Horace Mann reports first-quarter 2024 results
Horace Mann Educators (NYSE:HMN) reported strong first-quarter 2024 results with net income of $27 million, core earnings of $25 million, and total revenue increasing by 9%. The Property & Casualty segment saw significant improvement, generating a profit of $11 million. The company maintained its full-year 2024 core EPS guidance of $3.00-$3.30. Horace Mann remains confident in its long-term objectives, focusing on expanding its market share and achieving a sustainable double-digit ROE by 2025.
- Strong first-quarter results with net income of $27 million and core earnings of $25 million
- Total revenue increased by 9% compared to the previous year
- Property & Casualty segment showed significant improvement, generating a profit of $11 million
- Company maintained full-year 2024 core EPS guidance of $3.00-$3.30
- Board of Directors increased quarterly dividend payout for the 16th consecutive year
- None.
-
Diversified business delivered first-quarter net income of
, or$27 million per share, and core earnings* of$0.64 , or$25 million per share, with reported book value of$0.60 and adjusted book value* of$29.57 at quarter end$36.52 -
Total revenue rose
9% for the quarter, with net premiums and contract charges earned up8% ; net investment income on managed portfolio up7% -
Property & Casualty segment results improved significantly over last year, generating a first-quarter profit of
and remaining on track to restoring profitability$11 million -
Full-year 2024 core EPS guidance unchanged at
$3.00 -$3.30
($ in millions, except per share amounts) |
Three Months Ended March 31, |
|||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
Total revenues |
$ |
386.0 |
|
|
$ |
353.9 |
|
|
9.1 |
% |
Net income |
|
26.5 |
|
|
|
6.6 |
|
|
301.5 |
% |
Net investment gains (losses), after tax |
|
1.7 |
|
|
|
(3.1 |
) |
|
N.M. |
|
Core earnings* |
|
24.8 |
|
|
|
9.7 |
|
|
155.7 |
% |
Adjusted core earnings* |
|
25.8 |
|
|
|
12.6 |
|
|
104.8 |
% |
Per diluted share: |
|
|
|
|
|
|||||
Net income |
|
0.64 |
|
|
|
0.16 |
|
|
300.0 |
% |
Net investment gains (losses), after tax |
|
0.04 |
|
|
|
(0.07 |
) |
|
N.M. |
|
Core earnings per diluted share* |
|
0.60 |
|
|
|
0.23 |
|
|
160.9 |
% |
Adjusted core earnings per diluted share* |
|
0.62 |
|
|
|
0.30 |
|
|
106.7 |
% |
Book value per share |
|
29.57 |
|
|
|
27.87 |
|
|
6.1 |
% |
Adjusted book value per share* |
|
36.52 |
|
|
|
36.16 |
|
|
1.0 |
% |
Tangible book value per share* |
|
31.13 |
|
|
|
30.43 |
|
|
2.3 |
% |
Core ROE - LTM |
|
5.4 |
% |
|
|
3.0 |
% |
|
80.0 |
% |
N.M. - Not meaningful. |
||||||||||
* These measures are not based on accounting principles generally accepted in |
“Our results clearly illustrate Horace Mann’s ability to help all educators protect what they have today and prepare for a successful tomorrow while also assisting school districts and other municipal employers so they can provide more comprehensive benefits that can help attract and retain employees,” said Horace Mann President & CEO Marita Zuraitis. “The diversification of our business reflects our strategy to deliver consistent and reliable value to shareholders with a solid balance sheet and a compelling dividend. In March, our Board of Directors increased the quarterly dividend payout for the 16th consecutive year.
“We are confident we will deliver on the company’s long-term objectives of expanding our share of the education market and achieving a sustainable double-digit ROE in 2025,” Zuraitis added. “First-quarter results, including continued progress toward restoring Property & Casualty segment profitability, demonstrate we are executing on our plan.”
Simultaneous with this release, the Quarterly Results page of investors.horacemann.com has been updated to include the first-quarter Quarterly Report on Form 10-Q, investor supplement and investor presentation. These include details on company and segment financial performance, company guidance and outlook.
Quarterly webcast
Horace Mann’s senior management will discuss the company’s first-quarter financial results with investors on May 9, 2024 at noon Eastern Time. The conference call will be webcast live at investors.horacemann.com and available later in the day for replay.
About Horace Mann
Horace Mann Educators Corporation (NYSE: HMN) is the largest multiline financial services company focused on helping America’s educators and others who serve the community achieve lifelong financial success. The company offers individual and group insurance and financial solutions tailored to the needs of the educational community. Founded by Educators for Educators® in 1945, Horace Mann is headquartered in
Safe Harbor Statement and Non-GAAP Measures
Certain statements included in this news release, including those regarding our earnings outlook, expected catastrophe losses, our investment strategies, our plans to implement additional rate actions, our plans relating to share repurchases and dividends, our efforts to enhance customer experience and expand our products and solutions to more educators, our strategies to create sustainable long-term growth and double-digit ROEs, our strategy to achieve a larger share of the education market, and other business strategies, constitute forward-looking statements within the meaning of the
Information contained in this news release include measures which are based on methodologies other than accounting principles generally accepted in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508273728/en/
Rachael Luber, Assistant Vice President, Investor Relations
217-788-5163 | investorrelations@horacemann.com
Source: Horace Mann Educators Corporation