Q1 2025 Horace Mann Educators Corp Earnings Call Transcript
Key Points
- Horace Mann Educators Corp (HMN) reported a record first quarter core EPS of $1.07, a 73% increase over the prior year.
- The property and casualty segment showed strong performance with a combined ratio of 89.4%, a 10.5% improvement over the prior year.
- Total net investment income increased by 10% over the prior year, driven by higher limited partnership returns and strong fixed income portfolio performance.
- First quarter sales were robust, with individual supplemental sales up 61%, auto sales up 8%, and annuity net contract deposits up 6%.
- The company increased its annual dividend by 3%, marking the 17th consecutive year of dividend increases, and continued its share repurchase program.
- Earnings in the life and retirement segment were below the prior year, primarily due to higher mortality rates.
- The company experienced a marginal impact on auto new business due to cumulative rate increases in California.
- Catastrophe losses were slightly above the prior year, with significant impact from California wildfires.
- Household retention in the auto segment decreased slightly to 84%, in line with expectations.
- The commercial mortgage loan funds underperformed in the life and retirement segment, affecting earnings.
Good day and welcome to the Horace Mann Educator's first quarter 2025 investors call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions.
You ask a question, you may press then 1 on your telephone keypad. To withdraw your question, please press 2. Please note this event is being recorded.
I would now like to turn the conference over to Brendan DeWall, Vice President, Investor relations. Please go ahead.
Thank you. Welcome to Horace Mann's discussion of our first quarter of 2025 results.
Yesterday, we issued our earnings release, 10Q investor supplement, and investor presentation. Copies are available on the investors page of our website.
Marita Zuraitis, President and Chief Executive Officer, and Ryan Greenier, executive Vice President and Chief Financial Officer, will
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