Cno Financial Group, Inc.

(c) Investment income not allocated to product lines represents net investment income less (i) equity returns credited to policyholder account balances (ii) the investment income allocated to our product lines (iii) interest expense on notes payable, investment borrowings and financing arrangements (iv) expenses related to the funding agreement-backed notes ( FABN ) program and (v) certain expenses related to benefit plans that are offset by special-purpose investment income plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ( FHLB ) investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ( COLI ) and alternative investments income not allocated to product lines), net of interest expense on corporate debt and financing arrangements.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less (i) interest on investment borrowings related to the FHLB investment borrowing program (ii) interest credited on funding agreements and (iii) amortization of deferred acquisition costs related to the FABN program.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

There were no insurance company dividends, net of capital contributions, paid to the holding company during 3Q25.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

During 3Q25, we repurchased $60.0 million of common stock under our securities repurchase program (including $1.0 million of repurchases settled in 4Q25).

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

We repurchased 1.6 million common shares at an average cost of $38.19 per share.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

We continue to advance our strategic roadmap, highlighted by executing our second reinsurance transaction with our Bermuda affiliate.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

This step enables us to sharpen our focus on our high-growth insurance offerings.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

In October 2025, the company decided to streamline its Worksite Division operations and sharpen its focus on the Division's core insurance business by exiting the fee services side of the Worksite business, which includes services acquired in the Web Benefits Design and DirectPath acquisitions.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets.

SEC original ↗Cno Financial Group, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Our fixed maturity investments are generally purchased in the context of various long-term strategies, including funding insurance liabilities, so we do not generally seek to generate short-term realized gains through the purchase and sale of such securities.

SEC original ↗Cno Financial Group, Inc. — 10-Q Quarterly report10-QAug 6, 2026

This reflects macroeconomic uncertainty and market conditions including the recent decline in the value of comparable publicly traded companies and revised financial projections for the business.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025

Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on November 3, 2025, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission.

SEC original ↗Cno Financial Group, Inc. — Presentation / slide deck (8-K exhibit)EX-99Nov 3, 2025

Legal Proceedings 94 Item 1A.

SEC original ↗Cno Financial Group, Inc. — 10-Q Quarterly report10-QAug 6, 2026

For example, we use significant estimates and assumptions to calculate values for deferred acquisition costs, the present value of future profits, fair value measurements of certain investments (including derivatives), allowance for credit losses and other-than-temporary impairments of investments, assets and liabilities related to income taxes, liabilities for insurance products, liabilities related to litigation, guaranty fund assessment accruals, and fee revenue.

SEC original ↗Cno Financial Group, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Net income — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Cno Financial Group, Inc. — Earnings release (8-K exhibit)EX-99Nov 3, 2025