HORACE MANN EDUCATORS CORP /DE/ (HMN) financial statements: income statement, balance sheet and cash flow

HORACE MANN EDUCATORS CORP /DE/'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), HORACE MANN EDUCATORS CORP /DE/ reported revenue of $1.7B (+6.7% year on year) and net income of $162.1M (+57.7% year on year).

Income statement

HORACE MANN EDUCATORS CORP /DE/ income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net premiums and contract charges earned	$1.2B	$1.1B	$1.1B	$1.0B
Net investment income	$464.3M	$445.7M	$444.8M	$400.9M
Net investment (losses)	($13.0M)	($17.3M)	($24.0M)	($56.5M)
Other income	$21.7M	$20.8M	$14.0M	$9.5M
Total revenues	$1.7B	$1.6B	$1.5B	$1.4B
Benefits, claims and settlement expenses (Reserve remeasurement (gains)/losses $6.0, $1.6, $(1.6))	$711.5M	$745.0M	$769.1M	$761.6M
Interest credited	$216.9M	$215.9M	$205.7M	$177.6M
Operating expenses	$396.6M	$345.5M	$318.1M	$315.9M
DAC amortization expense	$124.5M	$111.1M	$101.2M	$98.7M
Intangible asset amortization expense	$14.3M	$14.5M	$14.8M	$16.8M
Interest expense	$36.4M	$34.6M	$29.7M	$19.4M
Total benefits, losses and expenses	$1.5B	$1.5B	$1.4B	$1.4B
Income before income taxes	$201.2M	$128.6M	$53.3M	($11.9M)
Income tax expense	$39.1M	$25.8M	$8.3M	($9.3M)
Net income	$162.1M	$102.8M	$45.0M	($2.6M)
Basic (in usd per share)	$3.93	$2.49	$1.09	-$0.06
Diluted (in usd per share)	$3.90	$2.48	$1.09	-$0.06
Basic (in shares)	41.2M	41.3M	41.3M	41.6M
Diluted (in shares)	41.6M	41.5M	41.4M	41.8M
Change in net unrealized investment gains (losses) on fixed maturity securities	$111.9M	($29.1M)	$121.3M	($647.6M)
Change in net reserve remeasurements attributable to discount rates	($17.5M)	$89.0M	($37.1M)	—
Change in net funded status of benefit plans	$4.5M	$600.0K	$1.2M	($1.4M)
Other comprehensive income	$98.9M	$60.5M	$85.4M	($646.2M)
Comprehensive income	$261.0M	$163.3M	$130.4M	($648.8M)

HORACE MANN EDUCATORS CORP /DE/ income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net premiums and contract charges earned	$316.9M	$313.0M	$310.3M	$302.6M
Net investment income	$120.5M	$110.7M	$119.6M	$110.8M
Net investment losses	($100.0K)	($2.2M)	$3.3M	($5.9M)
Other income	$6.2M	$7.8M	$5.3M	$4.2M
Total revenues	$443.5M	$429.3M	$438.5M	$411.7M
Benefits, claims and settlement expenses (Reserve remeasurement (gains)/losses, $500000; $(2.4); $0.6; $(0.3))	$186.3M	$176.4M	$171.0M	$183.5M
Interest credited	$54.6M	$53.8M	$55.7M	$52.7M
Operating expenses	$108.5M	$103.5M	$96.3M	$96.9M
DAC amortization expense	$32.0M	$32.3M	$31.5M	$29.9M
Intangible asset amortization expense	$3.5M	$3.6M	$3.6M	$3.6M
Interest expense	$9.6M	$9.5M	$8.9M	$8.6M
Total benefits, losses and expenses	$394.5M	$379.1M	$367.0M	$375.2M
Income before income taxes	$49.0M	$50.2M	$71.5M	$36.5M
Income tax expense	$7.4M	$9.0M	$13.2M	$7.1M
Basic (in usd per share)	$1.02	$1.01	$1.42	$0.71
Diluted (in usd per share)	$1.01	$1.00	$1.40	$0.71
Basic (in shares)	40.9M	40.9M	41.2M	41.3M
Diluted (in shares)	41.2M	41.2M	41.6M	41.6M
Net income	$41.6M	$41.2M	$58.3M	$29.4M
Change in net unrealized investment losses on fixed maturity securities	$6.9M	($43.3M)	$59.1M	$4.6M
Change in net reserve remeasurements attributable to discount rates	($6.1M)	$22.7M	($20.4M)	$700.0K
Other comprehensive income	$800.0K	($20.6M)	$38.7M	$5.3M
Comprehensive income	$42.4M	$20.6M	$97.0M	$34.7M

Balance sheet

HORACE MANN EDUCATORS CORP /DE/ balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2025, $6,026.7; 2024, $5,842.5)	$5.7B	$5.4B	$5.2B	—
Equity securities at fair value, (cost $56.2 and $78.8)	$41.9M	$66.5M	$86.2M	$99.6M
Limited partnership interests (Carried under Fair Value Option, 2025 $0.0 and 2024, $28.9)	$1.1B	$1.1B	$1.1B	$983.7M
Policy loans	$138.1M	$140.8M	$141.4M	—
Short-term and other investments	$309.4M	$199.9M	$228.8M	$319.3M
Total investments	$7.3B	$6.9B	$6.8B	$6.6B
Cash	$27.5M	$38.1M	$29.7M	$42.8M
Deferred policy acquisition costs	$358.2M	$347.2M	$336.3M	$433.1M
Reinsurance balances receivable	$419.0M	$424.8M	$480.5M	$506.2M
Deposit asset on reinsurance	$2.4B	$2.4B	$2.5B	$2.5B
Intangible assets	$141.5M	$155.8M	$170.3M	$185.2M
Goodwill	$54.3M	$54.3M	$54.3M	$54.3M
Other assets	$434.5M	$408.1M	$357.6M	$328.7M
Separate Account variable annuity assets	$4.2B	$3.7B	$3.3B	$2.8B
Total assets	$15.3B	$14.5B	$14.0B	$13.4B
Future policy benefit reserves	$1.6B	$1.6B	$1.8B	$7.0B
Policyholders' account balances	$5.1B	$5.1B	$5.2B	—
Unpaid claims and claim expenses	$565.2M	$569.2M	$581.7M	$585.1M
Unearned premiums	$372.1M	$344.2M	$300.9M	$264.2M
Total policy liabilities	$7.6B	$7.6B	$7.8B	$7.8B
Other policyholder funds	$1.0B	$995.7M	$916.0M	$954.0M
Other liabilities	$374.0M	$312.3M	$287.1M	$297.0M
Long-term debt	$593.4M	$547.0M	$546.0M	$249.0M
Separate Account variable annuity liabilities	$4.2B	$3.7B	$3.3B	$2.8B
Total liabilities	$13.8B	$13.2B	$12.9B	$12.4B
Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued	0	0	0	0
Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2025, 67,323,929; 2024, 67,032,164	100.0K	100.0K	100.0K	100.0K
Additional paid-in capital	$538.8M	$525.2M	$510.9M	$502.6M
Retained earnings	$1.7B	$1.5B	$1.5B	$1.5B
Net unrealized investment losses on fixed maturity securities	($245.5M)	($357.4M)	($328.3M)	($356.9M)
Net reserve remeasurements attributable to discount rates	$93.4M	$110.9M	$21.9M	—
Net funded status of benefit plans	($2.5M)	($7.0M)	($7.6M)	($8.8M)
Treasury stock, at cost, 2025, 26,664,472 shares; 2024, 26,167,246 shares	-553.3M	-532.5M	-523.9M	-517.4M
Total shareholders' equity	$1.5B	$1.3B	$1.2B	$1.1B
Total liabilities and shareholders' equity	$15.3B	$14.5B	$14.0B	$13.4B

HORACE MANN EDUCATORS CORP /DE/ balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2026, $6,125.5; 2025, $6,026.7)	$5.8B	$5.8B	$5.7B	$5.5B
Equity securities at fair value, (cost 2026, $56200000 and 2025, $56220000)	$40.3M	$40.6M	$44.3M	$58.3M
Limited partnership interests (Carried Under Fair Value Option, 2026, $26900000 and 2025, $0)	$1.1B	$1.1B	$1.1B	$1.1B
Policy loans	$136.3M	$136.7M	$138.5M	$139.0M
Short-term investments	$184.8M	—	—	—
Other investments	$116.7M	—	—	—
Total investments	$7.3B	$7.2B	$7.3B	$7.0B
Cash	$46.2M	$20.9M	$46.7M	$40.9M
Deferred policy acquisition costs	$358.2M	$357.3M	$358.3M	$351.4M
Reinsurance balances receivable	$409.2M	$421.5M	$423.1M	$403.7M
Deposit asset on reinsurance	$2.3B	$2.4B	$2.4B	$2.4B
Intangible assets	$134.4M	$137.9M	$145.1M	$148.6M
Goodwill	$54.3M	$54.3M	$54.3M	$54.3M
Other assets	$440.8M	$414.3M	$433.6M	$412.9M
Separate Account variable annuity assets	$4.5B	$4.0B	$4.1B	$3.9B
Total assets	$15.6B	$15.0B	$15.5B	$14.7B
Future policy benefit reserves	$1.6B	$1.6B	$1.6B	$1.6B
Policyholders' account balances	$5.0B	$5.1B	$5.1B	$5.1B
Unpaid claims and claim expenses	$587.8M	$573.8M	$564.1M	$576.6M
Unearned premiums	$369.1M	$363.1M	$378.4M	$351.0M
Total policy liabilities	$7.6B	$7.6B	$7.7B	$7.6B
Other policyholder funds	$1.1B	$1.1B	$1.0B	$1.0B
Other liabilities	$376.3M	$309.6M	$399.7M	$323.0M
Long-term debt	$594.2M	$593.8M	$842.9M	$547.5M
Separate Account variable annuity liabilities	$4.5B	$4.0B	$4.1B	$3.9B
Total liabilities	$14.1B	$13.5B	$14.0B	$13.4B
Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued	0	0	0	0
Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2026, 67,580,562; 2025, 67,323,929	100.0K	100.0K	100.0K	100.0K
Additional paid-in capital	$544.0M	$538.7M	$535.8M	$530.4M
Retained earnings	$1.7B	$1.7B	$1.6B	$1.6B
Net unrealized investment losses on fixed maturity securities	($281.9M)	($288.8M)	($250.8M)	($309.9M)
Net reserve remeasurements attributable to discount rates	$110.0M	$116.1M	$79.4M	$99.8M
Net funded status of benefit plans	($2.5M)	($2.5M)	($7.0M)	($7.0M)
Treasury stock, at cost, 2026, 27,086,418 shares; 2025, 26,664,472 shares	-571.5M	-571.6M	-546.4M	-539.6M
Total shareholders’ equity	$1.5B	$1.5B	$1.4B	$1.4B
Total liabilities and shareholders’ equity	$15.6B	$15.0B	$15.5B	$14.7B

Cash flow statement

HORACE MANN EDUCATORS CORP /DE/ cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$162.1M	$102.8M	$45.0M	($2.6M)
Net investment losses	$13.0M	$17.3M	$24.0M	$56.5M
Depreciation and intangible asset amortization	$27.1M	$26.4M	$26.2M	$27.6M
Share-based compensation expense	$10.2M	$9.9M	$9.5M	$8.9M
Loss (gain) from equity method investments, net of dividends or distributions	($5.0M)	$35.5M	($14.5M)	$18.2M
Insurance liabilities	$125.3M	$82.8M	$186.7M	$440.5M
Amounts due under reinsurance agreements	$5.8M	$55.7M	($12.5M)	($348.2M)
Income tax liabilities	$2.1M	$28.2M	($15.0M)	($17.1M)
Other operating assets and liabilities	$219.1M	$101.4M	$53.9M	($28.1M)
Contributions to defined benefit plan	($3.8M)	($1.4M)	—	—
Other, net	($2.7M)	($6.5M)	($1.2M)	$11.0M
Net cash provided by operating activities	$553.2M	$452.1M	$302.1M	$171.5M
Fixed maturity securities purchases	($1.3B)	($1.2B)	($596.7M)	($1.0B)
Fixed maturity securities sales	$465.5M	$380.3M	$377.6M	$752.0M
Fixed maturity securities maturities, paydowns, calls and redemptions	$689.5M	$539.7M	$291.9M	$496.8M
Equity securities purchases	($2.3M)	($4.5M)	($2.5M)	($5.2M)
Equity securities sales, calls, and repayments	$23.3M	$16.3M	$18.7M	$12.0M
Limited partnership interests purchases	($68.8M)	($74.8M)	($207.2M)	($356.4M)
Limited partnership interests sales	$98.8M	$119.5M	$41.4M	$66.6M
Change in short-term and other investments, net	($100.5M)	$42.0M	($39.8M)	—
Other, net	($9.8M)	$7.2M	$9.2M	$30.4M
Net cash used in investing activities	($252.1M)	($135.8M)	($107.4M)	($214.6M)
Dividends paid to shareholders	($57.1M)	($55.5M)	($53.9M)	($52.6M)
Proceeds from issuance of Senior Notes	$295.2M	—	—	—
Principal repayment on Senior Notes	($250.0M)	—	—	—
Principal repayment on Revolving Credit Facility	$0	$0	($249.0M)	—
Treasury stock acquired	($20.8M)	($8.6M)	($6.5M)	($24.0M)
Proceeds from exercise of stock options	$5.3M	$5.1M	—	$0
Withholding tax payments on RSUs tendered	($3.4M)	($1.8M)	($1.8M)	($2.4M)
Deposits	$1.0B	$796.1M	$787.6M	$636.5M
Benefits, withdrawals and net transfers to Separate Account variable annuity assets	($640.1M)	($637.0M)	($604.7M)	($472.2M)
Repayment of FHLB funding agreements	($509.5M)	($270.0M)	($189.5M)	($149.0M)
Life policy accounts deposits, withdrawals, and surrenders	$19.6M	$11.7M	$8.6M	$11.5M
Change in deposit asset on reinsurance	($161.6M)	($162.4M)	($123.6M)	($67.0M)
Net increase (decrease) in reverse repurchase agreements	($12.0M)	$12.0M	($70.2M)	$70.2M
Change in book overdrafts	($5.7M)	$2.5M	($2.5M)	$9.9M
Net cash used in financing activities	($311.7M)	($307.9M)	($207.8M)	($47.8M)
Net increase (decrease) in cash	($10.6M)	$8.4M	($13.1M)	($90.9M)
Cash at beginning of year	$38.1M	$29.7M	$42.8M	$133.7M
Cash at end of year	$27.5M	$38.1M	$29.7M	$42.8M

HORACE MANN EDUCATORS CORP /DE/ cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$82.8M	$41.2M	$125.9M	$67.6M
Net investment (gains) losses	$2.3M	$2.2M	$5.9M	$9.2M
Depreciation and intangible asset amortization	$13.4M	$6.7M	$20.4M	$13.6M
Share-based compensation expense	$4.6M	$2.2M	$7.6M	$5.2M
Loss (gain) from equity method investments, net of dividends or distributions	$1.9M	($1.9M)	($4.2M)	($2.4M)
Insurance liabilities	$73.6M	$12.6M	$103.7M	$75.9M
Amounts due under reinsurance agreements	$9.8M	($2.5M)	$1.8M	$21.1M
Income tax liabilities	($17.3M)	$6.8M	($700.0K)	($8.1M)
Other operating assets and liabilities	$114.9M	($1.4M)	$163.3M	$86.2M
Contributions to defined benefit plan	$0	$0	($700.0K)	($400.0K)
Other, net	($1.0M)	($4.6M)	$300.0K	$4.2M
Net cash provided by operating activities	$285.0M	$61.3M	$423.3M	$272.1M
Fixed maturity securities purchases	($641.5M)	($329.0M)	($912.6M)	($446.5M)
Fixed maturity securities sales	$231.6M	$93.8M	$283.0M	$129.9M
Fixed maturity securities maturities, paydowns, calls and redemptions	$317.1M	$117.0M	$478.7M	$314.3M
Equity securities purchases	($6.9M)	($5.7M)	($2.2M)	($1.3M)
Equity securities sales, calls and repayments	$0	—	$22.4M	$6.3M
Limited partnership interests purchases	($43.6M)	($6.4M)	($45.5M)	($33.6M)
Limited partnership interests sales	$43.2M	$23.7M	$33.2M	$19.5M
Change in short-term and other investments, net	$18.7M	$124.7M	($84.5M)	($65.3M)
Other, net	($5.3M)	($1.9M)	($7.1M)	$4.7M
Net cash used in investing activities	($86.7M)	$16.2M	($234.6M)	($72.0M)
Dividends paid to shareholders	($29.1M)	($14.6M)	($42.9M)	($28.6M)
Treasury stock acquired	($18.2M)	($18.3M)	($13.9M)	($7.1M)
Proceeds from exercise of stock options	$3.7M	$500.0K	$5.3M	$1.4M
Withholding tax payments on RSUs and options tendered	($4.0M)	($3.1M)	($3.4M)	($2.1M)
Deposits	$897.9M	$649.0M	$896.6M	$576.2M
Benefits, withdrawals and net transfers to Separate Account variable annuity assets	($313.4M)	($140.3M)	($451.8M)	($309.8M)
Repayment of FHLB funding agreements	($659.5M)	($532.0M)	($499.5M)	($354.5M)
Life policy accounts deposits, withdrawals, and surrenders	$11.3M	$5.1M	$12.3M	$8.2M
Change in deposit asset on reinsurance	($71.4M)	($31.0M)	($103.7M)	($70.4M)
Net increase (decrease) in reverse repurchase agreements	$0	$0	($12.0M)	($12.0M)
Change in book overdrafts	$3.1M	$600.0K	($7.3M)	$1.4M
Net cash used in financing activities	($179.6M)	($84.1M)	$75.7M	($197.3M)
Net increase in cash	$18.7M	($6.6M)	$264.4M	$2.8M
Cash at beginning of period	$27.5M	$27.5M	$38.1M	$38.1M
Cash at end of period	$46.2M	$20.9M	—	$40.9M

HORACE MANN EDUCATORS CORP /DE/ score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.