Horace Mann Affirms Full-Year 2020 EPS Guidance
17 Septembre 2020 - 4:30PM
Business Wire
CEO Marita Zuraitis highlights business
strength and reiterates long-term double-digit ROE objective
Horace Mann Educators Corporation (NYSE:HMN) today affirmed its
2020 full-year guidance of $2.80 to $3.00 per diluted share, even
though its full-year catastrophe loss assumption has risen to 13 to
14 points on the Property & Casualty combined ratio due to
anticipated losses from catastrophe events through
mid-September.
"Horace Mann entered this year better positioned than ever
before to meet our long-term objectives by leveraging our market
leadership position to meet the financial needs of even more
educators. Deepening our market penetration will lead to
accelerated shareholder value creation and achievement of a
double-digit return on equity," said President and CEO Marita
Zuraitis. "Our commitment to the education market remains central
to our mission. For 75 years, Horace Mann has helped educators
protect what they have today and prepare for a successful tomorrow,
and the COVID-19 pandemic has only deepened our appreciation for
educators nationwide.
"Despite the pandemic's sweeping effects on everyone's work and
home lives, our first-half 2020 results showed the benefit of
2019's transformational actions, including the addition of our
Supplemental segment and our annuity reinsurance transaction, as
well as improvements to the company's products, distribution and
infrastructure completed over the past several years," Zuraitis
said. "During the second half of the year and beyond, we expect our
results to continue to reflect the value of the solutions we
provide to the educational community.
"Our full-year 2020 core EPS guidance range of $2.80 to $3.00
takes into account the favorable results in the first half of the
year, as well as the subrogation benefit we will record in the
third quarter as a result of PG&E's successful emergence from
bankruptcy," Zuraitis said. "While wildfires remain active in the
western states and the Atlantic storm season has not yet ended,
based on currently available information, we have updated our
assumption for full-year 2020 catastrophe losses to $85 and $90
million, or as much as 13 to 14 points on the combined ratio.
Higher third-quarter catastrophe losses should be largely offset
over the second half of the year by Auto loss frequency levels that
remain lower than anticipated, investment income slightly ahead of
previous guidance on strong market performance, and
lower-than-anticipated expenses.
"We currently anticipate 2021 earnings will mark continued
progress toward our long-term objectives, even though the results
will be offset by the anticipated return to pre-pandemic Auto loss
frequency levels and the absence of the subrogation recovery,"
Zuraitis said. "The impact of a largely remote educator workforce
is temporarily slowing our top-line growth, but we are taking what
we're learning in this environment and incorporating it into our
growth strategy for 2021 and beyond. Horace Mann has 75 years of
experience helping educators solve the issues they face every day,
and we're more committed than ever to helping them achieve a
lifetime of financial success."
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, 2020, 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 of America
(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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200917005602/en/
Heather J. Wietzel Vice President, Investor Relations
217-788-5144 investorrelations@horacemann.com
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