Horace Mann announces preliminary fourth-quarter 2022 Property & Casualty segment results
24 Janvier 2023 - 10:15PM
Business Wire
Significant impact from late-in-quarter severe
weather and recognition of continued elevated industry-wide loss
costs offsetting benefits of education market focus, sales momentum
and business diversification
Horace Mann Educators Corporation (NYSE:HMN) today announced it
expects a fourth-quarter Property & Casualty segment loss
between $25 million and $29 million, after tax, including losses
related to the severe weather across most of the country in late
December.
“Winter Storm Elliott, which spanned more than 30 states between
December 21-25, resulted in approximately $8 million, pretax, in
property losses,” said President and CEO Marita Zuraitis. “In
addition, the widespread ice and extremely low temperatures in the
later part of the quarter were a factor in auto losses.
“Industry-wide, property and casualty loss trends are emerging
that are higher than our previous assumptions,” Zuraitis added.
“Social and economic inflation continues to impact new claims,
including the claims related to winter weather, as well as those
from earlier periods that remain open. As a result, we will also be
adding approximately $14 million, pretax, to Property &
Casualty prior-year reserves and approximately $5 million to
reserves for the first three quarters of 2022. In addition, we are
accelerating our already aggressive plan for rate increases in both
auto and property, along with implementing additional non-rate
underwriting actions, so we can remain on track to our longer-term
profitability targets for this business.
“The external events that impacted results in 2022 do not
detract from our unwavering commitment to educators and to the
achievement of our long-term financial objectives,” noted Zuraitis.
“Horace Mann continues to leverage its leadership position in the
education market. Fourth-quarter results will reflect the ongoing
value of our business diversification, along with top-line sales
momentum that supports our ability to resume our trajectory to a
double-digit return on equity.”
Fourth-quarter and year-end 2022 investor call
Horace Mann plans to release its fourth-quarter and full-year
2022 results on Feb. 7, after the market closes. At that time, the
quarterly news release, investor supplement and investor
presentation will be available on the company’s website at
investors.horacemann.com.
Management will host a conference call to discuss the financial
results on Feb. 8 at 12 p.m. Eastern Time. Investors can access the
call webcast via the Events page of the company’s investor site or
by dialing 844-735-3325. For the webcast, please log on to the site
several minutes in advance to register and download any required
audio software. On-demand replay will be available later that
day.
About Horace Mann
Horace Mann Educators Corporation is the largest financial
services company focused on helping America’s educators and others
who serve the community achieve lifelong financial success. The
company offers individual and group insurance and financial
solutions tailored to the needs of the educator community. Founded
by Educators for Educators® in 1945, the company is headquartered
in Springfield, Illinois. For more information, visit
horacemann.com.
Safe Harbor Statement
Certain statements included in this news release, including
those regarding our earnings outlook, expected catastrophe losses,
our investment strategies, our plans to implement additional rate
actions, our plans relating to share repurchases and dividends, our
efforts to enhance customer experience and expand our products and
solutions to more educators, our strategies to create sustainable
long-term growth and double-digit ROEs, our strategy to achieve a
larger share of the education market, and other business
strategies, constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are made based on management’s
current expectations and beliefs concerning future developments and
their potential effects upon Horace Mann and its subsidiaries.
Horace Mann cautions investors that such statements are subject to
risks and uncertainties, many of which are difficult to predict and
generally beyond Horace Mann’s control, that could cause actual
results to differ materially from those expressed in, or implied or
projected by, the forward-looking statements included in this
document. Certain important factors that could cause actual results
to differ, possibly materially, from expectations or estimates
reflected in such forward-looking statements can be found in the
“Risk Factors” and “Forward-Looking Information” sections included
in Horace Mann’s Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q filed with the Securities and Exchange Commission. The
forward-looking statements herein are subject to the risk, among
others, that we will be unable to execute our strategy because of
market or competitive conditions or other factors. Horace Mann does
not undertake to update any particular forward-looking statement
included in this document if we later become aware that such
statement is not likely to be achieved.
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version on businesswire.com: https://www.businesswire.com/news/home/20230124005874/en/
Heather J. Wietzel, Vice President, Investor Relations
217-788-5144 | investorrelations@horacemann.com
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