CNO Financial Group, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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.
Sep 30, 2026 · Filed Nov 5, 2026
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Investments in Variable Interest Entities
The following table provides supplemental information about the revenues and expenses of the variable interest entities ("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 · Nine months ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Revenues: | ||||
| Net investment income – policyholder and other special-purpose portfolios | $5.0 | $6.1 | $13.2 | $20.9 |
| Fee revenue and other income | (0.2) | 1.2 | (0.8) | 3.6 |
| Total revenues | 4.8 | 7.3 | 12.4 | 24.5 |
| Expenses: | ||||
| Interest expense | 3.9 | 5.7 | 11.7 | 19.4 |
| Gain on extinguishment of borrowings related to variable interest entities | — | — | — | (1.5) |
| Other operating expenses | 0.1 | 0.4 | 1.1 | 2.7 |
| Total expenses | 4.0 | 6.1 | 12.8 | 20.6 |
| Income before net investment gains (losses) and income taxes | 0.8 | 1.2 | (0.4) | 3.9 |
| Net investment gains (losses) | 0.1 | (1.7) | (2.0) | (6.1) |
| Income (loss) before income taxes | $0.9 | $(0.5) | $(2.4) | $(2.2) |
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 September 30, 2026 (dollars in millions):
| Carrying value | Percentof fixedmaturities | Grossunrealizedlosses | Percent ofgrossunrealizedlosses | |
|---|---|---|---|---|
| Technology | $35.3 | 11.5% | $0.5 | 21.9% |
| Brokerage | 33.6 | 10.9 | 0.2 | 9.6 |
| Healthcare/Pharma | 28.1 | 9.1 | 0.1 | 4.5 |
| Building Materials | 22.5 | 7.3 | 0.1 | 2.8 |
| Food/Beverage | 22.0 | 7.1 | 0.1 | 4.8 |
| Paper | 18.9 | 6.1 | 0.1 | 1.9 |
| Cable/Media | 17.5 | 5.7 | 0.7 | 29.3 |
| Insurance | 15.8 | 5.1 | 0.1 | 6.0 |
| Chemicals | 15.4 | 5.0 | 0.1 | 5.6 |
| Autos | 15.3 | 5.0 | 0.1 | 2.3 |
| Utilities | 14.1 | 4.6 | 0.1 | 1.8 |
| Transportation | 14.0 | 4.6 | — | 0.3 |
| Aerospace/Defense | 13.4 | 4.4 | 0.1 | 1.6 |
| Capital Goods | 8.7 | 2.8 | — | 0.4 |
| Consumer Products | 8.2 | 2.7 | — | 1.0 |
| Business Services | 8.1 | 2.6 | 0.1 | 1.5 |
| Energy/Pipelines | 4.7 | 1.5 | — | 0.7 |
| Retail | 4.4 | 1.4 | — | 0.3 |
| Other | 7.8 | 2.6 | 0.1 | 3.7 |
| Total | $307.8 | 100.0% | $2.5 | 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 September 30, 2026, 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 | $— | $— |
| Due after one year through five years | 133.6 | 130.6 |
| Due after five years through ten years | 98.4 | 97.5 |
| Total | $232.0 | $228.1 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.