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Q1 2024 Investor Supplement

Table of Contents

Page

Consolidated Financial Highlights

3

Consolidated Statements of Operations

4

Consolidated Balance Sheets

5

Capital Metrics

6

Property & Casualty Segment

Statements of Operations

7

Auto Products

8

Property & Other Products

9

Life & Retirement Segment

Statements of Operations

10

Life Insurance Products

10

Retirement Products

11

Account Value Rollforward

12

Supplemental & Group Benefits

Statements of Operations

13

Worksite Direct / Employer-Sponsored Products

14

Corporate & Other Segment

Statements of Operations

15

Investment Earnings Before Taxes Consolidated

16

Composition of Invested Assets Consolidated

17

Investments by Segment

18

Selected Financial Data - Five Year History

19

Appendix: Reconciliations of GAAP Measures to Non-GAAP Measures

20-27

Ratings and Contact Information

28

Note: The information contained in this document includes measures which are based on methodologies other than accounting principles generally accepted in the United States of America (non-GAAP) and are marked with an asterisk (*) within this document. Reconciliations of non-GAAP measures to the closest GAAP measures are contained in the supplemental numerical pages of Horace Mann Educators Corporations's (HMEC) quarterly earnings releases (and related SEC filings), and additional descriptions of non-GAAP measures are contained in the Glossary of Selected Terms included as an exhibit to HMEC's SEC filings.

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Consolidated Financial Highlights

($ in millions, except per share data)

Earnings Summary

Net income (loss)

Net investment gains (losses), after tax

Core earnings (loss)*

Adjusted core earnings (loss)*

Balance Sheet Summary At Period End

Total assets

Total policy liabilities

Total debt

Total shareholders' equity

Per Share and Shares Data (in millions)(1)

Net income (loss) per share (basic)

Net income (loss) per share (diluted)

Core earnings (loss) per share (diluted)*

Adjusted core earnings per share (diluted)*

Weighted average shares (basic)

Weighted average shares (diluted)

Book value per share

Adjusted book value per share*

Tangible book value per share*

Dividends paid per share

Financial Ratios

Net Income ROE - LTM(2)

Net Income ROE - Annualized

Core ROE - LTM*

Core ROE - Annualized*

Adjusted Core ROE - LTM*

Adjusted Core ROE - Annualized*

Debt to total capitalization excluding net unrealized investment gains (losses) on fixed maturity securities and net reserve remeasurements attributable to discount rates*

Investment yield, excluding limited partnership interests, pretax - annualized*

  1. Calculated using basic shares when in a net loss or core loss position
  2. LTM - Last twelve months.

Three Months Ended

Mar. 31,

Change

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2024

to PY

2023

2023

2023

2023

$

26.5

301.5

%

$

39.5

$

11.7

$

(12.8)

$

6.6

1.7

154.8

%

4.6

(6.6)

(13.7)

(3.1)

24.8

155.7

%

34.9

18.3

0.9

9.7

25.8

94.0

%

37.8

20.3

0.6

13.3

$14,236.3

4.3

%

$14,045.5

$13,412.5

$13,671.9

$13,653.9

7,723.9

(1.5) %

7,831.4

7,700.4

7,817.4

7,845.1

546.2

9.7

%

546.0

546.1

498.1

498.0

1,211.4

6.3

%

1,175.3

1,051.3

1,101.9

1,139.2

$

0.64

300.0

%

$

0.96

$

0.28

$

(0.31)

$

0.16

0.64

300.0

%

0.95

0.28

(0.31)

0.16

0.60

160.9

%

0.84

0.44

0.03

0.23

0.62

93.8

%

0.91

0.49

0.02

0.32

41.3

-

%

41.3

41.3

41.3

41.3

41.5

0.2

%

41.5

41.4

41.4

41.4

$

29.57

6.1

%

$

28.78

$

25.74

$

26.96

$

27.87

$

36.52

1.0

%

$

36.29

$

35.57

$

35.55

$

36.16

$

31.13

2.3

%

$

30.79

$

29.99

$

29.87

$

30.43

$

0.34

3.0

%

$

0.33

$

0.33

$

0.33

$

0.33

5.7 %

5.2 pts

4.0 %

(1.0)%

(0.2)%

0.5 %

8.9 %

6.5 pts

14.2 %

4.3 %

(4.6)%

2.4 %

5.4 %

2.4 pts

4.3 %

1.8 %

2.6 %

3.0 %

6.7 %

4.1 pts

9.5 %

5.0 %

0.2 %

2.6 %

5.7 %

1.9 pts

4.9 %

2.2 %

3.0 %

3.8 %

6.9 %

3.3 pts

10.3 %

5.6 %

0.2 %

3.6 %

26.7 %

1.5 pts

26.9 %

27.3 %

25.5 %

25.2 %

4.51 %

-0.21 pts

4.94 %

4.78 %

4.52 %

4.72 %

Dec. 31,

Year Ended

Change

Dec. 31,

2023

to PY

2022

$

45.0

127.3

%

$

19.8

(18.8)

57.8

%

(44.5)

63.8

(6.3) %

68.1

72.0

(9.8) %

79.8

$14,045.5

5.6

%

$13,306.1

7,831.4

0.3

%

7,808.7

546.0

9.6

%

498.0

1,175.3

7.0

%

1,098.3

$

1.09

127.1

%

$

0.48

1.09

131.9

%

0.47

1.54

(5.5) %

1.63

1.74

(8.9) %

1.91

41.3

(0.7) %

41.6

41.4

(1.0) %

41.8

$

28.78

7.2

%

$

26.85

$

36.29

(0.3) %

$

36.40

$

30.79

0.7

%

$

30.58

$

1.32

3.1

%

$

1.28

4.0 %

2.4 pts

1.6 %

4.0 %

2.5 pts

1.5 %

4.3 %

-0.2 pts

4.5 %

4.3 %

-0.2 pts

4.5 %

4.9 %

-0.3 pts

5.2 %

4.8 %

-0.5 pts

5.3 %

26.9 %

1.8 pts

25.1 %

4.74 %

0.48 pts

4.26 %

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 3

Consolidated Statements of Operations

($ in millions)

Revenues

Net premiums and contract charges earned

Net investment income

Net investment gains (losses)

Other income

Total revenues

Benefits, losses and expenses

Benefits, claims and settlement expenses

Interest credited

Operating expenses

DAC amortization expense

Intangible asset amortization expense

Interest expense

Other expense - goodwill and intangible asset impairments Total benefits, losses and expenses

Income (loss) before income taxes

Income tax expense (benefit)

Net income (loss)

Informational Data

Net written premiums and contract deposits

Corporate expense ratio

Segment net income (loss)

Property & Casualty

Life & Retirement

Supplemental & Group Benefits

Corporate & Other

Total

Net investment income, after tax

Effective tax rate on net investment income Credit loss and intent-to-sell impairments(1) Catastrophe losses, net of reinsurance, pretax Catastrophe losses, net of reinsurance, after tax

  1. Included in pretax net investment gains (losses).

Three Months Ended

Year Ended

Mar. 31,

Change

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Change

Dec. 31,

2024

to PY

2023

2023

2023

2023

2023

to PY

2022

$

275.2

7.5

%

$

274.5

$

266.0

$

260.7

$

255.9

$

1,057.1

2.9

%

$

1,027.7

105.4

5.0

%

117.0

118.9

108.5

100.4

444.8

11.0

%

400.9

2.2

156.4

%

5.7

(8.4)

(17.4)

(3.9)

(24.0)

57.5

%

(56.5)

3.2

113.3

%

5.7

2.2

4.6

1.5

14.0

47.4

%

9.5

386.0

9.1

%

402.9

378.7

356.4

353.9

1,491.9

8.0

%

1,381.6

176.3

(3.8) %

181.5

199.2

205.2

183.2

769.1

3.0

%

747.0

52.9

8.6

%

53.6

52.7

50.7

48.7

205.7

18.6

%

173.4

84.5

5.9

%

82.5

75.7

80.1

79.8

318.1

0.8

%

315.5

27.0

13.9

%

25.8

26.3

25.4

23.7

101.2

14.7

%

88.2

3.6

(2.7) %

3.7

3.7

3.7

3.7

14.8

(11.9) %

16.8

8.7

29.9

%

8.6

7.5

6.9

6.7

29.7

53.1

%

19.4

-

N.M.

-

-

-

-

-

N.M.

4.8

353.0

2.1

%

355.7

365.1

372.0

345.8

1,438.6

5.4

%

1,365.1

33.0

307.4

%

47.2

13.6

(15.6)

8.1

53.3

223.0

%

16.5

6.5

333.3

%

7.7

1.9

(2.8)

1.5

8.3

351.5

%

(3.3)

$

26.5

301.5

%

$

39.5

$

11.7

$

(12.8)

$

6.6

$

45.0

127.3

%

$

19.8

368.2

4.5

%

380.2

406.9

378.0

352.4

1,517.5

5.6

%

1,437.0

21.9 %

-0.6 pts

20.5 %

20.0 %

22.5 %

22.5 %

21.3 %

-1.5 pts

22.8 %

$

10.6

191.4

%

$

8.8

$

(11.3)

$

(21.4)

$

(11.6)

$

(35.5)

20.0

%

$

(44.4)

11.7

(16.4) %

19.2

20.9

17.4

14.0

71.5

12.1

%

63.8

11.0

(21.4) %

13.3

15.8

11.8

14.0

54.9

(16.7) %

65.9

(6.8)

30.6

%

(1.8)

(13.7)

(20.6)

(9.8)

(45.9)

29.9

%

(65.5)

$

26.5

301.5

%

$

39.5

$

(11.7)

$

(12.8)

$

6.6

$

45.0

127.3

%

$

19.8

$

83.5

4.9

%

$

92.7

$

94.2

$

86.0

$

79.6

$

352.5

10.7

%

$

318.3

20.8 %

0.1 pts

20.8 %

20.8 %

20.7 %

20.7 %

20.8 %

0.2 pts

20.6 %

(0.9)

N.M.

-

(0.5)

(6.6)

-

(7.1)

33.6

%

(10.7)

16.2

(27.7) %

5.0

28.7

41.5

22.4

97.6

22.0

%

80.0

12.8

(27.7) %

3.9

22.7

32.8

17.7

77.1

22.0

%

63.2

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 4

Consolidated Balance Sheets

($ in millions, except per share data)

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2024

2023

2023

2023

2023

Assets

Investments

Fixed maturity securities, available for sale, at fair value

$

5,342.7

$

5,235.3

$

4,961.6

$

5,211.9

$

5,350.0

Equity securities, at fair value

84.7

86.2

77.0

85.8

98.8

Limited partnership interests

1,119.3

1,138.8

1,142.6

1,073.8

1,045.4

Short-term and other investments

311.2

370.2

338.2

298.1

291.1

Total investments

6,857.9

6,830.5

6,519.4

6,669.6

6,785.3

Cash

20.4

29.7

34.5

23.1

27.4

Deferred policy acquisition costs

337.3

336.3

334.9

332.9

331.6

Reinsurance balances receivable

449.3

480.5

441.1

453.6

467.6

Deposit asset on reinsurance

2,472.4

2,496.6

2,515.7

2,514.9

2,518.0

Intangible assets

166.7

170.3

174.0

177.7

181.5

Goodwill

54.3

54.3

54.3

54.3

54.3

Other assets

361.1

357.6

364.6

347.3

333.5

Separate Account variable annuity assets

3,516.9

3,294.1

2,974.0

3,098.5

2,954.7

Total assets

$

14,236.3

$

14,049.9

$

13,412.5

$

13,671.9

$

13,653.9

Liabilities and Shareholders' Equity

Policy liabilities

Future policy benefit reserves

$

1,702.1

$

1,761.8

$

1,613.4

$

1,740.9

$

1,772.4

Policyholders' account balances

5,137.6

5,187.0

5,204.0

5,206.2

5,234.6

Unpaid claims and claim expenses

584.4

581.7

586.6

597.8

574.8

Unearned premiums

299.8

300.9

296.4

272.5

263.3

Total policy liabilities

7,723.9

7,831.4

7,700.4

7,817.4

7,845.1

Other policyholder funds

941.1

916.0

915.9

900.5

887.1

Other liabilities

296.8

287.1

224.8

255.5

329.8

Short-term debt

-

-

-

249.0

249.0

Long-term debt

546.2

546.0

546.1

249.1

249.0

Separate Account variable annuity liabilities

3,516.9

3,294.1

2,974.0

3,098.5

2,954.7

Total liabilities

13,024.9

12,874.6

12,361.2

12,570.0

12,514.7

Common stock, $0.001 par value

0.1

0.1

0.1

0.1

0.1

Additional paid-in capital

513.1

510.9

508.5

505.7

503.1

Retained earnings

1,514.4

1,502.2

1,476.5

1,478.6

1,505.2

Accumulated other comprehensive income, net of taxes:

Net unrealized investment gains (losses) on fixed maturity securities

(348.0)

(328.3)

(534.7)

(393.7)

(356.4)

Net reserve remeasurements attributable to discount rates

63.3

21.9

133.6

42.9

17.8

Net funded status of benefit plans

(7.6)

(7.6)

(8.8)

(8.8)

(8.8)

Treasury stock, at cost

(523.9)

(523.9)

(523.9)

(522.9)

(521.8)

Total shareholders' equity

1,211.4

1,175.3

1,051.3

1,101.9

1,139.2

Total liabilities and shareholders' equity

$

14,236.3

$

14,049.9

$

13,412.5

$

13,671.9

$

13,653.9

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 5

Capital Metrics

($ in millions, except per share data)

Three Months Ended

Year Ended

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Dec. 31,

2024

2023

2023

2023

2023

2023

2022

Debt and Total Capitalization

Short term debt due under revolving credit facility(1)

Senior Debt:

4.50% Senior notes due December 1, 2025

7.25% Senior notes due September 15, 2028 FHLB Borrowing

Total debt

Shareholders' equity

Total capitalization

Debt to shareholders' equity

Debt to total capitalization

Debt to total capitalization excluding net unrealized investment gains (losses) on fixed maturity securities and net reserve remeasurements attributable to discount rates*

Informational Data

$

-

$

-

$

-

$

249.0

$

249.0

$

-

$

249.0

249.4

249.3

249.2

249.1

249.0

249.3

249.0

296.8

296.7

296.9

-

-

296.7

-

-

-

-

-

-

-

-

546.2

546.0

546.1

498.1

498.0

546.0

498.0

1,211.4

1,175.3

1,051.3

1,101.9

1,139.2

1,175.3

1,098.3

$

1,757.6

$

1,721.3

$

1,597.4

$

1,600.0

$

1,637.2

$

1,721.3

$

1,596.3

45.1 %

46.5 %

51.9 %

45.2 %

43.7 %

46.5 %

45.3 %

31.1 %

31.7 %

34.2 %

31.1 %

30.4 %

31.7 %

31.2 %

26.7 %

26.9 %

27.3 %

25.5 %

25.2 %

26.9 %

25.1 %

Ending number of shares outstanding

41.0

40.8

40.8

40.9

40.9

40.8

40.9

Number of shares of common stock repurchased (thousands)

-

-

33.0

35.4

128.5

196.9

670.8

Common stock repurchased(2)

$

-

$

-

$

0.9

$

1.1

$

4.4

$

6.4

$

24.0

Cash dividends paid

13.9

13.5

13.4

13.5

13.5

53.9

52.6

Total capital returned to shareholders

$

13.9

$

13.5

$

14.3

$

14.6

$

17.9

$

60.3

$

76.6
  1. Amount available for borrowing is $325.0 million; At SOFR +115 bps; Expires on July 12, 2026.
  2. As of March 31, 2024, the Company's common stock repurchase program had a remaining authorization of $34.9 million.

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 6

Property & Casualty Segment I Statements of Operations

($ in millions)

Underwriting Results

Net premiums written*

Net premiums earned

Losses and loss adjustment expenses

Current accident year before catastrophe losses Current accident year catastrophe losses Prior years' reserve development(1)

Total losses and loss adjustment expenses

Operating expenses, including DAC amortization expense Underwriting gain (loss)

Net investment income

Other income

Income (loss) before income taxes

Income tax expense (benefit)

Net income (loss)(2)

Core earnings (loss)*

Underwriting Ratios (%)

Losses and loss adjustment expenses

Current accident year before catastrophe losses and prior years' reserve development

Current accident year catastrophe losses

Prior years' reserve development(1)

Total losses and loss adjustment expenses Expense Ratio

Combined ratio

Combined ratio before catastrophe losses

Combined ratio before catastrophe losses and prior years' reserve development*

Informational Data

Sales* (Annualized premium)(3)

Risks in force (in thousands)(4)

Catastrophe losses after tax

  1. (Favorable) unfavorable.
  2. Net investment gains (losses) are not allocated by segment.
  3. Horace Mann products.
  4. Includes assumed risks in force of 4 for auto.

Three Months Ended

Year Ended

Mar. 31,

Change

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Change

Dec. 31,

2024

to PY

2023

2023

2023

2023

2023

to PY

2022

$

172.1

15.4

%

$

176.0

$

188.4

$

170.9

$

149.1

$

684.4

10.8

%

$

617.5

173.2

13.6

%

171.5

164.3

157.4

152.4

645.6

6.1

%

608.2

108.5

2.0

%

122.0

120.5

110.5

106.4

459.4

6.3

%

432.3

16.2

(27.7) %

5.0

28.7

41.5

22.4

97.6

22.0

%

80.0

-

N.M.

-

-

-

-

-

(100.0) %

22.0

124.7

(3.2) %

127.0

149.2

152.0

128.8

557.0

4.2

%

534.3

48.4

12.8

%

46.1

42.5

43.1

42.9

174.6

4.6

%

166.9

0.1

100.5

%

(1.6)

(27.4)

(37.7)

(19.3)

(86.0)

(7.5) %

(93.0)

12.3

207.5

%

11.3

12.0

10.6

4.0

37.9

20.7

%

31.4

0.7

N.M.

0.5

0.8

0.8

0.7

2.8

(17.6) %

3.4

13.1

189.7

%

10.2

(14.6)

(26.3)

(14.6)

(45.3)

-

(58.2)

2.5

183.3

%

1.4

(3.3)

(4.9)

(3.0)

(9.8)

29.0

%

(13.8)

$

10.6

191.4

%

$

8.8

$

(11.3)

$

(21.4)

$

(11.6)

$

(35.5)

20.0

%

$

(44.4)

$

10.6

191.4

%

$

8.8

$

(11.3)

$

(21.4)

$

(11.6)

$

(35.5)

20.0

%

$

(44.4)

62.7

-7.1 pts

71.1

73.3

70.3

69.8

71.2

-0.1 pts

71.3

9.3

-5.4 pts

2.9

17.5

26.3

14.7

15.1

2.1 pts

13.0

0.0

0.0 pts

0.0

0.0

0.0

0.0

0.0

-3.6 pts

3.6

72.0

-12.5 pts

74.0

90.8

96.6

84.5

86.3

-1.6 pts

87.9

27.9

-0.3 pts

26.9

25.8

27.4

28.2

27.0

-0.4 pts

27.4

99.9

-12.8 pts

100.9

116.6

124.0

112.7

113.3

-2.0 pts

115.3

90.6

-7.4 pts

98.0

99.1

97.7

98.0

98.2

-4.1 pts

102.3

90.6

-7.4 pts

98.0

99.1

97.7

98.0

98.2

-0.5 pts

98.7

$

23.2

34.9 % $

20.7

$

21.6

$

18.7

$

17.2

$

78.2

16.5 % $

67.1

524

(2.1) %

526

528

531

535

526

(2.2) %

538

12.8

(27.7) %

3.9

22.7

32.8

17.7

77.1

22.0 %

63.2

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 7

Property & Casualty Segment I Auto Products

($ in millions)

Auto Underwriting Results

Net premiums written*

Net premiums earned

Catastrophe losses pretax

Prior year development pretax

Auto Underwriting Ratios (%)

Loss and loss adjustment expense

Current accident year before catastrophe losses and prior years' reserve development

Current accident year catastrophe losses Prior years' reserve development(1)

Total losses and loss adjustment expenses Expense ratio

Combined ratio

Combined ratio before catastrophe losses

Combined ratio before catastrophe losses and prior years' reserve development*

Informational Data

Household retention - LTM(2)

Sales* (Annualized premium)(3)

Risks in force (in thousands)

Catastrophe losses after tax

  1. (Favorable) unfavorable.
  2. Retention is based on retained households.
  3. Horace Mann products.

Mar. 31,

Change

2024

to PY

$ 116.6

15.2 %

112.5 15.0 %

1.6 (11.1) %

-N.M.

71.6

-9.1 pts

1.5

-0.3 pts

-

- pts

-9.4 pts

73.1

27.7

-0.7 pts

100.8

-10.1 pts

99.3

-9.8 pts

99.3

-9.8 pts

87.1 %

-1.2 pts

$

17.9

33.6 %

356

(2.5) %

1.3 (7.1) %

Three Months Ended

Year Ended

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Change

Dec. 31,

2023

2023

2023

2023

2023

to PY

2022

$ 112.9

$ 118.3

$ 106.7

$ 101.2

$ 439.1

11.4

%

$ 394.0

109.2

105.7

101.3

97.8

414.0

6.0

%

390.7

0.9

3.1

5.5

1.8

11.3

52.7

%

7.4

-

-

-

-

-

N.M.

(28.0)

84.7

79.7

81.6

80.7

81.7

-1.1 pts

82.8

0.8

2.9

5.4

1.8

2.7

0.9 pts

1.8

-

-

-

-

-

-7.2 pts

7.2

-7.4 pts

85.5

82.6

87.0

82.5

84.4

91.8

27.2

26.1

27.6

28.4

27.3

0.1 pts

27.2

112.7

108.7

114.6

110.9

111.7

-7.3 pts

119.0

111.9

105.8

109.2

109.1

109.0

-8.2 pts

117.2

111.9

105.8

109.2

109.1

109.0

-1.0 pts

110.0

87.5 %

87.8 %

88.0 %

88.3 %

87.5 %

-0.8 pts

88.3 %

$

15.8

$

16.4

$

14.5

$

13.4

$

60.1

16.0 % $

51.8

358

360

362

365

358

(2.5) %

367

0.7

2.5

4.3

1.4

8.9

53.4 %

5.8

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 8

Property & Casualty Segment I Property and Other Products

($ in millions)

Property and Other Underwriting Results

Net premiums written*

Net premiums earned

Catastrophe losses pretax

Prior year development pretax

Property and Other Underwriting Ratios (%)

Loss and loss adjustment expense

Current accident year before catastrophe losses and prior years' reserve development

Current accident year catastrophe losses Prior years' reserve development(1)

Total losses and loss adjustment expenses Expense Ratio

Combined ratio

Combined ratio before catastrophe losses

Combined ratio before catastrophe losses and prior years' reserve development*

Property and Other Informational Data

Household retention - LTM(2)

Sales* (Annualized premium)(3)

Risks in force (in thousands)

Catastrophe losses after tax

  1. (Favorable) unfavorable.
  2. Retention is based on retained households.
  3. Horace Mann products.

Mar. 31,

Change

2024

to PY

$ 55.5

15.9 %

60.7 11.2 %

14.6 (29.1) %

-N.M.

45.0

-5.2 pts

24.1

-13.8 pts

0.0

- pts

-19.0 pts

69.1

28.6

0.9 pts

97.7

-18.1 pts

73.6

-4.3 pts

73.6

-4.3 pts

90.2 %

0.4 pts

$

5.3

39.5 %

168

(1.2) %

11.5

(29.4) %

Three Months Ended

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2023

2023

2023

2023

$ 63.1

$ 70.1

$ 64.2

$ 47.9

62.3

58.6

56.1

54.6

4.1

25.6

36.0

20.6

-

-

-

-

47.0

61.8

49.8

50.2

6.6

43.7

64.2

37.9

-

-

-

-

53.6

105.5

114.0

88.1

26.5

25.5

27.0

27.7

80.1

131.0

141.0

115.8

73.5

87.3

76.8

77.9

73.5

87.3

76.8

77.9

90.3 %

90.0 %

90.1 %

89.8 %

$

4.9

$

5.2

$

4.2

$

3.8

168

168

169

170

3.2

20.2

28.5

16.3

Year Ended

Dec. 31,

Change

Dec. 31,

2023

to PY

2022

$

245.3

9.8

%

$

223.5

231.6

6.5

%

217.5

86.3

18.9

%

72.6

-

N.M.

6.0

52.2

2.1 pts

50.1

37.3

3.9 pts

33.4

0.0

2.8 pts

(2.8)

8.8 pts

89.5

80.7

26.6

-1.5 pts

28.1

116.1

7.3 pts

108.8

78.8

3.4 pts

75.4

78.8

0.6 pts

78.2

90.3 %

0.7 pts

89.6 %

$

18.1

18.3

%

$

15.3

168

(1.8) %

171

68.2

18.8

%

57.4

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 9

Life & Retirement Segment I Statements of Operations

($ in millions)

Net premiums written and contract deposits*

Revenues

Net premiums and contract charges earned

Net investment income

Other income

Total revenues

Benefits and Expenses

Benefits and change in reserves

Interest credited

Operating expenses

DAC amortization expense

Intangible asset amortization expense

Other expense - goodwill and intangible asset impairments Total benefits and expenses

Income before income taxes

Income tax expense

Net income(1)

Core earnings*

Adjusted core earnings*

  1. Net investment gains (losses) are not allocated by segment.

Three Months Ended

Year Ended

Mar. 31,

Change

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Change

Dec. 31,

2024

to PY

2023

2023

2023

2023

2023

to PY

2022

$

131.6

(3.3)%

$

140.5

$

154.8

$

141.9

$

136.1

$

573.3

5.2 %

$

544.8

$

37.8

0.3 %

$

38.4

$

38.2

$

37.4

$

37.7

$

151.7

5.3 %

$

144.0

85.8

(2.4)%

95.8

96.9

89.3

87.9

369.9

9.3 %

338.3

4.8

23.1 %

4.9

3.7

4.5

3.9

17.0

- %

17.0

128.4

(0.8)%

139.1

138.8

131.2

129.5

538.6

7.9 %

499.3

29.9

(10.2)%

32.2

30.5

27.2

33.3

123.2

1.4 %

121.5

51.8

8.1 %

52.4

51.7

49.8

47.9

201.8

17.3 %

172.1

25.7

6.2 %

26.0

23.7

24.8

24.2

98.7

(3.6)%

102.4

6.6

(2.9)%

6.2

7.5

7.6

6.8

28.1

22.2 %

23.0

-

(100.0)%

-

0.1

-

0.1

0.2

(81.8)%

1.1

-

N.M.

-

-

-

-

-

N.M.

4.8

114.0

1.5 %

116.8

113.5

109.4

112.3

452.0

6.4 %

424.9

14.4

(16.3)%

22.3

25.3

21.8

17.2

86.6

16.4 %

74.4

2.7

(15.6)%

3.1

4.4

4.4

3.2

15.1

42.5 %

10.6

$

11.7

(16.4)%

$

19.2

$

20.9

$

17.4

$

14.0

$

71.5

12.1 %

$

63.8

11.7

(16.4)%

19.2

20.9

17.4

14.0

71.5

5.8 %

67.6

$

9.9

(32.7)%

$

19.2

$

20.0

$

14.3

$

14.7

$

68.2

1.9 %

$

66.9

Life & Retirement Segment I Life Insurance Products

($ in millions)

Net premiums written and contract deposits* Net investment income

Benefits and change in reserves

Informational Data

Earnings margin (before tax) Retuon net premiums - LTM

Lapse ratio - LTM(1) Annualized sales* Insurance in force

Policies in force (in thousands)

  1. Ordinary life insurance

Three Months Ended

Mar. 31,

Change

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2024

to PY

2023

2023

2023

2023

$ 27.1

0.7

%

$ 32.2

$ 29.2

$ 29.1

$ 26.9

19.1

(5.0)

%

22.1

21.8

20.2

20.1

29.3

2.8

%

26.8

28.3

27.7

28.5

33.9 %

1.7

pts

35.5 %

28.7 %

26.6 %

32.2 %

4.1 %

- pts

4.3 %

4.1 %

4.1 %

4.1 %

$

2.3

4.5

%

$

2.7

$

2.2

$

2.2

$

2.2

$

20,620

2.3

%

$

20,476

$

20,351

$

20,265

$

20,155

161

(0.6)

%

162

162

162

162

Year Ended

Dec. 31,

Change

Dec. 31,

2023

to PY

2022

$ 117.4

1.6

%

$ 115.6

84.2

5.6

%

79.7

111.3

(0.1)

%

111.4

35.5 %

6.4

pts

29.1 %

4.3 %

0.3

pts

4.0 %

$

9.3

-

%

$

9.3

$

20,476

2.2

%

$

20,030

162

-

%

162

Horace Mann Educators Corporation I First-Quarter 2024 Investor Supplement

Page 10

Disclaimer

Horace Mann Educators Corporation published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 20:29:41 UTC.

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