Horace Mann Educators Corporation (HMN) 10-Year Financial Performance & Capital Metrics

HMN • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsurancePersonal Lines InsuranceRegional Personal Lines

AboutHorace Mann Educators Corporation, together with its subsidiaries, operates as an insurance holding company in the United States. It operates in three segments: Property & Casualty, Life & Retirement, and Supplemental & Group Benefits. The company underwrites and markets personal lines of property and casualty insurance, including personal lines auto and property insurance products; supplemental insurance products, which include cancer, heart, hospital, supplemental disability, and accident coverages; retirement products, such as tax-qualified fixed and variable annuities; and life insurance products comprising whole life and term, as well as indexed universal life insurance products. It also offers student loan solutions, including online student loan management accounts for educators. The company markets its products through its sales force of full-time exclusive agents to K-12 teachers, administrators, and other employees of public schools and their families. Horace Mann Educators Corporation was founded in 1945 and is headquartered in Springfield, Illinois.Show more

Revenue $1.55B +8.2%
Combined Ratio 91.71% -4.8%
Net Income $103M +128.4%
Return on Equity 8.35% +110.9%
Medical Cost Ratio 69.14% -7.9%
Operating Margin 8.29% +123.0%
Net Margin 6.63% +111.1%
ROA 0.72% +119.0%
Equity / Assets 8.89% +6.2%
Book Value per Share 31.02 +9.3%
Tangible BV/Share 25.96 +13.1%
Debt/Equity 0.42 -8.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 91.7% combined ratio
✓Strong Piotroski F-Score: 7/9
✓15 consecutive years of dividend growth
✓Healthy dividend yield of 3.1%
✓Trading at only 1.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.6%
✗Profits declining 11.0% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.87%

5Y1.99%

3Y7.43%

TTM3.97%

Profit (Net Income) CAGR

10Y-0.14%

5Y-11.03%

3Y-15.5%

TTM57.64%

EPS CAGR

10Y0.04%

5Y-10.83%

3Y-9.89%

TTM57.37%

ROCE

10Y Avg0.96%

5Y Avg0.84%

3Y Avg0.47%

Latest0.9%

Peer Comparison

Regional Personal Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NODKNI Holdings, Inc.	274.26M	13.31	55.46	6.97%	0.87%	1.06%	13.68%
HMNHorace Mann Educators Corporation	1.74B	42.88	17.29	8.21%	10.24%	11.39%	25.91%	0.42
SAFTSafety Insurance Group, Inc.	1.14B	76.49	16.00	19.85%	7.13%	9.7%	10.91%	0.06
UFCSUnited Fire Group, Inc.	912.14M	35.75	14.96	13.98%	8.22%	12.38%	36.01%	0.15
DGICADonegal Group Inc.	608.25M	19.58	12.80	6.71%	8.72%	13.73%	11.09%	0.06
MCYMercury General Corporation	5.06B	91.39	10.82	18.27%	7.55%	19.69%	19.58%	0.30
KINSKingstone Companies, Inc.	225.09M	15.91	10.75	7.6%	14.2%	0.02%	24.71%	0.17
KMPRKemper Corporation	2.26B	38.61	7.86	-5.74%	5.14%	9.14%	14.59%	0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.08B	1.13B	1.17B	1.18B	1.4B	1.29B	1.25B	1.34B	1.43B	1.55B
Revenue Growth %	0.02%	0.04%	0.04%	0%	0.19%	-0.08%	-0.03%	0.07%	0.07%	0.08%
Medical Costs & Claims+	778.13M	829.76M	883.13M	953.65M	907.1M	873.4M	841.3M	1.01B	1.08B	1.07B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	302.32M	299.15M	288.42M	222.54M	497.7M	416.1M	409M	332.5M	356.8M	478.4M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.06%	-0.01%	-0.04%	-0.23%	1.24%	-0.16%	-0.02%	-0.19%	0.07%	0.34%
Operating Expenses+	172.87M	184.92M	199.74M	203.01M	261.3M	256.5M	198.9M	316M	303.5M	349.8M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	0	0	6.62M	7.36M	15.6M	23.4M	18.4M	27.6M	26.2M	26.4M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	129.45M	114.23M	88.69M	19.54M	236.4M	159.6M	210.1M	16.5M	53.3M	128.6M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.11%	-0.12%	-0.22%	-0.78%	11.1%	-0.32%	0.32%	-0.92%	2.23%	1.41%
EBITDA+	142.57M	126.04M	95.3M	26.89M	252M	183M	228.5M	44.1M	79.5M	155M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	13.12M	11.81M	11.95M	13M	15.6M	15.2M	13.9M	19.4M	29.7M	34.6M
Non-Operating Income	-13.12M	-11.81M	-11.95M	-13M	-15.6M	-15.2M	-13.9M	-19.4M	-29.7M	-34.6M
Pretax Income+	129.45M	114.23M	88.69M	19.54M	236.4M	159.6M	210.1M	16.5M	53.3M	128.6M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	35.97M	30.47M	-80.77M	1.19M	52M	26.3M	39.7M	-3.3M	8.3M	25.8M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	93.48M	83.77M	169.46M	18.34M	184.4M	133.3M	170.4M	19.8M	45M	102.8M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.1%	-0.1%	1.02%	-0.89%	9.05%	-0.28%	0.28%	-0.88%	1.27%	1.28%
EPS (Diluted)+	2.20	2.02	4.08	0.44	4.40	3.22	3.39	0.47	1.09	2.48
EPS Growth %	-0.11%	-0.08%	1.02%	-0.89%	9%	-0.27%	0.05%	-0.86%	1.32%	1.28%
EPS (Basic)	2.30	2.08	4.16	0.45	4.47	3.22	3.45	0.48	1.09	2.49
Diluted Shares Outstanding	42.42M	41.48M	41.56M	41.89M	41.9M	42M	42.2M	41.8M	41.4M	41.5M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	10.06B	10.58B	11.2B	11.03B	12.48B	13.47B	14.38B	13.31B	14.05B	14.49B
Asset Growth %	0.03%	0.05%	0.06%	-0.01%	0.13%	0.08%	0.07%	-0.07%	0.06%	0.03%
Total Investment Assets+	7.65B	8B	8.35B	8.25B	6.64B	7.26B	14.04B	6.59B	6.83B	1.12B
Long-Term Investments	175.17M	8B	300.18M	344.66M	6.64B	7.26B	7.45B	6.45B	6.69B	641.1M
Short-Term Investments	7.65B	8B	8.11B	7.92B	6.15B	6.69B	6.59B	5.37B	5.46B	480.2M
Total Current Assets+	1K	1K	7.63M	395.75M	0	0	6.72B	0	0	938.1M
Cash & Equivalents	15.51M	16.67M	7.63M	11.91M	25.51M	21.8M	133M	42.2M	29M	33.1M
Receivables	0	0	0	0	0	0	0	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-6.18B	-6.71B	0	-5.88B	-5.97B	0
Goodwill & Intangibles+	47.4M	47.4M	47.4M	47.4M	226.3M	202M	188.9M	239.5M	224.6M	210.1M
Goodwill	47.4M	47.4M	47.4M	47.4M	49.08M	43.5M	43.5M	54.3M	54.3M	54.3M
Intangible Assets	0	0	0	0	177.22M	158.5M	145.4M	185.2M	170.3M	155.8M
PP&E (Net)	25.64M	32.19M	38.94M	40.98M	60.13M	64.7M	75M	69.3M	68.6M	73.4M
Other Assets	-25.64M	2.18B	10.5B	10.14B	-6.93B	-7.53B	6.54B	-6.76B	-6.98B	12.63B
Total Liabilities	8.79B	9.28B	9.7B	9.74B	10.91B	11.68B	12.58B	12.21B	12.87B	13.2B
Total Debt+	246.97M	247.21M	297.47M	297.74M	433.02M	437.3M	502.6M	498M	546M	547M
Net Debt	231.47M	230.54M	289.84M	285.83M	407.52M	415.5M	369.6M	455.8M	517M	513.9M
Long-Term Debt	246.97M	247.21M	297.47M	297.74M	298.02M	302.3M	253.6M	249M	546M	547M
Short-Term Debt	0	0	0	0	135M	135M	249M	249M	0	0
Total Current Liabilities+	0	0	0	0	0	0	249M	0	0	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	-135M	-135M	0	-249M	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	8.55B	9.04B	9.4B	9.44B	-298.02M	-302.3M	12.32B	-249M	-546M	12.65B
Total Equity+	1.26B	1.29B	1.5B	1.29B	1.57B	1.79B	1.81B	1.1B	1.18B	1.29B
Equity Growth %	-0.05%	0.02%	0.16%	-0.14%	0.21%	0.14%	0.01%	-0.39%	0.07%	0.1%
Shareholders Equity	1.26B	1.29B	1.5B	1.29B	1.57B	1.79B	1.81B	1.1B	1.18B	1.29B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	1.12B	1.16B	1.23B	1.22B	1.35B	1.43B	1.52B	1.51B	1.5B	1.55B
Common Stock	65K	65K	65K	66K	66K	100K	100K	100K	100K	100K
Accumulated OCI	163.37M	163.92M	286.96M	84.76M	219.68M	355.1M	280.5M	-399.4M	-314M	-253.5M
Return on Equity (ROE)	0.07%	0.07%	0.12%	0.01%	0.13%	0.08%	0.09%	0.01%	0.04%	0.08%
Return on Assets (ROA)	0.01%	0.01%	0.02%	0%	0.02%	0.01%	0.01%	0%	0%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.20x	0.19x	0.20x	0.23x	0.28x	0.24x	0.28x	0.45x	0.46x	0.42x
Book Value per Share	29.81	31.20	36.13	30.81	37.41	42.62	42.83	26.28	28.39	31.02
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	207.71M	207.42M	256.59M	200.89M	127.6M	259.79M	204.9M	171.5M	302.1M	452.1M
Operating CF Growth %	-0.06%	-0%	0.24%	-0.22%	-0.36%	1.04%	-0.21%	-0.16%	0.76%	0.5%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	93.48M	83.77M	169.46M	18.34M	184.4M	133.31M	170.4M	19.8M	45M	102.8M
Depreciation & Amortization	0	6.9M	6.62M	7.36M	15.6M	23.42M	18.4M	27.6M	26.2M	26.4M
Stock-Based Compensation	0	0	8.59M	8.35M	7.3M	6.7M	8.4M	8.9M	9.5M	9.9M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	439.12M	-4.12M	-5.19M	4.2M	-134.4M	18.9M	-30.5M	79.5M	9.5M	51.4M
Working Capital Changes	-324.88M	120.88M	77.11M	162.65M	54.7M	77.46M	38.2M	35.7M	211.9M	261.6M
Cash from Investing+	-415.85M	-325.36M	-228.66M	-186.5M	55.9M	-406.76M	-302M	-214.6M	-107.4M	-135.8M
Capital Expenditures	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	-76.55M	-459.4M	0	-234.1M	-164.4M	-165.8M	0
Purchase of Investments	-1.53B	0	0	-1.5B	-1.12B	-1.48B	-1.51B	0	-639M	-1.24B
Sale/Maturity of Investments	1000K	0	0	1000K	1000K	1000K	1000K	0	1000K	1000K
Other Investing	-33.92M	-325.36M	-228.66M	0	0	-67.72M	-10.2M	-50.2M	9.2M	7.2M
Cash from Financing+	212.64M	115.09M	-36.97M	-10.11M	-169.9M	143.78M	208.5M	-47.8M	-207.8M	-307.9M
Dividends Paid	-42.52M	-44.31M	-46.11M	-46.69M	-47.3M	-49.62M	-51.4M	-52.6M	-53.9M	-55.5M
Share Repurchases	-21.95M	-21.51M	-1.66M	-5.09M	0	-2.2M	-5.3M	-24M	-6.5M	-8.6M
Stock Issued	0	0	0	0	0	0	0	0	0	5.1M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K
Other Financing	267.38M	173.68M	-31.2M	19.8M	47.4M	191.6M	562.2M	182.8M	-6.6M	18.6M
Net Change in Cash+	3.83M	1.16M	-9.04M	4.28M	13.6M	-3.2M	111.4M	-90.9M	-13.1M	8.4M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	11.68M	15.51M	16.67M	7.63M	11.9M	25.5M	22.3M	133.7M	42.8M	29.7M
Cash at End	15.51M	16.67M	7.63M	11.91M	25.5M	22.3M	133.7M	42.8M	29.7M	38.1M
Free Cash Flow+	40.8M	207.42M	256.59M	200.89M	127.6M	259.8M	204.9M	171.5M	302.1M	452.1M
FCF Growth %	-0.82%	4.08%	0.24%	-0.22%	-0.36%	1.04%	-0.21%	-0.16%	0.76%	0.5%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	0.96	5	6.17	4.8	3.05	6.19	4.86	4.1	7.3	10.89

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	88.02%	89.88%	92.43%	98.34%	83.17%	87.62%	83.2%	98.77%	96.28%	91.71%
Medical Cost Ratio	72.02%	73.5%	75.38%	81.08%	64.57%	67.73%	67.29%	75.21%	75.1%	69.14%
Return on Equity (ROE)	7.19%	6.55%	12.12%	1.31%	12.9%	7.94%	9.47%	1.36%	3.96%	8.35%
Return on Assets (ROA)	0.94%	0.81%	1.56%	0.17%	1.57%	1.03%	1.22%	0.14%	0.33%	0.72%
Equity / Assets	12.57%	12.23%	13.41%	11.7%	12.56%	13.29%	12.57%	8.25%	8.37%	8.89%
Book Value / Share	29.81	31.2	36.13	30.81	37.41	42.62	42.83	26.28	28.39	31.02
Debt / Equity	0.20x	0.19x	0.20x	0.23x	0.28x	0.24x	0.28x	0.45x	0.46x	0.42x
Revenue Growth	1.86%	4.49%	3.78%	0.4%	19.44%	-8.21%	-3.04%	7.26%	6.84%	8.21%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Property and Casualty	-	-	-	-	-	-	-	608.2M	645.5M	736.5M
Property and Casualty Growth	-	-	-	-	-	-	-	-	6.13%	14.10%
Life And Retirement	-	-	-	-	-	-	-	145.3M	151.8M	154.6M
Life And Retirement Growth	-	-	-	-	-	-	-	-	4.47%	1.84%
Product And Casualty	-	-	-	-	-	-	617.4M	-	-	-
Product And Casualty Growth	-	-	-	-	-	-	-	-	-	-
Supplemental	-	-	-	-	-	-	125.3M	-	-	-
Supplemental Growth	-	-	-	-	-	-	-	-	-	-
Life And Health	-	-	-	-	-	-	108.4M	-	-	-
Life And Health Growth	-	-	-	-	-	-	-	-	-	-
Retirement	-	-	-	-	-	-	38.5M	-	-	-
Retirement Growth	-	-	-	-	-	-	-	-	-	-
Product and Casualty	-	-	-	-	683.45M	650.17M	-	-	-	-
Product and Casualty Growth	-	-	-	-	-	-4.87%	-	-	-	-
Supplemental	-	-	-	-	65.81M	130.69M	-	-	-	-
Supplemental Growth	-	-	-	-	-	98.58%	-	-	-	-
Life and Health	-	-	-	-	119.6M	120.19M	-	-	-	-
Life and Health Growth	-	-	-	-	-	0.49%	-	-	-	-
Annuity Insurance Product Line	25.38M	24.94M	28M	31.27M	29.08M	29.65M	-	-	-	-
Annuity Insurance Product Line Growth	-	-1.74%	12.29%	11.66%	-6.99%	1.95%	-	-	-	-
Property, Liability and Casualty Insurance Product Line	595.96M	620.51M	648.26M	665.73M	-	-	-	-	-	-
Property, Liability and Casualty Insurance Product Line Growth	-	4.12%	4.47%	2.70%	-	-	-	-	-	-
Life Insurance Product Line	110.54M	113.69M	118.44M	120.33M	-	-	-	-	-	-
Life Insurance Product Line Growth	-	2.85%	4.17%	1.60%	-	-	-	-	-	-
Other Insurance Product Line	-	-	-	-	-	-	-	-	-	-
Other Insurance Product Line Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Horace Mann Educators Corporation (HMN) has a price-to-earnings (P/E) ratio of 17.3x. This is roughly in line with market averages.

Growth & Financials

Horace Mann Educators Corporation (HMN) grew revenue by 8.2% over the past year. This is steady growth.

Yes, Horace Mann Educators Corporation (HMN) is profitable, generating $164.1M in net income for fiscal year 2024 (6.6% net margin).

Dividend & Returns

Yes, Horace Mann Educators Corporation (HMN) pays a dividend with a yield of 3.12%. This makes it attractive for income-focused investors.

Horace Mann Educators Corporation (HMN) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

Industry Metrics

Horace Mann Educators Corporation (HMN) has a combined ratio of 91.7%. A ratio below 100% indicates underwriting profitability.

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