Horace Mann Educators (HMEC) reported a robust financial performance for the third quarter of 2024, with significant year-over-year improvements in net income and earnings per share. Total revenues for the quarter increased by 8.8% to $412.1 million, while net income surged by 193.2% to $34.3 million compared to the same period in 2023. Diluted earnings per share for the quarter were $0.83, a substantial increase from $0.28 in the prior year. The company's book value per share also grew by 22.8% to $31.60. The Property & Casualty segment saw a net income increase of 193.8% for the quarter, driven by higher average written premiums and a significantly lower underlying loss ratio. The Life & Retirement segment experienced a decrease in net income by 29.2% for the quarter, primarily due to a...Show More

Horace Mann Educators (HMEC) reported a robust financial performance for the third quarter of 2024, with significant year-over-year improvements in net income and earnings per share. Total revenues for the quarter increased by 8.8% to $412.1 million, while net income surged by 193.2% to $34.3 million compared to the same period in 2023. Diluted earnings per share for the quarter were $0.83, a substantial increase from $0.28 in the prior year. The company's book value per share also grew by 22.8% to $31.60. The Property & Casualty segment saw a net income increase of 193.8% for the quarter, driven by higher average written premiums and a significantly lower underlying loss ratio. The Life & Retirement segment experienced a decrease in net income by 29.2% for the quarter, primarily due to a lower net interest spread and unfavorable benefits. The Supplemental & Group Benefits segment's net income decreased by 6.3% for the quarter. HMEC's investment portfolio performed well, with a decrease in pretax net investment losses and a reduction in unrealized investment losses on fixed maturity securities. Looking ahead, HMEC maintains its full-year core earnings projection for 2024 within the range of $2.40 to $2.70 per diluted share, anticipating an 8% to 9% increase in net premiums and contract charges earned, driven by Property & Casualty rate actions. The company continues to manage its investment portfolio with a focus on income generation and principal protection, and it remains confident in its liquidity position to meet future obligations.