CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

 Exhibit 12.1

Computation of Ratio of Earnings to

Fixed Charges and Preferred Dividends

(Dollars in millions)

	2010			2009			2008			2007			2006
Pretax income (loss) from operations:
Net income (loss)	$	284.6		$	85.7		$	(1,132.3	)	$	(185.0	)	$	101.2
Add income tax expense		8.9			87.9			413.3			61.1			58.3
Add discontinued operations		-			-			722.7			105.9			(.3	)
Pretax income (loss) from operations		293.5			173.6			3.7			(18.0	)		159.2
Add fixed charges:
Interest expense on corporate debt		79.3			84.7			67.9			80.3			60.4
Interest expense on investment borrowings		33.9			33.2			38.6			45.0			20.6
Interest added to policyholder account balances		303.9			324.4			330.5			399.5			426.8
Portion of rental (a)		13.0			12.8			13.4			13.7			13.2
Fixed charges		430.1			455.1			450.4			538.5			521.0
Adjusted earnings	$	723.6		$	628.7		$	454.1		$	520.5		$	680.2
Ratio of earnings to fixed charges		1.68	X		1.38	X		1.01	X	(b)				1.31	X
Fixed charges	$	430.1		$	455.1		$	450.4		$	538.5		$	521.0
Add dividends on preferred stock, including dividends on preferred stock of subsidiaries (divided by the ratio of income to pretax income)		-			-			-			22.9			60.0
Fixed charges plus preferred dividends	$	430.1		$	455.1		$	450.4		$	561.4		$	581.0
Adjusted earnings	$	723.6		$	628.7		$	454.1		$	520.5		$	680.2
Ratio of earnings to fixed charges and preferred dividends		1.68	X		1.38	X		1.01	X	(c)				1.17	X

____________________

(a)   Interest portion of rental is estimated to be 33 percent.

(b)   For such ratio, earnings were $18.0 million less than fixed charges.

(c)   For such ratio, earnings were $40.9 million less than fixed charges.