HORACE MANN EDUCATORS CORP /DE/

Outlook for 2026

The following discussion provides outlook information for our results of operations and capital position.

Consolidated Results

At the time of issuance of this Annual Report on Form 10-K, we estimate that 2026 full year core income will be within a range of $4.20 to $4.50 per diluted share, generating a core return on equity* of 11%+. These results anticipate the following:

•Property & Casualty segment target profitability of low-mid 90s Combined Ratio with ~$90 million of catastrophe losses

•Life & Retirement segment long-term target net interest spread between 220 and 230 bps and mortality in line with actuarial assumptions

•Supplemental & Group Benefits segment target blended benefit ratio of 39%

•Net investment income between $485 million and $495 million pre-tax, or $385-$395 million excluding the accreted investment income on the deposit asset on reinsurance in the Life & Retirement segment

•Approximately $35 million to $40 million in corporate Interest expense and other items included in results for the Corporate & Other segment

As described in Critical Accounting Estimates, certain of our significant accounting measurements require the use of estimates and assumptions. As additional information becomes available, adjustments may be required. Those adjustments are charged or credited to net income for the period in which the adjustments are made and may impact actual results compared to our estimates above. Additionally, see forward-looking information in Part I - Items 1 and 1A of this Annual Report on Form 10-K concerning other important factors that could impact actual results. Our projections do not include a forecast of net investment gains (losses), which can vary substantially from one period to another and may have a significant impact on net income.

Core income and core return on equity are non-GAAP financial measures. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most directly comparable GAAP measures without unreasonable effort because certain items, including net investment gains (losses), changes in market risk benefits, and other market-driven items, are inherently uncertain and difficult to predict. These items could be material to our results in accordance with U.S. GAAP.