Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 17, 2026	Jun. 30, 2025
Document Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-31792
Entity Registrant Name	CNO Financial Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-3108137
Entity Address, Address Line One	11299 Illinois Street
Entity Address, City or Town	Carmel,
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46032
City Area Code	(317)
Local Phone Number	817-6100
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Entity Shell Company	false
Entity Public Float			$ 3.6
Entity Common Stock, Shares Outstanding		94,277,712
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Registrant's definitive proxy statement for the 2026 annual meeting of shareholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0001224608
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, par value $0.01 per share
Document Information
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CNO
Security Exchange Name	NYSE
Rights to purchase Series F Junior Participating Preferred Stock
Document Information
Title of 12(b) Security	Rights to purchase Series F Junior Participating Preferred Stock
Security Exchange Name	NYSE
No trading symbol	true
5.125% Subordinated Debentures due 2060
Document Information
Title of 12(b) Security	5.125% Subordinated Debentures due 2060
Trading Symbol	CNOpA
Security Exchange Name	NYSE

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Indianapolis, Indiana
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: 2025 - $36.0 and 2024 - $37.1; amortized cost: 2025 - $25,776.4 and 2024 - $25,151.0)	$ 23,886.8	$ 22,730.1
Equity securities at fair value	389.2	272.4
Mortgage loans (net of allowance for credit losses: 2025 - $20.9 and 2024 - $13.6)	3,256.8	2,506.3
Policy loans	140.9	135.3
Trading securities	294.8	304.2
Investments held by variable interest entities (net of allowance for credit losses: 2025 - $0.6 and 2024 - $1.3; amortized cost: 2025 - $294.1 and 2024 - $437.0)	293.0	433.8
Other invested assets	1,737.0	1,491.5
Total investments	29,998.5	27,873.6
Cash and cash equivalents - unrestricted	956.1	1,656.7
Cash and cash equivalents held by variable interest entities	27.4	341.0
Accrued investment income	286.0	286.4
Present value of future profits	143.6	161.0
Deferred acquisition costs	2,397.3	2,158.6
Reinsurance receivables (net of allowance for credit losses: 2025 - $1.0 and 2024 - $3.0)	3,677.5	3,854.7
Income tax assets, net	713.3	814.1
Assets held in separate accounts	2.8	3.3
Other assets	588.1	699.9
Total assets	38,790.6	37,849.3
Liabilities for insurance products:
Policyholder account balances	18,912.6	17,594.2
Future policy benefits	11,898.0	11,705.5
Market risk benefit liability	48.1	60.0
Liability for life insurance policy claims	58.4	61.1
Unearned and advanced premiums	228.0	226.8
Liabilities related to separate accounts	2.8	3.3
Other liabilities	952.8	1,163.3
Investment borrowings	2,441.7	2,188.8
Borrowings related to variable interest entities	274.4	497.6
Notes payable – direct corporate obligations	1,335.6	1,833.5
Total liabilities	36,152.4	35,334.1
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: 2025 - 94,484,339 and 2024 - 101,618,957)	0.9	1.0
Additional paid-in capital	1,336.3	1,632.5
Accumulated other comprehensive loss	(1,115.0)	(1,371.4)
Retained earnings	2,416.0	2,253.1
Total shareholders' equity	2,638.2	2,515.2
Total liabilities and shareholders' equity	$ 38,790.6	$ 37,849.3

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturities, available for sale, allowance for credit losses	$ 36.0	$ 37.1
Fixed maturities, available for sale, amortized cost	25,776.4	25,151.0
Mortgage loans, allowance for credit losses	20.9	13.6
Investments held by variable interest entities, allowance for credit losses	0.6	1.3
Investments held by variable interest entities, amortized cost	294.1	437.0
Reinsurance receivables, allowance for credit losses	$ 1.0	$ 3.0
Shareholders' equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	8,000,000,000	8,000,000,000
Common stock, shares issued (in shares)	94,484,339	101,618,957
Common stock, shares outstanding (in shares)	94,484,339	101,618,957

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Insurance policy income	$ 2,622.6	$ 2,558.5	$ 2,505.5
Net investment income:
General account assets	1,542.4	1,419.4	1,250.2
Policyholder and other special-purpose portfolios	181.0	329.4	249.5
Investment gains (losses):
Realized investment losses	(59.6)	(75.6)	(69.3)
Other investment gains	4.9	25.7	0.3
Total investment losses	(54.7)	(49.9)	(69.0)
Fee revenue and other income	196.1	192.1	210.6
Total revenues	4,487.4	4,449.5	4,146.8
Benefits and expenses:
Insurance policy benefits	2,548.2	2,450.3	2,331.1
Liability for future policy benefits remeasurement loss	(70.7)	(41.1)	(21.2)
Change in fair value of market risk benefits	(12.4)	(60.5)	(34.2)
Interest expense	230.9	254.4	238.6
Amortization of deferred acquisition costs and present value of future profits	278.0	251.2	227.4
Goodwill and other asset impairment	101.9	0.0	0.0
Gain on extinguishment of borrowings related to variable interest entities	(1.5)	0.0	0.0
Other operating costs and expenses	1,119.6	1,055.3	1,048.3
Total benefits and expenses	4,194.0	3,909.6	3,790.0
Income before income taxes	293.4	539.9	356.8
Income tax expense	64.1	119.1	80.3
Net income	$ 229.3	$ 420.8	$ 276.5
Basic:
Weighted average shares outstanding (in shares)	97,763	106,144	113,275
Net income (in USD per share)	$ 2.35	$ 3.96	$ 2.44
Diluted:
Weighted average shares outstanding (in shares)	99,822	108,116	115,124
Net income (in USD per share)	$ 2.30	$ 3.89	$ 2.40

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 229.3	$ 420.8	$ 276.5
Other comprehensive income, before tax:
Unrealized gains (losses) on investments	470.8	(294.4)	823.6
Adjustment to discount rate for liability for future policy benefits	(203.4)	491.1	(367.3)
Adjustment to instrument-specific credit risk for market risk benefits	(0.5)	(3.4)	(7.4)
Reclassification adjustments:
For net realized investment losses included in net income	64.0	70.3	37.9
Other comprehensive income before tax	330.9	263.6	486.8
Income tax expense related to items of accumulated other comprehensive income	(74.5)	(58.2)	(106.3)
Other comprehensive income, net of tax	256.4	205.4	380.5
Comprehensive income	$ 485.7	$ 626.2	$ 657.0

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings
Balance, beginning of period (in shares) at Dec. 31, 2022		114,343,000
Balance, beginning of year at Dec. 31, 2022	$ 1,768.8	$ 1.1	$ 2,033.8	$ (1,957.3)	$ 1,691.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	276.5				276.5
Other comprehensive income, net of tax	$ 380.5			380.5
Common stock repurchased (in shares)	(6,600,000)	(6,557,000)
Common stock repurchased	$ (165.1)		(165.1)
Dividends on common stock	(67.9)				(67.9)
Employee benefit plans, net of shares used to pay tax withholdings (in shares)		1,572,000
Employee benefit plans, net of shares used to pay tax withholdings	22.8		22.8
Balance, end of period (in shares) at Dec. 31, 2023		109,358,000
Balance, end of year at Dec. 31, 2023	2,215.6	$ 1.1	1,891.5	(1,576.8)	1,899.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	420.8				420.8
Other comprehensive income, net of tax	$ 205.4			205.4
Common stock repurchased (in shares)	(8,900,000)	(8,943,000)
Common stock repurchased	$ (281.6)	$ (0.1)	(281.5)
Dividends on common stock	(67.5)				(67.5)
Employee benefit plans, net of shares used to pay tax withholdings (in shares)		1,204,000
Employee benefit plans, net of shares used to pay tax withholdings	$ 22.5		22.5
Balance, end of period (in shares) at Dec. 31, 2024	101,618,957	101,619,000
Balance, end of year at Dec. 31, 2024	$ 2,515.2	$ 1.0	1,632.5	(1,371.4)	2,253.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 21.5
Balance, end of year at Mar. 31, 2025					2,258.2
Balance, beginning of period (in shares) at Dec. 31, 2024	101,618,957	101,619,000
Balance, beginning of year at Dec. 31, 2024	$ 2,515.2	$ 1.0	1,632.5	(1,371.4)	2,253.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	229.3				229.3
Other comprehensive income, net of tax	$ 256.4			256.4
Common stock repurchased (in shares)	(8,100,000)	(8,147,000)
Common stock repurchased	$ (319.9)		(319.8)
Dividends on common stock	(66.4)				(66.4)
Employee benefit plans, net of shares used to pay tax withholdings (in shares)		1,012,000
Employee benefit plans, net of shares used to pay tax withholdings	$ 23.6		23.6
Balance, end of period (in shares) at Dec. 31, 2025	94,484,339	94,484,000
Balance, end of year at Dec. 31, 2025	$ 2,638.2	$ 0.9	$ 1,336.3	$ (1,115.0)	$ 2,416.0

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Insurance policy income	$ 2,402.5	$ 2,348.4	$ 2,285.2
Net investment income	1,502.9	1,414.8	1,328.9
Fee revenue and other income	179.6	168.7	205.3
Insurance policy benefits	(1,628.5)	(1,604.4)	(1,611.1)
Interest expense	(230.3)	(259.2)	(232.5)
Deferrable policy acquisition costs	(499.3)	(445.7)	(377.9)
Other operating costs	(1,013.5)	(939.8)	(955.9)
Income taxes	(37.7)	(55.1)	(59.1)
Net cash provided by operating activities	675.7	627.7	582.9
Cash flows from investing activities:
Sales of investments	3,274.5	3,240.2	1,388.6
Maturities and redemptions of investments	3,520.9	2,175.2	1,397.0
Purchases of investments	(8,459.5)	(6,803.0)	(3,591.9)
Net purchases of trading securities	0.0	(87.5)	(29.4)
Other, net	(3.2)	(13.5)	(36.6)
Net cash used by investing activities	(1,667.3)	(1,488.6)	(872.3)
Cash flows from financing activities:
Issuance of notes payable, net	0.0	691.0	0.0
Payments on notes payable	(500.0)	0.0	0.0
Issuance of common stock	11.6	11.2	13.2
Payments to repurchase common stock	(331.4)	(300.2)	(166.1)
Common stock dividends paid	(66.2)	(67.7)	(68.1)
Amounts received for deposit products	3,234.1	3,932.2	2,111.7
Withdrawals from deposit products	(2,385.7)	(1,961.5)	(1,696.2)
Proceeds from financing arrangements	0.0	0.0	80.3
Payments on financing arrangements	(15.4)	(14.4)	(6.2)
Issuance of investment borrowings:
Federal Home Loan Bank	776.8	612.2	995.5
Related to variable interest entities	0.0	276.0	0.0
Payments on investment borrowings:
Federal Home Loan Bank	(523.8)	(612.7)	(445.8)
Related to variable interest entities and other	(222.6)	(596.5)	(284.8)
Net cash (used) provided by financing activities	(22.6)	1,969.6	533.5
Net (decrease) increase in cash and cash equivalents	(1,014.2)	1,108.7	244.1
Cash and cash equivalents - unrestricted and held by variable interest entities, beginning of year	1,997.7	889.0	644.9
Cash and cash equivalents - unrestricted and held by variable interest entities, end of year	$ 983.5	$ 1,997.7	$ 889.0

BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND BASIS OF PRESENTATION	BUSINESS AND BASIS OF PRESENTATION 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 these financial statements 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. We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"). When we prepare financial statements in conformity with GAAP, we are required to make estimates and assumptions that significantly affect reported amounts of various assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting periods. 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, goodwill and intangible assets, and fee revenue. If our future experience differs from these estimates and assumptions, our financial statements could be materially affected. The accompanying financial statements include the accounts of the Company and its subsidiaries. Our consolidated financial statements exclude transactions between us and our consolidated affiliates, or among our consolidated affiliates.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments

Fixed maturity securities include available for sale bonds and redeemable preferred stocks. We carry these investments at estimated fair value. We record any unrealized gain or loss, net of tax and related adjustments, as a component of shareholders' equity. When the fair value option is elected, unrealized gains and losses are recognized in other investment gains (losses) in the consolidated statement of operations.

Equity securities include investments in common stock, exchange-traded funds and non-redeemable preferred stock. We carry these investments at estimated fair value. Changes in the fair value of equity securities are recognized in net income.

Mortgage loans held in our investment portfolio are carried at amortized unpaid balance, net of allowance for estimated credit losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Payment terms specified for mortgage loans may include a prepayment penalty for unscheduled payoff of the investment. Prepayment penalties are recognized as investment income when received. The allowance for estimated credit losses is measured using a loss-rate method on an individual asset basis. Inputs used include asset-specific characteristics, current economic conditions, historical loss information and reasonable and supportable forecasts about future economic conditions.

Policy loans are stated at current unpaid principal balances. Policy loans are collateralized by the cash surrender value of the life insurance policy. Interest income is recorded as earned using the contractual interest rate.

Trading securities include: (i) investments purchased with the intent of selling in the near term to generate income; and (ii) certain fixed maturity securities containing embedded derivatives for which we have elected the fair value option. The change in fair value of the income generating investments is recognized in income from policyholder and other special-purpose portfolios in the consolidated statement of operations. The change in fair value of securities with embedded derivatives is recognized in other investment gains (losses) in the consolidated statement of operations.

Other invested assets include: (i) call options purchased in an effort to offset or hedge the effects of certain policyholder benefits related to our fixed indexed annuity and life insurance products; (ii) company-owned life insurance ("COLI"); (iii) investments in the common stock of the Federal Home Loan Bank ("FHLB"); and (iv) certain non-traditional investments. We carry the call options at estimated fair value as further described in the section of this note entitled "Accounting for Derivatives". We carry COLI at its cash surrender value, which approximates its net realizable value. Non-traditional investments include investments in certain limited partnerships and limited liability companies, which are accounted for using the equity method. In accounting for limited partnerships and limited liability companies, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments, which is typically reported to us one quarter in arrears. Our share of earnings in our equity method investments is recorded within net investment income in the consolidated statement of operations.

Interest income on fixed maturity securities is recognized when earned using a constant effective yield method giving effect to amortization of premiums and accretion of discounts. Prepayment fees are recognized when earned. Dividends on equity securities are recognized on the ex-dividend date.

When we sell a security (other than trading securities), we report the difference between the sale proceeds and amortized cost (determined based on specific identification) as a realized investment gain or loss.

When an available for sale fixed maturity security's fair value is below the amortized cost, the security is considered impaired. If a portion of the decline is due to credit-related factors, we separate the credit loss component of the impairment from the amount related to all other factors. The credit loss component is recorded as an allowance and reported in other investment gains (losses) (limited to the difference between estimated fair value and amortized cost). The impairment related to all other factors (non-credit factors) is reported in accumulated other comprehensive income (loss) along with unrealized gains related to fixed maturity investments, available for sale, net of tax and related adjustments. The allowance is adjusted for any additional credit losses and subsequent recoveries. When recognizing an allowance associated with a credit loss, the cost basis is not adjusted. When we determine a security is uncollectible, the remaining amortized cost will be written off.

In determining the credit loss component, we discount the estimated cash flows on a security by security basis. We consider the impact of macroeconomic conditions on inputs used to measure the amount of credit loss. For most structured securities, cash flow estimates are based on bond-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayment speeds and structural support, including over-collateralization, excess spread, subordination and guarantees. For corporate bonds, cash flow estimates are derived by considering asset type, rating, time to maturity, and applying an expected loss rate.

If we intend to sell an impaired fixed maturity security, available for sale, or identify an impaired fixed maturity security, available for sale, for which it is more likely than not we will be required to sell before anticipated recovery, the difference between the fair value and the amortized cost is included in other investment gains (losses) and the fair value becomes the new amortized cost. The new cost basis is not adjusted for any subsequent recoveries in fair value.

The Company reports accrued investment income separately from fixed maturities, available for sale, and has elected not to measure an allowance for credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments.

Cash and Cash Equivalents

Cash and cash equivalents include invested cash and other investments purchased with original maturities of less than three months. Cash and cash equivalents are carried at amortized cost, which approximates estimated fair value. It is

the Company's policy to offset negative cash balances with positive balances in other accounts with the same counterparty when agreements are in place permitting legal right of offset.

Deferred Acquisition Costs, Present Value of Future Profits and Sales Inducements

Deferred acquisition costs represent policy acquisition costs that have been capitalized and are subject to amortization. Capitalized costs are incremental costs directly related to the successful acquisition of new or renewal insurance contracts. Such costs consist primarily of commissions, underwriting, sales and contract issuance, advertising, and processing expenses. All other costs not eligible for capitalization, including certain advertising, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as indirect costs, are expensed as incurred. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Deferred acquisition costs are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. For life and health insurance products, the constant level basis used is policy counts. For all annuity products, the constant level basis used is premiums in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on our experience, industry data, and other factors and are consistent with those used for the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at the time. Unexpected lapses, due to higher mortality and lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. Changes in future estimates are recognized prospectively over the remaining expected contract term. The carrying amount of deferred acquisition costs is not subject to recovery testing.

The present value of future profits is the value assigned to the right to receive future cash flows from policyholder insurance contracts existing at September 10, 2003 (the "Effective Date", the effective date of the bankruptcy reorganization of Conseco, Inc., an Indiana corporation (our "Predecessor")). The present value of future profits is amortized in the same manner as described above for deferred acquisition costs.

Certain of our annuity products offer sales inducements to contract holders in the form of enhanced crediting rates or bonus payments in the initial period of the contract. Certain of our life insurance products offer persistency bonuses credited to the contract holder's balance after the policy has been outstanding for a specified period of time. These enhanced rates and persistency bonuses are considered sales inducements in accordance with GAAP. Such amounts are deferred and amortized in the same manner as deferred acquisition costs and are classified as deferred acquisition costs in the consolidated balance sheet. Unlike deferred acquisition costs, such amounts are considered contractual cash flows and, as a result, are subject to periodic recovery testing.

Goodwill and Intangible Assets

In February 2021, we acquired DirectPath, LLC ("DirectPath", now known as Optavise, LLC subsequent to its name change in April 2022). In April 2019, we acquired Web Benefits Design Corporation ("WBD"), which was subsequently merged into Optavise, LLC during 2023. Optavise, LLC provides personalized benefits education, advocacy and transparency, and communications services that help employers reduce healthcare costs and assist employees with making informed benefits decisions. Optavise, LLC goodwill and other intangible assets arising from the acquisitions were reflected in our Fee income segment.

Intangible assets with definite lives are amortized over their estimated useful lives and are reviewed for impairment if indicators of impairment arise. When such indicators are present, intangible assets are first tested for recoverability in accordance with Accounting Standards Codification ("ASC") 360, Property, Plant, and Equipment. If the assets are not recoverable, an impairment loss is recorded, measured as the difference between the assets' fair value and their carrying value. Goodwill is tested annually for impairment and whenever indicators of impairment arise in accordance with ASC 350, Intangibles - Goodwill and Other. The Company first performs a qualitative assessment to determine whether it is more likely than not a goodwill impairment exists, and if an indication of potential impairment results from the qualitative assessment, a quantitative assessment is performed. The Company prepares a quantitative assessment to determine the fair value of the reporting unit by using a combination of the present value of expected future cash flows and a market approach based on revenue-multiple data from peer companies and relevant observable market transactions, if available. If an

impairment is identified, an impairment is recorded by the amount that the carrying value exceeds the fair value of the reporting unit up to the carrying amount of goodwill.

Macroeconomic, industry and market conditions, both current and future expected financial performance, and relevant entity-specific events that occurred during the three months ended September 30, 2025 caused us to consider whether there were any interim indicators of impairment related to the Optavise, LLC business within our fee income segment. Optavise, LLC provides personalized benefits education, advocacy and transparency, and communications services that help employers reduce healthcare costs and assist employees with making informed benefit decisions. As a result of this evaluation, we identified that the valuation of Optavise, LLC would more likely than not be impacted by the recent decline in value of comparable publicly traded companies. This, combined with lower than anticipated revenue in the quarter and trends for future periods led us to conclude that there were indicators of impairment and we accordingly prepared a quantitative assessment. The Company determined the fair value of the reporting unit by using a combination of the present value of expected future cash flows and a market approach based on earnings multiple data from peer companies, using unobservable level 3 inputs.

As a result of the quantitative assessment performed, the Company concluded that goodwill of $69.5 million and other assets, primarily intangible assets, of $27.2 million were fully impaired as of September 30, 2025. Goodwill and intangible assets were included within other assets on the consolidated balance sheet. We recognized an additional impairment charge of $5.2 million related to other long-lived assets as a result of exiting the fee services side of the Worksite business during the fourth quarter of 2025. The total impairment charge of $101.9 million is included in the accompanying consolidated statement of operations for the year ended December 31, 2025. No material assets remain on Optavise, LLC after the effect of these impairments.

Market Risk Benefits

Market risk benefits ("MRBs") are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Many of our fixed indexed annuity products include a guaranteed living withdrawal benefit ("GLWB") that is considered a MRB. MRBs are measured at fair value using an option-based valuation model based on amount of exposure, market data, Company experience and other factors. The calculation of MRBs includes market assumptions (interest rate, equity returns, volatility and dividend yields) and non-market assumptions (mortality rates, surrender and partial withdrawal rates, GLWB utilization and non-performance risk spread). Changes in fair value are recognized in earnings each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income (loss). MRBs in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts.

Policyholder Account Balances

Policyholder account balances represent the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. It includes the policyholder account values adjusted for the amount of reserves above (below) policyholder account values. Policyholder account values include accumulated account deposits, plus interest credited, less policyholder withdrawals and, if applicable, charges assessed. This balance also includes liabilities for the funding agreements associated with our funding agreement-backed notes ("FABN") program.

Total policyholder account balances for insurance products related to our fixed indexed annuities are comprised of: (i) the liability related to the host contract; and (ii) the fair market value of the embedded derivatives as summarized below (dollars in millions):


	December 31, 2025		December 31, 2024
Fixed indexed annuity insurance liabilities:
Host contract liability	$	9,818.8	$	8,972.6
Embedded derivatives at fair value	1,600.6		1,471.6
Total fixed indexed annuity insurance liabilities	$	11,419.4	$	10,444.2

Liability for Future Policy Benefits

The liability for future policy benefits is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses (where the timing and amount of payment depends on policyholder mortality or morbidity), less the present value of estimated future net premiums to be collected from policyholders (where net premiums are gross premiums multiplied by the net premium ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. The liability is estimated using current assumptions that include discount rates, mortality, morbidity, lapse/withdrawal rates and expenses. Such assumptions are based on our historical experience, industry data, and other factors that are inherently uncertain.

The liability for future policy benefits is established using a net premium ratio approach where net premiums (the portion of gross premiums required to fund expected insurance benefits and claims settlement expenses) under the contract are accrued each period as the liability for future policy benefits. The net premium ratio used to accrue the liability for future policy benefits in each period is determined by using the historical and present value of expected future benefits and claim adjustment expenses for the cohort divided by the historical and present value of expected future gross premiums for the cohort.

Our long duration insurance contracts are grouped into annual calendar-year cohorts primarily based on the contractual issue date, marketing distribution channel, legal entity and product type. Single premium contracts are grouped into separate cohorts from other traditional products. Riders are generally combined with the base policy. Insurance contracts issued prior to the Effective Date are grouped by marketing distribution channel, legal entity and product type in a single issue year cohort. The liability is adjusted for differences between actual and expected experience. We review our historical and future cash flow assumptions quarterly and update the net premium ratio used to calculate the liability each time the assumptions are changed. Each quarter, we update our estimates of cash flows expected over the entire life of a group of contracts using actual historical experience and current future cash flow assumptions. These updated cash flows are used to calculate the revised net premiums and net premium ratio, which are used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted using the discount rate in effect at contract inception (the "locked-in discount rate"). This amount is then compared to the carrying amount of the liability as of that same date, before the updating of cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss and is presented as a separate component of benefit expense in the consolidated statement of operations. In subsequent periods, the revised net premiums are used to measure the liability for future policy benefits, subject to future revisions.

If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums is determined to be insufficient to provide for expected future policy benefits and claim settlement costs, the net premium ratio is capped at 100 percent. When this occurs, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately.

The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield ("A" credit rated corporate bond yield) at contract inception for contracts issued after January 1, 2021. The contract inception date for

contracts issued by the Predecessor is September 10, 2003. The discount rate in effect at contract inception is locked-in for the calculation of the net premium ratio and accretion of interest cost on the liability is recorded within insurance policy benefits or the liability for future policy benefits remeasurement loss in our consolidated statement of operations. However, for balance sheet remeasurement purposes, the discount rate is updated using the current rate at each reporting period with the impact resulting from such updates recorded in other comprehensive income (loss).

We develop discount rate curves for discounting cash flows to calculate the liability for future policy benefits based on the duration characteristics of the underlying liabilities. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed income instruments, we use the last market-observable yield level and use linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

Liability for Life Insurance Policy Claims

The liability for life insurance policy claims includes life policy and contract claims, including incurred but not reported claims. The liability for these claims is based on our estimated ultimate cost to settle all claims that have been incurred as of the reporting date. Such amounts are estimated based on an analysis of historical patterns of claims, which are continually reviewed and updated. Adjustments resulting from differences between our estimates and actual payments are recognized in the period the estimates are made or claims are paid.

Deferred Profit Liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability ("DPL"). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.

The DPL is amortized and recognized in insurance policy benefits in proportion to insurance in force for life insurance contracts and expected future benefit payments for annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. We review and update the estimate of cash flows for the DPL at the same time, and where applicable, using the same assumptions as the estimate of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period and any difference is recognized as either a charge or credit to insurance policy benefits.

Recognition of Insurance Policy Income and Related Benefits and Expenses on Insurance Contracts

For interest-sensitive life and annuity contracts that do not involve significant mortality or morbidity risk and funding agreements, the amounts collected from policyholders are considered deposits and are not included in revenue. Revenues for these contracts consist of charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders' account balances. Such revenues are recognized when the service or coverage is provided, or when the policy is surrendered.

Premiums from individual life products (other than interest-sensitive life contracts) and health products are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred.

We establish claim reserves based on our estimate of the loss to be incurred on reported claims plus estimates of incurred but unreported claims based on our past experience.

Accounting for Certain Marketing Agreements and Other Fee Income

Bankers Life and Casualty Company ("Bankers Life") has entered into various distribution and marketing agreements with other insurance companies to use Bankers Life's exclusive agents to distribute prescription drug and Medicare Advantage plans. These agreements allow Bankers Life to offer these products to current and potential future policyholders without investment in management and infrastructure. We receive fee income related to the plans sold through our distribution channels and incur distribution expenses paid to our agents who sell such products.

The recognition of fee revenue and the distribution expenses paid to our agents results from approval of an application by the third-party insurance companies, which we define as our customers. We recognize the net lifetime revenue expected to be earned on these sales, but only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when such net lifetime revenue can be reasonably estimated. The assumptions and constraints used to recognize such net revenue are based on available historical data. To the extent we make changes to the assumptions we use to calculate revenue on these products, we will recognize the impact of the changes in the period in which the change is made. When sufficient historical data is not available or when we cannot otherwise reasonably estimate net lifetime revenue, revenue is recognized when payment is made.

In addition, services provided by Optavise, LLC and revenues from the operations of our broker-dealer and registered investment advisor are recorded as fee revenue and other income in our consolidated statement of operations.

Total revenues related to these arrangements was $192.2 million, $190.5 million, and $177.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. We typically collect payment related to these contract assets within one to five years. The contract asset balance was $127.6 million and $111.0 million for the years ended December 31, 2025 and 2024, respectively.

Reinsurance

In the normal course of business, we seek to limit our loss exposure on any single insured or to certain groups of policies by ceding reinsurance to other insurance enterprises. We currently retain no more than $0.8 million of mortality risk on any one policy. We diversify the risk of reinsurance loss by using a number of reinsurers that have strong claims-paying ratings. In each case, the ceding CNO subsidiary is directly liable for claims reinsured in the event the assuming company is unable to pay. We have determined that each of our reinsurance agreements provide indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Such reinsurance permits recovery of the reinsured losses from reinsurers, although it does not discharge our primary liability as the direct insurer of the risks reinsured.

The reinsurance recoverable for traditional and limited-payment contracts is generally measured using a net premium ratio approach to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts. Such amount is adjusted on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions.

Ceded premiums and other costs of ceding business to reinsurers totaled $166.4 million, $183.1 million and $195.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. We deduct this cost from insurance policy income. Reinsurance recoveries netted against insurance policy benefits totaled $365.7 million, $395.5 million and $409.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

From time to time, we assume insurance from other companies. Any costs associated with the assumption of insurance are amortized consistent with the method used to amortize deferred acquisition costs. Reinsurance premiums assumed totaled $14.1 million, $15.5 million and $16.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Insurance policy benefits related to reinsurance assumed totaled $22.6 million, $26.1 million and $21.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Income Taxes

Our income tax expense includes deferred income taxes arising from temporary differences between the financial reporting and tax bases of assets and liabilities and net operating loss ("NOL") carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which temporary differences are expected to be recovered or paid. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period when the changes are enacted.

A reduction of the net carrying amount of deferred tax assets by establishing a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. In assessing the need for a valuation allowance, all available evidence, both positive and negative, shall be considered to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. This assessment requires significant judgment and considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of carryforward periods, our experience with operating loss and tax credit carryforwards expiring unused, and tax planning strategies. We evaluate the need to establish a valuation allowance for our deferred income tax assets on an ongoing basis. The realization of our deferred tax assets depends upon generating sufficient future taxable income of the appropriate type during the periods in which our temporary differences become deductible and before our NOLs expire.

Investments in Variable Interest Entities

We have concluded that we are the primary beneficiary with respect to certain variable interest entities ("VIEs"), which are consolidated in our financial statements. All of the VIEs are collateralized loan trusts that were established to issue securities to finance the purchase of commercial bank loans and other permitted investments. The assets held by the trusts are legally isolated and not available to the Company. The liabilities of the VIEs are expected to be satisfied from the cash flows generated by the underlying loans held by the trusts, not from the assets of the Company. The Company has no financial obligation to the VIEs beyond its investment in each VIE.

The investment portfolios held by the VIEs are primarily comprised of commercial bank loans to corporate obligors which are almost entirely rated below-investment grade. Refer to the note to the consolidated financial statements entitled "Investments in Variable Interest Entities" for additional information about VIEs.

In addition, the Company, in the normal course of business, makes passive investments in structured securities issued by non-consolidated VIEs for which the Company is not the investment manager. These structured securities include asset-backed securities, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities. Our maximum exposure to loss on these securities is limited to our cost basis in the investment. We have determined that we are not the primary beneficiary of these structured securities due to the relative size of our investment in comparison to the total principal amount of the individual structured securities and the level of credit subordination which reduces our obligation to absorb gains or losses.

At December 31, 2025, we held investments of $688.4 million in various limited partnerships and limited liability companies, in which we are not the primary beneficiary. These investments are included within other invested assets on the consolidated balance sheet and typically reported to us one quarter in arrears. At December 31, 2025, we had unfunded commitments to these partnerships totaling $910.7 million. Our maximum exposure to loss on these investments is limited to the amount of our investment and any unfunded commitments.

nvestment Borrowings

Three of the Company's insurance subsidiaries (Bankers Life, Washington National Insurance Company ("Washington National") and Colonial Penn Life Insurance Company) are members of the FHLB. As members of the FHLB, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLB. We are required to hold certain minimum amounts of FHLB common stock as a condition of membership in the FHLB, and additional amounts based on the amount of the borrowings. At December 31, 2025, the carrying value of the FHLB common stock was $109.3 million. As of December 31, 2025, collateralized borrowings from the FHLB totaled $2,441.7 million and the

proceeds were used to purchase matched variable rate fixed maturity securities with similar durations. The borrowings are classified as investment borrowings in the accompanying consolidated balance sheet. The borrowings are collateralized by investments with an estimated fair value of $3,476.5 million at December 31, 2025, which are maintained in a custodial account for the benefit of the FHLB. Substantially all of such investments are classified as fixed maturities, available for sale, in our consolidated balance sheet.

The following summarizes the terms of the borrowings from the FHLB by our insurance subsidiaries (dollars in millions):

Amount

Maturity

Interest rate at

borrowed

date

December 31, 2025

$

50.0

January 2026

Variable rate – 4.397%

50.0

January 2026

Variable rate – 4.327%

100.0

January 2026

Variable rate – 4.092%

5.0

May 2026

Variable rate – 4.136%

21.8

May 2026

Variable rate – 3.982%

50.0

May 2026

Variable rate – 3.980%

10.0

November 2026

Variable rate – 4.184%

75.0

December 2026

Variable rate – 4.026%

75.0

January 2027

Variable rate – 4.276%

50.0

January 2027

Variable rate – 4.368%

50.0

January 2027

Variable rate – 4.160%

100.0

February 2027

Variable rate – 4.192%

50.0

April 2027

Variable rate – 3.991%

50.0

May 2027

Variable rate – 4.001%

100.0

June 2027

Variable rate – 4.080%

10.0

June 2027

Variable rate – 4.303%

15.5

July 2027

Variable rate – 4.143%

50.0

July 2027

Variable rate – 4.361%

12.5

September 2027

Variable rate – 4.236%

57.7

November 2027

Variable rate – 4.133%

100.0

December 2027

Variable rate – 4.109%

100.0

December 2027

Variable rate – 4.232%

50.0

December 2027

Variable rate – 4.153%

75.0

January 2028

Variable rate – 4.163%

134.5

January 2028

Variable rate – 4.153%

50.0

January 2028

Variable rate – 4.408%

50.0

January 2028

Variable rate – 4.149%

100.0

January 2028

Variable rate – 4.303%

100.0

February 2028

Variable rate – 4.339%

21.0

February 2028

Variable rate – 4.069%

22.0

February 2028

Variable rate – 4.290%

100.0

February 2028

Variable rate – 4.212%

27.0

July 2028

Variable rate – 4.173%

15.0

July 2028

Variable rate – 4.090%

35.0

August 2028

Variable rate – 4.100%

12.5

September 2028

Variable rate – 4.332%

42.2

May 2029

Variable rate – 4.323%

50.0

August 2029

Variable rate – 4.263%

50.0

April 2030

Variable rate - 4.513%

50.0

May 2030

Variable rate - 4.311%

50.0

May 2030

Variable rate - 4.459%

100.0

May 2030

Variable rate - 4.430%

125.0

September 2030

Variable rate - 4.210%

$

2,441.7

Generally, variable and fixed rate borrowings are pre-payable. As of December 31, 2025, the aggregate prepayment penalty on such outstanding borrowings was not material.

Interest expense of $111.2 million, $123.2 million and $104.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, was recognized related to total borrowings from the FHLB.

Accounting for Derivatives

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. The Company accounts for the options attributed to the policyholder for the estimated life of the contract as embedded derivatives. We are required to record the embedded derivatives related to our fixed indexed annuity products at estimated fair value.

The value of the embedded derivative is based on the estimated cost to fulfill our commitment to fixed indexed annuity policyholders by purchasing a series of annual forward options over the duration of the policy that back the potential return based on a percentage of the amount of increase in the value of the appropriate index. In estimating the future cost to purchase the options, we are required to make assumptions regarding: (i) future index values to determine both the future notional amounts at each anniversary date and the future prices of the forward starting options; (ii) future annual participation rates; and (iii) non-economic factors related to policy persistency.

The value of the embedded derivatives is determined based on the present value of estimated future option costs discounted using a risk-free rate adjusted for our non-performance risk and risk margins for non-capital market inputs. The non-performance risk adjustment is determined by taking into consideration publicly available information related to spreads in the secondary market for debt with credit ratings similar to ours. These observable spreads are then adjusted to reflect the priority of these liabilities and the claim paying ability of the issuing insurance subsidiaries. Changes in fair value of such embedded derivatives are included in insurance policy benefits in the consolidated statement of operations.

Risk margins are established to capture non-capital market risks which represent the additional compensation a market participant would require to assume the risks related to the uncertainties regarding the embedded derivatives, including future policyholder behavior related to persistency. The determination of the risk margin is highly judgmental given the lack of a market to assume the risks solely related to the embedded derivatives of our fixed indexed annuity products.

The determination of the appropriate risk-free rate and non-performance risk is sensitive to the economic and interest rate environment. Accordingly, the value of the derivative is volatile due to external market sensitivities, which may materially affect net income. Additionally, changes in the judgmental assumptions regarding the appropriate risk margin can significantly impact the value of the derivative.

We typically buy call options (including call spreads) referenced to the applicable indices in an effort to offset or hedge potential increases to policyholder benefits resulting from increases in the particular index to which the policy's return is linked.

We purchase certain fixed maturity securities that contain embedded derivatives that are required to be held at fair value on the consolidated balance sheet. We have elected the fair value option to carry the entire security at fair value with changes in fair value reported in other investment gains (losses) in the consolidated statement of operation

Adopted Accounting Standards

We adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") retrospectively effective January 1, 2025. ASU 2023-09 is intended to improve the effectiveness of income tax disclosures by requiring, among other things, the disclosure on an annual basis of: (i) specific categories in the rate reconciliation; and (ii) additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires disclosure (on an annual basis) of the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The adoption of ASU 2023-09 modified our disclosures but did not have an impact on our financial position or results of operations.

Recently Issued Accounting Standards

In November 2025, the FASB issued Accounting Standards Update 2025-08, Financial Instruments – Credit Losses (Topic 326): Purchased Loans ("ASU 2025-08"). This update establishes a new category of acquired loans ("Purchased Seasoned Loans") subject to the gross-up approach. ASU 2025-08 is effective for annual periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-08 should be applied prospectively. We are currently evaluating the effect of ASU 2025-08 on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). This update removes all references to prescriptive and sequential software development stages, and adds that entities are required to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The update also removes Subtopic 350-50, Website Development Costs, and incorporates that guidance within Subtopic 350-40. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities will have the option to apply the updates prospectively, under a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or retrospectively. We are currently evaluating the effect of ASU 2025-06 on our consolidated financial statements and related disclosures.

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). This update provides a practical expedient for entities when estimating expected credit losses to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-05 should be applied prospectively. We are currently evaluating the effect of ASU 2025-05 on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting

Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement

Expenses ("ASU 2024-03"), which requires disclosure of additional information about specific expense categories in the

notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for

interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 may be

applied retrospectively or prospectively. The adoption of ASU 2024-03 will modify our disclosures but will not have an impact on our financial position or results of operations. We do not expect the impact to our disclosures to be material.

INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

At December 31, 2025, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Estimated fair value
Investment grade (a):
Corporate securities	$	13,876.5	$	129.4	$	(1,379.6)	$	(24.7)	$	12,601.6
Certificates of deposit	—		—		—		—		—
United States Treasury securities and obligations of United States government corporations and agencies	207.2		0.1		(30.2)		—		177.1
States and political subdivisions	3,289.0		24.9		(376.9)		(0.6)		2,936.4
Foreign governments	130.9		0.9		(10.7)		(0.6)		120.5
Asset-backed securities	1,734.1		14.0		(45.8)		(0.1)		1,702.2
Agency residential mortgage-backed securities	838.3		11.4		(0.2)		—		849.5
Non-agency residential mortgage-backed securities	1,400.3		16.2		(89.5)		—		1,327.0
Collateralized loan obligations	1,142.4		2.8		(2.7)		—		1,142.5
Commercial mortgage-backed securities	2,079.2		6.4		(99.4)		—		1,986.2
Total investment grade fixed maturities, available for sale	24,697.9		206.1		(2,035.0)		(26.0)		22,843.0
Below-investment grade (a) (b):
Corporate securities	692.3		7.7		(33.6)		(5.5)		660.9
States and political subdivisions	22.4		0.2		(2.0)		(2.3)		18.3

Asset-backed securities	46.7		—		(1.6)		—		45.1

Non-agency residential mortgage-backed securities	238.8		21.3		(1.4)		—		258.7

Commercial mortgage-backed securities	78.3		—		(15.3)		(2.2)		60.8
Total below-investment grade fixed maturities, available for sale	1,078.5		29.2		(53.9)		(10.0)		1,043.8
Total fixed maturities, available for sale	$	25,776.4	$	235.3	$	(2,088.9)	$	(36.0)	$	23,886.8

_______________

(a)Investment ratings are assigned the second lowest rating by Nationally Recognized Statistical Rating Organizations ("NRSROs") (Moody's Investor Services, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch")), or if not rated by such firms, the rating assigned by the National Association of Insurance Commissioners (the "NAIC"). NAIC designations of "1" or "2" include fixed maturities generally rated investment grade (rated "Baa3" or higher by Moody's or rated "BBB-" or higher by S&P and Fitch). NAIC designations of "3" through "6" are referred to as below-investment grade (which generally are rated "Ba1" or lower by Moody's or rated "BB+" or lower by S&P and Fitch). References to investment grade or below-investment grade throughout our consolidated financial statements are determined as described above.

(b)Certain structured securities rated below-investment grade by NRSROs may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the NAIC. Refer to the table below for a summary of our fixed maturity securities, available for sale, by NAIC designations.

The NAIC evaluates the fixed maturity investments of insurers for regulatory and capital assessment purposes and assigns securities to one of six credit quality categories called NAIC designations, which are used by insurers when preparing their annual statements based on U.S. statutory accounting principles. The NAIC designations are generally similar to the credit quality designations of the NRSROs for marketable fixed maturity securities, except for certain structured securities. However, certain structured securities rated below investment grade by the NRSROs can be assigned NAIC 1 or NAIC 2 designations depending on the cost basis of the holding relative to estimated recoverable amounts as determined by the NAIC. The following summarizes the NAIC designations and NRSRO equivalent ratings:


NAIC Designation						NRSRO Equivalent Rating
1						AAA/AA/A
2						BBB
3						BB
4						B
5						CCC and lower
6						In or near default

A summary of our fixed maturity securities, available for sale, by NAIC designations (or for fixed maturity securities held by non-regulated entities, based on NRSRO ratings) as of December 31, 2025 is as follows (dollars in millions):


NAIC designation	Amortized cost		Estimated fair value		Percentage of total estimated fair value
1	$	16,409.6	$	15,136.9	63.4	%
2	8,512.2		7,946.0		33.3
Total NAIC 1 and 2 (investment grade)	24,921.8		23,082.9		96.7
3	694.6		657.7		2.7
4	132.5		125.2		0.5
5	20.8		16.5		0.1
6	6.7		4.5		—
Total NAIC 3,4,5 and 6 (below-investment grade)	854.6		803.9		3.3
	$	25,776.4	$	23,886.8	100.0	%

At December 31, 2024, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Estimated fair value
Investment grade:
Corporate securities	$	12,993.9	$	55.3	$	(1,630.0)	$	(22.5)	$	11,396.7
Certificates of deposit	470.0		18.3		—		—		488.3
United States Treasury securities and obligations of United States government corporations and agencies	214.8		—		(28.6)		—		186.2
States and political subdivisions	3,238.3		12.1		(434.6)		(0.5)		2,815.3
Foreign governments	107.2		0.1		(15.3)		(0.9)		91.1
Asset-backed securities	1,475.1		7.5		(56.5)		(0.1)		1,426.0
Agency residential mortgage-backed securities	819.8		5.3		(5.5)		—		819.6
Non-agency residential mortgage-backed securities	1,253.4		11.6		(121.6)		—		1,143.4
Collateralized loan obligations	1,015.2		5.6		(4.0)		—		1,016.8
Commercial mortgage-backed securities	2,275.3		3.7		(157.8)		—		2,121.2
Total investment grade fixed maturities, available for sale	23,863.0		119.5		(2,453.9)		(24.0)		21,504.6
Below-investment grade:
Corporate securities	678.2		4.9		(30.4)		(8.6)		644.1
States and political subdivisions	23.6		0.1		(1.8)		(2.9)		19.0

Asset-backed securities	99.5		0.8		(9.9)		—		90.4

Non-agency residential mortgage-backed securities	382.9		22.0		(9.2)		—		395.7

Commercial mortgage-backed securities	103.8		—		(25.9)		(1.6)		76.3
Total below-investment grade fixed maturities, available for sale	1,288.0		27.8		(77.2)		(13.1)		1,225.5
Total fixed maturities, available for sale	$	25,151.0	$	147.3	$	(2,531.1)	$	(37.1)	$	22,730.1

Below-Investment Grade Securities

At December 31, 2025, the amortized cost of the Company's below-investment grade fixed maturity securities, available for sale, was $1,078.5 million, or 4.2 percent of the Company's fixed maturity portfolio. The estimated fair value of the below-investment grade portfolio was $1,043.8 million, or 96.8 percent of the amortized cost. Based on the credit quality ratings assigned by the NAIC: (i) the amortized cost of our below-investment grade fixed maturities was $854.6 million, or 3.3 percent of our fixed maturity portfolio; and (ii) the estimated fair value of such below-investment grade fixed maturities was $803.9 million or 94.1 percent of the amortized cost.

Below-investment grade corporate debt securities typically have different characteristics than investment grade corporate debt securities. Based on historical performance, probability of default by the borrower is significantly greater for below-investment grade corporate debt securities and in many cases severity of loss is relatively greater as such securities are generally unsecured and often subordinated to other indebtedness of the issuer. Also, issuers of below-investment grade corporate debt securities frequently have higher levels of debt relative to investment-grade issuers, hence, all other things being equal, are generally more sensitive to adverse economic conditions. The Company attempts to reduce the overall risk related to its investment in below-investment grade securities, as in all investments, through careful credit analysis, strict investment policy guidelines, and diversification by issuer and/or guarantor and by industry.

Contractual Maturity

The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at December 31, 2025, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Structured securities (such as asset-backed securities, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities, collectively referred to as "structured securities") frequently include provisions for periodic principal payments and permit periodic unscheduled payments.


	Amortized cost		Estimated fair value
	(Dollars in millions)
Due in one year or less	$	251.2	$	250.2
Due after one year through five years	2,144.1		2,149.2
Due after five years through ten years	2,945.1		2,984.3
Due after ten years	12,878.0		11,131.1
Subtotal	18,218.4		16,514.8
Structured securities	7,558.0		7,372.0
Total fixed maturities, available for sale	$	25,776.4	$	23,886.8

Investments with Unrealized Losses

The following table sets forth the amortized cost and estimated fair value of those fixed maturities, available for sale, with unrealized losses at December 31, 2025, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Structured securities frequently include provisions for periodic principal payments and permit periodic unscheduled payments.


	Amortized cost		Estimated fair value
	(Dollars in millions)
Due in one year or less	$	109.6	$	108.0
Due after one year through five years	764.8		745.1
Due after five years through ten years	762.3		730.9
Due after ten years	10,592.8		8,778.8
Subtotal	12,229.5		10,362.8
Structured securities	3,459.2		3,201.0
Total	$	15,688.7	$	13,563.8

The following summarizes the investments in our portfolio rated below-investment grade not deemed to have credit losses which have been continuously in an unrealized loss position exceeding 20 percent of the cost basis for the period indicated as of December 31, 2025 (dollars in millions):


	Number of issuers	Cost basis		Unrealized loss		Estimated fair value
Less than 6 months	1	$	3.0	$	(0.7)	$	2.3
Greater than or equal to 6 months and less than 12 months	—	—		—		—
Greater than 12 months	4	27.1		(10.0)		17.1
Total		$	30.1	$	(10.7)	$	19.4

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2025 (dollars in millions):


	Less than 12 months				12 months or greater				Total
Description of securities	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Corporate securities	$	734.9	$	(44.3)	$	2,645.8	$	(426.7)	$	3,380.7	$	(471.0)
United States Treasury securities and obligations of United States government corporations and agencies	0.4		—		153.9		(30.2)		154.3		(30.2)
States and political subdivisions	275.6		(8.5)		806.0		(127.6)		1,081.6		(136.1)
Foreign governments	3.1		—		24.3		(2.7)		27.4		(2.7)
Asset-backed securities	187.8		(1.8)		487.7		(44.9)		675.5		(46.7)
Agency residential mortgage-backed securities	59.8		—		13.8		(0.2)		73.6		(0.2)
Non-agency residential mortgage-backed securities	131.4		(0.9)		703.3		(90.0)		834.7		(90.9)
Collateralized loan obligations	227.3		(0.9)		62.9		(1.8)		290.2		(2.7)
Commercial mortgage-backed securities	243.7		(2.1)		1,067.2		(112.6)		1,310.9		(114.7)
Total fixed maturities, available for sale	$	1,864.0	$	(58.5)	$	5,964.9	$	(836.7)	$	7,828.9	$	(895.2)

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2024 (dollars in millions):


	Less than 12 months				12 months or greater				Total
Description of securities	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Corporate securities	$	1,200.8	$	(35.5)	$	4,029.2	$	(740.3)	$	5,230.0	$	(775.8)
United States Treasury securities and obligations of United States government corporations and agencies	44.7		(3.8)		141.5		(24.8)		186.2		(28.6)
States and political subdivisions	831.9		(20.5)		896.1		(212.1)		1,728.0		(232.6)
Foreign governments	17.4		(1.0)		10.0		(1.0)		27.4		(2.0)
Asset-backed securities	124.8		(1.2)		807.9		(64.3)		932.7		(65.5)
Agency residential mortgage-backed securities	297.1		(5.3)		3.1		(0.2)		300.2		(5.5)
Non-agency residential mortgage-backed securities	128.0		(1.4)		884.6		(129.4)		1,012.6		(130.8)
Collateralized loan obligations	162.9		(0.7)		66.9		(3.2)		229.8		(3.9)
Commercial mortgage-backed securities	174.5		(1.2)		1,642.7		(182.5)		1,817.2		(183.7)
Total fixed maturities, available for sale	$	2,982.1	$	(70.6)	$	8,482.0	$	(1,357.8)	$	11,464.1	$	(1,428.4)

Based on management's current assessment of investments with unrealized losses at December 31, 2025, the Company believes the issuers of the securities will continue to meet their obligations. While we do not have the intent to sell securities with unrealized losses and it is not more likely than not that we will be required to sell securities with unrealized losses prior to their anticipated recovery based upon market or other unforeseen developments. In such instances, if a loss is recognized from a sale subsequent to a balance sheet date due to these unexpected developments, the loss is recognized in the period in which we had the intent to sell the security before its anticipated recovery.

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for each of the three years ended December 31, 2025 (dollars in millions):


	Corporate securities		Other		Total
Allowance at December 31, 2022	$	54.4	$	1.6	$	56.0
Additions for securities for which credit losses were not previously recorded	7.3		0.4		7.7
Additions (reductions) for securities where an allowance was previously recorded	(7.3)		(0.6)		(7.9)
Reduction for securities disposed during the period	(12.7)		(0.2)		(12.9)
Allowance at December 31, 2023	41.7		1.2		42.9
Additions for securities for which credit losses were not previously recorded	8.9		1.9		10.8
Additions (reductions) for securities where an allowance was previously recorded	(9.2)		3.0		(6.2)
Reduction for securities disposed during the period	(10.3)		(0.1)		(10.4)
Allowance at December 31, 2024	31.1		6.0		37.1
Additions for securities for which credit losses were not previously recorded	9.0		0.1		9.1
Additions (reductions) for securities where an allowance was previously recorded	(5.2)		(0.3)		(5.5)
Reduction for securities disposed during the period	(4.7)		—		(4.7)
Allowance at December 31, 2025	$	30.2	$	5.8	$	36.0

Structured Securities

At December 31, 2025, fixed maturity investments included structured securities with an estimated fair value of $7.4 billion (or 30.9 percent of all fixed maturity securities). The yield characteristics of structured securities generally differ in some respects from those of traditional corporate fixed income securities or government securities. For example, interest and principal payments on structured securities may occur more frequently, often monthly. In many instances, we are subject to variability in the amount and timing of principal and interest payments. For example, in many cases, partial prepayments may occur at the option of the issuer and prepayment rates are influenced by a number of factors that cannot be predicted with certainty, including: the relative sensitivity of prepayments on the underlying assets backing the security to changes in interest rates and asset values; the availability of alternative financing; a variety of economic, geographic and other factors; the timing, pace and proceeds of liquidations of defaulted collateral; and various security-specific structural considerations (for example, the repayment priority of a given security in a securitization structure). In addition, the total amount of payments for non-agency structured securities may be affected by changes to cumulative default rates or loss severities of the related collateral.

Historically, the rate of prepayments on structured securities has tended to increase when prevailing interest rates have declined significantly in absolute terms and also relative to the interest rates on the underlying collateral. The yields recognized on structured securities purchased at a discount to par will generally increase (relative to the stated rate) when the underlying collateral prepays faster than expected. The yields recognized on structured securities purchased at a premium will decrease (relative to the stated rate) when the underlying collateral prepays faster than expected. When interest rates decline, the proceeds from prepayments may be reinvested at lower rates than we were earning on the prepaid securities. When interest rates increase, prepayments may decrease below expected levels. When this occurs, the average maturity and duration of structured securities increases, decreasing the yield on structured securities purchased at discounts and increasing the yield on those purchased at a premium because of a decrease in the annual amortization of premium.

For structured securities included in fixed maturities, available for sale, that were purchased at a discount or premium, we recognize investment income using an effective yield based on anticipated future prepayments and the estimated final maturity of the securities. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. For credit sensitive mortgage-backed and asset-backed securities, and for securities that can be prepaid or settled in a way that we would not recover substantially all of our investment, the effective yield is recalculated on a prospective basis. Under this method, the amortized cost basis in the security is not immediately adjusted and a new yield is applied prospectively. For all other structured and asset-backed securities, the effective yield is recalculated when changes in assumptions are made, and reflected in our income on a retrospective basis. Under this method, the amortized cost basis of the investment in the securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the securities. Such adjustments were not significant in 2025.

For purchased credit impaired securities, at acquisition, the difference between the undiscounted expected future cash flows and the recorded investment in the securities represents the initial accretable yield, which is accreted into net investment income over the securities' remaining lives on a level-yield basis. Subsequently, effective yields recognized on purchased credit impaired securities are recalculated and adjusted prospectively to reflect changes in the contractual benchmark interest rates on variable rate securities and any significant increases in undiscounted expected future cash flows arising due to reasons other than interest rate changes. Significant decreases in expected cash flows arising from credit events would result in impairment if such security's fair value is below amortized cost.

The amortized cost and estimated fair value of structured securities at December 31, 2025, summarized by type of security, were as follows (dollars in millions):


			Estimated fair value
Type	Amortized cost		Amount		Percent of fixed maturities
Asset-backed securities	$	1,780.8	$	1,747.3	7.3	%
Agency residential mortgage-backed securities	838.3		849.5		3.6
Non-agency residential mortgage-backed securities	1,639.1		1,585.7		6.6
Collateralized loan obligations	1,142.3		1,142.5		4.8
Commercial mortgage-backed securities	2,157.5		2,047.0		8.6

Total structured securities	$	7,558.0	$	7,372.0	30.9	%

Residential mortgage-backed securities ("RMBS") include transactions collateralized by agency-guaranteed and non-agency mortgage obligations. Non-agency RMBS investments are primarily categorized by underlying borrower credit quality: Prime, Alt-A, Non-Qualified Mortgage ("Non-QM"), and Subprime. Prime borrowers typically default with the lowest frequency, Alt-A and Non-QM default at higher rates, and Subprime borrowers default with the highest frequency. In addition to borrower credit categories, RMBS investments include Re-Performing Loan ("RPL") and Credit Risk Transfer ("CRT") transactions. RPL transactions include borrowers with prior difficulty meeting the original mortgage terms and were subsequently modified, resulting in a sustainable payback arrangement. CRT securities are collateralized by Government-Sponsored Enterprise conforming mortgages and Prime borrowers, but without an agency guarantee against default losses.

Commercial mortgage-backed securities ("CMBS") are secured by commercial real estate mortgages, generally income producing properties that are managed for profit. Property types include, but are not limited to, hospitals, hotels, multi-family dwellings including apartments, nursing homes, office buildings, restaurants, retail centers and warehouses. While most CMBS have call protection features whereby underlying borrowers may not prepay their mortgages for stated periods of time without incurring prepayment penalties, recoveries on defaulted collateral may result in involuntary prepayments.

Mortgage Loans

Mortgage loans are carried at amortized unpaid balance, net of allowance for estimated credit losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Payment terms specified for mortgage loans may include a prepayment penalty for unscheduled payoff of the investment. Prepayment penalties are recognized as investment income when received.

The mortgage loan balance was comprised of commercial and residential mortgage loans. At December 31, 2025, we held commercial mortgage loan investments with an amortized cost and fair value of $1,795.8 million and $1,699.1 million, respectively. Approximately 16.1 percent, 6.8 percent, 5.9 percent and 5.0 percent of the commercial mortgage loan balance were on properties located in California, Florida, Maryland, and Illinois, respectively. No other state comprised greater than five percent of the commercial mortgage loan balance. At December 31, 2025, there were no commercial mortgage loans in process of foreclosure.

The following table provides the amortized cost by year of origination and estimated fair value of our outstanding commercial mortgage loans and the underlying collateral as of December 31, 2025 (dollars in millions):


															Estimated fair value
Loan-to-value ratio (a)	2025		2024		2023		2022		2021		Prior		Total amortized cost		Mortgage loans		Collateral
Less than 60%	$	273.5	$	169.1	$	197.8	$	141.3	$	123.3	$	449.9	$	1,354.9	$	1,291.0	$	4,329.0
60% to less than 70%	118.0		15.0		17.7		37.6		7.5		26.0		221.8		209.3		336.7
70% to less than 80%	18.8		—		59.7		52.0		—		22.6		153.1		138.1		206.5
80% to less than 90%	10.0		—		—		46.4		—		—		56.4		53.1		70.1
90% or greater	—		—		—		—		7.7		1.9		9.6		7.6		9.8
Total	$	420.3	$	184.1	$	275.2	$	277.3	$	138.5	$	500.4	$	1,795.8	$	1,699.1	$	4,952.1

________________

(a)Loan-to-value ratios are calculated as the ratio of: (i) the amortized cost of the commercial mortgage loans; to (ii) the estimated fair value of the underlying collateral.

At December 31, 2025, we held residential mortgage loan investments with an amortized cost and fair value of of $1,481.9 million and $1,497.8 million, respectively. We consider current or non-current loan status as our primary credit quality indicator in conjunction with other quantitative and qualitative factors. We define non-current loans as those that are 90 or more days past due and/or in nonaccrual status. At December 31, 2025, there were 31 residential mortgage loans that were non-current with an amortized cost of $20.7 million (of which five loans with an amortized cost of $2.6 million were in foreclosure).

The allowance for estimated credit losses is measured using a loss-rate method on an individual asset basis. Inputs used include asset-specific characteristics, current economic conditions, historical loss information and reasonable and supportable forecasts about future economic conditions. The following table summarizes changes in the allowance for credit losses related to mortgage loans for each of the three years ended December 31, 2025 (dollars in millions):


	Mortgage loans
Allowance for credit losses at December 31, 2022	$	8.0
Current period provision for expected credit losses	7.4
Allowance for credit losses at December 31, 2023	15.4
Current period provision for expected credit losses	(1.8)
Allowance for credit losses at December 31, 2024	13.6
Current period provision for expected credit losses	7.3
Allowance for credit losses at December 31, 2025	$	20.9

Investment Disclosures

Life insurance companies are required to maintain certain investments on deposit with state regulatory authorities. Such assets had an aggregate fair value of $36.3 million and $38.2 million at December 31, 2025 and 2024, respectively.

The Company had no fixed maturity investments that were in excess of 10 percent of shareholders' equity at December 31, 2025 and 2024.

Net Investment Income

Net investment income consisted of the following (dollars in millions):


	2025		2024		2023
General account assets:
Fixed maturities	$	1,272.7	$	1,222.1	$	1,142.9
Equity securities	30.6		35.0		1.7
Mortgage loans	161.8		126.5		97.4
Policy loans	9.5		9.0		8.6
Other invested assets	76.1		26.8		8.2
Cash and cash equivalents	36.2		39.0		20.9
Policyholder and other special-purpose portfolios:
Trading securities	5.7		5.0		6.5
Options related to fixed indexed products:
Option income (loss)	96.4		243.6		(48.3)
Change in value of options	23.6		12.2		177.3
Other special-purpose portfolios	55.3		68.7		114.0
Gross investment income	1,767.9		1,787.9		1,529.2
Less investment expenses	44.5		39.1		29.5
Net investment income	$	1,723.4	$	1,748.8	$	1,499.7

At December 31, 2025, the amortized cost and carrying value of fixed maturities that were non-income producing during 2025 totaled $5.7 million and $3.5 million, respectively.

Total Investment Gains (Losses)

The following table sets forth the total investment gains (losses) for the periods indicated (dollars in millions):


	2025		2024		2023
Realized investment gains (losses):
Gross realized gains on sales of fixed maturities, available for sale	$	20.6	$	11.5	$	13.4
Gross realized losses on sales of fixed maturities, available for sale	(79.5)		(54.9)		(58.9)
Equity securities, net	0.1		—		(0.6)
Other, net	(0.8)		(32.2)		(23.2)
Total realized investment gains (losses)	(59.6)		(75.6)		(69.3)
Change in allowance for credit losses and write-downs	(6.2)		(2.6)		8.1
Change in fair value of equity securities (a)	1.3		(0.4)		0.4


Other changes in fair value (b) (c)	9.8		24.8		(8.2)
Gain on dissolution of variable interest entities	—		3.9		—
Other investment gains (losses)	4.9		25.7		0.3
Total investment gains (losses)	$	(54.7)	$	(49.9)	$	(69.0)

_________________

(a) Changes in the estimated fair value of equity securities (that were still held as of the end of the respective years) were $3.4 million, $(0.3) million and $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(b) Changes in the estimated fair value of fixed maturity investments with embedded derivatives that we have elected the fair value option (that were still held as of the end of the respective years) were $10.9 million, $3.7 million and $(2.0) million for the years ended December 31, 2025, 2024 and 2023, respectively.

(c) Other changes in fair value are comprised of (i) the net increase (decrease) in fair value of certain other invested assets and fixed maturity investments with embedded derivatives, including the change in fair value, of $8.0 million, $24.4 million, and $(8.5) million for the years ended December 31, 2025, 2024, and 2023, respectively; and (ii) the increase in fair value of embedded derivatives related to a modified coinsurance agreement of $1.8 million, $0.4 million, and $0.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.

During 2025, the $79.5 million of realized losses on sales of $1,562.5 million of fixed maturity securities, available for sale, primarily related to various corporate securities. Securities are generally sold at a loss following unforeseen sector or issuer-specific events or conditions, shifts in perceived credit quality relative values, or in connection with strategic asset repositioning related to changes in market conditions.

During 2024, the $54.9 million of realized losses on sales of $1,432.0 million of fixed maturity securities, available for sale, primarily related to various corporate securities, commercial mortgage-backed securities, and various other investments.

During 2023, the $58.9 million of realized losses on sales of $712.2 million of fixed maturity securities, available for sale, primarily related to various corporate securities, commercial mortgage-backed securities, and (iv) various other investments.

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. In certain circumstances, including those in which securities are selling at prices which exceed our view of their underlying economic value, or when it is possible to reinvest the proceeds to better meet our long-term asset-liability objectives, we may sell certain securities.

The following summarizes the investments sold at a loss during 2025 which had been continuously in an unrealized loss position exceeding 20 percent of the amortized cost basis prior to the sale for the period indicated (dollars in millions):


		At date of sale
	Number of issuers	Amortized cost		Fair value
Less than 6 months prior to sale	8	$	55.8	$	41.5
Greater than or equal to 6 months and less than 12 months prior to sale	2	4.3		3.5
Greater than 12 months prior to sale	6	42.6		29.0
		$	102.7	$	74.0

Future events may occur, or additional information may become available, which may necessitate future realized losses in our portfolio. Significant losses could have a material adverse effect on our consolidated financial statements in future periods.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and, therefore, represents an exit price, not an entry price. We carry certain assets and liabilities at fair value on a recurring basis, including fixed maturities, equity securities, trading securities, investments held by VIEs, derivatives, separate account assets and embedded derivatives. We carry our COLI, which is invested in a series of mutual funds, at its cash surrender value, which approximates fair value. In addition, we disclose fair value for certain financial instruments that are not carried at fair value, including mortgage loans, policy loans, cash and cash equivalents, insurance liabilities for interest-sensitive products and funding agreements, investment borrowings, notes payable and borrowings related to VIEs.

The degree of judgment utilized in measuring the fair value of financial instruments is largely dependent on the level to which pricing is based on observable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. Financial instruments with readily available active quoted prices would be considered to have fair values based on the highest level of observable inputs, and little judgment would be utilized in measuring fair value. Financial instruments that rarely trade would often have fair value based on a lower level of observable inputs, and more judgment would be utilized in measuring fair value.

Valuation Hierarchy

There is a three-level hierarchy for valuing assets or liabilities at fair value based on whether inputs are observable or unobservable.

•Level 1 – includes assets and liabilities valued using inputs that are unadjusted quoted prices in active markets for identical assets or liabilities. Our Level 1 assets primarily include cash and cash equivalents and exchange-traded securities.

•Level 2 – includes assets and liabilities valued using inputs that are quoted prices for similar assets in an active market, quoted prices for identical or similar assets in a market that is not active, observable inputs, or observable inputs that can be corroborated by market data. Level 2 assets and liabilities include those financial instruments that are valued by independent pricing services using models or other valuation methodologies. These models consider various inputs such as credit rating, maturity, corporate credit spreads, reported trades and other inputs that are observable or derived from observable information in the marketplace or are supported by transactions executed in the marketplace. Financial assets in this category primarily include: certain publicly registered and privately placed corporate fixed maturity securities; certain government or agency securities; certain mortgage and asset-backed securities; certain equity securities; most investments held by our consolidated VIEs; and derivatives

such as call options. Financial liabilities in this category include investment borrowings, notes payable and borrowings related to VIEs.

•Level 3 – includes assets and liabilities valued using unobservable inputs that are used in model-based valuations that contain management assumptions. Level 3 assets and liabilities include those financial instruments whose fair value is estimated based on broker-dealer quotes, pricing services or internally developed models or methodologies utilizing significant inputs not based on, or corroborated by, readily available market information. Financial assets in this category include certain corporate securities, certain structured securities, mortgage loans, policy loans, and other less liquid securities. Financial liabilities in this category include our insurance liabilities for interest-sensitive products, which includes embedded derivatives (including embedded derivatives related to our fixed indexed annuity products and to a modified coinsurance arrangement), and funding agreements since their values include significant unobservable inputs, including actuarial assumptions.

At each reporting date, we classify assets and liabilities into the three input levels based on the lowest level of input that is significant to the measurement of fair value for each asset and liability reported at fair value. This classification is impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. Our assessment of the significance of a particular input to the fair value measurement and the ultimate classification of each asset and liability requires judgment and is subject to change from period to period based on the observability of the valuation inputs.

The vast majority of our assets carried at fair value use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from independent pricing services, which use Level 2 inputs for the determination of fair value. Our Level 2 assets are valued as follows:

•Fixed maturities available for sale, equity securities and trading securities

Corporate securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.

U.S. Treasuries and obligations of U.S. Government corporations and agencies are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets and maturity.

States and political subdivisions are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances and credit spreads.

Foreign governments are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances, benchmark yields, credit spreads and issuer rating.

Asset-backed securities, agency and non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of quoted prices in inactive markets, spreads on actively traded securities, expected prepayments, expected default rates, expected recovery rates and issue specific information including, but not limited to, collateral type, seniority and vintage.

Equity securities are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.

•Investments held by VIEs

Corporate securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity, and credit spreads.

•Other invested assets - derivatives

The fair value measurements for derivative instruments, including embedded derivatives requiring bifurcation, are determined based on the consideration of several inputs including closing exchange or over-the-counter market price quotes, time value and volatility factors underlying options, market interest rates and non-performance risk.

Third-party pricing services normally derive security prices through recently reported trades for identical or similar securities making adjustments through the reporting date based upon observable market information. If there are no recently reported trades, the third-party pricing services may use matrix or model processes to develop a security price where future cash flow expectations are discounted at an estimated risk-adjusted market rate. The number of prices obtained for a given security is dependent on the Company's analysis of such prices as further described below.

As the Company is responsible for the determination of fair value, we have control processes designed to ensure that the fair values received from third-party pricing sources are reasonable and the valuation techniques and assumptions used appear reasonable and consistent with prevailing market conditions. Additionally, when inputs are provided by third-party pricing sources, we have controls in place to review those inputs for reasonableness. As part of these controls, we perform monthly quantitative and qualitative analysis on the prices received from third parties to determine whether the prices are reasonable estimates of fair value. The Company's analysis includes: (i) a review of the methodology used by third-party pricing services; (ii) where available, a comparison of multiple pricing services' valuations for the same security; (iii) a review of month to month price fluctuations; (iv) a review to ensure valuations are not unreasonably dated; and (v) back testing to compare actual purchase and sale transactions with valuations received from third parties. As a result of such procedures, the Company may conclude a particular price received from a third party is not reflective of current market conditions. In those instances, we may request additional pricing quotes or apply internally developed valuations. However, the number of such instances is insignificant and the aggregate change in value of such investments is not materially different from the original prices received.

The categorization of the fair value measurements of our investments priced by independent pricing services was based upon the Company's judgment of the inputs or methodologies used by the independent pricing services to value different asset classes. The Company categorizes such fair value measurements based upon asset classes and the underlying observable or unobservable inputs used to value such investments.

For securities that are not priced by pricing services and may not be reliably priced using pricing models, we obtain broker quotes. These broker quotes are non-binding and represent an exit price, but assumptions used to establish the fair value may not be observable and therefore represent Level 3 inputs. Approximately 93 percent of our Level 3 fixed maturity securities and trading securities were valued using unadjusted broker quotes or broker-provided valuation inputs. The remaining Level 3 fixed maturity investments do not have readily determinable market prices and/or observable inputs. For these securities, we use internally developed valuations. Key assumptions used to determine fair value for these securities may include risk premiums, projected performance of underlying collateral and other factors involving significant assumptions which may not be reflective of an active market. For certain investments, we use a matrix or model process to develop a security price where future cash flow expectations are discounted at an estimated market rate. The pricing matrix incorporates term interest rates as well as a spread level based on the issuer's credit rating, other factors relating to the issuer, and the security's maturity. In some instances issuer-specific spread adjustments, which can be positive or negative, are made based upon internal analysis of security specifics such as liquidity, deal size, and time to maturity.

The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at December 31, 2025 is as follows (dollars in millions):


	Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Fixed maturities, available for sale:
Corporate securities	$	—	$	13,130.7	$	131.8	$	13,262.5
Certificates of deposit	—		—		—		—
United States Treasury securities and obligations of United States government corporations and agencies	—		177.1		—		177.1
States and political subdivisions	—		2,954.7		—		2,954.7
Foreign governments	—		120.5		—		120.5
Asset-backed securities	—		1,710.8		36.5		1,747.3
Agency residential mortgage-backed securities	—		849.5		—		849.5
Non-agency residential mortgage-backed securities	—		1,585.7		—		1,585.7
Collateralized loan obligations	—		1,142.5		—		1,142.5
Commercial mortgage-backed securities	—		2,043.5		3.5		2,047.0
Total fixed maturities, available for sale	—		23,715.0		171.8		23,886.8
Equity securities - corporate securities	176.5		117.0		73.7		367.2
Trading securities:



Asset-backed securities	—		38.7		—		38.7
Agency residential mortgage-backed securities	—		97.5		—		97.5
Non-agency residential mortgage-backed securities	—		44.2		—		44.2
Collateralized loan obligations	—		9.7		—		9.7
Commercial mortgage-backed securities	—		104.7		—		104.7


Total trading securities	—		294.8		—		294.8
Investments held by variable interest entities - corporate securities	—		293.0		—		293.0
Other invested assets:
Derivatives	—		323.5		—		323.5
Residual tranches	—		—		4.2		4.2
Total other invested assets	—		323.5		4.2		327.7

Assets held in separate accounts	—		2.8		—		2.8
Total assets carried at fair value by category	$	176.5	$	24,746.1	$	249.7	$	25,172.3
Equity securities measured at net asset value							22.0
Total assets carried at fair value							$	25,194.3

Liabilities:
Market risk benefit liability	$	—	$	—	$	48.1	$	48.1
Embedded derivatives associated with fixed indexed annuity products	—		—		1,600.6		1,600.6
Total liabilities carried at fair value	$	—	$	—	$	1,648.7	$	1,648.7

The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at December 31, 2024 is as follows (dollars in millions):


	Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Fixed maturities, available for sale:
Corporate securities	$	—	$	11,912.8	$	128.0	$	12,040.8
Certificates of deposit	—		488.3		—		488.3
United States Treasury securities and obligations of United States government corporations and agencies	—		186.2		—		186.2
States and political subdivisions	—		2,834.3		—		2,834.3
Foreign governments	—		91.1		—		91.1
Asset-backed securities	—		1,496.6		19.8		1,516.4
Agency residential mortgage-backed securities	—		819.6		—		819.6
Non-agency residential mortgage-backed securities	—		1,539.1		—		1,539.1
Collateralized loan obligations	—		1,012.8		4.0		1,016.8
Commercial mortgage-backed securities	—		2,193.4		4.1		2,197.5
Total fixed maturities, available for sale	—		22,574.2		155.9		22,730.1
Equity securities - corporate securities	64.0		134.9		73.4		272.3
Trading securities:



Asset-backed securities	—		40.6		—		40.6
Collateralized loan obligations	—		9.5		—		9.5
Agency residential mortgage-backed securities	—		97.1		—		97.1
Non-agency residential mortgage-backed securities	—		53.3		—		53.3
Commercial mortgage-backed securities	—		103.7		—		103.7

Total trading securities	—		304.2		—		304.2
Investments held by variable interest entities - corporate securities	—		433.8		—		433.8
Other invested assets:
Derivatives	—		279.0		—		279.0
Residual tranches	—		1.5		95.4		96.9
Total other invested assets	—		280.5		95.4		375.9

Assets held in separate accounts	—		3.3		—		3.3
Total assets carried at fair value by category	$	64.0	$	23,730.9	$	324.7	$	24,119.6

Liabilities:
Market risk benefit liability	$	—	$	—	$	60.0	$	60.0
Embedded derivatives associated with fixed indexed annuity products	—		—		1,471.6		1,471.6
Total liabilities carried at fair value	$	—	$	—	$	1,531.6	$	1,531.6

The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of December 31, 2025 (dollars in millions):


	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Beginning of period	$	155.9	$	73.4	$	95.4	$	324.7
Gains (losses) included in net income	(1.0)		0.3		0.1		(0.6)
Gains (losses) included in accumulated other comprehensive loss	(0.3)		—		—		(0.3)
Purchases, sales, issuances and settlements (a)
Purchases	56.7		—		1.4		58.1
Sales	(2.6)		—		—		(2.6)
Transfers into Level 3 (b)	13.1		—		—		13.1
Transfers out of Level 3 (b)	(50.0)		—		(92.7)		(142.7)
End of period	$	171.8	$	73.7	$	4.2	$	249.7

Change in unrealized gains or losses for the period included in net income for assets held at the end of the reporting period	$	(1.0)	$	0.3	$	0.1	$	(0.6)
Change in unrealized gains or losses for the period included in other comprehensive loss for assets held at the end of the reporting period	$	(0.3)	$	—	$	—	$	(0.3)

_________

(a)Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases and sales of fixed maturity and equity securities. There were no issuances or settlements during the year ended December 31, 2025.

(b)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of independent pricing service information for certain assets that the Company is able to validate. Transfers out of Level 3 other invested assets include $92.7 million of residual tranches that are valued based on our ownership share of the equity of the investee, as reported to us by the General Partner. These are not held at fair value and have been transferred out of Level 3.

The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of December 31, 2024 (dollars in millions):


	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Beginning of period	$	197.9	$	72.7	$	31.5	$	302.1
Gains (losses) included in net income	(4.2)		0.7		19.1		15.6
Gains (losses) included in accumulated other comprehensive loss	(2.6)		—		—		(2.6)
Purchases, sales, issuances and settlements (a)
Purchases	64.4		—		44.5		108.9
Sales	(47.2)		—		(7.2)		(54.4)
Transfers into Level 3 (b)	4.8		—		7.5		12.3
Transfers out of Level 3 (b)	(57.2)		—		—		(57.2)
End of period	$	155.9	$	73.4	$	95.4	$	324.7

Change in unrealized gains or losses for the period included in net income for assets held at the end of the reporting period	$	(1.7)	$	0.8	$	19.1	$	18.2
Change in unrealized gains or losses for the period included in other comprehensive loss for assets held at the end of the reporting period	$	(8.3)	$	—	$	—	$	(8.3)

____________

(a)Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases and sales of fixed maturity and equity securities. There were no issuances or settlements during the year ended December 31, 2024.

(b)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of independent pricing service information for certain assets that the Company is able to validate.

Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses during the time the applicable financial instruments were classified as Level 3. Realized and unrealized gains (losses) on Level 3 assets are primarily reported in either net investment income for policyholder and other special-purpose portfolios or investment gains (losses) within the consolidated statement of operations; or accumulated other comprehensive income (loss) within shareholders' equity based on the appropriate accounting treatment for the instrument. The amount presented for gains (losses) included in our net income for assets still held as of the reporting date primarily represents: (i) the change in the allowance for credit losses for fixed maturities, available for sale; and (ii) changes in fair value of equity securities and trading securities that are held as of the reporting date. The amount presented for gains (losses) included in accumulated other comprehensive income (loss) for assets still held as of the reporting date primarily represents changes in the fair value of fixed maturities, available for sale, that are held as of the reporting date.

At December 31, 2025, 66.5 percent of our Level 3 fixed maturities, available for sale, were investment grade and 76.7 percent of our Level 3 fixed maturities, available for sale, consisted of corporate securities.

The following table summarizes changes in the value of our embedded derivatives associated with fixed indexed annuity products (classified in policyholder account balances as presented in the note to the consolidated financial statements entitled "Derivatives") which are measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value (dollars in millions):


	2025		2024
Balance at beginning of the period	$	1,471.6	$	1,376.7
Premiums less benefits	(36.4)		(62.6)
Change in fair value, net	165.4		157.5
Balance at end of the period	$	1,600.6	$	1,471.6

The change in fair value, net for each period in our embedded derivatives is included in the insurance policy benefits line item in the consolidated statement of operations.

The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at December 31, 2025 (dollars in millions):

Fair value at December 31, 2025

Valuation techniques

Unobservable inputs

Range (weighted average) (a)

Assets:

Corporate securities (c)

$

0.5

Recovery method

% Recovery expected

50.00%

Asset-backed securities (b)

7.6

Discounted cash flow analysis

Discount margins

1.61%

Asset-backed securities (c)

3.5

Recovery method

% Recovery expected

61.24%

Equity securities (d)

64.5

Market comparables

EBITDA multiples

10.9X

Total assets

$

76.1

Liabilities:

Market risk benefit liability (e)

$

48.1

Discounted cash flow analysis

Surrender rates

0.46% - 17.68% (3.44%)

Partial withdrawal rates

0.00% - 3.00% (0.96%)

Mortality

0.03% - 39.75% (3.63%)

GLWB utilization

5.92% - 47.62% (25.07%)

Non-performance risk spread

0.09% - 0.31% (N/A)

Embedded derivatives related to fixed indexed annuity products (f)

1,600.6

Discounted projected embedded derivatives

Surrender rates

0.46% - 23.36% (6.11%)

Partial withdrawal rates

0.00% - 4.50% (2.78%)

Mortality

0.03% - 39.75% (4.05%)

GLWB utilization

5.92% -47.62% (25.07%)

Option budget

0.90% - 3.38% (2.64%)

Non-performance risk spread

0.09% - 0.31% (N/A)

Total liabilities

$

1,648.7

__________________

(a) The weighted average is based on the relative fair value of the related assets or liabilities.

(b) Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to the applicable risk-free rate. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.

(c) Corporate and asset-backed securities - The significant unobservable input used in the fair value measurement of these securities is percentage of recovery expected. Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.

(d) Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of earnings before interest, taxes, depreciation, and amortization ("EBITDA"). Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.

(e) Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs is based on significant unobservable inputs including nonmarket assumptions related to surrender rates, partial withdrawal rates, mortality and GLWB utilization. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally decrease the value of a MRB liability. Increases in partial withdrawal rates would generally decrease the value of a MRB liability. A decrease in the mortality assumption would generally increase the MRB liability. Increases in utilization rates would generally increase the value of a MRB liability. Increases in non-performance risk spread decrease the MRB liability.

(f) Embedded derivatives related to fixed indexed annuity products are classified as policyholder account liabilities on the consolidated balance sheet. The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are surrender rates, partial withdrawal rates, mortality, GLWB utilization, option budget, and non-performance risk. Assumed surrender rates, partial withdrawal rates, and mortality rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. Increases (decreases) in utilization rates would generally increase (decrease) the value of the embedded derivative. Increases (decreases) in option budget in isolation would have resulted in a higher (lower) fair value measurement. Increases in non-performance risk spread result in a lower fair value measurement.

The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at December 31, 2024 (dollars in millions):

Fair value at December 31, 2024

Valuation techniques

Unobservable inputs

Range (weighted average) (a)

Assets:

Corporate securities (c)

$

—

Recovery method

% Recovery expected

0.00%

Asset-backed securities (b)

8.1

Discounted cash flow analysis

Discount margins

1.49%

Asset-backed securities (c)

4.1

Recovery method

% Recovery expected

71.30%

Equity securities (d)

64.2

Market comparables

EBITDA multiples

14.0X

Total assets

$

76.4

Liabilities:

Market risk benefit liability (e)

60.0

Discounted cash flow analysis

Surrender rates

0.45% - 14.00% (2.09%)

Partial withdrawal rates

0.00% - 3.00% (0.63%)

Mortality

0.03% - 38.41% (4.64%)

GLWB utilization

5.92% - 47.62% (24.95%)

Non-performance risk spread

0.09% - 0.35% (N/A)

Embedded derivatives related to fixed indexed annuity products (f)

1,471.6

Discounted projected embedded derivatives

Surrender rates

0.45% - 25.60% (5.81%)

Partial withdrawal rates

0.00% - 4.50% (2.61%)

Mortality

0.03%- 38.41% (4.12%)

GLWB utilization

5.92%- 47.62% (24.95%)

Option budget

0.90%- 3.37% (2.57%)

Non-performance risk spread

0.09%- 0.35% (N/A)

Total liabilities

$

1,531.6

__________________

(a) The weighted average is based on the relative fair value of the related assets or liabilities.

(b) Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to the applicable risk-free rate. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.

(c) Corporate and asset-backed securities - The significant unobservable input used in the fair value measurement of these securities is percentage of recovery expected. Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.

(d) Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of EBITDA. Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.

(e) Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs is based on significant unobservable inputs including nonmarket assumptions related to surrender rates, partial withdrawal rates, mortality and GLWB utilization. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally decrease the value of a MRB liability. Increases in partial withdrawal rates would generally decrease the value of a MRB liability. A

decrease in the mortality assumption would generally increase the MRB liability. Increases in utilization rates would generally increase the value of a MRB liability. Increases in non-performance risk spread decrease the MRB liability.

(f) Embedded derivatives related to fixed indexed annuity products are classified as policyholder account liabilities on the consolidated balance sheet. The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are surrender rates, partial withdrawal rates, mortality, GLWB utilization, option budget, and non-performance risk. Assumed surrender rates, partial withdrawal rates, and mortality rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. Increases (decreases) in utilization rates would generally increase (decrease) the value of the embedded derivative. Increases (decreases) in option budget in isolation would have resulted in a higher (lower) fair value measurement. Increases in non-performance risk spread result in a lower fair value measurement.

The fair value of our financial instruments not carried at fair value on a recurring basis are as follows (dollars in millions):


	December 31, 2025
	Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total estimated fair value		Total carrying amount
Assets:
Mortgage loans	$	—	$	—	$	3,196.9	$	3,196.9	$	3,256.8
Policy loans	—		—		140.9		140.9		140.9
Other invested assets:
Company-owned life insurance (a)	—		420.9		—		420.9		420.9
Cash and cash equivalents:
Unrestricted	956.1		—		—		956.1		956.1
Held by variable interest entities	27.4		—		—		27.4		27.4
Total	$	983.5	$	420.9	$	3,337.8	$	4,742.2	$	4,802.1

Liabilities:
Policyholder account balances	$	—	$	—	$	17,312.0	$	17,312.0	$	17,312.0

Investment borrowings	—		2,443.2		—		2,443.2		2,441.7
Borrowings related to variable interest entities	—		277.1		—		277.1		274.4
Notes payable – direct corporate obligations	—		1,365.7		—		1,365.7		1,335.6
Total	$	—	$	4,086.0	$	17,312.0	$	21,398.0	$	21,363.7

_________

(a)Includes $222.3 million of COLI purchased as an investment vehicle to fund our agent deferred compensation plan as further described in the footnote to the consolidated financial statements entitled "Agent Deferred Compensation Plan" and a $198.6 million investment in a COLI policy for key employees that is recorded in our general account assets.

The fair value of our financial instruments not carried at fair value on a recurring basis are as follows (dollars in millions):


	December 31, 2024
	Quoted prices in active markets for identical assets or liabilities (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total estimated fair value		Total carrying amount
Assets:
Mortgage loans	$	—	$	—	$	2,376.0	$	2,376.0	$	2,506.3
Policy loans	—		—		135.3		135.3		135.3
Other invested assets:
Company-owned life insurance (a)	—		402.1		—		402.1		402.1
Cash and cash equivalents:
Unrestricted	1,656.7		—		—		1,656.7		1,656.7
Held by variable interest entities	341.0		—		—		341.0		341.0
Total	$	1,997.7	$	402.1	$	2,511.3	$	4,911.1	$	5,041.4

Liabilities:
Policyholder account balances	$	—	$	—	$	16,122.6	$	16,122.6	$	16,122.6

Investment borrowings	—		2,189.8		—		2,189.8		2,188.8
Borrowings related to variable interest entities	—		499.0		—		499.0		497.6
Notes payable – direct corporate obligations	—		1,837.9		—		1,837.9		1,833.5
Total	$	—	$	4,526.7	$	16,122.6	$	20,649.3	$	20,642.5

_________

(a)Includes $212.6 million of COLI purchased as an investment vehicle to fund our agent deferred compensation plan as further described in the footnote to the consolidated financial statements entitled "Agent Deferred Compensation Plan" and a $189.5 million investment in a COLI policy for key employees that is recorded in our general account assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

LIABILITIES FOR INSURANCE PRODUCTS

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

LIABILITIES FOR INSURANCE PRODUCTS

The liability for future policy benefits is determined based on numerous assumptions. The most significant assumptions for our life and annuity business are based on our experience and, in cases of limited experience, industry experience. Mortality and lapse/withdrawal rates also take into consideration future expectations in policyholder behavior that may vary from past experience. For our health business, mortality rates, lapse rates, morbidity assumptions and future rate increases 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.

In 2025 and 2024, we reviewed our actual experience and updated our assumptions for future cash flows. The impact of updating these assumptions is reflected in the "Effect of changes in cash flow assumptions" line items in the tables below.

The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the year ended December 31, 2025 (dollars in millions):


	Supplemental health		Medicare supplement		Long-term care		Traditional life		Other annuities		Total
Present value of expected net premiums ("PVENP"), beginning of period	$	2,643.9	$	3,161.9	$	1,102.8	$	2,203.9	$	—	$	9,112.5
Effect of changes in discount rate assumptions, beginning of period	180.0		195.2		25.7		113.5		—		514.4
Beginning PVENP at original discount rate	2,823.9		3,357.1		1,128.5		2,317.4		—		9,626.9
Effect of changes in cash flow assumptions	(63.2)		182.7		31.0		2.3		—		152.8
Effect of actual variances from expected experience	(68.6)		79.3		(36.7)		(125.9)		—		(151.9)
Adjusted beginning of period PVENP	2,692.1		3,619.1		1,122.8		2,193.8		—		9,627.8
Issuances	292.0		471.8		183.8		365.1		7.5		1,320.2
Interest accrual	121.7		147.6		53.9		94.4		—		417.6
Net premiums collected	(352.5)		(465.4)		(168.7)		(396.7)		(7.5)		(1,390.8)
Ending PVENP at original discount rate	2,753.3		3,773.1		1,191.8		2,256.6		—		9,974.8
Effect of changes in discount rate assumptions, end of period	(107.6)		(111.5)		4.8		(42.9)		—		(257.2)
PVENP, end of period	$	2,645.7	$	3,661.6	$	1,196.6	$	2,213.7	$	—	$	9,717.6


Present value of expected future policy benefits ("PVEFPB"), beginning of period	$	5,828.2	$	3,375.6	$	4,240.1	$	4,570.6	$	264.5	$	18,279.0
Effect of changes in discount rate assumptions, beginning of period	516.6		211.5		94.1		333.3		16.2		1,171.7
Beginning PVEFPB at original discount rate	6,344.8		3,587.1		4,334.2		4,903.9		280.7		19,450.7
Effect of changes in cash flow assumptions	(87.2)		192.0		25.8		1.9		(2.8)		129.7
Effect of actual variances from expected experience	(79.3)		86.3		(61.6)		(153.8)		2.9		(205.5)
Adjusted beginning of period PVEFPB	6,178.3		3,865.4		4,298.4		4,752.0		280.8		19,374.9
Issuances	295.7		471.9		183.9		373.4		7.4		1,332.3
Interest accrual	291.0		157.7		228.9		210.6		12.8		901.0
Benefit payments	(421.6)		(510.4)		(291.5)		(458.7)		(29.9)		(1,712.1)
Ending PVEFPB at original discount rate	6,343.4		3,984.6		4,419.7		4,877.3		271.1		19,896.1
Effect of changes in discount rate assumptions, end of period	(359.2)		(120.6)		(10.5)		(199.5)		(11.1)		(700.9)
PVEFPB, end of period	$	5,984.2	$	3,864.0	$	4,409.2	$	4,677.8	$	260.0	$	19,195.2


Net liability for future policy benefits	$	3,338.5	$	202.4	$	3,212.6	$	2,464.1	$	260.0	$	9,477.6
Flooring impact	—		1.1		—		—		—		1.1
Adjusted net liability for future policy benefits	3,338.5		203.5		3,212.6		2,464.1		260.0		9,478.7
Related reinsurance recoverable	(1.8)		—		(383.1)		(157.8)		—		(542.7)
Net liability for future policy benefits, net of reinsurance recoverable	$	3,336.7	$	203.5	$	2,829.5	$	2,306.3	$	260.0	$	8,936.0


Adjusted net liability for future policy benefits	$	9,478.7
Reserves excluded from rollforward (a)	2,324.0
Deferred profit liability	70.5
Future loss reserves (b)	24.8
Future policy benefits	$	11,898.0

(a) Primarily comprised of blocks of business that are 100% ceded.

(b) In certain instances for interest-sensitive products, the total insurance liabilities for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (the "future loss reserve") be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years.

The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the year ended December 31, 2024 (dollars in millions):


	Supplemental health		Medicare supplement		Long-term care		Traditional life		Other annuities		Total
PVENP, beginning of period	$	2,718.2	$	3,009.2	$	1,055.6	$	2,279.6	$	—	$	9,062.6
Effect of changes in discount rate assumptions, beginning of period	86.8		99.1		(7.6)		67.6		—		245.9
Beginning PVENP at original discount rate	2,805.0		3,108.3		1,048.0		2,347.2		—		9,308.5
Effect of changes in cash flow assumptions	(28.4)		89.8		9.6		(20.0)		—		51.0
Effect of actual variances from expected experience	(3.6)		71.2		(11.3)		(76.4)		—		(20.1)
Adjusted beginning of period PVENP	2,773.0		3,269.3		1,046.3		2,250.8		—		9,339.4
Issuances	275.2		406.9		190.6		371.8		5.1		1,249.6
Interest accrual	124.0		133.8		53.4		97.9		—		409.1
Net premiums collected	(348.3)		(452.9)		(161.8)		(403.1)		(5.1)		(1,371.2)
Ending PVENP at original discount rate	2,823.9		3,357.1		1,128.5		2,317.4		—		9,626.9
Effect of changes in discount rate assumptions, end of period	(180.0)		(195.2)		(25.7)		(113.5)		—		(514.4)
PVENP, end of period	$	2,643.9	$	3,161.9	$	1,102.8	$	2,203.9	$	—	$	9,112.5


PVEFPB, beginning of period	$	6,023.3	$	3,236.6	$	4,364.6	$	4,694.7	$	308.9	$	18,628.1
Effect of changes in discount rate assumptions, beginning of period	229.8		108.3		(132.8)		170.9		3.0		379.2
Beginning PVEFPB at original discount rate	6,253.1		3,344.9		4,231.8		4,865.6		311.9		19,007.3
Effect of changes in cash flow assumptions	(39.2)		99.8		8.2		(20.7)		—		48.1
Effect of actual variances from expected experience	(3.8)		77.5		(32.4)		(91.8)		(17.9)		(68.4)
Adjusted beginning of period PVEFPB	6,210.1		3,522.2		4,207.6		4,753.1		294.0		18,987.0
Issuances	275.9		403.3		190.9		380.8		4.9		1,255.8
Interest accrual	291.9		144.2		228.7		213.0		13.6		891.4
Benefit payments	(433.1)		(482.6)		(293.0)		(443.0)		(31.8)		(1,683.5)
Ending PVEFPB at original discount rate	6,344.8		3,587.1		4,334.2		4,903.9		280.7		19,450.7
Effect of changes in discount rate assumptions, end of period	(516.6)		(211.5)		(94.1)		(333.3)		(16.2)		(1,171.7)
PVEFPB, end of period	$	5,828.2	$	3,375.6	$	4,240.1	$	4,570.6	$	264.5	$	18,279.0


Net liability for future policy benefits	$	3,184.3	$	213.7	$	3,137.3	$	2,366.7	$	264.5	$	9,166.5
Flooring impact	—		0.6		—		—		—		0.6
Adjusted net liability for future policy benefits	3,184.3		214.3		3,137.3		2,366.7		264.5		9,167.1
Related reinsurance recoverable	(1.4)		—		(360.8)		(168.1)		—		(530.3)
Net liability for future policy benefits, net of reinsurance recoverable	$	3,182.9	$	214.3	$	2,776.5	$	2,198.6	$	264.5	$	8,636.8


Adjusted net liability for future policy benefits	$	9,167.1
Reserves excluded from rollforward (a)	2,443.1
Deferred profit liability	67.9
Future loss reserves (b)	27.4
Future policy benefits	$	11,705.5

(a) Primarily comprised of blocks of business that are 100% ceded.

(b) In certain instances for interest-sensitive products, the total insurance liabilities for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (the "future loss reserve") be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years.

Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of MRBs includes market assumptions (interest rate, equity returns, volatility and dividend yields) and nonmarket assumptions (mortality rates, surrender and withdrawal rates, GLWB utilization and spreads). Market assumptions are updated quarterly to reflect current market conditions.

During 2025, we reviewed our non-market assumptions used to calculate the MRBs and determined updates were warranted. The impact of updating these assumptions is reflected in the Effect of changes in future expected policyholder behavior line items in the table below.

The following table presents the balance of and changes in MRBs associated with our fixed indexed annuities (dollars in millions):


	2025		2024
Net liability (asset), beginning of period	$	60.0	$	117.1
Effect of changes in the instrument-specific credit risk, beginning of period	1.4		4.8
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	61.4		121.9
Issuances	4.2		4.3
Interest accrual	2.6		4.3


Effect of changes in interest rates	(1.6)		(30.2)
Effect of changes in equity markets	(1.9)		0.8
Effect of changes in equity index volatility	1.3		1.0
Actual policyholder behavior different from expected behavior	(1.2)		(0.4)
Effect of changes in future expected policyholder behavior - other	(13.3)		(36.2)
Effect of changes in future expected policyholder behavior - risk margin	0.1		0.2
Effect of changes in assumptions	(2.6)		(4.3)
Net liability (asset), end of period, before effect of changes in the instrument-specific credit risk	49.0		61.4
Effect of changes in the instrument-specific credit risk, end of period	(0.9)		(1.4)
Net liability (asset), end of period	48.1		60.0
Reinsurance recoverable, end of period	—		—
Net liability (asset), end of period, net of reinsurance	$	48.1	$	60.0

Balance reported as an asset	$	—	$	—
Balance reported as a liability	48.1		60.0
Net liability (asset)	$	48.1	$	60.0

Net amount at risk	$	16.6	$	21.7
Weighted average attained age of contract holders	70		69

The following table summarizes the amount of revenue and interest related to traditional and limited-payment contracts recognized in the consolidated statement of operations (dollars in millions):


	Gross premiums (a)						Interest accretion (b)
	2025		2024		2023		2025		2024		2023
Other annuities	$	8.9	$	5.9	$	8.1	$	12.8	$	13.6	$	14.8
Supplemental health	743.9		724.8		705.4		169.3		167.9		167.6
Medicare supplement	625.2		618.8		608.1		10.1		10.4		10.6
Long-term care	357.9		344.1		325.5		175.0		175.3		174.0
Traditional life	736.0		724.2		708.7		116.2		115.1		112.7
Total	$	2,471.9	$	2,417.7	$	2,355.8	$	483.4	$	482.3	$	479.7

_____________________

(a) Such amounts are included in insurance policy income in the consolidated statement of operations.

(b) Such amounts are included in insurance policy benefits in the consolidated statement of operations.

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for traditional and limited-payment contracts (dollars in millions):


	2025				2024
	Undiscounted		Discounted (a)		Undiscounted		Discounted (a)
Other annuities
Expected future gross premiums	$	—	$	—	$	—	$	—
Expected future benefits and expenses	308.5		260.0		328.4		264.5
Supplemental health
Expected future gross premiums	9,128.4		5,673.7		8,994.0		5,479.1
Expected future benefits and expenses	10,801.1		5,984.2		10,942.1		5,828.2
Medicare supplement
Expected future gross premiums	7,086.2		4,827.0		6,248.7		4,248.6
Expected future benefits and expenses	5,688.2		3,864.0		4,993.9		3,375.6
Long-term care
Expected future gross premiums	3,705.7		2,587.8		3,508.4		2,419.8
Expected future benefits and expenses	8,165.6		4,409.2		7,930.4		4,240.1
Traditional life
Expected future gross premiums	5,728.7		4,162.6		5,639.0		4,006.3
Expected future benefits and expenses	7,637.1		4,677.8		7,632.9		4,570.6

_____________________

(a) Calculated at the discount rates at period end.

Loss expense as a result of net premium ratio capping was not material in each of the three years ended December 31, 2025.

The following table provides the weighted average durations (under locked-in discount rates) of the liability for future policy benefits in years:


	2025	2024
Other annuities	9.5	9.6
Supplemental health	10.8	11.2
Medicare supplement	5.6	6.3
Long-term care	10.8	10.7
Traditional life	10.0	10.2

The following table provides the weighted average interest rates for the liability for future policy benefits:


	2025		2024
Other annuities
Interest accretion rate	4.86	%	4.82	%
Current discount rate	5.41		5.63
Supplemental health
Interest accretion rate	4.95		4.98
Current discount rate	5.34		5.62
Medicare supplement
Interest accretion rate	4.14		4.30
Current discount rate	5.11		5.43
Long-term care
Interest accretion rate	5.63		5.66
Current discount rate	5.44		5.68
Traditional life
Interest accretion rate	4.81		4.78
Current discount rate	5.39		5.64

The following tables present the balances of and changes in the liability for policyholder account balances (dollars in millions):


	2025
	Fixed indexed annuities			Fixed interest annuities			Other annuities			Interest-sensitive life (a)			Funding agreements			Other (b)			Total
Policyholder account values, beginning of period excluding contracts 100% ceded	$	10,766.3		$	1,646.6		$	107.4		$	1,321.8		$	3,021.2		$	359.1		$	17,222.4
Issuances (funds collected from new business)	1,710.7			191.7			—			44.4			749.4			—			2,696.2
Premiums received (premiums collected from inforce business)	28.9			2.2			30.1			219.5			—			265.6			546.3
Policy charges	(27.3)			(1.8)			—			(201.4)			—			—			(230.5)
Surrenders and withdrawals	(919.8)			(155.3)			(29.8)			(37.9)			(511.2)			(278.4)			(1,932.4)
Benefit payments	(290.3)			(96.9)			(5.4)			(25.4)			—			—			(418.0)
Interest credited	301.4			50.9			2.6			62.2			114.2			2.4			533.7
Other	63.1			0.1			(0.4)			—			—			—			62.8
Policyholder account values, ending of period excluding contracts 100% ceded	11,633.0			1,637.5			104.5			1,383.2			3,373.6			348.7			18,480.5
Policyholder account values, end of period for contracts 100% ceded	112.3			494.2			29.6			92.7			—			9.7			738.5
Amount of reserves above (below) policyholder account values (c)	(325.9)			—			—			19.5			—			—			(306.4)
Policyholder account balance, end of period	$	11,419.4		$	2,131.7		$	134.1		$	1,495.4		$	3,373.6		$	358.4		$	18,912.6

Balance, end of period, reinsurance ceded	(107.8)			(494.2)			(29.6)			(110.7)			—			(22.5)			(764.8)
Balance, end of period, net of reinsurance	$	11,311.6		$	1,637.5		$	104.5		$	1,384.7		$	3,373.6		$	335.9		$	18,147.8

Weighted average crediting rate (d)	2.2		%	3.0		%	2.7		%	4.6		%	4.2		%	0.8		%
Cash surrender value, net of reinsurance	$	10,880.0		$	1,589.6		$	104.5		$	1,135.5		$	—		$	335.9

_________________

(a) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $30,902.4 million at the balance sheet date.

(b) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.

(c) Such amount represents the difference between: (i) the total insurance liabilities for our fixed indexed products (including the host contract and the related embedded derivative); and (ii) the policyholder account balances for these products. The accounting requirement to bifurcate the embedded derivative and value it at the current estimated fair value results in this amount.

(d) Excludes any impact from the amount of reserves above (below) policyholder account balances.


	2024
	Fixed indexed annuities			Fixed interest annuities			Other annuities			Interest-sensitive life (a)			Funding agreements			Other (b)			Total
Policyholder account values, beginning of period excluding contracts 100% ceded	$	9,999.2		$	1,636.4		$	113.1		$	1,255.2		$	1,411.0		$	381.0		$	14,795.9
Issuances (funds collected from new business)	1,541.6			236.4			—			40.4			1,599.2			—			3,417.6
Premiums received (premiums collected from inforce business)	2.6			2.9			30.8			211.8			—			274.6			522.7
Policy charges	(29.7)			(1.4)			—			(196.0)			—			—			(227.1)
Surrenders and withdrawals	(927.6)			(171.5)			(32.8)			(35.0)			(50.6)			(299.1)			(1,516.6)
Benefit payments	(274.4)			(103.8)			(5.8)			(23.7)			—			—			(407.7)
Interest credited	399.8			48.0			2.2			69.5			61.6			2.6			583.7
Other	54.8			(0.4)			(0.1)			(0.4)			—			—			53.9
Policyholder account values, ending of period excluding contracts 100% ceded	10,766.3			1,646.6			107.4			1,321.8			3,021.2			359.1			17,222.4
Policyholder account values, end of period for contracts 100% ceded	124.0			540.4			28.2			98.2			—			10.1			800.9
Amount of reserves above (below) policyholder account values (c)	(446.1)			—			—			17.0			—			—			(429.1)
Policyholder account balance, end of period	$	10,444.2		$	2,187.0		$	135.6		$	1,437.0		$	3,021.2		$	369.2		$	17,594.2

Balance, end of period, reinsurance ceded	(116.7)			(540.4)			(28.2)			(116.6)			—			(23.5)			(825.4)
Balance, end of period, net of reinsurance	$	10,327.5		$	1,646.6		$	107.4		$	1,320.4		$	3,021.2		$	345.7		$	16,768.8

Weighted average crediting rate (d)	2.1		%	2.9		%	2.6		%	5.3		%	3.8		%	0.8		%
Cash surrender value, net of reinsurance	$	10,056.2		$	1,607.0		$	107.4		$	1,074.8		$	—		$	345.7

_________________

(a) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $29,490.2 million at the balance sheet date.

(b) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.

(c) Such amount represents the difference between: (i) the total insurance liabilities for our fixed indexed products (including the host contract and the related embedded derivative); and (ii) the policyholder account balances for these products. The accounting requirement to bifurcate the embedded derivative and value it at the current estimated fair value results in this amount.

(d) Excludes any impact from the amount of reserves above (below) policyholder account balances.

The following tables present the policyholder account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums (dollars in millions):


	2025
Range of guaranteed minimum crediting rates (a)	At guaranteed minimum		1-50 basis points above		51-150 basis points above		Greater than 150 basis points above		Total
Fixed interest annuities
0.00%-2.99%	$	81.4	$	184.5	$	356.7	$	78.8	$	701.4
3.00%-4.99%	1,222.2		99.8		28.4		2.7		1,353.1
5.00% and greater	77.2		—		—		—		77.2
Subtotal	1,380.8		284.3		385.1		81.5		2,131.7
Other annuities
0.00%-2.99%	22.4		20.0		—		—		42.4
3.00%-4.99%	58.6		—		—		—		58.6
5.00% and greater	33.1		—		—		—		33.1
Subtotal	114.1		20.0		—		—		134.1
Interest-sensitive life
0.00%-2.99%	18.6		—		0.4		765.0		784.0
3.00%-4.99%	376.0		93.2		199.9		2.6		671.7
5.00% and greater	20.0		0.2		—		—		20.2
Subtotal	414.6		93.4		200.3		767.6		1,475.9
Other
0.00%-2.99%	15.9		321.9		—		—		337.8
3.00%-4.99%	20.3		—		—		—		20.3
5.00% and greater	0.3		—		—		—		0.3
Subtotal	36.5		321.9		—		—		358.4
Total
0.00%-2.99%	138.3		526.4		357.1		843.8		1,865.6
3.00%-4.99%	1,677.1		193.0		228.3		5.3		2,103.7
5.00% and greater	130.6		0.2		—		—		130.8
Total policyholder account values, excluding fixed indexed annuities	$	1,946.0	$	719.6	$	585.4	$	849.1	$	4,100.1
Fixed indexed annuity account values									11,745.3
Funding agreements									3,373.6
Total policyholder account values									19,219.0
Amount of reserves above (below) policyholder account values									(306.4)
Total policyholder account balances									$	18,912.6

____________________

(a) Excludes the account values related to: (i) fixed indexed annuity contracts that include an index fund component with index credits tied to the performance of the index. The minimum guarantee is determined by a participation or cap rate

linked to an index, such as the Standard & Poor's 500 index, rather than a predetermined rate of returns; and (ii) funding agreements which have a fixed crediting rate.


	2024
Range of guaranteed minimum crediting rates (a)	At guaranteed minimum		1-50 basis points above		51-150 basis points above		Greater than 150 basis points above		Total
Fixed interest annuities
0.00%-2.99%	$	92.5	$	194.7	$	233.9	$	73.5	$	594.6
3.00%-4.99%	1,256.3		48.3		176.7		29.8		1,511.1
5.00% and greater	81.3		—		—		—		81.3
Subtotal	1,430.1		243.0		410.6		103.3		2,187.0
Other annuities
0.00%-2.99%	27.3		22.7		—		—		50.0
3.00%-4.99%	47.9		—		—		—		47.9
5.00% and greater	37.7		—		—		—		37.7
Subtotal	112.9		22.7		—		—		135.6
Interest-sensitive life
0.00%-2.99%	15.2		—		0.4		718.7		734.3
3.00%-4.99%	370.6		113.0		179.6		1.4		664.6
5.00% and greater	20.6		0.5		—		—		21.1
Subtotal	406.4		113.5		180.0		720.1		1,420.0
Other
0.00%-2.99%	16.7		330.8		—		—		347.5
3.00%-4.99%	21.5		—		—		—		21.5
5.00% and greater	0.2		—		—		—		0.2
Subtotal	38.4		330.8		—		—		369.2
Total
0.00%-2.99%	151.7		548.2		234.3		792.2		1,726.4
3.00%-4.99%	1,696.3		161.3		356.3		31.2		2,245.1
5.00% and greater	139.8		0.5		—		—		140.3
Total policyholder account values, excluding fixed indexed annuities	$	1,987.8	$	710.0	$	590.6	$	823.4	4,111.8
Fixed indexed annuity account values									10,890.3
Funding agreements									3,021.2
Total policyholder account values									18,023.3
Amount of reserves above (below) policyholder account values									(429.1)
Total policyholder account balances									$	17,594.2

____________________

(a) Excludes the account values related to: (i) fixed indexed annuity contracts that include an index fund component with index credits tied to the performance of the index. The minimum guarantee is determined by a participation or cap rate linked to an index, such as the Standard & Poor's 500 index, rather than a predetermined rate of returns; and (ii) funding agreements which have a fixed crediting rate.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of income tax expense were as follows (dollars in millions):


	2025		2024		2023
Income from continuing operations	$	293.4	$	539.9	$	356.8

Current tax expense (benefit):
U.S.	53.4		23.3		53.1
State and local	10.3		3.1		15.2
Total current tax expense (benefit)	$	63.7	$	26.4	$	68.3

Deferred tax expense (benefit):
U.S.	1.1		82.9		14.9
State and local	(0.7)		9.8		(2.9)
Total deferred tax expense (benefit)	0.4		92.7		12.0
Total income tax expense	$	64.1	$	119.1	$	80.3

A reconciliation of the U.S. statutory corporate tax rate to the effective rate reflected in the consolidated statement of operations is as follows:


	December 31, 2025				December 31, 2024				December 31, 2023
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	61.6	21.0	%	$	113.4	21.0	%	$	74.9	21.0	%
State and local income taxes, net of federal income tax effect (a)	7.1		2.4		12.9		2.4		8.0		2.2
Tax credits	(2.1)		(0.7)		(0.7)		(0.1)		(1.2)		(0.3)
Nontaxable or nondeductible items:
Limitations on deduction for executive compensation (IRC §162 (m))	4.4		1.5		3.5		0.6		4.4		1.2
Tax benefits related to share-based compensation ("windfall benefits")	(3.7)		(1.3)		(0.8)		(0.1)		(1.2)		(0.3)
Tax-exempt interest and dividends received deduction	(5.7)		(1.9)		(5.8)		(1.1)		(3.2)		(0.9)
Tax-exempt income from company-owned life insurance	(5.5)		(1.9)		(2.4)		(0.4)		(2.8)		(0.8)
Goodwill impairment	6.4		2.2		—		—		—		—
All other, net (under 5%)	1.6		0.6		(1.0)		(0.3)		1.4		0.4
Effective tax rate	$	64.1	21.9	%	$	119.1	22.0	%	$	80.3	22.5	%

____________________

(a) In 2025, state taxes in Illinois and Florida made up the majority (greater than 50 percent) of the tax effect in this category. In 2024, state taxes in Illinois and Indiana made up the majority of the tax effect in this category. In 2023, state taxes in Illinois, Florida, New York, and Pennsylvania made up the majority of the tax effect in this category.

The components of income taxes paid, net of refunds, were as follows (dollars in millions):


	Year Ended December 31,
	2025		2024		2023
Income taxes paid, net of refunds:
U.S.	$	32.7	$	44.3	$	44.8
State and local	5.0		10.8		14.3
Total income taxes paid, net of refunds	$	37.7	$	55.1	$	59.1

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions (dollars in millions):


	Year Ended December 31,
	2025	2024		2023
Illinois	(a)	$	3.4	(a)
Florida	(a)	3.0		4.3

_____________

(a) Jurisdiction below the threshold for the period presented.

The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):


	2025		2024
Deferred tax assets:
Net federal operating loss carryforwards	$	205.0	$	72.2
Net state operating loss carryforwards	38.0		4.4

Capital loss carryforwards	11.3		1.2

Insurance liabilities	362.3		325.5
Indirect costs allocable to self-constructed real estate assets	0.9		205.1
Accumulated other comprehensive loss	310.3		385.1
Other	19.2		18.2
Gross deferred tax assets	947.0		1,011.7
Deferred tax liabilities:
Investments	(47.9)		(40.8)
Present value of future profits and deferred acquisition costs	(187.4)		(184.3)

Gross deferred tax liabilities	(235.3)		(225.1)
Net deferred tax assets	711.7		786.6
Current income taxes prepaid (accrued)	1.6		27.5
Income tax assets, net	$	713.3	$	814.1

Effective January 1, 2024, the Company elected to change its tax method of accounting for indirect costs allocable to

self-constructed real estate assets. The change in accounting method results in a tax deduction of certain indirect costs

previously capitalized under the Company's prior method of accounting. In the second quarter of 2024, the Internal Revenue Service (the "IRS") revised the list of tax method accounting changes that require approval from the IRS to include tax method accounting changes related to indirect costs allocable to self-constructed real estate assets. Previously, only a taxpayer-initiated election was necessary and formal IRS approval was not required. The Company requested approval for its tax method change in June 2024. At December 31, 2024, the Company had not yet received approval from the IRS and was therefore required to account for the existing tax assets under the prior tax method of accounting. In March 2025, the Company executed a consent agreement with the IRS that provides formal approval for the tax method

change. As a result, the Company recharacterized the remaining $797.6 million of capitalized indirect costs under the prior accounting method to a NOL with no expiration date.

We evaluate the need to establish a valuation allowance for our deferred income tax assets on an ongoing basis using a deferred tax valuation model. Our model is adjusted to reflect changes in our projections of future taxable income. Our estimates of future taxable income are based on evidence we consider to be objectively verifiable. At December 31, 2025, our projection of future taxable income for purposes of determining the valuation allowance is based on our estimates of such future taxable income through the date our NOLs expire. Such estimates are subject to numerous risks and uncertainties and the extent to which actual impacts differ from the assumptions used in our deferred tax valuation model. Based on our assessment, we have concluded that it is more likely than not that our net deferred tax assets of $711.7 million will be realized through future taxable earnings.

Recovery of our deferred tax asset is dependent on achieving the level of future taxable income projected in our deferred tax valuation model and failure to do so could result in the recognition of a valuation allowance in a future period. The recognition of a valuation allowance would increase income tax expense and reduce shareholders' equity.

Section 382 of the Code imposes limitations on a corporation's ability to use its NOLs when the company undergoes a 50 percent ownership change over a three-year period. Future transactions and the timing of such transactions could cause an ownership change for Section 382 income tax purposes. Such transactions may include, but are not limited to, additional repurchases under our securities repurchase program, issuances of common stock and acquisitions or sales of shares of CNO stock by certain holders of our shares, including persons who have held, currently hold or may accumulate in the future five percent or more of our outstanding common stock for their own account. Many of these transactions are beyond our control. If an ownership change were to occur for purposes of Section 382, we would be required to calculate an annual restriction 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 (3.58 percent at December 31, 2025), and the annual restriction could limit our ability to use a substantial portion of our NOLs to offset future taxable income or may defer the utilization of such NOLs. We regularly monitor ownership change (as calculated for purposes of Section 382) and, as of December 31, 2025, we were below the 50 percent ownership change level that could limit our ability to utilize our NOLs.

In 2009, the Company's Board of Directors adopted a Section 382 Rights Agreement designed to protect shareholder value by preserving the value of our tax assets primarily associated with tax NOLs under Section 382. The Section 382 Rights Agreement was adopted to reduce the likelihood of an ownership change occurring by deterring the acquisition of stock that would create "5 percent shareholders" as defined in Section 382. The Section 382 Rights Agreement has been amended five times, most recently effective November 13, 2023 (the "Fifth Amended and Restated Section 382 Rights Agreement"). The Fifth Amended and Restated Section 382 Rights Agreement extended the expiration date of the Section 382 Rights Agreement to November 13, 2026, updated the purchase price of the rights described below and provided for a new series of preferred stock relating to the rights that is substantially identical to the prior series of preferred stock. The Company's shareholders approved the Fifth Amended and Restated Section 382 Rights Agreement at the Company's 2024 annual meeting.

Under the Section 382 Rights Agreement, one right was distributed for each share of our common stock outstanding as of the close of business on January 30, 2009 and for each share issued after that date. Pursuant to the Fifth Amended and Restated Section 382 Rights Agreement, if any person or group (subject to certain exemptions) becomes an owner of more than 4.99 percent of the Company's outstanding common stock (or any other interest in the Company that would be treated as "stock" under applicable Section 382 regulations) without the approval of the Board of Directors, there would be a triggering event causing significant dilution in the voting power and economic ownership of that person or group. Shareholders who held more than 4.99 percent of the Company's outstanding common stock as of November 13, 2023 will trigger a dilutive event only if they acquire additional shares exceeding one percent of our outstanding shares without prior approval from the Board of Directors.

In 2010, our shareholders approved an amendment to CNO's certificate of incorporation designed to prevent certain transfers of common stock which could otherwise adversely affect our ability to use our NOLs (the "Original Section 382 Charter Amendment"). Subject to the provisions set forth in the Original Section 382 Charter Amendment, the transfer

restrictions generally will restrict any direct or indirect transfer (such as transfers of our common stock that results from the transfer of interests in other entities that own our stock) if: (i) the transferor is a person or public group (as defined in the regulations under Section 382) who directly or indirectly owns or is deemed to own 4.99% or more of our common stock; (ii) the effect of the transfer would be to increase the direct or indirect ownership of our common stock by any person or public group from less than 4.99% to 4.99% or more of our common stock; or (iii) the effect of the transfer would be to increase the percentage of our common stock owned directly or indirectly by a person or public group owning or deemed to own 4.99% or more of our common stock. The Original Section 382 Charter Amendment was amended and extended in 2013, 2016, 2019, 2022, and 2025 (the "2025 Section 382 Charter Amendment"). The expiration date for the 2025 Section 382 Charter Amendment is July 31, 2028.

We have $976.4 million of federal NOLs as of December 31, 2025, as summarized below (dollars in millions):


	Net operating loss
Year of expiration	carryforwards






2032 through 2035	$	16.5
No expiration date	959.9








Total federal NOLs	$	976.4

Our non-life NOLs with expiration dates can be used to offset 35 percent of life insurance company taxable income and 100 percent of non-life company taxable income until all non-life NOLs are utilized or expire. Our non-life NOLs with no expiration date of $832.4 million can be used to offset 35 percent of life insurance company taxable income and 80 percent of non-life company taxable income. Our life NOLs with no expiration date of $127.5 million can be used to offset 80% of life company taxable income, subject to certain limitations in the Code.

We also had deferred tax assets related to NOLs for state income taxes of $38.0 million at December 31, 2025, primarily resulting from the tax method change discussed previously, and $4.4 million at December 31, 2024. The related state NOLs are available to offset future state taxable income in certain states and are expected to be fully utilized prior to expiration.

The Company had a capital loss carryforward of $53.7 million and $5.6 million as of December 31, 2025 and 2024, respectively. Capital loss carryforwards can be carried forward for up to five years to offset future capital gains. We expect this carryforward to be fully utilized prior to the expiration date in 2030.

The IRS is conducting an examination of our 2016 through 2018 tax returns. The federal statute of limitations remains open with respect to tax years 2016 through 2025. The Company's various state income tax returns are generally open for tax years based on individual state statutes of limitation. Generally, for tax years which generate NOLs, capital losses or tax credit carryforwards, the statute remains open until the expiration of the statute of limitations for the tax year in which such carryforwards are utilized. The outcome of tax audits cannot be predicted with certainty. If the Company's tax audits are not resolved in a manner consistent with management's expectations, the Company may be required to adjust its provision for income taxes.

On July 4, 2025, the One Big Beautiful Bill Act of 2025 was enacted in the United States, which among other things, provides permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These changes primarily impacted the timing of our tax deductions and did not have a material impact on our financial position or results of operations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS

The following notes payable were direct corporate obligations of the Company as of December 31, 2025 and 2024 (dollars in millions):


	2025		2024
6.450% Senior Notes due June 2034	$	700.0	$	700.0
5.125% Subordinated Debentures due 2060	150.0		150.0

5.250% Senior Notes due May 2029	500.0		500.0
5.250% Senior Notes due May 2025	—		500.0
Unamortized discount on 6.450% Senior Notes due June 2034	(2.0)		(2.2)
Unamortized debt issuance costs	(12.4)		(14.3)
Direct corporate obligations	$	1,335.6	$	1,833.5

2034 Notes

On May 13, 2024, the Company issued $700.0 million of 6.450% Senior Notes due 2034 (the "2034 Notes"). The 2034 Notes were issued under the Indenture, dated as of June 12, 2019 (the "2019 Base Indenture") as supplemented by the Third Supplemental Indenture, dated as of May 13, 2024 (the "2024 Supplemental Indenture" and, together with the Base Indenture, the "2024 Indenture"), each between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the "Trustee"). The 2034 Notes mature on June 15, 2034, unless earlier repurchased by the Company, and interest on the 2034 Notes is payable at 6.450% per annum. Interest on the 2034 Notes is paid semi-annually on June 15 and December 15 of each year, beginning on December 15, 2024. The Company used a portion of the net proceeds from the issuance of the 2034 Notes for the repayment of our 2025 Notes.

The 2034 Notes are senior unsecured obligations and rank equally with the Company's other senior unsecured and unsubordinated debt from time to time outstanding, including obligations under our Revolving Credit Agreement (as defined below). The 2034 Notes are effectively subordinated to all of the Company's future indebtedness that is secured, to the extent of the value of the assets securing such indebtedness. The 2034 Notes are structurally subordinated to all existing and future indebtedness and other liabilities of the Company's subsidiaries.

The 2024 Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the 2034 Notes then outstanding may declare the entire principal amount of all the 2034 Notes, and the interest accrued on such 2034 Notes, if any, to be immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to the Company, the principal amount of the securities together with any accrued and unpaid interest thereon will automatically be and become immediately due and payable.

Prior to March 15, 2034 (the date that is three months prior to the maturity date of the 2034 Notes) (the "Par Call Date"), the 2034 Notes are redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of the 2034 Notes to be redeemed, or (ii)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2034 Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the 2024 Indenture) plus 30 basis points less (b) interest accrued to the date of redemption, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. On and after the Par Call Date, the 2034 Notes are redeemable at a redemption price equal to 100% of the principal amount of the 2034 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

Subordinated Debentures due 2060

In November 2020, the Company issued $150.0 million of 5.125% Subordinated Debentures due 2060 (the "Debentures"). The terms of the Debentures are set forth in the Indenture, dated as of June 12, 2019 (the "2019 Base

Indenture") as supplemented by the Second Supplemental Indenture, dated as of November 25, 2020 (the "2020 Supplemental Indenture" and, together with the 2019 Base Indenture, the "2020 Indenture"), each between the Company and U.S. Bank National Association, as trustee (the "Trustee"). The Debentures bear interest at an annual rate of 5.125%, payable quarterly in arrears on February 25, May 25, August 25 and November 25 commencing on February 25, 2021. The Debentures mature on November 25, 2060. The Company used the net proceeds from the issuance of the Debentures for general corporate purposes.

The Debentures are unsecured and rank junior to all existing and future senior indebtedness (including the 2025 Notes, 2029 Notes and 2034 Notes each as defined above and below). In addition, the Debentures are structurally subordinated to all existing and future indebtedness and other liabilities of the Company's subsidiaries.

The Company may redeem the Debentures in whole at any time or in part from time to time on or after November 25, 2025, at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption; provided that if the Debentures are not redeemed in whole, at least $25 million aggregate principal amount of the Debentures must remain outstanding after giving effect to such redemption.

The 2020 Indenture contains covenants that will limit the ability of the Company and certain of its subsidiaries to consolidate, merge or sell, lease, transfer or otherwise dispose of its properties and assets substantially as an entirety.

An event of default with respect to the Debentures will occur only upon certain events of our bankruptcy, insolvency or receivership (as specified in the 2020 Indenture).

2029 Notes

On June 12, 2019, the Company executed the 2019 Base Indenture and the First Supplemental Indenture, dated as of June 12, 2019 (the "2019 Supplemental Indenture" and, together with the 2019 Base Indenture, the "2019 Indenture"), between the Company and the Trustee pursuant to which the Company issued $500.0 million aggregate principal amount of 5.250% Senior Notes due 2029 (the "2029 Notes").

The Company used the net proceeds from the offering of the 2029 Notes to: (i) repay all amounts outstanding under its existing Revolving Credit Agreement (as defined below); (ii) redeem and satisfy and discharge all of its outstanding 4.500% Senior Notes due May 2020 (the "2020 Notes"); and (iii) pay fees and expenses related to the foregoing. The remaining proceeds were used for general corporate purposes.

The 2029 Notes mature on May 30, 2029 and interest on the 2029 Notes is payable at 5.250% per annum. Interest on the 2029 Notes is payable semi-annually in cash in arrears on May 30 and November 30 of each year, commencing on November 30, 2019.

The 2029 Notes are senior unsecured obligations and rank equally with the Company's other senior unsecured and unsubordinated debt from time to time outstanding, including obligations under our Revolving Credit Agreement (as defined below). The 2029 Notes are effectively subordinated to all of the Company's existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The 2029 Notes are structurally subordinated to all existing and future indebtedness and other liabilities of the Company's subsidiaries.

Prior to February 28, 2029, the Company may redeem some or all of the 2029 Notes at any time or from time to time at a "make-whole" redemption price plus accrued and unpaid interest to, but not including, the redemption date. On and after February 28, 2029, the Company may redeem some or all of the 2029 Notes at any time or from time to time at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date.

Upon the occurrence of a Change of Control Repurchase Event (as defined in the 2019 Indenture), the Company will be required to make an offer to repurchase the 2029 Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. So long as the 2029 Notes are rated investment grade and there is no default under the Indenture, this covenant does not apply.

The 2019 Indenture contains covenants that restrict the Company's ability, with certain exceptions, to:

•create liens;

•issue, sell, transfer or otherwise dispose of any shares of capital stock of any Insurance Subsidiary (as defined in the 2019 Indenture); and

•consolidate or merge with or into other companies or transfer all or substantially all of the Company's assets.

The 2019 Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants in the 2019 Indenture, failure to pay at maturity or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the Trustee or holders of at least 50% in principal amount of the then outstanding 2029 Notes may declare the principal of and accrued but unpaid interest, including any additional interest, on all of the 2029 Notes to be due and payable.

2025 Notes

During May 2025, the Company used a portion of the net proceeds from the issuance of the Senior Notes due June 2034 to repay our Senior Notes due May 2025.

Credit Agreement

On May 8, 2025, the Company entered into a sixth amendment and restatement agreement (the "Credit Agreement") with respect to its existing credit agreement. The $250.0 million Credit Agreement, among other things, (i) requires the Company to maintain (each as calculated in accordance with the 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 15.0 percent of total capitalization) of not more than 35.0 percent (such ratio was 23.6 percent at December 31, 2025); and (ii) a minimum consolidated net worth of not less than the sum of $2,674.8 million plus 25.0 percent of the net equity proceeds received by the Company from the issuance and sale of equity interests in the Company, including the conversion of debt securities of the Company into Equity interests (the Company's consolidated net worth was $3,753.2 million at December 31, 2025 compared to the minimum requirement of $2,674.8 million). The maturity date of the Credit Agreement is May 8, 2030. The Credit Agreement contains certain other restrictive covenants with which the Company must comply. The interest rate applicable to loans under the Credit Agreement is calculated as the Secured Overnight Financing Rate ("SOFR") or the base rate (as defined in the Credit Agreement), at the Company's option, plus a margin based on the Company's unsecured debt rating. The applicable margins under the Credit Agreement range from 1.125 percent to 1.750 percent, in the case of loans at the SOFR, and 0.125 percent to 0.750 percent, in the case of loans at the base rate. The commitment fee under the Credit Agreement is based on the Company's unsecured debt rating. The Credit Agreement also provides that the Company may incur up to $200 million of incremental loans (which may include new term loans), subject to conditions that are set forth therein.

As of December 31, 2025, we are in compliance with the covenants of the Credit Agreement. There were no amounts outstanding under the Credit Agreement during the year ended or as of December 31, 2025.

Scheduled Repayment of our Direct Corporate Obligations

The scheduled repayment of our direct corporate obligations was as follows at December 31, 2025 (dollars in millions):


Year ending December 31,
2026	$	—
2027	—
2028	—
2029	500.0
2030	—
2031 and thereafter	850.0
	$	1,350.0

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company and its subsidiaries are involved in various legal actions in the normal course of business, in which claims for compensatory and punitive damages are asserted, some for substantial amounts. We recognize an estimated loss from these loss contingencies when we believe it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Some of the pending matters have been filed as purported class actions and some actions have been filed in certain jurisdictions that permit punitive damage awards that are disproportionate to the actual damages incurred. The amounts sought in certain of these actions are often large or indeterminate and the ultimate outcome of certain actions is difficult to predict. In the event of an adverse outcome in one or more of these matters, there is a possibility that the ultimate liability may be in excess of the liabilities we have established and could have a material adverse effect on our business, financial condition, results of operations and cash flows. The resolution of pending or future litigation may involve modifications to the terms of outstanding insurance policies or could impact the timing and amount of rate increases, which could adversely affect the future profitability of the related insurance policies. Based upon information presently available, and in light of legal, factual and other defenses available to the Company and its subsidiaries, the Company does not believe that it is probable that the ultimate liability from either pending or threatened legal actions, after consideration of existing loss provisions, will have a material adverse effect on the Company's consolidated financial condition, operating results or cash flows. However, given the inherent difficulty in predicting the outcome of legal proceedings, there exists the possibility that such legal actions could have a material adverse effect on the Company's consolidated financial condition, operating results or cash flows.

In addition to the inherent difficulty of predicting litigation outcomes, particularly those that will be decided by a jury, some matters purport to seek substantial or an unspecified amount of damages for unsubstantiated conduct spanning several years based on complex legal theories and damages models. The alleged damages typically are indeterminate or not factually supported in the complaint, and, in any event, the Company's experience indicates that monetary demands for damages often bear little relation to the ultimate loss. In some cases, plaintiffs are seeking to certify classes in the litigation and class certification either has been denied or is pending and we have filed oppositions to class certification or sought to decertify a prior class certification. In addition, for many of these cases: (i) there is uncertainty as to the outcome of pending appeals or motions; (ii) there are significant factual issues to be resolved; and/or (iii) there are novel legal issues presented. Accordingly, the Company cannot reasonably estimate the possible loss or range of loss in excess of amounts accrued, if any, or predict the timing of the eventual resolution of these matters. The Company reviews these matters on an ongoing basis. When assessing reasonably possible and probable outcomes, the Company bases its assessment on the expected ultimate outcome following all appeals.

On June 7, 2019, Platinum Partners Value Arbitrage Fund L.P. (in Official Liquidation) ("PPVA"), the Joint Official Liquidators of PPVA (the "JOLs") and Principal Growth Strategies, LLC ("PGS") commenced suit against, among others, CNO Financial Group, Inc., Bankers Conseco Life Insurance Company ("BCLIC"), Washington National and 40|86 Advisors, Inc. (collectively, the "CNO Parties") in Delaware Chancery Court. Plaintiffs seek an unspecified amount of

damages, costs, attorney's fees, and other relief as the court deems appropriate. Plaintiffs allege that the CNO Parties were unjustly enriched when they terminated BCLIC and Washington National's reinsurance agreements with Beechwood Re Ltd. ("BRe") and recaptured assets from reinsurance trusts, in particular, Agera securities. Plaintiffs contend that the Agera securities were fraudulently transferred to the reinsurance trusts by other Platinum-related entities and they are seeking to claw back those Agera securities, or the value of those assets, from the CNO Parties. On January 25, 2024, the Delaware Chancery Court granted in part and denied in part the CNO Parties’ motion to dismiss the Amended Complaint. Based on the Court's ruling, PPVA and the JOLs’ claims against the CNO Parties were dismissed. On April 9, 2024, PGS filed a second amended complaint, which contains the same claims against the CNO Parties that PGS had previously asserted. The CNO Parties are vigorously contesting PGS's claims. All case deadlines are currently held in abeyance pursuant to Court order, which provides that the parties will submit a proposed revised schedule following the issuance of certain decisions by the Court.

On October 5, 2012, plaintiffs William Jeffrey Burnett and Joe H. Camp commenced an action entitled Burnett v. Conseco Life Ins. Co. against, among others, CNO Financial Group, Inc. and CNO Services, LLC (collectively, the "CNO Entities") in the United States District Court for the Central District of California on behalf of a putative class of former interest-sensitive whole life insurance policyholders who surrendered their policies or let them lapse. Plaintiffs' first mended complaint alleges that the CNO Entities are liable under an alter ego theory for Conseco Life Insurance Company's purported breach of the optional premium payment provision (the "Optional Premium Payment") and other provisions of plaintiffs' insurance policies. In January 2018, the case was transferred to the United States District Court for the Southern District of Indiana. On August 17, 2020, the Court denied the CNO Entities' motions to dismiss. On January 13, 2021, the Court granted final approval of a class action settlement between plaintiffs and co-defendant Conseco Life Insurance Company (n/k/a Wilco Life Insurance Company). The case remains pending against the CNO Entities. On March 25, 2022, the Court certified a Rule 23(b)(3) class of under 2,000 policyholders who invoked the policy's Optional Premium Payment prior to October 2008 and who surrendered their policies between October 7, 2008 and September 1, 2011. The Court's certification order acknowledged the existence of individualized issues of causation and damages, which the Court stated could be addressed in individualized proceedings following a class trial on the alter ego allegations and the meaning of the subject insurance policy language. A three-day jury trial on causation and damages as to the two class representatives commenced on June 16, 2025, and the jury returned a verdict in favor of the class representatives on June 18, 2025 for approximately $0.2 million collectively. This verdict is notional and contingent and has no preclusive effect on any follow on trials by absent class members in terms of causation and damages. The class representatives' ability to collect any damages from the CNO Entities will depend on the outcome of the bench trial on alter ego liability. The bench trial on alter ego liability was held between August 26 to September 2, 2025, but no ruling has been made yet. The parties prepared post-trial briefing, which was completed at the end of December 2025. Any liability of any kind will depend on the outcome of the alter ego trial, and in the event the court rules in favor of Plaintiffs on that issue, whether absent class members will participate in follow on trials to determine whether they are entitled to damages, and the outcome of those trials. The outcome of all trials will be subject to appeal. Any follow on trials and appeals with respect to absent class members may take years to resolve. The CNO Entities continue to vigorously defend the case.

Regulatory Examinations and Fines

Insurance companies face significant risks related to regulatory investigations and actions. Regulatory investigations generally result from matters related to sales or underwriting practices, payment of contingent or other sales commissions, claim payments and procedures, product design, product disclosure, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, procedures related to canceling policies, changing the way cost of insurance charges are calculated for certain life insurance products or recommending unsuitable products to customers. We are, in the ordinary course of our business, subject to various examinations, inquiries and information requests from state, federal and other authorities. The ultimate outcome of these regulatory actions (including the costs of complying with information requests and policy reviews) 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 we could suffer significant reputational harm as a result of these matters, which could also have a material adverse effect on our business, financial condition, results of operations or cash flows.

Guaranty Fund Assessments

The balance sheet at December 31, 2025, included: (i) accruals of $6.6 million, representing our estimate of all known assessments that will be levied against the Company's insurance subsidiaries by various state guaranty associations based on premiums written through December 31, 2025; and (ii) receivables of $15.3 million that we estimate will be recovered through a reduction in future premium taxes as a result of such assessments. At December 31, 2024, such guaranty fund assessment accruals were $7.8 million and such receivables were $18.3 million. These estimates are subject to change when the associations determine more precisely the losses that have occurred and how such losses will be allocated among the insurance companies. We recognized expense for such assessments of $3.1 million, $2.4 million and $2.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Guarantees

In accordance with the terms of the employment agreements of two of the Company's former chief executives, certain wholly-owned subsidiaries of the Company are the guarantors of the former executives' nonqualified supplemental retirement benefits. The liability for such benefits was $18.4 million and $19.1 million at December 31, 2025 and 2024, respectively, and is recorded in other liabilities on the consolidated balance sheet.

Leases and Certain Other Long-Term Commitments

The Company leases office space, equipment and computer software under contractual commitments or noncancellable operating lease agreements. Total expense pursuant to these agreements was $104.7 million, $98.7 million and $96.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company leases office space for certain administrative operations under agreements that expire between 2026 and 2034. We lease sales offices in various states which are generally short-term in length with remaining lease terms expiring between 2026 and 2032. Many leases include an option to extend or renew the lease term. The exercise of the renewal option is at the Company's discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term only if the Company is reasonably certain of exercising those options. In determining the present value of lease payments, the Company uses its incremental borrowing rate for borrowings secured by collateral commensurate with the terms of the underlying lease. Right of use assets and liabilities are included within other assets and other liabilities, respectively, on the consolidated balance sheet.

Information related to our right of use assets are as follows (dollars in millions):


	2025		2024

Operating lease expense	$	27.4	$	26.4
Cash paid for operating lease liability	26.8		25.4
Right of use assets obtained in exchange for lease liabilities (non-cash transactions)	18.5		28.1
Total right of use assets	83.6		90.7

Maturities of our operating lease liabilities as of December 31, 2025 are as follows (dollars in millions):


2026	$	25.4
2027	20.6
2028	16.7
2029	12.4
2030	8.2
Thereafter	21.1
Total undiscounted lease payments	104.4
Less interest	(11.7)
Present value of lease liabilities	$	92.7





Weighted average remaining lease term (in years)	5.5
Weighted average discount rate	4.19	%

AGENT DEFERRED COMPENSATION PLAN

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

AGENT DEFERRED COMPENSATION PLAN

For our agent deferred compensation plan, it is our policy to immediately recognize changes in the actuarial benefit obligation resulting from either actual experience being different than expected or from changes in actuarial assumptions.

One of our insurance subsidiaries has a noncontributory, unfunded deferred compensation plan for qualifying members of its exclusive agency force. Benefits were based on years of service and career earnings. In 2016, the agent deferred compensation plan was amended to: (i) freeze participation in the plan; (ii) freeze benefits accrued under the plan; and (iii) add a limited cashout feature. The actuarial measurement date of this deferred compensation plan is December 31. The liability recognized in the consolidated balance sheet for the agent deferred compensation plan was $122.6 million and $122.5 million at December 31, 2025 and 2024, respectively. Interest costs incurred on this plan were $6.5 million, $6.3 million and $6.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The recognition of (losses) gains were $(1.7) million, $6.5 million and $(3.6) million for the years ended December 31, 2025, 2024 and 2023, respectively, primarily resulting from: (i) changes in the discount rate assumption used to determine the deferred compensation plan liability to reflect current investment yields; and (ii) changes in mortality table assumptions. These expenses are recorded in other operating costs and expenses within the consolidated statement of operations. We purchased COLI as an investment vehicle to fund the agent deferred compensation plan. The COLI assets are not assets of the agent deferred compensation plan, and as a result, are accounted for outside the plan and are recorded in other invested assets on the consolidated balance sheet. The carrying value of the COLI assets was $222.3 million and $212.6 million at December 31, 2025 and 2024, respectively. Death benefits related to COLI and changes in the cash surrender value (which approximates net realizable value) of the COLI assets are recorded as net investment income (loss) on special-purpose portfolios and totaled $9.7 million, $11.3 million and $13.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

We used the following assumptions for the deferred compensation plan to calculate:


	2025		2024
Benefit obligations:
Discount rate	5.25	%	5.50	%
Net periodic cost:
Discount rate	5.50	%	5.00	%

The discount rate is based on the yield of a hypothetical portfolio of high quality debt instruments which could effectively settle plan benefits on a present value basis as of the measurement date.

The benefits expected to be paid pursuant to our agent deferred compensation plan as of December 31, 2025 were as follows (dollars in millions):


2026	$	8.8
2027	8.9
2028	8.9
2029	9.0
2030	8.9
2031 - 2035	42.7

One of our insurance subsidiaries has another unfunded nonqualified deferred compensation program for qualifying members of its exclusive agency force. Such agents may defer a certain percentage of their net commissions into the program. In addition, annual Company contributions are made based on the agent's production and vest over a period of five to 10 years. The liability recognized in the consolidated balance sheet for this program was $124.0 million and $103.6 million at December 31, 2025 and 2024, respectively. Company contribution expenses are recorded to other operating costs and expenses in the consolidated statement of operations and totaled $4.9 million, $5.6 million and $6.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. We purchased Trust-Owned Life Insurance ("TOLI") as an investment vehicle to fund the program. The TOLI assets are not assets of the program, and as a result, are accounted for outside the program and are recorded in other invested assets on the consolidated balance sheet. The carrying value of the TOLI assets was $116.2 million and $95.3 million at December 31, 2025 and 2024, respectively.

The Company has a qualified defined contribution plan for which substantially all employees are eligible. Company contributions, which match a portion of certain voluntary employee contributions to the plan, totaled $11.8 million, $11.4 million and $10.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Employer matching contributions are discretionary.

DERIVATIVES

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

Our freestanding and embedded derivatives, which are not designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):


	Fair value
	2025		2024
Assets:
Other invested assets:
Fixed indexed call options	$	323.5	$	279.0

Reinsurance receivables	(15.3)		(17.1)
Total assets	$	308.2	$	261.9
Liabilities:
Embedded derivatives related to fixed indexed annuities at fair value:
Policyholder account balances	$	1,600.6	$	1,471.6

We are required to establish an embedded derivative related to a modified coinsurance agreement pursuant to which we assume the risks of a block of health insurance business. The embedded derivative represents the mark-to-market adjustment for $69.5 million in underlying investments held by the ceding reinsurer at December 31, 2025.

The activity associated with freestanding derivative instruments is measured as either the notional or the number of contracts. The activity associated with the fixed indexed annuity embedded derivatives are shown by the number of policies. The following table represents activity associated with derivative instruments as of the dates indicated:


	Measurement	December 31, 2024		Additions		Maturities/terminations		December 31, 2025
Fixed indexed annuities - embedded derivative	Policies	125,464		12,665		(11,364)		126,765
Fixed indexed call options	Notional (a)	$	4,158.7	$	4,576.9	$	(4,256.3)	$	4,479.3

_________________

(a) Dollars in millions.

Purchases of fixed indexed call options that are used to hedge the effects of certain policyholder benefits were $202.2 million and $179.7 million for the years ended December 31, 2025 and 2024, respectively. Sales, which generally represent option exercises, were $277.7 million and $395.6 million, respectively, for the years ended December 31, 2025 and 2024.

The following table provides the pre-tax impact recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):


	2025		2024		2023
Net investment income (loss) from policyholder and other special-purpose portfolios:
Fixed indexed call options	$	120.0	$	255.8	$	129.0


Total investment gains (losses):

Embedded derivative related to modified coinsurance agreement	1.8		0.4		0.3

Total revenues from derivative instruments, not designated as hedges	121.8		256.2		129.3
Insurance policy benefits:
Embedded derivatives related to fixed indexed annuities	165.4		157.5		137.1
Net pre-tax impact	$	(43.6)	$	98.7	$	(7.8)

Derivative Counterparty Risk

If the counterparties to the call options fail to meet their obligations, we may recognize a loss. We limit our exposure to such a loss by diversifying among several counterparties believed to be strong and creditworthy. At December 31, 2025, all of our counterparties were rated "A" or higher by S&P.

The Company and its subsidiaries are parties to master netting arrangements with its counterparties related to entering into various derivative contracts.

The following table summarizes information related to derivatives with master netting arrangements or collateral as of December 31, 2025 and 2024 (dollars in millions):


								Gross amounts not offset in the balance sheet
		Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts of assets presented in the balance sheet		Non-cash collateral		Cash collateral received		Net amount
December 31, 2025:
	Fixed indexed call options	$	323.5	$	—	$	323.5	$	43.5	$	—	$	280.0


December 31, 2024:
	Fixed indexed call options	279.0		—		279.0		78.0		—		201.0

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SHAREHOLDERS' EQUITY

In May 2011, the Company announced a securities repurchase program. In 2025, 2024 and 2023, we repurchased 8.1 million, 8.9 million and 6.6 million shares, respectively, for $319.9 million, $281.6 million and $165.1 million, respectively, under the securities repurchase program. The Company's Board of Directors authorized the repurchase of an additional $500.0 million of the Company's outstanding shares of common stock in February 2025. The Company had remaining repurchase authority of $420.4 million as of December 31, 2025.

In 2025, 2024 and 2023, dividends declared on common stock totaled $66.4 million ($0.67 per common share), $67.5 million ($0.63 per common share) and $67.9 million ($0.59 per common share), respectively. In May 2025, the Company increased its quarterly common stock dividend to $0.17 per share from $0.16 per share. In May 2024, the Company increased its quarterly common stock dividend to $0.16 per share from $0.15 per share. In May 2023, the Company increased its quarterly common stock dividend to $0.15 per share from $0.14 per share.

The Company has a long-term incentive plan which permits the grant of CNO incentive or non-qualified stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance shares or units and certain other equity-based awards to certain directors, officers and employees of the Company and certain other individuals who perform services for the Company (although no grants have been made to such other individuals). As of December 31, 2025, 2024 and 2023, there were 4.3 million shares, 2.9 million shares and 4.1 million shares, respectively, that were available for issuance under the plan. Our stock option awards are generally granted with an exercise price equal to the market price of the Company's stock on the date of grant and a maximum term of ten years. Our stock options granted in 2015 through 2019 generally vested on a graded basis over a three year service term and expire ten years from the date of grant. In 2018, one grant of 1.6 million of stock options vested on a graded basis over a five year service term and expires ten years from the date of grant. There have been no stock options granted since 2019. The vesting periods for our awards of restricted stock units generally range from immediate vesting to a period of three years. We record forfeitures as they occur.

A summary of the Company's stock option activity and related information for 2025 is presented below (shares in thousands; dollars in millions, except per share amounts):


	Shares	Weighted average exercise price		Weighted average remaining life (in years)	Aggregate intrinsic value
Outstanding at the beginning of the year	1,791	$	19.48

Exercised	(400)	(18.33)			$	8.9
Forfeited or terminated	(32)	(20.38)
Outstanding at the end of the year	1,359	19.79		2.4	$	30.8
Options exercisable at the end of the year	1,359			2.4	$	30.8

A summary of the Company's stock option activity and related information for 2024 is presented below (shares in thousands; dollars in millions, except per share amounts):


	Shares	Weighted average exercise price		Weighted average remaining life (in years)	Aggregate intrinsic value
Outstanding at the beginning of the year	2,185	$	19.45

Exercised	(374)	(19.24)			$	5.7
Forfeited or terminated	(20)	(20.38)
Outstanding at the end of the year	1,791	19.48		3.0	$	31.8
Options exercisable at the end of the year	1,791			3.0	$	31.8

A summary of the Company's stock option activity and related information for 2023 is presented below (shares in thousands; dollars in millions, except per share amounts):


	Shares	Weighted average exercise price		Weighted average remaining life (in years)	Aggregate intrinsic value
Outstanding at the beginning of the year	2,736	$	19.45

Exercised	(484)	(19.43)			$	2.9
Forfeited or terminated	(67)	(19.62)
Outstanding at the end of the year	2,185	19.45		3.9	$	11.8
Options exercisable at the end of the year	2,185			3.9	$	11.8

Compensation expense related to stock options was not material for each of the three years ended December 31, 2025. Compensation expense related to stock options had no impact on either basic or diluted earnings per share in 2025 or 2024, and reduced both by less one cent in 2023. At December 31, 2025, there was no unrecognized compensation expense for non-vested stock options. Cash received by the Company from the exercise of stock options was $7.4 million, $7.2 million and $9.2 million during 2025, 2024 and 2023, respectively.

The following table summarizes information about stock options outstanding at December 31, 2025 (shares in thousands):


		Options outstanding			Options exercisable
Range of exercise prices	Number outstanding	Remaining life (in years)	Weighted Average exercise price		Number exercisable	Average exercise price

$15.08 - $21.06	1,140	2.4	$	19.12	1,140	$	19.12
$23.33	219	2.1	23.33		219	23.33


	1,359				1,359

The Company granted restricted stock of 0.3 million for the year ended December 31, 2025 and 0.5 million for the years ended December 31, 2024 and 2023, to certain directors, officers and employees of the Company at a weighted average fair value of $40.50 per share, $27.59 per share and $24.93 per share, respectively, based on the market value of the underlying share on the date of grant. The fair value of such grants totaled $13.5 million, $12.4 million and $11.5 million in 2025, 2024 and 2023, respectively. Such amounts are recognized as compensation expense over the vesting period of the restricted stock. A summary of the Company's non-vested restricted stock activity for 2025 is presented below (shares in thousands):


	Shares	Weighted average grant date fair value
Non-vested shares, beginning of year	971	$	25.12
Granted	334	40.50
Vested	(418)	26.54
Forfeited	(6)	30.95
Non-vested shares, end of year	881	30.24

At December 31, 2025, the unrecognized compensation expense for non-vested restricted stock totaled $11.6 million which is expected to be recognized over a weighted average period of 1.8 years. At December 31, 2024, the unrecognized compensation expense for non-vested restricted stock totaled $10.9 million. We recognized compensation expense related to restricted stock awards totaling $12.7 million, $11.4 million and $10.9 million in 2025, 2024 and 2023, respectively. The fair value of restricted stock that vested during 2025, 2024 and 2023 was $17.4 million, $12.6 million and $10.4 million, respectively.

The Company granted performance units totaling 0.3 million for the year ended December 31, 2025 and 0.4 million in the years ended December 31, 2024 and 2023. The criteria for payment for such awards are based on certain company-wide performance levels that must be achieved within a specified performance time (generally one to three years), each as defined in the award. The performance units granted in 2025, 2024 and 2023 provide for a payout of up to 200 percent of the award if certain performance thresholds are achieved. Unless antidilutive, the diluted weighted average shares outstanding would reflect the number of performance units expected to be issued, using the treasury stock method.

A summary of the Company's performance units is presented below (shares in thousands):


	Total shareholder return awards	Operating return on equity awards	Operating earnings per share awards
Awards outstanding at December 31, 2022	2	611	604
Granted in 2023	—	215	216
Additional shares issued pursuant to achieving certain performance criteria (a)	—	221	221
Shares vested in 2023	(1)	(443)	(441)
Forfeited	—	(9)	(9)
Awards outstanding at December 31, 2023	1	595	591
Granted in 2024	—	197	197
Additional shares issued pursuant to achieving certain performance criteria (a)	—	68	80
Shares vested in 2024	(1)	(258)	(269)
Forfeited	—	(9)	(9)
Awards outstanding at December 31, 2024	—	593	590
Granted in 2025	—	151	151
Additional shares issued pursuant to achieving certain performance criteria (a)	—	—	—
Shares vested in 2025	—	(160)	(163)
Forfeited	—	(30)	(27)
Awards outstanding at December 31, 2025	—	554	551

_________________________

(a) The performance units that vested in 2023, 2024 and 2025 provided for a payout of up to 200 percent of the award if certain performance levels were achieved.

The grant date fair value of the performance units awarded is determined using the Monte Carlo valuation method, including an assumption of volatility based on historical share prices, and was $13.2 million and $11.1 million in 2025 and 2024, respectively. We recognized compensation expense of $12.3 million, $11.0 million and $11.3 million in 2025, 2024 and 2023, respectively, related to the performance units.

As further discussed in the footnote to the consolidated financial statements entitled "Income Taxes", the Company's Board of Directors adopted the Section 382 Rights Agreement in 2009 and has amended and extended the Section 382 Rights Agreement on five occasions, most recently effective November 13, 2023. The Section 382 Rights Agreement, as amended, is designed to protect shareholder value by preserving the value of our tax assets primarily associated with NOLs. At the time the Section 382 Rights Agreement was adopted, the Company declared a dividend of one preferred share purchase right (a "Right") for each outstanding share of common stock. The dividend was payable on January 30, 2009, to the shareholders of record as of the close of business on that date and a Right is also attached to each share of CNO common stock issued after that date. Pursuant to the Section 382 Rights Agreement, as amended, each Right entitles the shareholder to purchase from the Company one one-thousandth of a share of Series F Junior Participating Preferred Stock, par value $0.01 per share (the "Junior Preferred Stock"), of the Company at a price of $110.00 per one one-thousandth of a share of Junior Preferred Stock. The description and terms of the Rights are set forth in the Section 382 Rights Agreement, as amended. The Rights would become exercisable in the event any person or group (subject to certain exemptions) becomes an owner of more than 4.99 percent of the outstanding stock of CNO (a "Threshold Holder") without the approval of the Board of Directors or an existing shareholder who is currently a Threshold Holder acquires additional shares exceeding one percent of our outstanding shares without prior approval from the Board of Directors.

A reconciliation of net income and shares used to calculate basic and diluted earnings per share is as follows (dollars in millions and shares in thousands):


	2025		2024		2023
Net income for basic earnings per share	$	229.3	$	420.8	$	276.5
Shares:
Weighted average shares outstanding for basic earnings per share	97,763		106,144		113,275
Effect of dilutive securities on weighted average shares:
Amounts related to employee benefit plans	2,059		1,972		1,849


Weighted average shares outstanding for diluted earnings per share	99,822		108,116		115,124

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Restricted shares (including our performance units) are not included in basic earnings per share until vested. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options were exercised and restricted stock was vested. The dilution from options and restricted shares is calculated 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 to purchase shares of our common stock at the average market price during the period, reducing the dilutive effect of the exercise of the options (or the vesting of the restricted stock and performance units).

Accumulated other comprehensive loss included in shareholders' equity as of December 31, 2025 and 2024, is comprised of the following (dollars in millions):


	2025		2024
Net unrealized losses on investments having no allowance for credit losses (a)	$	(661.6)	$	(1,281.6)
Unrealized losses on investments with an allowance for credit losses	(1,193.9)		(1,108.7)
Change in discount rates for liability for future policy benefits	421.1		624.5
Change in instrument-specific credit risk for market risk benefits	0.9		1.4
Deferred income tax assets	318.5		393.0
Accumulated other comprehensive loss	$	(1,115.0)	$	(1,371.4)

___________

(a) The amortized cost and fair value of fixed maturity securities, available for sale, for which we have elected the fair value option were $12.0 million and $13.0 million, respectively, as of December 31, 2025. Accordingly, the net unrealized losses associated with these investments are excluded from accumulated other comprehensive loss. There were no fixed maturity securities, available for sale, for which we have elected the fair value option as of December 31, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

OTHER OPERATING STATEMENT DATA

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

OTHER OPERATING STATEMENT DATA

Insurance policy income consisted of the following (dollars in millions):


	2025		2024		2023
Direct premiums collected (a)	$	5,046.6	$	4,857.8	$	4,574.9
Reinsurance assumed	14.0		15.5		16.6
Reinsurance ceded	(173.5)		(191.8)		(194.6)
Premiums collected, net of reinsurance	4,887.1		4,681.5		4,396.9
Change in unearned premiums	(2.4)		(9.1)		18.5
Less premiums on interest-sensitive life and products without mortality and morbidity risk which are recorded as additions to insurance liabilities (a)	(2,484.6)		(2,333.0)		(2,111.7)
Premiums on traditional products with mortality or morbidity risk	2,400.1		2,339.4		2,303.7
Fees and surrender charges on interest-sensitive products	222.5		219.1		201.8
Insurance policy income	$	2,622.6	$	2,558.5	$	2,505.5

________________

(a) Excludes $749.4 million and $1,599.2 million of funds received from the issuance of funding agreements pursuant to our FABN program for the years ended December 31, 2025 and 2024. There were no funding agreements issued during 2023.

The five states with the largest shares of 2025 collected premiums were Florida (12 percent), Iowa (6 percent), Texas (6 percent), California (5 percent), and Pennsylvania (5 percent). No other state accounted for more than five percent of total collected premiums.

Other operating costs and expenses were as follows (dollars in millions):


	2025		2024		2023
Commission expense	$	134.6	$	121.8	$	111.1
Salaries and wages	305.0		304.5		290.9
Other	680.0		629.0		646.3
Total other operating costs and expenses	$	1,119.6	$	1,055.3	$	1,048.3

Changes in deferred acquisition costs were as follows (dollars in millions):


	2025
	Fixed indexed annuities		Fixed interest annuities		Supplemental health		Medicare supplement		Long-term care		Interest-sensitive life		Traditional life		Funding agreements		Total
Beginning of period	$	450.0	$	35.9	$	438.1	$	157.4	$	148.6	$	256.0	$	529.5	$	9.9	$	2,025.4
Capitalizations	111.9		12.3		73.1		30.3		32.4		38.4		132.0		3.7		434.1
Amortization expense	(64.5)		(6.4)		(37.7)		(24.8)		(15.7)		(16.9)		(69.3)		(3.5)		(238.8)
End of period	$	497.4	$	41.8	$	473.5	$	162.9	$	165.3	$	277.5	$	592.2	$	10.1	$	2,220.7


	2024
	Fixed indexed annuities		Fixed interest annuities		Supplemental health		Medicare supplement		Long-term care		Interest-sensitive life		Traditional life		Funding agreements		Total
Beginning of period	$	407.6	$	27.0	$	408.0	$	157.5	$	140.3	$	234.5	$	471.9	$	4.5	$	1,851.3
Capitalizations	99.2		14.0		64.6		26.0		23.1		37.1		117.6		7.8		389.4
Amortization expense	(56.8)		(5.1)		(34.5)		(26.1)		(14.8)		(15.6)		(60.0)		(2.4)		(215.3)
End of period	$	450.0	$	35.9	$	438.1	$	157.4	$	148.6	$	256.0	$	529.5	$	9.9	$	2,025.4


	2023
	Fixed indexed annuities		Fixed interest annuities		Supplemental health		Medicare supplement		Long-term care		Interest-sensitive life		Traditional life		Funding agreements		Total
Beginning of period	$	365.6	$	19.6	$	378.8	$	161.2	$	137.9	$	212.2	$	409.1	$	6.0	$	1,690.4
Capitalizations	88.9		11.3		60.6		24.1		17.5		36.8		114.3		—		353.5
Amortization expense	(46.9)		(3.9)		(31.4)		(27.8)		(15.1)		(14.5)		(51.5)		(1.5)		(192.6)
End of period	$	407.6	$	27.0	$	408.0	$	157.5	$	140.3	$	234.5	$	471.9	$	4.5	$	1,851.3

Changes in the present value of future profits were as follows (dollars in millions):


	2025
	Supplemental health		Medicare supplement		Long-term care		Traditional life		Fixed indexed annuities		Fixed interest annuities		Total
Beginning of period	$	128.8	$	15.7	$	4.4	$	11.3	$	0.5	$	0.3	$	161.0

Amortization expense	(11.4)		(3.7)		(0.7)		(1.4)		(0.1)		(0.1)		(17.4)
End of period	$	117.4	$	12.0	$	3.7	$	9.9	$	0.4	$	0.2	$	143.6


	2024
	Supplemental health		Medicare supplement		Long-term care		Traditional life		Fixed indexed annuities		Fixed interest annuities		Total
Beginning of period	$	141.0	$	20.6	$	5.2	$	12.9	$	0.7	$	0.3	$	180.7

Amortization expense	(12.2)		(4.9)		(0.8)		(1.6)		(0.2)		—		(19.7)
End of period	$	128.8	$	15.7	$	4.4	$	11.3	$	0.5	$	0.3	$	161.0


	2023
	Supplemental health		Medicare supplement		Long-term care		Traditional life		Fixed indexed annuities		Fixed interest annuities		Total
Beginning of period	$	154.0	$	27.5	$	6.2	$	14.8	$	0.8	$	0.4	$	203.7

Amortization expense	(13.0)		(6.9)		(1.0)		(1.9)		(0.1)		(0.1)		(23.0)
End of period	$	141.0	$	20.6	$	5.2	$	12.9	$	0.7	$	0.3	$	180.7

Based on current conditions and assumptions as to future events on all policies inforce, the Company expects to amortize approximately 11 percent of the December 31, 2025 balance of the present value of future profits in 2026, 10 percent in 2027, 9 percent in 2028, 8 percent in 2029 and 7 percent in 2030.

Changes in sales inducements were as follows (dollars in millions):


	2025
	Fixed indexed annuities		Fixed interest annuities		Total
Beginning of period	$	128.1	$	5.1	$	133.2
Capitalizations	62.8		2.4		65.2
Amortization expense	(20.8)		(1.0)		(21.8)
End of period	$	170.1	$	6.5	$	176.6


	2024
	Fixed indexed annuities		Fixed interest annuities		Total
Beginning of period	$	88.5	$	4.6	$	93.1
Capitalizations	54.9		1.4		56.3
Amortization expense	(15.3)		(0.9)		(16.2)
End of period	$	128.1	$	5.1	$	133.2


	2023
	Fixed indexed annuities		Fixed interest annuities		Total
Beginning of period	$	76.0	$	4.5	$	80.5
Capitalizations	23.5		0.9		24.4
Amortization expense	(11.0)		(0.8)		(11.8)
End of period	$	88.5	$	4.6	$	93.1

CONSOLIDATED STATEMENT OF CASH FLOWS

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

CONSOLIDATED STATEMENT OF CASH FLOWS

The following disclosures supplement our consolidated statement of cash flows.

The following reconciles net income to net cash provided by operating activities (dollars in millions):


	2025		2024		2023
Cash flows from operating activities:
Net income	$	229.3	$	420.8	$	276.5
Adjustments to reconcile net income to net cash from operating activities:
Amortization and depreciation	318.5		292.4		267.4
Income taxes	26.3		63.9		21.1
Insurance liabilities	618.1		534.7		449.7
Accrual, amortization, and fair value changes included in investment income	(220.5)		(334.0)		(170.7)
Deferral of policy acquisition costs	(499.3)		(445.7)		(377.9)
Net investment losses	54.7		49.9		69.0




Gain on extinguishment of borrowings related to variable interest entities	(1.5)		—		—
Goodwill and other asset impairment	101.9		—		—
Other (a)	48.2		45.7		47.8
Net cash from operating activities	$	675.7	$	627.7	$	582.9

_____________

(a) Primarily relates to: (i) changes in other assets and liabilities related to the timing of payments and receipts; and (ii) the change in fair value of the deferred compensation plan liability.

Other non-cash items not reflected in the investing and financing activities sections of the consolidated statement of cash flows (dollars in millions):


	2025		2024		2023
Stock options, restricted stock, performance units, and Employee Stock Purchase Program	$	25.9	$	23.2	$	23.3

STATUTORY INFORMATION (BASED ON NON-GAAP MEASURES)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

STATUTORY INFORMATION (BASED ON NON-GAAP MEASURES)

Statutory accounting practices prescribed or permitted by regulatory authorities for the Company's insurance subsidiaries differ from GAAP. The Company's U.S. based insurance subsidiaries will report the following amounts to regulatory agencies, after appropriate elimination of intercompany accounts among such subsidiaries (dollars in millions):


	2025		2024
Statutory capital and surplus	$	1,405.3	$	1,458.1
Asset valuation reserve	508.7		407.1
Interest maintenance reserve	252.6		334.2
Total	$	2,166.6	$	2,199.4

Such statutory capital and surplus included investments in upstream affiliates of $42.6 million at both December 31, 2025 and 2024, which were eliminated in the consolidated financial statements prepared in accordance with GAAP.

Statutory earnings build the capital required by ratings agencies and regulators. Statutory earnings, fees and interest paid by our U.S. based insurance subsidiaries to the parent company create the "cash flow capacity" the parent company needs to meet its obligations, including debt service. The consolidated statutory net (loss) income of our U.S. based

insurance subsidiaries was $(14.6) million, $176.6 million and $105.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. Included in net income were net realized capital losses, net of income taxes, of $63.4 million, $20.3 million and $26.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, such net income included pre-tax amounts for fees and interest paid to CNO or its non-life subsidiaries of $193.9 million, $197.5 million and $190.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Insurance regulators may prohibit the payment of dividends or other payments by our insurance subsidiaries to parent companies if they determine that such payment could be adverse to our policyholders or contract holders. Otherwise, the ability of our insurance subsidiaries to pay dividends is subject to state insurance department regulations. Insurance regulations generally permit dividends to be paid from statutory earned surplus of our U.S. based insurance subsidiaries without regulatory approval for any 12-month period in amounts equal to the greater of (or in some states, the lesser of): (i) statutory net gain from operations or statutory net income for the prior year; or (ii) 10 percent of statutory capital and surplus as of the end of the preceding year. However, as each of the immediate U.S. based insurance subsidiaries of CDOC, Inc. ("CDOC"), our wholly owned subsidiary and the immediate parent of Washington National and Conseco Life Insurance Company of Texas ("CLTX"), has negative earned surplus, any dividend payments from the insurance subsidiaries to CNO requires the prior approval of the director or commissioner of the applicable state insurance department. During 2025, our U.S. based insurance subsidiaries paid dividends of $458.4 million to CDOC. In 2025, CDOC also made capital contributions of $140.0 million to our U.S. based insurance subsidiaries.

The payment of interest on surplus debentures requires either prior written notice or approval of the director or commissioner of the applicable state insurance department. Dividends and other payments from our non-insurance subsidiaries to CNO or CDOC do not require approval by any regulatory authority or other third party.

In accordance with an order from the Florida Office of Insurance Regulation, Washington National may not distribute funds to any affiliate or shareholder, except pursuant to agreements that have been approved, without prior notice to the Florida Office of Insurance Regulation. In addition, the risk-based capital ("RBC") and other capital requirements described below can also limit, in certain circumstances, the ability of our insurance subsidiaries to pay dividends.

RBC requirements provide a tool for state insurance regulators to determine the levels of statutory capital and surplus an insurer must maintain in relation to its insurance and investment risks and the need for possible regulatory attention. The RBC requirements provide four levels of regulatory attention, varying with the ratio of the insurance company's total adjusted capital (defined as the total of its statutory capital and surplus, asset valuation reserve and certain other adjustments) to its RBC (as measured on December 31 of each year) as follows: (i) if a company's total adjusted capital is less than 100 percent but greater than or equal to 75 percent of its RBC, the company must submit a comprehensive plan to the regulatory authority proposing corrective actions aimed at improving its capital position (the "Company Action Level"); (ii) if a company's total adjusted capital is less than 75 percent but greater than or equal to 50 percent of its RBC, the regulatory authority will perform a special examination of the company and issue an order specifying the corrective actions that must be taken; (iii) if a company's total adjusted capital is less than 50 percent but greater than or equal to 35 percent of its RBC, the regulatory authority may take any action it deems necessary, including placing the company under regulatory control; and (iv) if a company's total adjusted capital is less than 35 percent of its RBC, the regulatory authority must place the company under its control. In addition, the RBC requirements 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 the greater of the decrease in the margin of total adjusted capital over RBC: (i) between the current year and the prior year; and (ii) for the average of the last 3 years. It 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 as described above for the Company Action Level. The 2025 statutory annual statements of each of our U.S. based insurance subsidiaries reflect total adjusted capital in excess of the levels that would subject our subsidiaries to any regulatory action.

In addition, 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.

We calculate the consolidated RBC ratio by assuming all of the assets, liabilities, capital and surplus and other aspects of the business of our U.S. based insurance subsidiaries are combined together in one insurance subsidiary, with appropriate intercompany eliminations.

CNO Bermuda Re, Ltd. ("CNO Bermuda Re") is registered by and subject to the supervision of the Bermuda Monetary 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 capital requirements as well as auditing and reporting requirements. The Insurance Act requires the value of an insurer's statutory assets to exceed the value of 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 Bermuda Solvency Capital Requirement ("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, certain insurance risks, 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 an insurer's ECR. 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. CNO Bermuda Re has entered into a Capital and Liquidity Maintenance Agreement (as amended, the "CLMA") with CDOC. Pursuant to the CLMA, CDOC will contribute funds to CNO Bermuda Re in the event: (i) CNO Bermuda Re's statutory economic capital and surplus is less than 150 percent of its ECR at the end of any calendar quarter; or (ii) CNO Bermuda Re's liquid assets are insufficient to meet its contractual obligations to ceding insurers, in each case, unless one or more ceding insurers has provided notice of recapture pursuant to the terms of the applicable reinsurance agreement between it and CNO Bermuda Re and such recapture will cause CNO Bermuda Re to meet (i) and (ii) above. Further, CNO Bermuda Re may not pay any dividends or make any capital distributions to its parent within the five years following the 2023 reinsurance transaction unless approved by the BMA.

We are in the process of completing CNO Bermuda Re's capital and solvency return in respect of the year ended December 31, 2025, which includes the BSCR. We believe that CNO Bermuda Re's level of capitalization will exceed the minimum solvency margin and result in its statutory economic capital and surplus being in excess of the TCL.

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

BUSINESS 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 the CODM makes operating decisions and assesses the performance of the business. Our CODM is the Chief Executive Officer.

Our insurance product line segments (annuity, health and life) include marketing, underwriting and administration of the policies our insurance subsidiaries sell. The business written in each of the three product categories through all of our insurance subsidiaries is aggregated allowing management and investors to assess the performance of each product category. When analyzing profitability of these segments, we use insurance product margin as the measure of profitability, which is: (i) insurance policy income; and (ii) net investment income allocated to the insurance product lines; less (i) insurance policy benefits and interest credited to policyholders; and (ii) amortization of deferred acquisition costs and present value of future profits, non-deferred commissions and advertising expense. Net investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net

insurance liabilities for the block in each period. Net 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.

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. Management believes insurance product margin and income from insurance products provides an additional understanding of the business and a more meaningful analysis of the results of our insurance product lines.

We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer and Worksite Divisions are primarily focused on marketing insurance products, several types of which are sold in both divisions and underwritten in the same manner.

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.

The Worksite Division focuses on the sale of voluntary insurance benefits, including supplemental health and life 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.

The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability of this segment is the total net investment income not allocated to the insurance products. 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 agreements; (iv) expenses related to the 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. 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 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 COLI and alternative investments income not allocated to product lines), net of interest expense on corporate debt and financing agreements. 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.

Our fee income segment includes the earnings generated from sales of third-party insurance products, services provided to employers through our Worksite division and the operations of our broker-dealer and registered investment advisor. In November 2025, we announced our intention to exit the fee services business within our Worksite Division to sharpen our focus on the core insurance business. As a result, beginning in the fourth quarter of 2025, the net results of this business are no longer presented within the fee income segment, but are presented within Net loss related to divested business as a reconciling item to net income.

Our CODM allocates resources and assesses the performance of each operating segment based on the respective product line insurance margin, investment income not allocated, and fee income metrics described above.

Expenses not allocated to product lines include the expenses of our corporate operations, excluding interest expense on debt.

We measure segment performance by excluding total investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan, income taxes and other non-operating items including earnings attributable to VIEs ("pre-tax operating earnings") because we believe that this performance measure is a better indicator of the ongoing business and trends in our business. Our primary investment focus is on investment income to support our liabilities for insurance products as opposed to the generation of investment gains (losses), and a long-term focus is necessary to maintain profitability over the life of the business.

Investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan and other non-operating items consisting primarily of earnings attributable to VIEs depend on market conditions or represent unusual items that do not necessarily relate to the underlying business of our segments. Investment gains (losses) and changes in fair value of embedded derivative liabilities and MRBs may affect future earnings levels since our underlying business is long-term in nature and changes in our investment portfolio may impact our ability to earn the assumed interest rates needed to maintain the profitability of our business.

Operating information by segment is as follows (dollars in millions):


	2025		2024		2023
Revenues:
Annuity:
Insurance policy income	$	39.3	$	35.5	$	28.4
Net investment income	621.3		565.0		516.3
Total annuity revenues	660.6		600.5		544.7
Health:
Insurance policy income	1,661.4		1,618.3		1,594.6
Net investment income	301.9		299.6		296.7
Total health revenues	1,963.3		1,917.9		1,891.3
Life:
Insurance policy income	921.9		904.7		882.5
Net investment income	151.1		147.1		144.8
Total life revenues	1,073.0		1,051.8		1,027.3
Change in market values of the underlying options supporting the fixed indexed annuity and life products (offset by market value changes credited to policyholder balances)	119.0		253.7		131.5
Investment income not allocated to product lines	506.6		449.9		335.6
Fee revenue and other income:
Fee revenue	185.3		190.5		177.6
Amounts netted in expenses not allocated to product lines	3.7		3.4		36.6
Total segment revenues	$	4,511.5	$	4,467.7	$	4,144.6

(continued on next page)


	2025		2024		2023
Expenses:
Annuity:
Insurance policy benefits	$	25.0	$	(15.2)	$	29.0
Interest credited	293.5		253.8		209.4
Amortization and non-deferred commissions	103.5		87.7		71.3
Total annuity expenses	422.0		326.3		309.7
Health:
Insurance policy benefits	1,241.8		1,239.6		1,234.9
Amortization and non-deferred commissions	164.9		161.5		162.1
Total health expenses	1,406.7		1,401.1		1,397.0
Life:
Insurance policy benefits	568.2		576.0		570.0
Interest credited	53.7		51.5		49.3
Amortization and non-deferred commissions	111.0		98.0		85.8
Advertising expense	67.7		77.3		92.5
Total life expenses	800.6		802.8		797.6
Allocated expenses	611.3		615.3		599.0
Expenses not allocated to product lines	91.4		75.2		88.3
Market value changes of options credited to fixed indexed annuity and life policyholders	119.0		253.7		131.5
Amounts netted in investment income not allocated to product lines:
Interest expense	207.4		219.7		169.8
Interest credited	114.2		61.6		28.8
Impact of annual option forfeitures related to fixed indexed annuity surrenders	(14.4)		(26.0)		(7.1)
Amortization	3.4		2.4		1.6
Other expenses	26.7		24.3		22.3
Expenses netted in fee revenue:
Commissions and other operating expenses	170.1		160.5		146.6
Total segment expenses	3,958.4		3,916.9		3,685.1
Pre-tax measure of profitability:
Annuity margin	238.6		274.2		235.0
Health margin	556.6		516.8		494.3
Life margin	272.4		249.0		229.7
Total insurance product margin	1,067.6		1,040.0		959.0
Allocated expenses	(611.3)		(615.3)		(599.0)
Income from insurance products	456.3		424.7		360.0
Fee income margin	15.2		30.0		31.0
Investment income not allocated to product lines	169.4		167.9		120.2
Expenses not allocated to product lines	(87.7)		(71.8)		(51.7)
Operating earnings before taxes	553.2		550.8		459.5
Income tax expense on operating income	114.0		121.5		103.4
Net operating income	$	439.2	$	429.3	$	356.1

A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income is as follows (dollars in millions):


	2025		2024		2023
Total segment revenues	$	4,511.5	$	4,467.7	$	4,144.6
Total investment gains (losses)	(54.7)		(49.9)		(69.0)
Revenues related to earnings attributable to VIEs	23.7		31.7		71.2
Fee revenue related to divested business	6.9		—		—
Consolidated revenues	4,487.4		4,449.5		4,146.8

Total segment expenses	3,958.4		3,916.9		3,685.1
Insurance policy benefits - fair value changes in embedded derivative liabilities	64.0		(46.3)		29.9
Expenses attributable to VIEs	25.0		36.9		70.5
Fair value changes related to agent deferred compensation plan	1.7		(6.6)		3.5
Expenses related to TechMod initiative	20.3		—		—
Goodwill and other asset impairment	101.9		—		—
Expenses related to divested business	24.2		—		—
Other expenses	(1.5)		8.7		1.0
Consolidated expenses	4,194.0		3,909.6		3,790.0
Income before tax	293.4		539.9		356.8

Income tax expense	64.1		119.1		80.3

Net income	$	229.3	$	420.8	$	276.5

Segment balance sheet information was as follows (dollars in millions):


	2025		2024
Assets:
Annuity	$	13,692.5	$	13,001.4
Health	9,367.1		9,116.7
Life	4,331.3		4,194.7
Investments not allocated to product lines	10,879.8		10,599.1
Assets of our non-life companies included in the fee income segment	161.0		257.7
Assets of our other non-life companies	358.9		679.7
Total assets	$	38,790.6	$	37,849.3
Liabilities:
Annuity	$	14,445.0	$	13,539.6
Health	9,573.7		9,490.7
Life	4,448.9		4,311.2
Liabilities associated with investments not allocated to product lines (a)	7,425.3		7,541.1
Liabilities of our non-life companies included in the fee income segment	50.5		37.0
Liabilities of our other non-life companies	209.0		414.5
Total liabilities	$	36,152.4	$	35,334.1

___________

(a) Includes investment borrowings, policyholder account balances related to funding agreements, borrowings related to VIEs and notes payable - direct corporate obligations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
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+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Data [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

We compute earnings per common share for each quarter independently of earnings per share for the year. The sum of the quarterly earnings per share may not equal the earnings per share for the year because of: (i) transactions affecting the weighted average number of shares outstanding in each quarter; and (ii) the uneven distribution of earnings during the year. Quarterly financial data (unaudited) were as follows (dollars in millions, except per share data):


	Three months ended
2025	March 31		June 30		September 30		December 31
Revenues	$	1,004.1	$	1,151.5	$	1,188.7	$	1,143.1
Income before income taxes	$	27.8	$	118.0	$	36.2	$	111.4
Income tax expense	6.3		26.2		13.1		18.5
Net income	$	21.5	$	91.8	$	23.1	$	92.9
Earnings per common share:
Basic:
Net income	$	0.21	$	0.93	$	0.24	$	0.98
Diluted:
Net income	$	0.21	$	0.91	$	0.24	$	0.95

2024	March 31		June 30		September 30		December 31
Revenues	$	1,156.5	$	1,066.2	$	1,129.6	$	1,097.2
Income before income taxes	$	146.2	$	150.6	$	11.0	$	232.1
Income tax expense	33.9		34.3		1.7		49.2
Net income	$	112.3	$	116.3	$	9.3	$	182.9
Earnings per common share:
Basic:
Net income	$	1.03	$	1.08	$	0.09	$	1.78
Diluted:
Net income	$	1.01	$	1.06	$	0.09	$	1.74

INVESTMENTS IN VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

INVESTMENTS IN VARIABLE INTEREST ENTITIES

We have concluded that we are the primary beneficiary with respect to certain VIEs, which are consolidated in our financial statements. In consolidating the VIEs, we consistently use the financial information most recently distributed to investors in the VIE.

All of the VIEs are collateralized loan trusts that were established to issue securities to finance the purchase of commercial bank loans and other permitted investments. The assets held by the trusts are legally isolated and not available to the Company. The liabilities of the VIEs are expected to be satisfied from the cash flows generated by the underlying loans held by the trusts, not from the assets of the Company. The scheduled repayments of the remaining principal balance of the borrowings related to the VIEs are estimated as follows: $56.7 million in 2030 and $217.7 million in 2031 and thereafter. The Company has no financial obligation to the VIEs beyond its investment in each VIE.

Interest expense of $23.5 million, $34.7 million and $68.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, was recognized related to total borrowings related to the VIEs.

Certain of our subsidiaries are noteholders of the VIEs. Another subsidiary of the Company is the investment manager for the VIEs. As such, it has the power to direct the most significant activities of the VIEs which materially impacts the economic performance of the VIEs.

During 2025, two VIEs were liquidated, which resulted in approximately $4.8 million of realized losses related to sales of invested assets as well as a $1.5 million gain on extinguishment of debt. The impact to net income was $(3.3) million on our consolidated statement of operations for the year ended December 31, 2025. These liquidations largely resulted in a decrease in invested assets and cash of $182.6 million and $59.0 million, respectively, and a decrease in borrowings related to variable interest entities of $222.6 million. In addition, a VIE purchased $38.4 million of additional invested assets during 2025, which along with the settlement of approximately $208.6 million of investment payables from the prior year, resulted in a decrease in cash of $247.1 million on our consolidated balance sheet as of December 31, 2025.

The following tables provide supplemental information about the assets and liabilities of the VIEs which have been consolidated (dollars in millions):


	December 31, 2025
	VIEs		Eliminations		Net effect on consolidated balance sheet
Assets:
Investments held by variable interest entities	$	293.0	$	—	$	293.0
Other invested assets, affiliated	—		(107.8)		(107.8)
Cash and cash equivalents held by variable interest entities	27.4		—		27.4
Accrued investment income	1.0		—		1.0
Income tax assets, net	16.0		—		16.0
Other assets	0.6		(0.2)		0.4
Total assets	$	338.0	$	(108.0)	$	230.0
Liabilities:
Other liabilities	$	16.7	$	(0.9)	$	15.8
Borrowings related to variable interest entities	274.4		—		274.4
Notes payable of VIEs held by subsidiaries	107.8		(107.8)		—
Total liabilities	$	398.9	$	(108.7)	$	290.2


	December 31, 2024
	VIEs		Eliminations		Net effect on consolidated balance sheet
Assets:
Investments held by variable interest entities	$	433.8	$	—	$	433.8
Other invested assets, affiliated	—		(130.0)		(130.0)
Cash and cash equivalents held by variable interest entities	341.0		—		341.0
Accrued investment income	0.9		—		0.9
Income tax assets, net	15.0		—		15.0
Other assets	5.5		(0.2)		5.3
Total assets	$	796.2	$	(130.2)	$	666.0
Liabilities:
Other liabilities	$	225.5	$	(0.6)	$	224.9
Borrowings related to variable interest entities	497.6		—		497.6
Notes payable of VIEs held by subsidiaries	131.2		(131.2)		—
Total liabilities	$	854.3	$	(131.8)	$	722.5

The following table provides supplemental information about the revenues and expenses of the VIEs which have been consolidated in accordance with authoritative guidance, after giving effect to the elimination of our investment in the VIEs and investment management fees earned by a subsidiary of the Company (dollars in millions):


	2025		2024		2023
Revenues:
Net investment income – policyholder and other special-purpose portfolios	$	23.4	$	40.9	$	85.2
Fee revenue and other income	0.3		2.6		4.4
Total revenues	23.7		43.5		89.6
Expenses:
Interest expense	23.5		34.7		68.7
Gain on extinguishment of borrowings related to variable interest entities	(1.5)		—		—
Other operating expenses	3.0		2.2		1.8
Total expenses	25.0		36.9		70.5
Income before net investment losses and income taxes	(1.3)		6.6		19.1
Net investment losses	(6.5)		(16.9)		(4.4)

Income before income taxes	$	(7.8)	$	(10.3)	$	14.7

The investment portfolios held by the VIEs are primarily comprised of commercial bank loans to corporate obligors. At December 31, 2025, such investments had an amortized cost of $294.1 million; gross unrealized gains of $0.9 million; gross unrealized losses of $1.4 million; an allowance for credit losses of $0.6 million; and an estimated fair value of $293.0 million. The estimated fair value of the below-investment grade portfolio was $282.0 million, or 99 percent of the amortized cost. At December 31, 2025, the amortized cost of the below-investment grade investments held by the VIEs was $283.1 million, or 96 percent of the VIEs' investment portfolio.

The following table summarizes changes in the allowance for credit losses related to investments held by VIEs for each of the three years ended December 31, 2025 (dollars in millions):


	Corporate securities
Allowance at December 31, 2022	$	5.5
Additions for securities for which credit losses were not previously recorded	0.8
Additions (reductions) for securities where an allowance was previously recorded	(0.3)
Reduction for securities disposed during the period	(2.9)
Allowance at December 31, 2023	3.1
Additions for securities for which credit losses were not previously recorded	0.8
Additions (reductions) for securities where an allowance was previously recorded	1.9
Reduction for securities disposed during the period	(4.5)
Allowance at December 31, 2024	1.3
Additions for securities for which credit losses were not previously recorded	1.4
Additions (reductions) for securities where an allowance was previously recorded	1.5
Reduction for securities disposed during the period	(3.6)
Allowance at December 31, 2025	$	0.6

The following table sets forth the amortized cost and estimated fair value of the investments held by the VIEs at December 31, 2025, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.


	Amortized cost		Estimated fair value
	(Dollars in millions)
Due in one year or less	$	—	$	—
Due after one year through five years	130.2		129.2
Due after five years through ten years	163.9		163.8
Total	$	294.1	$	293.0

The following table sets forth the amortized cost and estimated fair value of those investments held by the VIEs with unrealized losses at December 31, 2025, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.


	Amortized cost		Estimated fair value
	(Dollars in millions)
Due in one year or less	$	—	$	—
Due after one year through five years	87.2		86.0
Due after five years through ten years	76.8		76.0
Total	$	164.0	$	162.0

The following summarizes the investments sold at a loss during 2025, which had been continuously in an unrealized loss position exceeding 20 percent of the amortized cost basis prior to the sale for the period indicated (dollars in millions):


		At date of sale
	Number of issuers	Amortized cost		Fair value
Less than 6 months prior to sale	1	$	0.9	$	0.6
Greater than or equal to 6 months and less than 12 months prior to sale	6	4.6		2.6
Greater than 12 months prior to sale	3	2.9		1.2
		$	8.4	$	4.4

As of December 31, 2025, there was one investment with an amortized cost of $0.4 million and a fair value of $0.3 million held by the VIEs rated below-investment grade not deemed to have a credit loss with an unrealized loss of $0.1 million which has been continuously in an unrealized loss position exceeding 20 percent of the cost basis for less than six months.

During 2025, the VIEs recognized net investment losses of $6.5 million which were comprised of: (i) $7.2 million of net losses from the sales of fixed maturities; and (ii) a $0.7 million decrease in the allowance for credit losses. Such net investment losses included gross realized losses of $7.6 million from the sale of $95.5 million of investments. Sales activity in 2025 was partially driven by the liquidation of two collateralized loan trusts.

During 2024, the VIEs recognized net investment losses of $16.9 million which were comprised of: (i) $18.7 million of net losses from the sales of fixed maturities; and (ii) a $1.8 million decrease in the allowance for credit losses. Such net investment losses included gross realized losses of $23.8 million from the sale of $199.6 million of investments.

During 2023, the VIEs recognized net investment losses of $4.4 million which were comprised of: (i) $6.8 million of net losses from the sales of fixed maturities; and (ii) a $2.4 million increase in the allowance for credit losses. Such net investment losses included gross realized losses of $6.9 million from the sale of $18.5 million of investments.

At December 31, 2025, there were no fixed maturity investments held by the VIEs in default.

At December 31, 2025, the VIEs held: (i) investments (for which an allowance for credit losses has not been recorded) with a fair value of $86.7 million and gross unrealized losses of $0.9 million that had been in an unrealized loss position for less than twelve months; and (ii) investments (for which an allowance for credit losses has not been recorded) with a fair value of $34.2 million and gross unrealized losses of $0.3 million that had been in an unrealized loss position for greater than twelve months.

At December 31, 2024, the VIEs held: (i) investments (for which an allowance for credit losses has not been recorded) with a fair value of $183.2 million and gross unrealized losses of $0.9 million that had been in an unrealized loss position for less than twelve months; and (ii) investments (for which an allowance for credit losses has not been recorded) with a fair value of $25.6 million and gross unrealized losses of $0.3 million that had been in an unrealized loss position for greater than twelve months.

The investments held by the VIEs are evaluated for impairment in a manner that is consistent with the Company's fixed maturities, available for sale.

SCHEDULE II - Condensed Financial Information of Registrant (Parent Company)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II - Condensed Financial Information of Registrant (Parent Company)

SCHEDULE II

Condensed Financial Information of Registrant (Parent Company)

Balance Sheet

as of December 31, 2025 and 2024

(Dollars in millions)


ASSETS
	2025		2024
Fixed maturities, available for sale, at fair value (amortized cost: 2025 - $0; 2024 - $500.2)	$	—	$	518.6
Cash and cash equivalents - unrestricted	412.3		355.8




Investment in wholly-owned subsidiaries*	3,808.0		3,777.8
Income tax assets, net	51.8		64.6

Receivable from subsidiaries*	65.3		38.0
Other assets	10.1		18.5
Total assets	$	4,347.5	$	4,773.3

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Notes payable	$	1,335.6	$	1,833.5
Payable to subsidiaries*	330.5		389.4
Other liabilities	43.2		35.2
Total liabilities	1,709.3		2,258.1
Commitments and Contingencies
Shareholders' equity:
Common stock and additional paid-in capital ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: 2025 - 94,484,339; 2024 - 101,618,957)	1,337.2		1,633.5
Accumulated other comprehensive loss	(1,115.0)		(1,371.4)
Retained earnings	2,416.0		2,253.1
Total shareholders' equity	2,638.2		2,515.2
Total liabilities and shareholders' equity	$	4,347.5	$	4,773.3
* Eliminated in consolidation

SCHEDULE II

Condensed Financial Information of Registrant (Parent Company)

Statement of Operations

for the years ended December 31, 2025, 2024 and 2023

(Dollars in millions)


	2025		2024		2023
Revenues:
Net investment income	$	26.8	$	37.0	$	13.3
Net investment income - affiliated*	1.7		1.1		3.7
Net investment gains	—		—		0.1

Total revenues	28.5		38.1		17.1
Expenses:
Interest expense	92.5		91.8		62.7
Intercompany expenses*	18.8		13.4		8.4
Operating costs and expenses	58.6		37.7		63.2

Total expenses	169.9		142.9		134.3
Loss before income taxes and equity in undistributed earnings of subsidiaries	(141.4)		(104.8)		(117.2)
Income tax benefit	(27.7)		(25.7)		(32.2)
Loss before equity in undistributed earnings of subsidiaries	(113.7)		(79.1)		(85.0)
Equity in undistributed earnings of subsidiaries*	343.0		499.9		361.5
Net income	$	229.3	$	420.8	$	276.5

* Eliminated in consolidation

The accompanying notes are an integral part

of the condensed financial statements.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

SCHEDULE II

Condensed Financial Information of Registrant (Parent Company)

Statement of Cash Flows

for the years ended December 31, 2025, 2024 and 2023

(Dollars in millions)


	2025		2024		2023
Cash flows used by operating activities:	$	(68.0)	$	(65.1)	$	(106.8)
Cash flows from investing activities:
Sales of investments	500.3		—		43.2


Purchases of investments	—		(499.8)		(6.5)

Net sales of trading securities	—		5.0		6.6
Dividends received from consolidated subsidiary*	250.0		—		150.0

Net cash provided (used) by investing activities	750.3		(494.8)		193.3
Cash flows from financing activities:
Issuance of notes payable, net	—		691.0		—
Payments on notes payable	(500.0)		—		—

Issuance of common stock	11.6		11.1		13.2
Payments to repurchase common stock	(331.4)		(300.2)		(166.1)
Common stock dividends paid	(66.2)		(67.7)		(68.1)

Issuance of notes payable to affiliates*	420.9		419.1		400.3
Payments on notes payable to affiliates*	(160.7)		(92.9)		(147.2)

Net cash (used) provided by financing activities	(625.8)		660.4		32.1
Net increase in cash and cash equivalents	56.5		100.5		118.6
Cash and cash equivalents, beginning of the year	355.8		255.3		136.7
Cash and cash equivalents, end of the year	$	412.3	$	355.8	$	255.3

* Eliminated in consolidation

The accompanying notes are an integral part

of the condensed financial statements.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

SCHEDULE II

Notes to Condensed Financial Information

Basis of Presentation

The condensed financial information should be read in conjunction with the consolidated financial statements of CNO Financial Group, Inc. The condensed financial information includes the accounts and activity of the parent company.

SCHEDULE IV - REINSURANCE

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV - Reinsurance

SCHEDULE IV

Reinsurance

for the years ended December 31, 2025, 2024 and 2023

(Dollars in millions)


	2025			2024			2023
Life insurance inforce:
Direct	$	33,198.6		$	32,283.5		$	31,335.5
Assumed	72.5			77.0			82.0
Ceded	(2,847.7)			(2,804.1)			(2,804.9)
Net insurance inforce	$	30,423.4		$	29,556.4		$	28,612.6
Percentage of assumed to net	0.2		%	0.3		%	0.3		%


	2025			2024			2023
Insurance policy income:
Direct	$	2,538.3		$	2,492.9		$	2,468.5
Assumed	14.1			15.5			16.6
Ceded	(152.3)			(169.0)			(181.4)
Net premiums	$	2,400.1		$	2,339.4		$	2,303.7
Percentage of assumed to net	0.6		%	0.7		%	0.7		%

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2025, certain officers (as defined in Rule 16a-1(f) of the Exchange Act) (the "Section 16 officers") of the Company adopted separate Rule 10b5-1 trading arrangements (as defined in Item 408(a) of Regulation S-K) for the sale of shares of the Company's common stock. The following summarizes the material terms of such Rule 10b5-1 trading arrangements, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act and the Company's policies regarding transactions in the Company's securities:

Name and title of officer

Date of trading arrangement

Duration of trading arrangement (a)

Aggregate shares of common stock to be sold pursuant to the trading arrangement

Scott L. Goldberg

November 6, 2025

November 6, 2026

22,120

President Consumer Division

_________

(a) Trading arrangement will terminate on the earlier of the date: (i) stated in this column; (ii) on which the aggregate number of shares has been sold; or (iii) on which the individual gives the designated agent notice to terminate.

During the three months ended December 31, 2025, other than the individual included in the table above, none of the Company's directors and no other Section 16 officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

On February 23, 2026, the Company and Gary C. Bhojwani entered into a Third Amendment to Mr. Bhojwani’s Amended and Restated Employment Agreement (the “Employment Agreement”) to clarify in Section 5(b) that Mr. Bhojwani’s maximum annual bonus opportunity is “200% of the Target Bonus” in alignment with the administration of the Company’s Amended and Restated Pay for Performance Incentive Plan and the original intent of the provision.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Scott L. Goldberg [Member]

Trading Arrangements, by Individual

Name

Scott L. Goldberg

Title

President Consumer Division

Rule 10b5-1 Arrangement Adopted

true

November 6, 2025

November 6, 2026

301 days

22,120

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	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, which is integrated into the Company's overall risk management processes. Our cybersecurity program is aligned with generally accepted principles and practices for securing information systems and data. The program is designed to comply with applicable laws and regulations and is based on many industry best practices. For instance, 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 a virtual private network, 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. As of December 31, 2025, no cybersecurity threat, including from a cybersecurity incident, has materially affected our business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	false
Cybersecurity Risk Management Processes Integrated [Text Block]	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.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	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. Our CISO is well-qualified in the area of cybersecurity and data protection. These qualifications include: (i) 24 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. For a discussion regarding risks associated with cybersecurity threats, see Risk Factors – General Business Risk – "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," and "The use or anticipated use of AI technologies, including generative AI, by us or third parties, may increase the operational risks discussed above, or create new or unanticipated operational risks."
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	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.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	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.
Cybersecurity Risk Role of Management [Text Block]	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 a virtual private network, 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.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	We have a dedicated Cybersecurity Services team ("CST") devoted to information security which is led by the chief information security officer ("CISO").
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO is well-qualified in the area of cybersecurity and data protection. These qualifications include: (i) 24 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.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	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.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Accounting

When we prepare financial statements in conformity with GAAP, we are required to make estimates and assumptions that significantly affect reported amounts of various assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting periods. 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, goodwill and intangible assets, and fee revenue. If our future experience differs from these estimates and assumptions, our financial statements could be materially affected.

Consolidation

The accompanying financial statements include the accounts of the Company and its subsidiaries. Our consolidated financial statements exclude transactions between us and our consolidated affiliates, or among our consolidated affiliates.