CNO Financial Group, Inc. [CNO] Filings

10-Q 1 cno-20240630.htm 10-Q cno-20240630

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 June 30, 2024


☐			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.

11299 Illinois Street

Carmel,

Indiana

46032

(317)

817-6100

Address of principal executive offices

Telephone

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

CNO

New York Stock Exchange

Rights to purchase Series F Junior Participating Preferred Stock

New York Stock Exchange

5.125% Subordinated Debentures due 2060

CNOpA

New 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 July 23, 2024: 105,764,929

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		Page

Item 1.	Financial Statements (unaudited)

	Consolidated Balance Sheet as of June 30 , 2024 and December 31, 2023	3
	Consolidated Statement of Operations for the three and six months ended Jun e 30 , 2024 and 2023	5
	Consolidated Statement of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023	6
	Consolidated Statement of Shareholders' Equity for the three and six months ended June 30 , 2024 and 2023	7
	Consolidated Statement of Cash Flows for the six months ended June 30 , 2024 and 2023	8
	Notes to Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations	70
	Cautionary Statement Regarding Forward-Looking Statements	70
	Overview	72
	Critical Accounting Estimates	75
	Results of Operations	76
	Liquidity and Capital Resources	87
	Investments	93
	Investments in Variable Interest Entities	99
	New Accounting Standards	102

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	102

Item 4.	Controls and Procedures	102


PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	103

Item 1A.	Risk Factors	103

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	103

Item 5.	Other Information	104

Item 6.	Exhibits	105

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(unaudited)

ASSETS


	June 30, 2024		December 31, 2023

Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: June 30, 2024 - $39.8 and December 31, 2023 - $42.9; amortized cost: June 30, 2024 - $25,106.1 and December 31, 2023 - $23,699.2)	$	22,617.9	$	21,506.2
Equity securities at fair value	117.7		96.9
Mortgage loans (net of allowance for credit losses: June 30, 2024 - $13.2 and December 31, 2023 - $15.4)	2,176.0		2,064.1
Policy loans	131.3		128.5
Trading securities	207.8		222.7
Investments held by variable interest entities (net of allowance for credit losses: June 30, 2024 - $2.8 and December 31, 2023 - $3.1; amortized cost: June 30, 2024 - $440.6 and December 31, 2023 - $787.6)	425.5		768.6
Other invested assets	1,554.0		1,353.4
Total investments	27,230.2		26,140.4
Cash and cash equivalents - unrestricted	878.8		774.5
Cash and cash equivalents held by variable interest entities	113.3		114.5
Accrued investment income	262.5		251.5
Present value of future profits	170.4		180.7
Deferred acquisition costs	2,047.2		1,944.4
Reinsurance receivables (net of allowance for credit losses: June 30, 2024 - $3.0 and December 31, 2023 - $3.0)	3,910.9		4,040.7
Market risk benefit asset	84.5		75.4
Income tax assets, net	882.8		936.2
Assets held in separate accounts	3.2		3.1
Other assets	706.4		641.1
Total assets	$	36,290.2	$	35,102.5

(continued on next page)

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET, continued

(Dollars in millions)

(unaudited)

LIABILITIES AND SHAREHOLDERS' EQUITY


	June 30, 2024		December 31, 2023

Liabilities:
Liabilities for insurance products:
Policyholder account balances	$	16,637.9	$	15,667.8
Future policy benefits	11,479.4		11,928.2
Market risk benefit liability	3.2		7.4
Liability for life insurance policy claims	59.6		62.1
Unearned and advanced premiums	220.9		218.9
Liabilities related to separate accounts	3.2		3.1
Other liabilities	934.4		848.8
Investment borrowings	2,189.0		2,189.3
Borrowings related to variable interest entities	501.4		820.8
Notes payable – direct corporate obligations	1,832.3		1,140.5
Total liabilities	33,861.3		32,886.9
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: June 30, 2024 – 106,513,566; December 31, 2023 – 109,357,540)	1.1		1.1
Additional paid-in capital	1,797.6		1,891.5
Accumulated other comprehensive loss	(1,464.3)		(1,576.8)
Retained earnings	2,094.5		1,899.8
Total shareholders' equity	2,428.9		2,215.6
Total liabilities and shareholders' equity	$	36,290.2	$	35,102.5

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share data)

(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Revenues:
Insurance policy income	$	641.5	$	628.3	$	1,269.9	$	1,253.8
Net investment income:
General account assets	351.7		308.1		653.6		600.3
Policyholder and other special-purpose portfolios	57.4		91.6		224.7		142.4
Investment gains (losses):
Realized investment losses	(26.3)		(21.8)		(36.3)		(36.4)
Other investment gains (losses)	9.1		(13.5)		26.9		(13.5)

Total investment losses	(17.2)		(35.3)		(9.4)		(49.9)
Fee revenue and other income	32.8		30.1		83.9		82.2
Total revenues	1,066.2		1,022.8		2,222.7		2,028.8
Benefits and expenses:
Insurance policy benefits	568.8		565.9		1,200.2		1,175.6
Liability for future policy benefits remeasurement (gain) loss	(30.0)		8.3		(36.4)		8.9
Change in fair value of market risk benefits	(.2)		(17.6)		(13.9)		(2.8)
Interest expense	64.2		57.6		124.4		112.3
Amortization of deferred acquisition costs and present value of future profits	61.4		56.0		121.9		111.5


Other operating costs and expenses	251.4		256.5		529.7		528.2
Total benefits and expenses	915.6		926.7		1,925.9		1,933.7
Income before income taxes	150.6		96.1		296.8		95.1

Income tax expense	34.3		22.4		68.2		22.2

Net income	$	116.3	73.7		$	228.6	$	72.9
Earnings per common share:
Basic:
Weighted average shares outstanding	107,731,000		114,273,000		108,347,000		114,409,000
Net income	$	1.08	$	.64	$	2.11	$	.64
Diluted:
Weighted average shares outstanding	109,258,000		115,650,000		110,052,000		116,189,000
Net income	$	1.06	$	.64	$	2.08	$	.63

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Dollars in millions)

(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Net income	$	116.3	$	73.7	$	228.6	$	72.9
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on investments	(217.1)		(272.8)		(331.7)		353.3
Adjustment to discount rate for liability for future policy benefits	206.8		157.2		438.5		(106.1)
Adjustment to instrument-specific credit risk for market risk benefits	.8		(2.3)		(.6)		(1.4)
Reclassification adjustments:
For net realized investment losses included in net income	29.7		29.2		37.0		40.1
Other comprehensive income (loss) before tax	20.2		(88.7)		143.2		285.9
Income tax (expense) benefit related to items of accumulated other comprehensive income (loss)	(4.2)		19.6		(30.7)		(62.1)
Other comprehensive income (loss), net of tax	16.0		(69.1)		112.5		223.8
Comprehensive income	$	132.3	$	4.6	$	341.1	$	296.7

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

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 comprehensive		Retained
	Shares	Amount		capital		income (loss)		earnings		Total
Balance, March 31, 2023	114,905	$	1.1	$	2,021.1	$	(1,664.4)	$	1,674.0	$	2,031.8


Net income	—	—		—		—		73.7		73.7
Other comprehensive loss, net of tax	—	—		—		(69.1)		—		(69.1)
Common stock repurchased	(1,346)	—		(30.0)		—		—		(30.0)
Dividends on common stock	—	—		—		—		(17.4)		(17.4)
Employee benefit plans, net of shares used to pay tax withholdings	115	—		6.8		—		—		6.8
Balance, June 30, 2023	113,674	$	1.1	$	1,997.9	$	(1,733.5)	$	1,730.3	$	1,995.8

Balance, March 31, 2024	108,569	$	1.1	$	1,851.2	$	(1,480.3)	$	1,995.7	$	2,367.7


Net income	—	—		—		—		116.3		116.3
Other comprehensive income, net of tax	—	—		—		16.0		—		16.0
Common stock repurchased	(2,173)	—		(60.0)		—		—		(60.0)
Dividends on common stock	—	—		—		—		(17.5)		(17.5)
Employee benefit plans, net of shares used to pay tax withholdings	118	—		6.4		—		—		6.4
Balance, June 30, 2024	106,514	$	1.1	$	1,797.6	$	(1,464.3)	$	2,094.5	$	2,428.9


	Common stock			Additional paid-in		Accumulated other comprehensive		Retained
	Shares	Amount		capital		income (loss)		earnings		Total
Balance, December 31, 2022	114,343	$	1.1	$	2,033.8	$	(1,957.3)	$	1,691.2	$	1,768.8


Net income	—	—		—		—		72.9		72.9
Other comprehensive income, net of tax	—	—		—		223.8		—		223.8
Common stock repurchased	(1,979)	—		(45.1)		—		—		(45.1)
Dividends on common stock	—	—		—		—		(33.8)		(33.8)
Employee benefit plans, net of shares used to pay tax withholdings	1,310	—		9.2		—		—		9.2
Balance, June 30, 2023	113,674	$	1.1	$	1,997.9	$	(1,733.5)	$	1,730.3	$	1,995.8

Balance, December 31, 2023	109,358	$	1.1	$	1,891.5	$	(1,576.8)	$	1,899.8	$	2,215.6


Net income	—	—		—		—		228.6		228.6
Other comprehensive income, net of tax	—	—		—		112.5		—		112.5
Common stock repurchased	(3,656)	—		(100.0)		—		—		(100.0)
Dividends on common stock	—	—		—		—		(33.9)		(33.9)
Employee benefit plans, net of shares used to pay tax withholdings	812	—		6.1		—		—		6.1
Balance, June 30, 2024	106,514	$	1.1	$	1,797.6	$	(1,464.3)	$	2,094.5	$	2,428.9

The accompanying notes are an integral part

of the consolidated financial statements.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(unaudited)


	Six months ended
	June 30,
	2024		2023
Cash flows from operating activities:
Insurance policy income	$	1,164.4	$	1,150.4
Net investment income	679.0		648.3
Fee revenue and other income	89.0		105.3
Insurance policy benefits	(821.0)		(821.4)
Interest expense	(122.2)		(108.1)
Deferrable policy acquisition costs	(214.4)		(186.4)
Other operating costs	(523.8)		(537.0)
Income taxes	(45.5)		(27.7)
Net cash from operating activities	205.5		223.4
Cash flows from investing activities:
Sales of investments	1,339.2		747.3
Maturities and redemptions of investments	967.0		660.3
Purchases of investments	(3,476.0)		(1,906.1)
Net sales (purchases) of trading securities	6.0		(30.8)
Other	(5.7)		(22.6)
Net cash used by investing activities	(1,169.5)		(551.9)
Cash flows from financing activities:
Issuance of notes payable, net	691.0		—


Issuance of common stock	3.8		8.6
Payments to repurchase common stock	(118.6)		(55.6)
Common stock dividends paid	(34.5)		(34.5)
Proceeds from financing arrangements	—		43.0
Payments on financing arrangements	(7.1)		—
Amounts received for deposit products	1,856.1		1,035.7
Withdrawals from deposit products	(1,007.5)		(847.6)
Issuance of investment borrowings:
Federal Home Loan Bank	237.0		645.5

Payments on investment borrowings:
Federal Home Loan Bank	(237.2)		(445.5)
Related to variable interest entities	(315.9)		(104.1)


Net cash provided by financing activities	1,067.1		245.5
Net increase (decrease) in cash and cash equivalents	103.1		(83.0)
Cash and cash equivalents - unrestricted and held by variable interest entities, beginning of period	889.0		644.9
Cash and cash equivalents - unrestricted and held by variable interest entities, end of period	$	992.1	$	561.9

The accompanying notes are an integral part

of the consolidated financial statements.

Table of Contents

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

BUSINESS AND BASIS OF PRESENTATION

CNO Financial Group, Inc., a Delaware corporation ("CNO"), is a holding company for a group of insurance companies 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"). Results for interim periods are not necessarily indicative of the results that may be expected for a full year.

The December 31, 2023 consolidated balance sheet data was derived from the audited consolidated financial statements included in our 2023 Annual Report on Form 10-K. Accordingly, these interim consolidated financial statements should be read together with the consolidated financial statements included in our 2023 Annual Report on Form 10-K.

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 are unaudited and 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.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

RECENTLY ISSUED ACCOUNTING STANDARDS

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Such requirements include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures of an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis (the other segment items category is the difference between segment revenues less the segment expenses disclosed pursuant to the new guidance); (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM and an explanation of how the CODM uses the reported measures to assess segment performance and make decisions about allocating resources. ASU 2023-07 is effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis (with early adoption permitted). The adoption of ASU 2023-07 will expand our disclosures but will not have an impact on our financial position or results of operations.

In December 2023, the FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the effectiveness of income tax disclosures by requiring, among other things, the disclosure on an annual basis of: (i) specific categories in the rate reconciliation; and (ii) additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires disclosure (on an annual basis) of the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). ASU 2023-09 is effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted). The adoption of ASU 2023-09 will modify our disclosures but will not have an impact on our financial position or results of operations.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

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 any allowance for credit losses and income taxes, 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 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.

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CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

___________________

At June 30, 2024, 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 cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Estimated fair value
Corporate securities	$	13,450.7	$	43.4	$	(1,667.4)	$	(38.6)	$	11,788.1
Certificates of deposit	470.2		3.5		—		—		473.7
United States Treasury securities and obligations of United States government corporations and agencies	278.6		—		(22.1)		—		256.5
States and political subdivisions	3,192.5		18.6		(399.7)		(.6)		2,810.8
Foreign governments	101.1		.4		(13.3)		(.5)		87.7
Asset-backed securities	1,552.2		4.5		(87.9)		(.1)		1,468.7
Agency residential mortgage-backed securities	787.3		6.1		(4.0)		—		789.4
Non-agency residential mortgage-backed securities	1,667.2		30.4		(144.8)		—		1,552.8
Collateralized loan obligations	1,227.6		5.1		(7.8)		—		1,224.9
Commercial mortgage-backed securities	2,378.7		1.2		(214.6)		—		2,165.3
Total fixed maturities, available for sale	$	25,106.1	$	113.2	$	(2,561.6)	$	(39.8)	$	22,617.9

At December 31, 2023, 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 cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Estimated fair value
Corporate securities	$	13,186.9	$	74.7	$	(1,382.4)	$	(41.7)	$	11,837.5
United States Treasury securities and obligations of United States government corporations and agencies	207.6		.1		(13.3)		—		194.4
States and political subdivisions	2,896.8		31.3		(360.7)		(.7)		2,566.7
Foreign governments	92.7		1.2		(10.4)		(.4)		83.1
Asset-backed securities	1,476.2		4.1		(107.8)		(.1)		1,372.4
Agency residential mortgage-backed securities	639.0		9.5		(.5)		—		648.0
Non-agency residential mortgage-backed securities	1,670.1		35.8		(152.7)		—		1,553.2
Collateralized loan obligations	1,042.5		3.3		(13.0)		—		1,032.8
Commercial mortgage-backed securities	2,487.4		.7		(270.0)		—		2,218.1
Total fixed maturities, available for sale	$	23,699.2	$	160.7	$	(2,310.8)	$	(42.9)	$	21,506.2

CNO Financial Group, Inc. [CNO] Filings
CNO Financial Group, Inc. [CNO-PA] Filings
10-Q	[2024-08-09]
10-Q	[2024-05-06]
10-K	[2024-02-23]
10-Q	[2023-11-08]
10-Q	[2023-08-09]
10-Q	[2023-05-10]
10-K	[2023-02-24]
10-Q	[2022-11-04]
10-Q	[2022-08-05]
10-Q	[2022-05-06]
10-K	[2022-02-24]
10-Q	[2021-11-04]
10-Q	[2021-08-06]
10-Q	[2021-05-07]
10-K	[2021-02-24]
10-Q	[2020-11-06]
10-Q	[2020-08-07]
10-Q	[2020-05-11]
10-K	[2020-02-25]
10-Q	[2019-11-06]
10-Q	[2019-08-06]
10-Q	[2019-05-03]
10-K	[2019-02-26]
10-Q	[2018-11-05]
10-Q	[2018-08-03]
10-Q	[2018-05-02]
10-K	[2018-02-23]
10-Q	[2017-11-01]
10-Q	[2017-08-04]
10-Q	[2017-05-03]
10-K	[2017-02-21]
10-Q	[2016-11-07]
10-Q	[2016-08-02]
10-Q	[2016-05-04]
10-K	[2016-02-19]
10-Q	[2015-11-03]
10-Q	[2015-08-03]
10-Q	[2015-05-05]

CNO Financial Group, Inc. [CNO] Filings

CNO Financial Group, Inc. [CNO-PA] Filings