00012246082023FYfalsetruehttp://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613Memberhttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#OtherLiabilitieshttp://fasb.org/us-gaap/2023#OtherLiabilitiesP5YP1Y.00141036427429229243800012246082023-01-012023-12-310001224608us-gaap:CommonStockMember2023-01-012023-12-310001224608cno:RightsToPurchaseSeriesFJuniorParticipatingPreferredStockMember2023-01-012023-12-310001224608cno:A5125SubordinatedDebenturesDue2060Member2023-01-012023-12-3100012246082023-06-30iso4217:USD00012246082024-02-07xbrli:shares00012246082023-12-3100012246082022-12-31iso4217:USDxbrli:shares00012246082022-01-012022-12-3100012246082021-01-012021-12-310001224608us-gaap:CommonStockMember2020-12-310001224608us-gaap:AdditionalPaidInCapitalMember2020-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001224608us-gaap:RetainedEarningsMember2020-12-3100012246082020-12-3100012246082020-01-012020-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001224608us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2020-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2020-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2020-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310001224608us-gaap:RetainedEarningsMember2021-01-012021-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310001224608us-gaap:CommonStockMember2021-01-012021-12-310001224608us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310001224608us-gaap:CommonStockMember2021-12-310001224608us-gaap:AdditionalPaidInCapitalMember2021-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001224608us-gaap:RetainedEarningsMember2021-12-3100012246082021-12-310001224608us-gaap:RetainedEarningsMember2022-01-012022-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310001224608us-gaap:CommonStockMember2022-01-012022-12-310001224608us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310001224608us-gaap:CommonStockMember2022-12-310001224608us-gaap:AdditionalPaidInCapitalMember2022-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001224608us-gaap:RetainedEarningsMember2022-12-310001224608us-gaap:RetainedEarningsMember2023-01-012023-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310001224608us-gaap:CommonStockMember2023-01-012023-12-310001224608us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310001224608us-gaap:CommonStockMember2023-12-310001224608us-gaap:AdditionalPaidInCapitalMember2023-12-310001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001224608us-gaap:RetainedEarningsMember2023-12-310001224608cno:OptaviseMember2021-02-012021-02-280001224608cno:OptaviseMember2021-02-280001224608cno:OptaviseMember2021-02-012021-03-310001224608cno:OptaviseMember2023-12-310001224608cno:FixedIndexedAnnuityMember2023-12-310001224608cno:FixedIndexedAnnuityMember2022-12-31cno:subsidiary0001224608us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueApril2024Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-31xbrli:pure0001224608cno:BorrowingsDueMay2024Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJune2024Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJuly2024Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueAugust2024Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueMay2025Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608us-gaap:FederalHomeLoanBankAdvancesMembercno:BorrowingsDueJune2025RateOneMember2023-12-310001224608us-gaap:FederalHomeLoanBankAdvancesMembercno:BorrowingsDueJune2025RateTwoMember2023-12-310001224608cno:BorrowingsDueSeptember2025RateMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueOctober2025RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueOctober2025RateTwoMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueOctober2025RateThreeMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueNovember2025Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueDecember2025Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608us-gaap:FederalHomeLoanBankAdvancesMembercno:BorrowingsDueJanuary2026RateOneMember2023-12-310001224608cno:BorrowingsDueJanuary2026RateTwoMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJanuary2026RateThreeMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608us-gaap:FederalHomeLoanBankAdvancesMembercno:BorrowingsDueJanuary2026RateFourMember2023-12-310001224608cno:BorrowingsDueMay2026RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueMay2026RateTwoMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueDecember2026RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJanuary2027RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJanuary2027RateTwoMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJanuary2027RateThreeMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueFebruary2027Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueApril2027Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueMay2027Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJune2027RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJune2027RateTwoMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJuly2027RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608us-gaap:FederalHomeLoanBankAdvancesMembercno:BorrowingsDueJuly2027RateTwoMember2023-12-310001224608cno:BorrowingsDueAugust2027Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJanuary2028RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJanuary2028RateTwoMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJanuary2028RateThreeMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueFebruary2028RateOneMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueFebruary2028RateTwoMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueFebruary2028RateThreeMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueJuly2028Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608cno:BorrowingsDueAugust2028Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001224608srt:ScenarioPreviouslyReportedMember2020-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-01-010001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-01-010001224608srt:ScenarioPreviouslyReportedMember2021-01-010001224608srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-01-0100012246082021-01-010001224608us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2021-01-010001224608us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2021-01-010001224608srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-010001224608srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMember2021-01-010001224608us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-010001224608us-gaap:RetainedEarningsMember2021-01-010001224608srt:ScenarioPreviouslyReportedMember2022-12-310001224608srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001224608srt:ScenarioPreviouslyReportedMember2021-12-310001224608srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310001224608srt:ScenarioPreviouslyReportedMember2022-01-012022-12-310001224608srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-01-012022-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-01-012022-12-310001224608srt:ScenarioPreviouslyReportedMember2021-01-012021-12-310001224608srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-01-012021-12-310001224608srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-01-012021-12-310001224608us-gaap:CorporateDebtSecuritiesMembercno:InvestmentGradeMember2023-12-310001224608cno:InvestmentGradeMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMembercno:InvestmentGradeMember2023-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMembercno:InvestmentGradeMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMembercno:InvestmentGradeMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMembercno:InvestmentGradeMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMembercno:InvestmentGradeMember2023-12-310001224608us-gaap:CollateralizedDebtObligationsMembercno:InvestmentGradeMember2023-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMembercno:InvestmentGradeMember2023-12-310001224608cno:InvestmentGradeMemberus-gaap:FixedMaturitiesMember2023-12-310001224608cno:NonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001224608cno:NonInvestmentGradeMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001224608cno:NonInvestmentGradeMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001224608cno:NonInvestmentGradeMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001224608cno:NonInvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001224608cno:NonInvestmentGradeMemberus-gaap:FixedMaturitiesMember2023-12-310001224608us-gaap:FixedMaturitiesMember2023-12-310001224608cno:Designation1Member2023-12-310001224608cno:Designation2Member2023-12-310001224608cno:TotalNAICDesignation1and2Member2023-12-310001224608cno:Designation3Member2023-12-310001224608cno:Designation4Member2023-12-310001224608cno:Designation5Member2023-12-310001224608cno:Designation6Member2023-12-310001224608cno:TotalNAICDesignation345and6Member2023-12-310001224608us-gaap:CorporateDebtSecuritiesMembercno:InvestmentGradeMember2022-12-310001224608cno:InvestmentGradeMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMembercno:InvestmentGradeMember2022-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMembercno:InvestmentGradeMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMembercno:InvestmentGradeMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMembercno:InvestmentGradeMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMembercno:InvestmentGradeMember2022-12-310001224608us-gaap:CollateralizedDebtObligationsMembercno:InvestmentGradeMember2022-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMembercno:InvestmentGradeMember2022-12-310001224608cno:InvestmentGradeMemberus-gaap:FixedMaturitiesMember2022-12-310001224608cno:NonInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001224608cno:NonInvestmentGradeMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001224608cno:NonInvestmentGradeMemberus-gaap:AssetBackedSecuritiesMember2022-12-310001224608cno:NonInvestmentGradeMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-12-310001224608cno:NonInvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310001224608cno:NonInvestmentGradeMemberus-gaap:FixedMaturitiesMember2022-12-310001224608us-gaap:FixedMaturitiesMember2022-12-310001224608cno:NonInvestmentGradeMember2023-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMember2023-01-012023-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMember2022-01-012022-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMember2021-01-012021-12-310001224608cno:MarketableSecuritiesMember2023-01-012023-12-310001224608us-gaap:EquitySecuritiesMember2023-01-012023-12-310001224608us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-01-012023-12-310001224608cno:ReinsuranceContractMembercno:CoinsuranceMember2023-01-012023-12-310001224608cno:MarketableSecuritiesMember2022-01-012022-12-310001224608us-gaap:EquitySecuritiesMember2022-01-012022-12-310001224608us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-01-012022-12-310001224608cno:ReinsuranceContractMembercno:CoinsuranceMember2022-01-012022-12-310001224608cno:MarketableSecuritiesMember2021-01-012021-12-310001224608us-gaap:EquitySecuritiesMember2021-01-012021-12-310001224608us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-01-012021-12-310001224608cno:ReinsuranceContractMembercno:CoinsuranceMember2021-01-012021-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMember2023-01-012023-12-310001224608us-gaap:CorporateDebtSecuritiesMember2023-01-012023-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMember2023-01-012023-12-310001224608us-gaap:OtherInvestmentsMember2023-01-012023-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMember2022-01-012022-12-310001224608us-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-01-012022-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2022-01-012022-12-310001224608us-gaap:OtherInvestmentsMember2022-01-012022-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMember2021-01-012021-12-310001224608us-gaap:CorporateDebtSecuritiesMember2021-01-012021-12-310001224608us-gaap:OtherInvestmentsMember2021-01-012021-12-310001224608us-gaap:FixedMaturitiesMember2023-01-012023-12-31cno:issuer0001224608cno:NonInvestmentGradeMember2023-01-012023-12-310001224608us-gaap:CorporateDebtSecuritiesMember2023-12-310001224608us-gaap:USTreasuryAndGovernmentMember2023-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001224608us-gaap:CollateralizedDebtObligationsMember2023-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001224608us-gaap:CorporateDebtSecuritiesMember2022-12-310001224608us-gaap:USTreasuryAndGovernmentMember2022-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-12-310001224608us-gaap:CollateralizedDebtObligationsMember2022-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310001224608us-gaap:CorporateDebtSecuritiesMember2020-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001224608us-gaap:AssetBackedSecuritiesMember2020-12-310001224608us-gaap:CorporateDebtSecuritiesMember2021-01-012021-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMember2021-01-012021-12-310001224608us-gaap:AssetBackedSecuritiesMember2021-01-012021-12-310001224608us-gaap:CorporateDebtSecuritiesMember2021-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310001224608us-gaap:AssetBackedSecuritiesMember2021-12-310001224608us-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2022-01-012022-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMember2022-01-012022-12-310001224608us-gaap:AssetBackedSecuritiesMember2022-01-012022-12-310001224608us-gaap:CorporateDebtSecuritiesMember2023-01-012023-12-310001224608us-gaap:USStatesAndPoliticalSubdivisionsMember2023-01-012023-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMember2023-01-012023-12-310001224608us-gaap:AssetBackedSecuritiesMember2023-01-012023-12-310001224608us-gaap:CommercialPortfolioSegmentMember2023-12-310001224608stpr:CA2023-12-310001224608stpr:MD2023-12-310001224608stpr:WI2023-12-310001224608stpr:IN2023-12-31cno:state0001224608srt:MinimumMember2023-12-310001224608us-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-31cno:mortgage_loan0001224608us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMember2023-12-310001224608us-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001224608us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-01-012023-12-31cno:loan0001224608us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310001224608us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercno:ForeclosureMember2023-01-012023-12-310001224608us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMembercno:ForeclosureMember2023-12-310001224608srt:MaximumMembercno:DebtToValueRatioLessThan60PercentMember2023-12-310001224608us-gaap:CommercialPortfolioSegmentMembercno:DebtToValueRatioLessThan60PercentMember2023-12-310001224608cno:DebtToValueRatio60ToLessThan70PercentMembersrt:MinimumMember2023-12-310001224608cno:DebtToValueRatio60ToLessThan70PercentMembersrt:MaximumMember2023-12-310001224608cno:DebtToValueRatio60ToLessThan70PercentMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001224608srt:MinimumMembercno:DebtToValueRatio70ToLessThan80PercentMember2023-12-310001224608srt:MaximumMembercno:DebtToValueRatio70ToLessThan80PercentMember2023-12-310001224608us-gaap:CommercialPortfolioSegmentMembercno:DebtToValueRatio70ToLessThan80PercentMember2023-12-310001224608srt:MinimumMembercno:DebtToValueRatio80ToLessThan90PercentMember2023-12-310001224608srt:MaximumMembercno:DebtToValueRatio80ToLessThan90PercentMember2023-12-310001224608us-gaap:CommercialPortfolioSegmentMembercno:DebtToValueRatio80ToLessThan90PercentMember2023-12-310001224608srt:MinimumMembercno:DebtToValueRatio90PercentOrGreaterMember2023-12-310001224608us-gaap:CommercialPortfolioSegmentMembercno:DebtToValueRatio90PercentOrGreaterMember2023-12-31cno:investment0001224608us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310001224608us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001224608us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2023-12-310001224608us-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310001224608us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001224608us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2022-12-310001224608us-gaap:FairValueMeasurementsRecurringMembercno:TotalFixedMaturitiesAvailableForSaleMember2022-12-310001224608us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001224608us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001224608us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-01-012023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-01-012023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-01-012023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001224608us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-01-012023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001224608cno:OtherInvestedAssetsResidualTranchesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608cno:OtherInvestedAssetsResidualTranchesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310001224608cno:OtherInvestedAssetsResidualTranchesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2021-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-01-012022-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001224608cno:TotalFixedMaturitiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001224608us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001224608us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember2021-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:TradingSecuritiesCommercialMortgageBackedSecuritiesMember2022-12-310001224608cno:TradingSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001224608cno:TradingSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001224608cno:TradingSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001224608cno:OtherInvestedAssetsResidualTranchesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001224608cno:OtherInvestedAssetsResidualTranchesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:InterestSensitiveProductsFixedIndexAnnuityProductsMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:InterestSensitiveProductsFixedIndexAnnuityProductsMember2021-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:InterestSensitiveProductsFixedIndexAnnuityProductsMember2023-01-012023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:InterestSensitiveProductsFixedIndexAnnuityProductsMember2022-01-012022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercno:InterestSensitiveProductsFixedIndexAnnuityProductsMember2023-12-310001224608us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMember2023-12-310001224608srt:WeightedAverageMembercno:MeasurementInputExpectedRecoveryPercentageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMember2023-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membercno:ValuationUnadjustedPurchasePriceMember2023-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608srt:WeightedAverageMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310001224608srt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMember2023-12-310001224608us-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMemberus-gaap:EquitySecuritiesMember2023-12-310001224608srt:MinimumMembercno:MeasurementInputExpectedRecoveryPercentageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMember2023-12-310001224608cno:MeasurementInputExpectedRecoveryPercentageMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMembercno:ValuationTechniqueRecoveryMethodMember2023-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMembercno:ValuationUnadjustedPurchasePriceMember2023-12-310001224608cno:ValuationUnadjustedThirdPartyPriceSourceMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMember2023-12-310001224608us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMembersrt:MaximumMember2023-12-310001224608srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMember2023-12-310001224608srt:MinimumMemberus-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2023-12-310001224608srt:WeightedAverageMemberus-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2023-12-310001224608us-gaap:FairValueInputsLevel3Member2023-12-310001224608us-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2023-12-310001224608cno:MeasurementInputProjectedPortfolioYieldsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2023-12-310001224608cno:MeasurementInputProjectedPortfolioYieldsMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMembersrt:MaximumMember2023-12-310001224608cno:MeasurementInputProjectedPortfolioYieldsMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2023-12-310001224608srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2023-12-310001224608us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMembersrt:MaximumMember2023-12-310001224608srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2023-12-310001224608cno:MeasurementInputsSurrenderRatesMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2023-12-310001224608cno:MeasurementInputsSurrenderRatesMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMembersrt:MaximumMember2023-12-310001224608cno:MeasurementInputsSurrenderRatesMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2023-12-310001224608us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2022-12-310001224608srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMember2022-12-310001224608srt:MinimumMembercno:MeasurementInputExpectedRecoveryPercentageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMember2022-12-310001224608cno:MeasurementInputExpectedRecoveryPercentageMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMembercno:ValuationTechniqueRecoveryMethodMember2022-12-310001224608srt:WeightedAverageMembercno:MeasurementInputExpectedRecoveryPercentageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMember2022-12-310001224608us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membercno:ValuationUnadjustedPurchasePriceMember2022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608srt:MinimumMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:AssetBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2022-12-310001224608srt:WeightedAverageMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001224608srt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMember2022-12-310001224608us-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueRecoveryMethodMemberus-gaap:EquitySecuritiesMember2022-12-310001224608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMembercno:ValuationUnadjustedPurchasePriceMember2022-12-310001224608cno:ValuationUnadjustedThirdPartyPriceSourceMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMember2022-12-310001224608us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMembersrt:MaximumMember2022-12-310001224608srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMember2022-12-310001224608srt:MinimumMemberus-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2022-12-310001224608srt:WeightedAverageMemberus-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:FairValueInputsLevel3Member2022-12-310001224608us-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2022-12-310001224608cno:MeasurementInputProjectedPortfolioYieldsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2022-12-310001224608cno:MeasurementInputProjectedPortfolioYieldsMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMembersrt:MaximumMember2022-12-310001224608cno:MeasurementInputProjectedPortfolioYieldsMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2022-12-310001224608srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2022-12-310001224608us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMembersrt:MaximumMember2022-12-310001224608srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2022-12-310001224608cno:MeasurementInputsSurrenderRatesMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2022-12-310001224608cno:MeasurementInputsSurrenderRatesMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMembersrt:MaximumMember2022-12-310001224608cno:MeasurementInputsSurrenderRatesMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Membercno:ValuationTechniqueDiscountedProjectedEmbeddedDerivativesMember2022-12-310001224608cno:SupplementalHealthMember2022-12-310001224608cno:MedicareSupplementMember2022-12-310001224608cno:LongTermCareMember2022-12-310001224608cno:TraditionalLifeMember2022-12-310001224608cno:OtherAnnuitiesMember2022-12-310001224608cno:SupplementalHealthMember2023-01-012023-12-310001224608cno:MedicareSupplementMember2023-01-012023-12-310001224608cno:LongTermCareMember2023-01-012023-12-310001224608cno:TraditionalLifeMember2023-01-012023-12-310001224608cno:OtherAnnuitiesMember2023-01-012023-12-310001224608cno:SupplementalHealthMember2023-12-310001224608cno:MedicareSupplementMember2023-12-310001224608cno:LongTermCareMember2023-12-310001224608cno:TraditionalLifeMember2023-12-310001224608cno:OtherAnnuitiesMember2023-12-310001224608cno:SupplementalHealthMember2021-12-310001224608cno:MedicareSupplementMember2021-12-310001224608cno:LongTermCareMember2021-12-310001224608cno:TraditionalLifeMember2021-12-310001224608cno:OtherAnnuitiesMember2021-12-310001224608cno:SupplementalHealthMember2022-01-012022-12-310001224608cno:MedicareSupplementMember2022-01-012022-12-310001224608cno:LongTermCareMember2022-01-012022-12-310001224608cno:TraditionalLifeMember2022-01-012022-12-310001224608cno:OtherAnnuitiesMember2022-01-012022-12-310001224608cno:OtherAnnuityMember2023-01-012023-12-310001224608cno:OtherAnnuityMember2022-01-012022-12-310001224608cno:OtherAnnuityMember2021-01-012021-12-310001224608cno:SupplementalHealthMember2021-01-012021-12-310001224608cno:MedicareSupplementMember2021-01-012021-12-310001224608cno:LongTermCareMember2021-01-012021-12-310001224608cno:TraditionalLifeMember2021-01-012021-12-310001224608cno:OtherAnnuityMember2023-12-310001224608cno:OtherAnnuityMember2022-12-310001224608cno:FixedIndexedAnnuitiesMember2022-12-310001224608cno:FixedInterestAnnuitiesMember2022-12-310001224608us-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:FundingAgreementBackedNotesMember2022-12-310001224608cno:OtherMember2022-12-310001224608cno:FixedIndexedAnnuitiesMember2023-01-012023-12-310001224608cno:FixedInterestAnnuitiesMember2023-01-012023-12-310001224608us-gaap:InterestSensitiveLifeMember2023-01-012023-12-310001224608cno:FundingAgreementBackedNotesMember2023-01-012023-12-310001224608cno:OtherMember2023-01-012023-12-310001224608cno:FixedIndexedAnnuitiesMember2023-12-310001224608cno:FixedInterestAnnuitiesMember2023-12-310001224608us-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:FundingAgreementBackedNotesMember2023-12-310001224608cno:OtherMember2023-12-310001224608cno:FixedIndexedAnnuitiesMember2021-12-310001224608cno:FixedInterestAnnuitiesMember2021-12-310001224608us-gaap:InterestSensitiveLifeMember2021-12-310001224608cno:FundingAgreementBackedNotesMember2021-12-310001224608cno:OtherMember2021-12-310001224608cno:FixedIndexedAnnuitiesMember2022-01-012022-12-310001224608cno:FixedInterestAnnuitiesMember2022-01-012022-12-310001224608us-gaap:InterestSensitiveLifeMember2022-01-012022-12-310001224608cno:FundingAgreementBackedNotesMember2022-01-012022-12-310001224608cno:OtherMember2022-01-012022-12-310001224608srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608srt:MaximumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MinimumMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembersrt:MinimumMember2023-12-310001224608cno:FixedInterestAnnuitiesMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:FixedInterestAnnuitiesMembersrt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:FixedInterestAnnuitiesMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2023-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMembersrt:MinimumMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMember2023-12-310001224608cno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMember2023-12-310001224608cno:OtherAnnuityMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherAnnuityMembersrt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherAnnuityMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2023-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMembersrt:MinimumMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMember2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608srt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembersrt:MinimumMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:InterestSensitiveLifeMember2023-12-310001224608cno:OtherMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherMembersrt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:OtherMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2023-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMembersrt:MinimumMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMember2023-12-310001224608cno:OtherMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:OtherMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMember2023-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608srt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2023-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembersrt:MinimumMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:ContractsExcludingFixedIndexAnnuitiesMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercno:ContractsExcludingFixedIndexAnnuitiesMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:ContractsExcludingFixedIndexAnnuitiesMember2023-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:ContractsExcludingFixedIndexAnnuitiesMember2023-12-310001224608cno:ContractsExcludingFixedIndexAnnuitiesMember2023-12-310001224608srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608srt:MaximumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MinimumMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membersrt:MaximumMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembersrt:MinimumMember2022-12-310001224608cno:FixedInterestAnnuitiesMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:FixedInterestAnnuitiesMembersrt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:FixedInterestAnnuitiesMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2022-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:FixedInterestAnnuitiesMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMembersrt:MinimumMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:FixedInterestAnnuitiesMember2022-12-310001224608cno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:FixedInterestAnnuitiesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:FixedInterestAnnuitiesMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:FixedInterestAnnuitiesMember2022-12-310001224608cno:OtherAnnuityMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherAnnuityMembersrt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherAnnuityMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2022-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:OtherAnnuityMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMembersrt:MinimumMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherAnnuityMember2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2022-12-310001224608cno:OtherAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2022-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608srt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembersrt:MinimumMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:InterestSensitiveLifeMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:InterestSensitiveLifeMember2022-12-310001224608cno:OtherMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherMembersrt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:OtherMembersrt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2022-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:OtherMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMembersrt:MinimumMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembercno:OtherMember2022-12-310001224608cno:OtherMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:OtherMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:OtherMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:OtherMember2022-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608srt:MaximumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRangeRangeFrom0000To0299Member2022-12-310001224608srt:MinimumMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Membersrt:MaximumMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0499Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembersrt:MinimumMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2022-12-310001224608cno:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercno:ContractsExcludingFixedIndexAnnuitiesMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercno:ContractsExcludingFixedIndexAnnuitiesMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercno:ContractsExcludingFixedIndexAnnuitiesMember2022-12-310001224608us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercno:ContractsExcludingFixedIndexAnnuitiesMember2022-12-310001224608cno:ContractsExcludingFixedIndexAnnuitiesMember2022-12-310001224608cno:TaxYear2018AndLaterMember2020-12-310001224608cno:TaxYearsBefore2021Member2020-12-3100012246082021-07-012021-07-3100012246082010-12-3100012246082009-01-30cno:right0001224608us-gaap:InternalRevenueServiceIRSMember2023-12-310001224608cno:CarryforwardExpiration2026Member2023-12-310001224608cno:CarryforwardExpiration2027Member2023-12-310001224608cno:CarryforwardExpiration2028Member2023-12-310001224608cno:CarryforwardExpiration2029Member2023-12-310001224608cno:CarryforwardExpiration2030Member2023-12-310001224608cno:CarryforwardExpiration2031Member2023-12-310001224608cno:CarryforwardExpiration2032Member2023-12-310001224608cno:CarryforwardExpiration2033Member2023-12-310001224608cno:CarryforwardExpiration2034Member2023-12-310001224608cno:CarryforwardExpiration2035Member2023-12-310001224608cno:SeniorNote5.250PercentMemberus-gaap:SeniorNotesMember2023-12-310001224608cno:SeniorNote5.250PercentMemberus-gaap:SeniorNotesMember2022-12-310001224608us-gaap:SeniorNotesMembercno:SeniorNote5.250PercentMay2029Member2023-12-310001224608us-gaap:SeniorNotesMembercno:SeniorNote5.250PercentMay2029Member2022-12-310001224608us-gaap:SubordinatedDebtMembercno:A5125SubordinatedDebenturesDue2060Member2023-12-310001224608us-gaap:SubordinatedDebtMembercno:A5125SubordinatedDebenturesDue2060Member2022-12-310001224608us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001224608us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001224608us-gaap:SubordinatedDebtMembercno:A5125SubordinatedDebenturesDue2060Member2020-11-300001224608us-gaap:SubordinatedDebtMemberus-gaap:DebtInstrumentRedemptionPeriodFourMembercno:A5125SubordinatedDebenturesDue2060Member2020-11-300001224608us-gaap:SubordinatedDebtMemberus-gaap:DebtInstrumentRedemptionPeriodFiveMember2020-11-012020-11-300001224608us-gaap:SeniorNotesMembercno:SeniorNote5.250PercentMay2029Member2019-06-120001224608cno:SeniorNote4.500PercentMemberus-gaap:SeniorNotesMember2019-06-120001224608us-gaap:DebtInstrumentRedemptionPeriodThreeMembercno:SeniorNote5.250PercentMay2029Memberus-gaap:SeniorNotesMember2019-06-122019-06-120001224608cno:SeniorNote5.250PercentMay2029Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2019-06-122019-06-120001224608us-gaap:SeniorNotesMembercno:SeniorNote5.250PercentMay2029Member2019-06-122019-06-120001224608cno:SeniorNote4.500PercentMemberus-gaap:SeniorNotesMember2015-05-190001224608cno:SeniorNote5.250PercentMemberus-gaap:SeniorNotesMember2015-05-190001224608us-gaap:DebtInstrumentRedemptionPeriodOneMembercno:SeniorNote5.250PercentMemberus-gaap:SeniorNotesMember2015-05-192015-05-190001224608cno:SeniorNote5.250PercentMemberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2015-05-192015-05-190001224608cno:SeniorNote5.250PercentMemberus-gaap:SeniorNotesMember2015-05-192015-05-190001224608us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2015-05-190001224608us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2015-05-192015-05-190001224608us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2017-10-130001224608srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2015-05-190001224608us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2017-10-130001224608us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-07-160001224608us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-07-150001224608us-gaap:LineOfCreditMemberus-gaap:BridgeLoanMember2015-05-190001224608us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2015-05-190001224608us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercno:CreditSpreadAdjustmentSOFRMember2021-07-162021-07-160001224608us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:FederalFundsEffectiveSwapRateMember2017-10-132017-10-130001224608cno:OneMonthAdjustedTermSOFRMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-07-162021-07-160001224608cno:SecuredOvernightFinancingRateSOFRMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-07-162021-07-160001224608cno:SecuredOvernightFinancingRateSOFRMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2021-07-162021-07-160001224608srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2021-07-162021-07-160001224608us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMemberus-gaap:BaseRateMember2021-07-162021-07-1600012246082019-04-092019-04-09cno:trust_agreement00012246082022-03-252022-03-25cno:policyholder0001224608srt:ChiefExecutiveOfficerMember2023-01-012023-12-31cno:individual0001224608srt:ChiefExecutiveOfficerMember2023-12-310001224608srt:ChiefExecutiveOfficerMember2022-12-310001224608srt:MinimumMember2023-01-012023-12-310001224608srt:MaximumMember2023-01-012023-12-310001224608us-gaap:NonqualifiedPlanMember2023-12-310001224608us-gaap:NonqualifiedPlanMember2022-12-310001224608cno:OtherInvestedAssetsMemberus-gaap:NondesignatedMemberus-gaap:EquityContractMember2023-12-310001224608cno:OtherInvestedAssetsMemberus-gaap:NondesignatedMemberus-gaap:EquityContractMember2022-12-310001224608us-gaap:NondesignatedMembercno:ReinsuranceReceivablesEmbeddedDerivativeMembercno:ReinsuranceReceivablesMember2023-12-310001224608us-gaap:NondesignatedMembercno:ReinsuranceReceivablesEmbeddedDerivativeMembercno:ReinsuranceReceivablesMember2022-12-310001224608us-gaap:NondesignatedMember2023-12-310001224608us-gaap:NondesignatedMember2022-12-310001224608cno:EquityIndexAnnuitiesEmbeddedDerivativeMemberus-gaap:NondesignatedMembercno:PolicyholderAccountBalancesMember2023-12-310001224608cno:EquityIndexAnnuitiesEmbeddedDerivativeMemberus-gaap:NondesignatedMembercno:PolicyholderAccountBalancesMember2022-12-310001224608cno:FuturePolicyBenefitsMembercno:EquityIndexAnnuitiesEmbeddedDerivativeMemberus-gaap:NondesignatedMember2023-12-310001224608cno:FuturePolicyBenefitsMembercno:EquityIndexAnnuitiesEmbeddedDerivativeMemberus-gaap:NondesignatedMember2022-12-310001224608us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-12-31cno:policy0001224608us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310001224608us-gaap:EquityContractMember2022-12-310001224608us-gaap:EquityContractMember2023-01-012023-12-310001224608us-gaap:EquityContractMember2023-12-310001224608us-gaap:EquitySwapMemberus-gaap:InvestmentIncomeMember2023-01-012023-12-310001224608us-gaap:EquitySwapMemberus-gaap:InvestmentIncomeMember2022-01-012022-12-310001224608us-gaap:EquitySwapMemberus-gaap:InvestmentIncomeMember2021-01-012021-12-310001224608cno:CoinsuranceMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:GainLossOnInvestmentsMember12023-01-012023-12-310001224608cno:CoinsuranceMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:GainLossOnInvestmentsMember12022-01-012022-12-310001224608cno:CoinsuranceMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:GainLossOnInvestmentsMember12021-01-012021-12-310001224608cno:FixedIndexedAnnuitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-01-012023-12-310001224608cno:FixedIndexedAnnuitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-01-012022-12-310001224608cno:FixedIndexedAnnuitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2021-01-012021-12-3100012246082023-05-012023-12-3100012246082023-01-012023-04-3000012246082022-05-012022-12-3100012246082022-01-012022-04-3000012246082021-05-012021-12-3100012246082021-01-012021-04-300001224608us-gaap:EmployeeStockOptionMember2023-01-012023-12-310001224608cno:Years2015through2019Memberus-gaap:EmployeeStockOptionMember2015-01-012019-12-310001224608us-gaap:ShareBasedCompensationAwardTrancheOneMember2018-01-012018-12-310001224608cno:Year2018Memberus-gaap:EmployeeStockOptionMember2018-01-012018-12-310001224608us-gaap:RestrictedStockMember2023-01-012023-12-310001224608us-gaap:EmployeeStockOptionMember2022-01-012022-12-310001224608us-gaap:EmployeeStockOptionMember2021-01-012021-12-310001224608us-gaap:EmployeeStockOptionMember2023-12-310001224608cno:ExercisePriceRangeOneMember2023-01-012023-12-310001224608cno:ExercisePriceRangeOneMember2023-12-310001224608cno:ExercisePriceRangeTwoMember2023-01-012023-12-310001224608cno:ExercisePriceRangeTwoMember2023-12-310001224608us-gaap:RestrictedStockMembercno:DirectorsOfficersandEmployeesMember2023-01-012023-12-310001224608us-gaap:RestrictedStockMembercno:DirectorsOfficersandEmployeesMember2022-01-012022-12-310001224608us-gaap:RestrictedStockMembercno:DirectorsOfficersandEmployeesMember2021-01-012021-12-310001224608us-gaap:RestrictedStockMember2022-01-012022-12-310001224608us-gaap:RestrictedStockMember2021-01-012021-12-310001224608us-gaap:RestrictedStockMember2023-12-310001224608us-gaap:RestrictedStockMember2022-12-310001224608us-gaap:RestrictedStockMember2021-12-310001224608us-gaap:PerformanceSharesMember2023-01-012023-12-310001224608us-gaap:PerformanceSharesMember2022-01-012022-12-310001224608us-gaap:PerformanceSharesMember2021-01-012021-12-310001224608srt:MinimumMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310001224608us-gaap:PerformanceSharesMembersrt:MaximumMember2023-01-012023-12-310001224608cno:ShareholderReturnAwardsMember2020-12-310001224608cno:OperatingReturnOnEquityAwardsMember2020-12-310001224608cno:OperatingEarningsPerShareAwardsMember2020-12-310001224608cno:ShareholderReturnAwardsMember2021-01-012021-12-310001224608cno:OperatingReturnOnEquityAwardsMember2021-01-012021-12-310001224608cno:OperatingEarningsPerShareAwardsMember2021-01-012021-12-310001224608cno:ShareholderReturnAwardsMember2021-12-310001224608cno:OperatingReturnOnEquityAwardsMember2021-12-310001224608cno:OperatingEarningsPerShareAwardsMember2021-12-310001224608cno:ShareholderReturnAwardsMember2022-01-012022-12-310001224608cno:OperatingReturnOnEquityAwardsMember2022-01-012022-12-310001224608cno:OperatingEarningsPerShareAwardsMember2022-01-012022-12-310001224608cno:ShareholderReturnAwardsMember2022-12-310001224608cno:OperatingReturnOnEquityAwardsMember2022-12-310001224608cno:OperatingEarningsPerShareAwardsMember2022-12-310001224608cno:ShareholderReturnAwardsMember2023-01-012023-12-310001224608cno:OperatingReturnOnEquityAwardsMember2023-01-012023-12-310001224608cno:OperatingEarningsPerShareAwardsMember2023-01-012023-12-310001224608cno:ShareholderReturnAwardsMember2023-12-310001224608cno:OperatingReturnOnEquityAwardsMember2023-12-310001224608cno:OperatingEarningsPerShareAwardsMember2023-12-310001224608us-gaap:PerformanceSharesMember2023-12-310001224608us-gaap:PerformanceSharesMember2022-12-310001224608us-gaap:SeriesFPreferredStockMember2023-12-310001224608cno:FABNProgramMember2022-01-012022-12-310001224608cno:FABNProgramMember2021-01-012021-12-310001224608stpr:FL2023-01-012023-12-310001224608stpr:PA2023-01-012023-12-310001224608stpr:IA2023-01-012023-12-310001224608stpr:TX2023-01-012023-12-310001224608cno:FundingAgreementBackedNoteMember2022-12-310001224608cno:FundingAgreementBackedNoteMember2023-01-012023-12-310001224608cno:FundingAgreementBackedNoteMember2023-12-310001224608cno:FundingAgreementBackedNoteMember2021-12-310001224608cno:FundingAgreementBackedNoteMember2022-01-012022-12-310001224608cno:FixedIndexedAnnuitiesMember2020-12-310001224608cno:FixedInterestAnnuitiesMember2020-12-310001224608cno:SupplementalHealthMember2020-12-310001224608cno:MedicareSupplementMember2020-12-310001224608cno:LongTermCareMember2020-12-310001224608us-gaap:InterestSensitiveLifeMember2020-12-310001224608cno:TraditionalLifeMember2020-12-310001224608cno:FundingAgreementBackedNoteMember2020-12-310001224608cno:FixedIndexedAnnuitiesMember2021-01-012021-12-310001224608cno:FixedInterestAnnuitiesMember2021-01-012021-12-310001224608us-gaap:InterestSensitiveLifeMember2021-01-012021-12-310001224608cno:FundingAgreementBackedNoteMember2021-01-012021-12-310001224608srt:MaximumMembercno:CompanyPlanForImprovingCapitalPositionMember2023-12-310001224608srt:MinimumMembercno:CompanyPlanForImprovingCapitalPositionMember2023-12-310001224608cno:RegulatoryAuthoritySpecialExaminationMembersrt:MaximumMember2023-12-310001224608srt:MinimumMembercno:RegulatoryAuthoritySpecialExaminationMember2023-12-310001224608cno:RegulatoryAuthorityAnyActionDeemedNecessaryMembersrt:MaximumMember2023-12-310001224608cno:RegulatoryAuthorityAnyActionDeemedNecessaryMembersrt:MinimumMember2023-12-310001224608cno:RegulatoryAuthorityControlMembersrt:MaximumMember2023-12-310001224608srt:MinimumMembercno:TrendTestMember2023-12-310001224608srt:MaximumMembercno:TrendTestMember2023-12-31cno:product_line0001224608us-gaap:LifeAndAnnuityInsuranceProductLineMembercno:InsuranceProductLinesSegmentMember2023-01-012023-12-310001224608us-gaap:LifeAndAnnuityInsuranceProductLineMembercno:InsuranceProductLinesSegmentMember2022-01-012022-12-310001224608us-gaap:LifeAndAnnuityInsuranceProductLineMembercno:InsuranceProductLinesSegmentMember2021-01-012021-12-310001224608cno:InsuranceProductLinesSegmentMemberus-gaap:HealthInsuranceProductLineMember2023-01-012023-12-310001224608cno:InsuranceProductLinesSegmentMemberus-gaap:HealthInsuranceProductLineMember2022-01-012022-12-310001224608cno:InsuranceProductLinesSegmentMemberus-gaap:HealthInsuranceProductLineMember2021-01-012021-12-310001224608us-gaap:LifeInsuranceSegmentMembercno:InsuranceProductLinesSegmentMember2023-01-012023-12-310001224608us-gaap:LifeInsuranceSegmentMembercno:InsuranceProductLinesSegmentMember2022-01-012022-12-310001224608us-gaap:LifeInsuranceSegmentMembercno:InsuranceProductLinesSegmentMember2021-01-012021-12-310001224608cno:NetInvestmentIncomeNotAllocatedToProductLinesMember2023-01-012023-12-310001224608cno:NetInvestmentIncomeNotAllocatedToProductLinesMember2022-01-012022-12-310001224608cno:NetInvestmentIncomeNotAllocatedToProductLinesMember2021-01-012021-12-310001224608cno:FeeAndOtherRevenueSegmentMember2023-01-012023-12-310001224608cno:FeeAndOtherRevenueSegmentMember2022-01-012022-12-310001224608cno:FeeAndOtherRevenueSegmentMember2021-01-012021-12-310001224608cno:ExpensesNotAllocatedToProductLinesMember2023-01-012023-12-310001224608cno:ExpensesNotAllocatedToProductLinesMember2022-01-012022-12-310001224608cno:ExpensesNotAllocatedToProductLinesMember2021-01-012021-12-310001224608cno:InsuranceProductLinesSegmentMember2023-01-012023-12-310001224608cno:InsuranceProductLinesSegmentMember2022-01-012022-12-310001224608cno:InsuranceProductLinesSegmentMember2021-01-012021-12-310001224608cno:AllocatedExpensesMembercno:InsuranceProductLinesSegmentMember2023-01-012023-12-310001224608cno:AllocatedExpensesMembercno:InsuranceProductLinesSegmentMember2022-01-012022-12-310001224608cno:AllocatedExpensesMembercno:InsuranceProductLinesSegmentMember2021-01-012021-12-310001224608us-gaap:OperatingSegmentsMember2023-01-012023-12-310001224608us-gaap:OperatingSegmentsMember2022-01-012022-12-310001224608us-gaap:OperatingSegmentsMember2021-01-012021-12-310001224608us-gaap:MaterialReconcilingItemsMember2023-01-012023-12-310001224608us-gaap:MaterialReconcilingItemsMember2022-01-012022-12-310001224608us-gaap:MaterialReconcilingItemsMember2021-01-012021-12-310001224608us-gaap:LifeAndAnnuityInsuranceProductLineMembercno:InsuranceProductLinesSegmentMember2023-12-310001224608us-gaap:LifeAndAnnuityInsuranceProductLineMembercno:InsuranceProductLinesSegmentMember2022-12-310001224608cno:InsuranceProductLinesSegmentMemberus-gaap:HealthInsuranceProductLineMember2023-12-310001224608cno:InsuranceProductLinesSegmentMemberus-gaap:HealthInsuranceProductLineMember2022-12-310001224608us-gaap:LifeInsuranceSegmentMembercno:InsuranceProductLinesSegmentMember2023-12-310001224608us-gaap:LifeInsuranceSegmentMembercno:InsuranceProductLinesSegmentMember2022-12-310001224608cno:NetInvestmentIncomeNotAllocatedToProductLinesMember2023-12-310001224608cno:NetInvestmentIncomeNotAllocatedToProductLinesMember2022-12-310001224608cno:NonlifeCompaniesIncludedInFeeIncomeSegmentMember2023-12-310001224608cno:NonlifeCompaniesIncludedInFeeIncomeSegmentMember2022-12-310001224608cno:OtherNonlifeCompaniesMember2023-12-310001224608cno:OtherNonlifeCompaniesMember2022-12-3100012246082023-01-012023-03-3100012246082023-04-012023-06-3000012246082023-07-012023-09-3000012246082023-10-012023-12-3100012246082022-01-012022-03-3100012246082022-04-012022-06-3000012246082022-07-012022-09-3000012246082022-10-012022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ReportableLegalEntitiesMember2023-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ConsolidationEliminationsMember2023-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ReportableLegalEntitiesMember2022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ConsolidationEliminationsMember2022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FinancialServiceMember2023-01-012023-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FinancialServiceMember2022-01-012022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FinancialServiceMember2021-01-012021-12-310001224608cno:NonInvestmentGradeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CorporateDebtSecuritiesMember2021-01-012021-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-12-310001224608us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CorporateDebtSecuritiesMember2023-12-31cno:product_distribution_channel0001224608cno:GaryC.BhojwaniMember2023-10-012023-12-310001224608cno:GaryC.BhojwaniMember2023-12-310001224608cno:KarenJ.DeToroMember2023-10-012023-12-310001224608cno:KarenJ.DeToroMember2023-12-310001224608cno:YvonneK.FranzeseMember2023-10-012023-12-310001224608cno:YvonneK.FranzeseMember2023-12-310001224608cno:ScottL.GoldbergMember2023-10-012023-12-310001224608cno:ScottL.GoldbergMember2023-12-310001224608cno:PaulH.McDonoughMember2023-10-012023-12-310001224608cno:PaulH.McDonoughMember2023-12-310001224608cno:RoccoF.TarasiMember2023-10-012023-12-310001224608cno:RoccoF.TarasiMember2023-12-310001224608srt:ParentCompanyMember2023-12-310001224608srt:ParentCompanyMember2022-12-310001224608srt:ParentCompanyMember2023-01-012023-12-310001224608srt:ParentCompanyMember2022-01-012022-12-310001224608srt:ParentCompanyMember2021-01-012021-12-310001224608srt:ParentCompanyMember2021-12-310001224608srt:ParentCompanyMember2020-12-310001224608us-gaap:LifeInsuranceSegmentMember2023-12-310001224608us-gaap:LifeInsuranceSegmentMember2022-12-310001224608us-gaap:LifeInsuranceSegmentMember2021-12-310001224608us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-01-012023-12-310001224608us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2022-01-012022-12-310001224608us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2021-01-012021-12-31
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2023
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______

Commission File Number 001-31792
CNO Financial Group, Inc.
Delaware 75-3108137
State of Incorporation IRS Employer Identification No.
  
11825 N. Pennsylvania Street  
Carmel,Indiana46032 (317)817-6100
Address of principal executive offices Telephone
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareCNONew York Stock Exchange
Rights to purchase Series F Junior Participating Preferred StockNew York Stock Exchange
5.125% Subordinated Debentures due 2060CNOpANew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).


Table of Contents

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes No
At June 30, 2023, the last business day of the Registrant's most recently completed second fiscal quarter, the aggregate market value of the Registrant's common equity held by nonaffiliates was approximately $2.6 billion.
Shares of common stock outstanding as of February 7, 2024: 108,991,851
DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Registrant's definitive proxy statement for the 2024 annual meeting of shareholders are incorporated by reference into Part III of this report.




Table of Contents

TABLE OF CONTENTS

PART IPage
Item 1.
Item 1A.
Item 1B.
Item 1C.
Item 2.
Item 3.
Item 4.
PART II
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Item 9C.
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV
Item 15.
Item 16.



3

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our statements, trend analyses and other information contained in this report and elsewhere (such as in filings by CNO with the SEC, press releases, presentations by CNO or its management or oral statements) relative to markets for CNO's products and trends in CNO's operations or financial results, as well as other statements, contain forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995.  Forward-looking statements typically are identified by the use of terms such as "anticipate," "believe," "plan," "estimate," "expect," "project," "intend," "may," "will," "would," "contemplate," "possible," "attempt," "seek," "should," "could," "goal," "target," "on track," "comfortable with," "optimistic," "guidance," "outlook" and similar words, although some forward-looking statements are expressed differently.  You should consider statements that contain these words carefully because they describe our expectations, plans, strategies and goals and our beliefs concerning future business conditions, our results of operations, financial position, and our business outlook or they state other "forward-looking" information based on currently available information.  The "Risk Factors" in Item 1A. provide examples of risks, uncertainties and events that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements.  Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things:

general economic, market and political conditions and uncertainties, including the performance and fluctuations of the financial markets which may affect the value of our investments as well as our ability to raise capital or refinance existing indebtedness and the cost of doing so;
the impact of pandemics, including the novel coronavirus ("COVID-19") pandemic, and major public health issues and the resulting financial market, economic and other impacts;
exposure to interest rate risk, including interest rate volatility, may negatively impact our results of operations, financial position or cash flow;
future investment results, including the impact of realized losses (including other-than-temporary impairment charges) may diminish the value of our invested assets and negatively impact our profitability, our financial condition and our liquidity;
the ultimate outcome of lawsuits filed against us and other legal and regulatory proceedings to which we are subject;
our ability to make anticipated changes to certain non-guaranteed elements of our life insurance products;
our ability to obtain adequate and timely rate increases on our health products, including our long-term care business;
the receipt of any required regulatory approvals for dividend and surplus debenture interest payments from our insurance subsidiaries;
mortality, morbidity, the increased cost and usage of health care services, persistency, the adequacy of our previous reserve estimates, changes in the health care market and other factors which may affect the profitability of our insurance products;
the recoverability of our deferred tax assets and the effect of potential ownership changes and tax rate changes on their value;
our assumption that the positions we take on our tax return filings will not be successfully challenged by the Internal Revenue Service;
changes in accounting principles and the interpretation thereof;
our ability to continue to satisfy the financial ratio and balance requirements and other covenants of our debt agreements;
our ability to identify products and markets in which we can compete effectively against competitors with greater market share, higher ratings, greater financial resources and stronger brand recognition;
our ability to generate sufficient liquidity to meet our debt service obligations and other cash needs;
changes in capital deployment opportunities;
4

Table of Contents

our ability to maintain effective controls over financial reporting and modeling;
our ability to continue to recruit and retain productive agents and distribution partners;
customer response to new products, distribution channels and marketing initiatives;
inflation or other unfavorable economic or business conditions may impact the sales and persistency of insurance products, a portion of our insurance policy benefits affected by increased medical coverage costs and various selling, general and administrative expenses;
our ability to maintain the financial strength ratings of CNO and our insurance company subsidiaries as well as the impact of our ratings on our business, our ability to access capital, and the cost of capital;
regulatory changes or actions, including: those relating to regulation of the financial affairs of our insurance companies, such as the calculation of risk-based capital and minimum capital requirements, and payment of dividends and surplus debenture interest to us; regulation of the sale, underwriting and pricing of products; health care regulation affecting health insurance products; and privacy laws and regulations;
changes in the Federal income tax laws and regulations which may affect or eliminate the relative tax advantages of some of our products or affect the value of our deferred tax assets;
availability and effectiveness of reinsurance arrangements, as well as the impact of any defaults or failure of reinsurers to perform;
the performance of third party service providers (both domestic and international) and potential difficulties arising from outsourcing arrangements;
expectations for the growth rate of sales, collected premiums, annuity deposits and assets;
interruption in telecommunication, information technology or other operational systems or failure to maintain the security, confidentiality or privacy of sensitive data on such systems;
events of terrorism, natural disasters or other catastrophic events, including potential adverse impacts from climate change which may increase the frequency or severity of weather-related disasters;
cyber-security attacks, risk of data loss and other security breaches;
ineffectiveness of risk management policies and procedures in identifying, monitoring and managing risks; and
the risk factors or uncertainties listed from time to time in our filings with the SEC.

Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by the foregoing cautionary statement.  Our forward-looking statements speak only as of the date made.  We assume no obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements.

The reporting of risk-based capital measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.
5

Table of Contents
PART I

ITEM 1.     BUSINESS OF CNO.

CNO Financial Group, Inc., a Delaware corporation ("CNO"), is a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services products. The terms "CNO Financial Group, Inc.", "CNO", the "Company", "we", "us", and "our" as used in this report refer to CNO and its subsidiaries. Such terms, when used to describe insurance business and products, refer to the insurance business and products of CNO's insurance subsidiaries.

We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets. We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing. As of December 31, 2023, we had total assets of $35.1 billion and shareholders' equity of $2.2 billion (which included an accumulated other comprehensive loss of $1.6 billion). For the year ended December 31, 2023, we had revenues of $4.1 billion and net income of $276.5 million. See our consolidated financial statements and accompanying footnotes for additional financial information about the Company and its segments.

We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way management makes operating decisions and assesses the performance of the business.

We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in the workplace for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually. The Worksite Division also offers a suite of voluntary benefits, benefits administration technology and year-round advocacy services to reduce costs and increase benefits engagement to employers and their employees.

We centralize certain functional areas, including marketing, business unit finance and sales support, among others. We primarily market our insurance products under our three primary brands: Bankers Life, Washington National and Colonial Penn.

OTHER INFORMATION

Our executive offices are located at 11825 N. Pennsylvania Street, Carmel, Indiana 46032, and our telephone number is (317) 817-6100. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act are available free of charge on our website at www.CNOinc.com as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission (the "SEC"). These filings are also available on the SEC's website at www.sec.gov. Copies of these filings are also available, without charge, from CNO Investor Relations, 11825 N. Pennsylvania Street, Carmel, IN 46032. Except for the documents specifically incorporated by reference into this Annual Report on Form 10-K, information contained on our website or that can be accessed through our website is not incorporated by reference in this Annual Report on Form 10-K. Reference to our website is made as an inactive textual reference.

Our website also includes the charters of our Audit and Enterprise Risk Committee, Executive Committee, Governance and Nominating Committee, Human Resources and Compensation Committee and Investment Committee, as well as our Corporate Governance Guidelines and our Code of Conduct that applies to all officers, directors and employees. Copies of these documents are available free of charge on our website at CNOinc.com or from CNO Investor Relations at the address shown above. Within the time period specified by the SEC and the New York Stock Exchange, we will post on our website any amendment to our Code of Conduct and any waiver applicable to our principal executive officer, principal financial officer or principal accounting officer.

In May 2023, we filed with the New York Stock Exchange the Annual CEO Certification regarding the Company's compliance with their Corporate Governance listing standards as required by Section 303A.12(a) of the New York Stock Exchange Listed Company Manual. In addition, we have filed as exhibits to this 2023 Form 10-K the applicable certifications of the Company's Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 regarding the Company's public disclosures.
6

Table of Contents

CNO became the successor to Conseco, Inc., an Indiana corporation (our "Predecessor"), in connection with a bankruptcy reorganization which became effective on September 10, 2003. Our Predecessor was organized in 1979 and commenced operations in 1982.

Data in Item 1. are provided as of or for the year ended December 31, 2023 (as the context implies), unless otherwise indicated.

MARKETING AND DISTRIBUTION

Our insurance subsidiaries develop, market and administer health insurance, annuity, individual life insurance and other insurance products. We sell these products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing. We had premium collections of $4.1 billion, $4.1 billion and $4.0 billion in 2023, 2022 and 2021, respectively.

Our insurance subsidiaries collectively hold licenses to market our insurance products in all fifty states, the District of Columbia, and certain protectorates of the United States. Sales to residents of the following states accounted for at least 5 percent of our 2023 collected premiums: Florida (11 percent), Pennsylvania (6 percent), Iowa (5 percent) and Texas (5 percent).

We believe that most purchases of life insurance, accident and health insurance and annuity products occur only after individuals are contacted and solicited by an insurance agent. Accordingly, the success of our distribution system is largely dependent on our ability to attract and retain experienced and highly motivated agents.

We market our products through our two sales organization divisions – the Consumer and Worksite Divisions that reflect the customers served by the Company.

Consumer Division:

The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. This structure unifies consumer capabilities into a single division and integrates the strength of our agent sales forces with one of the largest direct-to-consumer insurance businesses with proven experience in advertising, web/digital and call center support. In 2021, we began selling our direct-to-consumer products through third party distributors.

Exclusive Agents. At December 31, 2023, we had an exclusive agency force of approximately 4,200 producing agents and financial representatives working from 232 branch and satellite field offices throughout the United States. The field agents establish one-on-one contact with potential policyholders and promote strong personal relationships with existing policyholders. Field agents sell Medicare supplement, supplemental health and long-term care insurance policies, life insurance and annuities. These agents also sell Medicare Advantage plans through distribution arrangements with third-party insurance companies. After the sale of an insurance policy, the agent serves as a contact person for policyholder questions, claims assistance and additional insurance needs. In addition, we have tele-sales agents that are primarily engaged in the sale of our graded benefit life insurance policies and the sale of Medicare Advantage plans of third-party insurance companies using direct response marketing techniques. New policyholder leads are generated primarily from television, print advertising, direct response mailings and the internet. Financial representatives are able to buy and sell securities for clients and may provide ongoing investment advice for clients.

Independent Producers. Supplemental health and life insurance products are also sold through a diverse network of independent agents, insurance brokers and marketing organizations. The general agency and insurance brokerage distribution system is comprised of independent licensed agents doing business in all fifty states, the District of Columbia, and certain protectorates of the United States.

7

Table of Contents
Worksite Division:

The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in the workplace for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually. With a separate Worksite Division, we are bringing a sharper focus to this high-growth business while further capitalizing on the strength of our wholly-owned subsidiary, Optavise, LLC ("Optavise"). Through our Optavise brand, we guide employers and their employees through their healthcare choices with a suite of voluntary benefits, benefits administration technology and year-round advocacy services to reduce costs and increase benefits engagement.

Exclusive Agents. At December 31, 2023, we had approximately 350 exclusive producing agents working across the United States. These agents establish relationships with employers and have one-on-one contact with potential policyholders primarily at their place of employment and primarily sell supplemental health and life insurance products.

Independent Producers. Supplemental health and life insurance products are also sold through a diverse network of independent agents, insurance brokers and marketing organizations. The general agency and insurance brokerage distribution system is comprised of independent licensed agents doing business in all fifty states, the District of Columbia, and certain protectorates of the United States.

Marketing organizations typically recruit agents by advertising our products and commission structure through direct mail advertising or through seminars for agents and brokers. These organizations bear most of the costs incurred in marketing our products. We compensate the marketing organizations by paying them a percentage of the commissions earned on new sales generated by agents recruited by such organizations. Certain of these marketing organizations are specialty organizations that have a marketing expertise or a distribution system related to a particular product or market, such as worksite and individual health products.

Total premium collections

The Consumer and Worksite Divisions are primarily focused on marketing insurance products (including annuity, health and life products), several types of which are sold in both divisions and underwritten in the same manner. The following table summarizes premium collections by segment for the years ended December 31, 2023, 2022 and 2021 (dollars in millions):

202320222021
Annuities:
Fixed indexed annuities$1,373.9 $1,509.5 $1,348.1 
Fixed interest annuities199.7 87.4 45.4 
Other annuities9.6 7.7 6.9 
Total annuities1,583.2 1,604.6 1,400.4 
Health:
Supplemental health706.6 692.9 688.0 
Medicare supplement609.4 651.6 707.5 
Long-term care261.8 263.9 264.0 
Total health1,577.8 1,608.4 1,659.5 
Life:
Interest-sensitive life237.0 227.9 219.4 
Traditional life700.0 683.9 676.4 
Total life937.0 911.8 895.8 
Total premium collections$4,098.0 $4,124.8 $3,955.7 

8

Table of Contents
Annuities

During 2023, we collected annuity premiums of $1,583.2 million, or 39 percent, of our total premiums collected. Annuity products include fixed indexed annuity, traditional fixed rate annuity and single premium immediate annuity products. Annuities offer a tax-deferred means of accumulating savings for retirement needs, and provide a tax-efficient source of income in the payout period. For fixed indexed annuities, our major source of income is the spread between the investment income earned on the underlying general account assets and the cost of the index options purchased to provide index-based credits to the contractholders' accounts. Our major source of income from fixed rate annuities is the spread between the investment income earned on the underlying general account assets and the interest credited to contractholders' accounts.

The following describes our major annuity products:

Fixed Indexed Annuities. These products accounted for $1,373.9 million, or 34 percent, of our total premium collections during 2023. Substantially all of the deposits on our fixed indexed annuity products are currently paid in a lump sum. Our fixed indexed annuities are a deferred annuity contract with a guaranteed minimum interest rate plus a contingent return based on the price return of an external index, which is typically the S&P 500. Our fixed indexed annuity contracts are designed so that the guaranteed contract value meets regulatory requirements such that the contract holder receives no less than 87.5 percent of the initial deposit, compounded annually at a rate up to 3 percent, which establishes a floor value for the contract. Within each contract issued, each fixed indexed annuity specifies:

The index to be used.

The time period during which the change in the index is measured. At the end of the time period, the change in the index is applied to the account value. The time period of the contract ranges from 1 to 4 years.

The method used to measure the change in the index.

The measured change in the index is multiplied by a "participation rate" (percentage of change in the index) before the credit is applied. Some policies guarantee the initial participation rate for the life of the contract, and some vary the rate for each period.

The measured change in the index may also be limited by a "cap" before the credit is applied. Some policies guarantee the initial cap for the life of the contract, and some vary the cap for each period.

The measured change in the index may also be limited to the excess in the measured change over a "margin" before the credit is applied. Some policies guarantee the initial margin for the life of the contract, and some vary the margin for each period.

Our fixed indexed annuity contracts do not have a specified maturity date; therefore, the contracts remain in the accumulation phase until the customer surrenders the contract. Although our fixed indexed annuities provide for various annuitization options which permit the policyholder to convert a policy to one which provides for periodic payments under various payment options (including the policyholder’s remaining life or for a term-certain period), the majority of policyholders take their benefit in a lump sum or may elect the option to take one penalty-free withdrawal of up to 10 percent each year of either the premium paid or the account value after the first year of the annuity’s term. Policyholders can surrender the contract at any time, at which point they receive their account value, as specified in the contract, less any applicable surrender charges. The account value is generally defined as the greater of the policyholder’s initial investment plus the equity-indexed return or a guaranteed floor amount (calculated as the policyholder’s initial investment plus a specified annual percentage return).

Our fixed indexed annuities are annual periodic ratchet designed contracts, where the policyholder receives the greater of: (i) the defined appreciation in the equity index during each one-year period ending on the policy’s anniversary date; or (ii) the guarantee minimum fixed return over that period.

Consistent with the terms of the policy, the contract holder receives a portion of the appreciation in the S&P 500 index during the annual period, which is based on a participation rate that is reset on each policy anniversary date; subject to contractual guaranteed minimum participation rates. This allows the Company to set the participation rate at a level consistent with the investment return earned on the net premiums received and the current option cost to fund the indexed benefit.

9

Table of Contents
In 2016, we began offering a guaranteed lifetime income rider to our fixed indexed annuity contracts, which allows policyholders the option to elect to receive a guaranteed income stream for life, without having to annuitize their policy. In 2021, an optional benefit was added to the rider which enhances the guaranteed income stream payout amount for a two-year period if the policyholder meets certain conditions related to the ability to perform activities of daily living. These benefits are often referred to as guaranteed living withdrawal benefits ("GLWB").

In recent years, a significant portion of our new annuity sales were "premium bonus" products. These products typically specify a bonus rate, applied to the premium deposited, of 3 percent for the first policy year only. The premium bonus vests over a number of years. In 2023, we launched a flexible premium "premium bonus" product that offers a premium bonus (expressed as a percentage of the premium deposit) for each premium deposit made, subject to contractual terms.

Commissions, underwriting, sales and contract issuance and processing costs are incurred when a fixed indexed annuity contract is issued. When such costs are incremental costs directly related to the successful acquisition of a new insurance contract, they are capitalized and amortized on a constant level basis over the expected term to approximate straight-line amortization.

We have generally been successful at hedging increases to policyholder benefits resulting from increases in the indices to which the product's return is linked.

Fixed Interest Annuities. These products include fixed rate single-premium deferred annuities ("SPDAs") and flexible premium deferred annuities ("FPDAs"). These products accounted for $199.7 million, or 5 percent, of our total premium collections during 2023. Our fixed rate SPDAs and FPDAs typically have a crediting rate that is guaranteed by the Company for the first policy year, after which we have the ability to change the crediting rate to any rate not below a guaranteed minimum rate. The current guaranteed rate on annuities being issued is 2.85 percent, and the guaranteed rates on all policies inforce range from 1.0 percent to 5.5 percent. As of December 31, 2023, the average crediting rate on our outstanding traditional annuities was 3 percent.

The initial crediting rate is largely a function of:

the interest rate we earn on invested assets acquired with the new annuity fund deposits;

the costs related to marketing and maintaining the annuity products; and

the rates offered on similar products by our competitors.

For subsequent adjustments to crediting rates, we take into account current and prospective yields on investments, annuity surrender assumptions, competitive industry pricing and the crediting rate history for particular groups of annuity policies with similar characteristics.

Withdrawals from fixed interest annuities we are currently selling are generally subject to a surrender charge of 8 percent to 10 percent in the first year, declining to zero over a five to 10 year period, depending on issue age and product. Surrender charges are set at levels intended to protect the Company from loss on early terminations and to reduce the likelihood that policyholders will terminate their policies during periods of increasing interest rates. This practice is intended to lengthen the duration of policy liabilities and to enable us to maintain profitability on such policies.

Penalty-free withdrawals from fixed interest annuities of up to 10 percent of either premiums or account value are available in most fixed interest annuities after the first year of the annuity's term.

Some fixed interest annuity products apply a market value adjustment during the surrender charge period. This adjustment is determined by a formula specified in the annuity contract, and may increase or decrease the cash surrender value depending on changes in the amount and direction of market interest rates or credited interest rates at the time of withdrawal. The resulting cash surrender values will be at least equal to the guaranteed minimum values.

Other Annuities. These products include single premium immediate annuities ("SPIAs"). SPIAs accounted for $9.6 million of our total premiums collected in 2023. SPIAs are designed to provide a series of periodic payments for a fixed period of time or for life, according to the policyholder's choice at the time of issuance. Once the payments begin, the amount, frequency and length of time over which they are payable are fixed. SPIAs often are purchased by persons at or near retirement age who desire a steady stream of payments over a future period of years. The single premium is often the payout from a fixed
10

Table of Contents
rate contract. The implicit interest rate on SPIAs is based on market conditions when the policy is issued. The implicit interest rate on our outstanding SPIAs averaged 6.7 percent at December 31, 2023. Other annuities also include closed blocks of structured settlements, which were last sold over 25 years ago.

Health

Supplemental Health. Supplemental health collected premiums were $706.6 million during 2023, or 17 percent of our total collected premiums. These policies generally provide fixed or limited benefits. Cancer insurance and heart/stroke products are guaranteed renewable individual accident and health insurance policies. Payments under cancer insurance policies are generally made directly to, or at the direction of, the policyholder following diagnosis of, or treatment for, a covered type of cancer. Heart/stroke policies provide for payments directly to the policyholder for treatment of a covered heart disease, heart attack or stroke. Accident products combine insurance for accidental death with limited benefit disability income insurance. Hospital indemnity products provide a fixed dollar amount per day of confinement in a hospital. The benefits provided under the supplemental health policies do not necessarily reflect the actual cost incurred by the insured as a result of the illness, or accident, and benefits are not reduced by any other medical insurance payments made to or on behalf of the insured.

Our supplemental health products include a critical illness insurance product that pays a lump sum cash benefit directly to the insured when the insured is diagnosed with a specified critical illness. The product is designed to provide additional financial protection associated with treatment and recovery as well as cover non-medical expenses such as: (i) loss of income; (ii) at home recovery or treatment; (iii) experimental and/or alternative medicine; (iv) co-pays, deductibles and out-of-network expenses; and (v) child care and transportation costs. In addition, these products include a hospital indemnity product that provides payment in the event of a hospital stay. The product is designed to help cover expenses which may not be covered by private insurance or Medicare such as deductibles and co-payments.

Approximately 65 percent of the total number of our supplemental health policies inforce were sold with return of premium or cash value riders. The return of premium rider generally provides that, after a policy has been inforce for a specified number of years or upon the policyholder reaching a specified age, we will pay to the policyholder, or in some cases, a beneficiary under the policy, the aggregate amount of all premiums paid under the policy, without interest, less the aggregate amount of all claims incurred under the policy. For some policies, the return of premium rider does not have any claim offset. The cash value rider is similar to the return of premium rider, but also provides for payment of a graded portion of the return of premium benefit if the policy terminates before the return of premium benefit is earned.

Medicare Supplement. Medicare supplement collected premiums were $609.4 million during 2023, or 15 percent, of our total collected premiums. Medicare is a federal health insurance program for disabled persons and seniors (age 65 and older). Part A of the program provides protection against the costs of hospitalization and related hospital and skilled nursing facility care, subject to an initial deductible, related coinsurance amounts and specified maximum benefit levels. The deductible and coinsurance amounts are subject to change each year by the federal government. Part B of Medicare covers doctor's bills and a number of other medical costs not covered by Part A, subject to deductible and coinsurance amounts for charges approved by Medicare. The deductible amount is subject to change each year by the federal government.

Medicare supplement policies provide coverage for many of the hospital and medical expenses which the Medicare program does not cover, such as deductibles, coinsurance costs (in which the insured and Medicare share the costs of medical expenses) and specified losses which exceed the federal program's maximum benefits. Our Medicare supplement plans automatically adjust coverage to reflect changes in Medicare benefits. In marketing these products, we currently concentrate on individuals who have recently become eligible for Medicare by reaching the age of 65. Approximately 56 percent of new sales of Medicare supplement policies in 2023 were within the seven month open enrollment period that begins three months before an individual reaches age 65.

Long-Term Care. Long-term care collected premiums were $261.8 million during 2023, or 6 percent of our total collected premiums. Long-term care products provide coverage, within prescribed limits, for nursing homes, home healthcare, or a combination of both. We sell long-term care plans primarily to retirees and, to a lesser degree, to older self-employed individuals in the middle-income market.

During 2023, 99 percent of new sales of long-term care products had benefit periods of two years or less. Since 2009, we have ceded 25 percent of most new sales with a third party. At December 31, 2023, 95 percent of our long-term care policies have benefit periods of less than or equal to four years. Furthermore, 64 percent of our long-term care policies have benefit periods of one year or less. In 2018, we ceased sales of home health care only long-term care policies. In addition, we ceased sales of comprehensive and nursing home long-term care policies with benefit periods exceeding two years in the
11

Table of Contents
majority of jurisdictions. Comprehensive policies cover both nursing home care and home healthcare. Home healthcare benefits included in comprehensive policies cover incurred charges after a deductible or elimination period and are subject to a weekly or monthly maximum dollar amount, and an overall benefit maximum. We monitor the loss experience on our long-term care products and, when appropriate, apply for actuarially justified rate increases in the jurisdictions in which we sell such products. Regulatory approval is required before we can increase our premiums on these products.

Life

Life products include traditional and interest-sensitive life insurance products. During 2023, we collected life insurance premiums of $937.0 million, or 23 percent, of our total collected premiums.

Interest-Sensitive Life. These products include universal life and other interest-sensitive life products that provide life insurance with adjustable rates of return related to current interest rates. They accounted for $237.0 million, or 6 percent, of our total collected premiums in 2023. The principal differences between universal life products and other interest-sensitive life products are policy provisions affecting the amount and timing of premium payments. Universal life policyholders may vary the frequency and size of their premium payments, and policy benefits may also fluctuate according to such payments. Premium payments under other interest-sensitive policies may not be varied by the policyholders. Universal life products include fixed indexed universal life products. The account value of these policies is credited with interest at a guaranteed rate, plus additional interest credits based on changes in a particular index during a specified time period.

Traditional Life. These products accounted for $700.0 million, or 17 percent, of our total collected premiums in 2023. Traditional life policies, including whole life, graded benefit life, term life and single premium whole life products, are marketed through independent producers, exclusive agents and direct response marketing. Under whole life policies, the policyholder generally pays a level premium over an agreed period or the policyholder's lifetime. The annual premium in a whole life policy is generally higher than the premium for comparable term insurance coverage in the early years of the policy's life, but is generally lower than the premium for comparable term insurance coverage in the later years of the policy's life. These policies combine insurance protection with a savings component that gradually increases in amount over the life of the policy. The policyholder may borrow against the savings component that may be at a rate of interest lower than that available from other lending sources. The policyholder may also choose to surrender the policy and receive the accumulated cash value rather than continuing the insurance protection. Term life products offer pure insurance protection for life with a guaranteed level premium for a specified period of time - typically five, 10, 15 or 20 years. In some instances, these products offer an option to return the premium at the end of the guaranteed period.

Traditional life products also include graded benefit life insurance products. Graded benefit life insurance products are offered on an individual basis primarily to persons age 50 to 85, principally in face amounts of $400 to $30,000, with limited or no medical examination or evidence of insurability. Premiums are paid as frequently as monthly. Benefits paid are less than the face amount of the policy during the first two years, except in cases of accidental death.

Traditional life products also include single premium whole life insurance. This product requires one initial lump sum payment in return for providing life insurance protection for the insured's entire lifetime. Single premium whole life products accounted for $29.5 million of our total collected net premiums in 2023.

INVESTMENTS

40|86 Advisors, Inc. ("40|86 Advisors", a registered investment advisor and wholly owned subsidiary of CNO) manages the investment portfolios of our insurance subsidiaries. 40|86 Advisors had approximately $26.7 billion of assets (at fair value) under management at December 31, 2023, of which $26.5 billion were our assets (including investments held by variable interest entities ("VIEs") that are included on our consolidated balance sheet) and $0.2 billion were assets managed for third parties. Our general account investment strategies are to:

provide largely stable investment income from a diversified high quality fixed income portfolio;

maximize and maintain a stable spread between our investment income and the yields we pay on insurance products;

sustain adequate liquidity levels to meet operating cash requirements, including a margin for potential adverse developments;

12

Table of Contents
continually monitor and manage the relationship between our investment portfolio and the financial characteristics of our insurance liabilities such as durations and cash flows;

maximize total return through active strategic asset allocation and investment management, while managing the capital efficiency of the portfolio; and

use outside managers in specialized investment classes to add value to our overall strategy.

Investment activities are an important and integral part of our business because investment income is a significant component of our revenues. The profitability of many of our insurance products is significantly affected by spreads between interest yields on investments and rates credited on insurance liabilities. Also, certain insurance products are priced based on long term assumptions including investment returns. Although substantially all credited rates on SPDAs, FPDAs and interest sensitive life products may be changed annually (subject to minimum guaranteed rates), changes in crediting rates may not be sufficient to maintain targeted investment spreads in all economic and market environments. In addition, competition, minimum guaranteed rates and other factors, including the impact of surrenders and withdrawals, may limit our ability to adjust or to maintain crediting rates at levels necessary to avoid narrowing of spreads under certain market conditions.

We manage the equity-based risk component of our fixed indexed annuity products by:

purchasing options on equity indices with similar payoff characteristics; and

adjusting the participation rate to reflect the change in the cost of such options (such cost varies based on market conditions).

The prices of the options we purchase to manage the equity-based risk component of our fixed indexed annuities vary based on market conditions. All other factors held constant, the prices of the options generally increase with increases in the volatility of the applicable indices, which may reduce the profitability of the fixed indexed products, cause us to lower participation rates, or both. Accordingly, volatility of the indices is one factor in the uncertainty regarding the profitability of our fixed indexed products.

Our invested assets are predominately fixed rate in nature and their value fluctuates with changes in market rates, among other factors (such as changes in the overall compensation for risk required by the market as well as issuer specific changes in credit quality). We seek to manage the interest rate risk inherent in our business by managing the durations and cash flows of our fixed maturity investments along with those of the related insurance liabilities. For example, one management measure we use is asset and liability duration. Duration measures expected change in fair value for a given change in interest rates. If interest rates increase by 1 percent, the fair value of a fixed maturity security with a duration of 5 years is typically expected to decrease in value by approximately 5 percent. When the estimated durations of assets and liabilities are similar, absent other factors, a change in the value of assets related to changes in interest rates should be largely offset by a change in the value of liabilities. We calculate asset and liability durations using our estimates of future asset and liability cash flows.

COMPETITION

The markets in which we operate are competitive. Compared to CNO, many companies in the financial services industry are larger, have greater capital, technological and marketing resources, have greater access to capital and other sources of liquidity at a lower cost, offer broader and more diversified product lines, have greater brand recognition, have larger staffs and higher ratings. Banks, securities brokerage firms and other financial intermediaries also market insurance products or offer competing products, such as mutual fund products, traditional bank investments and other investment and retirement funding alternatives. We also compete with many of these companies and others in providing services for fees. In most areas, competition is based on a number of factors including pricing, service provided to distributors and policyholders and ratings. CNO's subsidiaries must also compete to attract and retain the allegiance of agents, insurance brokers and marketing organizations.

In the individual health insurance business, companies compete primarily on the basis of marketing, service and price. Pursuant to federal regulations, the Medicare supplement products offered by all companies have standardized policy features. This increases the comparability of such policies and intensifies competition based on other factors. See "Insurance Underwriting" and "Governmental Regulation" for additional information. In addition to competing with the products of other insurance companies, commercial banks, mutual funds and broker/dealers, our insurance products compete with health
13

Table of Contents
maintenance organizations, preferred provider organizations and other health care-related institutions which provide medical benefits based on contractual agreements.

Our principal competitors vary by product line. Our main competitors for agent-sold long-term care insurance products include Northwestern Mutual, Mutual of Omaha and New York Life. Our main competitors for agent-sold Medicare supplement insurance products include Blue Cross and Blue Shield Plans, United HealthCare and Mutual of Omaha. Our main competitors for life insurance sold through direct marketing channels include Mutual of Omaha, TruStage, Gerber Life, AAA Life Insurance, New York Life and Globe Life Inc. Our main competitors for supplemental health products sold through our Worksite Division include AFLAC, subsidiaries of Unum, MetLife and subsidiaries of Globe Life Inc.

In some of our product lines, such as life insurance and fixed annuities, we have a relatively small market share from a total industry-wide perspective. Even in some of the lines in which we are one of the top writers, our market share is relatively small. Based on a 2022 Medicare Supplement Earned Premium report, we ranked seventh in direct premiums earned for Medicare supplement insurance with a market share of 1.9 percent. The top writer of Medicare supplement insurance had direct premiums with a market share of 33 percent during the period. When looking at the 2022 Individual Long-Term Care Insurance Survey, one of our subsidiaries (Bankers Life and Casualty Company ("Bankers Life")) is ranked third in new annualized premiums of individual long-term care insurance in 2022 with a market share of approximately 17 percent. The top two writers of individual long-term care insurance had new annualized premiums with a combined market share of approximately 56 percent during the period.

Many of our major competitors have higher financial strength ratings than we do. Industry consolidation, including business combinations among insurance and other financial services companies, has resulted in larger competitors with even greater financial resources. Furthermore, changes in federal law have narrowed the historical separation between banks and insurance companies, enabling traditional banking institutions to enter the insurance and annuity markets and further increase competition. This increased competition may harm our ability to maintain or improve our profitability.

In addition, because the actual cost of products is unknown when they are sold, we are subject to competitors who may sell a product at a price that does not cover its actual cost. Accordingly, if we do price our products to maintain profitability, we may lose market share to other companies. If we lower our prices to maintain market share, our profitability will decline.

Our direct to consumer channel has faced increased competition from other insurance companies who also distribute products through direct marketing. In addition, the demand and cost of television advertising appropriate for our direct to consumer campaigns fluctuates from period to period and will impact the average cost to generate a television lead.

We must attract and retain sales representatives to sell our insurance and annuity products. Strong competition exists among insurance and financial services companies for sales representatives. We compete for sales representatives primarily on the basis of our financial position, financial strength ratings, support services, compensation, products and product features. Our competitiveness for such agents also depends upon the relationships we develop with these agents.

An important competitive factor for life insurance companies is the financial strength ratings they receive from nationally recognized rating organizations. Agents, insurance brokers and marketing companies who market our products and prospective purchasers of our products use the financial strength ratings of our insurance subsidiaries as an important factor in determining whether to market or purchase. Ratings have the biggest impact on our sales of supplemental health and life products to consumers at the worksite. Financial strength ratings provided by Fitch Ratings ("Fitch"), S&P Global Ratings ("S&P"), Moody's Investor Services, Inc. ("Moody's") and AM Best Company ("AM Best") are the rating agency's opinions of the ability of our insurance subsidiaries to pay policyholder claims and obligations when due. They are not directed toward the protection of investors, and such ratings are not recommendations to buy, sell or hold securities. The current financial strength ratings of our primary insurance subsidiaries from Fitch, S&P, Moody's and AM Best are "A", "A-", "A3" and "A", respectively. For a description of these ratings and additional information on these ratings, see "Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations - Consolidated Financial Condition - Financial Strength Ratings of our Insurance Subsidiaries."

INSURANCE UNDERWRITING

Under regulations developed by the National Association of Insurance Commissioners (the "NAIC") (an association of state regulators and their staffs) and adopted by the states, we are prohibited from underwriting our Medicare supplement policies for certain first-time purchasers. If a person applies for insurance within six months after becoming eligible by reason of age, or disability in certain limited circumstances, the application may not be rejected due to medical conditions. Some states prohibit underwriting of all Medicare supplement policies. For other prospective Medicare supplement policyholders, such as
14

Table of Contents
senior citizens who are transferring to our products, the underwriting procedures are relatively limited, except for policies providing prescription drug coverage.

Before issuing long-term care products, we generally apply detailed underwriting procedures to assess and quantify the insurance risks. We require medical examinations of applicants (including blood and urine tests, where permitted) for certain health insurance products and for life insurance products which exceed prescribed policy amounts. These requirements vary according to the applicant's age and may vary by type of policy or product. We also rely on medical records and the potential policyholder's written application. In recent years, there have been significant regulatory changes with respect to underwriting certain types of health insurance. An increasing number of states prohibit underwriting and/or charging higher premiums for substandard risks. We monitor changes in state regulation that affect our products, and consider these regulatory developments in determining the products we market and where we market them.

Most of our supplemental health policies are individually underwritten using a simplified issue application. Based on an applicant's responses on the application, the underwriter either: (i) approves the policy as applied for; (ii) approves the policy with reduced benefits; or (iii) rejects the application.

Our life insurance products include policies that are underwritten individually and low face-amount life insurance products that utilize standardized underwriting procedures. After initial processing, insurance underwriters obtain the information needed to make an underwriting decision (such as prescription history, medical examinations, doctors' statements and special medical tests). After collecting and reviewing the information, the underwriter either: (i) approves the policy as applied for; (ii) approves the policy with an extra premium charge because of unfavorable factors; or (iii) rejects the application.

We underwrite group insurance policies based on the characteristics of the group and its past claim experience. Graded benefit life insurance policies are issued without medical examination or evidence of insurability. There is minimal underwriting on annuities.

LIABILITIES FOR INSURANCE PRODUCTS

At December 31, 2023, the total balance of our liabilities for insurance products was $27.9 billion. These liabilities are generally payable over an extended period of time. The profitability of our insurance products depends on pricing and other factors. Differences between our expectations when we sold these products and our actual experience could result in future losses.

Liabilities for insurance products are calculated based on numerous assumptions including, but not limited to, investment yields, mortality, morbidity, withdrawals, lapses, cash flow assumptions and discount rates. Such assumptions are based on our experience, and in cases of limited experience, industry experience. Such assumptions also consider future expectations in policyholder behavior that may vary from past experience.

REINSURANCE

Consistent with the general practice of the life insurance industry, our subsidiaries enter into indemnity reinsurance agreements with other insurance companies in order to reinsure portions of the coverage provided by our insurance products. Indemnity reinsurance agreements are intended to limit a life insurer's maximum loss on a large or unusually hazardous risk or to diversify its risk. Indemnity reinsurance does not discharge the original insurer's primary liability to the insured. Our reinsured business is ceded to numerous reinsurers. Based on our periodic review of their financial statements, insurance industry reports and reports filed with state insurance departments, we believe the assuming companies are able to honor all material contractual commitments.

As of December 31, 2023, the policy risk retention limit of our insurance subsidiaries was generally $.8 million or less. Reinsurance ceded by CNO represented 9 percent of gross combined life insurance inforce and reinsurance assumed represented 0.3 percent of net combined life insurance inforce.


15

Table of Contents
The principal third-party reinsurers to whom we have ceded life, annuity and health business at December 31, 2023 were as follows (dollars in millions):
Name of ReinsurerReinsurance receivablesAM Best rating
Wilton Reassurance Company ("Wilton Re") (a)
$2,540.4 A+
Jackson National Life Insurance Company ("Jackson") (b)984.8 A
RGA Reinsurance Company (c)380.2 A+
Sagicor Life Insurance Company35.1 A-
Swiss Re Life and Health America Inc.4.7 A+
Munich American Reassurance Company4.2 A+
SCOR Global Life USA Reinsurance Company2.5 A
All others (d)88.8 
$4,040.7 
________________
(a)    In addition to life insurance, certain long-term care business has been ceded to Wilton Re through a 100% indemnity coinsurance agreement. Such business had total insurance policy liabilities of $2.3 billion at December 31, 2023.
(b)    In addition to life insurance, certain annuity business has been ceded to Jackson through a coinsurance agreement. Such business had total insurance policy liabilities of $0.8 billion at December 31, 2023.
(c)    A portion of the long-term care business of Bankers Life has been ceded to RGA Reinsurance Company on a coinsurance basis.
(d)    No other single reinsurer represents more than 1 percent of the reinsurance receivables balance or has assumed greater than 2 percent of the total ceded life insurance business inforce.

HUMAN CAPITAL

As of December 31, 2023, we employed approximately 3,500 full-time associates, nearly all of whom are located in the United States.

Currently, none of our associates are represented under collective bargaining agreements and we enjoy generally favorable employee relations.

CNO associates are among our most important resources. They are critical to achieving our mission to secure the future of middle-income America by providing insurance and financial services that help protect their health, income and retirement needs, while building enduring value for all our stakeholders. We rely on our associates to develop products, advise clients, service customers and support the efficient running of the organization. Therefore, we focus significant attention on attracting and retaining talented, experienced individuals to serve our customers and manage and support our operations.

The Human Resource and Compensation Committee of our Board of Directors is actively engaged in the oversight of our human resource initiatives and receives regular updates from management on progress and developments. Our commitment to our associates is demonstrated through several areas of focus:

Associate Development and Engagement
CNO provides a supportive environment designed to encourage all associates to pursue their professional goals and career objectives through one-to-one coaching, mentoring, continuing education, professional education and training. We also regularly collect associate feedback through surveys to better learn and understand associates' needs, priorities and issues of concern.

Compensation
At CNO, we strive for a culture of exceptional performance. We believe in developing associates through a challenging work environment coupled with extensive support and training. We are committed to fair pay practices and pay equity. To support pay transparency, we provide education to associates on how pay decisions are made and share competitive ranges for roles across the enterprise. Our compensation philosophy is focused on pay-for-performance. In 2023, we continued to offer annual cash incentives to eligible associates reflecting our performance philosophy at all levels of the organization. We reward overall and individual performance that drives long-term success for the company and our associates.

16

Table of Contents
Health and Well-being
Supporting our associates' physical, emotional and financial well-being is at the center of how we engage our workforce. Our comprehensive associate benefits include medical, dental and vision insurance coverage as well as an extensive well-being program. We understand healthcare affordability is fundamental and have introduced tiered premiums for CNO's health plan that align with an associate's salary level.

CNO's well-being program encourages associates and their families to engage in healthy lifestyle choices, including completing preventive exams and screenings and taking care of their mental well-being. In 2023, we invested in a new well-being platform that launched January 2024 to simplify navigation to benefit resources and vendors and to help associates maximize their well-being benefits. We also enhanced paid time-off benefits by expanding bereavement time off in 2023 and increasing paternal and maternity leave and adding two new Company paid holidays for 2024 to focus on mental well-being.

We offer flexible work arrangements for the vast majority of our associates, which includes working from home, working from the office, or a mix of both options. We remain committed to delivering consistent service, while providing workplace flexibility to our associates.

Ethical Business Practices
CNO's Code of Conduct outlines our expectations surrounding key issues and business practices, including anti-money laundering, political activities and contributions, conflicts of interest, fraud prevention, data security, confidentiality, gift giving and fair competition. Our associates are required to be familiar with, and to act in accordance with, this code.

Inclusion and Belonging
Doing what's right for our associates, agents, customers and communities is embedded in CNO's business operations and corporate values. We are proud of our commitment to creating a supportive and inclusive workplace where associates can bring their whole, authentic selves to work.

Inclusivity and representation improves all parts of our business - from how we build top performing teams, serve our customers and develop our product features. We believe an environment that fosters collaboration, inclusion and trust supports our mission, builds a strong sense of community, and leads to greater innovation and better solutions. This environment and inclusive culture creates benefits that are shared by our associates, customers and, ultimately, our shareholders.

CNO's Diversity Council brings together leaders from across the company in support of workplace inclusion. Our six associate-led Business Resource Groups and three affinity groups focus on mentoring, education and community outreach. CNO's Chief Executive Officer signed the CEO Action for Diversity & Inclusion™ pledge in 2018 and has been a member of the CEO Action for Racial Equity Governing Committee since 2020. CNO signed the Indy Racial Equity pledge in 2021.

Community Involvement
CNO is committed to supporting community organizations that address the health and financial wellness of middle-income Americans and to providing ways for our associates to give back through our Team CNO volunteer program.

GOVERNMENTAL REGULATION

Insurance Regulation and Oversight

Overview

Our insurance subsidiaries are licensed to transact insurance business and are subject to extensive regulation and supervision by insurance regulators of the jurisdictions in which they operate. Our insurance subsidiaries are domiciled in Illinois, Indiana, New York, Pennsylvania and Texas, and are collectively licensed in all 50 states of the United States, the District of Columbia and in four U.S. territories. The extent of regulation by jurisdiction varies, but most jurisdictions have laws and regulations governing the financial aspects and business conduct of insurers. This regulation and supervision is primarily for the benefit and protection of customers, and not for the benefit of our investors or creditors. State laws generally establish supervisory agencies that have broad regulatory authority, including the power to:

17

Table of Contents
grant and revoke business licenses;

define acceptable accounting principles;

prescribe the form and content of required financial statements and reports;

establish reserve requirements;

determine the reasonableness and adequacy of statutory capital and surplus;

regulate the types and amounts of permitted investments;

regulate and supervise sales practices;

approve policy forms;

approve premium rates and premium rate increases for some lines of business, such as long-term care and Medicare supplement insurance;

perform financial, market conduct and other examinations;

establish guaranty associations; and

license agents.

The NAIC is the U.S. standard-setting and regulatory support organization governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories to coordinate the regulation of multistate insurers. The NAIC assists state insurance regulators in their mission to serve the public interest and achieve their regulatory goals. State insurance regulators establish standards and best practices for insurers. They coordinate their regulatory oversight through the NAIC, and work with the NAIC to regularly re-examine existing insurance laws and regulations. The NAIC develops model laws and regulations, many of which are adopted by state legislatures or insurance regulators, relating to:

reserve requirements;

risk-based capital ("RBC") standards;

codification of insurance accounting principles;

risk management;

group capital;

investment restrictions;

corporate governance;

restrictions on an insurance company's ability to pay dividends;

credit for reinsurance;

product illustrations; and

privacy, data security and cybersecurity.

The Company's insurance subsidiaries are required to file detailed annual reports, in accordance with prescribed statutory accounting rules, with regulatory authorities in each of the jurisdictions in which they do business. As part of their routine oversight process, state insurance departments conduct periodic detailed examinations, at least once every five years, of the books, records and accounts of insurers domiciled in their states. These examinations are generally coordinated under the
18

Table of Contents
direction of the lead state regulator and typically include all insurers operating in a holding company system pursuant to guidelines promulgated by the NAIC.

Existing and future changes to accounting rules may also impact our results of operations or financial condition.

NAIC

The NAIC's mission is to support its state insurance regulatory members who set standards and ensure fair, competitive, and healthy insurance markets to protect consumers. Model insurance laws and regulations are created for adoption by the states to address insurance company financial regulation, such as capital requirements, corporate governance and risk management practices, and statutory accounting and financial reporting.

The NAIC adopted amendments to its valuation manual containing a principle-based approach for the calculation of reserves for life insurance and annuity contracts, which reflect corresponding amendments to the NAIC Standard Valuation Law. Principle-based reserving replaced the prior formulaic approach to determining policy reserves with a design that more closely reflects the risks of life insurance and annuity products. The principle-based reserving approach has been adopted by all states, where it has been effective for life insurance and certain annuity products issued on or after January 1, 2020. Similar reserving requirements for additional products are expected to be implemented over time. Although the impact of implementing this approach for our life insurance products has not been significant to date, the ultimate impact is unknown.

The NAIC adopted the Risk Management and Own Risk and Solvency Assessment Model Act ("ORSA"), which has been enacted by the domiciliary states of our insurance subsidiaries. ORSA requires insurers to maintain a risk management framework and conduct an internal own risk and solvency assessment of an insurer's material risks in normal and stressed environments. The assessment must be documented in an annual summary report, a copy of which must be submitted to insurance regulators as required or upon request.

The NAIC's Corporate Governance Annual Disclosure Model Act ("CGAD") has also been adopted in all states. CGAD requires an annual filing by an insurer or insurance group that provides detailed information regarding their governance practices, including information on whether a diversity policy is in place for its board of directors, as well as sample documentation on their corporate governance structure and policies.

The NAIC has been focused on a macro-prudential initiative since 2017, which is intended to enhance risk identification efforts through proposed enhancements to supervisory practices related to liquidity, recovery and resolution, capital stress testing, and counterparty exposure concentrations for life insurers. In December 2020, the NAIC adopted amendments to the Model Holding Company System Act and Regulation that implement an annual filing requirement for a liquidity stress-testing framework (the "Liquidity Stress Test") for certain large U.S. life insurers and insurance groups. Life insurers are subject to this filing requirement based on criteria related to the amounts of certain types of business written or material exposure to certain investment transactions, such as derivatives and securities lending. The Liquidity Stress Test is used as a regulatory tool in jurisdictions which have adopted the Holding Company Act amendments. All of our insurance subsidiaries' domiciliary states have adopted the amendments, except Indiana, although all states are expected to adopt them over time because they are subject to an NAIC accreditation standard, effective on January 1, 2026.

The NAIC has also developed a group capital calculation ("GCC") tool using an RBC aggregation methodology for all entities within the insurance holding company system. The goal is to provide state insurance regulators with a method to aggregate the available capital and minimum capital of each entity in a group in a way that applies to all groups regardless of their structure. The NAIC's amendments to the Model Holding Company System Act and Regulation in 2020 adopted the Group Capital Calculation Template and Instructions and the amendments implement the GCC's annual filing requirement with an insurance group's lead state regulator. Indiana, our lead state regulator, has not yet adopted the Holding Company Amendments, although all states are expected to do so since the NAIC developed an accreditation standard, as noted above. The NAIC Financial Analysis Handbook provides guidance for insurance regulators on reviewing GCC submissions. We cannot predict what impact this regulatory tool may have on our business.

Insurance Regulatory Examinations and Other Activities

State insurance departments periodically examine the books, records, accounts, and business practices of their domiciled insurers, as previously noted. State insurance departments may also conduct examinations of non-domiciliary insurers licensed in their states.

19

Table of Contents
State regulatory authorities and industry groups have developed several initiatives regarding market conduct, including the form and content of disclosures to consumers, advertising, sales practices and complaint handling. Various state insurance departments periodically examine the market conduct activities of domestic and non-domestic insurance companies doing business in their states, including our insurance subsidiaries. The purpose of these market conduct examinations is to determine whether an insurer's operations are consistent with the laws and regulations of the state conducting the examination. Market conduct has also become one of the criteria used by rating agencies to establish the financial strength ratings of an insurance company. For example, AM Best's ratings analysis now includes the review of an insurer's compliance program.

Most states mandate minimum benefit standards and benefit ratios for accident and health insurance policies. We are generally required to maintain, with respect to our individual long-term care policies, premium rates that either: (i) are adequate to support moderately adverse claims experience; or (ii) support minimum anticipated benefit ratios over the entire period of coverage of not less than 60 percent. The specific requirements vary by state. With respect to our Medicare supplement policies, we are generally required to attain and maintain an actual benefit ratio, after three years, of not less than 65 percent. With respect to supplemental health policies, several states require us to annually certify that the premium rates are set such that minimum lifetime loss ratios will be met. These minimum lifetime loss ratios vary by state and product. We provide to the insurance departments, where required, annual calculations that demonstrate compliance with required minimum benefit ratios for long-term care, Medicare supplement, and supplemental health insurance. These calculations are prepared utilizing statutory lapse and interest rate assumptions. In the event that we fail to maintain minimum mandated benefit ratios, our insurance subsidiaries could be required to provide retrospective refunds and/or prospective rate reductions. As of December 31, 2023, we believe that our insurance subsidiaries have provided retrospective refunds and/or prospective rate reductions when the mandated minimum benefit ratios have not been maintained.

Guaranty Associations

Our insurance subsidiaries are required by the guaranty fund laws of the jurisdictions in which they transact business to participate in guaranty associations that are organized to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. These laws require insurers to pay assessments up to prescribed limits to fund policyholder losses or liabilities of insolvent insurance companies. Typically, assessments are levied on member insurers on a basis which is related to the member insurer's proportionate share of the business written by all member insurers. Assessments can be partially recovered through a reduction in future premium taxes in some states.

Centers for Medicare & Medicaid Services

In addition to state regulations, we are subject to federal laws, regulations and guidelines issued by the Centers for Medicare & Medicaid Services ("CMS") that place a number of requirements on plan sponsors and their agents in connection with the marketing and sale of Medicare Advantage plans. For example, CMS and state regulations and guidelines include a number of prohibitions regarding the ability to contact Medicare-eligible individuals and place many restrictions on the marketing of Medicare-related plans.

Insurance Holding Company Regulation

U.S. state insurance holding company system laws and regulations are generally based on the NAIC Model Holding Company System Act and Regulation. These laws and regulations vary from jurisdiction to jurisdiction, but generally require a controlled insurance company (i.e., an insurer that is a subsidiary of an insurance holding company) to register and file reports with state regulatory authorities on its capital structure, ownership, financial condition, intercompany transactions and general business operations. They also require the ultimate controlling person of a U.S. insurer to file an annual enterprise risk report with the lead state regulator of the insurance holding company system. This report identifies the material risks within the insurance holding company system that could pose enterprise risk to the insurer or its insurance holding company system as a whole. Each of our insurance subsidiaries' domiciliary states has enacted laws to implement these requirements, including the enterprise risk reporting requirement.

The insurance holding company system laws and regulations also regulate the terms of surplus debentures and transactions between or involving insurance companies and their affiliates. Various reporting and approval requirements apply to transactions between or involving insurance companies and their affiliates within an insurance holding company system, depending on the size and nature of the transactions. Generally, all transactions between an insurance company and an affiliate must be fair and reasonable. The Company and its insurance subsidiaries are registered as a holding company system pursuant to the laws and regulations in our domiciliary states.

20

Table of Contents
In addition, the insurance holding company system laws and regulations regulate the acquisition (or sale) of control of insurance companies. Generally, these laws and regulations provide that no person, corporation or other entity may acquire control of a domestic insurance company, or any parent company of such domestic insurer, without the prior approval of the insurance company's domiciliary state regulator. Any person acquiring, directly or indirectly, 10 percent or more of the voting securities of an insurance company is generally presumed to have acquired "control" of the insurer. This statutory presumption may be rebutted by a showing that control does not exist in fact. However, state insurance regulators may find that "control" exists in circumstances in which a person owns or controls, directly or indirectly, less than 10 percent of the voting securities. The laws and regulations regarding acquisitions of control may discourage potential acquisition proposals or may delay or prevent a change of control involving the Company, including through unsolicited transactions that some of our shareholders might consider desirable.

State insurance holding company system laws and regulations also regulate the payment of dividends or other payments by our insurance subsidiaries to parent companies. A state insurance regulator may prohibit a dividend payment if the regulator determines that such a payment could be adverse to an insurer's policyholders or contract holders. The ability of our U.S. based insurance subsidiaries to pay dividends is based on their financial statements that are prepared in accordance with statutory accounting practices prescribed or permitted by regulatory authorities, which differ from financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These regulations generally permit an insurer to pay a dividend from earned surplus without regulatory approval if the amount of the dividend, together with other dividends made within the preceding 12-month period, does not exceed the greater of (or in some states, the lesser of):

•    statutory net gain from operations or net income of such insurer for the prior calendar year; or

•    10 percent of such insurer's surplus as regards policyholders at the end of the preceding calendar year.

If an insurance company has negative earned surplus, any dividend payments require the prior approval of the company's domiciliary state regulator. In addition, the RBC and other capital requirements described below can also limit, in certain circumstances, the ability of our insurance subsidiaries to pay dividends.

In accordance with an order from the Florida Office of Insurance Regulation, Washington National Insurance Company ("Washington National") may not distribute funds to any affiliate or shareholder, except pursuant to agreements with affiliates that have been approved, without prior notice to the Florida Office of Insurance Regulation.

Long-Term Care Regulation

The NAIC has adopted model long-term care policy language providing nonforfeiture benefits, and in April 2022, the NAIC adopted the Long-Term Care Insurance Multistate Rate Review Framework. The Framework’s goal is to establish a consistent national approach to reviewing long-term care insurance rates in order to assist states in granting actuarially appropriate rate increases in a timely manner. As of December 2023, the NAIC Long-Term Care Insurance Task Force is monitoring and evaluating the progress of the rate review process, as outlined in the Framework. We are evaluating our participation in the multi-state review process for our filings requesting actuarially justified rate increases, as discussed below. In addition, various bills are introduced from time to time in the U.S. Congress which propose the implementation of certain minimum consumer protection standards in all long-term care policies, including guaranteed renewability, protection against inflation and limitations on waiting periods for pre-existing conditions. Federal legislation permits premiums paid for qualified long-term care insurance to be tax-deductible medical expenses and for benefits received on such policies to be excluded from taxable income.

Our insurance subsidiaries that write long-term care business have made insurance regulatory filings seeking actuarially justified rate increases on our long-term care policies. Most of our long-term care business is guaranteed renewable. If we are unable to raise our premium rates because we fail to obtain approval for actuarially justified rate increases in one or more states, our financial condition and results of operations could be adversely affected.

Surplus and Capital Requirements

Insurers are required to maintain their capital and surplus at or above minimum levels prescribed by the laws of their respective jurisdictions. Regulators generally have discretionary authority to limit or prohibit an insurer's sales to policyholders if the insurer has not maintained a minimum surplus or capital or if they find that the further transaction of business will be hazardous to policyholders.
21

Table of Contents

IRIS Ratios

The NAIC annually calculates certain statutory financial ratios for most insurance companies in the United States to assist state regulators in monitoring the financial condition of insurance companies. These calculations are known as the Insurance Regulatory Information System ("IRIS") ratios. There are 12 IRIS ratios for life insurers and each ratio has an established "usual range" of results as a benchmark. An insurance company may fall out of the usual range for one or more ratios because of specific transactions that are immaterial or are eliminated at the consolidated level. Generally, an insurance company will become subject to regulatory scrutiny if it falls outside the usual ranges of four or more of the ratios, and regulators may then act, if the company has insufficient capital, to constrain the company's underwriting capacity. In the past, variances in certain ratios of our insurance subsidiaries have resulted in inquiries from insurance departments, to which we have responded. These inquiries have not led to any restrictions affecting our operations.

Risk-Based Capital

The NAIC's RBC requirements provide a tool for insurance regulators to assess the level of risk inherent in an insurance company's business and determine whether an insurer has insufficient capital, which could lead to regulatory intervention. The basis of the system is a formula that applies prescribed factors to various risk elements in an insurer's business to report a minimum capital requirement proportional to the amount of risk assumed by the insurer. The life and health insurer RBC formula is designed to measure annually: (i) the risk of loss from asset defaults and asset value fluctuations; (ii) the risk of loss from adverse mortality and morbidity experience; (iii) the risk of loss from mismatching of assets and liability cash flow due to changing interest rates; and (iv) business risks.

The RBC requirements currently provide for a trend test if a company's total adjusted capital is between 100 percent and 150 percent of its RBC at the end of the year. The trend test calculates a margin, which is the excess of total adjusted capital over authorized control level RBC, for each of the current year, prior year, and third prior year. The trend test assumes that such decrease could occur again in the coming year. Any company whose trended total adjusted capital is less than 95 percent of its RBC would trigger a requirement to submit a comprehensive plan to the regulatory authority proposing corrective actions aimed at improving its capital position. The 2023 annual statutory financial statements of each of our U.S. based insurance subsidiaries reflect total adjusted capital in excess of the levels that would subject such subsidiaries to any regulatory action.

On August 13, 2023, the NAIC adopted a short-term solution related to the accounting treatment of an insurer’s negative interest maintenance reserve ("IMR") balance, which may occur when a rising interest rate environment causes an insurer’s IMR balance to become negative as a result of bond sales executed at a capital loss. The new interim statutory accounting guidance, which is effective until December 31, 2025, allows an insurer with an authorized control level RBC greater than 300% to admit negative IMR up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. The NAIC is developing a long-term solution for the accounting treatment of negative IMR even if interest rates shift.

The NAIC has undertaken a principles-based bond project, which includes consideration of factors to determine whether an investment in an asset-backed security qualifies for reporting on an insurer’s statutory financial statement as a bond on Schedule D-1 as opposed to Schedule BA (other long-term investment assets), the latter of which has a higher risk charge. The NAIC adopted a new, principles-based definition of a bond that will be effective in certain statutory accounting guidance as of January 1, 2025. This will result in new reporting and disclosure requirements and may lead to categorical changes in the regulatory reporting and RBC charges associated with these investments. The NAIC is also reviewing the RBC treatment of collateralized loan obligations ("CLOs"), as discussed below, and on August 16, 2023, the NAIC increased the RBC factor for structured security residual tranches from 30% to 45%, which will be effective for year-end 2024 RBC filings.

Although we are under no obligation to do so, we may elect to contribute additional capital or retain greater amounts of capital to strengthen the surplus of certain insurance subsidiaries. Any election to contribute or retain additional capital could impact the amounts our insurance subsidiaries pay as dividends to the holding company. The ability of our insurance subsidiaries to pay dividends is also impacted by various criteria established by rating agencies to maintain or receive higher ratings and by the capital levels that we target for our insurance subsidiaries.

Bermuda Regulations

In 2023, we formed CNO Bermuda Re, Ltd. ("CNO Bermuda Re"), a Bermuda exempted company, which is an indirect wholly owned subsidiary of CNO. CNO Bermuda Re is registered by and subject to the supervision of the Bermuda Monetary
22

Table of Contents
Authority (the "BMA") as a Class C insurer under the Bermuda Insurance Act 1978 and its related rules and regulations, each as amended (the "Insurance Act"). The Insurance Act imposes solvency and liquidity requirements as well as auditing and reporting requirements. The BMA measures an insurers risk and determines appropriate levels of capitalization by using a risk-based capital model called the Bermuda Solvency Capital Requirement ("BSCR"). The BSCR employs a standard mathematical model that correlates the risk underwritten by Bermuda insurers to their capital. We are currently completing the 2023 BSCR for CNO Bermuda Re and we believe we will exceed the BMA's target level of required statutory economic capital and surplus. The Insurance Act requires an insurer's statutory assets must exceed their statutory liabilities by an amount greater than or equal to their prescribed minimum solvency margin. The minimum solvency margin that must be maintained by a Class C insurer is the greater of: (i) $0.5 million; or (ii) 1.5 percent of assets; or (iii) 25 percent of its enhanced capital requirement ("ECR") as reported at the end of the relevant year.

A Class C insurer is also required to maintain available statutory economic capital and surplus at a level equal to or in excess of its ECR, which is established by reference to either the BSCR model or a Bermuda-approved internal capital model. The BSCR model is a risk-based capital model which provides a method for determining an insurer’s capital requirements (statutory economic capital and surplus) by taking into account the risk characteristics of different aspects of the Class C insurer’s business. The BSCR formula establishes capital requirements for certain categories of risk, including: fixed income investment risk, equity investment risk, long-term interest rate/liquidity risk, currency risk, concentration risk, credit risk, catastrophe risk, and operational risk. For each category, the capital requirement is determined by applying factors to asset, premium, reserve, creditor, probable maximum loss and operation items, with higher factors applied to items with greater underlying risk and lower factors for less risky items.

While not specifically referred to in the Insurance Act, the BMA has also established a target capital level ("TCL") for each insurer equal to 120 percent of its ECR. While qualifying insurers are not currently required to maintain its statutory capital and surplus at this level, the TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased regulatory oversight.

Regulation of Investments

Our insurance subsidiaries are subject to state laws and regulations that require diversification of their investment portfolios and limit the amount of investments in certain investment categories, such as below-investment grade bonds, ownership in joint venture interests in real estate and common stocks. Failure to comply with these laws and regulations would cause investments exceeding regulatory limitations to be treated as non-admitted assets for purposes of measuring statutory surplus, and, in some instances, would require divestiture of such non-qualifying investments. The investments made by our insurance subsidiaries complied in all material respects with such investment regulations as of December 31, 2023.

The NAIC is focused on enhancing regulatory oversight of insurers' investments in complex assets, such as leveraged loans and CLOs. Under the NAIC’s amended Purposes and Procedures Manual, the NAIC’s Structured Securities Group ("SSG") will assign risk weights to CLOs based on its own modeling, as opposed to credit ratings. The SSG will model CLO investments and evaluate tranche level losses across all debt and equity tranches under a series of calibrated and weighted collateral stress scenarios to assign NAIC designations. The goal is to ensure that the aggregate RBC factor for owning all tranches of a CLO is the same as that required for owning all of the underlying loan collateral, in order to avoid RBC arbitrage. Insurers must begin reporting the financially modeled NAIC designations for CLOs with their year-end 2024 financial statement filings. It is possible that the NAIC may propose new regulations or changes to statutory accounting principles regarding CLOs.

Privacy and Cybersecurity Regulation

Federal and state laws and regulations require financial institutions to protect the security and confidentiality of personal information, including health-related and customer information, and to notify customers and other individuals about their policies and practices relating to their collection, use, maintenance, disclosure and destruction of such information and their practices relating to protecting the security, confidentiality, integrity, and availability of that information. State laws regulate the use and disclosure of personal information, such as social security numbers and other identifiers, and federal and state laws require notice to affected individuals, law enforcement, regulators and others if there is a breach of the security of certain personal information, including social security numbers, financial information, and other identifiers. Federal and state laws and regulations regulate the ability of financial institutions to make telemarketing calls and to send unsolicited e-mail, or fax messages to consumers and customers. The United States Department of Health and Human Services has issued regulations under the Health Insurance Portability and Accountability Act, as amended, relating to standardized electronic transaction
23

Table of Contents
formats, code sets, the privacy of member health information, and the implementation of data security controls to safeguard electronic protected health information.

Further, numerous state regulatory bodies are focused on security and privacy requirements for companies that collect personal information and various state legislatures have proposed and enacted legislation and regulations regarding data protection standards and protocols, and the area of cybersecurity has also come under increased scrutiny by state insurance regulators. For example, the New York State Department of Financial Services' ("NYDFS") cybersecurity regulation applies to banking and insurance entities under its jurisdiction, such as Bankers Conseco Life Insurance Company. The regulation requires a company's cybersecurity program to include robust controls regarding: access privileges, application security, policies and procedures for the disposal of nonpublic information, regular cybersecurity awareness training, encryption of nonpublic information, third-party due diligence and an incident response plan. Companies subject to the regulation must also implement and maintain written policies approved by a senior officer of the company to protect its information systems and nonpublic information, appoint a chief information security officer and perform periodic risk assessments.

On November 1, 2023, the NYDFS adopted amendments to the regulation which include significant changes, such as: (i) implementing additional governance and oversight measures, including that a senior governing body (e.g., the board of directors) must have sufficient understanding of cybersecurity-related matters and regularly review management reports about cybersecurity matters; (ii) expanding the types of cybersecurity events that require timely notification to the NYDFS; and (iii) requiring enhancements to a covered entity's written policies and procedures related to remote access, vulnerability management, data retention and access privileges. General compliance is required within 180 days (or April 29, 2024), with certain provisions subject to other transition dates. We cannot predict what effect the amended regulation will have on our business or compliance efforts. We are required to file an annual Certification of Compliance with the NYDFS regarding our cybersecurity program.

The NAIC's Insurance Data Security Model Law applies to entities licensed under the relevant state's insurance laws. The model law requires such entities to establish standards for data security and the investigation of and notification to insurance commissioners of cybersecurity events involving unauthorized access to, or the misuse of, certain nonpublic information. The model law imposes significant regulatory burdens intended to protect the confidentiality, integrity and availability of information systems and the non-public information stored thereon. Several states have adopted the model law (or a form thereof), including Indiana and Pennsylvania. We are also required to file an annual Certificate of Compliance with the Indiana Department of Insurance, unless any of the exemption criteria in the model law are met.

In addition, certain state legislatures have adopted or are actively considering general consumer privacy legislation that may apply to us. For example, in 2018, California enacted the California Consumer Privacy Act ("CCPA"), which became effective January 1, 2020. CCPA provides for enhanced privacy rights for consumers in California, including the right to know what personal information a business has collected and/or shared with third parties, the right to delete personal information held by a business, and the right to limit certain processing or use of such information. CCPA provides for a private right of action with potentially significant statutory damages, whereby a business that fails to implement reasonable security measures to protect against breaches of personal information could be liable to affected consumers. Certain data processing which is otherwise regulated, including under the Gramm-Leach-Bliley Act ("GLBA"), is excluded from the CCPA; however, this is not an entity-wide exclusion. The California Privacy Rights Act, which established the California Privacy Protection Agency, amended the CCPA to include new rights to consumers and came into effect on January 1, 2023. Various other U.S. states have enacted or are considering comprehensive privacy laws that adopt similar approaches to the collection, use, and sharing of personal information from state residents, but many include broader, entity-wide exemptions for organizations that conduct data processing subject to GLBA.

The NAIC's Privacy Protections (H) Working Group ("PPWG") is currently working on the creation of a new model to replace the existing privacy models #670 (Insurance Information and Privacy Protections Model Act) and #672 (Privacy of Consumer Financial and Health Information Regulation) rather than to update them. The draft of the new model #674 (Consumer Privacy Protections and Model Law) was exposed for comment in July 2023. Due to the large number of comments received, the PPWG was granted an extension of time to develop the new model law and present it for approval at the NAIC's Fall National Meeting in November 2024.

These statutes, and any corresponding regulations adopted thereunder, affect our administration, marketing and sale of our products, and how we collect, store, use and disseminate personal information. Federal and state lawmakers and regulatory bodies may consider additional or more detailed regulation regarding these subjects and the privacy and security of personal information.
24

Table of Contents
Innovation and Technology

As a result of increased innovation and technology in the insurance sector, the NAIC and insurance regulators are focused on the use of "big data" techniques, such as the use of artificial intelligence, machine learning and automated decision-making. In December 2023, the NAIC's Innovation, Cybersecurity and Technology (H) Committee (the "(H) Committee") adopted the Model Bulletin on the Use of Artificial Intelligence Systems by Insurers (the "AI Bulletin") after exposing a draft for comment. The AI Bulletin sets forth insurance regulators' expectations as to how insurers should govern the development, acquisition and use of artificial intelligence technologies, as well as the types of information that regulators may request during an investigation or examination of an insurer in regard to artificial intelligence systems. The (H) Committee has formed the Third Party Data and Models (H) Task Force that is charged with creating a regulatory framework for the oversight of insurers’ use of third-party data and predictive models.

Further, the NAIC and state insurance regulators have been focused on addressing unfair discrimination in the use of consumer data and technology, and some states have passed laws targeting unfair discrimination practices. For instance, in 2021, Colorado enacted a law which prohibits insurers from using external consumer data and information sources ("ECDIS"), as well as algorithms or predictive models that use ECDIS, in a way that unfairly discriminates based on race, color, national or ethnic origin, religion, sex, sexual orientation, disability, gender identity or gender expression. In August 2023, the Colorado Insurance Commissioner adopted the first regulation under the 2021 law, effective on November 14, 2023, requiring life insurers to adopt a governance and risk management framework – including board oversight and broad documentation requirements – for the use of artificial intelligence, machine learning and other technologies that utilize "external consumer data." It is expected that the Colorado Insurance Commissioner will also promulgate governance and testing regulations for other lines of insurance.

We expect big data to remain an important issue for the NAIC and state insurance regulators. We cannot predict which regulators will adopt the AI Bulletin, or what, if any, changes to laws or regulations may be enacted with regard to "big data" or artificial intelligence technologies.

Federal Initiatives

The U.S. federal government does not directly regulate the business of insurance, although the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") generally provides for enhanced federal supervision of financial institutions, including insurance companies in certain circumstances, and financial activities that represent a systemic risk to financial stability or the U.S. economy. The Dodd-Frank Act created the Federal Insurance Office ("FIO") within the U.S. Treasury Department to monitor all aspects of the insurance industry. Its authority extends to most lines of insurance written by our insurance subsidiaries, although the FIO is not empowered with any direct regulatory authority over insurers.

The Dodd-Frank Act also established the Financial Stability Oversight Council ("FSOC"), which has the ability to designate certain non-bank financial institutions, including insurers, as systemically significant (a "SIFI") if the FSOC determines that financial distress at the company could pose a threat to U.S. financial stability. Such a designation which would subject a non-bank SIFI to supervision and heightened prudential standards by the Federal Reserve. In November 2023, the FSOC adopted guidance that establishes a new process for designating certain non-bank financial companies as non-bank SIFIs. Under the new guidance, the FSOC is no longer required to conduct a cost-benefit analysis and an assessment of the likelihood of a non-bank financial company’s material financial distress before considering the designation of the company. The revised process could have the effect of simplifying and shortening FSOC's procedures for designating certain financial companies as non-bank SIFIs.

The Dodd-Frank Act also provides for the preemption of state laws when they are inconsistent with covered agreements with non-U.S. governments or regulatory authorities, and the Dodd-Frank Act streamlines the state-level regulation of reinsurance and surplus lines insurance. In addition, under certain circumstances, the FDIC can assume the role of a state insurance regulator and initiate liquidation proceedings under state law.

The USA PATRIOT Act of 2001 seeks to promote cooperation among financial institutions, regulators and law enforcement entities in identifying parties that may be involved in terrorism, money laundering or other illegal activities. CNO and its insurance subsidiaries support these goals by having adopted anti-money laundering ("AML") programs that include policies, procedures and controls to detect and prevent money laundering, designate compliance officers to oversee the programs, provide for on-going employee training and ensure periodic independent testing of the programs. CNO's and the
25

Table of Contents
insurance subsidiaries' AML programs also establish and enforce customer identification programs and provide for the monitoring and the reporting to the Department of the Treasury of certain suspicious transactions.

Federal legislation and administrative policies in other areas, including employee benefit plan and individual retirement account ("IRA") regulation, could also impact the insurance industry. In that regard, the U.S. Department of Labor ("DOL") issued a new class exemption ("PTE"), which became effective as of February 16, 2021, that applies to investment advice to retirement and welfare plans subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and IRAs, as well as fiduciary recommendations relating to rollovers from retirement plans subject to ERISA to IRAs and plan-to-plan rollovers. The PTE sets forth the conditions under which compensation paid (including, third party payments) for investment advice provided to ERISA retirement and welfare plans and IRAs can be exempted from the prohibited transaction provisions under ERISA and the Internal Revenue Code (the "Code"). The PTE's conditions include impartial conduct standards, disclosure, written policies and procedures, an annual compliance review and certification, and recordkeeping requirements. On October 31, 2023, the DOL proposed an amendment to the definition of "fiduciary" for purposes of the ERISA and parallel provisions of the Code when a financial professional, including an insurance producer, provides investment advice, and to amend various existing prohibited transaction exemptions that financial professionals rely on when making recommendations.

Investment Adviser and Broker/Dealer Regulations

The asset management activities of 40|86 Advisors and our other investment advisory subsidiary are subject to various federal and state securities laws and regulations. The SEC is the principal regulator of our asset management operations.

We have a broker/dealer subsidiary that is registered under the Securities Exchange Act of 1934 and is subject to federal and state regulation, including, but not limited to, the Financial Industry Regulatory Authority ("FINRA"). Agents and employees registered or associated with our broker/dealer subsidiary are subject to the Securities Exchange Act of 1934 and to examination requirements and regulation by the SEC, FINRA and state securities commissioners. The SEC and other governmental agencies, as well as state securities commissions in the United States, have the power to conduct administrative proceedings that can result in censure, fines, the issuance of cease-and-desist orders or suspension and termination or limitation of the activities of the regulated entity or its employees.

Numerous regulatory bodies are focused on enacting regulations requiring investment advisers, broker/dealers and/or agents to meet a higher standard of care when providing advice to their clients and to provide enhanced disclosure of conflicts of interest. For example, the SEC's Regulation Best Interest ("Reg BI") enhances the broker/dealer standard of conduct beyond existing suitability obligations and requires broker/dealers to act in the best interest of the customer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. In addition, the new Form CRS Relationship Summary requires registered investment advisers and broker/dealers to provide retail investors with simple, easy-to-understand information about the nature of their relationship with their financial professional. In addition to the SEC rules, the NAIC and several states have proposed and/or enacted laws and regulations requiring insurance producers to disclose conflicts of interest to clients and/or to meet a best interest standard of care when providing recommendations or advice to their clients. In January 2020, the NAIC revised the Suitability in Annuity Transactions Model Regulation to apply a "best interest" standard for the sale of annuities. The amended model regulation has been adopted by three of our insurance subsidiaries' domiciliary states and a proposed amendment is pending in another domiciliary state. In New York, the NYDFS amended Regulation – Suitability and Best Interests in Life Insurance and Annuity Transactions to add a "best interest" standard for recommendations regarding the sale of life insurance and annuity products in New York. The amendment was challenged in litigation by a number of producer trade groups but was ultimately upheld by the New York State Court of Appeals (New York's highest appellate court) on October 20, 2022. The North American Securities Administrators Association ("NASAA") has proposed a model rule regarding broker-dealer conduct that states might seek to adopt and that is intended to incorporate the core principles of and definitions from Reg BI and SEC guidance into NASAA's existing broker-dealer conduct model rule, define these principles and their components for purposes of state law, and make other changes consistent with Reg BI.

On July 26, 2023, the SEC proposed rules that, if adopted, would require a broker/dealer or investment adviser, when using a covered technology in a retail investor interaction (i.e., to engage or communicate with a retail investor), to eliminate or neutralize any conflict of interest that results in an investor interaction that places the interest of the broker/dealer or investment adviser ahead of the retail investors interests.

Changes to the marketing requirements for registered investment advisers were adopted in December 2020 and became effective in November 2022. The changes amend existing Rule 206(4)-1 under the Investment Advisers Act and incorporate
26

Table of Contents
aspects of Investment Advisers Act Rule 206(4)-3, which the SEC simultaneously rescinded in its entirety. The amended rules impose a number of new requirements that will affect marketing of certain advisory products, including, in particular, private funds. Our wholly-owned registered investment advisers have updated their policies and procedures for the amended rule.

Climate Change and Financial Risks

Climate risk has come under increased scrutiny by insurance regulators and other regulatory agencies. In New York, the NYDFS expects foreign authorized insurers to integrate financial risks related to climate change into their governance frameworks, risk management processes and business strategies. The NYDFS issued guidance for New York domestic insurers, such as Bankers Conseco Life Insurance Company, stating that they are expected to manage climate risks by outlining actions that are proportionate to the nature, scale and complexity of their businesses. For instance, such insurers should incorporate climate risk into their financial risk management (e.g., a company's ORSA should address climate risk). New York domestic insurers have implemented certain corporate governance changes and developed plans to implement organizational structure changes (e.g., clearly defining roles and responsibilities related to managing climate risk). With respect to the NYDFS' more complex expectations (e.g., using scenario analysis when developing business strategies), it will issue additional guidance on the implementation timelines. The board of directors of Bankers Conseco Life Insurance Company approved a Climate Risk Policy in June 2022.

The NYDFS also amended the regulation that governs enterprise risk management, effective as of August 13, 2021, to require an insurance group's enterprise risk management function to address certain additional risks, including climate change risk. In our most recent ORSA report filed with the NYDFS and our lead state regulator, we included enhanced disclosure on the management of climate risk.

The NAIC is seeking to address climate-related risks through three areas of insurance regulation: financial risk analysis; insurance market availability and affordability; and consumer education and outreach. In 2022, the NAIC adopted a new standard for insurance companies to report their climate-related risks as part of its annual Climate Risk Disclosure Survey, which applies to insurers that meet the reporting threshold of $100 million in countrywide direct premium and are licensed in one of the participating jurisdictions. The new disclosure standard is aligned with the international Task Force on Climate-Related Financial Disclosures' (TCFD) framework for reporting climate-related financial information, which represents the international benchmark for this type of disclosure.

In addition, the FIO is assessing how the insurance sector may mitigate climate risks and help achieve national climate-related goals pursuant to its authority under the Dodd-Frank Act, as discussed above. In June 2023, the FIO released a report titled, Insurance Supervision and Regulation of Climate-Related Risks, which evaluates climate-related issues and gaps in insurer regulation. The report urges insurance regulators to adopt climate-related risk-monitoring guidance in order to enhance their regulation and supervision of insurers. No data has been requested from the life and health insurance industry.

On March 21, 2022, the SEC proposed rules requiring SEC-registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements. The proposal sets forth proposed rules for disclosure of climate-related risks, material impacts, governance, risk management, financial statement metrics, greenhouse gas emissions, attestation of emissions disclosures, and targets and goals. Such regulations will be adopted by the Company when applicable.

On May 25, 2022, the SEC proposed rules requiring registered investment companies, business development companies, and registered and certain unregistered investment advisers to disclose in their fund prospectuses, annual reports and Form ADV information about how funds and advisers incorporate environmental, social and governance factors into their investment strategies.

Diversity and Corporate Governance

Insurance regulators are also focused on the topic of race, diversity and inclusion. In New York, the NYDFS issued a circular letter in 2021 stating that it expects the insurers it regulates, such as Bankers Conseco Life Insurance Company, to make diversity of their leadership a business priority and a key element of their corporate governance. The NAIC's Special (EX) Committee on Race and Insurance is examining practices in the insurance industry in order to determine how barriers are created that disadvantage or discriminate against people of color or historically underrepresented groups. NAIC goals include improving access to different types of insurance products in minority communities, addressing issues related to affordability, and providing guidance to regulators on ways to improve insurance access and the understanding of insurance in underserved communities.
27

Table of Contents

FEDERAL INCOME TAXATION

Our annuity and life insurance products generally provide policyholders with an income tax advantage, as compared to other savings investments such as certificates of deposit and bonds, because taxes on the increase in value of the products are deferred until received by policyholders. With other savings investments, the increase in value is generally taxed as earned. Annuity benefits and life insurance benefits, which accrue prior to the death of the policyholder, are generally not taxable until paid. Life insurance death benefits are generally exempt from income tax. Also, benefits received on immediate annuities (other than structured settlements) are recognized as taxable income ratably, as opposed to the methods used for some other investments which tend to accelerate taxable income into earlier years. The tax advantage for annuities and life insurance is provided in the Code and is generally followed in all states and other United States taxing jurisdictions.

Congress has considered, from time to time, possible changes to the U.S. tax laws, including elimination of the tax deferral on the accretion of value of certain annuities and life insurance products. It is possible that further tax legislation will be enacted which would contain provisions with possible adverse effects on our annuity and life insurance products.

Our U.S. based insurance company subsidiaries are taxed under the life insurance company provisions of the Code. Provisions in the Code require a portion of the expenses incurred in selling insurance products to be deducted over a period of years, as opposed to immediate deduction in the year incurred. This provision increases the tax for statutory accounting purposes, which reduces statutory earnings and surplus and, accordingly, decreases the amount of cash dividends that may be paid by the life insurance subsidiaries.

Our income tax expense includes deferred income taxes arising from temporary differences between the financial reporting and tax bases of assets and liabilities, capital loss carryforwards and net operating loss carryforwards ("NOLs"). In evaluating our deferred tax assets, we consider whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of our deferred tax assets depends upon generating future taxable income during the periods in which our temporary differences become deductible and before our NOLs expire. In addition, the use of our NOLs is dependent, in part, on whether the Internal Revenue Service ultimately agrees with the tax positions we have taken in previously filed tax returns and that we plan to take in future tax returns. Accordingly, with respect to our deferred tax assets, we assess the need for a valuation allowance on an ongoing basis.

On August 16, 2022, President Biden signed the Inflation Reduction Act into law which introduces a 15% minimum tax based on financial statement income which is not currently expected to have a significant impact on CNO. The Inflation Reduction Act also introduces a 1% excise tax on share buybacks, effective for tax years beginning in 2023. We continue to monitor developments and regulations associated with the Inflation Reduction Act for any potential future impacts on our business, results of operations and financial condition.

The SECURE 2.0 Act of 2022 ("SECURE 2.0"), signed into law on December 29, 2022, makes significant changes to existing law for retirement plans by building upon provisions in the Setting Every Community Up for Retirement Enhancement Act of 2019. SECURE 2.0 introduces new requirements and considerations for plan sponsors that are intended to expand coverage, increase savings, preserve income, and simplify plan rules and administrative procedures. Among other provisions, SECURE 2.0 directs the DOL to review its current interpretive bulletin regarding ERISA plan sponsors' selection of annuity providers for purposes of transferring plan sponsor benefit plan liability to such annuity providers. Such review could result in the DOL's imposition of new or different requirements on plan sponsors or on annuity providers or could make such selection process more difficult for the parties involved.
28

Table of Contents
ITEM 1A.    RISK FACTORS.

CNO and its businesses are subject to a number of risks including general business and financial risk. Any or all of such risks could have a material adverse effect on the business, financial condition or results of operations of CNO. In addition, please refer to the "Cautionary Statement Regarding Forward-Looking Statements" section of this Form 10-K.

Economic Conditions, Market Conditions and Investments:

There are risks to our business associated with broad economic conditions.

General factors such as the availability of credit, consumer spending, business investment, capital market conditions and inflation affect our business. One threat facing the U.S. economy is the continued disagreement over the federal debt limit and other budget questions. Failure to resolve these issues in a timely manner could result in a government shutdown, an erratic reduction in government spending or a default on government debt, which could impact market liquidity, result in increased market volatility and reduced economic activity. In an economic downturn, higher unemployment, lower family income, lower corporate earnings, lower business investment and lower consumer spending may depress the demand for life insurance, annuities and other insurance products. In addition, this type of economic environment may result in higher lapses or surrenders of policies.

Our business is exposed to the performance of the debt and equity markets. Adverse market conditions can affect the liquidity and value of our investments. The manner in which debt and equity market performance and changes in interest rates have affected, and will continue to affect, our business, financial condition, growth and profitability include, but are not limited to, the following:

The value of our investment portfolio has been materially affected in the past by changes in market conditions which resulted in substantial changes in realized and/or unrealized losses. Future adverse capital market conditions could result in additional realized and/or unrealized losses.

Changes in interest rates also affect our investment portfolio. In periods of increasing interest rates, life insurance policy loans, surrenders and withdrawals could increase as policyholders seek higher returns. This could require us to sell invested assets at a time when their prices may be depressed by the increase in interest rates, which could cause us to realize investment losses. Conversely, during periods of declining interest rates, we could experience increased premium payments on products with flexible premium features, repayment of policy loans and increased percentages of policies remaining inforce. We could obtain lower returns on investments made with these cash flows. In addition, prepayment rates on investments may increase so that we might have to reinvest those proceeds in lower-yielding investments. As a consequence of these factors, we could experience a decrease in the spread between the returns on our investment portfolio and amounts to be credited to policyholders and contractholders, which could adversely affect our profitability.

The attractiveness of certain of our insurance products may decrease because they are linked to the equity markets and/or assessments of our financial strength, resulting in lower profits. Increasing consumer concerns about the returns and features of our insurance products or our financial strength may cause existing customers to surrender policies or withdraw assets, and diminish our ability to sell policies and attract assets from new and existing customers, which would result in lower sales and fee revenues.

Inflation levels could have adverse consequences for us, the insurance industry and the U.S. economy
generally.

The U.S. economy has been experiencing the persistence of inflation, which creates a heightened level of risk for us, the insurance industry and the U.S. economy generally. Rising inflation may impact the sales and persistency of our insurance products, the reliability of our loss reserve estimates and our ability to accurately price insurance products, and may create additional volatility in the fair value of our investments. A portion of our insurance policy benefits may be affected by increased medical coverage costs and various operating expenses including payroll have already been affected. Additionally, regulatory agencies, such as various state departments of insurance, the U.S. government and Federal Reserve may be slow to approve rate changes or adopt measures to attempt to control inflation, which could affect our ability to generate profits and cash flow. There can be no assurance that inflation rates will not continue to escalate in the future or that measures adopted or that may be adopted by the U.S. government or the Federal Reserve to control inflation will be effective or successful. Continuing significant inflation could have a prolonged effect on the insurance industry and U.S. economy and could in turn negatively affect our business, financial condition and results of operations.
29

Table of Contents
A return to a prolonged low interest rate environment may negatively impact our results of operations, financial position and cash flows.

Some of our products, principally traditional whole life, universal life, fixed rate and fixed indexed annuity contracts, expose us to the risk that low interest rates will reduce our spread (the difference between the amounts that we are required to pay under the contracts and the investment income we are able to earn on the investments supporting our obligations under the contracts). Our spread, which is a component of product margin, provides a key contribution to our net income. Investment income is also an important component of the profitability of our health products, especially long-term care and supplemental health policies. In addition, interest rates impact the liability for the benefits we provide under our agent deferred compensation plan (as it is our policy to immediately recognize changes in assumptions used to determine this liability).

Interest rates in 2023 and 2022 were higher than the historically low interest rates experienced prior to 2022. If interest rates were to return to low levels for an extended period of time, we may have to invest new cash flows or reinvest proceeds from investments that have matured or have been prepaid or sold at yields that have the effect of reducing our net investment income as well as the spread between interest earned on investments and interest credited to some of our products below present or planned levels. To the extent prepayment rates on fixed maturity investments or mortgage loans in our investment portfolio exceed our assumptions, this could increase the impact of this risk. We can lower crediting rates on certain products to offset the decrease in investment yield. However, our ability to lower these rates may be limited by: (i) contractually guaranteed minimum rates; or (ii) competition. In addition, a decrease in crediting rates may not match the timing or magnitude of changes in investment yields. Currently, approximately 64 percent of our fixed interest annuities and 36 percent of our universal life products with contractually guaranteed minimum rates have crediting rates set at the minimum rate. As a result, in a low interest rate environment, reinvestment risk can place pressure on insurance product margins resulting in lower earnings.

Our fixed indexed annuity products provide a guaranteed minimum rate of return and a higher potential return that is based on a percentage (the "participation rate") of the amount of increase in the value of a particular index, such as the Standard & Poor's 500 Index, over a specified period. We are generally able to change the participation rate at the beginning of each index period (typically on each policy anniversary date), subject to contractual minimums. At December 31, 2023, $0.7 billion of the indexed account values of the fixed indexed annuities were at contractual minimum participation rates and $0.4 billion of the fixed fund values of the fixed indexed annuities were at contractual minimum guaranteed crediting rates.

During periods of declining or low interest rates, life and annuity products may be relatively more attractive to consumers, resulting in increased premium payments on products with flexible premium features, repayment of policy loans and increased persistency (a higher percentage of insurance policies remaining in force from year-to-year).

Our expectation of future investment income is an important consideration in determining the adequacy of our liabilities for insurance products. Expectations of lower future investment earnings may require us to establish additional liabilities for insurance products, thereby reducing net income in future periods.

Major public health issues could have an adverse impact on our financial condition, results of operations, liquidity, cash flows and other aspects of our business.

Our operations are exposed to the risk of major health pandemics, epidemics or outbreaks. For example, the COVID-19 pandemic significantly impacted the U.S. and global economy, created significant volatility and periods of disruption in the capital markets and resulted in some unfavorable impacts to our business, as well as the overall industry. The extent to which major health issues impact our business, results of operations or financial condition depends on future developments which are highly uncertain and cannot be predicted, including but not limited to: (i) new viruses or virus mutations; (ii) the efficacy of vaccines and other medical inventions; (iii) premature mortality impacts on our claim experience; (iv) responses by government authorities, including potential changes in monetary policy enacted by the Federal Reserve and potential fiscal stimulus measures implemented by the federal government; and (v) responses in behavior by policyholders, businesses and the population more generally.

Our investment portfolio may be adversely affected as a result of any delays or failures of borrowers to make payments of principal and interest when due or delays or moratoriums on foreclosures, enforcement actions with respect to delinquent or defaulted mortgages imposed by governmental authorities or the failure of tenants to pay rent or tenants' demands for lease modifications. Further, severe market volatility may leave us unable to react to market events in a prudent manner consistent with our historical investment practices. Market dislocations, decreases in observable market activity or unavailability of information, in each case, arising from major public health issues may impact the key inputs used to derive certain estimates and assumptions made in connection with financial reporting or otherwise.
30

Table of Contents
Any uncertainty as a result of any of these events may require us to change our estimates, assumptions, models or reserves. Refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations - Comprehensive Annual Actuarial Review" for further information related to changes in certain actuarial assumptions and their impact on our operating results in 2023.

Our investment portfolio is subject to several risks that may diminish the value of our invested assets and negatively impact our profitability, our financial condition and our liquidity.

The performance of our investment portfolio depends in part upon the level of and changes in interest rates, risk spreads, real estate values, equity market values, market volatility, the performance of the economy in general, the policies adopted by the Federal Reserve, the performance of the specific obligors included in our portfolio and other factors that are beyond our control. Changes in these factors can affect our net investment income in any period, and such changes can be substantial. These factors include, but are not limited to, the following: (i) changes in interest rates and credit spreads, which can reduce the value of our investments; (ii) changes in patterns of relative liquidity in the capital markets for various asset classes; (iii) changes in the perceived or actual ability of issuers to make timely repayments, which can reduce the value of our investments; (iv) changes in the estimated timing of receipt of cash flows; and (v) changes in mortgage delinquency or recovery rates, declining real estate prices, challenges to the validity of foreclosures and the quality of service provided by service providers on securities in our portfolios. These risks are significantly greater with respect to below-investment grade securities and alternative investments, which comprised 4.7 percent and 2.5 percent of our total investments as of December 31, 2023. Our structured securities (as defined below), which comprised 31.7 percent of our available for sale fixed maturity investments at December 31, 2023, are generally subject to variable prepayment on the assets underlying such securities, such as mortgage loans. When asset-backed securities, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, CLOs and commercial mortgage-backed securities, (collectively referred to as "structured securities") prepay faster than expected, investment income may be adversely affected due to the acceleration of the amortization of purchase premiums or the inability to reinvest at comparable yields in lower interest rate environments.

We use derivatives in an effort to hedge higher potential returns to our fixed indexed annuity policyholders based on the increase in the value of a particular index. For derivative positions we hold that are in-the-money, we are exposed to credit risk in the event of default of our counterparty.

In addition, our investment borrowings from the Federal Home Loan Bank ("FHLB") are secured by collateral, the fair value of which can be significantly impacted by general market conditions. If the fair value of pledged collateral falls below specific levels, we would be required to pledge additional eligible collateral or repay all or a portion of the investment borrowings.

The concentration of our investment portfolio in any particular industry, group of related industries, asset classes (such as residential mortgage-backed securities and other asset-backed securities), or geographic area could have an adverse effect on our results of operations and financial position. While we seek to mitigate this risk by having a broadly diversified portfolio, events or developments that have a correlated negative impact on any particular industry, group of related industries or geographic area may have an adverse effect on the investment portfolio.

Because a substantial portion of our operating results are derived from returns on our investment portfolio, significant losses in the portfolio may have a direct and materially adverse impact on our results of operations. In addition, losses on our investment portfolio could reduce the investment returns that we are able to credit to our customers of certain products, thereby impacting our sales and eroding our financial performance. Investment losses may also reduce the capital of our insurance subsidiaries, which may cause us to make additional capital contributions to those subsidiaries or may limit the ability of our insurance subsidiaries to make dividend payments to CNO.

On December 13, 2023, the SEC adopted rules to require covered clearing agencies to adopt policies and procedures reasonably designed to require every direct participant of the agency to submit for clearing eligible secondary market transactions in U.S. Treasury securities, which will effectively require those participants to clear eligible cash transactions in U.S. Treasury securities by December 31, 2025, and eligible repurchase transactions in U.S. Treasury securities by June 30, 2026. Uncertainty remains regarding potential impact of the rule. However, the rule could increase costs of trading in U.S. Treasuries or potentially negatively affect market liquidity.


31

Table of Contents
The determination of the allowance for credit losses related to our investments is highly subjective and could have a material adverse effect on our operating results and financial condition.

The determination of the amount of allowances and impairments varies by investment type and is based upon our periodic evaluation and assessment of known and inherent risks associated with the respective asset class. Such evaluations and assessments require significant judgment and are revised as conditions change and new information becomes available. Additional impairments may need to be taken or allowances provided for in the future, and the ultimate loss may exceed our current loss estimates.

The determination of fair value of our fixed maturity securities results in unrealized investment gains and losses and is, in some cases, highly subjective and could materially impact our operating results and financial condition.

In determining fair value, we generally utilize market transaction data for the same or similar instruments. The degree of management judgment involved in determining fair values is inversely related to the availability of market observable information. Since significant observable market inputs are not available for certain securities, it may be difficult to value them. The fair value of financial assets and financial liabilities may differ from the amount actually received to sell an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. Moreover, the use of different valuation assumptions may have a material effect on the fair values of the financial assets and financial liabilities. During periods of market disruption, it may be difficult to value certain securities if trading becomes less frequent and/or market data becomes less observable. There may be certain asset classes that were in active markets with significant observable data that become illiquid due to the current financial environment. In such cases, the valuation process may require more subjectivity and management judgment. Rapidly changing market conditions could materially impact the valuation of securities and the period-to-period changes in value could vary significantly.

Insurance Risk:

The results of operations of our insurance business will decline if our premium rates are not adequate or if we are unable to increase rates.

We set the premium rates on our policies based on facts and circumstances known at the time we issue the policies and on assumptions about numerous variables, including but not limited to, the actuarial probability of a policyholder incurring a claim, the probable size of the claim, maintenance costs to administer the policies and the interest rate earned on our investment of premiums. In setting premium rates, we consider historical claims information, industry statistics, the rates of our competitors and other factors, but we cannot predict with certainty the future actual claims on our products. If our actual claims experience proves to be less favorable than we assumed and we are unable to raise our premium rates to the extent necessary to offset the unfavorable claims experience, our financial results will be adversely affected.

We review the adequacy of our premium rates regularly and file proposed rate increases on our health insurance products when we believe existing premium rates are too low. It is possible that we will not be able to obtain approval for premium rate increases from currently pending or future requests. If we are unable to raise our premium rates because we fail to obtain approval in one or more states, our financial results will be adversely affected. Moreover, in some instances, our ability to exit unprofitable lines of business is limited by the guaranteed renewal feature of most of our insurance policies. Due to this feature, we cannot exit such lines of business without regulatory approval, and accordingly, we may be required to continue to service those products at a loss for an extended period of time.

If we are successful in obtaining regulatory approval to raise premium rates, the increased premium rates may reduce the volume of our new sales and cause existing policyholders to allow their policies to lapse. This could result in a significantly higher ratio of claim costs to premiums if healthier policyholders allow their policies to lapse, while policies of less healthy policyholders continue inforce. This would reduce our premium income and profitability in future periods.

Our business, financial condition, results of operations, liquidity and cash flows depend on the accuracy of our models and assumptions, and we could experience significant gains or losses if the models and assumptions differ significantly from actual results.

We make and rely on numerous assumptions related to our business which are used to make decisions crucial to our operations. Differences between actual experience and the assumptions in our models could materially and adversely affect our business, financial condition, results of operations, liquidity and cash flows. In addition, there is a greater risk related to our
32

Table of Contents
modeling due to accounting changes, such as the new guidance related to targeted improvements to the accounting for long-duration insurance contracts which became effective on January 1, 2023.

Our reserves for future insurance policy benefits and claims may prove to be inadequate, requiring us to increase liabilities which results in reduced net income and shareholders' equity.

Liabilities for insurance products are calculated based on numerous assumptions including, but not limited to, investment yields, mortality, morbidity, withdrawals, lapses, cash flow assumptions and discount rates. Such assumptions are based on our experience, and in cases of limited experience, industry experience. Such assumptions also consider future expectations in policyholder behavior that may vary from past experience.

Many factors can affect these reserves and liabilities, such as economic and social conditions, inflation, hospital and pharmaceutical costs, changes in life expectancy, regulatory actions, changes in doctrines of legal liability and extra-contractual damage awards. Therefore, the reserves and liabilities we establish are necessarily based on estimates, assumptions, industry data and prior years' statistics. Our financial performance depends significantly upon the extent to which our actual claims experience and future expenses are consistent with the assumptions we used in setting our reserves. If our future claims are higher than our assumptions, and our reserves prove to be insufficient to cover our actual losses and expenses, we would be required to increase our liabilities, and this could have a material adverse effect on our results of operations and financial condition.

Our operating results may suffer if policyholder surrender levels differ significantly from our assumptions.

Surrenders of our annuities and life insurance products can result in losses and decreased revenues if surrender levels differ significantly from assumed levels. At December 31, 2023, approximately $4.4 billion of our total insurance liabilities could be surrendered by the policyholder without penalty. The surrender charges that are imposed on our fixed rate annuities typically decline during a penalty period, which ranges from five to twelve years after the date the policy is issued. Surrender charges are eliminated after the penalty period. Surrenders and other policy withdrawals could require us to dispose of assets earlier than we had planned, possibly at a loss. Moreover, surrenders and other policy withdrawals require faster amortization of deferred acquisition costs associated with the original sale of a product, thus reducing our net income. We believe policyholders are generally more likely to surrender their policies if they believe the issuer is having financial difficulties, or if they are able to reinvest the policy's value at a higher rate of return in an alternative insurance or investment product.

We face risk with respect to our reinsurance agreements.

We transfer exposure to certain risks to third parties through reinsurance arrangements. Under these arrangements, other insurers assume a portion of our losses and expenses associated with reported and unreported claims in exchange for a portion of policy premiums. The availability, amount and cost of reinsurance depend on general market conditions and may vary significantly. As of December 31, 2023, our reinsurance receivables and ceded life insurance inforce totaled $4.0 billion and $2.8 billion, respectively. Our seven largest reinsurers (which are currently rated "A-" or higher by AM Best) accounted for 97 percent of our ceded life insurance inforce and 98 percent of our reinsurance receivables. Such reinsurance receivables also include long-term care and annuity blocks of business that have been ceded. We face credit risk with respect to reinsurance. When we obtain reinsurance, we are still liable for those transferred risks even if the reinsurer defaults on its obligations. The failure, insolvency, inability or unwillingness of one or more of the Company's reinsurers to perform in accordance with the terms of its reinsurance agreement could negatively impact our earnings or financial position. In addition, it is possible that reinsurance may not be available or affordable in the future, or may not be adequate to protect us against losses.

Liquidity Risk:

We have substantial indebtedness which may restrict our ability to take advantage of business, strategic or financing opportunities.

As of December 31, 2023, we had an aggregate principal amount of indebtedness of $1,150.0 million (comprised of $500.0 million of 5.250% Senior Notes due 2025, $500.0 million of 5.250% Senior Notes due 2029 (collectively, the "Notes")) and $150.0 million of 5.125% Subordinated Debentures due 2060 (the "Debentures"). Our indebtedness will require approximately $60.8 million in cash to service in 2024 (based on the principal amounts outstanding and applicable interest rates as of December 31, 2023). In addition, the Company has entered into a $250.0 million unsecured revolving credit agreement which matures on July 16, 2026 (the "Revolving Credit Agreement"). There were no amounts drawn under the Revolving
33

Table of Contents
Credit Agreement at December 31, 2023. See the note to the consolidated financial statements entitled "Notes Payable - Direct Corporate Obligations" for more information.

If we fail to pay interest or principal on our other indebtedness, including the Notes, we will be in default under the indentures governing such indebtedness, which could also lead to a default under agreements governing our existing and future indebtedness, including under the Revolving Credit Agreement. If the repayment of the related indebtedness were to be accelerated after any applicable notice or grace periods, we likely may not have sufficient funds at the holding company level to repay our indebtedness. Absent sufficient liquidity to repay our indebtedness, our management or our independent registered public accounting firm may conclude that there is substantial doubt regarding our ability to continue as a going concern.

The Revolving Credit Agreement and the Indentures for the Notes and Debentures contain various restrictive covenants and required financial ratios that could limit our operating flexibility. The violation of one or more loan covenant requirements will entitle our lenders to declare all outstanding amounts under the Revolving Credit Agreement, the Notes and the Debentures to be due and payable.

Certain of the agreements governing our indebtedness contain a number of restrictive covenants and require financial ratios that impose operating and financial restrictions on us and may limit our ability to engage in acts that may be in our long-term best interest, including restrictions on our ability to: incur additional indebtedness and guarantee indebtedness; pay dividends or make other distributions or repurchase or redeem our capital stock; prepay, redeem or repurchase subordinated debt; sell assets; incur liens; enter into transactions with affiliates; and consolidate, merge, sell or otherwise dispose of our assets.

The Revolving Credit Agreement requires the Company to maintain (each as calculated in accordance with the Revolving Credit Agreement): (i) a debt to total capitalization ratio (excluding hybrid securities, except to the extent that the aggregate amount outstanding of all such hybrid securities exceeds an amount equal to 15% of total capitalization) of not more than 35.0 percent (such ratio was 21.5 percent at December 31, 2023); and (ii) a minimum consolidated net worth of not less than the sum of $2,674.0 million plus 25.0% of the net equity proceeds received by the Company from the issuance and sale of equity interests in the Company (the Company's consolidated net worth was $3,792.4 million at December 31, 2023 compared to the minimum requirement of $2,697.0 million).

These covenants place restrictions on the manner in which we may operate our business and our ability to meet these financial covenants may be affected by events beyond our control. If we default under any of these covenants, the lenders could declare the outstanding principal amount of the loan, accrued and unpaid interest and all other amounts owing and payable thereunder to be immediately due and payable, which would have material adverse consequences to us. In addition, an event of default under the Revolving Credit Agreement would permit our lenders to terminate commitments to extend further credit. See the note to the consolidated financial statements entitled "Notes Payable - Direct Corporate Obligations" for more information.

CNO is a holding company and its liquidity and ability to meet its obligations may be constrained by the ability of CNO's insurance subsidiaries to distribute cash to it.

CNO and CDOC, Inc. ("CDOC") are holding companies with no business operations of their own. CNO and CDOC depend on their operating subsidiaries for cash to make principal and interest payments on debt and to pay administrative expenses and income taxes. CNO and CDOC receive cash from our insurance subsidiaries, consisting of dividends and distributions, principal and interest payments on surplus debentures and tax-sharing payments, as well as cash from their non-insurance subsidiaries consisting of dividends, distributions, loans and advances. Deterioration in the financial condition, earnings or cash flow of these significant subsidiaries for any reason could hinder the ability of such subsidiaries to pay cash dividends or other disbursements to CNO and/or CDOC, which would limit our ability to meet our debt service requirements and satisfy other financial obligations. In addition, CNO may elect to contribute additional capital to certain insurance subsidiaries to strengthen their surplus for covenant compliance or regulatory purposes (including, for example, maintaining adequate RBC level) or to provide the capital necessary for growth, in which case it is less likely that its insurance subsidiaries would pay dividends to the holding company. Accordingly, this could limit CNO's ability to meet debt service requirements and satisfy other holding company financial obligations. See "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Liquidity of the Holding Companies" for more information.

Insurance regulations generally permit our U.S. based insurance subsidiaries to pay dividends from statutory earned surplus without regulatory approval if the amount of the dividend, together with other dividends made within the preceding 12-month period, does not exceed the greater of (or in some states, the lesser of): (i) statutory net gain from operations of such
34

Table of Contents
insurer for the prior calendar year; or (ii) 10 percent of such insurer's surplus as regards to policyholders at the end of the preceding calendar year. CNO receives dividends and other payments from CDOC and from certain non-insurance subsidiaries. CDOC receives dividends and surplus debenture interest payments from our insurance subsidiaries and payments from certain of our non-insurance subsidiaries. Payments from our non-insurance subsidiaries to CNO or CDOC, and payments from CDOC to CNO, do not require approval by any regulatory authority or other third party. However, the payment of dividends or surplus debenture interest by our insurance subsidiaries to CDOC is subject to state insurance department regulations and may be prohibited by insurance regulators if they determine that such dividends or other payments could be adverse to our policyholders or contract holders.

However, as each of the U.S. based insurance subsidiaries of CDOC has negative earned surplus, any dividend payments from such insurance subsidiaries to CNO would require the prior approval of the director or commissioner of the applicable state insurance department. In 2023, our U.S. based insurance subsidiaries paid dividends of $526.5 million to CDOC. CNO expects to seek regulatory approval for future dividends from our insurance subsidiaries, but there can be no assurance that such payments will be approved or that the financial condition of our insurance subsidiaries will not deteriorate, making future approvals less likely.

CDOC holds surplus debentures from Conseco Life Insurance Company of Texas ("CLTX") with an aggregate principal amount of $749.6 million.  Interest payments on those surplus debentures do not require additional approval provided the RBC ratio of CLTX exceeds 100 percent (but do require prior written notice to the Texas Department of Insurance).  The estimated RBC ratio of CLTX was 345 percent at December 31, 2023.  CDOC also holds a surplus debenture from Colonial Penn Life Insurance Company ("Colonial Penn") with a principal balance of $160.0 million. Interest payments on that surplus debenture require prior approval by the Pennsylvania Insurance Department.

In addition, although we are under no obligation to do so, we may elect to contribute additional capital to strengthen the surplus of certain insurance subsidiaries for covenant compliance or regulatory purposes or to provide the capital necessary for growth. Any election regarding the contribution of additional capital to our insurance subsidiaries could affect the ability of our top tier insurance subsidiaries to pay dividends. The ability of our insurance subsidiaries to pay dividends is also impacted by various criteria established by rating agencies to maintain or receive higher financial strength ratings and by the capital levels that we target for our insurance subsidiaries, as well as regulatory and other financial covenant compliance requirements under the Revolving Credit Agreement.

In addition, Washington National may not distribute funds to any affiliate or shareholder, except pursuant to agreements with affiliates that have been approved, without prior notice to the Florida Office of Insurance Regulation, in accordance with an order from the Florida Office of Insurance Regulation.

A decline in our current credit ratings may adversely affect our ability to access capital and the cost of such capital, which could have a material adverse effect on our financial condition and results of operations.

Our senior unsecured debt ratings are currently "BBB+", "BBB-", "Baa3" and "bbb" from Fitch, S&P, Moody's and AM Best, respectively. If we were to require additional capital, either to refinance our existing indebtedness or for any other reason, our current senior unsecured debt ratings, as well as conditions in the credit markets generally, could restrict our access to such capital and adversely affect its cost. Disruptions, volatility and uncertainty in the financial markets, and our credit ratings could limit our ability to access external capital markets at times and on terms which allow us to meet our capital and liquidity needs. See "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Liquidity of the Holding Companies" for more information.

Taxation, Laws and Regulation:

Our ability to use our existing NOLs may be limited by certain transactions, and an impairment of existing NOLs could result in a significant writedown in the value of our deferred tax assets.

As of December 31, 2023, we had approximately $367.2 million of federal tax NOLs resulting in deferred tax assets of approximately $77.1 million (which expire in years 2026 through 2035). Section 382 of the Code imposes limitations on a corporation's ability to use its NOLs when it undergoes a 50 percent "ownership change" over a three-year period. Although we underwent an ownership change in 2003 as the result of our reorganization, the timing and manner in which we will be able to utilize our NOLs is not currently limited by Section 382.

We regularly monitor ownership changes (as calculated for purposes of Section 382) based on available information and, as of December 31, 2023, our analysis indicated that we were below the 50 percent ownership change threshold that could limit
35

Table of Contents
our ability to utilize our NOLs. A future transaction or transactions and the timing of such transaction or transactions could trigger an ownership change under Section 382. Such transactions may include, but are not limited to, additional repurchases or issuances of common stock, acquisitions or sales of shares of CNO's stock by certain holders of its shares, including persons who have held, currently hold or may accumulate in the future five percent or more of CNO's outstanding common stock for their own account. CNO's Board of Directors adopted a Section 382 Rights Agreement designed to protect shareholder value by preserving the value of our NOLs. To further protect against the possibility of triggering an ownership change under Section 382, CNO's shareholders approved amendments included in CNO's certificate of incorporation designed to prevent certain transfers of common stock which could limit our ability to use our NOLs. See the note to the consolidated financial statements entitled "Income Taxes" for more information about the Section 382 Rights Agreement and the amendments included in CNO's certificate of incorporation.

If an ownership change were to occur for purposes of Section 382, we would be required to calculate an annual limitation on the use of our NOLs to offset future taxable income. The annual restriction would be calculated based upon the value of CNO's equity at the time of such ownership change, multiplied by a federal long-term tax exempt rate (3.81 percent at December 31, 2023), and the annual restriction could limit our ability to use a substantial portion of our NOLs to offset future taxable income. Additionally, the writedown of our deferred tax assets that would occur in the event of an ownership change for purposes of Section 382 could cause us to breach the debt to total capitalization covenant and the consolidated net worth covenant in the Revolving Credit Agreement.

The value of our deferred tax assets may be reduced to the extent our future profits are less than we have projected or the current corporate income tax rate is reduced, and such reductions in value may have a material adverse effect on our results of operations and our financial condition.

As of December 31, 2023, we had net deferred tax assets of $937.1 million. Our income tax expense includes deferred income taxes arising from temporary differences between the financial reporting and tax bases of assets and liabilities, capital loss carryforwards and NOLs. We evaluate the realizability of our deferred tax assets and assess the need for a valuation allowance on an ongoing basis. In evaluating our deferred tax assets, we consider whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of our deferred tax assets depends upon generating sufficient future taxable income during the periods in which our temporary differences become deductible and before our capital loss carry-forwards and NOLs expire. In addition, we expect to recognize significant non-life NOLs in 2024 as a result of changes related to the tax accounting method for allocating indirect costs (pursuant to the Code) to self-constructed real estate assets. Such NOLs will not be subject to expiration. Our assessment of the realizability of our deferred tax assets requires significant judgment. Failure to achieve our projections may result in the recognition of a valuation allowance in a future period. Any future increase in the valuation allowance would result in additional income tax expense which could have a material adverse effect upon our earnings in the future, and reduce shareholders' equity.

The value of our net deferred tax assets as of December 31, 2023 reflects the current Federal corporate income tax rate of 21 percent. Changes in tax laws, including changes regarding the utilization of NOLs, could cause a writedown of our net deferred tax assets, which may have an adverse effect on our results of operations and financial condition.

Changes in tax laws could increase our tax costs and reduce sales of our insurance and annuity products.

The insurance and annuity products we issue receive favorable tax treatment under current U.S. federal income tax laws. Changes in U.S. Federal income tax laws could reduce or eliminate the tax advantages of certain of our products, making these products less attractive to our customers. This may lead to a reduction in sales which may adversely impact our profitability. In addition, we benefit from certain tax items, including but not limited to, dividends received deductions, tax credits, tax-exempt bond interest and insurance reserve deductions. From time to time, the U.S. Congress, as well as state and local governments, consider legislative changes that could reduce or eliminate the benefits associated with these and other tax items. We continue to evaluate the impact potential tax reform proposals may have on our future results of operations and financial condition.

From time to time we may become subject to tax audits, tax litigation or similar proceedings, and as a result we may owe additional taxes, interest and penalties, or our NOLs may be reduced, in amounts that may be material.

In determining our provisions for income taxes and our accounting for tax-related matters in general, we are required to exercise judgment. We regularly make estimates where the ultimate tax determination is uncertain. The final determination of any tax audit, appeal of the decision of a taxing authority, tax litigation or similar proceedings may be materially different from
36

Table of Contents
that reflected in our financial statements. The assessment of additional taxes, interest and penalties could be materially adverse to our current and future results of operations and financial condition.

Our business is subject to extensive regulation, which limits our operating flexibility and could result in our insurance subsidiaries being placed under regulatory control or otherwise negatively impact our financial results.

Our insurance business is subject to extensive regulation and supervision in the jurisdictions in which we operate. See "Business of CNO - Governmental Regulation." Our insurance subsidiaries are subject to state insurance laws that establish supervisory agencies. The regulations issued by state insurance agencies can be complex and subject to differing interpretations. If a state insurance regulatory agency determines that one of our insurance subsidiaries is not in compliance with applicable regulations, the subsidiary is subject to various potential administrative remedies including, without limitation, monetary penalties, restrictions on the subsidiary's ability to do business in that state and a return of a portion of policyholder premiums. In addition, regulatory action or investigations could cause us to suffer significant reputational harm, which could have an adverse effect on our business, financial condition and results of operations.

Our U.S. based insurance subsidiaries are required to comply with statutory accounting principles. Such statutory accounting principles (including principles that impact the calculation of RBC and our insurance liabilities) are subject to continued review by the NAIC in an effort to address emerging issues and improve financial reporting. Proposals being considered by the NAIC could negatively impact our insurance subsidiaries, if enacted.

Our U.S. based insurance subsidiaries are also subject to RBC requirements. These requirements were designed to evaluate the adequacy of statutory capital and surplus in relation to investment and insurance risks associated with asset quality, mortality and morbidity, asset and liability matching, and other business factors. The requirements are used by states as an early warning tool to discover companies that may be weakly-capitalized for the purpose of initiating regulatory action. Generally, if an insurer's RBC ratio falls below specified levels, the insurer is subject to different degrees of regulatory action depending upon the magnitude of the deficiency. The 2023 statutory annual statements of each of our U.S. based insurance subsidiaries reflect RBC ratios in excess of the levels that would subject our insurance subsidiaries to any regulatory action.

In addition to the RBC requirements, states have established minimum capital requirements for insurance companies licensed to do business in their state. These regulators have the discretionary authority, in connection with the continual licensing of the Company's insurance subsidiaries, to limit or prohibit writing new business within its jurisdiction when, in the regulator's judgment, the insurance subsidiary is not maintaining adequate statutory surplus or capital or the insurance subsidiary's further transaction of business would be hazardous to policyholders.

Our Bermuda based insurance subsidiary is subject to regulation in Bermuda where the BMA has broad supervisory and administrative powers relating to granting and revoking licenses to transact reinsurance business, the approval of specific reinsurance transactions, capital requirements and solvency standards, limitations on dividends or distributions to shareholders, the nature of and limitations on investments, and the filing of financial statements in accordance with prescribed or permitted accounting practices. Future regulatory changes made by the BMA may impact the capital efficiency of the reinsurance structure between CNO Bermuda Re and Bankers Life and could require the holding company to contribute additional capital to CNO Bermuda Re or Bankers Life to recapture the ceded business.

Our broker/dealer and investment advisor subsidiaries are subject to regulation and supervision by the SEC, FINRA and certain state regulatory bodies. The SEC, FINRA and other governmental agencies, as well as state securities commissions, may examine or investigate the activities of broker/dealers and investment advisors. These examinations or investigations often focus on the activities of the registered representatives and registered investment advisors doing business through such entities and the entities' supervision of those persons. It is possible that any examination or investigation could lead to enforcement action by the regulator and/or may result in payments of fines and penalties, payments to customers, or both, as well as changes in systems or procedures of such entities, any of which could have a material adverse effect on the Company's financial condition or results of operations.

Furthermore, as described above under "Business of CNO-Governmental Regulation," the SEC has adopted new regulations relating to the standard of conduct applicable to broker/dealers when making certain recommendations involving securities to retail customers and requiring registered investment advisors and broker/dealers to provide new disclosures to retail investors. In addition, the NAIC and several states have proposed and/or enacted regulations related to required disclosures and/or standards of conduct when insurance producers provide recommendations to clients regarding sales of annuity products. These regulations and similar regulatory initiatives could have an impact on Company operations and the manner in which broker/dealers and investment advisors distribute the Company's products.
37

Table of Contents
Litigation and regulatory investigations are inherent in our business, may harm our financial condition and reputation, and may negatively impact our financial results.

Insurance companies historically have been subject to substantial litigation. In addition to the traditional policy claims associated with their businesses, insurance companies like ours face class action suits and derivative suits from policyholders and/or shareholders. We also face significant risks related to regulatory investigations and proceedings. The litigation and regulatory matters we are, have been, or may become, subject to include matters related to the classification of our exclusive agents as independent contractors, sales, marketing and underwriting practices, payment of contingent or other sales commissions, claim payments and procedures, product design, product disclosure, administration, additional premium charges for premiums paid on a periodic basis, calculation of cost of insurance charges, changes to certain non-guaranteed policy features, denial or delay of benefits, charging excessive or impermissible fees on products, procedures related to canceling policies and recommending unsuitable products to customers. Certain of our insurance policies allow or require us to make changes based on experience to certain non-guaranteed elements ("NGEs") such as cost of insurance charges, expense loads, credited interest rates and policyholder bonuses. We intend to make changes to certain NGEs in the future. In some instances in the past, such action has resulted in litigation and similar litigation may arise in the future. Our exposure (including the potential adverse financial consequences of delays or decisions not to pursue changes to certain NGEs), if any, arising from any such action cannot presently be determined. Our pending legal and regulatory proceedings include matters that are specific to us, as well as matters faced by other insurance companies. State insurance departments have focused and continue to focus on sales, marketing and claims payment practices and product issues in their market conduct examinations. Negotiated settlements of class action and other lawsuits have had a material adverse effect on the business, financial condition and results of operations of CNO and our insurance subsidiaries.

We are, in the ordinary course of our business, a plaintiff or defendant in actions arising out of our insurance business, including class actions and reinsurance disputes, and, from time to time, we are also involved in various governmental and administrative proceedings and investigations and inquiries such as information requests, subpoenas and books and record examinations, from state, federal and other authorities. See the note to the consolidated financial statements entitled "Litigation and Other Legal Proceedings." The ultimate outcome of these lawsuits, regulatory proceedings and investigations cannot be predicted with certainty. In the event of an unfavorable outcome in one or more of these matters, the ultimate liability may be in excess of liabilities we have established and could have a material adverse effect on our business, financial condition, results of operations or cash flows. We could also suffer significant reputational harm as a result of such litigation, regulatory proceedings or investigations, including harm flowing from actual or threatened revocation of licenses to do business, regulator actions to assert supervision or control over our business, and other sanctions which could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Federal and state legislation could adversely affect the financial performance of our insurance operations.

During recent years, the health insurance industry has experienced substantial changes, including those caused by healthcare legislation. Recent federal and state legislation and pending legislative proposals concerning healthcare reform contain features that could severely limit, or eliminate, our ability to vary pricing terms or apply medical underwriting standards to individuals, thereby potentially increasing our benefit ratios and adversely impacting our financial results. In particular, Medicare reform could affect our ability to price or sell our products or profitably maintain our blocks inforce. For example, the Medicare Advantage program provides incentives for health plans to offer managed care plans to seniors. The growth of managed care plans under this program has decreased sales of the traditional Medicare supplement products we sell.

Proposals that have been made in Congress and some state legislatures may also affect our financial results. These proposals include the implementation of minimum consumer protection standards in all long-term care policies, including: guaranteed premium rates; protection against inflation; limitations on waiting periods for pre-existing conditions; setting standards for sales practices for long-term care insurance; and guaranteed consumer access to information about insurers, including information regarding lapse and replacement rates for policies and the percentage of claims denied. Enactment of any proposal that would limit the amount we can charge for our products, such as guaranteed premium rates, or that would increase the benefits we must pay, such as limitations on waiting periods, or that would otherwise increase the costs of our business, could adversely affect our financial results.

The Dodd-Frank Act of 2010 made extensive changes to the laws regulating financial services firms and required various federal agencies to adopt a broad range of implementation rules and regulations, including those pertaining to the use of derivatives. Certain of these regulations have imposed additional requirements that may affect both the Company and its derivatives counterparties, including in the areas of reporting, recordkeeping, the mandatory exchange execution and clearing of certain derivatives, position limits with respect to certain derivatives, regulatory initial margin and variation margin
38

Table of Contents
requirements, and limitations on the ability to close out certain derivative transactions with certain counterparties upon the bankruptcy of such counterparties. These and other regulations under the Dodd-Frank Act could pose limitations and burdens on the Company and its derivatives counterparties, which could result in increased costs to the Company in connection with its derivatives transactions. Uncertainty remains regarding potential amendments to the Dodd-Frank Act and whether any such changes to the Dodd-Frank Act would result in a material effect on our business operations.

State insurance regulators, federal regulators and the NAIC continually reexamine existing laws and regulations and may impose changes in the future. The passage of new legislation or new interpretations of existing laws may impact our sales, profitability or financial strength. The NAIC regularly reviews and updates its U.S. statutory reserve and RBC requirements. Changes to these requirements have resulted in an increase to the amount of reserves and capital we are required to hold and may adversely impact the ability of our insurance subsidiaries to pay dividends to the holding company.

We cannot predict the requirements of the regulations ultimately adopted, the effect such regulations will have on financial markets generally, or on our businesses specifically, the additional costs associated with compliance with such regulations, or any changes to our operations that may be necessary to comply with new regulations, any of which could have a material adverse effect on our business, results of operations, cash flows or financial condition.

Our insurance subsidiaries may be required to pay assessments to fund other companies' policyholder losses or liabilities and this may negatively impact our financial results.

The guaranty fund laws of all states in which an insurance company does business require that company to pay assessments up to certain prescribed limits to fund policyholder losses or liabilities of other insurance companies that become insolvent. Insolvencies of insurance companies increase the possibility that assessments may be required. These assessments may be deferred or forgiven under most guaranty laws if they would threaten an insurer's financial strength and, in certain instances, may be offset against future premium taxes. We cannot estimate the likelihood and amount of future assessments. Although past assessments have not been material, if there were a number of large insolvencies, future assessments could be material and could have a material adverse effect on our operating results and financial position.

General Business Risk:

Managing operational risks may not be effective in mitigating risk and loss to us.

We are subject to operational risks including, among other things, fraud, errors, failure to document transactions properly or to obtain proper internal authorization, failure to comply with regulatory requirements or obligations under our agreements, information technology failures including cybersecurity attacks and failure of our service providers (such as investment custodians and information technology and policyholder service providers) to comply with our services agreements. The associates and agents who conduct our business, including executive officers and other members of management, sales managers, investment professionals, product managers, sales agents and other associates, do so in part by making decisions and choices that involve exposing us to risk. These include decisions involving numerous business activities such as setting underwriting guidelines, product design and pricing, investment purchases and sales, reserve setting, claim processing, policy administration and servicing, financial and tax reporting and other activities, many of which are very complex.

We seek to monitor and control our exposure to risks arising out of these activities through a risk control framework encompassing a variety of reporting systems, internal controls, management review processes and other mechanisms. However, these processes and procedures may not effectively control all known risks or effectively identify unforeseen risks. Management of operational risks can fail for a number of reasons including design failure, systems failure, cybersecurity attacks, human error or unlawful activities. If our controls are not effective or properly implemented, we could suffer financial or other loss, disruption of our business, regulatory sanctions or damage to our reputation. Losses resulting from these failures may have a material adverse effect on our financial position or results of operations.

The occurrence of natural or man-made disasters or climate change could adversely affect our financial condition and results of operations.

We are exposed to various risks arising out of natural and man-made disasters, including earthquakes, hurricanes, floods, tornadoes, acts of terrorism and military actions and the impacts of climate change. For example, a natural or man-made disaster could lead to unexpected changes in persistency rates as policyholders and contractholders who are affected by the disaster may be unable to meet their contractual obligations, such as payment of premiums on our insurance policies and deposits into our investment products. In addition, such a disaster could also significantly increase our mortality and morbidity experience above the assumptions we used in pricing our products. The continued threat of terrorism and ongoing military
39

Table of Contents
actions may cause significant volatility in global financial markets, and a natural or man-made disaster could trigger an economic downturn in the areas directly or indirectly affected by the disaster. These consequences could, among other things, result in a decline in business and increased claims from those areas. Disasters also could disrupt public and private infrastructure, including communications and financial services, which could disrupt our normal business operations.

A natural or man-made disaster could also disrupt the operations of our counterparties or result in increased prices for the products and services they provide to us. For example, a natural or man-made disaster could lead to increased reinsurance prices and potentially cause us to retain more risk than we otherwise would retain if we were able to obtain reinsurance at lower prices. In addition, a disaster could adversely affect the value of the assets in our investment portfolio if it affects companies' ability to pay principal or interest on their securities.

Climate change regulation and market forces reacting to climate change may affect the values of certain invested assets, or the Company's willingness to continue to hold them. It may also impact other counterparties, including reinsurers, and affect the value of investments, including real estate investments the Company holds or manages for others. The Company cannot predict the long-term impacts from climate change regulation.

Interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems, could harm our business.

We depend heavily on our telecommunication, information technology and other operational systems and on the integrity and timeliness of data we use to run our businesses and service our customers. These systems may fail to operate properly or become disabled as a result of events or circumstances which may be wholly or partly beyond our control including cyber-attack, denial of service, viruses or other malicious activities. Further, we face the risk of operational and technology failures by others, including financial intermediaries, vendors and parties that provide services to us. If these parties do not perform as anticipated, we may experience operational difficulties, increased costs and other adverse effects on our business. We have implemented, and we require our vendors to implement, a variety of security measures to protect the confidentiality, availability, and integrity of our information systems and data. However, failure to maintain a reasonable and effective cybersecurity program, or any compromise of the security, confidentiality, integrity, or availability of our information systems and the sensitive, proprietary, and confidential data on such systems could lead to additional costs and liabilities, as well as damage our reputation or deter people from purchasing our products. We are periodically targeted by cybersecurity threat actors. In the past, we have experienced cybersecurity events resulting in the compromise of personal and confidential information of our customers. There can be no assurance that a future breach will not occur or, if any does occur, that it can be promptly detected and sufficiently remediated without materially impacting our business or our operations. 

Interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or availability of sensitive, confidential or proprietary data residing on such systems, whether due to actions by us, our vendors, or others, could delay or disrupt our ability to do business and service our customers, harm our reputation, subject us to litigation, regulatory sanctions and other claims, require us to incur significant technical, legal and other expenses, lead to a loss of customers, revenues and opportunities, or otherwise adversely affect our business. Depending on the nature of the information compromised, in the event of a data breach or other unauthorized access to or acquisition of our customer data, we may also have obligations to notify customers, other stakeholders, and federal and state government regulators about the incident and we may need to provide some form of remedy, such as a subscription to a credit monitoring service, for the individuals affected by the incident. All fifty states, as well as a growing number of regulatory bodies have adopted consumer notification requirements in the event of the actual or reasonably suspected unauthorized access to, or acquisition of, certain types of personal data. Such breach notification laws continue to evolve and may be inconsistent from one jurisdiction to another. Complying with these obligations could cause us to incur substantial costs (including fines) and could increase negative publicity surrounding any incident that compromises customer data. While we maintain insurance coverage that, subject to policy terms and conditions and a self-insured retention, is designed to address certain aspects of cyber risks, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise in the continually evolving area of cyber risk.

Our business could be interrupted or compromised if we experience difficulties arising from outsourcing relationships.

We outsource certain information technology and policy administration operations to third-party service providers (both domestic and international). If we fail to maintain an effective outsourcing strategy or if third-party providers do not perform as contracted, we may experience operational difficulties, increased costs and a loss of business that could have a material adverse effect on our results of operations. In addition, enhanced regulatory and other standards for the oversight of vendors and other service providers could result in higher costs and other potential exposures. In the event that one or more of our third-party
40

Table of Contents
service providers becomes unable to continue to provide services, we may suffer financial loss and other negative consequences.

A decline in the current financial strength rating of our insurance subsidiaries could cause us to experience decreased sales, increased agent attrition and increased policyholder lapses and other policy withdrawals.

An important competitive factor for our insurance subsidiaries is the financial strength ratings they receive from nationally recognized rating organizations. Agents, insurance brokers and marketing companies who market our products and prospective purchasers of our products use the financial strength ratings of our insurance subsidiaries as an important factor in determining whether to market or purchase. Ratings have the most impact on our annuity, interest-sensitive life insurance and long-term care products. The current financial strength ratings of our primary insurance subsidiaries from Fitch, S&P, Moody's and AM Best are "A", "A-", "A3" and "A", respectively.  For a description of these ratings, see "Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations-Liquidity and Capital Resources-Financial Strength Ratings of our Insurance Subsidiaries".

If our ratings are downgraded, we may experience declining sales of certain of our insurance products, defections of our independent and exclusive sales force, and increased policies being redeemed or allowed to lapse. These events would adversely affect our financial results, which could then lead to additional ratings downgrades.

Competition from companies that have greater market share, higher ratings, greater financial resources and stronger brand recognition, may impair our ability to retain existing customers and sales representatives, attract new customers and sales representatives and maintain or improve our financial results.

The supplemental health insurance, annuity and individual life insurance markets are highly competitive. Competitors include other life and accident and health insurers, commercial banks, thrifts, mutual funds and broker/dealers.

Most of our major competitors have higher financial strength ratings than we do. Many of our competitors are larger companies that have greater capital, technological and marketing resources and have access to capital at a lower cost. Recent industry consolidation, including business combinations among insurance and other financial services companies, has resulted in larger competitors with even greater financial resources. In some of our product lines, such as life insurance and fixed annuities, we have a relatively small market share. Even in some of the lines in which we are one of the top writers, our market share is relatively small.

In addition, because the actual cost of products is unknown when they are sold, we are subject to competitors who may sell a product at a price that does not cover its actual cost. Accordingly, if we do not also lower our prices for similar products, we may lose market share to these competitors. If we lower our prices to maintain market share, our profitability would decline.

If we are unable to attract and retain agents and marketing organizations, sales of our products may be reduced.

Our products are marketed and distributed primarily through a dedicated field force of exclusive agents and sales managers and through our wholly owned marketing organization and other independent marketing organizations. We must attract and retain agents, sales managers and independent marketing organizations to sell our products through those distribution channels. We compete with other insurance companies, financial services companies and other entities for agents and sales managers and for business through marketing organizations. If we are unable to attract and retain these agents, sales managers and marketing organizations, our ability to grow our business and generate revenues from new sales would suffer.

We may not be able to protect our intellectual property and may be subject to infringement claims.

We rely on a combination of contractual rights and copyright, trademark and trade secret laws to establish and protect our intellectual property. Although we use a broad range of measures to protect our intellectual property rights, third parties may infringe or misappropriate our intellectual property. We may have to litigate to enforce and protect our copyrights, trademarks, trade secrets and know-how or to determine their scope, validity or enforceability, which represents a diversion of resources that may be significant in amount and may not prove successful. The loss of intellectual property protection or the inability to secure or enforce the protection of our intellectual property assets could adversely impact our business and its ability to compete effectively.

We also may be subject to costly litigation in the event that another party alleges our operations or activities infringe upon that party's intellectual property rights. We may also be subject to claims by third parties for breach of copyright,
41

Table of Contents
trademark, trade secret or license usage rights. Any such claims and any resulting litigation could result in significant expense and liability for damages or we could be enjoined from providing certain products or services to our customers or utilizing and benefiting from certain methods, processes, copyrights, trademarks, trade secrets or licenses, or alternatively, we could be required to enter into costly licensing arrangements with third parties, all of which could have a material adverse effect on our business, results of operations and financial condition.

Changes in accounting standards may adversely affect our reported results of operation and financial condition.

Our consolidated financial statements are prepared in conformity with GAAP. From time to time, we are required to adopt new accounting standards issued by the Financial Accounting Standards Board. The required adoption of future accounting standards may adversely affect our reported results of operations and financial condition. In addition, the required adoption of new accounting standards may result in significant costs associated with the initial implementation and ongoing compliance.
42

Table of Contents

ITEM 1B.    UNRESOLVED STAFF COMMENTS.

None.

ITEM 1C.    CYBERSECURITY.

Risk Management and Strategy

The Company’s cybersecurity approach comprises a holistic strategy that includes comprehensive security policies and standards, a robust security awareness and education program, and the implementation of advanced and layered defenses. Our cybersecurity program is aligned with generally accepted principles and practices for securing information systems and data. The program is designed to comply with all applicable laws and regulations and uses guidance from many best practices. Our cybersecurity program, policies and controls align to those of the National Institute of Standards and Technology’s Cybersecurity Framework.

We have established and continue to enhance our procedures for identifying cybersecurity risks and implementing defenses to mitigate these risks. We devote significant resources to maintaining and regularly updating our systems and processes to protect the security of our computer systems, software, networks and other technology assets against unauthorized parties attempting to access confidential information, destroy data, disrupt or degrade service, sabotage systems, or cause other damage. Our cyber incident response plan provides procedures and controls for timely and accurate reporting of any material cybersecurity incident, and each associate is educated, trained and tested on cybersecurity to help be our first line of defense.

We have a dedicated Cybersecurity Services team ("CST") devoted to information security which is led by the chief information security officer ("CISO"). In addition, our Security Operations Center provides near-real-time monitoring of network traffic going in and out of the enterprise to identify any abnormalities or indications of malicious behavior. We use managed security services providers to provide monitoring, threat hunting and response services through network and security log monitoring and a hosted security information and event management solution.

We conduct regular enterprise-wide internal and external cyber risk assessments. These efforts include audits, internal and external regulatory compliance assessments, and periodic self-assessments. Vulnerability assessments are performed frequently for systems, and internal and external penetration tests are performed annually. We periodically engage vendors to review and benchmark our cybersecurity processes. In addition, members of the CST perform regular security control assurance testing.

Our internal audit department also reviews our cybersecurity program, processes, policies and controls at least annually. The program also is regularly reviewed in annual external audits and regulatory assessments. Lessons learned from those efforts are used to drive improvements to continually strengthen the cybersecurity program, including controls for data security.

The CST works closely with the sourcing and vendor management team when contracting for third-party information technology services. Our information technology architecture review board, which includes cybersecurity leadership, reviews all potential vendors. We have comprehensive cybersecurity assessment processes and procedures in place, including security risk questionnaires, standard documentation requests, and utilization of a third-party risk evaluation tool to provide insight on potential third-party vendors. We utilize private connections (including private VPN) and extensive use of virtual desktops to secure access to our data and systems. Our legal team ensures that specific protections are included in contracts, including confidentiality language, nondisclosure obligations and security provisions.

Critical vendors are monitored by our sourcing and vendor management team. Resources contracted through a third-party that will have access to corporate systems must complete CNO's associate training or their company’s security awareness training that has been approved by CNO. We also perform periodic risk assessments throughout the term of the engagements, including those third parties located outside the United States that have access to our Company and customer information.

To date, no cybersecurity threat, including from a cybersecurity incident, has materially affected our business strategy, results of operations, or financial condition.


43

Table of Contents
Governance

We recognize that security is an enterprise concern and requires stakeholders from across the enterprise to understand and manage this risk. Our security management structure reflects a centralized security program that coordinates security functions across the enterprise. The CISO, who oversees the CST, reports directly to our chief information officer and is responsible for the overall strategy and function of the cybersecurity program. We also have a cybersecurity steering committee that takes an active role in setting strategic direction for cybersecurity initiatives and provides oversight and guidance for overall information security risk management. The CISO provides regular reports on our cybersecurity program and potential risks to the Audit and Enterprise Risk Committee ("AERC") of the Board of Directors. The AERC regularly briefs the full Board on these matters. One AERC member holds the CERT Certification in Cybersecurity Oversight from Carnegie Mellon University, and a second has significant work experience related to technology and data security.

Our CISO is well-qualified in the area of cybersecurity and data protection. These qualifications include: (i) 23 years of experience in cybersecurity, security risk management and IT auditing; (ii) the designation of Certified Information Systems Security Professional ("CISSP"); and (iii) a Bachelor's degree in Computer Information Systems. Our CISO also previously held the Certified Information Systems Auditor ("CISA") and Certified in Risk and Information Systems Controls ("CRISC") certifications.

Failure to maintain a reasonable and effective cybersecurity program, or any compromise of the security, confidentiality, integrity, or availability of our information systems and the sensitive, proprietary, and confidential data on such systems could lead to additional costs and liabilities, as well as damage our reputation or deter people from purchasing our products. There can be no assurance that a future breach will not occur or, if any does occur, that it can be promptly detected and sufficiently remediated without materially impacting our business or our operations. While we maintain insurance coverage that, subject to policy terms and conditions, is designed to address certain aspects of cyber risks, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise in the event of a material cyber risk incident.

ITEM 2.    PROPERTIES.

Our headquarters and certain administrative operations of our subsidiaries and Worksite Division are located on a Company-owned corporate campus in Carmel, Indiana, immediately north of Indianapolis. We currently utilize four buildings for our operations, although not all of the space (approximately 400,000 square feet) is currently in use. The entire 78 acre campus with six buildings (approximately 630,000 square feet) was listed for sale in December 2023. In the first half of 2024, we will move into approximately 125,000 square feet of leased office space at a nearby location with terms through June 2034.

Our Consumer Division is primarily administered from downtown Chicago, Illinois, where we currently lease approximately 33,000 square feet with terms through August 2033. We also lease 232 sales offices in various states totaling approximately 785,000 square feet. These leases are generally short-term in length, with remaining lease terms expiring between 2024 and 2030.

Our direct to consumer products are primarily administered from a Company-owned office building in Philadelphia, Pennsylvania, with approximately 127,000 square feet. We occupy approximately 45 percent of this space, with unused space leased to tenants. As a result of our success with hybrid work arrangements and evolving business needs, we have an agreement to sell this building with the intent to close the sale in the first half of 2024.

Our Optavise business has three locations: Orlando, Florida; Milwaukee, Wisconsin; and Birmingham, Alabama. In Orlando, we moved to a smaller location in January 2023 where we lease approximately 22,000 square feet with terms through December 2028. In Milwaukee, we lease 7,000 square feet with terms through February 2030. In Birmingham, we lease 7,400 square feet with terms through 2026.

ITEM 3.    LEGAL PROCEEDINGS.

Information required for Item 3. is incorporated by reference to the discussion under the heading "Legal Proceedings" in the note to the consolidated financial statements entitled "Litigation and Other Legal Proceedings" included in Item 8. of this Form 10-K.

ITEM 4.    MINE SAFETY DISCLOSURES.

Not applicable.
44

Table of Contents
Executive Officers of the Registrant

OfficerWith CNOPositions with CNO
Name and Age (a)SincePrincipal Occupation and Business Experience (b)
Gary C. Bhojwani, 562016Since January 2018, chief executive officer. From April 2016 to December 2017, president of CNO.  From April 2015 until joining CNO, chief executive officer of GCB, LLC, an insurance and financial services consulting company that he founded.  Mr. Bhojwani was a member of the board of management of Allianz SE and Chairman of Allianz of America, Allianz Life Insurance Company, and Fireman’s Fund Insurance Company from 2012 to 2015. From 2007 to 2012, he served as chief executive officer of Allianz Life Insurance Company of North America and was president of Commercial Business, Fireman's Fund Insurance Company from 2004 to 2007.
Karen J. DeToro, 522019Since January 2024, president, Worksite Division. From September 2019 to December 2023, chief actuary and from June 2020 to June 2022, chief risk officer. From 2013 to 2019, Ms. DeToro held executive leadership positions at New York Life. From 2011 to 2013, principal at Deloitte Consulting.
Yvonne K. Franzese, 652017Since November 2017, chief human resources officer of CNO. From 2016 until joining CNO, chief human capital officer of TCF Bank. From 2007 to 2016, Ms. Franzese held various human resource positions at Allianz, including the chief human resources role for Allianz of North America.
Scott L. Goldberg, 532004Since January 2020, president, Consumer Division. From September 2013 to January 2020, president of Bankers Life.  Mr. Goldberg has held various other positions since joining CNO in 2004.
Eric R. Johnson, 631997Since September 2003, chief investment officer of CNO and president and chief executive officer of 40|86 Advisors, CNO's wholly-owned registered investment advisor. Since January 2018, executive in charge of corporate development activities. Mr. Johnson has held various investment management positions since joining CNO in 1997.
Jeanne L. Linnenbringer, 612015Since January 2023, chief operations officer. From August 2017 to December 2022, senior vice president of operations. From June 2015 to August 2017, various leadership positions including senior vice president of consumer operations and vice president of customer service. Prior to joining CNO, Ms. Linnenbringer held various positions at Genworth Financial from 2000 to 2015.
Paul H. McDonough, 592019Since March 2019, chief financial officer of CNO. From 2005 to 2017, executive vice president and chief financial officer of OneBeacon Insurance Group.
Michael E. Mead, 572018Since January 2023, chief information officer. From November 2018 to December 2022, senior vice president and chief information officer. Prior to joining CNO, Mr. Mead held various positions at AIG Technologies from 1996 to 2018, including senior vice president and transformation executive.
Rocco F. Tarasi, 522017Since March 2019, chief marketing officer. From 2017 to March 2019, vice president of finance and operations for Bankers Life. Prior to joining CNO, he held various positions from October 2011 to September 2016, including interim chief financial officer beginning in August 2015 and chief financial officer beginning in January 2016, with ITT Financial Services, Inc., which filed for Chapter 7 Bankruptcy in September 2016.
Michellen A. Wildin, 592023Since January 2024, chief accounting officer. From October 2023 to December 2023, senior vice president of accounting. Prior to joining CNO, Ms. Wildin served as senior vice president, financial planning and analysis at F&G Annuities and Life, Inc., from 2021 to 2023. From 2013 to 2021, held various positions at New York Life, including vice president, corporate budget and expense analytics and chief financial officer of NYL Direct. Previously, held senior-level accounting, finance, strategy and operations roles at Aviva and ING.
Jeremy D. Williams, 472003Since January 2024, chief actuary. Mr. Williams has served in various actuarial capacities since joining CNO in 2003, including most recently as senior vice president of valuation.
Matthew J. Zimpfer, 561998Since June 2008, general counsel. Mr. Zimpfer has held various legal positions since joining CNO in 1998.
___________________________
(a)    The executive officers serve as such at the discretion of the Board of Directors and are elected annually.
(b)    Business experience is given for at least the last five years.
45

Table of Contents
PART II

ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

MARKET INFORMATION AND DIVIDENDS

The Company's common stock is listed and traded on the New York Stock Exchange under the symbol "CNO".

As of February 7, 2024, there were approximately 51,000 holders of the outstanding shares of common stock, including individual participants in securities position listings.

We commenced the payment of a dividend on our common stock in the second quarter of 2012. The dividend on our common stock is declared each quarter by our Board of Directors. In determining dividends, our Board of Directors takes into consideration our financial condition, including current and expected earnings and projected cash flows.

PERFORMANCE GRAPH

The performance graph below compares CNO's cumulative total shareholder return on its common stock for the period from December 31, 2018 through December 31, 2023 with the cumulative total return of the Standard & Poor's Life and Health Insurance Index (the "S&P Life and Health Insurance Index") and the Standard & Poor's MidCap 400 Index (the "S&P MidCap 400 Index"). The comparison for each of the periods assumes that $100 was invested on December 31, 2018 in each of CNO common stock, the stocks included in the S&P Life and Health Insurance Index and the stocks included in the S&P MidCap 400 Index and that all dividends were reinvested. The stock performance shown in this graph represents past performance and should not be considered an indication of future performance of CNO's common stock.
46

Table of Contents

performance23.jpg

*$100 invested on 12/31/18 in stock or index, including reinvestment of dividends.
12/1812/1912/2012/2112/2212/23
CNO Financial Group, Inc.$100.00 $125.09 $157.60 $172.59 $169.83 $212.49 
S&P Life & Health Insurance Index100.00 123.18 111.51 152.41 168.18 176.00 
S&P MidCap 400 Index100.00 126.20