HORACE MANN EDUCATORS CORPORATION SPRINGFIELD, Ill., Oct. 22, 2014 /PRNewswire/ -- Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three and nine months ended September 30, 2014:
Horace Mann Financial Highlights
--------------------------------
Three months ended Nine months ended
September 30, September 30,
------------- -------------
($ in millions, except per share amounts) 2014 2013 Change 2014 2013 Change
---------------------------------------- ---- ---- ------ ---- ---- ------
Total revenues $265.6 $251.9 5.4% $791.6 $772.1 2.5%
-------------- ------ ------ --- ------ ------ ---
Net income 25.4 23.6 7.6% 74.2 76.6 -3.1%
---------- ---- ---- --- ---- ---- ----
Net income per diluted share 0.60 0.57 5.3% 1.76 1.85 -4.9%
---------------------------- ---- ---- --- ---- ---- ----
Operating income* 23.1 24.5 -5.7% 68.6 63.1 8.7%
---------------- ---- ---- ---- ---- ---- ---
Operating income per 0.55 0.59 -6.8% 1.63 1.53 6.5%
diluted share*
-------------
Book value per share 31.51 27.15 16.1%
-------------------- ----- ----- ----
Book value per share excluding 24.91 23.15 7.6%
the fair value adjustment
for investments*
---------------
Property and Casualty segment 11.8 11.1 6.3% 30.7 25.4 20.9%
net income
----------
Property and Casualty 96.3% 97.6% -1.3 pts 97.5% 99.4% -1.9 pts
combined ratio
--------------
Property and Casualty underlying 95.3% 94.0% 1.3 pts 92.0% 92.8% -0.8 pts
combined ratio*
--------------
Annuity segment net income $10.3 $11.6 -11.2% $34.1 $31.9 6.9%
-------------------------- ----- ----- ----- ----- ----- ---
Life segment net income 3.9 5.8 -32.8% 12.8 15.7 -18.5%
----------------------- --- --- ----- ---- ---- -----
* 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.
"Horace Mann's third quarter operating income was $0.55 per diluted share, led by strong property and casualty results, as well as solid earnings in our annuity and life segments," said Horace Mann's President and CEO Marita Zuraitis. "The property and casualty combined ratio of 96.3% reflected a decreased level of catastrophe losses and continued improvement in auto underlying results, partially offset by a higher level of non-catastrophe losses in property. Excluding unlocking, net income in the annuity segment increased modestly, primarily due to an 8% increase in assets under management over the 12 months. For the life segment, net income decreased primarily due to a more normal level of mortality losses, compared to the favorable experience in the prior year. Annuity sales continued to be strong, up 17% for the quarter, led by fixed indexed annuity sales. And, auto sales increased 7%."
"Primarily due to stronger than anticipated earnings in the annuity segment, as well as the impact of both catastrophe and non-catastrophe losses, we are revising our estimate of full-year 2014 operating income to between $2.20 and $2.30 per share," stated Zuraitis.
Property and Casualty Segment
The property and casualty segment recorded net income of $11.8 million in the third quarter of 2014, an increase of 6% compared to the prior year. Also compared to the prior year third quarter, the total property and casualty combined ratio improved 1.3 percentage points to 96.3%, largely due to lower catastrophe losses in the current period, as well as continued margin expansion in auto.
Pretax catastrophe losses in the current quarter of $5.7 million, or 4.0 points, decreased $3.4 million, or 2.4 points, compared to a year ago. Favorable prior years' reserve development of $4.4 million, or 3.0 points, was recorded in the third quarter, compared to $4.0 million, or 2.8 points, of favorable development recorded in the prior year.
The underlying auto combined ratio of 99.9% for the quarter and 98.7% for the nine months ended September 30, 2014 each improved over 2 points on continued loss ratio improvement. Within property, the underlying combined ratio of 85.7% for this year's third quarter reflected an elevated level of non-catastrophe weather-related losses, as well as approximately 6 points due to current accident year reserve strengthening. For the nine months ended September 30, 2014, the underlying property combined ratio of 78.6% was 3 percentage points higher than the prior year, reflecting a recent trend of more severe non-catastrophe weather-related losses.
For the nine months, property and casualty net income of $30.7 million increased $5.3 million compared to the same period in 2013. The year-to-date combined ratio and underlying combined ratio of 97.5% and 92.0%, respectively, improved 1.9 percentage points and 0.8 percentage point compared to the first nine months of 2013, primarily reflecting improvement in the underlying auto loss ratio. The year-to-date expense ratio of 27.3% was 0.3 percentage point lower than the prior year.
Total property and casualty written premiums of $154.6 million and $440.0 million increased 1% and 3%, respectively, compared to the three and nine months ended September 30, 2013. The growth was driven by increases in average premium per policy for both auto and property accompanied by reductions in catastrophe reinsurance costs.
Total property and casualty sales increased 5% and 1% compared to the third quarter and first nine months of 2013, respectively. Auto sales increased 7% and 3% compared to the three and nine months ended September 30, 2013, respectively, more than offsetting declines of 6% and 9% in property sales for the respective periods. Policy retention continues to be strong with auto and property policy retention rates for the current period at 85% and 88%, respectively.
Annuity Segment
For the third quarter of 2014, annuity segment net income excluding deferred policy acquisition costs unlocking ("unlocking") increased $0.3 million to $11.1 million compared to the prior year period. For the first nine months of 2014, net income on the same basis of $34.7 million increased $4.0 compared to the same period in 2013. On a reported basis, annuity segment net income decreased $1.3 million to $10.3 million compared to the prior year third quarter, and increased $2.2 million to $34.1 million year to date. This result included $1.2 million of negative pretax unlocking in the quarter and $0.9 million of negative pretax unlocking for the nine months, compared to positive unlocking of $1.3 million and $1.9 million in the respective prior year periods.
For the nine months ended September 30, 2014, the annualized net interest spread of 204 basis points on fixed annuity assets reflected continued solid investment portfolio performance and proactive crediting rate management, which contributed to a 12% increase in the net interest margin compared to the first nine months of 2013. Total annuity assets under management of $5.6 billion increased 8% compared to September 30, 2013, and total cash value persistency remained strong at approximately 95%.
For the three and nine months ended September 30, 2014, annuity deposits of $143.4 million and $361.7 million increased 12% and 14%, respectively, compared to the prior year periods, primarily due to an increase in the amount of single premium and rollover deposits received in the current periods. For both periods, recurring deposit receipts also exceeded the prior year amounts.
Horace Mann's total annuity sales for the current quarter and nine months increased 17% and 22%, respectively, led by sales of the company's new fixed indexed annuity product. Annuity sales by the company's agency force increased 18% and 25% compared to the three and nine months ended September 30, 2013, respectively, while annuity sales from the independent agent distribution channel, which currently produces approximately 10% of total annuity sales, increased 4% and less than 1% compared to the same periods.
Life Segment
Life segment net income of $3.9 million for the third quarter and $12.8 million for the first nine months of the year decreased $1.9 million and $2.9 million compared to the respective periods in 2013. The decline was primarily attributable to a more normal level of mortality losses, compared to the favorable experience in the prior year.
In 2014, life segment insurance premiums and contract deposits of $24.7 million for the current quarter decreased slightly compared to the same period in 2013, while the year-to-date result of $73.7 million was consistent with the prior year. Life persistency of 96% was comparable to 12 months earlier. Third quarter 2014 life sales decreased somewhat compared to a year ago, reflecting the variability of single premium product sales. For the first nine months, life sales of $7.3 million increased 16% compared to the prior year.
Investment Results
Total net investment income increased 5% and 6% compared to the three and nine months ended September 30, 2013, respectively, reflecting higher asset balances in the annuity segment, as well as continued strong performance in the fixed maturity and alternative investment portfolios. Pretax net realized investment gains were $3.5 million and $8.7 million in the current quarter and nine months, respectively.
Horace Mann's net unrealized investment gains on fixed maturity and equity securities of $479.5 million at September 30, 2014 decreased 4% compared to the $501.2 million net unrealized gain at June 30, 2014. Net unrealized gains were $232.5 million at December 31, 2013 and $281.3 million at September 30, 2013.
Capital Management
During the third quarter of 2014, the company repurchased 53,900 shares of its common stock at an aggregate cost of $1.6 million, or an average price per share of $28.61, under its $50 million share repurchase program. As of September 30, 2014, the program had a remaining authorization of $22.9 million. There were 40,886,174 shares outstanding on September 30, 2014.
Webcast Conference Call
Horace Mann's senior management will discuss the company's third quarter financial results with investors and analysts on October 23, 2014 at 9:30 a.m. Eastern Time. The conference call will be webcast live on the Internet at investors.horacemann.com and archived later in the day for replay.
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 June 30, 2014 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 Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------
EARNINGS SUMMARY
----------------
Net income $25.4 $23.6 7.6% $74.2 $76.6 -3.1%
Net realized investment gains (losses), after tax 2.3 (0.9) N.M. 5.6 13.5 -58.5%
Operating income (A) 23.1 24.5 -5.7% 68.6 63.1 8.7%
Per diluted share:
Net income $0.60 $0.57 5.3% $1.76 $1.85 -4.9%
Net realized investment gains (losses), after
tax $0.05 $(0.02) N.M. $0.13 $0.32 -59.4%
Operating income (A) $0.55 $0.59 -6.8% $1.63 $1.53 6.5%
Weighted average number of shares
and equivalent shares (in millions) - Diluted 42.3 41.7 1.4% 42.2 41.4 1.9%
RETURN ON EQUITY
----------------
Net income return on equity (B) 9.1% 9.1% N.M.
Operating income return on equity excluding the fair value
adjustment for investments (A) (C) 10.4% 10.3% N.M.
FINANCIAL POSITION
------------------
Per share (D):
Book value $31.51 $27.15 16.1%
Effect of the fair value adjustment for
investments (E) $6.60 $4.00 65.0%
Book value excluding the fair value adjustment
for investments (A) $24.91 $23.15 7.6%
Dividends paid $0.23 $0.195 17.9% $0.69 $0.585 17.9%
Ending number of shares outstanding (in millions) (D) 40.9 40.1 2.0%
Total assets $9,643.0 $8,522.7 13.1%
Short-term debt 38.0 38.0 -
Long-term debt, current and noncurrent 199.9 199.9 -
Total shareholders' equity 1,288.3 1,089.3 18.3%
ADDITIONAL INFORMATION
----------------------
Exclusive agencies (F) 640 620 3.2%
Employee agents (G) 79 116 -31.9%
Total 719 736 -2.3%
N.M. - Not meaningful.
(A) 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.
(B) Based on trailing 12-month net
income and average quarter-end
shareholders' equity.
(C) Based on trailing 12-month
operating income 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 the applicable
deferred taxes.
(D) Ending shares outstanding were
40,886,174 at September 30,
2014 and 40,119,207 at
September 30, 2013.
(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 Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------
STATEMENTS OF OPERATIONS
------------------------
Insurance premiums and contract charges
earned $179.1 $173.8 3.0% $533.6 $514.5 3.7%
Net investment income 82.6 78.4 5.4% 247.0 233.2 5.9%
Net realized investment gains (losses) 3.5 (1.4) N.M. 8.7 20.9 -58.4%
Other income 0.4 1.1 -63.6% 2.3 3.5 -34.3%
Total revenues 265.6 251.9 5.4% 791.6 772.1 2.5%
Benefits, claims and settlement expenses 117.4 112.7 4.2% 356.6 346.2 3.0%
Interest credited 44.5 42.9 3.7% 131.3 126.4 3.9%
Policy acquisition expenses amortized 24.5 20.9 17.2% 70.0 64.0 9.4%
Operating expenses 39.9 41.4 -3.6% 119.1 119.2 -0.1%
Interest expense 3.5 3.6 -2.8% 10.6 10.7 -0.9%
Total benefits, losses and
expenses 229.8 221.5 3.7% 687.6 666.5 3.2%
Income before income taxes 35.8 30.4 17.8% 104.0 105.6 -1.5%
Income tax expense 10.4 6.8 52.9% 29.8 29.0 2.8%
Net income $25.4 $23.6 7.6% $74.2 $76.6 -3.1%
PREMIUMS WRITTEN AND CONTRACT DEPOSITS
--------------------------------------
Property & Casualty $154.6 $152.5 1.4% $440.0 $428.6 2.7%
Annuity deposits 143.4 128.2 11.9% 361.7 316.8 14.2%
Life 24.7 25.3 -2.4% 73.7 73.4 0.4%
Total $322.7 $306.0 5.5% $875.4 $818.8 6.9%
SEGMENT NET INCOME (LOSS)
------------------------
Property & Casualty $11.8 $11.1 6.3% $30.7 $25.4 20.9%
Annuity 10.3 11.6 -11.2% 34.1 31.9 6.9%
Life 3.9 5.8 -32.8% 12.8 15.7 -18.5%
Corporate and other (A) (0.6) (4.9) -87.8% (3.4) 3.6 N.M.
Net income 25.4 23.6 7.6% $74.2 $76.6 -3.1%
N.M. - Not meaningful.
(A) 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 4.
-2-
HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview (Unaudited)
(Dollars in Millions)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------
PROPERTY & CASUALTY
-------------------
Premiums written $154.6 $152.5 1.4% $440.0 $428.6 2.7%
Premiums earned 145.6 140.8 3.4% 434.1 418.2 3.8%
Net investment income 8.9 8.8 1.1% 27.6 26.9 2.6%
Other income - 0.2 -100.0% 0.2 0.2 -
Losses and loss adjustment expenses (LAE) 99.9 97.6 2.4% 304.8 300.1 1.6%
Operating expenses (includes policy
acquisition expenses amortized) 40.2 39.8 1.0% 118.5 115.5 2.6%
Income before tax 14.4 12.4 16.1% 38.6 29.7 30.0%
Net income 11.8 11.1 6.3% 30.7 25.4 20.9%
Net investment income, after tax 7.5 7.5 - 23.2 22.8 1.8%
Catastrophe costs (A)
After tax 3.7 5.9 -37.3% 23.1 24.2 -4.5%
Before tax 5.7 9.1 -37.4% 35.5 37.3 -4.8%
Prior years' reserves favorable (adverse)
development, before tax
Automobile 3.5 3.8 -7.9% 10.5 9.7 8.2%
Property - 0.2 -100.0% - 0.2 -100.0%
Other property and casualty 0.9 - N.M. 0.9 - N.M.
Total 4.4 4.0 10.0% 11.4 9.9 15.2%
Operating statistics:
Loss and loss adjustment expense ratio 68.7% 69.3% N.M. 70.2% 71.8% N.M.
Expense ratio 27.6% 28.3% N.M. 27.3% 27.6% N.M.
Combined ratio 96.3% 97.6% N.M. 97.5% 99.4% N.M.
Effect on the combined ratio of:
Catastrophe costs (A) 4.0% 6.4% N.M. 8.1% 9.0% N.M.
Prior years' reserve development -3.0% -2.8% N.M. -2.6% -2.4% N.M.
Combined ratio excluding the effects of
catastrophe
costs and prior years' reserve
development
("underlying combined ratio") (B) 95.3% 94.0% N.M. 92.0% 92.8% N.M.
Policies in force (voluntary) (in thousands) 711 722 -1.5%
Automobile 481 486 -1.0%
Property 230 236 -2.5%
Policy renewal rate (voluntary) - 12 months
Automobile 84.5% 85.0% N.M.
Property 88.2% 89.2% N.M.
N.M. - Not meaningful.
(A) Includes
allocated
loss
adjustment
expenses
and, when
applicable,
catastrophe
reinsurance
reinstatement
premiums.
For the
periods
presented,
there were
no
reinsurance
reinstatement
premiums.
This measure
is not based
on
accounting
principles
generally
accepted in
the United
States
("non-
(B) GAAP").
See footnote
(A) on page
1 of these
supplemental
numerical
pages.
-3-
HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview (Unaudited)
(Dollars in Millions)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------
ANNUITY
-------
Contract deposits $143.4 $128.2 11.9% $361.7 $316.8 14.2%
Variable 34.7 31.5 10.2% 102.4 97.1 5.5%
Fixed 108.7 96.7 12.4% 259.3 219.7 18.0%
Contract charges earned 6.6 5.9 11.9% 19.0 16.7 13.8%
Net investment income 56.0 52.1 7.5% 166.2 154.8 7.4%
Interest credited 33.6 32.2 4.3% 98.7 94.3 4.7%
Net interest margin (without realized investment
gains/losses) 22.4 19.9 12.6% 67.5 60.5 11.6%
Other income 0.2 0.6 -66.7% 1.3 2.3 -43.5%
Mortality loss and other reserve changes (0.9) (0.4) 125.0% (1.7) (1.4) 21.4%
Operating expenses (includes policy
acquisition expenses amortized) 12.2 10.2 19.6% 35.4 32.2 9.9%
Income before tax 16.1 15.8 1.9% 50.7 45.9 10.5%
Net income 10.3 11.6 -11.2% 34.1 31.9 6.9%
Pretax income increase (decrease) due to
evaluation of:
Deferred policy acquisition costs $(1.2) $1.3 N.M. $(0.9) $1.9 N.M.
Guaranteed minimum death benefit
reserve (0.1) - N.M. (0.1) 0.1 N.M.
Annuity contracts in force (in thousands) 199 192 3.6%
Accumulated account value on deposit / Assets under management $5,612.5 $5,186.7 8.2%
Variable 1,786.4 1,627.7 9.7%
Fixed 3,826.1 3,559.0 7.5%
Annuity accumulated value retention - 12 months
Variable accumulations 94.2% 93.9% N.M.
Fixed accumulations 94.8% 95.3% N.M.
LIFE
----
Premiums and contract deposits $24.7 $25.3 -2.4% $73.7 $73.4 0.4%
Premiums and contract charges earned 26.9 27.1 -0.7% 80.5 79.6 1.1%
Net investment income 17.9 17.7 1.1% 53.9 52.2 3.3%
Other income 0.2 0.3 -33.3% 0.8 1.0 -20.0%
Death benefits/mortality cost/change in reserves 16.6 14.7 12.9% 50.1 44.7 12.1%
Interest credited 10.9 10.7 1.9% 32.6 32.1 1.6%
Operating expenses (includes policy
acquisition expenses amortized) 11.4 10.8 5.6% 32.7 31.7 3.2%
Income before tax 6.1 8.9 -31.5% 19.8 24.3 -18.5%
Net income 3.9 5.8 -32.8% 12.8 15.7 -18.5%
Pretax income increase (decrease) due to
evaluation of:
Deferred policy acquisition costs $(0.1) $ - N.M. $ - $(0.1) -100.0%
Life policies in force (in thousands) 200 199 0.5%
Life insurance in force $15,560 $14,940 4.1%
Lapse ratio - 12 months
(Ordinary life insurance) 4.1% 4.4% N.M.
CORPORATE AND OTHER (A)
----------------------
Components of income (loss) before tax:
Net realized investment gains (losses) $3.5 $(1.4) N.M. $8.7 $20.9 -58.4%
Interest expense (3.5) (3.6) -2.8% (10.6) (10.7) -0.9%
Other operating expenses, net investment income
and other income (0.8) (1.7) -52.9% (3.2) (4.5) -28.9%
Income (loss) before tax (0.8) (6.7) -88.1% (5.1) 5.7 N.M.
Net income (loss) (0.6) (4.9) -87.8% (3.4) 3.6 N.M.
N.M. - Not meaningful.
(A) 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.
-4-
HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview (Unaudited)
(Dollars in Millions)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------
INVESTMENTS
-----------
Annuity and Life
Fixed maturities, at fair value
(amortized
cost 2014, $5,541.9; 2013, $4,921.7) $5,966.8 $5,190.9 14.9%
Equity securities, at fair value
(cost 2014, $40.5; 2013, $34.4) 38.8 31.3 24.0%
Short-term investments 106.7 37.3 186.1%
Policy loans 143.7 139.0 3.4%
Other investments 69.4 55.2 25.7%
Total Annuity and Life investments 6,325.4 5,453.7 16.0%
Property & Casualty
Fixed maturities, at fair value
(amortized
cost 2014, $781.2; 2013, $741.0) 826.7 749.6 10.3%
Equity securities, at fair value
(cost 2014, $57.2; 2013, $48.7) 68.0 55.3 23.0%
Short-term investments 10.4 35.9 -71.0%
Other investments 30.9 25.1 23.1%
Total Property & Casualty investments 936.0 865.9 8.1%
Corporate investments 45.1 21.2 112.7%
Total investments 7,306.5 6,340.8 15.2%
Net investment income
Before tax $82.6 $78.4 5.4% $247.0 $233.2 5.9%
After tax 55.4 52.7 5.1% 165.8 156.9 5.7%
Net realized investment gains (losses)
Before tax $3.5 $(1.4) N.M. $8.7 $20.9 -58.4%
After tax 2.3 (0.9) N.M. 5.6 13.5 -58.5%
Per share, diluted $0.05 $(0.02) N.M. $0.13 $0.32 -59.4%
N.M. - Not meaningful.
-5-
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SOURCE Horace Mann Educators Corporation
