Horace Mann Educators (HMEC) reported a net income increase for the second quarter of 2024, with a significant rise of 129.7% compared to the same period in 2023. The company's total revenues also saw an 8.9% increase, reaching $388.1 million. This growth was primarily attributed to lower net investment losses and improved Property & Casualty segment results, which benefited from rate and non-rate underwriting actions and favorable prior years' reserve development in Auto. The net income for the six months ended June 30, 2024, increased by 588.7%, with total revenues up by 9.0%. The Property & Casualty segment experienced a 16.6% increase in net premiums written, with a combined ratio improvement of 17.4 points for the quarter. The Life & Retirement segment saw a decrease in net income due to lower net...Show More

Horace Mann Educators (HMEC) reported a net income increase for the second quarter of 2024, with a significant rise of 129.7% compared to the same period in 2023. The company's total revenues also saw an 8.9% increase, reaching $388.1 million. This growth was primarily attributed to lower net investment losses and improved Property & Casualty segment results, which benefited from rate and non-rate underwriting actions and favorable prior years' reserve development in Auto. The net income for the six months ended June 30, 2024, increased by 588.7%, with total revenues up by 9.0%. The Property & Casualty segment experienced a 16.6% increase in net premiums written, with a combined ratio improvement of 17.4 points for the quarter. The Life & Retirement segment saw a decrease in net income due to lower net interest spread and unfavorable benefits, while the Supplemental & Group Benefits segment reported a 19.5% increase in net income for the quarter. Looking ahead, HMEC estimates that 2024 full-year core earnings will be within a range of $2.40 to $2.70 per diluted share, a decrease from previous estimates due to lower-than-expected net investment income in the first half of the year. The company continues to manage its investment portfolio, which is primarily composed of investment-grade fixed maturity securities, and maintains sufficient liquidity to meet its needs.