Horace Mann Educators Corporation today reported net income of $1.0 million (2 cents per share) and $61.2 million ($1.32 per share), respectively, for the three and nine months ended Sept. 30, 2005, compared to a net loss of $12.6 million (30 cents per share) and net income of $28.0 million (63 cents per share) for the same periods in 2004.
Net income for the property and casualty segment improved $13.3 million for the quarter and $26.9 million for the nine months compared to the prior year periods primarily as a result of the lower level of catastrophe costs in 2005 and the other factors cited above.
The $44.4 million pretax of catastrophe costs incurred in the third quarter of 2005 were attributed primarily to: Hurricane Katrina $22 million, Hurricane Rita $10 million, Minnesota storms $5 million and Hurricane Dennis $5 million. In the third quarter of 2004, catastrophe costs of $59.5 million pretax were due primarily to Hurricanes Charley, Frances, Ivan and Jeanne.
Horace Mann is a national multiline insurer for educators, providing auto and homeowners insurance, retirement annuities, life insurance and other financial solutions. Founded by educators for educators in 1945, the company is headquartered in Springfield, Ill. For more information, visit http://www.horacemann.com/ .
Topics Catastrophe Profit Loss Hurricane
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