CNO Financial Group, Inc. (NYSE:CNO) Q4 2022 Earnings Conference Call February 8, 2023 10:00 AM ET

Company Participants

Adam Auvil - IR

Gary Bhojwani - CEO

Paul McDonough - CFO

Eric Johnson - President & Chief Investment Officer

Conference Call Participants

Daniel Bergman - Jefferies

Zach Byer - Autonomous

Mark Dwelle - RBC

Operator

Ladies and gentlemen, welcome to the CNO Financial Group Fourth Quarter 2022 Earnings Results Call. My name is Glenn and I'll be your moderator for today's call. [Operator Instructions]

I will now hand you over to your host Adam Auvil to begin. Adam, please go ahead.

Adam Auvil

Good morning, and thank you for joining us on CNO Financial Group's fourth quarter 2022 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 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-K and post it on our website on or before February 24.

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 non-GAAP measures, which should not be considered as substitutes for the most directly comparable GAAP measures. You'll find a reconciliation of the non-GAAP measures to the corresponding GAAP measures in the appendix.

Throughout the presentation, we will be making performance comparisons, and unless otherwise specified, any comparisons made will be referring to changes between fourth quarter 2022 and fourth quarter 2021.

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 reported operating earnings per share of $2.33, which reflect ongoing market volatility, moderation in our alternative investment returns, and favorable one-time actuarial benefits from the prior year that did not repeat in 2022.

Adjusting for these items, we delivered sustainable earnings with strong underlying margins across our product portfolio and rising new money rates supporting investment income results. Paul will cover these items in greater detail. We remain pleased with how the full year sales momentum and solid fundamentals have positioned us for 2023 and beyond.