CNO Financial Group, Inc. (NYSE:CNO) Q3 2022 Earnings Conference Call November 1, 2022 11:00 AM ET

Company Participants

Adam Auvil - Investor Relations

Gary Bhojwani - Chief Executive Officer

Paul McDonough - Chief Financial Officer

Eric Johnson - Chief Investment Officer and President

Conference Call Participants

Ryan Krueger - Stifel

Daniel Bergman - Jefferies

Mark Dwelle - RBC

Erik Bass - Autonomous

John Barnidge - Piper Sandler

Tom Gallagher - Evercore ISI

Operator

Hello and welcome to today’s CNO Financial Group’s Third [Quarter 2022 Earnings] [ph] Results. My name is [Bailey] [ph] and I’ll be your moderator for today’s call. All lines will be muted during the presentation portion of the call. [Operator Instructions]

I would now like to pass the conference over to our host Adam Auvil. Please go ahead when you’re ready.

Adam Auvil

Good morning and thank you for joining us on CNO Financial Group's third 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-Q and post it on our website on or before November 4.

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 third quarter 2022 and third 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. Turning to Slide 4 and our third quarter performance. We reported operating earnings per share of $0.49. Our underlying business results are stable with insurance product margins performing as expected. Strong new money rates in the quarter led to sequential growth in our yield-on assets, allocated to products, reversing a long-term trend of declining portfolio yields.