Cno Financial Group, Inc. · NYSE:CNO
Cno Financial — Investor Day (September 2026)
40 slides from Cno Financial's investor day presentation, Sep 1, 2026
Slide 1: CNO Financial Group Investor Briefing
1CNO Financial Group | Investor Briefing | September 1, 2026 CNO Financial Group Investor Briefing September 1, 2026
Slide 2: Welcome
2CNO Financial Group | Investor Briefing | September 1, 2026 Welcome Adam Auvil Vice President, Investor Relations & Sustainability
Slide 3: Our Purpose and Mission
3CNO Financial Group | Investor Briefing | September 1, 2026 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
Slide 4: Important Legal Information
4CNO Financial Group | Investor Briefing | September 1, 2026 Important Legal Information Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of o
Slide 5: Worksite Division
5CNO Financial Group | Investor Briefing | September 1, 2026 Worksite Division Karen DeToro President, Worksite Division Richard Shaffer Senior Vice President, Worksite Sales
Slide 6: Presenters
6CNO Financial Group | Investor Briefing | September 1, 2026 Presenters Karen DeToro President, Worksite Division Industry Experience: 32 years Years at CNO: 7 Richard Shaffer Senior Vice President, Worksite Sales Industry Experience: 28 years Years at CNO: 4
Slide 7: Takeaways
7CNO Financial Group | Investor Briefing | September 1, 2026 3 2 1 Takeaways Focus on employers with predominantly middle-income workforces Products that fill the gaps in employer-paid coverage Differentiated distribution with opportunities for expansion Well-positioned and achieving consistent grow
Slide 8: Historical Performance: Worksite NAP and Producing Agent Count
8CNO Financial Group | Investor Briefing | September 1, 2026 Worksite NAP (in millions) Producing Agent Count Worksite has been a fast-growing part of CNO; 18% CAGR since 2020 $0 $10 $20 $30 $40 $50 $60 $70 $80 2020 2021 2022 2023 2024 2025 0 50 100 150 200 250 300 350 400 450 2020 2021 2022 2023 20
Slide 9: Industry Focus
9CNO Financial Group | Investor Briefing | September 1, 2026 Industry Focus Almost 70% of NAP from transit & utilities, education and public sector Significant union focus Require in-person enrollment – any time, anywhere Customer Statistics Average issue age 45 Median salary $52K Focus on
Slide 10: Supplemental products address growing need in employee benefits
10CNO Financial Group | Investor Briefing | September 1, 2026 Return-of-premium feature refunds premiums paid, net of benefits received, after 20–25 years Returned nearly $5B of premium to policyholders since inception Supplemental Health Nearly two-thirds of employed Americans rely on workpla
Slide 11: Voices From The Field
11CNO Financial Group | Investor Briefing | September 1, 2026 Voices From The Field
Slide 12: Differentiated Distribution
12CNO Financial Group | Investor Briefing | September 1, 2026 Ownership of distribution and manufacturing provides a competitive advantage Differentiated Distribution Key Differentiators Support to employers and employees before, during and after enrollment Captive full-time agents who work only for
Slide 13: Geographic Footprint: Agents by State
13CNO Financial Group | Investor Briefing | September 1, 2026 Greenfield opportunity remains for agent expansion in the middle and north of the U.S. Geographic Footprint <= 10 11 - 20 21 - 50 51 - 100 >100 Agents by State
Slide 14: Expansion Opportunities
14CNO Financial Group | Investor Briefing | September 1, 2026 New clients and geographies today create locations to recruit to and re-enroll in the future Expansion Opportunities Existing Clients New Clients Geo Expansion New Clients & Geographies Recruiting & Re-enrollments More Owned Distribution
Slide 15: Scaling our Owned Distribution
15CNO Financial Group | Investor Briefing | September 1, 2026 Accelerate leadership development; Give agents better tools Leadership Development Clear career paths with leaders able to earn their next step Practical leadership curriculums at every level Embedded field development coaches for m
Slide 16: Takeaways
16CNO Financial Group | Investor Briefing | September 1, 2026 3 2 1 Takeaways Focus on employers with predominantly middle-income workforces Products that fill the gaps in employer-paid coverage Differentiated distribution with opportunities for expansion Well-positioned and achieving consistent gro
Slide 17: Q&A
17CNO Financial Group | Investor Briefing | September 1, 2026 Q&A Enter questions in chat
Slide 18: Opportunity in Medicare
18CNO Financial Group | Investor Briefing | September 1, 2026 Opportunity in Medicare Scott Goldberg President, Consumer Division Jeremy Williams Chief Actuary
Slide 19: Presenters
19CNO Financial Group | Investor Briefing | September 1, 2026 Scott Goldberg President, Consumer Division Industry Experience: 26 years Years at CNO: 22 Presenters Jeremy Williams Chief Actuary Industry Experience: 27 years Years at CNO: 23
Slide 20: Medicare – A Large and Growing Opportunity
20CNO Financial Group | Investor Briefing | September 1, 2026 3 2 1 Takeaways Structural growth with durable demand CNO well-positioned with a winning distribution model Achieving strong results and driving companion sales Medicare – A Large and Growing Opportunity
Slide 21: Medicare is a Growing Market
21CNO Financial Group | Investor Briefing | September 1, 2026 Over 69 million beneficiaries today More than 10,000 Americans become Medicare eligible each day Americans turning 65 now are expected to receive benefits for the next 20 years Medicare spending exceeds $1.2 trillion and expected
Slide 22: Coverage Options
22CNO Financial Group | Investor Briefing | September 1, 2026 Coverage Options Centers for Medicare and Medicaid Services (CMS) administers Original Medicare; private insurers provide Medicare Supplement, Medicare Advantage, and Prescription Drug plans Source: AHIP: The State of Medicare Supplement
Slide 23: Plan Options
23CNO Financial Group | Investor Briefing | September 1, 2026 Plan Options In most areas, there are dozens of plan options from which to choose Source: KFF analysis of CMS Medicare Advantage Landscape Files (2010-2025) Medicare Supplement Types of plans that may be available Medicare Advantage Avera
Slide 24: Consumer Confusion
24CNO Financial Group | Investor Briefing | September 1, 2026 Consumer Confusion Most beneficiaries choose a plan in consultation with a licensed professional Agents 49% Brokers 24% Digital 17% Other 10% Source: Nova1Advisors, MedPAC, Commonwealth Fund, Urban Institute, and KFF Medicare consumer res
Slide 25: Consumer Division Exclusive Distribution
25CNO Financial Group | Investor Briefing | September 1, 2026 Consumer Division Exclusive Distribution Bankers Life agents are in local communities assisting beneficiaries face-to-face National network of more than 5,000 captive, health insurance agents Robust set of Medicare Supplement and Medi
Slide 26: Our Full Set of Medicare Offerings
26CNO Financial Group | Investor Briefing | September 1, 2026 Over 50 years experience pricing and managing Medicare Supplement plans Mostly sell Plan G (comprehensive) and Plan N (physician co-pays) Generally attained-age pricing (rates rise with age) Able to adjust rates annually, subject
Slide 27: CNO's Medicare Supplement Performance
27CNO Financial Group | Investor Briefing | September 1, 2026 18.9% 18.3% 16.9% 18.0% 17.7% $620 $621 $627 $312 $336 206 199 201 197 212 22 24 30 16 27 CNO’s Medicare Supplement Performance Achieving higher sales and growing our block New Policies Sold (in thousands) Total Enrollment (in thousands)
Slide 28: Medicare Supplement Industry Premium Rates
28CNO Financial Group | Investor Briefing | September 1, 2026 Source: CSG Actuarial Higher healthcare utilization and medical cost trends have driven up claim costs across the industry Rates have increased by roughly 35% since 2020 Validates industry’s ability to reprice relatively quickly Rec
Slide 29: CNO's Medicare Supplement Experience
29CNO Financial Group | Investor Briefing | September 1, 2026 Disciplined rate actions are improving benefit ratios while persistency remains strong Note: Benefit Ratio = Insurance Policy Benefits/Insurance Policy Premium Rate Increases Benefit Ratio Annualized Persistency 3.5% 8.6% 4.7% 11.3% 2023
Slide 30: Medicare Supplement Outlook
30CNO Financial Group | Investor Briefing | September 1, 2026 Source: Mark Farrah Associates (MFA) data; Telos Actuarial, 15th Annual Medicare Supplement Market Projection, 2025 ~$41 >$60 2025 2034 UnitedHealthcare/AARP BCBS and Subsidiaries Mutual of Omaha Aetna/CVS Humana CNO Globe Life Physicians
Slide 31: CNO's Medicare Advantage Performance
31CNO Financial Group | Investor Briefing | September 1, 2026 Demand is down from peak, but business fundamentals remain strong New Policies Sold (in thousands) Total Enrollment (in thousands) Fee Revenue (in millions) Commissions Receivable1 (in millions) Q2 YTD 2023 2024 2025 2025 2026 46 53 51 17
Slide 32: CNO's Total Medicare Business
32CNO Financial Group | Investor Briefing | September 1, 2026 149 167 171 158 159 206 199 201 197 212 2023 2024 2025 2025 2026 46 53 51 17 13 22 24 30 16 27 2023 2024 2025 2025 2026 Bankers Life Medicare Enrollment (in thousands) Bankers Life Medicare Policies Sold (in thousands) Medicare Supplement
Slide 33: Entry Point to Deeper Relationships
33CNO Financial Group | Investor Briefing | September 1, 2026 For many consumers, figuring out Medicare is the first of many retirement decisions Entry Point to Deeper Relationships
Slide 34: CNO's New Annualized Premium
34CNO Financial Group | Investor Briefing | September 1, 2026 Medicare Supplement % 9% 11% 14% 15%11% Medicare Supplement sales are becoming an increasing part of our growth Long-Term Care Supplemental Health Medicare Supplement Life Insurance CNO’s New Annualized Premium $207 $201 $226 $118 $118 $3
Slide 35: Voices From The Field
35CNO Financial Group | Investor Briefing | September 1, 2026 Voices From The Field
Slide 36: Wrap Up
36CNO Financial Group | Investor Briefing | September 1, 2026 Attractive Market Medicare is large and growing Sustained need for private plans Consumers want guidance Wrap Up Further value creation Agent growth and productivity Pricing and rate management Improved health outcomes CNO Adv
Slide 37: Q&A
37CNO Financial Group | Investor Briefing | September 1, 2026 Q&A Enter questions in chat
Slide 38: Why Invest in CNO
38CNO Financial Group | Investor Briefing | September 1, 2026 Why Invest in CNO Adam Auvil Vice President, Investor Relations & Sustainability
Slide 39: Why Invest in CNO
39CNO Financial Group | Investor Briefing | September 1, 2026 Why Invest in CNO 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
Slide 40: CNO Financial Group Investor Briefing
40CNO Financial Group | Investor Briefing | September 1, 2026 CNO Financial Group Investor Briefing September 1, 2026