Financials:
HORACE MANN EDUCATORS CORPORATION
Highlights and Digest of Earnings
Quarter Ended
December 31,
-------------------
1999 1998 % Change
------- ------- --------
(Dollars in Millions,
Except Per Share Data)
HIGHLIGHTS
----------
Operations
----------
Insurance premiums written
and contract deposits
Core lines $202.1 $202.5 -0.2%
Total 207.2 211.1 -1.8%
Operating income (1) 21.9 24.7 -11.3%
Property & Casualty statutory
combined ratio 93.5% 89.5%
Property & Casualty statutory
combined ratio before catastrophes 93.0% 87.3%
Per Share
---------
Operating income (1)
Basic $0.53 $0.57 -7.0%
Diluted $0.53 $0.57 -7.0%
Operating income before
amortization of intangible
assets - diluted $0.45 $0.59 -23.7%
Dividends paid $0.1050 $0.0925 13.5%
DIGEST OF EARNINGS
------------------
Net income $22.5 $22.3 0.9%
Earnings per share:
Basic $0.55 $0.52 5.8%
Diluted $0.54 $0.52 3.8%
(1) Net income before the after tax impact of realized investment
gains and losses, litigation settlement and provision for prior
years' taxes.
HORACE MANN EDUCATORS CORPORATION
Highlights and Digest of Earnings
Year Ended
December 31,
-------------------
1999 1998 % Change
------- ------- --------
(Dollars in Millions,
Except Per Share Data)
HIGHLIGHTS
----------
Operations
----------
Insurance premiums written
and contract deposits
Core lines $796.8 $799.0 -0.3%
Total 821.2 827.8 -0.8%
Operating income (1) 70.7 78.9 -10.4%
Return on equity (2) 10.0% 17.0%
Property & Casualty statutory
combined ratio 96.1% 93.6%
Property & Casualty statutory
combined ratio before catastrophes 92.2% 87.7%
Experienced agents 708 692 2.3%
Total agents 1,105 1,128 -2.0%
Per Share
---------
Operating income (1)
Basic $1.71 $1.82 -6.0%
Diluted $1.70 $1.80 -5.6%
Operating income before
amortization of intangible
assets - diluted $1.70 $1.90 -10.5%
Dividends paid $0.3825 $0.3325 15.0%
Book value (3) $9.86 $11.80 -16.4%
Financial Position
------------------
Total assets $4,261.4 $4,395.5 -3.1%
Long-term debt 99.7 99.6
Total shareholders' equity 404.4 496.6 -18.6%
DIGEST OF EARNINGS
------------------
Net income $44.5 $85.3 -47.8%
Earnings per share:
Basic $1.08 $1.97 -45.2%
Diluted $1.07 $1.95 -45.1%
(1) Net income before the after tax impact of realized investment
gains and losses, litigation settlement and provision for prior
years' taxes.
(2) Based on 12-month net income and average quarter-end
shareholders' equity.
(3) Before the market value adjustment for investments, book value
per share was $10.73 at December 31, 1999 and $10.44 at December
31, 1998. Ending shares outstanding were 41,033,157 at December
31, 1999 and 42,091,094 at December 31, 1998.
HORACE MANN EDUCATORS CORPORATION
Statements of Operations and Earnings Per Share
Quarter Ended
December 31,
-------------------
1999 1998 % Change
------- ------- --------
(Dollars in Millions,
Except Per Share Data)
Statements of Operations
------------------------
Insurance premiums written
and contract deposits $207.2 $211.1 -1.8%
Insurance premiums and
contract charges earned $151.0 $148.7 1.5%
Net investment income 47.8 47.2
Realized investment gains (losses) 0.9 (3.7)
Total revenues 199.7 192.2
Benefits, claims and
settlement expenses 100.2 95.0
Interest credited 22.8 23.4
Policy acquisition expenses amortized 16.5 11.4
Operating expenses 29.9 28.8
Amortization of intangible assets (4.9) 1.3
Interest expense 2.4 2.4
Litigation settlement 0.1 -
Total benefits, losses and expenses 167.0 162.3
Income before income taxes 32.7 29.9
Income tax expense 10.2 7.6
Provision for prior years' taxes - -
Net income $22.5 $22.3 0.9%
Operating income (1) $21.9 $24.7 -11.3%
Earnings Per Share
------------------
Diluted
Operating income (1) $0.53 $0.57 -7.0%
Realized investment gains (losses) $0.01 ($0.05)
Litigation settlement - -
Provision for prior years' taxes - -
Net income $0.54 $0.52 3.8%
Common and equivalent shares -
weighted average 41.5 43.0
(1) Net income before the after tax impact of realized investment
gains and losses, litigation settlement and provision for prior
years' taxes.
HORACE MANN EDUCATORS CORPORATION
Statements of Operations and Earnings Per Share
Year Ended
December 31,
-------------------
1999 1998 % Change
------- ------- --------
(Dollars in Millions,
Except Per Share Data)
Statements of Operations
------------------------
Insurance premiums written
and contract deposits $821.2 $827.8 -0.8%
Insurance premiums and
contract charges earned $595.1 $577.8 3.0%
Net investment income 188.3 191.7
Realized investment gains (losses) (8.0) 9.9
Total revenues 775.4 779.4
Benefits, claims and
settlement expenses 416.2 396.3
Interest credited 91.6 94.8
Policy acquisition expenses amortized 53.0 45.5
Operating expenses 109.7 109.6
Amortization of intangible assets 0.2 6.9
Interest expense 9.7 9.5
Litigation settlement 1.6 -
Total benefits, losses and expenses 682.0 662.6
Income before income taxes 93.4 116.8
Income tax expense 28.9 31.5
Provision for prior years' taxes 20.0 -
Net income $44.5 $85.3 -47.8%
Operating income (1) $70.7 $78.9 -10.4%
Earnings Per Share
------------------
Diluted
Operating income (1) $1.70 $1.80 -5.6%
Realized investment gains (losses) ($0.13) $0.15
Litigation settlement ($0.02) -
Provision for prior years' taxes ($0.48) -
Net income $1.07 $1.95 -45.1%
Common and equivalent shares -
weighted average 41.7 43.8
(1) Net income before the after tax impact of realized investment
gains and losses, litigation settlement and provision for prior
years' taxes. |
