CNO has a high quality investment portfolio, a good liquidity profile and good financial flexibility. The company estimates its risk-based capital to be 388% as of the third quarter of 2021. While the degree of competition is high across the product set offered by its core companies, CNO maintains a strong position within its market niches. The group is well-diversified and offers a wide array of retirement, life and accident/health products, and markets through a broad set of distribution channels, including direct to consumer, exclusive agents and worksite marketing. CNO continues to nurture its formal ERM program and encourage a strong risk culture.