CNO

EX-99.1

2 exhibit991-09302026earnings.htm

EX-99.1

Document

News

For Immediate Release

CNO Financial Group Reports Third Quarter 2026 Results

Carmel, Ind., October 29, 2026 - CNO Financial Group, Inc. (NYSE: CNO) today reported its third quarter 2026 financial results:

•Raising 2026 operating earnings per share (EPS) guidance with the midpoint up 9% from our prior guidance.

•Net income was $161 million, or $1.71 per diluted share, and net operating income(1) was $179 million, or $1.90 per diluted share. Significant items related to the comprehensive annual actuarial review had a $44.9 million net favorable impact on both net income and net operating income.

•Operating EPS grew 47% in the quarter and 43% year-to-date.

•Return on equity (ROE) of 16.4%; Operating ROE(5) of 14.1%, excluding significant items(5).

•Book value per share of $25.34; Book value per diluted share, excluding accumulated other comprehensive loss,(2) of $41.29, up 8%.

•Total new annualized premiums (NAP)(4) up for a 17th consecutive quarter; Continued growth in asset accumulation products.

•Consumer and Worksite delivered their 15th and 17th consecutive quarters of producing agent count growth, respectively.

•On October 1, 2026, closed a 3rd reinsurance transaction with CNO’s wholly owned Bermuda affiliate, reinsuring approximately $270 million of inforce graded benefit life statutory reserves from Colonial Penn.

“CNO delivered an excellent quarter, with operating earnings per share up 47% and our 17th consecutive quarter of sales growth,” said Gary C. Bhojwani, chief executive officer.

“Our momentum reflects disciplined execution across the business and continued improvement in profitability. Based on these results, we are raising our full-year operating earnings per share guidance. We also executed our 3rd reinsurance transaction with our Bermuda affiliate, supporting our focus on serving middle-income households. We remain committed to driving sustained, profitable growth and creating long-term value for our shareholders.”

FINANCIAL SUMMARY

Quarter End

(Amounts in millions, except per share data)

(Unaudited)

Net operating income, a non-GAAP(a) financial measure, is used consistently by CNO’s management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1), which are primarily non-economic accounting impacts and other non-operating items. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

Significant items positively impacted both net income and net operating income(1) by $44.9 million, or $0.48 per diluted share, in 3Q26 compared to $32.2 million, or $0.33 per diluted share, in 3Q25. Significant items are detailed in note (6).

Per diluted share

Quarter endedQuarter ended

September 30,September 30,

20262025% change20262025% change

Income from insurance products (b) $1.83 $1.52 20 %$172.0 $149.5 15 %

Fee income(0.01)(0.04)(75)(1.1)(3.9)(72)

Investment income not allocated to product lines (c) 0.72 0.40 80 68.1 39.5 72

Expenses not allocated to product lines(0.20)(0.23)(13)(18.8)(22.3)(16)

Operating earnings before taxes2.34 1.65 220.2 162.8

Income tax expense on operating income(0.44)(0.36)22 (41.1)(35.6)15

Net operating income (1)1.90 1.29 47 179.1 127.2 41

Net realized investment losses from disposals, impairments and change in allowance for credit losses (0.51)(0.09)(48.3)(8.8)

Net change in market value of investments recognized in earnings(0.17)0.06 (16.4)5.8

Changes in fair value of embedded derivative liabilities and market risk benefits0.74 (0.18)69.7 (18.1)

Expenses related to TechMod initiative (0.11)(0.07)(10.1)(7.2)

Goodwill and other asset impairment — (0.98)— (96.7)

Other0.11 (0.02)11.3 (1.6)

Non-operating income before taxes

0.06 (1.28)6.2 (126.6)

Income tax expense:

On non-operating income(0.02)0.23 (2.1)22.5

Valuation allowance for deferred tax assets(0.23)— (22.1)—

Net non-operating income (0.19)(1.05)(18.0)(104.1)

Net income$1.71 $0.24 $161.1 $23.1

Weighted average diluted shares outstanding94.3 98.6

(a)    GAAP is defined as accounting principles generally accepted in the United States of America.

(b)    Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Insurance product margin is management’s measure of the profitability of its annuity, health and life product lines’ performance and consists of insuranc