Second Quarter 2019s1.q4cdn.com/448338635/files/doc_financials/earnings/2019/Q2/INV_PRES... · Second Quarter 2019 Financial and operating results for the period ended June 30, 2019

CNO Financial Group | 2017 Investor Day | June 5, 2017 1

Second Quarter 2019Financial and operating results for the period ended June 30, 2019July 30, 2019

Unless otherwise specified, comparisons in this presentation are between 2Q18 and 2Q19.

CNO Financial Group | Second Quarter 2019 Earnings | July 30, 2019 2

Forward-Looking StatementsCertain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on July 30, 2019, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today’s date.


Non-GAAP MeasuresThis presentation contains the following financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP): operating earnings measures; book value, excluding accumulated other comprehensive income (loss) per share; operating return measures; earnings before net realized investment gains (losses) from sales and impairments, net change in market value of investments recognized in earnings, fair value changes in embedded derivative liabilities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, loss related to reinsurance transaction, other non-operating items, corporate interest expense and taxes; and debt to capital ratios, excluding accumulated other comprehensive income (loss). Reconciliations between those non-GAAP measures and the comparable GAAP measures are included in the Appendix, or on the page such measure is presented.

While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered substitutes for the most directly comparable GAAP measures.

Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website, www.CNOinc.com.


Strong Operational Performance

Building on Track Record of Execution

Quarter in Review

• Operating EPS1 up 4%, adjusted for 3Q18 LTC transaction• Growth initiatives progressing; all growth scorecard metrics up for 4th

consecutive quarter• All health benefit ratios within provided guidance• First year collected premiums up 14%• Total collected premiums (excl. LTC in run-off) up 7%• Life and health sales up 4%

• Returned $72 MM to shareholders; $55 MM in share buybacks • Raised dividend for 7th consecutive year• Received investment grade rating from S&P and Fitch• Refinanced $425 MM in senior debt; issued incremental $75 MM• Launched Medicare Supplement Plan D product • BV per diluted share (excl. AOCI)1 of $20.00 up from $19.76 at 3/31• Operating ROE1, excluding significant items, of 10.9%

1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.

Investments in growth delivering expected results


Growth Scorecard

1 Measured as 100% of new term life and health annualized premiums and 10% of single premium whole life deposits.2 Client assets include cash and securities in brokerage and managed advisory accounts.3 Prior period fee revenue on the Growth Scorecard (which only included the fee revenue of Bankers Life) has been restated to include fee revenue from Washington National (including the fee revenue of Web Benefits Design acquired in 2Q19).

Expa

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ight

Driv

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th

% Change2Q 3Q 4Q TY 1Q 2Q Q/Q

New Annualized Premium 1Life Insurance $36.9 $37.4 $36.3 $147.5 $39.7 $39.4 6.8%Health Insurance 44.9 44.3 53.3 183.7 40.1 45.8 2.0%

Total Life & Health Insurance $81.8 $81.7 $89.6 $331.2 $79.8 $85.2 4.2%

Collected PremiumsBankers Life $653.4 $635.7 $732.1 $2,648.2 $683.9 $705.2 7.9%Washington National 172.8 167.5 176.3 692.8 176.8 176.9 2.4%Colonial Penn 73.8 74.0 75.2 298.3 77.2 76.7 3.9%

Sub-total 900.0 877.2 983.6 3,639.3 937.9 958.8 6.5%LTC in run-off 47.6 44.9 3.7 145.8 3.6 3.4 -92.9%

Total CNO $947.6 $922.1 $987.3 $3,785.1 $941.5 $962.2 1.5%

Annuity Collected PremiumsBankers Life $287.0 $270.5 $354.3 $1,163.2 $315.3 $341.0 18.8%

Client Assets in Brokerage and Advisory2

Bankers Life $1,081.7 $1,178.2 $1,104.9 $1,104.9 $1,234.4 $1,303.0 20.5%

Fee Revenue 3 $10.2 $10.4 $10.6 $49.8 $25.4 $15.6 52.9%

2018 2019

All 5 metrics up for 4th consecutive quarter

($ millions)

Production Scorecard

20152016201720182019% Change

1Q2Q3Q4Q1Q2Q3Q4QTY1Q2Q3Q4QTY1Q2Q3Q4QTY1Q2QQ/QY/Y

New Annualized Premium1

Life Insurance$46.7$43.7$37.4$47.9$42.8$39.9$33.5$164.1$41.5$36.0$34.3$33.6$145.4$36.9$36.9$37.4$36.3$147.5$39.7$39.46.8%1.4%

Health Insurance47.648.060.046.046.845.756.2194.746.445.943.151.8187.241.244.944.353.3183.740.145.82.0%-1.9%

Total Life & Health Insurance$93.9$89.6$85.6$89.7$358.7$87.9$81.9$77.4$85.4$332.6$78.1$81.8$81.7$89.6$331.2$79.8$85.24.2%-0.4%

Washington NationalxxxxERROR:#VALUE!xERROR:#VALUE!

0

$0.0$0.0$0.0$0.00

Collected Premiums

Bankers Life$603.9$648.7$654.5$660.7$628.2$665.9$711.6$2,666.4$637.1$633.0$596.9$651.1$2,518.1$627.0$653.4$635.7$732.1$2,648.2$683.9$705.27.9%5.2%

Washington National161.9165.6163.6165.5165.2163.4165.2659.3173.1167.5164.2168.6673.4176.2172.8167.5176.3692.8176.8176.92.4%2.9%

Colonial Penn65.266.766.070.169.670.769.8280.374.572.572.672.0291.675.373.874.075.2298.377.276.73.9%2.3%

Sub-total884.7873.0833.6891.73,483.0878.5900.0877.2983.63,639.3937.9958.86.5%4.5%

LTC in run-off---4.74.755.352.048.749.2205.249.647.644.93.7145.83.63.4-92.9%-28.9%

Total CNO$830.9$881.0$884.1$896.3$863.0$900.0$951.3$3,610.7$940.0$925.0$882.4$940.9$3,688.3$928.1$947.6$922.1$987.3$3,785.1$941.5$962.21.5%2.6%

Policies Inforce1 (thousands)Bankers Life72.873.880.01,679.71,682.61,680.41,686.91,686.91,594.61,594.81,590.31,598.31,598.31,576.21,575.11,574.51,575.1-1.0%1.1%

Washington National108.6108.9109.1958.9961.0959.9961.7961.7964.6964.5963.1964.1964.1969.5972.2974.7972.21.2%0.8%

Colonial Penn954.3955.1955.1851.1851.8852.3846.4846.4853.3849.4845.1841.0841.0841.9840.5843.5840.5-0.2%-0.9%

LTC in run-off--10.510.210.288.986.784.883.083.080.979.08.6(5)79.0-89.9%-35.3%

Total CNO1,135.71,137.81,144.33,489.73,495.43,503.13,505.23,505.23,501.43,495.43,483.33,486.43,486.43,468.53,466.83,401.33,466.8-2.4%-1.4%

Annuity Account Values

Bankers Life2Q153Q154Q15$7,586.1$7,589.4$7,675.9$7,788.5$7,788.5$7,869.7$7,954.7$8,047.2$8,163.3$8,163.3$8,221.2$8,325.9$8,438.2$8,325.94.9%

Washington National454.2440.4427.1413.7413.7404.5393.4385.7378.2378.2368.1358.2320.7358.2-16.9%

Colonial Penn$0.0$0.0ERROR:#DIV/0!

Total $8,040.3$8,029.8$8,103.0$8,202.2$8,202.2$8,274.2$8,348.1$8,432.9$8,541.5$8,541.5$8,589.3$8,684.1$8,758.9$8,684.13.9%

Annuity Collected Premiums

Bankers Life$233.6$206.4$245.1$284.9$970.0$257.5$264.3$236.5$272.3$1,030.6$251.4$287.0$270.5$354.3$1,163.2$315.3$341.018.8%12.9%

Client Assets in Brokerage and Advisory2

Bankers Life$812.6$863.4$925.7$1,002.6$1,002.6$1,025.8$1,081.7$1,178.2$1,104.9$1,104.9$1,234.4$1,303.020.5%10.2%

Fee Revenue3$6.3$7.3$9.6$10.7$33.9$16.1$8.7$8.9$8.5$42.2$19.0$10.2$10.4$10.6$49.8$25.4$15.652.9%18.0%

BLS/BLAS Gross Commissions

Bankers Life

* Includes life, annuity and health products.

** Measured as 100% of new term life and health annualized premiums and 10% of single premium whole life deposits.

*** Includes third party policies sold and BD/RIA accounts.

Revenue Scorecard

CNO Financial Group, Inc.

CNO Financial Group Revenue Scorecard

201520162017Percent Change

1Q2Q3Q4Q1Q2Q3Q4Q1QCurrent QuarterYear-to-Date

Life & Health Insurance

Life Insurance$ 204.3$ 202.7$ 204.7$ 208.5$ 215.8$ 213.5$ 214.7

Health Insurance$ 589.3$ 590.6$ 592.2$ 589.1$ 593.7$ 595.9$ 613.9

Total Life & Health Insurance$ 793.6$ 793.3$ 796.9$ 797.6$ 809.5$ 809.4$ 828.6

Deposit & Investment Business

Annuities$ 138.8$ 106.6$ 150.0$ 127.3$ 140.1$ 154.5$ 158.9

Other Net Investment Income$ 9.6$ (0.2)$ 14.0$ 9.3$ 12.3$ 14.7$ 5.2

Total Deposit & Investment Business$ 148.4$ 106.4$ 164.0$ 136.6$ 152.4$ 169.2$ 164.1$ - 0

Fee Revenue*$ 9.2$ 9.6$ 10.9$ 9.8$ 10.4$ 12.7$ 13.9

Third Party Sales

BLS & BLAS

Total Fee Income

Other Revenue

TSA$ 7.5$ 5.0$ 5.0$ 5.0$ 5.0$ - 0$ - 0

VIE's$ 10.9$ 9.8$ (2.7)$ 12.3$ 14.0$ 13.0$ 13.3

Net Realized Gains(Losses)$ (10.1)$ (19.6)$ (4.5)$ (0.9)$ 12.6$ 11.6$ (15.0)

Total Revenue$ 959.5$ 904.5$ 969.6$ 960.4$ 1,003.9$ 1,015.9$ 1,004.9$ - 0

Bankers Results

Bankers Life

Production Highlights ($ millions unless noted, policies 000's)Collected Premiums ($ millions)

1Q171Q162015% Change4Q151Q162Q163Q164Q16

New Annualized Premium****

Life$18.4$22.4-17.7%

Health 26.524.010.1%

Annuity Production

Deposits ($ thousands)$253.9$230.610.1%

Account Value7,869.71Q16ERROR:#VALUE!

Policies Inforce

Life0.00.0ERROR:#DIV/0!

Annuity 0.00.0ERROR:#DIV/0!

HealthERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!

Total Bankers

Third Party Production*****

Trailing 4 Quarter Fee Income, net$17.9-100.0%

Policies Sold0.0ERROR:#DIV/0!

Sales ForceSales Force (Producing Agents* Only)

1Q171Q162015% Change1Q162Q163Q164Q161Q17

Average Producing Agent Count

1st Year

2nd Year

3Rd Year

Total Bankers

Active Agents

New Agent Contracts


1st Year21942123208120371994

2nd Year604598584567533

3rd Year18881882187518751877

Total Bankers46864603453944784404

1Q162Q163Q164Q161Q17

Average New Agents**27982721266426042527

Average Veteran Agents**18881882187518751877

LTM Productivity***5349553855540055382354734

Qtrly Ave Prod Agent4548460844364323

Average Veteran Agents**1Q162Q163Q164Q161Q171888.08333333333331881.91666666666671874.58333333333331874.51877Average New Agents**1Q162Q163Q164Q161Q172797.52721.33333333333352664.252603.83333333333352527.166666666667LTM Productivity***1Q162Q163Q164Q161Q1753494.5577206680153854.80154021615554004.7216009987953822.75799032377154734.361672658459

WN Results

Washington National

Production Highlights ($ millions, policies 000's)Collected Premiums ($ millions)

1Q171Q162015% Change1Q162Q163Q164Q161Q17

New Annualized Premium****

Supplemental Health$22.9$22.04.0%

Life1.71.426.0%

Total

Policies Inforce

Supplemental Health0.00.0-0.7%

Life0.00.0ERROR:#DIV/0!

Medicare Supplement/Other0.00.0ERROR:#DIV/0!

Annuity1,673.51,679.7-0.4%

Total

Annuity Production

Deposits ($ thousands)ERROR:#DIV/0!

Account ValueERROR:#DIV/0!

Sales ForceSales Force (PMA Producing Agents* Only)

1Q171Q162015% Change1Q162Q163Q164Q161Q17


1st Year

2nd Year

3Rd Year

Total Bankers

Active Agents

New Agent Contracts

Average LTM Producing Agent Count

1st Year412418425435440

2nd Year122120125132140

3rd Year360368372373370

Total894906921940950

1Q162Q163Q164Q161Q17

Average New Agents**534538549567580

Average Veteran Agents**360368372373370

LTM Productivity***$ 92,190$ 89,383$ 86,693$ 83,704$ 84,175

Qtrly Ave Prod Agent904928953974

Average Veteran Agents**1Q162Q163Q164Q161Q17360.16666666666669368.25371.66666666666669373.08333333333331370.25Average New Agents**1Q162Q163Q164Q161Q17534537.5549.33333333333337566.66666666666674579.91666666666663LTM Productivity***92189.83242050325589382.92330775600686692.69238870791783703.56177706837584174.679270303444

CP Results

Colonial Penn

Production Highlights ($ millions, policies 000's)Collected Premiums ($ millions)

1Q171Q162015% Change1Q162Q163Q164Q161Q17

New Annualized Premium

Graded Benefit Life$19.6$20.0-2.00%

Other Life2.24.1-46.34%

Total

Policies Inforce

Life849.9847.30.31%

Health/Other3.43.8-10.53%

Total

Lead Generation

TVxx%xx%

Direct Mailxx%xx%

Webxx%xx%

Lead GenerationLead Generation

1Q171Q162015% Change1Q162Q163Q164Q161Q17

TV

Direct Mail

Web

Total

Lead Generation % Mix

1Q162Q163Q164Q161Q17

TV7372717069

Direct Mail1414151516

Web1314141515

Total100100100100100

1Q162Q163Q164Q161Q17

TV100100100100100

Direct Mail00000

Web00000

TV1Q162Q163Q164Q161Q177372717069Direct Mail1Q162Q163Q164Q161Q171414151516Web1Q162Q163Q164Q161Q171314141515TV1Q162Q163Q164Q161Q17100100100100100Direct Mail1Q162Q163Q164Q161Q1700000Web1Q162Q163Q164Q161Q1700000Web1Q162Q163Q164Q161Q17

Bankers Agent-Productivity Data

Bankers Life

Producing Agents

YearMonthReportingPeriodNAP1st Year2nd Year3rd YearTotalMonthly Average

2015January1Q15Jan-152263640183147341st Year2nd Year3rd Year

2015February1Q15Feb-15233361718514801LTM CalcsTotal NAPProductivity

2015March1Q15Mar-15$ 61,616,35624676591894502048521Q162,1946041,8884,686$ 250,653,208$ 53,495

2015April2Q15Apr-152424634187249302Q162,1235981,8824,603$ 247,907,115$ 53,855

2015May2Q15May-152396625187949003Q162,0815841,8754,539$ 245,118,431$ 54,005

2015June2Q15Jun-15$ 61,248,06724846041890497849364Q162,0375671,8754,478$ 241,036,251$ 53,823

2015July3Q15Jul-152344609190348561Q171,9945331,8774,404$ 241,059,251$ 54,734

2015August3Q15Aug-15221459718634674

2015September3Q15Sep-15$ 59,964,0002079601187045504693

2015October4Q15Oct-15207859819114587

2015November4Q15Nov-15205758319054545

2015December4Q15Dec-15$ 69,113,1412051584192745624565

2016January1Q16Jan-16198158018534414

2016February1Q16Feb-16203460418904528

2016March1Q16Mar-16$ 60,328,0002183626189447034548

2016April2Q16Apr-16215762418634644

2016May2Q16May-16210358718514541

2016June2Q16Jun-16$ 58,501,9742195587185346354607

2016July3Q16Jul-16206854918164433

2016August3Q16Aug-16210856118694538

2016September3Q16Sep-16$ 57,175,3151953520186343364436

2016October4Q16Oct-16187952819194326

2016November4Q16Nov-16192653919104375

2016December4Q16Dec-16$ 65,030,9621859495191342674323

2017January1Q17Jan-17180347118584132

2017February1Q17Feb-17187745718834217

2017March1Q17Mar-17$ 60,351,0001999481192644064252

2017April2Q17Apr-17$ - 00000

2017May2Q17May-17$ - 00000

2017June2Q17Jun-17$ - 000000

2017July3Q17Jul-17$ - 00000

2017August3Q17Aug-17$ - 00000

2017September3Q17Sep-17$ - 000000

2017October4Q17Oct-17$ - 00000

2017November4Q17Nov-17$ - 00000

2017December4Q17Dec-17$ - 000000

Average (All Periods)$ 61,480,9802,1235761,8804579

Average (Last 12 Months)$ 60,264,8131,9945331,8774404

Last 12 vs. Historical Average$ (1,216,167)(129)(43)(3)(175)

EOP CountAvg

1Q15$ 61,616,3562,4676591,8945,0204,852

2Q15$ 61,248,0672,4846041,8904,9784,936

3Q15$ 59,964,0002,0796011,8704,5504,693

4Q15$ 69,113,1412,0515841,9274,5624,565

1Q16$ 60,328,0002,1836261,8944,7034,548

2Q16$ 58,501,9742,1955871,8534,6354,607

3Q16$ 57,175,3151,9535201,8634,3364,436

4Q16$ 65,030,9621,8594951,9134,2674,323

1Q17$ 60,351,0001,9994811,9264,4064,252

2Q17$ - 000000

3Q17$ - 000000

4Q17$ - 000000

WN Agent-Productivity Data

Washington National

** Producing Agent Counts from Sara Kapsa Monthly Recruiting Summary

*** NAP numbers from VNB Tracking file

NAPProducing Agents

YearMonthReportingPeriod1st Year2nd Year3rd YearNon Productive Agents (Calc)NAP1st Year2nd Year3rd YearTotalMonthly Average

2015January1Q15Jan-15$ 1,385,833$ 678,685$ 2,415,183$ (10,058)$ 4,469,6433761333378461st Year2nd Year3rd Year

2015February1Q15Feb-15$ 1,920,352$ 1,146,021$ 3,736,673$ 18,013$ 6,821,059357137340834LTM CalcsTotal NAPProductivity

2015March1Q15Mar-15$ 1,964,295$ 1,150,126$ 4,171,934$ (364)$ 7,285,9913441273408118301Q16412122360894$ 82,433,075$ 92,190

2015April2Q15Apr-15$ 2,227,514$ 1,122,022$ 3,566,777$ 5,249$ 6,921,5623901313418622Q16418120368906$ 80,958,583$ 89,383

2015May2Q15May-15$ 1,937,011$ 1,013,067$ 3,102,360$ (8,104)$ 6,044,3344101293448833Q16425125372921$ 79,843,970$ 86,693

2015June2Q15Jun-15$ 2,555,209$ 1,233,001$ 4,557,651$ 5,077$ 8,350,9384231323469018824Q16435132373940$ 78,660,422$ 83,704

2015July3Q15Jul-15$ 2,177,476$ 977,026$ 3,279,024$ 4,356$ 6,437,8824101253558901Q17440140370950$ 79,979,974$ 84,175

2015August3Q15Aug-15$ 2,079,732$ 1,127,423$ 3,865,331$ 6,544$ 7,079,030408126361895

2015September3Q15Sep-15$ 2,478,760$ 1,114,690$ 4,252,988$ 22,603$ 7,869,041411115365891892

2015October4Q15Oct-15$ 2,287,861$ 897,851$ 3,401,872$ 19,457$ 6,607,041429113364906

2015November4Q15Nov-15$ 1,909,768$ 991,851$ 3,584,742$ 13,859$ 6,500,220409115363887

2015December4Q15Dec-15$ 2,360,222$ 1,071,622$ 4,233,667$ (3,892)$ 7,661,619410127367904899

2016January1Q16Jan-16$ 1,312,348$ 666,789$ 2,226,316$ 7,892$ 4,213,345394117371882

2016February1Q16Feb-16$ 2,141,525$ 863,859$ 3,998,940$ (27,916)$ 6,976,408435114373922

2016March1Q16Mar-16$ 2,331,543$ 1,256,325$ 4,195,052$ (11,265)$ 7,771,655418117372907904

2016April2Q16Apr-16$ 1,978,922$ 915,897$ 3,614,783$ (27,402)$ 6,482,200429119372920

2016May2Q16May-16$ 1,662,423$ 875,541$ 3,232,172$ (13,072)$ 5,757,064432122379933

2016June2Q16Jun-16$ 2,265,060$ 1,078,781$ 4,290,315$ (31,078)$ 7,603,078425130377932928

2016July3Q16Jul-16$ 1,669,908$ 720,896$ 3,200,591$ 9,656$ 5,601,051415135375925

2016August3Q16Aug-16$ 2,230,729$ 1,032,487$ 3,699,641$ 13,947$ 6,976,804440145375960

2016September3Q16Sep-16$ 2,564,255$ 1,248,323$ 3,916,395$ (35,488)$ 7,693,485458144372974953

2016October4Q16Oct-16$ 1,890,217$ 900,896$ 2,839,247$ 15,782$ 5,646,142447152371970

2016November4Q16Nov-16$ 2,149,765$ 1,068,519$ 3,397,276$ (5,428)$ 6,610,132447152371970

2016December4Q16Dec-16$ 2,376,356$ 1,025,292$ 3,941,510$ (14,100)$ 7,329,058479134369982974

2017January1Q17Jan-17$ 1,358,466$ 668,517$ 2,606,319$ 1,361$ 4,634,663428143360931

2017February1Q17Feb-17$ 1,969,437$ 899,442$ 4,159,507$ (6,342)$ 7,022,044447149359955

2017March1Q17Mar-17$ 2,570,386$ 1,282,714$ 4,778,776$ (7,623)$ 8,624,253434153363950945

2017April2Q17Apr-17$ - 0$ - 0$ - 0$ - 0$ - 00000

2017May2Q17May-17$ - 0$ - 0$ - 0$ - 0$ - 00000

2017June2Q17Jun-17$ - 0$ - 0$ - 0$ - 0$ - 000000

2017July3Q17Jul-17$ - 0$ - 0$ - 0$ - 0$ - 00000

2017August3Q17Aug-17$ - 0$ - 0$ - 0$ - 0$ - 00000

2017September3Q17Sep-17$ - 0$ - 0$ - 0$ - 0$ - 000000

2017October4Q17Oct-17$ - 0$ - 0$ - 0$ - 0$ - 00000

2017November4Q17Nov-17$ - 0$ - 0$ - 0$ - 0$ - 00000

2017December4Q17Dec-17$ - 0$ - 0$ - 0$ - 0$ - 000000

Average (All Periods)$ 2,065,014$ 1,001,025$ 3,639,446$ (2,161)$ 6,703,324419131362912

Average (Last 12 Months)$ 2,057,160$ 976,442$ 3,639,711$ (8,316)$ 6,664,998440140370950

Last 12 vs. Historical Average$ (7,853)$ (24,582)$ 265$ (6,155)$ (38,326)219838

EOP CountAvg

1Q15$ 5,270,480$ 2,974,832$ 10,323,790$ 7,591$ 18,576,693344127340811830

2Q15$ 6,719,734$ 3,368,090$ 11,226,788$ 2,222$ 21,316,835423132346901882

3Q15$ 6,735,968$ 3,219,139$ 11,397,343$ 33,503$ 21,385,953411115365891892

4Q15$ 6,557,851$ 2,961,324$ 11,220,281$ 29,424$ 20,768,880410127367904899

1Q16$ 5,785,416$ 2,786,973$ 10,420,308$ (31,289)$ 18,961,408418117372907904

2Q16$ 5,906,405$ 2,870,219$ 11,137,270$ (71,552)$ 19,842,342425130377932928

3Q16$ 6,464,892$ 3,001,706$ 10,816,627$ (11,885)$ 20,271,340458144372974953

4Q16$ 6,416,338$ 2,994,707$ 10,178,033$ (3,746)$ 19,585,332479134369982974

1Q17$ 5,898,289$ 2,850,673$ 11,544,602$ (12,604)$ 20,280,960434153363950945

2Q17$ - 0$ - 0$ - 0$ - 0$ - 000000

3Q17$ - 0$ - 0$ - 0$ - 0$ - 000000

4Q17$ - 0$ - 0$ - 0$ - 0$ - 000000

Sheet1 (2)

ACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUALACTUAL

20152015201520152015201520152015201520152015201520152015201520152015201520152015201520152015201520162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620172017201720172017201720172017

YTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTDYTD

CNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONSCNOM_CONS

[ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top][ICP Top]

GAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAPGAAP

REVENUES_GREVENUES_GREVENUES_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GREVENUES_GREVENUES_GREVENUES_GREVENUES_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GINSUR_POL_INCOME_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GNET_INVEST_INC_AFF_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GREAL_INVEST_GL_AFF_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GFEE_REVENUE_AFF_GREVENUES_GINSUR_POL_INCOME_GNET_INVEST_INC_GNET_INVEST_INC_AFF_GREAL_INVEST_GL_GREAL_INVEST_GL_AFF_GFEE_REVENUE_GFEE_REVENUE_AFF_G

STAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINSSTAT_GAAP_REINS

TOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNELTOT_DIST_CHANNEL

JuneSeptemberDecemberJuneSeptemberDecemberJuneSeptemberDecemberJuneSeptemberDecemberJuneSeptemberDecemberJuneSeptemberDecemberJuneSeptemberDecemberJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchJuneSeptemberDecemberMarchMarchMarchMarchMarchMarchMarchMarch

NONOCB_LIFE_G$ 402,671,440.61$ 605,855,393.86$ 810,580,531.96$ 327,132,836.28$ 495,100,150.57$ 661,065,734.12$ 75,226,437.71$ 110,432,566.48$ 149,184,294.94$ - 0$ - 0$ - 0$ 307,637.36$ 318,103.71$ 318,103.71$ - 0$ - 0$ - 0$ 4,529.26$ 4,573.10$ 12,399.19$ - 0$ - 0$ - 0$ 208,462,510.84$ 424,355,144.28$ 637,916,603.18$ 852,554,633.98$ 171,839,828.81$ 349,712,570.83$ 522,923,869.10$ 696,756,583.75$ 36,612,209.69$ 74,592,579.03$ 114,903,019.35$ 155,671,353.20$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 10,472.34$ 49,994.42$ 89,714.73$ 126,697.03$ - 0$ - 0$ - 0$ - 0$ 171,839,828.81$ 349,712,570.83$ 522,923,869.10$ 696,756,583.75$ 36,612,209.69$ 74,592,579.03$ 114,903,019.35$ 155,671,353.20$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 10,472.34$ 49,994.42$ 89,714.73$ 126,697.03$ - 0$ - 0$ - 0$ - 0$ 223,526,360.39$ 180,545,971.92$ 42,930,031.09$ - 0$ - 0$ - 0$ 50,357.380.00

NONOCB_HEALTH_G$ 1,193,264,680.21$ 1,791,130,367.80$ 2,391,390,152.12$ 935,428,234.77$ 1,402,886,952.15$ 1,869,458,841.38$ 245,055,300.51$ 368,369,156.97$ 494,011,825.34$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 12,781,144.93$ 19,874,258.68$ 27,919,485.40$ - 0$ - 0$ - 0$ 595,431,080.74$ 1,195,980,904.50$ 1,799,258,540.14$ 2,407,194,606.04$ 467,283,662.52$ 936,542,808.71$ 1,404,475,168.29$ 1,874,751,501.99$ 121,758,681.98$ 246,129,647.15$ 374,191,827.11$ 503,718,141.01$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 6,388,736.24$ 13,308,448.64$ 20,591,544.74$ 28,724,963.04$ - 0$ - 0$ - 0$ - 0$ 467,283,662.52$ 936,542,808.71$ 1,404,475,168.29$ 1,874,751,501.99$ 121,758,681.98$ 246,129,647.15$ 374,191,827.11$ 503,718,141.01$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 6,388,736.24$ 13,308,448.64$ 20,591,544.74$ 28,724,963.04$ - 0$ - 0$ - 0$ - 0$ 605,302,788.01$ 472,035,058.95$ 126,045,594.95$ - 0$ - 0$ - 0$ 7,222,134.110.00

NONOCB_ANNUITY_G$ 271,698,711.37$ 370,813,486.24$ 512,328,256.98$ 14,088,858.50$ 19,204,610.82$ 25,462,024.43$ 257,609,067.95$ 351,605,280.73$ 486,862,568.26$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 784.92$ 3,594.69$ 3,664.29$ - 0$ - 0$ - 0$ 119,300,753.85$ 252,418,897.82$ 399,405,519.13$ 547,163,235.38$ 5,303,043.85$ 11,707,281.20$ 19,665,856.79$ 24,835,983.18$ 113,997,640.40$ 240,711,259.42$ 379,737,738.30$ 522,324,533.94$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 69.60$ 357.20$ 1,924.04$ 2,718.26$ - 0$ - 0$ - 0$ - 0$ 5,303,043.85$ 11,707,281.20$ 19,665,856.79$ 24,835,983.18$ 113,997,640.40$ 240,711,259.42$ 379,737,738.30$ 522,324,533.94$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 69.60$ 357.20$ 1,924.04$ 2,718.26$ - 0$ - 0$ - 0$ - 0$ 172,494,870.90$ 6,552,188.02$ 165,930,211.65$ - 0$ - 0$ - 0$ 12,471.230.00

NONOCB_CORP_PROD_G$ 70,180,376.76$ 74,528,468.66$ 97,593,070.67$ - 0$ - 0$ - 0$ 52,669,536.81$ 70,816,149.78$ 103,532,572.08$ 0.23$ (0.38)$ 0.18$ (1,467,119.01)$ (21,106,103.14)$ (36,964,050.42)$ (0.01)$ (0.78)$ (0.78)$ 18,977,958.74$ 24,818,423.18$ 31,024,549.61$ - 0$ - 0$ - 0$ 37,177,271.36$ 91,538,757.12$ 143,619,568.56$ 164,061,905.39$ - 0$ - 0$ - 0$ - 0$ 30,268,373.37$ 65,014,306.30$ 102,353,237.54$ 134,113,777.30$ - 0$ - 0$ - 0$ - 0$ (894,208.98)$ 11,666,036.95$ 23,257,661.20$ 8,347,913.12$ - 0$ - 0$ - 0$ - 0$ 7,803,106.97$ 14,858,413.87$ 18,008,669.82$ 21,600,214.97$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 30,268,373.37$ 65,014,306.30$ 102,353,237.54$ 134,113,777.30$ - 0$ - 0$ - 0$ - 0$ (894,208.98)$ 11,666,036.95$ 23,257,661.20$ 8,347,913.12$ - 0$ - 0$ - 0$ - 0$ 7,803,106.97$ 14,858,413.87$ 18,008,669.82$ 21,600,214.97$ - 0$ - 0$ - 0$ - 0$ 55,022,199.24$ - 0$ 42,586,074.88$ - 0$ 7,859,998.44$ - 0$ 4,576,125.920.00

OCB_LIFE_G$ (34.64)$ 425.81$ 425.81$ (34.64)$ 425.81$ 425.81$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 00.00

OCB_HEALTH_G$ 0.00$ 0.00$ - 0$ 0.00$ 0.00$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 0.00$ 0.00$ 14,171,351.63$ - 0$ 0.00$ 0.00$ 4,811,023.58$ - 0$ - 0$ - 0$ 9,360,328.05$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 0.00$ 0.00$ 4,811,023.58$ - 0$ - 0$ - 0$ 9,360,328.05$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 14,353,756.53$ 4,628,021.34$ 9,725,735.19$ - 0$ - 0$ - 0$ - 00.00

OCB_ANNUITY_G$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 00.00

OCB_CORP_PROD_G$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 00.00

$ 1,937,815,174.31$ 2,842,328,142.37$ 3,811,892,437.54$ 1,276,649,894.91$ 1,917,192,139.35$ 2,555,987,025.74$ 630,560,342.98$ 901,223,153.96$ 1,233,591,260.62$ 0.23$ (0.38)$ 0.18$ (1,159,481.65)$ (20,787,999.43)$ (36,645,946.71)$ (0.01)$ (0.78)$ (0.78)$ 31,764,417.85$ 44,700,849.65$ 58,960,098.49$ - 0$ - 0$ - 0$ 960,371,616.79$ 1,964,293,703.72$ 2,980,200,231.01$ 3,985,145,732.42$ 644,426,535.18$ 1,297,962,660.74$ 1,947,064,894.18$ 2,601,155,092.50$ 302,636,905.44$ 626,447,791.90$ 971,185,822.30$ 1,325,188,133.50$ - 0$ - 0$ - 0$ - 0$ (894,208.98)$ 11,666,036.95$ 23,257,661.20$ 8,347,913.12$ - 0$ - 0$ - 0$ - 0$ 14,202,385.15$ 28,217,214.13$ 38,691,853.33$ 50,454,593.30$ - 0$ - 0$ - 0$ - 0$ 644,426,535.18$ 1,297,962,660.74$ 1,947,064,894.18$ 2,601,155,092.50$ 302,636,905.44$ 626,447,791.90$ 971,185,822.30$ 1,325,188,133.50$ - 0$ - 0$ - 0$ - 0$ (894,208.98)$ 11,666,036.95$ 23,257,661.20$ 8,347,913.12$ - 0$ - 0$ - 0$ - 0$ 14,202,385.15$ 28,217,214.13$ 38,691,853.33$ 50,454,593.30$ - 0$ - 0$ - 0$ - 0$ 1,070,699,975.07$ 663,761,240.23$ 387,217,647.76$ - 0$ 7,859,998.44$ - 0$ 11,861,088.64$ - 0


Segment Update

Second Quarter HighlightsKey Initiatives

Reinvigorate growth

Expand to the right

Reshape the agent force and optimize productivity

• First year collected premiums up 15%; total collected premiums up 8%

• Health NAP up 6%; Life NAP down 4%• Launched Medicare Supplement Plan D• Med Advantage issued policies up 13%; third party fee

revenue up 25%

• Total client assets up 20% at BD/RIA to $1.3 billion• FA count up 17%; 14% of agent force dually licensed• Annuity collected premiums up 19%; average collected

premium per policy up 5%

• Quarterly average producing agent count up 3%• Continued positive impact from agent force initiatives• Ongoing agent productivity improvement

Solid execution fueling continued growth momentum


Segment Update

• Life NAP up 29%; Life collected premiums up 11%• Worksite producing agent count up 28%• Plan underway to reinvigorate growth in Individual business

Expand geographically

Enhance product portfolio

Advance worksite capabilities

• Continued expansion into six underpenetrated territories• $1.3 million in NAP from geographic expansion

• Life products now 12% of overall NAP• Short-term care pilot / Hospital Indemnity NAP progressing

• Worksite NAP up 15%• Worksite comprised roughly 50% of NAP• WBD integration on plan

Worksite strength offset by Individual market challenges

Maintain growth momentum



Segment Update

Continue sales growth

Improve sales productivity and expand web/digital capabilities

• NAP up 16%• Total collected premiums up 4%• First year collected premiums up 16%

• Realizing operating leverage in sales acquisition costs• Technology enhancements driving further productivity gains• Launched web chat capabilities

• Living Insurance™ currently available in 21 states

Cost effective marketing driving sales growth


Enhance product portfolio


Excess Capital Allocation Strategy

Organic investments to sustain and grow the core businesses

Opportunistic transactions - Highly selective M&A to expand product offerings or

enhance distribution

Return capital to shareholders- $55 million in share repurchases in 2Q; $102 million YTD- Increased dividend 10% in 2Q; 7th consecutive annual increase- Dividend payout ratio targeted at 20-25%

Disciplined and opportunistic approach


$0.49 $0.48

Net Operating IncomePer Share¹


2Q18 2Q19

Financial ResultsSecond Quarter 2019

Net Operating Income1 $81.9 $76.4

Net Operating Income Adj. for Ceded LTC

Business$77.7 $76.4

Weighted Average Shares Outstanding

(in millions)168.0 159.7

• Net operating income per diluted share1 of $0.48, up 4.3% on an adjusted basis

• Adjusted to remove the earnings from the LTC business that was ceded in 3Q18, 2Q18 net operating income per diluted share was $0.46

• $39 million in net non-operating losses; $443 million increase in accumulated other comprehensive income

• Operating ROE1, excluding significant items, of 10.9%

• Holding company cash and investments of $264 million

• Estimated consolidated RBC ratio of 409%

• Statutory operating income of $79 million; Statutory capital and surplus of $1.7 billion

Financial Highlights

Earnings on long-term care block ceded in 3Q18

$0.46

$0.03

Adj. operating income per share up 4%; operating ROE up 150 bps

($ millions, except where noted)


Segment Results1

1 Results reflect changes we made to our segment reporting in 3Q18. All prior period segment disclosures have been revised to move the long-term care block ceded in 3Q18 from Bankers Life segment to Long-term care in run-off segment.

Segment Adjusted EBIT Excluding Significant Items2 ($ millions)

Segment Highlights

2Q18 3Q18 4Q18 1Q19 2Q19

$90.7 $94.4 $81.1 $63.1 $86.4

$25.4 $30.3 29.7 $30.5 $25.9

$5.4 $6.1 $4.8 ($1.4)

$5.8

Bankers Life

Washington National

Colonial Penn

($14.0) ($11.8) ($15.3)$0.8

($12.0)Corporate

Total CNO, excl ceded LTC business

$110.6 $119.0 $100.6 $95.5 $109.3

• Bankers Life results reflect increased investment earnings from alternatives and prepayments, offset by higher spend on growth initiatives

• Washington National benefited from stronger underwriting performance and higher investment income, offset by higher spend on growth initiatives

• Colonial Penn Adjusted EBIT2 reflects solid in-force growth (up 9%), offset by increased cost-effective marketing spend

− Expect $12-$20 million of EBIT for full-year 2019

• LTC in run-off flat YoY after adjusting for ceded LTC business; expect breakeven performance going forward

• Corporate benefited from favorable investment income


$8.5 $2.1 $0.3 $2.5 $3.2

Colonial Penn In-Force2

LTC in run-off

$18.1 $18.8 $17.8 $14.2 $19.7

Flat earnings when adj. for LTC transaction, in line with expectations

$(5.4) $(2.1) $0.00 $0.00 $0.00Ceded LTC business


Health Margins

$152 $152 $156 $156 $157

56.6% 56.9%53.8% 53.4%

56.2%

2Q18 3Q18 4Q18 1Q19 2Q19

Earned Premium ($ millions)Reported IABR

1 Interest-adjusted benefit ratio (IABR); a non-GAAP measure. Refer to the Appendix for the corresponding GAAP measure.2 Retained LTC business only.

Washington National Supplemental Health IABR1

Bankers Life Long-term Care IABR1,2

Bankers Life Medicare Supplement Benefit Ratio

$192 $192 $190 $191 $191

73.1%75.6% 76.0%

72.3% 74.0%

2Q18 3Q18 4Q18 1Q19 2Q19

Earned Premium ($ millions)Reported Benefit Ratio

$64 $64 $64 $64 $64 76.3% 79.0% 74.7% 77.2% 77.5%

2Q18 3Q18 4Q18 1Q19 2Q19

Earned Premium ($ millions)Reported IABR

Benefit ratio of 74.0%

1% (+/-) = $1.9 million pre-tax

Maintaining benefit ratio guidance of 73-77% for 2019

IABR1 of 56.2%


Maintaining IABR1 guidance of 55-58% for 2019

IABR1,2 of 77.5%


Maintaining IABR1,2 guidance of 74-79% for 2019

All benefit ratios within guidance


Investment Results

($ millions)

Average Invested Assets and Cash

$21,603 $21,751 $21,832 $22,058 $22,201

$281.9 $286.6 $290.4 $270.6 $286.7

2Q18 3Q18 4Q18 1Q19 2Q19

NetInvestmentIncome

Decline in invested assets reflects impact of 3Q18 LTC reinsurance transaction

Results benefited from increase in income from alternatives (reported with one quarter lag), and higher prepayment income

BBBs comprise 39% of fixed maturity portfolio

No significant changes to portfolio in 2Q following 1Q up in quality repositioning

New Money Rate2 4.73% 4.73% 4.77% 4.38% 4.58%

Book Yield3 5.44% 5.39% 5.24% 5.15% 5.08%

Earned Yield4 5.40% 5.44% 5.40% 5.02% 5.30%

Pre-Pay/Call/Make-whole Income

$3.8 $5.4 $10.9 $2.5 $6.6

Alternative Investment Income $12.4 $16.8 $13.0 $5.5 $17.1

Impairments - $2.1 $0.5 $2.2 -

Quarter Highlights

LTC Reinsurance Ceded Assets1

3 Book yield on fixed maturity investments at the end of the period, excluding assets held in the FHLB matchbook program.4 Earned yield is the investment income earned during the period divided by the weighted average book value of the investment portfolio,

excluding amounts related to assets held in the FHLB matchbook program.

1 Assets ceded in conjunction with reinsurance transaction completed in 3Q18. 2 New money rate is the book yield on fixed maturity investments acquired in the period, excluding

assets purchased for FHLB matchbook program.

Strong Alts/Prepay income; ongoing interest rate headwinds


Extend depth and breadth of product offerings

Enhance customer experience

Expand to the right

Leverage diverse distribution channels and unique product combination

Committed to Long-Term Shareholder Value Creation

Growth in sales, earnings, FCF, and ROE

Continued progress on strategic initiatives

Effectively deploy excess capital


Questions and Answers


Appendix 1: Quarter in ReviewStrong Operational Performance

• Broker-Dealer/Registered Investment Advisor Slide 18• Agent Count Slide 19

Building on Strong Track Record of Execution• Bankers Life Retained LTC Insurance Slides 20-21• Portfolio Composition Slide 22


Broker-Dealer/Registered Investment Advisor

1 Client assets include cash and securities in brokerage and managed advisory accounts. Net new client assets includes total inflows of cash and securities into brokerage and managed advisory accounts less outflows. Inflows include interest and dividends and exclude changes due to market fluctuations.

Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc.

Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 111 East Wacker Drive, Suite 1900, Chicago, IL 60601

($ millions)

2Q 3Q 4Q 1Q 2Q

Net New Client Assets in Brokerage $3.1 $26.3 -$1.1 -$3.0 $5.1Brokerage and Advisory1 Advisory 49.1 44.2 13.2 35.7 33.2

Total $52.2 $70.5 $12.1 $32.7 $38.3

Client Assets in Brokerage and Brokerage $813.6 $860.4 $794.1 $861.6 $886.0Advisory1 at end of period Advisory 268.1 317.8 310.8 372.8 417.0

Total $1,081.7 $1,178.2 $1,104.9 $1,234.4 $1,303.0

2018 2019

Account value tops $1.3 billion; up 20% YoY

Sheet1

201720182019

1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q

Net New Client Assets in Brokerage$4.2$10.9$4.7$15.2$12.2$3.1$26.3-$1.1-$3.0$5.1

Brokerage and Advisory1Advisory17.926.732.339.150.549.144.213.235.733.2

Total$22.1$37.6$37.0$54.3$62.7$52.2$70.5$12.1$32.7$38.3

Client Assets in Brokerage and Brokerage$748.7$771.2$798.2$831.3$806.7$813.6$860.4$794.1$861.6$886.0

Advisory1 at end of periodAdvisory63.992.2127.5171.3219.1268.1317.8310.8372.8417.0

Total$812.6$863.4$925.7$1,002.6$1,025.8$1,081.7$1,178.2$1,104.9$1,234.4$1,303.0


Agent Counts

1 Producing Agents are agents that have submitted at least one policy in the month.2 Financial advisors are agents who are licensed to sell certain securities brokerage products and services.3 Quarterly average agent and advisor counts represent the average of the last 3 months.

% ChangeBankers Life 2Q 3Q 4Q 1Q 2Q Q/QTotal Quarterly Average Producing Agents1,3 4,167 4,168 4,177 4,125 4,294 3.0%

Quarterly Average Financial Advisors2,3 499 534 560 583 595 19.2%

Washington National Total Quarterly Average Producing Agents1,3 676 710 730 682 726 7.4%

2018 2019

Bankers Life producing agent count up for fourth consecutive quarter

Agent Count

201720182019% Change

Bankers Life 1Q2Q3Q4Q1Q2Q3Q4Q1Q2QQ/Q

Quarterly Average Producing Agents with 0-6 months of tenure1,3711,4701,3761,2691,2861,4541,4626.2%

Quarterly Average Producing Agents with more than 6 months of tenure ("Experienced Agent")2,8792,8212,7332,7602,7122,7132,706-1.0%

Total Quarterly Average Producing Agents1,34,2524,2914,1094,0293,9994,1674,1684,1774,1254,2943.0%

Total LTM Average Producing Agents 14,4044,3244,2434,1714,1084,0764,0914,1284,159-100.0%

Quarterly Average Financial Advisors2,337840342846848349953456058359519.2%

Washington National

Total Quarterly Average Producing Agents1,36706936926906686767107306827267.4%

Total LTM Average Producing Agents 16806846866876866826866976991.9%

producing agent counts

Average Producing Agents

Sum of PRODAGTSColumn Labels

Row Labels123Grand Total 6 mo totalQuarter AverageSequential ChangeYoY change

20062340462061475144361234046206147512729544361 6 monthsTotal 6 monthsTotal 6 monthsTotal

119464991241368619464991241229136869/30/181,9684161,7842,7064,1682%1%-2%-0%0%8%-10%-2%-1%1%

219415141226368119415141226232736816/30/181,9314121,8242,7134,16711%-4%-0%0%4%-1%-14%-2%-4%-3%

319755421273379019755421273242537903/31/181,7454301,8242,7123,9992%-2%-3%-2%-1%-8%-8%-3%-6%-6%

4189154212333666189154212332361366612/31/171,7174391,8732,7604,029-6%-5%3%1%-2%-9%-16%-2%-7%-7%

519415451233371919415451233233137199/30/171,8264631,8202,7334,109-6%-4%-3%-3%-4%-11%-15%-2%-5%-7%

619475401236372319475401236228737236/30/171,9424801,8692,8214,2913%2%-1%-2%1%-10%-20%1%-6%-7%

719345251202366119345251202223536613/31/171,8924691,8882,8794,2500%-10%-1%-3%-2%-8%-22%0%-5%-7%

8202152112383780202152112382262378012/31/161,8885211,9142,9644,323-8%-4%3%3%-3%-8%-12%-0%-5%-5%

919805071238372519805071238220637259/30/162,0435431,8492,8914,436-5%-9%-0%-3%-4%-8%-10%-2%-8%-5%

1019855131220371819855131220218737186/30/162,1525991,8562,9874,6074%-1%-1%1%-12%-3%-1%-7%

1119564871215365819564871215218736583/31/162,0666031,8793,0234,5480%3%-2%-0%-12%-6%1%-6%

12188747111963554188747111962196355412/31/152,0625881,9143,1064,565-7%-2%2%-3%-8%-13%-0%-6%

200727224635915132487152722463591513228854487159/30/152,2126021,8793,1374,693-9%-3%-0%-5%-4%-11%4%-2%

122935311321414522935311321246741456/30/152,4356211,8803,1864,9363%-3%1%2%-0%-13%6%0%

221005281248387621005281248235038763/31/152,3546391,8593,1434,852

3233351912674119233351912672411411912/31/142,2436801,9193,1984,842

422845181264406622845181264242740669/30/142,3096731,8013,0924,783

523655231279416723655231279242841676/30/142,4457111,7763,2124,932

623385231262412323385231262237041233/31/142,4267041,7453,1884,875

7226551212324009226551212322349400912/31/132,6067191,7213,1625,046

823395201259411823395201259240441189/30/132,5956991,6933,0514,986

922205141255398922205141255238239896/30/132,5737201,6953,1484,988

102265553126340812265553126324294081

112224564125140392224564125124214039LTM AverageSequential ChangeYoY change

122198554123139832198554123124163983 6 monthsTotal 6 monthsTotal 6 monthsTotal

200830274760815583534653027476081558331380534659/30/181,8404241,8262,7234,0912%-3%-0%-0%0%-2%-12%-2%-4%-4%

126396251344460826396251344267446086/30/181,8054361,8352,7304,076-0%-4%-1%-1%-1%-7%-13%-2%-6%-6%

224375981276431124375981276253943113/31/181,8084531,8472,7574,108-2%-2%-1%-1%-2%-9%-15%-2%-6%-7%

3256261813034483256261813032586448312/31/171,8454631,8632,7984,171-2%-4%-1%-2%-2%-9%-18%-1%-6%-7%

425786371283449825786371283260144989/30/171,8874831,8732,8504,243-3%-4%-0%-1%-2%-9%-17%-0%-5%-7%

525096631254442625096631254259544266/30/171,9415031,8802,8894,324-3%-6%0%-1%-2%-9%-16%-0%-6%-6%

625236481273444425236481273259744443/31/171,9945331,8772,9314,404-2%-6%0%-1%-2%-9%-12%-1%-6%-6%

7257963812624479257963812622597447912/31/162,0375671,8752,9674,479-2%-3%-0%-1%-1%-10%-7%-0%-6%-6%

825596561300451525596561300262845159/30/162,0815841,8753,0024,540-2%-2%-0%-2%-1%-10%-8%-1%-5%-6%

925046251321445025046251321265244506/30/162,1235981,8823,0634,603-3%-1%-0%-2%-9%-8%1%-5%

1024946171322443324946171322261944333/31/162,1946041,8883,1134,686-3%-1%0%-2%-6%-11%3%-3%

11240163213214354240163213212617435412/31/152,2666131,8833,1434,761-2%-4%-0%-1%-4%-11%4%-2%

1224896511324446424896511324267544649/30/152,3116351,8843,1664,831-1%-3%1%-0%-6%-9%7%-2%

200932873795417132579593287379541713234184579596/30/152,3356531,8653,1554,853-0%-3%1%0%-7%-8%8%-2%

127816971402488027816971402288748803/31/152,3386761,8393,1614,852

2261167113614643261167113612738464312/31/142,3566921,8103,1734,858

328686831403495428686831403284049549/30/142,4477021,7613,1644,909

428566641375489528566641375277248956/30/142,5187081,7343,1534,960

528566581394490828566581394276749083/31/144,604

6288365414194956288365414192773495612/31/134,936

728286641413490528286641413280049059/30/134,852

8275163814404829275163814402809482922,271

92676655143147622676655143128554762

102625656148147622625656148129524762Producing Agent count at month end used to calculate quarterly and LTM averages

112574652150047262574652150029724726

122564662151347392564662151330194739

20102892683571789855181289268357178983456555181

12536697154447772536697154431004777

22428675148245852428675148229344585

32586720156348692586720156330334869

42524729152247752524729152229374775

52460728148546732460728148528834673

62517731147147192517731147128524719

72411708148246012411708148228324601

82432686146745852432686146727914585

92296674145444242296674145427694424

102303668146644372303668146628164437

112234673147643832234673147628104383

122199668148643532199668148628084353

20112807375201882154414280737520188213419754414

12136638152042942136638152028504294

22125638148942522125638148928314252

32222639155444152222639155429274415

42213619151743492213619151727954349

52310630154244822310630154228014482

62349642171447052349642171429494705

72314615154344722314615154327444472

82466640156646722466640156627884672

92449647157246682449647157228444668

102467623160246922467623160228554692

112561589161547652561589161529124765

122461600158746482461600158729014648

20123026779241930457495302677924193043593657495

12581652168249152581652168231454915

22476638156046742476638156029464674

32550677160648332550677160630574833

42445666157746882445666157729964688

52481673160047542481673160030404754

62569647160948252569647160929884825

72499627159647222499627159629204722

82549647161448102549647161429464810

92470671158447252470671158429254725

102617674163649272617674163629834927

112601690164049312601690164030194931

122429662160046912429662160029714691

20133083686512036259849308368651203623758659849

12522775171850152522775171832675015

22442730163448062442730163430854806

32550734168449682550734168431514968

42582716169849962582716169831974996

52598729167450012598729167431495001

62540715171249672540715171230974967

72633699168750192633699168730655019

82612706169050082612706169030555008

92540691170149322540691170130344932

102640730172250922640730172231155092

112620733172450772620733172431895077

122557693171849682557693171831824968

20142827183042172358298282718304217233807058298

12424689170948222424689170931384822

22362708172947992362708172931474799

32493714179750042493714179732795004

42469724178749802469724178732844980

52439711175949092439711175932034909

62427699178249082427699178231494908

72377694176948402377694176930944840

82318659181147882318659181130924788

92233667182247222233667182230914722

102276693188248512276693188231664851

112195682200848852195682200832894885

122258664186847902258664186831384790

20152719073512259657137271907351225963771657137

12263640183147342263640183130944734

22333617185148012333617185130974801

32467659189450202467659189432395020

42424634187249302424634187232024930

52396625187949002396625187931864900

62484604189049782484604189031694978

72344609190348562344609190331854856

82214597186346742214597186331284674

92079601187045502079601187030974550

102078598191145872078598191131204587

112057583190545452057583190530874545

122051584192745622051584192731124562

20162444668002249453740244466800224943559853740

11981580185344141981580185329784414

22034604189045282034604189030404528

32183626189447032183626189430524703

42157624186346442157624186330294644

52103587185145412103587185129794541

62195587185346352195587185329534635

72068549181644332068549181628504433

82108561186945382108561186929304538

91953520186343361953520186328944336

101879528191943261879528191929614326

111926539191043751926539191029634375

121859495191342671859495191329694267

20171698142381673237951169814238167323358137951

11803471185641301803471185628384130

21875456188342141875456188328734214

31999481192644061999481192629274406

41886468187242261886468187228194226

51980499187543541980499187528444354

61959474186042931959474186028014293

71823475181041081823475181027384108

81884466185042001884466185027794200

91772448180040201772448180026824020

Grand Total328765872722225286385651791443187827804112

1716436189827724050

1645437184327283925

1662426180726683895

1700433179426783927

1872431187127914174

1877413180627054096< Apr 18

1947421184727454215< May 18

1969403181826894190< June 18

1940399176426524103< July 18

2066418181027404294< Aug 18

1898431177727264106< Sep 18

Update column F,G,H using most current file:

\\conseco.ad\FS\AFS\SASBLCOM\MISHARED\DPA\Presentations\BST\2015

"PRODUCING AGENTS by LOS"


Bankers Life Retained Long-Term Care Insurance

1 Not including policies with lifetime benefits.

GAAP Reserves $1.87BStatutory Reserves $1.92BPolicies In-Force 185,914Average Attained Age 67 yearsAvg. Daily Benefit $174% Policies w/ Inflation Rider 26.9%Average Benefit Period1 1.6 years

% of Policies by Benefit Period Key LTC Data

(As of 6/30/2019)

56%38%

4%

2%


Bankers Life Retained Long-Term Care Insurance

New sales (~$25mm annually) focused on short duration products─ 98% of new sales for policies with 2 years or less in benefits─ Average benefit period of 10 months─ New business 25% reinsured since 2008

Reserve assumptions informed by historical experience─ No morbidity improvement─ No mortality improvement─ Minimal future rate increases─ Ultimate new money rate recently lowered to 6.00% from 6.50%

Favorable economic profile─ 2018 Loss Recognition Testing margin of $235 million or ~13% of Net GAAP Liabilities─ Statutory reserves ~$45 million higher than GAAP reserves─ Total LTC is just 13% of overall CNO reserves─ Potential adverse impact from severe stress scenarios is significantly reduced

Highly-differentiated in-force block; prudently managed


Portfolio Composition

IG Corporates, 48.5%

CMO, 3.2%

Mortgage Loans, 7.0%

HY Corporates, 3.4%

CMBS, 7.7%

Municipals, 8.8%

ABS, 11.6%Govts/Agency,

1.2%CDO, 1.2%

Equities, 0.2%

OIA, 4.2%Policy Loans,

0.5%Cash, 2.5%

$24 billion of Invested Assets Fixed Maturity Securities by Ratings

NAIC 1, 57.0%

NAIC 2, 39.0%

NAIC 3, 3.1%

NAIC 4, 0.9%

NAIC 5, 0.0%

- Positioned for stable performance across credit cycles

- Emphasizing quality- Keen focus on performance management and

positive selection

- Low impairments through multiple cycles- Lower than average allocation to most higher risk

categories – all carefully calibrated- Recession stress test scenarios continually updated and

results manageable

General Approach

Conservative construction; recent up in quality repositioning

(Fair Value as of 6/30/2019)


Appendix 2: Financial Exhibits• Holding Company Liquidity Slide 24

• Tax Asset Summary Slide 25

• Non-GAAP Financial Measures Slides 26-41


($ millions)

2Q19Cash and Investments Balance - Beginning $229.8

SourcesDividends from Insurance Subsidiaries 89.9Management Fees 28.3Surplus Debenture Interest 12.3Earnings on Corporate Investments 3.7Gross Proceeds from New Debt 500.0Net Intercompany Settlements and Other 16.4Total Sources 650.6

UsesShare Repurchases 59.0 Interest Expense 21.8Common Stock Dividends 17.4Debt Repayments 425.0 Acquisition 66.7 General Expenses & Other 26.4Total Uses 616.3

Cash and Investments Balance - June 30, 2019 $264.1

2019 Holding Company Liquidity

Sheet1

2Q192Q193Q194Q19FY19

Cash and Investments Balance - Beginning$229.8$264.1ERROR:#REF!ERROR:#REF!$229.8$382.2$374.7375.7

Sources

Dividends from Insurance Subsidiaries89.989.988.741.9-154.8

Dividends from Non-insurance Subsidiaries8.08.07.91.12

Management Fees28.328.31.826.733.7

Surplus Debenture Interest12.312.312.112.112.2

Earnings on Corporate Investments3.73.74.65.421.4

Gross Proceeds from New Debt500.00.0

Net Intercompany Settlements and Other16.40.0

Total Sources650.60.00.00.0142.2115.187.2(85.5)

Uses

Contributions to Non-Insurance Subsidiaries-07.91.12

Contributions to Non-insurance Subsidiaries-07.91.12

Share Repurchases59.059.093.752.061

Interest Expense21.821.80.721.10.6

Common Stock Dividends17.417.412.714.313.9

Intercompany Payments0.0

Debt Repayments425.0425.0

Acquisition66.766.7Includes $1m share repurchse(timing), net service and investment fees($9.6m), other (primarily payroll tax payments on P-share/restricted shares of $4.6m), difference to tie (ending) ledger balances ($6.5m)

RLIC Acquisition-0-0

Other-0

General Expenses & Other26.440.219.76.014.5

Total Uses616.30.00.00.0589.9126.893.490.0

Cash and Investments Balance - June 30, 2019$264.1ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!


Life $153

Loss Carryforwards (1) Valuation Allowance

Non-Life $479

$632

($ millions)

Loss Carryforwards Details

Total estimated economic value of NOLs of $322 million @ 10% discount rate (~$2.04 on per share basis)

Life NOLs are expected to offset 80% of life taxable income until fully utilized. Non-life NOLs are expected to offset 100% of non-life taxable income and 35% of the remaining life taxable income not offset by life NOLs through 2023.

1 Excludes $13 million related to state operating loss carryforwards.

Non-Life $190

Tax Asset Summary


Net Operating Income:

Bankers Life $ 77.5 $ (0.8) (1) $ 76.7

Washington National

Colonial Penn (2)

Long-term care in run-off 12.0 (1.5) (3)

Adjusted EBIT from business segments

Corporate Operations, excluding corporate interest expense

Adjusted EBIT

Corporate interest expense

Operating earnings before tax

Tax expense on operating income

Net operating income * $ 73.9 $ (0.9) $ 73.0

Net operating income per diluted share* $ 0.44 $ (0.01) $ 0.43

121.1

(1.2)

(1.5)

(1.2)

(0.4)

34.3 34.3

Excluding significant

items

20.7

122.3

(11.9)

-

(11.9)

10.5

Three months ended

March 31, 2018

Actual results Significant items

(1) Pre-tax earnings in the Bankers Life segment included the $0.8 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate increases.

(2) Pre-tax earnings in the Colonial Penn segment included a $1.1 million out-of-period adjustment which increased reserves on closed block payout annuities.

(3) Pre-tax earnings in the Long-term care in run-off segment included the $1.5 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate increases.

1.1

(0.3)

94.9 (1.2) 93.7

21.0

106.8

-

105.6

(15.5) - (15.5)

The table below summarizes the financial impact of significant items on our 1Q18 net operating income. Management believes thatidentifying the impact of these items enhances the understanding of our operating results (dollars in millions).

1Q18 Significant Items

* A non-GAAP measure. See pages 28 and 31 for a reconciliation to the corresponding GAAP measure.

Sheet1

Three months ended

March 31, 2018

Actual resultsSignificant itemsExcluding significantitems


Bankers Life$ 77.5$ (0.8)(1)$ 76.7

Washington National34.3-034.3

Colonial Penn(1.5)1.1(2)(0.4)

Long-term care in run-off12.0(1.5)(3)10.5

Adjusted EBIT from business segments122.3(1.2)121.1

Corporate Operations, excluding corporate interest expense(15.5)-0(15.5)

Adjusted EBIT106.8(1.2)105.6

Corporate interest expense(11.9)-0(11.9)

Operating earnings before tax94.9(1.2)93.7

Tax expense on operating income21.0(0.3)20.7

Net operating income *$ 73.9$ (0.9)$ 73.0

Net operating income per diluted share*$ 0.44$ (0.01)$ 0.43

(1) Pre-tax earnings in the Bankers Life segment included the $0.8 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate increases.

(2) Pre-tax earnings in the Colonial Penn segment included a $1.1 million out-of-period adjustment which increased reserves on closed block payout annuities.

(3) Pre-tax earnings in the Long-term care in run-off segment included the $1.5 million release of long-term care reserves (net of the reduction in insurance intangibles) due to the impact of policyholder actions following rate increases.

Sheet2

Sheet3



Bankers Life $ 78.0 $ 3.1 (1) $ 81.1

Washington National (1)

Colonial Penn

Long-term care in run-off 0.3 -

Adjusted EBIT from business segments

Corporate Operations, excluding corporate interest expense (2)

Adjusted EBIT

Corporate interest expense

Operating earnings before tax

Tax expense on operating income

Net operating income * $ 59.8 $ 15.1 $ 74.9

Net operating income per diluted share* $ 0.36 $ 0.09 $ 0.45

(29.7) 14.4 (15.3)

73.2 15.3 88.5

13.4

85.3

-

100.6

Three months ended

December 31, 2018

Actual results Significant items

(1) Adjustments arising from our comprehensive annual actuarial review of assumptions including $3.1 million of unfavorable impacts in the Bankers Life segment and $2.2 million of favorable impacts in the Washington National segment.

(2) $14.4 million unfavorable impact of current market conditions on the value of investments backing our Company-owned life insurance (COLI) used as a vehicle to fund Bankers Life's agent deferred compensation plan. Changes in the value of COLI investments are not subject to income taxes.

-

0.2

Excluding significant

items

13.6

115.0

(12.1)

(2.2)

(12.1)

0.3

115.9

15.3

4.8

0.9

4.8

29.7 31.9

The table below summarizes the financial impact of significant items on our 4Q18 net operating income. Management believes thatidentifying the impact of these items enhances the understanding of our operating results (dollars in millions).

4Q18 Significant Items

* A non-GAAP measure. See pages 28 and 31 for a reconciliation to the corresponding GAAP measure.

Sheet1

Three months ended

December 31, 2018

Actual resultsSignificant itemsExcluding significantitems


Bankers Life$ 78.0$ 3.1(1)$ 81.1

Washington National31.9(2.2)(1)29.7

Colonial Penn4.8-04.8

Long-term care in run-off0.3-00.3

Adjusted EBIT from business segments115.00.9115.9

Corporate Operations, excluding corporate interest expense(29.7)14.4(2)(15.3)

Adjusted EBIT85.315.3100.6

Corporate interest expense(12.1)-0(12.1)

Operating earnings before tax73.215.388.5

Tax expense on operating income13.40.213.6

Net operating income *$ 59.8$ 15.1$ 74.9

Net operating income per diluted share*$ 0.36$ 0.09$ 0.45

(1) Adjustments arising from our comprehensive annual actuarial review of assumptions including $3.1 million of unfavorable impacts in the Bankers Life segment and $2.2 million of favorable impacts in the Washington National segment.

(2) $14.4 million unfavorable impact of current market conditions on the value of investments backing our Company-owned life insurance (COLI) used as a vehicle to fund Bankers Life's agent deferred compensation plan. Changes in the value of COLI investments are not subject to income taxes.

Sheet2

Sheet3


Quarterly Earnings

*Management believes that an analysis of earnings before net realized investment gains (losses) from sales and impairments, net change in market value of investments recognized in earnings, fair value changes in embedded derivative liabilities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, loss related to reinsurance transaction, other non-operating items, corporate interest expense and taxes (“Adjusted EBIT,” a non-GAAP financial measure) provides a clearer comparison of the operating results of the company quarter-over-quarter because it excludes: (1) net realized investment gains (losses) from sales and impairments; (2) net change in market value of investments recognized in earnings; (3) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities that are unrelated to the company’s underlying fundamentals; (4) loss on extinguishment of debt; (5) fair value changes related to the agent deferred compensation plan; (6) loss related to reinsurance transaction; (7) charges in the valuation allowance for deferred tax assets and other tax items; and (8) other non-operating items consisting primarily of earnings attributable to variable interest entities. The table above provides a reconciliation of Adjusted EBIT to net income.

($ millions)2Q18 3Q18 4Q18 1Q19 2Q19

Bankers Life 90.7$ 94.4$ 78.0$ 63.1$ 86.4$ Washington National 25.4 30.3 31.9 30.5 25.9 Colonial Penn 5.4 6.1 4.8 (1.4) 5.8 Long-term care in run-off 8.5 2.1 0.3 2.5 3.2

Adjusted EBIT from business segments 130.0 132.9 115.0 94.7 121.3 Corporate operations, excluding interest expense (14.0) (11.8) (29.7) 0.8 (12.0) Adjusted EBIT* 116.0 121.1 85.3 95.5 109.3 Corporate interest expense (11.9) (12.1) (12.1) (12.1) (12.6) Operating earnings before taxes 104.1 109.0 73.2 83.4 96.7 Tax expense on period income 22.2 21.5 13.4 17.6 20.3 Net operating income 81.9 87.5 59.8 65.8 76.4 Net realized investment gains (losses) from sales and impairments, net of relat 10.9 37.0 (10.5) (0.7) (1.7) Net change in market value of investments recognized in earnings (0.3) (5.3) (27.5) 16.6 6.8 Fair value changes in embedded derivative liabilities, net of related amortizatio 8.3 22.9 (0.8) (29.6) (35.9) Fair value changes related to the agent deferred compensation plan 11.0 - 0.9 (5.3) (11.6) Loss on extinguishment of debt - - - - (7.3) Loss related to reinsurance transaction - (704.2) - - - Other (4.2) 0.8 1.8 1.2 0.7 Non-operating income (loss) before taxes 25.7 (648.8) (36.1) (17.8) (49.0) Income tax expense (benefit): On non-operating income (loss) 5.4 (136.3) (7.6) (3.8) (10.2) Valuation allowance for deferred tax assets and other tax items - 104.8 3.0 - - Net non-operating income (loss) 20.3 (617.3) (31.5) (14.0) (38.8) Net income (loss) 102.2$ (529.8)$ 28.3$ 51.8$ 37.6$

Sheet1

2Q183Q184Q181Q192Q19

Bankers Life$ 90.7$ 94.4$ 78.0$ 63.1$ 86.4

Washington National25.430.331.930.525.9

Colonial Penn5.46.14.8(1.4)5.8

Long-term care in run-off8.52.10.32.53.2

Adjusted EBIT from business segments130.0132.9115.094.7121.3

Corporate operations, excluding interest expense(14.0)(11.8)(29.7)0.8(12.0)

Adjusted EBIT*116.0121.185.395.5109.3

Corporate interest expense(11.9)(12.1)(12.1)(12.1)(12.6)

Operating earnings before taxes104.1109.073.283.496.7

Tax expense on period income22.221.513.417.620.3

Net operating income81.987.559.865.876.4

Net realized investment gains (losses) from sales and impairments, net of related amortization10.937.0(10.5)(0.7)(1.7)

Net change in market value of investments recognized in earnings(0.3)(5.3)(27.5)16.66.8

Fair value changes in embedded derivative liabilities, net of related amortization8.322.9(0.8)(29.6)(35.9)

Fair value changes related to the agent deferred compensation plan11.0-00.9(5.3)(11.6)

Loss on extinguishment of debt-0-0-0-0(7.3)

Loss related to reinsurance transaction-0(704.2)-0-0-0

Other(4.2)0.81.81.20.7

Non-operating income (loss) before taxes25.7(648.8)(36.1)(17.8)(49.0)

Income tax expense (benefit):

On non-operating income (loss)5.4(136.3)(7.6)(3.8)(10.2)

Valuation allowance for deferred tax assets and other tax items-0104.83.0-0-0

Net non-operating income (loss)20.3(617.3)(31.5)(14.0)(38.8)

Net income (loss)$ 102.2$ (529.8)$ 28.3$ 51.8$ 37.6


Colonial Penn Segment Adjusted EBIT Summarized by In-Force and New BusinessAn analysis of Adjusted EBIT for Colonial Penn, separated between in-force and new business, provides increased clarity for thissegment as the vast majority of the costs to generate new business in this segment are not deferrable and Adjusted EBIT will fluctuate based on management's decisions on how much marketing costs to incur in each period. Adjusted EBIT from new business includes pre-tax revenues and expenses associated with new sales of our insurance products during the first year after the sale is completed. Adjusted EBIT from in-force business includes all pre-tax revenues and expenses associated with sales of insurance products that were completed more than one year before the end of the reporting period. The allocation of certain revenues and expenses between new and in-force business is based on estimates, which we believe are reasonable (dollars in millions):

2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19RevenuesInsurance policy income 62.9$ 63.3$ 62.9$ 64.0$ 64.3$ 11.6$ 11.8$ 12.0$ 12.7$ 13.3$ 74.5$ 75.1$ 74.9$ 76.7$ 77.6$ Net investment income 11.3 11.1 11.2 10.7 10.8 - - - - - 11.3 11.1 11.2 10.7 10.8 Fee revenue and other income 0.4 0.5 0.4 0.5 0.4 - - - - - 0.4 0.5 0.4 0.5 0.4 Total revenues 74.6 74.9 74.5 75.2 75.5 11.6 11.8 12.0 12.7 13.3 86.2 86.7 86.5 87.9 88.8

Benefits and expensesInsurance policy benefits 43.5 42.6 42.8 48.2 44.1 7.1 7.2 7.3 8.0 8.4 50.6 49.8 50.1 56.2 52.5 Interest expense 0.4 0.3 0.4 0.4 0.4 - - - - - 0.4 0.3 0.4 0.4 0.4 Amortization 4.0 4.0 4.8 4.1 3.2 0.1 0.2 0.1 0.4 0.4 4.1 4.2 4.9 4.5 3.6 Other operating costs and expenses 8.6 9.2 8.7 8.3 8.1 17.1 17.1 17.6 19.9 18.4 25.7 26.3 26.3 28.2 26.5 Total benefits and expenses 56.5 56.1 56.7 61.0 55.8 24.3 24.5 25.0 28.3 27.2 80.8 80.6 81.7 89.3 83.0

Adjusted EBIT from Inforce Business 18.1$ 18.8$ 17.8$ 14.2$ 19.7$ (12.7)$ (12.7)$ (13.0)$ (15.6)$ (13.9)$ 5.4$ 6.1$ 4.8$ (1.4)$ 5.8$

Adjusted EBIT from Inforce Business Adjusted EBIT from New Business Adjusted EBIT from Inforce and New Business

Sheet1

Adjusted EBIT from Inforce BusinessAdjusted EBIT from New BusinessAdjusted EBIT from Inforce and New Business

2Q183Q184Q181Q192Q192Q183Q184Q181Q192Q192Q183Q184Q181Q192Q19

Revenues

Insurance policy income$ 62.9$ 63.3$ 62.9$ 64.0$ 64.3$ 11.6$ 11.8$ 12.0$ 12.7$ 13.3$ 74.5$ 75.1$ 74.9$ 76.7$ 77.6

Net investment income11.311.111.210.710.8- 0- 0- 0- 0- 011.311.111.210.710.8

Fee revenue and other income0.40.50.40.50.4- 0- 0- 0- 0- 00.40.50.40.50.4

Total revenues74.674.974.575.275.511.611.812.012.713.386.286.786.587.988.8

Benefits and expenses

Insurance policy benefits43.542.642.848.244.17.17.27.38.08.450.649.850.156.252.5

Interest expense0.40.30.40.40.4- 0- 0- 0- 0- 00.40.30.40.40.4

Amortization4.04.04.84.13.20.10.20.10.40.44.14.24.94.53.6

Other operating costs and expenses8.69.28.78.38.117.117.117.619.918.425.726.326.328.226.5

Total benefits and expenses56.556.156.761.055.824.324.525.028.327.280.880.681.789.383.0

Adjusted EBIT from Inforce Business$ 18.1$ 18.8$ 17.8$ 14.2$ 19.7$ (12.7)$ (12.7)$ (13.0)$ (15.6)$ (13.9)$ 5.4$ 6.1$ 4.8$ (1.4)$ 5.8

Revenues

Insurance policy income$ 11.6$ 11.8$ 12.0$ 12.7$ 13.3

Net investment income- 0- 0- 0- 0- 0

Fee revenue and other income- 0- 0- 0- 0- 0

Total revenues11.611.812.012.713.3


Insurance policy benefits7.17.27.38.08.4

Interest expense- 0- 0- 0- 0- 0

Amortization0.10.20.10.40.4

Other operating costs and expenses17.117.117.619.918.4

Total benefits and expenses24.324.525.028.327.2

Adjusted EBIT from New Business$ (12.7)$ (12.7)$ (13.0)$ (15.6)$ (13.9)

Revenues

Insurance policy income$ 74.5$ 75.1$ 74.9$ 76.7$ 77.6

Net investment income11.311.111.210.710.8

Fee revenue and other income0.40.50.40.50.4

Total revenues86.286.786.587.988.8


Insurance policy benefits50.649.850.156.252.5

Interest expense0.40.30.40.40.4

Amortization4.14.24.94.53.6

Other operating costs and expenses25.726.326.328.226.5

Total benefits and expenses80.880.681.789.383.0

Adjusted EBIT from Inforce and New Business$ 5.4$ 6.1$ 4.8$ (1.4)$ 5.8


The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. While management believes these measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered as substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website, www.CNOinc.com.

Operating earnings measuresManagement believes that an analysis of net income applicable to common stock before net realized investment gains or losses from sales and impairments, net change in market value of investments recognized in earnings, fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, loss related to reinsurance transaction, changes in the valuation allowance for deferred tax assets and other tax items and other non-operating items consisting primarily of earnings attributable to variable interest entities (“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.

Information Related to Certain Non-GAAP Financial Measures


Information Related to Certain Non-GAAP Financial MeasuresA reconciliation of net income(loss) applicable to common stock to net operating income (and related per-share amounts) is as follows (dollars in millions, except per-share amounts):

2Q18 3Q18 4Q18 1Q19 2Q19

Net income(loss) applicable to common stock 102.2$ (529.8)$ 28.3$ 51.8$ 37.6$ Non-operating items:

Net realized investment (gains) losses from sales and impairments, net of related amortization (10.9) (37.0) 10.5 0.7 1.7 Net change in market value of investments recognized in earnings 0.3 5.3 27.5 (16.6) (6.8) Fair value changes in embedded derivative liabilities, net of related amortization (8.3) (22.9) 0.8 29.6 35.9 Fair value changes related to the agent deferred compensation plan (11.0) - (0.9) 5.3 11.6 Loss on extinguishment of debt - - - - 7.3 Loss related to reinsurance transaction - 704.2 - - - Other 4.2 (0.8) (1.8) (1.2) (0.7) Non-operating (income) loss before taxes (25.7) 648.8 36.1 17.8 49.0 Income tax (expense) benefit: On non-operating (income) loss (5.4) 136.3 7.6 3.8 10.2

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