Cno Financial Group, Inc. · NYSE:CNO
Cno Financial — Investor Day (September 2026)
40 slides from Cno Financial's investor day presentation, Sep 1, 2026
Slide 1: CNO Financial Group Investor Briefing
CNO Financial Group Investor Briefing September 1, 2026 CNO Financial Group | Investor Briefing | September 1, 2026 1
Slide 2: Welcome
Welcome Adam Auvil Vice President, Investor Relations & Sustainability CNO Financial Group | Investor Briefing | September 1, 2026 2
Slide 3: Our Purpose and Mission
CNO Financial Group provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. OUR PURPOSE Ticker symbol: CNO (NYSE) We secure the future of middle-income America. Headquarters: Carme
Slide 4: Important Legal Information
Important Legal Information Forward-Looking Statements Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We ca
Slide 5: Worksite Division
Worksite Division Karen DeToro President, Worksite Division Richard Shaffer Senior Vice President, Worksite Sales CNO Financial Group | Investor Briefing | September 1, 2026 5
Slide 6: Presenters
Presenters Karen DeToro Richard Shaffer President, Worksite Division Senior Vice President, Worksite Sales Industry Experience: 32 years Industry Experience: 28 years Years at CNO: 7 Years at CNO: 4 CNO Financial Group | Investor Briefing | September 1, 2026 6
Slide 7: Takeaways
Takeaways Well-positioned and achieving consistent growth 1 Focus on employers with predominantly middle-income workforces 2 Products that fill the gaps in employer-paid coverage 3 Differentiated distribution with opportunities for expansion CNO Financial Group | Investor Briefing | September 1, 202
Slide 8: Historical Performance
Historical Performance Worksite has been a fast-growing part of CNO; 18% CAGR since 2020 Worksite NAP Producing Agent Count (in millions) $80 450 $70 400 $60 350 300 $50 250 $40 200 $30 150 $20 100 $10 50 $0 0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 CNO Financial Group | Investor
Slide 9: Target Market
Target Market Focus on middle-income industries that benefit from in-person education and enrollment Industry Mix (% 2025 NAP) Industry Focus Almost 70% of NAP from transit & utilities, 6% 5% education and public sector 8% Significant union focus 33% Require in-person enrollment – any time, Tr
Slide 10: Products
Products Our supplemental products address an area of growing need in employee benefits 1) Employer-sponsored major medical coverage declined from 78% to 61% the last four years2 2) Fewer than half of employers offer dental or vision coverage2 3) 88% of employees with major medical coverage face ded
Slide 11: Voices From The Field
Voices From The Field CNO Financial Group | Investor Briefing | September 1, 2026 11
Slide 12: Differentiated Distribution
Differentiated Distribution Ownership of distribution and manufacturing provides a competitive advantage Key Differentiators Support to Expertise Direct employers and in how our Captive full-time Fully engagement with employees supplemental agents who work commissioned employers – not before, during
Slide 13: Geographic Footprint
Geographic Footprint Greenfield opportunity remains for agent expansion in the middle and north of the U.S. Agents by State <= 10 11 - 20 21 - 50 51 - 100 >100 CNO Financial Group | Investor Briefing | September 1, 2026 13
Slide 14: Expansion Opportunities
Expansion Opportunities New clients and geographies today create locations to recruit to and re-enroll in the future Existing Clients New Clients Geo Expansion Existing enrollment New client prospecting Move proven agents into locations provide opportunities builds recurring sales AND high-pot
Slide 15: Scaling our Owned Distribution
Scaling our Owned Distribution Accelerate leadership development; Give agents better tools Leadership Development Clear career paths with leaders able to earn their next step Practical leadership curriculums at every level Embedded field development coaches for managers Transparent performan
Slide 16: Takeaways
Takeaways Well-positioned and achieving consistent growth 1 Focus on employers with predominantly middle-income workforces 2 Products that fill the gaps in employer-paid coverage 3 Differentiated distribution with opportunities for expansion CNO Financial Group | Investor Briefing | September 1, 202
Slide 17: Q&A
Q&A Enter questions in chat CNO Financial Group | Investor Briefing | September 1, 2026 17
Slide 18: Opportunity in Medicare
Opportunity in Medicare Scott Goldberg President, Consumer Division Jeremy Williams Chief Actuary CNO Financial Group | Investor Briefing | September 1, 2026 18
Slide 19: Presenters
Presenters Scott Goldberg Jeremy Williams President, Consumer Division Chief Actuary Industry Experience: 26 years Industry Experience: 27 years Years at CNO: 22 Years at CNO: 23 CNO Financial Group | Investor Briefing | September 1, 2026 19
Slide 20: Takeaways
Takeaways Medicare – A Large and Growing Opportunity 1 Structural growth with durable demand 2 CNO well-positioned with a winning distribution model 3 Achieving strong results and driving companion sales CNO Financial Group | Investor Briefing | September 1, 2026 20
Slide 21: Medicare is a Growing Market
Medicare is a Growing Market By 2030, almost one in four Americans will be receiving Medicare benefits Number of Medicare Beneficiaries (in millions) Over 69 million beneficiaries today 77 More than 10,000 Americans become Medicare eligible each day 62 Americans turning 65 now are expected 47
Slide 22: Coverage Options
Coverage Options Centers for Medicare and Medicaid Services (CMS) administers Original Medicare; private insurers provide Medicare Supplement, Medicare Advantage, and Prescription Drug plans Original Medicare Part A (hospital) and Part B (medical) coverage (15 million enrollees) Gaps paid by con
Slide 23: Plan Options
Plan Options In most areas, there are dozens of plan options from which to choose Medicare Supplement Medicare Advantage Types of plans that may be available Average number of plan options available 2010 Plan A 30 2011 18 Plan B 2012 19 Plan C* 2013 19 Plan D 2014 17 Plan F* 2015 17 Plan
Slide 24: Consumer Confusion
Consumer Confusion Most beneficiaries choose a plan in consultation with a licensed professional Plans Sold by Channel (2025) Buyer Preferences Buyer Preferences Other Trusted guidance through a complex 10% decision (“too many options”) Digital Confidence they are selecting the 17% right coverag
Slide 25: Consumer Division Exclusive Distribution
Consumer Division Exclusive Distribution Bankers Life agents are in local communities assisting beneficiaries face-to-face National network of more than 5,000 captive, health insurance agents Robust set of Medicare Supplement and Medicare Advantage plans Nationally recognized training and deve
Slide 26: Our Full Set of Medicare Offerings
Our Full Set of Medicare Offerings Distribute our own Medicare Supplement plans and a wide selection of third-party plans Medicare Supplement Plans Medicare Advantage and Prescription Drug Plans (manufactured/underwritten) (third-party carriers) Over 50 years experience pricing and Proprietary m
Slide 27: CNO's Medicare Supplement Performance
CNO’s Medicare Supplement Performance Achieving higher sales and growing our block New Policies Sold Total Enrollment Earned Premium Underwriting Margin (in thousands) (in thousands) (in millions) 212 $620 $621 $627 30 18.9% 27 24 206 18.3% 22 18.0% 201 17.7% 16 199 $336 $312 197 16.9% 2023 2024 202
Slide 28: Medicare Supplement Industry Premium Rates
Medicare Supplement Industry Premium Rates Recently, industry rates have materially increased in response to higher claims experience Average Annual Plan G Premium Rates – 5 Lowest Carriers Higher healthcare utilization and medical cost trends have driven up claim costs across the industry Rates
Slide 29: CNO's Medicare Supplement Experience
CNO’s Medicare Supplement Experience Disciplined rate actions are improving benefit ratios while persistency remains strong Rate Increases Benefit Ratio Annualized Persistency 11.3% 77.9% 85.8% 77.1% 84.3% 84.3% 76.7% 84.1% 8.6% 76.1% 83.0% 75.0% 4.7% 3.5% 2023 2024 2025 2026 2023 2024 2025 2025 202
Slide 30: Medicare Supplement Outlook
Medicare Supplement Outlook Poised to achieve further gains Market Share by Carrier Aggregate Industry Earned Premium (2025) (in billions) Core Strengths Exclusive distribution UnitedHealthcare/AARP 34.2% BCBS and Subsidiaries 29.2% >$60 Competitively-priced plans Mutual of Omaha 9.0% Over 200
Slide 31: CNO's Medicare Advantage Performance
CNO’s Medicare Advantage Performance Demand is down from peak, but business fundamentals remain strong New Policies Sold Total Enrollment Fee Revenue Commissions Receivable1 (in thousands) (in thousands) (in millions) (in millions) 53 171 $109 $105 51 $104 167 $96 46 $87 $76 $80 158 159 $68 149 $38
Slide 32: CNO's Total Medicare Business
CNO’s Total Medicare Business Overall sales are increasing with solid persistency across plans Bankers Life Medicare Policies Sold Bankers Life Medicare Enrollment (in thousands) (in thousands) 366 372 371 81 355 355 77 68 24 30 199 201 197 212 206 22 40 33 53 51 16 27 46 167 171 159 149 158 17 13 2
Slide 33: Entry Point to Deeper Relationships
Entry Point to Deeper Relationships For many consumers, figuring out Medicare is the first of many retirement decisions CNO Financial Group | Investor Briefing | September 1, 2026 33
Slide 34: CNO's New Annualized Premium
CNO’s New Annualized Premium Medicare Supplement sales are becoming an increasing part of our growth CNO Life and Health NAP (in millions) $479 $45 $415 $390 $43 $32 $139 $114 $124 $245 $69 $226 $20 Long-Term Care $37 $47 $20 $70 Supplemental Health $64 $24 $37 Medicare Supplement $207 $201 $226 Lif
Slide 35: Voices From The Field
Voices From The Field CNO Financial Group | Investor Briefing | September 1, 2026 35
Slide 36: Wrap Up
Wrap Up Well-positioned to capture growth in the expanding Medicare market Attractive Market CNO Advantage Further value creation Medicare is large and growing Community-based experts Agent growth and productivity Sustained need for private plans Full set of Medicare options Pricing and
Slide 37: Q&A
Q&A Enter questions in chat CNO Financial Group | Investor Briefing | September 1, 2026 37
Slide 38: Why Invest in CNO
Why Invest in CNO Adam Auvil Vice President, Investor Relations & Sustainability CNO Financial Group | Investor Briefing | September 1, 2026 38
Slide 39: Why Invest in CNO
Why Invest in CNO 1 Exclusive middle-market focus and “last-mile” captive distribution create a durable competitive moat 2 Significant demographic tailwinds 3 Sustained growth while improving ROE and modernizing the business 4 Proven investment results built on a foundation of strong asset quality a
Slide 40: CNO Financial Group Investor Briefing
CNO Financial Group Investor Briefing September 1, 2026 CNO Financial Group | Investor Briefing | September 1, 2026 40