Q3 2024 Horace Mann Educators Corp Earnings Call Transcript
Key Points
- Horace Mann Educators Corp (HMN) reported a 73% increase in third-quarter core earnings per diluted share, reaching $0.76, aligning with mid-year guidance.
- Revenues increased by 9%, with double-digit sales growth in auto, life, and individual supplemental lines.
- The company achieved significant improvements in underlying loss ratios for both auto and property segments, with an 8.2 point and 20.4 point improvement, respectively.
- Horace Mann Educators Corp (HMN) maintained strong policyholder retention rates in both auto (86.6%) and property (90.1%) segments despite significant rate actions.
- The company continues to expand its agency force and digital capabilities, resulting in a 50% increase in online quote activity.
- Hurricane Helene caused $22.5 million in damages, adding 12 points to the combined ratio, although the company remained profitable.
- The life and retirement segment saw a decrease in core earnings due to lower net interest margins.
- The supplemental and group benefits segment experienced a 6% decrease in core earnings due to a higher blended benefits ratio.
- Net investment income declined by 5% in the third quarter, with limited partnership portfolio income negatively impacted by some equity-related funds.
- The company faces challenges in maintaining growth in the employer-sponsored benefits segment due to variability in case sizes.
Good day and welcome to the Horseman educators third quarter, 2024 investor call.
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Please note this event is being recorded.
I would now like to hand the call to Brendan Duall, Vice President of Investor Relations. Please go ahead.
Thank you. Welcome to Horace Mann's discussion of our third quarter results. Yesterday, we issued our earnings release 10-Q investor supplement and investor presentation. Copies are available on the investors page on our website, Marita Zuraitis, President and Chief Executive Officer and Ryan Grier, executive Vice President and Chief Financial
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