Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | CNO Financial Group, Inc. |
Entity Central Index Key | 0001224608 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | 2022 P AY ERSUS ERFORMANCE As required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between Compensation Actually Paid (as defined by SEC rules) and certain financial performance measures of the Company. For further information concerning our variable pay-for-performance compensation program and how the Company aligns executive compensation with performance, refer to the Compensation Discussion & Analysis beginning on page 40. Pay Versus Performance Table Year Summary (1) Compensation (1)(4)(6) Average (2) Average (2)(4)(6) Value of Initial Fixed $100 Net Operating (5) Total Peer Group (3) 2022 $ 8,751,746 $ 7,363,718 $ 2,954,124 $ 2,551,345 $ 136 $ 137 $ 397 $ 2.18 2021 8,948,166 13,907,529 2,512,679 3,032,833 138 124 441 2.72 2020 8,260,886 14,813,666 2,318,955 3,037,794 126 91 302 2.34 (1) Reflects compensation for our Chief Executive Officer, Gary C. Bhojwani, who served as our Principal Executive Officer (PEO) in 2020, 2021 and 2022. (2) Reflects compensation for Paul H. McDonough, Bruce K. Baude, Eric R. Johnson, and Matthew J. Zimpfer in 2020, Paul H. McDonough, Bruce K. Baude, Scott L. Goldberg, and Matthew J. Zimpfer in 2021, and Paul H. McDonough, Bruce K. Baude, Scott L. Goldberg, and Eric R. Johnson in 2022, who served as NEOs in such years. (3) Peer Group used for TSR comparisons is the S&P 500 Life & Health Insurance Index. (4) Measurement date equity fair values are calculated with assumptions derived on a basis consistent with those used in determining the grant date fair value. RSUs are valued based on the stock price on the relevant measurement date. P-shares are adjusted to reflect an accrued payout factor consistent with assumptions used for ASC 718 purposes, and the stock price on the relevant measurement date. Stock Options are valued using a Black-Scholes model as of the relevant measurement date, using assumptions consistent with those used for the grant date fair value purposes. (5) This column reflects the Operating EPS results used, or expected to be used, in calculating payouts for applicable P-share awards. Operating EPS is defined on page 59 and is a non-GAAP financial measure. See pages 61-63 for more information. (6) To calculate Compensation Actually Paid to our CEO and other NEOs, the following adjustments were made to total compensation as reported in the Summary Compensation Table: Year Summary Deductions (a) Additions (b)(c) Compensation Gary C. Bhojwani, Chief Executive Officer serving as PEO 2022 $ 8,751,746 $ (5,514,571 ) $ 4,126,543 $ 7,363,718 2021 8,948,166 (5,139,686 ) 10,099,049 13,907,529 2020 8,260,886 (4,901,181 ) 11,453,961 14,813,666 Average for other NEOs indicated above 2022 2,954,124 (1,017,200 ) 614,421 2,551,345 2021 2,512,679 (911,941 ) 1,432,095 3,032,833 2020 2,318,955 (870,647 ) 1,589,486 3,037,794 (a) Deductions from Summary Compensation Table reflects values from the Option Awards and Stock Awards columns of the Summary Compensation Table for each year. (b) The amounts in this column reflect the following additions: Year-End (YE) Change in Change in Fair Value Total Gary C. Bhojwani, Chief Executive Officer serving as PEO 2022 $ 4,516,380 $ (902,338 ) $ 512,501 $ — $ 4,126,543 2021 7,267,293 2,355,452 476,304 — 10,099,049 2020 8,427,591 3,399,198 (372,828 ) — 11,453,961 Average for other NEOs indicated above 2022 662,729 (127,949 ) 76,617 3,024 614,421 2021 1,025,352 346,556 60,187 — 1,432,095 2020 1,166,101 451,159 (30,776 ) 3,002 1,589,486 (c) The equity awards included above comprise P-shares, RSUs and Stock Options granted from 2016 through 2022. | ||
Company Selected Measure Name | Operating Earnings per Share | ||
Named Executive Officers, Footnote [Text Block] | (2) Reflects compensation for Paul H. McDonough, Bruce K. Baude, Eric R. Johnson, and Matthew J. Zimpfer in 2020, Paul H. McDonough, Bruce K. Baude, Scott L. Goldberg, and Matthew J. Zimpfer in 2021, and Paul H. McDonough, Bruce K. Baude, Scott L. Goldberg, and Eric R. Johnson in 2022, who served as NEOs in such years. | ||
Peer Group Issuers, Footnote [Text Block] | (3) Peer Group used for TSR comparisons is the S&P 500 Life & Health Insurance Index. | ||
PEO Total Compensation Amount | $ 8,751,746 | $ 8,948,166 | $ 8,260,886 |
PEO Actually Paid Compensation Amount | $ 7,363,718 | 13,907,529 | 14,813,666 |
Adjustment To PEO Compensation, Footnote [Text Block] | (6) To calculate Compensation Actually Paid to our CEO and other NEOs, the following adjustments were made to total compensation as reported in the Summary Compensation Table: Year Summary Deductions (a) Additions (b)(c) Compensation Gary C. Bhojwani, Chief Executive Officer serving as PEO 2022 $ 8,751,746 $ (5,514,571 ) $ 4,126,543 $ 7,363,718 2021 8,948,166 (5,139,686 ) 10,099,049 13,907,529 2020 8,260,886 (4,901,181 ) 11,453,961 14,813,666 Average for other NEOs indicated above 2022 2,954,124 (1,017,200 ) 614,421 2,551,345 2021 2,512,679 (911,941 ) 1,432,095 3,032,833 2020 2,318,955 (870,647 ) 1,589,486 3,037,794 (a) Deductions from Summary Compensation Table reflects values from the Option Awards and Stock Awards columns of the Summary Compensation Table for each year. (b) The amounts in this column reflect the following additions: Year-End (YE) Change in Change in Fair Value Total Gary C. Bhojwani, Chief Executive Officer serving as PEO 2022 $ 4,516,380 $ (902,338 ) $ 512,501 $ — $ 4,126,543 2021 7,267,293 2,355,452 476,304 — 10,099,049 2020 8,427,591 3,399,198 (372,828 ) — 11,453,961 Average for other NEOs indicated above 2022 662,729 (127,949 ) 76,617 3,024 614,421 2021 1,025,352 346,556 60,187 — 1,432,095 2020 1,166,101 451,159 (30,776 ) 3,002 1,589,486 (c) The equity awards included above comprise P-shares, RSUs and Stock Options granted from 2016 through 2022. | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,954,124 | 2,512,679 | 2,318,955 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,551,345 | 3,032,833 | 3,037,794 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (6) To calculate Compensation Actually Paid to our CEO and other NEOs, the following adjustments were made to total compensation as reported in the Summary Compensation Table: Year Summary Deductions (a) Additions (b)(c) Compensation Gary C. Bhojwani, Chief Executive Officer serving as PEO 2022 $ 8,751,746 $ (5,514,571 ) $ 4,126,543 $ 7,363,718 2021 8,948,166 (5,139,686 ) 10,099,049 13,907,529 2020 8,260,886 (4,901,181 ) 11,453,961 14,813,666 Average for other NEOs indicated above 2022 2,954,124 (1,017,200 ) 614,421 2,551,345 2021 2,512,679 (911,941 ) 1,432,095 3,032,833 2020 2,318,955 (870,647 ) 1,589,486 3,037,794 (a) Deductions from Summary Compensation Table reflects values from the Option Awards and Stock Awards columns of the Summary Compensation Table for each year. (b) The amounts in this column reflect the following additions: Year-End (YE) Change in Change in Fair Value Total Gary C. Bhojwani, Chief Executive Officer serving as PEO 2022 $ 4,516,380 $ (902,338 ) $ 512,501 $ — $ 4,126,543 2021 7,267,293 2,355,452 476,304 — 10,099,049 2020 8,427,591 3,399,198 (372,828 ) — 11,453,961 Average for other NEOs indicated above 2022 662,729 (127,949 ) 76,617 3,024 614,421 2021 1,025,352 346,556 60,187 — 1,432,095 2020 1,166,101 451,159 (30,776 ) 3,002 1,589,486 (c) The equity awards included above comprise P-shares, RSUs and Stock Options granted from 2016 through 2022. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||
Compensation Actually Paid vs. Net Income [Text Block] | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||
Tabular List [Table Text Block] | Tabular List of Company Performance Measures The following table alphabetically lists the measures we believe are most important in linking Compensation Actually Paid to Company performance during 2022. 1. Operating EPS 2. Operating ROE 3. Relative TSR Further details on these measures and how they feature in our compensation plans can be found in our Compensation Discussion & Analysis beginning on page 40. | ||
Total Shareholder Return Amount | $ 136 | 138 | 126 |
Peer Group Total Shareholder Return Amount | 137 | 124 | 91 |
Net Income (Loss) | $ 397,000,000 | $ 441,000,000 | $ 302,000,000 |
Company Selected Measure Amount | 2.18 | 2.72 | 2.34 |
PEO Name | Gary C. Bhojwani | ||
Additional 402(v) Disclosure [Text Block] | (4) Measurement date equity fair values are calculated with assumptions derived on a basis consistent with those used in determining the grant date fair value. RSUs are valued based on the stock price on the relevant measurement date. P-shares are adjusted to reflect an accrued payout factor consistent with assumptions used for ASC 718 purposes, and the stock price on the relevant measurement date. Stock Options are valued using a Black-Scholes model as of the relevant measurement date, using assumptions consistent with those used for the grant date fair value purposes. | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Operating EPS | ||
Non-GAAP Measure Description [Text Block] | (5) This column reflects the Operating EPS results used, or expected to be used, in calculating payouts for applicable P-share awards. Operating EPS is defined on page 59 and is a non-GAAP financial measure. See pages 61-63 for more information. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Operating ROE | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative TSR | ||
Gary Bhojwani [Member] | Deductions from Summary Compensation [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (5,514,571) | $ (5,139,686) | $ (4,901,181) |
Gary Bhojwani [Member] | Total Net Adjustments For Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,126,543 | 10,099,049 | 11,453,961 |
Gary Bhojwani [Member] | Year End Value of Current Year Awards Outstanding [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,516,380 | 7,267,293 | 8,427,591 |
Gary Bhojwani [Member] | Change in Value as of Year End for Prior Year Awards Outstanding [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (902,338) | 2,355,452 | 3,399,198 |
Gary Bhojwani [Member] | Change In Fair Value As Of Vesting Date For Prior Year Awards Vested During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 512,501 | 476,304 | (372,828) |
Gary Bhojwani [Member] | Fair Value As Of Vesting Date Of Current Year Awards Granted And Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Total Net Adjustments For Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 614,421 | 1,432,095 | 1,589,486 |
Non-PEO NEO [Member] | Year End Value of Current Year Awards Outstanding [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 662,729 | 1,025,352 | 1,166,101 |
Non-PEO NEO [Member] | Change in Value as of Year End for Prior Year Awards Outstanding [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (127,949) | 346,556 | 451,159 |
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date For Prior Year Awards Vested During Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 76,617 | 60,187 | (30,776) |
Non-PEO NEO [Member] | Fair Value As Of Vesting Date Of Current Year Awards Granted And Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,024 | 0 | 3,002 |
Non-PEO NEO [Member] | Deductions from Summary Compensation [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,017,200 | 911,941 | 870,647 |
Non-PEO NEO [Member] | Total Net Adjustments For Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 614,421 | $ 1,432,095 | $ 1,589,486 |