CNO Financial Group, Inc.

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 7, 2025

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

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Contents

Investments in Variable Interest Entities

The following table provides supplemental information about the revenues and expenses of the VIEs which have been consolidated in accordance with authoritative guidance, after giving effect to the elimination of our investment in the VIEs and investment management fees earned by a subsidiary of the Company (dollars in millions):

	Three months ended
	March 31,
	2025	2024
Revenues:
Net investment income – policyholder and other special-purpose portfolios	$7.5	$14.0
Fee revenue and other income	1.5	0.9
Total revenues	9.0	14.9
Expenses:
Interest expense	7.8	11.9
Other operating expenses	1.0	0.5
Total expenses	8.8	12.4
Income before net investment losses and income taxes	0.2	2.5
Net investment losses	(3.5)	(3.6)
Income (loss) before income taxes	$(3.3)	$(1.1)

Supplemental Information on Investments Held by VIEs

The following table summarizes the carrying values and gross unrealized losses of the investments held by the VIEs by category as of March 31, 2025 (dollars in millions):

	Carrying value	Percentof fixedmaturities	Grossunrealizedlosses	Percent ofgrossunrealizedlosses
Technology	$50.4	13.3%	$0.9	19.0%
Brokerage	41.2	10.8	0.2	5.2
Healthcare/pharmaceuticals	33.0	8.7	0.6	13.4
Cable/media	30.1	7.9	0.5	11.2
Food/beverage	27.7	7.3	0.1	2.9
Chemicals	25.5	6.7	0.5	10.6
Building materials	24.9	6.5	0.3	5.3
Business services	16.6	4.4	0.6	11.8
Utilities	16.2	4.3	0.1	1.1
Transportation	15.0	3.9	0.1	1.4
Capital goods	14.8	3.9	0.1	2.4
Paper	13.7	3.6	0.1	1.8
Insurance	13.3	3.5	0.1	2.0
Aerospace/defense	12.4	3.2	0.1	2.3
Consumer products	10.6	2.8	0.1	2.7
Autos	9.7	2.5	0.1	1.5
Entertainment/hotels	4.5	1.2	—	0.7
Retail	4.4	1.2	0.2	3.3
Packaging	4.1	1.1	—	0.6
Energy	3.9	1.0	—	0.1
Other	8.2	2.2	—	0.7
Total	$380.2	100.0%	$4.7	100.0%

The following table sets forth the amortized cost and estimated fair value of those investments held by the VIEs with unrealized losses at March 31, 2025, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

	Amortizedcost	Estimatedfairvalue
(Dollars in millions)
Due in one year or less	$1.5	$1.4
Due after one year through five years	208.9	203.6
Due after five years through ten years	136.7	134.8
Total	$347.1	$339.8

The following summarizes the investments held by the VIEs sold at a loss during the first three months of 2025 which had been continuously in an unrealized loss position exceeding 20 percent of the amortized cost basis prior to the sale for the period indicated (dollars in millions):

	At date of sale
	Numberof issuers	Amortized cost	Fair value
Less than 6 months prior to sale	1	$0.6	$0.4
Greater than or equal to 6 months and less than 12 months prior to sale	4	2.9	2.0
		$3.5	$2.4

There were no investments held by the VIEs rated below-investment grade not deemed to have credit losses which had been continuously in an unrealized loss position exceeding 20 percent of the cost basis as of March 31, 2025.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.