- Third-quarter combined ratio of 110%
included 19 points of catastrophe losses; underlying auto loss
ratio* improved 3.1 points compared to the prior year quarter
- 18% growth in Retirement sales,
illustrating strong market response to fee-based product
offerings
- 66% increase in third-quarter Life
sales, reflecting gains across all products types
- Full-year 2018 guidance updated to
reflect third-quarter catastrophe losses
- Acquisition of Benefit Consultants
Group to expand strategic capabilities in retirement market
Horace Mann Educators Corporation (NYSE:HMN) today reported
financial results for the three and nine-month periods ended
September 30, 2018:
Horace Mann Financial Highlights
Three Months EndedSeptember 30, 2018 Nine
Months EndedSeptember 30, 2018 ($ in millions, except
per share amounts) 2018 2017
Change 2018 2017 Change
Total revenues $ 311.4 $ 289.8 7.5 % $ 913.1 $ 868.5 5.1 %
Net income 12.5 26.5 -52.8 % 38.6 44.1 -12.5 % Net investment gains
(losses) after tax 2.2 (2.2 ) N.M. 1.5 (0.8 ) N.M.
Core earnings 10.3 28.7 -64.1 % 37.1 44.9 -17.4 % Per diluted
share: Net income 0.30 0.64 -53.1 % 0.93 1.06 -12.3 % Net
investment gains (losses) after tax 0.05 (0.05 ) N.M. 0.04
(0.02 ) N.M. Core earnings per diluted share* 0.25 0.69
-63.8 % 0.89 1.08 -17.6 % Book value per share 31.78 34.20 -7.1 %
Book value per share excluding net unrealized investment gains on
securities* 29.93 27.91 7.2 % Property and Casualty net income
(loss) (3.2 ) 13.4 -123.9 % (4.4 ) 2.2 N.M. Property and Casualty
combined ratio 110.1 % 95.8 %
14.3
pts
108.0 % 106.5 %
1.5
pts
Property and Casualty underlying combined ratio* 91.0 % 90.8 %
0.2
pts
94.4 % 94.9 %
-0.5
pts
Retirement net income $ 12.1 $ 13.6 -11.0 % $ 37.6 $ 36.9 1.9 %
Life net income 5.3 4.8 10.4 % 15.0 14.3 4.9 % 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
Appendix to the Investor Supplement. 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 Securities and
Exchange Commission.
"Due to heavy catastrophes losses in the third quarter, we are
revising our estimate of full-year 2018 core earnings to between
$1.45 and $1.60," said Horace Mann President and CEO Marita
Zuraitis. "It's disappointing that weather will mask our continued
strategic progress. Our long-term goals of becoming the company of
choice to provide financial solutions to the education market and
to return to a double-digit ROE remain intact. This quarter, our
Property and Casualty segment once again saw sizable improvement in
the underlying auto loss ratio, and both our Retirement and Life
segments saw double-digit sales growth."
"This momentum, combined with strategic investments to expand
our product set, enhance our distribution channels and upgrade our
infrastructure, positions us well to significantly improve ROE as
we move into 2019 and beyond," Zuraitis added.
Horace Mann entered into a definitive agreement this week to buy
privately held retirement plan administrator Benefit Consultants
Group, based in Cherry Hill, NJ. BCG’s recordkeeping business and
other worksite capabilities strengthen Horace Mann's value
proposition and enhance its retirement plan infrastructure and
offerings for school districts. Horace Mann will pay $25 million
for the company, and expects the acquisition to close in the first
half of 2019, pending regulatory approval. The transaction will
support Horace Mann’s growth over the next three to five years. In
the near term, it is not expected to be material to EPS and ROE.
The transaction is expected to be accretive in the long term.
Property and Casualty Segment Shows Underlying
Improvement in Heavy Cat Quarter (All comparisons vs. same
period in 2017, unless noted otherwise) Three
Months EndedSeptember 30, 2018 Nine Months
EndedSeptember 30, 2018 ($ in millions)
2018 2017 Change 2018
2017 Change Property and
Casualty written premiums $ 182.7 $ 177.2 3.1 % $ 515.1 $ 498.0 3.4
% Property and Casualty net income (loss) (3.2 ) 13.4 -123.9 % (4.4
) 2.2 N.M. Property and Casualty combined ratio 110.1 % 95.8 %
14.3
pts
108.0 % 106.5 %
1.5
pts
Property and Casualty underlying loss ratio* 63.9 % 65.4 %
-1.5
pts
67.7 % 68.2 %
-0.5
pts
Property and Casualty expense ratio 27.1 % 25.4 %
1.7
pts
26.7 % 26.7 %
—
pts
Property and Casualty catastrophe losses 19.1 % 5.3 %
13.8
pts
13.7 % 12.0 %
1.7
pts
Property and Casualty underlying combined
ratio*
91.0 % 90.8 %
+0.2
pts
94.4 % 94.9 %
-0.5
pts
Auto combined ratio 99.5 % 103.4 %
-3.9
pts
103.4 % 107.0 %
-3.6
pts
Auto underlying loss ratio* 71.4 % 74.5 %
-3.1
pts
75.1 % 77.0 %
-1.9
pts
Property combined ratio 133.3 % 79.9 %
+53.4
pts
117.9 % 105.6 %
+12.3
pts
Property underlying loss ratio* 48.0 % 46.3 %
+1.7
pts
51.5 % 49.7 %
+1.8
pts
For the third quarter of 2018, the Property and Casualty
combined ratio was 110.1%, with catastrophe losses adding 19.1
points to the ratio, as previously disclosed. Significant events in
the quarter included Hurricane Florence, a major hailstorm in
Colorado and the Carr Wildfire in California.
The underlying auto loss ratio improved 1.9 points for first
nine months of 2018, reflecting the accelerating impact of rate
actions and underwriting initiatives to improve profitability. The
underlying property loss ratio rose on elevated non-catastrophe
weather-related losses.
Written premiums* increased 3.1% for the quarter, driven
primarily by rate actions. Policy retention continues to be stable
with auto and property policy retention rates for the current
quarter at 82.5% and 87.9%, respectively.
Retirement Segment Sales Increase 18% Over a Year Ago
(All comparisons vs. same period in 2017, unless noted
otherwise) Three Months EndedSeptember
30, 2018 Nine Months EndedSeptember 30,
2018 ($ in millions) 2018 2017
Change 2018 2017
Change Retirement sales deposits* $ 151.9 $ 128.5
18.2 % $ 383.6 $ 371.9 3.1 % Retirement assets under management
7,121.0 6,680.0 6.6 % Retirement net income 12.1 13.6 -11.0 % 37.6
36.9 1.9 % Retirement net income excluding DAC
unlocking*
11.9 13.2 -9.8 % 37.7 36.9 2.2 %
For the third quarter of 2018, Retirement sales deposits
increased by 18.2%, attributable to the increase in fee-based
Retirement product sales as educators continue to respond favorably
to the enhanced product lineup. For the nine months, sales deposits
increased by 3.1% over prior year, with the increase in fee-based
deposits partially offset by a decline in spread-based
deposits.
Sales deposit activity related to the Retirement Advantage®
mutual fund products, as well as other mutual fund offerings,
reached $57.6 million year-to-date, compared to $29.0 million prior
year-to-date.
Retirement assets under management increased 6.6% compared to a
year ago, and total cash value persistency remained strong at 94.5%
for variable annuities and 94.2% for fixed annuities.
Net income excluding DAC unlocking decreased 9.8% for the
quarter on higher operating expenses to support strategic
initiatives, while increasing 2.2% for the nine months.
The annualized net interest spread on fixed annuity assets under
management of $4.7 billion for the third quarter of 2018 was 182
basis points, primarily benefiting from an elevated level of
prepayment activity.
Life Segment Reports Double-Digit Sales Increases
(All comparisons vs. same period in 2017, unless noted
otherwise) Three Months EndedSeptember
30, 2018 Nine Months EndedSeptember 30,
2018 ($ in millions) 2018 2017
Change 2018 2017
Change Life sales $ 5.3 $ 3.2 65.6 % $ 15.1 $ 11.6
30.2 % Life mortality costs 8.7 8.2 6.1 % 25.9 24.2 7.0 % Life net
income 5.3 4.8 10.4 % 15.0 14.3 4.9 %
Life sales* increased $2.1 million, or 65.6%, for the third
quarter, reflecting an increased emphasis on meeting the needs of
the under-insured educator market through enhanced marketing
efforts and ease of doing business improvements. For the nine
months, Life sales rose $3.5 million, or 30.2%.
Life net income increased 10.4% in the third quarter and 4.9% in
the full year, benefiting from the lower federal income tax rate.
Third-quarter mortality costs compared favorably with actuarial
assumptions. Life persistency of 95.2% was comparable to 12 months
earlier.
Net Investment Income Up Over Prior Year (All
comparisons vs. same period in 2017, unless noted otherwise)
Three Months EndedSeptember 30, 2018
Nine Months EndedSeptember 30, 2018 ($ in
millions) 2018 2017 Change
2018 2017 Change Total
net investment income $ 99.1 $ 92.3 7.4 % $ 288.1 $ 275.0 4.8 %
Pretax net investment gains (losses) 2.9 (3.5 ) N.M. 1.9 (1.7 )
N.M.
Pretax net unrealized investmentgains
(losses) on securities
109.6 455.3 -75.9 %
While annuity asset balances in the Retirement segment continue
to grow, annual investment yields continue to be impacted by the
low interest rate environment of recent years. Third-quarter total
net investment income increased 7.4% primarily due to higher than
anticipated prepayment activity and favorable returns on
alternative investments.
Net unrealized investment gains were down compared to a year
ago, largely because of rising interest rates and slightly wider
credit spreads in the investment-grade fixed maturity securities
portfolio.
Capital Management Strategy Remains Unchanged
As of September 30, 2018, $27.8 million remained authorized
for future share repurchases under the share repurchase
program.
Quarterly Webcast
Horace Mann’s senior management will discuss the company’s third
quarter financial results with investors and analysts on October
31, 2018 at 9 a.m. Eastern Time. The conference call will be
webcast live at investors.horacemann.com and archived later in the
day for replay.
About Horace Mann
Horace Mann Educators Corporation (NYSE: HMN) is the largest
financial services company focused on providing America's educators
and school employees with insurance and retirement solutions.
Founded by Educators for Educators® in 1945, the company is
headquartered in Springfield, Illinois. For more information, visit
horacemann.com.
Safe Harbor Statement and Non-GAAP Measures
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 June
30, 2018 and the company's past and future filings and reports
filed with the Securities and Exchange Commission (SEC) for
information concerning important factors that could cause actual
results to differ materially from those in forward-looking
statements. Information contained in this news release include
measures which are based on methodologies other than accounting
principles generally accepted in the United States (GAAP).
Reconciliations of non-GAAP measures to the closest GAAP measures
are contained in the Appendix to the Investor Supplement 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) ($ in Millions, except per share
data) Three Months Ended September 30,
Nine Months Ended September 30,
2018
2017 Change 2018
2017 Change
EARNINGS
SUMMARY
Net income $ 12.5 $ 26.5 -52.8 % $ 38.6 $ 44.1 -12.5 % Net
investment gains (losses), after tax 2.2 (2.2 ) N.M. 1.5 (0.8 )
N.M. Core earnings* 10.3 28.7 -64.1 % 37.1 44.9 -17.4 % Per
diluted share: Net income $ 0.30 $ 0.64 -53.1 % $ 0.93 $ 1.06 -12.3
% Net investment gains (losses), after tax $ 0.05 $ (0.05 ) N.M. $
0.04 $ (0.02 ) N.M. Core earnings* $ 0.25 $ 0.69 -63.8 % $ 0.89 $
1.08 -17.6 % Weighted average number of shares and
equivalent shares (in millions) -
Diluted
41.9 41.6 0.7 % 41.7 41.5 0.5 %
RETURN ON
EQUITY
Net income return on equity (A) 11.8 % 4.7 % Core return on equity
excluding net
unrealized investment gains on securities
(B)
5.3 % 5.9 %
FINANCIAL
POSITION
Per share (C): Book value $ 31.78 $ 34.20 -7.1 % Effect of net
unrealized investment gains on securities (D) $ 1.85 $ 6.29 -70.6 %
Dividends paid $ 0.285 $ 0.275 3.6 % $ 0.855 $ 0.825 3.6 % Ending
number of shares outstanding
(in millions) (C)
41.0 40.7 0.7 % Total assets $ 11,280.8 $ 11,044.3 2.1 % Long-term
debt, current and noncurrent 297.7 247.4 20.3 % Total shareholders'
equity 1,304.3 1,390.4 -6.2 %
ADDITIONAL
INFORMATION
Net investment gains (losses) Before tax $ 2.9 $ (3.5 ) N.M. $ 1.9
$ (1.7 ) N.M. After tax 2.2 (2.2 ) N.M. 1.5 (0.8 ) N.M. Per share,
diluted $ 0.05 $ (0.05 ) N.M. $ 0.04 $ (0.02 ) N.M. N.M.-
Not meaningful. (A) Based on trailing 12-month net income
and average quarter-end shareholders' equity. (B) Based on trailing
12-month core earnings and average quarter-end shareholders' equity
which has been adjusted to exclude the fair value adjustment for
investments, net of the related impact on deferred policy
acquisition costs and applicable deferred taxes. (C) Ending shares
outstanding were 41,040,746 at September 30, 2018 and 40,661,505 at
September 30, 2017. (D) Net of the related impact on deferred
policy acquisition costs and applicable deferred taxes.
HORACE MANN EDUCATORS CORPORATION Statements of
Operations and Supplemental Consolidated Data (Unaudited) ($
in Millions) Three Months Ended September 30,
Nine Months Ended September 30,
2018 2017 Change
2018 2017 Change
STATEMENTS OF
OPERATIONS
Insurance premiums and contract charges earned $ 206.8 $ 199.0 3.9
% $ 615.4 $ 590.4 4.2 % Net investment income 99.1 92.3 7.4 % 288.1
275.0 4.8 % Net investment gains (losses) 2.9 (3.5 ) N.M. 1.9 (1.7
) N.M. Other income 2.6 2.0 30.0 % 7.7 4.8 60.4 % Total revenues
311.4 289.8 7.5 % 913.1 868.5 5.1 % Benefits, claims and
settlement expenses 161.8 134.9 19.9 % 473.7 444.9 6.5 % Interest
credited 52.1 50.1 4.0 % 153.2 148.2 3.4 % Policy acquisition
expenses amortized 26.2 24.2 8.3 % 79.4 73.9 7.4 % Operating
expenses 51.0 44.2 15.4 % 149.4 139.1 7.4 % Interest expense 3.2
3.0 6.7 % 9.7 8.9 9.0 % Total benefits, losses and expenses 294.3
256.4 14.8 % 865.4 815.0 6.2 % Income before income taxes
17.1 33.4 -48.8 % 47.7 53.5 -10.8 % Income tax expense 4.6 6.9
-33.3 % 9.1 9.4 -3.2 % Net income $ 12.5 $ 26.5 -52.8 % $ 38.6 $
44.1 -12.5 %
PREMIUMS WRITTEN
AND CONTRACT DEPOSITS
Property and Casualty $ 182.7 $ 177.2 3.1 % $ 515.1 $ 498.0 3.4 %
Annuity deposits 127.0 114.8 10.6 % 326.0 348.9 -6.6 % Life 28.4
26.4 7.6 % 82.7 79.8 3.6 % Total $ 338.1 $ 318.4 6.2 % $ 923.8 $
926.7 -0.3 %
SEGMENT NET
INCOME (LOSS)
Property and Casualty $ (3.2 ) $ 13.4 -123.9 % $ (4.4 ) $ 2.2 N.M.
Retirement 12.1 13.6 -11.0 % 37.6 36.9 1.9 % Life 5.3 4.8 10.4 %
15.0 14.3 4.9 % Corporate and Other (A) (1.7 ) (5.3 ) -67.9 % (9.6
) (9.3 ) -3.2 % Net income $ 12.5 $ 26.5 -52.8 % $ 38.6 $ 44.1
-12.5 % N.M.- Not meaningful. (A) Corporate and Other
includes interest expense on debt and the impact of net 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 4.
HORACE MANN EDUCATORS CORPORATION Supplemental
Business Segment Overview (Unaudited) ($ in Millions)
Three Months Ended September 30, Nine
Months Ended September 30,
2018
2017 Change 2018
2017 Change
PROPERTY &
CASUALTY
Premiums written $ 182.7 $ 177.2 3.1 % $ 515.1 $ 498.0 3.4 %
Premiums earned 168.6 163.2 3.3 % 501.4 482.0 4.0 % Net investment
income 12.4 9.2 34.8 % 32.2 26.5 21.5 % Other income (expense) 0.4
(0.1 ) N.M. 1.4 — N.M. Losses and loss adjustment expenses (LAE)
140.0 114.9 21.8 % 407.7 384.9 5.9 % Operating expenses (includes
policy
acquisition expenses amortized)
45.8 41.4 10.6 % 133.7 128.5 4.0 % Interest expense 0.3 — N.M. 0.8
— N.M. Income (loss) before tax (4.7 ) 16.0 -129.4 % (7.2 ) (4.9 )
-46.9 % Net income (loss) (3.2 ) 13.4 -123.9 % (4.4 ) 2.2 N.M. Net
investment income, after tax 10.5 7.3 43.8 % 27.6 21.2 30.2 %
Catastrophe losses (A) After tax 25.4 5.6 N.M. 54.3 37.8
43.7 % Before tax 32.2 8.6 N.M. 68.8 58.2 18.2 % Prior years'
reserves favorable (adverse)
development, before tax
Automobile — — — % — — — % Property & other — 0.5 -100.0 % 0.3
2.1 -85.7 % Total — 0.5 -100.0 % 0.3 2.1 -85.7 % Operating
statistics: Loss and loss adjustment expense ratio 83.0 % 70.4 %
12.6 pts 81.3 % 79.8 % 1.5 pts Expense ratio 27.1 % 25.4 % 1.7 pts
26.7 % 26.7 % — pts Combined ratio 110.1 % 95.8 % 14.3 pts 108.0 %
106.5 % 1.5 pts Effect on the combined ratio of: Catastrophe losses
(A) 19.1 % 5.3 % 13.8 pts 13.7 % 12.0 % 1.7 pts Prior years'
(favorable) adverse reserve development — % -0.3 % 0.3 pts -0.1 %
-0.4 % 0.3 pts Combined ratio excluding the effects of
catastrophe costs and prior years'
reserve
development (underlying combined
ratio)*
91.0 % 90.8 % 0.2 pts 94.4 % 94.9 % -0.5 pts Policies in
force (in thousands) 668 688 -2.9 % Automobile 466 482 -3.3 %
Property 202 206 -1.9 % Policy renewal rate - 12 months
Automobile 82.5 % 83.0 % -0.5 pts Property 87.9 % 87.6 % +0.3 pts
N.M.- Not meaningful. (A) Includes allocated loss
adjustment expenses and, when applicable, catastrophe reinsurance
reinstatement premiums.
HORACE MANN EDUCATORS
CORPORATION Supplemental Business Segment Overview
(Unaudited) ($ in Millions) Three Months
Ended September 30, Nine Months Ended September 30,
2018 2017
Change 2018 2017
Change
RETIREMENT
Contract deposits $ 127.0 $ 114.8 10.6 % $ 326.0 $ 348.9 -6.6 %
Variable 53.8 38.6 39.4 % 151.3 127.7 18.5 % Fixed 73.2 76.2 -3.9 %
174.7 221.2 -21.0 % Contract charges earned 8.0 7.5 6.7 % 23.9 20.8
14.9 % Net investment income 67.7 64.3 5.3 % 199.7 192.9 3.5 %
Interest credited 40.8 38.8 5.2 % 119.4 114.4 4.4 % Net interest
margin (without net investment gains/losses) 26.9 25.5 5.5 % 80.3
78.5 2.3 % Other income 1.8 1.7 5.9 % 5.3 4.1 29.3 % Mortality loss
and other reserve changes (1.5 ) (1.6 ) -6.3 % (4.8 ) (4.0 ) 20.0 %
Operating expenses (includes policy acquisition expenses amortized)
18.4 15.1 21.9 % 56.7 48.1 17.9 % Income before tax 16.8 18.0 -6.7
% 48.0 51.3 -6.4 % Net income 12.1 13.6 -11.0 % 37.6 36.9 1.9 %
Pretax income increase (decrease) due to evaluation of: Deferred
policy acquisition costs $ 0.3 $ 0.7 -57.1 % $ (0.1 ) $ 0.1 N.M.
Guaranteed minimum death benefit reserve — — — % — — — % Retirement
contracts in force (in thousands) 224 221 1.4 % Annuity accumulated
account value on deposit /
Assets under management
$ 6,997.7 $ 6,634.1 5.5 % Variable 2,292.5 2,051.5 11.7 % Fixed
4,705.2 4,582.6 2.7 % Annuity accumulated value retention - 12
months Variable accumulations 94.5 % 95.0 % -0.5 pts Fixed
accumulations 94.2 % 94.5 % -0.3 pts
LIFE
Premiums and contract deposits $ 28.4 $ 26.4 7.6 % $ 82.7 $ 79.8
3.6 % Premiums and contract charges earned 30.2 28.3 6.7 % 90.1
87.6 2.9 % Net investment income 19.1 19.0 0.5 % 56.6 56.2 0.7 %
Other income 0.1 0.1 — % 0.2 0.3 -33.3 % Death benefits/mortality
cost/change in reserves 20.3 18.4 10.3 % 61.2 56.0 9.3 % Interest
credited 11.3 11.3 — % 33.8 33.8 — % Operating expenses (includes
policy acquisition expenses amortized) 10.8 10.3 4.9 % 32.9 32.8
0.3 % Income before tax 7.0 7.4 -5.4 % 19.0 21.5 -11.6 % Net income
5.3 4.8 10.4 % 15.0 14.3 4.9 % Pretax income increase (decrease)
due to evaluation of: Deferred policy acquisition costs $ (0.1 ) $
— N.M. $ (0.2 ) $ 0.2 N.M. Life policies in force (in thousands)
198 197 0.5 % Life insurance in force $ 18,054 $ 17,403 3.7 % Lapse
ratio - 12 months (Ordinary life insurance) 4.8 % 4.7 % 0.1 pts
CORPORATE AND
OTHER (A)
Components of income (loss) before tax: Net investment gains
(losses) $ 2.9 $ (3.5 ) N.M. $ 1.9 $ (1.7 ) N.M. Interest expense
(2.9 ) (3.0 ) -3.3 % (8.9 ) (8.9 ) — % Other operating expenses,
net investment income and other income (2.0 ) (1.5 ) 33.3 % (5.1 )
(3.8 ) 34.2 % Loss before tax (2.0 ) (8.0 ) -75.0 % (12.1 ) (14.4 )
-16.0 % Net loss (1.7 ) (5.3 ) -67.9 % (9.6 ) (9.3 ) -3.2 %
N.M.- Not meaningful. (A) The Corporate and Other
segment includes interest expense on debt and the impact of
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.
HORACE MANN EDUCATORS CORPORATION Supplemental Business
Segment Overview (Unaudited) ($ in Millions)
Three Months Ended September 30, Nine Months
Ended September 30,
2018
2017 Change 2018
2017 Change
INVESTMENTS
Retirement and Life Fixed maturity securities, at fair value
(amortized
cost 2018, $6,579.1; 2017, $6,451.2)
$ 6,680.5 $ 6,849.5 -2.5 % Equity securities, at fair value (cost
2017, $80.3) 76.7 83.6 -8.3 % Short-term investments 49.7 83.4
-40.4 % Policy loans 153.6 153.6 — % Other investments 268.7
212.4 26.5 % Total Retirement and Life investments 7,229.2
7,382.5 -2.1 % Property & Casualty Fixed maturity
securities, at fair value (amortized
cost 2018, $840.4; 2017, $743.2)
848.6 781.1 8.6 % Equity securities, at fair value (cost 2017,
$59.9) 56.5 75.7 -25.4 % Short-term investments 13.4 13.3 0.8 %
Other investments 82.8 69.8 18.6 % Total Property
& Casualty investments 1,001.3 939.9 6.5 % Corporate
investments 11.5 14.7 -21.8 % Total investments 8,242.0
8,337.1 -1.1 % Net investment income Before tax $ 99.1 $
92.3 7.4 % $ 288.1 $ 275.0 4.8 % After tax 79.0 61.4 28.7 % 229.7
182.8 25.7 % N.M.- Not meaningful.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181030006088/en/
Horace Mann Educators CorporationHeather J. WietzelVice
President, Investor
Relations217-788-5144investorrelations@horacemann.com
Horace Mann Educators (NYSE:HMN)
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