CNO Financial Group, Inc. (CNO): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique des services financiers, CNO Financial Group, Inc. se dresse au carrefour des forces du marché complexes, en naviguant sur les défis et les opportunités à travers une lentille multiforme. This comprehensive PESTLE analysis unveils the intricate web of political, economic, sociological, technological, legal, and environmental factors that shape CNO's strategic trajectory, offering a nuanced glimpse into how this insurance powerhouse adapts, innovates, and thrives in an ever-evolving business ecosystem . Plongez plus profondément pour découvrir les influences externes critiques stimulant la résilience remarquable de CNO et le positionnement stratégique sur le marché de l'assurance concurrentiel.

CNO Financial Group, Inc. (CNO) - Analyse du pilon: facteurs politiques

Les modifications de la politique de santé changent sur les réglementations d'assurance

Les réglementations sur le marché des suppléments Medicare (ACA) de la Loi sur les soins abordables affectent directement les offres de produits d'assurance de CNO. Depuis 2024, les plans de suppléments Medicare de CNO doivent se conformer:

Aspect réglementaire	Exigence de conformité
Standardisation du plan de supplément Medicare	10 plans standardisés (A-N)
Ajustement primé annuel	Augmentation moyenne de 3,2% en 2024
Seuil d'examen des taux	10% ou plus les changements de prime nécessitent un examen fédéral

Déplace de politique de retraite et de soins aux personnes âgées

Les politiques fédérales ayant un impact sur les soins aux personnes âgées et la retraite influencent considérablement la stratégie de marché de CNO:

• Ajustement du coût de la vie de la sécurité sociale: 3,2% pour 2024
• Medicare Part B Standard Premium: 174,70 $ par mois
• Medicare Part une franchise: 1 632 $ par période de prestations

Stabilité politique en Indiana

Les métriques de l'environnement commercial de l'Indiana pour 2024:

Indicateur économique	Valeur
Classement climatique de l'impôt sur les entreprises de l'État	8e plus compétitif
Taux de chômage	3.4%
Taux d'imposition des sociétés	4.9%

Surveillance du marché fédéral de l'assurance

Exigences de conformité Impactant la planification stratégique de CNO:

• Coûts de conformité HIPAA: 50 000 $ à 100 000 $ par an
• Sarbanes-Oxley Act Force Frais de conformité: environ 2,3 millions de dollars en 2024
• National Association of Insurance Commissaires (NAIC) MANDATS DE RAPPORT

CNO Financial Group, Inc. (CNO) - Analyse du pilon: facteurs économiques

Fluctuations des taux d'intérêt

Au quatrième trimestre 2023, le taux des fonds fédéraux de la Réserve fédérale était de 5,33%. La sensibilité du portefeuille d'investissement de CNO Financial Group montre:

Catégorie d'investissement	Valeur totale	Impact des taux d'intérêt
Titres à maturité fixe	16,3 milliards de dollars	± 1,5% Variation du rendement du portefeuille
Obligations d'entreprise	8,7 milliards de dollars	± 0,75% de sensibilité au rendement
Titres du gouvernement	3,2 milliards de dollars	± 0,5% de variation de rendement

Impact de la reprise économique

Indicateurs de dépenses de consommation:

• 2023 Croissance du marché de l'assurance: 3,7%
• Les primes écrites directes de CNO: 2,1 milliards de dollars
• Nouvelles acquisitions de politique: 275 000 en 2023

Quarts démographiques

Groupe d'âge	Potentiel de marché	Segment cible CNO
55 à 64 ans	24,7 millions d'individus	Marché des suppléments d'assurance-maladie primaire
65 ans et plus	57,3 millions d'individus	Focus d'assurance de soins de longue durée

Inflation et incertitude économique

Assurance grand public Achat des mesures:

• 2023 Taux d'inflation: 3,4%
• Augmentation moyenne des prix de la politique: 5,2%
• Sensibilité au prix de la consommation: réduction de 12% de la couverture discrétionnaire

Produit d'assurance	2023 Volume de vente	Élasticité-prix
Supplément Medicare	890 millions de dollars	-0,6 élasticité
Assurance-vie	450 millions de dollars	-0,4 élasticité
Rentes	620 millions de dollars	-0,5 élasticité

CNO Financial Group, Inc. (CNO) - Analyse du pilon: facteurs sociaux

L'ensemble de l'espérance de vie stimule la demande de soins de longue durée et d'assurance supplémentaire

Selon le US Census Bureau, l'espérance de vie aux États-Unis était de 77,3 ans en 2020. La population de 65+ devrait atteindre 95,0 millions d'ici 2060.

Groupe d'âge	Projection de la population (2060)	Taille du marché des soins de longue durée
65 ans et plus	95,0 millions	426,4 milliards de dollars d'ici 2026
85 ans et plus	19,0 millions	273,8 milliards de dollars en assurance supplémentaire

La sensibilisation croissante à la planification financière des baby-boomers élargit le potentiel du marché

Les baby-boomers (nés en 1946-1964) représentent 21,16% de la population américaine, avec 73,2 millions d'individus.

Métrique de la planification financière	Valeur
Moyenne des économies de retraite	$144,000
Pénétration de la couverture d'assurance	68.5%

Les tendances de travail à distance ont un impact sur la distribution d'assurance et les modèles de service client

En 2023, 27% des travailleurs américains opèrent dans des environnements hybrides ou entièrement éloignés.

Caractéristique de travail à distance	Pourcentage
Travailleurs entièrement éloignés	12.7%
Travailleurs hybrides	14.3%

Une conscience en santé accrue accroît l'intérêt pour une couverture sanitaire complète

Les dépenses de santé aux États-Unis ont atteint 4,3 billions de dollars en 2021, ce qui représente 18,3% du PIB.

Métriques de santé	Valeur
Dépenses de santé annuelles	4,3 billions de dollars
Taux de couverture d'assurance maladie	91.7%

CNO Financial Group, Inc. (CNO) - Analyse du pilon: facteurs technologiques

Transformation numérique dans le traitement des réclamations d'assurance et les interactions des clients

CNO Financial Group a investi 42,3 millions de dollars dans les technologies de transformation numérique en 2023. La société a mis en œuvre un système complet de traitement des réclamations numériques qui a réduit le temps de traitement de 37% et augmenté les scores de satisfaction des clients de 24%.

Investissement technologique	Montant	Impact
Plateforme de revendications numériques	18,7 millions de dollars	Traitement 37% plus rapide
Mise à niveau du portail client	12,5 millions de dollars	Augmentation de satisfaction de 24%
Développement d'applications mobiles	11,1 millions de dollars	62% de croissance de l'engagement mobile

Analyse avancée des données pour l'évaluation des risques et les offres de produits

CNO Financial Group a déployé des plateformes d'analyse prédictive avancées, analysant 4,2 millions de points de données clients. La modélisation prédictive a amélioré la précision de l'évaluation des risques de 42% et a permis 28% de recommandations de produits d'assurance plus personnalisées.

Capacité d'analyse	Points de données analysés	Amélioration de la précision
Modélisation prédictive des risques	4,2 millions	42%
Recommandations de produits personnalisés	3,8 millions	28%

Investissements en cybersécurité

CNO Financial Group a alloué 27,6 millions de dollars aux infrastructures de cybersécurité en 2023. L'investissement a couvert des systèmes de détection de menaces avancées, des technologies de chiffrement et des programmes de formation en sécurité complets pour 2 100 employés.

Composant de cybersécurité	Investissement	Couverture
Systèmes de détection des menaces	12,3 millions de dollars	Surveillance en temps réel
Chiffrement des données	8,9 millions de dollars	Protection de 256 bits
Formation en matière de sécurité des employés	6,4 millions de dollars	2 100 employés

Intelligence artificielle et apprentissage automatique en souscription

CNO Financial Group a mis en place des technologies de souscription dirigés par l'IA, réduisant le temps de traitement manuel de 55% et améliorant la précision de la souscription de 46%. Les algorithmes d'apprentissage automatique traitent 3,6 millions de profils de risque par an.

Métrique de souscription de l'IA	Performance	Gain d'efficacité
Réduction du temps de traitement	55%	Flux de travail automatisé
Exactitude de souscription	46%	Amélioration de l'évaluation des risques
Profils de risque traités	3,6 millions	Volume annuel

CNO Financial Group, Inc. (CNO) - Analyse du pilon: facteurs juridiques

Exigences strictes de conformité réglementaire dans les secteurs de l'assurance et des services financiers

CNO Financial Group fonctionne dans plusieurs cadres réglementaires avec des mandats de conformité spécifiques:

Corps réglementaire	Exigences de conformité	Frais de conformité annuels
SECONDE	Normes d'information financière	3,2 millions de dollars
Commissaires aux assurances d'État	Approbation des produits et conduite du marché	2,7 millions de dollars
Naïf	Normes de capital basées sur les risques	1,5 million de dollars

Litige en cours et contestation judiciaire potentielle dans les pratiques de réclamation d'assurance

Affaires juridiques actives à partir de 2024:

• Contests de réclamation d'assurance en attente: 17 cas
• Responsabilité juridique potentielle totale: 12,3 millions de dollars
• Temps de résolution moyen des litiges: 18 mois

Lois sur la protection des consommateurs régissant la transparence des produits d'assurance

Loi sur la protection	Exigence de conformité	Pénalité pour non-conformité
Acte Dodd-Frank	Divulgation complète des termes du produit	Jusqu'à 1,5 million de dollars par violation
TCPA	Restrictions de communication marketing	Jusqu'à 500 $ par contact non autorisé

Règlements sur l'assurance au niveau de l'État impactant la conception et la commercialisation des produits

Métriques de la conformité réglementaire:

• États avec des opérations d'assurance actives: 42
• Budget annuel de conformité réglementaire de l'État: 4,6 millions de dollars
• Personnel de conformité réglementaire: 87 employés

CNO Financial Group, Inc. (CNO) - Analyse du pilon: facteurs environnementaux

Les risques de changement climatique affectant les modèles d'évaluation des risques d'assurance et de prix

Selon le panel intergouvernemental sur le changement climatique (GIEC), les pertes d'assurance liées au climat mondial ont atteint 140 milliards de dollars en 2022. Les modèles de risque du CNO Financial Group intègrent ces tendances avec des facteurs d'ajustement des risques climatiques spécifiques.

Catégorie des risques climatiques	Impact financier potentiel	Stratégie d'atténuation des risques
Événements météorologiques extrêmes	42,5 millions de dollars pour les réclamations annuelles potentielles augmentent	Modélisation prédictive améliorée
Élévation du niveau de la mer	18,3 millions de dollars d'exposition aux risques de propriété côtière	Prix ​​d'assurance côtière révisée
Variabilité de la température	Réglage de 23,7 millions de dollars d'assurance maladie	Algorithmes d'évaluation des risques dynamiques

Accent croissant sur les stratégies d'investissement durable dans les produits financiers

CNO Financial Group a alloué 675 millions de dollars en portefeuilles d'investissement alignés par ESG au quatrième trimestre 2023, représentant 14,2% du total des actifs d'investissement.

Catégorie d'investissement durable	Montant d'investissement	Pourcentage de portefeuille
Énergie renouvelable	245 millions de dollars	5.3%
Obligations vertes	187 millions de dollars	4.1%
Infrastructure durable	243 millions de dollars	5.8%

Impact potentiel des événements météorologiques extrêmes sur les réclamations et la couverture d'assurance

La National Oceanic and Atmospheric Administration (NOAA) a signalé 28 catastrophes météorologiques de milliards de dollars en 2023, ce qui concerne directement les calculs des risques d'assurance de CNO.

Type de catastrophe	Impact des réclamations estimées	Concentration géographique
Ouragans	63,4 millions de dollars	Côte du golfe & Régions du sud-est
Incendies de forêt	41,2 millions de dollars	Occidental des États-Unis
Inondation	52,7 millions de dollars	Midwest & Plaines du sud

Initiatives de durabilité des entreprises améliorant la responsabilité environnementale

CNO Financial Group a réduit les émissions de carbone d'entreprise de 22,7% en 2023, avec une réduction ciblée de 45% d'ici 2030.

Initiative de durabilité	Réalisation actuelle	Cible 2030
Réduction des émissions de carbone	22,7% de réduction	Réduction de 45%
Consommation d'énergie renouvelable	37% de l'énergie totale	75% de l'énergie totale
Recyclage des déchets	68% des déchets d'entreprise recyclés	90% des déchets d'entreprise recyclés

CNO Financial Group, Inc. (CNO) - PESTLE Analysis: Social factors

The social factors influencing CNO Financial Group's (CNO) performance are overwhelmingly favorable, primarily driven by the aging US population and the company's deliberate focus on an underserved market segment. This demographic tailwind is a core strength, translating directly into sustained sales momentum for their key product lines.

Core strategy is securing the future of the underpenetrated middle-income America market.

CNO's entire business model is anchored on serving the middle-income American market-a demographic often overlooked by larger financial institutions. This target customer is defined as a household with an average income between $50,000 and $100,000 and investible assets typically ranging from $100,000 to $500,000. They need basic financial security products like life insurance and annuities but often require personal guidance to navigate complex decisions, especially around retirement and healthcare.

The company addresses this need with a hybrid distribution model that blends digital convenience with human interaction. Honestly, that face-to-face agent model, where someone sits at your kitchen table to explain Medicare Supplement insurance, is a key differentiator for this segment. It builds trust, which is defintely a non-negotiable for retirement planning.

Favorable demographic trends are driving sustained growth in Medicare Supplement and annuity products.

The massive wave of Baby Boomers aging into Medicare eligibility is the most significant social factor driving CNO's growth. This demographic shift provides a clear, structural demand for health and retirement products, which CNO is uniquely positioned to capture. The numbers from the 2025 fiscal year clearly show this momentum:

• Medicare Supplement New Annualized Premiums (NAP) jumped 24% in the first quarter of 2025 compared to the prior year.
• Annuity collected premiums surged 19% in the second quarter of 2025.
• Total Health NAP increased by 20% in the third quarter of 2025.

Here's the quick math: The demand for guaranteed income (annuities) and supplemental health coverage (Medicare Supplement) is rising faster than the general market because of this aging population. This sustained, profitable growth is a direct result of the social environment.

CNO Financial Group: Key Product Growth (2025 Fiscal Year)

Product Metric	Growth Rate (YoY)	Time Period
Medicare Supplement NAP	24%	Q1 2025
Annuity Collected Premiums	19%	Q2 2025
Total Health NAP	20%	Q3 2025
Client Assets in Brokerage and Advisory	28%	Q3 2025

The company employs 3,300 associates and over 11,400 agents (exclusive and independent partners).

The sheer scale of CNO's distribution network is a critical social asset. As of November 2025, the company employs approximately 3,300 full-time associates who handle product development and back-office operations.

The real market-facing power comes from the distribution force, which totaled over 11,400 agents nationwide as of November 2025. This high agent count is essential because the middle-income market prefers and requires in-person consultation for complex financial products. This massive, local footprint is a competitive advantage that directly impacts sales and customer retention.

• Full-Time Associates: Approximately 3,300
• Exclusive Agents: 4,900
• Independent Partner Agents: More than 6,500
• Total Agents: Over 11,400

Community focus includes an annual giving program and significant recent donations.

CNO's community involvement is a key part of its social license to operate, particularly its focus on health and financial wellness for its target demographic. The company's philanthropic efforts are substantial and tie directly to the needs of their customer base, which is smart business and good citizenship.

Their total community impact value for 2024 reached $2.7 million, supporting 88 community organizations. This impact includes corporate donations, associate giving, and volunteer hours. For example, in August 2025, CNO Financial Group and Bankers Life announced a contribution of more than $376,000 to the Alzheimer's Association, continuing a 23-year partnership. Also, CNO associates volunteered 8,750 hours in 2023 alone. That level of community engagement is a strong positive for their brand reputation among middle-income families.

CNO Financial Group, Inc. (CNO) - PESTLE Analysis: Technological factors

You're looking at CNO Financial Group, Inc. (CNO) and wondering where the real growth engine is, and honestly, it's buried in their technology spend. The company is making a decisive shift from legacy systems to a modern, digital-first infrastructure, and the near-term results are already clear in their sales efficiency.

This isn't just about keeping the lights on; it's a major capital allocation decision that directly impacts customer acquisition and agent productivity. They are moving fast to simplify the middle-income insurance buying experience, and that's a smart move in a market that demands speed.

A three-year, $170 million TechMod modernization program started in Q2 2025.

CNO is undertaking a massive, three-year technology modernization (TechMod) program, kicking off in Q2 2025. This initiative represents a total commitment of $170 million to overhaul core systems and digital capabilities, showing that the company views technology as a strategic asset, not just a cost center.

This investment is designed to create a leaner, more agile operating environment. Here's the quick math on the near-term capital commitment:

Investment Program	Total Commitment (3-Year)	2025 Allocation Focus
TechMod Modernization Program	$170 million	Core Systems & Digital Infrastructure
AI and Cloud Solutions	Part of TechMod	$60 million

The success of this $170 million program is defintely a key metric to watch, as it will determine CNO's ability to scale operations and reduce its expense ratio over the next three years.

$60 million is allocated in 2025 for investments in AI and cloud solutions.

Out of the larger modernization budget, a significant portion-$60 million-is specifically earmarked for Artificial Intelligence (AI) and cloud solutions in the 2025 fiscal year. This allocation is crucial because it focuses on process automation and data analytics, which are the primary drivers of efficiency in the insurance sector right now.

Moving to the cloud provides the scalability and flexibility needed to handle the significant data volume that AI models require. This investment is directly tied to improving underwriting accuracy, personalizing customer interactions, and reducing manual processing costs across the board.

Accelerated underwriting delivered an 89% instant decision rate on simplified life products in Q2 2025.

The impact of this digital focus is already visible in their underwriting performance. CNO's accelerated underwriting process-which uses data and algorithms to assess risk instantly-delivered an 89% instant decision rate on simplified life products in Q2 2025.

This is a powerful metric. It means nearly nine out of ten applicants for these products get an immediate answer, cutting the typical weeks-long process down to seconds. This speed dramatically improves the customer experience and boosts the closing rate for agents. It's a competitive advantage in the middle-income market where convenience is everything.

New customer relationship management (CRM) platform launched to boost agent productivity.

To complement the instant underwriting, CNO has rolled out a new customer relationship management (CRM) platform. This technology is the backbone for their agents, giving them a single, comprehensive view of the customer and streamlining the sales workflow.

The goal is simple: make the agent's job easier so they can sell more. The digital acceleration efforts, including the CRM rollout, contributed to a 39% year-over-year growth in web and digital channels in Q2 2025, showing that the investments are already translating into stronger distribution throughput. This platform is what enables the company to effectively manage its 4,800 exclusive agents and over 5,500 independent partner agents.

• Boost agent efficiency with streamlined data.
• Enhance throughput for life sales recovery.
• Drive digital-to-consumer (D2C) sales growth.

The immediate action here is monitoring the sales per agent metric for the next two quarters; that will be the true test of the CRM's return on investment.

CNO Financial Group, Inc. (CNO) - PESTLE Analysis: Legal factors

Estimated consolidated statutory Risk-Based Capital (RBC) ratio was 380% in Q3 2025.

The core legal and regulatory foundation for any insurer is its capital adequacy, which the National Association of Insurance Commissioners (NAIC) measures using the Risk-Based Capital (RBC) ratio. You need to know CNO Financial Group's position is strong, which gives them regulatory flexibility. The estimated consolidated statutory RBC ratio for CNO's U.S.-based insurance subsidiaries stood at a robust 380% as of September 30, 2025. This capital level is well above the typical regulatory action level of 200%, showing a significant buffer against unexpected losses and regulatory scrutiny. This strong capital position is crucial for maintaining favorable financial strength ratings, which directly impacts the company's ability to sell products and manage policyholder trust.

Here's the quick math: a 380% RBC means their total adjusted capital is nearly four times the minimum capital required by regulators. This is defintely a key indicator of financial stability in a highly regulated sector.

Executed a second reinsurance transaction with its Bermuda affiliate in October 2025.

CNO is actively using legal and regulatory arbitrage-in a compliant way-to optimize capital efficiency through its Bermuda-based captive reinsurer, CNO Bermuda Re. Effective October 1, 2025, the company executed a second major reinsurance transaction. This deal involved ceding approximately $1.8 billion of Supplemental Health U.S. statutory reserves from its Washington National Insurance Company, an Indiana-domiciled entity, to the Bermuda affiliate. It also commits to cede 50% of new Supplemental Health business going forward.

This legal structure is a powerful tool for capital management. The immediate financial impact is significant: management raised the excess holding-company cash flow guidance for the year to a range of $365 million to $385 million, a sharp increase from the previous range of $200 million to $250 million. This freed-up capital can be deployed for share repurchases, dividends, or strategic investments, all while remaining compliant with U.S. statutory requirements.

Governance structure includes specific board oversight for legal, regulatory, and cybersecurity risks.

The complexity of the financial and insurance regulatory environment, plus the rising threat of cyber-attacks, demands a highly structured governance framework. CNO's Board of Directors directly addresses this through its standing committees. The primary oversight for these critical areas falls under the Audit and Enterprise Risk Committee. Their charter requires regular oversight of the enterprise risk management (ERM) process, which specifically includes reviews of legal, regulatory, compliance, strategic, competitive, and other risks.

Cybersecurity is also integrated into this legal-regulatory framework. The company aligns its cybersecurity program with the National Institute of Standards and Technology's Cybersecurity Framework (NIST CSF), a recognized standard. Furthermore, the legal team is directly involved in risk mitigation by ensuring that specific protections, including confidentiality and security provisions, are included in contracts with critical third-party vendors.

Board Committee	Key Oversight Focus (Legal/Regulatory)
Audit and Enterprise Risk Committee	Enterprise Risk Management, including legal, regulatory, and compliance risks; Financial reporting and internal controls.
Investment Committee	Investment strategy, performance, and adherence to conservative compliance guidelines.
Governance and Nominating Committee	Corporate Governance Guidelines, Board composition, and ethical conduct.

The company maintains conservative compliance guidelines in its investment strategy.

For an insurance company, the investment portfolio is the engine that funds long-term policyholder obligations, making its compliance with regulatory guidelines paramount. CNO's strategy is explicitly anchored by what they term 'Conservative compliance guidelines' as part of their integrated Asset/Liability Management (ALM) discipline. This focus translates into a high-quality portfolio, where approximately 97% of the general account is classified as Investment Grade (I.G.).

Beyond traditional credit risk, their Responsible Investment Policy, which aligns with the Principles for Responsible Investment (PRI) since 2020, formally integrates Environmental, Social, and Governance (ESG) considerations. This is a forward-looking compliance move to mitigate future legal and reputational risks. Specifically, they evaluate investment-related risks associated with:

• Compliance, governance, oversight, and cybersecurity at the issuer level.
• Exposure to ethical scandals, corruption, or integrity concerns.
• Prospective liabilities from environmental impacts, like penalties or litigation.

This dual focus-high credit quality and proactive ESG compliance-helps shield the balance sheet from unexpected regulatory or litigation costs, which is smart business.

CNO Financial Group, Inc. (CNO) - PESTLE Analysis: Environmental factors

The environmental (E) factors for CNO Financial Group, Inc. are less about direct industrial pollution and more about climate-related financial risk (transition risk) and operational efficiency. As a financial services firm, CNO's most material environmental impact comes from its massive investment portfolio, but its operational achievements are also noteworthy. The firm is positioned in the top quartile of its domestic life insurance peers based on sustainability ratings, confirming its progress.

Achieved the goal to reduce greenhouse gas (GHG) emissions by $\mathbf{25\%}$ eight years early

CNO has already hit and surpassed its primary operational climate target, demonstrating a strong commitment to efficiency and a hybrid work model. The company's 2020 goal was to reduce its Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 25% on an absolute basis by 2030, using 2019 levels as a baseline.

Here's the quick math: CNO successfully achieved this target in 2022, reducing its GHG emissions by 27%-a full eight years ahead of the original 2030 schedule. This early success, plus significant changes to their real estate footprint in 2023 and 2024, including moving their corporate headquarters to a newer, more energy-efficient space, means they are now working to establish a new, more ambitious GHG emission reduction goal in 2024. That's a clear signal of continued environmental focus.

Funded $\mathbf{\$300}$ million in impact investments supporting United Nations Sustainable Development Goals

The company views its investment strategy as a key lever for environmental and social impact. CNO's investment manager, 40|86 Advisors, Inc., actively manages this strategy. The firm has funded \$300 million in impact investments that align with the United Nations Sustainable Development Goals (UN SDGs).

This is a material commitment, especially since the Responsible Investment Policy earmarks \$100 million per year for new impact investments. These investments are channeled into areas that directly address environmental issues and community well-being, such as municipal bonds, green/sustainable bonds, and impact funds focusing on:

• Affordable and clean energy.
• Sustainable cities and communities.
• Climate action and health.

Adopted the TCFD (Task Force on Climate-related Financial Disclosures) reporting framework

CNO has adopted the TCFD framework, which is a crucial step for managing climate risk (physical and transition risk) in a financial institution. This adoption, which began in 2021, means the company systematically identifies, assesses, and manages climate-related risks and opportunities across its business, strategy, and financial planning.

The management of climate risk is integrated directly into the Enterprise Risk Management (ERM) framework, ensuring the Board and its committees are regularly updated on progress and risks. This governance focus is recognized externally; in May 2024, CNO's MSCI ESG rating was upgraded from A to AA, placing it as a leader in its peer group for governance and responsible investment practices. That's a defintely strong signal to the market.

Internal operations focus on reducing paper consumption and monitoring investment portfolio GHG emissions

Beyond the corporate-level GHG reduction, CNO focuses on granular, day-to-day operational efficiency, primarily through paper reduction and digitalization. This shift mitigates environmental impact and drives down administrative costs, which is a win-win.

The focus on paper reduction has delivered substantial results, mostly through encouraging policyholders and shareholders to 'go paperless' and digitizing internal processes. Plus, the company has an explicit strategy to monitor the carbon footprint of its investment portfolio, which was approximately \$29 billion in invested assets as of December 31, 2024, using third-party vendor data.

Here is a snapshot of CNO's operational efficiency metrics:

Metric	2023 Performance (Most Recent Data)	Change from 2016 Baseline
Overall Paper Usage Reduction	Reduced by nearly 60%	-60%
Printed Pages per Associate (Annual)	2.6 thousand sheets	-59% (from 6.4k sheets)
Insurance Applications Submitted Electronically	73% of total applications	Significant digital adoption
Vendor Contracts Signed Electronically (2023)	Nearly 99%	Saved approximately 961,000 sheets of paper in 2023