The document outlines the agenda for CNO Financial Group's 2014 Investor Day, including presentations on strategy opportunities in the middle market, investments in business growth and infrastructure, managing investments to generate risk-adjusted yield, and managing the long-term care business. It provides background on several CNO executives who will present, discusses CNO's focus on the middle-income market and track record of execution, and outlines capital allocation priorities going forward to grow the business and deliver value to shareholders.
PROS Holdings, Inc. (NYSE:PRO) Analyst Day Presentation - 4Mar11
Agenda (Speaker / Topic)
Andres Reiner, President & CEO / Welcome and PROS Update
Craig Zawada, SVP Pricing Excellence / The Current and Future State of Pricing
Tim Girgenti, Chief Marketing Officer / Marketing Overview
Wilbur Reid, Director of Strategic Pricing SP Richards / SP Richards and PROS
Chris Jones, Chief Sales Officer / Sales Overview
Charlie Murphy, EVP & CFO / Financial Update
PROS is a leading provider of prescriptive pricing and revenue management software for companies in the manufacturing, distribution, services and travel industries. PROS gives customers far greater confidence and agility in their pricing strategies by providing data-driven insights into transaction profitability, forecasting demand, recommending optimal prices for each product and deal, and streamlining pricing processes with enhanced controls and compliance. With $468 billion in revenues under management, PROS has implemented more than 500 solutions in more than 50 countries. The PROS team comprises more than 500 professionals, including 100 with advanced degrees and 25 with Ph.D.s.
StockTwits - http://stocktwits.com/PROSHoldings
Twitter - http://twitter.com/#!/mattbal4
IR Website - http://phx.corporate-ir.net/phoenix.zhtml?c=211158&p=irol-irhome
Corporate Blog - http://www.pricingleadership.com/
Nordic IR conference Stockholm Strengthening the role of Investor Relationsnordicirconference
1) Investor relations is a strategic responsibility that enables two-way communication between a company and financial community to achieve fair valuation.
2) Ratos has strategically shifted from being listed to unlisted, from asset management to holdings, and tailored its organization accordingly over 2-4 years while retaining profitability.
3) Information/investor relations must be strategically central, with close access to the CEO, to rebuild confidence in Ratos through transparency after a negative market image and ultimately support the business over the long term.
Sustainability issues are increasingly being factored into IPO planning and disclosures. More companies addressing sustainability risks and opportunities in SEC filings. Growing investor interest in environmental, social and governance issues leads companies to consider sustainability as part of overall business strategy and risk management.
Genworth MI Canada Investor Presentation September 2014genworth_financial
This document provides an overview and summary of Genworth MI Canada Inc. It begins with forward-looking statements and an explanation of non-IFRS financial measures used. The summary then covers Genworth's business overview, solid financial performance in the first half of 2014, strategic priorities of prudently growing market position while managing risk, and key takeaways about Genworth's leading position and track record of profitability in the Canadian mortgage insurance market.
Legacy Education Alliance, Inc. is a leading international provider of educational training on topics including personal finance, entrepreneurship, real estate, and financial markets. It operates globally through various brands such as Rich Dad Education and has served over 2 million students. The document provides an overview of the company's operations, financial performance, and growth opportunities in both domestic and international markets through its portfolio of brands. It also compares Legacy Education Alliance's valuation metrics favorably to other companies in the education industry.
This document discusses Genworth MI Canada's 2015 Investor Day. It provides an overview of Genworth as the largest private residential mortgage insurer in Canada. It highlights Genworth's key accomplishments including strong but prudent top line growth and a high quality diversified insurance portfolio. The document also discusses Genworth's proven business model, strategic priorities, and approach to prudent risk management.
The document provides an outline for Redington's quarterly publication called "Outline" which features thought pieces on key investment topics for institutional investors.
The March 2013 issue includes articles on:
1) Arguments against smoothing asset and liability valuations for pension schemes.
2) The importance of considering both risk and return, rather than an "either-or" approach, when developing investment strategies.
3) How carry, or the mark-to-market impact of the passage of time, is an important factor for liability driven investment strategies given current low interest rates.
4) Challenges with relying on historical estimates of the equity risk premium to inform investment decisions.
5) Potential alternatives
A whitepaper making the case for, and suggesting a model for, the creation of an investment bank focused on the social venture space in Canada. Many of the ideas are applicable outside of Canada as well.
PROS Holdings, Inc. (NYSE:PRO) Analyst Day Presentation - 4Mar11
Agenda (Speaker / Topic)
Andres Reiner, President & CEO / Welcome and PROS Update
Craig Zawada, SVP Pricing Excellence / The Current and Future State of Pricing
Tim Girgenti, Chief Marketing Officer / Marketing Overview
Wilbur Reid, Director of Strategic Pricing SP Richards / SP Richards and PROS
Chris Jones, Chief Sales Officer / Sales Overview
Charlie Murphy, EVP & CFO / Financial Update
PROS is a leading provider of prescriptive pricing and revenue management software for companies in the manufacturing, distribution, services and travel industries. PROS gives customers far greater confidence and agility in their pricing strategies by providing data-driven insights into transaction profitability, forecasting demand, recommending optimal prices for each product and deal, and streamlining pricing processes with enhanced controls and compliance. With $468 billion in revenues under management, PROS has implemented more than 500 solutions in more than 50 countries. The PROS team comprises more than 500 professionals, including 100 with advanced degrees and 25 with Ph.D.s.
StockTwits - http://stocktwits.com/PROSHoldings
Twitter - http://twitter.com/#!/mattbal4
IR Website - http://phx.corporate-ir.net/phoenix.zhtml?c=211158&p=irol-irhome
Corporate Blog - http://www.pricingleadership.com/
Nordic IR conference Stockholm Strengthening the role of Investor Relationsnordicirconference
1) Investor relations is a strategic responsibility that enables two-way communication between a company and financial community to achieve fair valuation.
2) Ratos has strategically shifted from being listed to unlisted, from asset management to holdings, and tailored its organization accordingly over 2-4 years while retaining profitability.
3) Information/investor relations must be strategically central, with close access to the CEO, to rebuild confidence in Ratos through transparency after a negative market image and ultimately support the business over the long term.
Sustainability issues are increasingly being factored into IPO planning and disclosures. More companies addressing sustainability risks and opportunities in SEC filings. Growing investor interest in environmental, social and governance issues leads companies to consider sustainability as part of overall business strategy and risk management.
Genworth MI Canada Investor Presentation September 2014genworth_financial
This document provides an overview and summary of Genworth MI Canada Inc. It begins with forward-looking statements and an explanation of non-IFRS financial measures used. The summary then covers Genworth's business overview, solid financial performance in the first half of 2014, strategic priorities of prudently growing market position while managing risk, and key takeaways about Genworth's leading position and track record of profitability in the Canadian mortgage insurance market.
Legacy Education Alliance, Inc. is a leading international provider of educational training on topics including personal finance, entrepreneurship, real estate, and financial markets. It operates globally through various brands such as Rich Dad Education and has served over 2 million students. The document provides an overview of the company's operations, financial performance, and growth opportunities in both domestic and international markets through its portfolio of brands. It also compares Legacy Education Alliance's valuation metrics favorably to other companies in the education industry.
This document discusses Genworth MI Canada's 2015 Investor Day. It provides an overview of Genworth as the largest private residential mortgage insurer in Canada. It highlights Genworth's key accomplishments including strong but prudent top line growth and a high quality diversified insurance portfolio. The document also discusses Genworth's proven business model, strategic priorities, and approach to prudent risk management.
The document provides an outline for Redington's quarterly publication called "Outline" which features thought pieces on key investment topics for institutional investors.
The March 2013 issue includes articles on:
1) Arguments against smoothing asset and liability valuations for pension schemes.
2) The importance of considering both risk and return, rather than an "either-or" approach, when developing investment strategies.
3) How carry, or the mark-to-market impact of the passage of time, is an important factor for liability driven investment strategies given current low interest rates.
4) Challenges with relying on historical estimates of the equity risk premium to inform investment decisions.
5) Potential alternatives
A whitepaper making the case for, and suggesting a model for, the creation of an investment bank focused on the social venture space in Canada. Many of the ideas are applicable outside of Canada as well.
Joint ventures and strategic alliances allow companies to grow in scale and capabilities with less risk than mergers or acquisitions. They involve partnerships that maintain autonomy for each organization while aligning long-term goals for mutual benefit. Key differences are that joint ventures create a separate legal entity to carry out specific projects for a set time, while strategic alliances do not form a new entity and generally have a more indefinite relationship.
The New Normal: How to Achieve Profitable C&I Loan Growth in Today's EconomyLibby Bierman
BankDATAWORKS is a financial information company that provides credit and risk management solutions to thousands of financial institutions. It was named to the Inc. 500 and Deloitte Technology Fast 500 lists. The presentation discussed BankDATAWORKS' subscription services that deliver banking reports and news articles produced with artificial intelligence. It also covered potential niche commercial and industrial lending strategies for banks such as accounts receivable factoring and SBA 7(a) lending. Case studies of Crestmark Bank and Live Oak Banking Company were provided as examples.
This document provides a client assessment report for HSBC Holdings PLC comparing its financial performance over time to peers and industry benchmarks. The report includes an opportunity dashboard highlighting areas where HSBC's performance trails benchmarks and the potential cash flow that could be realized by improving in those areas. It also includes profiles of HSBC and peers, historical comparison charts, "what if" analyses, gap analyses, financial statements and key questions. The goal is to identify opportunities for HSBC and solutions that could help address challenges.
3 q13 investor presentationfinal posted on ir site(2)FTI Consulting
FTI Consulting provides an investor presentation that outlines their business strategy and positioning. They operate a global business advisory firm focused on helping clients protect and enhance enterprise value. They have a scalable business model and are well positioned to benefit from trends in increased regulation and complexity. Their balanced portfolio of businesses offers diverse event-driven services. They aim to continue adding scale and expertise to their global platform. Their people are their most valuable asset, and they focus on attracting, retaining and developing top talent.
This document provides an investment summary and recommendation on Zions Bancorporation (ZION). It issues a HOLD recommendation with a target price of $43.18, representing a 1% upside from the current price of $43.04. The summary cites factors such as ZION's efforts to reduce risky loans and focus on fee income through asset management as reasons for its strong performance. However, the current price has likely priced in the positive outlook, so only modest upside is expected. Limited downside risks exist due to an improving regulatory and interest rate environment.
Institutional Shareholders and
Activist Investors
Professor David F. Larcker
Corporate Governance Research Program
Stanford Graduate School of Business
2011
Presentation aux investisseurs (anglais seulement) mai 2013Intact
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer. It has a 17% market share in a still fragmented Canadian P&C insurance industry. Intact has consistently outperformed the industry in terms of premium growth, combined ratio, and return on equity over the past 10 years due to its scale advantages, sophisticated pricing, in-house claims expertise, and acquisition strategy. Intact is well positioned for continued growth organically and through M&A within the Canadian market as well as potential international expansion over the long term.
Legacy Education Alliance, Inc. is a leading international provider of practical education on topics such as personal finance, entrepreneurship, real estate, and financial markets. It operates globally through brands such as Rich Dad Education and has served over 2 million students. While its flagship brand is based on Robert Kiyosaki's Rich Dad Poor Dad, it is diversifying its offerings through new brands and markets. The company sees opportunities for growth through expanding its online courses and presence in international markets like South Africa and Hong Kong.
WHAT IS CREDIT RATING,WHAT ARE CREDIT RATING AGENCIES? CREDIT RATING AGENCIES IN INDIA.CRISIL,ICRA,CARE RATINGS SUCH AS AAA+,AA,A,BBB,BB,B,C,D. INVESTMENT GRADE AND SPECULATIVE GRADE RATING.IPO GRADING. LONG TERM,SHORT TERM, MEDIUM TERM RATING.USES OF CREDIT RATING. CREDIT RATING AND BOND PRICE MOVEMENT. RATING METHOD.SEBI GUIDELINES ON CREDIT RATING.SECURITIES AND EXCHANGE BOARD OF INDIA IS SEBI.HOW TO CHECK CREDIT RATING? CREDIT RATING COMPANY
- The survey asked top global hedge fund allocators about their views on important aspects of corporate governance in hedge funds.
- Allocators overwhelmingly believe corporate governance is extremely important and most have decided not to invest in a fund before due to governance concerns.
- Key findings from the survey indicate that allocators prefer boards to have at least three independent directors with no conflicts of interest, hold a minimum of three meetings per year including at least one in-person, and for directors to have substantial experience in the funds industry.
This document provides an overview of Northern Trust Corporation's 2008 Investor Day presentation. It discusses Northern Trust's business model, key strategies, and growth opportunities across its Personal Financial Services, Corporate & Institutional Services, and Northern Trust Global Investments divisions. Financial highlights and performance metrics are also presented for each business segment. The presentation emphasizes Northern Trust's client-centric approach and focus on serving target institutional and affluent client markets globally.
Problem 16 13 current asset usage policypayne products had $1.6POLY33
This credit report summary provides an overview of Samantha Charron's credit history and accounts. It shows that she has a credit history of 3 years and 6 months with an average account age of 1 year and 6 months. She has a total of 4 accounts (2 revolving, 2 installment) with a balance of $8,473 and available credit of $2,458, resulting in an overall debt-to-credit utilization of 78%. No negative information or fraud indicators were reported.
The document discusses identifying and managing sources of business growth. It notes that the human dimension, including customer/supplier relationships, talent development, and intellectual capital, represent a major shift and provide the greatest value for many organizations. Effective human capital management can provide a competitive advantage. The document recommends that organizations embed human capital strategy within overall business strategy, get the right information and translate it into actionable insights, leverage relevant skills to bring credibility to data and actions, and structure the organization to encourage collaboration between functions like finance and HR.
Morgan Stanley: Barclays Financial Services Conferenceinvestorrelation
Morgan Stanley's Co-President James Gorman and CFO Colm Kelleher presented at the Barclays Financial Services Conference. They discussed Morgan Stanley's strategic priorities which include optimizing Institutional Securities, successfully integrating the Morgan Stanley Smith Barney joint venture, restructuring Asset Management, and developing a strategic alliance with MUFG. They provided an update on the integration of Morgan Stanley Smith Barney, noting that cost synergies exceeded $1.1 billion and revenue synergies were $275 million. Gorman stated that Morgan Stanley Smith Barney is positioned to achieve industry-leading margins of over 20% by 2011.
The document discusses the results of a survey of over 100 private equity professionals. It finds that respondents are cautiously optimistic about 2012, expecting more deal flow and an easier fundraising environment compared to 2011. Specifically, 70% expect to close 2-3 deals in the next 12 months compared to 47% closing no deals in 2011. Respondents also anticipate investing more capital in 2012, with middle market funds in particular expecting to nearly double their investment levels.
This document discusses mergers and acquisitions (M&As) from a global and regional perspective. It defines M&As and explains their use as a way for companies to grow through consolidation rather than organic growth. The document contrasts M&As with greenfield investments as two methods for foreign direct investment. It also discusses how regional trade agreements and reductions in barriers have led to increased cross-border M&As and foreign investment flows within regions.
A.T. Kearney: GCC Family Businesses: Unlocking Potential Through Active Portf...Semalytix
Since 2008, times have been tough for family businesses. The antidote: tapping into hidden value.
Like families in general, family businesses seem to function relatively well in troubled times. In fact, many studies show that, in the long run, they perform better than other business models. Key factors for their ongoing success include a management perspective that emphasizes the long term, strong brand and family name recognition, and often a strong focus on the core business.1
But in the Gulf Cooperation Council (GCC), family businesses are trending in the opposite direction.2 During the recent crisis, they have been less resilient than the rest of the economy despite a pre-downturn history of rapid growth and market dominance. Since 2008, the A.T. Kearney GCC Family Conglomerate Index has decreased by 60 points, while the Bloomberg GCC 200 Index has decreased by 40 points, a 20-point performance gap (see figure 1).3 After a tough 2008, GCC family businesses rebounded to some extent (as did the market), but this did not last. As the overall market has trended mostly up, family businesses have trended downward.
- See more at: http://www.atkearney.com/paper/-/asset_publisher/dVxv4Hz2h8bS/content/gcc-family-businesses-unlocking-potential-through-active-portfolio-management/10192#sthash.sb692Hgw.dpuf
Blake Lapthorn Thames Valley Pensions conference - 5 Dec 2012Blake Morgan
The document discusses a pensions conference agenda that covers topics such as pension liabilities, investment strategies, auto-enrollment duties and challenges, and the trustee perspective. It includes presentations on liability measurements, investment opportunities in low yield environments, communication strategies, and diversified growth funds. The document provides an agenda, speaker bios, and questions from previous conferences.
The document summarizes three upcoming movies: Step Up Revolution, about a dancer who helps a flash mob crew stage a protest; Marvel Adventures, where the Avengers team up to defend Earth from Loki and an inferior race; and Men in Black 3, the third installment of the popular series starring Will Smith and Tommy Lee Jones.
Joint ventures and strategic alliances allow companies to grow in scale and capabilities with less risk than mergers or acquisitions. They involve partnerships that maintain autonomy for each organization while aligning long-term goals for mutual benefit. Key differences are that joint ventures create a separate legal entity to carry out specific projects for a set time, while strategic alliances do not form a new entity and generally have a more indefinite relationship.
The New Normal: How to Achieve Profitable C&I Loan Growth in Today's EconomyLibby Bierman
BankDATAWORKS is a financial information company that provides credit and risk management solutions to thousands of financial institutions. It was named to the Inc. 500 and Deloitte Technology Fast 500 lists. The presentation discussed BankDATAWORKS' subscription services that deliver banking reports and news articles produced with artificial intelligence. It also covered potential niche commercial and industrial lending strategies for banks such as accounts receivable factoring and SBA 7(a) lending. Case studies of Crestmark Bank and Live Oak Banking Company were provided as examples.
This document provides a client assessment report for HSBC Holdings PLC comparing its financial performance over time to peers and industry benchmarks. The report includes an opportunity dashboard highlighting areas where HSBC's performance trails benchmarks and the potential cash flow that could be realized by improving in those areas. It also includes profiles of HSBC and peers, historical comparison charts, "what if" analyses, gap analyses, financial statements and key questions. The goal is to identify opportunities for HSBC and solutions that could help address challenges.
3 q13 investor presentationfinal posted on ir site(2)FTI Consulting
FTI Consulting provides an investor presentation that outlines their business strategy and positioning. They operate a global business advisory firm focused on helping clients protect and enhance enterprise value. They have a scalable business model and are well positioned to benefit from trends in increased regulation and complexity. Their balanced portfolio of businesses offers diverse event-driven services. They aim to continue adding scale and expertise to their global platform. Their people are their most valuable asset, and they focus on attracting, retaining and developing top talent.
This document provides an investment summary and recommendation on Zions Bancorporation (ZION). It issues a HOLD recommendation with a target price of $43.18, representing a 1% upside from the current price of $43.04. The summary cites factors such as ZION's efforts to reduce risky loans and focus on fee income through asset management as reasons for its strong performance. However, the current price has likely priced in the positive outlook, so only modest upside is expected. Limited downside risks exist due to an improving regulatory and interest rate environment.
Institutional Shareholders and
Activist Investors
Professor David F. Larcker
Corporate Governance Research Program
Stanford Graduate School of Business
2011
Presentation aux investisseurs (anglais seulement) mai 2013Intact
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer. It has a 17% market share in a still fragmented Canadian P&C insurance industry. Intact has consistently outperformed the industry in terms of premium growth, combined ratio, and return on equity over the past 10 years due to its scale advantages, sophisticated pricing, in-house claims expertise, and acquisition strategy. Intact is well positioned for continued growth organically and through M&A within the Canadian market as well as potential international expansion over the long term.
Legacy Education Alliance, Inc. is a leading international provider of practical education on topics such as personal finance, entrepreneurship, real estate, and financial markets. It operates globally through brands such as Rich Dad Education and has served over 2 million students. While its flagship brand is based on Robert Kiyosaki's Rich Dad Poor Dad, it is diversifying its offerings through new brands and markets. The company sees opportunities for growth through expanding its online courses and presence in international markets like South Africa and Hong Kong.
WHAT IS CREDIT RATING,WHAT ARE CREDIT RATING AGENCIES? CREDIT RATING AGENCIES IN INDIA.CRISIL,ICRA,CARE RATINGS SUCH AS AAA+,AA,A,BBB,BB,B,C,D. INVESTMENT GRADE AND SPECULATIVE GRADE RATING.IPO GRADING. LONG TERM,SHORT TERM, MEDIUM TERM RATING.USES OF CREDIT RATING. CREDIT RATING AND BOND PRICE MOVEMENT. RATING METHOD.SEBI GUIDELINES ON CREDIT RATING.SECURITIES AND EXCHANGE BOARD OF INDIA IS SEBI.HOW TO CHECK CREDIT RATING? CREDIT RATING COMPANY
- The survey asked top global hedge fund allocators about their views on important aspects of corporate governance in hedge funds.
- Allocators overwhelmingly believe corporate governance is extremely important and most have decided not to invest in a fund before due to governance concerns.
- Key findings from the survey indicate that allocators prefer boards to have at least three independent directors with no conflicts of interest, hold a minimum of three meetings per year including at least one in-person, and for directors to have substantial experience in the funds industry.
This document provides an overview of Northern Trust Corporation's 2008 Investor Day presentation. It discusses Northern Trust's business model, key strategies, and growth opportunities across its Personal Financial Services, Corporate & Institutional Services, and Northern Trust Global Investments divisions. Financial highlights and performance metrics are also presented for each business segment. The presentation emphasizes Northern Trust's client-centric approach and focus on serving target institutional and affluent client markets globally.
Problem 16 13 current asset usage policypayne products had $1.6POLY33
This credit report summary provides an overview of Samantha Charron's credit history and accounts. It shows that she has a credit history of 3 years and 6 months with an average account age of 1 year and 6 months. She has a total of 4 accounts (2 revolving, 2 installment) with a balance of $8,473 and available credit of $2,458, resulting in an overall debt-to-credit utilization of 78%. No negative information or fraud indicators were reported.
The document discusses identifying and managing sources of business growth. It notes that the human dimension, including customer/supplier relationships, talent development, and intellectual capital, represent a major shift and provide the greatest value for many organizations. Effective human capital management can provide a competitive advantage. The document recommends that organizations embed human capital strategy within overall business strategy, get the right information and translate it into actionable insights, leverage relevant skills to bring credibility to data and actions, and structure the organization to encourage collaboration between functions like finance and HR.
Morgan Stanley: Barclays Financial Services Conferenceinvestorrelation
Morgan Stanley's Co-President James Gorman and CFO Colm Kelleher presented at the Barclays Financial Services Conference. They discussed Morgan Stanley's strategic priorities which include optimizing Institutional Securities, successfully integrating the Morgan Stanley Smith Barney joint venture, restructuring Asset Management, and developing a strategic alliance with MUFG. They provided an update on the integration of Morgan Stanley Smith Barney, noting that cost synergies exceeded $1.1 billion and revenue synergies were $275 million. Gorman stated that Morgan Stanley Smith Barney is positioned to achieve industry-leading margins of over 20% by 2011.
The document discusses the results of a survey of over 100 private equity professionals. It finds that respondents are cautiously optimistic about 2012, expecting more deal flow and an easier fundraising environment compared to 2011. Specifically, 70% expect to close 2-3 deals in the next 12 months compared to 47% closing no deals in 2011. Respondents also anticipate investing more capital in 2012, with middle market funds in particular expecting to nearly double their investment levels.
This document discusses mergers and acquisitions (M&As) from a global and regional perspective. It defines M&As and explains their use as a way for companies to grow through consolidation rather than organic growth. The document contrasts M&As with greenfield investments as two methods for foreign direct investment. It also discusses how regional trade agreements and reductions in barriers have led to increased cross-border M&As and foreign investment flows within regions.
A.T. Kearney: GCC Family Businesses: Unlocking Potential Through Active Portf...Semalytix
Since 2008, times have been tough for family businesses. The antidote: tapping into hidden value.
Like families in general, family businesses seem to function relatively well in troubled times. In fact, many studies show that, in the long run, they perform better than other business models. Key factors for their ongoing success include a management perspective that emphasizes the long term, strong brand and family name recognition, and often a strong focus on the core business.1
But in the Gulf Cooperation Council (GCC), family businesses are trending in the opposite direction.2 During the recent crisis, they have been less resilient than the rest of the economy despite a pre-downturn history of rapid growth and market dominance. Since 2008, the A.T. Kearney GCC Family Conglomerate Index has decreased by 60 points, while the Bloomberg GCC 200 Index has decreased by 40 points, a 20-point performance gap (see figure 1).3 After a tough 2008, GCC family businesses rebounded to some extent (as did the market), but this did not last. As the overall market has trended mostly up, family businesses have trended downward.
- See more at: http://www.atkearney.com/paper/-/asset_publisher/dVxv4Hz2h8bS/content/gcc-family-businesses-unlocking-potential-through-active-portfolio-management/10192#sthash.sb692Hgw.dpuf
Blake Lapthorn Thames Valley Pensions conference - 5 Dec 2012Blake Morgan
The document discusses a pensions conference agenda that covers topics such as pension liabilities, investment strategies, auto-enrollment duties and challenges, and the trustee perspective. It includes presentations on liability measurements, investment opportunities in low yield environments, communication strategies, and diversified growth funds. The document provides an agenda, speaker bios, and questions from previous conferences.
The document summarizes three upcoming movies: Step Up Revolution, about a dancer who helps a flash mob crew stage a protest; Marvel Adventures, where the Avengers team up to defend Earth from Loki and an inferior race; and Men in Black 3, the third installment of the popular series starring Will Smith and Tommy Lee Jones.
الإنسان الروحي يعيش دائما في رجاء أن الله سيتدخل في حياته ويقوده إلي الخير, وذلك مهما تعقدت الأمور أمامه, ومهما عددا كل شيء مظلما, أما الذي يفقد الرجاء, فإنه يقع في اليأس, ويقع في الكآبة, وتنهار معنوياته,
Este documento habla sobre la historia y cultura de Mongolia. Brevemente describe la vida nómada de los mongoles y su estilo de vida basado en el pastoreo. También menciona algunas de las costumbres y tradiciones más importantes de Mongolia.
Moving From Paper-Based Systems to Electronic Batch Records - InstantGMP™InstantGMP™
Technology is constantly evolving around us, and yet many manufacturers continue using paper-based systems to manage and record their activities while manufacturing. In recent times, many of these manufacturers, especially in pharmaceuticals and biotech, are making the move to a Manufacturing Execution System (MES) and Electronic Batch Records (EBR).
The document tells the story of business students who embark on a journey through a galaxy far, far away to learn the proper use of apostrophes from Master Yoda. It provides three rules for using apostrophes: 1) forming possessives of nouns, 2) showing omission of letters in contractions, and 3) forming plurals of lowercase letters. Master Yoda advises the students to not use apostrophes for possessive pronouns or plural nouns, and that practice is key to properly learning the apostrophe rules.
нэгж хичээл Clothes and accessories 9-р анги сарантуяа sarantuya choimzon
The document discusses different types of clothes and accessories. It mentions dresses, tops, trousers, skirts, jeans, blouses, shirts, suits, coats, hats, shoes, socks, and T-shirts. It also discusses accessories like watches, sunglasses, wallets, bags, hair clips, and belts. The document provides exercises for students to practice vocabulary related to clothes, discuss fashion preferences, and play guessing games about different outfits.
Concur enables companies to spend smarter and more efficiently through integrated travel & expense solutions. Let your employees manage expenses on the go through Concur\'s Mobile Technology.
Verres is on trial for plundering statues and other artifacts from cities in Asia and Greece during his term as governor. The prosecutor presents evidence from public records and accounts showing that while Roman generals like Servilius documented and donated cultural objects acquired during war, Verres stole religious statues and decorations from temples for his own home and those of his friends, stripping cities of their heritage for personal gain.
In what ways does your media product useJackTann93
The document discusses conventions in different media forms that the author researched before creating their own work. They looked at existing album covers, digipacks, posters, and music videos to understand typical layouts, styles, and elements used. The author aimed to follow conventions specific to the band Enter Shikari to make their work seem authentic, but also challenged some conventions by experimenting with new approaches.
Google Docs is a free online word processing program that allows users to create and edit documents and share them with others in real-time. It was launched in 2006 and combined Google's earlier text editing applications Writely and Spreadsheets. Users can access Google Docs through a web browser and their documents are stored on Google Drive servers.
La Unión Europea ha propuesto un nuevo paquete de sanciones contra Rusia que incluye un embargo al petróleo. El embargo prohibiría la importación de petróleo ruso a la UE y también impediría el acceso de buques rusos a puertos europeos. Sin embargo, Hungría se opone firmemente al embargo al petróleo, argumentando que su economía depende en gran medida de las importaciones de energía rusa.
This document discusses how the media product Apparition uses conventions of real thriller genres. It provides four examples:
1) An ordinary character sees an extraordinary glowing figure, blending ordinary and extraordinary elements.
2) Strange noises startle the main character, unsettling the atmosphere for the audience.
3) The identity of one character is kept secret by not showing his face, creating mystery around who he is.
4) In one scene, the audience can see a figure the character cannot, raising questions about what will happen next and creating unease.
This document provides an overview of CNO Financial Group's corporate governance and business initiatives. It discusses CNO's focus on the middle-income market in the US, which represents 53% of the population. Half of near-retirees receive no professional retirement guidance and many lack confidence in their ability to address critical illnesses. CNO takes a proactive approach to understanding customers and succeeding in the middle market through strategic alignment of distribution, products/advice, and operations/administration. The document outlines CNO's track record of execution including management actions, stock price outperformance, capital returned to shareholders, and proactive shareholder engagement. It discusses CNO's governance including board structure, executive compensation aligned with shareholders, and
This document summarizes Symantec's 2013 Annual Stockholder Meeting. It introduces the Chairman of the Board, Dan Schulman, and lists the members of the Board of Directors. It then reviews the management team and outlines the formal meeting agenda, including proposals to be voted on and a question and answer session. The Chairman then adjourns the formal meeting and Steve Bennett, President and CEO, provides a strategic overview of the company, its priorities around offerings, go-to-market strategies, and working smarter.
Robert Tarola, President of Right Advisory LLC, presented "CFO as Advisor" to the Innovation Summit sponsored by the MACPA in Baltimore, MD on June 16, 2014. It outlines how finance professionals can enhance their value to an organization by providing the appropriate context to their insights and advice.
Right Advisory LLC's services include helping finance professionals, executives and boards understand their organization strengths and challenges.
A webinar presented by Santi Burridge, Managing Director of Implemented Portfolios.
Santi covers the following during his presentation:
• What can Australian advisers learn from global trends in financial advice?
• How technology and robo-advice is changing the US market
• Understanding the growth in ETFs and Managed Accounts
• What successful advisers focus on
• What do clients really value?
Building Organizational Resiliency and New Business Models in Uncertain TimesWorkday, Inc.
Organizations across industries are developing new business models to respond to the challenges of COVID-19 and build business resiliency. View how Panera Bread is setting the standard for retail and hospitality companies in this webinar replay.
The document outlines the agenda for CNO Financial Group's 2012 Investor Day, including presentations on CNO's strategy, segment growth strategies, target markets and distribution, investments, and financial overview. Speakers include the CEO, CBO, presidents of the company's business segments, and CFO. The event was intended to provide investors with an update on CNO's business and strategic direction.
Kevin Martin: Empowering Your Board with the People Analytics That MatterEdunomica
Kevin Martin: Empowering Your Board with the People Analytics That Matter
People Analytics Conference 2023 Summer
Website: https://pacamp.org
Youtube: https://www.youtube.com/channel/UCeHtPZ_ZLZ-nHFMUCXY81RQ
FB: https://www.facebook.com/pacamporg
The document outlines the agenda for an ARAMARK investor day on May 18, 2005. The agenda includes presentations on creating value, financial overview, marketing strategy, various business segments, international operations, uniforms, and Q&A sessions. It also discusses ARAMARK's financial objectives of 6-8% organic revenue growth, 8-12% operating income growth, and 12-14% EPS growth through initiatives like acquisitions, margin improvement, and cash deployment.
This document provides information about a career as a financial representative with Guardian, including:
- Guardian was founded in 1860 and is a Fortune 500 company with strong financial ratings.
- As a financial representative, you will help clients achieve financial security by assessing their situation and creating personalized strategies.
- Guardian offers training, support for career growth, benefits and high earnings potential. The average earnings for Guardian representatives is over $100,000 compared to around $40,000 industry wide.
- The Living Balance Sheet tool allows representatives to provide clients with organization, integration, strategy and control over their finances.
The document discusses trends in corporate sustainability reporting based on WBCSD's analysis of 163 company reports from 2016 and 113 reports from 2013 to 2016. Some key findings include:
- 80% of reporters in 2016 used the GRI G4 guidelines, up from 25% in 2014.
- Reporting is improving over time, with 76% of companies increasing their overall score since 2013 and 40% improving materiality disclosures.
- Integrated reporting is becoming more common, with 13% of 2016 reports classified as integrated reports, up from 8% in 2013.
- Human rights reporting is an emerging issue as frameworks like the UK Modern Slavery Act and the Corporate Human Rights Benchmark take effect.
This document discusses strategies for business success and avoiding failure. It notes that over 50% of small businesses fail within the first five years, often due to inadequate financing, cash flow issues, poor planning, or mismanagement. To succeed, businesses should establish strong internal systems and controls, including accounting procedures, an operations manual, and regular budget reviews. Conducting stress tests can identify weaknesses to address. Implementing best practices like strategic planning and annual budgeting can enhance a company's long-term value and prepare it for a successful exit.
The Most Influential Leaders in Wealth Management, 2023.pdfInsightsSuccess4
This edition features a handful of Influential Leaders in Wealth Management across several sectors that are at the forefront of leading us into a digital future.
Market Insights from Top Researchers, Part 2: Market Conditions, Incentives, ...Sustainable Brands
In this data-rich session, top-notch researchers will share their latest observations around the state of play of corporate sustainability within the broader economy, focusing on appetizing new market conditions, incentives, ROI studies and risk management opportunities. Each presentation will be followed by Q&A allowing attendees to glean additional insight on the spot and identify knowledge gaps by discussing the landscape of available data. Expect a wealth of hard information, accompanied by a great opportunity for Q&A with researchers and peers to help inform your strategy for 2014 and beyond.
This article discusses the top 12 home remodeling trends predicted for 2011 according to a poll of builders and developers conducted by the National Association of the Remodeling Industry. The top trends include remodeling bathrooms to save money, focusing on "have-to" projects rather than large renovations, warmer color schemes and materials, building outdoor living spaces, hiring reputable contractors, paying for projects with cash instead of loans, opening up floor plans, using bronze hardware, green building materials and energy efficiency upgrades, incorporating industrial elements, creating relaxing spaces, and planning for aging in place with accessible designs.
The document is an investor day presentation from Verisk that discusses the company's business strategy and outlook. It provides the following key points:
1. Verisk serves the property and casualty insurance industry across the insurance lifecycle, from product development to actuarial analysis, underwriting, claims management, and portfolio analysis.
2. Verisk provides data-driven solutions that help insurers improve profitability, including predictive modeling, policy language, and loss cost advisory information.
3. By-peril rating for homeowners insurance, which separates policy premiums by risk type, has allowed insurers using this approach to increase market share and lower loss ratios compared to competitors.
UBS presented its Green Funding Framework and sustainability strategy. Key points include:
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- As a founding member of the Net Zero Banking Alliance, UBS aims to support clients' transition to a low-carbon economy through products, services and financing.
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Equity funding process for a technocrat businessman
This is the second of the three-part learning program for a business to understand the importance of equity funding for business growth and financial turnaround. The three parts of the program are:
1. Strategic financial concepts for a promoter of technical background
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3. Factors for success of equity funding deal
This presentation file is on the second part. The presentation narrates what are the long-term activities in terms of business strategy, financial strategy, corporate management and credit rating to enhance the investment worthiness of a company. Further, it deals with types of mergers and acquisitions, types of investors, basic concepts of equity funding, time frame of equity funding, cost of equity funding, process of equity funding, role of various professionals, etc. After that, it deals with the aspects such as confidentiality, financial intermediaries, economics of equity market, investor perspective and the reasons for success or failure of a deal.
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Premier Alliance Group, Inc. (OTC.BB: PIMO) is a leading provider of business and technology advisory and consulting services. Practice areas of expertise encompass Governance, Risk & Compliance (GRC), Business Performance & Technology, and Finance & Accounting as we assist clients with Risk Management, Compliance, Mergers & Acquisitions, Organizational Effectiveness, Project/Program Management, Information Management, Architecture and Software Development. Premier Alliance Group is headquartered in Charlotte, NC. For more information, please visit www.premieralliance.com.
Managing Through the COVID-19 Crisis: A Guide for All Business LeadersDavid Gross
Strategic Value Partners (www.consultsvp.com) is a global management consulting firm. Strategy consulting, turnarounds, mergers, acquisitions, divestitures, and spin-offs are at the core of our service offerings.
We created this guide to assist all business leaders and welcome your questions, comments, and feedback. We will continue to update this guide periodically.
To access our full library of COVID-19 resources for business leaders, visit us at https://www.consultsvp.com/managing-through-the-covid19-crisis.
This document provides details on CNO Financial Group's second quarter 2018 earnings results and a long-term care reinsurance transaction. Some key points:
- CNO entered an agreement to cede approximately $2.7 billion of long-term care reserves to Wilton Re, reducing risk. An $825 million ceding commission was paid.
- The transaction reduces CNO's exposure to risks under stress scenarios and improves various financial metrics like RBC ratios and debt-to-capital.
- For Q2 2018, CNO reported operating EPS growth of 9% and book value per share growth. Various business metrics like annuity account values and fee revenue increased.
- Going forward, CNO
This document provides an overview of CNO Financial Group's financial and operating results for the first quarter of 2018 compared to the first quarter of 2017. Some key highlights include:
- Net operating income per share increased 29% to $0.44. Excluding significant items, net operating EPS increased 6% to $0.43.
- Book value per share, excluding AOCI, increased 2% sequentially to $21.94.
- Health margins were in line with expectations, with the supplemental health benefit ratio at 54.4% and the long-term care benefit ratio at 72.6%.
- Total collected premiums decreased 1.3% while annuity account values increased 3.8%.
-
This document provides a summary of CNO Financial Group's financial and operating results for the fourth quarter of 2017. Some key points:
- Net operating income per share was $0.51 for Q4 2017, up from $0.49 in Q4 2016. Excluding significant items, net operating income was $0.47 per share, a 34% increase.
- Bankers Life collected premiums decreased 2% for Q4 2017 compared to a year ago, while annuity account values increased 5%.
- Washington National collected premiums increased 2% for Q4 2017, with supplemental health premiums up 4%.
- The company recognized a $172 million GAAP charge in Q4 2017 related
This document provides an overview of CNO Financial Group's financial and operating results for the third quarter of 2017 compared to the third quarter of 2016. Some key highlights include:
- Operating EPS increased 22% year-over-year. Book value per share increased 11%.
- Sales results were mixed with declines in some new business metrics but growth in annuity account values and fee revenue.
- Segment results were positive overall with higher margins in many insurance products.
- Investment income remained strong with higher than expected call/prepayment income.
- Capital levels remained high with estimated RBC of 450% and leverage of 21%.
This document summarizes CNO Financial Group's financial and operating results for the second quarter of 2017. Some key highlights include:
- Total collected premiums were up 7% compared to the prior year period. First-year collected premiums were up 16%.
- Net operating income per share increased 29% to $0.45 compared to the second quarter of 2016. Excluding significant items, net operating income per share was up 24% to $0.42.
- Segment results were positive across most insurance product lines, with favorable margins in long-term care, supplemental health, and Medicare supplement.
- Investment income increased due to higher call and prepayment income from bonds in the portfolio.
2017 investor day presentation final no_animationCNOServices
The document outlines the agenda for CNO Financial Group's 2017 Investor Day, which was held on June 5, 2017. The agenda included presentations on CNO's positioning in the middle-income market, managing its long-term care business, investments and finance, and a compelling case for investing in CNO. The document provides an overview of the speakers and timing for each presentation. It also includes forward-looking statements, information on non-GAAP measures, and introductions by the Director of Investor Relations and CEO.
- The document provides financial and operating results for CNO Financial Group for the first quarter of 2017 compared to the first quarter of 2016.
- Key metrics like total collected premiums and operating EPS increased year-over-year, demonstrating the strength of CNO's business model.
- Segment results were mixed, with Bankers Life and Colonial Penn showing favorable underwriting margins, while Washington National's supplemental health margins declined.
- Overall, CNO reported improved financial results for the first quarter compared to the same period last year.
CNO Financial Group reported financial and operating results for the fourth quarter of 2016 ending December 31, 2016. Key highlights included net income per diluted share of $1.34, net operating income per diluted share of $0.49, and net operating income excluding significant items of $0.35 per diluted share. Segment results were mixed, with Bankers Life and Washington National showing higher expenses partially offset by favorable health margins. The investment portfolio continued to perform well. Capital levels remained strong with book value per share up 10% from 2015.
- CNO Financial Group reported financial and operating results for 3Q16 with comparisons to 3Q15.
- Key highlights included continued franchise growth with collected premiums up 2% and policies in-force up 1%. Operating EPS excluding significant items was up 6% from $0.33 to $0.35.
- The company recaptured its closed block long-term care business, recording a $53 million after-tax charge as expected. Administrative functions have transitioned smoothly with no disruption to policyholders.
- CNO Financial Group reported second quarter 2016 operating earnings per share of $0.35, flat compared to the prior year quarter. Operating earnings excluding significant items were also $0.34, flat with 2Q15.
- Key metrics included continued growth in collected premiums and policies in force across most business lines. However, Washington National experienced lower sales and higher claims that impacted results.
- Segment results were largely in-line with expectations except for Washington National which struggled with persistency and an elevated benefit ratio in the quarter.
1. CNO Financial Group reported operating earnings per share of $0.27 for 1Q16, down from $0.30 in 1Q15, with unfavorable alternative investment returns impacting results.
2. Key metrics like new annualized premiums, collected premiums, and policies in force grew compared to prior year. The company also repurchased $90 million in stock and paid $89 million in dividends to the holding company during the quarter.
3. Health margins for Medicare supplement and supplemental health businesses were in line with expectations, while long-term care interest-adjusted benefit ratio declined from prior year due to policy lapses following rate increases.
- The document provides financial and operating results for CNO Financial Group for the quarter ended December 31, 2015. Key highlights included continued franchise growth, solid financial results including double digit operating EPS growth, and returning $67 million to shareholders through repurchases. CNO also completed its year-end assumption review which resulted in aggregate GAAP margins increasing to $3.8 billion.
- CNO Financial Group reported financial and operating results for Q3 2015 with comparisons to Q3 2014. Key highlights included continued growth in new annualized premiums and third party product sales, as well as increased collected premiums and annuity account values. Operating EPS excluding significant items increased 3% to $0.33 per share. Capital levels remained strong with a risk-based capital ratio of 440% and leverage ratio of 20.2%.
- CNO Financial Group reported financial and operating results for the second quarter of 2015 ending June 30, 2015.
- Key highlights included operating earnings per share excluding significant items increasing 6% compared to the prior year, strong capital measures including an estimated RBC ratio of 443% and holding company leverage of 19.7%, and returning $115 million to shareholders through share buybacks and dividends.
- Segment results were positive, with Bankers Life impacted by a long-term care future loss reserve offset by strength in other blocks, and Washington National impacted by supplemental health claims experience.
- CNO Financial Group reported financial and operating results for 1Q15, with comparisons made to 1Q14.
- Operating EPS excluding significant items increased 11% to $0.31 per share compared to $0.28 in 1Q14, driven by strength in annuity spreads at Bankers Life and lower average diluted shares outstanding.
- Sales growth was mixed across business segments, with Colonial Penn sales up 26% due to improved marketing effectiveness and sales productivity.
- The document provides financial and operating results for CNO Financial Group for the 4th quarter of 2014, including earnings highlights and sales results.
- Key highlights included continued growth in the franchise, strong capital ratios, and $376.5 million spent on share repurchases for the full year.
- Sales growth outlook for 2015 is estimated at 3-6% overall, with individual segment expectations ranging from 3-8% growth.
CNO Financial Group reported financial and operating results for the third quarter of 2014. Key highlights included growth in business and operating earnings per share despite weakness in sales at Bankers Life. Capital ratios remained strong and the company continued returning capital to shareholders through stock repurchases and dividends. However, supplemental health benefit ratios increased which impacted results at Washington National. Overall, the company demonstrated compelling per share growth and remains focused on execution.
This document provides an overview of CNO Financial Group's financial and operating results for the third quarter of 2014. It highlights growth in operating EPS compared to the prior year period. It notes sales results for Bankers Life, Washington National and Colonial Penn segments. Bankers Life sales were down slightly due to weakness in agent recruiting, while the other segments experienced sales growth. The document also summarizes capital levels, liquidity, earnings results and health margins for the quarter.
- CNO Financial Group reported financial and operating results for the second quarter of 2014, ending June 30, 2014.
- Key highlights included growth in business metrics like net collected premiums and annuity account values, continued strength in capital ratios, and ongoing return of capital to shareholders through stock repurchases.
- They also closed the sale of Conseco Life Insurance Company on July 1st, which led to an additional credit rating upgrade from S&P.
The document outlines the agenda for CNO Financial Group's 2014 Investor Day, including presentations on strategy opportunities in the middle market, investments in business growth and infrastructure, managing investments to generate risk-adjusted yield, and managing the long-term care business. It provides background on several CNO executives who will present, discusses CNO's focus on the middle-income market and track record of execution, and outlines capital allocation priorities going forward to grow the business and deliver value to shareholders.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. Agenda
Time Topic Speaker
12:15 Introductions Erik Helding – SVP, Treasury & Investor Relations
12:20 CNO Video
12:25 Strategy – Opportunities in the Middle
Market
Ed Bonach – CEO
12:45 Investments in Business Growth &
Infrastructure
Scott Perry – Chief Business Officer
Bruce Baude – Chief Operations and Technology OfficerInfrastructure Bruce Baude – Chief Operations and Technology Officer
Scott Goldberg – President, Bankers Life
Gerardo Monroy – President, Colonial Penn
Barb Stewart – President, Washington National
1:45 Investments – Search for Risk-
Adjusted Yield
Eric Johnson – Chief Investment Officer, President 40|86
Adjusted Yield
2:05 Break
2:15 Managing Our Long-Term Care
Business
Chris Nickele – EVP, Product Management
Tim Bischof – SVP, Corporate Actuary & ERM
Loretta Jacobs – VP, LTC
2:45 Financial Outlook Fred Crawford – CFO
3:15 Q&A
2
3:45 Concluding Remarks Ed Bonach - CEO
3. Forward-Looking Statements
Certain statements made in this presentation should be considered
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. These include statements about future results of
operations and capital plans. We caution investors that these forward-
looking statements are not guarantees of future performance, and actual
results may differ materially. Investors should consider the important
risks and uncertainties that may cause actual results to differ, including
those included in our press releases, our Quarterly Reports on Form 10-
Q, our Annual Report on Form 10-K and other filings we make with the
S iti d E h C i i W bli ti tSecurities and Exchange Commission. We assume no obligation to
update this presentation, which speaks as of today’s date.
3
4. Non-GAAP Measures
This presentation contains the following financial measures that differ from the
comparable measures under Generally Accepted Accounting Principles (GAAP):
operating earnings measures; operating return measures; earnings before the earnings ofoperating earnings measures; operating return measures; earnings before the earnings of
CLIC being sold, loss on reinsurance transaction, net realized investment gains (losses),
fair value changes in embedded derivative liabilities, equity in earnings of certain non-
strategic investments and earnings attributable to VIEs, corporate interest expense, loss
on extinguishment of debt and taxes; and debt to capital ratios, excluding accumulatedon extinguishment of debt and taxes; and debt to capital ratios, excluding accumulated
other comprehensive income (loss). Reconciliations between those non-GAAP measures
and the comparable GAAP measures are included in the Appendix, or on the page such
measure is presented.
Whil t b li th f l t h d t di dWhile management believes these measures are useful to enhance understanding and
comparability of our financial results, these non-GAAP measures should not be
considered substitutes for the most directly comparable GAAP measures.
Additional information concerning non-GAAP measures is included in our periodic filingsAdditional information concerning non GAAP measures is included in our periodic filings
with the Securities and Exchange Commission that are available in the “Investors – SEC
Filings” section of CNO’s website, www.CNOinc.com.
4
6. Strategy: Opportunities in the Middle MarketStrategy: Opportunities in the Middle Market
Ed Bonach - CEO
6
7. Ed Bonach – Chief Executive Officer
Ed Bonach (60) was appointed chief executive officer and a director of CNO
Financial Group effective October 1, 2011.
Ed formerly served as executive vice president and chief financial officer of CNOy p
from May 2007 through September 2011. His areas of responsibility included
actuarial, accounting, controlling, risk management, treasury, tax, facilities and
investor relations. This role included partnering with the CEO in strategically leading
the organization.
B h j i d CNO f N ti l Lif G h h d ti iBonach joined CNO from National Life Group, where he served as executive vice
president and chief financial officer. Before joining National Life in 2002, he was with
Allianz Life for 23 years, where his positions included President - Reinsurance
Division and chief financial officer.
Bonach holds a bachelor of arts degree (cum laude) in mathematics from St JohnsBonach holds a bachelor of arts degree (cum laude) in mathematics from St. Johns
University in Collegeville, Minnesota. He is a fellow of the Society of Actuaries (FSA),
a member of the American Academy of Actuaries (MAAA), and a Chartered
Enterprise Risk Analyst (CERA).
Other outside involvement includes Board Member and Immediate Past Chair,
Medical Information Bureau (MIB), Board Member, Indianapolis Chamber of
Commerce, Board Member, Indiana Sports Corporation (ISC), and Board Member,
Boy Scouts of America-Crossroads of America Council.
7
8. CNO – Invested in Middle-Income America
65mm Households in the
The Opportunity
Middle-Income Market Large
Middle market consumers comprise approximately
53% of the U.S. population – US Census Data and LIMRA
2014
~30%
Uninsured*
Underserved & Unprepared
Half those near and in retirement receive no
professional retirement guidance – Center for Secure
Retirement
Th i d t it i th iddl k t f lif The missed opportunity in the middle market for life
insurers has grown significantly… the rising cost of
healthcare, may be an emerging, largely unrecognized
need for life insurance planning – Conning Research 2012
GrowingGrowing
On average, nearly 10,000 Americans turning 65 every
day – US Census Data
25% of the remainder acknowledge
they are underinsured
8* Portion of the middle-income market with no individual or group life insurance
Sources: McKinsey&Company and LIMRA
9. How to Succeed in the Middle-Market
72% of middle-market consumers want to
speak with professionals about at least oneCNO takes a proactive approach to
Know Your Customer…
speak with professionals about at least one
financial product or service - LIMRA
Retirement healthcare concerns on par with
financial concerns – Center for Secure Retirement
Three fourths have no plan for retirement
CNO takes a proactive approach to
understanding our customers
Customer needs analysis and agent/customer relationships
Bankers Life Center for a Secure Retirement
Washington National Institute for Wellness Solutions Three-fourths have no plan for retirement
care – Center for Secure Retirement
9-in-10 lack confidence in ability to financially
address a critical illness – Institute for Wellness
Solutions
Washington National Institute for Wellness Solutions
Product development and marketing surveys
Strategic alignment required to succeed in the middle marketStrategic alignment required to succeed in the middle market
Distribution
Products &
Advice
Operations &
Administration
9
Advice Administration
10. Track Record of Execution
Above industry sales growth rates
Growth Versus the Industry
Above industry sales growth rates
OCB transactions reduce exposure to
higher risk business
5-Yr CAGR Individual Life Sales
10%
Maintaining investment grade ratios
while returning nearly $940mm in
buybacks and dividends
Reached targeted dividend payout
ratio of 20%
Achieved ROE run-rate of 9%
(1)%
Sources: Internal sales data and LIMRA data from 2008 – 2013
Industry CNO
10
11. Capital Allocation Priorities
Maintain capital ratios that advance ratings and defend our franchisep g
Investing in the business model driving growth and efficiencies
Continue securities repurchase when compelling compared to other alternatives Continue securities repurchase when compelling compared to other alternatives
Common stock dividends in line with earnings
Disciplined M&A to strengthen business model and/or leverage tax assets
Proven track record of tactical deployment
11
12. Building on Momentum to Grow and Deliver
Build on investment in the business Build on investment in the business
Focus on sustainable profitable growth
Accelerate operating effectivenessg
Tactically deploy excess capital
Enhance the customer experience
Invest in and develop talent
Grow quality ROE
CNO positioned as a strong growth and stable company allowing us to focus on
12
CNO positioned as a strong growth and stable company allowing us to focus on
GROWING the Business and DELIVERING value to Shareholders
13. Investments in Business Growth & Infrastructure
Scott Perry – Chief Business Officer
Bruce Baude – Chief Operations and Technology Officer
Scott Goldberg – President, Bankers Life
Gerardo Monroy – President, Colonial Penn
Barb Stewart – President, Washington National
13
14. Scott Perry – Chief Business Officer
Scott Perry (51) is chief business officer of CNO Financial Group, Inc.
Perry joined CNO's subsidiary Bankers Life and Casualty Company as a field vice
president and went on to hold the titles of senior vice president of distribution, chief
operating officer and president of Bankers Life.
During his tenure, Perry helped transform Bankers into a performance-driven, values-
based organization with high accountability at all levels. He developed a unique
business model focused on serving America’s middle market pre-and post-retirees
through a unique career distribution system. Under Perry’s leadership, Bankers
developed best in class practices in lead generation performance management agentdeveloped best-in-class practices in lead generation, performance management, agent
recruitment, training, and field leadership development. Perry spearheaded a seven-
year strategy that involved aggressive expansion into new locations, doubling the size
of the agent force and producing consistent sales and earnings growth.
As president of Bankers, Perry delivered improved bottom-line financial results whileAs president of Bankers, Perry delivered improved bottom line financial results while
establishing consistent top line growth. Through pricing discipline, expense rigor and
operational efficiencies, the company achieved financial improvements in both inforce
blocks and new business. These achievements resulted in a strengthened balanced
sheet and steady improvements in return on equity.
Before joining Bankers, Perry spent 17 years in sales, marketing and management
roles at Presideo, Premera Blue Cross, Anthem Blue Cross Blue Shield and Golden
Rule. He is on the Board of Trustees of the American College and is a Board Member
of the Greater Illinois Chapter of the Alzheimer’s Association, Illinois Life Insurance
Council and LL Global, Inc., the parent organization of LIMRA and LOMA. He holds a
bachelor of arts degree in political science from Ripon College
14
bachelor of arts degree in political science from Ripon College.
15. Bruce Baude – Chief Operations and Technology Officer
Bruce Baude (49) was appointed EVP, Chief Operations and Technology Officer on
July 23, 2012. In this role he provides strategic leadership over both CNO’s
Operations and IT functions.
Baude was previously chief operating officer at Univita Health. He joined Long Term
Care Group in 2005 and served as chief executive officer through 2008, until its
acquisition by Univita.
F 2001 th h id 2005 h id t d hi f ti ffi fFrom 2001 through mid-2005, he was president and chief executive officer of
ProCard, Inc., a subsidiary of global payments processor, TSYS.
Before joining ProCard, Baude was with Bank One Corporation, where he held
various roles including that of chief executive of Banc One Financial Card Services, a
third-party payments processing company He began his career with IBM serving inthird party payments processing company. He began his career with IBM, serving in
both technical and sales roles supporting the automotive and financial services
industries.
Baude graduated with a B.S. in Electrical Engineering/Computer Science from the
University of Colorado.
15
16. Scott Goldberg – President, Bankers Life
Scott Goldberg (43) is President of Bankers Life and Casualty Company.
Goldberg began his career with CNO in 2004 as vice president of strategic planning.
In 2007 he joined Bankers as vice president of strategy and marketing In 2011In 2007, he joined Bankers as vice president of strategy and marketing. In 2011,
he was named vice president of sales and earned the company's top territory award.
Before joining CNO, Goldberg worked in strategy, consulting and business
development roles for CNA Financial, Lante Corporation, Accenture and Arthur
Andersen.
Goldberg earned a B.S. in Finance from the University of Illinois and holds an MBA
from the Ross School of Business at the University of Michigan.
16
17. Barb Stewart – President, Washington National
Barb Stewart (56) was named president of Washington National in March 2013.
She joined the company in 2006 as vice president of strategy and business,j y gy
responsible for strategic planning and business development, marketing, products,
agent recruiting and sales support, and business unit reporting.
Prior to Washington National, Stewart served as vice president, strategic
development for H&R Block Financial Advisors and, earlier, as president of
W hi t S S iti b k d l ffili t f ING H iWashington Square Securities, a broker dealer affiliate of ING. Her experience as a
financial services executive also includes 16 years with American Express Financial
Advisors (now Ameriprise), where she held leadership roles in sales and marketing,
third-party distribution, client service and underwriting support, and corporate re-
engineering.
Stewart, a Certified Financial Planner (CFP), holds an MBA from Cornell University
and a bachelor’s degree from the University of Delaware. She is a member of the
Indianapolis Financial Planning Association and serves as president and board
member of HOPE, an Ohio non-profit corporation. She also is a board member of the
Indiana Pacers Foundation
17
18. Gerardo Monroy – President, Colonial Penn
Gerardo Monroy (47) was named president of CNO’s Colonial Penn business
segment in August 2012, after serving as the vice president of long-term care for
CNO’s Bankers Life business segment since 2008.g
Monroy began his career with CNO in 2001 as a vice president in the corporate
marketing group and, in 2002, joined Bankers Life as vice president, distribution
strategy and field support. In 2004, he was named vice president, career distribution
and operations strategy and chief of staff to the company’s chief operating officer. He
b i id t f fi ld d i i t ti d l i ith B k i 2006 dbecame vice president of field administration and analysis with Bankers in 2006 and
was then named vice president of Bankers’ long-term care business in 2008.
Before joining CNO, Monroy worked for international corporations in Mexico and Italy,
including Procter & Gamble, and Carrier Corporation (part of United Technologies).
He holds an MBA from Harvard University and a bachelor's degree in public
accounting from the Universidad Iberoamericana in Mexico City.
Monroy served as board chairman of the Latino Education Alliance (LEA), a Chicago-
based nonprofit organization from 2008-10 and was recently elected to the Peirce
College Board of Trustees in May 2014.
18
19. Investments in Growth and Infrastructure
2014 Investment Breakdown Sales and Collected Premium Growth
$45 - $55 million in Key Initiatives
($ millions)
$2,500
$3,000
$500
$600 NAP
Collected Premium*
Agent
Growth and
Expansion
Customer
Experience
and Brand
Awareness
y
NAP Collected Premium
*
*
$2,000$400Back Office
Efficiencies
and
Capabilities
New
Products
and Market
Reach
$1,000
$1,500
$200
$300
2011 2012 2013 2016F
T d i h kInvesting in key initiatives
over the next several years to
continue driving sales above
industry growth rates and
Trends in the market…
Worksite supplemental coverage
Web and digital acceptance
Value and need for life insurance
19
leading to efficiencies
Value and need for life insurance
Financial planning needs for retirement
* NAP excludes Med Advantage and PDP
** Collected premium includes all core products excluding annuities and excluding OCB
20. Bankers Life Investments
The Opportunity Key Initiatives
Agent mobile tools and CRM
New commissions systems;
Large, growing, underserved market
‒ Concerned about future
‒ Prefer face-to-face advice
upgrading branch infrastructure
Location expansion
Multiple health & financial needs
‒ Cross-sales
Agent productivity
Financial planning
‒ Agent productivity
Distribution
Products &
Advice
Operations &
Administration
20
21. Bankers Life Outlook
Key Drivers and Expected Results
2014
Outlook
2014
Outlook
Revised
2014-2016
Outlook
Growth in agent 2% - 5% 3% - 6% 3% - 6%
productivity*
Growth in average agent
force
2% - 4% Flat 1% - 3%
Net new locations 15 15 15-20 / YrNet new locations 15 15 15 20 / Yr
Growth in sales 6% - 8% 6% - 8% 6% - 10%
Growth in collected
premium (excluding PDP)
4% - 6% 4% - 6% 4% - 8%
Driving Growth through Agent Productivity and a Shift Toward Financial Planning
21* Calculated as Bankers Life NAP divided by average agent force
22. Washington National Investments
The Opportunity Key Initiatives
Supplemental health -- increasing
need; largely untapped market
Expanding the worksite model to
“One Source” technology platform
Group product portfolio
Expanding the worksite model to
offer a private exchange, and
participate in others
PMA recruiting and geographic
expansion
Increase size and geographic
coverage of owned agency (PMA)
Distribution
Products &
Advice
Operations &
Administration
22
23. Washington National Outlook
Key Drivers and Expected Results
2014 Outlook
(unchanged)
2014-2016
Outlook
Growth in PMA agency force 8% -10% 8% - 10%
Growth in sales* 7% - 9% 7% - 10%
Growth in Worksite sales 7% - 9% 7% - 12%
Growth in collected premium* 5% - 7% 5% - 7%
Driving growth through investments in worksite and PMAg g o oug es e s o s e a d
23* Sales and collected premium for supplemental health
24. Colonial Penn Investments
The Opportunity Key Initiatives
Growing direct market
Evolving consumer preferences
New term & whole life growth
(Patriot Program)
The Challenge
Web/digital strategy
Sales generation diversification
Increased direct competition
TV advertising cyclicality
Telesales productivity
Distribution
Products &
Advice
Operations &
Administration
24
25. Colonial Penn Outlook
Key Drivers and Expected Results
2014
Outlook
2014 Outlook
Revised
2014-2016
Outlook
Marketing Cost to NAP 1 05 – 1 10 1 05 – 1 10 1 00 – 1 10Marketing Cost to NAP 1.05 1.10 1.05 1.10 1.00 1.10
Inforce EBIT $45 - $50mm $45 - $50mm $45 - $55mm
Growth in sales 6% - 9% 5% - 7% 5% - 10%
Growth in collected 7% - 9% 7% - 9% 7% - 9%Growth in collected
premium
7% 9% 7% 9% 7% 9%
Driving Economic Value with 2014 Total EBIT at or Near Break Eveng co o c a ue 0 o a a o ea ea e
25
26. Technology and Operations – Identifying the Gap
The Current Challenge
How to Effectively Serve the
Middle-Income Market
Highly efficient back office
– Smaller dollar policies
Price sensitivity
Diversity of platforms and data
complexity as a result of legacy
acquisitions– Price sensitivity
Streamlined and scalable
administration systems
Service culture focused on consistency
q
Combination of in-house and tactically
outsourced operations
Automation and customer self-serviceService culture focused on consistency,
accuracy, simplicity and empathy
Product design for both market need
and ease of administration
Automation and customer self-service
Sub-optimized cost structure
26
Distribution Products &
Advice
Operations &
Administration
27. Technology and Operations – Closing the Gap
Current and future investments designed to improve cost structure,
support growth and lead to a better customer experience
Meaningful momentum has been established through fairly modest, run-rate
investment to date
– Per policy call volumes down over 10% since 2Q12, reflecting better customer
experience and resulting in lower costs.
– Productivity management system deployed in Enterprise Operations, improving
unit costs and scalability.
Major levers exist to move the needle on cost, scalability and customer experience
– Strategic approach to outsourcing relationships and back office delivery
– Platform consolidation and data rationalization
– Automation and customer self-service
27
28. Investing in Alignment - The “Office of the Future”
Marketing &
Prospecting
Agent
Management
Meetings &
Presentations
Illustrations &
Applications
Underwriting
Customer
Service
Printed Lists,
Manual Dialing,
Direct-Mail
Dependent, Post-
M t A l i
Monday Staff
Meetings,
Whiteboards,
Email Updates
Calendar Books,
Paper Fact
Finder,
Laminated
Presentation
Laptop-based
Quotes and
Illustrations,
Paper
A li ti
Keyed
Applications,
Human
Underwriting
Mailed
Communications,
Faxed and
Telephone
Requests, Check
Where
We’ve
Been Mortem Analysis
Email Updates Presentation
Binder
Applications
Underwriting Requests, Check
Payment
Cloud-based
Vi t l M ti Sh d P i Q t
Static, paper-based and off-line
Been
CRM portal,
Click-to-Dial,
Sequenced
Media Mix, Real-
time Analytics
Virtual Meetings,
Digital Activity
Dashboard,
Social
Networking
Shared
eCalendar,
Digital Fact
Finder,
ePresenter
Premium Quotes,
Mobile & Tablet-
Quotes and
Illustrations,
eApplications
Straight-through
Processing,
Electronic
Underwriting
Digital
Communications,
Self-Service,
Bank Drafts
Where
We’re
Going
A dynamic, single-view of the customer
Products & Operations &
28
Distribution
Products &
Advice
Operations &
Administration
31. Investments: Search for Risk-Adjusted Yields
Eric Johnson – Chief Investment Officer and President 40|86
31
32. Eric Johnson – Chief Investment Officer and President,
0|8640|86 Advisors
Eric Johnson (53) has been the President of 40|86 Advisors (CNO’s registered
investment adviser subsidiary) for 9 years. He has more than 20 years of financial
markets and investment experience, beginning with a predecessor bank of J.P.
Morgan and Co.
He holds a B.A. with honors in American history from Harvard University, where he
graduated cum laude. He is a board member of The Julian Center, and a board
member and the Treasurer of the Harvard Club of Indiana.
32
33. Investment Strategy Tied to Enterprise Needs
Internal core competencies for mainstream asset classes, supplemented
with third party talent for more specialized allocations
Active strategic asset allocation process
Post crisis allocation shifts have focused on income and book yield but
not excluding relative value
Our approach has produced solid investment performance tested across
market cycles
We have been effective at protecting portfolio yields while not
compromising portfolio quality
33
34. Actively Balanced Portfolio
(March, 31, 2014 GAAP Book Value, $ millions)
HY Corporates
$1,312
5.3%
Average Rating: BBB+
Di ifi d b i k f t
Non-Agency
RMBS
$2,129
8.5%
Agency CMO
$442
1.8%
ABS
$335
1.3%
Diversified by risk factors
Substantial liquidity
IG Corporates
$13,491
54.0%
1.3%
CMBS
$1,589
6.4% US Government
& Agencies
$182Commercial
Allocation changes related to
relative value
0.7%Mortgage
$1,748
7.0%
CDOs
$290
1.2%
Other* relative value
Equities
$185
0.7%
Municipals
$2,168
8.7%
Other
$623
2.5%
Cash
$480
1.9%
34
*Other includes policy loans and schedule BA
39. Our View of the Landscape
Our capital position allows
flexibility in risk taking
Persistent low rates
Supply/demand dynamic in
Tactical
Strategies
We have a portfolio with
solid credit performance
We have stable investable
cash flows
various credit markets
Declining market liquidity
Some pressure on
underwriting standards
Up in quality -
down in structure
Off the run
Broad credit/fixed income
toolkit
No significant known legacy
issues in portfolio
underwriting standards
Less structural leverage
Heightened event risk
Emerging regulatory issues
Keep turnover low
Emerging regulatory issues
39
40. Tactical Views
CRE Loans, recent vintage CMBS – Constructive outlook supported by capital flows,
strengthening labor markets, and housing formation trends.
Municipals – Fundamentals generally favorable including tax collection, budget and ratings trends in
most segments. Limited event risk.
Esoteric ABS – Including cell towers, containers, billboards, whole business securitizations. ABS
market enamored with credit and the bid for esoterics is especially pronounced. Market is maturing
and deepening. The availability of short WAL bonds is highly attractive.
Al i B fi b di if i h f li i i d i i h fil
AAA CLO’s – U.S. recovery continues to improve credit quality and policy still is stimulative.
Alternatives - Benefit by diversifying the portfolio into income-producing assets with return profiles
that are less correlated with traditional fixed income.
y p q y p y
Regulatory issues have created incremental spread which far exceeds underlying loss content.
40
41. Modest Layering Into Alternatives
($ millions)
Hedge fund and private equity
di ifi d b k t
$232
exposures diversified by market
factors
Diversified pro-cyclical strategic (vs.
t ti l) t it k t
$195
tactical) exposure to equity markets
At 0.86% of invested assets, well
within industry norms for exposure
$111
Private Equity
Hedge Fund
CLO Equity
Overall allocation logically sized by
surplus availability$53
CLO investments drive proprietary
AUM and asset management fees
$23
2010 2011 2012 2013 1Q14
41
% Invested
Assets
0.09% 0.20% 0.40% 0.72% 0.86%
44. Key Takeaways on Investments
We have a clear and transparent approach
We are maintaining our portfolio yield
Credit performance has been strong
Stringent asset liability standards
44
46. Managing Our Long-Term Care Business
Chris Nickele – EVP Product ManagementChris Nickele EVP, Product Management
Tim Bischof – SVP, Corporate Actuary & ERM
Loretta Jacobs – VP, LTC
46
47. Chris Nickele – EVP, Product Management
Chris Nickele (57) joined CNO in October 2005 as executive vice president, product( ) j p , p
management, and was named additionally to head a new business segment - Other
CNO Business - in April 2010. Nickele is responsible for the development, pricing and
management of product on an enterprise-wide basis, overseeing activities at the
Washington National, Bankers Life and Colonial Penn segments, as well as
managing the profitability of blocks of business that are no longer being sold or
k t d b CNOmarketed by CNO.
Nickele has more than 35 years of experience in the insurance industry, specializing
in the area of product development. Nickele joined CNO from Lincoln Financial
Group, where he served as vice president and general manager of its First Penn-
Pacific subsidiary Previously he held key actuarial positions at Zurich Kemper LifePacific subsidiary. Previously, he held key actuarial positions at Zurich Kemper Life,
and Bankers Life and Casualty.
Nickele holds a bachelor's degree in mathematics from the University of Notre Dame.
He is a Fellow of the Society of Actuaries, a member of the American Academy of
Actuaries, and a participant of the Ad Hoc Committee on Regulation XXX.p p g
47
48. Tim Bischof – SVP, Corporate Actuary & ERM
Tim Bischof (42) was named Senior Vice President, Corporate Actuary & Enterprise
Risk Management for CNO Financial Group Inc on January 7 2013Risk Management for CNO Financial Group, Inc., on January 7, 2013.
Bischof joined CNO in 2001, and has steadily progressed through a wide variety of
actuarial and finance roles. In his current role, Bischof is responsible for overseeing and
coordinating the enterprise risk management process in conjunction with CNO’s
Enterprise Risk Management Committee. His Corporate Actuarial responsibilitiesp g p p
include oversight of experience analysis, actuarial controls, assumption and model
governance, reinsurance, actuarial analysis for mergers and acquisitons, and
coordinated support for asset liability management, .
Prior to CNO, he spent six years as an actuary with Indianapolis Life Insurance Co. and
CIGNA Corp.
Bischof is a frequent presenter at Society of Actuaries and enterprise risk management
forums. Bischof, earned a Bachelor of Science degree in mathematics and education
from Rockhurst College, and a Master of Science in statistics from the University of
Iowa He is a Fellow of the Society of Actuaries (FSA) and a Member of the AmericanIowa. He is a Fellow of the Society of Actuaries (FSA) and a Member of the American
Academy of Actuaries (MAAA).
48
49. Loretta Jacobs – VP, LTC
Loretta Jacobs (49) joined Bankers Life in May 2013 as Vice-President of the
company’s Long Term Care (LTC) business. In this role, she directly oversees the
LTC claims and policyholder service departments and partners with product and
valuation actuaries.
J b j i d B k f E t & Y h h l d it LTC t i l dit dJacobs joined Bankers from Ernst & Young, where she led its LTC actuarial audit and
advisory services practice, and she has over 20 years of insurance industry
experience, including LTC actuarial and operational leadership roles at CNA, John
Hancock Mutual Life Insurance and Milliman. She is a Fellow of the Society of
Actuaries (FSA) and a member of the American Academy of Actuaries (MAAA). She
completed a three-year term on the SOA LTC Section Council in October 2009 is acompleted a three year term on the SOA LTC Section Council in October 2009, is a
frequent speaker at industry conferences and has served as Assistant Editor of the
SOA's monthly newsletter, The Actuary. Jacobs graduated with high honors from the
University of Notre Dame with a Bachelor of Science in Mathematics.
49
50. Panel Session - LTC Working Group
Product
Management
Improving the Health of LTC
Management
& Pricing Focused Expertise
Product Management & Pricing
Tactical rate actions
LTC
Working
Group
Enterprise
Risk
Management
Actuarial
Valuation
Pro-active product mix shift
Operational Management
Policyholder wellness initiatives
Smart policyholder usage of benefits
Enhanced care management
Advanced Modeling & Analytics
Operational
Management
g y
Conservative margin analysis
Robust sensitivity testing
50
51. LTC – Action Oriented Risk Management
LTC Business Unit
Developed
1st Through 3rd
Rounds of Rate
Actions
Quota Share
Reinsurance with RGA
4th Round of
Rate Actions
Formalized LTC
Working GroupEstablished Partnership
with LTCG
2006 20142008 2010 20122005 2007 2009 2011 2013
Divestiture of SHIP to
Independent Trust
Divestiture of OCB LTC
Block to Beechwood Re
Rate Action Observations
Since 2006, four significant rate actions taken where indicated by adverse experience
Actions focused on 2005 and prior issue-years targeting 30-35% rate increases with success rates
of ~ 90% in early rounds, reducing to 50-60% in our most recent actionso 90% ea y ou ds, educ g o 50 60% ou os ece ac o s
55% of overall in-force has received a rate increase at some point in time with over 90% on nursing
home product issued prior to 2005
2014 activity focused on gaining approval of previous rate increase filings and on assessing the
need for additional rate increase actions beginning in 2015
51
need for additional rate increase actions beginning in 2015
52. Driving Toward Improved Risk Profile
Reserve Pattern per $1 of Issued Premium Net GAAP LTC Inforce Liabilities7X
LTC-
6X
5X
STC
HHC
LTC Non-Inflation
LTC -
Inflation
LTC
Non-
Inflation
Home
Health
4X
3X
2X
LTC 5% Inflation
S l * d I f * Mi B t LTC STC d HHC
Current reserve levels mean
i k i
Health
Care
Short-
Term
Care
1X
0 5 10 15 20 25 30 35 40 45
60%
70%
80%
90%
100%
…But current mix has a better
risk profile
Sales* and Inforce* Mix Between LTC, STC, and HHC
risk remains…
0%
10%
20%
30%
40%
50%
risk profile
Material shift to STC
Shorter benefit periods
Limited inflation benefit
52
0%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
InforceYE
1998
InforceYE
2013
STC HHC LTC
Conservative new business assumptions
with higher target returns
* Based on insureds
53. Improving LTC Claims Trends
Focus on claims lifecycle to improve LTC performance…
Upon Claim During the
Pre-Claim
P li h ld
p
Initiation
g
Claim
Both targeted and Expanded claims intake Enhanced care
Policyholder
Wellness
Both targeted and
broad based
Longitudinal study
required to prove
p
to promote earlier
reporting of claims
Staff with nurses and
a ced ca e
management to promote
claimant recovery
Enhanced control and
savings
Examples:
‒ Health screenings
F ll ti
social workers
Clarify policy
requirements
data analysis
Actively coordinate with
Medicare and
comm nit reso rces‒ Fall prevention
‒ Diet, exercise and
fitness education
community resources
Pilot testing underway
53
54. LTC - Financial Analysis & Sensitivity Testing
GAAP
Loss Recognition and Future Loss Reserves (FLR) Testing
Adequate margins for 2013
FLR accrual continue
Statutory
Asset Adequacy Testing and Premium Deficiency
Adequate margins for 2013
Standalone testing remains positive
Risk
Standalone testing remains positive
GAAP and Statutory Stress Testing and Event Envisioning
Exposure exist, but no alteration of enterprise business fundamentals
O i i f id ti f lt ti
Key Variable Sensitivity Test* LRT Margin
Impact
Asset Adequacy
Impact
Ongoing review for consideration of alternatives
Impact Impact
Lapse Rate +/- 10% +/- $55mm +/- $40mm
Morbidity +/- 1% -/+ $60mm -/+ $45mm
54
Mortality +/- 1% +/- $25mm N/A
* Represents a one-time permanent shift
55. LTC – “Low-For-Long” Rate Stress Tests
E d d N M R t (NMR)
From a reserve perspective, low-rate risk is concentrated with LTC....
New Money Rate Assumptions
Mild : NMR held flat for 5 years then
recovering over 4 additional years
Expanded New Money Rate (NMR)
Stress Tests
6.50%
7.00%
7.50%
New Money Rate Assumptions
Moderate: NMR reduced 50 bps in all
years, recovering to a lower ultimate
Severe: NMR reduced 100 basis4 50%
5.00%
5.50%
6.00%
Severe: NMR reduced 100 basis
points and held flat indefinitely
No mitigating management actions
assumed3.00%
3.50%
4.00%
4.50%
2014 2015 2016 2017 2018 2019 2020 2021 2022 20232014 2015 2016 2017 2018 2019 2020 2021 2022 2023
4th Quarter 2013 Mild Moderate Severe
New money rates reflect significantly longer LTC duration
55*Rates shown net of assumptions for investment expenses and defaults
New money rates reflect significantly longer LTC duration
56. LTC – “Low-For-Long” Rates Sensitivity
Observations
Reserve and capital impactsNet GAAP Earnings Impact
($ millions)
p p
emerge under severe scenario as
margins are exhausted
Mild and Moderate Scenarios:
$
$35.0
$40.0
$45.0
$50.0
Net GAAP Earnings Impact
LR Write-off
of Intangibles
‒ No material impact for GAAP or Stat
‒ Additional accruals for earnings pattern in the
tail for GAAP
Severe Scenario:
$10.0
$15.0
$20.0
$25.0
$30.0
FLR
Accrual
Severe Scenario:
‒ GAAP immediate impact due to loss
recognition write-off and higher accruals to
fund losses in the tail
‒ One time Stat increase of ~$120mm to
dd t bl l t
$0.0
$5.0
2014 2015 2016
Mild Moderate Severe
address notably low new money rate
Risk is manageable even under severe stress scenario;
C
56
RBC impacted by 20-30 points
57. LTC - Important Takeaways
A Comprehensive Strategy
Rate actions when supported by adverse experience
Actively engaged with the reinsurance community
Mix of new business drives a better risk profile in time
Several initiatives to improve care and “bend the claims curve”
Capital ratios dialed-in to withstand LTC stress scenarios
Working with industry groups, legislators and regulators to create a
sustainable environmentsustainable environment
We have a comprehensive strategy for managing risk on protection
products that are critical to the middle market.
57
p
59. A Look Inside Our Financial Plan
“B ildi th M t ”“Building on the Momentum”
Fred Crawford - CFO
59
60. Fred Crawford – Chief Financial Officer
Fred Crawford (50) was named executive vice president and chief financial officer for
CNO Financial Group, Inc., effective January 2012.
Crawford formerly served as executive vice president and head of Corporate
Development and Investments for Lincoln Financial Group. He joined Lincoln
Financial Group in 2001 as vice president and corporate treasurer and went on to
serve as senior vice president and chief financial officer in 2005 and executive vice
president and chief financial officer in 2008.
Prior to joining Lincoln Financial, Crawford was with Bank One Corporation where his
roles included President Bank One Cincinnati and Northern Kentuckyroles included President, Bank One Cincinnati and Northern Kentucky.
Other outside involvement includes Board Member of United Way of Central Indiana.
Crawford earned a Bachelor of Arts degree in marketing from Indiana State
University and an MBA from the University of Iowa.University and an MBA from the University of Iowa.
60
61. CNO’s Financial Plan Foundation
Key Underpinnings
D i i G th & M i t i i Di it
Capital Planning
Driving Growth & Maintaining Diversity
‒ Accelerating growth investments
‒ Active In-force management
Disciplined Capital Management
Key Earnings Drivers
Disciplined Capital Management
‒ Lowering our cost of capital
‒ Driving towards investment-grade
Tactical Capital Deployment
Sales (NAP) & VNB plan
Tactical Capital Deployment
‒ Guided by our view of risk
‒ Return meaningful capital to shareholders
‒ Modest shift towards reinvestment
Strategic Planning & Investment
Build Quality ROE
‒ Return on strategic investments
‒ Lower “beta“ & risk profile
‒ Execute on viable catalysts
61
y
62. Earnings Outlook – Plan Expectations
$1 40
$1.60 Plan Drivers
Operating EPS Excluding Significant Items*
14-17%
CAGR
$0.79
$1.02
$0 80
$1.00
$1.20
$1.40
Favorable health benefit ratios
Stable annuity persistency & spreads
Excess capital deployed for repurchase
CAGR
$0 20
$0.40
$0.60
$0.80
Strong capital & continued deleveraging
Plan Variables
$-
$0.20
2012 2013 2016
Plan Variables
New money investment yields
Long-term care performance
P f b i i t t
Weighted Average
Diluted Shares 281.4 232.7
Pace of business investment
Credit markets and capital position
2014- 2016 Outlook
Operating Earnings CAGR: 7-9% range
Outstanding (in millions)
62
Earnings Per Diluted Share CAGR: 14-17% range
* A non-GAAP measure. See the Appendix for a reconciliation to the corresponding GAAP measure.
63. Capital Targets and Recapitalization
Key Capital & Liquidity Metrics Plan Trajectory
20%
25%
425%
Leverage reduced to ~15% by 2016
Holdco. liquidity spent down to ~ $200mm
Consolidated RBC of ~ 420%
Excess capital defined by “debt capacity”
Target Range
15%
375%
400%
Recapitalization Considerations
p y p y
5%
10%
350%
“Not a matter of if we will
recapitalize.... a matter of when and
to what degree”
0%325%
2012 2013 1Q2014 2016F
Bond Dynamics
Ratings Trajectory
Markets & Terms
NPV DrivenLiquidity $294 $309 $306 ~$200
63
RBC Leverage
NPV DrivenLiquidity $294 $309 $306 ~$200
64. Ratings Activity Since 2012 – Clear Momentum
BB+
BBB-
BBB
Moody’s
Fitch
3/12/13
S&P
7/24/13
Moody’s
3/27/14
Fitch
Fitch
5/2/14
Debt Ratings
Fitch S&P
Moody's
BB
BB-
B+
B
oody s
8/29/12
S&P
5/3/13
tc
2/3/12
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Path to Investment GradeSignificant Progress
8 upgrades since the beginning of 2012
S&P Credit Watch Positive
Path to Investment-Grade
Time...
Continued stable performance
Significant Progress
S&P Credit Watch Positive
Moody’s and Fitch positive outlook
A.M. Best – stage is set for A rating
Continued stable performance
Active management of LTC exposure
Continued build in our middle-market franchise
64
65. 2014 Excess Capital & Deployment Plans
1Q 2014 2014 Outlook
(Revised)
Investment-grade ratings dialed-in while maintaining our tactical approach to deployment …
Repurchased ~$135 million
RBC 427% ~ 415%
Liquidity $306mm ~ $400mm*
Leverage** 17.6% ~17%
Year-to-Date
Securities Repurchase Guidance
2014 Capital Utilization Plan
vGuidance increased to $350mm to $400mm
range for full year 2014
Common Stock Dividend
Common
Stock
Dividends
2014 Capital Utilization Plan
Common Stock Dividend
v100% increase in Q1 2014, anticipate steady
increases targeting payout ratio of ~20%
Securities
Repurchase
$375
$51
Debt
Repayment
/ Financing
Costs
$63
Debt Amortization
vWaiver received on required debt pay-down.
~$200mm of amortization over plan period
Holdco Exp
& Other
$18
Interest
$39
65
$200mm of amortization over plan period
* Liquidity position assumes CLIC closing and $375 million of share repurchases
** A non-GAAP measure. Refer to the Appendix for the corresponding GAAP measure.
66. Tax Assets & Economic Value
Projected Utilization of Tax Assets
($ billions)
$1.2
$0.8
$1.0
Valuation Allowance on Non-life NOL
$0 2
$0.4
$0.6 GAAP Value (not discounted)
Economic Value (discounted at 10%)
Observations
$-
$0.2
2013 2016
Observations
2013 was an active tax planning year and generated nearly $100 million of economic benefits
Annual cash tax savings expected to be ~$50 million lower beginning in 2016 as life NOL’s are fully utilized
66
Opportunity to increase economic value by up to $125 million if we can increase non-life income
67. Risk Reduction & Operating Effectiveness
In-Force Policies Series of transactions have led
to a reduction of ~$10bn in
MS & Other
16%
4.4mm
$
volatile reserves and nearly
800,000 complex policies25%
Annuity
8%
Supp Health
12%
Supp Health
LTC
12%
LTC
9%
MS & Other
12%
v
Cost Structure Opportunity
Reduced “beta” and increased focus
D li i li i i f l
3.3mm
Life
52%
8%
Annuity
8%
Supp Health
24%
Decline in policies requires careful
management of expenses
Near-term focus on reducing expenses in-
line with OCB transition
52%
Life
49%
06/30/07 03/31/14
Long-term transformation to capitalize on
middle-market opportunity
*
67* Excludes CLIC policies
68. ROE Target & Catalysts Driving Valuation
Valuation CatalystsOrganic ROE Build
ROE C it
8.8%
11.0%
Recapitalization “The Sequel”
‒ Leveraged recap adds 75 -100 bps
‒ Logical timing – bond call date
ROE Capacity –
Recapitalization
(1)
(2)
(3)
10%
7.0%
7.6%
Back-Office Transformation
‒ Planning stages with more to come
‒ Long-term contribution to ROE
(1)
(1)
2012 2013 2013 PF 2016F
g
Lowering our “Beta”
‒ Current beta of ~1.6
Di it & i f t‒ Diversity & in-force management
‒ Achieving investment-grade
Book Value (xAOCI) CAGR = ~4% range
Beta* 1.75 1.65
* Source: U.S. Equity Barra
68
(1) Calculated on a normalized basis. A non-GAAP measure – refer to the Appendix for a reconciliation to the corresponding GAAP measures.
(2) Calculated on a normalized basis as if the sale of Conseco Life Insurance Company and the recapture of a traditional life block by Bankers Life had been
completed on January 1, 2013. A non-GAAP measure – refer to the Appendix for a reconciliation to the corresponding GAAP measures.
(3) Assumes debt issued bringing leverage to 20% with proceeds used to repurchase stock in 1Q 16
70. Cl i St t tClosing Statements
Ed Bonach - CEO
70
71. Building on Momentum to Grow and Deliver
Build on investment in the business Build on investment in the business
Focus on sustainable profitable growth
Accelerate operating effectivenessg
Tactically deploy excess capital
Enhance the customer experience
Invest in and develop talent
Grow quality ROE
CNO positioned as a strong growth and stable company allowing us to focus on
71
CNO positioned as a strong growth and stable company allowing us to focus on
GROWING the Business and DELIVERING value to Shareholders
72. Why CNO?
Significant opportunity in the middle marketSignificant opportunity in the middle market
Well positioned to capitalize on the opportunity with our
unique business modelunique business model
Investing in the business model to continue to drive
above industry sales growth and improved efficienciesabove industry sales growth and improved efficiencies
Catalysts driving future valuation are compelling
Strong track record of execution
72
74. Th t bl b l i th fi i l i t f i ifi t it 2012 t ti i M t b li th t
2012 Significant Items CNO
The table below summarizes the financial impact of significant items on our 2012 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Year ended
December 31, 2012
Excluding
Net Operating Income:
Bankers Life $ 300.9 $ (10.6) (1) $ 290.3
Washington National
Colonial Penn
Actual results Significant items
significant
items
148.8 - 148.8
(8 6) (8 6)Colonial Penn
Other CNO Business
EBIT from business segments continuing after the CLIC sale
Corporate Operations, excluding corporate interest expense (2)
EBIT from operations continuing after the CLIC sale
Corporate interest expense
(8.6) - (8.6)
(29.7) - (29.7)
411.4 (10.6) 400.8
(20.3) 17.0 (3.3)
391.1 6.4 397.5
(66.2) - (66.2)
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 206.9 $ 4.1 $ 211.0
Net operating income per diluted share* $ 0.78 $ 0.01 $ 0.79
324.9 6.4 331.3
118.0 2.3 120.3
(2) Pre-tax earnings in the Corporate segment included: (i) charges of $10.0 million related to the impact of lower interest rates on the values of liabilities
(1) Pre-tax earnings in the Bankers Life segment included: (i) $21.0 million of favorable reserve develoments in the Medicare supplement and long-term care
blocks; (ii) earnings of $4.0 million related to the release of long-term care reserves due to policyholder actions following recent rate increases; (iii) earnings
of $3.6 million from the PDP business assumed from Coventry due to premium adjustments; and (iv) charges of $18.0 million related to litigation expense
and a settlement with state securities regulators.
74
( ) g p g ( ) g $ p
for agent deferred compensation and former executive retirement annuities; and (ii) charges of $7.0 million related to the relocation of Bankers Life's
primary office.
* A non-GAAP measure. See page 77 for a reconciliation to the corresponding GAAP measure.
75. Th t bl b l i th fi i l i t f i ifi t it 2013 t ti i M t b li th t
2013 Significant Items CNO
The table below summarizes the financial impact of significant items on our 2013 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Year ended
December 31, 2013
Excluding
significant
Net Operating Income:
Bankers Life $ 310.5 $ (2.2) (1) $ 308.3
Washington National (2)
Colonial Penn
Actual results Significant items
significant
items
140.6 (1.5) 139.1
(12.5) - (12.5)
Other CNO Business
EBIT from business segments continuing after the CLIC sale
Corporate Operations, excluding corporate interest expense (3)
EBIT from operations continuing after the CLIC sale
Corporate interest expense
Operating earnings before tax
( ) ( )
(27.6) - (27.6)
411.0 (3.7) 407.3
18.6 (15.8) 2.8
429.6 (19.5) 410.1
(51.3) - (51.3)
378 3 (19 5) 358 8Operating earnings before tax
Tax expense on operating income
Net operating income * $ 248.4 $ (12.4) $ 236.0
Net operating income per diluted share* $ 1.07 $ (0.05) $ 1.02
378.3 (19.5) 358.8
129.9 (7.1) 122.8
(2) Pre-tax earnings in the Washington National segment included approximately $1.5 million of favorable reserve developments in the Medicare
supplement block
(1) Pre-tax earnings in the Bankers Life segment included: (i) approximately $18.0 million of favorable reserve developments in the Medicare supplement
block; (ii) charges of approximately $4.0 million related to refinements to the methodologies used to calculate health product reserves (primarily long-term
care); (iii) charges of $2.6 million primarily related to reserves established for remediation effors; and (iv) charges of $9.2 million related to an out-of-period
adjustment related to the long-term care block.
75
supplement block.
(3) Pre-tax earnings in the Corporate segment included a reduction in expenses of $15.8 million related to the impact of higher interest rates on the values
of liabilities for agent deferred compensation and former executive retirement annuities.
* A non-GAAP measure. See page 77 for a reconciliation to the corresponding GAAP measure.
76. Information Related to Certain Non-GAAP Financial Measures
The following provides additional information regarding certain non-GAAP measures used in this presentation.
A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows
that excludes or includes amounts that are normally excluded or included in the most directly comparable
measure calculated and presented in accordance with GAAP. While management believes these measures
are useful to enhance understanding and comparability of our financial results these non-GAAP measuresare useful to enhance understanding and comparability of our financial results, these non-GAAP measures
should not be considered as substitutes for the most directly comparable GAAP measures. Additional
information concerning non-GAAP measures is included in our periodic filings with the Securities and
Exchange Commission that are available in the “Investors – SEC Filings” section of CNO’s website,
www.CNOinc.com.
Operating earnings measures
Management believes that an analysis of net income applicable to common stock before the earnings of CLIC
being sold, loss on reinsurance transaction, net realized gains or losses, fair value changes due to fluctuations
in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities, equity
in earnings of certain non-strategic investments and earnings attributable to VIEs, loss on extinguishment of
debt and changes in our valuation allowance for deferred tax assets (“net operating income ” a non-GAAPdebt and changes in our valuation allowance for deferred tax assets ( net operating income, a non-GAAP
financial measure) is important to evaluate the performance of the Company and is a key measure commonly
used in the life insurance industry. Management uses this measure to evaluate performance because these
items are unrelated to the Company’s continuing operations.
76
77. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows
(dollars in millions, except per-share amounts):
2012 2013
Net income applicable to common stock 221.0$ 478.0$
Earnings of CLIC being sold (net of taxes) 31.1 (25.5)
Loss of reinsurance transaction (net of taxes) - 63.3
Net realized investment (gains) losses, net of related amortization and taxes (53.0) (16.8)
Fair value changes in embedded derivative liabilities, net of related amortization and taxes 1.8 (23.0)
Equity in earnings of certain non-strategic investments and earnings attributable to VIEs - 9 9Equity in earnings of certain non strategic investments and earnings attributable to VIEs 9.9
Valuation allowance for deferred tax assets and other tax items (171.5) (301.5)
Loss on extinguishment of debt (net of taxes) 177.5 64.0
Net operating income (a non-GAAP financial measure) 206.9$ 248.4$
Per diluted share:
Net income 0.83$ 2.06$
Earnings of CLIC being sold (net of taxes) 0.11 (0.11)
Loss of reinsurance transaction (net of taxes) - 0.27
Net realized investment (gains) losses, net of related amortization and taxes (0.19) (0.08)
Fair value changes in embedded derivative liabilities, net of related amortization and taxes 0.01 (0.10)
Equity in earnings of certain non-strategic investments and earnings attributable to VIEs - 0.04
Valuation allowance for deferred tax assets and other tax items (0.61) (1.29)( ) ( )
Loss on extinguishment of debt (net of taxes) 0.63 0.28
Net operating income (a non-GAAP financial measure) 0.78$ 1.07$
77
78. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share
is as follows (dollars in millions, except per-share amounts, and shares in thousands):
2012 2013
Operating income 206.9$ 248.4$
Add: interest expense on 7.0% Convertible Senior Debentures
due 2016, net of income taxes 12.2 1.6
Total adjusted operating income 219.1$ 250.0$j p g
Weighted average shares outstanding for basic earnings per share 233,685 221,628
Effect of dilutive securities on weighted average shares:
7% Debentures 44,037 5,780
Stock options, restricted stock and performance units 2,762 2,776
Warrants 943 2,518
Weighted average shares outstanding for diluted earnings per share 281,427 232,702
Operating earnings per diluted share 0.78$ 1.07$
78
79. Information Related to Certain Non-GAAP Financial Measures
Operating return measures
Management believes that an analysis of net income applicable to common stock before the earnings of CLIC being
sold, loss on reinsurance transaction, net realized gains or losses, fair value changes due to fluctuations in the interest
rates used to discount embedded derivative liabilities related to our fixed index annuities, equity in earnings of certain
non-strategic investments and earnings attributable to VIEs, loss on extinguishment of debt and changes in our
l ti ll f d f d t t (“ t ti i ” GAAP fi i l ) i i t t tvaluation allowance for deferred tax assets (“net operating income,” a non-GAAP financial measure) is important to
evaluate the performance of the Company and is a key measure commonly used in the life insurance industry.
Management uses this measure to evaluate performance because these items are unrelated to the Company’s
continuing operations.
Management also believes that an operating return excluding significant items is important as the impact of theseManagement also believes that an operating return, excluding significant items, is important as the impact of these
items enhances the understanding of our operating results.
This non-GAAP financial measure also differs from return on equity because accumulated other comprehensive income
(loss) has been excluded from the value of equity used to determine this ratio. Management believes this non-GAAP
financial measure is useful because it removes the volatility that arises from changes in accumulated other
comprehensive income (loss). Such volatility is often caused by changes in the estimated fair value of our investment
portfolio resulting from changes in general market interest rates rather than the business decisions made by
management.
In addition, our equity includes the value of significant net operating loss carryforwards (included in income tax assets).
In accordance with GAAP these assets are not discounted and accordingly will not provide a return to shareholdersIn accordance with GAAP, these assets are not discounted, and accordingly will not provide a return to shareholders
(until after it is realized as a reduction to taxes that would otherwise be paid). Management believes that excluding this
value from the equity component of this measure enhances the understanding of the effect these non-discounted
assets have on operating returns and the comparability of these measures from period-to-period. Operating return
measures are used in measuring the performance of our business units and are used as a basis for incentive
compensation.
79
compensation.
80. Information Related to Certain Non-GAAP Financial Measures
The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant items, on
equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-
GAAP financial measure); and (iii) return on equity are as follows (dollars in millions):
2012 2013
Operating income 206.9$ 248.4$
Operating income, excluding significant items 211.0$ 236.0$
Net Income 221.0$ 478.0$
Average common equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 3,024.4$ 3,092.4$
Average common shareholders' equity 4,868.5$ 4,849.7$
Operating return on equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 6.8% 8.0%
Operating return, excluding significant items, on equity, excluding
accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure) 7.0% 7.6%
Return on equity 4.5% 9.9%
80
(Continued on next page)
81. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating
loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows (dollars in millions):
4Q11 1Q12 2Q12 3Q12 4Q12 Average
Consolidated capital, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 2,966.3$ 3,057.1$ 3,129.9$ 2,938.8$ 2,976.9$ 3,024.4$carryforwards (a non GAAP financial measure) 2,966.3$ 3,057.1$ 3,129.9$ 2,938.8$ 2,976.9$ 3,024.4$
Net operating loss carryforwards 865.9 817.9 772.4 893.0 875.0 838.4
Accumulated other comprehensive income 781.6 808.0 990.8 1,234.4 1,197.4 1,005.7
Common shareholders' equity 4,613.8$ 4,683.0$ 4,893.1$ 5,066.2$ 5,049.3$ 4,868.5$
4Q12 1Q13 2Q13 3Q13 4Q13 Average
Consolidated capital, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 2,976.9$ 3,002.9$ 3,067.6$ 3,181.9$ 3,258.1$ 3,092.4$
Net operating loss carryforwards 875.0 855.0 815.7 970.7 965.3 890.4
A l t d th h i i 1 197 4 1 170 7 698 1 634 0 731 8 866 9Accumulated other comprehensive income 1,197.4 1,170.7 698.1 634.0 731.8 866.9
Common shareholders' equity 5,049.3$ 5,028.6$ 4,581.4$ 4,786.6$ 4,955.2$ 4,849.7$
81
82. Pro forma operating return on equity
Information Related to Certain Non-GAAP Financial Measures
Year ended
Pro forma operating return on equity
The pro forma operating return, excluding significant items, on equity, excluding accumulated other comprehensive income and net
operating loss carryforwards are calculated as if the sale of CLIC and the recapture of a traditional life block by Bankers Life had been
completed on January 1, 2013. The pro forma amounts were determined as follows (dollars in millions):
December 31, 2013
Operating income, excluding significant items 236.0$
Operating results of the traditional life block to be recaptured 4.9
Increase in net investment income to reflect the assumed higher invested
assets resulting from the proceeds of the sale of CLIC net of theassets resulting from the proceeds of the sale of CLIC, net of the
recapture fee paid by Bankers Life 3.9
Pro forma operating income, excluding significant items 244.8$
Average common equity, excluding accumulated other
h i i (l ) d t ti l f d 3 092 4$comprehensive income (loss) and net operating loss carryforwards 3,092.4$
Adjustment to reflect the estimated loss on the sale of CLIC (300.9)
Pro forma average common equity, excluding accumulated
other comprehensive income (loss) and net operating
loss carryforwards 2,791.5$
Pro forma operating return, excluding significant items, on equity,
excluding accumulated other comprehensive income (loss)
and net operating loss carryforwards (a non-GAAP financial
measure) 8.8%
82
83. Information Related to Certain Non-GAAP Financial Measures
Debt to capital ratio, excluding accumulated other comprehensive income (loss)p g p ( )
The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital
ratio because accumulated other comprehensive income (loss) has been excluded from the value of capital used to
determine this measure. Management believes this non-GAAP financial measure is useful because it removes the
volatility that arises from changes in accumulated other comprehensive income (loss). Such volatility is often caused
by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest
t th th th b i d i i d b t A ili ti f th ti i f ll ($ i
1Q14
C t t bl 844 1$
rates rather than the business decisions made by management. A reconciliation of these ratios is as follows ($ in
millions):
Corporate notes payable 844.1$
Total shareholders' equity 4,710.2
Total capital 5,554.3$
Corporate debt to capital 15.2%
Corporate notes payable 844.1$
Total shareholders' equity 4,710.2
Less accumulated other comprehensive income (766.2)
Total capital 4,788.1$
Debt to total capital ratio, excluding AOCI (a
non-GAAP financial measure) 17.6%
83