HORACE MANN EDUCATORS CORPORATION SPRINGFIELD, Ill., Oct. 28, 2015 /PRNewswire/ -- Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three and nine months ended September 30, 2015:
Horace Mann Financial Highlights
--------------------------------
Three months ended Nine months ended
September 30, September 30,
------------- -------------
($ in millions,
except per share 2015 2014 Change 2015 2014 Change
amounts)
-------
Total revenues $265.7 $265.6 - $804.3 $791.6 1.6%
-------------- ------ ------ --- ------ ------ ---
Net income 21.9 25.4 -13.8% 72.4 74.2 -2.4%
---------- ---- ---- ----- ---- ---- ----
Net income per
diluted share 0.52 0.60 -13.3% 1.71 1.76 -2.8%
-------------- ---- ---- ----- ---- ---- ----
Operating income* 21.2 23.1 -8.2% 66.9 68.6 -2.5%
---------------- ---- ---- ---- ---- ---- ----
Operating income
per 0.50 0.55 -9.1% 1.58 1.63 -3.1%
diluted share*
-------------
Book value per
share 32.09 31.51 1.8%
-------------- ----- ----- ---
Book value per
share excluding 26.52 24.91 6.5%
the fair value
adjustment
for investments*
---------------
Property and
Casualty segment 11.2 11.8 -5.1% 32.1 30.7 4.6%
net income
----------
Property and
Casualty 95.4% 96.3% -0.9 pts 96.5% 97.5% -1.0 pts
combined ratio
--------------
Property and
Casualty
underlying 93.9% 95.3% -1.4 pts 90.5% 92.0% -1.5 pts
combined ratio*
--------------
Annuity segment
net income $8.7 $10.3 -15.5% $33.0 $34.1 -3.2%
--------------- ---- ----- ----- ----- ----- ----
Life segment net
income 3.6 3.9 -7.7% 10.6 12.8 -17.2%
---------------- --- --- ---- ---- ---- -----
* 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 $0.50 per diluted share. Despite continued pressure in auto loss severities and lower alternative investment returns, overall property and casualty results were solid. We continue to make progress towards our mid-90s combined ratio goal, while successfully accelerating our top line growth. Annuity results reflected the negative equity market performance in the quarter, as well as the continued impact of the lower interest rate environment. Sales continue to be strong across all segments of our business," said Horace Mann's President and CEO Marita Zuraitis. "We are clearly on track to profitably grow our business. And, we continue to be encouraged by our progress considering the current volatile equity market conditions."
"Reflecting results through the first nine months, as well as anticipated catastrophe losses and continuation of elevated auto loss severity in the fourth quarter, we are revising our estimate of full-year 2015 operating income to between $2.10 and $2.20 per share," stated Zuraitis.
Property and Casualty Segment
For the third quarter of 2015, property and casualty net income of $11.2 million decreased 5%, or $0.6 million, compared to the prior year, including an increase in current accident year auto loss severity and a decline in net investment income. The current quarter total property and casualty combined ratio of 95.4% improved 0.9 point compared to the third quarter of 2014, largely due to improved underlying property results. Catastrophe losses decreased modestly compared to the prior year; favorable prior years' reserve development was also less than the prior year amount in total and for auto while property favorable development increased compared to the prior year. On an underlying basis, the third quarter auto combined ratio of 103.6% was approximately 3.5 points higher than a year earlier, primarily driven by loss severity. For property, the underlying combined ratio was 74.9% for the current quarter, 10.8 points lower than the third quarter of 2014 reflecting the impacts of initiatives to improve profitability, as well as lower reinsurance costs.
For the first nine months of 2015, property and casualty net income of $32.1 million increased 5%, or $1.4 million, compared to the prior year. The current period total property and casualty combined ratio of 96.5% improved 1.0 point compared to a year ago, including an underlying loss ratio that improved 0.5 point compared to the prior year. Catastrophe losses were slightly higher than the first nine months of 2014; in total, favorable prior years' reserve development was modestly less than the prior year amount as a decrease in auto exceeded the increase in property compared to the prior year. On an underlying basis, the nine month auto combined ratio of 100.3% increased approximately 1.5 points compared to a year earlier, primarily as a result of loss severity. For property, the underlying combined ratio was 71.2% for the current year, 7.4 points lower than the first nine months of 2014 primarily due to continued improvement in underlying results.
Total property and casualty written premiums of $162.0 million and $455.0 million increased 5% and 3%, compared to the three and nine months ended September 30, 2014, respectively. The growth was driven primarily 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% compared to both the third quarter and first nine months of 2014. Auto sales increased 7% and 5% compared to the respective prior year periods, while property sales were comparable to the third quarter of 2014 and increased 3% year to date. 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 2015, annuity segment net income excluding deferred policy acquisition costs unlocking ("unlocking") decreased $1.2 million to $9.9 million compared to the prior year period, including a $1.3 million pretax decrease in the net interest margin. For the first nine months of 2015, net income on the same basis of $34.2 million decreased $0.5 compared to the same period in 2014. On a reported basis, annuity segment net income of $8.7 million and $33.0 million for the current quarter and nine months decreased 16% and 3%, respectively, compared to the same periods in 2014. In the current year periods, the impact of unlocking deferred policy acquisition costs decreased pretax income by $0.7 million and $1.0 million compared to the three and nine months ended September 30, 2014, respectively.
The 2015 annualized net interest spread of 185 basis points on fixed annuity assets reflected continued solid investment portfolio performance and disciplined crediting rate management. The net interest margin decreased 1% compared to the first nine months of 2014. Total annuity assets under management of $5.9 billion increased 5% compared to September 30, 2014, and total cash value persistency remained strong at approximately 95%.
For the three and nine months ended September 30, 2015, annuity deposits of $139.3 million and $422.2 million decreased 3% and increased 17%, respectively, compared to the prior year periods. The year-to- date increase of $60.5 million included an increase of $32.0 million attributable to changes in the company's employee retirement savings plans. Excluding that item, the remaining $28.5 million year-to-date increase, or 8%, was primarily due to notable growth in the amount of single premium and rollover deposits received in the current nine months, accompanied by growth in recurring deposit receipts.
Horace Mann's total annuity sales decreased 5%, or $6.1 million, compared to the three months ended September 30, 2014 -- impacted by a lower level of single premium and rollover deposits. On a year-to-date basis, sales grew 9%. For the nine months, annuity sales by the company's agency force increased 10% compared to the prior year, while annuity sales from the independent agent distribution channel, which currently produces about 10% of total annuity sales, increased 4%.
Life Segment
Life segment net income of $3.6 million and $10.6 million for the three and nine months, respectively, decreased $0.3 million and $2.2 million compared to the same periods in 2014, primarily attributable to an increase in mortality losses in the current year, compared to the prior year periods.
In 2015, life segment insurance premiums and contract deposits of $24.9 million for the current quarter and $74.1 million for the first nine months of the year increased modestly compared to the same periods in 2014. Life persistency of 96% was comparable to 12 months earlier. For the first nine months, life sales of $7.4 million increased 1%, or $0.1 million, compared to the same period in 2014, including an increase of $0.3 million in the third quarter.
Investment Results
Total net investment income decreased 2% compared to the three months ended September 30, 2014 and increased modestly on a year-to-date basis. While asset balances in the annuity segment continued to grow, overall investment results reflected the impact of the current interest rate environment, as well as lower alternative investment returns in the current period. Pretax net realized investment gains were $1.3 million and $8.8 million for the three and nine months ended September 30, 2015, respectively.
Horace Mann's net unrealized investment gains on fixed maturity and equity securities were $403.2 million at September 30, 2015, compared to net unrealized gains of $397.3 million at June 30, 2015 and $528.6 million at December 31, 2014. Net unrealized gains were $479.5 million at September 30, 2014.
Capital Management
During the third quarter of 2015, the company repurchased 452,998 shares of its common stock at an aggregate cost of $15.1 million, or an average price per share of $33.22, under its current $50 million share repurchase program. In September 2015, the company's Board of Directors authorized an additional $50 million share repurchase program. As of September 30, 2015, the company had $57.2 million remaining under the authorizations.
As previously disclosed, in June 2015, the company repaid its $75.0 million 6.05% Senior Notes upon maturity utilizing funds borrowed under its existing bank credit facility. This resulted in a current period reduction in interest expense of $0.9 million pretax.
Webcast Conference Call
Horace Mann's senior management will discuss the company's third quarter financial results with investors and analysts on October 29, 2015 at 8:00 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.
http://photos.prnewswire.com/prnvar/20141010/151463LOGO
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, 2015 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,
------------- -------------
2015 2014 % Change 2015 2014 % Change
---- ---- -------- ---- ---- --------
EARNINGS SUMMARY
----------------
Net income $21.9 $25.4 -13.8% $72.4 $74.2 -2.4%
Net realized
investment
gains, after
tax 0.7 2.3 -69.6% 5.5 5.6 -1.8%
Operating income (A) 21.2 23.1 -8.2% 66.9 68.6 -2.5%
Per diluted share:
Net income $0.52 $0.60 -13.3% $1.71 $1.76 -2.8%
Net realized
investment
gains,
after tax $0.02 $0.05 -60.0% $0.13 $0.13 -
Operating income
(A) $0.50 $0.55 -9.1% $1.58 $1.63 -3.1%
Weighted average number of shares
and equivalent
shares (in
millions) -
Diluted 42.3 42.3 - 42.4 42.2 0.5%
RETURN ON EQUITY
----------------
Net income return on equity (B) 7.7% 9.1% N.M.
Operating income return on equity excluding the fair value
adjustment for
investments (A)
(C) 9.0% 10.4% N.M.
FINANCIAL POSITION
------------------
Per share (D):
Book value $32.09 $31.51 1.8%
Effect of
the fair
value
adjustment
for
investments
(E) $5.57 $6.60 -15.6%
Book value
excluding the
fair value
adjustment for
investments (A) $26.52 $24.91 6.5%
Dividends paid $0.25 $0.23 8.7% $0.75 $0.69 8.7%
Ending number of shares outstanding (in millions) (D) 40.7 40.9 -0.5%
Total assets $9,903.5 $9,643.0 2.7%
Short-term debt 113.0 38.0 197.4%
Long-term debt, current and noncurrent 125.0 199.9 -37.5%
Total shareholders' equity 1,307.2 1,288.3 1.5%
ADDITIONAL INFORMATION
----------------------
Total Horace Mann Exclusive Agencies (F) & Employee Agents (G) 701 719 -2.5%
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
40,741,071 at September 30, 2015
and 40,886,174 at September 30,
2014.
(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,
------------- -------------
2015 2014 % Change 2015 2014 % Change
---- ---- -------- ---- ---- --------
STATEMENTS OF OPERATIONS
------------------------
Insurance premiums and contract
charges earned $182.8 $179.1 2.1% $544.9 $533.6 2.1%
Net investment income 81.0 82.6 -1.9% 248.3 247.0 0.5%
Net realized investment gains 1.3 3.5 -62.9% 8.8 8.7 1.1%
Other income 0.6 0.4 50.0% 2.3 2.3 -
Total
revenues 265.7 265.6 - 804.3 791.6 1.6%
Benefits, claims and settlement
expenses 121.1 117.4 3.2% 368.1 356.6 3.2%
Interest credited 46.2 44.5 3.8% 136.1 131.3 3.7%
Policy acquisition expenses
amortized 25.7 24.5 4.9% 73.4 70.0 4.9%
Operating expenses 39.7 39.9 -0.5% 115.6 119.1 -2.9%
Interest expense 2.6 3.5 -25.7% 9.6 10.6 -9.4%
Total
benefits,
losses
and
expenses 235.3 229.8 2.4% 702.8 687.6 2.2%
Income before income taxes 30.4 35.8 -15.1% 101.5 104.0 -2.4%
Income tax
expense 8.5 10.4 -18.3% 29.1 29.8 -2.3%
Net income $21.9 $25.4 -13.8% $72.4 $74.2 -2.4%
PREMIUMS WRITTEN AND CONTRACT DEPOSITS
--------------------------------------
Property & Casualty $162.0 $154.6 4.8% $455.0 $440.0 3.4%
Annuity deposits 139.3 143.4 -2.9% 422.2 361.7 16.7%
Life 24.9 24.7 0.8% 74.1 73.7 0.5%
Total $326.2 $322.7 1.1% $951.3 $875.4 8.7%
SEGMENT NET INCOME (LOSS)
------------------------
Property & Casualty $11.2 $11.8 -5.1% $32.1 $30.7 4.6%
Annuity 8.7 10.3 -15.5% 33.0 34.1 -3.2%
Life 3.6 3.9 -7.7% 10.6 12.8 -17.2%
Corporate and other (A) (1.6) (0.6) 166.7% (3.3) (3.4) -2.9%
Net income $21.9 $25.4 -13.8% $72.4 $74.2 -2.4%
N.M. - Not meaningful.
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
(A) 4.
-2-
HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview (Unaudited)
(Dollars in Millions)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 % Change 2015 2014 % Change
---- ---- -------- ---- ---- --------
PROPERTY & CASUALTY
-------------------
Premiums written $162.0 $154.6 4.8% $455.0 $440.0 3.4%
Premiums earned 149.2 145.6 2.5% 443.6 434.1 2.2%
Net investment income 7.4 8.9 -16.9% 25.8 27.6 -6.5%
Other income - - N.M. 0.2 0.2 -
Losses and loss adjustment expenses (LAE) 102.7 99.9 2.8% 311.4 304.8 2.2%
Operating expenses (includes policy
acquisition expenses
amortized) 39.8 40.2 -1.0% 116.7 118.5 -1.5%
Income before tax 14.1 14.4 -2.1% 41.5 38.6 7.5%
Net income 11.2 11.8 -5.1% 32.1 30.7 4.6%
Net investment income, after tax 6.5 7.5 -13.3% 21.9 23.2 -5.6%
Catastrophe costs (A)
After tax 3.3 3.7 -10.8% 23.9 23.1 3.5%
Before tax 5.0 5.7 -12.3% 36.8 35.5 3.7%
Prior years' reserves favorable (adverse)
development, before
tax
Automobile 1.5 3.5 -57.1% 4.2 10.5 -60.0%
Property 1.3 - N.M. 4.6 - N.M.
Other liability - 0.9 -100.0% 1.2 0.9 33.3%
Total 2.8 4.4 -36.4% 10.0 11.4 -12.3%
Operating statistics:
Loss and loss
adjustment expense
ratio 68.8% 68.7% N.M. 70.2% 70.2% N.M.
Expense ratio 26.6% 27.6% N.M. 26.3% 27.3% N.M.
Combined ratio 95.4% 96.3% N.M. 96.5% 97.5% N.M.
Effect on the
combined ratio
of:
Catastrophe costs (A) 3.4% 4.0% N.M. 8.3% 8.1% N.M.
Prior years' reserve development -1.9% -3.0% N.M. -2.3% -2.6% N.M.
Combined ratio
excluding the
effects of
catastrophe
costs and prior
years' reserve
development
("underlying
combined
ratio") (B) 93.9% 95.3% N.M. 90.5% 92.0% N.M.
Policies in force (voluntary) (in thousands) 710 711 -0.1%
Automobile 485 481 0.8%
Property 225 230 -2.2%
Policy renewal rate (voluntary) - 12 months
Automobile 84.8% 84.5% N.M.
Property 88.1% 88.2% N.M.
N.M. - Not meaningful.
Includes allocated loss
adjustment expenses and, when
applicable, catastrophe
reinsurance reinstatement
premiums. For the periods
presented, there were no
reinsurance reinstatement
(A) premiums.
This measure is not based on
accounting principles generally
accepted in the United States
("non-GAAP"). See footnote (A)
on page 1 of these supplemental
(B) 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,
------------- -------------
2015 2014 % Change 2015 2014 % Change
---- ---- -------- ---- ---- --------
ANNUITY
-------
Contract deposits $139.3 $143.4 -2.9% $422.2 $361.7 16.7%
Variable 37.3 34.7 7.5% 132.6 102.4 29.5%
Fixed 102.0 108.7 -6.2% 289.6 259.3 11.7%
Contract charges earned 6.6 6.6 - 19.3 19.0 1.6%
Net investment income 56.2 56.0 0.4% 169.8 166.2 2.2%
Interest credited 35.1 33.6 4.5% 103.0 98.7 4.4%
Net interest
margin (without
realized
investment
gains/losses) 21.1 22.4 -5.8% 66.8 67.5 -1.0%
Other income 0.4 0.2 100.0% 1.5 1.3 15.4%
Mortality loss and other reserve
changes (1.0) (0.9) 11.1% (1.9) (1.7) 11.8%
Operating expenses (includes policy
acquisition
expenses
amortized) 14.1 12.2 15.6% 37.4 35.4 5.6%
Income before tax 13.0 16.1 -19.3% 48.3 50.7 -4.7%
Net income 8.7 10.3 -15.5% 33.0 34.1 -3.2%
Pretax income increase (decrease) due to
evaluation of:
Deferred
policy
acquisition
costs $(1.9) $(1.2) 58.3% $(1.9) $(0.9) 111.1%
Guaranteed
minimum
death
benefit
reserve (0.1) (0.1) - (0.1) (0.1) -
Annuity contracts in force (in thousands) 207 199 4.0%
Accumulated account value on deposit / Assets under management $5,879.1 $5,612.5 4.8%
Variable 1,742.0 1,786.4 -2.5%
Fixed 4,137.1 3,826.1 8.1%
Annuity accumulated value retention - 12 months
Variable
accumulations 94.1% 94.2% N.M.
Fixed
accumulations 94.8% 94.8% N.M.
LIFE
----
Premiums and contract deposits $24.9 $24.7 0.8% $74.1 $73.7 0.5%
Premiums and contract charges earned 27.0 26.9 0.4% 82.0 80.5 1.9%
Net investment income 17.7 17.9 -1.1% 53.4 53.9 -0.9%
Other income 0.1 0.2 -50.0% 0.5 0.8 -37.5%
Death benefits/mortality cost/
change in reserves 17.4 16.6 4.8% 54.8 50.1 9.4%
Interest credited 11.1 10.9 1.8% 33.1 32.6 1.5%
Operating expenses (includes policy
acquisition
expenses
amortized) 10.7 11.4 -6.1% 31.5 32.7 -3.7%
Income before tax 5.6 6.1 -8.2% 16.5 19.8 -16.7%
Net income 3.6 3.9 -7.7% 10.6 12.8 -17.2%
Pretax income increase (decrease) due to
evaluation of:
Deferred
policy
acquisition
costs $ - $(0.1) -100.0% $0.1 $ - N.M.
Life policies in force (in thousands) 201 200 0.5%
Life insurance in force $16,312 $15,560 4.8%
Lapse ratio - 12 months
(Ordinary life
insurance) 4.0% 4.1% N.M.
CORPORATE AND OTHER (A)
----------------------
Components of income (loss) before tax:
Net realized
investment
gains $1.3 $3.5 -62.9% $8.8 $8.7 1.1%
Interest expense (2.6) (3.5) -25.7% (9.6) (10.6) -9.4%
Other operating
expenses, net
investment
income
and other
income (1.0) (0.8) 25.0% (4.0) (3.2) 25.0%
Loss before tax (2.3) (0.8) 187.5% (4.8) (5.1) -5.9%
Net loss (1.6) (0.6) 166.7% (3.3) (3.4) -2.9%
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,
------------- -------------
2015 2014 % Change 2015 2014 % Change
---- ---- -------- ---- ---- --------
INVESTMENTS
-----------
Annuity and Life
Fixed maturities, at
fair value
(amortized
cost 2015,
$5,892.0; 2014,
$5,541.9) $6,261.6 $5,966.8 4.9%
Equity securities,
at fair value
(cost 2015,
$35.3; 2014,
$40.5) 33.2 38.8 -14.4%
Short-term
investments 72.3 106.7 -32.2%
Policy loans 147.4 143.7 2.6%
Other investments 80.5 69.4 16.0%
Total Annuity and Life
investments 6,595.0 6,325.4 4.3%
Property & Casualty
Fixed maturities, at
fair value
(amortized
cost 2015,
$784.5; 2014,
$781.2) 817.1 826.7 -1.2%
Equity securities,
at fair value
(cost 2015,
$59.8; 2014,
$57.2) 62.9 68.0 -7.5%
Short-term
investments 4.4 10.4 -57.7%
Other investments 35.8 30.9 15.9%
Total Property & Casualty
investments 920.2 936.0 -1.7%
Corporate investments 26.0 45.1 -42.4%
Total investments 7,541.2 7,306.5 3.2%
Net investment income
Before tax $81.0 $82.6 -1.9% $248.3 $247.0 0.5%
After tax 54.3 55.4 -2.0% 166.5 165.8 0.4%
Net realized investment gains
Before tax $1.3 $3.5 -62.9% $8.8 $8.7 1.1%
After tax 0.7 2.3 -69.6% 5.5 5.6 -1.8%
Per share,
diluted $0.02 $0.05 -60.0% $0.13 $0.13 -
-5-
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SOURCE Horace Mann Educators Corporation
