CNO Financial Group Announces Increase to Securities Repurchase Authorization and Provides 2013 Guidance on Securities

CNO Financial Group Announces Increase to Securities Repurchase Authorization
  and Provides 2013 Guidance on Securities Repurchases and Dividends to the
                               Holding Company

PR Newswire

CARMEL, Ind., Dec. 13, 2012

CARMEL, Ind., Dec.13, 2012 /PRNewswire/ --CNO Financial Group, Inc. (NYSE:
CNO) today announced that its Board of Directors has approved an additional
$300 million to repurchase the company's outstanding common stock, warrants
and convertible debentures. Through December 12, CNO has repurchased
7,554,416 shares of its common stock in the fourth quarter of 2012 at an
average price of $9.32 per share. With the additional authorization, total
repurchase capacity under the buyback program is now approximately $360
million. The repurchase program is intended to be implemented through
purchases made from time to time in the open market, through private
transactions or by a tender offer, in accordance with Securities and Exchange
Commission requirements. The amount and timing of the securities repurchases
(if any) will be based on business and market conditions and other factors.

In addition, the company is providing 2013 guidance on the following key
capital metrics:

  oSecurities repurchases of $250 - $300 million
  oDividends to holding company of $250 - $300 million

The company will provide additional information on these items as well as
other information later today at its 2012 Investor Day conference. The
company's management team will cover CNO's business strategy, target market,
distribution capability, market dynamics and financial overview. CEO Ed
Bonach said, "We are focused on driving shareholder value as we continue to
invest in organic growth, generate excess capital, improve the customer
experience and capitalize on our unique marketplace positioning."

There will be a live webcast of the presentation, including presentation
materials, also available on the Investors section of the company's website
http://ir.CNOinc.com. A replay of the presentation will also be available for
one year after the event. Participants should go to the website at least 15
minutes before the event to register and download any necessary audio
software.

About CNO

CNO is a holding company. Our insurance subsidiaries – principally Bankers
Life and Casualty Company, Washington National Insurance Company and Colonial
Penn Life Insurance Company – serve pre-retiree and retired Americans by
helping them protect against financial adversity and provide for a more secure
retirement. For more information, visit CNO online at www.CNOinc.com.

SOURCE CNO Financial Group, Inc.

Website: http://www.CNOinc.com
Contact: News Media, Tony Zehnder, +1-312-396-7086, or Investors, Erik
Helding, +1-317-817-4760