CNO Financial Group, Inc.

Refer to "Governmental Regulation" in our 2025 Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 for information on our insurance and other governmental regulatory matters, other than those amended or supplemented here.

Risk-Based Capital

NAIC developments related to the RBC framework are described below.

•Interest Maintenance Reserve ("IMR"). Interpretation 23-01, Net Negative (Disallowed) Interest Maintenance Reserve, the NAIC's interim statutory accounting guidance, was extended from December 31, 2026 through December 31, 2027. The NAIC is continuing to develop a long-term solution for the accounting treatment of negative IMR.

•RBC Revisions. The NAIC has been assessing the RBC treatment of collateralized loan obligations ("CLOs") and in August 2026 it adopted a proposal which incorporates the American Academy of Actuaries modeled C-1 (asset risk) factors for CLOs, collateralized bond obligations, and collateralized debt obligations into the NAIC’s Life and Fraternal Risk-Based Capital Blanks, Instructions, and Formula, effective for year-end 2026. As a result, the NAIC is considering revisions to the Purposes and Procedures Manual (the "P&P Manual") to clarify that NAIC Designations for CLOs with eligible ratings will continue to be applied through the filing exempt process, while the NAIC’s Structured Securities Group ("SSG") would be permitted to assign NAIC Designations to CLOs that do not qualify for filing exemption based on ratings. The new RBC factors adopted for CLOs in June 2026 will not have a material impact to our RBC.

•RBC Task Force. In August 2026, the NAIC adopted revisions to the Preamble to the RBC Forecasting and Instructions to align with “Guiding Principles” that were adopted by the Risk-Based Capital Model Governance (EX) Task Force in December 2025 that address the purpose and use of, and standards for maintaining and updating, RBC.

NAIC

In August 2026, the NAIC adopted additional revisions to the Life and Fraternal RBC Blanks, Instructions and Formula to modify the RBC charge for collateral loans by creating a “look-through” approach that considers the quality of the underlying collateral rather than the loan itself, effective for year-end 2027 reporting. The adopted methodology requires independent verification of the collateral’s fair value.

Actuarial Guideline for Reinsurance Asset Adequacy Testing

In August 2026, in response to regulator review of disclosure submitted pursuant to AG 55, the NAIC Financial Condition (E) Committee proposed to develop alignment of the life risk-based capital reinsurance credit-risk methodology with the property and casualty risk-based capital approach to account for reinsurers with lower financial strength ratings. These changes are expected to be prioritized for year-end 2027 implementation.