Delaware | 37-0911756 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.001 par value | HMN | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Item 1. | ||||||||
Note 2 - Investments | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
/s/ KPMG LLP | |||||
KPMG LLP | |||||
Chicago, Illinois | |||||
Horace Mann Educators Corporation | 1 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||||||
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2023, $5,712.7; 2022, $5,756.9) | $ | 5,211.9 | $ | 5,185.0 | ||||||||||||||||||||||||
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2023, $5,641.6; 2022, $5,756.9) | Fixed maturity securities, available for sale, at fair value (amortized cost, net 2023, $5,641.6; 2022, $5,756.9) | $ | 4,961.6 | $ | 5,185.0 | |||||||||||||||||||||||
Equity securities at fair value | Equity securities at fair value | 85.8 | 99.6 | Equity securities at fair value | 77.0 | 99.6 | ||||||||||||||||||||||
Limited partnership interests | Limited partnership interests | 1,073.8 | 983.7 | Limited partnership interests | 1,142.6 | 983.7 | ||||||||||||||||||||||
Short-term and other investments | Short-term and other investments | 298.1 | 319.3 | Short-term and other investments | 338.2 | 319.3 | ||||||||||||||||||||||
Total investments | Total investments | 6,669.6 | 6,587.6 | Total investments | 6,519.4 | 6,587.6 | ||||||||||||||||||||||
Cash | Cash | 23.1 | 42.8 | Cash | 34.5 | 42.8 | ||||||||||||||||||||||
Deferred policy acquisition costs | Deferred policy acquisition costs | 332.9 | 330.6 | Deferred policy acquisition costs | 334.9 | 330.6 | ||||||||||||||||||||||
Reinsurance balances receivable | Reinsurance balances receivable | 453.6 | 468.0 | Reinsurance balances receivable | 441.1 | 468.0 | ||||||||||||||||||||||
Deposit asset on reinsurance | Deposit asset on reinsurance | 2,514.9 | 2,516.6 | Deposit asset on reinsurance | 2,515.7 | 2,516.6 | ||||||||||||||||||||||
Intangible assets | Intangible assets | 177.7 | 185.2 | Intangible assets | 174.0 | 185.2 | ||||||||||||||||||||||
Goodwill | Goodwill | 54.3 | 54.3 | Goodwill | 54.3 | 54.3 | ||||||||||||||||||||||
Other assets | Other assets | 347.3 | 328.7 | Other assets | 364.6 | 328.7 | ||||||||||||||||||||||
Separate Account variable annuity assets | Separate Account variable annuity assets | 3,098.5 | 2,792.3 | Separate Account variable annuity assets | 2,974.0 | 2,792.3 | ||||||||||||||||||||||
Total assets | Total assets | $ | 13,671.9 | $ | 13,306.1 | Total assets | $ | 13,412.5 | $ | 13,306.1 | ||||||||||||||||||
Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
Policy liabilities | Policy liabilities | Policy liabilities | ||||||||||||||||||||||||||
Future policy benefit reserves | Future policy benefit reserves | $ | 1,740.9 | $ | 1,718.0 | Future policy benefit reserves | $ | 1,613.4 | $ | 1,718.0 | ||||||||||||||||||
Policyholders' account balances | Policyholders' account balances | 5,206.2 | 5,260.6 | Policyholders' account balances | 5,204.0 | 5,260.6 | ||||||||||||||||||||||
Unpaid claims and claim expenses | Unpaid claims and claim expenses | 597.8 | 564.0 | Unpaid claims and claim expenses | 586.6 | 564.0 | ||||||||||||||||||||||
Unearned premiums | Unearned premiums | 272.5 | 266.1 | Unearned premiums | 296.4 | 266.1 | ||||||||||||||||||||||
Total policy liabilities | Total policy liabilities | 7,817.4 | 7,808.7 | Total policy liabilities | 7,700.4 | 7,808.7 | ||||||||||||||||||||||
Other policyholder funds | Other policyholder funds | 900.5 | 809.3 | Other policyholder funds | 915.9 | 809.3 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 255.5 | 299.5 | Other liabilities | 224.8 | 299.5 | ||||||||||||||||||||||
Short-term debt | Short-term debt | 249.0 | 249.0 | Short-term debt | — | 249.0 | ||||||||||||||||||||||
Long-term debt | Long-term debt | 249.1 | 249.0 | Long-term debt | 546.1 | 249.0 | ||||||||||||||||||||||
Separate Account variable annuity liabilities | Separate Account variable annuity liabilities | 3,098.5 | 2,792.3 | Separate Account variable annuity liabilities | 2,974.0 | 2,792.3 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 12,570.0 | 12,207.8 | Total liabilities | 12,361.2 | 12,207.8 | ||||||||||||||||||||||
Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued | Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued | — | — | Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued | — | — | ||||||||||||||||||||||
Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2023, 66,745,445; 2022, 66,618,465 | 0.1 | 0.1 | ||||||||||||||||||||||||||
Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2023, 66,746,349; 2022, 66,618,465 | Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2023, 66,746,349; 2022, 66,618,465 | 0.1 | 0.1 | |||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 505.7 | 502.6 | Additional paid-in capital | 508.5 | 502.6 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 1,478.6 | 1,512.4 | Retained earnings | 1,476.5 | 1,512.4 | ||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax: | Accumulated other comprehensive income (loss), net of tax: | Accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Net unrealized investment losses on fixed maturity securities | Net unrealized investment losses on fixed maturity securities | (393.7) | (449.6) | Net unrealized investment losses on fixed maturity securities | (534.7) | (449.6) | ||||||||||||||||||||||
Net reserve remeasurements attributable to discount rates | Net reserve remeasurements attributable to discount rates | 42.9 | 59.0 | Net reserve remeasurements attributable to discount rates | 133.6 | 59.0 | ||||||||||||||||||||||
Net funded status of benefit plans | Net funded status of benefit plans | (8.8) | (8.8) | Net funded status of benefit plans | (8.8) | (8.8) | ||||||||||||||||||||||
Treasury stock, at cost, 2023, 25,878,087 shares; 2022, 25,714,153 shares | (522.9) | (517.4) | ||||||||||||||||||||||||||
Treasury stock, at cost, 2023, 25,911,087 shares; 2022, 25,714,153 shares | Treasury stock, at cost, 2023, 25,911,087 shares; 2022, 25,714,153 shares | (523.9) | (517.4) | |||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,101.9 | 1,098.3 | Total shareholders’ equity | 1,051.3 | 1,098.3 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 13,671.9 | $ | 13,306.1 | Total liabilities and shareholders’ equity | $ | 13,412.5 | $ | 13,306.1 |
Horace Mann Educators Corporation | 2 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Statements of Operations | Statements of Operations | Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | $ | 260.7 | $ | 255.4 | $ | 516.6 | $ | 511.2 | Net premiums and contract charges earned | $ | 266.0 | $ | 257.4 | $ | 782.6 | $ | 768.6 | ||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 108.5 | 105.2 | 208.9 | 203.1 | Net investment income | 118.9 | 97.6 | 327.8 | 300.7 | ||||||||||||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | (17.4) | (15.5) | (21.3) | (31.0) | Net investment losses | (8.4) | (12.8) | (29.7) | (43.8) | ||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 4.6 | 0.8 | 6.1 | 9.3 | Other income | 2.2 | 0.4 | 8.3 | 9.7 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 356.4 | 345.9 | 710.3 | 692.6 | Total revenues | 378.7 | 342.6 | 1,089.0 | 1,035.2 | ||||||||||||||||||||||||||||||||||||||||||
Benefits, losses and expenses | Benefits, losses and expenses | Benefits, losses and expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 205.2 | 203.4 | 388.4 | 378.6 | Benefits, claims and settlement expenses | 199.2 | 167.1 | 587.6 | 545.7 | ||||||||||||||||||||||||||||||||||||||||||
Interest credited | Interest credited | 50.7 | 41.4 | 99.4 | 81.1 | Interest credited | 52.7 | 44.8 | 152.1 | 125.9 | ||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 80.1 | 77.1 | 159.9 | 153.8 | Operating expenses | 75.7 | 75.6 | 235.6 | 229.4 | ||||||||||||||||||||||||||||||||||||||||||
DAC amortization expense | DAC amortization expense | 25.4 | 21.5 | 49.1 | 43.5 | DAC amortization expense | 26.3 | 22.2 | 75.4 | 65.7 | ||||||||||||||||||||||||||||||||||||||||||
Intangible asset amortization expense | Intangible asset amortization expense | 3.7 | 4.2 | 7.4 | 8.4 | Intangible asset amortization expense | 3.7 | 4.2 | 11.1 | 12.6 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 6.9 | 4.3 | 13.6 | 8.2 | Interest expense | 7.5 | 5.3 | 21.1 | 13.5 | ||||||||||||||||||||||||||||||||||||||||||
Total benefits, losses and expenses | Total benefits, losses and expenses | 372.0 | 351.9 | 717.8 | 673.6 | Total benefits, losses and expenses | 365.1 | 319.2 | 1,082.9 | 992.8 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (15.6) | (6.0) | (7.5) | 19.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (2.8) | (1.8) | (1.3) | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 13.6 | 23.4 | 6.1 | 42.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 1.9 | 3.0 | 0.6 | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (12.8) | $ | (4.2) | $ | (6.2) | $ | 16.1 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 11.7 | $ | 20.4 | $ | 5.5 | $ | 36.5 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share | Net income per share | |||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | (0.31) | $ | (0.10) | $ | (0.15) | $ | 0.38 | Basic | $ | 0.28 | $ | 0.49 | $ | 0.13 | $ | 0.87 | ||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | (0.31) | $ | (0.10) | $ | (0.15) | $ | 0.38 | Diluted | $ | 0.28 | $ | 0.49 | $ | 0.13 | $ | 0.87 | ||||||||||||||||||||||||||||||||||
Weighted average number of shares and equivalent shares | Weighted average number of shares and equivalent shares | Weighted average number of shares and equivalent shares | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 41.3 | 41.8 | 41.3 | 41.8 | Basic | 41.3 | 41.4 | 41.3 | 41.7 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 41.4 | 41.8 | 41.4 | 42.0 | Diluted | 41.4 | 41.6 | 41.4 | 41.9 | ||||||||||||||||||||||||||||||||||||||||||
Statements of Comprehensive Income (Loss) | Statements of Comprehensive Income (Loss) | Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (12.8) | $ | (4.2) | $ | (6.2) | $ | 16.1 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 11.7 | $ | 20.4 | $ | 5.5 | $ | 36.5 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax: | Other comprehensive loss, net of tax: | Other comprehensive loss, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | Change in net unrealized investment losses on fixed maturity securities | (37.3) | (294.8) | 55.9 | (628.9) | Change in net unrealized investment losses on fixed maturity securities | (141.0) | (215.0) | (85.1) | (843.9) | ||||||||||||||||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | Change in net reserve remeasurements attributable to discount rates | 25.1 | 168.5 | (16.1) | 350.0 | Change in net reserve remeasurements attributable to discount rates | 90.7 | 110.7 | 74.6 | 460.7 | ||||||||||||||||||||||||||||||||||||||||||
Change in net funded status of benefit plans | Change in net funded status of benefit plans | — | — | — | — | Change in net funded status of benefit plans | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (12.2) | (126.3) | 39.8 | (278.9) | Other comprehensive loss | (50.3) | (104.3) | (10.5) | (383.2) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | (25.0) | $ | (130.5) | $ | 33.6 | $ | (262.8) | Comprehensive income (loss) | $ | (38.6) | $ | (83.9) | $ | (5.0) | $ | (346.7) |
Horace Mann Educators Corporation | 3 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.001 par value | Common stock, $0.001 par value | Common stock, $0.001 par value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | Beginning balance | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||||||||||
Options exercised | Options exercised | — | — | — | — | Options exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock units | Conversion of common stock units | — | — | — | — | Conversion of common stock units | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Conversion of restricted stock units | Conversion of restricted stock units | — | — | — | — | Conversion of restricted stock units | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | 0.1 | 0.1 | 0.1 | 0.1 | Ending balance | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | Additional paid-in capital | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | 503.1 | 496.6 | 502.6 | 495.3 | Beginning balance | 505.7 | 498.1 | 502.6 | 495.3 | ||||||||||||||||||||||||||||||||||||||||||
Options exercised and conversion of common and restricted stock units | Options exercised and conversion of common and restricted stock units | 0.3 | (0.7) | (1.1) | (1.2) | Options exercised and conversion of common and restricted stock units | 0.3 | 0.2 | (0.8) | (1.1) | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 2.3 | 2.2 | 4.2 | 4.0 | Share-based compensation expense | 2.5 | 2.1 | 6.7 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | 505.7 | 498.1 | 505.7 | 498.1 | Ending balance | 508.5 | 500.4 | 508.5 | 500.4 | ||||||||||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | Retained earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | 1,505.2 | 1,553.0 | 1,512.4 | 1,547.0 | Beginning balance | 1,478.6 | 1,535.3 | 1,512.4 | 1,547.0 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (12.8) | (4.2) | (6.2) | 16.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 11.7 | 20.4 | 5.5 | 36.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends, 2023, $0.33 per share; 2022, $0.32 per share | Dividends, 2023, $0.33 per share; 2022, $0.32 per share | (13.8) | (13.5) | (27.6) | (27.0) | Dividends, 2023, $0.33 per share; 2022, $0.32 per share | (13.8) | (13.3) | (41.4) | (40.3) | ||||||||||||||||||||||||||||||||||||||||||
Effect of adopting ASU 2018-12(1) | Effect of adopting ASU 2018-12(1) | — | — | — | (0.8) | Effect of adopting ASU 2018-12(1) | — | — | — | (0.8) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | 1,478.6 | 1,535.3 | 1,478.6 | 1,535.3 | Ending balance | 1,476.5 | 1,542.4 | 1,476.5 | 1,542.4 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax: | Accumulated other comprehensive income (loss), net of tax: | Accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | (347.4) | (202.6) | (399.4) | (50.0) | Beginning balance | (359.6) | (328.9) | (399.4) | (50.0) | ||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | Change in net unrealized investment losses on fixed maturity securities | (37.3) | (294.8) | 55.9 | (628.9) | Change in net unrealized investment losses on fixed maturity securities | (141.0) | (215.0) | (85.1) | (843.9) | ||||||||||||||||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | Change in net reserve remeasurements attributable to discount rates | 25.1 | 168.5 | (16.1) | 350.0 | Change in net reserve remeasurements attributable to discount rates | 90.7 | 110.7 | 74.6 | 460.7 | ||||||||||||||||||||||||||||||||||||||||||
Change in net funded status of benefit plans | Change in net funded status of benefit plans | — | — | — | — | Change in net funded status of benefit plans | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | (359.6) | (328.9) | (359.6) | (328.9) | Ending balance | (409.9) | (433.2) | (409.9) | (433.2) | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock, at cost | Treasury stock, at cost | Treasury stock, at cost | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | (521.8) | (495.6) | (517.4) | (493.4) | Beginning balance | (522.9) | (507.4) | (517.4) | (493.4) | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired - share repurchase authorization | Treasury stock acquired - share repurchase authorization | (1.1) | (11.8) | (5.5) | (14.0) | Treasury stock acquired - share repurchase authorization | (1.0) | (10.0) | (6.5) | (24.0) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | (522.9) | (507.4) | (522.9) | (507.4) | Ending balance | (523.9) | (517.4) | (523.9) | (517.4) | ||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity at end of period | Shareholders' equity at end of period | $ | 1,101.9 | $ | 1,197.2 | $ | 1,101.9 | $ | 1,197.2 | Shareholders' equity at end of period | $ | 1,051.3 | $ | 1,092.3 | $ | 1,051.3 | $ | 1,092.3 |
Horace Mann Educators Corporation | 4 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Cash flows - operating activities | Cash flows - operating activities | Cash flows - operating activities | ||||||||||||||||||||||||||
Net income (loss) | $ | (6.2) | $ | 16.1 | ||||||||||||||||||||||||
Net income | Net income | $ | 5.5 | $ | 36.5 | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||
Net investment losses | Net investment losses | 21.3 | 31.0 | Net investment losses | 29.8 | 43.8 | ||||||||||||||||||||||
Depreciation and intangible asset amortization | Depreciation and intangible asset amortization | 12.9 | 7.9 | Depreciation and intangible asset amortization | 19.5 | 20.7 | ||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 4.5 | 4.4 | Share-based compensation expense | 7.1 | 6.7 | ||||||||||||||||||||||
Loss (gain) from equity method investments, net of dividends or distributions | Loss (gain) from equity method investments, net of dividends or distributions | 11.5 | (3.8) | Loss (gain) from equity method investments, net of dividends or distributions | 9.0 | 2.1 | ||||||||||||||||||||||
Other expense - goodwill impairment | Other expense - goodwill impairment | Other expense - goodwill impairment | ||||||||||||||||||||||||||
Changes in: | Changes in: | Changes in: | ||||||||||||||||||||||||||
Insurance liabilities | Insurance liabilities | 126.8 | 275.2 | Insurance liabilities | 122.3 | 223.5 | ||||||||||||||||||||||
Amounts due under reinsurance agreements | Amounts due under reinsurance agreements | 14.3 | (310.4) | Amounts due under reinsurance agreements | 26.9 | (304.3) | ||||||||||||||||||||||
Income tax liabilities | Income tax liabilities | (15.7) | 93.0 | Income tax liabilities | 8.1 | 125.1 | ||||||||||||||||||||||
Other operating assets and liabilities | Other operating assets and liabilities | (17.3) | (36.2) | Other operating assets and liabilities | (28.1) | (42.6) | ||||||||||||||||||||||
Other, net | Other, net | 1.8 | 2.8 | Other, net | (0.9) | 4.3 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 153.9 | 80.0 | Net cash provided by operating activities | 199.2 | 115.8 | ||||||||||||||||||||||
Cash flows - investing activities | Cash flows - investing activities | Cash flows - investing activities | ||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||
Purchases | Purchases | (313.7) | (784.6) | Purchases | (462.3) | (901.3) | ||||||||||||||||||||||
Sales | Sales | 206.2 | 365.3 | Sales | 341.4 | 529.9 | ||||||||||||||||||||||
Maturities, paydowns, calls and redemptions | Maturities, paydowns, calls and redemptions | 133.9 | 346.8 | Maturities, paydowns, calls and redemptions | 213.9 | 428.8 | ||||||||||||||||||||||
Equity securities | Equity securities | Equity securities | ||||||||||||||||||||||||||
Purchases | Purchases | (1.7) | (4.3) | Purchases | (2.4) | (4.5) | ||||||||||||||||||||||
Sales and repayments | Sales and repayments | 9.8 | 6.8 | Sales and repayments | 16.6 | 7.0 | ||||||||||||||||||||||
Limited partnership interests | Limited partnership interests | Limited partnership interests | ||||||||||||||||||||||||||
Purchases | Purchases | (110.2) | (147.8) | Purchases | (183.2) | (332.3) | ||||||||||||||||||||||
Sales | Sales | 8.3 | 36.4 | Sales | 15.1 | 45.5 | ||||||||||||||||||||||
Change in short-term and other investments, net | Change in short-term and other investments, net | 22.8 | 49.7 | Change in short-term and other investments, net | (24.7) | 95.4 | ||||||||||||||||||||||
Acquisition of business, net of cash acquired | Acquisition of business, net of cash acquired | — | (164.4) | Acquisition of business, net of cash acquired | — | (164.4) | ||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (44.6) | (296.1) | Net cash used in investing activities | (85.6) | (295.9) | ||||||||||||||||||||||
Cash flows - financing activities | Cash flows - financing activities | Cash flows - financing activities | ||||||||||||||||||||||||||
Dividends paid to shareholders | Dividends paid to shareholders | (27.0) | (26.4) | Dividends paid to shareholders | (40.4) | (39.5) | ||||||||||||||||||||||
Proceeds from issuance of 2023 Senior Notes due 2028 | Proceeds from issuance of 2023 Senior Notes due 2028 | 297.7 | — | |||||||||||||||||||||||||
Principal repayment on Revolving Credit Facility | Principal repayment on Revolving Credit Facility | (249.0) | — | |||||||||||||||||||||||||
Principal repayment on FHLB borrowings | Principal repayment on FHLB borrowings | — | (5.0) | Principal repayment on FHLB borrowings | — | (5.0) | ||||||||||||||||||||||
Treasury stock acquired | Treasury stock acquired | (5.5) | (14.0) | Treasury stock acquired | (6.5) | (24.0) | ||||||||||||||||||||||
Withholding tax payments on RSUs tendered | Withholding tax payments on RSUs tendered | (1.8) | (2.3) | Withholding tax payments on RSUs tendered | (1.8) | (2.4) | ||||||||||||||||||||||
Annuity contracts: variable, fixed and FHLB funding agreements: | Annuity contracts: variable, fixed and FHLB funding agreements: | Annuity contracts: variable, fixed and FHLB funding agreements: | ||||||||||||||||||||||||||
Deposits including advances from FHLB funding agreements | Deposits including advances from FHLB funding agreements | 418.4 | 332.9 | Deposits including advances from FHLB funding agreements | 571.8 | 516.7 | ||||||||||||||||||||||
Benefits, withdrawals and net transfers to Separate Account variable annuity assets | Benefits, withdrawals and net transfers to Separate Account variable annuity assets | (309.6) | (223.4) | Benefits, withdrawals and net transfers to Separate Account variable annuity assets | (464.3) | (340.6) | ||||||||||||||||||||||
Repayment of FHLB funding agreements | Repayment of FHLB funding agreements | (85.0) | (10.0) | Repayment of FHLB funding agreements | (89.5) | (94.0) | ||||||||||||||||||||||
Life policy accounts: | Life policy accounts: | Life policy accounts: | ||||||||||||||||||||||||||
Deposits | Deposits | 6.3 | 4.6 | Deposits | 9.4 | 7.7 | ||||||||||||||||||||||
Withdrawals and surrenders | Withdrawals and surrenders | (2.0) | (1.9) | Withdrawals and surrenders | (3.2) | (2.8) | ||||||||||||||||||||||
Change in deposit asset on reinsurance | Change in deposit asset on reinsurance | (52.7) | (24.4) | Change in deposit asset on reinsurance | (78.6) | (32.4) | ||||||||||||||||||||||
Net increase (decrease) in reverse repurchase agreements | Net increase (decrease) in reverse repurchase agreements | (70.0) | 95.8 | Net increase (decrease) in reverse repurchase agreements | (70.0) | 95.2 | ||||||||||||||||||||||
Change in book overdrafts | Change in book overdrafts | (0.1) | 6.6 | Change in book overdrafts | 2.5 | 3.7 | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (129.0) | 132.5 | Net cash provided by (used in) financing activities | (121.9) | 82.6 | ||||||||||||||||||||||
Net decrease in cash | Net decrease in cash | (19.7) | (83.6) | Net decrease in cash | (8.3) | (97.5) | ||||||||||||||||||||||
Cash at beginning of period | Cash at beginning of period | 42.8 | 133.7 | Cash at beginning of period | 42.8 | 133.7 | ||||||||||||||||||||||
Cash at end of period | Cash at end of period | $ | 23.1 | $ | 50.1 | Cash at end of period | $ | 34.5 | $ | 36.2 |
Horace Mann Educators Corporation | 5 |
Horace Mann Educators Corporation | 6 |
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited Pay Whole Life | Supplemental Health(1) | SPIA (life contingent) | |||||||||||||||||||||||||||||||||
Balance, end of year December 31, 2020 | $ | 218.7 | $ | 93.2 | $ | 758.3 | $ | 51.3 | $ | 392.5 | $ | 115.9 | ||||||||||||||||||||||||||
Change in discount rate assumptions | 111.5 | 27.3 | 433.0 | 18.2 | 23.0 | 20.6 | ||||||||||||||||||||||||||||||||
Change in cash flow assumptions, effect of net premiums exceeding gross premiums | 0.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Adjusted balance, beginning of year January 1, 2021 | 330.6 | 120.5 | 1,191.3 | 69.5 | 415.5 | 136.5 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverables, end of year December 31, 2020 | (0.1) | (5.4) | (1.3) | (0.1) | — | — | ||||||||||||||||||||||||||||||||
Less: Change in discount rate assumptions | (0.2) | (0.9) | (0.7) | (0.1) | — | — | ||||||||||||||||||||||||||||||||
Adjusted balance, beginning of year January 1, 2021, net of reinsurance | $ | 330.3 | $ | 114.2 | $ | 1,189.3 | $ | 69.3 | $ | 415.5 | $ | 136.5 |
Horace Mann Educators Corporation | 7 |
($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | ||||||||||||||||||||||||||||||||||||||
Balance, end of year December 31, 2020 | $ | 17.8 | $ | 25.6 | $ | 2.6 | $ | 4.4 | $ | 11.3 | $ | 4.3 | $ | 137.7 | ||||||||||||||||||||||||||||||
Adjustment for removal of related balances in AOCI | — | — | 3.6 | — | 1.6 | — | 85.4 | |||||||||||||||||||||||||||||||||||||
Adjusted balance, beginning of year January 1, 2021 | $ | 17.8 | $ | 25.6 | $ | 6.2 | $ | 4.4 | $ | 12.9 | $ | 4.3 | $ | 223.1 |
($ in millions) | ||||||||
Balance, end of year December 31, 2020 | $ | 0.1 | ||||||
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk | 6.8 | |||||||
Adjustment for cumulative effect of changes in the instrument-specific credit risk at issuance | 1.7 | |||||||
Total adjustment for the difference between carrying amount and fair value | 8.5 | |||||||
Balance, beginning of year January 1, 2021 | 8.6 | |||||||
Less: Reinsurance recoverable | — | |||||||
Balance, beginning of year January 1, 2021, net of reinsurance | $ | 8.6 |
($ in millions) | January 1, 2021 | |||||||||||||
AOCI | Retained Earnings | |||||||||||||
Liability for future policy benefits | $ | (496.3) | $ | (0.2) | ||||||||||
Deferred policy acquisition costs | 71.1 | — | ||||||||||||
Deferred sales inducements | — | — | ||||||||||||
Market risk benefits | (1.3) | (5.4) | ||||||||||||
Total | $ | (426.5) | $ | (5.6) |
Horace Mann Educators Corporation | 8 |
Horace Mann Educators Corporation | 9 |
Horace Mann Educators Corporation | 10 |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | $ | 65.2 | $ | 62.0 | $ | 132.9 | $ | 120.6 | Fixed maturity securities | $ | 68.7 | $ | 63.9 | $ | 201.6 | $ | 184.5 | ||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 0.7 | 4.0 | 3.4 | 5.3 | Equity securities | 1.3 | 1.8 | 4.7 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||
Limited partnership interests | Limited partnership interests | 15.7 | 13.2 | 20.1 | 26.2 | Limited partnership interests | 20.5 | 5.1 | 40.6 | 31.3 | ||||||||||||||||||||||||||||||||||||||||||
Short-term and other investments | Short-term and other investments | 3.5 | 2.7 | 7.0 | 5.4 | Short-term and other investments | 4.6 | 2.8 | 11.6 | 8.2 | ||||||||||||||||||||||||||||||||||||||||||
Investment expenses | Investment expenses | (2.6) | (2.5) | (6.2) | (5.1) | Investment expenses | (3.3) | (2.7) | (9.5) | (7.8) | ||||||||||||||||||||||||||||||||||||||||||
Net investment income - investment portfolio | Net investment income - investment portfolio | 82.5 | 79.4 | 157.2 | 152.4 | Net investment income - investment portfolio | 91.8 | 70.9 | 249.0 | 223.3 | ||||||||||||||||||||||||||||||||||||||||||
Investment income - deposit asset on reinsurance | Investment income - deposit asset on reinsurance | 26.0 | 25.8 | 51.7 | 50.7 | Investment income - deposit asset on reinsurance | 27.1 | 26.7 | 78.8 | 77.4 | ||||||||||||||||||||||||||||||||||||||||||
Total net investment income | Total net investment income | $ | 108.5 | $ | 105.2 | $ | 208.9 | $ | 203.1 | Total net investment income | $ | 118.9 | $ | 97.6 | $ | 327.8 | $ | 300.7 |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | $ | (14.7) | $ | (2.9) | $ | (17.1) | $ | (5.2) | Fixed maturity securities | $ | (3.4) | $ | (10.7) | $ | (20.5) | $ | (15.9) | ||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | (3.5) | (12.6) | (4.5) | (28.1) | Equity securities | (2.1) | (4.4) | (6.6) | (32.5) | ||||||||||||||||||||||||||||||||||||||||||
Short-term investments and other | Short-term investments and other | 0.8 | — | 0.3 | 2.3 | Short-term investments and other | (2.9) | 2.3 | (2.6) | 4.6 | ||||||||||||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | $ | (17.4) | $ | (15.5) | $ | (21.3) | $ | (31.0) | Net investment losses | $ | (8.4) | $ | (12.8) | $ | (29.7) | $ | (43.8) |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Credit loss impairments | Credit loss impairments | $ | (0.5) | $ | (1.3) | $ | (0.5) | $ | (2.2) | Credit loss impairments | $ | — | $ | (0.6) | $ | (0.5) | $ | (2.8) | ||||||||||||||||||||||||||||||||||
Intent-to-sell impairments | Intent-to-sell impairments | (6.1) | (0.5) | (6.1) | (1.4) | Intent-to-sell impairments | (0.6) | (6.2) | (6.7) | (7.6) | ||||||||||||||||||||||||||||||||||||||||||
Total impairments | Total impairments | (6.6) | (1.8) | (6.6) | (3.6) | Total impairments | (0.6) | (6.8) | (7.2) | (10.4) | ||||||||||||||||||||||||||||||||||||||||||
Sales and other, net | Sales and other, net | (19.3) | (1.1) | (21.7) | — | Sales and other, net | (3.5) | (3.9) | (25.2) | (3.9) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value - equity securities | Change in fair value - equity securities | 7.7 | (12.6) | 6.7 | (29.7) | Change in fair value - equity securities | (1.4) | (4.4) | 5.3 | (34.1) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value and gains (losses) realized on settlements - derivatives | Change in fair value and gains (losses) realized on settlements - derivatives | 0.8 | — | 0.3 | 2.3 | Change in fair value and gains (losses) realized on settlements - derivatives | (2.9) | 2.3 | (2.6) | 4.6 | ||||||||||||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | $ | (17.4) | $ | (15.5) | $ | (21.3) | $ | (31.0) | Net investment losses | $ | (8.4) | $ | (12.8) | $ | (29.7) | $ | (43.8) |
Horace Mann Educators Corporation | 11 |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 1.2 | $ | 8.3 | $ | 1.2 | $ | 7.7 | Beginning balance | $ | 1.2 | $ | 9.5 | $ | 1.2 | $ | 7.7 | ||||||||||||||||||||||||||||||||||
Credit losses on fixed maturity securities for which credit losses were not previously reported | Credit losses on fixed maturity securities for which credit losses were not previously reported | 0.5 | — | 0.5 | — | Credit losses on fixed maturity securities for which credit losses were not previously reported | — | — | 0.5 | — | ||||||||||||||||||||||||||||||||||||||||||
Net increase related to credit losses previously reported | Net increase related to credit losses previously reported | — | 1.3 | — | 2.2 | Net increase related to credit losses previously reported | — | 0.6 | — | 2.8 | ||||||||||||||||||||||||||||||||||||||||||
Reduction of credit allowances related to sales | Reduction of credit allowances related to sales | — | — | — | — | Reduction of credit allowances related to sales | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Write-offs | Write-offs | (0.5) | (0.1) | (0.5) | (0.4) | Write-offs | — | — | (0.5) | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 1.2 | $ | 9.5 | $ | 1.2 | $ | 9.5 | Ending balance | $ | 1.2 | $ | 10.1 | $ | 1.2 | $ | 10.1 |
($ in millions) | ($ in millions) | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ($ in millions) | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federally sponsored agency obligations:(1) | U.S. Government and federally sponsored agency obligations:(1) | U.S. Government and federally sponsored agency obligations:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 650.4 | $ | 0.8 | $ | 68.1 | $ | 583.1 | Mortgage-backed securities | $ | 687.2 | $ | 0.5 | $ | 97.2 | $ | 590.5 | ||||||||||||||||||||||||||||||||||
Other, including U.S. Treasury securities | Other, including U.S. Treasury securities | 432.4 | 0.3 | 63.6 | 369.1 | Other, including U.S. Treasury securities | 449.6 | 0.3 | 85.0 | 364.9 | ||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | Municipal bonds | 1,342.3 | 20.2 | 110.0 | 1,252.5 | Municipal bonds | 1,334.1 | 11.2 | 159.8 | 1,185.5 | ||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | Foreign government bonds | 26.1 | — | 1.3 | 24.8 | Foreign government bonds | 26.1 | — | 1.6 | 24.5 | ||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 2,053.8 | 12.6 | 238.0 | 1,828.4 | Corporate bonds | 1,982.7 | 7.2 | 304.6 | 1,685.3 | ||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 1,207.7 | 2.7 | 56.4 | 1,154.0 | Other asset-backed securities | 1,161.9 | 3.6 | 54.6 | 1,110.9 | ||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 5,712.7 | $ | 36.6 | $ | 537.4 | $ | 5,211.9 | Totals | $ | 5,641.6 | $ | 22.8 | $ | 702.8 | $ | 4,961.6 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federally sponsored agency obligations:(1) | U.S. Government and federally sponsored agency obligations:(1) | U.S. Government and federally sponsored agency obligations:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 638.2 | $ | 1.3 | $ | 69.1 | $ | 570.4 | Mortgage-backed securities | $ | 638.2 | $ | 1.3 | $ | 69.1 | $ | 570.4 | ||||||||||||||||||||||||||||||||||
Other, including U.S. Treasury securities | Other, including U.S. Treasury securities | 410.0 | 0.5 | 67.8 | 342.7 | Other, including U.S. Treasury securities | 410.0 | 0.5 | 67.8 | 342.7 | ||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | Municipal bonds | 1,380.9 | 16.9 | 128.1 | 1,269.7 | Municipal bonds | 1,380.9 | 16.9 | 128.1 | 1,269.7 | ||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | Foreign government bonds | 35.1 | — | 1.6 | 33.5 | Foreign government bonds | 35.1 | — | 1.6 | 33.5 | ||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 2,161.2 | 12.7 | 272.2 | 1,901.7 | Corporate bonds | 2,161.2 | 12.7 | 272.2 | 1,901.7 | ||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 1,131.5 | 3.6 | 68.1 | 1,067.0 | Other asset-backed securities | 1,131.5 | 3.6 | 68.1 | 1,067.0 | ||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 5,756.9 | $ | 35.0 | $ | 606.9 | $ | 5,185.0 | Totals | $ | 5,756.9 | $ | 35.0 | $ | 606.9 | $ | 5,185.0 |
Horace Mann Educators Corporation | 12 |
($ in millions) | ($ in millions) | 12 Months or Less | More than 12 Months | Total | ($ in millions) | 12 Months or Less | More than 12 Months | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 211.9 | $ | 12.1 | $ | 327.6 | $ | 56.0 | $ | 539.5 | $ | 68.1 | Mortgage-backed securities | $ | 137.1 | $ | 5.3 | $ | 438.2 | $ | 91.9 | $ | 575.3 | $ | 97.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 147.6 | 6.6 | 203.8 | 57.0 | 351.4 | 63.6 | Other | 91.9 | 3.7 | 268.5 | 81.3 | 360.4 | 85.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | Municipal bonds | 302.8 | 8.9 | 634.9 | 101.1 | 937.7 | 110.0 | Municipal bonds | 331.1 | 13.7 | 729.9 | 146.1 | 1,061.0 | 159.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | Foreign government bonds | 21.8 | 0.7 | 2.9 | 0.6 | 24.7 | 1.3 | Foreign government bonds | 1.4 | 0.1 | 23.1 | 1.5 | 24.5 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 186.5 | 11.0 | 1,119.2 | 227.0 | 1,305.7 | 238.0 | Corporate bonds | 204.9 | 18.6 | 1,120.8 | 286.0 | 1,325.7 | 304.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 214.8 | 5.3 | 804.0 | 51.1 | 1,018.8 | 56.4 | Other asset-backed securities | 135.1 | 2.6 | 804.4 | 52.0 | 939.5 | 54.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,085.4 | $ | 44.6 | $ | 3,092.4 | $ | 492.8 | $ | 4,177.8 | $ | 537.4 | Total | $ | 901.5 | $ | 44.0 | $ | 3,384.9 | $ | 658.8 | $ | 4,286.4 | $ | 702.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of positions with a gross unrealized loss | Number of positions with a gross unrealized loss | 742 | 2,227 | 2,969 | Number of positions with a gross unrealized loss | 669 | 2,474 | 3,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value as a percentage of total fixed maturity securities at fair value | Fair value as a percentage of total fixed maturity securities at fair value | 20.8 | % | 59.3 | % | 80.1 | % | Fair value as a percentage of total fixed maturity securities at fair value | 18.2 | % | 68.2 | % | 86.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 458.3 | $ | 54.4 | $ | 52.6 | $ | 14.7 | $ | 510.9 | $ | 69.1 | Mortgage-backed securities | $ | 458.3 | $ | 54.4 | $ | 52.6 | $ | 14.7 | $ | 510.9 | $ | 69.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 242.7 | 34.1 | 65.8 | 33.7 | 308.5 | 67.8 | Other | 242.7 | 34.1 | 65.8 | 33.7 | 308.5 | 67.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | Municipal bonds | 911.6 | 113.7 | 42.2 | 14.4 | 953.8 | 128.1 | Municipal bonds | 911.6 | 113.7 | 42.2 | 14.4 | 953.8 | 128.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | Foreign government bonds | 32.7 | 1.4 | 0.4 | 0.2 | 33.1 | 1.6 | Foreign government bonds | 32.7 | 1.4 | 0.4 | 0.2 | 33.1 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 1,345.0 | 221.1 | 148.9 | 51.1 | 1,493.9 | 272.2 | Corporate bonds | 1,345.0 | 221.1 | 148.9 | 51.1 | 1,493.9 | 272.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 543.4 | 37.1 | 424.3 | 31.0 | 967.7 | 68.1 | Other asset-backed securities | 543.4 | 37.1 | 424.3 | 31.0 | 967.7 | 68.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,533.7 | $ | 461.8 | $ | 734.2 | $ | 145.1 | $ | 4,267.9 | $ | 606.9 | Total | $ | 3,533.7 | $ | 461.8 | $ | 734.2 | $ | 145.1 | $ | 4,267.9 | $ | 606.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of positions with a gross unrealized loss | Number of positions with a gross unrealized loss | 2,515 | 587 | 3,102 | Number of positions with a gross unrealized loss | 2,515 | 587 | 3,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value as a percentage of total fixed maturity securities at fair value | Fair value as a percentage of total fixed maturity securities at fair value | 68.2 | % | 14.2 | % | 82.4 | % | Fair value as a percentage of total fixed maturity securities at fair value | 68.2 | % | 14.2 | % | 82.4 | % |
Horace Mann Educators Corporation | 13 |
Number of Positions | Number of Positions | |||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Credit Rating | Credit Rating | Credit Rating | ||||||||||||||||||||||||||
AAA | AAA | 229 | 67 | AAA | 241 | 67 | ||||||||||||||||||||||
AA | AA | 835 | 217 | AA | 1,030 | 217 | ||||||||||||||||||||||
A | A | 399 | 94 | A | 434 | 94 | ||||||||||||||||||||||
BBB | BBB | 436 | 93 | BBB | 474 | 93 | ||||||||||||||||||||||
BB | BB | 183 | 68 | BB | 159 | 68 | ||||||||||||||||||||||
B | B | 85 | 31 | B | 64 | 31 | ||||||||||||||||||||||
CCC or lower | CCC or lower | 5 | 2 | CCC or lower | 7 | 2 | ||||||||||||||||||||||
Not rated | Not rated | 55 | 15 | Not rated | 65 | 15 | ||||||||||||||||||||||
Totals: | Totals: | 2,227 | 587 | Totals: | 2,474 | 587 |
($ in millions) | ($ in millions) | Percent of Total Fair Value | June 30, 2023 | ($ in millions) | Percent of Total Fair Value | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | Fair Value | Amortized Cost, net | September 30, 2023 | December 31, 2022 | Fair Value | Amortized Cost, net | |||||||||||||||||||||||||||||||||||||||||||||
Estimated expected maturity: | Estimated expected maturity: | Estimated expected maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 4.9 | % | 4.4 | % | $ | 253.5 | $ | 261.6 | Due in 1 year or less | 5.6 | % | 4.4 | % | $ | 278.3 | $ | 287.8 | ||||||||||||||||||||||||||||||||||
Due after 1 year through 5 years | Due after 1 year through 5 years | 26.7 | 26.3 | 1,390.7 | 1,448.0 | Due after 1 year through 5 years | 27.1 | 26.3 | 1,343.4 | 1,420.7 | ||||||||||||||||||||||||||||||||||||||||||
Due after 5 years through 10 years | Due after 5 years through 10 years | 27.5 | 27.9 | 1,431.8 | 1,520.5 | Due after 5 years through 10 years | 27.4 | 27.9 | 1,357.3 | 1,480.7 | ||||||||||||||||||||||||||||||||||||||||||
Due after 10 years through 20 years | Due after 10 years through 20 years | 24.6 | 25.0 | 1,286.9 | 1,444.5 | Due after 10 years through 20 years | 23.9 | 25.0 | 1,187.1 | 1,417.8 | ||||||||||||||||||||||||||||||||||||||||||
Due after 20 years | Due after 20 years | 16.3 | 16.4 | 849.0 | 1,038.1 | Due after 20 years | 16.0 | 16.4 | 795.5 | 1,034.6 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | $ | 5,211.9 | $ | 5,712.7 | Total | 100.0 | % | 100.0 | % | $ | 4,961.6 | $ | 5,641.6 | ||||||||||||||||||||||||||||||||||
Average option-adjusted duration, in years | Average option-adjusted duration, in years | 6.2 | 6.4 | Average option-adjusted duration, in years | 6.1 | 6.4 |
Horace Mann Educators Corporation | 14 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||
Proceeds received | $ | 143.5 | $ | 197.0 | $ | 206.2 | $ | 365.3 | ||||||||||||||||||
Gross gains realized | 0.3 | 1.2 | 0.6 | 3.6 | ||||||||||||||||||||||
Gross losses realized | (8.4) | (2.3) | (11.1) | (5.2) | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Proceeds received | $ | 9.8 | $ | — | $ | 9.8 | $ | 5.8 | ||||||||||||||||||
Gross gains realized | — | — | — | 1.7 | ||||||||||||||||||||||
Gross losses realized | (11.3) | — | (11.3) | (0.1) |
($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||
Proceeds received | $ | 135.2 | $ | 164.6 | $ | 341.4 | $ | 529.9 | ||||||||||||||||||
Gross gains realized | 1.4 | 1.1 | 2.0 | 4.7 | ||||||||||||||||||||||
Gross losses realized | (2.8) | (5.0) | (13.9) | (10.2) | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Proceeds received | $ | 6.8 | $ | 0.2 | $ | 16.6 | $ | 6.0 | ||||||||||||||||||
Gross gains realized | — | — | — | 1.7 | ||||||||||||||||||||||
Gross losses realized | (0.5) | — | (11.8) | (0.1) |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) on fixed maturity securities, net of tax | Net unrealized investment gains (losses) on fixed maturity securities, net of tax | Net unrealized investment gains (losses) on fixed maturity securities, net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | Beginning of period | $ | (356.4) | $ | 13.0 | $ | (449.6) | $ | 347.1 | Beginning of period | $ | (393.7) | $ | (281.8) | $ | (449.6) | $ | 347.1 | ||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) on fixed maturity securities | Change in net unrealized investment gains (losses) on fixed maturity securities | (48.9) | (297.1) | 42.4 | (633.0) | Change in net unrealized investment gains (losses) on fixed maturity securities | (143.7) | (223.4) | (101.3) | (856.5) | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of net investment losses on fixed maturity securities to net income | Reclassification of net investment losses on fixed maturity securities to net income | 11.6 | 2.3 | 13.5 | 4.1 | Reclassification of net investment losses on fixed maturity securities to net income | 2.7 | 8.4 | 16.2 | 12.6 | ||||||||||||||||||||||||||||||||||||||||||
End of period | End of period | $ | (393.7) | $ | (281.8) | $ | (393.7) | $ | (281.8) | End of period | $ | (534.7) | $ | (496.8) | $ | (534.7) | $ | (496.8) |
($ in millions) | ($ in millions) | ($ in millions) | ||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Commercial mortgage loan funds | Commercial mortgage loan funds | $ | 642.7 | $ | 593.6 | Commercial mortgage loan funds | $ | 671.6 | $ | 593.6 | ||||||||||||||||||
Real estate equity funds | Real estate equity funds | 111.2 | 71.3 | |||||||||||||||||||||||||
Private equity funds | Private equity funds | 80.6 | 76.3 | Private equity funds | 83.9 | 76.3 | ||||||||||||||||||||||
Infrastructure equity funds | Infrastructure equity funds | 72.4 | 72.0 | Infrastructure equity funds | 77.9 | 72.0 | ||||||||||||||||||||||
Real estate equity funds | 86.8 | 71.3 | ||||||||||||||||||||||||||
Infrastructure debt funds | Infrastructure debt funds | 62.8 | 60.0 | Infrastructure debt funds | 63.4 | 60.0 | ||||||||||||||||||||||
Other funds(1) | Other funds(1) | 128.5 | 110.5 | Other funds(1) | 134.6 | 110.5 | ||||||||||||||||||||||
Total | Total | $ | 1,073.8 | $ | 983.7 | Total | $ | 1,142.6 | $ | 983.7 |
Horace Mann Educators Corporation | 15 |
($ in millions) | ($ in millions) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | ($ in millions) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts | Financial Instruments | Cash Collateral Received | Net Amount | Gross Amounts | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset derivatives: | Asset derivatives: | Asset derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Free-standing derivatives | Free-standing derivatives | $ | 12.7 | $ | — | $ | 12.7 | $ | — | $ | 12.0 | $ | 0.7 | Free-standing derivatives | $ | 9.3 | $ | — | $ | 9.3 | $ | — | $ | 9.2 | $ | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset derivatives: | Asset derivatives: | Asset derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Free-standing derivatives | Free-standing derivatives | $ | 6.8 | $ | — | $ | 6.8 | $ | — | $ | 5.9 | $ | 0.9 | Free-standing derivatives | $ | 6.8 | $ | — | $ | 6.8 | $ | — | $ | 5.9 | $ | 0.9 |
Horace Mann Educators Corporation | 16 |
($ in millions) | ($ in millions) | Carrying Amount | Fair Value | Fair Value Measurements at Reporting Date Using | ($ in millions) | Carrying Amount | Fair Value | Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 583.1 | $ | 583.1 | $ | — | $ | 580.6 | $ | 2.5 | Mortgage-backed securities | $ | 590.5 | $ | 590.5 | $ | — | $ | 588.0 | $ | 2.5 | ||||||||||||||||||||||||||||||||||||||||||
Other, including U.S. Treasury securities | Other, including U.S. Treasury securities | 369.0 | 369.0 | 44.8 | 324.2 | — | Other, including U.S. Treasury securities | 364.8 | 364.8 | 44.2 | 320.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | Municipal bonds | 1,252.6 | 1,252.6 | — | 1,188.7 | 63.9 | Municipal bonds | 1,185.6 | 1,185.6 | — | 1,115.9 | 69.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | Foreign government bonds | 24.8 | 24.8 | — | 24.8 | — | Foreign government bonds | 24.5 | 24.5 | — | 24.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 1,828.4 | 1,828.4 | 13.0 | 1,503.9 | 311.5 | Corporate bonds | 1,685.3 | 1,685.3 | 10.0 | 1,370.1 | 305.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 1,154.0 | 1,154.0 | — | 1,055.1 | 98.9 | Other asset-backed securities | 1,110.9 | 1,110.9 | — | 1,012.9 | 98.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | Total fixed maturity securities | 5,211.9 | 5,211.9 | 57.8 | 4,677.3 | 476.8 | Total fixed maturity securities | 4,961.6 | 4,961.6 | 54.2 | 4,432.0 | 475.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 85.8 | 85.8 | 18.0 | 65.8 | 2.0 | Equity securities | 77.0 | 77.0 | 17.2 | 57.6 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 74.0 | 74.0 | 74.0 | — | — | Short-term investments | 113.5 | 113.5 | 113.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 45.8 | 45.8 | — | 45.8 | — | Other investments | 43.1 | 43.1 | — | 43.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 5,417.5 | $ | 5,417.5 | $ | 149.8 | $ | 4,788.9 | $ | 478.8 | Totals | $ | 5,195.2 | $ | 5,195.2 | $ | 184.9 | $ | 4,532.7 | $ | 477.6 | ||||||||||||||||||||||||||||||||||||||||||
Separate Account variable annuity assets(1) | Separate Account variable annuity assets(1) | $ | 3,098.5 | $ | 3,098.5 | $ | 3,098.5 | $ | — | $ | — | Separate Account variable annuity assets(1) | $ | 2,974.0 | $ | 2,974.0 | $ | 2,974.0 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities(2) | Financial Liabilities(2) | $ | 86.2 | $ | 86.2 | $ | — | $ | 2.6 | $ | 83.6 | Financial Liabilities(2) | $ | 80.3 | $ | 80.3 | $ | — | $ | 2.0 | $ | 78.3 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | U.S. Government and federally sponsored agency obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $ | 570.4 | $ | 570.4 | $ | — | $ | 567.8 | $ | 2.6 | Mortgage-backed securities | $ | 570.4 | $ | 570.4 | $ | — | $ | 567.8 | $ | 2.6 | ||||||||||||||||||||||||||||||||||||||||||
Other, including U.S. Treasury securities | Other, including U.S. Treasury securities | 342.6 | 342.6 | 24.6 | 318.0 | — | Other, including U.S. Treasury securities | 342.6 | 342.6 | 24.6 | 318.0 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | Municipal bonds | 1,269.7 | 1,269.7 | — | 1,215.3 | 54.4 | Municipal bonds | 1,269.7 | 1,269.7 | — | 1,215.3 | 54.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | Foreign government bonds | 33.6 | 33.6 | — | 33.6 | — | Foreign government bonds | 33.6 | 33.6 | — | 33.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 1,901.7 | 1,901.7 | 12.2 | 1,628.2 | 261.3 | Corporate bonds | 1,901.7 | 1,901.7 | 12.2 | 1,628.2 | 261.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 1,067.0 | 1,067.0 | — | 962.0 | 105.0 | Other asset-backed securities | 1,067.0 | 1,067.0 | — | 962.0 | 105.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | Total fixed maturity securities | 5,185.0 | 5,185.0 | 36.8 | 4,724.9 | 423.3 | Total fixed maturity securities | 5,185.0 | 5,185.0 | 36.8 | 4,724.9 | 423.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 99.6 | 99.6 | 23.3 | 74.3 | 2.0 | Equity securities | 99.6 | 99.6 | 23.3 | 74.3 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 109.4 | 109.4 | 109.4 | — | — | Short-term investments | 109.4 | 109.4 | 109.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 38.6 | 38.6 | — | 38.6 | — | Other investments | 38.6 | 38.6 | — | 38.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | Totals | $ | 5,432.6 | $ | 5,432.6 | $ | 169.5 | $ | 4,837.8 | $ | 425.3 | Totals | $ | 5,432.6 | $ | 5,432.6 | $ | 169.5 | $ | 4,837.8 | $ | 425.3 | ||||||||||||||||||||||||||||||||||||||||||
Separate Account (variable annuity) assets(1) | Separate Account (variable annuity) assets(1) | $ | 2,792.3 | $ | 2,792.3 | $ | 2,792.3 | $ | — | $ | — | Separate Account (variable annuity) assets(1) | $ | 2,792.3 | $ | 2,792.3 | $ | 2,792.3 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities(2) | Financial Liabilities(2) | $ | 92.5 | $ | 92.5 | $ | — | $ | 1.2 | $ | 91.3 | Financial Liabilities(2) | $ | 92.5 | $ | 92.5 | $ | — | $ | 1.2 | $ | 91.3 |
Horace Mann Educators Corporation | 17 |
($ in millions) | ($ in millions) | Financial Assets | Financial Liabilities(1) | ($ in millions) | Financial Assets | Financial Liabilities(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal Bonds | Corporate Bonds | Mortgage-Backed and Other Asset- Backed Securities(2) | Total Fixed Maturity Securities | Equity Securities | Total | Municipal Bonds | Corporate Bonds | Mortgage-Backed and Other Asset- Backed Securities(2) | Total Fixed Maturity Securities | Equity Securities | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2023 | $ | 55.4 | $ | 284.0 | $ | 104.6 | $ | 444.0 | $ | 2.0 | $ | 446.0 | $ | 91.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2023 | Beginning balance, July 1, 2023 | $ | 63.9 | $ | 311.5 | $ | 101.4 | $ | 476.8 | $ | 2.0 | $ | 478.8 | $ | 83.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3(3) | Transfers into Level 3(3) | — | 30.2 | 0.4 | 30.6 | — | 30.6 | — | Transfers into Level 3(3) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3(3) | Transfers out of Level 3(3) | — | — | — | — | — | — | — | Transfers out of Level 3(3) | — | (3.7) | — | (3.7) | — | (3.7) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains or losses | Total gains or losses | Total gains or losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains/losses included in net income | Net gains/losses included in net income | — | — | — | — | — | — | (3.4) | Net gains/losses included in net income | — | — | — | — | 0.2 | 0.2 | (3.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains/losses included in OCI | Net unrealized gains/losses included in OCI | (0.8) | (2.2) | (0.7) | (3.7) | — | (3.7) | (0.9) | Net unrealized gains/losses included in OCI | 5.9 | (12.8) | 2.0 | (4.9) | — | (4.9) | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | 9.5 | 6.6 | — | 16.1 | — | 16.1 | — | Purchases | — | 17.5 | 1.7 | 19.2 | — | 19.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Issuances | — | — | — | — | — | — | 2.2 | Issuances | — | — | — | — | — | — | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | — | (5.1) | — | (5.1) | — | (5.1) | — | Sales | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | Settlements | — | — | — | — | — | — | — | Settlements | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydowns, maturities and distributions | Paydowns, maturities and distributions | (0.2) | (2.0) | (2.9) | (5.1) | — | (5.1) | (5.5) | Paydowns, maturities and distributions | (0.1) | (7.3) | (4.6) | (12.0) | — | (12.0) | (4.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2023 | $ | 63.9 | $ | 311.5 | $ | 101.4 | $ | 476.8 | $ | 2.0 | $ | 478.8 | $ | 83.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2023 | Ending balance, September 30, 2023 | $ | 69.7 | $ | 305.2 | $ | 100.5 | $ | 475.4 | $ | 2.2 | $ | 477.6 | $ | 78.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2023 | Beginning balance, January 1, 2023 | $ | 54.4 | $ | 261.3 | $ | 107.6 | $ | 423.3 | $ | 2.0 | $ | 425.3 | $ | 91.3 | Beginning balance, January 1, 2023 | $ | 54.4 | $ | 261.3 | $ | 107.6 | $ | 423.3 | $ | 2.0 | $ | 425.3 | $ | 91.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3(3) | Transfers into Level 3(3) | — | 36.1 | 0.8 | 36.9 | — | 36.9 | — | Transfers into Level 3(3) | — | 36.1 | 0.8 | 36.9 | — | 36.9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3(3) | Transfers out of Level 3(3) | — | — | — | — | — | — | — | Transfers out of Level 3(3) | — | (3.7) | — | (3.7) | — | (3.7) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains or losses | Total gains or losses | Total gains or losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains/losses included in net income | Net gains/losses included in net income | — | — | — | — | — | — | (2.5) | Net gains/losses included in net income | — | — | — | — | 0.2 | 0.2 | (5.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains/losses included in OCI | Net unrealized gains/losses included in OCI | 0.5 | (1.2) | (1.1) | (1.8) | — | (1.8) | (0.6) | Net unrealized gains/losses included in OCI | 6.5 | (14.1) | 0.9 | (6.7) | — | (6.7) | (0.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | 9.5 | 25.6 | 0.3 | 35.4 | — | 35.4 | — | Purchases | 9.5 | 43.2 | 1.9 | 54.6 | — | 54.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Issuances | — | — | — | — | — | — | 4.3 | Issuances | — | — | — | — | — | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | — | (7.7) | — | (7.7) | — | (7.7) | — | Sales | — | (7.7) | (7.7) | — | (7.7) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | Settlements | — | — | — | — | — | — | — | Settlements | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydowns, maturities and distributions | Paydowns, maturities and distributions | (0.5) | (2.6) | (6.2) | (9.3) | — | (9.3) | (8.9) | Paydowns, maturities and distributions | (0.7) | (9.9) | (10.7) | (21.3) | — | (21.3) | (13.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2023 | $ | 63.9 | $ | 311.5 | $ | 101.4 | $ | 476.8 | $ | 2.0 | $ | 478.8 | $ | 83.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2023 | Ending balance, September 30, 2023 | $ | 69.7 | $ | 305.2 | $ | 100.5 | $ | 475.4 | $ | 2.2 | $ | 477.6 | $ | 78.3 |
Horace Mann Educators Corporation | 18 |
($ in millions) | ($ in millions) | Financial Assets | Financial Liabilities(1) | ($ in millions) | Financial Assets | Financial Liabilities(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal Bonds | Corporate Bonds | Mortgage-Backed and Other Asset- Backed Securities(2) | Total Fixed Maturity Securities | Equity Securities | Total | Municipal Bonds | Corporate Bonds | Mortgage-Backed and Other Asset- Backed Securities(2) | Total Fixed Maturity Securities | Equity Securities | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2022 | $ | 54.1 | $ | 226.0 | $ | 89.8 | $ | 369.9 | $ | 1.3 | $ | 371.2 | $ | 103.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2022 | Beginning balance, July 1, 2022 | $ | 51.0 | $ | 270.5 | $ | 97.1 | $ | 418.6 | $ | 1.4 | $ | 420.0 | $ | 97.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3(3) | Transfers into Level 3(3) | — | 56.0 | 17.5 | 73.5 | — | 73.5 | — | Transfers into Level 3(3) | — | 20.5 | 12.2 | 32.7 | 0.8 | 33.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3(3) | Transfers out of Level 3(3) | — | — | — | — | — | — | — | Transfers out of Level 3(3) | — | (34.8) | — | (34.8) | — | (34.8) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains or losses | Total gains or losses | Total gains or losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains/losses included in net income | Net gains/losses included in net income | — | — | (1.4) | (1.4) | 0.1 | (1.3) | (2.0) | Net gains/losses included in net income | — | — | (0.8) | (0.8) | (0.1) | (0.9) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment (gains) losses included in net income related to financial liabilities | Net investment (gains) losses included in net income related to financial liabilities | — | — | — | — | — | — | (6.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains/losses included in OCI | Net unrealized gains/losses included in OCI | (2.8) | (4.9) | (3.2) | (10.9) | — | (10.9) | (2.0) | Net unrealized gains/losses included in OCI | (5.3) | (7.4) | (3.9) | (16.6) | — | (16.6) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | — | 4.9 | — | 4.9 | — | 4.9 | — | Purchases | 0.2 | 8.4 | 7.9 | 16.5 | — | 16.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Issuances | — | — | — | — | — | — | 1.2 | Issuances | — | — | — | — | — | — | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | — | — | (2.1) | (2.1) | — | (2.1) | — | Sales | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | Settlements | — | — | — | — | — | — | — | Settlements | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydowns, maturities and distributions | Paydowns, maturities and distributions | (0.3) | (11.5) | (3.5) | (15.3) | — | (15.3) | (2.5) | Paydowns, maturities and distributions | 7.4 | (17.4) | (5.3) | (15.3) | (0.1) | (15.4) | (1.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2022 | $ | 51.0 | $ | 270.5 | $ | 97.1 | $ | 418.6 | $ | 1.4 | $ | 420.0 | $ | 97.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2022 | Ending balance, September 30, 2022 | $ | 53.3 | $ | 239.8 | $ | 107.2 | $ | 400.3 | $ | 2.0 | $ | 402.3 | $ | 92.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | Beginning balance, January 1, 2022 | $ | 60.8 | $ | 210.3 | $ | 98.9 | $ | 370.0 | $ | 1.4 | $ | 371.4 | $ | 111.4 | Beginning balance, January 1, 2022 | $ | 60.8 | $ | 210.3 | $ | 98.9 | $ | 370.0 | $ | 1.4 | $ | 371.4 | $ | 111.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3(3) | Transfers into Level 3(3) | — | 123.4 | 22.3 | 145.7 | — | 145.7 | — | Transfers into Level 3(3) | — | 144.0 | 34.5 | 178.5 | 0.8 | 179.3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3(3) | Transfers out of Level 3(3) | (3.2) | — | (4.8) | (8.0) | — | (8.0) | — | Transfers out of Level 3(3) | (3.2) | (34.9) | (4.8) | (42.9) | — | (42.9) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains or losses | Total gains or losses | Total gains or losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains/losses included in net income | Net gains/losses included in net income | — | — | (2.3) | (2.3) | — | (2.3) | (7.6) | Net gains/losses included in net income | — | — | (3.1) | (3.1) | (0.1) | (3.2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment (gains) losses included in net income related to financial liabilities | Net investment (gains) losses included in net income related to financial liabilities | — | — | — | — | — | — | (13.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains/losses included in OCI | Net unrealized gains/losses included in OCI | (6.2) | (11.3) | (7.4) | (24.9) | — | (24.9) | (2.4) | Net unrealized gains/losses included in OCI | (11.6) | (18.7) | (11.3) | (41.6) | — | (41.6) | (2.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | — | 4.9 | — | 4.9 | — | 4.9 | — | Purchases | 0.2 | 13.3 | 7.9 | 21.4 | — | 21.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Issuances | — | — | — | — | — | — | 2.1 | Issuances | — | — | — | — | — | — | 4.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | — | — | (2.1) | (2.1) | — | (2.1) | — | Sales | — | — | (2.1) | (2.1) | — | (2.1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | Settlements | — | — | — | — | — | — | — | Settlements | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydowns, maturities and distributions | Paydowns, maturities and distributions | (0.4) | (56.8) | (7.5) | (64.7) | — | (64.7) | (5.7) | Paydowns, maturities and distributions | 7.1 | (74.2) | (12.8) | (79.9) | (0.1) | (80.0) | (7.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2022 | $ | 51.0 | $ | 270.5 | $ | 97.1 | $ | 418.6 | $ | 1.4 | $ | 420.0 | $ | 97.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2022 | Ending balance, September 30, 2022 | $ | 53.3 | $ | 239.8 | $ | 107.2 | $ | 400.3 | $ | 2.0 | $ | 402.3 | $ | 92.8 |
Horace Mann Educators Corporation | 19 |
($ in millions) | ||||||||||||||||||||
Total | Internal | External | ||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||
U.S. Government and federally sponsored agency obligations: | ||||||||||||||||||||
Mortgage-backed securities | $ | 2.5 | $ | — | $ | 2.5 | ||||||||||||||
Municipal bonds | 69.7 | — | 69.7 | |||||||||||||||||
Corporate bonds | 305.2 | 47.4 | 257.8 | |||||||||||||||||
Other asset-backed securities | 98.0 | — | 98.0 | |||||||||||||||||
Total fixed maturity securities | 475.4 | 47.4 | 428.0 | |||||||||||||||||
Equity securities | 2.2 | — | 2.2 | |||||||||||||||||
Totals | $ | 477.6 | $ | 47.4 | $ | 430.2 | ||||||||||||||
Financial Liabilities(1) | $ | 78.3 | $ | 78.3 | $ | — | ||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||
U.S. Government and federally sponsored agency obligations: | ||||||||||||||||||||
Mortgage-backed securities | $ | 2.6 | $ | — | $ | 2.6 | ||||||||||||||
Municipal bonds | 54.4 | — | 54.4 | |||||||||||||||||
Corporate bonds | 261.3 | 9.5 | 251.8 | |||||||||||||||||
Other asset-backed securities | 105.0 | — | 105.0 | |||||||||||||||||
Total fixed maturity securities | 423.3 | 9.5 | 413.8 | |||||||||||||||||
Equity securities | 2.0 | — | 2.0 | |||||||||||||||||
Totals | $ | 425.3 | $ | 9.5 | $ | 415.8 | ||||||||||||||
Financial Liabilities(1) | $ | 91.3 | $ | 91.3 | $ | — |
($ in millions) | ||||||||||||||||||||||||||
Financial Assets | Fair Value as of June 30, 2023 | Valuation Technique(s) | Unobservable Inputs | Range (Weighted Average) and Single Point Best Estimate(1) | ||||||||||||||||||||||
Municipal bonds | $ | 63.9 | discounted cash flow | option adjusted spread | 308 bps | |||||||||||||||||||||
Corporate bonds | 311.5 | discounted cash flow | yield | 6.1% | ||||||||||||||||||||||
vendor priced | vendor priced | 79.64 | ||||||||||||||||||||||||
discounted cash flow | yield | 11.0% | ||||||||||||||||||||||||
market comparable | EV / Fwd EBITDA (x) | 5.92x | ||||||||||||||||||||||||
discounted cash flow | discount rate | 6.2% - 10.7% | ||||||||||||||||||||||||
discounted cash flow | exit cap | 6.2% | ||||||||||||||||||||||||
discounted cash flow | option adjusted spread | 241 bps | ||||||||||||||||||||||||
Mortgage-backed and other asset-backed securities | 101.4 | vendor price | haircut | 0.01% -0.3% | ||||||||||||||||||||||
discounted cash flow | discount margin | 39.5% | ||||||||||||||||||||||||
discounted cash flow | discount rate | 16.0% - 21.0% | ||||||||||||||||||||||||
discounted cash flow | median comparable yield | 20.7% - 43.2% | ||||||||||||||||||||||||
discounted cash flow | yield | 6.4% - 6.5% | ||||||||||||||||||||||||
discounted cash flow | LIBOR | 2.3% | ||||||||||||||||||||||||
discounted cash flow | PDI spread | 5.5% | ||||||||||||||||||||||||
discounted cash flow | SBL spread | 4.5% | ||||||||||||||||||||||||
discounted cash flow | weighting | 17.0% - 83.0% | ||||||||||||||||||||||||
discounted cash flow | CPR | 20.0% | ||||||||||||||||||||||||
discounted cash flow | default rate annual | 4.0% | ||||||||||||||||||||||||
discounted cash flow | recovery | 65.0% | ||||||||||||||||||||||||
discounted cash flow | I spread | 175 bps | ||||||||||||||||||||||||
discounted cash flow | N spread | 463 bps | ||||||||||||||||||||||||
discounted cash flow | T Spread | 226 bps | ||||||||||||||||||||||||
market comparable | median price | 81.34 | ||||||||||||||||||||||||
Equity securities | 2.0 | black-scholes | volatility | low 28.0% - high 44.0% | ||||||||||||||||||||||
black-scholes | time to exit | 2.67 bps | ||||||||||||||||||||||||
market comparable | price/book ExAOCI | 1.06x |
($ in millions) | ($ in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of September 30, 2023 | Valuation Technique(s) | Unobservable Inputs | Range (Weighted Average) and Single Point Best Estimate(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | $ | 47.4 | discounted cash flow | yield | 8.3% - 17.4% | ||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Fair Value as of June 30, 2023 | Valuation Technique(s) | Unobservable Inputs | Range (Weighted Average) and Single Point Best Estimate(1) | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives embedded in fixed indexed annuity products | Derivatives embedded in fixed indexed annuity products | $ | 87.2 | discounted cash flow | lapse rate | 5.4% | Derivatives embedded in fixed indexed annuity products | $ | 82.8 | discounted cash flow | lapse rate | 5.4% | ||||||||||||||||||||||||||||||||||||||||
mortality multiplier(4) | 67.8% | mortality multiplier(2) | 67.8% | |||||||||||||||||||||||||||||||||||||||||||||||||
option budget | 0.9% - 3.8% | option budget | 0.9% - 3.8% | |||||||||||||||||||||||||||||||||||||||||||||||||
non-performance adjustment(5) | 5.0% | non-performance adjustment(3) | 5.0% | |||||||||||||||||||||||||||||||||||||||||||||||||
Net MRBs | Net MRBs | $ | (3.6) | discounted cash flow | lapse rate | 5.3% | Net MRBs | $ | (4.5) | discounted cash flow | lapse rate | 5.9% | ||||||||||||||||||||||||||||||||||||||||
mortality multiplier(4) | 67.8% | mortality multiplier(2) | 67.8% |
Horace Mann Educators Corporation | 20 |
($ in millions) | ($ in millions) | Carrying Amount | Fair Value | Fair Value Measurements at Reporting Date Using | ($ in millions) | Carrying Amount | Fair Value | Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | $ | 178.3 | $ | 181.8 | $ | — | $ | — | $ | 181.8 | Other investments | $ | 181.6 | $ | 185.0 | $ | — | $ | — | $ | 185.0 | ||||||||||||||||||||||||||||||||||||||||||
Deposit asset on reinsurance | Deposit asset on reinsurance | 2,514.9 | 2,233.6 | — | — | 2,233.6 | Deposit asset on reinsurance | 2,515.7 | 2,070.3 | — | — | 2,070.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract and future policy benefit reserves, fixed annuity contracts | Investment contract and future policy benefit reserves, fixed annuity contracts | 4,925.1 | 4,825.4 | — | — | 4,825.4 | Investment contract and future policy benefit reserves, fixed annuity contracts | 4,920.8 | 4,821.1 | — | — | 4,821.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract and future policy benefit reserves, account values on life contracts | Investment contract and future policy benefit reserves, account values on life contracts | 114.9 | 110.9 | — | — | 110.9 | Investment contract and future policy benefit reserves, account values on life contracts | 116.8 | 112.8 | — | — | 112.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other policyholder funds | Other policyholder funds | 897.2 | 897.2 | — | 889.9 | 7.3 | Other policyholder funds | 915.9 | 915.9 | — | 904.9 | 11.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse repurchase agreements | Reverse repurchase agreements | 0.2 | 0.4 | — | 0.4 | — | Reverse repurchase agreements | 0.2 | 0.4 | — | 0.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 249.0 | 249.0 | — | — | 249.0 | Short-term debt | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 249.1 | 236.1 | — | 236.1 | — | Long-term debt | 546.1 | 541.1 | — | 541.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | $ | 167.4 | $ | 170.9 | $ | — | $ | — | $ | 170.9 | Other investments | $ | 167.4 | $ | 170.9 | $ | — | $ | — | $ | 170.9 | ||||||||||||||||||||||||||||||||||||||||||
Deposit asset on reinsurance | Deposit asset on reinsurance | 2,516.6 | 2,207.2 | — | — | 2,207.2 | Deposit asset on reinsurance | 2,516.6 | 2,207.2 | — | — | 2,207.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract and future policy benefit reserves, fixed annuity contracts | Investment contract and future policy benefit reserves, fixed annuity contracts | 4,988.5 | 4,901.3 | — | — | 4,901.3 | Investment contract and future policy benefit reserves, fixed annuity contracts | 4,988.5 | 4,901.3 | — | — | 4,901.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract and future policy benefit reserves, account values on life contracts | Investment contract and future policy benefit reserves, account values on life contracts | 111.9 | 107.7 | — | — | 107.7 | Investment contract and future policy benefit reserves, account values on life contracts | 111.9 | 107.7 | — | — | 107.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other policyholder funds | Other policyholder funds | 863.0 | 863.0 | — | 810.7 | 52.3 | Other policyholder funds | 863.0 | 863.0 | — | 810.7 | 52.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse repurchase agreements | Reverse repurchase agreements | 70.2 | 73.3 | — | 73.3 | — | Reverse repurchase agreements | 70.2 | 73.3 | — | 73.3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 249.0 | 249.0 | — | — | 249.0 | Short-term debt | 249.0 | 249.0 | — | — | 249.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 249.0 | 240.5 | — | 240.5 | — | Long-term debt | 249.0 | 240.5 | — | 240.5 | — |
Horace Mann Educators Corporation | 21 |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Property & Casualty | Property & Casualty | Property & Casualty | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning gross reserves | Beginning gross reserves | $ | 397.8 | $ | 356.2 | $ | 388.7 | $ | 362.4 | Beginning gross reserves | $ | 415.8 | $ | 378.4 | $ | 388.7 | $ | 362.4 | ||||||||||||||||||||||||||||||||||
Less: reinsurance recoverables | Less: reinsurance recoverables | 101.3 | 108.0 | 100.8 | 110.3 | Less: reinsurance recoverables | 104.3 | 109.8 | 100.8 | 110.3 | ||||||||||||||||||||||||||||||||||||||||||
Net reserves, beginning of period(1) | Net reserves, beginning of period(1) | 296.5 | 248.2 | 287.9 | 252.1 | Net reserves, beginning of period(1) | 311.5 | 268.6 | 287.9 | 252.1 | ||||||||||||||||||||||||||||||||||||||||||
Incurred claims and claim expenses: | Incurred claims and claim expenses: | Incurred claims and claim expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Claims occurring in the current period | Claims occurring in the current period | 152.0 | 144.1 | 280.8 | 252.4 | Claims occurring in the current period | 149.2 | 120.3 | 430.0 | 372.8 | ||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in estimated reserves for claims occurring in prior periods(2) | Increase (decrease) in estimated reserves for claims occurring in prior periods(2) | — | 6.0 | — | 6.0 | Increase (decrease) in estimated reserves for claims occurring in prior periods(2) | — | 2.0 | — | 8.0 | ||||||||||||||||||||||||||||||||||||||||||
Total claims and claim expenses incurred | Total claims and claim expenses incurred | 152.0 | 150.1 | 280.8 | 258.4 | Total claims and claim expenses incurred | 149.2 | 122.3 | 430.0 | 380.8 | ||||||||||||||||||||||||||||||||||||||||||
Claims and claim expense payments for claims occurring during: | Claims and claim expense payments for claims occurring during: | Claims and claim expense payments for claims occurring during: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current period | Current period | 90.2 | 84.4 | 130.8 | 118.2 | Current period | 115.9 | 102.8 | 246.7 | 221.1 | ||||||||||||||||||||||||||||||||||||||||||
Prior periods | Prior periods | 46.8 | 45.3 | 126.4 | 123.7 | Prior periods | 30.9 | 29.7 | 157.3 | 153.4 | ||||||||||||||||||||||||||||||||||||||||||
Total claims and claim expense payments | Total claims and claim expense payments | 137.0 | 129.7 | 257.2 | 241.9 | Total claims and claim expense payments | 146.8 | 132.5 | 404.0 | 374.5 | ||||||||||||||||||||||||||||||||||||||||||
Net reserves, end of period(1) | Net reserves, end of period(1) | 311.5 | 268.6 | 311.5 | 268.6 | Net reserves, end of period(1) | 313.9 | 258.4 | 313.9 | 258.4 | ||||||||||||||||||||||||||||||||||||||||||
Plus: reinsurance recoverables | Plus: reinsurance recoverables | 104.3 | 109.8 | 104.3 | 109.8 | Plus: reinsurance recoverables | 105.4 | 109.0 | 105.4 | 109.0 | ||||||||||||||||||||||||||||||||||||||||||
Ending gross reserves | Ending gross reserves | $ | 415.8 | $ | 378.4 | $ | 415.8 | $ | 378.4 | Ending gross reserves | $ | 419.3 | $ | 367.4 | $ | 419.3 | $ | 367.4 |
Horace Mann Educators Corporation | 22 |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Group Benefits | Group Benefits | Group Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning gross reserves | Beginning gross reserves | $ | 120.3 | $ | 133.2 | $ | 121.6 | $ | 125.4 | Beginning gross reserves | $ | 121.9 | $ | 130.2 | $ | 121.6 | $ | 125.4 | ||||||||||||||||||||||||||||||||||
Less: reinsurance recoverables | Less: reinsurance recoverables | 28.0 | 29.8 | 27.9 | 28.6 | Less: reinsurance recoverables | 28.2 | 29.6 | 27.9 | 28.6 | ||||||||||||||||||||||||||||||||||||||||||
Net reserves, beginning of period(1) | Net reserves, beginning of period(1) | 92.3 | 103.4 | 93.7 | 96.8 | Net reserves, beginning of period(1) | 93.7 | 100.6 | 93.7 | 96.8 | ||||||||||||||||||||||||||||||||||||||||||
Incurred claims and claim expenses: | Incurred claims and claim expenses: | Incurred claims and claim expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Claims occurring in the current period | Claims occurring in the current period | 20.8 | 16.2 | 41.0 | 44.9 | Claims occurring in the current period | 20.0 | 20.7 | 61.0 | 65.6 | ||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in estimated reserves for claims occurring in prior periods(2) | Increase (decrease) in estimated reserves for claims occurring in prior periods(2) | (3.0) | (0.1) | (7.9) | (2.0) | Increase (decrease) in estimated reserves for claims occurring in prior periods(2) | (7.6) | (9.7) | (15.5) | (11.7) | ||||||||||||||||||||||||||||||||||||||||||
Total claims and claim expenses incurred | Total claims and claim expenses incurred | 17.8 | 16.1 | 33.1 | 42.9 | Total claims and claim expenses incurred | 12.4 | 11.0 | 45.5 | 53.9 | ||||||||||||||||||||||||||||||||||||||||||
Claims and claim expense payments for claims occurring during: | Claims and claim expense payments for claims occurring during: | Claims and claim expense payments for claims occurring during: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current period | Current period | 8.9 | 11.4 | 13.1 | 15.8 | Current period | 12.2 | 10.4 | 25.3 | 26.2 | ||||||||||||||||||||||||||||||||||||||||||
Prior periods | Prior periods | 7.6 | 7.5 | 20.0 | 23.4 | Prior periods | 4.3 | 5.4 | 24.3 | 28.7 | ||||||||||||||||||||||||||||||||||||||||||
Total claims and claim expense payments | Total claims and claim expense payments | 16.5 | 18.9 | 33.1 | 39.2 | Total claims and claim expense payments | 16.5 | 15.8 | 49.6 | 54.9 | ||||||||||||||||||||||||||||||||||||||||||
Net reserves, end of period(1) | Net reserves, end of period(1) | 93.7 | 100.6 | 93.7 | 100.6 | Net reserves, end of period(1) | 89.6 | 95.8 | 89.6 | 95.8 | ||||||||||||||||||||||||||||||||||||||||||
Plus: reinsurance recoverables | Plus: reinsurance recoverables | 28.2 | 29.6 | 28.2 | 29.6 | Plus: reinsurance recoverables | 27.5 | 28.0 | 27.5 | 28.0 | ||||||||||||||||||||||||||||||||||||||||||
Ending gross reserves | Ending gross reserves | $ | 121.9 | $ | 130.2 | $ | 121.9 | $ | 130.2 | Ending gross reserves | $ | 117.1 | $ | 123.8 | $ | 117.1 | $ | 123.8 |
($ in millions) | ($ in millions) | As of June 30, 2023 | As of December 31, 2022 | ($ in millions) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Ending gross reserves | Ending gross reserves | Ending gross reserves | ||||||||||||||||||||||||||
Property & Casualty | Property & Casualty | $ | 415.8 | $ | 388.7 | Property & Casualty | $ | 419.3 | $ | 388.7 | ||||||||||||||||||
Group Benefits | Group Benefits | 121.9 | 121.6 | Group Benefits | 117.1 | 121.6 | ||||||||||||||||||||||
Total short-duration insurance contracts | Total short-duration insurance contracts | 537.7 | 510.3 | Total short-duration insurance contracts | 536.4 | 510.3 | ||||||||||||||||||||||
Other than short-duration(1) | Other than short-duration(1) | 60.1 | 53.7 | Other than short-duration(1) | 50.2 | 53.7 | ||||||||||||||||||||||
Total unpaid claims and claims expenses | Total unpaid claims and claims expenses | $ | 597.8 | $ | 564.0 | Total unpaid claims and claims expenses | $ | 586.6 | $ | 564.0 |
Horace Mann Educators Corporation | 23 |
($ in millions) | ($ in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life(1) | Limited-Pay Whole Life | Supplemental Health(2) | SPIA (life contingent) | Whole Life | Term Life | Experience Life(1) | Limited-Pay Whole Life | Supplemental Health(2) | SPIA (life contingent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Present value of expected net premiums: | Present value of expected net premiums: | Present value of expected net premiums: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | 222.2 | $ | 243.8 | $ | 69.8 | $ | 31.2 | $ | 172.5 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 1, 2023 balance at original discount rate | 246.6 | 266.0 | 65.0 | 33.1 | 205.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2023 | Balance at July 1, 2023 | $ | 217.5 | $ | 240.3 | $ | 68.1 | $ | 31.7 | $ | 172.0 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 balance at original discount rate | July 1, 2023 balance at original discount rate | 247.0 | 265.1 | 64.7 | 34.2 | 207.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of: | Effect of: | — | — | — | — | — | — | Effect of: | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow assumptions | Change in cash flow assumptions | — | (5.3) | — | — | — | — | Change in cash flow assumptions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual variances from expected experience | Actual variances from expected experience | 1.0 | 0.5 | 0.5 | 0.8 | 1.7 | — | Actual variances from expected experience | 0.8 | (1.2) | 0.7 | (0.3) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance at April 1, 2023 | 247.6 | 261.2 | 65.5 | 33.9 | 206.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance at July 1, 2023 | Adjusted balance at July 1, 2023 | 247.8 | 263.9 | 65.4 | 33.9 | 207.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances(3) | Issuances(3) | 2.6 | 6.5 | — | 1.1 | 4.6 | 1.4 | Issuances(3) | 2.2 | 6.0 | — | 1.2 | 3.7 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest accruals(4) | Interest accruals(4) | 1.8 | 2.7 | 0.8 | 0.3 | 1.5 | — | Interest accruals(4) | 1.8 | 2.6 | 1.0 | 0.4 | 1.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums collected(5) | Net premiums collected(5) | (5.0) | (5.3) | (1.6) | (1.1) | (5.4) | (1.4) | Net premiums collected(5) | (5.2) | (6.3) | (1.7) | (1.5) | (5.6) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 balance at original discount rate | 247.0 | 265.1 | 64.7 | 34.2 | 207.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 balance at original discount rate | September 30, 2023 balance at original discount rate | 246.6 | 266.2 | 64.7 | 34.0 | 207.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | Effect of changes in discount rate assumptions | (29.5) | (24.8) | 3.4 | (2.5) | (35.5) | — | Effect of changes in discount rate assumptions | (41.7) | (38.1) | (0.4) | (3.6) | (42.8) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 217.5 | 240.3 | 68.1 | 31.7 | 172.0 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | 204.9 | 228.1 | 64.3 | 30.4 | 164.3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Present value of expected future policy benefits: | Present value of expected future policy benefits: | Present value of expected future policy benefits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | 515.1 | 365.0 | 892.5 | 84.4 | 437.7 | 105.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 1, 2023 balance at original discount rate | 585.4 | 405.2 | 801.5 | 100.3 | 530.6 | 113.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2023 | Balance at July 1, 2023 | 507.1 | 360.6 | 871.5 | 85.3 | 426.6 | 103.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 balance at original discount rate | July 1, 2023 balance at original discount rate | 588.7 | 406.4 | 799.6 | 102.6 | 525.8 | 113.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of: | Effect of: | Effect of: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in cash flow assumptions | Changes in cash flow assumptions | — | (5.6) | — | — | — | — | Changes in cash flow assumptions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual variances from expected experience | Actual variances from expected experience | 1.1 | 2.2 | 0.5 | 0.9 | 1.8 | — | Actual variances from expected experience | 0.8 | (0.3) | 1.1 | (0.3) | (0.2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance at April 1, 2023 | 586.5 | 401.8 | 802.0 | 101.2 | 532.4 | 113.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance at July 1, 2023 | Adjusted balance at July 1, 2023 | 589.5 | 406.1 | 800.7 | 102.3 | 525.6 | 113.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Issuances | 2.6 | 6.6 | — | 1.1 | 4.6 | 1.6 | Issuances | 2.2 | 6.4 | — | 1.2 | 3.7 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest accruals | Interest accruals | 4.7 | 3.5 | 11.9 | 1.0 | 3.6 | 1.1 | Interest accruals | 4.8 | 3.9 | 11.7 | 1.0 | 3.6 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit payments(6) | Benefit payments(6) | (5.1) | (5.5) | (14.3) | (0.7) | (14.8) | (3.0) | Benefit payments(6) | (5.3) | (5.0) | (16.0) | (0.2) | (15.7) | (2.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 balance at original discount rate | 588.7 | 406.4 | 799.6 | 102.6 | 525.8 | 113.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 balance at original discount rate | September 30, 2023 balance at original discount rate | 591.2 | 411.4 | 796.4 | 104.3 | 517.2 | 111.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | Effect of changes in discount rate assumptions | (81.6) | (45.8) | 71.9 | (17.3) | (99.2) | (9.4) | Effect of changes in discount rate assumptions | (123.5) | (71.0) | 11.0 | (25.7) | (118.8) | (13.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 507.1 | 360.6 | 871.5 | 85.3 | 426.6 | 103.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | 467.7 | 340.4 | 807.4 | 78.6 | 398.4 | 98.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net liability for future policy benefits | Net liability for future policy benefits | 289.4 | 120.3 | 803.5 | 53.7 | 254.5 | 103.6 | Net liability for future policy benefits | 262.7 | 112.4 | 743.2 | 48.2 | 234.0 | 98.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | Less: Reinsurance recoverable | (63.1) | (16.7) | (0.7) | (0.2) | (3.9) | (3.5) | Less: Reinsurance recoverable | (58.1) | (16.9) | (0.6) | (0.1) | (3.5) | (3.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | Net liability for future policy benefits, after reinsurance recoverable | 226.3 | 103.6 | 802.8 | 53.5 | 250.6 | 100.1 | Net liability for future policy benefits, after reinsurance recoverable | 204.6 | 95.5 | 742.6 | 48.1 | 230.5 | 94.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of flooring on net liability for future policy benefits | Impact of flooring on net liability for future policy benefits | — | — | — | — | — | — | Impact of flooring on net liability for future policy benefits | 0.5 | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net liability for future policy benefits at June 30, 2023 | $ | 226.3 | $ | 103.6 | $ | 802.8 | $ | 53.5 | $ | 250.6 | $ | 100.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net liability for future policy benefits at September 30, 2023 | Net liability for future policy benefits at September 30, 2023 | $ | 205.1 | $ | 95.6 | $ | 742.6 | $ | 48.1 | $ | 230.5 | $ | 94.9 |
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life(1) | Limited-Pay Whole Life | Supplemental Health(2) | SPIA (life contingent) | |||||||||||||||||||||||||||||||||
Present value of expected net premiums: | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | 215.1 | $ | 234.7 | $ | 68.3 | $ | 29.7 | $ | 167.4 | $ | — | ||||||||||||||||||||||||||
January 1, 2023 balance at original discount rate | 245.9 | 265.4 | 65.5 | 32.4 | 205.1 | — | ||||||||||||||||||||||||||||||||
Effect of: | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Change in cash flow assumptions | — | (5.3) | — | — | — | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 1.8 | (1.0) | 0.7 | 1.3 | 0.3 | — | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2023 | 247.7 | 259.1 | 66.2 | 33.7 | 205.4 | — | ||||||||||||||||||||||||||||||||
Issuances(3) | 5.4 | 13.0 | — | 2.1 | 9.9 | 3.4 | ||||||||||||||||||||||||||||||||
Interest accruals(4) | 3.6 | 5.2 | 1.8 | 0.6 | 3.0 | — | ||||||||||||||||||||||||||||||||
Net premiums collected(5) | (9.7) | (12.2) | (3.3) | (2.2) | (10.8) | (3.4) | ||||||||||||||||||||||||||||||||
June 30, 2023 balance at original discount rate | 247.0 | 265.1 | 64.7 | 34.2 | 207.5 | — | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | (29.5) | (24.8) | 3.4 | (2.5) | (35.5) | — | ||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 217.5 | 240.3 | 68.1 | 31.7 | 172.0 | — | ||||||||||||||||||||||||||||||||
Present value of expected future policy benefits: | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 493.6 | 347.0 | 867.5 | 79.4 | 431.7 | 103.3 | ||||||||||||||||||||||||||||||||
January 1, 2023 balance at original discount rate | 581.9 | 401.0 | 805.2 | 98.6 | 537.1 | 113.4 | ||||||||||||||||||||||||||||||||
Effect of: | ||||||||||||||||||||||||||||||||||||||
Changes in cash flow assumptions | — | (5.6) | — | — | — | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 1.9 | 0.7 | 0.9 | 1.5 | 0.1 | (0.5) | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2023 | 583.8 | 396.1 | 806.1 | 100.1 | 537.2 | 112.9 | ||||||||||||||||||||||||||||||||
Issuances | 5.5 | 13.2 | — | 2.1 | 9.9 | 4.0 | ||||||||||||||||||||||||||||||||
Interest accruals | 9.4 | 7.5 | 23.8 | 1.9 | 7.2 | 2.2 | ||||||||||||||||||||||||||||||||
Benefit payments(6) | (10.0) | (10.4) | (30.3) | (1.5) | (28.5) | (6.1) | ||||||||||||||||||||||||||||||||
June 30, 2023 balance at original discount rate | 588.7 | 406.4 | 799.6 | 102.6 | 525.8 | 113.0 | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | (81.6) | (45.8) | 71.9 | (17.3) | (99.2) | (9.4) | ||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 507.1 | 360.6 | 871.5 | 85.3 | 426.6 | 103.6 | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits | 289.4 | 120.3 | 803.5 | 53.7 | 254.5 | 103.6 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | (63.1) | (16.7) | (0.7) | (0.2) | (3.9) | (3.5) | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 226.3 | 103.6 | 802.8 | 53.5 | 250.6 | 100.1 | ||||||||||||||||||||||||||||||||
Impact of flooring on net liability for future policy benefits | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits at June 30, 2023 | $ | 226.3 | $ | 103.6 | $ | 802.8 | $ | 53.5 | $ | 250.6 | $ | 100.1 |
Horace Mann Educators Corporation |
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life(1) | Limited-Pay Whole Life | Supplemental Health(2) | SPIA (life contingent) | |||||||||||||||||||||||||||||||||
Present value of expected net premiums: | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | 215.1 | $ | 234.7 | $ | 68.3 | $ | 29.7 | $ | 167.4 | $ | — | ||||||||||||||||||||||||||
January 1, 2023 balance at original discount rate | 245.9 | 265.4 | 65.5 | 32.4 | 205.1 | — | ||||||||||||||||||||||||||||||||
Effect of: | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Change in cash flow assumptions | — | (5.3) | — | — | — | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 2.6 | (2.2) | 1.4 | 1.0 | 0.3 | — | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2023 | 248.5 | 257.9 | 66.9 | 33.4 | 205.4 | — | ||||||||||||||||||||||||||||||||
Issuances(3) | 7.6 | 19.0 | — | 3.3 | 13.6 | 4.2 | ||||||||||||||||||||||||||||||||
Interest accruals(4) | 5.4 | 7.8 | 2.8 | 1.0 | 4.5 | — | ||||||||||||||||||||||||||||||||
Net premiums collected(5) | (14.9) | (18.5) | (5.0) | (3.7) | (16.4) | (4.2) | ||||||||||||||||||||||||||||||||
September 30, 2023 balance at original discount rate | 246.6 | 266.2 | 64.7 | 34.0 | 207.1 | — | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | (41.7) | (38.1) | (0.4) | (3.6) | (42.8) | — | ||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | 204.9 | 228.1 | 64.3 | 30.4 | 164.3 | — | ||||||||||||||||||||||||||||||||
Present value of expected future policy benefits: | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 493.6 | 347.0 | 867.5 | 79.4 | 431.7 | 103.3 | ||||||||||||||||||||||||||||||||
January 1, 2023 balance at original discount rate | 581.9 | 401.0 | 805.2 | 98.6 | 537.1 | 113.4 | ||||||||||||||||||||||||||||||||
Effect of: | ||||||||||||||||||||||||||||||||||||||
Changes in cash flow assumptions | — | (5.6) | — | — | — | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 2.7 | 0.4 | 2.0 | 1.2 | (0.1) | (0.5) | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2023 | 584.6 | 395.8 | 807.2 | 99.8 | 537.0 | 112.9 | ||||||||||||||||||||||||||||||||
Issuances | 7.7 | 19.6 | — | 3.3 | 13.6 | 4.7 | ||||||||||||||||||||||||||||||||
Interest accruals | 14.2 | 11.4 | 35.5 | 2.9 | 10.8 | 3.3 | ||||||||||||||||||||||||||||||||
Benefit payments(6) | (15.3) | (15.4) | (46.3) | (1.7) | (44.2) | (9.0) | ||||||||||||||||||||||||||||||||
September 30, 2023 balance at original discount rate | 591.2 | 411.4 | 796.4 | 104.3 | 517.2 | 111.9 | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | (123.5) | (71.0) | 11.0 | (25.7) | (118.8) | (13.7) | ||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | 467.7 | 340.4 | 807.4 | 78.6 | 398.4 | 98.2 | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits | 262.7 | 112.4 | 743.2 | 48.2 | 234.0 | 98.2 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | (58.1) | (16.9) | (0.6) | (0.1) | (3.5) | (3.3) | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 204.6 | 95.5 | 742.6 | 48.1 | 230.5 | 94.9 | ||||||||||||||||||||||||||||||||
Impact of flooring on net liability for future policy benefits | 0.5 | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits at September 30, 2023 | $ | 205.1 | $ | 95.6 | $ | 742.6 | $ | 48.1 | $ | 230.5 | $ | 94.9 |
Horace Mann Educators Corporation | 25 | Third Quarter 2023 Form 10-Q |
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life(1) | Limited-Pay Whole Life | Supplemental Health(2) | SPIA (life contingent) | |||||||||||||||||||||||||||||||||
Present Value of Expected Net Premiums | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022(7) | $ | 260.7 | $ | 264.4 | $ | 74.6 | $ | 29.7 | $ | 226.7 | $ | — | ||||||||||||||||||||||||||
January 1, 2022 balance at original discount rate(7) | 239.3 | 235.4 | 55.9 | 27.2 | 223.1 | — | ||||||||||||||||||||||||||||||||
Effect of: | ||||||||||||||||||||||||||||||||||||||
Change in cash flow assumptions | 5.2 | 18.7 | 9.1 | 2.0 | 12.2 | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 7.2 | (4.2) | 3.0 | 1.6 | (25.3) | — | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2022 | 251.7 | 249.9 | 68.0 | 30.8 | 210.0 | — | ||||||||||||||||||||||||||||||||
Issuances(3) | 12.5 | 28.0 | — | 6.3 | 12.0 | 5.3 | ||||||||||||||||||||||||||||||||
Interest accruals(3) | 6.7 | 9.0 | 3.3 | 1.1 | 5.9 | — | ||||||||||||||||||||||||||||||||
Net premiums collected(5) | (25.0) | (21.5) | (5.8) | (5.8) | (22.8) | (5.3) | ||||||||||||||||||||||||||||||||
December 31, 2022 balance at original discount rate | 245.9 | 265.4 | 65.5 | 32.4 | 205.1 | — | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | (30.8) | (30.7) | 2.8 | (2.7) | (37.7) | — | ||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 215.1 | 234.7 | 68.3 | 29.7 | 167.4 | — | ||||||||||||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022(7) | 660.4 | 411.5 | 1,172.7 | 102.9 | 590.6 | 129.1 | ||||||||||||||||||||||||||||||||
January 1, 2022 balance at original discount rate(7) | 566.1 | 360.0 | 802.6 | 86.6 | 584.2 | 115.7 | ||||||||||||||||||||||||||||||||
Effect of: | ||||||||||||||||||||||||||||||||||||||
Changes in cash flow assumptions | 5.2 | 21.5 | 11.0 | 2.0 | 13.8 | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 7.7 | (4.7) | 3.6 | 1.4 | (30.0) | 0.4 | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2022 | 579.0 | 376.8 | 817.2 | 90.0 | 568.0 | 116.1 | ||||||||||||||||||||||||||||||||
Issuances | 12.4 | 28.3 | — | 6.4 | 12.0 | 5.3 | ||||||||||||||||||||||||||||||||
Interest accruals | 18.0 | 14.4 | 47.4 | 3.4 | 15.0 | 4.3 | ||||||||||||||||||||||||||||||||
Benefit payments(6) | (27.5) | (18.5) | (59.4) | (1.2) | (57.9) | (12.3) | ||||||||||||||||||||||||||||||||
December 31, 2022 balance at original discount rate | 581.9 | 401.0 | 805.2 | 98.6 | 537.1 | 113.4 | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | (88.3) | (54.0) | 62.3 | (19.2) | (105.4) | (10.1) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 493.6 | 347.0 | 867.5 | 79.4 | 431.7 | 103.3 | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits | 278.4 | 112.2 | 799.3 | 49.6 | 264.4 | 103.3 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | (63.1) | (15.3) | (0.8) | — | (3.4) | (3.2) | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 215.3 | 96.9 | 798.5 | 49.6 | 261.0 | 100.1 | ||||||||||||||||||||||||||||||||
Impact of flooring on net liability for future policy benefits | 1.1 | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits at December 31, 2022 | $ | 216.4 | $ | 97.1 | $ | 798.5 | $ | 49.6 | $ | 261.0 | $ | 100.1 |
Horace Mann Educators Corporation | 26 |
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life(1) | Limited-Pay Whole Life | Supplemental Health(2) | SPIA (life contingent) | |||||||||||||||||||||||||||||||||
Balance, end of year December 31, 2020 | $ | 218.7 | $ | 93.2 | $ | 758.3 | $ | 51.3 | $ | 392.5 | $ | 115.9 | ||||||||||||||||||||||||||
Change in discount rate assumptions | 111.5 | 27.3 | 433.0 | 18.2 | 23.0 | 20.6 | ||||||||||||||||||||||||||||||||
Change in cash flow assumptions, effect of net premiums exceeding gross premiums | 0.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Change in cash flow assumptions, effect of decrease of the DPL | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Adjustment for removal of related balances in AOCI | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Adjusted balance, beginning of year January 1, 2021 | 330.6 | 120.5 | 1,191.3 | 69.5 | 415.5 | 136.5 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverables | (0.1) | (5.4) | (1.3) | (0.1) | — | — | ||||||||||||||||||||||||||||||||
Less: Change in discount rate assumptions | (0.2) | (0.9) | (0.7) | (0.1) | — | — | ||||||||||||||||||||||||||||||||
Adjusted balance, beginning of year January 1, 2021, net of reinsurance | $ | 330.3 | $ | 114.2 | $ | 1,189.3 | $ | 69.3 | $ | 415.5 | $ | 136.5 | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 176.5 | $ | 244.1 | $ | 78.0 | $ | 25.4 | $ | 233.0 | $ | — | ||||||||||||||||||||||||||
January 1, 2021 balance at original discount rate | 143.5 | 200.8 | 55.2 | 22.0 | 218.2 | — | ||||||||||||||||||||||||||||||||
Effect of: | ||||||||||||||||||||||||||||||||||||||
Change in cash flow assumptions | 2.4 | (4.5) | (3.3) | — | (1.8) | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 8.8 | 6.9 | 6.3 | 1.0 | 6.3 | — | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2021 | 154.7 | 203.2 | 58.2 | 23.0 | 222.7 | — | ||||||||||||||||||||||||||||||||
Issuances(3) | 13.3 | 29.8 | — | 10.2 | 13.0 | 3.7 | ||||||||||||||||||||||||||||||||
Interest accruals(4) | 6.2 | 7.9 | 3.2 | 0.8 | 5.9 | — | ||||||||||||||||||||||||||||||||
Net premiums collected(5) | (16.6) | (19.8) | (5.6) | (6.8) | (24.1) | (3.7) | ||||||||||||||||||||||||||||||||
December 31, 2021 balance at original discount rate | 157.6 | 221.1 | 55.8 | 27.2 | 217.5 | — | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | 25.4 | 32.0 | 18.8 | 2.5 | 4.0 | — | ||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 183.0 | 253.1 | 74.6 | 29.7 | 221.5 | — | ||||||||||||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 507.1 | 364.7 | 1,269.3 | 95.0 | 626.9 | 136.5 | ||||||||||||||||||||||||||||||||
January 1, 2021 balance at original discount rate | 362.5 | 294.0 | 813.5 | 73.4 | 589.1 | 115.9 | ||||||||||||||||||||||||||||||||
Effect of: | ||||||||||||||||||||||||||||||||||||||
Changes in cash flow assumptions | 2.8 | (4.8) | (3.6) | — | (3.0) | — | ||||||||||||||||||||||||||||||||
Actual variances from expected experience | 8.7 | 7.2 | 6.6 | 1.1 | 6.2 | (0.4) | ||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2021 | 374.0 | 296.4 | 816.5 | 74.5 | 592.3 | 115.5 | ||||||||||||||||||||||||||||||||
Issuances | 13.3 | 29.8 | — | 10.2 | 13.0 | 3.7 | ||||||||||||||||||||||||||||||||
Interest accruals | 17.1 | 12.0 | 47.9 | 2.9 | 15.7 | 4.5 | ||||||||||||||||||||||||||||||||
Benefit payments(5) | (18.1) | (18.7) | (61.9) | (1.0) | (48.4) | (12.1) | ||||||||||||||||||||||||||||||||
December 31, 2021 balance at original discount rate | 386.3 | 319.5 | 802.5 | 86.6 | 572.6 | 111.6 | ||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | 114.4 | 51.1 | 370.2 | 16.3 | 8.0 | 13.1 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 500.7 | 370.6 | 1,172.7 | 102.9 | 580.6 | 124.7 | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits | 317.7 | 117.6 | 1,098.1 | 73.2 | 359.1 | 124.7 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | (0.5) | (5.5) | (1.1) | (0.2) | — | — | ||||||||||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | 317.2 | $ | 112.1 | $ | 1,097.0 | $ | 73.0 | $ | 359.1 | $ | 124.7 |
Horace Mann Educators Corporation | 27 |
($ in millions) | ($ in millions) | June 30, 2023 | December 31, 2022 | ($ in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Whole life | Whole life | $ | 289.4 | $ | 279.5 | Whole life | $ | 262.7 | $ | 279.5 | ||||||||||||||||||
Term life | Term life | 120.3 | 112.4 | Term life | 112.4 | 112.4 | ||||||||||||||||||||||
Experience life | Experience life | 803.5 | 799.3 | Experience life | 743.2 | 799.3 | ||||||||||||||||||||||
Limited-pay whole life | Limited-pay whole life | 53.7 | 49.6 | Limited-pay whole life | 48.2 | 49.6 | ||||||||||||||||||||||
Supplemental health | Supplemental health | 254.5 | 264.4 | Supplemental health | 234.0 | 264.4 | ||||||||||||||||||||||
SPIA (life contingent) | SPIA (life contingent) | 103.6 | 103.3 | SPIA (life contingent) | 98.2 | 103.3 | ||||||||||||||||||||||
Limited-pay whole life DPL | Limited-pay whole life DPL | 3.4 | 3.2 | Limited-pay whole life DPL | 3.9 | 3.2 | ||||||||||||||||||||||
SPIA (life contingent) DPL | SPIA (life contingent) DPL | 1.0 | 0.8 | SPIA (life contingent) DPL | 1.2 | 0.8 | ||||||||||||||||||||||
Reconciling items(1) | Reconciling items(1) | 111.5 | 105.5 | Reconciling items(1) | 109.6 | 105.5 | ||||||||||||||||||||||
Total | Total | $ | 1,740.9 | $ | 1,718.0 | Total | $ | 1,613.4 | $ | 1,718.0 |
($ in millions) | ($ in millions) | Gross premiums or assessments | Gross premiums or assessments | ($ in millions) | Gross premiums or assessments | Gross premiums or assessments | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Whole life | Whole life | $ | 6.7 | $ | 6.2 | $ | 13.3 | $ | 12.3 | Whole life | $ | 7.2 | $ | 7.0 | $ | 20.5 | $ | 19.3 | ||||||||||||||||||||||||||||||||||
Term life | Term life | 11.4 | 10.4 | 22.2 | 20.3 | Term life | 11.7 | 11.3 | 33.9 | 31.6 | ||||||||||||||||||||||||||||||||||||||||||
Experience life | Experience life | 7.9 | 8.3 | 16.1 | 16.8 | Experience life | 8.1 | 8.4 | 24.2 | 25.2 | ||||||||||||||||||||||||||||||||||||||||||
Limited-pay whole life | Limited-pay whole life | 1.7 | 2.5 | 3.3 | 4.3 | Limited-pay whole life | 2.2 | 2.0 | 5.5 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||
Supplemental health | Supplemental health | 30.0 | 30.6 | 59.7 | 61.3 | Supplemental health | 30.0 | 30.4 | 89.7 | 91.7 | ||||||||||||||||||||||||||||||||||||||||||
SPIA (life contingent) | SPIA (life contingent) | 1.4 | 0.8 | 3.6 | 3.3 | SPIA (life contingent) | 0.9 | 0.9 | 4.5 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 59.1 | $ | 58.8 | $ | 118.2 | $ | 118.3 | Total | $ | 60.1 | $ | 60.0 | $ | 178.3 | $ | 178.3 |
($ in millions) | ($ in millions) | Interest expense | Interest expense | ($ in millions) | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Whole life | Whole life | $ | 2.9 | $ | 2.9 | $ | 5.8 | $ | 5.6 | Whole life | $ | 3.0 | $ | 2.8 | $ | 8.8 | $ | 8.4 | ||||||||||||||||||||||||||||||||||
Term life | Term life | 1.2 | 1.1 | 2.4 | 2.2 | Term life | 1.2 | 1.0 | 3.6 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||
Experience life | Experience life | 10.9 | 11.0 | 21.9 | 22.1 | Experience life | 10.9 | 11.1 | 32.8 | 33.2 | ||||||||||||||||||||||||||||||||||||||||||
Limited-pay whole life | Limited-pay whole life | 0.7 | 0.6 | 1.3 | 1.2 | Limited-pay whole life | 0.6 | 0.6 | 1.9 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||
Supplemental health | Supplemental health | 2.1 | 2.3 | 4.3 | 4.7 | Supplemental health | 2.1 | 2.2 | 6.4 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||
SPIA (life contingent) | SPIA (life contingent) | 1.1 | 1.1 | 2.2 | 2.2 | SPIA (life contingent) | 1.1 | 1.1 | 3.3 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 18.9 | $ | 19.0 | $ | 37.9 | $ | 38.0 | Total | $ | 18.9 | $ | 18.8 | $ | 56.8 | $ | 56.8 |
Horace Mann Educators Corporation | 28 |
($ in millions) | ($ in millions) | As of June 30, 2023 | As of December 31, 2022 | ($ in millions) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Undiscounted | Discounted | Undiscounted | Discounted | Undiscounted | Discounted | Undiscounted | Discounted | |||||||||||||||||||||||||||||||||||||||||||||
Whole life | Whole life | Whole life | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | $ | 473.5 | $ | 325.1 | $ | 469.0 | $ | 322.5 | Expected future gross premiums | $ | 473.9 | $ | 323.6 | $ | 469.0 | $ | 322.5 | ||||||||||||||||||||||||||||||||||
Expected future benefits and expenses | Expected future benefits and expenses | 1,134.3 | 588.7 | 1,121.4 | 580.4 | Expected future benefits and expenses | 1,138.5 | 591.2 | 1,121.4 | 580.4 | ||||||||||||||||||||||||||||||||||||||||||
Term life | Term life | Term life | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 751.4 | 469.0 | 739.3 | 464.2 | Expected future gross premiums | 757.0 | 471.7 | 739.3 | 464.2 | ||||||||||||||||||||||||||||||||||||||||||
Expected future benefits and expenses | Expected future benefits and expenses | 693.9 | 406.4 | 678.0 | 401.0 | Expected future benefits and expenses | 704.2 | 411.4 | 678.0 | 401.0 | ||||||||||||||||||||||||||||||||||||||||||
Experience Life | Experience Life | Experience Life | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 551.9 | 306.7 | 569.6 | 315.5 | Expected future gross premiums | 542.1 | 301.8 | 569.6 | 315.5 | ||||||||||||||||||||||||||||||||||||||||||
Expected future benefits and expenses | Expected future benefits and expenses | 1,728.7 | 799.6 | 1,755.4 | 805.2 | Expected future benefits and expenses | 1,713.6 | 796.4 | 1,755.4 | 805.2 | ||||||||||||||||||||||||||||||||||||||||||
Limited-pay whole life | Limited-pay whole life | Limited-pay whole life | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 63.1 | 48.1 | 60.8 | 46.5 | Expected future gross premiums | 63.3 | 48.2 | 60.8 | 46.5 | ||||||||||||||||||||||||||||||||||||||||||
Expected future benefits and expenses | Expected future benefits and expenses | 234.6 | 102.6 | 226.8 | 98.6 | Expected future benefits and expenses | 238.3 | 104.3 | 226.8 | 98.6 | ||||||||||||||||||||||||||||||||||||||||||
Supplemental health | Supplemental health | Supplemental health | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 1,645.7 | 1,213.6 | 1,640.5 | 1,214.9 | Expected future gross premiums | 1,639.2 | 1,206.3 | 1,615.5 | 1,208.1 | ||||||||||||||||||||||||||||||||||||||||||
Expected future benefits and expenses | Expected future benefits and expenses | 720.7 | 525.8 | 730.4 | 537.0 | Expected future benefits and expenses | 713.5 | 517.2 | 761.4 | 563.6 | ||||||||||||||||||||||||||||||||||||||||||
SPIA (life contingent) | SPIA (life contingent) | SPIA (life contingent) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | — | — | — | — | Expected future gross premiums | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Expected future benefits and expenses | Expected future benefits and expenses | 158.1 | 113.0 | 157.7 | 113.4 | Expected future benefits and expenses | 156.7 | 111.9 | 157.7 | 113.4 |
September 30, 2023 | ||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | SPIA (life contingent) | ||||||||||||||||||||||||||||
Mortality | ||||||||||||||||||||||||||||||||
Actual experience | 0.7 | % | 0.1% - 0.6% | 1.7 | % | 0.1 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 0.7 | % | 0.1% - 1.7% | 1.6 | % | 0.3 | % | N.M. | ||||||||||||||||||||||||
Lapses | ||||||||||||||||||||||||||||||||
Actual experience | 3.6 | % | 5.3% - 7.3% | 3.2 | % | 4.3 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 4.7 | % | 5.7% - 32.2% | 3.1 | % | 5.3 | % | N.M. | ||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | SPIA (life contingent) | ||||||||||||||||||||||||||||
Mortality | ||||||||||||||||||||||||||||||||
Actual experience | 0.8 | % | 0.1% - 0.3% | 1.6 | % | 0.2 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 0.7 | % | 0.1% - 0.8% | 1.4 | % | 0.2 | % | N.M. | ||||||||||||||||||||||||
Lapses | ||||||||||||||||||||||||||||||||
Actual experience | 3.1 | % | 5.6% - 63.0% | 3.4 | % | 4.0 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 5.8 | % | 6.6% - 7.3% | 3.2 | % | 7.5 | % | N.M. |
Horace Mann Educators Corporation | 29 |
June 30, 2023 | ||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | SPIA (life contingent) | ||||||||||||||||||||||||||||
Mortality | ||||||||||||||||||||||||||||||||
Actual experience | 0.7 | % | 0.1% - 0.4% | 1.7 | % | 0.1 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 0.7 | % | 0.1% - 1.2% | 1.6 | % | 0.2 | % | N.M. | ||||||||||||||||||||||||
Lapses | ||||||||||||||||||||||||||||||||
Actual experience | 3.4 | % | 3.6% - 5.6% | 3.1 | % | 3.6 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 4.7 | % | 5.6% - 25.9% | 3.1 | % | 5.2 | % | N.M. | ||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | SPIA (life contingent) | ||||||||||||||||||||||||||||
Mortality | ||||||||||||||||||||||||||||||||
Actual experience | 0.8 | % | 0.1% - 0.1% | 1.7 | % | 0.2 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 0.7 | % | 0.1% - 0.1% | 1.4 | % | 0.2 | % | N.M. | ||||||||||||||||||||||||
Lapses | ||||||||||||||||||||||||||||||||
Actual experience | 3.1 | % | 5.0% - 64.1% | 3.4 | % | 3.1 | % | N.M. | ||||||||||||||||||||||||
Expected experience | 5.8 | % | 4.9% - 6.0% | 3.2 | % | 7.4 | % | N.M. |
As of June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Whole life | 18.0 | 18.0 | ||||||||||||
Term life | 16.4 | 15.9 | ||||||||||||
Experience life | 10.5 | 10.8 | ||||||||||||
Limited-pay whole life | 22.2 | 21.5 | ||||||||||||
Supplemental health | 10.3 | 9.8 | ||||||||||||
SPIA (life contingent) | 7.7 | 7.7 |
As of September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Whole life | 17.8 | 17.7 | ||||||||||||
Term life | 16.4 | 15.8 | ||||||||||||
Experience life | 10.4 | 10.7 | ||||||||||||
Limited-pay whole life | 22.2 | 21.3 | ||||||||||||
Supplemental health | 10.4 | 9.9 | ||||||||||||
SPIA (life contingent) | 7.6 | 7.7 |
As of June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Whole life | ||||||||||||||
Interest accretion rate | 1.7% - 4.9% | 1.7% - 5.0% | ||||||||||||
Current discount rate | 4.7% - 5.2% | 4.1% - 4.6% | ||||||||||||
Term life | ||||||||||||||
Interest accretion rate | 4.1% - 4.3% | 4.1% - 4.4% | ||||||||||||
Current discount rate | 5.2% - 5.2% | 4.6% - 4.6% | ||||||||||||
Experience life | ||||||||||||||
Interest accretion rate | 6.1 | % | 6.1 | % | ||||||||||
Current discount rate | 5.2 | % | 4.7 | % | ||||||||||
Limited-pay whole life | ||||||||||||||
Interest accretion rate | 3.9 | % | 3.9 | % | ||||||||||
Current discount rate | 5.2 | % | 4.7 | % | ||||||||||
Supplemental health | ||||||||||||||
Interest accretion rate | 1.7% - 2.7% | 1.7% - 2.7% | ||||||||||||
Current discount rate | 5.2% - 5.3% | 4.5% - 5.0% | ||||||||||||
SPIA (life contingent) | ||||||||||||||
Interest accretion rate | 1.7% - 4.1% | 1.7% - 4.0% | ||||||||||||
Current discount rate | 5.2% - 5.2% | 4.5% - 4.5% |
As of September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Whole life | ||||||||||||||
Interest accretion rate | 1.7% - 4.9% | 1.7% - 5.0% | ||||||||||||
Current discount rate | 5.5% - 5.9% | 4.9% - 5.4% | ||||||||||||
Term life | ||||||||||||||
Interest accretion rate | 4.2% - 4.3% | 4.1% - 4.3% | ||||||||||||
Current discount rate | 5.9% - 5.9% | 5.5% - 5.5% | ||||||||||||
Experience life | ||||||||||||||
Interest accretion rate | 6.1 | % | 6.1 | % | ||||||||||
Current discount rate | 5.9 | % | 5.5 | % | ||||||||||
Limited-pay whole life | ||||||||||||||
Interest accretion rate | 3.9 | % | 3.9 | % | ||||||||||
Current discount rate | 5.9 | % | 5.4 | % | ||||||||||
Supplemental health | ||||||||||||||
Interest accretion rate | 1.7% - 2.7% | 1.7% - 2.7% | ||||||||||||
Current discount rate | 5.9% - 6.1% | 5.4% - 5.8% | ||||||||||||
SPIA (life contingent) | ||||||||||||||
Interest accretion rate | 1.7% - 4.1% | 1.7% - 4.0% | ||||||||||||
Current discount rate | 5.8% - 5.8% | 5.4% - 5.4% |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Three Months Ended June 30, 2023 | ($ in millions) | Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | 49.9 | $ | 63.5 | $ | 4,577.4 | $ | 498.4 | $ | 33.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2023 | Balance at July 1, 2023 | $ | 52.0 | $ | 63.0 | $ | 4,563.5 | $ | 481.2 | $ | 33.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums received(1) | Premiums received(1) | $ | 3.1 | $ | (0.2) | $ | 59.0 | $ | 5.4 | $ | 1.0 | Premiums received(1) | $ | 3.1 | $ | (0.1) | $ | 70.0 | $ | 5.3 | $ | 0.5 | ||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals(2) | Surrenders and withdrawals(2) | (0.3) | (0.6) | (103.9) | (18.6) | (0.1) | Surrenders and withdrawals(2) | (0.2) | (1.1) | (87.8) | (17.6) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit payments(3) | Benefit payments(3) | — | (0.4) | (17.8) | (0.9) | (1.4) | Benefit payments(3) | — | (0.4) | (21.2) | (0.6) | (1.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers from (to) separate account | Net transfers from (to) separate account | (0.2) | — | 7.9 | (2.4) | — | Net transfers from (to) separate account | (0.3) | — | 3.0 | (3.1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited(4) | Interest credited(4) | 0.2 | 0.7 | 39.8 | 0.9 | 0.2 | Interest credited(4) | 0.7 | 0.8 | 40.8 | 3.0 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (0.7) | — | 1.1 | (1.6) | — | Other | (0.6) | (0.1) | 0.2 | (0.2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 52.0 | $ | 63.0 | $ | 4,563.5 | $ | 481.2 | $ | 33.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 54.7 | $ | 62.1 | $ | 4,568.5 | $ | 468.0 | $ | 33.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | Weighted-average crediting rate | (0.1) | % | (5.0) | % | — | % | — | % | (3.0) | % | Weighted-average crediting rate | 5.4 | % | 5.2 | % | 3.6 | % | 2.6 | % | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Net amount at risk(5) | Net amount at risk(5) | $ | — | $ | — | $ | (23.3) | $ | — | $ | — | Net amount at risk(5) | $ | — | $ | — | $ | 53.9 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Cash surrender value | Cash surrender value | $ | 32.9 | $ | 62.8 | $ | 4,540.9 | $ | 486.7 | $ | 33.7 | Cash surrender value | $ | 37.7 | $ | 61.4 | $ | 4,512.3 | $ | 456.8 | $ | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Three Months Ended June 30, 2022 | ($ in millions) | Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | 41.0 | $ | 65.9 | $ | 4,548.2 | $ | 518.2 | $ | 37.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2022 | Balance at July 1, 2022 | $ | 42.6 | $ | 65.4 | $ | 4,573.7 | $ | 518.2 | $ | 36.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums received(1) | Premiums received(1) | $ | 2.5 | $ | — | $ | 47.5 | $ | 8.1 | $ | 0.6 | Premiums received(1) | $ | 3.2 | $ | (0.2) | $ | 61.3 | $ | 8.0 | $ | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals(2) | Surrenders and withdrawals(2) | (0.4) | (0.8) | (59.5) | (9.4) | (0.1) | Surrenders and withdrawals(2) | (0.1) | (0.9) | (64.4) | (9.8) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit payments(3) | Benefit payments(3) | — | (0.4) | (14.4) | (0.7) | (1.5) | Benefit payments(3) | — | (0.4) | (17.7) | (1.1) | (1.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers from (to) separate account | Net transfers from (to) separate account | — | — | 15.8 | (0.3) | — | Net transfers from (to) separate account | — | — | 7.8 | (0.7) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited(4) | Interest credited(4) | 0.3 | 0.7 | 38.3 | 1.3 | 0.3 | Interest credited(4) | — | 0.9 | 39.2 | 0.1 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (0.8) | — | (2.2) | 1.0 | — | Other | (0.9) | (0.1) | 4.2 | 2.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 42.6 | $ | 65.4 | $ | 4,573.7 | $ | 518.2 | $ | 36.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 44.8 | $ | 64.7 | $ | 4,604.1 | $ | 516.9 | $ | 35.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | Weighted-average crediting rate | (1.4) | % | — | % | — | % | (0.2) | % | — | % | Weighted-average crediting rate | — | % | 5.7 | % | 3.5 | % | 0.1 | % | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Net amount at risk(5) | Net amount at risk(5) | $ | — | $ | — | $ | 12.1 | $ | — | $ | — | Net amount at risk(5) | $ | — | $ | — | $ | 110.2 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Cash surrender value | Cash surrender value | $ | 1.4 | $ | (0.5) | $ | 26.3 | $ | (1.2) | $ | (0.7) | Cash surrender value | $ | 29.0 | $ | 64.0 | $ | 4,546.5 | $ | 501.7 | $ | 35.0 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Six Months Ended June 30, 2023 | ($ in millions) | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | Balance at January 1, 2023 | $ | 47.6 | $ | 64.3 | $ | 4,591.1 | $ | 510.3 | $ | 34.4 | Balance at January 1, 2023 | $ | 47.6 | $ | 64.3 | $ | 4,591.1 | $ | 510.3 | $ | 34.4 | ||||||||||||||||||||||||||||||||||||||||||
Premiums received(1) | Premiums received(1) | $ | 6.7 | $ | (0.4) | $ | 113.9 | $ | 10.5 | $ | 2.1 | Premiums received(1) | $ | 9.8 | $ | (0.5) | $ | 183.9 | $ | 15.8 | $ | 2.6 | ||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals(2) | Surrenders and withdrawals(2) | (0.7) | (1.5) | (202.0) | (32.5) | (0.2) | Surrenders and withdrawals(2) | (0.9) | (2.6) | (289.8) | (50.1) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit payments(3) | Benefit payments(3) | — | (0.9) | (36.9) | (1.5) | (3.1) | Benefit payments(3) | — | (1.3) | (58.1) | (2.1) | (4.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers from (to) separate account | Net transfers from (to) separate account | (0.2) | — | 14.5 | (3.3) | — | Net transfers from (to) separate account | (0.5) | — | 17.5 | (6.4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited(4) | Interest credited(4) | 0.2 | 1.5 | 79.9 | 0.9 | 0.5 | Interest credited(4) | 0.9 | 2.3 | 120.7 | 3.9 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (1.6) | — | 3.0 | (3.2) | (0.2) | Other | (2.2) | (0.1) | 3.2 | (3.4) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 52.0 | $ | 63.0 | $ | 4,563.5 | $ | 481.2 | $ | 33.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 54.7 | $ | 62.1 | $ | 4,568.5 | $ | 468.0 | $ | 33.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | Weighted-average crediting rate | — | % | — | % | 3.6 | % | — | % | — | % | Weighted-average crediting rate | 2.3 | % | 5.0 | % | 3.6 | % | 1.1 | % | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Net amount at risk(5) | Net amount at risk(5) | $ | — | $ | — | $ | 16.2 | $ | — | $ | — | Net amount at risk(5) | $ | — | $ | — | $ | 53.9 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Cash surrender value | Cash surrender value | $ | — | $ | — | $ | 109.9 | $ | — | $ | — | Cash surrender value | $ | 37.7 | $ | 61.4 | $ | 4,512.3 | $ | 456.8 | $ | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Six Months Ended June 30, 2022 | ($ in millions) | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | Indexed Universal Life | Experience Life | Fixed Account Annuities | Fixed Indexed Account Annuities | SPIA (non-life contingent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | $ | 39.1 | $ | 66.2 | $ | 4,532.7 | $ | 522.6 | $ | 37.7 | Balance at January 1, 2022 | $ | 39.1 | $ | 66.2 | $ | 4,532.7 | $ | 522.6 | $ | 37.7 | ||||||||||||||||||||||||||||||||||||||||||
Premiums received(1) | Premiums received(1) | $ | 4.7 | $ | — | $ | 94.7 | $ | 17.4 | $ | 1.4 | Premiums received(1) | $ | 7.9 | $ | (0.2) | $ | 156.0 | $ | 25.4 | $ | 1.7 | ||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals(2) | Surrenders and withdrawals(2) | (0.6) | (1.5) | (119.8) | (20.3) | (0.4) | Surrenders and withdrawals(2) | (0.7) | (2.4) | (184.2) | (30.1) | (0.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit payments(3) | Benefit payments(3) | — | (0.8) | (32.9) | (1.8) | (3.0) | Benefit payments(3) | — | (1.2) | (50.6) | (2.9) | (4.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net transfers from (to) separate account | Net transfers from (to) separate account | — | — | 26.8 | (0.4) | — | Net transfers from (to) separate account | — | — | 34.6 | (1.1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited(4) | Interest credited(4) | 0.8 | 1.5 | 77.2 | 3.1 | 0.6 | Interest credited(4) | 0.8 | 2.4 | 116.4 | 3.2 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (1.4) | — | (5.0) | (2.4) | — | Other | (2.3) | (0.1) | (0.8) | (0.2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 42.6 | $ | 65.4 | $ | 4,573.7 | $ | 518.2 | $ | 36.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 44.8 | $ | 64.7 | $ | 4,604.1 | $ | 516.9 | $ | 35.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | Weighted-average crediting rate | 4.1 | % | 5.0 | % | 3.5 | % | 1.2 | % | 3.0 | % | Weighted-average crediting rate | 2.7 | % | 5.0 | % | 3.5 | % | 0.8 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Net amount at risk(5) | Net amount at risk(5) | $ | — | $ | — | $ | 78.5 | $ | — | $ | — | Net amount at risk(5) | $ | — | $ | — | $ | 110.2 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Cash surrender value | Cash surrender value | $ | 27.4 | $ | 64.7 | $ | 4,515.7 | $ | 503.0 | $ | 35.9 | Cash surrender value | $ | 29.0 | $ | 64.0 | $ | 4,546.5 | $ | 501.7 | $ | 35.0 |
($ in millions) | ($ in millions) | June 30, 2023 | December 31, 2022 | ($ in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Indexed universal life | Indexed universal life | $ | 52.0 | $ | 47.6 | Indexed universal life | $ | 54.7 | $ | 47.6 | ||||||||||||||||||
Experience Life | Experience Life | 63.0 | 64.3 | Experience Life | 62.1 | 64.3 | ||||||||||||||||||||||
Fixed account annuities | Fixed account annuities | 4,563.5 | 4,591.1 | Fixed account annuities | 4,568.5 | 4,591.1 | ||||||||||||||||||||||
Fixed indexed account annuities | Fixed indexed account annuities | 481.2 | 510.3 | Fixed indexed account annuities | 468.0 | 510.3 | ||||||||||||||||||||||
SPIA (non-life contingent) | SPIA (non-life contingent) | 33.5 | 34.4 | SPIA (non-life contingent) | 33.1 | 34.4 | ||||||||||||||||||||||
Reconciling items(1) | Reconciling items(1) | 13.0 | 12.9 | Reconciling items(1) | 17.6 | 12.9 | ||||||||||||||||||||||
Total | Total | $ | 5,206.2 | $ | 5,260.6 | Total | $ | 5,204.0 | $ | 5,260.6 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | June 30, 2023 | ($ in millions) | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At Guaranteed Minimum | 1-50 Basis Points Above | 51-150 Basis Points Above | Greater Than 150 Basis Points Above | Total(1) | At Guaranteed Minimum | 1-50 Basis Points Above | 51-150 Basis Points Above | Greater Than 150 Basis Points Above | Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed minimum crediting rates: | Guaranteed minimum crediting rates: | Guaranteed minimum crediting rates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 2% | Less than 2% | $ | 81.5 | $ | 327.4 | $ | 372.3 | $ | 170.8 | $ | 952.0 | Less than 2% | $ | 64.4 | $ | 252.2 | $ | 417.3 | $ | 182.3 | $ | 916.2 | ||||||||||||||||||||||||||||||||||||||||||
Equal to 2% but less than 3% | Equal to 2% but less than 3% | 214.5 | 46.7 | 9.4 | 0.8 | 271.4 | Equal to 2% but less than 3% | 197.9 | 56.0 | 38.0 | 37.0 | 328.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equal to 3% but less than 4% | Equal to 3% but less than 4% | 626.5 | 12.2 | 0.7 | — | 639.4 | Equal to 3% but less than 4% | 598.0 | 22.3 | 0.7 | — | 621.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equal to 4% but less than 5% | Equal to 4% but less than 5% | 2,693.4 | — | — | — | 2,693.4 | Equal to 4% but less than 5% | 2,692.8 | — | — | — | 2,692.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5% or higher | 5% or higher | 90.3 | — | — | — | 90.3 | 5% or higher | 89.3 | — | — | — | 89.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,706.2 | $ | 386.3 | $ | 382.4 | $ | 171.6 | $ | 4,646.5 | Total | $ | 3,642.4 | $ | 330.5 | $ | 456.0 | $ | 219.3 | $ | 4,648.2 | ||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | December 31, 2022 | ($ in millions) | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At Guaranteed Minimum | 1-50 Basis Points Above | 51-150 Basis Points Above | Greater Than 150 Basis Points Above | Total(1) | At Guaranteed Minimum | 1-50 Basis Points Above | 51-150 Basis Points Above | Greater Than 150 Basis Points Above | Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed minimum crediting rates: | Guaranteed minimum crediting rates: | Guaranteed minimum crediting rates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 2% | Less than 2% | $ | 262.5 | $ | 370.6 | $ | 214.4 | $ | 96.1 | $ | 943.6 | Less than 2% | $ | 262.5 | $ | 370.6 | $ | 214.4 | $ | 96.1 | $ | 943.6 | ||||||||||||||||||||||||||||||||||||||||||
Equal to 2% but less than 3% | Equal to 2% but less than 3% | 256.1 | 19.8 | 4.7 | — | 280.6 | Equal to 2% but less than 3% | 256.1 | 19.8 | 4.7 | — | 280.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equal to 3% but less than 4% | Equal to 3% but less than 4% | 667.4 | 0.4 | 0.4 | — | 668.2 | Equal to 3% but less than 4% | 667.4 | 0.4 | 0.4 | — | 668.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equal to 4% but less than 5% | Equal to 4% but less than 5% | 2,706.1 | — | — | — | 2,706.1 | Equal to 4% but less than 5% | 2,706.1 | — | — | — | 2,706.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5% or higher | 5% or higher | 91.7 | — | — | — | 91.7 | 5% or higher | 91.7 | — | — | — | 91.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,983.8 | $ | 390.8 | $ | 219.5 | $ | 96.1 | $ | 4,690.2 | Total | $ | 3,983.8 | $ | 390.8 | $ | 219.5 | $ | 96.1 | $ | 4,690.2 |
Horace Mann Educators Corporation | 33 | Third Quarter 2023 Form 10-Q |
($ in millions) | ($ in millions) | Retirement Services | ($ in millions) | Retirement Services | ||||||||||||||||||||||||
Variable Account Annuities | Variable Account Annuities | |||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 2,792.3 | $ | 3,441.0 | Balance, beginning of year | $ | 2,792.3 | $ | 3,441.0 | ||||||||||||||||||
Deposits | Deposits | 114.1 | 240.3 | Deposits | 173.9 | 240.3 | ||||||||||||||||||||||
Withdrawals | Withdrawals | (105.0) | (186.8) | Withdrawals | (163.3) | (186.8) | ||||||||||||||||||||||
Net transfers | Net transfers | (11.2) | (38.1) | Net transfers | (11.1) | (38.1) | ||||||||||||||||||||||
Fees and charges | Fees and charges | (18.4) | (36.8) | Fees and charges | (28.0) | (36.8) | ||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 330.2 | (619.7) | Market appreciation (depreciation) | 215.6 | (619.7) | ||||||||||||||||||||||
Other | Other | (3.5) | (7.6) | Other | (5.4) | (7.6) | ||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 3,098.5 | $ | 2,792.3 | Balance, end of period | $ | 2,974.0 | $ | 2,792.3 |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 1.3 | $ | 4.0 | $ | 0.2 | $ | 4.8 | Balance, beginning of period | $ | (3.6) | $ | 4.6 | $ | 0.2 | $ | 4.8 | ||||||||||||||||||||||||||||||||||
Balance, beginning of period, before effects of changes in the instrument-specific credit risk | Balance, beginning of period, before effects of changes in the instrument-specific credit risk | 0.9 | 1.6 | — | 2.0 | Balance, beginning of period, before effects of changes in the instrument-specific credit risk | (3.2) | 4.2 | — | 2.0 | ||||||||||||||||||||||||||||||||||||||||||
Changes in market risk benefits(1) | Changes in market risk benefits(1) | (4.1) | 2.6 | (3.2) | 2.2 | Changes in market risk benefits(1) | (1.3) | (1.6) | (4.5) | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period(2) | Balance, end of period(2) | $ | (3.2) | $ | 4.2 | $ | (3.2) | $ | 4.2 | Balance, end of period(2) | $ | (4.5) | $ | 2.6 | $ | (4.5) | $ | 2.6 | ||||||||||||||||||||||||||||||||||
Effect of changes in the instrument-specific credit risk | Effect of changes in the instrument-specific credit risk | (0.4) | 0.4 | (0.4) | 0.4 | Effect of changes in the instrument-specific credit risk | — | 0.3 | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | (3.6) | $ | 4.6 | $ | (3.6) | $ | 4.6 | Balance, end of period | $ | (4.5) | $ | 2.9 | $ | (4.5) | $ | 2.9 | ||||||||||||||||||||||||||||||||||
Net amount at risk(3) | Net amount at risk(3) | $ | 28.1 | $ | 48.9 | $ | 28.1 | $ | 48.9 | Net amount at risk(3) | $ | 37.6 | $ | 79.9 | $ | 37.6 | $ | 79.9 | ||||||||||||||||||||||||||||||||||
Weighted-average attained age of contract holders | Weighted-average attained age of contract holders | 63 | 62 | 63 | 62 | Weighted-average attained age of contract holders | 63 | 63 | 63 | 63 |
($ in millions) | As of June 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
(Asset) | Liability | Net | (Asset) | Liability | Net | |||||||||||||||||||||||||||||||||
Deferred variable annuities | $ | (6.2) | $ | 2.6 | $ | (3.6) | $ | (4.4) | $ | 4.7 | $ | 0.3 |
($ in millions) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
(Asset) | Liability | Net | (Asset) | Liability | Net | |||||||||||||||||||||||||||||||||
Deferred variable annuities | $ | (6.4) | $ | 1.9 | $ | (4.5) | $ | (4.4) | $ | 4.7 | $ | 0.3 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Three Months Ended June 30, 2023 | ($ in millions) | Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 21.2 | $ | 30.7 | $ | 5.8 | $ | 6.8 | $ | 15.7 | $ | 6.7 | $ | 219.7 | Balance, beginning of period | $ | 21.6 | $ | 31.4 | $ | 5.7 | $ | 7.0 | $ | 16.1 | $ | 7.0 | $ | 217.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalizations | Capitalizations | 0.7 | 1.5 | 0.1 | 0.3 | 0.7 | 0.7 | 3.7 | Capitalizations | 0.7 | 1.5 | 0.1 | 0.4 | 0.6 | 0.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense | Amortization expense | (0.3) | (0.8) | (0.2) | (0.1) | (0.3) | (0.2) | (3.7) | Amortization expense | (0.3) | (0.8) | (0.1) | (0.1) | (0.2) | (0.2) | (3.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Experience adjustment | Experience adjustment | — | — | — | — | — | (0.2) | (2.5) | Experience adjustment | (0.1) | (0.1) | — | (0.1) | (0.1) | — | (2.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 21.6 | $ | 31.4 | $ | 5.7 | $ | 7.0 | $ | 16.1 | $ | 7.0 | $ | 217.2 | Balance, end of period | $ | 21.9 | $ | 32.0 | $ | 5.7 | $ | 7.2 | $ | 16.4 | $ | 7.5 | $ | 215.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Six Months Ended June 30, 2023 | ($ in millions) | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 20.9 | $ | 30.0 | $ | 5.8 | $ | 6.7 | $ | 15.4 | $ | 6.2 | $ | 221.1 | Balance, beginning of period | $ | 20.9 | $ | 30.0 | $ | 5.8 | $ | 6.7 | $ | 15.4 | $ | 6.2 | $ | 221.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalizations | Capitalizations | 1.3 | 2.8 | 0.1 | 0.5 | 1.2 | 1.3 | 7.7 | Capitalizations | 2.0 | 4.3 | 0.2 | 0.9 | 1.8 | 2.0 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense | Amortization expense | (0.6) | (1.4) | (0.2) | (0.2) | (0.5) | (0.3) | (7.4) | Amortization expense | (0.9) | (2.2) | (0.3) | (0.3) | (0.7) | (0.5) | (11.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Experience adjustment | Experience adjustment | — | — | — | — | — | (0.2) | (4.2) | Experience adjustment | (0.1) | (0.1) | — | (0.1) | (0.1) | (0.2) | (6.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 21.6 | $ | 31.4 | $ | 5.7 | $ | 7.0 | $ | 16.1 | $ | 7.0 | $ | 217.2 | Balance, end of period | $ | 21.9 | $ | 32.0 | $ | 5.7 | $ | 7.2 | $ | 16.4 | $ | 7.5 | $ | 215.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Year Ended December 31, 2022 | ($ in millions) | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 19.1 | $ | 27.5 | $ | 6.0 | $ | 5.6 | $ | 13.7 | $ | 4.9 | $ | 223.3 | Balance, beginning of year | $ | 19.1 | $ | 27.5 | $ | 6.0 | $ | 5.6 | $ | 13.7 | $ | 4.9 | $ | 223.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalizations | Capitalizations | 3.0 | 5.0 | 0.2 | 1.4 | 2.5 | 1.8 | 15.5 | Capitalizations | 3.0 | 5.0 | 0.2 | 1.4 | 2.5 | 1.8 | 15.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense | Amortization expense | (1.2) | (2.5) | (0.4) | (0.3) | (0.8) | (0.5) | (15.8) | Amortization expense | (1.2) | (2.5) | (0.4) | (0.3) | (0.8) | (0.5) | (15.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Experience adjustment | Experience adjustment | — | — | — | — | — | — | (1.9) | Experience adjustment | — | — | — | — | — | — | (1.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year | Balance, end of year | $ | 20.9 | $ | 30.0 | $ | 5.8 | $ | 6.7 | $ | 15.4 | $ | 6.2 | $ | 221.1 | Balance, end of year | $ | 20.9 | $ | 30.0 | $ | 5.8 | $ | 6.7 | $ | 15.4 | $ | 6.2 | $ | 221.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Year Ended December 31, 2021 | ($ in millions) | Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | Whole Life | Term Life | Experience Life | Limited-Pay Whole Life | Indexed Universal Life | Supplemental Health | Total Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year December 31, 2020 | Balance, end of year December 31, 2020 | $ | 17.8 | $ | 25.6 | $ | 2.6 | $ | 4.4 | $ | 11.3 | $ | 4.3 | $ | 137.7 | Balance, end of year December 31, 2020 | $ | 17.8 | $ | 25.6 | $ | 2.6 | $ | 4.4 | $ | 11.3 | $ | 4.3 | $ | 137.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for removal of related balances in AOCI | Adjustment for removal of related balances in AOCI | — | — | 3.6 | — | 1.6 | — | 85.4 | Adjustment for removal of related balances in AOCI | — | — | 3.6 | — | 1.6 | — | 85.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance, beginning of year January 1, 2021 | Adjusted balance, beginning of year January 1, 2021 | $ | 17.8 | $ | 25.6 | $ | 6.2 | $ | 4.4 | $ | 12.9 | $ | 4.3 | $ | 223.1 | Adjusted balance, beginning of year January 1, 2021 | $ | 17.8 | $ | 25.6 | $ | 6.2 | $ | 4.4 | $ | 12.9 | $ | 4.3 | $ | 223.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalizations | Capitalizations | 2.4 | 4.2 | 0.2 | 1.5 | 1.7 | 1.1 | 17.3 | Capitalizations | 2.4 | 4.2 | 0.2 | 1.5 | 1.7 | 1.1 | 17.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense | Amortization expense | (1.1) | (2.3) | (0.4) | (0.3) | (0.8) | (0.5) | (16.0) | Amortization expense | (1.1) | (2.3) | (0.4) | (0.3) | (0.8) | (0.5) | (16.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Experience adjustment | Experience adjustment | — | — | — | — | (0.1) | — | (1.1) | Experience adjustment | — | — | — | — | (0.1) | — | (1.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year December 31, 2021 | Balance, end of year December 31, 2021 | $ | 19.1 | $ | 27.5 | $ | 6.0 | $ | 5.6 | $ | 13.7 | $ | 4.9 | $ | 223.3 | Balance, end of year December 31, 2021 | $ | 19.1 | $ | 27.5 | $ | 6.0 | $ | 5.6 | $ | 13.7 | $ | 4.9 | $ | 223.3 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | June 30, 2023 | December 31, 2022 | ($ in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Whole life | Whole life | $ | 21.6 | $ | 20.9 | Whole life | $ | 21.9 | $ | 20.9 | ||||||||||||||||||
Term life | Term life | 31.4 | 30.0 | Term life | 32.0 | 30.0 | ||||||||||||||||||||||
Experience life | Experience life | 5.7 | 5.8 | Experience life | 5.7 | 5.8 | ||||||||||||||||||||||
Limited pay whole life | Limited pay whole life | 7.0 | 6.7 | Limited pay whole life | 7.2 | 6.7 | ||||||||||||||||||||||
Indexed universal life | Indexed universal life | 16.1 | 15.4 | Indexed universal life | 16.4 | 15.4 | ||||||||||||||||||||||
Supplemental health | Supplemental health | 7.0 | 6.2 | Supplemental health | 7.5 | 6.2 | ||||||||||||||||||||||
Total annuities | Total annuities | 217.2 | 221.1 | Total annuities | 215.0 | 221.1 | ||||||||||||||||||||||
Reconciling item(1) | Reconciling item(1) | 26.9 | 24.5 | Reconciling item(1) | 29.2 | 24.5 | ||||||||||||||||||||||
Total | Total | $ | 332.9 | $ | 330.6 | Total | $ | 334.9 | $ | 330.6 |
($ in millions) | ($ in millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ($ in millions) | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 15.4 | $ | 15.9 | Balance, beginning of period | $ | 14.9 | $ | 15.9 | ||||||||||||||||||
Capitalizations | Capitalizations | — | — | Capitalizations | — | — | ||||||||||||||||||||||
Amortization expense | Amortization expense | (0.3) | (0.6) | Amortization expense | (0.2) | (0.8) | ||||||||||||||||||||||
Experience adjustment | Experience adjustment | (0.2) | (0.4) | Experience adjustment | (0.2) | (0.6) | ||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 14.9 | $ | 14.9 | Balance, end of period | $ | 14.5 | $ | 14.5 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Direct Amount | Ceded to Other Companies(1) | Assumed from Other Companies | Net Amount | ($ in millions) | Direct Amount | Ceded to Other Companies(1) | Assumed from Other Companies | Net Amount | ||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written and contract deposits(2) | Net premiums written and contract deposits(2) | $ | 394.7 | $ | 17.9 | $ | 9.4 | $ | 386.2 | Net premiums written and contract deposits(2) | $ | 424.0 | $ | 16.5 | $ | 8.4 | $ | 415.9 | ||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | 271.6 | 20.0 | 9.1 | 260.7 | Net premiums and contract charges earned | 276.7 | 18.7 | 8.0 | 266.0 | ||||||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 217.5 | 14.3 | 2.0 | 205.2 | Benefits, claims and settlement expenses | 205.2 | 9.1 | 3.1 | 199.2 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written and contract deposits(2) | Net premiums written and contract deposits(2) | $ | 375.1 | $ | 16.5 | $ | 13.7 | $ | 372.3 | Net premiums written and contract deposits(2) | $ | 391.2 | $ | 15.4 | $ | 13.4 | $ | 389.2 | ||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | 260.5 | 18.7 | 13.6 | 255.4 | Net premiums and contract charges earned | 261.6 | 17.6 | 13.4 | 257.4 | ||||||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 212.4 | 18.5 | 9.5 | 203.4 | Benefits, claims and settlement expenses | 170.9 | 8.3 | 4.6 | 167.1 | ||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written and contract deposits(2) | Net premiums written and contract deposits(2) | $ | 762.5 | $ | 34.5 | $ | 19.8 | $ | 747.8 | Net premiums written and contract deposits(2) | $ | 1,186.5 | $ | 51.0 | $ | 28.2 | $ | 1,163.7 | ||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | 535.6 | 38.5 | 19.5 | 516.6 | Net premiums and contract charges earned | 812.3 | 57.2 | 27.5 | 782.6 | ||||||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 410.4 | 27.0 | 5.0 | 388.4 | Benefits, claims and settlement expenses | 615.6 | 36.1 | 8.1 | 587.6 | ||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written and contract deposits(2) | Net premiums written and contract deposits(2) | $ | 735.9 | $ | 31.3 | $ | 26.1 | $ | 730.7 | Net premiums written and contract deposits(2) | $ | 1,127.1 | $ | 46.7 | $ | 39.5 | $ | 1,119.9 | ||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | 520.9 | 35.9 | 26.2 | 511.2 | Net premiums and contract charges earned | 782.5 | 53.5 | 39.6 | 768.6 | ||||||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 394.0 | 25.7 | 10.3 | 378.6 | Benefits, claims and settlement expenses | 564.9 | 34.1 | 14.9 | 545.7 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | Net premiums and contract charges earned | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property & Casualty | Property & Casualty | $ | 157.4 | $ | 149.9 | $ | 309.8 | $ | 300.1 | Property & Casualty | $ | 164.3 | $ | 152.4 | $ | 474.1 | $ | 452.5 | ||||||||||||||||||||||||||||||||||
Life & Retirement | Life & Retirement | 37.4 | 36.3 | 75.1 | 72.1 | Life & Retirement | 38.2 | 36.8 | 113.3 | 108.9 | ||||||||||||||||||||||||||||||||||||||||||
Supplemental & Group Benefits | Supplemental & Group Benefits | 65.9 | 69.2 | 131.7 | 139.0 | Supplemental & Group Benefits | 63.5 | 68.2 | 195.2 | 207.2 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 260.7 | $ | 255.4 | $ | 516.6 | $ | 511.2 | Total | $ | 266.0 | $ | 257.4 | $ | 782.6 | $ | 768.6 | ||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | Net investment income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property & Casualty | Property & Casualty | $ | 10.6 | $ | 7.7 | $ | 14.6 | $ | 14.9 | Property & Casualty | $ | 12.0 | $ | 8.0 | $ | 26.6 | $ | 22.9 | ||||||||||||||||||||||||||||||||||
Life & Retirement | Life & Retirement | 89.3 | 88.4 | 177.2 | 172.6 | Life & Retirement | 96.9 | 81.4 | 274.1 | 254.0 | ||||||||||||||||||||||||||||||||||||||||||
Supplemental & Group Benefits | Supplemental & Group Benefits | 9.1 | 9.6 | 18.2 | 16.7 | Supplemental & Group Benefits | 10.3 | 8.7 | 28.5 | 25.4 | ||||||||||||||||||||||||||||||||||||||||||
Corporate & Other | Corporate & Other | — | — | — | — | Corporate & Other | 0.2 | — | 0.2 | — | ||||||||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Intersegment eliminations | (0.5) | (0.5) | (1.1) | (1.1) | Intersegment eliminations | (0.5) | (0.5) | (1.6) | (1.6) | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 108.5 | $ | 105.2 | $ | 208.9 | $ | 203.1 | Total | $ | 118.9 | $ | 97.6 | $ | 327.8 | $ | 300.7 | ||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | Net income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property & Casualty | Property & Casualty | $ | (21.4) | $ | (25.4) | $ | (33.0) | $ | (16.9) | Property & Casualty | $ | (11.3) | $ | (2.5) | $ | (44.3) | $ | (19.4) | ||||||||||||||||||||||||||||||||||
Life & Retirement | Life & Retirement | 17.4 | 23.8 | 31.4 | 39.4 | Life & Retirement | 20.9 | 17.7 | 52.3 | 57.1 | ||||||||||||||||||||||||||||||||||||||||||
Supplemental & Group Benefits | Supplemental & Group Benefits | 11.8 | 15.0 | 25.8 | 28.2 | Supplemental & Group Benefits | 15.8 | 20.7 | 41.6 | 48.9 | ||||||||||||||||||||||||||||||||||||||||||
Corporate & Other | Corporate & Other | (20.6) | (17.6) | (30.4) | (34.6) | Corporate & Other | (13.7) | (15.5) | (44.1) | (50.1) | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (12.8) | $ | (4.2) | $ | (6.2) | $ | 16.1 | Total | $ | 11.7 | $ | 20.4 | $ | 5.5 | $ | 36.5 |
($ in millions) | ($ in millions) | June 30, 2023 | December 31, 2022 | ($ in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Property & Casualty | Property & Casualty | $ | 1,077.9 | $ | 1,083.8 | Property & Casualty | $ | 1,142.2 | $ | 1,083.8 | ||||||||||||||||||
Life & Retirement | Life & Retirement | 11,127.1 | 10,754.5 | Life & Retirement | 10,856.2 | 10,754.5 | ||||||||||||||||||||||
Supplemental & Group Benefits | Supplemental & Group Benefits | 1,350.4 | 1,359.3 | Supplemental & Group Benefits | 1,299.8 | 1,359.3 | ||||||||||||||||||||||
Corporate & Other | Corporate & Other | 168.2 | 173.4 | Corporate & Other | 172.6 | 173.4 | ||||||||||||||||||||||
Intersegment eliminations | Intersegment eliminations | (51.7) | (64.9) | Intersegment eliminations | (58.4) | (64.9) | ||||||||||||||||||||||
Total | Total | $ | 13,671.9 | $ | 13,306.1 | Total | $ | 13,412.5 | $ | 13,306.1 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities(1) | Net Reserve Remeasurements Attributable to Discount Rates(1) | Net Funded Status of Benefit Plans(1) | Total(1) | ($ in millions) | Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities(1) | Net Reserve Remeasurements Attributable to Discount Rates(1) | Net Funded Status of Benefit Plans(1) | Total(1) | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2023 | $ | (356.4) | $ | 17.8 | $ | (8.8) | $ | (347.4) | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2023 | Beginning balance, July 1, 2023 | $ | (393.7) | $ | 42.9 | $ | (8.8) | $ | (359.6) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (48.9) | 25.1 | — | (23.8) | Other comprehensive income (loss) before reclassifications | (143.7) | 90.7 | — | (53.0) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI(2) | Amounts reclassified from AOCI(2) | 11.6 | — | — | 11.6 | Amounts reclassified from AOCI(2) | 2.7 | — | — | 2.7 | ||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | Net current period other comprehensive income (loss) | (37.3) | 25.1 | — | (12.2) | Net current period other comprehensive income (loss) | (141.0) | 90.7 | — | (50.3) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2023 | $ | (393.7) | $ | 42.9 | $ | (8.8) | $ | (359.6) | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2023 | Ending balance, September 30, 2023 | $ | (534.7) | $ | 133.6 | $ | (8.8) | $ | (409.9) | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2022 | $ | 13.0 | $ | (205.4) | $ | (10.2) | $ | (202.6) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income 9losss) before reclassifications | (297.1) | 168.5 | — | (128.6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2022 | Beginning balance, July 1, 2022 | $ | (281.8) | $ | (36.9) | $ | (10.2) | $ | (328.9) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (223.4) | 110.7 | — | (112.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI(3) | Amounts reclassified from AOCI(3) | 2.3 | — | — | 2.3 | Amounts reclassified from AOCI(3) | 8.4 | — | — | 8.4 | ||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | Net current period other comprehensive income (loss) | (294.8) | 168.5 | — | (126.3) | Net current period other comprehensive income (loss) | (215.0) | 110.7 | — | (104.3) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2022 | $ | (281.8) | $ | (36.9) | $ | (10.2) | $ | (328.9) | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2022 | Ending balance, September 30, 2022 | $ | (496.8) | $ | 73.8 | $ | (10.2) | $ | (433.2) | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2023 | Beginning balance, January 1, 2023 | $ | (449.6) | $ | 59.0 | $ | (8.8) | $ | (399.4) | Beginning balance, January 1, 2023 | $ | (449.6) | $ | 59.0 | $ | (8.8) | $ | (399.4) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 42.4 | (16.1) | — | 26.3 | Other comprehensive income (loss) before reclassifications | (101.3) | 74.6 | — | (26.7) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI(2) | Amounts reclassified from AOCI(2) | 13.5 | — | — | 13.5 | Amounts reclassified from AOCI(2) | 16.2 | — | — | 16.2 | ||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | Net current period other comprehensive income (loss) | 55.9 | (16.1) | — | 39.8 | Net current period other comprehensive income (loss) | (85.1) | 74.6 | — | (10.5) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2023 | $ | (393.7) | $ | 42.9 | $ | (8.8) | $ | (359.6) | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2023 | Ending balance, September 30, 2023 | $ | (534.7) | $ | 133.6 | $ | (8.8) | $ | (409.9) | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | Beginning balance, January 1, 2022 | $ | 347.1 | $ | (386.9) | $ | (10.2) | $ | (50.0) | Beginning balance, January 1, 2022 | $ | 347.1 | $ | (386.9) | $ | (10.2) | $ | (50.0) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (633.0) | 350.0 | — | (283.0) | Other comprehensive income (loss) before reclassifications | (856.5) | 460.7 | — | (395.8) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI(2) | Amounts reclassified from AOCI(2) | 4.1 | — | — | 4.1 | Amounts reclassified from AOCI(2) | 12.6 | — | — | 12.6 | ||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | Net current period other comprehensive income (loss) | (628.9) | 350.0 | — | (278.9) | Net current period other comprehensive income (loss) | (843.9) | 460.7 | — | (383.2) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2022 | $ | (281.8) | $ | (36.9) | $ | (10.2) | $ | (328.9) | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2022 | Ending balance, September 30, 2022 | $ | (496.8) | $ | 73.8 | $ | (10.2) | $ | (433.2) |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | ($ in millions) | ||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Cash | Cash | $ | 22.2 | $ | 42.2 | Cash | $ | 33.7 | $ | 42.2 | ||||||||||||||||||
Restricted cash | Restricted cash | 0.9 | 0.6 | Restricted cash | 0.8 | 0.6 | ||||||||||||||||||||||
Total cash and restricted cash reported in the Consolidated Balance Sheets | Total cash and restricted cash reported in the Consolidated Balance Sheets | $ | 23.1 | $ | 42.8 | Total cash and restricted cash reported in the Consolidated Balance Sheets | $ | 34.5 | $ | 42.8 |
($ in millions) | ($ in millions) | Six Months Ended June 30, | ($ in millions) | Nine Months Ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Cash paid for: | Cash paid for: | Cash paid for: | ||||||||||||||||||||||||||
Interest | Interest | $ | 13.1 | $ | 7.1 | Interest | $ | 18.3 | $ | 9.1 | ||||||||||||||||||
Income taxes | Income taxes | 10.0 | 5.3 | Income taxes | 14.8 | 6.4 |
Horace Mann Educators Corporation |
December 31, 2022 | Effect of the Adoption of ASU 2018-12 | Reclassifications(1) | December 31, 2022 | December 31, 2022 | Effect of the Adoption of ASU 2018-12 | Reclassifications(1) | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments | Total investments | $ | 6,587.6 | $ | — | $ | — | $ | 6,587.6 | Total investments | $ | 6,587.6 | $ | — | $ | — | $ | 6,587.6 | ||||||||||||||||||||||||||||||||||
Cash | Cash | 42.8 | — | $ | — | 42.8 | Cash | 42.8 | — | — | 42.8 | |||||||||||||||||||||||||||||||||||||||||
Deferred policy acquisition costs | Deferred policy acquisition costs | 433.1 | (102.5) | $ | — | 330.6 | Deferred policy acquisition costs | 433.1 | (102.5) | — | 330.6 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance balances receivable | Reinsurance balances receivable | 506.2 | (38.2) | — | 468.0 | Reinsurance balances receivable | 506.2 | (38.2) | — | 468.0 | ||||||||||||||||||||||||||||||||||||||||||
Deposit asset on reinsurance | Deposit asset on reinsurance | 2,516.6 | — | — | 2,516.6 | Deposit asset on reinsurance | 2,516.6 | — | — | 2,516.6 | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 185.2 | — | — | 185.2 | Intangible assets | 185.2 | — | — | 185.2 | ||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 54.3 | — | — | 54.3 | Goodwill | 54.3 | — | — | 54.3 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 328.7 | — | — | 328.7 | Other assets | 328.7 | — | — | 328.7 | ||||||||||||||||||||||||||||||||||||||||||
Separate Account variable annuity assets | Separate Account variable annuity assets | 2,792.3 | — | — | 2,792.3 | Separate Account variable annuity assets | 2,792.3 | — | — | 2,792.3 | ||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 13,446.8 | $ | (140.7) | $ | — | $ | 13,306.1 | Total assets | $ | 13,446.8 | $ | (140.7) | $ | — | $ | 13,306.1 | ||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Policy liabilities | Policy liabilities | Policy liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract and policy reserves | Investment contract and policy reserves | $ | 6,968.0 | $ | (151.9) | $ | (6,816.1) | $ | — | Investment contract and policy reserves | $ | 6,968.0 | $ | (151.9) | $ | (6,816.1) | $ | — | ||||||||||||||||||||||||||||||||||
Future policy benefit reserves | Future policy benefit reserves | 1,718.0 | 1,718.0 | Future policy benefit reserves | 1,718.0 | 1,718.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Policyholders' account balances | Policyholders' account balances | 5,260.6 | 5,260.6 | Policyholders' account balances | 5,260.6 | 5,260.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Unpaid claims and claim expenses | Unpaid claims and claim expenses | 585.1 | (2.9) | (18.2) | 564.0 | Unpaid claims and claim expenses | 585.1 | (2.9) | (18.2) | 564.0 | ||||||||||||||||||||||||||||||||||||||||||
Unearned premiums | Unearned premiums | 264.2 | 1.9 | — | 266.1 | Unearned premiums | 264.2 | 1.9 | — | 266.1 | ||||||||||||||||||||||||||||||||||||||||||
Total policy liabilities | Total policy liabilities | 7,817.3 | (152.9) | 144.3 | 7,808.7 | Total policy liabilities | 7,817.3 | (152.9) | 144.3 | 7,808.7 | ||||||||||||||||||||||||||||||||||||||||||
Other policyholder funds | Other policyholder funds | 954.0 | (0.4) | (144.3) | 809.3 | Other policyholder funds | 954.0 | (0.4) | (144.3) | 809.3 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 297.0 | 2.5 | — | 299.5 | Other liabilities | 297.0 | 2.5 | — | 299.5 | ||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 249.0 | — | — | 249.0 | Short-term debt | 249.0 | — | — | 249.0 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 249.0 | — | — | 249.0 | Long-term debt | 249.0 | — | — | 249.0 | ||||||||||||||||||||||||||||||||||||||||||
Separate Account variable annuity liabilities | Separate Account variable annuity liabilities | 2,792.3 | — | — | 2,792.3 | Separate Account variable annuity liabilities | 2,792.3 | — | — | 2,792.3 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,358.6 | (150.8) | — | 12,207.8 | Total liabilities | 12,358.6 | (150.8) | — | 12,207.8 | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Preferred stock | — | — | — | — | Preferred stock | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | 0.1 | — | — | 0.1 | Common stock | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 502.6 | — | — | 502.6 | Additional paid-in capital | 502.6 | — | — | 502.6 | ||||||||||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | 1,468.6 | 43.8 | — | 1,512.4 | Retained earnings | 1,468.6 | 43.8 | — | 1,512.4 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax: | Accumulated other comprehensive income (loss), net of tax: | Accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized investment losses on fixed maturity securities | Net unrealized investment losses on fixed maturity securities | (356.9) | (92.7) | — | (449.6) | Net unrealized investment losses on fixed maturity securities | (356.9) | (92.7) | — | (449.6) | ||||||||||||||||||||||||||||||||||||||||||
Net reserve remeasurements attributable to discount rates | Net reserve remeasurements attributable to discount rates | — | 59.0 | — | 59.0 | Net reserve remeasurements attributable to discount rates | — | 59.0 | — | 59.0 | ||||||||||||||||||||||||||||||||||||||||||
Net funded status of benefit plans | Net funded status of benefit plans | (8.8) | — | — | (8.8) | Net funded status of benefit plans | (8.8) | — | — | (8.8) | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock, at cost | Treasury stock, at cost | (517.4) | — | — | (517.4) | Treasury stock, at cost | (517.4) | — | — | (517.4) | ||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,088.2 | 10.1 | — | 1,098.3 | Total shareholders’ equity | 1,088.2 | 10.1 | — | 1,098.3 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 13,446.8 | $ | (140.7) | $ | — | $ | 13,306.1 | Total liabilities and shareholders’ equity | $ | 13,446.8 | $ | (140.7) | $ | — | $ | 13,306.1 |
Horace Mann Educators Corporation |
Three Months Ended | Effect of the Adoption of ASU 2018-12 | Three Months Ended | Three Months Ended | Effect of the Adoption of ASU 2018-12 | Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||||||||||||||
Statement of Operations | Statement of Operations | Statement of Operations | ||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | $ | 255.8 | $ | (0.4) | $ | 255.4 | Net premiums and contract charges earned | $ | 257.8 | $ | (0.4) | $ | 257.4 | ||||||||||||||||||||||||||
Net investment income | Net investment income | 105.2 | — | 105.2 | Net investment income | 97.6 | — | 97.6 | ||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | (15.5) | — | (15.5) | Net investment losses | (12.8) | — | (12.8) | ||||||||||||||||||||||||||||||||
Other income | Other income | 0.8 | — | 0.8 | Other income | 0.4 | — | 0.4 | ||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 346.3 | (0.4) | 345.9 | Total revenues | 343.0 | (0.4) | 342.6 | ||||||||||||||||||||||||||||||||
Benefits, losses and expenses | Benefits, losses and expenses | Benefits, losses and expenses | ||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 207.6 | (4.2) | 203.4 | Benefits, claims and settlement expenses | 173.6 | (6.4) | 167.1 | ||||||||||||||||||||||||||||||||
Interest credited | Interest credited | 42.4 | (1.0) | 41.4 | Interest credited | 45.9 | (1.1) | 44.8 | ||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 77.3 | (0.2) | 77.1 | Operating expenses | 75.6 | — | 75.6 | ||||||||||||||||||||||||||||||||
DAC amortization expense | DAC amortization expense | 27.0 | (5.5) | 21.5 | DAC amortization expense | 23.3 | (1.1) | 22.2 | ||||||||||||||||||||||||||||||||
Intangible asset amortization expense | Intangible asset amortization expense | 4.2 | — | 4.2 | Intangible asset amortization expense | 4.2 | — | 4.2 | ||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 4.3 | — | 4.3 | Interest expense | 5.3 | — | 5.3 | ||||||||||||||||||||||||||||||||
Total benefits, losses and expenses | Total benefits, losses and expenses | 362.8 | (10.9) | 351.9 | Total benefits, losses and expenses | 327.9 | (8.6) | 319.2 | ||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | (16.5) | 10.5 | (6.0) | Income before income taxes | 15.1 | 8.3 | 23.4 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (4.0) | 2.2 | (1.8) | Income tax expense (benefit) | 1.2 | 1.8 | 3.0 | ||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (12.5) | 8.3 | (4.2) | Net income (loss) | 13.9 | 6.5 | 20.4 | ||||||||||||||||||||||||||||||||
Net income (loss) per share | Net income (loss) per share | Net income (loss) per share | ||||||||||||||||||||||||||||||||||||||
Basic | Basic | (0.30) | 0.20 | (0.10) | Basic | 0.33 | 0.16 | 0.49 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | (0.30) | 0.20 | (0.10) | Diluted | 0.33 | 0.16 | 0.49 | ||||||||||||||||||||||||||||||||
Weighted average number of shares and equivalent shares | Weighted average number of shares and equivalent shares | Weighted average number of shares and equivalent shares | ||||||||||||||||||||||||||||||||||||||
Basic | Basic | 41.8 | — | 41.8 | Basic | 41.4 | — | 41.4 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | 41.8 | — | 41.8 | Diluted | 41.6 | — | 41.6 | ||||||||||||||||||||||||||||||||
Statement of Comprehensive Income (Loss) | Statement of Comprehensive Income (Loss) | Statement of Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (12.5) | 8.3 | (4.2) | Net income (loss) | 13.9 | 6.5 | 20.4 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | Change in net unrealized investment losses on fixed maturity securities | (240.4) | (54.4) | (294.8) | Change in net unrealized investment losses on fixed maturity securities | (176.3) | (38.7) | (215.0) | ||||||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | Change in net reserve remeasurements attributable to discount rates | — | 168.5 | 168.5 | Change in net reserve remeasurements attributable to discount rates | — | 110.7 | 110.7 | ||||||||||||||||||||||||||||||||
Change in net funded status of benefit plans | Change in net funded status of benefit plans | — | — | — | Change in net funded status of benefit plans | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (240.4) | 114.1 | (126.3) | Other comprehensive loss | (176.3) | 72.0 | (104.3) | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | (252.9) | $ | 122.4 | $ | (130.5) | Comprehensive income (loss) | $ | (162.4) | $ | 78.5 | $ | (83.9) |
Horace Mann Educators Corporation |
Six Months Ended | Effect of the Adoption of ASU 2018-12 | Six Months Ended | Nine Months Ended | Effect of the Adoption of ASU 2018-12 | Nine Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||||||||||||||
Statement of Operations | Statement of Operations | Statement of Operations | ||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | $ | 511.7 | $ | (0.5) | $ | 511.2 | Net premiums and contract charges earned | $ | 769.5 | $ | (0.9) | $ | 768.6 | ||||||||||||||||||||||||||
Net investment income | Net investment income | 203.1 | — | 203.1 | Net investment income | 300.7 | — | 300.7 | ||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | (31.0) | — | (31.0) | Net investment losses | (43.8) | — | (43.8) | ||||||||||||||||||||||||||||||||
Other income | Other income | 9.3 | — | 9.3 | Other income | 9.7 | — | 9.7 | ||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 693.1 | (0.5) | 692.6 | Total revenues | 1,036.1 | (0.9) | 1,035.2 | ||||||||||||||||||||||||||||||||
Benefits, losses and expenses | Benefits, losses and expenses | Benefits, losses and expenses | ||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 384.6 | (6.0) | 378.6 | Benefits, claims and settlement expenses | 558.2 | (12.5) | 545.7 | ||||||||||||||||||||||||||||||||
Interest credited | Interest credited | 83.2 | (2.1) | 81.1 | Interest credited | 129.1 | (3.2) | 125.9 | ||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 154.1 | (0.3) | 153.8 | Operating expenses | 229.7 | (0.3) | 229.4 | ||||||||||||||||||||||||||||||||
DAC amortization expense | DAC amortization expense | 53.4 | (9.9) | 43.5 | DAC amortization expense | 76.7 | (11.0) | 65.7 | ||||||||||||||||||||||||||||||||
Intangible asset amortization expense | Intangible asset amortization expense | 8.4 | — | 8.4 | Intangible asset amortization expense | 12.6 | — | 12.6 | ||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 8.2 | — | 8.2 | Interest expense | 13.5 | — | 13.5 | ||||||||||||||||||||||||||||||||
Total benefits, losses and expenses | Total benefits, losses and expenses | 691.9 | (18.3) | 673.6 | Total benefits, losses and expenses | 1,019.8 | (27.0) | 992.8 | ||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 1.2 | 17.8 | 19.0 | Income before income taxes | 16.3 | 26.1 | 42.4 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (0.8) | 3.7 | 2.9 | Income tax expense (benefit) | 0.4 | 5.5 | 5.9 | ||||||||||||||||||||||||||||||||
Net income | Net income | 2.0 | 14.1 | 16.1 | Net income | 15.9 | 20.6 | 36.5 | ||||||||||||||||||||||||||||||||
Net income per share | Net income per share | Net income per share | ||||||||||||||||||||||||||||||||||||||
Basic | Basic | 0.05 | 0.33 | 0.38 | Basic | 0.38 | 0.49 | 0.87 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | 0.05 | 0.33 | 0.38 | Diluted | 0.38 | 0.49 | 0.87 | ||||||||||||||||||||||||||||||||
Weighted average number of shares and equivalent shares | Weighted average number of shares and equivalent shares | Weighted average number of shares and equivalent shares | ||||||||||||||||||||||||||||||||||||||
Basic | Basic | 41.8 | — | 41.8 | Basic | 41.7 | — | 41.7 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | 42.0 | — | 42.0 | Diluted | 41.9 | — | 41.9 | ||||||||||||||||||||||||||||||||
Statement of Comprehensive Income (Loss) | Statement of Comprehensive Income (Loss) | Statement of Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 2.0 | 14.1 | 16.1 | Net income | 15.9 | 20.6 | 36.5 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | Change in net unrealized investment losses on fixed maturity securities | (511.1) | (117.8) | (628.9) | Change in net unrealized investment losses on fixed maturity securities | (687.4) | (156.5) | (843.9) | ||||||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | Change in net reserve remeasurements attributable to discount rates | — | 350.0 | 350.0 | Change in net reserve remeasurements attributable to discount rates | — | 460.7 | 460.7 | ||||||||||||||||||||||||||||||||
Change in net funded status of benefit plans | Change in net funded status of benefit plans | — | — | — | Change in net funded status of benefit plans | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (511.1) | 232.2 | (278.9) | Other comprehensive loss | (687.4) | 304.2 | (383.2) | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | (509.1) | $ | 246.3 | $ | (262.8) | Comprehensive income (loss) | $ | (671.5) | $ | 324.8 | $ | (346.7) |
Horace Mann Educators Corporation | 43 | Third Quarter 2023 Form 10-Q |
Three Months Ended | Effect of the Adoption of ASU 2018-12 | Three Months Ended | ||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||
As Reported | As Adjusted | |||||||||||||||||||||||||||||||
Common stock, $0.001 par value | ||||||||||||||||||||||||||||||||
Ending balance | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||||||||||||||
Ending balance | 500.4 | — | 500.4 | |||||||||||||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||||||||||
Beginning balance | 1,499.9 | 35.4 | 1,535.3 | |||||||||||||||||||||||||||||
Net income | 13.9 | 6.5 | 20.4 | |||||||||||||||||||||||||||||
Effect of adopting ASU 2018-12(1) | — | ��� | — | |||||||||||||||||||||||||||||
Dividends,per share; 2022, $0.32 per share | (13.4) | 0.1 | (13.3) | |||||||||||||||||||||||||||||
Ending balance | 1,500.4 | 42.0 | 1,542.4 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Beginning balance | (230.6) | (98.3) | (328.9) | |||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | (176.3) | (38.7) | (215.0) | |||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | — | 110.7 | 110.7 | |||||||||||||||||||||||||||||
Change in net funded status of benefit plans | — | — | — | |||||||||||||||||||||||||||||
Ending balance | (406.9) | (26.3) | (433.2) | |||||||||||||||||||||||||||||
Treasury stock, at cost | ||||||||||||||||||||||||||||||||
Ending balance | (517.4) | — | (517.4) | |||||||||||||||||||||||||||||
Shareholders' equity at end of period | $ | 1,076.6 | $ | 15.7 | $ | 1,092.3 |
Horace Mann Educators Corporation | 44 |
Three Months Ended | Effect of the Adoption of ASU 2018-12 | Three Months Ended | ||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||
As Reported | As Adjusted | |||||||||||||||||||||||||||||||
Common stock, $0.001 par value | ||||||||||||||||||||||||||||||||
Ending balance | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||||||||||||||
Ending balance | 498.1 | — | 498.1 | |||||||||||||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||||||||||
Beginning balance | 1,525.9 | 27.1 | 1,553.0 | |||||||||||||||||||||||||||||
Net income | (12.5) | 8.3 | (4.2) | |||||||||||||||||||||||||||||
Effect of adopting ASU 2018-12(1) | — | — | — | |||||||||||||||||||||||||||||
Dividends,per share; 2022, $0.32 per share | (13.5) | — | (13.5) | |||||||||||||||||||||||||||||
Ending balance | 1,499.9 | 35.4 | 1,535.3 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Beginning balance | 9.8 | (212.4) | (202.6) | |||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | (240.4) | (54.4) | (294.8) | |||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | — | 168.5 | 168.5 | |||||||||||||||||||||||||||||
Change in net funded status of benefit plans | — | — | — | |||||||||||||||||||||||||||||
Ending balance | (230.6) | (98.3) | (328.9) | |||||||||||||||||||||||||||||
Treasury stock, at cost | ||||||||||||||||||||||||||||||||
Ending balance | (507.4) | — | (507.4) | |||||||||||||||||||||||||||||
Shareholders' equity at end of period | $ | 1,260.1 | $ | (62.9) | $ | 1,197.2 |
Nine Months Ended | Effect of the Adoption of ASU 2018-12 | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||
As Reported | As Adjusted | |||||||||||||||||||||||||||||||
Common stock, $0.001 par value | ||||||||||||||||||||||||||||||||
Ending balance | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||||||||||||||
Ending balance | 500.4 | — | 500.4 | |||||||||||||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||||||||||
Beginning balance | 1,524.9 | 22.1 | 1,547.0 | |||||||||||||||||||||||||||||
Net income | 15.9 | 20.6 | 36.5 | |||||||||||||||||||||||||||||
Effect of adopting ASU 2018-12(1) | — | (0.8) | (0.8) | |||||||||||||||||||||||||||||
Dividends,per share; 2022, $0.32 per share | (40.4) | 0.1 | (40.3) | |||||||||||||||||||||||||||||
Ending balance | 1,500.4 | 42.0 | 1,542.4 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Beginning balance | 280.5 | (330.5) | (50.0) | |||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | (687.4) | (156.5) | (843.9) | |||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | — | 460.7 | 460.7 | |||||||||||||||||||||||||||||
Change in net funded status of benefit plans | — | — | — | |||||||||||||||||||||||||||||
Ending balance | (406.9) | (26.3) | (433.2) | |||||||||||||||||||||||||||||
Treasury stock, at cost | ||||||||||||||||||||||||||||||||
Ending balance | (517.4) | — | (517.4) | |||||||||||||||||||||||||||||
Shareholders' equity at end of period | $ | 1,076.6 | $ | 15.7 | $ | 1,092.3 |
Horace Mann Educators Corporation | 45 |
Six Months Ended | Effect of the Adoption of ASU 2018-12 | Six Months Ended | ||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||
As Reported | As Adjusted | |||||||||||||||||||||||||||||||
Common stock, $0.001 par value | ||||||||||||||||||||||||||||||||
Ending balance | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||||||||||||||
Ending balance | 498.1 | — | 498.1 | |||||||||||||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||||||||||
Beginning balance | 1,524.9 | 22.1 | 1,547.0 | |||||||||||||||||||||||||||||
Net income | 2.0 | 14.1 | 16.1 | |||||||||||||||||||||||||||||
Effect of adopting ASU 2018-12(1) | — | (0.8) | (0.8) | |||||||||||||||||||||||||||||
Dividends,per share; 2022, $0.32 per share | (27.0) | — | (27.0) | |||||||||||||||||||||||||||||
Ending balance | 1,499.9 | 35.4 | 1,535.3 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Beginning balance | 280.5 | (330.5) | (50.0) | |||||||||||||||||||||||||||||
Change in net unrealized investment losses on fixed maturity securities | (511.1) | (117.8) | (628.9) | |||||||||||||||||||||||||||||
Change in net reserve remeasurements attributable to discount rates | — | 350.0 | 350.0 | |||||||||||||||||||||||||||||
Change in net funded status of benefit plans | — | — | — | |||||||||||||||||||||||||||||
Ending balance | (230.6) | (98.3) | (328.9) | |||||||||||||||||||||||||||||
Treasury stock, at cost | ||||||||||||||||||||||||||||||||
Ending balance | (507.4) | — | (507.4) | |||||||||||||||||||||||||||||
Shareholders' equity at end of period | $ | 1,260.1 | $ | (62.9) | $ | 1,197.2 |
Six Months Ended | Effect of the Adoption of ASU 2018-12 | Six Months Ended | Nine Months Ended | Effect of the Adoption of ASU 2018-12 | Nine Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||||||||||||||||||||||||||
Cash flows - operating activities | Cash flows - operating activities | Cash flows - operating activities | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 2.0 | $ | 14.1 | $ | 16.1 | Net income | $ | 15.9 | $ | 20.6 | $ | 36.5 | ||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | 31.0 | — | 31.0 | Net investment losses | 43.8 | — | 43.8 | ||||||||||||||||||||||||||||||||
Depreciation and intangible asset amortization | Depreciation and intangible asset amortization | 7.9 | — | 7.9 | Depreciation and intangible asset amortization | 20.7 | — | 20.7 | ||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 4.4 | — | 4.4 | Share-based compensation expense | 6.7 | — | 6.7 | ||||||||||||||||||||||||||||||||
Loss from EMA investments, net of dividends or distributions | Loss from EMA investments, net of dividends or distributions | (3.8) | — | (3.8) | Loss from EMA investments, net of dividends or distributions | 2.1 | — | 2.1 | ||||||||||||||||||||||||||||||||
Changes in: | Changes in: | Changes in: | ||||||||||||||||||||||||||||||||||||||
Insurance liabilities | Insurance liabilities | 411.8 | (136.6) | 275.2 | Insurance liabilities | 403.3 | (179.8) | 223.5 | ||||||||||||||||||||||||||||||||
Amounts due under reinsurance agreements | Amounts due under reinsurance agreements | (344.3) | 33.9 | (310.4) | Amounts due under reinsurance agreements | (344.3) | 40.0 | (304.3) | ||||||||||||||||||||||||||||||||
Income tax liabilities | Income tax liabilities | (6.3) | 99.3 | 93.0 | Income tax liabilities | (6.0) | 131.1 | 125.1 | ||||||||||||||||||||||||||||||||
Other operating assets and liabilities | Other operating assets and liabilities | (25.8) | (10.4) | (36.2) | Other operating assets and liabilities | (31.0) | (11.6) | (42.6) | ||||||||||||||||||||||||||||||||
Other, net | Other, net | 3.1 | (0.3) | 2.8 | Other, net | 4.6 | (0.3) | 4.3 | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 80.0 | — | 80.0 | Net cash provided by operating activities | 115.8 | — | 115.8 | ||||||||||||||||||||||||||||||||
Cash flows - investing activities | Cash flows - investing activities | Cash flows - investing activities | ||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (296.1) | — | (296.1) | Net cash used in investing activities | (295.9) | — | (295.9) | ||||||||||||||||||||||||||||||||
Cash flows - financing activities | Cash flows - financing activities | Cash flows - financing activities | ||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 132.5 | — | 132.5 | Net cash provided by financing activities | 82.6 | — | 82.6 | ||||||||||||||||||||||||||||||||
Net decrease in cash | Net decrease in cash | (83.6) | — | (83.6) | Net decrease in cash | (97.5) | — | (97.5) | ||||||||||||||||||||||||||||||||
Cash at beginning of period | Cash at beginning of period | 133.7 | — | 133.7 | Cash at beginning of period | 133.7 | — | 133.7 | ||||||||||||||||||||||||||||||||
Cash at end of period | Cash at end of period | $ | 50.1 | $ | — | $ | 50.1 | Cash at end of period | $ | 36.2 | $ | — | $ | 36.2 |
Horace Mann Educators Corporation |
Page | ||||||||
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Three Months Ended June 30, | 2023-2022 | Six Months Ended June 30, | 2023-2022 | ($ in millions) | Three Months Ended September 30, | 2023-2022 | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 356.4 | $ | 345.9 | 3.0 | % | $ | 710.3 | $ | 692.6 | 2.6 | % | Total revenues | $ | 378.7 | $ | 342.6 | 10.5 | % | $ | 1,089.0 | $ | 1,035.2 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (12.8) | (4.2) | 204.8 | % | (6.2) | 16.1 | -138.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 11.7 | 20.4 | -42.6 | % | 5.5 | 36.5 | -84.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per diluted share: | Per diluted share: | Per diluted share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (0.31) | (0.10) | 210.0 | % | (0.15) | 0.38 | -139.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 0.28 | 0.49 | -42.9 | % | 0.13 | 0.87 | -85.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment losses, after tax | Net investment losses, after tax | (0.34) | (0.29) | N.M. | (0.41) | (0.58) | N.M. | Net investment losses, after tax | (0.16) | (0.24) | N.M. | (0.57) | (0.82) | N.M. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per share | Book value per share | $ | 26.96 | $ | 29.06 | -7.2 | % | Book value per share | $ | 25.74 | $ | 26.69 | -3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income return on equity - last twelve months | Net income return on equity - last twelve months | (0.2 | %) | 5.9 | % | Net income return on equity - last twelve months | (1.0 | %) | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income return on equity - annualized | Net income return on equity - annualized | (1.1 | %) | 2.4 | % | Net income return on equity - annualized | 0.7 | % | 3.8 | % |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Three Months Ended June 30, | 2023-2022 | Six Months Ended June 30, | 2023-2022 | ($ in millions) | Three Months Ended September 30, | 2023-2022 | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | $ | 260.7 | $ | 255.4 | 2.1 | % | $ | 516.6 | $ | 511.2 | 1.1 | % | Net premiums and contract charges earned | $ | 266.0 | $ | 257.4 | 3.3 | % | $ | 782.6 | $ | 768.6 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 108.5 | 105.2 | 3.1 | % | 208.9 | 203.1 | 2.9 | % | Net investment income | 118.9 | 97.6 | 21.8 | % | 327.8 | 300.7 | 9.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | (17.4) | (15.5) | N.M. | (21.3) | (31.0) | N.M. | Net investment losses | (8.4) | (12.8) | N.M. | (29.7) | (43.8) | N.M. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 4.6 | 0.8 | N.M. | 6.1 | 9.3 | -34.4 | % | Other income | 2.2 | 0.4 | N.M. | 8.3 | 9.7 | -14.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 356.4 | 345.9 | 3.0 | % | 710.3 | 692.6 | 2.6 | % | Total revenues | 378.7 | 342.6 | 10.5 | % | 1,089.0 | 1,035.2 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits, claims and settlement expenses | Benefits, claims and settlement expenses | 205.2 | 203.4 | 0.9 | % | 388.4 | 378.6 | 2.6 | % | Benefits, claims and settlement expenses | 199.2 | 167.1 | 19.2 | % | 587.6 | 545.7 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited | Interest credited | 50.7 | 41.4 | 22.5 | % | 99.4 | 81.1 | 22.6 | % | Interest credited | 52.7 | 44.8 | 17.6 | % | 152.1 | 125.9 | 20.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 80.1 | 77.1 | 3.9 | % | 159.9 | 153.8 | 4.0 | % | Operating expenses | 75.7 | 75.6 | 0.1 | % | 235.6 | 229.4 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DAC amortization expense | DAC amortization expense | 25.4 | 21.5 | 18.1 | % | 49.1 | 43.5 | 12.9 | % | DAC amortization expense | 26.3 | 22.2 | 18.5 | % | 75.4 | 65.7 | 14.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible asset amortization expense | Intangible asset amortization expense | 3.7 | 4.2 | -11.9 | % | 7.4 | 8.4 | -11.9 | % | Intangible asset amortization expense | 3.7 | 4.2 | -11.9 | % | 11.1 | 12.6 | -11.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 6.9 | 4.3 | 60.5 | % | 13.6 | 8.2 | 65.9 | % | Interest expense | 7.5 | 5.3 | 41.5 | % | 21.1 | 13.5 | 56.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total benefits, losses and expenses | Total benefits, losses and expenses | 372.0 | 351.9 | 5.7 | % | 717.8 | 673.6 | 6.6 | % | Total benefits, losses and expenses | 365.1 | 319.2 | 14.4 | % | 1,082.9 | 992.8 | 9.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (15.6) | (6.0) | 160.0 | % | (7.5) | 19.0 | -139.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (2.8) | (1.8) | 55.6 | % | (1.3) | 2.9 | -144.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (12.8) | $ | (4.2) | 204.8 | % | $ | (6.2) | $ | 16.1 | -138.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 13.6 | 23.4 | -41.9 | % | 6.1 | 42.4 | -85.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 1.9 | 3.0 | -36.7 | % | 0.6 | 5.9 | -89.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 11.7 | $ | 20.4 | -42.6 | % | $ | 5.5 | $ | 36.5 | -84.9 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Investment yield, excluding limited partnership interests, pretax - annualized* | Investment yield, excluding limited partnership interests, pretax - annualized* | 4.5% | 4.3% | 4.6% | 4.4% | Investment yield, excluding limited partnership interests, pretax - annualized* | 4.8% | 4.3% | 4.7% | 4.3% | ||||||||||||||||||||||||||||||||||||||||||
Investment yield, excluding limited partnership interests, after tax - annualized* | Investment yield, excluding limited partnership interests, after tax - annualized* | 3.6% | 3.5% | 3.7% | 3.5% | Investment yield, excluding limited partnership interests, after tax - annualized* | 3.8% | 3.4% | 3.7% | 3.4% |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ($ in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Credit loss and intent-to-sell impairments | Credit loss and intent-to-sell impairments | $ | (6.6) | $ | (1.8) | $ | (6.6) | $ | (3.6) | Credit loss and intent-to-sell impairments | $ | (0.6) | $ | (6.8) | $ | (7.2) | $ | (10.4) | ||||||||||||||||||||||||||||||||||
Sales and other, net | Sales and other, net | (19.3) | (1.1) | (21.7) | — | Sales and other, net | (3.5) | (3.9) | (25.2) | (3.9) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value - equity securities | Change in fair value - equity securities | 7.7 | (12.6) | 6.7 | (29.7) | Change in fair value - equity securities | (1.4) | (4.4) | 5.3 | (34.1) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value and losses realized on settlements - derivatives | Change in fair value and losses realized on settlements - derivatives | 0.8 | — | 0.3 | 2.3 | Change in fair value and losses realized on settlements - derivatives | (2.9) | 2.3 | (2.6) | 4.6 | ||||||||||||||||||||||||||||||||||||||||||
Net investment losses | Net investment losses | $ | (17.4) | $ | (15.5) | $ | (21.3) | $ | (31.0) | Net investment losses | $ | (8.4) | $ | (12.8) | $ | (29.7) | $ | (43.8) |
Horace Mann Educators Corporation | 50 | Third Quarter 2023 Form 10-Q |
Horace Mann Educators Corporation |
Horace Mann Educators Corporation |
Horace Mann Educators Corporation |
($ in millions, unless otherwise indicated) | ($ in millions, unless otherwise indicated) | Three Months Ended June 30, | 2023-2022 | Six Months Ended June 30, | 2023-2022 | ($ in millions, unless otherwise indicated) | Three Months Ended September 30, | 2023-2022 | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data: | Financial Data: | Financial Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written*: | Net premiums written*: | Net premiums written*: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto | Auto | $ | 106.7 | $ | 99.0 | 7.8 | % | $ | 207.9 | $ | 193.5 | 7.4 | % | Auto | $ | 118.3 | $ | 102.5 | 15.4 | % | $ | 326.2 | $ | 296.0 | 10.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property and other | Property and other | 64.2 | 59.0 | 8.8 | % | 112.1 | 104.1 | 7.7 | % | Property and other | 70.1 | 63.9 | 9.7 | % | 182.2 | 168.0 | 8.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net premiums written | Total net premiums written | 170.9 | 158.0 | 8.2 | % | 320.0 | 297.6 | 7.5 | % | Total net premiums written | 188.4 | 166.4 | 13.2 | % | 508.4 | 464.0 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unearned net premiums | Change in unearned net premiums | (13.5) | (8.1) | 66.7 | % | (10.2) | 2.5 | N.M. | Change in unearned net premiums | (24.1) | (14.0) | 72.1 | % | (34.3) | (11.5) | N.M. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net premiums earned | Total net premiums earned | 157.4 | 149.9 | 5.0 | % | 309.8 | 300.1 | 3.2 | % | Total net premiums earned | 164.3 | 152.4 | 7.8 | % | 474.1 | 452.5 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurred claims and claims expenses: | Incurred claims and claims expenses: | Incurred claims and claims expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims occurring in the current year | Claims occurring in the current year | 152.0 | 144.2 | 5.4 | % | 280.8 | 252.5 | 11.2 | % | Claims occurring in the current year | 149.2 | 120.3 | 24.0 | % | 430.0 | 372.8 | 15.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior years' reserve development(1) | Prior years' reserve development(1) | — | 6.0 | N.M. | — | 6.0 | N.M. | Prior years' reserve development(1) | — | 2.0 | N.M. | — | 8.0 | N.M. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total claims and claim expenses incurred | Total claims and claim expenses incurred | 152.0 | 150.2 | 1.2 | % | 280.8 | 258.5 | 8.6 | % | Total claims and claim expenses incurred | 149.2 | 122.3 | 22.0 | % | 430.0 | 380.8 | 12.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses, including DAC amortization | Operating expenses, including DAC amortization | 43.1 | 40.1 | 7.5 | % | 86.0 | 79.5 | 8.2 | % | Operating expenses, including DAC amortization | 42.5 | 41.6 | 2.2 | % | 128.5 | 121.1 | 6.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Underwriting loss | Underwriting loss | (37.7) | (40.4) | 6.7 | % | (57.0) | (37.9) | -50.4 | % | Underwriting loss | (27.4) | (11.5) | -138.3 | % | (84.4) | (49.4) | -70.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 10.6 | 7.7 | 37.7 | % | 14.6 | 14.9 | -2.0 | % | Net investment income | 12.0 | 8.0 | 50.0 | % | 26.6 | 22.9 | 16.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | (26.3) | (31.5) | 16.5 | % | (40.9) | (21.0) | -94.8 | % | Income (loss) before income taxes | (14.6) | (2.8) | -421.4 | % | (55.5) | (23.8) | -133.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (21.4) | (25.4) | 15.7 | % | (33.0) | (16.9) | -95.3 | % | Net income (loss) | (11.3) | (2.5) | -352.0 | % | (44.3) | (19.4) | -128.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core earnings (loss)* | Core earnings (loss)* | (21.4) | (25.4) | 15.7 | % | (33.0) | (16.9) | -95.3 | % | Core earnings (loss)* | (11.3) | (2.5) | -352.0 | % | (44.3) | (19.4) | -128.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Statistics: | Operating Statistics: | Operating Statistics: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto | Auto | Auto | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expense ratio | Loss and loss adjustment expense ratio | 87.0 | % | 93.2 | % | -6.2 | pts | 84.8 | % | 84.6 | % | 0.2 | pts | Loss and loss adjustment expense ratio | 82.6 | % | 83.1 | % | -0.5 | pts | 84.0 | % | 84.1 | % | -0.1 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 27.6 | % | 26.1 | % | 1.5 | pts | 28.0 | % | 26.0 | % | 2.0 | pts | Expense ratio | 26.1 | % | 27.7 | % | -1.6 | pts | 27.4 | % | 26.5 | % | 0.9 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio: | Combined ratio: | 114.6 | % | 119.3 | % | -4.7 | pts | 112.8 | % | 110.6 | % | 2.2 | pts | Combined ratio: | 108.7 | % | 110.8 | % | -2.1 | pts | 111.4 | % | 110.6 | % | 0.8 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior years' reserve development(1) | Prior years' reserve development(1) | — | % | 12.4 | % | -12.4 | pts | — | % | 6.2 | % | -6.2 | pts | Prior years' reserve development(1) | — | % | 2.0 | % | -2.0 | pts | — | % | 4.8 | % | -4.8 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe losses | Catastrophe losses | 5.4 | % | 3.9 | % | 1.5 | pts | 3.6 | % | 2.2 | % | 1.4 | pts | Catastrophe losses | 2.9 | % | 2.7 | % | 0.2 | pts | 3.4 | % | 2.3 | % | 1.1 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying combined ratio* | Underlying combined ratio* | 109.2 | % | 103.0 | % | 6.2 | pts | 109.2 | % | 102.2 | % | 7.0 | pts | Underlying combined ratio* | 105.8 | % | 106.1 | % | -0.3 | pts | 108.0 | % | 103.5 | % | 4.5 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Property | Property | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expense ratio | Loss and loss adjustment expense ratio | 114.0 | % | 113.0 | % | 1.0 | pts | 101.2 | % | 88.9 | % | 12.3 | pts | Loss and loss adjustment expense ratio | 105.5 | % | 75.1 | % | 30.4 | pts | 102.7 | % | 84.2 | % | 18.5 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 27.0 | % | 28.0 | % | -1.0 | pts | 27.3 | % | 27.7 | % | -0.4 | pts | Expense ratio | 25.5 | % | 26.8 | % | -1.3 | pts | 26.7 | % | 27.4 | % | -0.7 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio: | Combined ratio: | 141.0 | % | 141.0 | % | — | pts | 128.5 | % | 116.6 | % | 11.9 | pts | Combined ratio: | 131.0 | % | 101.9 | % | 29.1 | pts | 129.4 | % | 111.6 | % | 17.8 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior years' reserve development(1) | Prior years' reserve development(1) | — | % | -11.4 | % | 11.4 | pts | — | % | -5.7 | % | 5.7 | pts | Prior years' reserve development(1) | — | % | — | % | — | pts | — | % | -3.7 | % | 3.7 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe losses | Catastrophe losses | 64.2 | % | 79.7 | % | -15.5 | pts | 51.2 | % | 46.1 | % | 5.1 | pts | Catastrophe losses | 43.7 | % | 21.8 | % | 21.9 | pts | 48.6 | % | 37.8 | % | 10.8 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying combined ratio* | Underlying combined ratio* | 76.8 | % | 72.7 | % | 4.1 | pts | 77.3 | % | 76.2 | % | 1.1 | pts | Underlying combined ratio* | 87.3 | % | 80.1 | % | 7.2 | pts | 80.8 | % | 77.5 | % | 3.3 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risks in force (in thousands) | Risks in force (in thousands) | Risks in force (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto(2) | Auto(2) | 362 | 371 | -2.4 | % | Auto(2) | 360 | 368 | -2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Property | 169 | 174 | -2.9 | % | Property | 168 | 172 | -2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 531 | 545 | -2.6 | % | Total | 528 | 540 | -2.2 | % |
Horace Mann Educators Corporation |
Horace Mann Educators Corporation |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Three Months Ended June 30, | 2023-2022 | Six Months Ended June 30, | 2023-2022 | ($ in millions) | Three Months Ended September 30, | 2023-2022 | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life & Retirement | Life & Retirement | Life & Retirement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written and contract deposits* | Net premiums written and contract deposits* | $ | 141.9 | $ | 133.6 | 6.2 | % | $ | 278.0 | $ | 270.0 | 3.0 | % | Net premiums written and contract deposits* | $ | 154.8 | $ | 138.0 | 12.2 | % | $ | 432.8 | $ | 408.0 | 6.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | Net premiums and contract charges earned | 37.4 | 36.3 | 3.0 | % | 75.1 | 72.1 | 4.2 | % | Net premiums and contract charges earned | 38.2 | 36.8 | 3.8 | % | 113.3 | 108.9 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 89.3 | 88.4 | 1.0 | % | 177.2 | 172.6 | 2.7 | % | Net investment income | 96.9 | 81.4 | 19.0 | % | 274.1 | 254.0 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 4.5 | 4.4 | 2.3 | % | 8.4 | 9.3 | -9.7 | % | Other income | 3.7 | 4.1 | -9.8 | % | 12.1 | 13.4 | -9.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life mortality costs | Life mortality costs | 17.6 | 14.7 | 19.7 | % | 37.1 | 36.1 | 2.8 | % | Life mortality costs | 15.9 | 17.6 | -9.7 | % | 53.0 | 53.7 | -1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited | Interest credited | 49.8 | 41.2 | 20.9 | % | 97.7 | 80.8 | 20.9 | % | Interest credited | 51.7 | 44.4 | 16.4 | % | 149.4 | 125.2 | 19.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in reserves | Change in reserves | 9.6 | 13.9 | -30.9 | % | 23.4 | 26.9 | -13.0 | % | Change in reserves | 14.6 | 10.5 | 39.0 | % | 38.0 | 37.4 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 24.8 | 24.8 | — | % | 49.0 | 50.5 | -3.0 | % | Operating expenses | 23.7 | 24.1 | -1.7 | % | 72.7 | 74.6 | -2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DAC amortization expense | DAC amortization expense | 7.6 | 5.4 | 40.7 | % | 14.4 | 11.1 | 29.7 | % | DAC amortization expense | 7.5 | 6.0 | 25.0 | % | 21.9 | 17.1 | 28.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible asset amortization expense | Intangible asset amortization expense | — | 0.3 | -100.0 | % | 0.1 | 0.6 | -83.3 | % | Intangible asset amortization expense | 0.1 | 0.2 | -50.0 | % | 0.2 | 0.8 | -75.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 21.8 | 28.8 | -24.3 | % | 39.0 | 48.0 | -18.8 | % | Income before income taxes | 25.3 | 19.5 | 29.7 | % | 64.3 | 67.5 | -4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 4.4 | 5.0 | -12.0 | % | 7.6 | 8.6 | -11.6 | % | Income tax expense | 4.4 | 1.8 | 144.4 | % | 12.0 | 10.4 | 15.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 17.4 | 23.8 | -26.9 | % | 31.4 | 39.4 | -20.3 | % | Net income | 20.9 | 17.7 | 18.1 | % | 52.3 | 57.1 | -8.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core earnings* | Core earnings* | 17.4 | 23.8 | -26.9 | % | 31.4 | 39.4 | -20.3 | % | Core earnings* | 20.9 | 17.7 | 18.1 | % | 52.3 | 57.1 | -8.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life policies in force (in thousands) | Life policies in force (in thousands) | 162 | 162 | — | % | Life policies in force (in thousands) | 162 | 162 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance in force | Life insurance in force | $ | 20,265 | $ | 19,714 | 2.8 | % | Life insurance in force | $ | 20,351 | $ | 19,815 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life persistency - LTM | Life persistency - LTM | 95.9 | % | 96.2 | % | -0.3 | pts | Life persistency - LTM | 95.9 | % | 96.0 | % | -0.1 | pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity contracts in force (in thousands) | Annuity contracts in force (in thousands) | 225 | 228 | -1.3 | % | Annuity contracts in force (in thousands) | 223 | 227 | -1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Horace Mann Retirement Advantage® contracts in force (in thousands) | Horace Mann Retirement Advantage® contracts in force (in thousands) | 18 | 16 | 12.5 | % | Horace Mann Retirement Advantage® contracts in force (in thousands) | 19 | 16 | 18.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash value persistency - LTM | Cash value persistency - LTM | 92.2 | % | 94.1 | % | -1.9 | pts | Cash value persistency - LTM | 91.7 | % | 94.0 | % | -2.3 | pts |
Horace Mann Educators Corporation | 57 | Third Quarter 2023 Form 10-Q |
($ in millions) | ($ in millions) | June 30, 2023 | ($ in millions) | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Deferred Annuities | Deferred Annuities at Minimum Guaranteed Rate | Total Deferred Annuities | Deferred Annuities at Minimum Guaranteed Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of Total | Accumulated Value (AV) | Percent of Total Deferred Annuities AV | Percent of Total | Accumulated Value | Percent of Total | Accumulated Value (AV) | Percent of Total Deferred Annuities AV | Percent of Total | Accumulated Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed minimum crediting rates: | Guaranteed minimum crediting rates: | Guaranteed minimum crediting rates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 2% | Less than 2% | 57.3 | % | $ | 1,422.7 | 38.5 | % | 36.5 | % | $ | 548.4 | Less than 2% | 55.8 | % | $ | 1,382.2 | 37.7 | % | 36.6 | % | $ | 520.5 | ||||||||||||||||||||||||||||||||||||||||||
Equal to 2% but less than 3% | Equal to 2% but less than 3% | 10.8 | 268.5 | 63.9 | 11.4 | 171.6 | Equal to 2% but less than 3% | 12.8 | 317.9 | 46.8 | 10.4 | 148.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equal to 3% but less than 4% | Equal to 3% but less than 4% | 23.5 | 584.7 | 98.3 | 38.2 | 574.8 | Equal to 3% but less than 4% | 23.0 | 569.0 | 96.1 | 38.4 | 546.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equal to 4% but less than 5% | Equal to 4% but less than 5% | 6.5 | 161.6 | 100.0 | 10.8 | 161.6 | Equal to 4% but less than 5% | 6.5 | 161.4 | 100.0 | 11.4 | 161.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5% or higher | 5% or higher | 1.9 | 46.4 | 100.0 | 3.1 | 46.4 | 5% or higher | 1.9 | 46.2 | 100.0 | 3.2 | 46.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 100.0 | % | $ | 2,483.9 | 60.5 | % | 100.0 | % | $ | 1,502.8 | Total | 100.0 | % | $ | 2,476.7 | 57.5 | % | 100.0 | % | $ | 1,423.5 |
Horace Mann Educators Corporation |
($ in millions) | Three Months Ended June 30, | 2023-2022 | Six Months Ended June 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
Supplemental & Group Benefits | ||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | $ | 65.9 | $ | 69.2 | -4.8 | % | $ | 131.7 | $ | 139.0 | -5.3 | % | ||||||||||||||||||||||||||
Net investment income | 9.1 | 9.6 | -5.2 | % | 18.2 | 16.7 | 9.0 | % | ||||||||||||||||||||||||||||||
Other income | (1.4) | (4.8) | -70.8 | % | (5.1) | (3.2) | 59.4 | % | ||||||||||||||||||||||||||||||
Benefits, settlement expenses and change in reserves | 26.0 | 24.6 | 5.7 | % | 47.1 | 57.1 | -17.5 | % | ||||||||||||||||||||||||||||||
Interest credited | 0.9 | 0.2 | N.M. | 1.7 | 0.3 | N.M. | ||||||||||||||||||||||||||||||||
Operating expenses, including DAC amortization | 28.0 | 26.3 | 6.5 | % | 55.9 | 51.6 | 8.3 | % | ||||||||||||||||||||||||||||||
Intangible asset amortization expense | 3.7 | 3.9 | -5.1 | % | 7.3 | 7.8 | -6.4 | % | ||||||||||||||||||||||||||||||
Income before income taxes | 15.0 | 19.0 | -21.1 | % | 32.8 | 35.7 | -8.1 | % | ||||||||||||||||||||||||||||||
Net income | 11.8 | 15.0 | -21.3 | % | 25.8 | 28.2 | -8.5 | % | ||||||||||||||||||||||||||||||
Core earnings* | 11.8 | 15.0 | -21.3 | % | 25.8 | 28.2 | -8.5 | % | ||||||||||||||||||||||||||||||
Benefit ratio(1) | 40.9 | % | 35.8 | % | 5.1 | pts | 37.1 | % | 41.3 | % | -4.2 | pts | ||||||||||||||||||||||||||
Operating expense ratio(2) | 38.0 | % | 35.6 | % | 2.4 | pts | 38.6 | % | 33.8 | % | 4.8 | pts | ||||||||||||||||||||||||||
Pretax profit margin(3) | 20.5 | % | 25.6 | % | -5.1 | pts | 22.7 | % | 23.4 | % | -0.7 | pts | ||||||||||||||||||||||||||
Worksite direct products benefit ratio | 30.1 | % | 27.2 | % | 2.9 | pts | 26.1 | % | 24.7 | % | 1.4 | pts | ||||||||||||||||||||||||||
Worksite direct premium persistency (rolling beginning 12 months) | 90.5 | % | 92.0 | % | -1.5 | pts | 90.5 | % | 92.0 | % | -1.5 | pts | ||||||||||||||||||||||||||
Employer-sponsored products benefit ratio | 50.0 | % | 42.6 | % | 7.4 | pts | 46.3 | % | 54.3 | % | -8.0 | pts |
($ in millions) | Three Months Ended September 30, | 2023-2022 | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
Supplemental & Group Benefits | ||||||||||||||||||||||||||||||||||||||
Net premiums and contract charges earned | $ | 63.5 | $ | 68.2 | -6.9 | % | $ | 195.2 | $ | 207.2 | -5.8 | % | ||||||||||||||||||||||||||
Net investment income | 10.3 | 8.7 | 18.4 | % | 28.5 | 25.4 | 12.2 | % | ||||||||||||||||||||||||||||||
Other income | (3.1) | (5.2) | -40.4 | % | (8.2) | (8.4) | -2.4 | % | ||||||||||||||||||||||||||||||
Benefits, settlement expenses and change in reserves | 19.5 | 16.7 | 16.8 | % | 66.6 | 73.8 | -9.8 | % | ||||||||||||||||||||||||||||||
Interest credited | 1.0 | 0.4 | N.M. | 2.7 | 0.7 | N.M. | ||||||||||||||||||||||||||||||||
Operating expenses, including DAC amortization | 26.4 | 24.4 | 8.2 | % | 82.3 | 76.0 | 8.3 | % | ||||||||||||||||||||||||||||||
Intangible asset amortization expense | 3.6 | 4.0 | -10.0 | % | 10.9 | 11.8 | -7.6 | % | ||||||||||||||||||||||||||||||
Income before income taxes | 20.2 | 26.2 | -22.9 | % | 53.0 | 61.9 | -14.4 | % | ||||||||||||||||||||||||||||||
Net income | 15.8 | 20.7 | -23.7 | % | 41.6 | 48.9 | -14.9 | % | ||||||||||||||||||||||||||||||
Core earnings* | 15.8 | 20.7 | -23.7 | % | 41.6 | 48.9 | -14.9 | % | ||||||||||||||||||||||||||||||
Benefits ratio | 32.3 | % | 25.1 | % | 7.2 | pts | 35.5 | % | 35.9 | % | -0.4 | pts | ||||||||||||||||||||||||||
Operating expense ratio | 37.3 | % | 33.9 | % | 3.4 | pts | 38.2 | % | 33.9 | % | 4.3 | pts | ||||||||||||||||||||||||||
Pretax profit margin | 28.5 | % | 36.7 | % | -8.2 | pts | 24.6 | % | 27.7 | % | -3.1 | pts | ||||||||||||||||||||||||||
Worksite direct products benefits ratio | 27.8 | % | 25.4 | % | 2.4 | pts | 26.7 | % | 25.0 | % | 1.7 | pts | ||||||||||||||||||||||||||
Worksite direct premium persistency (rolling beginning 12 months) | 90.5 | % | 91.3 | % | -0.8 | pts | 90.5 | % | 91.3 | % | -0.8 | pts | ||||||||||||||||||||||||||
Employer-sponsored products benefits ratio | 36.4 | % | 24.8 | % | 11.6 | pts | 43.1 | % | 44.6 | % | -1.5 | pts |
Horace Mann Educators Corporation | 59 | Third Quarter 2023 Form 10-Q |
($ in millions) | ($ in millions) | Three Months Ended June 30, | 2023-2022 | Six Months Ended June 30, | 2023-2022 | ($ in millions) | Three Months Ended September 30, | 2023-2022 | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | $ | (6.9) | $ | (4.3) | -60.5 | % | $ | (13.6) | $ | (8.2) | -65.9 | % | Interest expense | $ | (7.5) | $ | (5.3) | -41.5 | % | $ | (21.1) | $ | (13.5) | -56.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment losses, pretax | Net investment losses, pretax | (17.4) | (15.5) | N.M. | (21.3) | (31.0) | N.M. | Net investment losses, pretax | (8.4) | (12.8) | N.M. | (29.7) | (43.8) | N.M. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses, net investment income and other income | Other operating expenses, net investment income and other income | (1.8) | (2.5) | 28.0 | % | (3.5) | (4.5) | 22.2 | % | Other operating expenses, net investment income and other income | (1.4) | (1.4) | — | % | (4.9) | (5.9) | 16.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment losses, after tax | Net investment losses, after tax | (13.7) | (12.2) | N.M. | (16.8) | (24.4) | N.M. | Net investment losses, after tax | (6.6) | (10.1) | N.M. | (23.4) | (34.5) | N.M. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (20.6) | (17.6) | -17.0 | % | (30.4) | (34.6) | 12.1 | % | Net loss | (13.7) | (15.5) | 11.6 | % | (44.1) | (50.1) | 12.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core loss* | Core loss* | (6.9) | (5.4) | -27.8 | % | (13.6) | (10.2) | -33.3 | % | Core loss* | (7.1) | (5.4) | -31.5 | % | (20.7) | (15.6) | -32.7 | % |
($ in millions) | ($ in millions) | Three Months Ended June 30, | 2023-2022 | Six Months Ended June 30, | 2023-2022 | ($ in millions) | Three Months Ended September 30, | 2023-2022 | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income - managed investment portfolio | Net investment income - managed investment portfolio | $ | 82.5 | $ | 79.4 | 3.9 | % | $ | 157.2 | $ | 152.4 | 3.1 | % | Net investment income - managed investment portfolio | $ | 91.8 | $ | 70.9 | 29.5 | % | $ | 249.0 | $ | 223.3 | 11.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income - deposit asset on reinsurance | Investment income - deposit asset on reinsurance | 26.0 | 25.8 | 0.8 | % | 51.7 | 50.7 | 2.0 | % | Investment income - deposit asset on reinsurance | 27.1 | 26.7 | 1.5 | % | 78.8 | 77.4 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net investment income | Total net investment income | 108.5 | 105.2 | 3.1 | % | 208.9 | 203.1 | 2.9 | % | Total net investment income | 118.9 | 97.6 | 21.8 | % | 327.8 | 300.7 | 9.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax net investment losses | Pretax net investment losses | (17.4) | (15.5) | N.M. | (21.3) | (31.0) | N.M. | Pretax net investment losses | (8.4) | (12.8) | N.M. | (29.7) | (43.8) | N.M. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax net unrealized investment gains (losses) on fixed maturity securities | Pretax net unrealized investment gains (losses) on fixed maturity securities | (500.8) | (358.5) | N.M | Pretax net unrealized investment gains (losses) on fixed maturity securities | (680.0) | (632.0) | N.M |
Horace Mann Educators Corporation | 60 | Third Quarter 2023 Form 10-Q |
Horace Mann Educators Corporation | 61 |
($ in millions) | ($ in millions) | June 30, 2023 | ($ in millions) | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Issuers | Fair Value | Amortized Cost, net | Pretax Net Unrealized Loss | Number of Issuers | Fair Value | Amortized Cost, net | Pretax Net Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | Corporate bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||
Banking & Finance | Banking & Finance | 158 | $ | 443.7 | $ | 497.0 | $ | (53.3) | Banking & Finance | 150 | $ | 388.7 | $ | 462.2 | $ | (73.5) | ||||||||||||||||||||||||||||||||||||
Miscellaneous | Miscellaneous | 35 | 183.3 | 184.7 | (1.4) | Miscellaneous | 35 | 195.6 | 197.1 | (1.5) | ||||||||||||||||||||||||||||||||||||||||||
Insurance | Insurance | 55 | 149.1 | 164.4 | (15.3) | Insurance | 52 | 146.1 | 167.9 | (21.8) | ||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | 84 | 134.2 | 148.9 | (14.7) | Energy | 80 | 116.9 | 136.5 | (19.6) | ||||||||||||||||||||||||||||||||||||||||||
HealthCare, Pharmacy | HealthCare, Pharmacy | 71 | 109.9 | 131.7 | (21.8) | HealthCare, Pharmacy | 70 | 99.1 | 126.9 | (27.8) | ||||||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 74 | 106.2 | 126.2 | (20.0) | Utilities | 71 | 94.2 | 119.1 | (24.9) | ||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | 39 | 92.7 | 103.2 | (10.5) | Real Estate | 37 | 86.6 | 100.6 | (14.0) | ||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | 44 | 81.9 | 91.4 | (9.5) | Transportation | 42 | 67.3 | 79.4 | (12.1) | ||||||||||||||||||||||||||||||||||||||||||
Consumer Products | Consumer Products | 52 | 65.2 | 80.0 | (14.8) | Consumer Products | 51 | 61.6 | 79.9 | (18.3) | ||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Natural Gas | 15 | 51.6 | 58.8 | (7.2) | Natural Gas | 15 | 49.3 | 58.7 | (9.4) | ||||||||||||||||||||||||||||||||||||||||||
All other corporates(1) | All other corporates(1) | 283 | 410.6 | 467.5 | (56.9) | All other corporates(1) | 286 | 379.9 | 454.5 | (74.6) | ||||||||||||||||||||||||||||||||||||||||||
Total corporate bonds | Total corporate bonds | 910 | 1,828.4 | 2,053.8 | (225.4) | Total corporate bonds | 889 | 1,685.3 | 1,982.8 | (297.5) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federally sponsored agencies | U.S. Government and federally sponsored agencies | 229 | 373.5 | 420.6 | (47.1) | U.S. Government and federally sponsored agencies | 234 | 393.0 | 458.5 | (65.5) | ||||||||||||||||||||||||||||||||||||||||||
Commercial(2) | Commercial(2) | 164 | 302.6 | 332.4 | (29.8) | Commercial(2) | 160 | 284.5 | 326.6 | (42.1) | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 29 | 13.5 | 14.7 | (1.2) | Other | 29 | 13.0 | 14.3 | (1.3) | ||||||||||||||||||||||||||||||||||||||||||
Municipal bonds(3) | Municipal bonds(3) | 605 | 1,252.6 | 1,342.3 | (89.7) | Municipal bonds(3) | 603 | 1,185.6 | 1,334.1 | (148.5) | ||||||||||||||||||||||||||||||||||||||||||
Government bonds | Government bonds | Government bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 44 | 371.6 | 436.2 | (64.6) | U.S. | 46 | 367.3 | 453.4 | (86.1) | ||||||||||||||||||||||||||||||||||||||||||
Foreign | Foreign | 4 | 24.8 | 26.1 | (1.3) | Foreign | 4 | 24.5 | 26.1 | (1.6) | ||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations(4) | Collateralized loan obligations(4) | 258 | 757.8 | 777.3 | (19.5) | Collateralized loan obligations(4) | 256 | 736.1 | 750.7 | (14.6) | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 129 | 287.1 | 309.3 | (22.2) | Asset-backed securities | 130 | 272.3 | 295.1 | (22.8) | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | Total fixed maturity securities | 2,372 | $ | 5,211.9 | $ | 5,712.7 | $ | (500.8) | Total fixed maturity securities | 2,351 | $ | 4,961.6 | $ | 5,641.6 | $ | (680.0) | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | Equity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stocks | Non-redeemable preferred stocks | 23 | $ | 68.1 | Non-redeemable preferred stocks | 22 | $ | 60.0 | ||||||||||||||||||||||||||||||||||||||||||||
Common stocks | Common stocks | 5 | 1.1 | Common stocks | 4 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Closed-end fund | Closed-end fund | 1 | 16.6 | Closed-end fund | 1 | 15.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | Total equity securities | 29 | $ | 85.8 | Total equity securities | 27 | $ | 77.0 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,401 | $ | 5,297.7 | Total | 2,378 | $ | 5,038.6 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Percent of Portfolio Fair Value | June 30, 2023 | ($ in millions) | Percent of Portfolio Fair Value | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | June 30, 2023 | Fair Value | Amortized Cost, net | December 31, 2022 | September 30, 2023 | Fair Value | Amortized Cost, net | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | AAA | 10.8 | % | 11.6 | % | $ | 607.5 | $ | 638.0 | AAA | 10.8 | % | 11.7 | % | $ | 584.4 | $ | 623.3 | ||||||||||||||||||||||||||||||||||
AA(2) | AA(2) | 39.3 | 40.3 | 2,098.7 | 2,339.5 | AA(2) | 39.3 | 41.3 | 2,048.1 | 2,388.3 | ||||||||||||||||||||||||||||||||||||||||||
A | A | 17.8 | 18.6 | 967.2 | 1,036.0 | A | 17.8 | 17.6 | 872.4 | 970.0 | ||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | 24.1 | 22.0 | 1,153.5 | 1,290.4 | BBB | 24.1 | 22.1 | 1,100.5 | 1,270.7 | ||||||||||||||||||||||||||||||||||||||||||
BB | BB | 1.8 | 1.6 | 83.0 | 89.6 | BB | 1.8 | 1.5 | 71.9 | 78.9 | ||||||||||||||||||||||||||||||||||||||||||
B | B | 0.9 | 0.9 | 46.7 | 50.6 | B | 0.9 | 0.8 | 40.7 | 42.9 | ||||||||||||||||||||||||||||||||||||||||||
CCC or lower | CCC or lower | — | — | 1.4 | 1.6 | CCC or lower | — | 0.1 | 3.6 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||
Not rated(3) | Not rated(3) | 5.3 | 5.0 | 253.9 | 267.0 | Not rated(3) | 5.3 | 4.9 | 240.0 | 263.3 | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | Total fixed maturity securities | 100.0 | % | 100.0 | % | $ | 5,211.9 | $ | 5,712.7 | Total fixed maturity securities | 100.0 | % | 100.0 | % | $ | 4,961.6 | $ | 5,641.6 | ||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | Equity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | AAA | — | % | — | % | $ | — | AAA | — | % | — | % | $ | — | ||||||||||||||||||||||||||||||||||||||
AA | AA | — | — | — | AA | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
A | A | — | — | — | A | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | 68.7 | 67.5 | 57.9 | BBB | 68.7 | 64.4 | 49.6 | ||||||||||||||||||||||||||||||||||||||||||||
BB | BB | 10.8 | 8.4 | 7.2 | BB | 10.8 | 9.5 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||
B | B | — | — | — | B | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
CCC or lower | CCC or lower | — | — | — | CCC or lower | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Not rated | Not rated | 20.5 | 24.1 | 20.7 | Not rated | 20.5 | 26.1 | 20.1 | ||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | Total equity securities | 100.0 | % | 100.0 | % | $ | 85.8 | Total equity securities | 100.0 | % | 100.0 | % | $ | 77.0 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,297.7 | Total | $ | 5,038.6 |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Six Months Ended June 30, | 2023-2022 | ($ in millions) | Nine Months Ended September 30, | 2023-2022 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 153.9 | $ | 80.0 | 92.4 | % | Net cash provided by operating activities | $ | 199.2 | $ | 115.8 | 72.0 | % | ||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (44.6) | (296.1) | 84.9 | % | Net cash used in investing activities | (85.6) | (295.9) | 71.1 | % | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (129.0) | 132.5 | N.M. | Net cash provided by (used in) financing activities | (121.9) | 82.6 | N.M. | ||||||||||||||||||||||||||||||||
Net decrease in cash | Net decrease in cash | (19.7) | (83.6) | 76.4 | % | Net decrease in cash | (8.3) | (97.5) | 91.5 | % | ||||||||||||||||||||||||||||||
Cash at beginning of period | Cash at beginning of period | 42.8 | 133.7 | -68.0 | % | Cash at beginning of period | 42.8 | 133.7 | -68.0 | % | ||||||||||||||||||||||||||||||
Cash at end of period | Cash at end of period | $ | 23.1 | $ | 50.1 | -53.9 | % | Cash at end of period | $ | 34.5 | $ | 36.2 | -4.7 | % |
Horace Mann Educators Corporation | 64 | Third Quarter 2023 Form 10-Q |
($ in millions) | ($ in millions) | Six Months Ended June 30, | 2023-2022 | 2023-2022 | ($ in millions) | Nine Months Ended September 30, | 2023-2022 | 2023-2022 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of the period | Balance at beginning of the period | $ | 792.5 | $ | 782.5 | $ | 10.0 | 1.3 | % | Balance at beginning of the period | $ | 792.5 | $ | 782.5 | $ | 10.0 | 1.3 | % | ||||||||||||||||||||||||||||||||||
Advances received from FHLB funding agreements | Advances received from FHLB funding agreements | 182.0 | 94.0 | 88.0 | 93.6 | % | Advances received from FHLB funding agreements | 201.5 | 154.0 | 47.5 | 30.8 | % | ||||||||||||||||||||||||||||||||||||||||
Principal repayments on FHLB funding agreements | Principal repayments on FHLB funding agreements | (85.0) | (10.0) | (75.0) | N.M. | Principal repayments on FHLB funding agreements | (89.5) | (94.0) | 4.5 | N.M. | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of the period | Balance at end of the period | $ | 889.5 | $ | 866.5 | $ | 23.0 | 2.7 | % | Balance at end of the period | $ | 904.5 | $ | 842.5 | $ | 62.0 | 7.4 | % |
Horace Mann Educators Corporation |
Property & Casualty | Life & Retirement | Supplemental & Group Benefits | Corporate & Other | |||||||||||||||||||||||
Activities for potential sources of funds | ||||||||||||||||||||||||||
Receipt of insurance premiums, contractholder charges and fees | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Recurring service fees, commissions and overrides | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Contractholder fund deposits | ☑ | ☑ | ||||||||||||||||||||||||
Reinsurance and indemnification program recoveries | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Receipts of principal, interest and dividends on investments | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Proceeds from sales of investments | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Proceeds from FHLB borrowing and funding agreements | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Proceeds from reverse repurchase agreements | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Intercompany loans | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Capital contributions from parent | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Dividends or return of capital from subsidiaries | ☑ | |||||||||||||||||||||||||
Tax refunds/settlements | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Proceeds from periodic issuance of additional securities | ☑ | |||||||||||||||||||||||||
Proceeds from debt issuances | ☑ | |||||||||||||||||||||||||
Proceeds from revolving credit facility | ☑ | |||||||||||||||||||||||||
Receipt of intercompany settlements related to employee benefit plans | ☑ | |||||||||||||||||||||||||
Activities for potential uses of funds | ||||||||||||||||||||||||||
Payment of claims and related expenses | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Payment of contract benefits, surrenders and withdrawals | ☑ | ☑ | ||||||||||||||||||||||||
Reinsurance cessions and indemnification program payments | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Payment of operating costs and expenses | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Payments to purchase investments | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Repayment of FHLB borrowing and funding agreements | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Repayment of reverse repurchase agreements | ☑ | ☑ | ☑ | |||||||||||||||||||||||
Payment or repayment of intercompany loans | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Capital contributions to subsidiaries | ☑ | |||||||||||||||||||||||||
Dividends or return of capital to shareholders/parent company | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Tax payments/settlements | ☑ | ☑ | ☑ | ☑ | ||||||||||||||||||||||
Common share repurchases | ☑ | |||||||||||||||||||||||||
Debt service expenses and repayments | ☑ | |||||||||||||||||||||||||
Repayment on revolving credit facility | ☑ | |||||||||||||||||||||||||
Payments related to employee benefit plans | ☑ | |||||||||||||||||||||||||
Payments for business acquisitions | ☑ |
Horace Mann Educators Corporation |
Horace Mann Educators Corporation |
($ in millions) | ($ in millions) | Interest Rates | Final Maturity | June 30, 2023 | December 31, 2022 | ($ in millions) | Interest Rates | Final Maturity | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Interest Rates | Final Maturity | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | Short-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | Variable | 2026 | $ | 249.0 | $ | 249.0 | Revolving Credit Facility | Variable | 2026 | $ | — | $ | 249.0 | |||||||||||||||||||||||||||||||||||||||
Long-term debt(1) | Long-term debt(1) | Long-term debt(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
4.50% Senior Notes, Aggregate principal amount of $250.0 less unaccrued discount of $0.2 and $0.2 and unamortized debt issuance costs of $0.7 and $0.8 | 4.50% | 2025 | 249.1 | 249.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
7.25% 2023 Senior Notes, Aggregate principal amount of $300.0 less unaccrued discount of $0.5 and $0.0 and unamortized debt issuance costs of $2.6 and $0.0 | 7.25% 2023 Senior Notes, Aggregate principal amount of $300.0 less unaccrued discount of $0.5 and $0.0 and unamortized debt issuance costs of $2.6 and $0.0 | 7.25% | 2028 | 296.9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
4.50% 2015 Senior Notes, Aggregate principal amount of $250.0 less unaccrued discount of $0.2 and $0.2 and unamortized debt issuance costs of $0.6 and $0.8 | 4.50% 2015 Senior Notes, Aggregate principal amount of $250.0 less unaccrued discount of $0.2 and $0.2 and unamortized debt issuance costs of $0.6 and $0.8 | 4.50% | 2025 | 249.2 | 249.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 498.1 | $ | 498.0 | Total | $ | 546.1 | $ | 498.0 |
Horace Mann Educators Corporation | 68 | Third Quarter 2023 Form 10-Q |
Insurance Financial | Affirmed/ | |||||||||||||||||||||||||||||||||||||
Strength Ratings (Outlook) | Debt Ratings (Outlook) | Reviewed | ||||||||||||||||||||||||||||||||||||
A.M. Best | ||||||||||||||||||||||||||||||||||||||
HMEC (parent company) | N.A. | bbb | (stable) | |||||||||||||||||||||||||||||||||||
HMEC's Life & Retirement subsidiaries | A | (stable) | N.A. | |||||||||||||||||||||||||||||||||||
HMEC's Property & Casualty subsidiaries | A | (stable) | N.A. | |||||||||||||||||||||||||||||||||||
HMEC's Supplemental & Group Benefits subsidiaries | ||||||||||||||||||||||||||||||||||||||
Madison National Life Insurance Company | (stable) | N.A. | ||||||||||||||||||||||||||||||||||||
National Teachers Associates Life Insurance Company | A | (stable) | N.A. | |||||||||||||||||||||||||||||||||||
Fitch | ||||||||||||||||||||||||||||||||||||||
HMEC (parent company) | BBB | (stable) | ||||||||||||||||||||||||||||||||||||
HMEC's Life Group | A | (stable) | ||||||||||||||||||||||||||||||||||||
HMEC's P&C Group | (negative) | |||||||||||||||||||||||||||||||||||||
Moody's | ||||||||||||||||||||||||||||||||||||||
HMEC (parent company) | Baa2 | (negative) | 7/28/2023 | |||||||||||||||||||||||||||||||||||
HMEC's Life Group | A2 | (negative) | 5/31/2023 | |||||||||||||||||||||||||||||||||||
HMEC's P&C Group | A2 | (negative) | 7/28/2023 | |||||||||||||||||||||||||||||||||||
S&P | A | (stable) | BBB | (stable) | 2/7/2023 |
Horace Mann Educators Corporation | 69 | Third Quarter 2023 Form 10-Q |
Horace Mann Educators Corporation |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased under the Program | Approximate Dollar Value of Shares that may yet be Purchased under the Program | ||||||||||||||||||||||
April 1 - 30 | 29,094 | $ | 32.63 | 29,094 | $ | 36.0 | million | |||||||||||||||||||
May 1 - 31 | 6,300 | 31.74 | 6,300 | $ | 35.8 | million | ||||||||||||||||||||
June 1 - 30 | — | — | — | $ | 35.8 | million | ||||||||||||||||||||
Total | 35,394 | $ | 32.47 | 35,394 | 35.8 million |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased under the Program | Approximate Dollar Value of Shares that may yet be Purchased under the Program | ||||||||||||||||||||||
July 1 - 31 | 25,965 | $ | 28.81 | 25,965 | $ | 35.1 | million | |||||||||||||||||||
August 1 - 31 | 7,035 | 28.42 | 7,035 | $ | 34.9 | million | ||||||||||||||||||||
September 1 - 30 | — | — | — | $ | 34.9 | million | ||||||||||||||||||||
Total | 33,000 | $ | 28.73 | 33,000 | $ | 34.9 | million |
Exhibit | ||||||||
No. | Description | |||||||
(3) Articles of incorporation and bylaws: | ||||||||
3.1 | ||||||||
3.2 | ||||||||
Horace Mann Educators Corporation |
(4) Instruments defining the rights of security holders, including indentures: | ||||||||
4.1 | ||||||||
4.1(a) | ||||||||
4.1(b) | ||||||||
4.2 | ||||||||
4.3 | ||||||||
(10) Material contracts: | ||||||||
10.1 | ||||||||
10.1(a) | ||||||||
10.1(b) | ||||||||
10.2* | ||||||||
10.2(a)* | ||||||||
10.2(b)* | ||||||||
10.2(c)* | ||||||||
Horace Mann Educators Corporation | 72 | Third Quarter 2023 Form 10-Q |
10.2(e)* | ||||||||||||||
10.3* | ||||||||||||||
10.3(a)* | ||||||||||||||
10.3(b)* | ||||||||||||||
10.3(c)* | ||||||||||||||
10.3(d)* | ||||||||||||||
10.3(e)* | ||||||||||||||
10.3(f)* | ||||||||||||||
10.3(g)* | ||||||||||||||
10.3(h)* | ||||||||||||||
Horace Mann Educators Corporation | 73 | Third Quarter 2023 Form 10-Q |
10.3(j)* | ||||||||||||||
10.4* | ||||||||||||||
10.5* | ||||||||||||||
10.6* | ||||||||||||||
10.7* | ||||||||||||||
10.8* | ||||||||||||||
10.9* | ||||||||||||||
10.10* | ||||||||||||||
10.10(a)* | ||||||||||||||
10.11* | ||||||||||||||
10.11(a)* | ||||||||||||||
10.11(b)* | ||||||||||||||
Horace Mann Educators Corporation | 74 | Third Quarter 2023 Form 10-Q |
10.13 | ||||||||||||||
10.14 | ||||||||||||||
10.15 | ||||||||||||||
(31) Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002: | ||||||||||||||
31.1 | ||||||||||||||
31.2 | ||||||||||||||
(32) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002: | ||||||||||||||
32.1 | ||||||||||||||
32.2 | ||||||||||||||
(99) Additional exhibits: | ||||||||||||||
99.1 | ||||||||||||||
(101) Interactive Data File: | ||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Horace Mann Educators Corporation |
HORACE MANN EDUCATORS CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date | /s/ Marita Zuraitis | ||||||||||
Marita Zuraitis | |||||||||||
President and Chief Executive Officer | |||||||||||
Date | /s/ Bret A. Conklin | ||||||||||
Bret A. Conklin | |||||||||||
Executive Vice President and | |||||||||||
Chief Financial Officer | |||||||||||
Date | /s/ Kimberly A. Johnson | ||||||||||
Kimberly A. Johnson | |||||||||||
Senior Vice President, Controller and | |||||||||||
Principal Accounting Officer |
Horace Mann Educators Corporation |