HORACE MANN EDUCATORS CORP /DE/
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
HMN$53.69+1.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows - operating activities | |||
| Net income | $162.1 | $102.8 | $45.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net investment losses | 13.0 | 17.3 | 24.0 |
| Depreciation and intangible asset amortization | 27.1 | 26.4 | 26.2 |
| Share-based compensation expense | 10.2 | 9.9 | 9.5 |
| Loss (gain) from equity method investments, net of dividends or distributions | (5.0) | 35.5 | (14.5) |
| Changes in: | |||
| Insurance liabilities | 125.3 | 82.8 | 186.7 |
| Amounts due under reinsurance agreements | 5.8 | 55.7 | (12.5) |
| Income tax liabilities | 2.1 | 28.2 | (15.0) |
| Other operating assets and liabilities | 219.1 | 101.4 | 53.9 |
| Contributions to defined benefit plan | (3.8) | (1.4) | — |
| Other, net | (2.7) | (6.5) | (1.2) |
| Net cash provided by operating activities | 553.2 | 452.1 | 302.1 |
| Cash flows - investing activities | |||
| Fixed maturity securities purchases | (1,347.8) | (1,161.5) | (596.7) |
| Fixed maturity securities sales | 465.5 | 380.3 | 377.6 |
| Fixed maturity securities maturities, paydowns, calls and redemptions | 689.5 | 539.7 | 291.9 |
| Equity securities purchases | (2.3) | (4.5) | (2.5) |
| Equity securities sales, calls, and repayments | 23.3 | 16.3 | 18.7 |
| Limited partnership interests purchases | (68.8) | (74.8) | (207.2) |
| Limited partnership interests sales | 98.8 | 119.5 | 41.4 |
| Change in short-term and other investments, net | (100.5) | 42.0 | (39.8) |
| Other, net | (9.8) | 7.2 | 9.2 |
| Net cash used in investing activities | (252.1) | (135.8) | (107.4) |
| Cash flows - financing activities | |||
| Dividends paid to shareholders | (57.1) | (55.5) | (53.9) |
| Proceeds from issuance of Senior Notes | 295.2 | — | 297.7 |
| Principal repayment on Senior Notes | (250.0) | — | — |
| Principal repayment on Revolving Credit Facility | — | — | (249.0) |
| Treasury stock acquired | (20.8) | (8.6) | (6.5) |
| Proceeds from exercise of stock options | 5.3 | 5.1 | — |
| Withholding tax payments on RSUs tendered | (3.4) | (1.8) | (1.8) |
| Annuity contracts: variable, fixed and FHLB funding agreements | |||
| Deposits | 1,028.4 | 796.1 | 787.6 |
| Benefits, withdrawals and net transfers to Separate Account variable annuity assets | (640.1) | (637.0) | (604.7) |
| Repayment of FHLB funding agreements | (509.5) | (270.0) | (189.5) |
| Life policy accounts deposits, withdrawals, and surrenders | 19.6 | 11.7 | 8.6 |
| Change in deposit asset on reinsurance | (161.6) | (162.4) | (123.6) |
| Net increase (decrease) in reverse repurchase agreements | (12.0) | 12.0 | (70.2) |
| Change in book overdrafts | (5.7) | 2.5 | (2.5) |
| Net cash used in financing activities | (311.7) | (307.9) | (207.8) |
| Net increase (decrease) in cash | (10.6) | 8.4 | (13.1) |
| Cash at beginning of year | 38.1 | 29.7 | 42.8 |
| Cash at end of year | $27.5 | $38.1 | $29.7 |
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