Did Horace Mann Educators beat or miss consensus estimates last quarter?

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What is the revenue and EPS growth rate for Horace Mann Educators year over year?

What is Horace Mann Educators's latest dividend and current dividend yield?

What were the key takeaways from Horace Mann Educators’s earnings call?

What is Horace Mann Educators's gross profit margin?

What guidance did Horace Mann Educators's management provide for the next earnings period?

What is the market's earnings forecast for Horace Mann Educators next quarter?

**Key Takeaways**:
- **Record Performance**: 2025 core EPS $4.71 (13% growth), driven by 7% premium growth and 35% brand awareness expansion.
- **Segment Strength**: P&C combined ratio 84.3% (vs 89.7% reported), Life sales +21%, Supplemental sales +40%.
- **2026 Guidance**: Core EPS $4.20-$4.50 (10%+ growth vs normalized baseline), targeting 10% CAGR and 12-13% ROE.
- **Expense Efficiency**: 2025 actions to reduce expense ratio 25-50bps in 2026, 50-75bps by 2028.
- **Share Buybacks**: $21M in 2025, $49M remaining in 2026 authorization at current multiples.

**【CEO Summary Section】**
- Horace Mann reported record 2025 full year core earnings of $4.71 per share, driven by 7% growth in total net premiums and contract deposits. Key highlights include:
  - **Property & Casualty (P&C) Segment**: Combined ratio improved 5 points to 84.3%, with auto at 96.5% (mid-90s target) and property at 78.3% (lower catastrophe losses).
  - **Life & Retirement Segment**: Record life sales up 21% in Q4, retirement deposits +7%, and Individual Supplemental sales +40% year-over-year.
  - **Marketing & Distribution**: Brand awareness rose to 35% (from <10%), website traffic doubled, and agent count increased 15% across channels.
- 2026 guidance: Core EPS $4.20-$4.50 (10%+ growth vs normalized 2025 baseline), targeting 10% CAGR in core EPS and 12-13% return on equity.

**【CFO Financial Commentary】**
- 2025 financial highlights:
  - **Normalized Core Earnings**: $3.95 (excluding $0.55 catastrophe benefit), aligning with 2026 guidance range.
  - **Segment Performance**:
    - P&C: $112M core earnings (vs $93M prior year), 89.7% combined ratio (84.3% normalized).
    - Life & Retirement: $61M core earnings (vs $54M), 13% growth in net investment income.
    - Supplemental & Group Benefits: $59M core earnings (vs $50M), 25% of core earnings from high-margin businesses.
- Expense management: 
  - 2025 actions (early retirement program, automation) to reduce expense ratio 25-50bps in 2026, 50-75bps by 2028.
  - Share buybacks: $21M in 2025 (highest since 2022), $49M remaining in 2026 authorization.

**【Q&A Key Highlights】**
1. **Distribution Momentum**:
   - 2025 educator household count +100,000 (1.1M total), driven by:
     - 15% increase in agents (traditional, specialists, digital).
     - 37% growth in customer interactions, 15% new distribution channels.
2. **EPS Growth Path**:
   - 2026: 10%+ growth vs normalized 2025 baseline.
   - 2027+: Acceleration from 2025 reinvestments in marketing, infrastructure, and automation.
3. **Catastrophe Assumptions**:
   - 2026 guidance includes $90M catastrophe losses (industry model + historical experience).
   - 2025 benefit ($0.55 per share) not assumed in 2026 planning.
4. **Workforce Optimization**:
   - Early retirement program: ~8% eligible employees participated, generating $10M+ annual savings.
   - 2026: Reinvest savings in growth initiatives while improving expense ratio.
5. **Reinsurance Strategy**:
   - 2026: Flat reinsurance spend ($240M property coverage), 15% rate reduction reflecting market softness.
   - Focus on prudent risk management vs peers.

Horace Mann Educators Corporation (HMN) Q4 2025 Earnings Call Transcript

- **Record Q3 EPS growth**: Core EPS of $1.36 (+64% YoY) driven by 40%+ sales growth in Supplemental and Group Benefits.
- **AI efficiency gains**: GenAI automates 20-30% of customer care tasks, reducing administrative costs and turnover.
- **Strategic investments**: $3-$7M Q4 donation to educators, expanded agent network, and new cancer coverage product.
- **Financial strength**: Full-year EPS guidance raised to $4.50-$4.70, supported by $65M catastrophe loss assumption and 15qtr+ core yield spread benefit.
- **Sustainability focus**: 1.5pt expense ratio reduction target over 3 years through scale-building investments.

**【CEO Summary Section】**
- **Record Q3 core EPS of $1.36**, up 64% YoY, driven by strong growth across all segments.
- **Segment outperformance**: Individual supplemental sales +40% QoQ, Group Benefits sales nearly doubled QoQ, Life sales +16%, Retirement deposits +9%.
- **AI-driven efficiency**: GenAI automates 20-30% of customer care tasks, reducing administrative burden and turnover-related costs.
- **Strategic investments**: Expanded agent network (+30% benefit specialists), new cancer coverage product, and partnerships with Teach for America and Grand Canyon University.
- **Shareholder returns**: $20M repurchased YTD, $43M dividends paid, with $57M remaining under buyback authorization.

**【CFO Financial Commentary】**
- **Q3 core earnings**: $57M, up 64% YoY. Full-year guidance raised to $4.50-$4.70 EPS, reflecting $65M catastrophe losses and $473M-$477M net investment income.
- **P&C performance**: Auto combined ratio 94.9% (improved 3pts YoY), Property combined ratio 83.1% (vs. 90% target). Pretax catastrophe losses $10M Q3 vs. $91M YoY prior year.
- **Expense management**: $1M annual savings from legacy pension termination, ongoing process improvements (e.g., straight-through processing).
- **Investment strength**: Core fixed income new money yield exceeds book yield by 100+ bps, 15th consecutive quarter of spread benefit.

**【Q&A Highlights】**
- **Policy growth trajectory**: All segments show YoY growth (auto +4%, Property +8%, Life +16%), with retention rates above 80% across P&C.
- **Q4 guidance breakdown**: Implies $1-$1.20 EPS, reflecting seasonal auto frequency, $3-$7M Foundation donation, and strategic investment acceleration.
- **Supplemental lead management**: Uses external partner for lead gen, focusing on educator-specific products (e.g., cancer coverage) with 25.4% benefits ratio.
- **Catastrophe outlook**: 2026 cat losses expected to align with long-term averages, with non-rate actions (deductibles, roof schedules) mitigating volatility.
- **Expense ratio reduction**: Aiming to lower expense ratio by 1.5pts over 3 years through scale-building investments in distribution and infrastructure.

Horace Mann Educators Corporation (HMN) Q3 2025 Earnings Call Transcript

- **Core EPS Surges 3x YoY:** Q2 core EPS of $1.06, with full-year guidance raised to $4.15-$4.45.
- **P&C Segment Strength:** Combined ratio improved to 97%, catastrophe losses down 8pts YoY, auto retention top quartile at 84%.
- **Individual Supplemental Growth:** Sales up 43% YoY to $6M, Group Benefits Q3 sales forecast ahead of prior year.
- **Investment Performance:** Core portfolio new money yields exceed book yield for 14th quarter, fixed income yield at 5.79%.

**【CEO Opening Remarks】**
- Core EPS for Q2 2025 was $1.06, a nearly threefold increase year-over-year, driven by strong profitability across all segments.
- Total revenues grew 6%, with net premiums and contract charges up 8%, reflecting robust business momentum.
- Full-year 2025 core EPS guidance raised to $4.15-$4.45, reflecting confidence in sustained growth.

**【CEO Segment Highlights】**
- **Property & Casualty (P&C):** Combined ratio improved to 97% (down 15pts YoY), with catastrophe losses down 8pts YoY. Auto retention remained top quartile at 84%, and property retention at 89%.
- **Life & Retirement:** Core earnings doubled YoY, driven by higher net investment income and lower mortality costs. 403(b) deposits remained strong.
- **Individual Supplemental & Group Benefits:** Sales surged 43% YoY to $6M, with policyholder utilization trends favorable. Group sales in July set a record, signaling Q3 growth.

**【CFO Financial Commentary】**
- Net investment income for the year expected in $470M-$480M range, with core portfolio new money yields exceeding book yield for the 14th consecutive quarter.
- 2025 catastrophe loss guidance maintained at $90M (5-year historical average), despite Q2 favorable results.
- Share buybacks of $13M year-to-date, with $63M remaining under current authorization.

**【Q&A Highlights】**
- **P&C Growth:** Auto retention stabilizing, with Q2 PIF down <1% vs. Q1. Catalyst technology and partnerships (e.g., Crayola, Lakeshore) driving 75% YoY website traffic growth.
- **Group Benefits:** Seasonal volatility expected, but Q3 sales forecast ahead of prior year. Individual Supplemental sales momentum driven by expanded distribution and agent engagement.
- **Investment Portfolio:** Fixed income yield at 5.79%, with commercial mortgage loans and private equity funds outperforming prior year.

Horace Mann Educators (HMN)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 Record Performance**: Core EPS +73%, P&C 89.4% combined ratio, California rate hikes drive 8% new business. 
- **Shareholder Value**: Dividend +3%, $7m buybacks YTD. 
- **Risk Mitigation**: $3.7m CA wildfire losses, non-weather claims down 10.5pt. 
- **2025 Outlook**: Auto rates +14.5%, 10.09% investment yield, >10% ROE target.

**【CEO Summary Section】**
- **Record Q1 Performance**: Core EPS of $1.07, up 73% YoY, with P&C combined ratio of 89.4% (10.5pt improvement). 
- **California Rate Impact**: Auto rates +14.5% and property +20% approved, driving 8% new business. 
- **Educator Engagement**: 300,000+ educators interacted with 80th anniversary campaigns, boosting retention. 
- **ESG Leadership**: 61% reduction in Scope 1/2 emissions vs. 2019 baseline, $1m+ to education nonprofits. 
- **Shareholder Returns**: Dividend +3% (17th straight increase), $7m share buybacks YTD. 
- **Cat Mitigation**: $3.7m CA wildfire losses (including $1m assessments), non-weather claims down 10.5pt.

**【CFO Financial Commentary】**
- **Core Earnings Guidance**: $3.85-$4.15 (excludes intangibles), +15% managed portfolio returns. 
- **Segment Breakdown**: 
  - P&C: $27m core ($122m auto net written), 95% combined ratio 
  - Life/Retirement: $8m core, 7% annuity deposits 
  - Individual Supp: $5m sales (+61%), 90% persistency 
- **Investment Income**: $116m (+10%), 10.09% yield on $1.25b fixed income. 
- **Liquidity**: $19m remaining on $50m buyback, 91.6% policyholder retention. 

**【Q&A Highlights】**
1. **Wilma Burdis (Raymond James)**: 
- Q1 Life/Retirement mortality 6% above norm, $600m CMLs underperform. 
- 2Q cat outlook: 90m annualized, 70% from SE. 
2. **John Barnidge (Piper Sandler)**: 
- 61% individual supp growth due to 2024 Q1 being unusually light. 
- Group Benefits: 3.3% Q1 cat, no macro reserve changes. 
- 2025 Outlook: Auto rates +14.5%, property +20% in CA. 
- 2025 ROE >10% vs. 2024 9.8%, 80-year history of +10% ROE in recessions.

Horace Mann Educators Corporation (HMN) Q1 2025 Earnings Call Transcript

- **Record 2024 Performance**: Core EPS up 100% to $3.18, P&C combined ratio 98% (vs. 113% 2022).\n- **2025 Guidance**: $3.60-$3.90 EPS, 10%+ ROE, driven by P&C profitability and multiline growth.\n- **Key Drivers**: 14% P&C premium growth, 6.25% CML returns, and 12% agency production increase.\n- **Wildfire Resilience**: $5-10M losses vs. $779M P&C net premiums, minimal impact on 2025 guidance.\n- **Strategic Investments**: $18M in next-gen cancer product, Catalyst CRM, and agency force expansion.

**【CEO Opening Remarks】**
- Q4 2024 core EPS of $1.62 (93% YoY growth), full year core EPS of $3.18 (100% YoY growth).\n- P&C combined ratio improved to 98% (15pt YoY improvement), driven by rate hikes and underwriting discipline.\n- 2025 guidance: core EPS $3.60-$3.90, ROE ≥10%.\n- Strategy: maintain mid-90s P&C combined ratio, invest in agency force, and launch next-gen cancer product.\n- California wildfires: estimated direct losses $5-10M, under 1% of 2024 P&C net premiums.\n\n**【CFO Financial Details】**
- Full year 2024 core earnings $132M ($3.18 EPS), up 100% YoY.\n- P&C net premiums earned +14%, auto +12%, property +18%.\n- 2025 net investment income guidance: $470-480M (includes CML returns 6.25%, LP 7.25%).\n- 2025 catastrophe losses: $90M (11% of net earned premiums).\n- Share buybacks: $8.5M in 2024, $26M remaining under current authorization.\n\n**【Q&A Highlights】**
- **CML Returns**: 2024 second half improvement ($17M vs. $4M H1), 2025 forecast 6.25%.\n- **Wildfire Impact**: Minimal exposure to LA fires (1% of market share).\n- **Growth Strategy**: Agency force +10% production, 2025 Catalyst CRM rollout.\n- **Auto Pricing**: Mid-single digit rate increases, targeting 90%+ combined ratio.\n- **Supplemental Business**: 2024 sales +12.6%, 2025 cancer product launch.\n- **Catastrophe Risk**: 2025 cat losses in line with 5-year average, 10%+ ROE achievable despite variability.

Horace Mann Educators (HMN)-6 Feb 25-2024 Q4 Earnings call transcript

Horace Mann Educators (HMN)-5 Nov 24-2024 Q3 Earnings call transcript

Horace Mann Educators Corporation (HMN) Q1 2024 Earnings Call Transcript

Horace Mann Educators (HMN)-8 Feb 24-2023 Q4 Earnings call transcript

- **Revenue Growth**: 15% YoY driven by North American recovery, with auto premiums up 16%.
- **Financial Strength**: Non-GAAP EPS $1.08, net investment income +29%, and 12% return on limited partnerships.
- **Strategic Focus**: State-specific rate filings (e.g., California 20%-25% auto/property), agent recruitment up 50%, and expense ratio control at 27%.
- **AI & Diversification**: Gross margin improvement through technology, with core EPS guidance $1.20-$1.45.

**【CEO Summary Section】**
- **Revenue Growth**: 15% year-over-year (YoY) driven by North American market recovery, with auto premiums up 16%.
- **AI Strategy**: Emphasis on gross margin improvement in the second half of the year through technology integration.
- **Diversified Earnings**: Core EPS of $0.44, with full-year guidance of $1.20-$1.45, supported by Life & Retirement and Supplemental & Group Benefits segments.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP EPS $0.44, Non-GAAP EPS $1.08 (vs. $0.95 prior year), net investment income up 29% to $92 million.
- **Expense Control**: Operating expenses reduced 5% YoY, maintaining expense ratio at 27%-27.5%.
- **Investment Highlights**: Record $119 million net investment income, 12% return on limited partnerships, and 251bps net interest spread.

**【Q&A Key Highlights】**
- **State-Specific Pricing**: Focus on states with rate adequacy (e.g., Georgia, California filings pending), with 2024 rate increases planned at 12%-13%.
- **Recruitment Success**: Agent recruitment up 50% YoY, targeting educator households and cross-sell opportunities.
- **Expense Management**: Disciplined spending on strategic initiatives (e.g., Guidewire implementation, digital quoting tools) while maintaining expense ratio discipline.


Actual											0.78	0.67	0.82	1.13	1.1	1.02	0.5	0.97	0.64	-0.01	0.66	-0.11	0.23	0.03	0.44	0.84	0.6	0.2	0.76	1.62	1.07	1.0658	1.36	1.21
Forecast											0.6909	0.3869	0.6776	0.9059	0.8004	1.0058	0.3792	0.738	0.9624	-0.1575	0.6407	-0.0858	0.2229	0.0225	0.4127	0.6659	0.7799	0.1883	0.7209	1.0212	0.9689	0.5969	1.1609	1.1796
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+12.90%	+73.17%	+21.02%	+24.74%	+37.43%	+1.41%	+31.86%	+31.44%	-33.50%	+93.65%	+3.01%	-28.21%	+3.19%	+33.33%	+6.61%	+26.15%	-23.07%	+6.21%	+5.42%	+58.64%	+10.43%	+78.56%	+17.15%	+2.58%

HMN

HMN fundamentals

HMN Q4 2025 Earnings

Earnings Call

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HMN

HMN fundamentals

HMN Q4 2025 Earnings

Earnings Call

HMN Earnings Call Summary for Q4/202512:00 PM on Feb 4, 2026

HMN Earnings Call Summary for Q3/202511:00 AM on Nov 5, 2025

HMN Earnings Call Summary for Q2/202511:00 AM on Aug 7, 2025

HMN Earnings Call Summary for Q1/202512:00 PM on May 7, 2025

HMN Earnings Call Summary for Q4/202410:00 AM on Feb 6, 2025

You can ask Aime