Horace Mann’s Q1 Net Income Up 22% From Year Ago

Springfield, Ill.-based teacher insurer Horace Mann Educators Corp. reported net income of $26.6 million, or 57 cents per share, for the first quarter, compared to $21.7 million, or 47 cents per share, for the same period in 2004. Included in net income were net realized gains on securities of $4.7 million ($3.1 million after tax, or 6 cents per share) for the current period, compared to $5.3 million ($3.4 million after tax, or 7 cents per share) for the first three months of 2004. All per-share amounts are stated on a diluted basis.

The property/casualty segment recorded net income of $19.7 million for the quarter, an increase over the prior year. The company’s premiums written and contract deposits decreased 5 percent for the quarter compared to the first three months of 2004. While the quality of the company’s automobile and property business continues to improve, increases in average premium per policy for both lines were more than offset by the decline in policies in force.

Horace Mann’s career agency force totaled 820 agents at March 31, 2005.

Latest Comments

• May 10, 2005 at 2:38 am

  In the know says:

  This company has done an effective job of turning their results around by taking rate increase where needed, streamlining claim functions, and cutting their losses on poor ris... read more