3$ 62.0$ 74.1$ 67.6$ Brokerage and Advisory1 Advisory 94.2 69.4 140.4 124.2 (90.2) Total 154.9$ 130.7$ 202.4$ 198.3$ (22.6)$ Client Assets in Brokerage and Brokerage 2,119.6$ 2,117.4$ 2,293.3$ 2,472.4$ 2,543.2$ Advisory1 at end of period Advisory 1,942.8 1,880.5 2,298.4 2,567.3 2,493.0 Total 4,062.4$ 3,997.9$ 4,591.7$ 5,039.7$ 5,036.2$ Registered Agent Counts 2,3 Total 726 739 759 766 781 2024 2025

19 1 Expense ratio calculation = expenses allocated to products plus not allocated to products, divided by the sum of insurance policy income and net investment income allocated to products. Results exclude significant items. 2 See pages 28-34 for a reconciliation of the significant items. EXPENSE RATIO1 (dollars in millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Allocated & Non Allocated Expenses 178.4$ 172.1$ 171.5$ 165.1$ 181.5$ 174.7$ 173.3$ 169.5$ Allocated & Non Allocated Expenses - YTD 178.4 350.5 522.0 687.1 181.5 356.2 529.5 699.0 Significant Items2 -$ -$ 2.9$ -$ -$ -$ -$ -$ Significant Items - YTD2 - - 2.9 2.9 - - - - Allocated & Non Allocated Expenses Excluding Significant Items 178.4$ 172.1$ 168.6$ 165.1$ 181.5$ 174.7$ 173.3$ 169.5$ Allocated & Non Allocated Expenses Excluding Significant Items - YTD 178.4 350.5 519.1 684.2 181.5 356.2 529.5 699.0 Policy Income and Net Investment Income Allocated to Products 873.7$ 893.8$ 899.0$ 903.7$ 911.4$ 920.3$ 929.3$ 935.9$ Policy Income and Net Investment Income Allocated to Products - YTD 873.7 1,767.5 2,666.5 3,570.2 911.4 1,831.7 2,761.0 3,696.9 Expense Ratio 20.4% 19.3% 18.8% 18.3% 19.9% 19.0% 18.6% 18.1% Expense Ratio - YTD 20.4% 19.8% 19.5% 19.2% 19.9% 19.4% 19.2% 18.9% Rolling Twelve Months Ratio 19.4% 19.3% 19.2% 19.2% 19.1% 19.0% 19.0% 18.9% 2024 2025

20 LEVERS TO DRIVE OPERATING ROE Combination of top and bottom-line actions to improve Operating ROE  Accelerating brokerage and advisory growth  Insurance product refreshment  New business terms, processing and underwriting  Optimize agent count and productivity  Increase synergies between field and D2C  Worksite Division geographic expansion and focus on new group development  Selective new independent distribution partnerships  Optimize capital structure  Strategic asset allocation  Optimize reinsurance, including Bermuda captive  Strategic minority investments  Divest under-performing assets (e.g., Worksite fee business)  Expense discipline  Enhanced customer service capabilities  Technology platform modernization Products Distribution Investments & Capital Operational Efficiencies Operating ROE Improvement This list is a representative sample of initiatives under consideration and is not exhaustive.

21 FINANCIAL RESULTS SEASONALITY 1Q 2Q 3Q 4Q Medicare Supplement Margin Seasonally highest claims and surrenders Mortality Seasonally highest mortality D2C Advertising Traditionally highest advertising Traditionally lowest advertising Fee Income* ~1/3 income Near breakeven Near breakeven ~2/3 income Expenses Traditionally highest expense ratio Traditionally lowest expense ratio Quarterly trend similar to 2025 Quarterly trend similar to 2025

22 4Q25 General Account New Money Purchases NEW MONEY SUMMARY (dollars in millions) IG Corp BBB 16.0%IG Corp AAA-A 16.0% RMBS 14.5% Residential Mortgage Loans 10.2% Rated Notes 8.5% ABS 8.4% CRE Loans 6.9% Alternatives 6.4% CMBS 5.6% Municipals 3.7% CLO Debt 2.8% HY Corp 0.6% EM 0.3% $ % GAAP YTM IG Corp BBB 260.6 16.0% 5.90% IG Corp AAA-A 260.5 16.0% 5.49% RMBS 236.3 14.5% 5.29% Residential Mortgage Loans 166.4 10.2% 6.07% Rated Notes 139.0 8.5% 6.33% ABS 135.9 8.4% 6.02% CRE Loans 111.5 6.9% 5.28% Alternatives 104.7 6.5% 11.52% CMBS 90.9 5.6% 5.56% Municipals 59.6 3.7% 5.64% CLO Debt 46.0 2.8% 5.13% HY Corp 9.5 0.6% 11.29% EM 5.1 0.3% 5.32% Total 1,626.0 100.0% 6.11%

23 PRIVATE CREDIT $1.5B of diversified exposure across asset managers, structures, vintages; 2,000+ underlying credits 1 Non-rated (NR) holdings primarily consist of LPs, residuals, and interval funds, all of which are part of our Alternatives allocation but included here because they have private credit exposure. By Asset Class By Rating1 By Structure By Rating Agency Asset Based Finance 51% Direct Lending 26% Infrastructure 2% Opportunistic 3% Portfolio Finance 18% A 32% AA 11% AAA 2%B 3% BB… BBB 27% NR 19% ABF Loans 23% Interval Funds 3% LPs 7% Middle Market Loans 5% Portfolio Finance Loans 17% Rated Notes 36% Residuals 8% DBRS 9% Egan Jones 3% Fitch 5% KBRA 65% Moodys 15% S&P 3%

24 New sales focused on short duration products  Recent growth due to strong sales in LTC Fundamental product  99% of new sales for policies with 2 years or less in benefits  Average benefit period of 13 months for policies sold in 2025 Reserve assumptions informed by historical experience  No morbidity improvement  No mortality improvement  Minimal future rate increases Favorable economic profile  Total LTC is just 12% of overall CNO insurance liabilities  Downside risk significantly reduced after 2018 reinsurance transaction  Average maximum benefit at issuance is $166 per day for in-force block Block highlights  Less than 22% of policies have inflation benefits  2% of policies have lifetime benefits, the median benefit period is ~1 year, and the average non-lifetime benefit period is ~1.4 years  Average attained age is 75 years Highly differentiated; prudently-managed in-force block LONG-TERM CARE INSURANCE

25 GLOSSARY OF TERMS AND DEFINITIONS New Annualized Premiums - Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. Fee Revenue - Represents fee revenue from the sales of third-party insurance products, fees generated by our broker/dealer and registered investment advisor, and prior to 4Q25, fee revenue earned by the Worksite Division fee services business. Client Assets in Broker Dealer (BD) and Advisory - Client assets include cash and securities in brokerage, broker/dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Producing Agent Counts (PAC) - Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month.

26 Value of NOLs Details  Remaining NOLs are expected to be fully utilized and can generally offset 80% of non- life taxable income and 35% of life taxable income  Total estimated economic value of tax assets related to our NOLs of approximately $165 million @ 10% discount rate ($1.71 on a per diluted share basis) $205 (dollars in millions) $205 million / $2.12 per diluted share value of remaining NOLs TAX ASSET SUMMARY AS OF DECEMBER 31, 2025 Non-life NOLs with Expiration Dates (2032-2035) $4 NOLs with no Expiration Date $201

27 Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 28 - 45

28 2025 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 2025 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 amounts) Actual Results Significant Items Excluding significant items Insurance product margin Annuity 238.6$ (16.6)$ (a) 222.0$ Health 556.6 (21.1) (a) 535.5 Life 272.4 (10.4) (a) 262.0 Total insurance product margin 1,067.6 (48.1) 1,019.5 Allocated expenses (611.3) - (611.3) Income from insurance products 456.3 (48.1) 408.2 Fee income 15.2 - 15.2 Investment income not allocated to product lines 169.4 - 169.4 Expenses not allocated to product lines (87.7) - (87.7) Operating earnings before taxes 553.2 (48.1) 505.1 Income tax (expense) benefit on operating (114.0) 10.6 (103.4) Net operating income (b) 439.2$ (37.5)$ 401.7$ Net operating income per diluted share (b) 4.40$ (0.38)$ 4.02$ December 31, 2025 Year ended (a) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review during 3Q25 and $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, during 1Q25. (b) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure.

29 (dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 3Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q25 SIGNIFICANT ITEMS (a) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review. (b) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 72.9$ (16.6)$ (a) 56.3$ Health 157.0 (21.1) (a) 135.9 Life 70.6 (3.6) (a) 67.0 Total insurance product margin 300.5 (41.3) 259.2 Allocated expenses (151.0) - (151.0) Income from insurance products 149.5 (41.3) 108.2 Fee income (3.9) - (3.9) Investment income not allocated to product lines 39.5 - 39.5 Expenses not allocated to product lines (22.3) - (22.3) Operating earnings before taxes 162.8 (41.3) 121.5 Income tax (expense) benefit on operating (35.6) 9.1 (26.5) Net operating income (b) 127.2$ (32.2)$ 95.0$ Net operating income per diluted share (b) 1.29$ (0.33)$ 0.96$ Three months ended September 30, 2025 Actual results Significant items Excluding significant items

30 (dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 1Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 1Q25 SIGNIFICANT ITEMS (a) Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves. (b) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 54.5$ -$ 54.5$ Health 126.2 - 126.2 Life 68.2 (6.8) (a) 61.4 Total insurance product margin 248.9 (6.8) 242.1 Allocated expenses (161.2) - (161.2) Income from insurance products 87.7 (6.8) 80.9 Fee income (0.8) - (0.8) Investment income not allocated to product lines 38.0 - 38.0 Expenses not allocated to product lines (20.3) - (20.3) Operating earnings before taxes 104.6 (6.8) 97.8 Income tax (expense) benefit on operating (23.5) 1.5 (22.0) Net operating income (b) 81.1$ (5.3)$ 75.8$ Net operating income per diluted share (b) 0.79$ (0.05)$ 0.74$ Three months ended March 31, 2025 Actual results Significant items Excluding significant items

31 2024 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 2024 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 amounts) (a) Comprised of $27.3 million of the net favorable impact arising from our comprehensive annual actuarial review. (b) Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment. (c) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure. Actual Results Significant Items Excluding significant items Insurance product margin Annuity 274.2$ (36.2)$ (a) 238.0$ Health 516.8 8.2 (a) 525.0 Life 249.0 0.7 (a) 249.7 Total insurance product margin 1,040.0 (27.3) 1,012.7 Allocated expenses (615.3) - (615.3) Income from insurance products 424.7 (27.3) 397.4 Fee income 30.0 - 30.0 Investment income not allocated to product lines 167.9 - 167.9 Expenses not allocated to product lines (71.8) 2.9 (b) (68.9) Operating earnings before taxes 550.8 (24.4) 526.4 Income tax (expense) benefit on operating (121.5) 5.6 (115.9) Net operating income (c) 429.3$ (18.8)$ 410.5$ Net operating income per diluted share (c) 3.97$ (0.17)$ 3.80$ December 31, 2024 Year ended

32 (dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 4Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 4Q24 SIGNIFICANT ITEMS (a) Comprised of $3.9 millions of the unfavorable impact arising from our comprehensive annual actuarial review. (b) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure. Insurance product margin Annuity 55.0$ -$ 55.0$ Health 130.1 3.9 (a) 134.0 Life 68.0 - 68.0 Total insurance product margin 253.1 3.9 257.0 Allocated expenses (146.1) - (146.1) Income from insurance products 107.0 3.9 110.9 Fee income 20.6 - 20.6 Investment income not allocated to product lines 65.3 - 65.3 Expenses not allocated to product lines (19.0) - (19.0) Operating earnings before taxes 173.9 3.9 177.8 Income tax (expense) benefit on operating (35.9) (0.8) (36.7) Net operating income (b) 138.0$ 3.1$ 141.1$ Net operating income per diluted share (b) 1.31$ 0.03$ 1.34$ Three months ended December 31, 2024 Actual results Significant items Excluding significant items

33 (dollars in millions, except per-share amounts) (a) Comprised of $31.2 million of net favorable impact arising from our comprehensive annual actuarial review. Significant items impacting the health margin were revised from $8.2 million reported in September 30, 2024 to $4.3 million. (b) Unfavorable impact related to a fixed asset impairment. (c) A non-GAAP measure. See pages 36 and 37 for a reconciliation to the corresponding GAAP measure. The table below summarizes the financial impact of significant items on our 3Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q24 SIGNIFICANT ITEMS Insurance product margin Annuity 91.1$ (36.2)$ (a) 54.9$ Health 127.8 4.3 (a) 132.1 Life 63.3 0.7 (a) 64.0 Total insurance product margin 282.2 (31.2) 251.0 Allocated expenses (153.0) - (153.0) Income from insurance products 129.2 (31.2) 98.0 Fee income (2.7) - (2.7) Investment income not allocated to product lines 45.5 - 45.5 Expenses not allocated to product lines (18.5) 2.9 (b) (15.6) Operating earnings before taxes 153.5 (28.3) 125.2 Income tax (expense) benefit on operating (34.3) 6.4 (27.9) Net operating income (c) 119.2$ (21.9)$ 97.3$ Net operating income per diluted share (c) 1.11$ (0.19)$ 0.92$ Three months ended September 30, 2024 Actual results Significant items Excluding significant items

34 (dollars in millions) * Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, 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 ("MRBs") related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) 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; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) 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. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the table. QUARTERLY EARNINGS 4Q24 YTD 4Q24 1Q25 2Q25 3Q25 4Q25 YTD 4Q25 Insurance product margin Annuity 55.0$ 274.2$ 54.5$ 54.8$ 72.9$ 56.4$ 238.6$ Health 130.1 516.8 126.2 134.0 157.0 139.4 556.6 Life 68.0 249.0 68.2 63.6 70.6 70.0 272.4 Total insurance product margin 253.1 1,040.0 248.9 252.4 300.5 265.8 1,067.6 Allocated expenses (146.1) (615.3) (161.2) (149.4) (151.0) (149.7) (611.3) Income from insurance products 107.0 424.7 87.7 103.0 149.5 116.1 456.3 Fee income 20.6 30.0 (0.8) 0.8 (3.9) 19.1 15.2 Investment income not allocated to product lines 65.3 167.9 38.0 33.8 39.5 58.1 169.4 Expenses not allocated to product lines (19.0) (71.8) (20.3) (25.3) (22.3) (19.8) (87.7) Operating earnings before taxes 173.9 550.8 104.6 112.3 162.8 173.5 553.2 Income tax expense on operating income (35.9) (121.5) (23.5) (24.8) (35.6) (30.1) (114.0) Net operating income* 138.0 429.3 81.1 87.5 127.2 143.4 439.2 Net realized investment gains (losses) from disposals, impairments and change in allowance for credit losses (35.1) (72.7) (13.2) (21.8) (8.8) (25.2) (69.0) Net change in market value of investments recognized in earnings (6.6) 22.8 6.4 3.4 5.8 (1.3) 14.3 Fair value changes related to agent deferred compensation plan 6.6 6.6 - - - (1.7) (1.7) Changes in fair value of embedded derivative liabilities and market risk benefits 92.6 46.3 (69.6) 25.2 (18.1) (1.5) (64.0) Expenses related to TechMod initiative - - - (3.2) (7.2) (9.9) (20.3) Goodwill and intangible asset impairment - - - - (96.7) (5.2) (101.9) Net loss related to divested business - - - - - (17.3) (17.3) Other 0.7 (13.9) (0.4) 2.1 (1.6) - 0.1 Non-operating income (loss) before taxes 58.2 (10.9) (76.8) 5.7 (126.6) (62.1) (259.8) Income tax (expense) benefit on non-operating income (loss) (13.3) 2.4 17.2 (1.4) 22.5 11.6 49.9 Net non-operating income (loss) 44.9 (8.5) (59.6) 4.3 (104.1) (50.5) (209.9) Net income 182.9 420.8 21.5 91.8 23.1 92.9 229.3

35 The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered as 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 – SEC Filings” section of CNO’s website, www.CNOinc.com. Operating earnings measures Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, 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 MRBs related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) 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) costs related to TechMod that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) 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. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES

36 A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows: (dollars in millions, except per-share amounts) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 4Q24 YTD 4Q24 1Q25 2Q25 3Q25 4Q25 YTD 4Q25 Net income applicable to common stock 182.9$ 420.8$ 21.5$ 91.8$ 23.1$ 92.9$ 229.3$ Non-operating items: Net realized investment (gains) losses from sales and impairments 35.1 72.7 13.2 21.8 8.8 25.2 69.0 Net change in market value of investments recognized in earnings 6.6 (22.8) (6.4) (3.4) (5.8) 1.3 (14.3) Fair value changes related to the agent deferred compensation plan (6.6) (6.6) - - - 1.7 1.7 Changes in fair value of embedded derivative liabilities and market risk benefits (92.6) (46.3) 69.6 (25.2) 18.1 1.5 64.0 Expenses related to TechMod initiative - - - 3.2 7.2 9.9 20.3 Goodwill and intangible asset impairment - - - - 96.7 5.2 101.9 Net loss related to divested business - - - - - 17.3 17.3 Other (0.7) 13.9 0.4 (2.1) 1.6 - (0.1) Non-operating (income) loss before taxes (58.2) 10.9 76.8 (5.7) 126.6 62.1 259.8 Income tax expense (benefit) on non-operating income 13.3 (2.4) (17.2) 1.4 (22.5) (11.6) (49.9) Net non-operating (income) loss (44.9) 8.5 59.6 (4.3) 104.1 50.5 209.9 Net operating income (a non-GAAP financial measure) 138.0$ 429.3$ 81.1$ 87.5$ 127.2$ 143.4$ 439.2$ Per diluted share: Net income 1.74$ 3.89$ 0.21$ 0.91$ 0.24$ 0.95$ 2.30$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.26 0.52 0.10 0.17 0.07 0.22 0.55 Net change in market value of investments recognized in earnings (net of taxes) 0.04 (0.16) (0.05) (0.03) (0.05) 0.01 (0.11) Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) (0.68) (0.33) 0.52 (0.19) 0.14 0.02 0.51 Fair value changes related to the agent deferred compensation plan (net of taxes) (0.05) (0.05) - - - 0.01 0.01 Expenses related to TechMod initiative - - - 0.02 0.06 0.08 0.16 Goodwill and intangible asset impairment - - - - 0.82 0.04 0.85 Net loss related to divested business - - - - - 0.14 0.14 Other - 0.10 0.01 (0.01) 0.01 - (0.01) Net operating income (a non-GAAP financial measure) 1.31$ 3.97$ 0.79$ 0.87$ 1.29$ 1.47$ 4.40$

37 A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as follows: (dollars in millions, except per-share amounts, and shares in thousands) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 4Q24 1Q25 2Q25 3Q25 4Q25 Operating income 138.0$ 81.1$ 87.5$ 127.2$ 143.4$ Weighted average shares outstanding for basic earnings per share 102,778 100,743 98,572 96,603 95,136 Effect of dilutive securities on weighted average shares: Employee benefit plans 2,452 2,327 1,814 1,951 2,142 Weighted average shares outstanding for diluted earnings per share 105,230 103,070 100,386 98,553 97,278 Net operating income per diluted share 1.31$ 0.79$ 0.87$ 1.29$ 1.47$

38 Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units were vested, and convertible securities were converted. 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. A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows: (dollars in millions, except share and per-share amounts) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 4Q24 1Q25 2Q25 3Q25 4Q25 Total shareholders' equity 2,515.2$ 2,555.1$ 2,522.7$ 2,611.0$ 2,638.2$ Shares outstanding for the period 101,618,957 99,893,923 97,319,000 95,840,989 94,484,339 Book value per share 24.75$ 25.58$ 25.92$ 27.24$ 27.92$ Total shareholders' equity 2,515.2$ 2,555.1$ 2,522.7$ 2,611.0$ 2,638.2$ Accumulated other comprehensive loss (1,371.4) (1,239.1) (1,252.7) (1,118.9) (1,115.0) Adjusted shareholders' equity excluding AOCI 3,886.6$ 3,794.2$ 3,775.4$ 3,729.9$ 3,753.2$ Shares outstanding for the period 101,618,957 99,893,923 97,319,000 95,840,989 94,484,339 Dilutive common stock equivalents related to: Stock options, restricted stock and performance units 2,433,836 1,902,208 1,902,445 2,061,774 2,229,874 Diluted shares outstanding 104,052,793 101,796,131 99,221,445 97,902,763 96,714,213 Book value per diluted share excluding AOCI (a non-GAAP measure) 37.35$ 37.27$ 38.05$ 38.10$ 38.81$

39 Operating return measures Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, 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 MRBs related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) 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) costs related to TechMod that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) 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. The income tax expense or benefit allocated to the items included in net non- operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non- operating earnings. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines. Management also believes that an operating return, excluding significant items, is important as the impact of these items enhances the understanding of our operating results. This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income (loss) has been excluded from the value of equity used to determine this ratio. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets). In accordance with GAAP, these 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 and the comparability of these measures from period-to-period. Operating return measures are used in measuring the performance of our business units and are used as a basis for incentive compensation. INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES

40 The calculations of: (i) Operating return on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) Operating return, excluding significant items, on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non- GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) Trailing four quarters average equity is calculated using the following formula (P = Period) – ((P1+P2) /2 +(P2+P3) /2 +(P3+P4) /2 + (P4+P5) /2) /4 [e.g. – the formula for calculating 4Q25 average equity would be the following – ((4Q24+1Q25) /2 +(1Q25+2Q25) /2 +(2Q25+3Q25) /2 + (3Q25+4Q25) /2) /4 ] INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 4Q24 1Q25 2Q25 3Q25 4Q25 Operating income 429.3$ 452.9$ 425.8$ 433.8$ 439.2$ Operating income, excluding significant items 410.5$ 428.8$ 401.7$ 399.4$ 401.7$ Net income 420.8$ 330.0$ 305.5$ 319.3$ 229.3$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,606.2$ 3,613.6$ 3,597.3$ 3,580.0$ 3,536.7$ Average common shareholders' equity 2,462.5$ 2,523.3$ 2,558.5$ 2,560.6$ 2,566.4$ Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.9% 12.5% 11.8% 12.1% 12.4% Operating return on equity, excluding significant items, accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 11.4% 11.9% 11.2% 11.2% 11.4% Return on equity 17.1% 13.1% 11.9% 12.5% 8.9% Twelve Months Ended

41 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): (dollars in millions) (a) The significant items have been discussed in either the current or prior press releases. (Continued on next page) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES Net operating income Significant items (a) Net operating income, excluding significant items Net operating income, excluding significant items - trailing four quarters Net income (loss) Net income - trailing four quarters 4Q23 133.9 (26.4) 107.5 312.8 36.3 276.5 1Q24 57.5 - 57.5 311.7 112.3 389.6 2Q24 114.6 - 114.6 364.0 116.3 432.2 3Q24 119.2 (21.9) 97.3 376.9 9.3 274.2 4Q24 138.0 3.1 141.1 410.5 182.9 420.8 1Q25 81.1 (5.3) 75.8 428.8 21.5 330.0 2Q25 87.5 - 87.5 401.7 91.8 305.5 3Q25 127.2 (32.2) 95.0 399.4 23.1 319.3 4Q25 143.4 - 143.4 401.7 92.9 229.3

42 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions) (Continued on next page) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 4Q24 1Q25 2Q25 3Q25 4Q25 Pre-tax operating earnings (a non-GAAP financial measure) 550.8$ 580.6$ 544.3$ 553.6$ 553.2$ Income tax expense (121.5) (127.7) (118.5) (119.8) (114.0) Operating return 429.3 452.9 425.8 433.8 439.2 Non-operating items: Net realized investment losses from sales and impairments (72.7) (81.3) (81.2) (78.9) (69.0) Net change in market value of investments recognized in earnings 22.8 16.8 15.5 9.0 14.3 Changes in fair value of embedded derivative liabilities and market risk benefits 46.3 (87.3) (78.9) 30.1 (64.0) Fair value changes and amendment related to the agent deferred compensation plan 6.6 6.6 3.1 6.6 (1.7) Expenses related to TechMod initiative - - (3.2) (7.2) (20.3) Goodwill and other intangible asset impairment - - - (96.7) (101.9) Net loss related to divested business - - - - (17.3) Other (13.9) (13.9) (10.7) (2.4) 0.1 Non-operating income (loss) before taxes (10.9) (159.1) (155.4) (139.5) (259.8) Income tax (expense) benefit on non-operating income (loss) 2.4 36.2 35.1 25.0 49.9 Net non-operating income (loss) (8.5) (122.9) (120.3) (114.5) (209.9) Net income 420.8$ 330.0$ 305.5$ 319.3$ 229.3$ Twelve Months Ended

43 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) 1Q23 2Q23 3Q23 4Q23 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,543.8$ 3,603.0$ 3,744.2$ 3,712.8$ Net operating loss carryforwards 152.4 126.3 102.6 79.6 Accumulated other comprehensive loss (1,664.4) (1,733.5) (1,956.7) (1,576.8) Common shareholders' equity 2,031.8$ 1,995.8$ 1,890.1$ 2,215.6$ 1Q24 2Q24 3Q24 4Q24 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,536.8$ 3,596.7$ 3,529.9$ 3,810.0$ Net operating loss carryforwards 311.2 296.5 273.9 76.6 Accumulated other comprehensive loss (1,480.3) (1,464.3) (1,116.0) (1,371.4) Common shareholders' equity 2,367.7$ 2,428.9$ 2,687.8$ 2,515.2$ 1Q25 2Q25 3Q25 4Q25 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,498.9$ 3,504.3$ 3,483.6$ 3,510.2$ Net operating loss carryforwards 295.3 271.1 246.3 243.0 Accumulated other comprehensive loss (1,239.1) (1,252.7) (1,118.9) (1,115.0) Common shareholders' equity 2,555.1$ 2,522.7$ 2,611.0$ 2,638.2$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES

44 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 4Q24 1Q25 2Q25 3Q25 4Q25 Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,606.2$ 3,613.6$ 3,597.3$ 3,580.0$ 3,536.7$ Net operating loss carryforwards 240.0 237.6 232.4 225.8 243.1 Accumulated other comprehensive loss (1,383.7) (1,327.9) (1,271.2) (1,245.2) (1,213.4) Common shareholders' equity 2,462.5$ 2,523.3$ 2,558.5$ 2,560.6$ 2,566.4$ Trailing Four Quarter Average

45 Debt to capital ratio, excluding accumulated other comprehensive income (loss) The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. A reconciliation of these ratios is as follows: (dollars in millions) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES 2023 2024 2025 Corporate notes payable 1,140.5$ 1,833.5$ 1,335.6$ Total shareholders' equity 2,215.6 2,515.2 2,638.2 Total capital 3,356.1$ 4,348.7$ 3,973.8$ Corporate debt to capital 34.0% 42.2% 33.6% Corporate notes payable 1,140.5$ 1,833.5$ 1,335.6$ Total shareholders' equity 2,215.6 2,515.2 2,638.2 Less accumulated other comprehensive (income) loss 1,576.8 1,371.4 1,115.0 Total capital 4,932.9$ 5,720.1$ 5,088.8$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure) 23.1% 32.1% 26.2% Corporate notes payable $1,833.5 (499.5) Adjusted corporate notes payable $1,334.0 Total shareholders' equity $2,515.2 Less accumulated other comprehensive loss 1,371.4 Loss on assumed extinguishment of debt (0.4) Adjusted shareholders' equity $3,886.2 Adjusted total capital $5,220.2 Debt to total capital ratio, excluding AOCI, as adjusted for the assumed repayment of the 2025 Notes (a non-GAAP financial measure) 25.6% Assumed repayment of 2025 notes, net of unamortized debt issuance costs


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


☐			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))


99.1			Press release dated February 5, 2026 related to financial results for the quarter ended December 31, 2025 .
99.2			Quarterly Financial Supplement - 4 Q2025.
99.3			Fourth Quarter 2025 Financial and Operating Results for the period ended December 31, 2025.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).


	CNO Financial Group, Inc.

Date: February 5, 2026
	By:	/s/ Joel T. Koehneman
		Joel T. Koehneman
		Senior Vice President and Chief Accounting Officer


	Investment grade		Below investment grade			Total
Corporate securities	$	13,876.5	$	692.3		$	14,568.8

United States Treasury securities and obligations of the United States government and agencies	207.2		—			207.2
States and political subdivisions	3,289.0		22.4			3,311.4
Foreign governments	130.9		—			130.9
Asset-backed securities	1,734.1		46.7			1,780.8
Agency residential mortgage-backed securities	838.3		—			838.3
Non-agency residential mortgage-backed securities	1,400.3		238.8		(a)	1,639.1
Collateralized loan obligations	1,142.4		—			1,142.4
Commercial mortgage-backed securities	2,079.2		78.3			2,157.5

Total	$	24,697.9	$	1,078.5		$	25,776.4


	Per diluted share
	Quarter ended December 31,						Quarter ended December 31,
	2025		2024		% change		2025		2024		% change

Income from insurance products (b)	$	1.19	$	1.01	18	%	$	116.1	$	107.0	9	%
Fee income	0.19		0.20		(5)		19.1		20.6		(7)
Investment income not allocated to product lines (c)	0.60		0.62		(3)		58.1		65.3		(11)
Expenses not allocated to product lines	(0.20)		(0.18)		11		(19.8)		(19.0)		4
Operating earnings before taxes	1.78		1.65				173.5		173.9
Income tax expense on operating income	(0.31)		(0.34)		(9)		(30.1)		(35.9)		(16)
Net operating income (1)	1.47		1.31		12		143.4		138.0		4
Net realized investment losses from disposals, impairments and change in allowance for credit losses	(0.26)		(0.33)				(25.2)		(35.1)
Net change in market value of investments recognized in earnings	(0.01)		(0.06)				(1.3)		(6.6)

Changes in fair value of embedded derivative liabilities and market risk benefits	(0.02)		0.88				(1.5)		92.6
Expenses related to TechMod initiative	(0.10)		—				(9.9)		—
Goodwill and other asset impairment	(0.05)		—				(5.2)		—
Net loss related to divested business	(0.18)		—				(17.3)		—
Other	(0.02)		0.07				(1.7)		7.3
Non-operating income before taxes	(0.64)		0.56				(62.1)		58.2
Income tax expense on non-operating income	0.12		(0.13)				11.6		(13.3)

Net non-operating income	(0.52)		0.43				(50.5)		44.9
Net income	$	0.95	$	1.74			$	92.9	$	182.9

Weighted average diluted shares outstanding	97.3		105.2


	Per diluted share
	Year ended December 31,						Year ended December 31,
	2025		2024		% change		2025		2024		% change

Income from insurance products (b)	$	4.57	$	3.93	16	%	$	456.3	$	424.7	7	%
Fee income	0.15		0.28		(46)		15.2		30.0		(49)
Investment income not allocated to product lines (c)	1.70		1.55		10		169.4		167.9		1
Expenses not allocated to product lines	(0.88)		(0.67)		31		(87.7)		(71.8)		22
Operating earnings before taxes	5.54		5.09				553.2		550.8
Income tax expense on operating income	(1.14)		(1.12)		2		(114.0)		(121.5)		(6)
Net operating income (1)	4.40		3.97		11		439.2		429.3		2
Net realized investment losses from disposals, impairments and change in allowance for credit losses	(0.69)		(0.67)				(69.0)		(72.7)
Net change in market value of investments recognized in earnings	0.14		0.21				14.3		22.8

Changes in fair value of embedded derivative liabilities and market risk benefits	(0.64)		0.43				(64.0)		46.3
Expenses related to TechMod initiative	(0.20)		—				(20.3)		—
Goodwill and other asset impairment	(1.02)		—				(101.9)		—
Net loss related to divested business	(0.17)		—				(17.3)		—
Other	(0.02)		(0.07)				(1.6)		(7.3)
Non-operating income before taxes	(2.60)		(0.10)				(259.8)		(10.9)
Income tax expense on non-operating income	0.50		0.02				49.9		2.4

Net non-operating income	(2.10)		(0.08)				(209.9)		(8.5)
Net income	$	2.30	$	3.89			$	229.3	$	420.8

Weighted average diluted shares outstanding	99.8		108.1


	Year ended
	December 31,
	2025			2024
Trailing four quarters:
Net Income	$	229.3		$	420.8
Net operating income (a non-GAAP financial measure)	439.2			429.3
Net operating income, excluding significant items	401.7			410.5

Average of each of the trailing four quarters average:
Shareholders’ equity	$	2,566.4		$	2,462.5
Accumulated other comprehensive loss	1,213.4			1,383.7
Shareholders’ equity, excluding accumulated other comprehensive loss	3,779.8			3,846.2

Net operating loss carryforwards	(243.1)			(240.0)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss carryforwards	$	3,536.7		$	3,606.2

Ratios:
Return on equity	8.9		%	17.1		%
Operating return on equity (a non-GAAP financial measure) (5)	12.4		%	11.9		%
Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)	11.4		%	11.4		%


Shareholders’ equity	$	2,638.2	$	2,515.2
Accumulated other comprehensive loss	1,115.0		1,371.4
Shareholders’ equity, excluding accumulated other comprehensive loss	3,753.2		3,886.6

Basic shares outstanding	94,484,339		101,618,957
Diluted shares outstanding	96,714,213		104,052,793

Book value per share	$	27.92	$	24.75

Book value per diluted share	$	27.28	$	24.17
Accumulated other comprehensive loss per diluted share	11.53		13.18
Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)	$	38.81	$	37.35


	Three months ended				Year ended
	December 31,				December 31,
	2025		2024		2025		2024
Revenues:
Insurance policy income	$	662.2	$	643.6	$	2,622.6	$	2,558.5
Net investment income:
General account assets	406.1		399.5		1,542.4		1,419.4
Policyholder and other special-purpose portfolios	22.4		17.1		181.0		329.4
Investment gains (losses):
Realized investment losses	(21.6)		(26.2)		(59.6)		(75.6)
Other investment gains (losses)	(4.9)		(15.5)		4.9		25.7

Total investment losses	(26.5)		(41.7)		(54.7)		(49.9)
Fee revenue and other income	78.9		78.7		196.1		192.1
Total revenues	1,143.1		1,097.2		4,487.4		4,449.5
Benefits and expenses:
Insurance policy benefits	617.7		508.3		2,548.2		2,450.3
Liability for future policy benefits remeasurement loss	(14.9)		(12.0)		(70.7)		(41.1)
Change in fair value of market risk benefits	(4.4)		(14.9)		(12.4)		(60.5)
Interest expense	53.2		62.0		230.9		254.4
Amortization of deferred acquisition costs and present value of future profits	72.1		65.3		278.0		251.2
Goodwill and other asset impairment	5.2		—		101.9		—
Gain on extinguishment of borrowings related to variable interest entities	—		—		(1.5)		—
Other operating costs and expenses	302.8		256.4		1,119.6		1,055.3
Total benefits and expenses	1,031.7		865.1		4,194.0		3,909.6
Income before income taxes	111.4		232.1		293.4		539.9

Income tax expense	18.5		49.2		64.1		119.1

Net income	$	92.9	$	182.9	$	229.3	$	420.8
Earnings per common share:
Basic:
Weighted average shares outstanding	95,136,000		102,778,000		97,763,000		106,144,000
Net income	$	0.98	$	1.78	$	2.35	$	3.96
Diluted:
Weighted average shares outstanding	97,278,000		105,230,000		99,822,000		108,116,000
Net income	$	0.95	$	1.74	$	2.30	$	3.89


								Net operating
						Net operating		income,
						income,		excluding				Net
						excluding		significant				income -
	Net operating		Significant			significant		items - trailing		Net		trailing
	income		items			items (a)		four quarters		income (loss)		four quarters
1Q24	$	57.5	$	—		$	57.5	$	311.7	$	112.3	$	389.6
2Q24	114.6		—			114.6		364.0		116.3		432.2
3Q24	119.2		(21.9)		(b)	97.3		376.9		9.3		274.2
4Q24	138.0		3.1		(c)	141.1		410.5		182.9		420.8
1Q25	81.1		(5.3)		(d)	75.8		428.8		21.5		330.0
2Q25	87.5		—			87.5		401.7		91.8		305.5
3Q25	127.2		(32.2)		(e)	95.0		399.4		23.1		319.3
4Q25	143.4		—			143.4		401.7		92.9		229.3

(a) See note (6) for additional information.

(b) Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.

(c) Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.

(d) Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.

(e) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.


		1Q23		2Q23		3Q23		4Q23
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,543.8	$	3,603.0	$	3,744.2	$	3,712.8
Net operating loss carryforwards		152.4		126.3		102.6		79.6
Accumulated other comprehensive loss		(1,664.4)		(1,733.5)		(1,956.7)		(1,576.8)
Common shareholders' equity		$	2,031.8	$	1,995.8	$	1,890.1	$	2,215.6

		1Q24		2Q24		3Q24		4Q24
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,536.8	$	3,596.7	$	3,529.9	$	3,810.0
Net operating loss carryforwards		311.2		296.5		273.9		76.6
Accumulated other comprehensive loss		(1,480.3)		(1,464.3)		(1,116.0)		(1,371.4)
Common shareholders' equity		$	2,367.7	$	2,428.9	$	2,687.8	$	2,515.2

		1Q25		2Q25		3Q25		4Q25
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,498.9	$	3,504.3	$	3,483.6	$	3,510.2
Net operating loss carryforwards		295.3		271.1		246.3		243.0
Accumulated other comprehensive loss		(1,239.1)		(1,252.7)		(1,118.9)		(1,115.0)
Common shareholders' equity		$	2,555.1	$	2,522.7	$	2,611.0	$	2,638.2


		Trailing four quarter average
		4Q25		4Q24
Consolidated capital, excluding accumulated other comprehensive
	income (loss) and net operating loss carryforwards
	(a non-GAAP financial measure)	$	3,536.7	$	3,606.2
Net operating loss carryforwards		243.1		240.0
Accumulated other comprehensive loss		(1,213.4)		(1,383.7)
Common shareholders' equity		$	2,566.4	$	2,462.5


	Year ended
	December 31, 2025
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	238.6	$	(16.6)	(a)	$	222.0
Health margin	556.6		(21.1)		(a)	535.5
Life margin	272.4		(10.4)		(a)	262.0
Total insurance product margin	1,067.6		(48.1)			1,019.5
Allocated expenses	(611.3)		—			(611.3)
Income from insurance products	456.3		(48.1)			408.2
Fee income	15.2		—			15.2
Investment income not allocated to product lines	169.4		—			169.4
Expenses not allocated to product lines	(87.7)		—			(87.7)
Operating earnings before taxes	553.2		(48.1)			505.1
Income tax (expense) benefit on operating income	(114.0)		10.6			(103.4)
Net operating income	$	439.2	$	(37.5)		$	401.7

Net operating income per diluted share	$	4.40	$	(0.38)		$	4.02


	Three months ended
	September 30, 2025
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	72.9	$	(16.6)	(a)	$	56.3
Health margin	157.0		(21.1)		(a)	135.9
Life margin	70.6		(3.6)		(a)	67.0
Total insurance product margin	300.5		(41.3)			259.2
Allocated expenses	(151.0)		—			(151.0)
Income from insurance products	149.5		(41.3)			108.2
Fee income	(3.9)		—			(3.9)
Investment income not allocated to product lines	39.5		—			39.5
Expenses not allocated to product lines	(22.3)		—			(22.3)
Operating earnings before taxes	162.8		(41.3)			121.5
Income tax (expense) benefit on operating income	(35.6)		9.1			(26.5)
Net operating income	$	127.2	$	(32.2)		$	95.0

Net operating income per diluted share	$	1.29	$	(0.33)		$	0.96


Item 2.02.			Results of Operations and Financial Condition.


Item 9.01(d).			Financial Statements and Exhibits.



	Mar-24		Jun-24		Sep-24		Dec-24		Mar-25		Jun-25		Sep-25		Dec-25
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	21,648.1	$	22,617.9	$	23,724.7	$	22,730.1	$	23,283.0	$	23,047.0	$	23,405.3	$	23,886.8
Equity securities at fair value	118.4		117.7		120.5		272.4		349.1		387.4		377.2		389.2
Mortgage loans	2,087.1		2,176.0		2,372.7		2,506.3		2,601.2		2,834.3		3,042.7		3,256.8
Policy loans	130.3		131.3		133.3		135.3		136.4		137.6		141.2		140.9
Trading securities	222.8		207.8		217.4		304.2		308.0		308.3		296.9		294.8
Investments held by variable interest entities	533.4		425.5		250.1		433.8		380.2		376.9		296.8		293.0
Other invested assets	1,471.3		1,554.0		1,595.5		1,491.5		1,386.7		1,500.5		1,617.0		1,737.0
Total investments	26,211.4		27,230.2		28,414.2		27,873.6		28,444.6		28,592.0		29,177.1		29,998.5
Cash and cash equivalents - unrestricted	566.3		878.8		1,164.7		1,656.7		928.2		766.0		1,218.3		956.1
Cash and cash equivalents held by variable interest entities	83.5		113.3		80.6		341.0		96.6		50.0		23.3		27.4
Accrued investment income	252.0		262.5		276.2		286.4		289.6		279.4		282.0		286.0
Present value of future profits	175.5		170.4		165.7		161.0		156.5		152.1		147.8		143.6
Deferred acquisition costs	1,992.3		2,047.2		2,100.9		2,158.6		2,209.9		2,276.3		2,343.7		2,397.3
Reinsurance receivables	3,969.0		3,910.9		3,906.7		3,854.7		3,804.3		3,753.9		3,731.7		3,677.5

Income tax assets, net	886.1		882.8		788.7		814.1		768.0		749.3		708.1		713.3
Assets held in separate accounts	3.3		3.2		3.3		3.3		3.1		2.9		2.7		2.8
Other assets	716.2		706.4		648.0		699.9		728.4		707.2		661.5		588.1
Total assets	$	34,855.6	$	36,205.7	$	37,549.0	$	37,849.3	$	37,429.2	$	37,329.1	$	38,296.2	$	38,790.6
Liabilities
Liabilities for insurance products:
Policyholder account balances	$	15,361.1	$	16,247.9	$	16,992.4	$	17,594.2	$	17,314.3	$	17,609.0	$	18,290.3	$	18,912.6
Future policy benefits	11,932.2		11,695.1		12,258.2		11,705.5		11,773.0		11,787.7		11,975.5		11,898.0
Market risk benefit liability	99.6		93.0		74.1		60.0		73.6		63.8		52.6		48.1
Liability for life insurance policy claims	65.1		59.6		59.9		61.1		63.5		60.7		61.5		58.4
Unearned and advanced premiums	226.0		220.9		217.4		226.8		221.5		217.3		214.5		228.0
Liabilities related to separate accounts	3.3		3.2		3.3		3.3		3.1		2.9		2.7		2.8
Other liabilities	905.0		934.4		951.0		1,163.3		1,027.2		935.8		1,036.9		952.8
Investment borrowings	2,189.1		2,189.0		2,188.9		2,188.8		2,188.6		2,441.7		2,441.7		2,441.7
Borrowings related to variable interest entities	565.5		501.4		283.1		497.6		375.1		352.8		274.3		274.4
Notes payable - direct corporate obligations	1,141.0		1,832.3		1,832.9		1,833.5		1,834.2		1,334.7		1,335.2		1,335.6
Total liabilities	32,487.9		33,776.8		34,861.2		35,334.1		34,874.1		34,806.4		35,685.2		36,152.4
Shareholders' equity
Common stock	1.1		1.1		1.0		1.0		1.0		1.0		1.0		0.9
Additional paid-in capital	1,851.2		1,797.6		1,715.9		1,632.5		1,535.0		1,441.4		1,389.4		1,336.3



	1Q			2Q			3Q			4Q			YTD			1Q			2Q			3Q			4Q			YTD
	2024			2024			2024			2024			2024			2025			2025			2025			2025			2025
Annuity margin (4):
Fixed indexed annuities
Insurance policy income	$	6.0		$	7.2		$	8.7		$	6.1		$	28.0		$	7.2		$	6.7		$	6.8		$	6.9		$	27.6
Net investment income (5) (6)	108.4			113.8			115.9			120.6			458.7			120.9			127.8			130.4			133.1			512.2
Insurance policy benefits	(5.8)			(2.6)			28.7			(6.1)			14.2			(5.5)			(5.0)			8.8			(5.2)			(6.9)
Interest credited (6)	(46.7)			(49.4)			(53.3)			(55.7)			(205.1)			(55.7)			(60.8)			(62.1)			(63.7)			(242.3)
Amortization and non-deferred commissions	(18.5)			(19.1)			(21.0)			(21.4)			(80.0)			(22.4)			(23.3)			(24.2)			(24.7)			(94.6)
Margin from fixed indexed annuities	$	43.4		$	49.9		$	79.0		$	43.5		$	215.8		$	44.5		$	45.4		$	59.7		$	46.4		$	196.0
Average net insurance liabilities (11)	$	9,636.3		$	9,758.1		$	9,899.4		$	10,101.6		$	9,848.9		$	10,085.7		$	10,543.4		$	10,759.3		$	10,941.4		$	10,582.5
Margin/average net insurance liabilities (12)	1.80		%	2.05		%	3.19		%	1.72		%	2.19		%	1.76		%	1.72		%	2.22		%	1.70		%	1.85		%
Fixed interest annuities
Insurance policy income	$	0.1		$	0.4		$	0.1		$	0.6		$	1.2		$	0.5		$	0.2		$	0.8		$	0.6		$	2.1
Net investment income (5)	20.6			21.1			20.8			21.6			84.1			21.6			21.8			21.8			21.7			86.9
Insurance policy benefits	(0.4)			0.1			(0.4)			0.8			0.1			0.2			(0.1)			0.5			0.1			0.7
Interest credited	(11.1)			(11.3)			(11.3)			(12.9)			(46.6)			(12.1)			(11.8)			(12.5)			(12.1)			(48.5)
Amortization and non-deferred commissions	(1.6)			(1.6)			(1.9)			(2.1)			(7.2)			(2.1)			(2.1)			(2.1)			(2.1)			(8.4)
Margin from fixed interest annuities	$	7.6		$	8.7		$	7.3		$	8.0		$	31.6		$	8.1		$	8.0		$	8.5		$	8.2		$	32.8
Average net insurance liabilities (11)	$	1,588.0		$	1,569.4		$	1,568.2		$	1,587.7		$	1,578.3		$	1,599.5		$	1,591.7		$	1,587.4		$	1,587.2		$	1,591.4
Margin/average net insurance liabilities (12)	1.91		%	2.22		%	1.86		%	2.02		%	2.00		%	2.03		%	2.01		%	2.14		%	2.07		%	2.06		%
Other annuities
Insurance policy income	$	1.2		$	1.7		$	2.4		$	1.0		$	6.3		$	2.1		$	1.6		$	3.0		$	2.9		$	9.6
Net investment income (5)	5.5			5.6			5.5			5.6			22.2			5.5			5.6			5.6			5.5			22.2
Insurance policy benefits	(5.1)			10.9			(2.4)			(2.5)			0.9			(5.0)			(5.0)			(3.0)			(5.8)			(18.8)
Interest credited	(0.5)			(0.5)			(0.6)			(0.5)			(2.1)			(0.5)			(0.7)			(0.9)			(0.6)			(2.7)
Amortization and non-deferred commissions	(0.1)			(0.2)			(0.1)			(0.1)			(0.5)			(0.2)			(0.1)			—			(0.2)			(0.5)
Margin from other annuities	$	1.0		$	17.5		$	4.8		$	3.5		$	26.8		$	1.9		$	1.4		$	4.7		$	1.8		$	9.8
Average net insurance liabilities (11)	$	439.9		$	426.4		$	414.4		$	408.6		$	422.3		$	402.2		$	398.5		$	395.2		$	392.1		$	397.0
Margin/average net insurance liabilities (12)	0.91		%	16.42		%	4.63		%	3.43		%	6.35		%	1.89		%	1.41		%	4.76		%	1.84		%	2.47		%
Total annuity margin	$	52.0		$	76.1		$	91.1		$	55.0		$	274.2		$	54.5		$	54.8		$	72.9		$	56.4		$	238.6
Average net insurance liabilities (11)	$	11,664.2		$	11,753.9		$	11,882.0		$	12,097.9		$	11,849.5		$	12,087.4		$	12,533.6		$	12,741.9		$	12,920.7		$	12,570.9
Margin/average net insurance liabilities (12)	1.78		%	2.59		%	3.07		%	1.82		%	2.31		%	1.80		%	1.75		%	2.29		%	1.75		%	1.90		%


	Three months ended
	March 31, 2025
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	54.5	$	—		$	54.5
Health margin	126.2		—			126.2
Life margin	68.2		(6.8)		(a)	61.4
Total insurance product margin	248.9		(6.8)			242.1
Allocated expenses	(161.2)		—			(161.2)
Income from insurance products	87.7		(6.8)			80.9
Fee income	(0.8)		—			(0.8)
Investment income not allocated to product lines	38.0		—			38.0
Expenses not allocated to product lines	(20.3)		—			(20.3)
Operating earnings before taxes	104.6		(6.8)			97.8
Income tax (expense) benefit on operating income	(23.5)		1.5			(22.0)
Net operating income	$	81.1	$	(5.3)		$	75.8

Net operating income per diluted share	$	0.79	$	(0.05)		$	0.74


	Year ended
	December 31, 2024
	Actual results		Significant items			Excluding significant items
Insurance product margin
Annuity margin	$	274.2	$	(36.2)	(a)	$	238.0
Health margin	516.8		8.2		(a)	525.0
Life margin	249.0		0.7		(a)	249.7
Total insurance product margin	1,040.0		(27.3)			1,012.7
Allocated expenses	(615.3)		—			(615.3)
Income from insurance products	424.7		(27.3)			397.4
Fee income	30.0		—			30.0
Investment income not allocated to product lines	167.9		—			167.9
Expenses not allocated to product lines	(71.8)		2.9		(b)	(68.9)
Operating earnings before taxes	550.8		(24.4)			526.4
Income tax (expense) benefit on operating income	(121.5)		5.6			(115.9)
Net operating income	$	429.3	$	(18.8)		$	410.5

Net operating income per diluted share	$	3.97	$	(0.17)		$	3.80


	Three months ended
	September 30, 2024
	Actual results		Significant items (a)			Excluding significant items
Insurance product margin
Annuity margin	$	91.1	$	(36.2)	(b)	$	54.9
Health margin	127.8		4.3		(b)	132.1
Life margin	63.3		0.7		(b)	64.0
Total insurance product margin	282.2		(31.2)			251.0
Allocated expenses	(153.0)		—			(153.0)
Income from insurance products	129.2		(31.2)			98.0
Fee income	(2.7)		—			(2.7)
Investment income not allocated to product lines	45.5		—			45.5
Expenses not allocated to product lines	(18.5)		2.9		(c)	(15.6)
Operating earnings before taxes	153.5		(28.3)			125.2
Income tax (expense) benefit on operating income	(34.3)		6.4			(27.9)
Net operating income	$	119.2	$	(21.9)		$	97.3

Net operating income per diluted share	$	1.11	$	(0.19)		$	0.92


Table of Contents												Page

Consolidated balance sheet												3
Consolidated statement of operations												4
Financial summary												5
Insurance operations												6
Margin from insurance products												7-9
Collected premiums and insurance policy income												10
Health and life new annualized premiums												11
Computation of weighted average shares outstanding												12
Annuities - account value rollforwards												13
Consolidated statutory information of U.S. based insurance subsidiaries												14
Investment income not allocated to product lines and investment income allocated to product lines												15-16
Other investment data												17
Significant items												18-19
Notes												20-21



Risk-based capital ratio	391	%	394	%	388	%	383	%	383	%	379	%	378	%	380	%	380	%	380	%


Average yield on allocated investments
Annuity:
Fixed indexed annuities	4.50	%	4.66	%	4.68	%	4.78	%	4.66	%	4.79	%	4.85	%	4.85	%	4.87	%	4.84	%
Fixed interest annuities	5.19	%	5.38	%	5.31	%	5.44	%	5.33	%	5.40	%	5.48	%	5.49	%	5.47	%	5.46	%
Other annuities	5.00	%	5.25	%	5.31	%	5.48	%	5.26	%	5.47	%	5.62	%	5.67	%	5.61	%	5.59	%
Average yield on investments allocated to annuities	4.61	%	4.78	%	4.79	%	4.89	%	4.77	%	4.90	%	4.95	%	4.95	%	4.96	%	4.94	%
Health:
Supplemental health	4.66	%	4.70	%	4.71	%	4.71	%	4.70	%	4.70	%	4.76	%	4.72	%	4.77	%	4.74	%
Medicare supplement	4.73	%	4.89	%	4.91	%	4.65	%	4.77	%	4.24	%	4.71	%	5.02	%	5.02	%	4.72	%
Long-term care	5.02	%	5.10	%	5.06	%	5.08	%	5.07	%	5.06	%	5.08	%	5.05	%	5.01	%	5.05	%
Average yield on investments allocated to health products	4.82	%	4.88	%	4.87	%	4.87	%	4.86	%	4.85	%	4.90	%	4.87	%	4.88	%	4.87	%
Life:
Interest sensitive	5.00	%	4.97	%	4.97	%	5.01	%	4.99	%	5.07	%	5.02	%	4.97	%	5.02	%	5.02	%
Traditional	4.67	%	4.71	%	4.68	%	4.67	%	4.68	%	4.69	%	4.75	%	4.75	%	4.74	%	4.74	%
Average yield on investments allocated to life products	4.79	%	4.80	%	4.78	%	4.79	%	4.79	%	4.83	%	4.85	%	4.83	%	4.84	%	4.84	%
Total average yield	4.70	%	4.81	%	4.81	%	4.87	%	4.80	%	4.87	%	4.92	%	4.91	%	4.92	%	4.91	%


Allocated investment income
Annuity:
Fixed indexed annuities	$	108.4	$	113.8	$	115.9	$	120.6	$	458.7	$	120.9	$	127.8	$	130.4	$	133.1	$	512.2
Fixed interest annuities	20.6		21.1		20.8		21.6		84.1		21.6		21.8		21.8		21.7		86.9
Other annuities	5.5		5.6		5.5		5.6		22.2		5.5		5.6		5.6		5.5		22.2
Total investment income allocated to annuities	134.5		140.5		142.2		147.8		565.0		148.0		155.2		157.8		160.3		621.3
Health:
Supplemental health	39.0		39.4		39.6		39.7		157.7		39.8		40.5		40.2		40.6		161.1
Medicare supplement	1.4		1.3		1.3		1.3		5.3		1.2		1.2		1.2		1.2		4.8
Long-term care	33.9		34.4		34.1		34.2		136.6		34.1		34.2		34.0		33.7		136.0
Total investment income allocated to health products	74.3		75.1		75.0		75.2		299.6		75.1		75.9		75.4		75.5		301.9
Life:
Interest sensitive	13.2		13.2		13.3		13.5		53.2		13.9		13.9		14.0		14.1		55.9
Traditional	23.3		23.5		23.5		23.6		93.9		23.7		23.9		23.8		23.8		95.2
Total investment income allocated to life products	36.5		36.7		36.8		37.1		147.1		37.6		37.8		37.8		37.9		151.1
Total allocated investment income	$	245.3	$	252.3	$	254.0	$	260.1	$	1,011.7	$	260.7	$	268.9	$	271.0	$	273.7	$	1,074.3