CNO Financial Group, Inc. Announces Share Repurchase Program

CARMEL, Ind., May 16, 2011 /PRNewswire/ –CNO Financial Group, Inc. (NYSE: CNO)
today announced that its board of directors has approved a common share
repurchase program of up to $100 million, effective immediately. This program is
intended to be implemented through purchases made from time to time over the
next two years in either the open market or through private transactions, in
accordance with Securities and Exchange Commission requirements. The amount and
timing of the share repurchases (if any) will be based on business and market
conditions and other factors. As of March 31, 2011, CNO had approximately 251
million shares outstanding.

Jim Prieur, CEO, said, “We are pleased that our improved financial position and
the capital being generated by our businesses have enabled us to be in a
position to repurchase shares.” Under the provisions of its senior credit
facility, CNO will be required to prepay the lenders an amount equal to the cost
of any shares purchased under the share repurchase program if the company’s debt
to total capitalization ratio is greater than 17.5%. If CNO’s debt to total
capitalization ratio is equal to or less than 17.5% but greater than 12.5%, the
amount of the mandatory prepayment is $0.50 per $1.00 of share repurchases, and
the mandatory prepayment obligation does not apply if CNO’s debt to total
capitalization ratio is equal to or less than 12.5%. At March 31, 2011, CNO’s
debt to total capitalization ratio was 19.2%.

About CNO

CNO is a holding company. Our insurance subsidiaries – principally Bankers Life
and Casualty Company, Colonial Penn Life Insurance Company and Washington
National Insurance Company – serve working American families and seniors 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.