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OFFON

HORACE MANN EDUCATORS CORPORATION

(HMN)
  Report
Delayed Quote. Delayed Nyse - 05/06 04:10:00 pm
40.35 USD   +2.13%
05/05HORACE MANN EDUCATORS  : Q1 2021 Investor Presentation
PU
05/04HORACE MANN : Q1 Earnings Snapshot
AQ
05/04HORACE MANN EDUCATORS  : Glossary of Selected Terms
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Horace Mann Educators : Q1 2021 Investor Supplement

05/04/2021 | 04:25pm EDT

HORACE MANN EDUCATORS CORPORATION

TABLE OF CONTENTS

Page

Consolidated Financial Highlights

3

Selected Financial Data - Five Year History

4

Consolidated Statements of Operations

5

Consolidated Balance Sheets

6

Capital Metrics

7

Property and Casualty Segment

Statements of Operations

8

Underwriting Results and Informational Data

9

Supplemental Segment and Informational Data

10

Retirement Segment

Statements of Operations and Informational Data

11

Account Value Rollforward

12

Life Segment

Statements of Operations and Informational Data

13

Corporate and Other Segment

Statements of Operations

14

Investment Earnings Before Taxes Consolidated

15

Composition of Invested Assets Consolidated

16

Appendix: Reconciliations of GAAP Measures to Non-GAAP Measures

17

Reconciliation of Net Income to Core Earnings

18

Reconciliation of Return on Equity

19

Reconciliation of Book Value per Common Share to Book Value per Common Share, Excluding Net Unrealized Gains on Fixed Maturity Securities

20

Reconciliation of Debt to Total Capitalization to Debt to Total Capitalization, Excluding Net Unrealized Gains on Fixed Maturity Securities

Reconciliation of Investment Yield Excluding Limited Partnership Interests

21

Operating Ratios - Property and Casualty

22-23

Ratings and Contact Information

24

Note: The information contained in this document includes measures which are based on methodologies other than accounting principles generally accepted in the United States of America ("non-GAAP") and are marked with an asterisk (*) within this document. Reconciliations of non-GAAP measures to the closest GAAP measures are contained in the supplemental numerical pages of HMEC's quarterly earnings releases (and related SEC filings), and additional descriptions of non-GAAP measures are contained in the Glossary of Selected Terms included as an exhibit to HMEC's SEC filings.

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

For Period Ended

Three Months Ended

Year Ended

($ in millions, except per share data)

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Dec. 31,

2021

2020

2020

2020

2020

2020

2019

Premiums and contract charges earned

$

227.6

$

233.7

$

235.3

$

225.4

$

236.3

$

930.7

$

898.0

Net investment income

95.5

101.2

93.7

80.4

82.3

357.6

365.1

Net investment gains (losses)

(9.0)

10.5

2.5

3.2

(18.5)

(2.3)

153.3

Other income

7.9

6.9

4.4

5.9

7.2

24.4

14.1

Total revenues

$

322.0

$

352.3

$

335.9

$

314.9

$

307.3

$

1,310.4

$

1,430.5

Net income

$

39.3

$

47.8

$

36.5

$

30.5

$

18.5

$

133.3

$

184.4

Core earnings*

46.4

47.5

34.6

28.0

33.0

143.1

92.2

At Period End

Total assets

$

13,745.5

$

13,471.8

$

13,003.4

$

12,571.7

$

11,972.2

$

13,471.8

$

12,478.7

Total policy liabilities

7,182.8

7,148.6

7,129.7

7,031.5

6,978.3

7,148.6

6,956.5

Debt

437.4

437.3

437.2

437.2

433.1

437.3

433.0

Shareholders' equity

1,692.9

1,790.1

1,715.7

1,639.8

1,477.6

1,790.1

1,567.3

Per Share and Shares Data (in millions)

Net income per share (basic)

$

0.94

$

1.14

$

0.87

$

0.73

$

0.44

$

3.18

$

4.42

Core earnings per share (basic)*

1.11

1.13

0.82

0.67

0.79

3.41

2.21

Net income per diluted share

0.93

1.13

0.87

0.73

0.44

3.17

4.40

Core earnings per diluted share*

1.10

1.13

0.82

0.67

0.78

3.40

2.20

Weighted average common shares (basic)

41.9

42.0

41.9

41.9

41.8

41.9

41.7

Dilutive effect of stock equivalents

0.2

0.2

0.2

0.1

0.2

0.1

0.2

Weighted average diluted shares

42.1

42.2

42.1

42.0

42.0

42.0

41.9

Book value per share

$

40.83

$

43.22

$

41.45

$

39.69

$

35.80

$

43.22

$

38.01

Per share impact of net unrealized investment gains on fixed maturity securities

5.88

8.84

7.93

6.76

3.31

8.84

5.59

Book value per share excluding net unrealized investment gains on fixed maturity securities*

$

34.95

$

34.38

$

33.52

$

32.93

$

32.49

$

34.38

$

32.42

Dividends paid per share

$

0.31

$

0.30

$

0.30

$

0.30

$

0.30

$

1.20

$

1.15

Financial Ratios

Net Income ROE - LTM (1)

9.3 %

8.1 %

7.4 %

6.9 %

11.3 %

8.1 %

12.5 %

Net Income ROE - Annualized

9.0 %

10.9 %

8.7 %

7.8 %

4.9 %

7.9 %

12.9 %

Core ROE - LTM*

11.2 %

10.5 %

9.4 %

9.0 %

7.6 %

10.5 %

7.3 %

Core ROE - Annualized*

12.9 %

13.5 %

10.1 %

8.3 %

9.9 %

10.4 %

7.3 %

Debt to total capitalization excluding net unrealized investment gains on fixed maturity securities*

23.2 %

23.5 %

24.0 %

24.3 %

24.4 %

23.5 %

24.5 %

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

4.20 %

4.25 %

4.18 %

4.39 %

4.51 %

4.33 %

4.64 %

(1) LTM = Last twelve months.

Page 3

HORACE MANN EDUCATORS CORPORATION

SELECTED FINANCIAL DATA - FIVE YEAR HISTORY

($ in millions, except per share data)

Year Ended December 31,

2020

2019 (1)

2018

2017

2016

Consolidated Statement of Operations Data

Premiums and contract charges earned

$

930.7

$

898.0

$

817.3

$

794.7

$

759.1

Net investment income

357.6

365.1

376.5

373.6

361.2

Net income

133.3

184.4

18.3

169.4

83.8

Core earnings*

143.1

92.2

28.4

72.1

81.5

Net income ROE - Annualized

7.9 %

12.9 %

1.3 %

12.1 %

6.6 %

Core ROE - Annualized*

10.4 %

7.3 %

2.4 %

6.2 %

7.4 %

At Period End

Total assets

$

13,471.8

$

12,478.7

$

11,031.9

$

11,198.3

$

10,576.8

Total policy liabilities

7,148.6

6,956.5

6,384.1

6,182.0

6,024.1

Debt

437.3

433.0

297.7

297.5

247.2

Shareholders' equity

1,790.1

1,567.3

1,290.6

1,501.6

1,294.0

Per Share and Shares Data (in millions)

Net income per share (basic)

$

3.18

$

4.42

$

0.44

$

4.10

$

2.04

Core earnings per share (basic)*

3.41

2.21

0.68

1.75

1.98

Net income per diluted share

3.17

4.40

0.44

4.08

2.02

Core earnings per diluted share*

3.40

2.20

0.68

1.74

1.97

Weighted average common shares (basic)

41.9

41.7

41.6

41.4

41.2

Weighted average diluted shares

42.0

41.9

41.9

41.6

41.5

Book value per share

43.22

38.01

31.50

36.88

32.15

Book value per share excluding net unrealized investment gains on fixed maturity securities*

34.38

32.42

29.13

29.51

27.79

Dividends paid per share

$

1.20

$

1.15

$

1.14

$

1.10

$

1.06

Segment Information

Insurance premiums written and contract deposits

Property and Casualty

$

635.5

$

683.1

$

681.5

$

662.8

$

634.3

Supplemental

130.3

65.7

-

-

-

Retirement

429.1

419.4

439.1

453.1

520.2

Life

110.1

113.2

114.4

111.2

108.0

Total

$

1,305.0

$

1,281.4

$

1,235.0

$

1,227.1

$

1,262.5

Core earnings (loss)

Property and Casualty

$

76.5

$

54.3

$

(14.3)

$

17.2

$

25.6

Supplemental

43.1

18.0

-

-

-

Retirement

28.2

23.2

41.7

48.9

50.7

Life

10.4

17.6

18.8

17.3

16.6

Corporate and Other

(15.1)

(20.9)

(17.8)

(11.3)

(11.4)

Total

$

143.1

$

92.2

$

28.4

$

72.1

$

81.5

(1) The acquisition of NTA (Supplemental segment) closed on July 1, 2019.

Page 4

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

For Period Ended

Three Months Ended

Year Ended

($ in millions)

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Dec. 31,

2021

2020

2020

2020

2020

2020

2019

Revenues

Premiums and contract charges earned

$

227.6

$

233.7

$

235.3

$

225.4

$

236.3

$

930.7

$

898.0

Net investment income

95.5

101.2

93.7

80.4

82.3

357.6

365.1

Net investment gains (losses)

(9.0)

10.5

2.5

3.2

(18.5)

(2.3)

153.3

Other income

7.9

6.9

4.4

5.9

7.2

24.4

14.1

Total revenues

322.0

352.3

335.9

314.9

307.3

1,310.4

1,430.5

Benefits, losses and expenses

Benefits, claims and settlement expenses

134.3

135.8

151.4

143.0

138.7

568.9

585.1

Interest credited

50.6

51.3

51.1

50.7

51.5

204.6

212.8

Operating expenses

58.0

64.7

56.7

55.7

60.7

237.8

234.6

DAC amortization expense, excluding DAC unlocking

24.7

25.2

25.5

25.2

26.1

102.0

106.0

DAC unlocking

(0.6)

(0.3)

(0.9)

(4.8)

3.9

(2.1)

3.2

Intangible asset amortization expense

3.3

3.5

3.5

3.7

3.7

14.4

8.8

Interest expense

3.5

3.5

3.5

4.0

4.2

15.2

15.6

Other expense - goodwill and intangible asset impairments

-

10.0

-

-

-

10.0

28.0

Total benefits, losses and expenses

273.8

293.7

290.8

277.5

288.8

1,150.8

1,194.1

Income before income taxes

48.2

58.6

45.1

37.4

18.5

159.6

236.4

Income tax expense

8.9

10.8

8.6

6.9

-

26.3

52.0

Net income

$

39.3

$

47.8

$

36.5

$

30.5

$

18.5

$

133.3

$

184.4

Other Statistics

Effective tax rate on net investment income

20.4 %

20.5 %

20.5 %

20.3 %

20.4 %

20.4 %

20.3 %

Net investment income, after tax

$

75.9

$

80.5

$

74.5

$

64.1

$

65.5

$

284.6

$

290.9

Catastrophe losses, net of reinsurance, pretax

11.0

6.1

34.8

34.7

8.8

84.4

52.0

Catastrophe losses, net of reinsurance, after tax

8.7

4.8

27.5

27.4

7.0

66.7

41.1

Impairments on investments (1)

(3.2)

-

(1.1)

(0.5)

(3.7)

(5.3)

(1.4)

(1) Included in pretax net investment gains (losses).

Page 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Horace Mann Educators Corporation published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 20:24:06 UTC.


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Financials (USD)
Sales 2021 1 312 M - -
Net income 2021 132 M - -
Net Debt 2021 - - -
P/E ratio 2021 12,7x
Yield 2021 3,22%
Capitalization 1 638 M 1 638 M -
Capi. / Sales 2021 1,25x
Capi. / Sales 2022 1,23x
Nbr of Employees 1 490
Free-Float 61,6%
Chart HORACE MANN EDUCATORS CORPORATION
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Horace Mann Educators Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends HORACE MANN EDUCATORS CORPORATION
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 43,50 $
Last Close Price 40,35 $
Spread / Highest target 11,5%
Spread / Average Target 7,81%
Spread / Lowest Target 4,09%
EPS Revisions
Managers and Directors
NameTitle
Marita Zuraitis President, Chief Executive Officer & Director
Bret A. Conklin Chief Financial Officer & Executive Vice President
Henry Wade Reece Chairman
Donald M. Carley Secretary, Chief Compliance Officer & EVP
Robert Stricker Independent Director
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