SPRINGFIELD,
Ill., July 25, 2012
/PRNewswire/ -- Horace Mann Educators Corporation (NYSE:HMN)
today reported financial results for the three and six months ended
June 30, 2012:
Horace Mann Financial
Highlights
|
|
Three months
ended
June 30,
|
|
Six months
ended
June 30,
|
($ in millions, except
per share
amounts)
|
2012
|
2011(A)
|
Change
|
|
2012
|
2011(A)
|
Change
|
Total
revenues
|
$254.1
|
$245.2
|
3.6%
|
|
$498.8
|
$489.8
|
1.8%
|
Net income
(loss)
|
13.1
|
(11.8)
|
N.M.
|
|
39.8
|
14.0
|
184.3%
|
Net income (loss) per
diluted share
|
0.32
|
(0.30)
|
N.M.
|
|
0.96
|
0.34
|
182.4%
|
Operating income
(loss)*
|
6.7
|
(15.5)
|
N.M.
|
|
33.1
|
6.6
|
N.M.
|
Operating income (loss)
per
diluted
share*
|
0.16
|
(0.39)
|
N.M.
|
|
0.80
|
0.16
|
N.M.
|
Book value per
share
|
|
|
|
|
29.06
|
22.53
|
29.0%
|
Book value per share
excluding
the fair value
adjustment
for
investments*
|
|
|
|
|
20.55
|
18.66
|
10.1%
|
Property and Casualty
segment
net income
(loss)
|
(4.1)
|
(25.6)
|
N.M.
|
|
9.1
|
(13.2)
|
N.M.
|
Property and
Casualty
combined
ratio
|
112.8%
|
134.7%
|
-21.9 pts
|
|
103.9%
|
114.7%
|
-10.8 pts
|
Property and Casualty
underlying
combined
ratio*
|
94.6%
|
95.1%
|
-0.5 pts
|
|
94.0%
|
93.1%
|
0.9 pts
|
Annuity segment net
income
|
$
7.9
|
$
7.4
|
6.8%
|
|
$
19.5
|
$
15.8
|
23.4%
|
Life segment net
income
|
6.1
|
5.9
|
3.4%
|
|
11.3
|
10.1
|
11.9%
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
* These measures are not
based on accounting principles generally accepted in the United
States ("non-GAAP"). They are reconciled to the most directly
comparable GAAP measures in the supplemental numerical pages of
this document. An explanation of these measures is contained in the
Glossary of Selected Terms included as an exhibit in the company's
reports filed with the SEC.
|
(A) Reflects the
retrospective adoption on January 1, 2012 of new accounting
guidance for deferred policy acquisition costs. The adoption of
this accounting guidance did not have a material effect on the
company's results of operations, but did decrease shareholders'
equity $31.6 million, or 2.9%, after tax at January 1,
2012.
|
"Operating income was 16
cents per share for the second quarter, a 55 cent improvement compared to the prior year's
net loss, reflecting improved earnings across all of our operating
segments. While less severe than last year, this
quarter's catastrophe losses of $29.2
million pretax, or 46 cents
per share after tax, related to 13 events, had a significant
adverse impact on current period earnings.
Despite the continuing weather challenges, net income over the last
12 months coupled with a higher level of unrealized investment
gains produced book value per share of $29.06 as of June 30,
2012, an increase of 29% compared to a year ago," said
Peter H. Heckman, President and
Chief Executive Officer. "And in terms of
growing the business, we are pleased with the sales momentum that
has been generated over the last 3+ quarters -- across all of our
product lines -- as well as the improving trends in property and
casualty retention ratios and policies in force."
Property and Casualty Segment
The property and casualty segment recorded a net loss of
$4.1 million for the quarter compared
to a net loss of $25.6 million for
the same period in 2011. As described above,
catastrophe losses were the primary factor for the net losses in
both periods. The total property and casualty
combined ratio of 112.8% was 21.9 percentage points lower than the
second quarter of 2011. Pretax catastrophe
losses in the current quarter of $29.2
million decreased $25.8
million compared to a year ago. Favorable
prior years' reserve development totaling $4.5 million was recorded in the second quarter,
compared to $1.0 million of favorable
development recorded in the second quarter of
2011. The underlying property and casualty
combined ratio of 94.6% decreased 0.5 percentage points compared to
the prior year quarter, as favorable current accident year property
results excluding catastrophes offset an increase in the underlying
auto combined ratio. Florida sinkhole losses incurred in the
current quarter were zero compared to $1.9
million, excluding claim settlement expenses, recorded in
the second quarter of 2011.
For the six months ended June 30,
2012, property and casualty segment net income of
$9.1 million improved $22.3 million compared to the same period in
2011, primarily as a result of the lower level of catastrophe
losses. Reflecting the factors described above,
the year to date underlying combined ratio of 94.0% increased 0.9
percentage points compared to the prior year.
Total property and casualty premiums written of
$139.4 million and $267.1 million were comparable to the three and
six months ended June 30, 2011,
respectively, with increases in average property and auto premiums
per policy largely offset by reduced levels of policies in force
for both lines.
For the current quarter, true new auto sales units --
units associated with new Horace
Mann auto policyholders -- increased 32% compared to the
prior year and contributed to a six-month growth rate of
35%. Total new auto units, tempered by a modest
increase in additional vehicles added to existing policies,
increased 16% and 18% compared to the three and six months ended
June 30, 2011,
respectively. In addition, property new sales
units increased 23% and 18% compared to the second quarter and
first half of 2011, respectively.
Annuity Segment
Annuity segment net income was $7.9
million for the three months ended June 30, 2012, increasing $0.5 million compared to the same period in 2011
and $3.7 million compared to the
first half of 2011. The interest margin earned
on fixed annuity assets increased 16% compared to the first half of
2011, with year-to-date net interest spreads reaching 2.11%, up 8
basis points compared to the first half of 2011.
Largely driven by financial market performance, the evaluation of
deferred policy acquisition costs in the quarter had a $1.8 million pretax negative impact on annuity
segment earnings compared to a $0.8
million negative impact in the prior
year. The respective evaluations had a positive
impact of less than $1 million pretax
in each of the year-to-date periods. Total
accumulated account value of $4.5
billion increased 7% compared to June
30, 2011, and total cash value persistency of 94.7% improved
approximately 1 percentage point compared to a year
earlier.
For the three and six months ended June 30, 2012, annuity deposits received of
$96.4 million and $188.4 million were comparable to the respective
prior year periods, reflecting increases in single deposit and
rollover receipts offset by decreases in scheduled, flexible
premium annuity deposit receipts of 6% and 5% compared to the
respective periods in 2011.
Total annuity sales increased 15% and 12% compared to last
year's second quarter and first half, respectively, building on the
positive, record-level new business results produced in each of the
last three years.
Life Segment
Life segment net income of $6.1
million for the second quarter increased $0.2 million compared to the same period in
2011. Compared to the first half of 2011, life
segment net income increased $1.2
million, primarily due to lower mortality costs in the
current period. Life persistency remained strong
at 95%.
Life segment insurance premiums and contract deposits of
$24.4 million and $47.5 million increased slightly compared to the
three and six months ended June 30,
2011, respectively.
Total new life sales growth continued to be strong
compared to the prior year second quarter and first half, including
growth of 49% and 37%, respectively, in sales of Horace Mann-manufactured products -- consistent
with the company's strategic intent to significantly increase its
underwritten, mortality-based business.
Investment Results
In 2012, total net investment income increased 6% and 7%
compared to the three and six months ended June 30, 2011, respectively.
Pretax net realized investment gains were $9.9 million in the second quarter of 2012 and
included no impairment write-downs on securities.
Horace Mann's net
unrealized investment gains on fixed maturity and equity securities
of $548.7 million at June 30, 2012 increased 18.7% compared to the
$462.1 million net unrealized gain at
March 31, 2012.
Net unrealized gains were $441.1 million at December
31, 2011 and $256.7 million at
June 30, 2011.
Capital Management
During the second quarter of 2012, the company repurchased
504,937 shares of its common stock at an aggregate cost of
$8.6 million, or an average price per
share of $17.05, under its
$50 million share repurchase
program. As of June 30,
2012, the program had a remaining authorization of
$36.0 million.
There were 39,357,609 shares outstanding on June 30, 2012.
Webcast Conference Call
Horace Mann's senior
management will discuss the company's second quarter performance
with investors and analysts on July 26,
2012 at 10:00 a.m. Eastern
Time. The conference call will be webcast
live on the Internet at www.horacemann.com and archived later in
the day for replay, which will be available for one
month.
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"). Reconciliations of non-GAAP
measures to the closest GAAP measures are contained in the
supplemental numerical pages of this release and 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.
HORACE
MANN EDUCATORS CORPORATION
|
Financial
Highlights (Unaudited)
|
(Dollars
in Millions, Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
EARNINGS SUMMARY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
13.1
|
|
$
(11.8)
|
|
N.M.
|
|
$
39.8
|
|
$
14.0
|
|
184.3%
|
|
Net
realized investment gains, after tax
|
6.4
|
|
3.7
|
|
73.0%
|
|
6.7
|
|
7.4
|
|
-9.5%
|
Operating
income (loss) (B)
|
6.7
|
|
(15.5)
|
|
N.M.
|
|
33.1
|
|
6.6
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
diluted share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
0.32
|
|
$
(0.30)
|
|
N.M.
|
|
$
0.96
|
|
$
0.34
|
|
182.4%
|
|
|
Net
realized investment gains, after tax
|
$
0.16
|
|
$
0.09
|
|
77.8%
|
|
$
0.16
|
|
$
0.18
|
|
-11.1%
|
|
Operating
income (loss) (B)
|
$
0.16
|
|
$
(0.39)
|
|
N.M.
|
|
$
0.80
|
|
$
0.16
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
and
equivalent shares (in millions) - Diluted
|
41.3
|
|
39.9
|
|
3.5%
|
|
41.4
|
|
41.4
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
equity (C)
|
|
|
|
|
|
|
9.2%
|
|
5.5%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
premiums written and contract deposits
|
$
260.2
|
|
$
259.3
|
|
0.3%
|
|
$
503.0
|
|
$
503.4
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty combined ratio
|
112.8%
|
|
134.7%
|
|
N.M.
|
|
103.9%
|
|
114.7%
|
|
N.M.
|
Property
& Casualty combined ratio excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
the
effects of catastrophe costs and prior years'
|
|
|
|
|
|
|
|
|
|
|
|
|
reserve
development ("underlying combined ratio") (B)
|
94.6%
|
|
95.1%
|
|
N.M.
|
|
94.0%
|
|
93.1%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
(D):
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
value
|
|
|
|
|
|
|
$
29.06
|
|
$
22.53
|
|
29.0%
|
|
|
Effect of
the fair value adjustment for investments (E)
|
|
|
|
|
|
|
$
8.51
|
|
$
3.87
|
|
119.9%
|
|
Book value
excluding the fair value adjustment for investments (B)
|
|
|
|
|
|
|
$
20.55
|
|
$
18.66
|
|
10.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
number of shares outstanding (in millions) (D)
|
|
|
|
|
|
|
39.4
|
|
39.9
|
|
-1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid
|
$
0.13
|
|
$
0.11
|
|
18.2%
|
|
$
0.26
|
|
$
0.22
|
|
18.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
$
7,824.0
|
|
$
7,157.7
|
|
9.3%
|
Short-term
debt
|
|
|
|
|
|
|
38.0
|
|
38.0
|
|
-
|
Long-term
debt
|
|
|
|
|
|
|
199.8
|
|
199.7
|
|
0.1%
|
Total
shareholders' equity
|
|
|
|
|
|
|
1,143.5
|
|
899.6
|
|
27.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclusive
agencies (F)
|
|
|
|
|
|
|
557
|
|
495
|
|
12.5%
|
Employee
agents (G)
|
|
|
|
|
|
|
155
|
|
237
|
|
-34.6%
|
|
Total
|
|
|
|
|
|
|
712
|
|
732
|
|
-2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
Adjusted
to reflect the January 1, 2012 adoption and retrospective
application by the company of new accounting guidance for
deferred policy acquisition costs. The adoption
of this accounting guidance did not have a material effect on the
company's results of operations, but did decrease shareholders' equity
$31.6 million, or 2.9%, after tax at January 1, 2012.
|
(B)
|
|
These
measures are not based on accounting principles generally accepted
in the United States ("non-GAAP"). An explanation of
these measures is contained in the Glossary of
Selected Terms included as an exhibit in the company's reports
filed with the SEC.
|
(C)
|
|
Based on
trailing 12-month net income and average quarter-end shareholders'
equity.
|
(D)
|
|
Ending
shares outstanding were 39,357,609 at June 30, 2012 and 39,918,707
at June 30, 2011.
|
(E)
|
|
Net of the
related impact on deferred policy acquisition costs and the
applicable deferred taxes.
|
(F)
|
|
Local
Horace Mann agencies created and owned by independent contractors
who have signed Exclusive Agent agreements with the
Company ("Exclusive Agents"). Those agreements
state that only the Company's products and limited additional
third-party vendor products
authorized by the Company will be marketed by the agencies.
An independent contractor may sign multiple Exclusive Agent
agreements with the Company and manage more than one
Exclusive Agency.
|
(G)
|
|
Agents who
have employee status with the Company and by contract market only
the Company's products and limited additional third-party vendor products authorized by the
Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 1
-
|
HORACE
MANN EDUCATORS CORPORATION
|
Statements
of Operations and Supplemental Consolidated Data
(Unaudited)
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
premiums and contract charges earned
|
$
166.3
|
|
$
166.3
|
|
-
|
|
$
331.8
|
|
$
333.0
|
|
-0.4%
|
Net
investment income
|
76.3
|
|
71.7
|
|
6.4%
|
|
152.0
|
|
142.2
|
|
6.9%
|
Net
realized investment gains
|
9.9
|
|
5.7
|
|
73.7%
|
|
10.3
|
|
11.5
|
|
-10.4%
|
Other
income
|
1.6
|
|
1.5
|
|
6.7%
|
|
4.7
|
|
3.1
|
|
51.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
254.1
|
|
245.2
|
|
3.6%
|
|
498.8
|
|
489.8
|
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits,
claims and settlement expenses
|
131.0
|
|
163.8
|
|
-20.0%
|
|
238.9
|
|
274.4
|
|
-12.9%
|
Interest
credited
|
40.4
|
|
38.3
|
|
5.5%
|
|
80.4
|
|
75.7
|
|
6.2%
|
Policy
acquisition expenses amortized
|
22.3
|
|
20.5
|
|
8.8%
|
|
40.1
|
|
39.7
|
|
1.0%
|
Operating
expenses
|
38.5
|
|
35.8
|
|
7.5%
|
|
76.4
|
|
72.9
|
|
4.8%
|
Interest
expense
|
3.5
|
|
3.5
|
|
-
|
|
7.1
|
|
7.0
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
benefits, losses and expenses
|
235.7
|
|
261.9
|
|
-10.0%
|
|
442.9
|
|
469.7
|
|
-5.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
18.4
|
|
(16.7)
|
|
N.M.
|
|
55.9
|
|
20.1
|
|
178.1%
|
|
Income tax
expense (benefit)
|
5.3
|
|
(4.9)
|
|
N.M.
|
|
16.1
|
|
6.1
|
|
163.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
13.1
|
|
$
(11.8)
|
|
N.M.
|
|
$
39.8
|
|
$
14.0
|
|
184.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF PREMIUMS WRITTEN
|
|
|
|
|
|
|
|
|
|
|
|
AND CONTRACT
DEPOSITS
__
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
and property (voluntary)
|
$
138.5
|
|
$
137.5
|
|
0.7%
|
|
$
265.7
|
|
$
265.9
|
|
-0.1%
|
|
Involuntary and other property &
casualty
|
0.9
|
|
1.1
|
|
-18.2%
|
|
1.4
|
|
1.5
|
|
-6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Property & Casualty
|
139.4
|
|
138.6
|
|
0.6%
|
|
267.1
|
|
267.4
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
deposits
|
96.4
|
|
96.3
|
|
0.1%
|
|
188.4
|
|
188.8
|
|
-0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life
|
24.4
|
|
24.4
|
|
-
|
|
47.5
|
|
47.2
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
260.2
|
|
$
259.3
|
|
0.3%
|
|
$
503.0
|
|
$
503.4
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF SEGMENT NET INCOME
(LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
$
(4.1)
|
|
$
(25.6)
|
|
N.M.
|
|
$
9.1
|
|
$
(13.2)
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
|
|
7.9
|
|
7.4
|
|
6.8%
|
|
19.5
|
|
15.8
|
|
23.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life
|
|
|
6.1
|
|
5.9
|
|
3.4%
|
|
11.3
|
|
10.1
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and other (B)
|
3.2
|
|
0.5
|
|
N.M.
|
|
(0.1)
|
|
1.3
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
13.1
|
|
(11.8)
|
|
N.M.
|
|
39.8
|
|
14.0
|
|
184.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
(B)
|
|
The
Corporate and Other segment includes interest expense on debt and
the impact of realized investment gains and losses
and other corporate level items. The Company
does not allocate the impact of corporate level transactions to the
insurance segments consistent with how management
evaluates the results of those segments. See detail for this
segment on page 5.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 2
-
|
HORACE
MANN EDUCATORS CORPORATION
|
Supplemental Business Segment Overview
(Unaudited)
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
PROPERTY & CASUALTY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
written
|
$
139.4
|
|
$
138.6
|
|
0.6%
|
|
$
267.1
|
|
$
267.4
|
|
-0.1%
|
Premiums
earned
|
135.6
|
|
136.4
|
|
-0.6%
|
|
270.6
|
|
273.8
|
|
-1.2%
|
Net
investment income
|
9.3
|
|
9.3
|
|
-
|
|
18.2
|
|
18.5
|
|
-1.6%
|
Other
income
|
-
|
|
-
|
|
-
|
|
1.6
|
|
0.2
|
|
N.M.
|
Losses and
loss adjustment expenses (LAE)
|
116.5
|
|
149.3
|
|
-22.0%
|
|
209.7
|
|
244.6
|
|
-14.3%
|
Operating
expenses (includes policy
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisition expenses amortized)
|
36.4
|
|
34.4
|
|
5.8%
|
|
71.5
|
|
69.7
|
|
2.6%
|
Income
(loss) before tax
|
(8.0)
|
|
(38.0)
|
|
N.M.
|
|
9.2
|
|
(21.8)
|
|
N.M.
|
Net income
(loss)
|
(4.1)
|
|
(25.6)
|
|
N.M.
|
|
9.1
|
|
(13.2)
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income, after tax
|
8.0
|
|
7.9
|
|
1.3%
|
|
15.5
|
|
15.7
|
|
-1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs, after tax (B)
|
19.0
|
|
35.8
|
|
-46.9%
|
|
22.8
|
|
41.0
|
|
-44.4%
|
|
Catastrophe losses and LAE, before tax
|
29.2
|
|
55.0
|
|
-46.9%
|
|
35.1
|
|
63.0
|
|
-44.3%
|
|
Reinsurance reinstatement premiums, before
tax
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior
years' reserves favorable (adverse)
|
|
|
|
|
|
|
|
|
|
|
|
|
development, pretax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voluntary
automobile
|
$
3.4
|
|
$
-
|
|
N.M.
|
|
$
6.7
|
|
$
2.7
|
|
148.1%
|
|
|
Total
property
|
1.1
|
|
1.0
|
|
10.0%
|
|
1.8
|
|
1.0
|
|
80.0%
|
|
|
Other
property and casualty
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
4.5
|
|
1.0
|
|
N.M.
|
|
8.5
|
|
3.7
|
|
129.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
loss adjustment expense ratio
|
85.9%
|
|
109.5%
|
|
N.M.
|
|
77.5%
|
|
89.3%
|
|
N.M.
|
|
Expense
ratio
|
26.9%
|
|
25.2%
|
|
N.M.
|
|
26.4%
|
|
25.4%
|
|
N.M.
|
|
Combined
ratio
|
112.8%
|
|
134.7%
|
|
N.M.
|
|
103.9%
|
|
114.7%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on
the combined ratio of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs (B)
|
21.5%
|
|
40.3%
|
|
N.M.
|
|
12.9%
|
|
23.0%
|
|
N.M.
|
|
|
|
Prior
years' reserve development
|
-3.3%
|
|
-0.7%
|
|
N.M.
|
|
-3.0%
|
|
-1.4%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio excluding the effects of catastrophe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
costs and
prior years' reserve development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
("underlying combined ratio") (C)
|
94.6%
|
|
95.1%
|
|
N.M.
|
|
94.0%
|
|
93.1%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
(B)
|
|
Includes
allocated loss adjustment expenses and catastrophe reinsurance
reinstatement premiums.
|
(C)
|
|
These
measures are not based on accounting principles generally accepted
in the United States ("non-GAAP").
|
|
|
|
See
footnote (B) on page 1 of these supplemental numerical
pages.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 3
-
|
HORACE
MANN EDUCATORS CORPORATION
|
Supplemental Business Segment Overview
(Unaudited)
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
PROPERTY & CASUALTY - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Operating Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
and property detail:
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
written (voluntary) (B)
|
$
138.5
|
|
$
137.5
|
|
0.7%
|
|
$
265.7
|
|
$
265.9
|
|
-0.1%
|
|
|
Automobile
|
88.3
|
|
88.5
|
|
-0.2%
|
|
177.7
|
|
180.5
|
|
-1.6%
|
|
|
Property
|
50.2
|
|
49.0
|
|
2.4%
|
|
88.0
|
|
85.4
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
earned (voluntary) (B)
|
135.0
|
|
135.8
|
|
-0.6%
|
|
269.6
|
|
273.1
|
|
-1.3%
|
|
|
Automobile
|
88.8
|
|
91.0
|
|
-2.4%
|
|
177.5
|
|
183.0
|
|
-3.0%
|
|
|
Property
|
46.2
|
|
44.8
|
|
3.1%
|
|
92.1
|
|
90.1
|
|
2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policies
in force (voluntary) (in thousands)
|
|
|
|
|
|
|
723
|
|
737
|
|
-1.9%
|
|
|
Automobile
|
|
|
|
|
|
|
485
|
|
494
|
|
-1.8%
|
|
|
Property
|
|
|
|
|
|
|
238
|
|
243
|
|
-2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policy
renewal rate (voluntary)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
(6 months)
|
|
|
|
|
|
|
91.4%
|
|
90.5%
|
|
N.M.
|
|
|
Automobile
(12 months)
|
|
|
|
|
|
|
83.7%
|
|
82.8%
|
|
N.M.
|
|
|
Property
(12 months)
|
|
|
|
|
|
|
87.5%
|
|
85.4%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voluntary
automobile operating statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
loss adjustment expense ratio
|
74.5%
|
|
77.0%
|
|
N.M.
|
|
73.2%
|
|
71.3%
|
|
N.M.
|
|
|
Expense
ratio
|
26.7%
|
|
25.3%
|
|
N.M.
|
|
26.8%
|
|
25.6%
|
|
N.M.
|
|
|
Combined
ratio
|
101.2%
|
|
102.3%
|
|
N.M.
|
|
100.0%
|
|
96.9%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on
the combined ratio of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs (C)
|
3.4%
|
|
4.3%
|
|
N.M.
|
|
2.0%
|
|
2.3%
|
|
N.M.
|
|
|
|
Prior
years' reserve development
|
-3.8%
|
|
0.0%
|
|
N.M.
|
|
-3.8%
|
|
-1.5%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio excluding the effects of catastrophe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
costs and
prior years' reserve development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
("underlying combined ratio") (D)
|
101.6%
|
|
98.0%
|
|
N.M.
|
|
101.8%
|
|
96.1%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
property operating statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
loss adjustment expense ratio
|
107.9%
|
|
176.8%
|
|
N.M.
|
|
85.5%
|
|
126.4%
|
|
N.M.
|
|
|
Expense
ratio
|
27.4%
|
|
25.1%
|
|
N.M.
|
|
25.7%
|
|
25.3%
|
|
N.M.
|
|
|
Combined
ratio
|
135.3%
|
|
201.9%
|
|
N.M.
|
|
111.2%
|
|
151.7%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on
the combined ratio of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs (C)
|
57.1%
|
|
115.0%
|
|
N.M.
|
|
34.5%
|
|
66.0%
|
|
N.M.
|
|
|
|
Prior
years' reserve development
|
-2.4%
|
|
-2.3%
|
|
N.M.
|
|
-1.9%
|
|
-1.1%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio excluding the effects of catastrophe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
costs and
prior years' reserve development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
("underlying combined ratio") (D)
|
80.6%
|
|
89.2%
|
|
N.M.
|
|
78.6%
|
|
86.8%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
(B)
|
|
Amounts
are net of additional ceded premiums to reinstate the Company's
property and casualty catastrophe reinsurance coverage,
if any, as quantified on page 3.
|
(C)
|
|
Includes
allocated loss adjustment expenses and catastrophe reinsurance
reinstatement premiums.
|
(D)
|
|
These
measures are not based on accounting principles generally accepted
in the United States ("non-GAAP").
|
|
|
|
See
footnote (B) on page 1 of these supplemental numerical
pages.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 4
-
|
HORACE
MANN EDUCATORS CORPORATION
|
Supplemental Business Segment Overview
(Unaudited)
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
ANNUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
deposits
|
$
96.4
|
|
$
96.3
|
|
0.1%
|
|
$
188.4
|
|
$
188.8
|
|
-0.2%
|
|
Variable
|
30.1
|
|
28.6
|
|
5.2%
|
|
57.3
|
|
55.5
|
|
3.2%
|
|
Fixed
|
66.3
|
|
67.7
|
|
-2.1%
|
|
131.1
|
|
133.3
|
|
-1.7%
|
Contract
charges earned
|
5.5
|
|
4.8
|
|
14.6%
|
|
10.5
|
|
9.5
|
|
10.5%
|
Net
investment income
|
49.8
|
|
45.3
|
|
9.9%
|
|
99.3
|
|
89.5
|
|
10.9%
|
Net
interest margin (without realized investment gains and
losses)
|
19.9
|
|
17.4
|
|
14.4%
|
|
39.8
|
|
34.4
|
|
15.7%
|
Other
income
|
0.8
|
|
0.9
|
|
-11.1%
|
|
1.5
|
|
1.7
|
|
-11.8%
|
Mortality
loss and other reserve changes
|
(1.3)
|
|
(0.8)
|
|
62.5%
|
|
(1.1)
|
|
(1.0)
|
|
10.0%
|
Operating
expenses (includes policy
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisition expenses amortized)
|
13.1
|
|
11.3
|
|
15.9%
|
|
21.6
|
|
21.0
|
|
2.9%
|
Income
before tax
|
11.8
|
|
11.0
|
|
7.3%
|
|
29.1
|
|
23.6
|
|
23.3%
|
Net
income
|
7.9
|
|
7.4
|
|
6.8%
|
|
19.5
|
|
15.8
|
|
23.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax
income increase (decrease) due to
|
|
|
|
|
|
|
|
|
|
|
|
|
evaluation
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
policy acquisition costs
|
$
(1.8)
|
|
$
(0.8)
|
|
125.0%
|
|
$
0.8
|
|
$
0.1
|
|
N.M.
|
|
|
Guaranteed
minimum death benefit reserve
|
(0.1)
|
|
(0.1)
|
|
-
|
|
0.1
|
|
(0.1)
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
contracts in force (in thousands)
|
|
|
|
|
|
|
186
|
|
182
|
|
2.2%
|
Accumulated value on deposit / Assets under
management
|
|
|
|
|
|
|
$
4,520.6
|
|
$
4,225.1
|
|
7.0%
|
|
Variable
|
|
|
|
|
|
|
1,348.1
|
|
1,371.2
|
|
-1.7%
|
|
Fixed
|
|
|
|
|
|
|
3,172.5
|
|
2,853.9
|
|
11.2%
|
Annuity
accumulated value retention - 12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable
accumulations
|
|
|
|
|
|
|
94.0%
|
|
92.6%
|
|
N.M.
|
|
Fixed
accumulations
|
|
|
|
|
|
|
95.1%
|
|
94.6%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
and contract deposits
|
$
24.4
|
|
$
24.4
|
|
-
|
|
$
47.5
|
|
$
47.2
|
|
0.6%
|
Premiums
and contract charges earned
|
25.2
|
|
25.1
|
|
0.4%
|
|
50.7
|
|
49.7
|
|
2.0%
|
Net
investment income
|
17.5
|
|
17.4
|
|
0.6%
|
|
35.0
|
|
34.7
|
|
0.9%
|
Income
before tax
|
9.6
|
|
9.1
|
|
5.5%
|
|
17.7
|
|
15.7
|
|
12.7%
|
Net
income
|
6.1
|
|
5.9
|
|
3.4%
|
|
11.3
|
|
10.1
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax
income increase (decrease) due to
|
|
|
|
|
|
|
|
|
|
|
|
|
evaluation
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
policy acquisition costs
|
$
(0.1)
|
|
$
(0.1)
|
|
-
|
|
$
(0.2)
|
|
$
(0.3)
|
|
-33.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life
policies in force (in thousands)
|
|
|
|
|
|
|
202
|
|
206
|
|
-1.9%
|
Life
insurance in force
|
|
|
|
|
|
|
$
14,353
|
|
$
14,013
|
|
2.4%
|
Lapse
ratio - 12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
(Ordinary
life insurance)
|
|
|
|
|
|
|
4.5%
|
|
4.7%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE AND OTHER (B)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components
of income (loss) before tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized investment gains
|
$
9.9
|
|
$
5.7
|
|
73.7%
|
|
$
10.3
|
|
$
11.5
|
|
-10.4%
|
|
Interest
expense
|
(3.5)
|
|
(3.5)
|
|
-
|
|
(7.1)
|
|
(7.0)
|
|
1.4%
|
|
Other
operating expenses, net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and other
income
|
(1.4)
|
|
(1.0)
|
|
40.0%
|
|
(3.3)
|
|
(1.9)
|
|
73.7%
|
Income
(loss) before tax
|
5.0
|
|
1.2
|
|
N.M.
|
|
(0.1)
|
|
2.6
|
|
N.M.
|
Net income
(loss)
|
3.2
|
|
0.5
|
|
N.M.
|
|
(0.1)
|
|
1.3
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
(B)
|
|
The
Corporate and Other segment includes interest expense on debt and
the impact of realized investment gains and losses
and other corporate level items. The Company
does not allocate the impact of corporate level transactions to the
insurance segments consistent with how management
evaluates the results of those segments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 5
-
|
HORACE
MANN EDUCATORS CORPORATION
|
Supplemental Business Segment Overview
(Unaudited)
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
%
Change
|
|
2012
|
|
2011
|
|
%
Change
|
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
and Life
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
maturities, at fair value (amortized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost 2012,
$4,363.7; 2011, $4,034.9)
|
|
|
|
|
|
|
$
4,854.8
|
|
$
4,264.9
|
|
13.8%
|
|
Equity
securities, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(cost
2012, $7.7; 2011, $6.4)
|
|
|
|
|
|
|
7.6
|
|
7.4
|
|
2.7%
|
|
Short-term
investments
|
|
|
|
|
|
|
13.1
|
|
7.1
|
|
84.5%
|
|
Short-term
investments, securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
lending
collateral
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
Policy
loans and other
|
|
|
|
|
|
|
183.4
|
|
124.8
|
|
47.0%
|
|
|
|
Total
Annuity and Life investments
|
|
|
|
|
|
|
5,058.9
|
|
4,404.2
|
|
14.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
maturities, at fair value (amortized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost 2012,
$783.1; 2011, $777.6)
|
|
|
|
|
|
|
839.9
|
|
799.9
|
|
5.0%
|
|
Equity
securities, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(cost
2012, $29.5; 2011, $14.3)
|
|
|
|
|
|
|
30.4
|
|
17.7
|
|
71.8%
|
|
Short-term
investments
|
|
|
|
|
|
|
9.0
|
|
6.1
|
|
47.5%
|
|
Short-term
investments, securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
lending
collateral
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Total
Property & Casualty investments
|
|
|
|
|
|
|
879.3
|
|
823.7
|
|
6.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
investments
|
|
|
|
|
|
|
11.4
|
|
21.8
|
|
-47.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments
|
|
|
|
|
|
|
5,949.6
|
|
5,249.7
|
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
tax
|
$
76.3
|
|
$
71.7
|
|
6.4%
|
|
$
152.0
|
|
$
142.2
|
|
6.9%
|
|
After
tax
|
51.4
|
|
48.5
|
|
6.0%
|
|
102.4
|
|
96.1
|
|
6.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized investment gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
by
investment portfolio included in the
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
$
4.7
|
|
$
2.7
|
|
74.1%
|
|
$
7.4
|
|
$
4.3
|
|
72.1%
|
|
Annuity
|
4.7
|
|
2.5
|
|
88.0%
|
|
1.8
|
|
4.2
|
|
-57.1%
|
|
Life
|
0.5
|
|
0.5
|
|
-
|
|
1.1
|
|
3.0
|
|
-63.3%
|
|
Corporate
and Other
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total,
before tax
|
9.9
|
|
5.7
|
|
73.7%
|
|
10.3
|
|
11.5
|
|
-10.4%
|
|
|
Total,
after tax
|
6.4
|
|
3.7
|
|
73.0%
|
|
6.7
|
|
7.4
|
|
-9.5%
|
|
|
|
Per share,
diluted
|
$
0.16
|
|
$
0.09
|
|
77.8%
|
|
$
0.16
|
|
$
0.18
|
|
-11.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 6
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Horace Mann Educators Corporation