Cno Financial Group, Inc. · NYSE:CNO

Cno Financial — Investor Day (February 2023)

101 slides from Cno Financial's investor day presentation, Feb 23, 2023

1. Slide 1: CNO Financial Group Investor Day

   CNO Financial Group 1 CNO Financial Group Investor Day February 23, 2023 Exhibit 99.1

2. Slide 2: Forward-Looking Statements and Important Legal Information

   CNO Financial Group | Investor Day | February 23, 2023 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

3. Slide 3: Agenda

   CNO Financial Group | Investor Day | February 23, 2023 3 Welcome Adam Auvil 1:30 pm Opening Remarks Gary C. Bhojwani 1:35 pm Consumer Division Scott Goldberg 1:50 pm Worksite Division Mike Byers 2:15 pm Break 2:45 pm Product Overview Karen DeToro 2:55 pm Investments Eric Johnson 3:15 pm Finance Paul

4. Slide 4: Opening Remarks

   CNO Financial Group 4 Opening Remarks Gary C. Bhojwani Chief Executive Officer

5. Slide 5: Goals for the Day

   CNO Financial Group | Investor Day | February 23, 2023 5 OpportunityGrowth Differentiation Goals for the Day Learn how our businesses have evolved and what differentiates them Understand our roadmap for growing both the top and bottom line Recognize us as an attractive investment opportunity

6. Slide 6: Five Key Messages

   CNO Financial Group | Investor Day | February 23, 2023 6 CNO is a growth story Diverse and integrated distribution model and “last mile” service sets us apart in the market Balanced business model lends strength, stability, and resiliency to our overall results Broad product portfolio designed to wo

7. Slide 7: Commitment to Corporate Social Responsibility

   CNO Financial Group | Investor Day | February 23, 2023 7 Commitment to Corporate Social Responsibility

8. Slide 8: Consumer Division

   CNO Financial Group | Investor Day | February 23, 2023 8 Consumer Division Scott Goldberg President, Consumer Division

9. Slide 9: Consumer Division: Key Takeaways

   CNO Financial Group | Investor Day | February 23, 2023 9 Consumer Division: Key Takeaways Operate as an integrated distribution platform Strong and growing direct-to-consumer franchise Exclusive field force that builds enduring relationships3 2 1

10. Slide 10: Consumer Division

    CNO Financial Group | Investor Day | February 23, 2023 10 Consumer Division  Medicare Supplement  Life Insurance  Fixed Annuities  Supplemental Health  Long-Term Care Manufactured Products Third-Party Products  Medicare Advantage  Prescription Drug Plans  Securities  ACA and Short-Term Med

11. Slide 11: Integrated Distribution Model

    CNO Financial Group | Investor Day | February 23, 2023 11 Field sales of higher premium policies, investments, and financial planning services Integrated Distribution Model Awareness Engagement Relationship 100 Million+ Search/Social Impressions 200,000+ TV Spots Direct/telesales of basic life and h

12. Slide 12: Direct Sales

    CNO Financial Group | Investor Day | February 23, 2023 12 1 Based on company research of carrier-owned direct-to-consumer programs  Well-known brand  Top 5 direct-to-consumer life insurer 1  Sales made online, over-the-phone by employees, and via third-party partners  Manage spend against target

13. Slide 13: Local Touchpoints

    CNO Financial Group | Investor Day | February 23, 2023 13 Local Touchpoints Approx. Number Average Years of Service Field Managers 325 12.5 Local Agents 4,300 3.5 Traveling Agents 425 3 TOTAL 5,050 1 2 3 3 6 1 1 1 4 9 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 5 3 54 6 3 9 2 4 2

14. Slide 14: Loyal and Vibrant Professionals

    CNO Financial Group | Investor Day | February 23, 2023 14 Loyal and Vibrant Professionals 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2017 2018 2019 2020 2021 2022 Experienced Agents First-Year Agents Average Producing Agent Count, Q4 Agents by Age Cohort Majority of agents are under

15. Slide 15: Agent Recruiting Engine

    CNO Financial Group | Investor Day | February 23, 2023 15 Agent Recruiting Engine Number of Personal Referrals (rounded to the nearest 10) Personal Referrals as Percent of Total Recruits Percentage Retained at 12-Months Referrals vs. Non-Referrals 670 950 2,030 1,880 1,680 2018 2019 2020 2021 2022 1

16. Slide 16: Field Agents Deliver Diverse Set of Life and Health Plans

    CNO Financial Group | Investor Day | February 23, 2023 16 Long-Term Care Med Supp Supplemental Health Life Insurance 19,607 25,107 33,339 38,457 36,899 43,418 45,825 31% 70% 2016 2017 2018 2019 2020 2021 2022 MA Policies Sold MA % of Total Medicare Sales Field Agents Deliver Diverse Set of Life and

17. Slide 17: Health Insurance Marketplace

    CNO Financial Group | Investor Day | February 23, 2023 17 Health Insurance Marketplace  Online health insurance marketplace targeting consumers age 50+  Broad selection of Medicare Advantage and Prescription Drug Plans  Accessible to consumers and exclusive, certified field agents  Generates pos

18. Slide 18: Income, Investments & Legacy solutions

    CNO Financial Group | Investor Day | February 23, 2023 18 Income, Investments & Legacy Assisted Care & Final Expenses Medical Expenses Long-Term Care Whole Life Medicare Supplement Medicare Advantage Prescription Drug Plans Hospital Indemnity Critical Illness How do I protect against healthcare cost

19. Slide 19: Retirement Assets

    CNO Financial Group | Investor Day | February 23, 2023 19 Retirement Assets Client Assets in Securities (in billions) Number of Registered Reps and Investment Advisors (rounded to nearest 10) Annuity Account Values (in billions) 520 600 600 650 700 2018 2019 2020 2021 2022 $1.56 $2.00 $2.31 $2.90 $2

20. Slide 20: Serving More Clients with Greater Financial Needs

    CNO Financial Group | Investor Day | February 23, 2023 20 Serving More Clients with Greater Financial Needs 11,900 14,800 $67,400 $108,400 Average Annuity Purchase Annuity Policies Issued 2015 2022 2015 2022  More agents becoming advisors  Attracting clients with more assets  Industry tailwinds

21. Slide 21: Independent Sales

    CNO Financial Group | Investor Day | February 23, 2023 21 Independent Sales 2020 2021 2022 Hispanic market National partners $28 $28 $36 New Annual Premium (in millions)  Critical illness, cancer, and hospital plans  Sold in-person and over-the-phone  Sold standalone and alongside health plans 

22. Slide 22: Overall Performance

    CNO Financial Group | Investor Day | February 23, 2023 22 Overall Performance Life & Health NAP Fee RevenueAnnuity Collections $283 $293 $294 $320 $316 2018 2019 2020 2021 2022 $52 $75 $87 $107 $125 2018 2019 2020 2021 2022 $1,165 $1,306 $1,165 $1,400 $1,605 2018 2019 2020 2021 2022 (in millions) (i

23. Slide 23: Consumer Division: Looking Ahead

    CNO Financial Group | Investor Day | February 23, 2023 23 Consumer Division: Looking Ahead Further expansion of integrated platform More favorable recruiting environment Higher life and health sales3 2 1

24. Slide 24: Worksite Division

    CNO Financial Group | Investor Day | February 23, 2023 24 Worksite Division Mike Byers President, Worksite Division

25. Slide 25: Worksite Division: Key Takeaways

    CNO Financial Group | Investor Day | February 23, 2023 25 Worksite Division: Key Takeaways Optavise is well positioned to capitalize on the evolution of workplace benefits Serve both employers and employees through a blend of people paired with technology Compelling market opportunity in the target

26. Slide 26: The Optavise Evolution

    CNO Financial Group | Investor Day | February 23, 2023 26 The Optavise Evolution  Benefits advocacy and education services  Benefits administration technology  Voluntary benefits from:  Agent distribution  Serving small, mid-size, and large markets Worksite Marketing Division (WMD)

27. Slide 27: The State of the Healthcare Consumer

    CNO Financial Group | Investor Day | February 23, 2023 27 The State of the Healthcare Consumer Healthcare Literacy Financial Fragility Multigenerational Workforce Dynamic ways of working  90% of U.S. adults struggle with poor healthcare literacy1  36.2M remote workers by 20252  Freelance/gig work

28. Slide 28: The Optavise Solution: Educate and Protect Year Round

    CNO Financial Group | Investor Day | February 23, 2023 28 The Optavise Solution: Educate and Protect Year Round Year-Round ApproachOPTAVISE COMMUNICATIONS Year-round, targeted messaging for the multigenerational workforce. OPTAVISE BENEFITS ADMINISTRATION A multimodule benefits system to enroll empl

29. Slide 29: Worksite Cross Sales Success

    CNO Financial Group | Investor Day | February 23, 2023 29 Worksite Cross Sales Success  Client profile - Airport Authority with large retiree/union population  Problem - Issues with reaching employees during OE and throughout the year Struggling Through Enrollment Products: Ben Admin, Advocacy, an

30. Slide 30: Optavise Market Focus

    CNO Financial Group | Investor Day | February 23, 2023 30 Optavise Market Focus NATIONAL REGIONAL Products and Services  Year-round solutions ‒ Optavise education ‒ Optavise advocacy ‒ Optavise benefits administration ‒ Voluntary benefits products  Washington National voluntary benefits products 

31. Slide 31: Client Profile

    CNO Financial Group | Investor Day | February 23, 2023 31 Client Profile 900 active clients representing 3.1M employees 4,100Average client size is $450 is the average employee savings with a cost-comparison report 65YTD member NPS score NATIONAL REGIONAL 20,000Service nearly 45%Expertise in small g

32. Slide 32: Optavise Regional Agent Recruiting

    CNO Financial Group | Investor Day | February 23, 2023 32 Optavise Regional Agent Recruiting Number of Personal Referrals Personal Referrals as Percent of Total Recruits 28% 26% 22% 42% 43% 2018 2019 2020 2021 2022 237 270 141 148 258 2018 2019 2020 2021 2022 Launched referral program at the end of

33. Slide 33: Optavise Recovery Post COVID

    CNO Financial Group | Investor Day | February 23, 2023 33 Optavise Recovery Post COVID Life & Health NAP Producing Agents Fee Revenue $47 $54 $31 $35 $42 2018 2019 2020 2021 2022 $13 $19 $40 $44 2019 2020 2021 2022 0 200 400 600 800 1000 1200 0 100 200 300 400 500 2018 2019 2020 2021 2022 Producing

34. Slide 34: Optavise's Unique Capabilities

    CNO Financial Group | Investor Day | February 23, 2023 34 Optavise’s Unique Capabilities Hybrid Enrollment  Enrollments anywhere, anytime  In-person, virtual, or by phone Distribution  Referral culture  Deepen existing broker relationships  Launch America’s brokers initiative Investing in Techn

35. Slide 35: Worksite Division: Looking Ahead

    CNO Financial Group | Investor Day | February 23, 2023 35 Worksite Division: Looking Ahead Enhance competitiveness through mobile, decision support and advanced technology sales tools Continued consolidation of solutions under the Optavise brand for brokers/employers to manage Targeted expansion of

36. Slide 36: Customer Testimonials

    CNO Financial Group 36 Customer Testimonials

37. Slide 37: Break

    CNO Financial Group | Investor Day | February 23, 2023 37 Break 10 Minutes

38. Slide 38: I Am CNO: Our DE&I Commitment

    CNO Financial Group | Investor Day | February 23, 2023 38 I Am CNO: Our DE&I Commitment

39. Slide 39: Product Overview

    CNO Financial Group | Investor Day | February 23, 2023 39 Product Overview Karen DeToro Chief Actuary

40. Slide 40: Product Overview: Key Takeaways

    CNO Financial Group | Investor Day | February 23, 2023 40 Product Overview: Key Takeaways Uniquely diversified product portfolio enhances earnings stability and risk mitigation Broad product manufacturing capabilities supplemented by partner products Customer lifetime value and other metrics to main

41. Slide 41: Uniquely Diversified Product Portfolio

    CNO Financial Group | Investor Day | February 23, 2023 41 Uniquely Diversified Product Portfolio Annuity 39% Med Supp 16% Supp Health 17% Life 22% LTC 6% Annuities Med SuppLife Supp Health Annuity 20% Med Supp 18%Supp Health 29% Life 21% LTC 12% 2022 Insurance Margin2022 Collected Premium LTC

42. Slide 42: Diversified Product Portfolio Mitigates Risk

    CNO Financial Group | Investor Day | February 23, 2023 42 Diversified Product Portfolio Mitigates Risk Relative degree of risk before mitigation Annuity Life Supp Health Med Supp LTC Mortality Morbidity Persistency Interest rate Equity HighLow Balance of Risk Across Manufactured Products Stress Test

43. Slide 43: Broad Product Manufacturing Capabilities

    CNO Financial Group | Investor Day | February 23, 2023 43 Broad Product Manufacturing Capabilities Supplemented by partner products Where We Manufacture Where We Partner  We have pricing expertise  We have operational capabilities  We can generate attractive returns  Necessary for well-rounded p

44. Slide 44: Product Investments and Launches

    CNO Financial Group | Investor Day | February 23, 2023 44 Investments across multiple lines of business  Flagship “door opener” product  Increased competitiveness and value-added benefits Medicare Supplement 2022 Product Launches SIWL to $50K  Simplified issue underwriting  Broad access to addre

45. Slide 45: Disciplined Pricing Metrics: VNB and CLV

    CNO Financial Group | Investor Day | February 23, 2023 45 We evaluate value of new business and customer lifetime value to inform product pricing and strategy decisions Disciplined Pricing Metrics value of future statutory profits of single product discounted to the time of sale value of future stat

46. Slide 46: Disciplined Pricing Metrics: Annuities

    CNO Financial Group | Investor Day | February 23, 2023 46 We like the profitability and risk profile of our annuities Disciplined Pricing Metrics: Annuities 0% 1% 2% 3% 4% $0 $2,000 $4,000 $6,000 $8,000 $10,000 2021 2022 Account Value as of 11/30 Spread as of 11/30  Highest VNB and CLV of any of ou

47. Slide 47: Disciplined Pricing Metrics: Medicare

    CNO Financial Group | Investor Day | February 23, 2023 47 37% 63% Policies Inforce at 12/31/22 Med Advantage Med Supp 70% 30% Policies Sold in 20221 Med Advantage Med Supp Disciplined Pricing Metrics: Medicare Meeting customer needs and preferences with strong profitability  Strong VNB and CLV on b

48. Slide 48: Product Overview: Looking Ahead

    CNO Financial Group | Investor Day | February 23, 2023 48 Product Overview: Looking Ahead Maintain diversification across lines of business Continue to lean in where we see opportunity Use VNB and CLV to drive pricing and product management strategy 3 2 1

49. Slide 49: Investments

    CNO Financial Group | Investor Day | February 23, 2023 49 Investments Eric Johnson Chief Investment Officer

50. Slide 50: Investments: Key Takeaways

    CNO Financial Group | Investor Day | February 23, 2023 50 Consistent investment income Carefully calibrated risk assets Opportunity to increase NII Variable returns from multiple sources 4 3 2 1 Investments: Key Takeaways

51. Slide 51: Differentiated Approach

    CNO Financial Group | Investor Day | February 23, 2023 51 Differentiated Approach Strategy Driven by Liability Profile Investments – Our Approach  Market-centric  Deep and tenured team  Centers of Excellence  Specialized partners  Assets matched to stable liabilities  Individual LOBs with cust

52. Slide 52: Our Liability Profile Covers the Yield Curve

    CNO Financial Group | Investor Day | February 23, 2023 52 Short (0 - 4 Years) FHLB FABN Fixed Annuity Payout Annuity ~20% AUM Long (8+ Years) Life Long Term Care ~33% AUM Stable liabilities provide a competitive advantage Our Liability Profile Covers the Yield Curve  Asset duration +/- 0.30 of liab

53. Slide 53: Conservative Risk Appetite

    CNO Financial Group | Investor Day | February 23, 2023 53 Conservative Risk Appetite Credit Highly diversified portfolio with average A rating ALM Segmented LOB portfolios with appropriate AUM targets Concentration Conservative limits Liquidity Asset and liability cashflow modeling High Risk Assets

54. Slide 54: General Account Stress Testing

    CNO Financial Group | Investor Day | February 23, 2023 54 Resilient to diverse stresses General Account Stress Testing Major Potential Risks Why We’re Ready Market functionality  Excess liquidity Corporate credit migration  2020 – 2023 up in quality  Underweight cyclicals  High Yield allocation

55. Slide 55: Annual NII Trend

    CNO Financial Group | Investor Day | February 23, 2023 55 $882.6 $887.0 $894.8 $900.6 2019 2020 2021 2022 Annual NII Trend (in millions) Stable and predictable long-term performance Net Investment Income Allocated to Products Book Yield 4.90% 4.77% 4.58% 4.60% Effective Yield 5.08% 5.37% 5.03% 4.64%

56. Slide 56: Variable Net Investment Income

    CNO Financial Group | Investor Day | February 23, 2023 56 Variable income from multiple typically non-correlated sources Net Investment Income Not Allocated to Products  Surplus assets provide stable base  Significant impact from alternatives results  Incudes income from calls and prepayments  G

57. Slide 57: Institutional Funding Program

    CNO Financial Group | Investor Day | February 23, 2023 57 Institutional Funding Program Proven Track Record  $1.65b total FHLB borrowings from inception to 12/31/2022. Longstanding strong relationships with FHLB Chicago, FHLB Indianapolis, and FHLB Pittsburgh.  FHLB program successfully transition

58. Slide 58: In Flight Investment Themes and Portfolio Key Metrics

    CNO Financial Group | Investor Day | February 23, 2023 58  Rising NMR and book yield  Durable cash flows  HRA carefully managed  Capital efficiency  Caution on untested asset classes  Diversification across the curve and risk sectors  “Alternatives that pay rent”  Tactical use of institution

59. Slide 59: In Flight Investment Themes

    CNO Financial Group | Investor Day | February 23, 2023 59 In Flight Investment Themes Rotate into higher quality cashflows Factors Overweights Peak in consumer credit  ‘Up the Stack’ Prime Auto  RMBS AAA/ AA Higher yields at short end  CLO AAA/AA  CRE CDO AAA  Equipment ABS Tighter spreads acro

60. Slide 60: Opportunities From Interest Rate Volatility

    CNO Financial Group | Investor Day | February 23, 2023 60 Opportunities From Interest Rate Volatility  NMR  Book Yield  NII  Institutional Funding: Expand Spread  Alternatives: Increasing current income relative to capital appreciation  Higher current income from floating rate allocation  Reo

61. Slide 61: ESG Integration – Manage Risks, Improve Returns

    CNO Financial Group | Investor Day | February 23, 2023 61 ESG Integration – Manage Risks, Improve Returns Responsible Investment Policy Steering Committee Proxy Voting Guidelines Issuer Engagement UNPRI Principles ESG Integration Training & Dedicated Resources MSCI upgraded CNO Financial Group’s ESG

62. Slide 62: Investments: Looking Ahead

    CNO Financial Group | Investor Day | February 23, 2023 62 Consistent investment income Carefully calibrated risk assets Opportunities to increase NII Variable returns from multiple typically non-correlated sources 4 3 2 1 Investments: Looking Ahead

63. Slide 63: Finance

    CNO Financial Group | Investor Day | February 23, 2023 63 Finance Paul McDonough Chief Financial Officer

64. Slide 64: Finance: Key Takeaways

    CNO Financial Group | Investor Day | February 23, 2023 64 Finance: Key Takeaways Consistent and stable earnings Disciplined expense management Strong free cash flow / disciplined capital management3 2 1

65. Slide 65: Strong and Stable Insurance Product Margins

    CNO Financial Group | Investor Day | February 23, 2023 65 Diversified product portfolio driving consistent stable margins through a variety of macroeconomic environments Strong and Stable Insurance Product Margins 29% 29% 29% 28% 45% 45% 45% 47% 26% 26% 26% 25% 2019 2020 2021 2022 Annuity Health Lif

66. Slide 66: Pre-Tax Operating Earnings

    CNO Financial Group | Investor Day | February 23, 2023 66 Pre-Tax Operating Earnings Results in the bar charts reflect historical GAAP, normalized to exclude significant items, COVID impacts and market volatility impacts on Fixed Indexed Annuities. 1A non-GAAP measure. See appendix for a reconciliat

67. Slide 67: Disciplined Expense Management

    CNO Financial Group | Investor Day | February 23, 2023 67 Disciplined Expense Management 18.3% 18.1% 18.5% 19.4% 19.0%- 19.4% $0 $250 $500 $750 2019 2020 2021 2022 2023E Expense Ratio1 Expenses allocated to product Expenses not allocated to product 1Expenses allocated to products plus not allocated

68. Slide 68: Strong Free Cash Flow

    CNO Financial Group | Investor Day | February 23, 2023 68 2019 2020 2021 2022 Net Operating Income2 $290 $362 $366 $274 Holding Company Sources of Cash $404 $572 $567 $353 Excess Cash Flow to Holding Company $287 $387 $380 $163 Free Cash Flow Conversion Ratio 99% 107% 106% 60% Strong Free Cash Flow

69. Slide 69: Disciplined Capital Management: RBC and Liquidity

    CNO Financial Group | Investor Day | February 23, 2023 69  Higher capital and holding company liquidity levels during the heart of pandemic  Declining RBC target reflects reduced risk profile Disciplined Capital Management In line with targets 350% 375% 400% 425% 2019 2020 2021 2022 Year-end RBC R

70. Slide 70: Disciplined Capital Management: Capital Return

    CNO Financial Group | Investor Day | February 23, 2023 70 $0 $100 $200 $300 $400 $500 2019 2020 2021 2022 Capital Return Share Repurchases Dividends Disciplined Capital Management Use of Excess Capital – primarily returned to shareholders Targeted bolt-on acquisitions:  $69 million on Web Benefit D

71. Slide 71: Intend to Form a Bermuda Captive Reinsurance Company

    CNO Financial Group | Investor Day | February 23, 2023 71 Intend to form a Bermuda Captive Reinsurance Company Disciplined Capital Management Rationale TimingStructure  Establish a 100% owned Bermuda reinsurer  Cede a portion of our Fixed Indexed Annuity inforce and up to 100% of new business  No

72. Slide 72: Long-Duration Targeted Improvements Update

    CNO Financial Group | Investor Day | February 23, 2023 72 Update in-line with prior disclosures Long-Duration Targeted Improvements & Other Method Updates Balances at Transition At Transition Date Financial Measure Before LDTI After LDTI AOCI, Post-Tax $2,186 ~$110 Retained Earnings, Post-Tax $752 ~

73. Slide 73: 2023 Outlook

    CNO Financial Group | Investor Day | February 23, 2023 73 2023 Outlook1 1Applying LDTI, the new FIA operating income methodology, and excluding significant items. Does not reflect impact of Bermuda structure. Free Cash Flow / Excess Capital Earnings  375% consolidated RBC ratio target  Target leve

74. Slide 74: Finance: Looking Ahead

    CNO Financial Group | Investor Day | February 23, 2023 74 Finance: Looking Ahead Sustained profitable growth Considerable cash-generation strength Balanced capital allocation strategy3 2 1

75. Slide 75: Closing Remarks

    CNO Financial Group | Investor Day | February 23, 2023 75 Closing Remarks Gary C. Bhojwani Chief Executive Officer

76. Slide 76: Evolving to a More Modern Experience

    CNO Financial Group | Investor Day | February 23, 2023 76 Evolving to a More Modern Experience Enablers  Robotics Process Automation (RPA)  Business Process Automation (BPA)  Cloud computing  Low code / no code  Artificial intelligence  Agile framework Using sophisticated digital platforms to

77. Slide 77: Resuming Our Growth Momentum

    CNO Financial Group | Investor Day | February 23, 2023 77 Resuming Our Growth Momentum Turnaround / De-risking Pivot to Growth Pre-2017 2017 to 2019 2020 to 2022 COVID-19 Accelerate Profitable Growth  Optimize customer-centric business alignment  Expand omnichannel delivery model focused on “last-

78. Slide 78: Why Invest in CNO

    CNO Financial Group | Investor Day | February 23, 2023 78 Why Invest in CNO Exclusive focus on underserved middle market Favorable demographic tailwinds Diverse and integrated “last mile” virtual and in-person model Sustainable growth initiatives in place Strong balance sheet and solid free cash flo

79. Slide 79: CNO Stock Performance

    CNO Financial Group | Investor Day | February 23, 2023 79 CNO Stock Performance -60.0% -20.0% 20.0% 60.0% 12/31/2019 12/31/2020 12/31/2021 Total Return Performance1 12/31/2019 – 12/30/2022 12/30/2022 - S&P 500 L&H 36.5% - CNO 35.8% - Peer Group2 29.3% - S&P 500 24.8% 1Total return performance includ

80. Slide 80: Q&A

    CNO Financial Group | Investor Day | February 23, 2023 80 Q&A

81. Slide 81: Speaker Biographies

    CNO Financial Group | Investor Day | February 23, 2023 81 Speaker Biographies

82. Slide 82: Gary C. Bhojwani, Chief Executive Officer

    CNO Financial Group | Investor Day | February 23, 2023 82 Gary C. Bhojwani Chief Executive Officer Gary C. Bhojwani became chief executive officer of CNO Financial Group on January 1, 2018. He was elected a director of CNO Financial in May 2017 and serves as a member of the Executive and Investment

83. Slide 83: Scott Goldberg, President, Consumer Division

    CNO Financial Group | Investor Day | February 23, 2023 83 Scott Goldberg President, Consumer Division Scott Goldberg was named president, consumer division of CNO Financial Group in January 2020, and is responsible for sales and operations of the company’s individual consumer business. Goldberg prev

84. Slide 84: Mike Byers, President, Worksite Division

    CNO Financial Group | Investor Day | February 23, 2023 84 Mike Byers President, Worksite Division Michael Byers was named president, worksite division of CNO Financial Group in August 2021, and is responsible for sales and operations of the company’s worksite business. He previously served as co-pre

85. Slide 85: Karen DeToro, Chief Actuary

    CNO Financial Group | Investor Day | February 23, 2023 85 Karen DeToro Chief Actuary Karen DeToro has served as chief actuary of CNO Financial Group in September 2019. She is responsible for actuarial, insurance product development and risk management for CNO. Prior to joining CNO, DeToro held execu

86. Slide 86: Eric Johnson, Chief Investment Officer

    CNO Financial Group | Investor Day | February 23, 2023 86 Eric Johnson Chief Investment Officer Eric Johnson was appointed chief investment officer of CNO Financial Group and president of 40|86 Advisors, Inc. in September 2003. Johnson joined CNO in 1997 and has served as an officer of the company s

87. Slide 87: Paul McDonough, Chief Financial Officer

    CNO Financial Group | Investor Day | February 23, 2023 87 Paul McDonough Chief Financial Officer Paul McDonough was named chief financial officer for CNO Financial Group in March 2019. McDonough has nearly 30 years of public company finance and 20 years of insurance industry expertise. Prior to join

88. Slide 88: Appendix

    CNO Financial Group | Investor Day | February 23, 2023 88 Appendix

89. Slide 89: 2022 New Money Allocation and Yields

    CNO Financial Group | Investor Day | February 23, 2023 89 KEY Resi Private Credit CRE Muni HY Corp IG Corp RMBS CMBS CLO ABS 1Q22 | NMR - 3.73% 2Q22 | NMR - 4.65% 3Q22 | NMR - 5.36% 4Q22 | NMR - 5.96% Rising new money rates fall to the bottom line 2022 New Money Allocation and Yields 9% 3% 9% 11% 41

90. Slide 90: ABS Allocation

    CNO Financial Group | Investor Day | February 23, 2023 90 Strong NII contribution largely at short and intermediate durations ABS Allocation Ratings Breakdown Key Data Points $ in millions 3Q22 Whole Business 33% Book Value 1,360 Market Value 1,224 % of GA 5% % Investment Grade 91% Weighted Average

91. Slide 91: RMBS Allocation

    CNO Financial Group | Investor Day | February 23, 2023 91 Stable source of net investment income largely at intermediate and long durations RMBS Allocation $ in millions 3Q22 Prime 27% Book Value 2,123 Market Value 1,984 % of GA 8% % Investment Grade 98% Weighted Average NAIC Rating 1.1 Book Yield 4

92. Slide 92: RMBS Credit Characteristics

    CNO Financial Group | Investor Day | February 23, 2023 92 Strong credit characteristics RMBS Allocation 3Q22 Percent Modeled “Zero Loss” Prime 51% Non-QM 43% Alt-A 90% Subprime 92% Collateral Credit Score 0% 5% 10% 15% 20% 25% 30% 35% 40% <650 650-700 700-750 750+

93. Slide 93: CMBS Allocation

    CNO Financial Group | Investor Day | February 23, 2023 93 Highly rated portfolio with long track record of stable performance CMBS Allocation $ in millions Book Value 2,596 Market Value 2,317 % of GA 10% % Investment Grade 96% Weighted Average NAIC Rating 1.1 Book Yield 4.36% Duration 3.2 CRE CLO 6%

94. Slide 94: CMBS Loss Remote Across Severe Stress Scenarios

    CNO Financial Group | Investor Day | February 23, 2023 94 AAA AA A BBB BB Loss remote across severe stress scenarios CMBS Allocation 99% 72% 66% 37% 16% % Delinquency 1.14% 1.26% 0.30% 0.09% 0.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 1 2 3 4 5 6 7 8 9 10 1998 1999 2000 2001 2002 2003 2004

95. Slide 95: CLO Debt Allocation

    CNO Financial Group | Investor Day | February 23, 2023 95 Book Value 824.23 Market Value 784.90 % of GA (est.) 3.17% % Investment Grade 100% Weighted Average NAIC Rating 1.08 Book Yield 5.46% Duration 3.9 27.7% Highly rated, limited risk content CLO Debt Allocation $ in millions Subordination % Deli

96. Slide 96: CLO Debt Loss Remote Across Severe Market Scenarios

    CNO Financial Group | Investor Day | February 23, 2023 96 Loss remote across severe market scenarios CLO Debt Allocation Breakpoint Cushion Estimated Portfolio Loss Under CDR Scenarios 0.00% 0.00% 0.00% 0.00% 0.00% 0.10% 1.10% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 0% 2% 4% 6% 8% 10% 12% 0.00% 5.

97. Slide 97: CRE Loan Allocation

    CNO Financial Group | Investor Day | February 23, 2023 97 2023 2024 2025 2026 2027 2028+ No delinquent or restructured loans CRE Loan Allocation LTV X% X% X% X% DSCR % 80+ LTV % Below 1.1x Book Value 1,224 % General Account 4.6% LTV 41.5% DSCR 2.57x WA CM Rating 1.28 % CM1 72.3% % DSCR < 1.1x 4.1% %

98. Slide 98: Alternatives Allocation

    CNO Financial Group | Investor Day | February 23, 2023 98 Lower volatility strategies that ‘pay rent’ – private credit, core real estate, mortgages Alternatives Allocation  No exposure to public equities.  Nominal exposure to Venture Capital or hedge funds.  Private credit allocation comprised of

99. Slide 99: Cash Flow Profile

    CNO Financial Group | Investor Day | February 23, 2023 99 Cash Flow Profile 2019 2020 2021 2022 Net Operating Income1 290.0$ 362.3$ 365.6$ 273.9$ Holding Company Cash Flows: Dividends from Subsidiaries, net of contributions 194.3$ 339.8$ 349.0$ 156.7$ Management Fees 115.5 111.7 117.8 124.0 Surplus

100. Slide 100: Earnings

     CNO Financial Group | Investor Day | February 23, 2023 100 Earnings 2019 2020 2021 2022 Insurance product margin Annuity 230.1$ 296.7$ 270.3$ 161.1$ Health 362.9 459.8 493.0 477.3 Life 196.1 165.0 150.4 172.9 Total insurance product margin 789.1 921.5 913.7 811.3 Allocated expenses (543.0) (557.7) (

101. Slide 101: Endnotes

     CNO Financial Group | Investor Day | February 23, 2023 101 Endnotes 1 Centers for Disease Control and Prevention, Talking Points About Health Literacy, https://www.cdc.gov/healthliteracy/shareinteract/TellOthers.html, May 21, 2021. 2 Upwork, Future Workforce Report 2021: How Remote Work is Changing

CNO Financial Group — Investor Day (February 2023) on 6ix