HORACE MANN EDUCATORS CORP /DE/

Listed Company

HMNCIK 0000850141NYSELarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.70B

Net Income

$162.10M

Total Assets

$15.27B

Equity

$1.48B

Shares Out

40.45M

Op. Cash Flow

$553.20M

Business

HORACE MANN EDUCATORS CORP /DE/ is an insurance holding company that provides multiline insurance and financial services focused on educators and other public-sector professionals. It offers individual protection and savings solutions such as auto, homeowners and liability insurance, life insurance, annuities and retirement platforms, as well as supplemental health, disability and employer-sponsored group benefits and related recordkeeping services. The company operates three reporting segments—Property & Casualty, Life & Retirement, and Supplemental & Group Benefits—organized into Retail and Worksite divisions plus Corporate & Other. It distributes products nationwide through an exclusive agency force, brokers and benefit specialists, and direct and digital channels to K-12 educators and adjacent public sector markets.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums and contract charges earned	1,228	1,146	1,057	—	890
Net investment income	464	446	445	401	423
Net investment (losses)	−13	−17	−24	−57	−11
Other income	22	21	14	10	29
Total revenues	1,701	1,595	1,492	1,382	1,329
Benefits, claims and settlement expenses (Reserve remeasurement (gains)/losses $6.0, $1.6, $(1.6))	712	745	769	747	591
Interest credited	217	216	206	173	160
Operating expenses	397	346	318	316	251
DAC amortization expense	125	111	101	88	91
Intangible asset amortization expense	14	15	15	17	13
Interest expense	36	35	30	19	14
Total benefits, losses and expenses	1,500	1,467	1,439	1,365	1,119
Income before income taxes	201	129	53	17	210
Income tax expense	39	26	8	−3	40
Net income	162	103	45	20	170
Basic (in usd per share)	3.93	2.49	1.09	0.48	4.06
Diluted (in usd per share)	3.9	2.48	1.09	0.47	4.04
Basic (in shares)	41	41	41	42	42
Diluted (in shares)	42	42	41	42	42
Change in net unrealized investment gains (losses) on fixed maturity securities	112	−29	121	−797	−90
Change in net reserve remeasurements attributable to discount rates	−18	89	−37	446	111
Change in net funded status of benefit plans	5	600,000	1	1	1
Other comprehensive income	99	61	85	−349	−405
Comprehensive income	261	163	130	−330	−235

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2025, $6,026.7; 2024, $5,842.5)	5,715	5,388	5,235	5,185	—
Equity securities at fair value, (cost $56.2 and $78.8)	42	67	86	100	147
Limited partnership interests (Carried under Fair Value Option, 2025 $0.0 and 2024, $28.9)	1,101	1,121	1,139	984	713
Policy loans	138	141	141	139	—
Short-term and other investments	309	200	229	180	350
Total investments	7,305	6,916	6,831	6,588	7,450
Cash	28	38	—	—	—
Deferred policy acquisition costs	358	347	336	331	248
Reinsurance balances receivable	419	425	481	468	153
Deposit asset on reinsurance	2,370	2,434	2,497	2,517	2,482
Intangible assets	142	156	170	185	145
Goodwill	54	54	54	54	44
Other assets	435	408	358	329	—
Separate Account variable annuity assets	4,157	3,709	3,294	2,792	3,441
Total assets	15,267	14,488	14,050	13,306	14,460
Future policy benefit reserves	1,612	1,623	1,762	1,718	6,578
Policyholders' account balances	5,064	5,100	5,187	5,261	—
Unpaid claims and claim expenses	565	569	582	564	426
Unearned premiums	372	344	301	266	255
Total policy liabilities	7,613	7,637	7,831	7,809	7,259
Other policyholder funds	1,046	996	916	809	946
Other liabilities	374	312	287	300	428
Long-term debt	593	547	546	249	254
Separate Account variable annuity liabilities	4,157	3,709	3,294	2,792	3,441
Total liabilities	13,784	13,200	12,875	12,208	12,577
Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued	0	0	0	0	0
Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2025, 67,323,929; 2024, 67,032,164	100,000	100,000	100,000	100,000	100,000
Additional paid-in capital	539	525	511	503	495
Retained earnings	1,652	1,548	1,502	1,512	1,525
Net unrealized investment losses on fixed maturity securities	−246	−357	−328	−450	291
Net reserve remeasurements attributable to discount rates	93	111	22	59	—
Net funded status of benefit plans	−3	−7	−8	−9	−10
Treasury stock, at cost, 2025, 26,664,472 shares; 2024, 26,167,246 shares	−553	−533	−524	−517	−493
Total shareholders' equity	1,483	1,288	1,175	1,098	1,499
Total liabilities and shareholders' equity	15,267	14,488	14,050	13,306	14,384

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net investment losses	13	17	24	57	11
Depreciation and intangible asset amortization	27	26	26	28	18
Share-based compensation expense	10	10	10	9	8
Loss (gain) from equity method investments, net of dividends or distributions	−5	36	−15	18	−42
Insurance liabilities	125	83	187	334	115
Amounts due under reinsurance agreements	6	56	−13	−310	7
Income tax liabilities	2	28	−15	111	−91
Other operating assets and liabilities	219	101	54	−109	5
Contributions to defined benefit plan	−4	−1	0	0	—
Other, net	−3	−7	−1	10	3
Net cash provided by operating activities	553	452	302	172	205
Fixed maturity securities purchases	−1,348	−1,162	−597	−1,046	−1,459
Fixed maturity securities sales	466	380	378	752	578
Fixed maturity securities maturities, paydowns, calls and redemptions	690	540	292	497	873
Equity securities purchases	−2	−5	−3	−5	−46
Equity securities sales, calls, and repayments	23	16	19	12	5
Limited partnership interests purchases	−69	−75	−207	−356	−321
Limited partnership interests sales	99	120	41	67	87
Change in short-term and other investments, net	−101	42	−40	40	−9
Other, net	−10	7	9	−10	−10
Net cash used in investing activities	−252	−136	−107	−215	−302
Dividends paid to shareholders	−57	−56	−54	−53	−51
Proceeds from issuance of Senior Notes	295	0	298	—	—
Principal repayment on Senior Notes	−250	0	0	—	—
Principal repayment on Revolving Credit Facility	0	0	−249	0	0
Treasury stock acquired	−21	−9	−7	−24	−5
Proceeds from exercise of stock options	5	5	0	0	300,000
Withholding tax payments on RSUs tendered	−3	−2	−2	−2	−2
Deposits	1,028	796	788	637	1,060
Benefits, withdrawals and net transfers to Separate Account variable annuity assets	−640	−637	−605	−472	−463
Repayment of FHLB funding agreements	−510	−270	−190	−149	−362
Life policy accounts deposits, withdrawals, and surrenders	20	12	9	12	9
Change in deposit asset on reinsurance	−162	−162	−124	−67	−39
Net increase (decrease) in reverse repurchase agreements	−12	12	−70	70	0
Change in book overdrafts	−6	3	−3	10	300,000
Net cash used in financing activities	−312	−308	−208	−48	209
Net increase (decrease) in cash	−11	8	−13	−91	111

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro