Horace Mann Reports Third Quarter 2012 Operating EPS Of $0.62,
$0.38 Higher Than Prior Year
SPRINGFIELD, Ill., Oct. 24, 2012 /PRNewswire/ -- Horace
Mann Educators Corporation (NYSE:HMN) today reported financial
results for the three and nine months ended September 30, 2012:
|
Horace
Mann Financial Highlights
|
|
Three
months ended
September
30,
|
|
Nine
months ended
September
30,
|
|
($ in
millions, except per share
amounts)
|
2012
|
2011(A)
|
Change
|
|
2012
|
2011(A)
|
Change
|
|
Total
revenues
|
$256.6
|
$260.9
|
-1.6%
|
|
$755.4
|
$750.7
|
0.6%
|
|
Net
income
|
32.2
|
23.6
|
36.4%
|
|
72.0
|
37.6
|
91.5%
|
|
Net income
per diluted share
|
0.78
|
0.57
|
36.8%
|
|
1.74
|
0.91
|
91.2%
|
|
Operating
income*
|
25.3
|
9.9
|
155.6%
|
|
58.4
|
16.5
|
N.M.
|
|
Operating
income per
diluted
share*
|
0.62
|
0.24
|
158.3%
|
|
1.42
|
0.40
|
N.M.
|
|
Book value
per share
|
|
|
|
|
31.30
|
25.66
|
22.0%
|
|
Book value
per share excluding
the fair value adjustment
for
investments*
|
|
|
|
|
21.24
|
19.15
|
10.9%
|
|
Property
and Casualty segment
net income (loss)
|
13.5
|
1.7
|
N.M.
|
|
22.6
|
(11.5)
|
N.M.
|
|
Property and Casualty
combined ratio
|
93.0%
|
104.6%
|
-11.6
pts
|
|
100.3%
|
111.4%
|
-11.1
pts
|
|
Property and Casualty underlying
combined
ratio*
|
91.2%
|
92.7%
|
-1.5
pts
|
|
93.2%
|
93.0%
|
0.2
pts
|
|
Annuity
segment net income
|
$
9.9
|
$
4.7
|
110.6%
|
|
$
29.4
|
$
20.5
|
43.4%
|
|
Life
segment net income
|
4.9
|
3.6
|
36.1%
|
|
16.2
|
13.7
|
18.2%
|
|
N.M. - Not
meaningful.
|
|
* These
measures are not based on accounting principles generally accepted
in the United States ("non-GAAP"). They are reconciled to the most
directly comparable GAAP measures in the supplemental numerical
pages of this document. An explanation of these measures is
contained in the Glossary of Selected Terms included as an exhibit
in the company's reports filed with the SEC.
|
|
(A)
Reflects the retrospective adoption on January 1, 2012 of new
accounting guidance for deferred policy acquisition costs. The
adoption of this accounting guidance did not have a material effect
on the company's results of operations, but did decrease
shareholders' equity $31.6 million, or 2.9%, after tax at January
1, 2012.
|
"Horace Mann's third quarter
operating income was $0.62 per share,
a $0.38 increase compared to the
prior year. We continue to focus on profitably growing our
businesses and are pleased with another quarter of stronger
underlying earnings performance across all three segments of our
multiline insurance platform," said Horace
Mann's President and CEO Peter H.
Heckman. "In property and casualty, catastrophe losses
of $5.4 million pretax were lower
than expected, underlying profit margins and retention improved,
and top line growth continued. Despite a challenging interest
rate environment, our fixed annuity spread remained above 2%.
And, in our life segment, third quarter sales of Horace Mann products increased 25% compared to
last year. Meanwhile, book value per share, excluding the
fair value adjustment for investments, increased to $21.24 per share, an 11% improvement compared to
a year ago."
"Primarily as a result of the lower than expected catastrophe
losses, as well as stronger than anticipated earnings in the
annuity and life segments, we are revising our full-year 2012
operating income guidance to between $1.85
and $1.95 per share," stated Heckman.
Property and Casualty Segment
The property and casualty segment recorded net income of
$13.5 million for the quarter
compared to $1.7 million for the same
period in 2011. The total property and casualty combined
ratio of 93.0% was 11.6 percentage points lower than the third
quarter of 2011. Pretax catastrophe losses in the current
quarter of $5.4 million decreased
$12.9 million compared to a year
ago. Favorable prior years' reserve development totaling
$3.0 million was recorded in the
third quarter, compared to $2.0
million of favorable development recorded in the third
quarter of 2011. The underlying property and casualty
combined ratio of 91.2% decreased 1.5 percentage points compared to
the prior year quarter, reflecting favorable current accident year
property results excluding catastrophes as well as an improvement
in the underlying auto combined ratio.
For the nine months ended September 30,
2012, property and casualty segment net income of
$22.6 million improved $34.1 million compared to the net loss for the
same period in 2011, primarily as a result of the lower level of
catastrophe losses. Reflecting the factors described above,
the year to date underlying combined ratio was 93.2% for the
current period.
Total property and casualty premiums written of $146.5 million and $413.6
million increased slightly compared to the three and nine
months ended September 30, 2011,
respectively, with increases in average property and auto premiums
per policy largely offset by reduced levels of policies in force
for both lines.
True new auto sales units -- units associated with new
Horace Mann auto policyholders --
increased 18% in the current quarter and 30% year to date compared
to the prior year. The growth in total new auto units,
tempered by a modest increase in the number of additional vehicles
added to existing policies, was 11% and 16% compared to the three
and nine months ended September 30,
2011, respectively. In addition, property new sales
units increased 16% and 17% compared to the third quarter and first
nine months of 2011, respectively.
Annuity Segment
Annuity segment net income was $9.9
million for the three months ended September 30, 2012, increasing $5.2 million compared to the same period in 2011
and contributing to an $8.9 million
increase compared to the first nine months of 2011. The net
interest margin on fixed annuity assets increased 17% compared to
the first nine months of 2011, with the year-to-date net interest
spread of 2.11% increasing 12 basis points compared to the same
period in 2011. Driven by the change in financial market
performance, the evaluation of deferred policy acquisition costs in
the quarter had a $0.5 million pretax
positive impact on annuity segment earnings compared to a
$4.8 million negative impact in the
prior year. In the year-to-date periods, the respective
evaluations had a positive impact of $1.3
million pretax in the current year and a negative impact of
$4.7 million pretax last year.
Total accumulated account value of $4.7
billion increased 13% compared to September 30, 2011, and total cash value
persistency of 95.0% improved approximately 1 percentage point
compared to a year earlier.
For the three and nine months ended September 30, 2012, annuity deposits received of
$114.5 million and $302.9 million decreased 12% and 5% compared to
the respective prior year periods, primarily due to the decrease in
single deposit and rollover receipts for the third quarter of
2012.
Total annuity sales decreased 13% compared to last year's strong
third quarter and for the nine months were comparable to the same
period in 2011. Within the year-to-date result, annuity sales
by Horace Mann's agency force
increased 12%, while sales from the supplemental independent agent
distribution channel declined year-over-year.
Life Segment
Life segment net income of $4.9
million for the third quarter increased $1.3 million compared to the same period in
2011. Compared to the first nine months of 2011, life segment
net income increased $2.5
million. The improvement in both periods was primarily
due to lower mortality costs in the current year. Life
persistency of 96% improved approximately 1 percentage point
compared to 12 months earlier.
Life segment insurance premiums and contract deposits of
$24.2 million and $71.7 million increased approximately 1% compared
to the three and nine months ended September
30, 2011, respectively.
Total new life sales continued to be strong compared to the
prior year, with third quarter and nine month growth rates of 25%
and 32%, respectively, in sales of Horace
Mann-manufactured products -- consistent with the company's
strategic intent to significantly increase its underwritten,
mortality-based business.
Investment Results
In 2012, total net investment income increased 7% compared to
both the three and nine months ended September 30, 2011. Pretax net realized
investment gains were $10.8 million
in the third quarter of 2012 and included no impairment write-downs
on securities.
Horace Mann's net unrealized
investment gains on fixed maturity and equity securities of
$647.7 million at September 30, 2012 increased 18.0% compared to
the $548.7 million net unrealized
gain at June 30, 2012. Net
unrealized gains were $441.1 million
at December 31, 2011 and $428.2 million at September 30, 2011.
Capital Management
During the third quarter of 2012, the company repurchased 96,029
shares of its common stock at an aggregate cost of $1.7 million, or an average price per share of
$17.53, under its $50 million share repurchase program. As of
September 30, 2012, the program had a
remaining authorization of $34.3
million. There were 39,378,349 shares outstanding on
September 30, 2012.
Webcast Conference Call
Horace Mann's senior management
will discuss the company's third quarter performance with investors
and analysts on October 25, 2012 at
10:00 a.m. Eastern Time. The
conference call will be webcast live on the Internet at
www.horacemann.com and archived later in the day for replay, which
will be available for one month.
Horace Mann -- the largest
national multiline insurance company focusing on educators'
financial needs -- provides auto and homeowners insurance,
retirement annuities, life insurance and other financial
solutions. Founded by Educators for
Educators® in 1945, the company is headquartered in
Springfield, Ill. For more
information, visit www.horacemann.com.
Statements included in this news release that are not historical
in nature are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995 and are subject to certain
risks and uncertainties. Horace Mann is not under any
obligation to (and expressly disclaims any such obligation to)
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Please
refer to the company's Quarterly Report on Form 10-Q for the period
ended June 30, 2012 and the company's
past and future filings and reports filed with the Securities and
Exchange Commission for information concerning the important
factors that could cause actual results to differ materially from
those in forward-looking statements. The information
contained in this press release includes financial measures which
are based on methodologies other than United States generally accepted accounting
principles ("GAAP"). Reconciliations of non-GAAP measures to
the closest GAAP measures are contained in the supplemental
numerical pages of this release and additional descriptions of the
non-GAAP measures are contained in the Glossary of Selected Terms
included as an exhibit to the company's SEC filings.
|
HORACE
MANN EDUCATORS CORPORATION
|
|
Financial
Highlights (Unaudited)
|
|
(Dollars
in Millions, Except Per Share Data)
|
|
|
|
|
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|
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|
|
|
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|
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Three
Months Ended
|
|
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
EARNINGS SUMMARY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
32.2
|
|
$
23.6
|
|
36.4%
|
|
$
72.0
|
|
$
37.6
|
|
91.5%
|
|
Net
realized investment gains, after tax
|
6.9
|
|
13.7
|
|
-49.6%
|
|
13.6
|
|
21.1
|
|
-35.5%
|
|
Operating
income (B)
|
25.3
|
|
9.9
|
|
155.6%
|
|
58.4
|
|
16.5
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Per
diluted share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
0.78
|
|
$
0.57
|
|
36.8%
|
|
$
1.74
|
|
$
0.91
|
|
91.2%
|
|
|
Net
realized investment gains, after tax
|
$
0.16
|
|
$
0.33
|
|
-51.5%
|
|
$
0.32
|
|
$
0.51
|
|
-37.3%
|
|
Operating
income (B)
|
$
0.62
|
|
$
0.24
|
|
158.3%
|
|
$
1.42
|
|
$
0.40
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Weighted
average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
and
equivalent shares (in millions) - Diluted
|
41.1
|
|
41.5
|
|
-1.0%
|
|
41.3
|
|
41.5
|
|
-0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Return on
equity (C)
|
|
|
|
|
|
|
9.5%
|
|
5.7%
|
|
N.M.
|
|
|
|
|
|
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|
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|
|
|
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OPERATIONS
|
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Insurance
premiums written and contract deposits
|
$
285.2
|
|
$
298.9
|
|
-4.6%
|
|
$
788.2
|
|
$
802.3
|
|
-1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty combined ratio
|
93.0%
|
|
104.6%
|
|
N.M.
|
|
100.3%
|
|
111.4%
|
|
N.M.
|
|
Property
& Casualty combined ratio excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
the
effects of catastrophe costs and prior years'
|
|
|
|
|
|
|
|
|
|
|
|
|
reserve
development ("underlying combined ratio") (B)
|
91.2%
|
|
92.7%
|
|
N.M.
|
|
93.2%
|
|
93.0%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
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FINANCIAL POSITION
|
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|
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|
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Per share
(D):
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
value
|
|
|
|
|
|
|
$
31.30
|
|
$
25.66
|
|
22.0%
|
|
|
Effect of
the fair value adjustment for investments (E)
|
|
|
|
|
|
|
$
10.06
|
|
$
6.51
|
|
54.5%
|
|
Book value
excluding the fair value adjustment for investments (B)
|
|
|
|
|
|
|
$
21.24
|
|
$
19.15
|
|
10.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid
|
$
0.13
|
|
$
0.11
|
|
18.2%
|
|
$
0.39
|
|
$
0.33
|
|
18.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
number of shares outstanding (in millions) (D)
|
|
|
|
|
|
|
39.4
|
|
39.9
|
|
-1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
$
8,122.2
|
|
$
7,288.6
|
|
11.4%
|
|
Short-term
debt
|
|
|
|
|
|
|
38.0
|
|
38.0
|
|
-
|
|
Long-term
debt
|
|
|
|
|
|
|
199.8
|
|
199.7
|
|
0.1%
|
|
Total
shareholders' equity
|
|
|
|
|
|
|
1,232.4
|
|
1,024.3
|
|
20.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
ADDITIONAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclusive
agencies (F)
|
|
|
|
|
|
|
590
|
|
519
|
|
13.7%
|
|
Employee
agents (G)
|
|
|
|
|
|
|
142
|
|
216
|
|
-34.3%
|
|
Total
|
|
|
|
|
|
|
|
732
|
|
735
|
|
-0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Adjusted
to reflect the January 1, 2012 adoption and retrospective
application by the company of new accounting guidance
for
deferred
policy acquisition costs. The adoption of this accounting
guidance did not have a material effect on the company's results
of
operations, but did decrease shareholders' equity
$31.6 million, or 2.9%, after tax at January 1, 2012.
These
measures are not based on accounting principles generally accepted
in the United States ("non-GAAP"). An explanation of
these
measures
is contained in the Glossary of Selected Terms included as an
exhibit in the company's reports filed with the SEC.
|
|
|
|
|
|
(B)
|
|
|
|
(C)
|
Based on
trailing 12-month net income and average quarter-end shareholders'
equity.
|
|
(D)
|
Ending
shares outstanding were 39,378,349 at September 30, 2012 and
39,918,707 at September 30, 2011.
|
|
(E)
|
Net of the
related impact on deferred policy acquisition costs and the
applicable deferred taxes.
|
|
(F)
|
Local
Horace Mann agencies created and owned by independent contractors
who have signed Exclusive Agent agreements with the
Company
("Exclusive Agents"). Those agreements state that only the
Company's products and limited additional third-party
vendor
products
authorized by the Company will be marketed by the agencies.
An independent contractor may sign multiple Exclusive
Agent
agreements
with the Company and manage more than one Exclusive
Agency.
|
|
|
|
|
|
|
|
(G)
|
Agents who
have employee status with the Company and by contract market only
the Company's products and limited additional
|
|
third-party vendor products authorized by the
Company.
|
|
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- 1
-
|
|
HORACE
MANN EDUCATORS CORPORATION
|
|
Statements
of Operations and Supplemental Consolidated Data
(Unaudited)
|
|
(Dollars
in Millions)
|
|
|
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|
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|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Insurance
premiums and contract charges earned
|
$
167.9
|
|
$
167.1
|
|
0.5%
|
|
$
499.7
|
|
$
500.1
|
|
-0.1%
|
|
Net
investment income
|
76.7
|
|
71.5
|
|
7.3%
|
|
228.7
|
|
213.7
|
|
7.0%
|
|
Net
realized investment gains
|
10.8
|
|
21.2
|
|
-49.1%
|
|
21.1
|
|
32.7
|
|
-35.5%
|
|
Other
income
|
1.2
|
|
1.1
|
|
9.1%
|
|
5.9
|
|
4.2
|
|
40.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
256.6
|
|
260.9
|
|
-1.6%
|
|
755.4
|
|
750.7
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits,
claims and settlement expenses
|
106.0
|
|
124.4
|
|
-14.8%
|
|
344.9
|
|
398.8
|
|
-13.5%
|
|
Interest
credited
|
41.4
|
|
39.3
|
|
5.3%
|
|
121.8
|
|
115.0
|
|
5.9%
|
|
Policy
acquisition expenses amortized
|
20.4
|
|
25.0
|
|
-18.4%
|
|
60.5
|
|
64.7
|
|
-6.5%
|
|
Operating
expenses
|
38.1
|
|
36.2
|
|
5.2%
|
|
114.5
|
|
109.1
|
|
4.9%
|
|
Interest
expense
|
3.6
|
|
3.4
|
|
5.9%
|
|
10.7
|
|
10.4
|
|
2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
benefits, losses and expenses
|
209.5
|
|
228.3
|
|
-8.2%
|
|
652.4
|
|
698.0
|
|
-6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
47.1
|
|
32.6
|
|
44.5%
|
|
103.0
|
|
52.7
|
|
95.4%
|
|
Income tax
expense
|
14.9
|
|
9.0
|
|
65.6%
|
|
31.0
|
|
15.1
|
|
105.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
32.2
|
|
$
23.6
|
|
36.4%
|
|
$
72.0
|
|
$
37.6
|
|
91.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF PREMIUMS WRITTEN
|
|
|
|
|
|
|
|
|
|
|
|
|
AND CONTRACT
DEPOSITS
__
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
and property (voluntary)
|
$
145.7
|
|
$
144.0
|
|
1.2%
|
|
$
411.4
|
|
$
409.9
|
|
0.4%
|
|
Involuntary and other property &
casualty
|
0.8
|
|
0.8
|
|
-
|
|
2.2
|
|
2.3
|
|
-4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Property & Casualty
|
146.5
|
|
144.8
|
|
1.2%
|
|
413.6
|
|
412.2
|
|
0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
deposits
|
114.5
|
|
130.1
|
|
-12.0%
|
|
302.9
|
|
318.9
|
|
-5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life
|
|
|
24.2
|
|
24.0
|
|
0.8%
|
|
71.7
|
|
71.2
|
|
0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
285.2
|
|
$
298.9
|
|
-4.6%
|
|
$
788.2
|
|
$
802.3
|
|
-1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF SEGMENT NET INCOME
(LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
$
13.5
|
|
$
1.7
|
|
N.M.
|
|
$
22.6
|
|
$
(11.5)
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
|
|
9.9
|
|
4.7
|
|
110.6%
|
|
29.4
|
|
20.5
|
|
43.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life
|
|
|
4.9
|
|
3.6
|
|
36.1%
|
|
16.2
|
|
13.7
|
|
18.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and other (B)
|
3.9
|
|
13.6
|
|
-71.3%
|
|
3.8
|
|
14.9
|
|
-74.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
32.2
|
|
23.6
|
|
36.4%
|
|
72.0
|
|
37.6
|
|
91.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
(A)
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
|
(B)
|
The
Corporate and Other segment includes interest expense on debt and
the impact of realized investment gains and losses
and other corporate level items. The Company
does not allocate the impact of corporate level transactions to the
insurance segments consistent with how management
evaluates the results of those segments. See detail for this
segment on page 5.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 2
-
|
|
HORACE
MANN EDUCATORS CORPORATION
|
|
Supplemental Business Segment Overview
(Unaudited)
|
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
PROPERTY & CASUALTY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
written
|
$
146.5
|
|
$
144.8
|
|
1.2%
|
|
$
413.6
|
|
$
412.2
|
|
0.3%
|
|
Premiums
earned
|
136.9
|
|
136.7
|
|
0.1%
|
|
407.5
|
|
410.5
|
|
-0.7%
|
|
Net
investment income
|
9.0
|
|
8.9
|
|
1.1%
|
|
27.2
|
|
27.4
|
|
-0.7%
|
|
Other
income (expense)
|
(0.1)
|
|
0.1
|
|
N.M.
|
|
1.5
|
|
0.3
|
|
N.M.
|
|
Losses and
loss adjustment expenses (LAE)
|
90.6
|
|
108.0
|
|
-16.1%
|
|
300.3
|
|
352.6
|
|
-14.8%
|
|
Operating
expenses (includes policy
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisition expenses amortized)
|
36.7
|
|
35.0
|
|
4.9%
|
|
108.2
|
|
104.7
|
|
3.3%
|
|
Income
(loss) before tax
|
18.5
|
|
2.7
|
|
N.M.
|
|
27.7
|
|
(19.1)
|
|
N.M.
|
|
Net income
(loss)
|
13.5
|
|
1.7
|
|
N.M.
|
|
22.6
|
|
(11.5)
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income, after tax
|
7.6
|
|
7.6
|
|
-
|
|
23.1
|
|
23.3
|
|
-0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs, after tax (B)
|
3.5
|
|
11.8
|
|
-70.3%
|
|
26.3
|
|
52.8
|
|
-50.2%
|
|
Catastrophe losses and LAE, before tax
|
5.4
|
|
18.3
|
|
-70.5%
|
|
40.5
|
|
81.3
|
|
-50.2%
|
|
Reinsurance reinstatement premiums, before
tax
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior
years' reserves favorable (adverse)
|
|
|
|
|
|
|
|
|
|
|
|
|
development, pretax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voluntary
automobile
|
$
2.4
|
|
$
1.1
|
|
118.2%
|
|
$
9.1
|
|
$
3.8
|
|
139.5%
|
|
|
Total
property
|
0.6
|
|
0.9
|
|
-33.3%
|
|
2.4
|
|
1.9
|
|
26.3%
|
|
|
Other
property and casualty
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
3.0
|
|
2.0
|
|
50.0%
|
|
11.5
|
|
5.7
|
|
101.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
loss adjustment expense ratio
|
66.2%
|
|
79.0%
|
|
N.M.
|
|
73.7%
|
|
85.9%
|
|
N.M.
|
|
Expense
ratio
|
26.8%
|
|
25.6%
|
|
N.M.
|
|
26.6%
|
|
25.5%
|
|
N.M.
|
|
Combined
ratio
|
93.0%
|
|
104.6%
|
|
N.M.
|
|
100.3%
|
|
111.4%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on
the combined ratio of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs (B)
|
4.0%
|
|
13.4%
|
|
N.M.
|
|
10.0%
|
|
19.8%
|
|
N.M.
|
|
|
|
Prior
years' reserve development
|
-2.2%
|
|
-1.5%
|
|
N.M.
|
|
-2.9%
|
|
-1.4%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio excluding the effects of catastrophe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
costs and
prior years' reserve development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
("underlying combined ratio") (C)
|
91.2%
|
|
92.7%
|
|
N.M.
|
|
93.2%
|
|
93.0%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
|
(B)
|
|
Includes
allocated loss adjustment expenses and catastrophe reinsurance
reinstatement premiums.
|
|
(C)
|
|
These
measures are not based on accounting principles generally accepted
in the United States ("non-GAAP").
|
|
|
|
See
footnote (B) on page 1 of these supplemental numerical
pages.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 3
-
|
|
HORACE
MANN EDUCATORS CORPORATION
|
|
Supplemental Business Segment Overview
(Unaudited)
|
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
PROPERTY & CASUALTY - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Operating Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
and property detail:
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
written (voluntary) (B)
|
$
145.7
|
|
$
144.0
|
|
1.2%
|
|
$
411.4
|
|
$
409.9
|
|
0.4%
|
|
|
Automobile
|
91.9
|
|
90.8
|
|
1.2%
|
|
269.6
|
|
271.3
|
|
-0.6%
|
|
|
Property
|
53.8
|
|
53.2
|
|
1.1%
|
|
141.8
|
|
138.6
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
earned (voluntary) (B)
|
136.1
|
|
136.0
|
|
0.1%
|
|
405.7
|
|
409.1
|
|
-0.8%
|
|
|
Automobile
|
89.5
|
|
90.3
|
|
-0.9%
|
|
267.0
|
|
273.3
|
|
-2.3%
|
|
|
Property
|
46.6
|
|
45.7
|
|
2.0%
|
|
138.7
|
|
135.8
|
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policies
in force (voluntary) (in thousands)
|
|
|
|
|
|
|
722
|
|
729
|
|
-1.0%
|
|
|
Automobile
|
|
|
|
|
|
|
485
|
|
489
|
|
-0.8%
|
|
|
Property
|
|
|
|
|
|
|
237
|
|
240
|
|
-1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policy
renewal rate (voluntary)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile
(6 months)
|
|
|
|
|
|
|
91.9%
|
|
90.7%
|
|
N.M.
|
|
|
Automobile
(12 months)
|
|
|
|
|
|
|
84.3%
|
|
82.5%
|
|
N.M.
|
|
|
Property
(12 months)
|
|
|
|
|
|
|
88.1%
|
|
85.2%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voluntary
automobile operating statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
loss adjustment expense ratio
|
70.2%
|
|
75.0%
|
|
N.M.
|
|
72.2%
|
|
72.5%
|
|
N.M.
|
|
|
Expense
ratio
|
27.2%
|
|
26.0%
|
|
N.M.
|
|
26.9%
|
|
25.7%
|
|
N.M.
|
|
|
Combined
ratio
|
97.4%
|
|
101.0%
|
|
N.M.
|
|
99.1%
|
|
98.2%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on
the combined ratio of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs (C)
|
1.3%
|
|
2.3%
|
|
N.M.
|
|
1.8%
|
|
2.2%
|
|
N.M.
|
|
|
|
Prior
years' reserve development
|
-2.7%
|
|
-1.3%
|
|
N.M.
|
|
-3.4%
|
|
-1.3%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio excluding the effects of catastrophe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
costs and
prior years' reserve development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
("underlying combined ratio") (D)
|
98.8%
|
|
100.0%
|
|
N.M.
|
|
100.7%
|
|
97.3%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
property operating statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
loss adjustment expense ratio
|
57.1%
|
|
86.5%
|
|
N.M.
|
|
75.9%
|
|
113.0%
|
|
N.M.
|
|
|
Expense
ratio
|
26.1%
|
|
25.1%
|
|
N.M.
|
|
25.9%
|
|
25.2%
|
|
N.M.
|
|
|
Combined
ratio
|
83.2%
|
|
111.6%
|
|
N.M.
|
|
101.8%
|
|
138.2%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on
the combined ratio of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Catastrophe costs (C)
|
9.1%
|
|
35.9%
|
|
N.M.
|
|
25.9%
|
|
55.9%
|
|
N.M.
|
|
|
|
Prior
years' reserve development
|
-1.3%
|
|
-2.0%
|
|
N.M.
|
|
-1.7%
|
|
-1.4%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio excluding the effects of catastrophe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
costs and
prior years' reserve development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
("underlying combined ratio") (D)
|
75.4%
|
|
77.7%
|
|
N.M.
|
|
77.6%
|
|
83.7%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
|
(B)
|
|
Amounts
are net of additional ceded premiums to reinstate the Company's
property and casualty catastrophe reinsurance coverage,
if any, as quantified on page 3.
|
|
(C)
|
|
Includes
allocated loss adjustment expenses and catastrophe reinsurance
reinstatement premiums.
|
|
(D)
|
|
These
measures are not based on accounting principles generally accepted
in the United States ("non-GAAP").
|
|
|
|
See
footnote (B) on page 1 of these supplemental numerical
pages.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 4
-
|
|
HORACE
MANN EDUCATORS CORPORATION
|
|
Supplemental Business Segment Overview
(Unaudited)
|
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
|
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
2012
|
|
2011
(A)
|
|
%
Change
|
|
ANNUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
deposits
|
$
114.5
|
|
$
130.1
|
|
-12.0%
|
|
$
302.9
|
|
$
318.9
|
|
-5.0%
|
|
Variable
|
25.9
|
|
25.5
|
|
1.6%
|
|
83.2
|
|
81.0
|
|
2.7%
|
|
Fixed
|
88.6
|
|
104.6
|
|
-15.3%
|
|
219.7
|
|
237.9
|
|
-7.7%
|
|
Contract
charges earned
|
5.5
|
|
4.9
|
|
12.2%
|
|
16.0
|
|
14.4
|
|
11.1%
|
|
Net
investment income
|
50.7
|
|
45.5
|
|
11.4%
|
|
150.0
|
|
135.0
|
|
11.1%
|
|
Net
interest margin (without realized investment gains and
losses)
|
19.9
|
|
16.5
|
|
20.6%
|
|
59.7
|
|
50.9
|
|
17.3%
|
|
Other
income
|
0.9
|
|
0.3
|
|
N.M.
|
|
2.4
|
|
2.0
|
|
20.0%
|
|
Mortality
loss and other reserve changes
|
(1.2)
|
|
(0.6)
|
|
N.M.
|
|
(2.3)
|
|
(1.6)
|
|
N.M.
|
|
Operating
expenses (includes policy acquisition expenses
amortized)
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2
|
|
14.7
|
|
-30.6%
|
|
31.8
|
|
35.7
|
|
-10.9%
|
|
Income
before tax
|
14.9
|
|
6.4
|
|
132.8%
|
|
44.0
|
|
30.0
|
|
46.7%
|
|
Net
income
|
9.9
|
|
4.7
|
|
110.6%
|
|
29.4
|
|
20.5
|
|
43.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax
income increase (decrease) due to evaluation
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
policy acquisition costs
|
$
0.5
|
|
$
(4.8)
|
|
N.M.
|
|
$
1.3
|
|
$
(4.7)
|
|
N.M.
|
|
Guaranteed
minimum death benefit reserve
|
0.1
|
|
(0.3)
|
|
N.M.
|
|
0.2
|
|
(0.4)
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
contracts in force (in thousands)
|
|
|
|
|
|
|
186
|
|
182
|
|
2.2%
|
|
Accumulated value on deposit / Assets under
management
|
|
|
|
|
|
|
$
4,687.7
|
|
$
4,152.6
|
|
12.9%
|
|
Variable
|
|
|
|
|
|
|
1,405.7
|
|
1,173.1
|
|
19.8%
|
|
Fixed
|
|
|
|
|
|
|
3,282.0
|
|
2,979.5
|
|
10.2%
|
|
Annuity
accumulated value retention - 12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable
accumulations
|
|
|
|
|
|
|
94.5%
|
|
92.5%
|
|
N.M.
|
|
Fixed
accumulations
|
|
|
|
|
|
|
95.3%
|
|
94.7%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
and contract deposits
|
$
24.2
|
|
$
24.0
|
|
0.8%
|
|
$
71.7
|
|
$
71.2
|
|
0.7%
|
|
Premiums
and contract charges earned
|
25.5
|
|
25.5
|
|
-
|
|
76.2
|
|
75.2
|
|
1.3%
|
|
Net
investment income
|
17.2
|
|
17.3
|
|
-0.6%
|
|
52.2
|
|
52.0
|
|
0.4%
|
|
Income
before tax
|
7.7
|
|
6.4
|
|
20.3%
|
|
25.4
|
|
22.1
|
|
14.9%
|
|
Net
income
|
4.9
|
|
3.6
|
|
36.1%
|
|
16.2
|
|
13.7
|
|
18.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax
income increase (decrease) due to evaluation
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
policy acquisition costs
|
$
(0.1)
|
|
$
(0.2)
|
|
-50.0%
|
|
$
(0.3)
|
|
$
(0.5)
|
|
-40.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life
policies in force (in thousands)
|
|
|
|
|
|
|
201
|
|
204
|
|
-1.5%
|
|
Life
insurance in force
|
|
|
|
|
|
|
$
14,522
|
|
$
14,061
|
|
3.3%
|
|
Lapse
ratio - 12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
(Ordinary
life insurance)
|
|
|
|
|
|
|
4.2%
|
|
4.8%
|
|
N.M.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE AND OTHER (B)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components
of income before tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized investment gains
|
$
10.8
|
|
$
21.2
|
|
-49.1%
|
|
$
21.1
|
|
$
32.7
|
|
-35.5%
|
|
Interest
expense
|
(3.6)
|
|
(3.4)
|
|
5.9%
|
|
(10.7)
|
|
(10.4)
|
|
2.9%
|
|
Other
operating expenses, net investment
income and other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.2)
|
|
(0.7)
|
|
71.4%
|
|
(4.5)
|
|
(2.6)
|
|
73.1%
|
|
Income
before tax
|
6.0
|
|
17.1
|
|
-64.9%
|
|
5.9
|
|
19.7
|
|
-70.1%
|
|
Net
income
|
3.9
|
|
13.6
|
|
-71.3%
|
|
3.8
|
|
14.9
|
|
-74.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
See
footnote (A) on page 1 of these supplemental numerical
pages.
|
|
(B)
|
The
Corporate and Other segment includes interest expense on debt and
the impact of realized investment gains and losses and other
corporate level items. The Company does not allocate the impact of
corporate level transactions to the insurance segments
consistent with how management evaluates the results of those
segments.
|
|
|
|
|
- 5
-
|
|
HORACE
MANN EDUCATORS CORPORATION
|
|
Supplemental Business Segment Overview
(Unaudited)
|
|
(Dollars
in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
%
Change
|
|
2012
|
|
2011
|
|
%
Change
|
|
INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annuity
and Life
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
maturities, at fair value (amortized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost 2012,
$4,365.7; 2011, $4,108.0)
|
|
|
|
|
|
|
$
4,942.2
|
|
$
4,498.5
|
|
9.9%
|
|
Equity
securities, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(cost
2012, $7.7; 2011, $5.6)
|
|
|
|
|
|
|
7.7
|
|
6.6
|
|
16.7%
|
|
Short-term
investments
|
|
|
|
|
|
|
130.8
|
|
78.8
|
|
66.0%
|
|
Short-term
investments, securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
lending
collateral
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
Policy
loans and other
|
|
|
|
|
|
|
185.6
|
|
126.7
|
|
46.5%
|
|
|
|
Total
Annuity and Life investments
|
|
|
|
|
|
|
5,266.3
|
|
4,710.6
|
|
11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
maturities, at fair value (amortized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost 2012,
$770.6; 2011, $774.0)
|
|
|
|
|
|
|
839.9
|
|
808.5
|
|
3.9%
|
|
Equity
securities, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(cost
2012, $29.6; 2011, $14.3)
|
|
|
|
|
|
|
31.5
|
|
16.5
|
|
90.9%
|
|
Short-term
investments
|
|
|
|
|
|
|
22.9
|
|
26.7
|
|
-14.2%
|
|
Short-term
investments, securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
lending
collateral
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Total
Property & Casualty investments
|
|
|
|
|
|
|
894.3
|
|
851.7
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
investments
|
|
|
|
|
|
|
14.2
|
|
17.6
|
|
-19.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments
|
|
|
|
|
|
|
6,174.8
|
|
5,579.9
|
|
10.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
tax
|
$
76.7
|
|
$
71.5
|
|
7.3%
|
|
$
228.7
|
|
$
213.7
|
|
7.0%
|
|
After
tax
|
51.7
|
|
48.3
|
|
7.0%
|
|
154.1
|
|
144.4
|
|
6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
by
investment portfolio included in the
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment income
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
& Casualty
|
$
1.3
|
|
$
4.9
|
|
-73.5%
|
|
$
8.7
|
|
$
9.2
|
|
-5.4%
|
|
Annuity
|
6.5
|
|
8.1
|
|
-19.8%
|
|
8.3
|
|
12.3
|
|
-32.5%
|
|
Life
|
|
3.0
|
|
8.2
|
|
-63.4%
|
|
4.1
|
|
11.2
|
|
-63.4%
|
|
Corporate
and Other
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total,
before tax
|
10.8
|
|
21.2
|
|
-49.1%
|
|
21.1
|
|
32.7
|
|
-35.5%
|
|
|
Total,
after tax
|
6.9
|
|
13.7
|
|
-49.6%
|
|
13.6
|
|
21.1
|
|
-35.5%
|
|
|
|
Per share,
diluted
|
$
0.16
|
|
$
0.33
|
|
-51.5%
|
|
$
0.32
|
|
$
0.51
|
|
-37.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 6
-
|
SOURCE Horace Mann Educators Corporation