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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___ 

Commission File Number 001-31792

CNO Financial Group, Inc.
Delaware 75-3108137
State of Incorporation IRS Employer Identification No.
  
11825 N. Pennsylvania Street  
Carmel,Indiana46032 (317)817-6100
Address of principal executive offices Telephone

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareCNONew York Stock Exchange
Rights to purchase Series E Junior Participating Preferred StockNew York Stock Exchange
5.125% Subordinated Debentures due 2060CNOpANew York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:  Yes ☒  No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.  Large accelerated filer ☒  Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):  Yes ☐ No ☒

Shares of common stock outstanding as of October 24, 2022:  114,403,320





TABLE OF CONTENTS
PART I - FINANCIAL INFORMATIONPage
   
Item 1.Financial Statements (unaudited) 
   
Item 2.
Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.

2

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.



CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(unaudited)

ASSETS
September 30,
2022		December 31,
2021
  
Investments:  
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: September 30, 2022 - $52.0 and December 31, 2021 - $7.6; amortized cost: September 30, 2022 - $23,442.5 and December 31, 2021 - $21,867.6)
$20,301.1 $24,805.4 
Equity securities at fair value135.8 131.1 
Mortgage loans (net of allowance for credit losses: September 30, 2022 - $5.3 and December 31, 2021 - $5.6)
1,227.3 1,218.6 
Policy loans120.2 120.2 
Trading securities223.3 227.2 
Investments held by variable interest entities (net of allowance for credit losses: September 30, 2022 - $6.5 and December 31, 2021 - $3.7; amortized cost: September 30, 2022 - $1,166.7 and December 31, 2021 - $1,206.8)
1,099.2 1,199.6 
Other invested assets1,028.6 1,224.0 
Total investments24,135.5 28,926.1 
Cash and cash equivalents - unrestricted498.0 632.1 
Cash and cash equivalents held by variable interest entities55.5 99.6 
Accrued investment income236.0 216.4 
Present value of future profits218.9 222.6 
Deferred acquisition costs1,886.4 1,112.0 
Reinsurance receivables (net of allowance for credit losses: September 30, 2022 - $2.0 and December 31, 2021 - $3.0)
4,271.9 4,354.3 
Income tax assets, net1,180.2 118.3 
Assets held in separate accounts2.7 3.9 
Other assets552.2 519.1 
Total assets$33,037.3 $36,204.4 

(continued on next page)








The accompanying notes are an integral part
of the consolidated financial statements.
3


CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET, continued
(Dollars in millions)
(unaudited)

LIABILITIES AND SHAREHOLDERS' EQUITY
September 30,
2022		December 31,
2021
  
Liabilities:  
Liabilities for insurance products:  
Policyholder account liabilities$14,653.7 $13,689.7 
Future policy benefits11,747.5 11,670.7 
Liability for policy and contract claims454.3 501.8 
Unearned and advanced premiums238.2 246.7 
Liabilities related to separate accounts2.7 3.9 
Other liabilities749.4 830.9 
Investment borrowings1,639.9 1,715.8 
Borrowings related to variable interest entities1,115.3 1,147.9 
Notes payable – direct corporate obligations1,138.4 1,137.3 
Total liabilities31,739.4 30,944.7 
Commitments and Contingencies
Shareholders' equity:  
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: September 30, 2022 – 114,367,345; December 31, 2021 – 120,377,152)
1.1 1.2 
Additional paid-in capital2,030.6 2,184.2 
Accumulated other comprehensive income (loss)(2,165.7)1,947.1 
Retained earnings1,431.9 1,127.2 
Total shareholders' equity1,297.9 5,259.7 
Total liabilities and shareholders' equity$33,037.3 $36,204.4 

















The accompanying notes are an integral part
of the consolidated financial statements.

4
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months endedNine months ended
September 30,September 30,
 2022202120222021
Revenues:
Insurance policy income$623.2 $630.6 $1,873.8 $1,893.5 
Net investment income:    
General account assets289.0 289.5 884.2 854.3 
Policyholder and other special-purpose portfolios(20.9)18.7 (184.0)171.3 
Investment gains (losses):  
Realized investment gains (losses)(8.2)3.7 3.6 14.8 
Other investment gains (losses)(9.5)(6.0)(102.8)11.4 
Total investment gains (losses)(17.7)(2.3)(99.2)26.2 
Fee revenue and other income31.7 31.8 128.4 102.1 
Total revenues905.3 968.3 2,603.2 3,047.4 
Benefits and expenses:
Insurance policy benefits412.2 524.8 1,099.1 1,641.3 
Interest expense37.6 23.7 89.2 71.8 
Amortization87.5 57.9 279.5 200.2 
Other operating costs and expenses230.8 233.9 673.5 714.5 
Total benefits and expenses768.1 840.3 2,141.3 2,627.8 
Income before income taxes137.2 128.0 461.9 419.6 
Income tax expense on period income32.2 28.2 108.5 94.4 
Net income$105.0 $99.8 $353.4 $325.2 
Earnings per common share:
Basic:
Weighted average shares outstanding114,354,000 126,429,000 116,170,000 130,528,000 
Net income$.92 $.79 $3.04 $2.49 
Diluted:   
Weighted average shares outstanding115,928,000 129,018,000 118,072,000 133,162,000 
Net income$.91 $.77 $2.99 $2.44 














The accompanying notes are an integral part
of the consolidated financial statements.
5
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)
Three months endedNine months ended
September 30,September 30,
2022202120222021
Net income$105.0 $99.8 $353.4 $325.2 
Other comprehensive loss, before tax:
Unrealized losses on investments(1,407.2)(112.9)(6,128.2)(436.6)
Adjustment to present value of future profits and deferred acquisition costs126.2 13.4 666.5 21.6 
Amount related to premium deficiencies assuming the net unrealized gains had been realized— 16.5 165.0 114.0 
Reclassification adjustments:
For net realized investment (gains) losses included in net income1.0 (.9)36.0 (26.4)
For amortization of the present value of future profits and deferred acquisition costs related to net realized investment (gains) losses included in net income(.6).1 (1.7)1.4 
Other comprehensive loss before tax(1,280.6)(83.8)(5,262.4)(326.0)
Income tax benefit related to items of accumulated other comprehensive loss279.9 18.0 1,149.6 69.6 
Other comprehensive loss, net of tax(1,000.7)(65.8)(4,112.8)(256.4)
Comprehensive income (loss)$(895.7)$34.0 $(3,759.4)$68.8 



























The accompanying notes are an integral part
of the consolidated financial statements.

6
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Dollars in millions, shares in thousands)
(unaudited)
Common stock
Additional
paid-in		Accumulated other comprehensiveRetained
 SharesAmountcapitalincome (loss)earningsTotal
Balance, June 30, 2021129,105 $1.3 $2,383.0 $1,995.5 $944.2 $5,324.0 
Net income— — — — 99.8 99.8 
Change in unrealized appreciation (depreciation) of investments (net of applicable income tax benefit of $18.0)
— — — (65.8)— (65.8)
Common stock repurchased(4,911)(.1)(114.9)— — (115.0)
Dividends on common stock— — — — (16.6)(16.6)
Employee benefit plans, net of shares used to pay tax withholdings76 — 6.5 — — 6.5 
Balance, September 30, 2021124,270 $1.2 $2,274.6 $1,929.7 $1,027.4 $5,232.9 
Balance, June 30, 2022114,795 $1.1 $2,032.7 $(1,165.0)$1,343.2 $2,212.0 
Net income— — — — 105.0 105.0 
Change in unrealized appreciation (depreciation) of investments (net of applicable income tax benefit of $279.9)
— — — (1,000.7)— (1,000.7)
Common stock repurchased(561)— (10.0)— — (10.0)
Dividends on common stock— — — — (16.3)(16.3)
Employee benefit plans, net of shares used to pay tax withholdings133 — 7.9 — — 7.9 
Balance, September 30, 2022114,367 $1.1 $2,030.6 $(2,165.7)$1,431.9 $1,297.9 




















The accompanying notes are an integral part
of the consolidated financial statements.
7
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY, continued
(Dollars in millions, shares in thousands)
(unaudited)
Common stock
Additional
paid-in		Accumulated other comprehensiveRetained
 SharesAmountcapitalincome (loss)earningsTotal
Balance, December 31, 2020135,279 $1.3 $2,544.5 $2,186.1 $752.3 $5,484.2 
Net income— — — — 325.2 325.2 
Change in unrealized appreciation (depreciation) of investments (net of applicable income tax benefit of $69.6)
— — — (256.4)— (256.4)
Common stock repurchased(12,511)(.1)(302.3)— — (302.4)
Dividends on common stock— — — — (50.1)(50.1)
Employee benefit plans, net of shares used to pay tax withholdings1,502 — 32.4 — — 32.4 
Balance, September 30, 2021124,270 $1.2 $2,274.6 $1,929.7 $1,027.4 $5,232.9 
Balance, December 31, 2021120,377 $1.2 $2,184.2 $1,947.1 $1,127.2 $5,259.7 
Net income— — — — 353.4 353.4 
Change in unrealized appreciation (depreciation) of investments (net of applicable income tax benefit of $1,149.6)
— — — (4,112.8)— (4,112.8)
Common stock repurchased(7,168)(.1)(169.9)— — (170.0)
Dividends on common stock— — — — (48.7)(48.7)
Employee benefit plans, net of shares used to pay tax withholdings1,158 — 16.3 — — 16.3 
Balance, September 30, 2022114,367 $1.1 $2,030.6 $(2,165.7)$1,431.9 $1,297.9 





















The accompanying notes are an integral part
of the consolidated financial statements.


8
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(unaudited)
Nine months ended
September 30,
 20222021
Cash flows from operating activities:  
Insurance policy income$1,724.9 $1,756.4 
Net investment income832.2 793.1 
Fee revenue and other income110.4 104.3 
Insurance policy benefits(1,243.4)(1,247.3)
Interest expense(65.8)(57.4)
Deferrable policy acquisition costs(245.7)(213.3)
Other operating costs(757.4)(685.7)
Income taxes(20.7)28.9 
Net cash from operating activities334.5 479.0 
Cash flows from investing activities:  
Sales of investments2,764.9 1,419.7 
Maturities and redemptions of investments1,265.1 2,237.8 
Purchases of investments(5,521.1)(4,363.8)
Net purchases of trading securities(37.4)(21.1)
Other(39.4)(68.0)
Net cash used by investing activities(1,567.9)(795.4)
Cash flows from financing activities:  
Issuance of common stock6.6 18.6 
Payments to repurchase common stock(180.2)(307.8)
Common stock dividends paid(48.7)(49.9)
Amounts received for deposit products2,457.8 1,379.3 
Withdrawals from deposit products(1,071.0)(999.3)
Issuance of investment borrowings:
Federal Home Loan Bank210.0 720.8 
Payments on investment borrowings:
Federal Home Loan Bank(285.9)(622.1)
Related to variable interest entities(33.4)(1.6)
Debt issuance costs— (.9)
Net cash provided by financing activities1,055.2 137.1 
Net decrease in cash and cash equivalents(178.2)(179.3)
Cash and cash equivalents - unrestricted and held by variable interest entities, beginning of period731.7 991.9 
Cash and cash equivalents - unrestricted and held by variable interest entities, end of period$553.5 $812.6 











The accompanying notes are an integral part
of the consolidated financial statements.
9
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________


BUSINESS AND BASIS OF PRESENTATION

The following notes should be read together with the notes to the consolidated financial statements included in our 2021 Annual Report on Form 10-K.

CNO Financial Group, Inc., a Delaware corporation ("CNO"), is 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.  The terms "CNO Financial Group, Inc.", "CNO", the "Company", "we", "us", and "our" as used in these financial statements refer to CNO and its subsidiaries.  Such terms, when used to describe insurance business and products, refer to the insurance business and products of CNO's insurance subsidiaries.

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.

Our unaudited consolidated financial statements reflect normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented.  As permitted by rules and regulations of the Securities and Exchange Commission (the "SEC") applicable to quarterly reports on Form 10-Q, we have condensed or omitted certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").  We have reclassified certain amounts from the prior periods to conform to the 2022 presentation. These reclassifications have no effect on net income or shareholders' equity. Results for interim periods are not necessarily indicative of the results that may be expected for a full year.

The balance sheet at December 31, 2021, presented herein, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.

When we prepare financial statements in conformity with GAAP, we are required to make estimates and assumptions that significantly affect reported amounts of various assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting periods.  For example, we use significant estimates and assumptions to calculate values for deferred acquisition costs, the present value of future profits, fair value measurements of certain investments (including derivatives), allowance for credit losses and other-than-temporary impairments of investments, assets and liabilities related to income taxes, liabilities for insurance products, liabilities related to litigation and guaranty fund assessment accruals.  If our future experience differs from these estimates and assumptions, our financial statements could be materially affected.

The accompanying financial statements include the accounts of the Company and its subsidiaries. Our consolidated financial statements exclude transactions between us and our consolidated affiliates, or among our consolidated affiliates.

INVESTMENTS

We classify our fixed maturity securities into one of two categories: (i) "available for sale" (which we carry at estimated fair value with any unrealized gain or loss, net of tax and related adjustments, recorded as a component of shareholders' equity); or (ii) "trading" (which we carry at estimated fair value with changes in such value recognized as either net investment income (classified as investment income from policyholder and other special-purpose portfolios) or investment gains (losses)).

Trading securities include: (i) investments purchased with the intent of selling in the near term to generate income; and (ii) certain fixed maturity securities containing embedded derivatives for which we have elected the fair value option.  The change in fair value of the income generating investments is recognized in income from policyholder and other special-purpose portfolios (a component of net investment income). The change in fair value of securities with embedded derivatives is recognized in other investment gains (losses).

We review our available for sale fixed maturity securities with unrealized losses to determine whether such impairments are the result of credit losses. We analyze various factors to make such determinations including, but not limited to: (i) actions
10
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________

taken by rating agencies; (ii) default by the issuer; (iii) the significance of the decline; (iv) an assessment of our intent to sell the security before recovering the security's amortized cost; (v) an economic analysis of the issuer's industry; and (vi) the financial strength, liquidity, and recoverability of the issuer. We perform a security by security review each quarter to evaluate whether a credit loss has occurred.

In determining the credit loss component, we discount the estimated cash flows on a security by security basis. We consider the impact of macroeconomic conditions on inputs used to measure the amount of credit loss. For most structured securities, cash flow estimates are based on bond-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayment speeds and structural support, including overcollateralization, excess spread, subordination and guarantees. For corporate bonds, cash flow estimates are derived by considering asset type, rating, time to maturity, and applying an expected loss rate.

If a portion of the decline is due to credit-related factors, we separate the credit loss component of the impairment from the amount related to all other factors. The credit loss component is recorded as an allowance and reported in other investment gains (losses) (limited to the difference between estimated fair value and amortized cost). The impairment related to all other factors (non-credit factors) is reported in accumulated other comprehensive income (loss) along with unrealized gains (losses) related to fixed maturity investments, available for sale, net of tax and related adjustments. The allowance is adjusted for any additional credit losses and subsequent recoveries. When recognizing an allowance associated with a credit loss, the cost basis is not adjusted. When we determine a security is uncollectable, the remaining amortized cost will be written off.
  
If we intend to sell an impaired fixed maturity security, available for sale, or identify an impaired fixed maturity security, available for sale, for which it is more likely than not we will be required to sell before anticipated recovery, the difference between the fair value and the amortized cost is included in other investment gains (losses) and the fair value becomes the new amortized cost. The new cost basis is not adjusted for any subsequent recoveries in fair value.

The Company reports accrued investment income separately from fixed maturities, available for sale, and has elected not to measure an allowance for credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments.

Accumulated other comprehensive income (loss) is primarily comprised of the net effect of unrealized appreciation (depreciation) on our investments.  These amounts, included in shareholders' equity as of September 30, 2022 and December 31, 2021, were as follows (dollars in millions):
September 30,
2022		December 31,
2021
Net unrealized gains (losses) on investments having no allowance for credit losses $(1,222.1)$2,963.3 
Unrealized losses on investments with an allowance for credit losses (1,929.9)(23.1)
Adjustment to present value of future profits (a)8.7 (8.3)
Adjustment to deferred acquisition costs367.1 (420.2)
Adjustment to insurance liabilities— (25.5)
Deferred income tax assets (liabilities)610.5 (539.1)
Accumulated other comprehensive income (loss)$(2,165.7)$1,947.1 
________
(a)The present value of future profits is the value assigned to the right to receive future cash flows from contracts existing at September 10, 2003, the date Conseco, Inc., an Indiana corporation, emerged from bankruptcy.

At December 31, 2021, adjustments to the present value of future profits, deferred acquisition costs, insurance liabilities and deferred tax assets included $(7.3) million, $(132.2) million, $(25.5) million and $35.8 million, respectively, for premium deficiencies that would exist on certain blocks of business if unrealized gains on the assets backing such products had been realized and the proceeds from the sales of such assets were invested at then current yields. There were no such adjustments at September 30, 2022.
11
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
___________________

At September 30, 2022, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):
Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesEstimated fair value
Corporate securities$13,942.2 $22.2 $(2,136.6)$(49.2)$11,778.6 
United States Treasury securities and obligations of United States government corporations and agencies169.5 — (11.7)— 157.8 
States and political subdivisions2,818.8 20.9 (437.8)(1.7)2,400.2 
Foreign governments84.5 — (14.4)(.8)69.3 
Asset-backed securities1,402.0 .2 (131.8)(.3)1,270.1 
Agency residential mortgage-backed securities39.0 — (.5)— 38.5 
Non-agency residential mortgage-backed securities1,755.5 50.7 (167.3)— 1,638.9 
Collateralized loan obligations778.3 — (45.1)— 733.2 
Commercial mortgage-backed securities2,452.7 — (238.2)— 2,214.5 
Total fixed maturities, available for sale$23,442.5 $94.0 $(3,183.4)$(52.0)$20,301.1 

At December 31, 2021, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):
Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesEstimated fair value
Corporate securities$13,195.4 $2,284.5 $(21.7)$(7.4)$15,450.8 
United States Treasury securities and obligations of United States government corporations and agencies166.2 54.3 (.9)— 219.6 
States and political subdivisions2,649.0 356.7 (1.5)— 3,004.2 
Foreign governments85.4 13.6 (.3)(.2)98.5 
Asset-backed securities1,129.0 37.0 (3.1)— 1,162.9 
Agency residential mortgage-backed securities36.7 3.7 — — 40.4 
Non-agency residential mortgage-backed securities1,870.4 156.5 (3.1)— 2,023.8 
Collateralized loan obligations587.3 2.3 (1.3)— 588.3