SPRINGFIELD, Ill., July 19, 2012 /PRNewswire/ -- Horace Mann
Educators Corporation (NYSE: HMN) estimates its financial impact
from weather-related catastrophe activity during the three months
ended June 30, 2012 will total
$28 million to $30 million before tax
(approximately $0.44 to $0.47 per
share after tax). This range includes the estimated incurred
losses and loss adjustment expenses from 13 catastrophe events that
occurred during the quarter, the most significant being a prolonged
stretch of severe weather in the central and eastern U.S. that
occurred at the end of June. The events also included hail
and other storm activity in late April and in the month of
May. The company's catastrophe losses for the three months
ended June 30, 2011 were $55.0 million before tax, or $0.90 per share after tax.
"The significant weather-related claims from the severe storm
system at the end of June, combined with a number of less costly
weather events in April and May, resulted in a level of catastrophe
losses significantly higher than our expectations," said
Peter H. Heckman, President and
Chief Executive Officer. "As always, Horace Mann clients can be assured that we are
here to help them through the claims process and will make every
effort to ensure timely and equitable claims settlements."
"Excluding catastrophes, underlying earnings, in total, continue
to meet our expectations in 2012; however, as a result of the
significant level of catastrophe losses in the quarter, we are
lowering our estimate of full-year 2012 net income before realized
investment gains and losses to between $1.55
and $1.75 per share from our previously estimated range of
$1.80 to $2.00 per share," stated
Heckman. "This estimate assumes that catastrophe losses for
the remaining six months of the year will be in a more normal range
-- consistent with our initial expectations."
Webcast Conference Call
Horace Mann will release its
second quarter 2012 earnings on Wednesday,
July 25, 2012 at approximately 4:15
p.m. Eastern Time. The earnings press release will be
available shortly thereafter within the Investor Relations section
of the Company's website at investors.horacemann.com.
Management will host a conference call to discuss the financial
results on Thursday, July 26, 2012 at
10:00 a.m. Eastern Time.
The call will be simulcast over the Internet. It is
suggested that those wishing to listen to the Internet simulcast
log-on to the call 15 minutes in advance to register for access to
the call and download any required audio software. The call will be
archived for on-demand replay. The archived call may be
accessed via the Internet at investors.horacemann.com through
August 24, 2012, or via telephone,
855-859-2056, ID 12792334 through August 3,
2012.
Horace Mann -- the largest
national multiline insurance company focusing on educators'
financial needs -- provides auto and homeowners insurance,
retirement annuities, life insurance and other financial
solutions. Founded by Educators for Educators® in
1945, the company is headquartered in Springfield, Ill. For more information,
visit www.horacemann.com.
Statements included in this news release that are not historical
in nature are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995 and are subject to certain
risks and uncertainties. Horace
Mann is not under any obligation to (and expressly disclaims
any such obligation to) update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Please refer to the company's Quarterly Report
on Form 10-Q for the period ended March 31,
2012 and the company's past and future filings and reports
filed with the Securities and Exchange Commission for information
concerning the important factors that could cause actual results to
differ materially from those in forward-looking statements.
The information contained in this press release includes financial
measures which are based on methodologies other than United States generally accepted accounting
principles ("GAAP"). Additional descriptions of the non-GAAP
measures are contained in the Glossary of Selected Terms included
as an exhibit to the company's SEC filings.
SOURCE Horace Mann Educators Corporation