Q1 2024 Investor Supplement
Table of Contents
|
Page |
||
|
Consolidated Financial Highlights |
||
|
Consolidated Statements of Operations |
|
|
|
Consolidated Balance Sheets |
||
|
Capital Metrics |
||
|
Property & Casualty Segment |
||
|
Statements of Operations |
||
|
Auto Products |
||
|
Property & Other Products |
||
|
Life & Retirement Segment |
||
|
Statements of Operations |
||
|
Life Insurance Products |
||
|
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
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*
- Calculated using basic shares when in a net loss or core loss position
- LTM - Last twelve months.
|
Three Months Ended |
|||||||||||||||||
|
|
Change |
|
|
|
|
||||||||||||
|
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 |
|||||||||||
|
|
4.3 |
% |
|
|
|
|
|||||||||||
|
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 % |
|
|
Year Ended |
|||||
|
Change |
|
|||||
|
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 |
||||
|
|
5.6 |
% |
|
|||
|
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
- Included in pretax net investment gains (losses).
|
Three Months Ended |
Year Ended |
||||||||||||||||||||||||
|
|
Change |
|
|
|
|
|
Change |
|
|||||||||||||||||
|
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) |
|
|
|
|
|
|||||||||
|
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 |
|||||||||
|
|
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, |
||||||||||||||
|
0.1 |
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) |
|||||||||
|
|
(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 |
|||||||||||
|
|
|
|
|
|
|
|
|||||||
|
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
7.25% Senior notes due
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 |
||
- Amount available for borrowing is
$325.0 million ; At SOFR +115 bps; Expires onJuly 12, 2026 . - 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
- (Favorable) unfavorable.
- Net investment gains (losses) are not allocated by segment.
Horace Mann products.- Includes assumed risks in force of 4 for auto.
|
Three Months Ended |
Year Ended |
|||||||||||||||||||||||||
|
|
Change |
|
|
|
|
|
Change |
|
||||||||||||||||||
|
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
- (Favorable) unfavorable.
- Retention is based on retained households.
Horace Mann products.
|
|
Change |
|
|
2024 |
to PY |
|
|
|
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 |
||||||||||||
|
|
|
|
|
|
Change |
|
|||||||
|
2023 |
2023 |
2023 |
2023 |
2023 |
to PY |
2022 |
|||||||
|
|
|
|
|
|
11.4 |
% |
|
||||||
|
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
- (Favorable) unfavorable.
- Retention is based on retained households.
Horace Mann products.
|
|
Change |
|
|
2024 |
to PY |
|
|
|
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
|
|
|
|
|
|||
|
2023 |
2023 |
2023 |
2023 |
|||
|
|
|
|
|
|||
|
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 |
|||||||
|
|
Change |
|
|||||
|
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*
- Net investment gains (losses) are not allocated by segment.
|
Three Months Ended |
Year Ended |
||||||||||||||||||||||
|
|
Change |
|
|
|
|
|
Change |
|
|||||||||||||||
|
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)
- Ordinary life insurance
|
Three Months Ended |
|||||||||||
|
|
Change |
|
|
|
|
||||||
|
2024 |
to PY |
2023 |
2023 |
2023 |
2023 |
||||||
|
|
0.7 |
% |
|
|
|
|
|||||
|
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 |
|||||
|
|
Change |
|
|||
|
2023 |
to PY |
2022 |
|||
|
|
1.6 |
% |
|
||
|
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 |
Attachments
Disclaimer
First Quarter 2024 Financial Supplement
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