CNO Financial Group held a conference on March 26, 2012 to discuss its Barclays High Yield Bond and Syndicated Loan business. The document contained forward-looking statements and cautioned readers that CNO's actual results could differ materially from anticipated results due to various risk factors. It also noted that the presentation contained non-GAAP financial measures and included reconciliations in an appendix. Finally, it provided an overview of CNO, stating that it is well-positioned in the market, has a track record of strong execution, is building core value drivers, is well-capitalized and generating excess capital, and has strong risk management.
Morgan stanley financials_conference_-_06_13_12_finalCNOServices
Morgan Stanley Financials Conference held on June 13, 2012. The document discusses forward-looking statements and non-GAAP measures related to CNO Financial Group. It provides an overview of CNO Fundamentals including that it is well positioned in the growing senior and middle income market, has strong risk management, a track record of strong execution, and is building core value drivers. It is also well capitalized and generating significant excess capital. The document then discusses how CNO has expertise in important middle-market products and can access consumers across multiple distribution channels. It has few competitors and a defensible position in the market.
Pfizer at 2008 Credit Suisse Healthcare Conferencefinance5
1) The document is a transcript from Pfizer's 2008 Annual Credit Suisse Health Care Conference, where Jeff Kindler, Pfizer's Chairman and CEO, discusses Pfizer's strategic commitments and financial guidance.
2) Pfizer is committed to optimizing its product portfolio, accelerating its pipeline, establishing smaller business units, expanding in emerging markets, and aligning costs with revenues.
3) For 2008, Pfizer expects revenues of $48-49 billion and cost reductions of at least $2 billion, and to achieve its financial guidance targets.
The document discusses economically sensitive stocks that may perform well in the current economic environment of slow, mid-cycle growth. It highlights top stock picks from the industrial, business services, and consumer sectors that have compelling risk/reward profiles given slowing macroeconomic indicators but continued reliance on upper-income consumers. Analysts believe the global economy is transitioning from early to middle stage of the business cycle and see opportunities in longer-cycle projects, construction, and companies with aftermarket revenues.
Franklin Templeton Quarterly Report -Debt Market - August 2012Natraj71
This document discusses the fixed income markets and FT funds. It provides an overview of the global and Indian macroeconomic environment, noting accommodative monetary policies, slowing growth, and high interest rate differentials. It then summarizes FT's fixed income funds, including the Templeton India Low Duration Fund, Short Term Income Plan, Income Opportunities Fund, and Corporate Bond Opportunities Fund. These funds are well positioned for the current environment given their focus on short-dated securities and corporate bonds.
- Food prices have risen significantly since 2001 as supplies have fallen, with the most dramatic changes occurring between 2005-2008. Continued increases are expected due to rising demand from developing countries.
- Commodity investments by funds have increased substantially, which some argue has contributed to higher prices. However, studies have found little evidence that speculation has played a material role in price rises. Price increases have also occurred for commodities not traded on futures markets, indicating fundamentals are a primary driver. While correlations exist, position changes do not clearly precede price changes, suggesting speculation reflects rather than causes price movements.
- YES Bank reported net interest income of INR 3.48 billion for Q4FY11, up 43% year-over-year and 8% quarter-over-quarter, ahead of estimates. Margins remained stable at 2.8% against expectations of a 10 basis point decline.
- Business growth rebounded with deposit growth at 16.4% quarter-over-quarter and loan book growth at 10.4% quarter-over-quarter. Earning assets grew by around 15% quarter-over-quarter.
- Net profit for Q4FY11 came in at INR 2.03 billion, up 45.2% year-over-year and 6.4% quarter-over-quarter,
United Parcel Service (UPS) is a package delivery company with operations in over 220 countries. The document provides an analysis of UPS stock with the following key points:
- UPS has a global integrated package delivery network and provides end-to-end supply chain solutions. It is financially strong with a history of high returns.
- Reasons to buy UPS include its strong international growth, particularly in Asia, its sustainable business practices, and potential for dividend income and growth.
- The analyst recommends purchasing 900 shares of UPS at $68,814 based on qualitative and quantitative analysis of the company's financials, industry, and prospects for 2011.
The turm oil in financial markets across the globe caused by the rating downgrade of US Government debt by S&P will continue to haunt the Indian markets also for quite sometime to come.
Morgan stanley financials_conference_-_06_13_12_finalCNOServices
Morgan Stanley Financials Conference held on June 13, 2012. The document discusses forward-looking statements and non-GAAP measures related to CNO Financial Group. It provides an overview of CNO Fundamentals including that it is well positioned in the growing senior and middle income market, has strong risk management, a track record of strong execution, and is building core value drivers. It is also well capitalized and generating significant excess capital. The document then discusses how CNO has expertise in important middle-market products and can access consumers across multiple distribution channels. It has few competitors and a defensible position in the market.
Pfizer at 2008 Credit Suisse Healthcare Conferencefinance5
1) The document is a transcript from Pfizer's 2008 Annual Credit Suisse Health Care Conference, where Jeff Kindler, Pfizer's Chairman and CEO, discusses Pfizer's strategic commitments and financial guidance.
2) Pfizer is committed to optimizing its product portfolio, accelerating its pipeline, establishing smaller business units, expanding in emerging markets, and aligning costs with revenues.
3) For 2008, Pfizer expects revenues of $48-49 billion and cost reductions of at least $2 billion, and to achieve its financial guidance targets.
The document discusses economically sensitive stocks that may perform well in the current economic environment of slow, mid-cycle growth. It highlights top stock picks from the industrial, business services, and consumer sectors that have compelling risk/reward profiles given slowing macroeconomic indicators but continued reliance on upper-income consumers. Analysts believe the global economy is transitioning from early to middle stage of the business cycle and see opportunities in longer-cycle projects, construction, and companies with aftermarket revenues.
Franklin Templeton Quarterly Report -Debt Market - August 2012Natraj71
This document discusses the fixed income markets and FT funds. It provides an overview of the global and Indian macroeconomic environment, noting accommodative monetary policies, slowing growth, and high interest rate differentials. It then summarizes FT's fixed income funds, including the Templeton India Low Duration Fund, Short Term Income Plan, Income Opportunities Fund, and Corporate Bond Opportunities Fund. These funds are well positioned for the current environment given their focus on short-dated securities and corporate bonds.
- Food prices have risen significantly since 2001 as supplies have fallen, with the most dramatic changes occurring between 2005-2008. Continued increases are expected due to rising demand from developing countries.
- Commodity investments by funds have increased substantially, which some argue has contributed to higher prices. However, studies have found little evidence that speculation has played a material role in price rises. Price increases have also occurred for commodities not traded on futures markets, indicating fundamentals are a primary driver. While correlations exist, position changes do not clearly precede price changes, suggesting speculation reflects rather than causes price movements.
- YES Bank reported net interest income of INR 3.48 billion for Q4FY11, up 43% year-over-year and 8% quarter-over-quarter, ahead of estimates. Margins remained stable at 2.8% against expectations of a 10 basis point decline.
- Business growth rebounded with deposit growth at 16.4% quarter-over-quarter and loan book growth at 10.4% quarter-over-quarter. Earning assets grew by around 15% quarter-over-quarter.
- Net profit for Q4FY11 came in at INR 2.03 billion, up 45.2% year-over-year and 6.4% quarter-over-quarter,
United Parcel Service (UPS) is a package delivery company with operations in over 220 countries. The document provides an analysis of UPS stock with the following key points:
- UPS has a global integrated package delivery network and provides end-to-end supply chain solutions. It is financially strong with a history of high returns.
- Reasons to buy UPS include its strong international growth, particularly in Asia, its sustainable business practices, and potential for dividend income and growth.
- The analyst recommends purchasing 900 shares of UPS at $68,814 based on qualitative and quantitative analysis of the company's financials, industry, and prospects for 2011.
The turm oil in financial markets across the globe caused by the rating downgrade of US Government debt by S&P will continue to haunt the Indian markets also for quite sometime to come.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
Indian equity markets performed strongly over the last month and year, with the Sensex and Nifty rising 4.9% and 5% respectively over the last month and 19.9% and 21.7% over the last year. Global equity markets also saw gains. Indian debt markets remained volatile, with yields on the 10-year G-sec falling 56 basis points over the last year. Gold and oil prices rose over the last year, but gains were modest over the last month. The rupee depreciated slightly against the dollar. Overall, most markets saw gains in the last year but momentum slowed in the last month.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
Paraná Banco reported financial results for the second quarter of 2009. Net income increased 33.3% compared to the second quarter of 2008 and 66.7% compared to the first quarter of 2009. The loan portfolio grew 4.7% over the first quarter, while deposits increased 6.5%. Insurance operations contributed 32.4% of consolidated net income for the quarter. The efficiency ratio improved to 48.8% and the net interest margin rose to 15.4%.
MF Transparency is a US-based non-profit organization that promotes pricing transparency in the microfinance sector. They have collected pricing data from over 400 institutions in 28 countries, representing over $14 billion in loans to 38 million clients. Their work includes data collection, training, and consulting with regulators on disclosure policies. The document discusses their efforts in the Philippines, including an upcoming data launch and technical assistance for participating MFIs. It also covers the Philippines' Circular No. 730 which aims to enhance loan transaction transparency through standardized disclosure of pricing information.
This document summarizes the key points from a speech given by Erdem Başçı, the Governor of the Central Bank of the Republic of Turkey, at the World Bank-IMF Annual Meetings in April 2012. The summary discusses rebalancing of the domestic and external demand in Turkey, moderate economic growth expected in 2012, inflation peaking in April 2012 and falling for the rest of the year, and the Central Bank's focus on using policy tools to achieve its 5% inflation target by mid-2013.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
- Q1 2008 sales were down 3.4% and operating income was down 56.5% due to housing market challenges.
- For 2008, Home Depot expects total sales to decline 4-5%, negative comps in the mid-to-high single digits, and operating margin decline of 170-210 basis points.
- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
- The company is focused on capital efficiency through store rationalization, supply chain improvements, and driving productivity across operations
This document discusses the inhibition effect of hydantoin compounds on the corrosion of iron in nitric acid and sulfuric acid solutions. Three methods - thermometric, weight loss, and polarization - were used to measure the inhibition and all gave consistent results. The polarization curves indicated that the hydantoin compounds act as mixed-type inhibitors. The adsorption of the inhibitors was found to obey the Temkin adsorption isotherm. Test results showed that inhibition efficiency was higher in nitric acid solution than sulfuric acid solution. The corrosion rate of iron in both acids increased with temperature in both the absence and presence of inhibitors. Kinetic-thermodynamic models and isotherm data were analyzed. The synergistic effect of halide anions
La Unión Europea ha acordado un paquete de sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen restricciones a las transacciones con bancos rusos clave y la prohibición de la venta de aviones y equipos a Rusia. Los líderes de la UE esperan que las sanciones aumenten la presión económica sobre Rusia y la disuadan de continuar su agresión contra Ucrania.
This document discusses a study on the corrosion inhibition properties of mono- and bis-azo dyes for iron in nitric acid and sodium hydroxide solutions. The inhibition efficiency of the dyes was analyzed using gravimetric, thermometric, and polarization measurements. The dyes were found to be mixed type inhibitors in acid and mainly cathodic inhibitors in base. The dyes were found to adsorb spontaneously onto the iron surface based on thermodynamic calculations. The inhibition efficiency increased with the number of adsorption sites and charge density on the dye molecules. Theoretical calculations of inhibition efficiency matched well with experimental results.
This document summarizes a symposium on freeway and tollway operations that discussed speed limits from planning, driver attitude, and research perspectives in Greece. It presented data on drivers' self-reported and observed speeds on Greek motorways, which found most drivers exceed the 120 km/h limit. Surveys found safety is the main reason drivers comply with limits, while being in a hurry is the top reason for exceeding limits. Researchers recommended considering engineering, economic, and drivers' choice factors when setting reliable speed limits.
Estate planning involves managing assets while alive and controlling their distribution after death according to one's goals. This document provides an overview of common estate planning needs for different groups, including unmarried couples, married couples, young singles, families with children, retirees, the elderly or ill, and wealthy individuals. It also discusses the advantages of trusts and the importance of periodically reviewing one's estate plan.
The document outlines the agenda for an Internet Sales 20 Group workshop. It begins with housekeeping items like turning off phones and expectations for participants to complete action plans and respect others. It then explains that a 20 Group is a structured meeting for dealership leaders to compare metrics, discuss incentives and growth strategies. The Internet Sales 20 Group expands on this model with benchmarking, social media integration and a technology platform. A key tool is an Internet Sales Composite that identifies dealership strengths, weaknesses, opportunities and threats. The agenda includes a situation analysis where participants assess their roles, successes, strengths/weaknesses and goals for the workshop.
Actuarial comparative analysis of natural premiumanglo99
The document compares natural premium and level premium insurance systems.
[1] Natural premium increases over time as the insured ages and risk of death rises, making it unsustainable. Level premium charges the same premium each year by building up reserves from early premiums to cover later claims.
[2] An example policy shows level premium reserves increasing over time, allowing the company to pay claims later in the policy that exceed premiums.
[3] The analysis recommends level premium over natural premium because it provides consistent premiums and is more practical for policyholders and insurance companies.
The document discusses the results of a study on the impact of COVID-19 lockdowns on air pollution. Researchers found that lockdowns led to significant short-term reductions in nitrogen dioxide and fine particulate matter pollution globally as economic activities slowed. However, the impacts on greenhouse gases and long-term air quality improvements remain uncertain without permanent behavior and economic changes.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
Indian equity markets performed strongly over the last month and year, with the Sensex and Nifty rising 4.9% and 5% respectively over the last month and 19.9% and 21.7% over the last year. Global equity markets also saw gains. Indian debt markets remained volatile, with yields on the 10-year G-sec falling 56 basis points over the last year. Gold and oil prices rose over the last year, but gains were modest over the last month. The rupee depreciated slightly against the dollar. Overall, most markets saw gains in the last year but momentum slowed in the last month.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
Paraná Banco reported financial results for the second quarter of 2009. Net income increased 33.3% compared to the second quarter of 2008 and 66.7% compared to the first quarter of 2009. The loan portfolio grew 4.7% over the first quarter, while deposits increased 6.5%. Insurance operations contributed 32.4% of consolidated net income for the quarter. The efficiency ratio improved to 48.8% and the net interest margin rose to 15.4%.
MF Transparency is a US-based non-profit organization that promotes pricing transparency in the microfinance sector. They have collected pricing data from over 400 institutions in 28 countries, representing over $14 billion in loans to 38 million clients. Their work includes data collection, training, and consulting with regulators on disclosure policies. The document discusses their efforts in the Philippines, including an upcoming data launch and technical assistance for participating MFIs. It also covers the Philippines' Circular No. 730 which aims to enhance loan transaction transparency through standardized disclosure of pricing information.
This document summarizes the key points from a speech given by Erdem Başçı, the Governor of the Central Bank of the Republic of Turkey, at the World Bank-IMF Annual Meetings in April 2012. The summary discusses rebalancing of the domestic and external demand in Turkey, moderate economic growth expected in 2012, inflation peaking in April 2012 and falling for the rest of the year, and the Central Bank's focus on using policy tools to achieve its 5% inflation target by mid-2013.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
- Q1 2008 sales were down 3.4% and operating income was down 56.5% due to housing market challenges.
- For 2008, Home Depot expects total sales to decline 4-5%, negative comps in the mid-to-high single digits, and operating margin decline of 170-210 basis points.
- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
- The company is focused on capital efficiency through store rationalization, supply chain improvements, and driving productivity across operations
This document discusses the inhibition effect of hydantoin compounds on the corrosion of iron in nitric acid and sulfuric acid solutions. Three methods - thermometric, weight loss, and polarization - were used to measure the inhibition and all gave consistent results. The polarization curves indicated that the hydantoin compounds act as mixed-type inhibitors. The adsorption of the inhibitors was found to obey the Temkin adsorption isotherm. Test results showed that inhibition efficiency was higher in nitric acid solution than sulfuric acid solution. The corrosion rate of iron in both acids increased with temperature in both the absence and presence of inhibitors. Kinetic-thermodynamic models and isotherm data were analyzed. The synergistic effect of halide anions
La Unión Europea ha acordado un paquete de sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen restricciones a las transacciones con bancos rusos clave y la prohibición de la venta de aviones y equipos a Rusia. Los líderes de la UE esperan que las sanciones aumenten la presión económica sobre Rusia y la disuadan de continuar su agresión contra Ucrania.
This document discusses a study on the corrosion inhibition properties of mono- and bis-azo dyes for iron in nitric acid and sodium hydroxide solutions. The inhibition efficiency of the dyes was analyzed using gravimetric, thermometric, and polarization measurements. The dyes were found to be mixed type inhibitors in acid and mainly cathodic inhibitors in base. The dyes were found to adsorb spontaneously onto the iron surface based on thermodynamic calculations. The inhibition efficiency increased with the number of adsorption sites and charge density on the dye molecules. Theoretical calculations of inhibition efficiency matched well with experimental results.
This document summarizes a symposium on freeway and tollway operations that discussed speed limits from planning, driver attitude, and research perspectives in Greece. It presented data on drivers' self-reported and observed speeds on Greek motorways, which found most drivers exceed the 120 km/h limit. Surveys found safety is the main reason drivers comply with limits, while being in a hurry is the top reason for exceeding limits. Researchers recommended considering engineering, economic, and drivers' choice factors when setting reliable speed limits.
Estate planning involves managing assets while alive and controlling their distribution after death according to one's goals. This document provides an overview of common estate planning needs for different groups, including unmarried couples, married couples, young singles, families with children, retirees, the elderly or ill, and wealthy individuals. It also discusses the advantages of trusts and the importance of periodically reviewing one's estate plan.
The document outlines the agenda for an Internet Sales 20 Group workshop. It begins with housekeeping items like turning off phones and expectations for participants to complete action plans and respect others. It then explains that a 20 Group is a structured meeting for dealership leaders to compare metrics, discuss incentives and growth strategies. The Internet Sales 20 Group expands on this model with benchmarking, social media integration and a technology platform. A key tool is an Internet Sales Composite that identifies dealership strengths, weaknesses, opportunities and threats. The agenda includes a situation analysis where participants assess their roles, successes, strengths/weaknesses and goals for the workshop.
Actuarial comparative analysis of natural premiumanglo99
The document compares natural premium and level premium insurance systems.
[1] Natural premium increases over time as the insured ages and risk of death rises, making it unsustainable. Level premium charges the same premium each year by building up reserves from early premiums to cover later claims.
[2] An example policy shows level premium reserves increasing over time, allowing the company to pay claims later in the policy that exceed premiums.
[3] The analysis recommends level premium over natural premium because it provides consistent premiums and is more practical for policyholders and insurance companies.
The document discusses the results of a study on the impact of COVID-19 lockdowns on air pollution. Researchers found that lockdowns led to significant short-term reductions in nitrogen dioxide and fine particulate matter pollution globally as economic activities slowed. However, the impacts on greenhouse gases and long-term air quality improvements remain uncertain without permanent behavior and economic changes.
The document discusses the origins and principles of Jainism. It states that Jainism emerged in India as some people disagreed with Hinduism's beliefs. Jainism was based on the teachings of Mahavira, who believed Hinduism emphasized too much on rituals. The key principles of Jainism that Mahavira emphasized were nonviolence or ahimsa, telling the truth, not stealing, and owning no property. Jains practice strict nonviolence and believe all life is sacred, making them vegetarians. The document notes several historical figures like Gandhi and Martin Luther King Jr. who embraced the principle of nonviolence.
Spectroscopy Letters Volume 26 issue 3 1993 [doi 10.1080_00387019308011552] S...Al Baha University
This document summarizes a study that synthesized and characterized complexes of molybdenum and uranium with the ligand 2,2'-biimidazole. Two types of complexes were identified. Those formed from slightly acidic solutions had formulas like MO02(H2bim)Cl2·2H2O, while those from alkaline solutions had formulas like MoO2(Hbim)2. Characterization included elemental analysis, conductivity measurements, 1H NMR spectroscopy, IR spectroscopy, and electronic spectroscopy. The IR spectra showed peaks characteristic of the biimidazole ligand as well as metal-oxygen double bonds. The 1H NMR spectrum supported the proposed structure of one uranium complex. Electronic spectroscopy provided information about
This document contains biographical and professional information about Loutfy H. Madkour. It lists his educational background, including obtaining a B.Sc. in Chemistry from Cairo University in 1972, an M.Sc. in Physical Chemistry from Minia University in 1979, and a Ph.D. in Physical Chemistry from Tanta University in 1982. It details his extensive professional experience as a professor of chemistry and physical chemistry at numerous universities in Egypt, Saudi Arabia, Yemen, and Kuwait since 1983. It also lists over 140 publications and provides information on his research interests, skills, languages, and memberships.
Recommended flowsheets for the electrolytic extraction of lead and zinc from ...Al Baha University
The polymetal complex ore Umm-Gheig considered in Egypt as a rather rich source of lead and zinc is subjected to
mineralogical, chemical, spectral, X-ray and differential thermal analyses. Hydrometallurgical treatments based on leaching,
precipitation and electrodeposition of metal from the ore are established. The influences of current density, temperature and metal
ion concentration on the Faradic current efficiency are discussed. Advantages and disadvantages of flowsheets and various
approaches depending on convenient baths for the electro-deposition of metals are investigated. The results of electron
microscopic investigation confirmed by metal value data given in the A.S.T.M. cards coincide well with those given by chemical
analysis
Difference Between Executive-Classic Resume vs. Standard Resume
http://executiveclassicresume.blogspot.com/
http://www.scribd.com/doc/111153150/Corporations-Prefer-Standard-Executive-Classic-Resume-Formats
CNO Financial Group presented at the 2012 FBR Fall Investor Conference on November 27, 2012. The presentation included the following key points:
1) CNO is well positioned in the growing middle-income market with a track record of strong execution and building core value drivers. They have a well capitalized balance sheet generating excess capital.
2) CNO offers the right products through the right channels to serve today's middle-market consumer. They have expertise across important middle-market products that can be accessed through multiple distribution channels.
3) CNO has demonstrated a track record of strong execution through various capital management and debt refinancing initiatives, cost reductions, and balanced capital deployment.
CNO Financial Group reported solid financial and operating results for the fourth quarter of 2011. Their businesses continued to perform well with earnings growth throughout 2011. Sales in the quarter grew 6% over the same period in 2010. The company's financial strength and credit profile also continued to improve, with statutory capital and risk-based capital increasing over 2011. CNO Financial will continue focusing on profitable organic growth by investing in agent recruiting, footprint expansion, and field management development.
- Fourth quarter 2016 non-GAAP earnings per share increased 33% to $2.24 compared to $1.69 in the prior year period driven by 6% organic revenue growth and operating profit growth of 32%.
- For full-year 2016, non-GAAP earnings per share increased to $2.24 from $1.69 in 2015 on 6% organic revenue growth and operating profit growth of 43%.
- The company provided 2017 non-GAAP guidance expecting 6% organic revenue growth, operating profit between $230-240 million, an operating margin of 7.7-8.0%, and earnings per share of $2.45-2.55.
Mainstreet Equity Corp. (“Mainstreet” or the
“Corporation), an add-value, mid-market consolidator
of apartments in Western Canada, is announcing its
operating and financial results for the three months
ended December 31, 2016.
First Quarter 2012 Investor PresentationCNOServices
CNO Financial Group reported financial and operating results for 1Q12. Earnings continued with operating EPS of $0.15, up from $0.11 in 1Q11. Financial strength improved with the RBC ratio increasing to 360% from 341% in 1Q11. Sales grew 12% over 1Q11 across all three core segments. The outlook remains positive with continued investment in growth across all business segments.
This document summarizes the key points from Shaun Gath's presentation at the 12th Annual Health Insurance Summit on current regulatory issues in the private health insurance industry in Australia. The presentation covered: membership growth in private hospital and general treatment insurance; the financial position of the industry; proposed updates to capital adequacy and solvency standards; and an overview of the Private Health Insurance Administration Council's work reviewing competition in the industry.
This report from Daewoo Securities provides an analysis of the Korean insurance sector. It finds that in 2014, life insurers regained prominence amid sluggish non-life insurer earnings and a decline in bond yields. The report expects life insurers to benefit temporarily in 2015 from regulatory changes like a statutory rate cut, while two obstacles may hinder insurers from becoming dividend plays: the setting of an RBC ratio for higher dividends and strengthened liability adequacy tests. Samsung F&M and Dongbu Insurance are presented as top picks due to less sensitivity to potential regulatory issues.
Agility health investor presentation - investor tab 07.18.16AgilityHealth
Agility Health is a leading healthcare provider focused on physical rehabilitation services. It operates over 155 locations across the US. The presentation provides an overview of Agility Health's business model, growth strategy, and financial performance. It aims to capitalize on the large and fragmented physical rehabilitation industry through acquisitions, organic growth, and its proprietary software system. Key highlights include double-digit revenue and EBITDA growth in recent quarters and an experienced management team.
This document discusses practical uses of financial reporting for actuaries in Hong Kong. It covers several topics: the meaning of practical actuaries and how they can use financial reports; differences between insurance contracts and contemporary financial products; how stakeholders use financial reports; the impact of IFRS and Solvency II on asset-liability management and business; and considerations for improving insurance contract financial reporting. The author argues that current reporting does not fully reflect insurance risks and that future standards should improve comparability.
This document provides an earnings presentation for Q4 2017. Key points include:
- The company delivered its first year of positive net income since 2007 and highest adjusted EBITDA since 2010.
- Digital sales increased to 54% of total sales in Q4 2017, up from prior year.
- The company launched its programming in over 10 million additional HD homes in 2017.
- 2018 guidance forecasts 2-5% normalized sales growth and adjusted EBITDA of $19-21 million, representing 5-17% growth.
Five Macro Trends Driving Healthcare Industry Investment in 2011 and BeyondCognizant
Here are five industry trends that will strongly influence where and how healthcare ecosystem participants will invest business development and technology dollars this year and into 2012.
The document is a Q2 FY18 investor presentation for HealthCare Global Enterprises Limited. Some key points:
- Q2 revenue grew 21.3% year-over-year to INR 2,111 million driven by growth in HCG and Milann centers.
- Q2 EBITDA increased 22.3% to INR 311 million with margins of 14.7%. Existing centers saw an EBITDA margin of 18.8%.
- New centers commissioned after April 2015 contributed revenues of INR 314 million but remained loss-making in Q2.
Agility Health is a leading physical rehabilitation services provider with over 150 locations across the US. The presentation provides an overview of Agility Health's business model, growth strategy, and financials. Key points include:
- Agility Health operates across multiple rehabilitation settings including outpatient clinics, long-term care facilities, hospitals, and industrial worksites.
- The growth strategy focuses on acquisitions, de novo clinic openings, and organic growth across existing and new markets.
- Financial highlights show increasing revenue, EBITDA, and margins in recent years and quarters. Management has taken steps to reduce costs and improve profitability.
- The physical therapy industry is highly fragmented, providing opportunities for consolidation.
Re-Evaluating Your Managed Care Revenue Improvement Opportunitieschriskalkhof
Within your span of control are:
1) Preparing strategically through internal/external assessments and developing contracting/pricing strategies.
2) Negotiating effectively to optimize reimbursement, payment rules, and contracts.
3) Integrating agreements into revenue management operations through the revenue cycle.
Mercer Capital's Value Focus: Insurance Industry | Q2 2015Mercer Capital
This document provides an overview and commentary on the insurance industry for the second quarter of 2015. It discusses trends and performance in various insurance subsectors including:
- Property & casualty insurance stocks rose modestly, with specialty insurers outperforming. Rate increases remained small while catastrophe losses are expected to be higher than last year.
- Reinsurance stocks increased led by consolidation speculation, though soft pricing is expected to continue.
- Life & health stocks increased slightly while managed care benefited from the Supreme Court upholding ACA exchanges. Consolidation is anticipated in managed care.
- Broker stocks rose slightly amid a soft pricing environment that may pressure broker revenue. The environment may become the new normal according to
This document provides a summary of Nielsen's Q1 2017 earnings results. Key points include:
- Revenue was $1.53 billion, up 3.2% in constant currency. Watch segment revenue grew 11.1% driven by total audience and Gracenote. Buy segment revenue declined 3.7% with challenges in developed markets.
- Adjusted EBITDA was $422 million, up 4.7% in constant currency.
- Nielsen reiterated its full-year 2017 guidance.
Brink's Second Quarter 2017 Earnings Presentationinvestorsbrinks
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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.
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
- 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.
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3. Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements. Our statements, trend analyses and other information contained in these
materials relative to markets for CNO Financial’s products and trends in CNO Financial’s operations or financial results, as well as other
statements, contain forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act
of 1995. Forward-looking statements typically are identified by the use of terms such as “anticipate,” “believe,” “plan,” “estimate,” “expect,”
“project,” “intend,” “may,” “will,” “would,” “contemplate,” “possible,” “attempt,” “seek,” “should,” “could,” “goal,” “target,” “on track,” “comfortable
with,” “optimistic” and similar words, although some forward-looking statements are expressed differently. You should consider statements that
contain these words carefully because they describe our expectations, plans, strategies and goals and our beliefs concerning future business
conditions, our results of operations, financial position, and our business outlook or they state other ‘‘forward-looking’’ information based on
currently available information. Assumptions and other important factors that could cause our actual results to differ materially from those
anticipated in our forward-looking statements include, among other things: (i) changes in or sustained low interest rates causing a reduction in
investment income, the margins of our fixed annuity and life insurance businesses, and sales of, and demand for, our products; (ii) general
economic, market and political conditions, including the performance and fluctuations of the financial markets which may affect the value of our
investments as well as our ability to raise capital or refinance existing indebtedness and the cost of doing so; (iii) the ultimate outcome of
lawsuits filed against us and other legal and regulatory proceedings to which we are subject; (iv) our ability to make changes to certain non-
guaranteed elements of our life insurance products; (v) our ability to obtain adequate and timely rate increases on our health products, including
our long-term care business; (vi) the receipt of any required regulatory approvals for dividend and surplus debenture interest payments from our
insurance subsidiaries; (vii) mortality, morbidity, the increased cost and usage of health care services, persistency, the adequacy of our previous
reserve estimates and other factors which may affect the profitability of our insurance products; (viii) changes in our assumptions related to
deferred acquisition costs or the present value of future profits; (ix) the recoverability of our deferred tax assets and the effect of potential
ownership changes and tax rate changes on their value; (x) our assumption that the positions we take on our tax return filings, including our
position that our 7.0% convertible senior debentures due 2016 will not be treated as stock for purposes of Section 382 of the Internal Revenue
Code of 1986, as amended, and will not trigger an ownership change, will not be successfully challenged by the Internal Revenue Service; (xi)
changes in accounting principles and the interpretation thereof (including changes in principles related to accounting for deferred acquisition
costs); (xii) our ability to continue to satisfy the financial ratio and balance requirements and other covenants of our debt agreements; (xiii) our
ability to achieve anticipated expense reductions and levels of operational efficiencies including improvements in claims adjudication and
continued automation and rationalization of operating systems, (xiv) performance and valuation of our investments, including the impact of
realized losses (including other-than-temporary impairment charges); (xv) our ability to identify products and markets in which we can compete
effectively against competitors with greater market share, higher ratings, greater financial resources and stronger brand recognition; (xvi) our
ability to generate sufficient liquidity to meet our debt service obligations and other cash needs; (xvii) our ability to maintain effective controls
over financial reporting; (xviii) our ability to continue to recruit and retain productive agents and distribution partners and customer response to
new products, distribution channels and marketing initiatives; (xix) our ability to achieve eventual upgrades of the financial strength ratings of
CNO Financial and our insurance company subsidiaries as well as the impact of our ratings on our business, our ability to access capital and the
cost of capital; (xx) the risk factors or uncertainties listed from time to time in our filings with the Securities and Exchange Commission; (xxi)
regulatory changes or actions, including those relating to regulation of the financial affairs of our insurance companies, such as the payment of
dividends and surplus debenture interest to us, regulation of the sale, underwriting and pricing of products, and health care regulation affecting
health insurance products; and (xxii) changes in the Federal income tax laws and regulations which may affect or eliminate the relative tax
advantages of some of our products or affect the value of our deferred tax assets. Other factors and assumptions not identified above are also
relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.
All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. Our forward-looking statements
speak only as of the date made. We assume no obligation to update or to publicly announce the results of any revisions to any of the forward-
looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the
forward-looking statements.
CNO Financial Group 3
4. Non-GAAP Measures
This presentation contains financial measures that differ from the comparable measures
under Generally Accepted Accounting Principles (GAAP). Reconciliations between these
non-GAAP measures and the comparable GAAP measures are included in the Appendix.
While 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 filings
with the Securities and Exchange Commission that are available in the “Investors – SEC
Filings” section of CNO’s website, www.CNOinc.com.
CNO Financial Group 4
5. CNO Fundamentals
Well positioned in the market
Track record of strong execution
Building core value drivers
Well capitalized and generating significant excess capital
Strong risk management
CNO Financial Group 5
6. CNO: The right products and the right channels for
today’s middle-market consumer
CNO has expertise across CNO can access
Strong trends are driving important middle-market consumers across
middle-market consumers products multiple channels
• Rising medical costs • Fixed and Fixed-Index • With an Agent (Retail)
Life and Annuity • Bankers Career Force
• Decline of societal safety Products
nets (government and • Washington National
employer) • Long-Term Care • PMA (CNO-
owned)
• Increased longevity • Medicare Supplement • Independents
• Greater awareness of need • Whole and Universal
for retirement planning life products • Without an Agent (Direct)
• Colonial Penn
• Final expense
• At Work (Worksite Marketing)
• Supplemental Health
• PMA Worksite Division
• Washington National -
Independents
CNO Financial Group 6
7. Few competitors in our target space
Relative company size based on total admitted assets as of 12/31/10
More
Affluent
Mass LNC PNX NM
Mutual
SFG
ManuLife
MET HIG
KCLI
GAFRI AIG
NYL
DFG PRU Guardian
Customers
PFG
PL
SYA
UNM
Mut. Of Omaha GNW
PLFE
AEL Aviva USA
WNIC BLC
AFL CNO
Gerber Life
TMK PRI
CPL
Less
Affluent
Protection Asset
Product
Products Accumulation
CNO Financial Group 7
8. CNO – Track Record of Strong Execution
Q3 2011
Q4 2007 Q4 2008 Q4 2010 Emergence
Recapture of Separation of Refinanced from 3 year
Colonial Penn Closed Block $650 million cumulative
Life Block LTC business of debt loss
Q1 2009 Q4 2009 Q4 2009 Q2 2011
Q3 2007 Renegotiated Reinsurance of Renegotiated Amended Senior Credit
Completed consolidation of credit facility Bankers Life Senior Credit Facility to allow for more
Q4 2006
shared services in Carmel, to loosen policies to Facility to flexibility & reduced rate
VNB
introduced Sale of excess space in covenants Wilton Re loosen covenants 125bps
Carmel
Q1 2011
Q1 2007 2007/2008 2008 Q3 2009 Q4 2009 Pre-paid $50
Expanded Annual CIG sales & marketing Excess Chicago Reinsurance Refinanced convertible million on
Incentive Plan rightsizing - $6 million space vacated - of CIG Life debentures putable in Senior Credit
participation; annual expense $5 million policies to Sept 2010; issued new Facility
increased weight on reduction annual expense Wilton Re equity; paid down Sr.
shareholder value save Credit Facility
Q2 2011
Q3 2007
Q4 2009 Began buying back stock
Sale of $3
Achieved RBC under repurchase plan
billion annuity (and making commensurate prepayments
block in excess of on the Senior Credit Facility)
300%
CNO Financial Group 8
9. Growth in the CNO Franchise
($ millions)
Average liabilities on core business segments are increasing, while
OCB is shrinking
$16,106.8
$15,481.7 $704.0
$15,066.5
$698.0
$693.6
$2,637.6
$2,676.8
$2,894.9
$12,765.2
$12,106.9
$11,478.0
$5,799.2 $5,511.5 $5,286.1
2009 2010 2011
CNO Financial Group 9
10. Pre/After Tax GAAP Operating Income CNO
($ millions)
$350.0 $343.1
$300.0
$281.6
$127.1
$252.3
$250.0
$99.7
$87.7
$200.0
$150.0
$216.0
$100.0
$181.9
$164.6
$50.0
$0.0
2009 2010 2011
Net Operating Income Tax Expense on Operating Income
CNO Financial Group 10
11. Statutory Earnings Power and
CNO
Cash Generation
($ millions)
2010 2011 Observations:
Statutory earnings increased 39%
to $363 million
$154.1
$346.7
Business mix and in-force
$180.5
management drives attractive
statutory earnings profile
$209.2 $209.0 ** $209.0
$81.0 $81.0 Earnings retained in support of
capital ratios and business growth
$128.2 $128.2 $137.7 $137.7
Statutory Earnings Power Inflows to Holding Co Statutory Earnings Power Inflows to Holding Co
Fees and Interest to Holding Company Net Dividends to Holding Company* Net Gain From Operations Retained in Insurance Companies
* Dividends net of capital contributions
CNO Financial Group 11
** Amount is net of $26mm contribution to life companies accrued in 2011
12. Corporate Liquidity Trend
Recurring Sources and Uses Including Dividends and CNO
Scheduled Debt Payments
($ in millions)
Observations:
$346.7
Free cash flow after recurring uses
increased by $100 million
$209.0 *
$209.2 Steady improvement on interest
$81.0
coverage reaching 5x in 2011
$139.1 $145.5
$25.0 $55.0
Discretionary capital deployment of
$137.7
$128.2
$114.1
$90.5 $160 million during 2011
2010 2011
Recurring Sources Recurring Uses**
Net Dividends Scheduled Debt
Payments Made***
* Amount is net of $26mm contribution to life companies accrued in 2011
CNO Financial Group ** Includes corporate expenses and interest payments 12
*** Excludes impact of capital transactions
13. Excess Capital
($ millions)
CNO
Approximately $140 million total excess capital as of 12/31/11
Consolidated RBC Ratio Liquidity
4Q10 1Q11 2Q11 3Q11 4Q11
332% 341% 351% 359% 358%
2Q11
350%* $234.0
4Q11
$202.8
Management Target = 300% 1Q11 3Q11
4Q10
$169.0 $168.9
$161.1
Management Target = $100
Approximately $37 million in excess $102.8 million in excess of
of management target management target
CNO Financial Group * During 3Q11, management increased the RBC target from 300% to 350% 13
14. Excess Capital Utilization Opportunities
Share Buybacks
Debt Prepayments
Investing in Business for Additional Growth
– Growth and expansion of distribution channels
– Recapture reinsurance blocks
Common Stock Dividend
CNO Financial Group 14
15. Long Term Care
Proactive management of risk and profitability resulting in continued
stability in our LTC business…
Bankers business model utilizing exclusive distribution, and a focus on middle
income 65+ target market dictates the sale of a lower risk profile set of individually
underwritten products
– No group business
Ongoing product pricing and re-pricing to improve risk/return profile
Liability durations, while long, can be, and are matched with investments
– Extended asset durations at the beginning of 2010 hedging risk of reinvesting at sustained low interest
rate LTC (LTC and HHC) and STC Sales Mix
Risk profile of LTC block declining
– Less than 5% of in force policies contain lifetime
52%
benefit options 67% 64% 59%
71%
– Almost 50% of current new sales are short term 81%
care (STC) policies with different risk profile than
LTC
48%
Diversified sales mix with LTC sales, 29% 33% 36% 41%
19%
excluding STC, representing 6% of total
NAP for Bankers in 2011 2006 2007
STC (Short Term Care)
2008 2009 2010 2011
LTC (Long Term Care and Home Health Care)
CNO Financial Group 15
16. CNO Value Proposition
Above average growth potential; expected sales growth of 8-12% annually
– Percentage of the population 65 years old and older projected to increase by 50% in
Growth twenty years
Well – On average, over 10,000 Americans will turn 65 each day through 2030
Positioned in Broad product suite tailored to CNO’s target market
Market
Exclusive, growing distribution
Competitive Target market focus, with growth as Baby Boomers turn 65
Advantage Sustainable with barriers to entry
4Q2011 marks the twelfth consecutive quarter of GAAP net income
Profitability 2011 GAAP net operating earnings of $216.0 million, up 19% over 2010
Growth in actively marketed segments
Value
Drivers 2011 Statutory net operating earnings of $363.1 million, up 39% over 2010
Capital Excess capital generation of $75-$200 million annually
Generation
Diversified product suite focused on protection needs
Risk
Products Actively managed inforce block
Management Focus on products with attractive returns and less impacted by capital markets volatility
Well Credit Profile $202.8 million in capital at the Holding Company, compared to $59.0 million at 12/31/2008
RBC of 358% versus 255% at 12/31/2008
Capitalized at 12/31/2011 Debt to capital at 17.1%, down from 28.2% at 12/31/2008
CNO Financial Group 16
19. 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 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
“Investor – SEC Filings” section of our website, www.CNOinc.com.
Operating earnings measures
Management believes that an analysis of net income applicable to common stock before loss on
extinguishment or modification of debt, 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 and increases or decreases to 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.
CNO Financial Group 19
20. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of earnings before net realized investment gains (losses), fair value changes in
embedded derivatives, corporate interest, loss on extinguishment of debt and taxes (“EBIT”) to net
income is as follows (dollars in millions):
Year Ended
December 31, 2011
Bankers Life $ 327.2
Washington National 99.2
Colonial Penn 27.3
Other CNO Business 13.4
EBIT from business segments 467.1
Corporate operations, excluding interest expense (47.7)
Total EBIT 419.4
Corporate interest expense (76.3)
Income before net realized investment gains (losses), fair value
changes in embedded derivative liabilities and taxes 343.1
Tax expense on period income 127.1
Net operating income 216.0
Net realized investment gains 35.5
Fair value changes in embedded derivative liabilities (9.8)
Loss on extinguishment of debt, net of income taxes (2.2)
Net income before valuation allowance for deferred tax assets 239.5
Decrease in valuation allowance for deferred tax assets 143.0
Net income $ 382.5
CNO Financial Group 20
21. Information Related to Certain Non-GAAP Financial Measures
Debt to capital ratio, excluding accumulated other comprehensive income (loss)
This non-GAAP financial measure 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. In addition, debt is defined as par value plus accrued interest and certain
other items. Management believes this non-GAAP financial measure is useful as the level of such ratio impacts certain provisions in our Senior
Secured Credit Agreement.
A reconciliation of the debt to capital ratio to debt to capital, as defined in our Senior Secured Agreement is as follows (dollars in millions)
4Q08 4Q11
Corporate notes payable $ 1,328.7 $ 857.9
Total shareholders' equity 1,619.2 5,032.6
Total capital 2,947.9 5,890.5
Corporate debt to capital 45.1% 14.6%
Corporate notes payable $ 1,328.7 $ 857.9
Add unamortized discount on debt 1.1 15.3
Par value of notes payable 1,329.8 873.2
Interest payable and other items 36.9
Debt as adjusted 1,329.8 910.1
Total shareholders' equity 1,619.2 5,032.6
Less accumulated other comprehensive income 1,770.7 (625.5)
Total capital $ 4,719.7 $ 5,317.2
Debt to total capital ratio, as defined in our Senior
Secured Credit Agreement (a non-GAAP financial 28.2% 17.1%
measure)
CNO Financial Group 21