CNO Financial Group Inc

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

CNO$57.16+3.1%Stored close · as of Nov 9, 2026

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Contents

Item 16. Form 10-K Summary

None.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CNO FINANCIAL GROUP, INC.

Dated: February 23, 2024

By:	/s/ Gary C. Bhojwani
	Gary C. Bhojwani
	Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

Archie M. Brown
Signature	Title (Capacity)	Date
/s/ GARY C. BHOJWANI	Director and Chief Executive Officer	February 23, 2024
Gary C. Bhojwani	(Principal Executive Officer)
/s/ PAUL H. MCDONOUGH	Executive Vice President	February 23, 2024
Paul H. McDonough	and Chief Financial Officer
	(Principal Financial Officer)
/s/ MICHELLEN A. WILDIN	Senior Vice President	February 23, 2024
Michellen A. Wildin	and Chief Accounting Officer
	(Principal Accounting Officer)
/s/ ARCHIE M. BROWN	Director	February 23, 2024
/s/ STEPHEN N. DAVID	Director	February 23, 2024
Stephen N. David
/s/ DAVID B. FOSS	Director	February 23, 2024
David B. Foss
/s/ MARY R. NINA HENDERSON	Director	February 23, 2024
Mary R. Nina Henderson
/s/ADRIANNE B. LEE	Director	February 23, 2024
Adrianne B. Lee
/s/ DANIEL R. MAURER	Director	February 23, 2024
Daniel R. Maurer
/s/ CHETLUR S. RAGAVAN	Director	February 23, 2024
Chetlur S. Ragavan
/s/ STEVEN E. SHEBIK	Director	February 23, 2024
Steven E. Shebik

Balance Sheet

as of December 31, 2023 and 2022

ASSETS
	2023	2022
Cash and cash equivalents - unrestricted	$255.3	$136.7
Equity securities at fair value	—	36.6
Investment in wholly-owned subsidiaries (eliminated in consolidation)	3,169.3	2,660.4
Income tax assets, net	124.4	154.9
Receivable from subsidiaries (eliminated in consolidation)	26.7	114.9
Other assets	2.4	2.2
Total assets	$3,578.1	$3,105.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Notes payable	$1,140.5	$1,138.8
Payable to subsidiaries (eliminated in consolidation)	174.0	172.0
Other liabilities	48.0	26.1
Total liabilities	1,362.5	1,336.9
Commitments and Contingencies
Shareholders' equity:
Common stock and additional paid-in capital ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: 2023 - 109,357,540; 2022 - 114,343,070)	1,892.6	2,034.9
Accumulated other comprehensive loss	(1,576.8)	(1,957.3)
Retained earnings	1,899.8	1,691.2
Total shareholders' equity	2,215.6	1,768.8
Total liabilities and shareholders' equity	$3,578.1	$3,105.7

Statement of Operations

	2023	2022	2021
Revenues:
Net investment income	$13.3	$9.8	$7.4
Net investment income - affiliated	3.7	3.0	.3
Net investment gains (losses)	.1	(.6)	(.2)
Total revenues	17.1	12.2	7.5
Expenses:
Interest expense	62.7	62.5	62.4
Intercompany expenses (eliminated in consolidation)	8.4	3.8	.5
Operating costs and expenses	63.2	.2	38.5
Total expenses	134.3	66.5	101.4
Loss before income taxes and equity in undistributed earnings of subsidiaries	(117.2)	(54.3)	(93.9)
Income tax benefit	(32.2)	(18.3)	(26.0)
Loss before equity in undistributed earnings of subsidiaries	(85.0)	(36.0)	(67.9)
Equity in undistributed earnings of subsidiaries (eliminated in consolidation)	361.5	666.6	638.2
Net income	$276.5	$630.6	$570.3

Statement of Cash Flows

	2023	2022	2021
Cash flows from operating activities	$(106.8)	$(143.2)	$(153.2)
Cash flows from investing activities:
Sales of investments	43.2	24.6	—
Purchases of investments	(6.5)	(11.8)	(50.0)
Net sales of trading securities	6.6	7.7	8.4
Dividends received from consolidated subsidiary*	150.0	69.6	328.3
Net cash provided by investing activities	193.3	90.1	286.7
Cash flows from financing activities:
Issuance of common stock	13.2	13.5	21.5
Payments to repurchase common stock	(166.1)	(190.1)	(407.8)
Common stock dividends paid	(68.1)	(64.8)	(65.7)
Issuance of notes payable to affiliates*	400.3	349.5	249.7
Payments on notes payable to affiliates*	(147.2)	(114.5)	(125.3)
Debt issuance costs	—	—	(1.0)
Net cash provided (used) by financing activities	32.1	(6.4)	(328.6)
Net increase (decrease) in cash and cash equivalents	118.6	(59.5)	(195.1)
Cash and cash equivalents, beginning of the year	136.7	196.2	391.3
Cash and cash equivalents, end of the year	$255.3	$136.7	$196.2

*Eliminated in consolidation

Notes to Condensed Financial Information

Basis of Presentation

The condensed financial information should be read in conjunction with the consolidated financial statements of CNO Financial Group, Inc. The condensed financial information includes the accounts and activity of the parent company.

SCHEDULE IV

Reinsurance

	2023	2022	2021
Life insurance inforce:
Direct	$31,335.5	$30,444.8	$29,954.0
Assumed	82.0	86.5	93.8
Ceded	(2,804.9)	(2,820.0)	(2,930.8)
Net insurance inforce	$28,612.6	$27,711.3	$27,117.0
Percentage of assumed to net	.3%	.3%	.3%

	2023	2022	2021
Insurance policy income:
Direct	$2,468.5	$2,483.1	$2,530.5
Assumed	16.6	18.7	20.3
Ceded	(181.4)	(191.9)	(208.0)
Net premiums	$2,303.7	$2,309.9	$2,342.8
Percentage of assumed to net	.7%	.8%	.9%

ContentsView on SEC.gov

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