The four hurricanes that ravaged the Southeast resulted in a net $12.6 million third-quarter loss for Springfield, Ill.-based insurer Horace Mann Educators Corp.
The company has made a profit of $28 million, or 65 cents per share, for the year so far, compared to $4.1 million, 10 cents per share, for first nine months of 2003.
The property/casualty segment recorded a net loss of $21.3 million for the quarter and net income of $7 million for the nine months primarily due to the hurricanes, the company said in a statement. In 2003, adverse development of prior years’ property/casualty reserves resulted in net losses for the segment of $22.1 million and $20 million for the three and nine months, respectively.
Reflecting the property and casualty net losses recorded in the third quarter, the company revised its 2004 estimated annual effective income tax rate on income before realized investment gains and losses to approximately 21 percent compared to the prior estimate of approximately 28 percent.
Topics Catastrophe Natural Disasters Profit Loss Hurricane Property Casualty
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