Slides
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1 Unless otherwise specified, comparisons in this presentation are between 3Q25 and 3Q26. Third Quarter 2026 Financial and operating results for the periodended September 30, 2026October 29, 2026
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2 2 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 caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on October 29, 2026, 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. We assume no obligation to update this presentation, which speaks as of today’s date. Forward-Looking StatementsThis presentation contains financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP). Reconciliations between those non-GAAP measures and the comparable GAAP measures are included in the Appendix, or on the page such measure is presented. While management believes the measures are useful to enhance understanding and comparability of our financial results, these non-GAAP measures should not be considered substitutes for the most directly comparable GAAP measures. Additional information concerning non-GAAP measures is included in our periodic filings with the Securities and Exchange Commission that are available in the “Investors – Financials – SEC Filings” section of CNO’s website, CNOinc.com.Non-GAAP Measures IMPORTANT LEGAL INFORMATION
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3 3 OUR PURPOSEWe secure the future of middle-income America.OUR MISSIONWe 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.
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4 1A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Operational HighlightsFinancial Highlights QUARTER IN REVIEWStrong results continue; Raising full-year operating EPS guidanceOperating earnings per share (EPS)1up 47%; Year-to-date up 43%–Sales momentum driving profitable growth–Continued strong underwriting and net investment income (NII) results–Operating return on equity (ROE) of 14.1%, excluding significant items1In October, executed 3rdreinsurance transaction with Bermuda affiliateRobust total capital positionReturned $77 million to shareholdersBook value per diluted share excluding AOCI1of $41.29, up 8% 17thconsecutive quarter of sales growth–Sales growth in most product categories –Career field agents delivered growth in every major product line across both Divisions –Broad-based momentum across asset accumulation products15thconsecutive quarter of growth in producing agent count (PAC)Durable competitive moat generating consistent and repeatable sales growth
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5 20263Q 4Q FY 1Q 2Q 3Q vs 3Q25New Annualized Premiums1$125.1 $128.5 $479.2 $117.4 $127.7 $126.7 1.3%Consumer 106.1 108.7 408.0 99.8 104.4 104.3 -1.7%Worksite 19.0 19.8 71.2 17.6 23.3 22.4 17.9%Annuity Collected Premiums$472.5 $508.3 $1,943.3 $433.8 $536.0 $514.0 8.8%Fee Revenue1,2$33.0 $71.4 $185.3 $42.8 $18.5 $14.4 n/mConsumer 26.2 71.4 163.7 42.8 18.5 14.4 -45.0%Worksite 6.8--21.6-- -- --n/mPolicyholder and Client Assets $18,108 $18,307 -- $18,497 $19,395 $19,753 9.1%Annuity Account Values 13,068 13,271 -- 13,415 13,705 13,956 6.8%Client Assets in BD and Advisory15,040 5,036 -- 5,082 5,690 5,797 15.0%Producing Agent Counts (PAC) 14,928 5,016 -- 4,967 5,125 5,123 4.0%Consumer 4,518 4,612 -- 4,566 4,697 4,689 3.8%Worksite 410 404 -- 401 428 434 5.9%Average Book Value of Investments & Cash$30,878 $31,462 -- $32,039 $32,712 $33,451 8.3%Average Yield on Allocated Investments4.91% 4.92% 4.91% 4.88% 4.91% 4.91% 0 bpsNew Money Rate 6.20% 6.11% -- 6.08% 6.16% 6.24% 4 bpsBook Value per Diluted Share x AOCI 3$38.10 $38.81 -- $38.98 $39.92 $41.29 8.4%3-year CAGR 6.1% 6.8% -- 7.0% 7.3% 7.0% -- Change2025 INVESTMENTS & CAPITALPRODUCTIONDISTRIBUTION GROWTH SCORECARDSustained and repeatable growth (dollars in millions)1 See page 25 for a glossary of terms and definitions. 2 Beginning in 4Q25, Worksite Division fee services revenue will be reported as non-operating due to the previously announced exit of the business.3 Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure.n/m Result not meaningful following the reclassification of Worksite fee revenue to non-operating results in 4Q25.
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6 CONSUMER DIVISION UPDATE16thconsecutive quarter of sales growth1; Continued strength in career field agent channel PAC up 4%; 15thconsecutive quarter of growth–Strong agent productivity and retention –Registered agents up 4%Total Medicare policies sold up 20% NAP generated from non-TV lead sources represented 71% of total D2C sales Career field agent NAP up 13%Health NAP up 7%–Medicare Supplement NAP up 41%–LTC NAP up 2% Annuity collected premiums up 9%–Account values up 7% Record client assets in brokerage and advisory, up 15%–Total accounts up 13% Operational HighlightsDistribution Highlights1 See page 25 for a glossary of terms and definitions.
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7 WORKSITE DIVISION UPDATE18thconsecutive quarter of sales growth1; 8thconsecutive quarter of double-digit growthCareer field agent NAP up 29%Life and Health NAP up 18%–Life NAP up 59%–Hospital Indemnity NAP up 16%–Accident NAP up 16%Record PAC, up 6%; 17thconsecutive quarter of growth–Productivity up across all cohortsNAP from new clients up 168% Operational HighlightsDistribution Highlights1 See page 25 for a glossary of terms and definitions.
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8 1 A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure. Net operating earnings per share1 (dollars in millions, except per share amounts); TTM = trailing twelve months Earnings ResultsFINANCIAL HIGHLIGHTSExcluding significant itemsOperating EPS excluding significant items1up 48%; Year-to-date up 45%Highlights $399.9$295.8$179.1$127.2Net operating income1$355.0$258.3$134.2$95.0Net operating income excluding significant items1$324.7$136.4$161.1$23.1Net Income95.1100.794.398.6Weighted average shares outstanding (in millions)$1.29 $1.90 $2.94 $4.20 3Q25 3Q26 YTD2025YTD2026$0.96$1.42$2.57Operating EPS1of $1.90, up 47%—Net favorable results from annual actuarial reviewOperating EPS1of $1.42, up 48% excluding significant items—Strong sales contributing to growth in insurance product margin and net investment income—Improvement in net investment income not allocated led by alternative investment returns —Favorable expensesAnnounced 3rd reinsurance transaction with Bermuda affiliate$60 million of share repurchases—4% reduction in weighted average diluted shares outstandingMaintained robust total capital positionTTM operating ROE1of 15.4%; 14.1% excluding significant items $3.73
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9 (dollars in millions) Insurance Product Margin Excluding Significant Items1 1 Excludes impacts from the annual actuarial review. See the Appendix for a reconciliation to the corresponding GAAP measure and a breakdown of impacts by major product category. INSURANCE PRODUCT MARGINTotal margin up 7%, primarily driven by continued sales momentum3Q25 4Q25 1Q26 2Q26 3Q26Annuity$56.3 $56.4 $58.5 $60.6 $67.4Fixed Indexed Annuities $45.9 $46.4 $50.2 $49.2 $53.4Fixed Interest Annuities $8.5 $8.2 $7.3 $7.8 $9.2Other Annuities $1.9 $1.8 $1.0 $3.6 $4.8Health$135.9 $139.4 $132.6 $147.2 $141.3Supplemental Health $72.3 $74.1 $71.2 $70.1 $72.8Medicare Supplement $30.4 $28.6 $23.1 $36.5 $29.9Long-term Care $33.2 $36.7 $38.3 $40.6 $38.6Life$67.0 $70.0 $65.8 $71.2 $68.0Interest Sensitive Life $20.7 $24.8 $22.8 $26.4 $23.0Traditional Life $46.3 $45.2 $43.0 $44.8 $45.0Total Margin$259.2 $265.8 $256.9 $279.0 $276.7 Annuity marginFixed Indexed Annuities (FIA) – growth in the block and go-forward income pattern change from annual actuarial reviewOther Annuities – favorable reserve releases on closed block policiesHealth marginSupplemental Health – growth in the block offset by less favorable morbidity Medicare Supplement – Higher morbidity, partially offset by growth in the block and implementation of rate increasesLTC – growth in the block and lower morbidity Life marginISL – growth in the block and lower mortality Traditional Life – higher nondeferrable advertising expense Annual actuarial reviewCurrent period net benefit of $56.3 million, reflecting broad-based favorable experience, partially offset by Medicare SupplementQuarterly go-forward income pattern changes FIA +$3.5mm, Med Supp +$1mm Highlights
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10 101Reflects sum of allocated and non-allocated investment income. Refer to pages 15-17 of the financial supplement for more information on the components of net investment income.2Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account values for interest sensitive products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.Average yield on allocated investments of 4.91% in 3Q26, unchanged from 3Q25Average net insurance liabilities2up 4.3%Favorable net investment income on alternative assetsHigher FHLB and FABN funding and margins Investment Income Allocated to Product LinesInvestment Income NotAllocated to Product Lines AnnuityHealthLifeNot allocated $- $100.0 $200.0 $300.03Q25 3Q26 INVESTMENT RESULTS (dollars in millions)New money rate of 6.24% in 3Q26, 15thconsecutive quarter over 6%Average book value of invested assets up 8.3%Earned yield of 5.16% in 3Q26 vs. 4.77% in 3Q25 $271.0$282.6 $- $100.0 $200.0 $300.03Q25 3Q26Total net investment income1 up 13%; 12thconsecutive quarter of growthTotal NetInvestment Income1 $39.5$68.1 $- $100.0 $200.0 $300.03Q25 3Q26$350.7$310.5
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11 11Debt to Capital2Consolidated Risk Based Capital (RBC) Ratio1Holding Company Liquidity 1The ratio of the combined capital of the insurance companies to the minimum amount of capital appropriate to support the overall business operations, as determined based on the methodology developed by the National Association of Insurance Commissioners.2Excluding accumulated other comprehensive income (loss) (a non-GAAP measure). See the Appendix for a reconciliation to the corresponding GAAP measure.(dollars in millions) Managing RBC Ratio in the range of 360% – 390%RBC ratio variability expected in periods of market volatilityTarget leverage of 25% - 28%Debt covenant ceiling of 35%$168 million in debt capacity to top of target leverage rangeTarget minimum holding company liquidity of $150millionLiquidity backstopped by $250 million undrawn revolverStaggered debt maturities in 2029 and 2034 CAPITAL AND LIQUIDITY OVERVIEWRobust total capital position Debt to capital2excluding $500 million note that matured May 2025$372 $351 $280 $233 $231 2024 2025 1Q26 2Q26 3Q26 32.1%26.2%26.4%26.1%25.7%2024 2025 1Q26 2Q26 3Q2625.6% 383% 380% 375% 377% 374%2024 2025 1Q26 2Q26 3Q26
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12 12 GUIDANCE Guidance excludes significant items Raising full-year operating EPS guidance 9% at the midpoint2026 Operating Earnings2026 Free Cash Flow / Excess Capital$5.05 – $5.15 operating EPS18.6% – 18.8% expense ratio~20.5% effective tax rate$220 – $240 million free cash flow360% – 390% RBC Ratio $150 million minimum holding company liquidity25% – 28% debt to total capital ratio Operating Return on Equity2026 results expected to exceed 2027 target of 12.0%Expect to establish new long-term operating ROE targets in February 2027, in line with our normal planning cadence
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13 45321Exclusive middle-market focus and “last-mile” captive distribution create a durable competitive moatSignificant demographic tailwindsProven investment results built on a foundation of strong asset quality and disciplined managementStrong balance sheet and robust free cash flow resilient against market events WHY INVEST IN CNO 6Track record of execution and delivering on our promisesSustained growth while improving ROE and modernizing the business
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14 Questions and Answers
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15 Cash Flow Profile Slide 16Broker-Dealer/Registered Investment Advisor Slide 17Expense Ratio Slide 18Portfolio Composition Slide 19New Money Summary Slide 20Private Credit Slide 21Financial Results Seasonality Slide 22Long-Term Care Insurance Slide 23Tax Asset Summary Slide 24Glossary of Terms and Definitions Slide 25Appendix 1: Quarter in Review
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161 Cash flows exclude acquisitions, dividend payments, stock repurchases, and financing transactions. CASH FLOW PROFILE3Q25 3Q26 3Q25 3Q26Holding Company Cash Flows:Net Dividends (Contributions) from/to Subsidiaries -$ -$ 69.3$ 293.8$ Management Fees 31.5 34.5 125.1 128.6Surplus Debenture Interest 29.4 14.8 77.0 59.0Earnings on Corporate Investments 3.1 3.0 33.7 16.0Other 32.6 38.8 25.0 45.5Holding Company Sources of Cash196.6 91.1 330.1 542.9 Holding Company Expenses and Other (23.9) (23.7) (83.6) (176.7) Net Tax Receipts (Payments) 13.0 8.2 22.1 57.7 Interest Payments (2.1) (2.1) (110.0) (79.8) Free Cash Flow1 83.6 73.5 158.6 344.1 Notes Payable Repayment - - (500.0) - Share Repurchases (60.6) (59.5) (351.9) (240.5)Dividend Payments to Stockholders (16.4) (16.5) (66.4) (66.6)Net Change in Holding Company Cash and Investments 6.6 (2.5) (759.7) 37.0 Cash and Investments, Beginning of Period 187.1 233.2 953.4 193.7Cash and Investments, End of Period 193.7$ 230.7$ 193.7$ 230.7$ Trailing Twelve MonthsFor the Quarter (dollars in millions)
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17 Record client assets in brokerage and advisory; Registered agent count up 4% 1 Client assets include cash and securities in brokerage, broker-dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts. Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). Agents who are financial advisors are registered with Bankers Life Securities, Inc.Securities and variable annuity products and services are offered by Bankers Life Securities, Inc. Member FINRA/SIPC, (dba BL Securities, Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services are offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA). Home Office: 303 East Wacker Drive, 5thFloor, Chicago, IL 60601. 2 Registered agents are dually licensed as insurance agents and financial representatives who can buy and sell securities for clients, and/or investment advisors who can provide ongoing investment advice for clients.3 Representative counts represent the average of the last 3 months. BROKER-DEALER/REGISTERED INVESTMENT ADVISOR3Q 4Q1Q 2Q3QNet New Client Assets inBrokerage 74.1$ 67.6$ 63.1$ 75.1$ 44.1$ Brokerage and Advisory1Advisory 124.2 (90.2) 99.2 120.6 90.5 Total 198.3$ (22.6)$ 162.3$ 195.7$ 134.6$ Client Assets in Brokerage and Brokerage 2,472.4$ 2,543.2$ 2,521.9$ 2,749.7$ 2,749.0$ Advisory1 at end of periodAdvisory 2,567.3 2,493.0 2,560.1 2,940.5 3,048.4 Total 5,039.7$ 5,036.2$ 5,082.0$ 5,690.2$ 5,797.4$ Registered Agent Counts 2,3Total 766 781794792 79520262025 (dollars in millions)
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181 Expense ratio calculation = expenses allocated to products plus not allocated to products, divided by the sum of insurance policy income and net investment income allocated to products. Results exclude significant items.2 See pages 27-30 for a reconciliation of the significant items. EXPENSE RATIO1 (dollars in millions) 3Q 4Q 1Q 2Q 3QAllocated & Non Allocated Expenses 173.3$ 169.5$ 179.3$ 176.2$ 179.8$ Allocated & Non Allocated Expenses - YTD 529.5 699.0 179.3 355.5 535.3 Significant Items2 -$ -$ -$ -$ -$ Significant Items - YTD2 - - - - - Allocated & Non Allocated Expenses Excluding Significant Items 173.3$ 169.5$ 179.3$ 176.2$ 179.8$ Allocated & Non Allocated Expenses Excluding Significant Items - YTD 529.5 699.0 179.3 355.5 535.3 Policy Income and Net Investment Income Allocated to Products 929.3$ 935.9$ 946.9$ 958.8$ 970.8$ Policy Income and Net Investment Income Allocated to Products - YTD 2,761.0 3,696.9 946.9 1,905.7 2,876.5 Expense Ratio 18.6% 18.1% 18.9% 18.4% 18.5%Expense Ratio - YTD19.2% 18.9% 18.9% 18.7% 18.6%Rolling Twelve Months Ratio 19.0% 18.9% 18.7% 18.5% 18.5% 2025 2026
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19 1 Fair Value as of 9/30/2026. PORTFOLIO COMPOSITIONHigh-quality, liquid portfolio producing solid and consistent results HighlightsGeneral Approach$31 Billion of Invested Assets1High degree of liquidity:over 57% of portfolio in corporate and government bondsStrong credit risk profile—Capital efficient: ~97% rated NAIC 1 or 2—Portfolio average rating A—CRE and private credit portfolios performing as expected Positioned for stable performance across credit cyclesFocus on quality - margin against adverse developmentLow impairments through multiple cyclesEmbedded asset liability managementOpportunistic investments protect/grow book yield and core earnings powerGrowth in AUM leverages increasing book yield, resulting in higher net investment incomeIG Corporates, 40.5%Non-Agency RMBS, 4.1%Commercial Mortgage Loans, 5.5%Residential Mortgage Loans, 5.1%HY Corporates, 2.1%CMBS, 6.9%Municipals, 8.5%ABS, 6.6%Govts/Agency, 3.2%CLO, 5.2%Equities, 0.9%Other Invested Assets, 2.8%Alternatives, 3.5%Policy Loans, 0.5%Cash, 4.6%
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20 3Q26 General Account New Money Purchases NEW MONEY SUMMARY (dollars in millions) $ % GAAP YTMIG Corp AAA-A496.2 29.9% 6.12%ABS335.4 20.2% 6.00%IG Corp BBB335.4 20.2% 6.05%Residential Mortgage Loans153.8 9.3% 6.34%Municipals97.7 5.9% 5.82%CRE Loans89.6 5.4% 5.37%Alternatives58.1 3.5% 11.99%EM35.9 2.2% 5.63%CMBS29.0 1.8% 5.54%Rated Notes20.1 1.2% 6.86%CLO Debt5.0 0.3% 5.68%HY Corp2.0 0.1% 7.63%Total1,658.2 100.0% 0.00%
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21 PRIVATE CREDIT$2.3B of exposure diversified across asset managers, structures, vintages; 2,000+ underlying credits 1 Non-rated (NR) holdings primarily consist of LPs, residuals, and interval funds, all of which are part of our Alternatives allocation but included here because they have private credit exposure. By Rating1By Structure…………………………..By Asset ClassBy Rating AgencyA33%BBB29%NR16%AA14%BB 4%B 2%AAA 2%ABF Loans41%Rated Notes25%Portfolio Finance Loans17%LP/LLC 6%Residual 6%Interval Fund5%KBRA59%Moody22%DBRS Morningstar10%Fitch 4%Egan Jones 3%S&P 2%
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22 FINANCIAL RESULTS SEASONALITY1Q 2Q 3Q 4QMedicare Supplement Margin Seasonally highest claims and surrenders Mortality Seasonally highest mortality D2C Advertising Traditionally highest advertising Traditionally lowest advertising Fee Income ~1/3 income Near breakeven Near breakeven ~2/3 income Expenses Traditionally highest expense ratio Traditionally lowest expense ratio Quarterly trend similar to 2025
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23 New sales focused on short duration productsRecent growth due to strong sales in LTC Fundamental product99% of new sales for policies with 2 years or less in benefitsAverage benefit period of 13 months for policies sold in 2026Reserve assumptions informed by historical experienceNo morbidity improvementNo mortality improvementMinimal future rate increasesFavorable economic profileTotal LTC is just 11% of overall CNO insurance liabilitiesDownside risk significantly reduced after 2018 reinsurance transactionAverage maximum benefit at issuance is $168 per day for in-force blockBlock highlightsLess than 22% of policies have inflation benefits2% of policies have lifetime benefits, the median benefit period is ~1 year, and the average non-lifetime benefit period is ~1.4 yearsAverage attained age is 75 years Highly differentiated; prudently-managed in-force block LONG-TERM CARE INSURANCE
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24NOLs with no Expiration Date$176 Value of NOLs DetailsRemaining NOLs are expected to be fully utilized and can generally offset 80% of non-life taxable income and 35% of life taxable incomeTotal estimated economic value of tax assets related to our NOLs of approximately $147million @ 10% discount rate ($1.57 on a per diluted share basis)$176$176 million / $1.88 per diluted share value of remaining NOLs TAX ASSET SUMMARY AS OF SEPTEMBER 30, 2026 (dollars in millions)
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25 GLOSSARY OF TERMS AND DEFINITIONS New Annualized Premiums – Measured as 100% of new Life and Health annualized premiums and 10% of Single Premium Whole Life deposits.Fee Revenue– Represents fee revenue from the sales of third-party insurance products, fees generated by our broker-dealer and registered investment advisor, and prior to 4Q25, fee revenue earned by the Worksite Division fee services business. Client Assets in Broker-Dealer (BD) and Advisory – Client assets include cash and securities in brokerage, broker-dealer customer account assets custodied directly at fund companies and insurance carriers, and assets under management in advisory accounts.Producing Agent Counts (PAC) – Producing agents represent the monthly average of exclusive agents that have submitted at least one policy in the month.Sales Growth Measure – Sales growth is measured using 100% of new Life and Health annualized premium, 10% of Single Premium Whole Life deposits, and 6% of Annuity collected premium.
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26 Appendix 2: Financial ExhibitsNon-GAAP Financial Measures Slides 27 - 42
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27(dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 3Q26 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q26 SIGNIFICANT ITEMS (a) Comprised of $56.3 million of the net favorable impact arising from our comprehensive annual actuarial review.(b) A non-GAAP measure. See pages 37 and 38 for a reconciliation to the corresponding GAAP measure. Insurance product marginAnnuity 87.9$ (20.5)$ (a)67.4$ Health 149.1 (7.8) (a)141.3 Life 96.0 (28.0) (a)68.0 Total insurance product margin 333.0 (56.3) 276.7 Allocated expenses (161.0) - (161.0) Income from insurance products 172.0 (56.3) 115.7 Fee income (1.1) - (1.1) Investment income not allocated to product lines 68.1 - 68.1 Expenses not allocated to product lines (18.8) - (18.8) Operating earnings before taxes 220.2 (56.3) 163.9 Income tax (expense) benefit on operating income (41.1) 11.4 (29.7) Net operating income (b) 179.1$ (44.9)$ 134.2$ Net operating income per diluted share (b) 1.90$ (0.48)$ 1.42$ Three months endedSeptember 30, 2026Actual resultsSignificant itemsExcluding significantitems
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28 2025 SIGNIFICANT ITEMSThe table below summarizes the financial impact of significant items on our 2025 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. (dollars in millions, except per-share amounts) Insurance product marginAnnuity 238.6$ (16.6)$ (a)222.0$ Health 556.6 (21.1) (a)535.5 Life 272.4 (10.4) (a)262.0 Total insurance product margin 1,067.6 (48.1) 1,019.5 Allocated expenses (611.3) - (611.3) Income from insurance products 456.3 (48.1) 408.2 Fee income 15.2 - 15.2 Investment income not allocated to product lines 169.4 - 169.4 Expenses not allocated to product lines (87.7) - (87.7) Operating earnings before taxes 553.2 (48.1) 505.1 Income tax (expense) benefit on operating income (114.0) 10.6 (103.4) Net operating income (b) 439.2$ (37.5)$ 401.7$ Net operating income per diluted share (b) 4.40$ (0.38)$ 4.02$ Actual ResultsSignificant ItemsExcluding significant itemsYear endedDecember 31, 2025 (a) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review during 3Q25 and $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, during 1Q25.(b) A non-GAAP measure. See pages 37 and 38 for a reconciliation to the corresponding GAAP measure.
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29(dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 3Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 3Q25 SIGNIFICANT ITEMS (a) Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.(b) A non-GAAP measure. See pages 37 and 38 for a reconciliation to the corresponding GAAP measure. Insurance product marginAnnuity 72.9$ (16.6)$ (a)56.3$ Health 157.0 (21.1) (a)135.9 Life 70.6 (3.6) (a)67.0 Total insurance product margin 300.5 (41.3) 259.2 Allocated expenses (151.0) - (151.0) Income from insurance products 149.5 (41.3) 108.2 Fee income (3.9) - (3.9) Investment income not allocated to product lines 39.5 - 39.5 Expenses not allocated to product lines (22.3) - (22.3) Operating earnings before taxes 162.8 (41.3) 121.5 Income tax (expense) benefit on operating income (35.6) 9.1 (26.5) Net operating income (b) 127.2$ (32.2)$ 95.0$ Net operating income per diluted share (b) 1.29$ (0.33)$ 0.96$ Three months endedSeptember 30, 2025Actual resultsSignificant itemsExcluding significantitems
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30(dollars in millions, except per-share amounts) The table below summarizes the financial impact of significant items on our 1Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. 1Q25 SIGNIFICANT ITEMS (a) Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves.(b) A non-GAAP measure. See pages 37 and 38 for a reconciliation to the corresponding GAAP measure. Insurance product marginAnnuity 54.5$ -$ 54.5$ Health 126.2 - 126.2 Life 68.2 (6.8) (a)61.4 Total insurance product margin 248.9 (6.8) 242.1 Allocated expenses (161.2) - (161.2) Income from insurance products 87.7 (6.8) 80.9 Fee income (0.8) - (0.8) Investment income not allocated to product lines 38.0 - 38.0 Expenses not allocated to product lines (20.3) - (20.3) Operating earnings before taxes 104.6 (6.8) 97.8 Income tax (expense) benefit on operating income (23.5) 1.5 (22.0) Net operating income (b) 81.1$ (5.3)$ 75.8$ Net operating income per diluted share (b) 0.79$ (0.05)$ 0.74$ Actual resultsSignificant itemsExcluding significantitemsThree months endedMarch 31, 2025
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31 3Q254Q251Q262Q263Q26Insurance product marginAnnuity 72.9$ 56.4$ 58.5$ 60.6$ 87.9$ Health 157.0 139.4 132.6 147.2 149.1 Life 70.6 70.0 65.8 71.2 96.0 Total insurance product margin 300.5 265.8 256.9 279.0 333.0 Allocated expenses (151.0) (149.7) (159.9) (152.9) (161.0) Income from insurance products 149.5 116.1 97.0 126.1 172.0 Fee income (3.9) 19.1 10.6 (1.2) (1.1) Investment income not allocated to product lines 39.5 58.1 41.7 49.4 68.1 Expenses not allocated to product lines (22.3) (19.8) (19.4) (23.3) (18.8) Operating earnings before taxes 162.8 173.5 129.9 151.0 220.2 Income tax expense on operating income (35.6) (30.1) (28.6) (31.5) (41.1) Net operating income* 127.2 143.4 101.3 119.5 179.1 Net realized investment gains (losses) from disposals, impairments and change in allowance for credit losses(8.8) (25.2) (15.2) (13.6) (48.3) Net change in market value of investments recognized in earnings 5.8 (1.3) (7.5) (1.1) (16.4) Fair value changes related to agent deferred compensation plan- (1.7) - - 10.0 Changes in fair value of embedded derivative liabilities and market risk benefits(18.1) (1.5) (42.4) 34.6 69.7 Expenses related to TechMod initiative(7.2) (9.9) (13.7) (9.7) (10.1) Goodwill and other asset impairment (96.7) (5.2) - - - Net loss related to divested business- (17.3) (1.9) (1.1) - Other (1.6) - (0.8) (0.4) 1.3 Non-operating income (loss) before taxes (126.6) (62.1) (81.5) 8.7 6.2 Income tax (expense) benefit on non-operating income (loss) 22.5 11.6 17.9 (2.3) (2.1) Valuation allowance for deferred tax assets - - - - (22.1) Net non-operating income (loss) (104.1) (50.5) (63.6) 6.4 (18.0) Net income 23.1$ 92.9$ 37.7$ 125.9$ 161.1$ *Management believes that an analysis of net income applicable to common stock before the following items (each net of tax, except as noted) is important to evaluate the financial performance of the Company, and is a key measure commonly used in the life insurance industry: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses; (ii) net change in market value of investments recognized in earnings; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities; (iv) fair value changes related to the agent deferred compensation plan; (v) gains or losses related to material reinsurance transactions; (vi) loss on extinguishment of debt; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation; (ix) goodwill and other asset impairment expenses; (x) gains or losses related to divested business; and (xi) other non-operating items including earnings attributable to variable interest entities (collectively, "net operating income," a non-GAAP financial measure). The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefitallocated to the items included in non-operating earnings. Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 33. QUARTERLY EARNINGS (dollars in millions)
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32 The following provides additional information regarding certain non-GAAP measures used in thispresentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position,or cash flows that excludes or includes amounts that are normally excluded or included in the most directlycomparable measure calculated and presented in accordance with GAAP. While management believes thesemeasures are useful to enhance understanding and comparability of our financial results, these non-GAAPmeasures should not be considered as substitutes for the most directly comparable GAAP measures.Additional information concerning non-GAAP measures is included in our periodic filings with the Securitiesand Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website,www.CNOinc.com.Operating earnings measuresManagement believes that an analysis of net income applicable to common stock before the following items(each net of tax, except as noted) is important to evaluate the financial performance of the Company, and is akey measure commonly used in the life insurance industry: (i) net realized investment gains or losses fromdisposals, impairments and the change in allowance for credit losses; (ii) net change in market value ofinvestments recognized in earnings; (iii) changes in fair value of embedded derivative liabilities and marketrisk benefits related to our fixed indexed annuities; (iv) fair value changes related to the agent deferredcompensation plan; (v) gains or losses related to material reinsurance transactions; (vi) loss onextinguishment of debt; (vii) changes in the valuation allowance for deferred tax assets and other tax items;(viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") thatare incremental to normal spend and will not recur following implementation; (ix) goodwill and other assetimpairment expenses; (x) gains or losses related to divested business; and (xi) other non-operating itemsincluding earnings attributable to variable interest entities (collectively, "net operating income," a non-GAAPfinancial measure). The income tax expense or benefit allocated to the items included in net non-operatingincome (loss) represents the current and deferred income tax expense or benefit allocated to the itemsincluded in non-operating earnings. Management believes this information provides a better understanding ofthe business and a more meaningful analysis of results of our insurance product lines. A reconciliation of netoperating income to net income applicable to common stock is provided in the table on page 33. INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES
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33(dollars in millions, except per-share amounts) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES3Q254Q251Q262Q263Q26Net income applicable to common stock23.1$ 92.9$ 37.7$ 125.9$ 161.1$ Non-operating items:Net realized investment (gains) losses from sales and impairments 8.8 25.2 15.2 13.6 48.3 Net change in market value of investments recognized in earnings (5.8) 1.3 7.5 1.1 16.4 Fair value changes related to the agent deferred compensation plan - 1.7 - - (10.0) Changes in fair value of embedded derivative liabilities and market risk benefits 18.1 1.5 42.4 (34.6) (69.7) Expenses related to TechMod initiative 7.2 9.9 13.7 9.7 10.1 Goodwill and other asset impairment 96.7 5.2 - - - Net loss related to divested business - 17.3 1.9 1.1 - Other 1.6 - 0.8 0.4 (1.3) Non-operating (income) loss before taxes 126.6 62.1 81.5 (8.7) (6.2) Income tax expense (benefit) on non-operating income (22.5) (11.6) (17.9) 2.3 2.1 Valuation allowance for deferred tax assets - - - - 22.1 Net non-operating (income) loss 104.1 50.5 63.6 (6.4) 18.0 Net operating income (a non-GAAP financial measure)127.2$ 143.4$ 101.3$ 119.5$ 179.1$ Per diluted share:Net income0.24$ 0.95$ 0.39$ 1.33$ 1.71$ Net realized investment (gains) losses from sales and impairments (net of taxes) 0.07 0.22 0.12 0.11 0.41 Net change in market value of investments recognized in earnings (net of taxes) (0.05) 0.01 0.06 0.01 0.14 Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) 0.14 0.02 0.34 (0.28) (0.59) Fair value changes related to the agent deferred compensation plan (net of taxes) - 0.01 - - (0.08) Expenses related to TechMod initiative 0.06 0.08 0.11 0.08 0.09 Goodwill and other asset impairment 0.82 0.04 - - - Net loss related to divested business - 0.14 0.02 0.01 - Valuation allowance for deferred tax assets - - - - 0.23 Other 0.01 - 0.01 - (0.01) Net operating income (a non-GAAP financial measure)1.29$ 1.47$ 1.05$ 1.26$ 1.90$ A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows:
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34 A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as follows: (dollars in millions, except per-share amounts, and shares in thousands) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES3Q254Q251Q262Q263Q26Net operating income 127.2$ 143.4$ 101.3$ 119.5$ 179.1$ Weighted average shares outstanding for basic earnings per share 96,603 95,136 94,078 93,194 92,195 Effect of dilutive securities on weighted average shares:Employee benefit plans 1,951 2,142 2,061 1,758 2,059 Weighted average shares outstanding for diluted earnings per share98,553 97,278 96,139 94,952 94,253 Net operating income per diluted share 1.29$ 1.47$ 1.05$ 1.26$ 1.90$
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35 Book value per diluted shareBook value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised andrestricted stock and performance units were vested. The dilution from options, restricted shares and performance units iscalculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options(or the unrecognized compensation expense with respect to restricted stock and performance units) will be used topurchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculationof this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensiveincome (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation(depreciation) of our investments.A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows: INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES3Q254Q251Q262Q263Q26Total shareholders' equity 2,611.0$ 2,638.2$ 2,498.4$ 2,591.6$ 2,323.7$ Shares outstanding for the period 95,840,989 94,484,339 93,795,306 92,696,990 91,705,509 Book value per share 27.24$ 27.92$ 26.64$ 27.96$ 25.34$ Total shareholders' equity 2,611.0$ 2,638.2$ 2,498.4$ 2,591.6$ 2,323.7$ Accumulated other comprehensive loss (1,118.9) (1,115.0) (1,217.6) (1,182.8) (1,545.8) Adjusted shareholders' equity excluding AOCI 3,729.9$ 3,753.2$ 3,716.0$ 3,774.4$ 3,869.5$ Shares outstanding for the period 95,840,989 94,484,339 93,795,306 92,696,990 91,705,509 Dilutive common stock equivalents related to:Stock options, restricted stock and performance units 2,061,774 2,229,874 1,528,160 1,854,426 2,015,117 Diluted shares outstanding 97,902,763 96,714,213 95,323,466 94,551,416 93,720,626 Book value per diluted share excluding AOCI (a non-GAAP measure) $ 38.10 $ 38.81 $ 38.98 $ 39.92 $ 41.29 (dollars in millions, except share and per-share amounts)
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36 Operating return measuresManagement believes that an analysis of net income applicable to common stock before the following items (each net of tax, except asnoted) is important to evaluate the financial performance of the Company, and is a key measure commonly used in the life insuranceindustry: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses; (ii) netchange in market value of investments recognized in earnings; (iii) changes in fair value of embedded derivative liabilities and market riskbenefits related to our fixed indexed annuities; (iv) fair value changes related to the agent deferred compensation plan; (v) gains or lossesrelated to material reinsurance transactions; (vi) loss on extinguishment of debt; (vii) changes in the valuation allowance for deferred taxassets and other tax items; (viii)costs related to our three-year project to modernize certain elements of our technology ("TechMod") thatare incremental to normal spend and will not recur following implementation; (ix) goodwill and other asset impairment expenses; (x) gainsor losses related to divested business; and (xi) other non-operating items including earnings attributable to variable interest entities(collectively, "net operating income," a non-GAAP financial measure). The income tax expense or benefit allocated to the items includedin net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included innon-operating earnings. Management believes this information provides a better understanding of the business and a more meaningfulanalysis of results of our insurance product lines.Management also believes that an operating return, excluding significant items, is important as the impact of these items enhances theunderstanding of our operating results.This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income (loss) has beenexcluded from the value of equity used to determine this ratio. Management believes this non-GAAP financial measure is useful becauseit removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused bychanges in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than thebusiness decisions made by management.In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets on our consolidatedbalance sheet). In accordance with GAAP, these assets are not discounted and accordingly will not provide a return to shareholders (untilafter it is realized as a reduction to taxes that would otherwise be paid). Management believes that excluding this value from the equitycomponent of this measure enhances the understanding of the effect these non-discounted assets have on operating returns and thecomparability of these measures from period-to-period. Operating return measures are used in measuring the performance of ourbusiness units and are used as a basis for incentive compensation. INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES
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37 The calculations of: (i) Operating return on equity (a non-GAAP financial measure); (ii) Operating return, excluding significant items, on equity (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions)(Continued on next page) Trailing four quarters average equity is calculated using the following formula (P = Period) – ((P1+P2) /2 +(P2+P3) /2 +(P3+P4) /2 + (P4+P5) /2) /4[e.g. – the formula for calculating 3Q26 average equity would be the following – ((3Q25+4Q25) /2) + (4Q25+1Q26) /2) + (1Q26+2Q26) /2) + (2Q26+3Q26) /2) /4 ] INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES3Q254Q251Q262Q263Q26Net operating income 433.8$ 439.2$ 459.4$ 491.4$ 543.3$ Net operating income, excluding significant items 399.4$ 401.7$ 427.2$ 459.2$ 498.4$ Net income 319.3$ 229.3$ 245.5$ 279.6$ 417.6$ Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure)3,580.0$ 3,536.7$ 3,494.5$ 3,495.4$ 3,522.7$ Average common shareholders' equity 2,560.6$ 2,566.4$ 2,574.7$ 2,576.2$ 2,548.9$ Operating return on equity (a non-GAAP financial measure) 12.1% 12.4% 13.1% 14.1% 15.4%Operating return on equity, excluding significant items (a non-GAAP financial measure)11.2% 11.4% 12.2% 13.1% 14.1%Return on equity 12.5% 8.9% 9.5% 10.9% 16.4%Twelve Months Ended
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38 The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): (dollars in millions)(a) The significant items have been discussed in either the current or prior press releases. (Continued on next page) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURESNet operating incomeSignificant items (a)Net operating income, excluding significant itemsNet operating income, excluding significant items - trailing four quartersNet income (loss)Net income - trailing four quarters4Q24 138.0$ 3.1$ 141.1$ 410.5$ 182.9$ 420.8$ 1Q25 81.1 (5.3) 75.8 428.8 21.5 330.0 2Q25 87.5 - 87.5 401.7 91.8 305.5 3Q25 127.2 (32.2) 95.0 399.4 23.1 319.3 4Q25 143.4 - 143.4 401.7 92.9 229.3 1Q26 101.3 - 101.3 427.2 37.7 245.5 2Q26 119.5 - 119.5 459.2 125.9 279.6 3Q26 179.1 (44.9) 134.2 498.4 161.1 417.6
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39 The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); and (iii) return on equity are as follows: (dollars in millions)(Continued on next page) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES3Q254Q251Q262Q263Q26Pre-tax operating earnings (a non-GAAP financial measure) 553.6$ 553.2$ 578.5$ 617.2$ 674.6$ Income tax expense (119.8) (114.0) (119.1) (125.8) (131.3) Operating return 433.8 439.2 459.4 491.4 543.3 Non-operating items:Net realized investment losses from sales and impairments (78.9) (69.0) (71.0) (62.8) (102.3) Net change in market value of investments recognized in earnings 9.0 14.3 0.4 (4.1) (26.3) Changes in fair value of embedded derivative liabilities and market risk benefits 30.1 (64.0) (36.8) (27.4) 60.4 Fair value changes and amendment related to the agent deferred compensation plan 6.6 (1.7) (1.7) (1.7) 8.3 Expenses related to TechMod initiative (10.4) (20.3) (34.0) (40.5) (43.4) Goodwill and other asset impairment (96.7) (101.9) (101.9) (101.9) (5.2) Net loss related to divested business - (17.3) (19.2) (20.3) (20.3) Other 0.8 0.1 (0.3) (2.8) 0.1 Non-operating income (loss) before taxes (139.5) (259.8) (264.5) (261.5) (128.7) Income tax (expense) benefit on non-operating income (loss) 25.0 49.9 50.6 49.7 25.1 Valuation allowance for deferred tax assets - - - - (22.1) Net non-operating income (loss) (114.5) (209.9) (213.9) (211.8) (125.7) Net income 319.3$ 229.3$ 245.5$ 279.6$ 417.6$ Twelve Months Ended
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40 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) 1Q24 2Q24 3Q24 4Q24Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,536.8$ 3,596.7$ 3,529.9$ 3,810.0$ Net operating loss carryforwards 311.2 296.5 273.9 76.6 Accumulated other comprehensive loss (1,480.3) (1,464.3) (1,116.0) (1,371.4) Common shareholders' equity 2,367.7$ 2,428.9$ 2,687.8$ 2,515.2$ 1Q25 2Q25 3Q25 4Q25Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,498.9$ 3,504.3$ 3,483.6$ 3,510.2$ Net operating loss carryforwards 295.3 271.1 246.3 243.0 Accumulated other comprehensive loss (1,239.1) (1,252.7) (1,118.9) (1,115.0) Common shareholders' equity 2,555.1$ 2,522.7$ 2,611.0$ 2,638.2$ 1Q26 2Q26 3Q26Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure)3,461.2$ 3,548.5$ 3,658.3$ Net operating loss carryforwards 254.8 225.9 211.2 Accumulated other comprehensive loss (1,217.6) (1,182.8) (1,545.8) Common shareholders' equity 2,498.4$ 2,591.6$ 2,323.7$ INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES
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41 A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: (dollars in millions) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES3Q25 4Q25 1Q26 2Q26 3Q26Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) 3,580.0$ 3,536.7$ 3,494.5$ 3,495.4$ 3,522.7$ Net operating loss carryforwards 225.8 243.1 258.9 248.1 238.1 Accumulated other comprehensive loss (1,245.2) (1,213.4) (1,178.7) (1,167.3) (1,211.9) Common shareholders' equity 2,560.6$ 2,566.4$ 2,574.7$ 2,576.2$ 2,548.9$ Trailing Four Quarter Average
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42 2024 2025 1Q26 2Q26 3Q26Corporate notes payable 1,833.5$ 1,335.6$ 1,336.0$ 1,336.3$ 1,336.7$ Total shareholders' equity 2,515.2 2,638.2 2,498.4 2,591.6 2,323.7 Total capital 4,348.7$ 3,973.8$ 3,834.4$ 3,927.9$ 3,660.4$ Corporate debt to capital 42.2% 33.6% 34.8% 34.0% 36.5%Corporate notes payable 1,833.5$ 1,335.6$ 1,336.0$ 1,336.3$ 1,336.7$ Total shareholders' equity 2,515.2 2,638.2 2,498.4 2,591.6 2,323.7 Less accumulated other comprehensive (income) loss 1,371.4 1,115.0 1,217.6 1,182.8 1,545.8 Total capital 5,720.1$ 5,088.8$ 5,052.0$ 5,110.7$ 5,206.2$ Debt to total capital ratio, excluding AOCI (a non-GAAP financial measure)32.1% 26.2% 26.4% 26.1% 25.7%Corporate notes payable $1,833.5Assumed repayment of 2025 notes, net of unamortized debt issuance costs(499.5) Adjusted corporate notes payable$1,334.0Total shareholders' equity $2,515.2Less accumulated other comprehensive loss 1,371.4 Loss on assumed extinguishment of debt (0.4) Adjusted shareholders' equity$3,886.2Adjusted total capital$5,220.2Debt to total capital ratio, excluding AOCI, as adjusted for the assumed repayment of the 2025 Notes (a non-GAAP financial measure)25.6% Debt to capital ratio, excluding accumulated other comprehensive income (loss)The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest rates rather than the business decisions made by management. A reconciliation of these ratios is as follows: (dollars in millions) INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES