CNO Financial Group Inc

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

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.

FY2024 · Filed Feb 26, 2025

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 26, 2025

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 26, 2025
Gary C. Bhojwani	(Principal Executive Officer)
/s/ PAUL H. MCDONOUGH	Executive Vice President	February 26, 2025
Paul H. McDonough	and Chief Financial Officer
	(Principal Financial Officer)
/s/ JOEL T. KOEHNEMAN	Senior Vice President	February 26, 2025
Joel T. Koehneman	and Chief Accounting Officer
	(Principal Accounting Officer)
/s/ ARCHIE M. BROWN	Director	February 26, 2025
/s/ DAVID B. FOSS	Director	February 26, 2025
David B. Foss
/s/ MARY R. NINA HENDERSON	Director	February 26, 2025
Mary R. Nina Henderson
/s/ADRIANNE B. LEE	Director	February 26, 2025
Adrianne B. Lee
/s/ DANIEL R. MAURER	Director	February 26, 2025
Daniel R. Maurer
/s/ CHETLUR S. RAGAVAN	Director	February 26, 2025
Chetlur S. Ragavan
/s/ STEVEN E. SHEBIK	Director	February 26, 2025
Steven E. Shebik
/s/ JESSICA A. TURNER	Director	February 26, 2025
Jessica A. Turner

Balance Sheet

as of December 31, 2024 and 2023

ASSETS
	2024	2023
Fixed maturities, available for sale, at fair value (amortized cost: 2024 - $500.2; 2023 - $0)	$518.6	$—
Cash and cash equivalents - unrestricted	355.8	255.3
Investment in wholly-owned subsidiaries*	3,761.0	3,169.3
Income tax assets, net	64.6	124.4
Receivable from subsidiaries*	38.0	26.7
Other assets	18.5	2.4
Total assets	$4,756.5	$3,578.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Notes payable	$1,833.5	$1,140.5
Payable to subsidiaries*	389.4	174.0
Other liabilities	35.2	48.0
Total liabilities	2,258.1	1,362.5
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: 2024 - 101,618,957; 2023 - 109,357,540)	1,633.5	1,892.6
Accumulated other comprehensive loss	(1,371.4)	(1,576.8)
Retained earnings	2,236.3	1,899.8
Total shareholders' equity	2,498.4	2,215.6
Total liabilities and shareholders' equity	$4,756.5	$3,578.1
* Eliminated in consolidation

Statement of Operations

	2024	2023	2022
Revenues:
Net investment income	$37.0	$13.3	$9.8
Net investment income - affiliated*	1.1	3.7	3.0
Net investment gains (losses)	—	0.1	(0.6)
Total revenues	38.1	17.1	12.2
Expenses:
Interest expense	91.8	62.7	62.5
Intercompany expenses*	13.4	8.4	3.8
Operating costs and expenses	37.7	63.2	0.2
Total expenses	142.9	134.3	66.5
Loss before income taxes and equity in undistributed earnings of subsidiaries	(104.8)	(117.2)	(54.3)
Income tax benefit	(25.7)	(32.2)	(18.3)
Loss before equity in undistributed earnings of subsidiaries	(79.1)	(85.0)	(36.0)
Equity in undistributed earnings of subsidiaries*	483.1	361.5	666.6
Net income	$404.0	$276.5	$630.6
* Eliminated in consolidation

Statement of Cash Flows

	2024	2023	2022
Cash flows from operating activities:	$(65.1)	$(106.8)	$(143.2)
Cash flows from investing activities:
Sales of investments	—	43.2	24.6
Purchases of investments	(499.8)	(6.5)	(11.8)
Net sales of trading securities	5.0	6.6	7.7
Dividends received from consolidated subsidiary*	—	150.0	69.6
Net cash (used) provided by investing activities	(494.8)	193.3	90.1
Cash flows from financing activities:
Issuance of notes payable, net	691.0	—	—
Issuance of common stock	11.1	13.2	13.5
Payments to repurchase common stock	(300.2)	(166.1)	(190.1)
Common stock dividends paid	(67.7)	(68.1)	(64.8)
Issuance of notes payable to affiliates*	419.1	400.3	349.5
Payments on notes payable to affiliates*	(92.9)	(147.2)	(114.5)
Net cash provided (used) by financing activities	660.4	32.1	(6.4)
Net increase (decrease) in cash and cash equivalents	100.5	118.6	(59.5)
Cash and cash equivalents, beginning of the year	255.3	136.7	196.2
Cash and cash equivalents, end of the year	$355.8	$255.3	$136.7

*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

	2024	2023	2022
Life insurance inforce:
Direct	$32,283.5	$31,335.5	$30,444.8
Assumed	77.0	82.0	86.5
Ceded	(2,804.1)	(2,804.9)	(2,820.0)
Net insurance inforce	$29,556.4	$28,612.6	$27,711.3
Percentage of assumed to net	0.3%	0.3%	0.3%

	2024	2023	2022
Insurance policy income:
Direct	$2,492.9	$2,468.5	$2,483.1
Assumed	15.5	16.6	18.7
Ceded	(169.0)	(181.4)	(191.9)
Net premiums	$2,339.4	$2,303.7	$2,309.9
Percentage of assumed to net	0.7%	0.7%	0.8%

ContentsView on SEC.gov

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