PART I - FINANCIAL INFORMATION [Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Horace Mann Educators Corporation's unaudited consolidated financial statements, showing total assets of $14.19 billion and net income of $86.0 million for the first half of 2021 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets increased to $14.19 billion, liabilities to $12.37 billion, and shareholders' equity to $1.82 billion Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$14,190.1** | **$13,471.8** | | Total Investments | $7,587.5 | $7,262.2 | | Separate Account Assets | $3,256.7 | $2,891.4 | | **Total Liabilities** | **$12,373.5** | **$11,681.7** | | Total Policy Liabilities | $7,211.7 | $7,148.6 | | Separate Account Liabilities | $3,256.7 | $2,891.4 | | **Total Shareholders' Equity** | **$1,816.6** | **$1,790.1** | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) For the six months ended June 30, 2021, total revenues increased to $669.1 million, net income rose to $86.0 million, but comprehensive income decreased to $51.9 million Statement of Operations Highlights (in millions, except per share data) | Metric | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Total Revenues | $669.1 | $622.2 | | Net Investment Income | $204.7 | $162.7 | | Income Before Income Taxes | $106.3 | $55.9 | | **Net Income** | **$86.0** | **$49.0** | | **Diluted EPS** | **$2.04** | **$1.17** | | Comprehensive Income (Loss) | $51.9 | $97.7 | [Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to $1.82 billion by Q2 2021, driven by $86.0 million in net income, partially offset by dividends and a decrease in other comprehensive income - For the six months ended June 30, 2021, retained earnings increased by **$59.8 million**, reflecting **$86.0 million** in net income less **$26.2 million** in dividends paid[17](index=17&type=chunk) - Accumulated other comprehensive income decreased by **$34.1 million** in the first six months of 2021, primarily due to changes in net unrealized investment gains on fixed maturity securities[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2021, net cash from operations was $116.6 million, investing activities used $343.1 million, and financing activities provided $233.6 million, resulting in a $7.1 million net cash increase Consolidated Cash Flow Summary (in millions) | Cash Flow Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $116.6 | $165.6 | | Net Cash used in Investing Activities | ($343.1) | ($195.0) | | Net Cash from Financing Activities | $233.6 | $86.3 | | **Net Increase in Cash** | **$7.1** | **$56.9** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the consolidated financial statements, covering basis of presentation, a planned acquisition, investment portfolio, and segment performance - On July 14, 2021, the Company agreed to acquire Madison National Life Insurance Company, Inc. for **$172.5 million**, with a potential earn-out of up to **$12.5 million**, expected to close in the first quarter of 2022[31](index=31&type=chunk) - To help fund the acquisition of Madison National, the Company amended its credit facility on July 12, 2021, increasing the available line of credit from **$225.0 million** to **$325.0 million**[32](index=32&type=chunk)[33](index=33&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, highlighting a 75.5% increase in six-month net income to $86.0 million, the planned acquisition of Madison National, and raised full-year 2021 EPS guidance - The company entered a definitive agreement to acquire Madison National Life Insurance Company for **$172.5 million**, a move expected to be immediately accretive to EPS and ROE and strengthen product offerings and distribution[92](index=92&type=chunk)[93](index=93&type=chunk) Consolidated Financial Highlights (YTD June 30) | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $669.1M | $622.2M | 7.5% | | Net Income | $86.0M | $49.0M | 75.5% | | Diluted EPS | $2.04 | $1.17 | 74.4% | - Full-year 2021 net income guidance was increased to a range of **$3.50 to $3.70 per diluted share**, reflecting strong Q2 net investment income and lower-than-expected catastrophe losses[118](index=118&type=chunk) [Results of Operations by Segment](index=33&type=section&id=Results%20of%20Operations%20by%20Segment) This section details the performance of the company's segments, showing increased net income across Property and Casualty, Supplemental, Retirement, and Life segments, while the Corporate and Other segment reduced its net loss Net Income (Loss) by Segment - Six Months Ended June 30 (in millions) | Segment | 2021 | 2020 | | :--- | :--- | :--- | | Property and Casualty | $47.2 | $37.9 | | Supplemental | $23.4 | $20.0 | | Retirement | $22.1 | $8.8 | | Life | $5.7 | $2.5 | | Corporate and Other | ($12.4) | ($20.2) | | **Total** | **$86.0** | **$49.0** | [Investment Results](index=43&type=section&id=Investment%20Results) Total net investment income increased 25.8% to $204.7 million for the first half of 2021, with the fixed maturity securities portfolio valued at $6.6 billion and largely investment grade - For the six months ended June 30, 2021, net investment income from the investment portfolio increased by **$40.1 million** (**34.8%**) year-over-year, primarily due to more favorable returns on limited partnership interests[160](index=160&type=chunk) - As of June 30, 2021, the fixed maturity securities portfolio had a fair value of **$6.56 billion**, with an average credit quality of **A+** and **87.8%** of the portfolio rated investment grade[165](index=165&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and capital, with $116.6 million in net cash from operations, total capital of $2.23 billion, and a debt-to-total capital ratio of 18.5%, while increasing its credit facility to $325.0 million - Total debt as a percentage of total capital was **18.5%** at June 30, 2021, which is below the company's long-term target of **25%**[186](index=186&type=chunk) - The company paid **$25.7 million** in dividends in the first six months of 2021 and repurchased **39,685 shares**; **$19.1 million** remained available under the share repurchase program as of June 30, 2021[188](index=188&type=chunk)[189](index=189&type=chunk) - The company's insurance subsidiaries can pay up to **$161.9 million** in dividends in 2021 without prior regulatory approval, of which **$24.0 million** was paid in the first half of the year[185](index=185&type=chunk) - Following the announcement of the planned acquisition of Madison National, rating agencies AM Best, Fitch, and Moody's affirmed the company's ratings with a stable outlook[200](index=200&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is market value risk, the potential for invested assets to decrease in value, and interest rate risk, both managed by coordinating asset and liability durations and maintaining a diversified portfolio - The company's primary market risk is market value risk, the potential for invested assets to decrease in value[203](index=203&type=chunk) - Significant changes in interest rates expose the company to the risk of reduced income due to the spread between investment earnings and credited rates on liabilities[205](index=205&type=chunk) - Market risk is managed by aligning the projected cash flows of assets and liabilities, maintaining reasonable durations, and focusing on investment quality, liquidity, and diversification[206](index=206&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2021, management concluded that the company's disclosure controls and procedures are effective, with no material weaknesses or significant changes in internal control over financial reporting - As of June 30, 2021, the CEO and CFO concluded that the company's disclosure controls and procedures are effective[208](index=208&type=chunk) - There were no changes during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[209](index=209&type=chunk) PART II - OTHER INFORMATION [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) There are no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - There are no material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[212](index=212&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases, with 200 shares bought back at an average price of $37.01 during Q2 2021, and $19.1 million remaining authorized for future repurchases Issuer Purchases of Equity Securities (Q2 2021) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - 30 | 0 | N/A | | May 1 - 31 | 0 | N/A | | June 1 - 30 | 200 | $37.01 | | **Total** | **200** | **$37.01** | - As of June 30, 2021, approximately **$19.1 million** remained authorized for future share repurchases under the company's program[213](index=213&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate documents, material contracts, and CEO/CFO certifications

Financial Performance & Guidance - Horace Mann's Q2 2021 core earnings per share reached a record of $1.02, contributing to a 52% increase in net income per share to $1.11[42] - The company raised its 2021 core EPS guidance to $3.50-$3.70 and expects a core ROE exceeding 10%[26] - Net investment income is projected to be in the range of $385 million to $405 million for the full year[26] Strategic Initiatives & Acquisitions - Horace Mann is set to acquire Madison National Life in early 2022 for $172.5 million, funded through cash and borrowing, which is expected to be immediately accretive to ROE and EPS[13] - The acquisition of Madison National Life is expected to add 50 basis points to ROE in 2022[25] - The company has repurchased $81 million in shares since the initial authorization in 2011[31] Segment Performance - P&C segment's net written premium was $636 million in 2020, with auto comprising 66% and property 34%[43] - The P&C segment's combined ratio for the first half of 2021 was 92.7%, benefiting from lower catastrophe losses[46] - Retirement segment saw a 15.6% increase in net annuity contract deposits in Q2 2021[57] Investment Portfolio - The company's investment portfolio has a fair value of $7.4 billion, with 66% rated A or higher and less than 5% below investment grade[65] - The alternative investment portfolio is valued at $586 million and generated an average return of 6.5% since 2012, with a YTD annualized return of 14.97%[68, 69] Market & Customer Focus - Horace Mann focuses on the K-12 educator market, which includes 6.5 million educators nationwide, with a current customer base of roughly 470,000 educator households[34]

Q1 2021 Investor Presentation May 5, 2021 Information as of March 31, 2021, unless otherwise noted Safe Harbor Statement and Non-GAAP Measures Certain statements made in this presentation should be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements are related to our intentions, beliefs, projections, estimations or forecasts of future events or our future financial perform ...

Horace Mann Educators Corporation (NYSE:HMN) Q1 2021 Earnings Conference Call May 5, 2021 9:00 AM ET Company Participants Heather Wietzel - Vice President of Investor Relations Marita Zuraitis - President and Chief Executive Officer Bret Conklin - Executive Vice President and Chief Financial Officer Matt Sharpe - EVP, Distribution and Business Strategy Mark Desrochers - SVP, Head of P&C and Corporate Chief Actuary Tyson Sanders - VP, Supplemental Mike Weckenbrock - SVP, Life and Retirement Ryan Greenier - C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-10890 HORACE MANN EDUCATORS CORPORATION (Exact name of registrant as specified in its charter) Delaware 37-0911756 (State o ...

Full-year 2020 Investor Presentation February 3, 2020 Information as of December 31, 2020; slides 25 and 37 updated on February 26, 2021 Safe Harbor Statement and Non-GAAP Measures Certain statements made in this presentation should be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements are related to our intentions, beliefs, projections, estimations or forecasts of future ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 1-10890 HORACE MANN EDUCATORS CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

Financial Data and Key Metrics Changes - The company reported fourth quarter core earnings of $1.13 per diluted share, a significant increase over the prior year, contributing to full-year 2020 core earnings of $3.40 per diluted share, more than 50% higher than the prior year and the highest annual core earnings ever [9][32] - Core return on equity increased to 10.5%, up from 7.3% in 2019 [9] Business Line Data and Key Metrics Changes - Property and Casualty (P&C) core earnings were up 40.9% for the year, reflecting a 3.8-point improvement in the reported combined ratio [35] - Supplemental segment added $130.7 million in premiums and $43.1 million to core earnings, with premium persistency rising to 90.5% [48] - Life segment core earnings were on track with expectations at $10.2 million, with sales below last year in the fourth quarter [52] Market Data and Key Metrics Changes - Premiums for the P&C segment were down about 7% due to lower new sales and pandemic-related premium credits [36] - Annuity contract deposits were up 4.5% for the year, indicating continued interest from educator customers [56] Company Strategy and Development Direction - The company is focused on leveraging strategic enhancements made over the past several years to optimally position for growth, including the rollout of a new P&C administration system and the integration of Supplemental agents [21][22] - The commitment to diversity, equity, and inclusion was emphasized, with initiatives such as establishing a DEI Council and unconscious bias training for leaders [27][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth post-pandemic, citing strategic initiatives and improved relationships with the education community [70][81] - The guidance for 2021 core earnings per share is in the range of $3.00 to $3.20, reflecting expectations for recovery from pandemic effects and continued progress on strategic initiatives [19][34] Other Important Information - The company highlighted the importance of adapting to the changing educational environment and providing solutions to educators facing challenges due to the pandemic [12][17] - The company reported a commitment to capital generation and shareholder value creation, with plans for dividends and opportunistic share buybacks [64] Q&A Session Summary Question: Growth post-pandemic - Management discussed the focus on growth and the strategic initiatives in place to leverage a leadership position within the education market [68][71] Question: ROE definition and guidance - ROE is calculated based on fixed income realized gains and average equity, with guidance reflecting targeted capital levels [82][84] Question: Recovery in claim frequency - Management expects a gradual recovery in claim frequency and growth in both P&C and Supplemental segments throughout 2021 [87][88] Question: Impact of behavioral changes on Supplemental products - Management noted that the pandemic has influenced behavior but believes the need for coverage will remain stable [95][98] Question: Physical versus virtual school environments - Management indicated that while schools are operating in various environments, there is a strong belief in the necessity of physical education [104][106] Question: Catastrophe loss assumptions - The higher catastrophe load assumption for 2021 is based on historical averages and recent experiences, not on early 2021 data [108][109]

Full-year 2020 Investor Presentation February 3, 2020 Information as of December 31, 2020 Safe Harbor Statement and Non-GAAP Measures Certain statements made in this presentation should be considered forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements are related to our intentions, beliefs, projections, estimations or forecasts of future events or our future financial performance and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-10890 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizat ...