Prieur to Retire as CEO of CNO Financial Group

CARMEL, Ind., July 6, 2011 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO)
today announced that its chief executive officer C. James Prieur, 60, has
decided to retire from that position and from the board of directors as of
September 30. The Board of Directors of CNO has announced that it has elected
CFO Ed Bonach, 57, to become CEO upon Mr. Prieur’s retirement, and that he will
fill Mr. Prieur’s position on the board at that time. The Board also promoted,
effective immediately, Scott Perry, 48, to the newly-created position of chief
operating officer. Mr. Bonach will continue his responsibilities as chief
financial officer until a successor CFO is identified, while Mr. Perry will
retain his position as president of Bankers Life and Casualty Company.

“After five successful years rebuilding and recapitalizing CNO, and with the
company well positioned to pursue the underserved but fast-growing senior and
middle-income market, it is the appropriate time for the company to prepare for
its future and continued success under new leadership,” Mr. Prieur said. “After
much thought, and with great confidence in Ed Bonach’s proven strengths, I have
decided it is the right time for me to retire from CNO.”

“Our strong financial results and our new corporate brand reflect our tremendous
progress both operationally and financially,” Mr. Prieur said. “We now have
substantially reduced CNO’s debt, lowered costs by reallocating human resources
and creating an efficient shared services platform, increased our focus on
businesses where we have competitive advantages, and spun off our legacy
long-term care business to reduce risk and earnings volatility. With this nation
on the cusp of an explosion of growth in our market as the first of the baby
boom generation enters retirement age, I look forward to watching the company
grow in an attractive middle-income market with a very bright future.”

“We are grateful to Jim for helping transform CNO into a thriving insurance and
financial services enterprise, and we wish him the best in the future,” said
Neal Schneider, chairman of the board. “We also are pleased that Ed Bonach is
well positioned to seamlessly fill the CEO role, and that Scott Perry will take
on the COO function as CNO continues to expand and fulfill its vision.” Mr.
Schneider further noted that CNO’s recent achievements have resulted from the
efforts of a strong management team, and the Board is pleased to be able to
promote leaders from within the organization who will be able to build upon the
company’s recent success.

Mr. Prieur joined CNO Financial Group (then Conseco) in 2006 from Sun Life
Financial in Toronto, where he served as president and chief operating officer
after holding numerous managerial positions since joining the firm in 1979.

Ed Bonach joined CNO in 2007 from National Life Group, where he served as
executive vice president and chief financial officer. Before joining National
Life in 2002, he was with Allianz Life for 23 years, where his positions
included President – Reinsurance Division and chief financial officer.

Scott Perry joined Bankers Life and Casualty in 2001, and was named president in
2006. Prior to joining Bankers, he spent 17 years in sales, marketing and
management roles at Presideo, Premera Blue Cross, Anthem Blue Cross Blue Shield
and Golden Rule.

AboutCNO

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 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.