- 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 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.
1. CNO Financial reported financial and operating results for 1Q13 with earnings growth across its core business segments and higher operating EPS compared to 1Q12.
2. Investment income increased due to growth in invested assets and a targeted credit strategy, while underwriting margins remained strong.
3. Capital levels remained high with an RBC ratio of 366% and leverage of 19.5%, and the company deployed capital by repurchasing convertible debt.
20180228 me greif-q1-2018-earnings-deck_final-(1)greif2015
The document provides an earnings conference call summary for the first quarter of 2018. Key points include:
- Operating profits were down for the Rigid Industrial Packaging & Services segment due to temporary winter slowdowns and higher raw material and transportation costs.
- Paper Packaging & Services saw higher sales, operating profits, and a price increase announced.
- Flexible Products & Services showed improved performance across regions.
- Guidance for the fiscal year was maintained despite some factors such as higher pension and tax reform impacts.
- Tax reform provides long-term benefits including a lower tax rate and accelerated depreciation options.
Second Quarter 2013 Investor PresentationCNOServices
- CNO Financial Group reported financial and operating results for the second quarter of 2013, with comparisons made to results from the second quarter of 2012.
- Key highlights included continued growth in sales and premiums across business segments, strong investment income despite market volatility, and meaningful earnings per share growth benefiting from share repurchases.
- The company continued investing in business growth through expanding distribution and new product development, while returning value to shareholders through additional share repurchases and debt paydown.
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.
- 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.
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.
- 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.
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.
1. CNO Financial reported financial and operating results for 1Q13 with earnings growth across its core business segments and higher operating EPS compared to 1Q12.
2. Investment income increased due to growth in invested assets and a targeted credit strategy, while underwriting margins remained strong.
3. Capital levels remained high with an RBC ratio of 366% and leverage of 19.5%, and the company deployed capital by repurchasing convertible debt.
20180228 me greif-q1-2018-earnings-deck_final-(1)greif2015
The document provides an earnings conference call summary for the first quarter of 2018. Key points include:
- Operating profits were down for the Rigid Industrial Packaging & Services segment due to temporary winter slowdowns and higher raw material and transportation costs.
- Paper Packaging & Services saw higher sales, operating profits, and a price increase announced.
- Flexible Products & Services showed improved performance across regions.
- Guidance for the fiscal year was maintained despite some factors such as higher pension and tax reform impacts.
- Tax reform provides long-term benefits including a lower tax rate and accelerated depreciation options.
Second Quarter 2013 Investor PresentationCNOServices
- CNO Financial Group reported financial and operating results for the second quarter of 2013, with comparisons made to results from the second quarter of 2012.
- Key highlights included continued growth in sales and premiums across business segments, strong investment income despite market volatility, and meaningful earnings per share growth benefiting from share repurchases.
- The company continued investing in business growth through expanding distribution and new product development, while returning value to shareholders through additional share repurchases and debt paydown.
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.
- 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.
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.
- 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.
Masco Corporation reported strong results for the second quarter of 2015, with total revenue increasing 3% year-over-year to $1.929 billion. All business segments saw revenue growth when excluding the effects of foreign currency translation. Operational improvements led to a 22% increase in operating profit to $280 million and operating margins expanded 230 basis points to 14.5%. Management remains focused on driving performance across all segments through new product introductions, improving efficiencies, and executing strategic initiatives.
- 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.
1) The document appears to be from Greif Inc.'s annual meeting of stockholders on February 28, 2017. It contains information for stockholders such as highlights from fiscal year 2016, strategic priorities, and segment performance summaries.
2) In fiscal year 2016, Greif improved margins and earnings, strengthened its balance sheet by refinancing debt, and made cultural enhancements. Free cash flow expanded by $130 million.
3) Greif's vision is to be the best performing customer service company in industrial packaging worldwide. Its three strategic priorities are focused on customer service excellence, people and teams, and transformational performance.
CNO Financial Group reported financial and operating results for 1Q14. Key highlights included continued profitable growth, a strong financial position, and returning capital to shareholders. The CLIC transaction remains on track to close in mid-2014. Segment earnings were in line with expectations, while investments in distribution are driving sales growth. Capital deployment in 1Q14 included $41 million in stock repurchases. CNO maintains a strong capital position and liquidity.
Solid Q3 2015 earnings for TE Connectivity with sales up 1% year-over-year and adjusted EPS up 6% year-over-year. Sales were below guidance due to softness in certain end markets and foreign exchange headwinds. Adjusted gross margin and adjusted operating margin increased 50 basis points each due to productivity gains from the TE Operating Advantage program. Full year 2015 guidance was adjusted downward slightly due to weakness in China and supply chain adjustments, but adjusted EPS growth is still expected to be 10% year-over-year at the midpoint.
- TE Connectivity reported Q3 2014 earnings with sales of $3.58 billion, up 4% year-over-year. Adjusted EPS was $1.00, up 14% year-over-year.
- Adjusted operating margin was 15.4%, up 60 basis points from the prior year, driven by volume growth, product mix, and productivity gains.
- Free cash flow for the quarter was $530 million. The company returned $169 million to shareholders in the form of dividends and share repurchases.
- For the full year 2014, the company expects sales of $13.95 billion at the midpoint, up 5% from 2013. Adjusted EPS is expected to be
Transportation sales grew 15% in Q4 2016 driven by strength in automotive, particularly in Asia and Europe. Industrial Solutions sales grew 16% due to acquisitions, while Communications Solutions sales declined 1% organically. Adjusted EPS was $1.27, above guidance. For the full year, sales were flat at $12.24B while adjusted EPS grew 13% to $4.08, above original guidance. The company expects continued sales and EPS growth in 2017.
Masco Corporation reported first quarter 2015 earnings. Total sales increased 7% excluding foreign currency effects. All segments saw sales growth in local currencies, with plumbing products seeing 10% international sales growth. Operating profit increased 15% due to cost productivity and operating leverage gains. The company repurchased around 4 million shares in the quarter and acquired Endless Pools, Inc. Management expects full year sales and profit growth to continue.
This document contains forward-looking statements and non-GAAP financial measures related to a TD Securities Forest Products Forum presentation. It outlines that all forward-looking statements are based on currently available information and are subject to certain risks and uncertainties. It also states that non-GAAP measures are used by management to evaluate performance and are indicated with footnotes, with reconciliation tables available. The document also contains regulation language regarding the use of non-GAAP measures.
This document provides an earnings presentation by Masco Corporation for the third quarter of 2014. Some key points include:
- Masco reported 4% revenue growth and a 9% increase in adjusted operating profit for Q3 2014 compared to Q3 2013.
- Operating margin expanded by 60 basis points due to consistent execution and strong operating leverage.
- Plumbing Products sales increased 4% driven by strength in wholesale/trade channels, while Decorative Architectural Products sales were flat in a challenging comparison to the prior year.
- Cabinets and Related Products incurred restructuring charges but grew sales 2% through initiatives in the dealer channel.
- The company reported higher earnings per share and improved free cash flow for Q1 2016 compared to Q1 2015. Earnings per share before special items was $0.40, up from $0.30, and free cash flow improved to $(56) million from $(99) million.
- Gross profit margins expanded across most business segments due to operational and cost improvements. However, net sales declined due to divestitures, currency impacts, and weakness in some markets.
- The company updated guidance for fiscal year 2016, increasing the midpoint of expected Class A earnings per share to $2.10-$2.40, reflecting benefits from transformation efforts despite a sluggish global economy.
- The document provides financial information for Greif's Q1 2016 earnings conference call, including earnings results, segment performance, and updated guidance for fiscal year 2016.
- Key highlights include Q1 2016 EPS improving 33% year-over-year, expanded gross profit margins, and increased guidance for the fiscal year 2016 EPS midpoint.
- Segment results showed improvements in operating profit for most segments, with continued progress noted in the turnaround of the Flexible Products & Services segment.
- The document provides financial information for Greif's Q1 2016 earnings conference call, including earnings results, segment performance, and updated guidance for fiscal year 2016.
- Key highlights include Q1 2016 Class A EPS improving 33% year-over-year to $0.40, operating margins expanding, and gross profit margins improving across several segments.
- Guidance for fiscal year 2016 Class A EPS was increased to a range of $2.10 to $2.40, reflecting benefits from transformation efforts despite a sluggish global economy.
- The document discusses Greif's Q4 and fiscal year 2016 earnings conference call. It provides highlights of Greif's financial results including increases in free cash flow, gross profit margins, and operating profit margins.
- Greif also discusses progress on its strategic priorities of customer service excellence and transformational performance. Key metrics like customer satisfaction scores and underperforming segment results showed improvements.
- For fiscal year 2017, Greif provides guidance of $2.78 to $3.08 in Class A earnings per share before special items, representing a 20% increase over 2016. Free cash flow is also tracking towards Greif's transformation targets.
Wrk may 2017 investor presentation v finalir_westrock
WestRock provided an investor presentation in May 2017 that included forward-looking statements and non-GAAP financial measures. The presentation discussed WestRock's comprehensive portfolio in paper and packaging, its track record of execution, and disciplined capital allocation. It noted the company expects to achieve $800 million in synergy and performance improvements by the end of fiscal year 2017 and $1 billion by the end of the third quarter of fiscal year 2018. The presentation also stated that WestRock reaffirmed its adjusted free cash flow guidance of $1.2 billion for fiscal year 2017.
This document provides a summary of Greif's Q3 2017 earnings conference call held on August 31, 2017. Some key highlights include:
- Net sales increased 14% year-over-year to $962 million. Operating profit before special items increased 13% to $94.5 million.
- All of Greif's business segments saw year-over-year sales growth, with particularly strong growth in the Rigid Industrial Packaging & Services segment.
- Customer satisfaction metrics improved across most business segments compared to the prior year.
- Greif reaffirmed its full-year 2017 guidance for class A earnings per share before special items and free cash flow.
- Greif continues focusing on operational improvements,
- 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.
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%.
-
Masco Corporation reported first quarter 2014 results, with sales increasing 5% year-over-year to $1.965 billion. Operating profit grew 12% to $157 million. International sales increased 7% in local currency, helping to offset weather impacts in North America. The company also reiterated its priorities of growing market-leading brands, penetrating international markets, and strengthening its balance sheet.
This document provides an investor presentation for Greif that includes forward-looking statements and non-GAAP financial measures. It summarizes Greif's vision, strategic priorities, and transformation progress. Greif's strategic priorities include improving customer experience, strengthening performance through margin expansion and cash flow generation, and optimizing its portfolio. The presentation highlights Greif's steady improvement across key financial metrics like gross margin, SG&A, and cash flow as it executes its transformation. Greif is tracking towards its 2017 transformation commitments and will provide an update at its upcoming Investor Day.
Masco Corporation reported strong results for the second quarter of 2015, with total revenue increasing 3% year-over-year to $1.929 billion. All business segments saw revenue growth when excluding the effects of foreign currency translation. Operational improvements led to a 22% increase in operating profit to $280 million and operating margins expanded 230 basis points to 14.5%. Management remains focused on driving performance across all segments through new product introductions, improving efficiencies, and executing strategic initiatives.
- 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.
1) The document appears to be from Greif Inc.'s annual meeting of stockholders on February 28, 2017. It contains information for stockholders such as highlights from fiscal year 2016, strategic priorities, and segment performance summaries.
2) In fiscal year 2016, Greif improved margins and earnings, strengthened its balance sheet by refinancing debt, and made cultural enhancements. Free cash flow expanded by $130 million.
3) Greif's vision is to be the best performing customer service company in industrial packaging worldwide. Its three strategic priorities are focused on customer service excellence, people and teams, and transformational performance.
CNO Financial Group reported financial and operating results for 1Q14. Key highlights included continued profitable growth, a strong financial position, and returning capital to shareholders. The CLIC transaction remains on track to close in mid-2014. Segment earnings were in line with expectations, while investments in distribution are driving sales growth. Capital deployment in 1Q14 included $41 million in stock repurchases. CNO maintains a strong capital position and liquidity.
Solid Q3 2015 earnings for TE Connectivity with sales up 1% year-over-year and adjusted EPS up 6% year-over-year. Sales were below guidance due to softness in certain end markets and foreign exchange headwinds. Adjusted gross margin and adjusted operating margin increased 50 basis points each due to productivity gains from the TE Operating Advantage program. Full year 2015 guidance was adjusted downward slightly due to weakness in China and supply chain adjustments, but adjusted EPS growth is still expected to be 10% year-over-year at the midpoint.
- TE Connectivity reported Q3 2014 earnings with sales of $3.58 billion, up 4% year-over-year. Adjusted EPS was $1.00, up 14% year-over-year.
- Adjusted operating margin was 15.4%, up 60 basis points from the prior year, driven by volume growth, product mix, and productivity gains.
- Free cash flow for the quarter was $530 million. The company returned $169 million to shareholders in the form of dividends and share repurchases.
- For the full year 2014, the company expects sales of $13.95 billion at the midpoint, up 5% from 2013. Adjusted EPS is expected to be
Transportation sales grew 15% in Q4 2016 driven by strength in automotive, particularly in Asia and Europe. Industrial Solutions sales grew 16% due to acquisitions, while Communications Solutions sales declined 1% organically. Adjusted EPS was $1.27, above guidance. For the full year, sales were flat at $12.24B while adjusted EPS grew 13% to $4.08, above original guidance. The company expects continued sales and EPS growth in 2017.
Masco Corporation reported first quarter 2015 earnings. Total sales increased 7% excluding foreign currency effects. All segments saw sales growth in local currencies, with plumbing products seeing 10% international sales growth. Operating profit increased 15% due to cost productivity and operating leverage gains. The company repurchased around 4 million shares in the quarter and acquired Endless Pools, Inc. Management expects full year sales and profit growth to continue.
This document contains forward-looking statements and non-GAAP financial measures related to a TD Securities Forest Products Forum presentation. It outlines that all forward-looking statements are based on currently available information and are subject to certain risks and uncertainties. It also states that non-GAAP measures are used by management to evaluate performance and are indicated with footnotes, with reconciliation tables available. The document also contains regulation language regarding the use of non-GAAP measures.
This document provides an earnings presentation by Masco Corporation for the third quarter of 2014. Some key points include:
- Masco reported 4% revenue growth and a 9% increase in adjusted operating profit for Q3 2014 compared to Q3 2013.
- Operating margin expanded by 60 basis points due to consistent execution and strong operating leverage.
- Plumbing Products sales increased 4% driven by strength in wholesale/trade channels, while Decorative Architectural Products sales were flat in a challenging comparison to the prior year.
- Cabinets and Related Products incurred restructuring charges but grew sales 2% through initiatives in the dealer channel.
- The company reported higher earnings per share and improved free cash flow for Q1 2016 compared to Q1 2015. Earnings per share before special items was $0.40, up from $0.30, and free cash flow improved to $(56) million from $(99) million.
- Gross profit margins expanded across most business segments due to operational and cost improvements. However, net sales declined due to divestitures, currency impacts, and weakness in some markets.
- The company updated guidance for fiscal year 2016, increasing the midpoint of expected Class A earnings per share to $2.10-$2.40, reflecting benefits from transformation efforts despite a sluggish global economy.
- The document provides financial information for Greif's Q1 2016 earnings conference call, including earnings results, segment performance, and updated guidance for fiscal year 2016.
- Key highlights include Q1 2016 EPS improving 33% year-over-year, expanded gross profit margins, and increased guidance for the fiscal year 2016 EPS midpoint.
- Segment results showed improvements in operating profit for most segments, with continued progress noted in the turnaround of the Flexible Products & Services segment.
- The document provides financial information for Greif's Q1 2016 earnings conference call, including earnings results, segment performance, and updated guidance for fiscal year 2016.
- Key highlights include Q1 2016 Class A EPS improving 33% year-over-year to $0.40, operating margins expanding, and gross profit margins improving across several segments.
- Guidance for fiscal year 2016 Class A EPS was increased to a range of $2.10 to $2.40, reflecting benefits from transformation efforts despite a sluggish global economy.
- The document discusses Greif's Q4 and fiscal year 2016 earnings conference call. It provides highlights of Greif's financial results including increases in free cash flow, gross profit margins, and operating profit margins.
- Greif also discusses progress on its strategic priorities of customer service excellence and transformational performance. Key metrics like customer satisfaction scores and underperforming segment results showed improvements.
- For fiscal year 2017, Greif provides guidance of $2.78 to $3.08 in Class A earnings per share before special items, representing a 20% increase over 2016. Free cash flow is also tracking towards Greif's transformation targets.
Wrk may 2017 investor presentation v finalir_westrock
WestRock provided an investor presentation in May 2017 that included forward-looking statements and non-GAAP financial measures. The presentation discussed WestRock's comprehensive portfolio in paper and packaging, its track record of execution, and disciplined capital allocation. It noted the company expects to achieve $800 million in synergy and performance improvements by the end of fiscal year 2017 and $1 billion by the end of the third quarter of fiscal year 2018. The presentation also stated that WestRock reaffirmed its adjusted free cash flow guidance of $1.2 billion for fiscal year 2017.
This document provides a summary of Greif's Q3 2017 earnings conference call held on August 31, 2017. Some key highlights include:
- Net sales increased 14% year-over-year to $962 million. Operating profit before special items increased 13% to $94.5 million.
- All of Greif's business segments saw year-over-year sales growth, with particularly strong growth in the Rigid Industrial Packaging & Services segment.
- Customer satisfaction metrics improved across most business segments compared to the prior year.
- Greif reaffirmed its full-year 2017 guidance for class A earnings per share before special items and free cash flow.
- Greif continues focusing on operational improvements,
- 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.
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%.
-
Masco Corporation reported first quarter 2014 results, with sales increasing 5% year-over-year to $1.965 billion. Operating profit grew 12% to $157 million. International sales increased 7% in local currency, helping to offset weather impacts in North America. The company also reiterated its priorities of growing market-leading brands, penetrating international markets, and strengthening its balance sheet.
This document provides an investor presentation for Greif that includes forward-looking statements and non-GAAP financial measures. It summarizes Greif's vision, strategic priorities, and transformation progress. Greif's strategic priorities include improving customer experience, strengthening performance through margin expansion and cash flow generation, and optimizing its portfolio. The presentation highlights Greif's steady improvement across key financial metrics like gross margin, SG&A, and cash flow as it executes its transformation. Greif is tracking towards its 2017 transformation commitments and will provide an update at its upcoming Investor Day.
Dokumen tersebut memberikan informasi tentang program Duta Business School (DBS) yang menawarkan keanggotaan berupa kartu dengan berbagai manfaat seperti diskon belanja, penghasilan dari bonus, dan potensi penghasilan besar. Untuk bergabung, calon anggota diwajibkan membeli kartu aktivasi dan mengikuti aturan-aturan tertentu seperti penggunaan data pribadi yang valid dan larangan jual beli akun. DBS menjamin keanggotaan berlaku sel
Los niños definieron el amor de diferentes formas basadas en sus propias experiencias, como cuando alguien se preocupa por los sentimientos de otra persona a pesar de estar enojado, ayudar a un familiar enfermo a pesar de tener la misma enfermedad, compartir comida con alguien sin esperar nada a cambio, y permanecer apoyando a alguien incluso después de conocer sus defectos.
Power of Email Marketing (NADA 2010) Peter MartinSean Bradley
This document provides guidance on how to improve email deliverability. It discusses maintaining good sender reputation by minimizing spam complaints, managing feedback loops, and keeping lists clean. Proper use of authentication techniques like SPF and DKIM can help. Testing different subject lines, personalization, frequencies and more can optimize open and click rates. Pre-flight checklists are recommended to ensure compliance and deliverability. The overall message is that careful attention to reputation, content and compliance is needed to maximize the ROI of email marketing.
The document discusses the creation of a magazine focused on rock music. It describes how the author studied other magazines for inspiration on layout and content. A survey of late teens and young adults informed the target audience of rock music fans. Photos were taken to convey the rock theme. The author learned new skills in Photoshop, especially the lasso tool, and how to make the magazine seem professional by studying other music publications.
This document advertises an auto loan company that works with all credit types and promises quick loan approval within minutes. It encourages customers to visit any of their offices to get assistance obtaining an auto loan and says they are the best source for auto loans.
In the internet marketing world having a highly content rich website is
essential if you want to make sure your brand is effectively recognized
by the search engines.
Cassie Lukas completed her senior project which involved recording a demo of two songs - a country song and a Broadway song. She worked with her project facilitator Charles Baugh, a music teacher, for vocal coaching over a year and a half. Cassie recorded her demo at a recording studio owned by Linda Uzlac. For her research paper, Cassie examined how illegal music downloads affect artists. Although pursuing a music career will be difficult, music will always be an important part of Cassie's life due to her grandfather's inspiration. Cassie will attend college to become a nurse.
This document provides an overview of Holy Orders and the Anointing of the Sick according to Catholic teaching. It discusses that Holy Orders is the sacrament through which Christ's mission is continued through bishops, priests, and deacons. It also notes that Holy Orders confers an indelible spiritual character and cannot be repeated. The document then provides details on the roles of bishops and priests and their relationships to each other and the Church community.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against developing mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
The document discusses the sacrament of Anointing of the Sick, which involves anointing sick or dying individuals with oil. It can be received by anyone with a serious illness or facing surgery/death. The sacrament is intended to unite the sick with Christ's suffering and heal both body and soul if God wills it. A priest anoints the forehead and hands with oil while praying for healing and forgiveness of sins.
Confirmation is a sacrament where young people make a mature commitment to faith. It involves choosing to become "Soldiers of Christ" and spreading the word of God. The rituals include presentation of candidates, renewal of baptismal promises, laying on of hands by the bishop, and anointing with sacred chrism oil. Confirmation strengthens recipients with the gifts of the Holy Spirit to live as witnesses of their faith.
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- 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.
Atento reported its financial results for the fourth quarter and full year of 2015. Revenue grew 8.4% in Q4 and 9.6% for the full year, driven by new client wins and growth in higher-value solutions. Adjusted EBITDA grew 6.7% for the full year despite margin compression from inflation and new client ramp-ups. For 2016, Atento expects revenue growth of 1-5% and adjusted EBITDA margins of 11-12%, focusing on growth, profitability, and debt reduction.
Textura Corporation reported revenue of $21.3 million for the quarter ended June 30, 2015, up 42% year-over-year. Adjusted EBITDA was $2.3 million compared to negative $2.2 million in the prior year period. For the full year 2015, the company expects revenue between $88-92 million and adjusted EPS of $0.15-0.20. Textura provides construction collaboration solutions and has approximately $200 billion in construction value active on its platform.
- Tennant Company reported record third quarter revenues of $204.8 million, representing 7.6% organic sales growth over the prior year quarter. Operating profit was $17.5 million or 8.6% of sales when adjusted for special items.
- Growth was led by strong strategic account sales in North America and continued demand for new products. Emerging markets like Brazil, Western Europe, and China also showed bright spots.
- For 2015, Tennant narrowed its adjusted EPS guidance to $2.45 to $2.65 and lowered sales guidance to $815 to $825 million due to unfavorable foreign exchange impacts. However, the company remains committed to its long term organic growth and operating margin
iSelect reported strong financial results for FY15 with revenue growth of 15% and net profit after tax growth of 17%. Operational performance was solid across key metrics such as leads, conversion, and sales. The health insurance segment grew sales volume by 10% but revenue declined slightly due to consumers trading down to lower cost policies. The energy segment saw significant growth in revenue and sales following investment in marketing and staffing. For FY16, iSelect expects continued revenue growth but a lower earnings forecast as investment is made in staffing, technology, brand and developing business segments.
- Third quarter earnings results presentation from Masco Corporation dated October 27, 2015
- Sales increased 4% excluding foreign currency effects, with North American sales up 3% and international up 4%
- Improved demand, operating leverage, cost control and cost productivity drove profit margin expansion and earnings growth despite currency headwinds
- All business segments showed strong profitability with margins expanding across most segments
Q2 2016 earnings call presentation final v2Hillenbrand_IR
Hillenbrand provides a Q2 2016 earnings presentation covering their consolidated and segment financial performance. Some key points:
- Consolidated revenue decreased 4% to $387 million due to an 8% decline in Batesville revenue, while adjusted EPS of $0.49 was in line with prior year.
- The Process Equipment Group saw 2% lower revenue but improved adjusted EBITDA margins. Batesville also improved adjusted EBITDA margins despite an 8% revenue decline.
- For fiscal year 2016, Hillenbrand expects total revenue to decline 2-4% on a constant currency basis and adjusted EPS in the range of $2.05 to $2.15.
TE Connectivity reported strong Q2 2015 results with sales up 4% and adjusted EPS up 6% year-over-year. However, foreign exchange headwinds reduced revenue by $246M and EPS by $0.09 compared to the prior year. The company maintained its full-year 2015 outlook despite additional FX headwinds. Key highlights included organic sales growth across all business segments, margin expansion through productivity gains, and free cash flow of $217M. TE Connectivity also provided Q3 2015 revenue guidance of $3.13B to $3.23B, representing 3-7% organic sales growth year-over-year.
The document provides TE Connectivity's financial results for Q2 2015, with sales up 4% to $3.08 billion and adjusted EPS up 6% to $0.91, driven by strong performance across transportation, industrial, and communications solutions segments. Each segment saw organic sales growth, with transportation up 3%, industrial up 5%, and communications up 16%. The results exceeded guidance and demonstrate the company's ability to drive margin expansion and earnings growth despite foreign exchange headwinds.
- TE Connectivity reported Q4 2015 earnings results, with sales of $2.98 billion, down 3% year-over-year but flat organically. Adjusted EPS was $0.90, up 2% year-over-year but with 15% growth at constant currency due to foreign exchange impacts.
- For full year 2015, sales were $12.23 billion, up 4% organically and 10% in constant currency. Adjusted EPS was $3.60, up 9% year-over-year and 19% growth at constant currency.
- Guidance for Q1 2016 expects sales between $2.7-2.9 billion, down 8% at the midpoint, with
Atento reported its third quarter 2015 results. Revenue grew 9.4% year-over-year to $476.2 million driven by growth in Latin America of 11.7%. Adjusted EBITDA increased 4.2% to $65.8 million, with margins of 13.8%. Adjusted EPS grew 35.4% to $0.31. Atento reaffirmed its full year 2015 guidance for revenue growth between 6-9% and adjusted EBITDA margins between 13-13.5%. While macroeconomic headwinds present challenges, Atento remains focused on its strategic initiatives to drive growth, operational excellence, and strengthen its competitive position.
Q1 2015 TE Connectivity Ltd. Earnings Conference CallTEConnectivityltd
TE Connectivity reported Q1 2015 earnings and announced the planned divestiture of its Broadband Networks Solutions business. Key points:
- Revenue was $3.47 billion, up 4% year-over-year, with adjusted EPS of $0.98, up 20% year-over-year.
- BNS will be sold to CommScope for $3 billion, about 10 times the business' adjusted EBITDA. The sale is expected to close by the end of 2015.
- For FY2015, guidance remains unchanged with adjusted EPS expected between $4.05-$4.35, up 11% over prior year despite foreign exchange headwinds.
TE Connectivity reported Q1 2015 earnings and announced plans to divest its Broadband Networks Solutions business. Key points:
- Revenue was $3.47 billion, up 4% year-over-year, with adjusted EPS of $0.98, up 20% year-over-year.
- TE will sell its BNS business to CommScope for $3 billion, recognizing the transaction is expected to be neutral to EPS one year after closing.
- The majority of the sale proceeds will be used for share repurchases.
- Full-year 2015 guidance was reiterated with adjusted EPS expected between $4.05-$4.35, up 11% year-over-year
Q1 2015 TE Connectivity Ltd. Earnings Conference CallTEConnectivityltd
TE Connectivity reported Q1 2015 earnings and announced the planned divestiture of its Broadband Networks Solutions business. Key points:
- Revenue was $3.47 billion, up 4% year-over-year, with adjusted EPS of $0.98, up 20% year-over-year.
- BNS will be sold to CommScope for $3 billion, about 10 times the business' adjusted EBITDA. The sale is expected to close by the end of 2015.
- For FY2015, guidance remains unchanged with adjusted EPS expected between $4.05-$4.35, up 11% over prior year despite foreign exchange headwinds.
Textura Corporation reported quarterly results ending September 30, 2015. Revenue grew 38% year-over-year to $22.5 million, with billings up 39% to $26.1 million. Adjusted EBITDA was $3.1 million compared to a loss of $1 million in the prior year. For the full year, the company expects revenue to grow between 29-34% and adjusted earnings per share to be between $0.07-0.10. Textura provides construction collaboration solutions to manage over $193 billion in construction value and continues to invest in growth.
Hi q2-2015-earnings-call-presentation-finalHillenbrand_IR
Hillenbrand reported second quarter 2015 financial results on May 12, 2015. Revenue increased 2% to $405 million, driven by volume growth in both the Process Equipment Group and Batesville segments. Adjusted earnings per share increased 17% to $0.49 compared to the prior year normalized adjusted EPS of $0.54. For the full year 2015, Hillenbrand expects revenue to increase 2-4% on a constant currency basis and adjusted EPS to be between $2.05-$2.15.
Atento provided its second quarter results for fiscal year 2016, highlighting growth, profitability, and liquidary priorities. Revenue declined slightly on a constant currency basis due to macroeconomic pressures in Brazil, though growth in the Americas nearly offset this. Adjusted EBITDA increased slightly with margins stable at 12%. Free cash flow before interest was strong at $39.4 million due to working capital improvements. Atento reaffirmed full year 2016 guidance and remains focused on balancing growth, profits, and reducing debt levels.
Hillenbrand provided a Q3 2016 earnings presentation covering consolidated and segment financial results. Key points include:
- Consolidated revenue decreased 7% to $371 million due to lower demand for capital equipment in the Process Equipment Group.
- GAAP EPS was $0.48, while adjusted EPS increased slightly to $0.53.
- Batesville revenue declined 3% but adjusted EBITDA margin improved 250 bps due to cost savings.
- Process Equipment Group revenue fell 9% but adjusted EBITDA margin rose 90 bps on pricing and acquisitions.
- Guidance for FY2016 expects organic revenue to decline 2-5% but adjusted EPS to reach $1.98
- AdvancePierre Foods reported strong earnings and executional improvements in the fourth quarter of 2016, with profitable volume growth across all three core segments. Adjusted EBITDA increased 17.9% in Q4 and 15.4% for the full year.
- Net sales increased 6.1% in Q4 driven by volume growth from acquisitions and organic growth of 5.7% in core segments. Adjusted net income increased 174.7% in Q4 and 86.2% for the full year on margin improvements.
- For 2017, the company expects net sales growth and further increases in adjusted EBITDA and adjusted net income per share, supported by ongoing productivity gains and core segment volume
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 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.
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 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.
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.
1) The document discusses CNO Financial Group's strategy, initiatives, and financial performance. It outlines CNO's focus on the middle market and exclusive distribution channels.
2) CNO plans to invest $45-55 million in 2014 on key initiatives to drive growth, including agent productivity, expansion, new products, and worksite platforms.
3) CNO divested and reinsured $4 billion of run-off reserves to reduce exposure, complexity, and focus on core businesses. Upon closing the deals, OCB will no longer be reported as a segment.
CNO announced the sale of its subsidiary Conseco Life Insurance Company (CLIC) to Wilton Re for approximately $237 million. The sale transfers $3.4 billion in traditional life, interest-sensitive life, and annuity reserves and is expected to close in mid-2014. Additionally, Bankers Life will recapture $160 million of traditional life reserves previously reinsured to Wilton Re for $28 million. The transactions are expected to increase CNO's holding company liquidity by $125 million and reduce exposure to interest rate risk while simplifying operations.
The document summarizes CNO Financial Group's 4Q13 financial and operating results. Key points include:
- Businesses continued performing well with sales, premium, and earnings growth.
- Returning value to shareholders while continuing on path to investment grade status.
- Completed an OCB long-term care reinsurance transaction that reduced LTC exposure by 12% and was accretive to earnings.
- Investments in distribution channels drove consolidated sales growth of 6% for 2013.
- 4Q and full year results showed strength in annuity margins, investment returns, and OCB performance.
- Capital and liquidity positions remained strong with deployable capital of $160 million.
This document provides a summary of CNO Financial Group's 2014 outlook call that took place on December 18, 2013. The call discusses CNO's strategy of focusing on sustainable profitable growth through initiatives like increasing agent productivity and expanding into new markets. It provides outlooks for 2014 including sales growth targets for its business segments and key financial metrics like return on equity and capital levels. The document also reviews CNO's tax asset position and discusses how it aims to enhance shareholder value through initiatives to improve operating return on equity and book value per share growth.
Third Quarter 2013 Investor PresentationCNOServices
- The document provides financial and operating results for CNO Financial Group for the third quarter of 2013.
- Key highlights include continued growth in sales and premiums across business segments, solid performance from core earnings drivers, and a strong capital and liquidity position.
- CNO deployed $222 million year-to-date for share repurchases and $18 million in dividends, while maintaining strong capital ratios and leverage.
Jp morgan -_032113_presentation_-_finalCNOServices
The document discusses CNO Financial Group's presentation at the 2013 J.P. Morgan Insurance Conference on March 21, 2013. It provides an overview of CNO Financial Group, highlighting its focus on serving the middle-income market, its track record of execution and investment in growth. Specific metrics are presented on core sales growth excluding Bankers annuities, growth in average liabilities on core business segments, and stable and growing segment earnings excluding significant items. Forward-looking statements are also noted and non-GAAP measures are referenced.
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
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Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Mandalay Resouces June 2024 Investor Relations PPT
Inv pres q12015_final
1. 1Q151Q15
Financial and operating results for the period ended March 31, 2015
April 30, 2015
Unless otherwise specified, comparisons in this presentation are between 1Q15 and 1Q14.
2. 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 release issued on April 29, 2015, our
Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and
th fili k ith th S iti d E h C i i Wother filings we make with the Securities and Exchange Commission. We
assume no obligation to update this presentation, which speaks as of
today’s date.
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 2
3. 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; book value excluding accumulated other comprehensiveoperating earnings measures; book value, excluding accumulated other comprehensive
income (loss) per share; operating return measures; earnings before the net loss on the
sale of CLIC and gain (loss) on reinsurance transactions, the earnings of CLIC prior to
being sold, net realized investment gains (losses), fair value changes in embedded
derivative liabilities, fair value changes related to the agent deferred compensation plan,derivative liabilities, fair value changes related to the agent deferred compensation plan,
loss on extinguishment of debt, other non-operating items, corporate interest expense
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.measures are included in the Appendix, or on the page such measure is presented.
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 | 1Q2015 Earnings | April 30, 2015 3
5. CNO1Q15 Summary
(amounts in millions, except per share data)
Operating Earnings Per Share Excluding
Significant Items*Notable Items
1Q14
$0.28
1Q15
$0.31 Bankers Life recruiting gains have
stabilized agent count; positioned
for future growth
G th i W hi t N ti l Growth in Washington National
sales led by strong PMA results
Sales productivity and marketing
effectiveness at Colonial Penn
Operating Earnings
Excl. Significant Items*
$61.8 $62.0
driving double digit sales growth
Continued strength in key ratios
supports return of capital to
shareholders
Compelling Per Share Growth Story
Weighted Average
Shares Outstanding
220.3** 202.3
shareholders
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 5
* A non-GAAP measure. Refer to the Appendix for a reconciliation to the corresponding GAAP measure.
** Equivalent common shares of 5.8mm were not included in the diluted weighted average shares outstanding due to the net loss recognized in 1Q14.
6. LTC Strategic Focus
Short Range (1-3 yrs) Longer Range (4-7 yrs)
Continued transparency on• Continued transparency on
performance and risk
• Pursue rate actions if adverse
experience develops
• Reduce our relative economic
exposure to LTC by ~50% through
natural run-off and run-on as well as
opportunistic reinsurance actionsexperience develops
• Actively engaged with the
reinsurance community
• Continue to maintain pricing
opportunistic reinsurance actions
• Work with industry groups,
legislators and regulators to create a
sustainable environment
• Continue to maintain pricing
discipline driving new business mix
with a better risk profile
• Working group focused on defending
• Develop alternative products and
solutions that address the critical
and growing LTC needs of the
middle market
g g p g
and improving the economics of the
business
middle-market
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 6
Remain in the business supporting the middle-market
7. 1Q15 Sales and Distribution Results Bankers Life
($ millions)($ millions)
Quarterly NAP*
1Q sales down 2%
I i lif d h t d ti
1Q14
$63.1
2Q14
$63.1
3Q14
$61.8
4Q14
$73.6
1Q15
$61.6
‒ Increases in life and shorter duration
LTC, offset by lower annuity and
Med supp
Med Advantage fee income up 28%Med Advantage fee income up 28%
on a trailing 4-quarter basis
Continued improvement in recruiting
N it 6%‒ New recruits up 6%
Collected premiums down 3%
‒ Primarily due to lower annuity sales
Med Advantage Policies Issued 1,075 2,154 1,660 14,269 2,188
Trailing 4-Quarters NAP $262.7 $262.6 $261.9 $261.6 $260.1
Collected Premiums $600.0 $612.4 $610.0 $659.9 $584.2
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 7
* MA/PDP sales are excluded from NAP in all periods
g , , , , ,
Trailing 4-Quarters Med
Advantage Fee Income, Net
$9.8 $10.6 $11.1 $12.3 $12.6
8. Washington National1Q15 Sales and
Di t ib ti R lt
g
Distribution Results
($ millions)
Quarterly NAP
1Q sales up 3%
1Q14
$22.0
2Q14
$25.3
3Q14
$25.6
4Q14
$26.3
1Q15
$22.6
1Q sales up 3%
‒ PMA up 10%, contributing over 80%
of total sales
‒ WN Independent Partners downp
21%; impacted by restructuring of
one large independent partner
Growth in PMA agent forceg
‒ Average producing agents* up 9%
Supplemental health collected
premiums up 5%
Trailing 4-Quarters NAP $95.4 $97.4 $99.1 $99.2 $99.8
Supplemental Health Collected Premiums $125.9 $129.1 $127.1 $133.3 $132.7
premiums up 5%
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 8
* Total producing agents includes appointed agents with $1000 or more of NAP in the prior 12 months; see appendix for details.
9. 1Q15 Sales and
Di t ib ti R lt
Colonial Penn
Distribution Results
($ millions)
Quarterly NAP
1Q sales up 26%
1Q14
$16 8
2Q14
$16 5
3Q14
$16 4 4Q14
1Q15
$21.1
1Q sales up 26%
‒ Strong growth across all lead sources
including Direct Mail and Web
‒ Improvements in marketing costs and
sales productivity $16.8 $16.5 $16.4 4Q14
$14.9
sales productivity
‒ Sales growth partially reflects recovery
from weaker 1Q14
Collected premiums up 7% Collected premiums up 7%
1Q15 Total EBIT: (-$5.9mm)
‒ In-force EBIT up 3%
Trailing 4-Quarters NAP $62.0 $62.7 $63.7 $64.6 $68.9
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 9
Collected Premiums $61.0 $60.9 $61.9 $61.3 $65.1
10. Business Investments and Sales Outlook CNO
Maintaining consolidated sales growth of 3% - 6%
Maintaining 2015 sales growth: 3-5%
Continued recovery in agent recruiting
Agent productivity gains
Initiative investments starting to gain tractiong g
Maintaining 2015 sales growth: 5-7%
Continued strength in PMA agent force with greater availability of new Continued strength in PMA agent force, with greater availability of new
products and programs to increase agent productivity and retention
Worksite sales beginning to benefit from roll out of new products and
OneSource platform
Increasing 2015 sales growth: 9-12%
Continued lead source and product diversification
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 10
Increased sales productivity and marketing effectiveness
11. 1Q Consolidated Financial Highlights CNO
Earnings Remain Strong
‒ Normalized operating EPS up 11%
‒ Health benefit ratios mixed with elevated LTC and supplemental health IABR’s*
‒ Annuity, life and investment results continue to drive favorable results
C it l & Li idit Capital & Liquidity
‒ RBC estimated at 428% and holding company leverage at 16.9%
‒ Holding company liquidity and investments of $311 million
R t d $98 1 illi i th t t h h ld i l di h b b k d‒ Returned $98.1 million in the quarter to shareholders, including share buybacks and
common stock dividends
Updated 2015 Guidancep
‒ Production: Colonial Penn NAP growth rate increased to 9-12%
‒ Earnings: LTC IABR* increased to the 84% range, driven by future loss reserve build
‒ Capital: No change to guidance, conditions favorable for recapitalization
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 11
p g g , p
* Interest-adjusted benefit ratio
12. ($ millions)Segment Earnings CNO
1Q15 Earnings DriversSegment EBIT Excluding Significant Items*
$118 7$119.7
Bankers Life strength in annuity
$31.1
$32.3
$30.1 $30.2
$31.5
$118.7
$106.1
$
$119.8
$106.5
Bankers Life – strength in annuity
spreads, favorable overall health results
offset by lower LTC margins
Washington National interest-adjusted
l t l h lth b fit ti
$84.2
$87.4 $98.3 $94.5
$82.2
supplemental health benefit ratios
modestly elevated
Colonial Penn results outperformed on
improved sales productivity and
$(3.0)
$(3.7)
$(9.1) $(8.8)
$(1.3)
$(6.2)
$3.8
$0.4 $2.8
$(5.9)
marketing effectiveness
Corporate results driven by favorable
expenses and investment results
S iti h d i 11%1Q14 2Q14 3Q14 4Q14 1Q15
Corporate CP BLC WN
* A non-GAAP measure. See the Appendix for a reconciliation to the corresponding
GAAP measure
1Q14
Weighted Average Diluted Shares Outstanding
Securities repurchases drives a 11%
reduction in average diluted shares
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 12
GAAP measure.
** Equivalent common shares of 5.8mm were not included in the diluted weighted
average shares outstanding due to the net loss recognized in 1Q14.
1Q14
220.3mm**
1Q15
202.3mm
13. Investment Results CNO
($ millions)
$24,850 $24,853
( )
Average Invested Assets and Cash Realized Gains, Losses and Impairments
Gross Realized Gains
$21,687 $21,852 $21,854
$348.1 $347.4
$300.1 $305.4 $303.6
$ , $24,853
$3,512 $3,492
Gross Realized Losses
Impairments
$45.6
Realized Gains and Losses
on OCB LTC sales
$11.9
$1.3
Net
Investment
Income
CLIC assets
sold
Impairments
$22.2
$30.1
$17.3
$16.8
$13 7
$20.2**
$22.6
$4.9 $4.2 $4.2
$21.3
$2.8
$12.6
1Q14 2Q14 3Q14 4Q14 1Q15
Earned Yield*: 5.88% 5.83% 5.79% 5.83% 5.79%
New Money Rate: 5.17% 5.36% 5.23% 5.01% 5.36%
Pre-Pay / Call / Make-
whole Income: $2.3 $5.5 $8.6 $8.3 $5.1
$4.4
1Q14 2Q14 3Q14 4Q14
$15.5
$5.9
1Q15
$11.1
$7.1
$13.7
Q Q 1Q15
1Q15 new money rate reflects emphasis on sustaining
portfolio yields, low asset turnover and spread duration
driven allocation strategy
Modest drag on RBC from ratings migration (energy driven)
and incremental allocation to a broader portfolio including
alternative investments
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 13
* Earned Yield excludes FHLB.
** Excludes $11.3 million gain on dissolution of variable interest entity.
Effective yields supported by pre-pay/make-whole
income
Continued favorable portfolio credit performance
14. Capital Targets & Excess Capital Deployment CNO
2014 1Q15
2015 Y.E.
Outlook
RBC 431% 428% ~ 425%
Key Capital Ratios
v RBC remains strong on stable statutory
Liquidity $345mm $311mm ~ $315mm
Leverage* 17.1% 16.9% ~ 16%
2015 C it l Utili ti
v RBC remains strong on stable statutory
earnings after $88 million dividends and
distributions to the holding company
Liquidity position reflects elevated
repurchase and debt amortization
2015 Capital Utilization (in millions)
Common
Stock
Dividends
Leverage continues to fall due to $20
million of required quarterly amortization
v $86mm in common stock repurchased in
1Q15
Securities
Repurchase
~$300
$52
Debt
Repayment /
Financing
Costs
$79
Securities Repurchases
Repurchased ~5.3mm shares at an
average cost of $16.32 per share
2015 Outlook: share repurchase range of
$250mm to $325mm
Holdco Exp &
Other
$10
Interest
$36
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 14
* A non-GAAP measure. Refer to the Appendix for the corresponding GAAP measure.
15. Bankers LTC – Critical Points of Differentiation
Target Market
• Middle-market and older issue/attained age drives reduced tail risk
New Business
g
• Significant claims data on older ages supports reliable studies and estimates
New Business
• Over 70% of new business is “short duration” (benefit period ≤ 1 year)
• Reinsurance with RGA (~25%) reinforces sound pricing & underwriting
In-Force Mix
• Captive distribution for better control over economics & underwriting
• Only 4.6% of policies w/ lifetime benefits and 17% with benefit periods > 3 years
• Tight ALM and reduced reinvestment risk with liability duration ~13 years
4 d f f l t i f d h i li i
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 15
• 4 rounds of successful rate increases focused on comprehensive policies
16. ROE Development CNO
Notable Items Normalized Operating ROE*
ROE trend reflects stable earnings and efforts
to decrease “beta” and improve ratings
Steady build in ROE recognizing headwinds
7.9%
9.0%
‒ Challenging new money investment rates
‒ LTC margins reflect a building future loss
reserve and reduced collected premium
‒ 2014 sales results and impact on
insurance revenue
Catalysts include recapitalization, investments
driving growth in sales technology linked 1Q14 1Q15
Operating ROE*: 8.1% 9.1%
driving growth in sales, technology linked
productivity and efficiency gains
1Q14 1Q15
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 16
* A non-GAAP measure. Refer to the Appendix for a reconciliation to the corresponding GAAP measure. Operating earnings exclude the results of
CLIC prior to being sold.
17. Wrap-up CNO
Regaining momentum on agent recruiting and sales growth
Investing in initiatives to increase sales and operatingInvesting in initiatives to increase sales and operating
effectiveness
Holistic management of our LTC businessHolistic management of our LTC business
Solid operating performance and favorable markets
supports ratings momentum and recapitalizationsupports ratings momentum and recapitalization
Developing future catalysts and exploring non-organic
opportunities to expand and accelerate profitable growthoppo tu t es to e pa d a d acce e ate p o tab e g o t
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 17
20. Producing Agent Counts
1st Yr 2nd Yr 3rd Yr + Total Qtr Avg (3) 1st Yr 2nd Yr 3rd Yr + Total Qtr Avg (3)
3/31/2015 2,468 657 1,894 5,019 4,850 344 127 340 811 830
Bankers Life (1) Washington National (2)
12/31/2014 2,258 664 1,868 4,790 4,842 365 128 337 830 831
9/30/2014 2,233 667 1,822 4,722 4,783 382 134 336 852 835
6/30/2014 2,427 699 1,782 4,908 4,932 377 116 331 824 809
3/31/2014 2,493 714 1,797 5,004 4,875 332 108 315 755 758
12/31/2013 2,557 693 1,718 4,968 5,046 335 112 296 743 756
9/30/2013 2,540 691 1,701 4,932 4,986 345 95 295 735 728
6/30/2013 2,540 715 1,712 4,967 4,988 311 106 285 702 690
3/31/2013 2 550 734 1 684 4 968 4 930 298 111 276 685 6823/31/2013 2,550 734 1,684 4,968 4,930 298 111 276 685 682
12/31/2012 2,429 662 1,600 4,691 4,850 298 108 269 675 687
12/31/2011 2,461 600 1,587 4,648 4,702
12/31/2010 2,199 668 1,486 4,353 4,391
12/31/2009 2,564 662 1,513 4,739 4,742
12/31/2008 2,489 651 1,324 4,464 4,417
12/31/2007 2,198 554 1,231 3,983 4,034
(1) Defined as the number of agents that have sold at least one policy in the period
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 20
(2) Defined as active PMA appointed agents with $1,000 or more of New Annualized Premium in the prior 12 months
(3) Agent counts at the end of each month used to calculate the average for the quarter
21. 1Q15 Holding Company Liquidity CNOg p y q y CNO
($ millions)
1Q15
Cash and Investments Balance - Beginning $344.6
Sources
Net Dividends from Insurance Subsidiaries 75.5
Interest/Earnings on Corporate Investments 2.6
Surplus Debenture Interest 12 0Surplus Debenture Interest 12.0
Service and Investment Fees, Net (0.9) *
Total Sources 89.2
Uses
Interest 4.6
Share Repurchases 81.5
Debt Payments 19.8
Common Stock Dividend 12.1
Holding Company Expenses and Other 8.4
Total Uses 126.4
Non-cash changes in investment balances 3.6
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 21
Unrestricted Cash and Investments Balance - 3/31/2015 $311.0
* Negative result due to seasonality of fee and expense payment timing
23. Leveraging Considerable Tax Assets CNO
($ millions)($ millions)
1Q 2015 Loss Carryforwards 2015 Outlook and Value
v
Expect modest future valuation allowance
Life
$157
Annual cash flows are expected to be
reduced by $50 million in 2016 as life
NOL’s are fully utilized
Expect modest future valuation allowance
releases as taxable income stabilizes$1,024
NOL s are fully utilized
Estimated economic value of ~$520
million @ 10% discount rate
Non-Life
$867
$233*
Non-Life
Loss Carryforwards Valuation Allowance
Non Life
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 23
* Excludes $13 million related to net state operating loss carryforwards.
24. Th t bl b l i th fi i l i t f th i ifi t it 1Q2014 t ti i M t b li
1Q14 Significant Items CNO
The table below summarizes the financial impact of the significant item on our 1Q2014 net operating income. Management believes
that identifying the impact of this item enhances the understanding of our operating results (dollars in millions).
Three months ended
March 31, 2014
Excluding
Net Operating Income:
Bankers Life $ 84.2 $ - $ 84.2
Washington National
Actual results Significant item
Excluding
significant
item
31 1 31 1Washington National
Colonial Penn
EBIT from business segments continuing after the CLIC sale
Corporate Operations, excluding corporate interest expense (1)
EBIT from operations continuing after the CLIC sale
31.1 - 31.1
(6.2) - (6.2)
109.1 - 109.1
(6.0) 3.0 (3.0)
103.1 3.0 106.1p g
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 59.9 $ 1.9 $ 61.8
33.2
(11.1) - (11.1)
92.0 3.0 95.0
32.1 1.1
Net operating income per diluted share* $ 0.27 $ 0.01 $ 0.28
(1) Pre-tax earnings in the Corporate segment reflected higher expenses of $3 million primarily related to accrual adjustments for incentive compensation.
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 24
* A non-GAAP measure. See pages 29 and 31 for a reconciliation to the corresponding GAAP measure.
25. f f f 2Q201
2Q14 Significant Items CNO
Three months ended
June 30, 2014
Excluding
The table below summarizes the financial impact of the significant items on our 2Q2014 net operating income. Management believes
that identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Net Operating Income:
Bankers Life $ 87.4 $ - $ 87.4
Washington National 32 3 32 3
Actual results Significant items
Excluding
significant
items
Washington National
Colonial Penn
EBIT from business segments continuing after the CLIC sale
Corporate Operations, excluding corporate interest expense
EBIT from operations continuing after the CLIC sale
(3.7) - (3.7)
119.8 - 119.8
3.8 - 3.8
123.5 - 123.5
32.3 - 32.3
p g
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 71.3 $ - $ 71.3
108.7 - 108.7
37.4 - 37.4
(11.1) - (11.1)
Net operating income per diluted share* $ 0.32 $ - $ 0.32
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 25
* A non-GAAP measure. See pages 29 and 31 for a reconciliation to the corresponding GAAP measure.
26. Th t bl b l i th fi i l i t f i ifi t it 3Q2014 t ti i M t b li th t
3Q14 Significant Items CNO
The table below summarizes the financial impact of significant items on our 3Q2014 net operating income. Management believes that
identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Three months ended
September 30, 2014
Excluding
Net Operating Income:
Bankers Life $ 111.8 $ (13.5) (1) $ 98.3
Washington National (2) 30 1
Actual results Significant items
Excluding
significant
items
27 6 2 5Washington National (2)
Colonial Penn
EBIT from business segments continuing after the CLIC sale
Corporate Operations, excluding corporate interest expense
EBIT from operations continuing after the CLIC sale (11.0) 119.7130.7
139.8 (11.0) 128.8
(9.1) - (9.1)
30.1
0.4 - 0.4
27.6 2.5
EBIT from operations continuing after the CLIC sale
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 76.6 $ (7.1) $ 69.5
(11.0) 119.7
(10.9)
(11.0) 108.8
43.2 (3.9) 39.3
130.7
119.8
(10.9) -
Net operating income per diluted share* $ 0.35 $ (0.03) $ 0.32
(1) Pre-tax earnings in the Bankers Life segment included $11.0 million of favorable reserve developments in Bankers Life's long-term care block (including
$2.8 million of favorable one-time catch-up reserve releases related to the use of a new process to identify changes in the status of our insureds in a more
timely manner) and $2.5 million of favorable reserve developments in the Medicare supplement block.
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 26
(2) Pre-tax earnings in the Washington National segment included $2.5 million of unfavorable premium refunds in the supplemental health block (related to
the same process used on Bankers Life's long-term care block to identify changes in the status of our insureds in a more timely manner).
* A non-GAAP measure. See pages 29 and 31 for a reconciliation to the corresponding GAAP measure.
27. f f f Q201
4Q14 Significant Items CNO
Three months ended
December 31, 2014
E l di
The table below summarizes the financial impact of the significant items on our 4Q2014 net operating income. Management believes
that identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Net Operating Income:
Bankers Life $ 103.5 $ (9.0) (1) $ 94.5
Washington National (2)
Actual results Significant items
Excluding
significant
items
20 2 10 0 30 2Washington National (2)
Colonial Penn
EBIT from business segments continuing after the CLIC sale
Corporate Operations, excluding corporate interest expense
EBIT from operations continuing after the CLIC sale
127.5
20.2 10.0 30.2
1.0 118.7
2.8 - 2.8
126.5 1.0
(8.8) - (8.8)
117.7
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 69.1 $ 0.6 $ 69.7
(10.8) - (10.8)
106.9 1.0 107.9
37.8 0.4 38.2
Net operating income per diluted share* $ 0.34 $ - $ 0.34
(2) Pre-tax earnings in the Washington National segment were reduced by $10 million primarily related to the impact of loss recognition on a closed block of payout
annuities resulting from changes in assumptions related to long term interest rates and mortality experience
(1) Pre-tax earnings in the Bankers Life segment included: (i) $6 million of positive impacts from our comprehensive annual actuarial review including impacts from
model enhancements, net of changes in assumptions related to mortality and long-term interest rates; and (ii) the receipt of a $3 million settlement related to the early
termination in 2013 of a PDP quota-share agreement.
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 27
annuities resulting from changes in assumptions related to long-term interest rates and mortality experience.
* A non-GAAP measure. See pages 29 and 31 for a reconciliation to the corresponding GAAP measure.
28. f f f 1Q201
1Q15 Significant Items CNO
The table below summarizes the financial impact of the significant item on our 1Q2015 net operating income. Management believes
that identifying the impact of these items enhances the understanding of our operating results (dollars in millions).
Three months ended
March 31, 2015
E l di
Net Operating Income:
Bankers Life $ 82.2 $ - $ 82.2
Washington National (1)
Actual results Significant items
Excluding
significant
items
28 5 3 0 31 5Washington National (1)
Colonial Penn
EBIT from business segments continuing after the CLIC sale
Corporate Operations, excluding corporate interest expense
EBIT from operations continuing after the CLIC sale
107.8
28.5 3.0 31.5
3.0 106.5
(5.9) - (5.9)
104.8 3.0
(1.3) - (1.3)
103.5
Corporate interest expense
Operating earnings before tax
Tax expense on operating income
Net operating income * $ 60.1 $ 1.9 $ 62.0
(10.5) - (10.5)
93.0 3.0 96.0
32.9 1.1 34.0
Net operating income per diluted share* $ 0.30 $ 0.01 $ 0.31
(1) Pre-tax earnings in the Washington National segment included $3 million of unfavorable reserve developments in the supplemental health block related to claims
incurred in prior periods.
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 28
* A non-GAAP measure. See pages 29 and 31 for a reconciliation to the corresponding GAAP measure.
29. Quarterly Earnings CNOy g
1Q14 2Q14 3Q14 4Q14 1Q15
Bankers Life 84.2$ 87.4$ 111.8$ 103.5$ 82.2$
Washington National 31.1 32.3 27.6 20.2 28.5
($ millions)
Colonial Penn (6.2) 3.8 0.4 2.8 (5.9)
EBIT from business segments continuing after the CLIC sale 109.1 123.5 139.8 126.5 104.8
Corporate operations, excluding interest expense (6.0) (3.7) (9.1) (8.8) (1.3)
EBIT* from operations continuing after the CLIC sale 103.1 119.8 130.7 117.7 103.5
Corporate interest expense (11.1) (11.1) (10.9) (10.8) (10.5)
Operating earnings before taxes 92.0 108.7 119.8 106.9 93.0p g g
Tax expense on period income 32.1 37.4 43.2 37.8 32.9
Net operating income 59.9 71.3 76.6 69.1 60.1
Earnings of CLIC prior to being sold, net of taxes 6.7 8.5 - - -
Net loss on sale of CLIC and gain (loss) on reinsurance transactions, including impact of taxes (298.0) 2.5 22.9 2.9 -
Net realized investment gains (losses), net of related amortization and taxes 13.6 7.5 2.6 (2.3) (1.4)
Fair value changes in embedded derivative liabilities net of related amortization and taxes (7 2) (4 8) - (11 4) (8 3)Fair value changes in embedded derivative liabilities, net of related amortization and taxes (7.2) (4.8) (11.4) (8.3)
Fair value changes related to the agent deferred compensation plan, net of taxes - (7.6) - (9.8) -
Loss on extinguishment of debt, net of taxes - (0.4) - - -
Valuation allowance for deferred tax assets and other tax items - 4.0 16.8 34.1 -
Other (3.0) (2.9) (1.5) 1.3 2.4
Net income (loss) (228.0)$ 78.1$ 117.4$ 83.9$ 52.8$
*Management believes that an analysis of earnings before the net loss on sale of CLIC and gain (loss) on reinsurance transactions, the earnings of CLIC prior to being sold, net realized
investment gains (losses), fair value changes in embedded derivative liabilities, fair value changes related to the agent deferred compensation plan, loss on extinguishment of debt, other
non-operating items, corporate interest expense and taxes (“EBIT,” a non-GAAP financial measure) provides a clearer comparison of the operating results of the company quarter-over-
quarter because it excludes: (1) the net loss on sale of CLIC and gain (loss) on reinsurance transactions, (2) the earnings of CLIC prior to being sold; (3) net realized investment gains
(losses); (4) fair value changes due to fluctuations in the interest rates used to discount embedded derivative liabilities related to our fixed index annuities that are unrelated to the
company’s underlying fundamentals; (5) fair value changes related to the agent deferred compensation plan; (6) loss on extinguishment of debt; (7) charges in the valuation allowance for
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 29
company s underlying fundamentals; (5) fair value changes related to the agent deferred compensation plan; (6) loss on extinguishment of debt; (7) charges in the valuation allowance for
deferred tax assets; and (8) other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and earnings attributable to variable interest entities.
The table above provides a reconciliation of EBIT to net income.
30. 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 net loss on sale of
CLIC and gain (loss) on reinsurance transactions, the earnings of CLIC prior to being sold, 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, fair value changes related to the agent deferred compensation
plan loss on extinguishment of debt changes in our valuation allowance for deferred tax assets and otherplan, loss on extinguishment of debt, changes in our valuation allowance for deferred tax assets and other
non-operating items consisting primarily of equity in earnings of certain non-strategic investments and
earnings attributable to variable interest entities (“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 | 1Q2015 Earnings | April 30, 2015 30
31. 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):
1Q14 2Q14 3Q14 4Q14 1Q15
Net income applicable to common stock (228.0)$ 78.1$ 117.4$ 83.9$ 52.8$
Earnings of CLIC prior to being sold (net of taxes) (6.7) (8.5) - - -
Net loss on sale of CLIC and gain (loss) on reinsurance transactions (including impact of taxes) 298.0 (2.5) (22.9) (2.9) -
Net realized investment (gains) losses, net of related amortization and taxes (13.6) (7.5) (2.6) 2.3 1.4
Fair value changes in embedded derivative liabilities, net of related amortization and taxes 7.2 4.8 - 11.4 8.3Fair value changes in embedded derivative liabilities, net of related amortization and taxes 7.2 4.8 11.4 8.3
Fair value changes related to the agent deferred compensation plan (net of taxes) - 7.7 - 9.7 -
Valuation allowance for deferred tax assets and other tax items - (4.0) (16.8) (34.1) -
Loss on extinguishment of debt (net of taxes) - 0.4 - - -
Other 3.0 2.9 1.5 (1.3) (2.4)
Net operating income (a non-GAAP financial measure) 59.9$ 71.4$ 76.6$ 69.0$ 60.1$
Per diluted share:
$ $ $ $ $Net income (loss) (1.03)$ 0.35$ 0.54$ 0.41$ 0.26$
Earnings of CLIC prior to being sold (net of taxes) (0.03) (0.04) - - -
Net loss on sale of CLIC and gain (loss) on reinsurance transactions (including impact of taxes) 1.35 (0.01) (0.11) (0.01) -
Net realized investment (gains) losses, net of related amortization and taxes (0.06) (0.03) (0.01) 0.01 0.01
Fair value changes in embedded derivative liabilities, net of related amortization and taxes 0.03 0.02 - 0.05 0.04
Fair value changes related to the agent deferred compensation plan (net of taxes) - 0.03 - 0.05 -
Valuation allowance for deferred tax assets and other tax items - (0.02) (0.08) (0.17) -
Loss on extinguishment of debt (net of taxes) - - - - -
Other 0.01 0.02 0.01 - (0.01)
Net operating income (a non-GAAP financial measure) 0.27$ 0.32$ 0.35$ 0.34$ 0.30$
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 31
32. 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):
1Q14 (a) 2Q14 3Q14 4Q14 1Q15
Operating income 59.9$ 71.3$ 76.6$ 69.1$ 60.1$
Weighted average shares outstanding for basic earnings per share 220,307 216,538 210,525 204,298 200,491
Effect of dilutive securities on weighted average shares:
Stock options, restricted stock and performance units - 2,390 2,447 2,645 1,784
Warrants (b) - 3,180 2,486 - -
Weighted average shares outstanding for diluted earnings per share 220,307 222,108 215,458 206,943 202,275
Operating earnings per diluted share 0.27$ 0.32$ 0.35$ 0.34$ 0.30$
(a) Equivalent common shares of 5,803.0 were not included in the diluted weighted average shares outstanding due to the net loss recognized in 1Q14.
(b) All outstanding warrants were repurchased in September 2014.
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 32
33. B k l dil t d h
Information Related to Certain Non-GAAP Financial Measures
Book value per diluted share
Book value per diluted share reflects the potential dilution that could occur if outstanding stock options and warrants were exercised, restricted stock and
performance units were vested and convertible securities were converted. The dilution from options, warrants, restricted shares and performance units is
calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options and warrants (or the unrecognized
compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price
on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other
comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is
useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investmentsuseful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
A reconciliation from book value per share to book value per diluted share, excluding accumulated other comprehensive income (loss) is as follows (dollars in
millions, except per share amounts):
1Q14 2Q14 3Q14 4Q14 1Q15
Total shareholders' equity 4,710.2$ 4,844.3$ 4,722.0$ 4,688.2$ 4,753.6$
Shares outstanding for the period 219,266,947 213,755,190 207,640,050 203,324,458 198,631,949
Book value per share 21.48$ 22.66$ 22.74$ 23.06$ 23.93$
Total shareholders' equity 4,710.2$ 4,844.3$ 4,722.0$ 4,688.2$ 4,753.6$
Less accumulated other comprehensive income (766.2) (926.1) (859.3) (825.3) (934.2)
Adjusted shareholders' equity excluding AOCI 3,944.0$ 3,918.2$ 3,862.7$ 3,862.9$ 3,819.4$
Shares outstanding for the period 219,266,947 213,755,190 207,640,050 203,324,458 198,631,949
Dilutive common stock equivalents related to:
Warrants, stock options, restricted stock and performance units 5,839,726 5,780,892 2,406,402 2,645,322 1,857,139
Diluted shares outstanding 225,106,673 219,536,082 210,046,452 205,969,780 200,489,088
Book value per diluted share (a non-GAAP financial measure) 17.52$ 17.85$ 18.39$ 18.75$ 19.05$
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 33
34. Information Related to Certain Non-GAAP Financial Measures
The interest-adjusted benefit ratio (a non-GAAP measure) is calculated by dividing the product's insurance policy benefits less
imputed interest income on the accumulated assets backing the insurance liabilities by insurance policy income. Interest income is
an important factor in measuring the performance of longer duration health products. The net cash flows generally cause an
accumulation of amounts in the early years of a policy (accounted for as reserve increases), which will be paid out as benefits in
later policy years (accounted for as reserve decreases) Accordingly as the policies age the benefit ratio will typically increase but
Interest-adjusted benefit ratios
later policy years (accounted for as reserve decreases). Accordingly, as the policies age, the benefit ratio will typically increase, but
the increase in the change in reserve will be partially offset by the imputed interest income earned on the accumulated assets. The
interest-adjusted benefit ratio reflects the effects of such interest income offset. Since interest income is an important factor in
measuring the performance of these products, management believes a benefit ratio, which includes the effect of interest income, is
useful in analyzing product performance.
1Q14 2Q14 3Q14 4Q14 1Q15
Bankers Life
Long-term care benefit ratios
Earned premium 129.1$ 127.4$ 125.5$ 124.0$ 122.6$
B fit ti b f i t d i t t i 131 9% 131 2% 123 6% 131 8% 137 8%Benefit ratio before imputed interest income on reserves 131.9% 131.2% 123.6% 131.8% 137.8%
Interest-adjusted benefit ratio 81.0% 79.2% 70.5% 77.8% 83.0%
Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 24.5$ 26.5$ 36.9$ 27.6$ 20.8$
Washington National
Supplemental health benefit ratios
Earned premium 125 8$ 126 8$ 125 8$ 132 1$ 132 8$Earned premium 125.8$ 126.8$ 125.8$ 132.1$ 132.8$
Benefit ratio before imputed interest income on reserves 78.9% 80.3% 81.9% 79.1% 82.4%
Interest-adjusted benefit ratio 53.0% 54.8% 56.0% 54.4% 57.6%
Underwriting margin (earned premium plus imputed interest income on reserves less policy benefits) 59.1$ 57.4$ 55.2$ 60.3$ 56.2$
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 34
35. 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 net loss on sale of CLIC
and gain (loss) on reinsurance transactions, the earnings of CLIC prior to being sold, 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, fair value changes related to the agent deferred compensation plan, loss on extinguishment of
d bt h i l ti ll f d f d t t d th ti it i ti i il fdebt, changes in our valuation allowance for deferred tax assets and other non-operating items consisting primarily of
equity in earnings of certain non-strategic investments and earnings attributable to variable interest entities (“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 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 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 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
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 35
measures are used in measuring the performance of our business units and are used as a basis for incentive
compensation.
36. Information Related to Certain Non-GAAP Financial Measures
Th l l ti f (i) ti t it l di l t d th h i i (l ) d tThe 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):
Trailing twelve months ended
1Q14 2Q14 3Q14 4Q14 1Q15
Operating income 252.5$ 263.8$ 274.0$ 276.9$ 277.1$
Operating income, excluding significant items 246.2$ 260.1$ 266.8$ 272.3$ 272.5$
Trailing twelve months ended
Net Income 238.1$ 239.1$ 73.5$ 51.4$ 332.2$
Average common equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 3,126.8$ 3,121.5$ 3,097.9$ 3,052.1$ 3,029.2$y ( )
Average common shareholders' equity 4,798.2$ 4,791.2$ 4,816.0$ 4,774.6$ 4,746.6$
Operating return on equity, excluding accumulated other
comprehensive income (loss) and net operating loss
carryforwards (a non-GAAP financial measure) 8.1% 8.5% 8.8% 9.1% 9.1%carryforwards (a non GAAP financial measure) 8.1% 8.5% 8.8% 9.1% 9.1%
Operating return, excluding significant items, on equity, excluding
accumulated other comprehensive income (loss) and net
operating loss carryforwards (a non-GAAP financial measure) 7.9% 8.3% 8.6% 8.9% 9.0%
Return on equity 5.0% 5.0% 1.5% 1.1% 7.0%
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 36
q y
(Continued on next page)
37. Information Related to Certain Non-GAAP Financial Measures
The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant
items; and (iv) net income (dollars in millions):
Operating
Operating earnings,
earnings, excluding Net
excluding significant income -
Operating Significant significant items - trailing Net trailing
earnings (a) items (b) items four quarters income four quarters
2Q13 60.0 (2.6) 57.4 - 77.1 -
3Q13 66.4 (3.6) 62.8 - 283.0 -
4Q13 66.2 (2.0) 64.2 - 106.0 -
1Q14 59.9 1.9 61.8 246.2 (228.0) 238.1
2Q14 71.3 - 71.3 260.1 78.1 239.1
3Q14 76.6 (7.1) 69.5 266.8 117.4 73.5
4Q14 69.1 0.6 69.7 272.3 83.9 51.4
1Q15 60 1 1 9 62 0 272 5 52 8 332 2
Effective 1Q15, we changed our definition of operating income and operating income per diluted share to exclude the impact of
1Q15 60.1 1.9 62.0 272.5 52.8 332.2
(a) - Operating earnings excludes the results from CLIC prior to being sold.
(b) - The significant items have been discussed in prior press releases
g p g p g p p
fair market value changes related to the agent deferred compensation plan, since such impacts are not indicative of our
ongoing business and trends in our business. Prior periods were revised to conform to our current presentation. Accordingly,
operating income changed from $63.7 million to $71.3 million for 2Q14; from $59.3 million to $69.1 million for 4Q14; from $63.9
million to $60.0 million for 2Q13; and from $72.7 million to $66.4 million for 3Q13. Operating income per diluted share changed
from $0.29 to $0.32 for 2Q14; from $0.29 to $0.34 for 4Q14; from $0.28 to $0.26 for 2Q13; and from $0.32 to $0.29 for
3Q13. There were no changes to operating income in 1Q14, 3Q14, 1Q13 or 4Q13. Net income (loss) and net income (loss)
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 37
3Q13. There were no changes to operating income in 1Q14, 3Q14, 1Q13 or 4Q13. Net income (loss) and net income (loss)
per diluted share are not impacted by this change.
(Continued on next page)
38. Information Related to Certain Non-GAAP Financial Measures
A reconciliation of pretax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in
millions):
1Q14 2Q14 3Q14 4Q14 1Q15
Twelve months ended
Pretax operating earnings (a non-GAAP financial measure) 383.2$ 399.7$ 422.2$ 427.4$ 428.4$
Income tax (expense) benefit (130.7) (135.9) (148.2) (150.5) (151.3)
Operating return 252.5 263.8 274.0 276.9 277.1
Earnings of CLIC prior to being sold, net of taxes 26.7 30.4 24.9 15.2 8.5
Net loss on sale of CLIC and gain (loss) on reinsurance transactions,
inculding impact of taxes (361.3) (358.8) (335.9) (269.7) 28.3
Net realized investment gains, net of related amortization and taxes 22.4 29.1 32.8 21.4 6.4Net realized investment gains, net of related amortization and taxes 22.4 29.1 32.8 21.4 6.4
Fair value changes in embedded derivative liabilities, net of related
amortization and taxes 14.5 (2.4) (4.6) (23.4) (24.5)
Fair value changes related to the agent deferred compensation
plan, net of taxes 10.2 (1.3) (7.6) (17.4) (17.4)
Loss on extinguishment or modification of debt (net of taxes) (6.8) (0.4) (0.4) (0.4) (0.4)
Valuation allowance for deferred tax assets and other tax items 291.0 290.0 100.1 54.9 54.9
Other (11.1) (11.3) (9.8) (6.1) (0.7)
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 38
Net income 238.1$ 239.1$ 73.5$ 51.4$ 332.2$
(Continued on next page)
39. 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):
1Q13 2Q13 3Q13 4Q13
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 3,002.9$ 3,067.6$ 3,181.9$ 3,258.1$
Net operating loss carryforwards 855.0 815.7 970.7 965.3
Accumulated other comprehensive income 1,170.7 698.1 634.0 731.8
Common shareholders' equity 5,028.6$ 4,581.4$ 4,786.6$ 4,955.2$
1Q14 2Q14 3Q14 4Q14
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
$ $ $ $(a non-GAAP financial measure) 2,996.0$ 3,032.6$ 3,028.0$ 3,045.3$
Net operating loss carryforwards 948.0 885.6 834.7 817.6
Accumulated other comprehensive income 766.2 926.1 859.3 825.3
Common shareholders' equity 4,710.2$ 4,844.3$ 4,722.0$ 4,688.2$
1Q15
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 3,026.1$
Net operating loss carryforwards 793.3
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 39
Accumulated other comprehensive income 934.2
Common shareholders' equity 4,753.6$
40. 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):
1Q14 2Q14 3Q14 4Q14 1Q15
Trailing Four Quarter Average
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure) 3,126.8$ 3,121.5$ 3,097.9$ 3,052.1$ 3,029.3$
Net operating loss carryforwards 913.3 933.7 925.4 890.0 852.1Net operating loss carryforwards 913.3 933.7 925.4 890.0 852.1
Accumulated other comprehensive income 758.1 736.0 792.7 832.5 865.2
Common shareholders' equity 4,798.2$ 4,791.2$ 4,816.0$ 4,774.6$ 4,746.6$
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 40
41. Information Related to Certain Non-GAAP Financial Measures
Debt to capital ratio, excluding accumulated other comprehensive income (loss)
The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated
other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-
GAAP financial measure is useful because it removes the volatility that arises from changes in accumulated other comprehensive income (loss).
Such volatility is often caused by changes in the estimated fair value of our investment portfolio resulting from changes in general market interest
rates rather than the business decisions made by management. A reconciliation of these ratios is as follows ($ in millions):
1Q14 2Q14 3Q14 4Q14 1Q15
Corporate notes payable 844.1$ 827.3$ 814.0$ 794.4$ 774.8$
Total shareholders' equity 4,710.2 4,844.3 4,722.0 4,688.2 4,753.6
Total capital 5,554.3$ 5,671.6$ 5,536.0$ 5,482.6$ 5,528.4$
Corporate debt to capital 15.2% 14.6% 14.7% 14.5% 14.0%
Corporate notes payable 844.1$ 827.3$ 814.0$ 794.4$ 774.8$
Total shareholders' equity 4,710.2 4,844.3 4,722.0 4,688.2 4,753.6q y , , , , ,
Less accumulated other comprehensive income (766.2) (926.1) (859.3) (825.3) (934.2)
Total capital 4,788.1$ 4,745.5$ 4,676.7$ 4,657.3$ 4,594.2$
Debt to total capital ratio, excluding AOCI (a
non-GAAP financial measure) 17.6% 17.4% 17.4% 17.1% 16.9%
CNO Financial Group | 1Q2015 Earnings | April 30, 2015 41