Horace Mann increases quarterly shareholder dividend, reiterates commitment to long-term shareholder value creation
06 Mars 2023 - 1:30PM
Business Wire
Household acquisition momentum continues to
strengthen, reflecting leadership in education market; for 2024,
management continues to expect ROE at 10% with core EPS approaching
$4
Horace Mann Educators Corporation (NYSE:HMN) today announced
that its Board of Directors approved a 3.1% increase in the
quarterly cash dividend to $0.33 per share. This represents an
indicated annual dividend of $1.32 per share. The quarterly
dividend is payable on March 31, 2023, to shareholders of record as
of March 16, 2023.
“This is the 15th consecutive year the Board has increased the
annual shareholder cash dividend, reflecting Horace Mann’s
commitment to long-term shareholder value creation,” said Marita
Zuraitis, Horace Mann President and CEO. “The steadily increasing
cash dividend and opportunistic share repurchases are important
aspects of that commitment. However, increasing our share of the
education market — through both our school district employer and
individual educator channels — remains our strategic priority.
“In the early months of 2023, sales continued to accelerate,”
Zuraitis added. “For example, in the Worksite Division in January
and February, sales for the worksite direct products were up more
than 150% over prior year with sales for the employer-sponsored
products up more than 50%. Further, we remain on track to achieve
our targeted 2023 rate increases in the range of 18% to 20% for
auto and 12% to 15% for property. These rate plans put us on track
to our targeted 2024 combined ratio targets of between 97% and 98%
for auto and between 92% and 93% for property.
“In conjunction with the anticipated return to our longer-term
profitability targets in the Property & Casualty segment, we
continue to believe our 2023 core EPS will be in the range of $2.00
to $2.30,” Zuraitis said. “In 2024, we believe we will return to a
double-digit return on equity as core EPS approaches $4, driven by
our profitable growth.”
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/20230306005112/en/
Heather J. Wietzel Vice President, Investor Relations and
Enterprise Communications 217.788.5144
investorrelations@horacemann.com
Horace Mann Educators (NYSE:HMN)
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