CNO Financial Group, Inc. (NYSE:CNO) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET

Company Participants

Adam Auvil - Investor Relations

Gary Bhojwani - Chief Executive Officer

Paul McDonough - Chief Financial Officer

Eric Johnson - President and Chief Investment Officer

Karen DeToro - Chief Actuary

Conference Call Participants

Erik Bass - Autonomous

John Barnidge - Piper Sandler

Brian Kruger - Stifel

Wilma Burdis - Raymond James

Scott Heleniak - RBC Capital

Suneet Kamath - Jefferies

Tom Gallagher - Evercore

Operator

Good morning, and a warm welcome to the CNO Financial Group Second Quarter 2023 Earnings Call. My name is Candy, and I will be your moderator for today's call. [Operator Instructions]

I would now like to hand the conference call over to our host Adam Auvil. Please go ahead.

Adam Auvil

Good morning, and thank you for joining us on CNO Financial Group's Second Quarter 2023 Earnings Conference Call. Today's presentation will include remarks from Gary Bhojwani, Chief Executive Officer; and Paul McDonough, Chief Financial Officer. Following the presentation, we will also have other business leaders available for the question-and-answer period. During this conference call, we will be referring to information contained in yesterday's press release.

You can obtain the release by visiting the media section of our website at cnoinc.com. This morning's presentation is also available in the Investors section of our website and was filed in a Form 8-K yesterday. We expect to file our Form 10-Q and post it on our website on or before August. Let me remind you that any forward-looking statements we make today are subject to a number of factors, which may cause actual results to be materially different than those contemplated by the forward-looking statements.

Today's presentations contain a number of GAAP measures, which should not be considered as substitutes for the most directly comparable GAAP measures. You'll find a reconciliation of non-GAAP measures to the corresponding GAAP measures in the appendix. Throughout the presentation, we will be making performance comparisons, unless otherwise specified, any comparisons made will be referring to changes between second quarter 2023 and second quarter 2022.

And with that, I'll turn the call over to Gary.

Gary Bhojwani

Thanks, Adam. Good morning, everyone, and thank you for joining us. We delivered a solid performance in the second quarter. Operating earnings were $0.54 per share. The fundamentals of our business remain sound, including double-digit sales production across multiple product categories, a strengthened capital position and strong free cash flow generation. Another quarter of strong new money rates drove continued improvement on the earned yield on investments allocated to insurance products.