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Non-Tech : HMN -- A poor man's GEICO? -- Ignore unavailable to you. Want to Upgrade?

To: Duker who wrote (18)	4/25/1999 7:31:00 AM
From: Duker	Read Replies (1) \| Respond to of 72

HMN mention in the Barron's cover story this weekend ... here is the excerpt ... pretty nice article (though the mention of HMN seemed only like an afterthought) ... Horace Mann Educators, a firm that sells insurance and annuity products to teachers, primarily in non-urban areas, generates more than half its profits from auto insurance. It has an efficient operating structure, solid margins and an enviable customer base. Teachers, it appears, tend to be conservative drivers. The company is relatively insulated from competition because its rates already are quite low. These attributes haven't helped the company's stock, which has fallen 35% in the past year to 23, 11 times projected 1999 profits. The company seems to believe its stock is undervalued. It repurchased more than 5% of its shares in 1998 and is expected to acquire a similar amount this year. Credit Suisse First Boston analyst Gates says the stock could hit 30 in the next year. --Duker