CNO FINANCIAL GROUP, INC. 連結財務状況および経営成績に関する経営陣の議論および分析。 (フォーム 10-Q)

CNO FINANCIAL GROUP, INC. 連結財務状況および経営成績に関する経営陣の議論および分析。  (フォーム 10-Q)

In this section, we review the consolidated financial condition of CNO at
June 30, 2022, and its consolidated results of operations for the six months
ended June 30, 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.

将来の見通しに関する記述に関する注意事項

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;

・金利の変動性を含む金利リスクへのエクスポージャは、当社の経営成績、財政状態またはキャッシュフローに悪影響を及ぼす可能性がある。

•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;

•当社に対して提起された訴訟の最終結果、および当社が対象とするその他の法的手続きおよび規制手続き。

•当社の生命保険商品の特定の非保証要素に予想される変更を加える当社の能力。

•当社の長期ケア事業を含む当社の健康製品の適切かつタイムリーな値上げを取得する当社の能力。

・当社の保険子会社からの配当および余剰社債利子の支払いに必要な規制当局の承認の受領。

•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;

• 繰延取得費用または将来利益の現在価値に関連する仮定の変更。

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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・当社の繰延税金資産の回収可能性、潜在的な所有権の変更および税率の変更がそれらの価値に及ぼす影響。

• 納税申告書提出に関する当社の立場が、内国歳入庁によって首尾よく異議を唱えられないという当社の仮定。

• 会計原則とその解釈の変更。

•財務比率とバランスの要件、および債務契約のその他の条項を引き続き満たす当社の能力。

•当社の投資のパフォーマンスと評価。

•より大きな市場シェア、より高い格付け、より大きな財源、より強いブランド認知度を持つ競合他社と効果的に競争できる製品や市場を特定する当社の能力。

•当社の債務返済義務およびその他の現金需要を満たすのに十分な流動性を生み出す当社の能力。

•資本展開の機会の変化。

• 財務報告およびモデリングに対する効果的な管理を維持する当社の能力。

•生産的なエージェントと販売パートナーを引き続き募集し、保持する当社の能力。

•新製品、流通チャネル、およびマーケティングイニシアチブに対する顧客の反応。

•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;

•連邦所得税法および規制の変更により、一部の製品の相対的な税制上の優位性に影響を与えたり、排除したり、繰延税金資産の価値に影響を与えたりする可能性があります。

• 再保険契約の利用可能性と有効性、および再保険会社の債務不履行または不履行の影響。

• サード パーティのサービス プロバイダーのパフォーマンスと、アウトソーシングの取り決めから生じる潜在的な問題。

• 売上、徴収保険料、年金預金および資産の成長率。

•電気通信、情報技術、またはその他の運用システムの中断、またはそのようなシステム上の機密データのセキュリティ、機密性、またはプライバシーの維持の失敗。

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

• リスクの特定、監視、および管理におけるリスク管理ポリシーおよび手順の無効性。 と

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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• リスク要因または不確実性は、当社の提出書類に随時記載されています。 SEC.

上記で特定されていないその他の要因や仮定も、将来の見通しに関する記述に関連しており、それらが正しくないことが判明した場合、実際の結果が予測されたものと大きく異なる可能性もあります。

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.

リスクベース資本 (「RBC」) 指標のレポートは、保険会社のランク付けを目的としたものではなく、マーケティング、広告、または販売促進活動に関連して使用することを意図したものではありません。

概要

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.

当社は、当社がサービスを提供する顧客を反映する消費者部門およびワークサイト部門を通じて保険商品を販売している。

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 Optavise. 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), Optavise (a national provider of year-round technology-driven employee
benefits management services) and the operations of our broker dealer and
registered investment advisor.

製品ラインに割り当てられていない費用には、負債の利息費用を除く、当社の企業運営の費用が含まれます。

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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以下は、3 か月および 6 か月間の収益をまとめたものです。
2022 年 6 月 30 日 および 2021 年 (1 株あたりのデータを除き、単位は百万ドル):

                                                 Three months ended               Six months ended
                                                      June 30,                        June 30,
                                                  2022             2021          2022          2021
Insurance product margin
Annuity margin                             $      37.1           $  66.0      $    81.7      $ 123.9
Health margin                                    113.4             120.9          238.2        245.6
Life margin                                       56.8              39.7           76.6         66.8
Total insurance product margin                   207.3             226.6          396.5        436.3
Allocated expenses                              (152.2)           (141.6)        (297.0)      (282.7)
Income from insurance products                    55.1              85.0    

99.5 153.6

Fee income                                         3.2               6.6           13.1         13.9
Investment income not allocated to product
lines                                             68.5              47.8           97.0         90.8
Expenses not allocated to product lines            2.9             (23.8)         (11.9)       (45.8)
Operating earnings before taxes                  129.7             115.6          197.7        212.5
Income tax expense on operating income           (29.6)            (26.5)         (46.5)       (48.2)
Net operating income (a)                         100.1              89.1          151.2        164.3
Net realized investment gains (losses)
from sales and change in allowance for
credit losses (net of related
amortization)                                    (26.1)             24.3          (33.2)        27.9
Net change in market value of investments
recognized in earnings                           (21.7)              5.7          (47.2)         (.7)
Fair value changes related to agent
deferred compensation plan                        14.0                 -           36.7         13.2
Fair value changes in embedded derivative
liabilities (net of related amortization)         79.7             (44.9)   

170.5 37.2

Other                                              (.2)               .9             .2          1.5
Net non-operating income (loss) before
taxes                                             45.7             (14.0)   

127.0 79.1

Income tax (expense) benefit on
non-operating income (loss)                       (9.7)              2.9    

(29.8) (18.0)

Net non-operating income (loss)                   36.0             (11.1)          97.2         61.1
Net income                                 $     136.1           $  78.0      $   248.4      $ 225.4
Per diluted share
Net operating income                       $       .85           $   .66      $    1.27      $  1.22
Net non-operating income (loss)                    .31              (.08)           .81          .45
Net income                                 $      1.16           $   .58      $    2.08      $  1.67


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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.

重要な会計方針

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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運用結果

次の表と説明は、当社のセグメントの営業成績をまとめたものです (単位は百万ドル)。

                                                               Three months ended                      Six months ended
                                                                    June 30,                               June 30,
                                                             2022                 2021               2022              2021
Insurance product margin
Annuity:
Insurance policy income                               $       5.8              $    4.3          $    10.8          $   9.7
Net investment income                                       114.8                 114.9              229.9            230.6
Insurance policy benefits                                   (27.6)                 (1.3)             (45.4)            (7.5)
Interest credited                                           (42.3)                (36.9)             (83.6)           (75.6)
Amortization and non-deferred commissions                   (13.6)                (15.0)             (30.0)           (33.3)
Annuity margin                                               37.1                  66.0               81.7            123.9
Health:
Insurance policy income                                     403.5                 415.4              810.2            831.9
Net investment income                                        71.6                  71.6              143.4            143.1
Insurance policy benefits                                  (315.7)               (323.3)            (617.0)          (629.9)
Amortization and non-deferred commissions                   (46.0)                (42.8)             (98.4)           (99.5)
Health margin                                               113.4                 120.9              238.2            245.6
Life:
Insurance policy income                                     216.3                 210.8              429.6            421.3
Net investment income                                        36.2                  36.1               72.5             71.9
Insurance policy benefits                                  (138.4)               (149.5)            (302.0)          (313.1)
Interest credited                                           (11.3)                (11.0)             (22.9)           (21.6)
Amortization and non-deferred commissions                   (23.4)                (21.8)             (48.7)           (43.5)
Advertising expense                                         (22.6)                (24.9)             (51.9)           (48.2)
Life margin                                                  56.8                  39.7               76.6             66.8
Total insurance product margin                              207.3                 226.6              396.5            436.3
Allocated expenses:
Branch office expenses                                      (15.4)                (16.2)             (33.5)           (34.7)
Other allocated expenses                                   (136.8)               (125.4)            (263.5)          (248.0)
Income from insurance products                               55.1                  85.0               99.5            153.6

Fee income                                                    3.2                   6.6               13.1             13.9
Investment income not allocated to product lines             68.5                  47.8               97.0             90.8
Expenses not allocated to product lines                       2.9                 (23.8)             (11.9)           (45.8)
Operating earnings before taxes                             129.7                 115.6              197.7            212.5
Income tax expense on operating income                      (29.6)                (26.5)             (46.5)           (48.2)
Net operating income                                  $     100.1              $   89.1          $   151.2          $ 164.3



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 $100.1 million in the
second quarter of 2022, up from $89.1 million in the second quarter of 2021, and
was $151.2 million in the first six months of 2022, down from $164.3 million in
the first six months of 2021.

Insurance product margin was $207.3 million in the second quarter of 2022
compared to $226.6 million in the second quarter of 2021, and was $396.5 million
in the first six months of 2022 compared to $436.3 million in the first six
months 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 nil and $11 million in the
second quarters of 2022 and 2021, respectively, and $16 million and $30 million
in the first six months of 2022 and 2021, respectively. Our health margin
continues to compare favorably to the margins experienced prior to the COVID-19
pandemic. We estimate the favorable impacts on our health margin due to COVID-19
to be approximately $21 million and $30 million in the second quarters of 2022
and 2021, respectively, and $53 million and $70 million in the first six months
of 2022 and 2021, respectively. In addition, the margin from fixed index
annuities in the three and six months ended June 30, 2022 decreased by $26
million and $36 million, respectively, due to recent market volatility, as
compared to the same periods in 2021.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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手数料収入セグメントを以下に要約します (単位は百万ドル)。

                                       Three months ended               Six months ended
                                            June 30,                        June 30,
                                        2022             2021           2022            2021
Fee revenue                      $     31.1            $ 31.1      $    71.4          $ 63.4
Operating costs and expenses          (27.9)            (24.5)         (58.3)          (49.5)
Net fee income                   $      3.2            $  6.6      $    13.1          $ 13.9



Operating costs and expenses in the fee income segment in the 2022 periods
primarily reflect higher expenses related to our businesses that provide
benefits administration and employee benefits management services. Such expenses
in the first six months of 2022 are partially offset by the growth related to
the sales of third party products in recent periods and changes to our
assumptions reflecting favorable policy persistency.

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.

製品ラインに割り当てられていない費用には、以下の表に記載されている特定の重要な項目が含まれています。 そのような重要な項目を調整した製品ラインに割り当てられていない費用を以下に要約します (単位は百万ドル)。

                                                        Three months ended                        Six months ended
                                                             June 30,                                 June 30,
                                                       2022                 2021               2022                2021
Expenses not allocated to product lines         $     (2.9)              $  23.8          $    11.9             $  45.8
Experience refund related to a reinsurance
agreement (a)                                         22.5                     -               22.5                   -
Net expenses related to significant legal and
regulatory matters                                       -                  (4.5)                 -                (9.8)
Transaction expenses related to acquisition of
Optavise                                                 -                     -                  -                (2.5)
Adjusted total                                  $     19.6               $  19.3          $    34.4             $  33.5



_______________
(a)  Under the terms of the reinsurance agreement to cede a substantial portion
of our legacy long-term care block, we are entitled to receive an experience
refund of up to $22.5 million if certain rate increases are approved and
implemented. As of June 30, 2022, all requirements to earn the maximum
experience refund have been met and the refund has been recognized. Pursuant to
the terms of the agreement, the refund is payable in the second half of 2023.
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

年金商品からのマージン (百万ドル単位):

                                                               Three months ended                       Six months ended
                                                                    June 30,                                June 30,
                                                            2022                2021                2022                2021
Annuity margin:
Fixed index annuities
Insurance policy income                                 $      3.7          $      3.3          $      6.7          $     6.3
Net investment income                                         88.4                84.9               176.1              169.8
Insurance policy benefits                                    (24.0)                3.8               (37.7)               5.4
Interest credited                                            (30.4)              (23.4)              (59.7)             (48.3)
Amortization and non-deferred commissions                    (11.9)              (13.3)              (26.4)             (29.6)
Margin from fixed index annuities                       $     25.8          $     55.3          $     59.0          $   103.6
Average net insurance liabilities                       $  8,420.5          $  7,643.4          $  8,344.4          $ 7,554.1
Margin/average net insurance liabilities                      1.23  %             2.89  %             1.41  %            2.74  %
Fixed interest annuities
Insurance policy income                                 $       .3          $       .1          $       .4          $      .3
Net investment income                                         20.6                23.7                42.1               48.1
Insurance policy benefits                                      (.6)                 .2                 (.9)               (.5)
Interest credited                                            (11.3)              (12.8)              (22.7)             (26.0)
Amortization and non-deferred commissions                     (1.6)               (1.7)               (3.4)              (3.6)
Margin from fixed interest annuities                    $      7.4          $      9.5          $     15.5          $    18.3
Average net insurance liabilities                       $  1,713.6          $  1,899.5          $  1,737.8          $ 1,925.5
Margin/average net insurance liabilities                      1.73  %             2.00  %             1.78  %            1.90  %
Other annuities
Insurance policy income                                 $      1.8          $       .9                 3.7          $     3.1
Net investment income                                          5.8                 6.3                11.7               12.7
Insurance policy benefits                                     (3.0)               (5.3)               (6.8)             (12.4)
Interest credited                                              (.6)                (.7)               (1.2)              (1.3)
Amortization and non-deferred commissions                      (.1)                  -                 (.2)               (.1)
Margin from other annuities                             $      3.9          $      1.2          $      7.2          $     2.0
Average net insurance liabilities                       $    481.6          $    506.8          $    484.8          $   509.5
Margin/average net insurance liabilities                      3.24  %              .95  %             2.97  %             .79  %
Total annuity margin                                    $     37.1          $     66.0          $     81.7          $   123.9
Average net insurance liabilities                       $ 10,615.7          $ 10,049.7          $ 10,567.0          $ 9,989.1
Margin/average net insurance liabilities                      1.40  %             2.63  %             1.55  %            2.48  %



Margin from fixed index annuities was $25.8 million in the second quarter of
2022 compared to $55.3 million in the second quarter of 2021, and was $59.0
million in the first six months of 2022 compared to $103.6 million in the first
six months of 2021. The decrease in margin in the 2022 periods is primarily
driven by unfavorable impacts resulting from market conditions (primarily higher
interest rates and lower equity markets) in 2022 as compared to the 2021
periods. Accordingly, the margin from fixed index annuities decreased $26
million in the second quarter of 2022 and $36 million in the first six months of
2022, as compared to the same periods in 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 $8,420.5
million and $7,643.4 million in the second quarters of 2022 and 2021,
respectively, and were $8,344.4 million and $7,554.1 million in the first six
months 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 4.20
percent in the second quarter of 2022, down from 4.44 percent
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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in the second quarter of 2021, and was 4.22 percent in the first six months of
2022 down from 4.50 percent in the first six months of 2021, reflecting lower
market yields. We believe the margin on fixed index annuities was favorably
impacted by approximately $3 million and $6 million in the three and six months
ended June 30, 2021, respectively, primarily due to persistency impacts
indirectly related to the pandemic. There were no material COVID-19 impacts in
the 2022 periods.

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 $(80.1) million and $68.3 million in the second quarters of 2022
and 2021, respectively, and were $(144.4) million and $106.0 million in the
first six months of 2022 and 2021, respectively.

Margin from fixed interest annuities was $7.4 million in the second quarter of
2022 compared to $9.5 million in the second quarter of 2021, and was $15.5
million in the first six months of 2022 compared to $18.3 million in the first
six months of 2021, driven primarily by a reduction in the size of the block and
lower investment yields. Average net insurance liabilities were $1,713.6 million
in the second quarter of 2022 compared to $1,899.5 million in the second quarter
of 2021, and were $1,737.8 million in the first six months of 2022 compared to
$1,925.5 million in the first six months 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 4.81 percent in the second quarter of 2022 from 4.99 percent in the
second quarter of 2021, and to 4.85 percent in the first six months of 2022 from
5.00 percent in the first six months of 2021, reflecting lower market yields.

Margin from other annuities was $3.9 million in the second quarter of 2022
compared to $1.2 million in the second quarter of 2021, and was $7.2 million in
the first six months of 2022 compared to $2.0 million in the first six months 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 2022 periods
compared to the same periods in 2021. We believe the margin from other annuities
reflected favorable (unfavorable) COVID-19 impacts of approximately $1 million
in both the three and six months ended June 30, 2022, and approximately $(1)
million and $(3) million in the three and six months ended June 30, 2021.


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

からのマージン 健康製品 (百万ドル単位):

                                                Three months ended            Six months ended
                                                     June 30,                     June 30,
                                                2022           2021          2022          2021
Health margin:
Supplemental health
Insurance policy income                     $   172.0       $ 170.0       $ 345.5       $ 339.8
Net investment income                            37.8          36.3          75.3          72.4
Insurance policy benefits                      (128.5)       (130.9)       (252.9)       (257.2)
Amortization and non-deferred commissions       (29.0)        (27.9)        (58.4)        (57.1)
Margin from supplemental health             $    52.3       $  47.5       $ 109.5       $  97.9
Margin/insurance policy income                     30  %         28  %         32  %         29  %
Medicare supplement
Insurance policy income                     $   165.1       $ 179.7       $ 331.9       $ 360.7
Net investment income                             1.4           1.3           2.7           2.6
Insurance policy benefits                      (115.5)       (123.0)       (225.7)       (243.0)
Amortization and non-deferred commissions       (14.6)        (12.3)        (36.3)        (36.4)
Margin from Medicare supplement             $    36.4       $  45.7       $  72.6       $  83.9
Margin/insurance policy income                     22  %         25  %         22  %         23  %
Long-term care margin
Insurance policy income                     $    66.4       $  65.7       $ 132.8       $ 131.4
Net investment income                            32.4          34.0          65.4          68.1
Insurance policy benefits                       (71.7)        (69.4)       (138.4)       (129.7)
Amortization and non-deferred commissions        (2.4)         (2.6)         (3.7)         (6.0)
Margin from long-term care                  $    24.7       $  27.7       $  56.1       $  63.8
Margin/insurance policy income                     37  %         42  %         42  %         49  %
Total health margin                         $   113.4       $ 120.9       $ 238.2       $ 245.6
Margin/insurance policy income                     28  %         29  %      

29% 30%



Margin from supplemental health business was $52.3 million in the second quarter
of 2022, up 10 percent from the second quarter of 2021, and was $109.5 million
in the first six months of 2022, up 12 percent from the first six months of
2021, reflecting growth in the block and favorable claim experience. The margin
as a percentage of insurance policy income was 30 percent in the second quarter
of 2022 compared to 28 percent in the prior year period, and was 32 percent in
the first six months of 2022 compared to 29 percent in the first six months of
2021. The supplemental health margin continues to compare favorably to the
margins experienced prior to the COVID-19 pandemic. We estimate the favorable
impacts due to COVID-19 on the supplemental health margin in the three and six
months ended June 30, 2022 were approximately $6 million and $15 million,
respectively, and approximately $2 million and $8 million, respectively, in the
three and six months ended June 30, 2021, respectively, relative to our
expectations and previous experience prior to COVID-19. Claim experience will
fluctuate from period to period and there is no assurance that such favorable
impacts will continue.

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
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
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 benefits will typically increase, but the increase in benefits
will be partially offset by investment income earned on the accumulated assets.

Margin from Medicare supplement business was $36.4 million and $45.7 million in
the second quarters of 2022 and 2021, respectively, and $72.6 million and $83.9
million in the first six months of 2022 and 2021, respectively. The margin on
the Medicare supplement business in the 2022 and 2021 periods continued to
compare favorably to the margins experienced prior to the COVID-19 pandemic. We
estimate that the favorable impacts due to COVID-19 (based on actual claims
incurred and persistency relative to our expectations and previous experience
prior to COVID-19) on the Medicare supplement margin were approximately $4
million and $11 million in the three and six months ended June 30, 2022,
respectively, and $11 million and $20 million in the three and six months ended
June 30, 2021, respectively. Claim experience will fluctuate from period to
period and there is no assurance that such favorable impacts will continue.
Insurance policy income was $165.1 million in the second quarter of 2022, down
8.1 percent from the second quarter of 2021, and was $331.9 million in the first
six months of 2022, down 8.0 percent from the first six months 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. For example, we launched a new competitive Medicare supplement
product in the second quarter of 2022.

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 $24.7 million in the second quarter of
2022, down 11 percent from the second quarter of 2021, and was $56.1 million in
the first six months of 2022, down 12 percent from the first six months of 2021.
The margin as a percentage of insurance policy income was 37 percent in the
second quarter of 2022 compared to 42 percent in the second quarter of 2021, and
was 42 percent in the first six months of 2022 compared to 49 percent in the
first six months of 2021. The margin in both the 2022 and 2021 periods continued
to compare favorably to the margins experienced prior to the COVID-19 pandemic.
In addition, an increase in policyholder deaths attributable to the pandemic
resulted in higher than expected reserve releases in the first quarter of 2021.
We estimate the favorable impacts due to COVID-19 (based on actual claims
incurred and persistency relative to our expectations and previous experience
prior to COVID-19) on the long-term care margin were approximately $11 million
and $27 million in the three and six months ended June 30, 2022, respectively,
and by approximately $17 million and $42 million in the three and six months
ended June 30, 2021, respectively. Claim experience will fluctuate from period
to period and there is no assurance that such favorable impacts will continue.
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
                              ___________________

ライフプロダクツからのマージン (百万ドル単位):

                                                                 Three months ended                   Six months ended
                                                                      June 30,                            June 30,
                                                                2022              2021              2022              2021
Life margin:
Interest-sensitive life
Insurance policy income                                     $    43.8          $  41.4          $    86.9          $  82.2
Net investment income                                            12.9             12.4               25.9             24.8
Insurance policy benefits                                       (15.8)           (20.0)             (37.0)           (42.7)
Interest credited                                               (11.1)           (10.8)             (22.6)           (21.3)
Amortization and non-deferred commissions                        (8.0)            (6.2)             (14.5)           (12.0)
Margin from interest-sensitive life                         $    21.8          $  16.8          $    38.7          $  31.0
Average net insurance liabilities                           $ 1,020.3          $ 970.0          $ 1,016.1          $ 962.4
Interest margin                                             $     1.8          $   1.6          $     3.3          $   3.5
Interest margin/average net insurance liabilities                 .71  %           .66  %             .65  %           .73  %
Underwriting margin                                         $    20.0          $  15.2          $    35.4          $  27.5
Underwriting margin/insurance policy income                        46  %            37  %              41  %            33  %
Traditional life
Insurance policy income                                     $   172.5          $ 169.4          $   342.7          $ 339.1
Net investment income                                            23.3             23.7               46.6             47.1
Insurance policy benefits                                      (122.6)          (129.5)            (265.0)          (270.4)
Interest credited                                                 (.2)             (.2)               (.3)             (.3)
Amortization and non-deferred commissions                       (15.4)           (15.5)             (34.2)           (31.4)
Advertising expense                                             (22.6)           (25.0)             (51.9)           (48.3)
Margin from traditional life                                $    35.0          $  22.9          $    37.9          $  35.8
Margin/insurance policy income                                     20  %            14  %              11  %            11  %
Margin excluding advertising expense/insurance policy
income                                                             33  %            28  %              26  %            25  %
Total life margin                                           $    56.8          $  39.7          $    76.6          $  66.8



Margin from interest-sensitive life business was $21.8 million in the second
quarter of 2022, up 30 percent from the second quarter of 2021, and was $38.7
million in the first six months of 2022, up 25 percent from the first six months
of 2021. The change in margin reflects less unfavorable mortality related to
COVID-19 in the 2022 periods, compared to the 2021 periods 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 nil and $3 million in the three and six months ended June 30,
2022, respectively, and approximately $4 million and $11 million in the three
and six months ended June 30, 2021, respectively.

The interest margin was $1.8 million and $1.6 million in the second quarters of
2022 and 2021, respectively, and was $3.3 million and $3.5 million in the first
six months of 2022 and 2021, respectively. Net investment income in the 2022
periods was slightly higher than the 2021 periods. 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 5.06 percent
and 5.11 percent in the second quarters of 2022 and 2021, respectively, and was
5.10 percent and 5.15 percent in the first six months 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 $(12.3) million and $7.8 million in the second quarters of 2022 and
2021, respectively, and were $(19.9) million and $12.6 million in the first six
months of 2022 and 2021, respectively.
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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Margin from traditional life business was $35.0 million and $22.9 million in the
second quarters of 2022 and 2021, respectively, and was $37.9 million and $35.8
million in the first six months of 2022 and 2021, respectively. Insurance policy
benefits were $122.6 million in the second quarter of 2022, down 5.3 percent
from the same period in 2021, and were $265.0 million in the first six months of
2022, down 2.0 percent from the same period in 2021. We estimate that the impact
from death claims related to COVID-19 increased insurance policy benefits by
approximately nil and $13 million in the three and six months ended June 30,
2022, respectively, and by approximately $7 million and $19 million in the three
and six months ended June 30, 2021, respectively. In addition, amortization is
higher in the first six months 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, including sales of our
direct-to-consumer products through third party distributors.
Allocated net investment income in the 2022 periods was comparable to the 2021
periods, as the growth in the block was offset by lower average investment
yields.

Advertising expense was $22.6 million in the second quarter of 2022, down 9.6
percent from the comparable period in 2021, and was $51.9 million in the first
six months of 2022, up 7.5 percent 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                     Six months ended
                                                                        June 30,                              June 30,
                                                                  2022                2021              2022              2021
Collected premiums from annuity and interest-sensitive life
products:
Annuities                                                   $    435.0             $ 344.3          $   803.6          $ 669.7
Interest-sensitive life                                           56.6                54.6              113.2            109.1
Total collected premiums from annuity and
interest-sensitive life products                            $    491.6      

398.9ドル 916.8ドル 778.8ドル



Collected premiums from annuity and interest-sensitive products increased 23
percent in the second quarter of 2022 compared to the second quarter of 2021,
and 18 percent in the first six months of 2022 compared to the first six months
of 2021, primarily due to higher premium collections from fixed index annuity
products.


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

製品ラインに割り当てられていない投資収益 (百万ドル):

                                                              Three months ended                     Six months ended
                                                                   June 30,                              June 30,
                                                             2022                2021              2022              2021
Net investment income                                  $    223.9             $ 379.2          $   432.1          $ 717.4
Allocated to product lines:
Annuity                                                    (114.8)             (114.9)            (229.9)          (230.6)
Health                                                      (71.6)              (71.6)            (143.4)          (143.1)
Life                                                        (36.2)              (36.1)             (72.5)           (71.9)
Equity returns credited to policyholder account
balances                                                     92.4               (76.1)             164.3           (118.6)

商品ラインに割り当てられ、保険契約者の口座残高に入金される金額

                              (130.2)             (298.7)            (281.5)          (564.2)

変動持分事業体およびその他の非営業項目に関連する金額

                                          (9.1)               (8.0)             (16.3)           (15.8)
Interest expense on debt                                    (15.6)              (15.6)             (31.3)           (31.1)
Interest expense on investment borrowings                    (4.7)               (2.5)              (7.1)            (5.2)
Expenses related to FABN program                             (7.6)                  -              (14.9)               -

繰り延べ報酬制度への控除額 (投資収益の相殺)

                               11.8                (6.6)              16.0            (10.3)
Total adjustments                                           (25.2)              (32.7)             (53.6)           (62.4)

製品ラインに配分されない投資収益 $68.5

47.8ドル $97.0 90.8ドル



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.

純営業外収益 (損失):

以下は、3 か月および 6 か月間の純営業外収益 (損失) をまとめたものです。 2022 年 6 月 30 日 および 2021 年 (百万ドル):

                                                              Three months ended                      Six months ended
                                                                   June 30,                               June 30,
                                                             2022                2021              2022               2021

売却による正味実現投資利益 (損失) および貸倒引当金の変動 (関連する償却の正味)

                                          $    (26.1)          

24.3ドル $ (33.2) 27.9ドル
収益に認識される投資の市場価値の純変動

                                                 (21.7)                5.7               (47.2)             (.7)
Fair value changes related to agent deferred
compensation plan                                            14.0                   -                36.7             13.2

組込デリバティブ負債の公正価値の変動 (関連する償却の純額)

                                79.7               (44.9)              170.5             37.2

Other                                                         (.2)                 .9                  .2              1.5
Net non-operating income (loss) before taxes           $     45.7           

$ (14.0) $ 127.0 79.1ドル



Net realized investment losses, net of related amortization, in the three and
six months ended June 30, 2022, were $26.1 million and $33.2 million,
respectively, including the unfavorable change in the allowance for credit
losses of $23.7 million and $54.4 million, respectively, which was recorded in
earnings. Net realized investment gains, net of related amortization, in the
three and six months ended June 30, 2021, were $24.3 million and $27.9 million,
respectively, including the favorable change in the allowance for credit losses
of $5.7 million and $15.3 million, respectively, which was recorded in earnings.
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

The change in market value of investments recognized in earnings was an increase
(decrease) of $(21.7) million and $5.7 million in the second quarters of 2022
and 2021, respectively, and $(47.2) million and $(0.7) million in the first six
months of 2022 and 2021, respectively. The change in value will fluctuate from
period to period based on market conditions.

During the first six months of 2022 and 2021, we recognized an increase in
earnings of $36.7 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 $170.5
million and $37.2 million in the first six months 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 2022 was the primary factor in the change in
estimated fair value of the embedded derivative liabilities.

その他の営業外項目には、連結が義務付けられている VIE に起因する収益 (関連金額を差し引いたもの) が含まれます。 このような収益は、当社の基礎となるファンダメンタルズを示すものではなく、関連性もありません。

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

流動性と資本資源

2022年の展望

Market volatility adversely impacted our results in the first half 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 $36 million. If such market volatility persists in
future periods, we expect it would have directionally similar adverse impacts on
our results in those periods.

2022 年の残りの期間については、次のことが予想されます。

•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 to slightly
up 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, an experience refund related to a reinsurance agreement,
and transaction expenses related to the acquisition of Optavise) 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.

In the aggregate, our consolidated RBC capital level and excess holding company
liquidity are approximately $95 million below our target capital levels, but
above our risk tolerance thresholds (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, capital strain from new business, 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.


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
Our capital structure as of June 30, 2022 and December 31, 2021 was as follows
(dollars in millions):
                                                     June 30,
                                                       2022         December 31, 2021
   Total capital:
   Corporate notes payable                          $ 1,138.0      $          1,137.3
   Shareholders' equity:
   Common stock                                           1.1                     1.2
   Additional paid-in capital                         2,032.7                 2,184.2
   Accumulated other comprehensive income (loss)     (1,165.0)                1,947.1
   Retained earnings                                  1,343.2                 1,127.2
   Total shareholders' equity                         2,212.0                 5,259.7
   Total capital                                    $ 3,350.0      $          6,397.0



The following table summarizes certain financial ratios as of and for the six
months ended June 30, 2022 and as of and for the year ended December 31, 2021:
                                                                     June 30,
                                                                       2022             December 31, 2021
Book value per common share                                        $    

19.27 $ 43.69 普通株式 1 株あたりの簿価、累積その他の包括利益 (損失) を除く (a)

                                         29.42                     27.52
Debt to total capital ratios:
Corporate debt to total capital                                          34.0  %                   17.8  %

その他の包括利益 (損失) 累積額を除く資本合計に対する社債 (a)

                                          25.2  %                   25.6  %


_____________________

(a)This non-GAAP measure differs from the corresponding GAAP measure presented
immediately above, because accumulated other comprehensive income (loss) has
been excluded from the value of capital used to determine this
measure. Management believes this non-GAAP measure is useful because it removes
the volatility that arises from changes in accumulated other comprehensive
income (loss). Such volatility is often caused by changes in the estimated fair
value of our investment portfolio resulting from changes in general market
interest rates rather than the business decisions made by management. However,
this measure does not replace the corresponding GAAP measure.

保険業務の流動性

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 June 30, 2022, the carrying value of the FHLB
common stock was $75.2 million. As of June 30, 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 June 30, 2022,
which are maintained in custodial accounts for the benefit of the FHLB.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
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 360 percent at June 30, 2022,
compared to 386 percent at December 31, 2021. In the first six months of 2022,
the RBC ratio reflected our estimated consolidated statutory operating earnings
of $124 million and insurance company dividends (net of capital contributions)
of $84.0 million that were paid to the holding company. Our RBC ratio at
June 30, 2022, was 15 percentage points below our targeted statutory RBC ratio
of 375 percent (which is equivalent to approximately $85 million of capital) but
above the minimum 350 percent that is reflected in our risk appetite statement
that we share and discuss with rating agencies and insurance regulators. Our
targeted RBC ratio of 375 percent allows for a reduction in the ratio toward our
minimum threshold of 350 percent in stressed market conditions such as we are
experiencing this year. Our holding company liquidity at June 30, 2022, was
$140.9 million which was below 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 approximately $95 million below
our target capital levels, but above our risk tolerance thresholds. We expect to
manage back to $150 million of holding company liquidity and the 375 percent
targeted consolidated statutory RBC ratio over time. 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.

保険子会社の財務格付け

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.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
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.

持株会社の流動性

持ち株会社の流動性の入手可能性、ソース、および使用。 保険子会社が持株会社に配当金および剰余金を支払う能力の制限。 持株会社活動の制限

At June 30, 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 $140.9 million of
cash and investments which was comprised of: (i) unrestricted cash and cash
equivalents of $104.6 million; and (ii) exchange-traded funds that invest in
fixed income securities of $36.3 million. Our holding company liquidity was
approximately $10 million below our minimum target level, but above our risk
tolerance thresholds. We expect to manage back to our minimum target level of
$150 million over time. 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 six
months of 2022,
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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________
our insurance subsidiaries paid dividends to CDOC totaling $98.6 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 312 percent at June 30, 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.

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 June 30, 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               $                   297.8                 (a)
Colonial Penn                                 (442.4)                (b)


____________________
(a)Bankers Life paid dividends of $45.0 million to CLTX in the first six 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. In the first six months of 2022, CDOC made a capital contribution of
$14.6 million to CLTX.

2022 年 6 月 30 日未払い額はありません 2億5000万ドル
回転信用契約を締結しており、次の時点まで、当社の直接的な企業債務の予定された返済はありません。 2025年5月.

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 six
months of 2022, we generated $85 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. Free cash flow will be pressured in the near term as we manage
back to our targeted capital levels for the RBC ratio and holding company
liquidity. In the first six months of 2022, we repurchased 6.6 million shares of
common stock for $160.0 million under our securities repurchase program. The
Company had remaining repurchase authority of $206.9 million as of June 30,
2022.

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

2022 年の最初の 6 か月で、普通株式に対して宣言された配当の合計
3,240万ドル ($0.27 普通株式1株当たり)。 の 2022 年 5 月当社は、四半期の普通株式配当金を $0.14 からの1株あたり $0.13 一株当たり。

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.

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
                              ___________________

投資

2022 年 6 月 30 日償却原価、総未実現利益、総未実現損失、貸倒引当金、および売却可能な固定満期の見積公正価値は次のとおりです (単位は百万ドル)。

                                                                         Gross                Gross                                   Estimated
                                                   Amortized           unrealized          unrealized          Allowance for            fair
                                                     cost                gains               losses            credit losses            value
Investment grade (a):
Corporate securities                             $ 13,126.5          $     149.7          $ (1,220.7)         $      (35.8)         $ 12,019.7
United States Treasury securities and
obligations of United States government
corporations and agencies                             168.8                  6.7                (3.2)                    -               172.3
States and political subdivisions                   2,687.4                 63.6              (276.3)                  (.9)            2,473.8
Foreign governments                                    74.6                   .2                (8.1)                  (.7)               66.0
Asset-backed securities                             1,124.6                  1.7               (72.0)                  (.2)            1,054.1
Agency residential mortgage-backed securities          32.0                  1.1                   -                     -                33.1
Non-agency residential mortgage-backed
securities                                          1,188.9                  6.9              (109.6)                    -             1,086.2
Collateralized loan obligations                       720.4                    -               (32.9)                    -               687.5
Commercial mortgage-backed securities               2,325.2                   .9              (155.3)                    -             2,170.8
Total investment grade fixed maturities,
available for sale                                 21,448.4                230.8            (1,878.1)                (37.6)           19,763.5
Below-investment grade (a) (b):
Corporate securities                                  794.6                  1.6               (71.5)                (16.4)              708.3
States and political subdivisions                      11.6                    -                 (.4)                  (.2)               11.0

Asset-backed securities                               134.5                    -               (12.0)                    -               122.5
Non-agency residential mortgage-backed
securities                                            620.3                 62.8                (6.9)                    -               676.2
Collateralized loan obligations                         7.5                    -                (1.0)                    -                 6.5
Commercial mortgage-backed securities                  83.9                    -                (9.2)                    -                74.7
Total below-investment grade fixed maturities,
available for sale                                  1,652.4                 64.4              (101.0)                (16.6)            1,599.2

売却可能な固定満期の合計 $ 23,100.8 295.2ドル $ (1,979.1) $ (54.2) $ 21,362.7

________________

(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 June 30, 2022 is as follows (dollars in millions):
                                                           Estimated fair       Percentage of total
        NAIC designation             Amortized cost            value           estimated fair value
               1                    $      13,388.4      $       12,460.1                    58.3  %
               2                            8,665.9               7,969.8                    37.3

NAIC 1と2の合計(投資額

             grade)                        22,054.3              20,429.9                    95.6
               3                              707.0                 632.2                     3.0
               4                              302.5                 265.8                     1.2
               5                               36.0                  34.8                      .2
               6                                1.0                     -                       -
Total NAIC 3, 4, 5 and 6
(below-investment grade)                    1,046.5                 932.8                     4.4
Total                               $      23,100.8      $       21,362.7                   100.0  %



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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

満期固定証券販売可能

The following table summarizes the carrying values and gross unrealized losses
of our fixed maturity securities, available for sale, by category as of June 30,
2022 (dollars in millions):
                                                                                          Percent of
                                                       Percent of          Gross             gross
                                                          fixed          unrealized       unrealized
                                  Carrying value       maturities          losses           losses
States and political
subdivisions                     $       2,484.8            11.6  %    $      276.7            14.0  %
Commercial mortgage-backed
securities                               2,245.5            10.5              164.5             8.3
Non-agency residential
mortgage-backed securities               1,762.4             8.3              116.5             5.9
Banks                                    1,718.8             8.0              180.0             9.1
Insurance                                1,321.5             6.2              140.4             7.1
Utilities                                1,277.2             6.0              120.7             6.1
Healthcare/pharmaceuticals               1,191.8             5.6              142.0             7.2
Asset-backed securities                  1,176.6             5.5               84.0             4.2
Brokerage                                  968.7             4.5              105.4             5.3
Technology                                 836.4             3.9              117.9             6.0
Food/beverage                              732.6             3.4               60.2             3.0
Collateralized loan obligations            694.0             3.2               33.9             1.7
Energy                                     563.1             2.6               37.7             1.9
Cable/media                                488.3             2.3               65.1             3.3
Transportation                             408.2             1.9               24.8             1.3
Real estate/REITs                          398.8             1.9               30.6             1.5
Telecom                                    357.0             1.7               14.8              .8
Capital goods                              336.6             1.6               23.8             1.2
Chemicals                                  301.2             1.4               26.1             1.3
Consumer products                          206.6             1.0               30.0             1.5

Other                                    1,892.6             8.9              184.0             9.3
Total fixed maturities,
available for sale               $      21,362.7           100.0  %    $    1,979.1           100.0  %


投資適格未満の証券

At June 30, 2022, the amortized cost of the Company's below-investment grade
fixed maturity securities, available for sale, was $1,652.4 million, or 7.2
percent of the Company's fixed maturity portfolio (or $1,046.5 million, or 4.5
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 $1,599.2 million, or 97 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
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正味実現および未実現投資損失

During the first six months of 2022, we recognized $56.9 million of realized
losses on sales of $1,106.0 million of fixed maturity securities, available for
sale, including: (i) $37.6 million related to various corporate securities; (ii)
$10.2 million related to non-agency residential mortgage-backed securities;
(iii) $4.2 million related to states and political subdivisions; and (iv) $4.9
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 six months of 2021, we recognized $18.2 million of realized
losses on sales of $310.7 million of fixed maturity securities, available for
sale, primarily related to various corporate securities.

The following summarizes the investments sold at a loss during the first six
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          5           $          34.8      

$15.0



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 June 30,
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                  $      27.7      $     

26.7

1 年から 5 年までの期間 1,425.6 1,340.8

5 年から 10 年までの期間 1,820.9 1,644.9

          Due after ten years                          9,843.8        

8,471.4

          Subtotal                                    13,118.0       

11,483.8

          Structured securities                        5,371.4        
4,972.3
          Total                                    $  18,489.4      $ 16,456.1



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 June 30, 2022 (dollars in millions):

                         Number          Cost       Unrealized        Estimated
                       of issuers       basis          loss          fair value
Less than 6 months         15          $ 45.0      $     (10.4)     $      34.6



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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
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The following table summarizes the gross unrealized losses of our fixed maturity
securities, available for sale, by category and ratings category as of June 30,
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                  $   270.2          $     6.1          $          -             $      .4          $      276.7
Banks                                                   96.8               82.3                    .8                    .1                 180.0
Commercial mortgage-backed securities                  126.2               29.1                   7.9                   1.3                 164.5
Healthcare/pharmaceuticals                              93.1               44.1                   3.3                   1.5                 142.0
Insurance                                               69.1               67.7                   2.7                    .9                 140.4
Utilities                                               59.6               58.4                   2.1                    .6                 120.7
Technology                                              62.6               45.8                   5.8                   3.7                 117.9
Non-agency residential mortgage-backed securities       58.3               51.3                   2.3                   4.6                 116.5
Brokerage                                               40.6               61.1                   2.8                    .9                 105.4
Asset-backed securities                                 25.4               46.6                  10.5                   1.5                  84.0
Cable/media                                              6.2               48.8                   4.0                   6.1                  65.1
Food/beverage                                           13.1               44.4                    .5                   2.2                  60.2
Energy                                                   3.8               28.7                   5.2                     -                  37.7
Collateralized loan obligations                         28.1                4.8                   1.0                     -                  33.9
Real estate/REITs                                       18.5               11.1                   1.0                     -                  30.6
Consumer products                                       16.0                9.9                   1.1                   3.0                  30.0
Retail                                                  17.0                7.7                   3.5                    .1                  28.3
Chemicals                                                2.4               21.7                    .8                   1.2                  26.1
Transportation                                           9.4               14.5                    .2                    .7                  24.8
Capital goods                                           12.3                9.3                   1.5                    .7                  23.8
Aerospace/defense                                        4.0               18.4                     -                   1.2                  23.6
Autos                                                    3.3               16.9                   2.1                    .2                  22.5
Building materials                                       3.9               14.3                   1.0                    .8                  20.0
Telecom                                                    -               14.8                     -                     -                  14.8
Metals and mining                                         .6                7.8                    .9                    .2                   9.5
Foreign governments                                      3.3                4.8                     -                     -                   8.1
Paper                                                     .6                5.9                    .1                    .8                   7.4
Entertainment/hotels                                     4.2                1.2                    .3                   1.6                   7.3
United States Treasury securities and obligations
of United States government corporations and
agencies                                                 3.2                  -                     -                     -                   3.2
Business services                                          -                 .2                   1.1                    .8                   2.1

Other                                                   33.8               14.8                   2.8                    .6                  52.0

売却可能な固定満期の合計 1,085.6ドル 792.5ドル $65.3

             $    35.7          $    1,979.1



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
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仕組証券

At June 30, 2022, fixed maturity investments included structured securities with
an estimated fair value of $5.9 billion (or 27.7 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 June 30,
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                                       $ 1,259.1          $  1,176.6                        5.5  %
Agency residential mortgage-backed securities                      32.0                33.1                         .2
Non-agency residential mortgage-backed securities               1,809.2             1,762.4                        8.3
Collateralized loan obligations                                   727.9               694.0                        3.2
Commercial mortgage-backed securities                           2,409.1             2,245.5                       10.5

Total structured securities                                   $ 6,237.3          $  5,911.6                       27.7  %



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.


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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

変動持分事業体への投資

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):

                                                         Three months ended                        Six months ended
                                                              June 30,                                 June 30,
                                                       2022                 2021                2022                2021
Revenues:
Net investment income - policyholder and other
special-purpose portfolios                      $     12.8               $   11.7          $    23.6             $   23.5
Fee revenue and other income                           1.1                    1.4                2.5                  2.7
Total revenues                                        13.9                   13.1               26.1                 26.2
Expenses:
Interest expense                                       7.5                    5.9               13.2                 11.8
Other operating expenses                                .7                     .4                1.1                   .8
Total expenses                                         8.2                    6.3               14.3                 12.6
Income before net investment gains (losses) and
income taxes                                           5.7                    6.8               11.8                 13.6
Net investment gains (losses)                         (7.0)                   1.0              (10.2)                 5.1

Income (loss) before income taxes               $     (1.3)              $    7.8          $     1.6             $   18.7




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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

VIEの保有する投資に関する補足情報

The following table summarizes the carrying values and gross unrealized losses
of the investments held by the VIEs by category as of June 30, 2022 (dollars in
millions):

                                                                                        Percent of
                                                        Percent           Gross           gross
                                                        of fixed       unrealized       unrealized
                                  Carrying value       maturities        losses           losses
   Technology                    $         136.0           12.3  %    $       7.3           12.1  %
   Healthcare/pharmaceuticals              126.2           11.4               7.4           12.2
   Cable/media                             122.8           11.1               6.7           11.1
   Food/beverage                            81.7            7.4               4.9            8.1
   Capital goods                            61.4            5.5               3.4            5.7
   Chemicals                                61.2            5.5               2.5            4.1
   Brokerage                                55.7            5.0               2.9            4.8
   Building materials                       53.9            4.9               2.6            4.3
   Paper                                    47.6            4.3               2.3            3.8
   Consumer products                        46.6            4.2               3.4            5.6
   Utilities                                38.2            3.4               2.4            4.0
   Transportation                           36.0            3.3               2.2            3.6
   Aerospace/defense                        35.4            3.2               1.6            2.6
   Insurance                                33.6            3.0               1.7            2.8
   Autos                                    33.5            3.0               2.2            3.6
   Business services                        23.1            2.1               1.6            2.6
   Retail                                   16.6            1.5                .7            1.2
   Banks                                    12.7            1.1                .5             .8

   Other                                    85.5            7.8               4.2            7.0
   Total                         $       1,107.7          100.0  %    $      60.5          100.0  %



The following table sets forth the amortized cost and estimated fair value of
those investments held by the VIEs with unrealized losses at June 30, 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    $      635.5      $   597.5
          Due after five years through ten years          537.7          503.0

          Total                                    $    1,173.2      $ 1,100.5



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

当社のポートフォリオには、未実現損失が原価ベースの 20% を超えるポジションに継続的にあった信用損失がないと見なされた、投資適格未満と評価された投資はありませんでした。

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                   CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
                              ___________________

新しい会計基準

最近発行された会計基準については、連結財務諸表注記の「最近発行された会計基準」を参照してください。

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