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Exhibit 12.1
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)
| Six months ended June 30, 2013 | Year ended December 31, 2012 | ||||||
| Pretax income from operations: | |||||||
| Net income | $ | 89.0 | $ | 221.0 | |||
| Add income tax expense (benefit) | 60.3 | (65.3 | ) | ||||
| Pretax income from operations | 149.3 | 155.7 | |||||
| Add fixed charges: | |||||||
| Interest expense on corporate debt | 28.2 | 66.2 | |||||
| Interest expense on investment borrowings and borrowings related to variable interest entities | 26.0 | 48.4 | |||||
| Interest added to policyholder account balances | 125.4 | 260.5 | |||||
| Portion of rental (a) | 6.4 | 14.6 | |||||
| Fixed charges | 186.0 | 389.7 | |||||
| Adjusted earnings | $ | 335.3 | $ | 545.4 | |||
| Ratio of earnings to fixed charges | 1.80X | 1.40X | |||||
____________________
| (a) | Interest portion of rental is estimated to be 33 percent. |