CNO FINANCIAL GROUP, INC. MANAGEMENT REPORT ON CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS. (Form 10-Q)

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In this section, we review the consolidated financial condition of CNO at
March 31, 2022, and its consolidated results of operations for the three months
ended March 31, 2022 and 2021, and, where appropriate, factors that may affect
future financial performance. Please read this discussion in conjunction with
the accompanying consolidated financial statements and notes. Results for
interim periods are not necessarily indicative of the results that may be
expected for a full year.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Our statements, trend analyses and other information contained in this report
and elsewhere (such as in filings by CNO with the SEC, press releases,
presentations by CNO or its management or oral statements) relative to markets
for CNO's products and trends in CNO's operations or financial results, as well
as other statements, contain forward-looking statements within the meaning of
the federal securities laws and the Private Securities Litigation Reform Act of
1995. Forward-looking statements typically are identified by the use of terms
such as "anticipate," "believe," "plan," "estimate," "expect," "project,"
"intend," "may," "will," "would," "contemplate," "possible," "attempt," "seek,"
"should," "could," "goal," "target," "on track," "comfortable with,"
"optimistic," "guidance," "outlook" and similar words, although some
forward-looking statements are expressed differently. You should consider
statements that contain these words carefully because they describe our
expectations, plans, strategies and goals and our beliefs concerning future
business conditions, our results of operations, financial position, and our
business outlook or they state other "forward-looking" information based on
currently available information. The "Risk Factors" section of our 2021 Annual
Report on Form 10-K provides examples of risks, uncertainties and events that
could cause our actual results to differ materially from the expectations
expressed in our forward-looking statements. Assumptions and other important
factors that could cause our actual results to differ materially from those
anticipated in our forward-looking statements include, among other things:

•the ongoing COVID-19 pandemic and the resulting financial market, economic and
other impacts, including the deferral of healthcare by policyholders and the
potential for future resulting increased claim costs, could adversely affect our
business, results of operations, financial condition and liquidity;

•general economic, market and political conditions and uncertainties, including
the performance and fluctuations of the financial markets which may affect the
value of our investments as well as our ability to raise capital or refinance
existing indebtedness and the cost of doing so;

•exposure to interest rate risk, including interest rate volatility, may adversely affect our results of operations, financial condition or cash flows;

•changes to future investment earnings, including the impact of realized losses
(including other-than-temporary impairment charges) may diminish the value of
our invested assets and negatively impact our profitability, our financial
condition and our liquidity;

•the ultimate outcome of lawsuits brought against us and other legal and regulatory proceedings to which we are subject;

• our ability to make early changes to certain non-guaranteed elements of our life insurance products;

• our ability to obtain adequate and timely price increases on our healthcare products, including our long-term care business;

•receipt of all required regulatory approvals for dividend and interest payments on excess debentures of our insurance subsidiaries;

•mortality, morbidity, the increased cost and usage of health care services,
persistency, the adequacy of our previous reserve estimates, changes in the
health care market and other factors which may affect the profitability of our
insurance products;

•changes in our assumptions regarding deferred acquisition costs or the present value of future earnings;

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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•the recoverability of our deferred tax assets and the effect of possible changes in ownership and tax rates on their value;

• our assumption that the positions we take on our tax filings will not be successfully challenged by the Internal Revenue Service;

•changes in accounting principles and their interpretation;

• our ability to continue to meet financial ratio and breakeven requirements and other covenants in our debt agreements;

•the performance and valuation of our investments;

• our ability to identify products and markets in which we can compete effectively against competitors with greater market share, higher ratings, greater financial resources and better brand recognition;

• our ability to generate sufficient cash to meet our debt service obligations and other cash needs;

•changes in capital deployment opportunities;

•our ability to maintain effective controls over financial reporting and modeling;

• our ability to continue to recruit and retain productive agents and distribution partners;

•customer response to new products, distribution channels and marketing initiatives;

•inflation may impact the sales and persistency of insurance products, a portion
of our insurance policy benefits affected by increased medical coverage costs
and various operating expenses including payroll;

•our ability to maintain the financial strength ratings of CNO and our insurance
company subsidiaries as well as the impact of our ratings on our business, our
ability to access capital, and the cost of capital;

•regulatory changes or actions, including: those relating to regulation of the
financial affairs of our insurance companies, such as the calculation of
risk-based capital and minimum capital requirements, and payment of dividends
and surplus debenture interest to us; regulation of the sale, underwriting and
pricing of products; and health care regulation affecting health insurance
products;

•changes in federal income tax laws and regulations that may affect or eliminate the relative tax advantages of some of our products or affect the value of our deferred tax assets;

•the availability and effectiveness of reinsurance agreements, as well as the impact of any default or default by reinsurers;

•the performance of third-party service providers and potential difficulties arising from outsourcing arrangements;

•the growth rate of turnover, premiums received, pension deposits and assets;

• interruption of telecommunications, information technology or other operational systems or inability to maintain the security, privacy or confidentiality of sensitive data on such systems;

•events of terrorism, cyber-attacks, natural disasters or other catastrophic
events, including losses from a disease pandemic or potential adverse impacts
from climate change;

•the ineffectiveness of risk management policies and procedures in identifying, monitoring and managing risks; and

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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• the risk factors or uncertainties listed from time to time in our filings with the SECOND.

Other factors and assumptions not identified above are also relevant to the forward-looking statements and, if incorrect, could also cause actual results to differ materially from those projected.

All written or oral forward-looking statements attributable to us are expressly
qualified in their entirety by the foregoing cautionary statement. Our
forward-looking statements speak only as of the date made. We assume no
obligation to update or to publicly announce the results of any revisions to any
of the forward-looking statements to reflect actual results, future events or
developments, changes in assumptions or changes in other factors affecting the
forward-looking statements.

The statement of risk-based capital (“RBC”) measures is not intended to rank an insurance company or for use in marketing, advertising or promotional activities.

PREVIEW

We are a holding company for a group of insurance companies operating throughout
the United States that develop, market and administer health insurance, annuity,
individual life insurance and other insurance products. We focus on serving
middle-income pre-retiree and retired Americans, which we believe are
attractive, underserved, high growth markets. We sell our products through
exclusive agents, independent producers (some of whom sell one or more of our
product lines exclusively) and direct marketing.

We view our operations as three insurance product lines (annuity, health and
life) and the investment and fee income segments. Our segments are aligned based
on their common characteristics, comparability of profit margins and the way
management makes operating decisions and assesses the performance of the
business.

Our insurance product line segments (annuity, health and life) include
marketing, underwriting and administration of the policies our insurance
subsidiaries sell. The business written in each of the three product categories
through all of our insurance subsidiaries is aggregated allowing management and
investors to assess the performance of each product category. When analyzing
profitability of these segments, we use insurance product margin as the measure
of profitability, which is: (i) insurance policy income; and (ii) net investment
income allocated to the insurance product lines; less (i) insurance policy
benefits and interest credited to policyholders; and (ii) amortization,
non-deferred commissions and advertising expense. Net investment income is
allocated to the product lines using the book yield of investments backing the
block of business, which is applied to the average insurance liabilities, net of
insurance intangibles, for the block in each period.

Income from insurance products is the sum of the insurance margins of the
annuity, health and life product lines, less expenses allocated to the insurance
lines. It excludes the income from our fee income business, investment income
not allocated to product lines, net expenses not allocated to product lines
(primarily holding company expenses) and income taxes. Management believes
insurance product margin and income from insurance products help provide a
better understanding of the business and a more meaningful analysis of the
results of our insurance product lines.

We market our insurance products through the Consumer and Construction Divisions which reflect the customers served by the Company.

The Consumer Division serves individual consumers, engaging with them on the
phone, virtually, online, face-to-face with agents, or through a combination of
sales channels. This structure unifies consumer capabilities into a single
division and integrates the strength of our agent sales forces with one of the
largest direct-to-consumer insurance businesses with proven experience in
advertising, web/digital and call center support.

The Worksite Division focuses on worksite and group sales for businesses,
associations, and other membership groups, interacting with customers at their
place of employment and virtually. With a separate Worksite Division, we are
bringing a sharper focus to this high-growth business while further capitalizing
on the strength of our acquisitions of WBD and DirectPath. Sales in the Worksite
Division have been particularly adversely impacted by the COVID-19 pandemic
given the challenges of interacting with customers at their place of employment.
The Worksite Division is increasing its recruiting efforts to rebuild its agent
force which was adversely impacted by the COVID-19 pandemic.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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The Consumer and Worksite Divisions are primarily focused on marketing insurance
products, several types of which are sold in both divisions and underwritten in
the same manner. Sales of group underwritten policies are currently not
significant, but are expected to increase within the Worksite Division.

We have also centralized certain functional areas previously housed in the three
business segments, including marketing, business unit finance and sales training
and support, among others. All policy, contract, and certificate terms,
conditions, and benefits remain unchanged.

The investment segment involves the management of our capital resources,
including investments and the management of corporate debt and liquidity. Our
measure of profitability of this segment is the total net investment income not
allocated to the insurance products. Investment income not allocated to product
lines represents net investment income less: (i) equity returns credited to
policyholder account balances; (ii) the investment income allocated to our
product lines; (iii) interest expense on notes payable and investment
borrowings; (iv) expenses related to the FABN program; and (v) certain expenses
related to benefit plans that are offset by special-purpose investment income.
Investment income not allocated to product lines includes investment income on
investments in excess of average insurance liabilities, investments held by our
holding companies, the spread we earn from our FHLB investment borrowing and
FABN programs and variable components of investment income (including call and
prepayment income, adjustments to returns on structured securities due to cash
flow changes, income (loss) from COLI and alternative investment income not
allocated to product lines), net of interest expense on corporate debt.

Our fee income segment includes the earnings generated from sales of third-party
insurance products, services provided by WBD (our on-line benefit administration
firm), DirectPath (a national provider of year-round technology-driven employee
benefits management services) and the operations of our broker-dealer and
registered investment advisor.

Expenses not allocated to product lines include expenses for our corporate activities, excluding interest expense on debt.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Here is a summary of our revenues for the three months ending March 31, 2022
and 2021 (in millions of dollars, except per share data):

                                                                  Three months ended
                                                                       March 31,
                                                                   2022            2021
Insurance product margin
Annuity margin                                               $     44.6          $  57.9
Health margin                                                     124.8            124.7
Life margin                                                        19.8             27.1
Total insurance product margin                                    189.2     

209.7

Allocated expenses                                               (144.8)    

(141.1)

Income from insurance products                                     44.4     

68.6

Fee income                                                          9.9     

7.3

Investment income not allocated to product lines                   28.5     

43.0

Expenses not allocated to product lines                           (14.8)    

(22.0)

Operating earnings before taxes                                    68.0     

96.9

Income tax expense on operating income                            (16.9)    

(21.7)

Net operating income (a)                                           51.1     

75.2

Net realized investment gains (losses) on sales and change in allowance for credit losses (net of related amortization) (7.1)

3.6

Net change in market value of investments recognized in profit or loss

                                                          (25.5)    

(6.4)

Changes in fair value related to the deferred compensation plan for agents

                                                               22.7     

13.2

Fair value changes in embedded derivative liabilities (net
of related amortization)                                           90.8             82.1

Other                                                                .4               .6
Net non-operating income before taxes                              81.3     

93.1

Income tax expense on non-operating income                        (20.1)           (20.9)

Net non-operating income                                           61.2             72.2
Net income                                                   $    112.3          $ 147.4
Per diluted share
Net operating income                                         $      .42          $   .55
Net non-operating income                                            .51              .53
Net income                                                   $      .93          $  1.08


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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____________

(a)Management believes that an analysis of net income applicable to common stock
before: (i) net realized investment gains (losses) from sales, impairments and
change in allowance for credit losses, net of related amortization and taxes;
(ii) net change in market value of investments recognized in earnings, net of
taxes; (iii) fair value changes due to fluctuations in the interest rates used
to discount embedded derivative liabilities related to our fixed index
annuities, net of related amortization and taxes; (iv) fair value changes
related to the agent deferred compensation plan, net of taxes; (v) changes in
the valuation allowance for deferred tax assets and other tax items; and (vi)
other non-operating items consisting primarily of earnings attributable to VIEs
("net operating income," a non-GAAP financial measure) is important to evaluate
the financial performance of the company, and is a key measure commonly used in
the life insurance industry. Management uses this measure to evaluate
performance because the items excluded from net operating income can be affected
by events that are unrelated to the Company's underlying fundamentals. The table
above reconciles the non-GAAP measure to the corresponding GAAP measure.

In addition, management uses these non-GAAP financial measures in its budgeting
process, financial analysis of segment performance and in assessing the
allocation of resources. We believe these non-GAAP financial measures enhance an
investor's understanding of our financial performance and allows them to make
more informed judgments about the Company as a whole. These measures also
highlight operating trends that might not otherwise be apparent. However, net
operating income is not a measurement of financial performance under GAAP and
should not be considered as an alternative to cash flow from operating
activities, as measures of liquidity, or as an alternative to net income as
measures of our operating performance or any other measures of performance
derived in accordance with GAAP. In addition, net operating income should not be
construed as an inference that our future results will be unaffected by unusual
or non-recurring items. Net operating income has limitations as an analytical
tool, and you should not consider such measure either in isolation or as a
substitute for analyzing our results as reported under GAAP. Our definition and
calculation of net operating income are not necessarily comparable to other
similarly titled measures used by other companies due to different methods of
calculation.

CRITICAL ACCOUNTING METHODS

Refer to "Critical Accounting Policies" in our 2021 Annual Report on Form 10-K
for information on our other accounting policies that we consider critical in
preparing our consolidated financial statements.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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RESULTS OF OPERATIONS

The following tables and comments summarize the operating results of our segments (in millions of dollars):

                                                         Three months ended
                                                              March 31,
                                                          2022             2021
Insurance product margin
Annuity:
Insurance policy income                            $      5.0            $   5.4
Net investment income                                   115.1              115.7
Insurance policy benefits                               (17.8)              (6.2)
Interest credited                                       (41.3)             (38.7)
Amortization and non-deferred commissions               (16.4)             (18.3)
Annuity margin                                           44.6               57.9
Health:
Insurance policy income                                 406.7              416.5
Net investment income                                    71.8               71.5
Insurance policy benefits                              (301.3)            (306.6)
Amortization and non-deferred commissions               (52.4)             (56.7)
Health margin                                           124.8              124.7
Life:
Insurance policy income                                 213.3              210.5
Net investment income                                    36.3               35.8
Insurance policy benefits                              (163.6)            (163.6)
Interest credited                                       (11.6)             (10.6)
Amortization and non-deferred commissions               (25.3)             (21.7)
Advertising expense                                     (29.3)             (23.3)
Life margin                                              19.8               27.1
Total insurance product margin                          189.2              209.7
Allocated expenses:
Branch office expenses                                  (18.1)             (18.5)
Other allocated expenses                               (126.7)            (122.6)
Income from insurance products                           44.4               

68.6

Fee income                                                9.9               

7.3

Investment income not allocated to product lines         28.5               

43.0

Expenses not allocated to product lines                 (14.8)             

(22.0)

Operating earnings before taxes                          68.0               

96.9

Income tax expense on operating income                  (16.9)             (21.7)
Net operating income                               $     51.1            $  75.2



CNO is the top tier holding company for a group of insurance companies operating
throughout the United States that develop, market and administer health
insurance, annuity, individual life insurance and other insurance products. We
view our operations by segments, which consist of insurance product lines. These
products are distributed by our two divisions. The Consumer Division serves
individual consumers, engaging with them on the phone, virtually, online,
face-to-face with agents, or through a combination of sales channels. The
Worksite Division focuses on worksite and group sales for businesses,
associations, and other membership groups, interacting with customers at their
place of employment and virtually.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Insurance product margin is management's measure of the profitability of its
annuity, health and life product lines' performance and consists of insurance
policy income plus allocated investment income less insurance policy benefits,
interest credited, commissions, advertising expense and amortization of
acquisition costs. Income from insurance products is the sum of the insurance
margins of the annuity, health and life product lines, less expenses allocated
to the insurance lines. It excludes the income from our fee income business,
investment income not allocated to product lines, net expenses not allocated to
product lines (primarily holding company expenses) and income taxes. Management
believes insurance product margin and income from insurance products help
provide a better understanding of the business and a more meaningful analysis of
the results of our insurance product lines.

Investment income is allocated to the product lines using the book yield of
investments backing the block of business, which is applied to the average
insurance liabilities, net of insurance intangibles, for the block in each
period. Investment income not allocated to product lines represents net
investment income less: (i) equity returns credited to policyholder account
balances; (ii) the investment income allocated to our product lines; (iii)
interest expense on notes payable and investment borrowings; (iv) expenses
related to the FABN program; and (v) certain expenses related to benefit plans
that are offset by special-purpose investment income. Investment income not
allocated to product lines includes investment income on investments in excess
of average insurance liabilities, investments held by our holding companies, the
spread we earn from our FHLB investment borrowing and FABN programs and variable
components of investment income (including call and prepayment income,
adjustments to returns on structured securities due to cash flow changes, income
(loss) from COLI and alternative investment income not allocated to product
lines), net of interest expense on corporate debt.

Summary of operating results: Net operating income was $51.1 million in the first quarter of 2022, compared to $75.2 million in the first quarter of 2021.

Our operating earnings before taxes were $68.0 million in the first quarter of
2022 compared to $96.9 million in the first quarter of 2021. The decrease
primarily reflects the following items: (i) a $15 million reduction in
investment income not allocated to product lines primarily due to alternative
investment income returns moderating to levels more in line with our long-term
expectations; (ii) $10 million of impacts related to recent market volatility
which reduced our fixed index annuity insurance margin; (iii) a $6 million
decrease in the favorable COVID-19 impacts in our insurance margins; (iv) $6
million of higher non-deferrable advertising expenses, which generates
profitable life sales, but pressures current period earnings; partially offset
by (v) $8 million of lower expenses related to certain significant legal and
regulatory matters and transaction expenses related to the acquisition of
DirectPath (both of which were recognized in the first quarter of 2021).

Insurance product margin was $189.2 million in the first quarter of 2022,
compared to $209.7 million in the first quarter of 2021. Insurance product
margin has been significantly impacted by the COVID-19 pandemic. Our life margin
reflected adverse mortality as a result of increased deaths related to COVID-19
of approximately $16 million and $19 million in the first quarters of 2022 and
2021, respectively. Our health margin reflected favorable COVID-19 impacts
driven by the deferral of health care of approximately $32 million and $40
million in the first quarters of 2022 and 2021, respectively. In addition, the
margin from fixed index annuities in the first quarter of 2022 was negatively
impacted by $10 million due to recent market volatility. Lastly, the margin from
traditional life products was impacted by $6 million of higher non-deferrable
advertising expenses.

The fee income segment is summarized below (in millions of dollars):

                                       Three months ended
                                           March 31,
                                        2022             2021
Fee revenue                      $     40.3            $ 32.3
Operating costs and expenses          (30.4)            (25.0)
Net fee income                   $      9.9            $  7.3



The higher net fee income in the first quarter of 2022, compared to the same
period in 2021, is primarily driven by: (i) the growth related to the sales of
third party products in recent periods and changes to our assumptions reflecting
favorable
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policy persistence; partially offset by (ii) higher expenses related to our
DirectPath subsidiary acquired in February 2021.

Investment income not allocated to product lines generally fluctuates from
period to period based on the level of prepayment income (including call
premiums) and trading account income; the performance of our alternative
investments (which are typically reported a quarter in arrears); the earnings
related to the investments underlying our COLI; and the spread we earn from our
FHLB investment borrowing and FABN programs.

Expenses not allocated to product lines in the first three months of 2021
included: (i) $5.3 million from legal and regulatory matters; and (ii) $2.5
million of transaction expenses related to the acquisition of DirectPath. The
following summarizes expenses not allocated to product lines as adjusted for the
significant items summarized above (dollars in millions):
                                                                         Three months ended
                                                                              March 31,
                                                                      2022                   2021
Expenses not allocated to product lines                        $      14.8               $     22.0

Net expenditure related to major legal and regulatory matters

                                                                  -                     (5.3)
Transaction expenses related to acquisition of DirectPath                -                     (2.5)
Adjusted total                                                 $      14.8               $     14.2





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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Annuity Product Margin ($ millions):

                                                 Three months ended
                                                      March 31,
                                                2022             2021
Annuity margin:
Fixed index annuities
Insurance policy income                     $      3.0       $     3.0
Net investment income                             87.7            84.9
Insurance policy benefits                        (13.7)            1.6
Interest credited                                (29.3)          (24.9)

Amortization and non-deferred commissions (14.5) (16.3) Fixed index annuity margin

           $     33.2       $    48.3
Average net insurance liabilities           $  8,268.4       $ 7,464.8
Margin/average net insurance liabilities          1.61  %         2.59  %
Fixed interest annuities
Insurance policy income                     $       .1       $      .2
Net investment income                             21.5            24.4
Insurance policy benefits                          (.3)            (.7)
Interest credited                                (11.4)          (13.2)
Amortization and non-deferred commissions         (1.8)           (1.9)

Fixed rate annuity margin $8.1 $8.8
Average net insurance liabilities

           $  1,761.9       $ 1,951.6
Margin/average net insurance liabilities          1.84  %         1.80  %
Other annuities
Insurance policy income                     $      1.9       $     2.2
Net investment income                              5.9             6.4
Insurance policy benefits                         (3.8)           (7.1)
Interest credited                                  (.6)            (.6)
Amortization and non-deferred commissions          (.1)            (.1)
Margin from other annuities                 $      3.3       $      .8
Average net insurance liabilities           $    488.0       $   512.2

Average net insurance margin/liabilities 2.70% 0.62% Total annuity margin

                        $     44.6       $    57.9
Average net insurance liabilities           $ 10,518.3       $ 9,928.6

Average net insurance margin/liabilities 1.70% 2.33%



Margin from fixed index annuities was $33.2 million in the first quarter of
2022, compared to $48.3 million in the first quarter of 2021. The decrease in
margin is primarily driven by $10 million of unfavorable impacts resulting from
market conditions (primarily higher interest rates and lower equity markets) in
the first quarter of 2022 compared to the first quarter of 2021. Average net
insurance liabilities (total insurance liabilities less: (i) amounts related to
reinsured business; (ii) deferred acquisition costs; (iii) present value of
future profits; and (iv) the value of unexpired options credited to insurance
liabilities) were $8,268.4 million and $7,464.8 million in the first quarters of
2022 and 2021, respectively, driven by deposits and reinvested returns in excess
of withdrawals. The increase in net insurance liabilities results in higher net
investment income allocated, however, the earned yield was 4.24 percent in the
first quarter of 2022, down from 4.55 percent in the first quarter of 2021,
reflecting lower market yields. We believe the margin on annuities (primarily
fixed index annuities) was favorably impacted by approximately $1 million in the
three months ended March 31, 2021, primarily due to persistency impacts
indirectly related to the pandemic.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Net investment income and interest credited exclude the change in market values
of the underlying options supporting the fixed index annuity products and
corresponding offsetting amount credited to policyholder account balances. Such
amounts were $(64.3) million and $37.7 million in the first quarters of 2022 and
2021, respectively.

Margin from fixed interest annuities was $8.1 million in the first quarter of
2022 compared to $8.8 million in the first quarter of 2021, driven primarily by
a reduction in the size of the block and lower investment yields. Average net
insurance liabilities were $1,761.9 million in the first quarter of 2022
compared to $1,951.6 million in the first quarter of 2021, driven by withdrawals
in excess of deposits and reinvested returns. The decrease in net insurance
liabilities results in lower net investment income allocated. The earned yield
decreased to 4.88 percent in the first quarter of 2022 from 5.00 percent in the
first quarter of 2021, reflecting lower market yields.

Margin from other annuities was $3.3 million in the first quarter of 2022
compared to $.8 million in the first quarter of 2021. The margin on this
relatively small block of business is sensitive to annuitant mortality related
to contracts with life contingencies. An increase in mortality in this block
will result in a decrease in insurance liabilities and insurance policy
benefits. Such mortality was higher in the first quarter of 2022, compared to
the same period in 2021.


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Margin of Health products (in millions of dollars):

                                                Three months ended
                                                    March 31,
                                                2022           2021
Health margin:
Supplemental health
Insurance policy income                     $   173.5       $ 169.8
Net investment income                            37.5          36.1
Insurance policy benefits                      (124.4)       (126.3)

Amortization and non-deferred commissions (29.4) (29.2) Additional health margin

             $    57.2       $  50.4
Margin/insurance policy income                     33  %         30  %
Medicare supplement
Insurance policy income                     $   166.8       $ 181.0
Net investment income                             1.3           1.3
Insurance policy benefits                      (110.2)       (120.0)

Amortization and non-deferred commissions (21.7) (24.1) Medicare top-up margin

             $    36.2       $  38.2
Margin/insurance policy income                     22  %         21  %
Long-term care margin
Insurance policy income                     $    66.4       $  65.7
Net investment income                            33.0          34.1
Insurance policy benefits                       (66.7)        (60.3)

Depreciation and non-deferred commissions (1.3) (3.4) Dependency margin

                  $    31.4       $  36.1
Margin/insurance policy income                     47  %         55  %
Total health margin                         $   124.8       $ 124.7
Margin/insurance policy income                     31  %         30  %



Margin from supplemental health business was $57.2 million in the first quarter
of 2022, up 13 percent from the first quarter of 2021, reflecting growth in the
block and favorable claim experience attributable to policyholders deferring
health care during the pandemic. The margin as a percentage of insurance policy
income was 33 percent in the first quarter of 2022 compared to 30 percent in the
prior year period. Insurance policy benefits in the first three months of 2022
reflected better claims experience than expected which is attributable to
policyholders deferring health care during the pandemic which is expected to
normalize in future periods. We estimate that the supplemental health margin in
the three months ended March 31, 2022 and 2021 was favorably impacted by
approximately $9 million and $6 million, respectively, relative to our
expectations and previous experience prior to COVID-19.

Our supplemental health products (including specified disease, accident and
hospital indemnity products) generally provide fixed or limited benefits. For
example, payments under cancer insurance policies are generally made directly
to, or at the direction of, the policyholder following diagnosis of, or
treatment for, a covered type of cancer. Approximately three-fourths of our
supplemental health policies inforce (based on policy count) are sold with
return of premium or cash value riders. The return of premium rider generally
provides that after a policy has been inforce for a specified number of years or
upon the policyholder reaching a specified age, we will pay to the policyholder,
or a beneficiary under the policy, the aggregate amount of all premiums paid
under the policy, without interest, less the aggregate amount of all claims
incurred under the policy. The cash value rider is similar to the return of
premium rider, but also provides for payment of a graded portion of the return
of premium benefit if the policy terminates before the return of premium benefit
is earned. Accordingly, the net cash flows from these products generally result
in the accumulation of amounts in the early years of a policy (reflected in our
earnings as reserve increases which is a component of insurance policy benefits)
which will be paid out as benefits in later policy years (reflected in our
earnings as reserve decreases which offset the recording of benefit payments).
As the policies age, insurance policy
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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benefits will generally increase, but the increase in benefits will be partially offset by investment income earned on accumulated assets.

Margin from Medicare supplement business was $36.2 million and $38.2 million in
the first quarters of 2022 and 2021, respectively. The margin on the Medicare
supplement business in the 2022 and 2021 periods reflects favorable claim
experience primarily attributable to policyholders deferring health care during
the pandemic. We expect claim experience to normalize over time and the deferral
of care may lead to higher claim costs in future periods. Based on actual claims
incurred and persistency relative to our expectations and previous experience
prior to COVID-19, we estimate that the Medicare supplement margin was favorably
impacted by approximately $7 million and $9 million in the three months ended
March 31, 2022 and 2021, respectively. Insurance policy income was $166.8
million in the first quarter of 2022, down 7.8 percent from the first quarter of
2021, reflecting lower sales in recent periods partially offset by premium rate
increases. We have experienced a shift in the sale of Medicare supplement
policies to the sale of Medicare Advantage policies. We receive fee income when
Medicare Advantage policies of other providers are sold, which is recorded in
our Fee income segment. We continue to invest in both our Medicare supplement
products and Medicare Advantage distribution to meet our customers' needs and
preferences.

Medicare supplement business consists of both individual and group policies.
Government regulations generally require we attain and maintain a ratio of total
benefits incurred to total premiums earned (excluding changes in policy benefits
reserves which is a component of Insurance policy benefits) of not less than 65
percent on individual products and not less than 75 percent on group products.
The ratio is determined after three years from the original issuance of the
policy and over the lifetime of the policy and measured in accordance with
statutory accounting principles. Since the insurance product liabilities we
establish for Medicare supplement business are subject to significant estimates,
the ultimate claim liability we incur for a particular period is likely to be
different than our initial estimate. Changes to our estimates are reflected in
insurance policy benefits in the period the change is determined.

Margin from Long-term care products was $31.4 million in the first quarter of
2022, down 13 percent from the first quarter of 2021. The margin as a percentage
of insurance policy income was 47 percent in the first quarter of 2022 compared
to 55 percent in the first quarter of 2021. The margin in both the 2022 and 2021
periods benefited from lower claims incurred attributable to policyholders
deferring health care during the pandemic which is expected to normalize in
future periods. In addition, an increase in policyholder deaths attributable to
the pandemic resulted in higher than expected reserve releases in the first
quarter of 2021. Based on actual claims incurred and persistency relative to our
expectations and previous experience prior to COVID-19, we estimate that the
long-term care margin was favorably impacted by approximately $16 million and
$25 million in the three months ended March 31, 2022 and 2021, respectively. In
addition, the margin has been favorably impacted by the more profitable business
currently being sold and the run-off of less profitable older long-term care
business.
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Life insurance product margin (millions of dollars):

                                                                   Three months ended
                                                                       March 31,
                                                                   2022           2021
Life margin:
Interest-sensitive life
Insurance policy income                                        $    43.1       $  40.8
Net investment income                                               13.0          12.4
Insurance policy benefits                                          (21.2)        (22.7)
Interest credited                                                  (11.5)        (10.5)
Amortization and non-deferred commissions                           (6.5)   

(5.8)

Margin from interest-sensitive life                            $    16.9       $  14.2
Average net insurance liabilities                              $ 1,011.9       $ 954.7
Interest margin                                                $     1.5       $   1.9
Interest margin/average net insurance liabilities                    .59  %        .80  %
Underwriting margin                                            $    15.4       $  12.3
Underwriting margin/insurance policy income                           36  %         30  %
Traditional life
Insurance policy income                                        $   170.2       $ 169.7
Net investment income                                               23.3          23.4
Insurance policy benefits                                         (142.4)       (140.9)
Interest credited                                                    (.1)          (.1)
Amortization and non-deferred commissions                          (18.8)   

(15.9)

Advertising expense                                                (29.3)   

(23.3)

Margin from traditional life                                   $     2.9       $  12.9
Margin/insurance policy income                                         2  %          8  %
Margin excluding advertising expense/insurance policy income          19  %         21  %
Total life margin                                              $    19.8       $  27.1



Margin from interest-sensitive life business was $16.9 million in the first
quarter of 2022, up 19 percent from the first quarter of 2021. The change in
margin reflects less unfavorable mortality related to COVID-19 in the first
quarter of 2022, compared to the first quarter of 2021 and growth in the block
due to sales in recent periods. We estimate that the unfavorable impact from
death claims related to COVID-19 on the margin of this block of business was
approximately $3 million and $7 million in the three months ended March 31, 2022
and 2021, respectively.

The interest margin was $1.5 million and $1.9 million in the first quarters of
2022 and 2021, respectively. Net investment income in the 2022 period was
slightly higher than the 2021 period. The increase in average net insurance
liabilities results in higher net investment income allocated, which is
partially offset by lower earned yields. The earned yield was 5.14 percent and
5.20 percent in the first quarters of 2022 and 2021, respectively. Interest
credited to policyholders may be changed annually but is subject to minimum
guaranteed rates and, as a result, any reduction in our earned rate may not be
fully reflected in the rate credited to policyholders.

Net investment income and interest credited exclude the change in market values
of the underlying options supporting the fixed index life products and
corresponding offsetting amount credited to policyholder account balances. Such
amounts were $(7.6) million and $4.8 million in the first quarters of 2022 and
2021, respectively.

Margin from traditional life business was $2.9 million in the first quarter of
2022 compared to $12.9 million in the first quarter of 2021. Insurance policy
benefits were $142.4 million in the first quarter of 2022, up 1.1 percent from
the same period in 2021. We estimate that the impact from death claims related
to COVID-19 increased insurance policy benefits by
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
approximately $13 million and $12 million in the three months ended March 31,
2022 and 2021, respectively. In addition, amortization is higher in the first
quarter of 2022, as compared to the same period in 2021, primarily related to
modestly lower persistency and higher deferred acquisition costs in recent
periods due to strong sales.
Allocated net investment income in the 2022 period was comparable to the 2021
period, as the growth in the block was offset by lower average investment
yields.

Advertising expense was $29.3 million in the first quarter of 2022, up $6.0
million from the comparable period in 2021. The demand and cost of television
advertising can fluctuate from period to period. We are disciplined with our
marketing expenditures and will increase or decrease our marketing spend
depending on prices or other factors.

Collected Premiums From Annuity and Interest-Sensitive Life Products (dollars in
millions):

                                                                                    Three months ended
                                                                                         March 31,
                                                                                 2022                  2021

Premiums collected on annuities and interest-sensitive life insurance products: Annuities

                                                                  $     368.6             $    325.4
Interest-sensitive life                                                           56.6                   54.5

Total premiums collected on annuities and interest rate sensitive life insurance products $425.2

             $    379.9



Premium collections from annuity products and interest rate sensitive products increased by 12% in the first quarter of 2022 compared to the first quarter of 2021, mainly due to higher premium collections from fixed index annuity products.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Investment income not allocated to product lines (in millions of dollars):

                                                                               Three months ended
                                                                                    March 31,
                                                                            2022                  2021
Net investment income                                                 $     208.2             $    338.2
Allocated to product lines:
Annuity                                                                    (115.1)                (115.7)
Health                                                                      (71.8)                 (71.5)
Life                                                                        (36.3)                 (35.8)
Equity returns credited to policyholder account balances                     71.9                  (42.5)

Amounts allocated to product lines and credited to policyholder account balances

                                                           (151.3)                (265.5)

Amount related to variable interest entities and other non-operating items

                                                                        (7.2)                  (7.8)
Interest expense on debt                                                    (15.7)                 (15.5)
Interest expense on investment borrowings                                    (2.4)                  (2.7)
Expenses related to FABN program                                             (7.3)                     -

Less amounts credited to deferred compensation plans (offsetting investment income)

                                                            4.2                   (3.7)
Total adjustments                                                           (28.4)                 (29.7)
Investment income not allocated to product lines                      $      28.5             $     43.0



The above table reconciles net investment income to investment income not
allocated to product lines. Such amount will generally fluctuate from period to
period based on the level of prepayment income (including call premiums) and
trading account income; the performance of our alternative investments (which
are typically reported a quarter in arrears); the earnings related to the
investments underlying our COLI; and the spread we earn from our FHLB investment
borrowing and FABN programs.

Net non-operating profit (loss):

Here is a summary of our net non-operating income for the three months ending March 31, 2022 and 2021 (in millions of dollars):

                                                                                Three months ended
                                                                                     March 31,
                                                                             2022                   2021

Net realized investment gains (losses) on sales and change in allowance for credit losses (net of related amortization)

             $      (7.1)              $      3.6
Net change in market value of investments recognized in earnings            (25.5)                    (6.4)
Fair value changes related to agent deferred compensation plan               22.7                     13.2
Fair value changes in embedded derivative liabilities (net of related
amortization)                                                                90.8                     82.1

Other                                                                          .4                       .6
Net non-operating income before taxes                                 $      81.3               $     93.1



Net realized investment losses, net of related amortization, in the three months
ended March 31, 2022, were $7.1 million, including the unfavorable change in the
allowance for credit losses of $30.7 million which was recorded in earnings. Net
realized investment gains, net of related amortization, in the three months
ended March 31, 2021 were $3.6 million, including the favorable change in the
allowance for credit losses of $9.6 million which was recorded in earnings.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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The change in market value of investments recognized in earnings was a decrease
of $25.5 million and $6.4 million in the first quarters of 2022 and 2021,
respectively. The change in value will fluctuate from period to period based on
market conditions.

During the first three months of 2022 and 2021, we recognized an increase in
earnings of $22.7 million and $13.2 million, respectively, for the
mark-to-market change in the agent deferred compensation plan liability which
was impacted by changes in the underlying actuarial assumptions used to value
the liability.  We recognize the mark-to-market change in the estimated value of
this liability through earnings as assumptions change.

The fair value changes in embedded derivative liabilities related to our fixed
index annuities (net of related amortization) increased earnings by $90.8
million and $82.1 million in the first quarters of 2022 and 2021, respectively,
resulting from changes in the estimated fair value of embedded derivative
liabilities related to our fixed index annuities, net of related amortization.
Such amounts include the impacts of changes in market interest rates used to
determine the derivative's estimated fair value. The discount rate is based on
risk-free rates (U.S. Treasury rates for similar durations) adjusted for our
non-performance risk and risk margins for non-capital market inputs. The
increase in U.S. Treasury rates in the 2022 and 2021 periods was the primary
factor in the change in estimated fair value of the embedded derivative
liabilities.

Other non-operating items include earnings attributable to VIEs that we are required to consolidate, net of related amounts. These earnings are not indicative of, and unrelated to, the underlying fundamentals of the Company.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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CASH AND CAPITAL RESOURCES

Outlook 2022

Market volatility adversely impacted our results in the first quarter of 2022
(specifically the decrease in equity markets, the higher equity market
volatility and increase in interest rates), decreasing our fixed index annuity
margin by approximately $10 million. If such market volatility persists in
future periods, we expect it would have directionally similar adverse impacts on
our results in those periods.

For the remainder of 2022, we expect:

•continued positive sales momentum with respect to new annualized premiums,
collected premiums and fee revenue;
•continued net favorable COVID-19 impacts on insurance product margin, but
tapering off over the course of the year;
•investment income allocated to product lines to be relatively flat compared to
2021;
•net investment income not allocated to product lines to trend lower in 2022, as
compared to the elevated levels in 2021, as the yield on alternative investments
moderates;
•earnings from our fee income segment to be higher in 2022 compared to 2021;
•total expenses allocated and not allocated to product lines in 2022 to trend
modestly higher than 2021 (excluding certain significant items related to legal
and regulatory matters and transaction expenses related to the acquisition of
DirectPath) as we capture operating efficiencies, while also investing in
growth; and
•effective tax rate in 2022 to be higher than 2021 primarily due to higher state
income taxes.

Overall, RBC’s consolidated capital level and our holding company’s excess liquidity are substantially in line with our target capital levels (see “Liquidity for Insurance Operations” below).

We expect free cash flow to be less than the $380 million generated in 2021,
reflecting moderating yield on alternative investments and tapering of net
favorable COVID-19 impacts, and our decision in 2021 to reduce capital and
excess holding company liquidity to target levels which contributed to higher
levels of free cash flow in 2021.

Our expectations are based on our financial model, which reflects our best
estimate assumptions of various key variables. Given the unprecedented nature of
the COVID-19 pandemic and the current macro-economic and geopolitical
environment, the assumptions used in our modeling are based on variables that
are inherently unpredictable, are subject to change, and have been difficult to
predict accurately in prior periods. There are many plausible assumptions which
could result in materially different projected outcomes from those used in our
modeling which could affect our business, results of operations, financial
condition and liquidity. The outcome generated by the application of updated
assumptions may be materially different from those described above.

Our capital structure as of March 31, 2022 and December 31, 2021 was as follows
(dollars in millions):
                                                  March 31,
                                                    2022         December 31, 2021
      Total capital:
      Corporate notes payable                    $ 1,137.6      $          1,137.3
      Shareholders' equity:
      Common stock                                     1.2                     1.2
      Additional paid-in capital                   2,085.7                

2,184.2

      Accumulated other comprehensive income         380.5                

1,947.1

      Retained earnings                            1,223.5                

1,127.2

      Total shareholders' equity                   3,690.9                
5,259.7
      Total capital                              $ 4,828.5      $          6,397.0



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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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The following table summarizes certain financial ratios as of and for the three
months ended March 31, 2022 and as of and for the year ended December 31, 2021:
                                                                     March 31,
                                                                        2022             December 31, 2021
Book value per common share                                        $     

$31.48 43.69 Book value per common share, excluding accumulated other comprehensive income (a)

                                                 28.24                     27.52
Debt to total capital ratios:
Corporate debt to total capital                                           23.6  %                   17.8  %

Corporate debt to total capital, excluding accumulated other comprehensive income (a)

                                                  25.6  %                   25.6  %


_____________________

(a)This non-GAAP measure differs from the corresponding GAAP measure presented
immediately above, because accumulated other comprehensive income 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 accumulated other comprehensive income. 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. However, this measure does not
replace the corresponding GAAP measure.

Liquidity for insurance transactions

Our insurance companies generally receive adequate cash flows from premium
collections and investment income to meet their obligations. Life insurance,
long-term care and supplemental health insurance and annuity liabilities are
generally long-term in nature. Life and annuity policyholders may, however,
withdraw funds or surrender their policies, subject to any applicable penalty
provisions; there are generally no withdrawal or surrender benefits for
long-term care insurance. We actively manage the relationship between the
duration of our invested assets and the estimated duration of benefit payments
arising from contract liabilities.

Three of the Company's insurance subsidiaries (Bankers Life, Washington National
and Colonial Penn) are members of the FHLB. As members of the FHLB, our
insurance subsidiaries have the ability to borrow on a collateralized basis from
the FHLB. We are required to hold certain minimum amounts of FHLB common stock
as a condition of membership in the FHLB, and additional amounts based on the
amount of the borrowings. At March 31, 2022, the carrying value of the FHLB
common stock was $75.2 million. As of March 31, 2022, collateralized borrowings
from the FHLB totaled $1.6 billion and the proceeds were used to purchase fixed
maturity securities. The borrowings are classified as investment borrowings in
the accompanying consolidated balance sheet. The borrowings are collateralized
by investments with an estimated fair value of $2.0 billion at March 31, 2022,
which are maintained in custodial accounts for the benefit of the FHLB.

In the third quarter of 2021, Bankers Life established a FABN program pursuant
to which Bankers Life may issue funding agreements to a Delaware statutory trust
organized in series (the "Trust") to generate spread-based earnings. The maximum
aggregate principal amount of funding agreements permitted to be outstanding at
any one time under the FABN program is $3 billion. In October 2021, Bankers Life
issued a funding agreement to a series of the Trust in an aggregate principal
amount of $500 million. In January 2022, Bankers Life issued two additional
funding agreements, each to a series of the Trust, totaling $900 million. Under
current market conditions, we expect the FABN program to provide approximately
100 basis points of annualized pre-tax spread income on the notional amount of
the funding agreements outstanding, net of the expense associated with the
program. The activity related to the funding agreements is reported in
investment income not allocated to product lines.

State laws generally give state insurance regulatory agencies broad authority to
protect policyholders in their jurisdictions. Regulators have used this
authority in the past to restrict the ability of our insurance subsidiaries to
pay any dividends or other amounts without prior approval. We cannot be assured
that the regulators will not seek to assert greater supervision and control over
our insurance subsidiaries' businesses and financial affairs.

Our estimated consolidated statutory RBC ratio was 365 percent at March 31,
2022, compared to 386 percent at December 31, 2021. In the first three months of
2022, our estimated consolidated statutory operating earnings were $30 million
and insurance company dividends of $69.6 million were paid to the holding
company. Our RBC ratio at March 31, 2022, was 10 percentage points below our
targeted statutory RBC ratio of 375 percent which is equivalent to approximately
$50 million of
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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capital. Our holding company liquidity at March 31, 2022, was $192.3 million
relative to our minimum target level of $150 million (see "-Liquidity of the
Holding Companies" below). In the aggregate, our RBC capital level and excess
holding company liquidity were essentially in line with our target capital
levels. Over time, as markets stabilize, we expect to manage back to the
individual targets of a 375 percent consolidated statutory RBC ratio and a
minimum $150 million of holding company liquidity. We believe that the 375
percent RBC ratio target continues to adequately support our financial strength
and credit ratings and is aligned with our risk appetite.

Our insurance subsidiaries transfer exposure to certain risk to others through
reinsurance arrangements. When we obtain reinsurance, we are still liable for
those transferred risks in the event the reinsurer defaults on its obligations.
The failure, insolvency, inability or unwillingness of one or more of the
Company's reinsurers to perform in accordance with the terms of its reinsurance
agreement could negatively impact our earnings or financial position and our
consolidated statutory RBC ratio.

Financial strength ratings of our insurance subsidiaries

Financial strength ratings provided by AM Best Company ("AM Best"), Fitch
Ratings ("Fitch"), Moody's Investor Services, Inc. ("Moody's") and S&P are the
rating agency's opinions of the ability of our insurance subsidiaries to pay
policyholder claims and obligations when due.

On January 26, 2022, AM Best upgraded the financial strength ratings of our
primary insurance subsidiaries to "A" from "A-" and the outlook for these
ratings is stable. The "A" rating is assigned to companies that have an
excellent ability, in AM Best's opinion, to meet their ongoing obligations to
policyholders. AM Best ratings for the industry currently range from "A++
(Superior)" to "F (In Liquidation)" and some companies are not rated. An "A++"
rating indicates a superior ability to meet ongoing obligations to
policyholders. AM Best has sixteen possible ratings. There are two ratings above
the "A" rating of our primary insurance subsidiaries and thirteen ratings that
are below that rating.

On December 2, 2021, Fitch affirmed its "A-" financial strength ratings of our
primary insurance subsidiaries. The outlook for these ratings remain stable. An
insurer rated "A", in Fitch's opinion, indicates a low expectation of ceased or
interrupted payments and indicates strong capacity to meet policyholder and
contract obligations. This capacity may, nonetheless, be more vulnerable to
changes in circumstances or in economic conditions than is the case for higher
ratings. Fitch ratings for the industry range from "AAA Exceptionally Strong" to
"C Distressed" and some companies are not rated. Pluses and minuses show the
relative standing within a category. Fitch has nineteen possible ratings. There
are six ratings above the "A-" rating of our primary insurance subsidiaries and
twelve ratings that are below that rating.

On September 28, 2021, Moody's affirmed its "A3" financial strength ratings of
our primary insurance subsidiaries. The outlook for these ratings remains
stable. Moody's financial strength ratings range from "Aaa" to "C". These
ratings may be supplemented with numbers "1", "2", or "3" to show relative
standing within a category. In Moody's view, an insurer rated "A" offers good
financial security, however, certain elements may be present which suggests a
susceptibility to impairment sometime in the future. Moody's has twenty-one
possible ratings. There are six ratings above the "A3" rating of our primary
insurance subsidiaries and fourteen ratings that are below that rating.

On June 21, 2019, S&P upgraded the financial strength ratings of our primary
insurance subsidiaries to "A-" from
"BBB+" and the outlook for these ratings is stable. S&P financial strength
ratings range from "AAA" to "R" and some companies are not rated.  An insurer
rated "A", in S&P's opinion, has strong financial security characteristics, but
is somewhat more likely to be affected by adverse business conditions than are
insurers with higher ratings. Pluses and minuses show the relative standing
within a category.  S&P has twenty-one possible ratings. There are six ratings
above the "A-" rating of our primary insurance subsidiaries and fourteen ratings
that are below that rating.

Rating agencies have increased the frequency and scope of their credit reviews
and requested additional information from the companies that they rate,
including us. They may also adjust upward the capital and other requirements
employed in the rating agency models for maintenance of certain ratings
levels. We cannot predict what actions rating agencies may take, or what actions
we may take in response. Accordingly, downgrades and outlook revisions related
to us or the life insurance industry may occur in the future at any time and
without notice by any rating agency. These could increase policy surrenders and
withdrawals, adversely affect relationships with our distribution channels,
reduce new sales, reduce our ability to borrow and increase our future borrowing
costs.

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Liquidity of holding companies

Availability and sources and uses of holding company cash; Limitations on the ability of insurance subsidiaries to pay dividends and interest payments on excess debentures to holding companies; Limitations on the activities of the holding company

At March 31, 2022, CNO, CDOC, Inc. ("CDOC", our wholly owned subsidiary and the
immediate parent of Washington National and Conseco Life Insurance Company of
Texas ("CLTX")) and our other non-insurance subsidiaries held $192.3 million of
cash and investments which was comprised of: (i) unrestricted cash and cash
equivalents of $141.6 million; and (ii) exchange-traded funds that invest in
fixed income securities of $50.7 million. We expect to manage our liquidity
levels closer to our minimum target level of $150 million. Refer to "-Liquidity
for Insurance Operations" above regarding our aggregate capital levels relative
to our consolidated statutory RBC ratio target and minimum holding company
liquidity target.

CNO and CDOC are holding companies with no business operations of their own;
they depend on their operating subsidiaries for cash to make principal and
interest payments on debt, and to pay administrative expenses and income
taxes. CNO and CDOC receive cash from insurance subsidiaries, consisting of
dividends and distributions, interest payments on surplus debentures and
tax-sharing payments, as well as cash from non-insurance subsidiaries consisting
of dividends, distributions, loans and advances. The principal non-insurance
subsidiaries that provide cash to CNO and CDOC are 40|86 Advisors, Inc., which
receives fees from the insurance subsidiaries for investment services, and CNO
Services, LLC which receives fees from the insurance subsidiaries for providing
administrative services. The agreements between our insurance subsidiaries and
CNO Services, LLC and 40|86 Advisors, Inc., respectively, were previously
approved by the domestic insurance regulator for each insurance company, and any
payments thereunder do not require further regulatory approval.

The ability of our insurance subsidiaries to pay dividends is subject to state
insurance department regulations and is based on the financial statements of our
insurance subsidiaries prepared in accordance with statutory accounting
practices prescribed or permitted by regulatory authorities, which differ from
GAAP. These regulations generally permit dividends to be paid from statutory
earned surplus of the insurance company without regulatory approval for any
12-month period in amounts equal to the greater of (or in some states, the
lesser of): (i) statutory net gain from operations or net income for the prior
year; or (ii) 10 percent of statutory capital and surplus as of the end of the
preceding year. However, as each of the immediate insurance subsidiaries of CDOC
has significant negative earned surplus, any dividend payments from the
insurance subsidiaries require the prior approval of the director or
commissioner of the applicable state insurance department. In the first three
months of 2022, our insurance subsidiaries paid dividends to CDOC totaling
$69.6 million. We expect to receive regulatory approval for future dividends
from our subsidiaries, but there can be no assurance that such payments will be
approved or that the financial condition of our insurance subsidiaries will not
change, making future approvals less likely.

CDOC holds surplus debentures from CLTX with an aggregate principal amount of
$749.6 million. Interest payments on those surplus debentures do not require
additional approval provided the RBC ratio of CLTX exceeds 100 percent (but do
require prior written notice to the Texas state insurance department). The
estimated RBC ratio of CLTX was 307 percent at March 31, 2022. CDOC also holds a
surplus debenture from Colonial Penn with a principal balance of $160.0 million.
Interest payments on that surplus debenture require prior approval by the
Pennsylvania state insurance department. Dividends and other payments from our
non-insurance subsidiaries, including 40|86 Advisors, Inc. and CNO Services,
LLC, to CNO or CDOC do not require approval by any regulatory authority or other
third party. However, insurance regulators may prohibit payments by our
insurance subsidiaries to parent companies if they determine that such payments
could be adverse to our policyholders or contractholders.


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
The insurance subsidiaries of CDOC receive funds to pay dividends primarily
from: (i) the earnings of their direct businesses; (ii) tax sharing payments
received from subsidiaries (if applicable); and (iii) with respect to CLTX,
dividends received from subsidiaries. At March 31, 2022, the subsidiaries of
CLTX had earned surplus (deficit) as summarized below (dollars in millions):
 Subsidiaries of CLTX       Earned surplus (deficit)        Additional information
Bankers Life               $                   242.5                 (a)
Colonial Penn                                 (439.7)                (b)


____________________
(a)Bankers Life paid dividends of $45.0 million to CLTX in the first three
months of 2022. Bankers Life may pay dividends without regulatory approval or
prior notice for any 12-month period if such dividends are less than the greater
of: (i) statutory net income for the prior year; or (ii) 10 percent of statutory
capital and surplus as of the end of the preceding year. Dividends in excess of
these levels require 30 days prior notice.
(b)The deficit is primarily due to transactions which occurred several years
ago, including a tax planning transaction and the fee paid to recapture a block
of business previously ceded to an unaffiliated insurer.

A significant deterioration in the financial condition, earnings or cash flow of
the material subsidiaries of CNO or CDOC for any reason could hinder such
subsidiaries' ability to pay cash dividends or other disbursements to CNO and/or
CDOC, which, in turn, could limit CNO's ability to meet debt service
requirements and satisfy other financial obligations. In addition, we may choose
to retain capital in our insurance subsidiaries or to contribute additional
capital to our insurance subsidiaries to maintain or strengthen their surplus or
fund reinsurance transactions, and these decisions could limit the amount
available at our top tier insurance subsidiaries to pay dividends to the holding
companies.

To March 31, 2022there are no amounts outstanding under our revolving credit agreement and there are no scheduled repayments of our direct corporate obligations until May 2025.

Free cash flow is a measure of holding company liquidity and is calculated as:
(i) dividends, management fees and surplus debenture interest payments received
from our subsidiaries; plus (ii) earnings on corporate investments; less (iii)
interest expense, corporate expenses and net tax payments. In the first three
months of 2022, we generated $60 million of such free cash flow. The Company is
committed to deploying 100 percent of its free cash flow into investments to
accelerate profitable growth, common stock dividends and share repurchases. The
amount and timing of future share repurchases (if any) will be based on business
and market conditions and other factors including, but not limited to, available
free cash flow, the current price of our common stock and investment
opportunities. In the first three months of 2022, we repurchased 4.1 million
shares of common stock for $100.0 million under our securities repurchase
program. The Company had remaining repurchase authority of $266.9 million as of
March 31, 2022.

In the first three months of 2022, dividends declared on common stock totaled
$16.0 million ($0.13 per common share). In May 2022, the Company increased its
quarterly common stock dividend to $0.14 per share from $0.13 per share.

On January 26, 2022, AM Best upgraded our issuer credit and senior unsecured
debt ratings to "bbb" from "bbb-" and the outlook for these ratings is stable.
In AM Best's view, a company rated "bbb" has an adequate ability to meet the
terms of its obligations; however, the issuer is more susceptible to changes in
economic or other conditions. Pluses and minuses show the relative standing
within a category. AM Best has a total of 22 possible ratings ranging from "aaa
(Exceptional)" to "d (In default)". There are eight ratings above CNO's "bbb"
rating and thirteen ratings that are below its rating.

On December 2, 2021, Fitch affirmed its "BBB-" rating on our senior unsecured
debt. The outlook for these ratings remain stable. In Fitch's view, an
obligation rated "BBB" indicates that expectations of default risk are currently
low. The capacity for payment of financial commitments is considered adequate
but adverse business or economic conditions are more likely to impair this
capacity. Pluses and minuses show the relative standing within a category. Fitch
has a total of 21 possible ratings ranging from "AAA" to "D". There are nine
ratings above CNO's "BBB-" rating and eleven ratings that are below its rating.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
On September 28, 2021, Moody's affirmed its "Baa3" rating on our senior
unsecured debt. The outlook for these ratings remains stable. In Moody's view,
obligations rated "Baa" are subject to moderate credit risk and may possess
certain speculative characteristics. A rating is supplemented with numerical
modifiers "1", "2" or "3" to show the relative standing within a category.
Moody's has a total of 21 possible ratings ranging from "Aaa" to "C". There are
nine ratings above CNO's "Baa3" rating and eleven ratings that are below its
rating.

On June 21, 2019, S&P upgraded our senior unsecured debt rating to "BBB-" from
"BB+" and the outlook for these ratings is stable. In S&P's view, an obligation
rated "BBB" exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitment on the obligation.
Pluses and minuses show the relative standing within a category. S&P has a total
of 22 possible ratings ranging from "AAA (Extremely Strong)" to "D (Payment
Default)". There are nine ratings above CNO's "BBB-" rating and twelve ratings
that are below its rating.

We believe that the existing cash available to the holding company, the cash
flows to be generated from operations and other transactions will be sufficient
to allow us to meet our debt service obligations, pay corporate expenses and
satisfy other financial obligations. However, our cash flow is affected by a
variety of factors, many of which are outside of our control, including
insurance regulatory issues, competition, financial markets and other general
business conditions. We cannot provide assurance that we will possess sufficient
income and liquidity to meet all of our debt service requirements and other
holding company obligations.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

INVESTMENTS

To March 31, 2022amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (in millions of dollars):

                                                                         Gross               Gross                                    Estimated
                                                   Amortized          unrealized           unrealized          Allowance for            fair
                                                     cost                gains               losses            credit losses            value
Investment grade (a):
Corporate securities                             $ 13,110.8          $    837.2          $    (356.3)         $      (19.9)         $ 13,571.8
United States Treasury securities and
obligations of United States government
corporations and agencies                             168.0                31.1                 (2.5)                    -               196.6
States and political subdivisions                   2,634.4               155.7               (102.1)                  (.6)            2,687.4
Foreign governments                                    78.2                 5.1                 (2.6)                  (.1)               80.6
Asset-backed securities                             1,034.6                 7.5                (29.0)                  (.1)            1,013.0
Agency residential mortgage-backed securities          33.9                 1.8                    -                     -                35.7
Non-agency residential mortgage-backed
securities                                          1,163.9                15.0                (51.8)                    -             1,127.1
Collateralized loan obligations                       681.8                  .9                 (6.2)                    -               676.5
Commercial mortgage-backed securities               2,341.3                11.7                (59.2)                    -             2,293.8
Total investment grade fixed maturities,
available for sale                                 21,246.9             1,066.0               (609.7)                (20.7)           21,682.5
Below-investment grade (a) (b):
Corporate securities                                  821.8                10.2                (24.1)                (15.7)              792.2
States and political subdivisions                      11.6                   -                  (.1)                  (.2)               11.3

Asset-backed securities                               155.1                  .5                 (5.8)                    -               149.8
Non-agency residential mortgage-backed
securities                                            662.7                97.0                 (2.5)                    -               757.2
Collateralized loan obligations                         7.4                   -                  (.5)                    -                 6.9
Commercial mortgage-backed securities                  83.8                   -                 (4.3)                    -                79.5
Total below-investment grade fixed maturities,
available for sale                                  1,742.4               107.7                (37.3)                (15.9)            1,796.9

Total fixed maturities, available for sale $22,989.3 $1,173.7 $(647.0) $(36.6) $23,479.4

_______________

(a)Investment ratings are assigned the second lowest rating by Nationally
Recognized Statistical Rating Organizations ("NRSROs") (Moody's, S&P or Fitch),
or if not rated by such firms, the rating assigned by the National Association
of Insurance Commissioners (the "NAIC"). NAIC designations of "1" or "2" include
fixed maturities generally rated investment grade (rated "Baa3" or higher by
Moody's or rated "BBB-" or higher by S&P and Fitch). NAIC designations of "3"
through "6" are referred to as below-investment grade (which generally are rated
"Ba1" or lower by Moody's or rated "BB+" or lower by S&P and Fitch). References
to investment grade or below-investment grade throughout our consolidated
financial statements are determined as described above.
(b)  Certain structured securities rated below-investment grade by NRSROs may be
assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security
relative to estimated recoverable amounts as determined by the NAIC. Refer to
the table below for a summary of our fixed maturity securities, available for
sale, by NAIC designations.
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
The NAIC evaluates the fixed maturity investments of insurers for regulatory and
capital assessment purposes and assigns securities to one of six credit quality
categories called NAIC designations, which are used by insurers when preparing
their annual statements based on statutory accounting principles. The NAIC
designations are generally similar to the credit quality designations of the
NRSROs for marketable fixed maturity securities, except for certain structured
securities. However, certain structured securities rated below investment grade
by the NRSROs can be assigned NAIC 1 or NAIC 2 designations depending on the
cost basis of the holding relative to estimated recoverable amounts as
determined by the NAIC. The following summarizes the NAIC designations and NRSRO
equivalent ratings:
                     NAIC Designation       NRSRO Equivalent Rating
                            1                       AAA/AA/A
                            2                         BBB
                            3                          BB
                            4                          B
                            5                    CCC and lower
                            6                  In or near default




A summary of our fixed maturity securities, available for sale, by NAIC
designations (or for fixed maturity securities held by non-regulated entities,
based on NRSRO ratings) as of March 31, 2022 is as follows (dollars in
millions):
                                                           Estimated fair       Percentage of total
        NAIC designation             Amortized cost            value           estimated fair value
               1                    $      13,170.7      $       13,426.8                    57.2  %
               2                            8,713.2               8,988.5                    38.3

Total NAIC 1 and 2 (investment

             grade)                        21,883.9              22,415.3                    95.5
               3                              750.8                 735.5                     3.1
               4                              299.9                 289.3                     1.2
               5                               33.8                  32.4                      .2
               6                               20.9                   6.9                       -
Total NAIC 3, 4, 5 and 6
(below-investment grade)                    1,105.4               1,064.1                     4.5
Total                               $      22,989.3      $       23,479.4                   100.0  %



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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

Fixed maturity securitiesAvailable for sale

The following table summarizes the carrying values ​​and gross unrealized losses of our fixed-maturity, available-for-sale securities, by class at
March 31, 2022 (in millions of dollars):

                                                                                          Percent of
                                                     Percent of                              gross
                                                        fixed        Gross unrealized     unrealized
                                Carrying value       maturities           losses            losses
 States and political
 subdivisions                  $       2,698.7            11.5  %    $        102.2            15.8  %
 Commercial mortgage-backed
 securities                            2,373.3            10.1                 63.5             9.8
 Non-agency residential
 mortgage-backed securities            1,884.3             8.0                 54.3             8.4
 Banks                                 1,794.5             7.6                 54.0             8.4
 Insurance                             1,556.9             6.6                 37.8             5.8
 Utilities                             1,414.7             6.0                 36.7             5.7
 Healthcare/pharmaceuticals            1,408.5             6.0                 46.1             7.1
 Asset-backed securities               1,162.8             5.0                 34.8             5.4
 Brokerage                             1,020.9             4.3                 33.4             5.2
 Technology                              919.0             3.9                 37.1             5.7
 Food/beverage                           867.8             3.7                 15.5             2.4
 Energy                                  746.9             3.2                 11.5             1.8
 Collateralized loan
 obligations                             683.4             2.9                  6.7             1.0
 Cable/media                             581.7             2.5                 18.8             2.9
 Transportation                          468.7             2.0                  3.7              .6
 Telecom                                 442.3             1.9                  1.7              .3
 Real estate/REITs                       437.0             1.9                  8.0             1.2
 Capital goods                           403.6             1.7                  4.1              .6
 Chemicals                               340.9             1.5                  7.9             1.2
 Aerospace/defense                       237.1             1.0                  8.2             1.3
 Retail                                  234.7             1.0                 11.1             1.7

 Other                                 1,801.7             7.7                 49.9             7.7
 Total fixed maturities,
 available for sale            $      23,479.4           100.0  %    $        647.0           100.0  %


Below Investment Grade Securities

At March 31, 2022, the amortized cost of the Company's below-investment grade
fixed maturity securities, available for sale, was $1,742.4 million, or 7.6
percent of the Company's fixed maturity portfolio (or $1,105.4 million, or 4.8
percent, of the Company's fixed maturity portfolio measured on credit quality
ratings assigned by the NAIC). The estimated fair value of the below-investment
grade portfolio was $1,796.9 million, or 103 percent of the amortized cost.

Below-investment grade corporate debt securities typically have different
characteristics than investment grade corporate debt securities. Based on
historical performance, probability of default by the borrower is significantly
greater for below-investment grade corporate debt securities and in many cases
severity of loss is relatively greater as such securities are generally
unsecured and often subordinated to other indebtedness of the issuer. Also,
issuers of below-investment grade corporate debt securities frequently have
higher levels of debt relative to investment-grade issuers, hence, all other
things being equal, are generally more sensitive to adverse economic
conditions. The Company attempts to reduce the overall risk related to its
investment in below-investment grade securities, as in all investments, through
careful credit analysis, strict investment policy guidelines, and
diversification by issuer and/or guarantor and by industry.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

Net realized and unrealized losses on investments

During the first three months of 2022, we recognized $30.6 million of realized
losses on sales of $786.6 million of fixed maturity securities, available for
sale, including: (i) $14.6 million related to various corporate securities; (ii)
$9.8 million related to non-agency residential mortgage-backed securities; (iii)
$4.2 million related to states and political subdivisions; and (iv) $2.0 million
related to various other investments. Securities are generally sold at a loss
following unforeseen issuer-specific events or conditions or shifts in perceived
relative values. These reasons include but are not limited to: (i) changes in
the investment environment; (ii) expectation that the market value could
deteriorate; (iii) our desire to reduce our exposure to an asset class, an
issuer or an industry; (iv) prospective or actual changes in credit quality; (v)
better match certain characteristics of our investment portfolio with the
corresponding characteristics of our insurance liabilities; or (vi) changes in
expected portfolio cash flows.

During the first three months of 2021, we recognized $13.8 million of realized
losses on sales of $215.5 million of fixed maturity securities, available for
sale related to various corporate securities.

The following summarizes the investments sold at a loss during the first three
months of 2022 which had been
continuously in an unrealized loss position exceeding 20 percent of the
amortized cost basis prior to the sale for the period
indicated (dollars in millions):

                                                              At date of sale
                                        Number
                                      of issuers       Amortized cost      Fair value
Less than 6 months prior to sale          4           $     11.3          $ 

6.0



Future events may occur, or additional information may become available, which
may necessitate future realized losses in our portfolio. Significant losses
could have a material adverse effect on our consolidated financial statements in
future periods.

The following table sets forth the amortized cost and estimated fair value of
those fixed maturities, available for sale, with unrealized losses at March 31,
2022, by contractual maturity. Actual maturities will differ from contractual
maturities because borrowers may have the right to call or prepay obligations
with or without penalties. Structured securities frequently include provisions
for periodic principal payments and permit periodic unscheduled payments.
                                                                      Estimated
                                                     Amortized          fair
                                                        cost            value
                                                       (Dollars in millions)
          Due in one year or less                  $        4.7      $     2.6
          Due after one year through five years           675.1          646.3
          Due after five years through ten years        1,443.1        1,367.4
          Due after ten years                           4,486.2        4,068.6
          Subtotal                                      6,609.1        6,084.9
          Structured securities                         3,949.3        3,789.9
          Total                                    $   10,558.4      $ 9,874.8



The following summarizes the investments in our portfolio rated below-investment
grade not deemed to have credit losses which have been continuously in an
unrealized loss position exceeding 20 percent of the cost basis for the period
indicated as of March 31, 2022 (dollars in millions);

                         Number         Cost       Unrealized       Estimated
                       of issuers       basis         loss          fair value
Less than 6 months         1           $ 5.0      $      (1.1)     $      3.9



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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
The following table summarizes the gross unrealized losses of our fixed maturity
securities, available for sale, by category and ratings category as of March 31,
2022 (dollars in millions):
                                                           Investment grade                      Below-investment grade
                                                                                                                                        Total gross
                                                                                                                      B+ and            unrealized
                                                     AAA/AA/A              BBB                    BB                  below               losses
States and political subdivisions                  $    100.8          $     1.3          $          -             $      .1          $      102.2
Commercial mortgage-backed securities                    46.8               12.4                   4.3                     -                  63.5
Non-agency residential mortgage-backed securities        23.9               27.9                   1.4                   1.1                  54.3
Banks                                                    31.8               22.0                    .2                     -                  54.0
Healthcare/pharmaceuticals                               37.5                7.4                    .9                    .3                  46.1
Insurance                                                20.5               15.8                   1.3                    .2                  37.8
Technology                                               20.4               15.3                    .9                    .5                  37.1
Utilities                                                17.1               19.0                    .6                     -                  36.7
Asset-backed securities                                  10.1               18.9                   5.1                    .7                  34.8
Brokerage                                                10.3               22.4                    .6                    .1                  33.4
Cable/media                                               2.6               13.6                     1                   1.6                  18.8
Food/beverage                                             3.4               11.4                    .1                    .6                  15.5
Energy                                                    1.4                3.9                    .6                   5.6                  11.5
Retail                                                    7.8                2.3                   1.0                     -                  11.1
Consumer products                                         7.3                2.3                    .1                    .9                  10.6
Aerospace/defense                                          .9                6.9                     -                    .4                   8.2
Real estate/REITs                                         7.0                 .9                    .1                     -                   8.0
Chemicals                                                  .8                3.8                    .2                   3.1                   7.9
Collateralized loan obligations                           4.9                1.3                    .5                     -                   6.7
Building materials                                        1.6                3.0                    .1                    .3                   5.0
Autos                                                      .9                3.9                    .2                     -                   5.0
Capital goods                                             2.8                1.0                    .2                    .1                   4.1
Transportation                                            2.1                1.4                     -                    .2                   3.7
Foreign governments                                        .8                1.8                     -                     -                   2.6
United States Treasury securities and obligations
of United States government corporations and
agencies                                                  2.5                  -                     -                     -                   2.5
Entertainment/hotels                                      1.5                 .6                     -                     -                   2.1
Metals and mining                                           -                1.7                    .2                    .1                   2.0
Telecom                                                     -                1.7                     -                     -                   1.7
Paper                                                      .4                1.0                    .2                    .1                   1.7

Other                                                    10.4                6.5                   1.2                    .3                  18.4

Total fixed maturities, available for sale $378.3 $231.4 $21.0

             $    16.3          $      647.0



Our investment strategy is to maximize, over a sustained period and within
acceptable parameters of quality and risk, investment income and total
investment return through active strategic asset allocation and investment
management. Accordingly, we may sell securities at a gain or a loss to enhance
the projected total return of the portfolio as market opportunities change, to
reflect changing perceptions of risk, or to better match certain characteristics
of our investment portfolio with the corresponding characteristics of our
insurance liabilities.


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

Structured securities

At March 31, 2022, fixed maturity investments included structured securities
with an estimated fair value of $6.1 billion (or 26.1 percent of all fixed
maturity securities). The yield characteristics of structured securities
generally differ in some respects from those of traditional corporate
fixed-income securities or government securities. For example, interest and
principal payments on structured securities may occur more frequently, often
monthly. In many instances, we are subject to variability in the amount and
timing of principal and interest payments. For example, in many cases, partial
prepayments may occur at the option of the issuer and prepayment rates are
influenced by a number of factors that cannot be predicted with certainty,
including: the relative sensitivity of prepayments on the underlying assets
backing the security to changes in interest rates and asset values; the
availability of alternative financing; a variety of economic, geographic and
other factors; the timing, pace and proceeds of liquidations of defaulted
collateral; and various security-specific structural considerations (for
example, the repayment priority of a given security in a securitization
structure). In addition, the total amount of payments for non-agency structured
securities may be affected by changes to cumulative default rates or loss
severities of the related collateral.

The amortized cost and estimated fair value of structured securities at
March 31, 2022, summarized by type of security, were as follows (dollars in
millions):
                                                                                           Estimated fair value
                                                                                                           Percent
                                                               Amortized                                   of fixed
Type                                                              cost              Amount                maturities
Asset-backed securities                                       $ 1,189.7          $  1,162.8                        4.9  %
Agency residential mortgage-backed securities                      33.9                35.7                         .2
Non-agency residential mortgage-backed securities               1,826.6             1,884.3                        8.0
Collateralized loan obligations                                   689.2               683.4                        2.9
Commercial mortgage-backed securities                           2,425.1             2,373.3                       10.1

Total structured securities                                   $ 6,164.5          $  6,139.5                       26.1  %



Residential mortgage-backed securities ("RMBS") include transactions
collateralized by agency-guaranteed and non-agency mortgage obligations.
Non-agency RMBS investments are primarily categorized by underlying borrower
credit quality: Prime, Alt-A, Non-Qualified Mortgage ("Non-QM"), and Subprime.
Prime borrowers typically default with the lowest frequency, Alt-A and Non-QM
default at higher rates, and Subprime borrowers default with the highest
frequency.  In addition to borrower credit categories, RMBS investments include
Re-Performing Loan ("RPL") and Credit Risk Transfer ("CRT") transactions.  RPL
transactions include borrowers with prior difficulty meeting the original
mortgage terms and were subsequently modified, resulting in a sustainable
payback arrangement.  CRT securities are collateralized by Government-Sponsored
Enterprise ("GSE") conforming mortgages and Prime borrowers, but without an
agency guarantee against default losses.

Commercial mortgage-backed securities ("CMBS") are secured by commercial real
estate mortgages, generally income producing properties that are managed for
profit. Property types include, but are not limited to, multi-family dwellings
including apartments, retail centers, hotels, restaurants, hospitals, nursing
homes, warehouses, and office buildings. While most CMBS have call protection
features whereby underlying borrowers may not prepay their mortgages for stated
periods of time without incurring prepayment penalties, recoveries on defaulted
collateral may result in involuntary prepayments.

INVESTMENTS IN VARIABLE HOLDER ENTITIES

The following table provides supplemental information about the revenues and
expenses of the VIEs which have been consolidated in accordance with
authoritative guidance, after giving effect to the elimination of our investment
in the VIEs and investment management fees earned by a subsidiary of the Company
(dollars in millions):
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
                                                                          Three months ended
                                                                               March 31,
                                                                       2022                    2021
Revenues:
Net investment income - policyholder and other special-purpose
portfolios                                                     $       10.8               $      11.8
Fee revenue and other income                                            1.4                       1.3
Total revenues                                                         12.2                      13.1
Expenses:
Interest expense                                                        5.7                       5.9
Other operating expenses                                                 .4                        .4
Total expenses                                                          6.1                       6.3
Income before net investment gains (losses) and income taxes            6.1                       6.8
Net investment gains (losses)                                          (3.2)                      4.1

Income before income taxes                                     $        2.9               $      10.9


Additional Information on Investments Held by VIEs

The following table summarizes the carrying values and gross unrealized losses
of the investments held by the VIEs by category as of March 31, 2022 (dollars in
millions):

                                                                                        Percent of
                                                        Percent           Gross           gross
                                                        of fixed       unrealized       unrealized
                                  Carrying value       maturities        losses           losses
   Technology                    $         148.2           12.6  %    $       1.1            8.4  %
   Healthcare/pharmaceuticals              132.5           11.2               1.3            9.9
   Cable/media                             129.8           11.0               1.6           12.1
   Food/beverage                            83.5            7.1               1.3           10.0
   Capital goods                            68.5            5.8               1.0            8.0
   Chemicals                                67.4            5.7                .7            5.0
   Building materials                       62.8            5.3                .6            5.0
   Brokerage                                56.9            4.8                .5            3.9
   Consumer products                        52.1            4.4                .8            5.8
   Paper                                    50.1            4.2                .7            5.4
   Utilities                                38.7            3.3                .6            4.3
   Aerospace/defense                        35.5            3.0                .2            1.8
   Insurance                                35.2            3.0                .4            2.9
   Autos                                    35.0            3.0                .4            3.1
   Transportation                           34.7            2.9                .3            1.9
   Business services                        23.9            2.0                .4            3.2
   Retail                                   15.4            1.3                .1            1.0
   Banks                                    11.9            1.0                .1            1.0

   Other                                    98.7            8.4               1.0            7.3
   Total                         $       1,180.8          100.0  %    $      13.1          100.0  %



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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
The following table sets forth the amortized cost and estimated fair value of
those investments held by the VIEs with unrealized losses at March 31, 2022, by
contractual maturity. Actual maturities will differ from contractual maturities
because borrowers may have the right to call or prepay obligations with or
without penalties.

                                                                      Estimated
                                                     Amortized          fair
                                                        cost            value
                                                       (Dollars in millions)
          Due after one year through five years    $      624.4      $   612.4
          Due after five years through ten years          496.7          489.7

          Total                                    $    1,121.1      $ 1,102.1



There were no investments sold at a loss during the first three months of 2022
which had been continuously in an unrealized loss position exceeding 20 percent
of the amortized cost basis prior to the sale.

There were no investments in our portfolio rated below investment grade not deemed to have credit losses that had been continuously in an unrealized loss position greater than 20% of cost basis.

NEW ACCOUNTING STANDARDS

See “Recently Issued Accounting Standards” in the Notes to the Consolidated Financial Statements for a discussion of recently issued accounting standards.

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