Financials
HORACE MANN EDUCATORS CORPORATION
Highlights and Digest of Earnings
Dollars in Millions, Except Per Share Data
Quarter Ended
HIGHLIGHTS March 31,
Operations 1999 1998 % Change
Insurance premiums written
and contract deposits
Core lines $193.5 $192.6 0.5%
Total 198.1 197.0 0.6%
Operating income (1) 19.1 18.4 3.8%
Return on equity (2) 16.2% 18.4%
Property & Casualty statutory
combined ratio 95.2% 94.1%
Property & Casualty statutory
combined ratio before
catastrophes 93.3% 90.9%
Agents 1,098 1,033 6.3%
Per Share
Operating income (1)
Basic $0.46 $0.41 12.2%
Diluted $0.45 $0.41 9.8%
Operating income before
amortization of intangible
assets - diluted $0.48 $0.44 9.1%
Dividends paid $0.0925 $0.08 15.6%
Book value (3) $11.40 $11.54 -1.2%
Financial Position
Total assets $4,402.6 $4,358.4 1.0%
Long-term debt 99.6 99.6
Total shareholders' equity 473.0 508.1 -6.9%
(1) Net income before the after tax impact of realized investment
gains and losses.
(2) Based on 12-month net income and average quarter-end
shareholders' equity. (3) Before the FAS 115 market value
accounting for investments, book value per share was $10.56 at
March 31, 1999 and $10.28 at March 31, 1998. Ending shares
outstanding were 41,506,444 at March 31, 1999, 42,091,094 at
December 31, 1998 and 44,044,744 at March 31, 1998.
HORACE MANN EDUCATORS CORPORATION
Highlights and Digest of Earnings
Dollars in Millions, Except Per Share Data
Quarter Ended
March 31,
1999 1998 % Change
DIGEST OF EARNINGS
Net income $17.1 $22.5 -24.0%
Earnings per share:
Basic $0.41 $0.51 -19.6%
Diluted $0.40 $0.50 -20.0%
HORACE MANN EDUCATORS CORPORATION
Statements of Operations and Earnings Per Share
Dollars in Millions, Except Per Share Data
Quarter Ended
March 31,
Statements of Operations 1999 1998 % Change
Insurance premiums written
and contract deposits $198.1 $197.0 0.6%
Insurance premiums and
contract charges earned $146.2 $141.2 3.5%
Net investment income 46.9 48.5
Realized investment gains (losses) (3.1) 6.4
Total revenues 190.0 196.1
Benefits, claims and
settlement expenses 101.3 97.4
Interest credited 23.1 24.1
Policy acquisition expenses
amortized 10.7 11.4
Operating expenses 25.7 27.3
Amortization of intangible assets 1.7 1.8
Interest expense 2.5 2.4
Total benefits, losses
and expenses 165.0 164.4
Income before income taxes 25.0 31.7
Income tax expense 7.9 9.2
Net income $17.1 $22.5 -24.0%
Operating income (1) $19.1 $18.4 3.8%
(1) Net income before the after tax impact of realized investment
gains and losses.
HORACE MANN EDUCATORS CORPORATION
Statements of Operations and Earnings Per Share
Dollars in Millions, Except Per Share Data
Quarter Ended
March 31,
Earnings Per Share 1999 1998 % Change
Diluted
Operating income (1) $0.45 $0.41 9.8%
Realized investment gains
(losses) ($0.05) $0.09
Net income $0.40 $0.50 -20.0%
Common and equivalent shares -
weighted average 42.3 45.0
(1) Net income before the after tax impact of realized investment
gains and losses.
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