CNO Financial Group, Inc. · NYSE:CNO
CNO Financial — Q1 2014 Earnings Presentation
7 slides from CNO Financial's earnings presentation, Apr 22, 2014
Slide 1: Revised Segment Reporting
Revised Segment Reporting April 22, 2014
Slide 2: OCB Transactions - Overview
OCB Transactions - Overview 12/31/13 OCB Net Statutory Reserves OCB – Ceded & Being Sold ($ millions) $550mm of statutory LTC reserves reinsured to Traditional Beechwood Re - reported in 4Q 2013 results Retained By CNO Life Sale of Conseco Life Insurance Company (“CLIC”) $424 to Wilton Re encomp
Slide 3: Revised Segment Reporting
Revised Segment Reporting OCB Businesses Not Sold or Ceded • Certain businesses previously reported in the OCB segment and retained by CNO (annuity, interest-sensitive life, and health) will now be reported in the Washington National segment. Earnings of CLIC Being Sold • The business of CLIC being
Slide 4: Navigating CNO's Quarterly Financial Supplement
Navigating CNO’s Quarterly Financial Supplement Historical Periods Post CLIC Sale & 2014 Pre-CLIC Sale (Pre 2014) Go-Forward Washington National OCB residual overhead is At closing, Bankers Life’s results are adjusted to allocated to remaining results will reflect the life include the retained
Slide 5: Financial Reporting Impact
Financial Reporting Impact $ in millions 2013 1Q 2Q 3Q 4Q TY OCB EBIT, as previously reported $ 3.6 $ 2.6 $ 6.1 $ 13.2 $ 25.5 EBIT transferred to operations of CLIC being sold (6.3) (5.8) (6.9) (14.3) (33.3) 1 EBIT transferred to Washington National (4.6) (4.0) (4.9) (6.3) (19.8) 2 OCB EBIT, revised
Slide 6: Appendix
Appendix CNO Financial Group | Revised Segment Reporting | April 22, 2014 6
Slide 7: CNO Quarterly Earnings
Quarterly Earnings CNO ($ millions) 1Q13 2Q13 3Q13 4Q13 2013 Bankers Life $ 62.1 $ 79.1 $ 86.3 $ 83.0 $ 310.5 Washington National 34.0 35.8 33.0 37.8 140.6 Colonial Penn (5.4) 1.2 (4.2) (4.1) (12.5) Other CNO Business (7.3) (7.2) (5.7) (7.4) (27.6) EBIT from business segments continuing after the CL