康塞科 2025年度报告

☑Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the fiscal year ended December 31, 2025☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from______ to ______ Commission File Number 001-31792CNO Financial Group, Inc. Delaware75-3108137State of IncorporationIRS Employer Identification No. Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days: Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" inRule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☒ Table of Contents Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes☐No☒ At June30, 2025, the last business day of the Registrant's most recently completed second fiscal quarter, the aggregate market value of the Registrant'scommon equity held by non-affiliates was approximately$3.6 billion. Shares of common stock outstanding as ofFebruary17, 2026:94,277,712 DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Registrant's definitive proxy statement for the 2026 annual meeting of shareholdersare incorporated by reference into Part III of this report. TABLE OF CONTENTS PART IPageItem 1.Business of CNO7Item 1A.Risk Factors32Item 1B.Unresolved Staff Comments47Item 1C.Cybersecurity47Item 2.Properties48Item 3.Legal Proceedings49Item 4.Mine Safety Disclosures49Executive Officers of the Registrant50 Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities51Item 6.Selected Consolidated Financial Data53Item 7.Management's Discussion and Analysis of Consolidated Financial Condition and Results ofOperations54Item 7A.Quantitative and Qualitative Disclosures About Market Risk93Item 8.Consolidated Financial Statements94Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure182Item 9A.Controls and Procedures182Item 9B.Other Information184Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections184 Item 10.Directors, Executive Officers and Corporate Governance185Item 11.Executive Compensation185Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters185Item 13.Certain Relationships and Related Transactions, and Director Independence185Item 14.Principal Accountant Fees and Services185 Item 15.Exhibits and Financial Statement Schedules186Item 16.Form 10-K Summary190 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Our statements, trend analyses and other information contained in this report and elsewhere