Q1 2025 Investor Supplement

‌($ in millions, except per share data) Three Months Ended Year Ended‌

Mar. 31, Change

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31, Change

Dec. 31,

2025 to PY

2024

2024

2024

2024

2024 to PY

2023

Earnings Summary

Net income (loss)

$ 38.2 44.2 %

$ 38.2

$ 34.3

$ 3.8

$ 26.5

$ 102.8 128.4 %

$ 45.0

Net investment gains (losses), after tax

(2.6) (252.9) %

(13.7)

3.0

(4.6)

1.7

(13.6) 27.7 %

(18.8)

Non-core earnings, after tax

(3.9) (290.0) %

(17.9)

(3.1)

(2.9)

(1.0)

(24.9) (203.7) %

(8.2)

Core earnings (loss)*

44.7 73.3 %

69.8

34.4

11.3

25.8

141.3 96.3 %

72.0

Balance Sheet Summary At Period End

Total assets

$14,396.1 1.1 %

$14,487.8

$14,713.6

$14,282.1

$14,236.3

$14,487.8 3.1 %

$14,049.9

Total policy liabilities

7,629.3 (1.2) %

7,636.5

7,816.5

7,690.4

7,723.9

7,636.5 (2.5) %

7,831.4

Total debt

547.2 0.2 %

547.0

546.7

546.5

546.2

547.0 0.2 %

546.0

Total shareholders' equity

1,342.8 10.8 %

1,287.5

1,287.0

1,208.8

1,211.4

1,287.5 9.5 %

1,175.3

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

Net income (loss) per share (basic)

$ 0.93 45.3 %

$ 0.93

$ 0.83

$ 0.09

$ 0.64

$ 2.49 128.4 %

$ 1.09

Net income (loss) per share (diluted)

0.92 43.8 %

0.92

0.83

0.09

0.64

2.48 127.5 %

1.09

Core earnings per share (diluted)*

1.07 72.6 %

1.68

0.83

0.27

0.62

3.40 95.4 %

1.74

Weighted average shares (basic)

41.3 - %

41.3

41.2

41.4

41.3

41.3 - %

41.3

Weighted average shares (diluted)

41.6 0.2 %

41.6

41.4

41.6

41.5

41.5 0.2 %

41.4

Book value per share

$ 32.79 10.9 %

$ 31.51

$ 31.60

$ 29.60

$ 29.57

$ 31.51 9.5 %

$ 28.78

Adjusted book value per share*

$ 38.05 4.2 %

$ 37.54

$ 36.89

$ 36.33

$ 36.52

$ 37.54 3.4 %

$ 36.29

Tangible book value per share*

$ 33.00 6.0 %

$ 32.38

$ 31.62

$ 31.01

$ 31.13

$ 32.38 5.2 %

$ 30.79

Dividends paid per share

$ 0.35 2.9 %

$ 0.34

$ 0.34

$ 0.34

$ 0.34

$ 1.36 3.0 %

$ 1.32

Financial Ratios

Net Income ROE - LTM(2)

9.0 % 3.3 pts

8.3 %

8.8 %

7.1 %

5.7 %

8.3 % 4.3 pts

4.0 %

Net Income ROE - Annualized

11.6 % 2.7 pts

11.9 %

11.0 %

1.3 %

8.9 %

8.3 % 4.3 pts

4.0 %

Core ROE - LTM*

10.6 % 4.9 pts

9.4 %

7.4 %

6.5 %

5.7 %

9.4 % 4.5 pts

4.9 %

Core ROE - Annualized*

11.6 % 4.7 pts

18.4 %

9.2 %

3.0 %

6.9 %

9.4 % 4.6 pts

4.8 %

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

26.0 % -0.7 pts

26.3 %

26.7 %

26.9 %

26.7 %

26.3 % -0.6 pts

26.9 %

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

4.60 % 0.09 pts

5.10 %

4.79 %

4.28 %

4.51 %

4.67 % -0.07 pts

4.74 %

‌($ in millions) Three Months Ended Year Ended‌

Mar. 31,

2025

Change to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31,

2024

Change to PY

Dec. 31,

2023

Revenues

Net premiums and contract charges earned

$ 298.3

8.4 %

$ 300.8

$ 289.1

$ 280.9

$ 275.2

$ 1,146.0

8.4

%

$ 1,057.1

Net investment income

115.9

10.0 %

118.9

113.0

108.4

105.4

445.7

0.2

%

444.8

Net investment gains (losses)

(3.3)

(250.0) %

(17.4)

3.8

(5.9)

2.2

(17.3)

27.9

%

(24.0)

Other income 5.5

71.9

%

6.7

6.2

4.7

3.2

20.8

48.6

%

14.0

Total revenues 416.4

7.9

%

409.0

412.1

388.1

386.0

1,595.2

6.9

%

1,491.9

Benefits, losses and expenses

Benefits, claims and settlement expenses 183.2

3.9

%

170.1

191.3

207.3

176.3

745.0 (3.1) % 769.1

Interest credited 52.8 (0.2) % 54.4

54.8

53.8

52.9

215.9

5.0

%

205.7

Operating expenses

90.8

7.5

%

95.1

82.9

83.0

84.5

345.5

8.6

%

318.1

DAC amortization expense

29.6

9.6

%

29.0

28.1

27.0

27.0

111.1

9.8

%

101.2

Intangible asset amortization expense

3.6

-

%

3.6

3.6

3.7

3.6

14.5 (2.0) % 14.8

Interest expense 8.9

2.3

%

8.5

8.7

8.7

8.7

34.6

16.5

%

29.7

Total benefits, losses and expenses 368.9

4.5

%

360.7

369.4

383.5

353.0

1,466.6

1.9

%

1,438.6

Income (loss) before income taxes 47.5

43.9

%

48.3

42.7

4.6

33.0

128.6

141.3

%

53.3

Income tax expense (benefit) 9.3

43.1

%

10.1

8.4

0.8

6.5

25.8

210.8

%

8.3

Net income (loss) $ 38.2

44.2

%

$ 38.2

$ 34.3

$ 3.8

$ 26.5

$ 102.8

128.4

%

$ 45.0

Informational Data

Net written premiums and contract deposits 393.2

6.8

%

412.3

430.8

396.4

368.2

1,607.7

5.9

%

1,517.5

Corporate expense ratio 21.8 %

-0.1

pts

23.3 %

20.1 %

21.4 %

21.9 %

21.7 %

0.4

pts

21.3 %

Segment net income (loss)

Property & Casualty

$ 26.8

152.8 %

$ 36.5

$ 10.6

$ (8.6)

$ 10.6

$ 49.1

238.3 %

$ (35.5)

Life & Retirement

6.8

(41.9) %

17.5

14.8

12.3

11.7

56.3

(21.3) %

71.5

Supplemental & Group Benefits 11.2

1.8

%

20.5

14.8

14.1

11.0

60.4

10.0 %

54.9

Corporate & Other (6.6)

2.9

%

(36.3)

(5.9)

(14.0)

(6.8)

(63.0)

(37.3) %

(45.9)

Total $ 38.2

44.2

%

$ 38.2

$ 34.3

$ 3.8

$ 26.5

$ 102.8

128.4 %

$ 45.0

Net investment income, after tax $ 92.3

10.5

%

$ 94.7

$ 90.0

$ 86.9

$ 83.5

$ 355.1

0.7 %

$ 352.5

Effective tax rate on net investment income

20.4 %

0.2 pts

20.4 %

20.4 %

20.3 %

20.2 %

20.3 %

-0.5 pts

20.8 %

Credit loss and intent-to-sell impairments(1)

-

N.M.

0.7

(0.6)

0.9

(0.9)

0.1

101.4 %

(7.1)

Catastrophe losses, net of reinsurance, pretax

16.4

1.2 %

3.8

34.0

40.9

16.2

94.9

(2.8) %

97.6

Catastrophe losses, net of reinsurance, after tax

12.9

0.8 %

3.0

26.9

32.3

12.8

75.0

(2.7) %

77.1

‌($ in millions, except per share data)‌

Mar. 31,

2025

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Assets

Investments

Fixed maturity securities, available for sale, at fair value

$ 5,457.7

$ 5,387.9

$ 5,573.2

$ 5,345.4

$ 5,342.7

Equity securities, at fair value

64.3

66.5

88.9

82.6

84.7

Limited partnership interests

1,125.6

1,121.3

1,087.2

1,111.7

1,119.3

Short-term and other investments

359.8

340.7

335.5

311.3

311.2

Total investments

7,007.4

6,916.4

7,084.8

6,851.0

6,857.9

Cash

30.3

38.1

39.8

14.6

20.4

Deferred policy acquisition costs

349.2

347.2

345.4

341.5

337.3

Reinsurance balances receivable

413.0

424.8

438.6

456.6

449.3

Deposit asset on reinsurance

2,421.0

2,434.3

2,461.1

2,466.2

2,472.4

Intangible assets

152.2

155.8

159.4

163.1

166.7

Goodwill

54.3

54.3

54.3

54.3

54.3

Other assets

400.4

408.1

397.4

390.1

361.1

Separate Account variable annuity assets

3,568.3

3,708.8

3,732.8

3,544.7

3,516.9

Total assets

$ 14,396.1

$ 14,487.8

$ 14,713.6

$ 14,282.1

$ 14,236.3

Liabilities and Shareholders' Equity

Policy liabilities

Future policy benefit reserves

$ 1,635.7

$ 1,622.8

$ 1,745.5

$ 1,655.0

$ 1,702.1

Policyholders' account balances

5,079.6

5,100.3

5,128.6

5,119.0

5,137.6

Unpaid claims and claim expenses

577.1

569.2

597.0

596.6

584.4

Unearned premiums

336.9

344.2

345.4

319.8

299.8

Total policy liabilities

7,629.3

7,636.5

7,816.5

7,690.4

7,723.9

Other policyholder funds

1,005.8

995.7

966.1

951.1

941.1

Other liabilities

302.7

312.3

364.5

340.6

296.8

Long-term debt

547.2

547.0

546.7

546.5

546.2

Separate Account variable annuity liabilities

3,568.3

3,708.8

3,732.8

3,544.7

3,516.9

Total liabilities

13,053.3

13,200.3

13,426.6

13,073.3

13,024.9

Common stock, $0.001 par value

0.1

0.1

0.1

0.1

0.1

Additional paid-in capital

526.1

525.2

518.3

515.8

513.1

Retained earnings

1,571.7

1,548.2

1,524.1

1,504.0

1,514.4

Accumulated other comprehensive income, net of taxes:

Net unrealized investment gains (losses) on fixed maturity securities

(314.5)

(357.4)

(237.2)

(370.4)

(348.0)

Net reserve remeasurements attributable to discount rates

99.1

110.9

21.8

95.3

63.3

Net funded status of benefit plans

(7.0)

(7.0)

(7.6)

(7.6)

(7.6)

Treasury stock, at cost

(532.7)

(532.5)

(532.5)

(528.4)

(523.9)

Total shareholders' equity

1,342.8

1,287.5

1,287.0

1,208.8

1,211.4

Total liabilities and shareholders' equity

$ 14,396.1

$ 14,487.8

$ 14,713.6

$ 14,282.1

$ 14,236.3

‌($ 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,

2025

2024

2024

2024

2024

2024

2023

Debt to shareholders' equity 40.8 %

42.5 %

42.5 %

45.2 %

45.1 %

42.5 %

46.5 %

Debt to total capitalization 29.0 %

29.8 %

29.8 %

31.1 %

31.1 %

29.8 %

31.7 %

Debt to total capitalization excluding net unrealized investment gains (losses) on fixed

maturity securities and net reserve remeasurements attributable to discount rates* 26.0 %

26.3 %

26.7 %

26.9 %

26.7 %

26.3 %

26.9 %

Ending number of shares outstanding

41.0

40.9

40.7

40.8

41.0

40.9

40.8

Number of shares of common stock repurchased (thousands)

3.2

-

115.4

140.8

-

256.2

196.9

Common stock repurchased(2)

$ 0.1

$ -

$ 3.8

$ 4.7

$ -

$ 8.5

$ 6.4

Cash dividends paid

14.3

13.9

13.9

13.9

13.9

55.6

53.9

Total capital returned to shareholders

$ 14.4

$ 13.9

$ 17.7

$ 18.6

$ 13.9

$ 64.1

$ 60.3

‌($ in millions)‌

Three Months Ended

Year Ended

Mar. 31,

2025

Change

to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30, Mar. 31,

2024 2024

Dec. 31,

2024

Change

to PY

Dec. 31,

2023

Underwriting Results

Net premiums written*

$ 185.3 7.7 %

$ 195.7

$ 212.3

$ 199.2 $ 172.1

$ 779.3 13.9 %

$ 684.4

Net premiums earned

192.7 11.3 %

196.8

187.3

179.2

173.2

736.5 14.1 %

645.6

Losses and loss adjustment expenses

Current accident year before catastrophe losses

107.2 (1.2) %

115.3

113.7

118.1

108.5

455.6 (0.8) %

459.4

Current accident year catastrophe losses

16.4 1.2 %

3.8

34.0

40.9 16.2

94.9 (2.8) %

97.6

Prior years' reserve development(1)

(5.3) N.M.

(10.3)

(13.0)

(6.2)

-

(29.5) N.M.

-

Total losses and loss adjustment expenses

118.3

(5.1) %

108.8

134.7

152.8

124.7

521.0 (6.5) %

557.0

Operating expenses, including DAC amortization expense

54.0

11.6 %

56.2

48.8

47.0

48.4

200.4 14.8 %

174.6

Underwriting gain (loss)

20.4

N.M.

31.8

3.8

(20.6)

0.1

15.1 117.6 %

(86.0)

Net investment income

11.7

(4.9) %

15.4

8.8

9.5

12.3

46.0 21.4 %

37.9

Other income

1.3 N.M.

0.4

0.6

0.6 0.7

2.3 (17.9) %

2.8

Income (loss) before income taxes

33.4

155.0 %

47.6

13.2

(10.5)

13.1

63.4 240.0 %

(45.3)

Income tax expense (benefit)

6.6

164.0 %

11.1

2.6

(1.9)

2.5

14.3 245.9 %

(9.8)

Net income (loss)(2)

$ 26.8

152.8 %

$ 36.5

$ 10.6

$ (8.6)

$ 10.6

$ 49.1 238.3 %

$ (35.5)

Core earnings (loss)*

$ 26.8 152.8 %

$ 36.5

$ 10.6

$ (8.6) $ 10.6

$ 49.1 238.3 %

$ (35.5)

Underwriting Ratios (%)

61.9 -9.3 pts

71.2

Losses and loss adjustment expenses

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

55.7 -7.0 pts

58.5

60.7

66.0

62.7

Current accident year catastrophe losses

8.5 -0.8 pts

2.0

18.1

22.8 9.3

12.8 -2.3 pts

15.1

Prior years' reserve development(1)

(2.8) -2.8 pts

(5.2)

(6.9)

(3.5)

0.0

(4.0) -4.0 pts

0.0

Total losses and loss adjustment expenses

61.4

-10.6 pts

55.3

71.9

85.3

72.0

70.7 -15.6 pts

86.3

Expense Ratio

28.0

0.1 pts

28.6

26.0

26.2

27.9

27.2 0.2 pts

27.0

Combined ratio

89.4

-10.5 pts

83.9

97.9

111.5

99.9

97.9 -15.4 pts

113.3

Combined ratio before catastrophe losses

80.9

-9.7 pts

81.9

79.8

88.7

90.6

85.1 -13.1 pts

98.2

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

83.7 -6.9 pts

87.1

86.7

92.2 90.6

89.1 -9.1 pts

98.2

Informational Data

Sales* (Annualized premium)(3)

$ 25.3 9.1 %

$ 24.5

$ 27.6

$ 25.6 $ 23.2

$ 100.9 29.0 %

$ 78.2

Risks in force (in thousands)(4)

503 (4.0) %

513

518

522

524

513 (2.5) %

526

Catastrophe losses after tax

12.9 0.8 %

3.0

26.9

32.3

12.8

75.0 (2.7) %

77.1

‌($ in millions) Three Months Ended‌

Year Ended

Mar. 31,

2025

Change to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31, Change

2024 to PY

Dec. 31,

2023

Auto Underwriting Results

Net premiums written*

$ 121.6 4.3 %

$ 122.6

$ 129.1

$ 122.4

$ 116.6

$ 490.7 11.8 %

$ 439.1

Net premiums earned

120.9 7.5 %

122.6

119.4

115.4

112.5

469.9 13.5 %

414.0

Catastrophe losses pretax

1.8 12.5 %

1.5

1.9

3.6

1.6

8.6 (23.2) %

11.2

Prior year development pretax

(2.3) N.M.

-

(8.0)

(7.2)

-

(15.2) N.M.

-

Auto Underwriting Ratios (%)

Loss and loss adjustment expense

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

67.0 -4.6 pts

72.9

71.5

74.2

71.6

72.6 -9.1 pts

81.7

Current accident year catastrophe losses

1.5 - pts

1.2

1.6

3.1

1.5

1.8 -0.9 pts

2.7

Prior years' reserve development(1)

(1.9) -1.9 pts

-

(6.7)

(6.2)

-

(3.2) -3.2 pts

-

Total losses and loss adjustment expenses Expense ratio

Combined ratio

66.6

-6.5 pts

74.1

66.4

71.1

73.1

71.2 -13.2 pts

84.4

28.4

0.7 pts

28.7

26.4

26.1

27.7

27.2 -0.1 pts

27.3

95.0

-5.8 pts

102.8

92.8

97.2

100.8

98.4 -13.3 pts

111.7

Combined ratio before catastrophe losses

93.5 -5.8 pts

101.6

91.2

94.1

99.3

96.6 -12.4 pts

109.0

Combined ratio before catastrophe losses and

prior years' reserve development*

95.4 -3.9 pts

101.6

97.9

100.3

99.3

99.8 -9.2 pts

109.0

Informational Data

Household retention - LTM(2)

84.2 % -2.9 pts

85.3 %

86.6 %

86.6 %

87.1 %

85.3 % -1.0 pts

86.3 %

Sales* (Annualized premium)(3)

$ 19.3 7.8 %

$ 18.1

$ 20.3

$ 18.7

$ 17.9

$ 75.0 24.8 %

$ 60.1

Risks in force (in thousands)

337 (5.3) %

346

350

354

356

346 (3.4) %

358

Catastrophe losses after tax

1.4 7.7 %

1.2

1.5

2.8

1.3

6.8 (22.7) %

8.8

‌($ in millions) Three Months Ended‌

Year Ended

Mar. 31,

Change

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Change

Dec. 31,

2023

2025

to PY

2024

2024

2024

2024

2024

to PY

Property and Other Underwriting Results

Net premiums written*

$ 63.7 14.8 %

$ 73.1

$ 83.2

$ 76.8

$ 55.5

$ 288.6 17.7 %

$ 245.3

Net premiums earned

71.8 18.3 %

74.2

67.9

63.8

60.7

266.6 15.1 %

231.6

Catastrophe losses pretax

14.6 - %

2.3

32.1

37.3

14.6

86.3 - %

86.3

Prior year development pretax

(3.0) N.M.

(10.3)

(5.0)

1.0

-

(14.3) N.M.

-

Property and Other Underwriting Ratios (%)

Loss and loss adjustment expense

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

35.7 -9.3 pts

33.5

41.4

50.9

45.0

42.3 -9.9 pts

52.2

Current accident year catastrophe losses

20.6 -3.5 pts

3.2

47.6

58.8

24.1

32.6 -4.7 pts

37.3

Prior years' reserve development(1)

(4.2) -4.2 pts

(14.0)

(7.4)

-

-

(5.8) -5.8 pts

-

Total losses and loss adjustment expenses Expense Ratio

Combined ratio

52.1

-17.0 pts

22.7

81.6

109.7

69.1

69.1 -20.4 pts

89.5

27.8

-0.8 pts

28.5

25.5

26.6

28.6

27.3 0.7 pts

26.6

79.9

-17.8 pts

51.2

107.1

136.3

97.7

96.4 -19.7 pts

116.1

Combined ratio before catastrophe losses

59.3 -14.3 pts

48.0

59.5

77.5

73.6

63.8 -15.0 pts

78.8

Combined ratio before catastrophe losses and

prior years' reserve development*

63.5 -10.1 pts

62.0

66.9

77.5

73.6

69.6 -9.2 pts

78.8

Property and Other Informational Data

Household retention - LTM(2)

89.4 % -0.8 pts

89.6 %

90.1 %

90.1 %

90.2 %

89.6 % -0.7 pts

90.3 %

Sales* (Annualized premium)(3)

$ 6.0 13.2 %

$ 6.4

$ 7.3

$ 6.9

$ 5.3

$ 25.9 43.1 %

$ 18.1

Risks in force (in thousands)

166 (1.2) %

167

168

168

168

167 (0.6) %

168

Catastrophe losses after tax

11.5 - %

1.8

25.4

29.5

11.5

68.2 - %

68.2

‌($ in millions) Three Months Ended Year Ended‌

Mar. 31,

2025

Change to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31,

2024

Change to PY

Dec. 31,

2023

Net premiums written and contract deposits*

$ 140.3

6.6 %

$ 152.9

$ 155.8

$ 133.6

$ 131.6

$ 573.9

0.1 %

$ 573.3

Revenues

Net premiums and contract charges earned

$ 38.5

1.9 %

$ 39.7

$ 39.1

$ 38.0

$ 37.8

$ 154.6

1.9 %

$ 151.7

Net investment income

89.1

3.8 %

94.3

94.6

88.9

85.8

363.6

(1.7)%

369.9

Other income

4.8

- %

5.5

5.3

4.6

4.8

20.2

18.8 %

17.0

Total revenues

132.4

3.1 %

139.5

139.0

131.5

128.4

538.4

- %

538.6

Benefits and Expenses

Benefits and change in reserves

38.0

27.1 %

29.1

35.2

31.0

29.9

125.2

1.6 %

123.2

Interest credited

51.6

(0.4)%

53.2

53.6

52.6

51.8

211.2

4.7 %

201.8

Operating expenses

28.4

10.5 %

31.2

26.1

26.8

25.7

109.8

11.2 %

98.7

DAC amortization expense

6.0

(9.1)%

6.0

5.9

6.1

6.6

24.6

(12.5)%

28.1

Intangible asset amortization expense

0.1

N.M.

-

0.1

0.1

-

0.2

- %

0.2

Total benefits and expenses

124.1

8.9 %

119.5

120.9

116.6

114.0

471.0

4.2 %

452.0

Income before income taxes

8.3

(42.4)%

20.0

18.1

14.9

14.4

67.4

(22.2)%

86.6

Income tax expense

1.5

(44.4)%

2.5

3.3

2.6

2.7

11.1

(26.5)%

15.1

Net income(1)

$ 6.8

(41.9)%

$ 17.5

$ 14.8

$ 12.3

$ 11.7

$ 56.3

(21.3)%

$ 71.5

Core earnings*

$ 7.9

(20.2)%

$ 16.9

$ 15.1

$ 12.3

$ 9.9

$ 54.2

(20.5)%

$ 68.2

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

‌Life & Retirement Segment‌

I

Life Insurance Products

($ in millions)

Three Months Ended

Year Ended

Mar. 31, Change Dec. 31, Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Change

Dec. 31,

2025 to PY 2024 2024

2024

2024

2024

to PY

2023

Net premiums written and contract deposits*

$ 29.5

8.9

%

$ 34.0

$ 29.0

$ 31.4

$ 27.1

$ 121.5

3.5

%

$ 117.4

Net investment income

20.7

8.4

%

22.4

21.6

19.6

19.1

82.7

(1.7)

%

84.1

Benefits and change in reserves

33.5

14.3

%

26.1

31.6

28.6

29.3

115.6

3.9

%

111.3

Informational Data

Earnings margin (before tax)

Retuon net premiums - LTM

27.9 %

(6.0)

pts

30.3 %

29.8 %

33.0 %

33.9 %

30.3 %

(5.2)

pts

35.5 %

Lapse ratio - LTM(1)

3.9 %

(0.2)

pts

3.9 %

4.0 %

4.1 %

4.1 %

3.9 %

(0.4)

pts

4.3 %

Annualized sales*

$ 2.4

4.3

%

$ 2.8

$ 2.5

$ 2.8

$ 2.3

$ 10.4

11.8

%

$ 9.3

Insurance in force

$ 21,129

2.5

%

$ 21,059

$ 20,903

$ 20,787

$ 20,620

$ 21,059

2.8

%

$ 20,476

Policies in force (in thousands)

161

-

%

161

161

162

161

161

(0.6)

%

162

(1)Ordinary life insurance

‌($ in millions) Three Months Ended‌

Year Ended

Mar. 31,

2025

Change to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31, Change

2024 to PY

Dec. 31,

2023

Net annuity contract deposits*

$ 110.8 6.0 %

$ 118.9

$ 126.8

$ 102.2

$ 104.5

$ 452.4 (0.8) %

$ 455.9

Net investment income - managed portfolio

44.0 6.8 %

47.5

47.2

43.6

41.2

179.5 (0.7) %

180.8

Interest credited - managed portfolio

25.3 1.2 %

26.2

26.3

25.5

25.0

103.0 12.7 %

91.4

Net interest margin - managed portfolio

18.7 15.4 %

21.3

20.9

18.1

16.2

76.5 (14.4) %

89.4

Investment income - deposit asset on reinsurance

24.4 (4.3) %

24.4

25.8

25.7

25.5

101.4 (3.3) %

104.9

Interest credited - reinsured block

25.6 (1.9) %

26.3

26.6

26.3

26.1

105.3 (1.9) %

107.3

Net interest margin - reinsured block

$ (1.2) (100.0) %

$ (1.9)

$ (0.8)

$ (0.6)

$ (0.6)

$ (3.9) (62.5) %

$ (2.4)

DAC amortization

4.6 (8.0) %

4.5

4.4

4.5

5.0

18.4 (17.1) %

22.2

Change in MRBs

1.4 160.9 %

(0.9)

0.3

-

(2.3)

(2.9) 35.6 %

(4.5)

Informational Data

Fixed annuity interest spread - Annualized

169 46 bps

215

205

156

123

172 -46 bps

218

Variable annuity fee margin - Annualized

146 7 bps

145

145

142

139

144 4 bps

140

Assets under administration (AUA)

Annuity assets under management(1)

$ 5,422.9 1.5 %

$ 5,527.5

$ 5,531.9

$ 5,360.5

$ 5,343.1

$ 5,527.5 6.6 %

$ 5,186.9

Brokerage and advisory assets under administration

2,517.4 4.5 %

2,556.8

2,539.0

2,415.2

2,408.0

2,556.8 4.8 %

2,439.3

Recordkeeping assets under administration Total AUA

Cash value persistency - LTM

979.8

(10.9) %

1,017.8

1,065.8

1,070.3

1,099.8

1,017.8 (4.1) %

1,060.9

$ 8,920.1 0.8 %

$ 9,102.1

$ 9,136.7

$ 8,846.0

$ 8,850.9

$ 9,102.1 4.8 %

$ 8,687.1

91.6 % 0.4 pts

91.4 %

91.5 %

91.5 %

91.2 %

91.4 % -0.1 pts

91.5 %

Annuity contracts in force (in thousands)

217 (1.8) %

219

218

220

221

219 (1.8) %

223

Horace Mann Retirement Advantage®contracts in force (in thousands)

22 10.0 %

22

21

20

20

22 15.8 %

19

‌($ in millions)‌

Three Months Ended

Mar. 31,

2025

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Beginning balance

$ 2,031.9

$ 2,023.8

$ 2,001.7

$ 2,003.8

$ 2,015.5

Reinsurance transfer

12.7

23.8

4.5

5.1

23.5

Deposits

42.2

50.7

58.5

41.6

47.6

Withdrawals

(107.3)

(120.5)

(94.1)

(97.8)

(126.5)

Net transfers

12.0

6.2

8.9

6.2

1.9

Interest credited

41.7

42.6

42.2

41.4

40.6

Other

1.2

5.3

2.1

1.4

1.2

Ending balance

$ 2,034.4

$ 2,031.9

$ 2,023.8

$ 2,001.7

$ 2,003.8

Fixed Indexed Account Annuities(2)

Beginning balance

$ 409.5

$ 413.6

$ 426.6

$ 437.4

$ 449.0

Deposits

4.2

4.5

3.7

4.1

3.6

Withdrawals

(14.9)

(13.2)

(13.8)

(14.3)

(14.1)

Net transfers

(0.2)

(0.2)

(0.6)

(0.5)

(0.8)

Index credits

3.5

7.3

2.9

3.2

2.7

Other

(2.4)

(2.5)

(5.2)

(3.3)

(3.0)

Ending balance

$ 399.7

$ 409.5

$ 413.6

$ 426.6

$ 437.4

Variable Account Annuities(3)

Beginning balance

$ 3,708.8

$ 3,732.8

$ 3,544.7

$ 3,516.8

$ 3,294.1

Deposits

70.4

71.1

72.5

63.3

59.3

Withdrawals

(76.4)

(79.4)

(77.0)

(64.2)

(69.7)

Net transfers

(11.7)

(6.0)

(8.3)

(5.7)

(1.1)

Fees and charges

(13.6)

(14.3)

(13.7)

(13.0)

(12.3)

Market appreciation (depreciation)

(109.2)

4.6

214.6

47.5

246.5

Ending balance

$ 3,568.3

$ 3,708.8

$ 3,732.8

$ 3,544.7

$ 3,516.8

Held under modified coinsurance agreement

709.7

754.6

772.8

747.7

752.9

Ending balance net of reinsurance

$ 2,858.6

$ 2,954.2

$ 2,960.0

$ 2,797.0

$ 2,763.9

Fixed and variable annuities in payout phase

$

130.2

$

131.9

$

134.5

$

135.3

$

138.0

‌($ in millions)‌

Three Months Ended

Year Ended

Mar. 31,

2025

Change to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31,

2024

Change to PY

Dec. 31,

2023

Net premiums written*

$ 67.6 4.8 %

$ 63.7

$ 62.7

$ 63.6

$ 64.5

$ 254.5 (2.0) %

$ 259.8

Revenues

Net premiums and contract charges earned

$ 67.1 4.5 %

$ 64.3

$ 62.7

$ 63.7

$ 64.2

$ 254.9 (1.9) %

$ 259.8

Net investment income

9.4 20.5 %

9.7

10.1

10.5

7.8

38.1 (2.1) %

38.9

Other income Total revenues

Benefits and Expenses

(1.1)

63.3 %

-

(0.4)

(1.2)

(3.0)

(4.6) 58.6 %

(11.1)

75.4

9.3 %

74.0

72.4

73.0

69.0

288.4 0.3 %

287.6

Benefits, settlement expenses and change in reserves

28.1 23.2 %

13.4

22.6

24.7

22.8

83.5 (10.0) %

92.8

Operating expenses (includes DAC amortization expense)

29.5 3.1 %

29.7

27.5

26.7

28.6

112.5 1.8 %

110.5

Intangible asset amortization expense

3.5 (2.8) %

3.6

3.5

3.6

3.6

14.3 (2.1) %

14.6

Total benefits and expenses

61.1 11.1 %

46.7

53.6

55.0

55.0

210.3 (3.5) %

217.9

Income before income taxes

14.3 2.1 %

27.3

18.8

18.0

14.0

78.1 12.1 %

69.7

Income tax expense

3.1

3.3 %

6.8

4.0

3.9

3.0

17.7 19.6 %

14.8

Net income(1)

$ 11.2

1.8 %

$ 20.5

$ 14.8

$ 14.1

$ 11.0

$ 60.4 10.0 %

$ 54.9

Core earnings*

$ 14.0

1.4 %

$ 23.3

$ 17.6

$ 17.0

$ 13.8

$ 71.7 8.0 %

$ 66.4

Informational Data

Sales*

$ 8.4 27.3 %

$ 6.3

$ 7.5

$ 5.3

$ 6.6

$ 25.6 (2.3) %

$ 26.2

Net premiums earned from assumed block in run-off(2)

2.8 (33.3) %

3.2

3.0

4.1

4.2

14.5 (41.1) %

24.6

Benefit ratio(3)

41.8 % 6.2 pts

20.8 %

36.0 %

38.8 %

35.6 %

32.7 % -3.0 pts

35.7 %

Operating expense ratio(4)

39.1 % -2.4 pts

40.1 %

37.9 %

36.6 %

41.5 %

39.0 % 0.6 pts

38.4 %

Pretax profit margin(4)

23.7 % 3.5 pts

36.9 %

26.0 %

24.6 %

20.2 %

27.1 % 2.8 pts

24.3 %

‌($ in millions)‌

Three Months Ended

Year Ended

Mar. 31,

2025

Change to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31,

2024

Change to PY

Dec. 31,

2023

Earned premiums

$ 30.9 1.6 %

$ 30.9

$ 30.3

$ 30.0

$ 30.4

$ 121.6 1.1 %

$ 120.3

Net premiums written*

31.1 2.0 %

30.4

30.3

30.1

30.5

121.3 1.0 %

120.1

Benefits, settlement expenses and change in reserves

8.8 (6.4) %

6.8

8.5

8.4

9.4

33.1 (5.4) %

35.0

Informational Data

Sales*

$ 5.3 60.6 %

$ 5.5

$ 4.2

$ 4.0

$ 3.3

$ 17.0 12.6 %

$ 15.1

Benefit ratio(1)

28.4 % -2.7 pts

22.0 %

27.8 %

28.0 %

31.1 %

27.2 % -1.9 pts

29.1 %

Operating expense ratio(2)

35.6 % -1.6 pts

39.4 %

35.7 %

33.2 %

37.2 %

36.4 % 2.8 pts

33.6 %

Pretax profit margin(2)

41.5 % 10.7 pts

36.9 %

36.0 %

38.8 %

30.8 %

35.7 % -1.0 pts

36.7 %

Premium persistency (rolling 12 months)

90.0 % -1.5 pts

90.5 %

91.5 %

91.4 %

91.5 %

90.5 % -0.9 pts

91.4 %

Policies in force (in thousands)

270 0.4 %

271

271

270

269

271 0.7 %

269

($ in millions)

Three Months Ended

Year Ended

Mar. 31,

2025

Change to PY

Dec. 31,

2024

Sept. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31,

2024

Change to PY

Dec. 31,

2023

Earned premiums

$ 36.2 7.1 %

$ 33.4

$ 32.4

$ 33.7

$ 33.8

$ 133.3 (4.4) %

$ 139.5

Net premiums written*

36.5 7.4 %

33.3

32.4

33.5

34.0

133.2 (4.7) %

139.7

Benefits, settlement expenses and change in reserves

19.3 44.0 %

6.6

14.1

16.3

13.4

50.4 (12.7) %

57.7

Informational Data

Sales*

$ 3.1 (6.1) %

$ 0.8

$ 3.3

$ 1.3

$ 3.3

$ 8.7 (21.6) %

11.1

Benefit ratio(1)

53.3 %

13.7 pts

19.7 %

43.6 %

48.3 %

39.6 %

37.8 % (3.6) pts

41.4 %

Operating expense ratio(2)

42.6 % (3.9) pts

41.0 %

40.4 %

40.5 %

46.5 %

42.0 % (1.8) pts

43.8 %

Pretax profit margin(2)

5.1 % (3.0) pts

37.0 %

14.8 %

8.7 %

8.1 %

17.4 %

7.2 pts

10.2 %

Covered lives (in thousands)

839 0.4 %

838

842

830

836

838 1.5 %

826

‌($ in millions, amounts are net of consolidating eliminations)‌

Three Months Ended

Year Ended

Mar. 31,

Change

Dec. 31, Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Change

Dec. 31,

2025

to PY

2024 2024

2024

2024

2024

to PY

2023

Revenues

Total revenues

6.2

N.M.

0.3 0.2

0.2

0.2

0.9

(73.5)%

3.4

Expenses

Interest expense

8.9

2.3 %

8.5

8.7

8.7

8.7

34.6

16.5 %

29.7

Other operating expenses

2.5

13.6 %

1.0

2.7

3.4

2.2

9.3

25.7 %

7.4

Total expenses

11.4

4.6 %

9.5

11.4

12.1

10.9

43.9

18.3 %

37.1

Loss before income taxes

(5.2)

51.4 %

(9.2)

(11.2)

(11.9)

(10.7)

(43.0)

(27.6)%

(33.7)

Income tax benefit

(1.2)

45.5 %

(2.3)

(2.3)

(2.5)

(2.2)

(9.3)

(40.9)%

(6.6)

Core loss* after tax

$ (4.0)

52.9 %

$ (6.9)

$ (8.9)

$ (9.4)

$ (8.5)

$ (33.7)

(24.4)%

$ (27.1)

Net investment gains (losses), pretax(1)

(3.3)

(250.0)%

(17.4)

3.8

(5.9)

2.2

(17.3)

N.M.

(24.0)

Tax on net investment gains (losses)(1)

(0.7)

(240.0)%

(3.7)

0.8

(1.3)

0.5

(3.7)

N.M.

(5.2)

Net investment gains (losses), after tax(1)

(2.6)

(252.9)%

(13.7)

3.0

(4.6)

1.7

(13.6)

N.M.

(18.8)

Non-core Legacy Commercial exposures, pretax

-

N.M.

(20.0)

-

-

-

(20.0)

N.M.

-

Tax on non-core Legacy Commercial exposures

-

N.M.

(4.3)

-

-

-

(4.3)

N.M.

-

Non-core Legacy Commercial exposures, after tax

-

N.M.

(15.7)

-

-

-

(15.7)

N.M.

-

Total non-core adjustments

(2.6)

N.M.

(29.4)

3.0

(4.6)

1.7

(29.3)

(55.9)%

(18.8)

Net loss

$ (6.6)

2.9 %

$ (36.3)

$ (5.9)

$ (14.0)

$ (6.8)

$ (63.0)

(37.3)%

$ (45.9)

Net Investment Gains (Losses)

Gross realized gains

$ 3.1

10.7 %

$ 7.5

$ 3.7

$ 2.8

$ 2.8

$ 16.8

95.3 %

$ 8.6

Gross realized losses, excluding impairment charges

(5.2)

(126.1)%

(27.4)

(4.4)

(7.5)

(2.3)

(41.6)

(24.6)%

(33.4)

Change in fair value of equity securities

(1.2)

(146.2)%

1.8

5.1

(2.1)

2.6

7.4

(6.3)%

7.9

Credit loss and intent-to-sell impairments

-

N.M.

0.7

(0.6)

0.9

(0.9)

0.1

101.4 %

(7.1)

Total net investment gains (losses)

$ (3.3)

(250.0)%

$ (17.4)

$ 3.8

$ (5.9)

$ 2.2

$ (17.3)

27.9 %

$ (24.0)

Taxable $ 68.3

2.6 %

$ 71.8

$ 66.1

$ 68.5

$ 66.6

$ 273.0

4.2

%

$ 261.9

Tax-exempt 3.3

(13.2) %

3.4

3.4

3.4

3.8

14.0

91.8

%

7.3

Total fixed maturity securities 71.6

1.7 %

75.2

69.5

71.9

70.4

287.0

6.6

%

269.2

Equity securities

1.0

(16.7) %

1.3

1.3

1.4

1.2

5.2

(18.8) %

6.4

Policy loans

2.0

- %

2.2

2.0

2.1

2.0

8.3

(1.2) %

8.4

Commercial mortgage loan funds

2.4

(40.0) %

7.4

9.9

0.2

4.0

21.5

(42.7) %

37.5

Limited partnership interests 13.9

531.8

%

8.5

4.6

8.0

2.2

23.3

7.9

%

21.6

Short-term investments and other 3.4

25.9

%

3.4

3.9

2.3

2.7

12.3

38.2

%

8.9

Gross investment income - investment portfolio 94.3

14.3

%

98.0

91.2

85.9

82.5

357.6

1.6

%

352.0

Investment expense 2.8

7.7

%

3.5

4.0

3.2

2.6

13.3

9.9

%

12.1

Total net investment income - investment portfolio 91.5

14.5

%

94.5

87.2

82.7

79.9

344.3

1.3

%

339.9

Investment income - Deposit asset on reinsurance 24.4

(4.3)

%

24.4

25.8

25.7

25.5

101.4

(3.3)

%

104.9

Total net investment income $ 115.9

10.0

%

$ 118.9

$ 113.0

$ 108.4

$ 105.4

$ 445.7

0.2

%

$ 444.8

Portfolio Net Investment Income by Segment

Property & Casualty $ 11.7

(4.9)

%

$ 15.4

$ 8.8

$ 9.5

$ 12.3

$ 46.0

21.4

%

$ 37.9

Life & Retirement 64.7

7.3

%

69.9

68.8

63.2

60.3

262.2

(1.1)

%

265.0

Supplemental & Group Benefits 9.4

20.5

%

9.7

10.1

10.5

7.8

38.1

(2.1)

%

38.9

Corporate & Other, including intersegment eliminations 5.7

1240.0

%

(0.5)

(0.5)

(0.5)

(0.5)

(2.0)

(5.3)

%

(1.9)

Total net investment income $ 91.5

14.5

%

$ 94.5

$ 87.2

$ 82.7

$ 79.9

$ 344.3

1.3

%

$ 339.9

After tax net investment income - Deposit asset on reinsurance 19.3

(4.0) %

19.3

20.4

20.3

20.1

80.1

(3.4) %

82.9

Total after tax net investment income 92.3

10.5 %

94.7

90.0

86.9

83.5

355.1

0.7 %

352.5

Investment yield, pretax - annualized(2)

5.09 %

0.77 pts

5.22 %

4.72 %

4.46 %

4.32 %

4.68 %

-0.07 pts

4.75 %

Investment yield, after tax - annualized(2)

4.07 %

0.64 pts

4.17 %

3.77 %

3.61 %

3.43 %

3.75 %

-0.02 pts

3.77 %

Investment yield, excluding limited partnership interests,

4.60 %

0.09 pts

5.10 %

4.79 %

4.28 %

4.51 %

4.69 %

-0.05 pts

4.74 %

3.69 %

0.10 pts

4.08 %

3.83 %

3.47 %

3.59 %

3.74 %

-0.02 pts

3.76 %

‌($ in millions)‌

March 31,

2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

Fixed maturity securities, at fair value(1)

$ 5,457.7

78.0 %

$ 5,387.9

77.9 %

$ 5,573.2

78.6 %

$ 5,345.4

77.9 %

$ 5,342.7

77.9 %

Equity securities, at fair value

64.3

0.9 %

66.5

1.0 %

88.9

1.3 %

82.6

1.2 %

84.7

1.2 %

Policy loans, at outstanding balance

139.5

2.0 %

140.8

2.0 %

141.9

2.0 %

140.7

2.1 %

140.7

2.1 %

Commercial mortgage loan funds

590.5

8.4 %

596.0

8.6 %

600.1

8.5 %

626.9

9.2 %

646.2

9.4 %

Limited partnership interests

535.1

7.6 %

525.3

7.6 %

487.1

6.9 %

484.8

7.1 %

473.1

6.9 %

Short-term investments and other

220.3

3.1 %

199.9

2.9 %

193.6

2.7 %

170.6

2.5 %

170.5

2.5 %

Total investments

$ 7,007.4

100.0 %

$ 6,916.4

100.0 %

$ 7,084.8

100.0 %

$ 6,851.0

100.0 %

$ 6,857.9

100.0 %

Asset-backed securities

$ 306.1

5.6 %

$ 308.5

5.7 %

$ 329.3

5.9 %

$ 324.2

6.1 %

$ 301.5

5.6 %

Collateralized loan obligations

862.1

15.7 %

862.3

16.0 %

810.1

14.5 %

764.9

14.3 %

765.2

14.3 %

Commercial mortgage-backed securities

314.6

5.8 %

292.9

5.4 %

332.5

6.0 %

321.8

6.0 %

323.8

6.1 %

Corporate

1,793.4

32.9 %

1,795.5

33.4 %

1,960.9

35.2 %

1,868.2

34.9 %

1,851.8

34.7 %

Municipal

1,155.9

21.2 %

1,150.8

21.4 %

1,215.7

21.8 %

1,176.7

22.0 %

1,207.5

22.6 %

Residential mortgage-backed securities

662.3

12.1 %

620.3

11.5 %

539.0

9.7 %

516.1

9.7 %

501.7

9.4 %

U.S. Treasuries and government agencies

363.3

6.7 %

357.6

6.6 %

385.7

6.9 %

373.5

7.0 %

391.2

7.3 %

Total fixed maturity securities

$ 5,457.7

100.0 %

$ 5,387.9

100.0 %

$ 5,573.2

100.0 %

$ 5,345.4

100.0 %

$ 5,342.7

100.0 %

U.S. government/government agencies

$ 1,201.8

22.0 %

$ 1,139.2

21.1 %

$ 1,141.6

20.5 %

$ 1,098.9

20.6 %

$ 1,118.0

20.9 %

AAA

638.6

11.7 %

635.6

11.8 %

611.7

11.0 %

648.5

12.1 %

617.2

11.6 %

AA

1,148.6

21.0 %

1,150.8

21.4 %

1,185.7

21.3 %

1,108.7

20.7 %

1,125.9

21.1 %

A

1,062.6

19.5 %

1,059.9

19.7 %

1,100.7

19.7 %

1,006.3

18.8 %

986.7

18.5 %

BBB

1,134.5

20.8 %

1,137.6

21.1 %

1,195.1

21.4 %

1,131.3

21.2 %

1,143.0

21.4 %

Not rated(2)

129.0

2.4 %

121.9

2.3 %

136.5

2.4 %

143.4

2.7 %

137.7

2.6 %

Total investment grade

$ 5,315.1

97.4 %

$ 5,245.0

97.3 %

$ 5,371.3

96.4 %

$ 5,137.1

96.1 %

$ 5,128.5

96.0 %

BB and below

102.5

1.9 %