HORACE MANN EDUCATORS CORP /DE/
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
HMN$53.25+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0000850141-26-000021
Item 2. I Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)IntroductionCorporate StrategyConsolidated Financial HighlightsConsolidated Results of OperationsOutlook for 2026Application of Critical Accounting EstimatesResults of Operations by SegmentProperty & CasualtyLife & RetirementSupplemental & Group BenefitsCorporate & OtherInvestment ResultsLiquidity and Capital ResourcesCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0000850141-26-000033
Item 2. I Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)IntroductionCorporate StrategyConsolidated Financial HighlightsConsolidated Results of OperationsOutlook for 2026Application of Critical Accounting EstimatesResults of Operations by SegmentProperty & CasualtyLife & RetirementSupplemental & Group BenefitsCorporate & OtherInvestment ResultsLiquidity and Capital ResourcesThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 161 previous paragraphs and 162 current paragraphs.
96 unchanged; 57 reworded; 9 added; 6 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 39 previous and 39 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
•Higher benefits in Life were offset bya favorable market risk benefit adjustment in Retirement
Current report
(1) In the second quarter of 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. See additional disclosure contained in Note 1 of the June 30, 2026 Form 10-Q.
Current report
Life & Retirement segment net income for the three and six months ended June 30, 2026, was $20.1 million and $27.2 million, increases of 0.5% and 1.5%, respectively. Life benefits increased $7.5 million and $3.6 million for the three and six months periods related to the LDTI reserve change. Retirement benefits decreased $4.4 million and $4.3 million for the three and six months, respectively due to a favorable market risk benefit adjustment primarily driven by favorable market performance.
Current report
The quarterly net spread increased 35 basis points primarily due to higher returns in the fixed-income portfolios. Excluding the reduction in net investment income due to an immaterial out-of-period correction of an error of $6.7 million ($5.3 million after tax) in the second quarter of 2025, net investment income decreased $0.4 million and $2.5 million for the three and six months ended June 30, 2026.
Current report
(1) In the second quarter of 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. See additional disclosure contained in Note 1 of the June 30, 2026 Form 10-Q.
Current report
Supplemental & Group Benefits segment net income for the three and six months ended June 30, 2026, of $8.5 million and $18.4 million, was up $0.6 million and down $0.7 million, respectively. The Individual Supplemental benefits ratio was modestly higher, 1.5 points and 1.8 points for the three and six months ended due to higher utilization consistent with our long-term expectations. The Group Benefits benefits ratio increased 17.4 points and 7.8 points for the three and six months ended driven by strong growth momentum, particular within our Paid Family Medical Leave enhancement.
Current report
Excluding the reduction in net investment income due to an immaterial out-of-period correction of an error of $3.5 million ($2.8 million after tax) in the second quarter 2025, net investment income decreased $0.2 million and $0.7 million for the three and six months ended June 30, 2026.
Current report
For the three and six months ended June 30, 2026, the net results increased $2.2 million and decreased $6.0 million, respectively. The change in revenues is driven by net investment income increasing $3.2 million for the quarter due to higher returns from limited partnerships and decreasing $2.3 million for the year, reflecting lower contributions from limited partnerships compared to a particularly strong prior-year period. Lower net investment losses were due toroutine portfolio management activities, including lower impairment losses.
Current report
Operating expenses increased $9.1 million and $15.6 million for the three and six months ended June 30, 2026, respectively. The increase included $6.7 million and $13.7 million for the three and six months ended June 30, 2026, respectively related to our voluntary Early Retirement Offering. In addition, the segment incurred $2.5 million of acquisition related expenses that impacted both the quarterly and year to date comparisons.
Removed paragraphs (6)
Previous report
•Benefits expense in Life decreased related to favorable mortality costs
Previous report
Life & Retirement segment net income for the three months ended March 31, 2026 of $7.1 million was up 4.4%, primarily due to favorable benefits in the Life segment and higher premiums and contract charges earned and other income offset by lower net interest spread in the Retirement segment. Life benefits reflected favorable mortality charges which remain within our expected actuarial range. The net spread decrease reflects lower net investment income related to our limited partnerships with higher interest credited due to higher interest credited rates and FHLB interest compared to 2025.
Previous report
•Higher operating expenses due to investment in growth
Previous report
Supplemental & Group Benefits segment net income for the three months ended March 31, 2026 of $9.9 million was down $1.3 million. The Individual Supplemental benefits ratio increased 2.1 points due to higher utilization consistent with our long-term expectations. The Group Benefits benefits ratio decreased 1.4 points due to higher premiums driven by higher sales*. Operating expense increase reflects inflation and investments being made in growth initiatives and infrastructure.
Previous report
For the three months ended March 31, 2026, the net results decreased $8.2 million due to higher other operating expenses related to our voluntary Early Retirement Offering of $7.0 million and lower net investment income related to limited partnerships.
Reworded paragraphs (57)
Previous wording
Measures within this MD&A that are not based on accounting principles generally accepted in the United States of America (non-GAAP) are marked with an asterisk (*) the first time they are presented within this Part I - Item 2. An explanation of these measures is contained in the Glossary of Selected Terms included as Exhibit 99.1 to this Quarterly Report on Form 10-Q and are reconciled to the most directly comparable measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) in the Appendix to the Company's First Quarter 2026 Investor Supplement.
Current wording
Measures within this MD&A that are not based on accounting principles generally accepted in the United States of America (non-GAAP) are marked with an asterisk (*) the first time they are presented within this Part I - Item 2. An explanation of these measures is contained in the Glossary of Selected Terms included as Exhibit 99.1 to this Quarterly Report on Form 10-Q and are reconciled to the most directly comparable measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) in the Appendix to the Company's Second Quarter 2026 Investor Supplement.
Previous wording
Our vision is to be the company of choice to provide insurance and financial solutions for all educators and others who serve their communities, whether they engage with Horace Mann directly or through their district/employer. We believe the unique value of Horace Mann is providing solutions tailored for educators at each stage of their lives, empowering them to achieve lifelong financial success. Our motivation stems from our gratitude for educators: They are looking after our children's futures, and we believe they deserve someone to
Current wording
Our vision is to be the company of choice to provide insurance and financial solutions for all educators and others who serve their communities, whether they engage with Horace Mann directly or through their district/employer. We believe the unique value of Horace Mann is providing solutions tailored for educators at each stage of their lives, empowering them to achieve lifelong financial success. Our motivation stems from our gratitude for educators: They are looking after our children's futures, and we believe they deserve someone to look after theirs. Our commitment to having a positive impact on our customers' lives extends to all our corporate stakeholders, including employees, agents, investors and the communities where we live and work.
Previous wording
For the three months ended March 31, 2026, net income increased $3.0 million primarily due to improved Property & Casualty segment results reflecting the impact of improved underlying results and lower catastrophe losses.
Current wording
For the three and six months ended June 30, 2026, net income increased $12.2 million and $15.2 million, respectively, primarily due to improved Property & Casualty segment results reflecting the impact of improved underlying results and lower catastrophe losses.
Previous wording
For the three months ended March 31, 2026, net premiums and contract charges earned increased $14.7 million as the Property & Casualty segment had higher sales* in the Property business lines and the Company sees strong growth in our Supplemental and Group Benefits segment.
Current wording
For the three and six months ended June 30, 2026, net premiums and contract charges earned increased $14.3 million and $29.0 millionas the Property & Casualty segment had higher sales* in the Property business lines and the Company experienced strong growth in our Supplemental and Group Benefits segment.
Previous wording
For the three months ended March 31, 2026, total net investment income decreased $5.2 million. The decrease for the quarter is primarily due to lower returns from our limited partnership funds. The annualized investment yield on the portfolio excluding limited partnership interests* was as follows:
Current wording
For the three and six months ended June 30, 2026, total net investment income increased $9.7 million and $4.5 million. The increase for the quarter is primarily due tocontinued strong returns from our fixed income portfolio. The annualized investment yield on the portfolio excluding limited partnership interests* was as follows:
Previous wording
During the three months ended March 31, 2026, we continued to identify and purchase investments with attractive risk-adjusted yields relative to market conditions without venturing into asset classes or individual securities that would be inconsistent with our overall investment guidelines. The Company continues to deploy capital in accordance with its strategic asset allocation framework, with the objective of maintaining diversification while balancing risk and return. Investments are allocated across public and private fixed income strategies, commercial mortgage loan funds, and limited partnership interests based on relative value considerations, portfolio capacity, and income objectives.
Current wording
During the three and six months ended June 30, 2026, we continued to identify and purchase investments with attractive risk-adjusted yields relative to market conditions without venturing into asset classes or individual securities that would be inconsistent with our overall investment guidelines. The Company continues to deploy capital in accordance with its strategic asset allocation framework, with the objective of maintaining diversification while balancing risk and return. Investments are allocated across public and private fixed income strategies, commercial mortgage loan funds, and limited partnership interests based on relative value considerations, portfolio capacity, and income objectives.
Previous wording
For the three months ended March 31, 2026, total net investment losses decreased by $1.1 million. The breakdown of net investment gains (losses) by transaction type were as follows:
Current wording
For the three and six months ended June 30, 2026, total net investment losses decreased by $5.8 million and $6.9 million, respectively. The breakdown of net investment gains (losses) by transaction type were as follows:
Previous wording
For the three months ended March 31, 2026, other income increased $2.3 million.
Current wording
For the three and six months ended June 30, 2026, other income increased $2.0 million and $4.3 million, respectively.
Previous wording
For the three months ended March 31, 2026, benefits, claims and settlement expenses decreased $6.8 million due to lower catastrophe losses and underlying losses in the Property & Casualty segment as well as lower Life benefits due to favorable mortality compared to prior year.
Current wording
For the three and six months ended June 30, 2026, benefits, claims and settlement expenses increased $2.8 million and decreased $4.0 million, primarily due to the Property & Casualty segment having lower catastrophe and underlying losses while the Supplemental and Group Benefits segment benefits increased due to higher utilization.
Previous wording
For the three months ended March 31, 2026, interest credited increased $1.0 million.
Current wording
For the three and six months ended June 30, 2026, interest credited increased $1.9 million and $2.9 million, respectively.
Previous wording
For the three months ended March 31, 2026, operating expenses increased $12.7 million, reflecting higher expenses related to our Early Retirement Offering in the Corporate & Other segment.
Current wording
For the three and six months ended June 30, 2026, operating expenses increased $11.6 million and $24.3 million, respectively, reflecting higher expenses related to our Early Retirement Offering and acquisition expenses in the Corporate & Other segment.
Previous wording
For the three months ended March 31, 2026, DAC amortization expense increased $2.7 million, primarily due to premium increases in the Property & Casualty segment driving higher commission and underwriting expenses which increase DAC asset levels.
Current wording
For the three and six months ended June 30, 2026, DAC amortization expense increased $2.1 million and $4.8 million, primarily due to premium increases in the Property & Casualty segment driving higher commission and underwriting expenses which increase DAC asset levels.
Previous wording
For the three months ended March 31, 2026, intangible asset amortization expense was flat with prior year.
Current wording
For the three and six months ended June 30, 2026, intangible asset amortization expense was flat with prior year.
Previous wording
For the three months ended March 31, 2026, interest expense increased $0.6 million due to an increase in the level of debt associated with the issuance of the 2025 Senior Notes that were used to repay the 2015 Senior Notes.
Current wording
For the three and six months ended June 30, 2026, interest expense increased $1.0 million and $1.6 million, respectively, due to an increase in the level of debt associated with the issuance of the 2025 Senior Notes that were used to repay the 2015 Senior Notes.
Previous wording
The effective income tax rate on our pretax income, including net investment gains (losses), was 17.9% and 19.6% for the three months ended March 31, 2026 and 2025, respectively. Income from investments in tax-advantaged securities reduced the effective income tax rates by 2.1 and 2.3 percentage points for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate was further reduced by 1.7 and 0.2 percentage points for the three months ended March 31, 2026 and 2025, respectively, as a result of purchases of transferable tax credits to be utilized on the federal income tax returns.
Current wording
The effective income tax rate on our pretax income, including net investment gains (losses), was 16.5% and 19.5% for the six months ended June 30, 2026 and 2025, respectively. Income from investments in tax-advantaged securities reduced the effective income tax rates by 1.5 and 2.4 percentage points for the six months ended June 30, 2026 and 2025, respectively. The effective tax rate was further reduced by 4.0 and 0.5 percentage points for the six months ended June 30, 2026 and 2025, respectively, as a result of purchases of transferable tax credits to be utilized on the federal income tax returns for the 2026 and 2025 tax years.
Previous wording
We record liabilities for uncertain tax filing positions where it is more likely than not that the position will not be sustainable upon audit by taxing authorities. These liabilities are reevaluated routinely and are adjusted appropriately based on changes in facts or law. We have no unrecorded liabilities from uncertain tax filing positions.
Current wording
We record liabilities for uncertain tax filing positions where it is more likely than not that the position will not be sustainable upon audit by taxing authorities. These liabilities are reevaluated routinely and are adjusted appropriately based on changes in facts or law. We have no unrecorded liabilities related to uncertain tax positions.
Previous wording
The following discussion provides outlook information for our results of operations and capital position.
Current wording
The following discussion provides forward-looking information for our results of operations and capital position.
Previous wording
At the time of issuance of this Quarterly Report on Form 10-Q, 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 over 11%+. These results anticipate the following:
Current wording
At the time of issuance of this Quarterly Report on Form 10-Q, we estimate that 2026 full year core income will be within a range of $4.60 to $4.90 per diluted share, generating a core return on equity* of over 12%+. These results anticipate the following:
Previous wording
•Property & Casualty segment target profitability of low-mid 90s Combined Ratio with ~$90 million of catastrophe losses
Current wording
•Property & Casualty segment target profitability of low-mid 90s Combined Ratio with ~$75 million of catastrophe losses
Previous wording
•Supplemental & Group Benefits segment target blended benefits ratio of 39%
Current wording
•Supplemental & Group Benefits segment target blended benefits ratio of ~42%
Previous wording
•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
Current wording
•Net investment income between $465 million and $475 million pre-tax, or $365-$375 million excluding the accreted investment income on the deposit asset on reinsurance in the Life & Retirement segment
Previous wording
•Higher net investment income driven by limited partnership portfolio
Current wording
•Lower net investment income for the quarter driven by limited partnership portfolio
Previous wording
The Property & Casualty segment three month net income of $39.0 million, as well as the three month combined ratio of 83.3%, reflected improved current year underlying results and catastrophe losses below prior year.
Current wording
The Property & Casualty segment three and six month net income of $25.8 million and $64.8 million, as well as the three month and six month combined ratio of 89.6% and 86.5%, reflected improved current year underlying results and catastrophe losses below prior year.
Previous wording
The current quarter reflects an increase in net premiums written* of 4.8%, with average written premiums* rising for both property and auto. Sales* were steady for the quarter, down 1.8% from the prior year, and household retention remains in line with expectations.
Current wording
The current quarter reflects an increase in net premiums written* of 0.1%, with average written premiums* rising for both property and auto. Sales* were lower for the quarter, down 3.6% from the prior year, and household retention remains in line with expectations.
Previous wording
The three month loss ratio decreased 5.2 points from last year reflecting higher average premiums and lower catastrophe losses. In addition, $5.0 million of net favorable prior years' reserve development for the three months reduced the loss ratio 2.5 points. Catastrophe losses for the quarter were $11.3 million, pretax, contributing 5.6 points to the combined ratio. In total, there were 21 events designated as catastrophes by Property Claims Services (PCS) in this year’s first quarter. The lower catastrophe losses are driven by lower frequency and severity of policyholder claims. In the first quarter of 2025, catastrophe losses were $16.4 million, pretax, contributing 8.5 points to the combined ratio, from 18 PCS events.
Current wording
The three and six month loss ratios decreased 7.1 and 6.2 points from last year reflecting higher average premiums and lower catastrophe losses. In addition, $6.6 million and $11.6 million of net favorable prior years' reserve development for the three and six months reduced the loss ratio 3.2 and 2.8 points, respectively. Catastrophe losses for the quarter were $24.2 million, pretax, contributing 11.8 points to the combined ratio. In total, there were 22 events designated as catastrophes by Property Claims Services (PCS) in this year’s second quarter. The lower catastrophe losses are driven by lower frequency and severity of policyholder claims. In the second quarter of 2025, catastrophe losses were $29.7 million, pretax, contributing 15.0 points to the combined ratio, from 20 PCS events.
Previous wording
The year-over-year increase in average written premiums* for auto policies in the first quarter was 5.4%, while retention remained stable. The first quarter auto underlying loss ratio* was 64.2%, improving 2.8 points from the prior year quarter, reflecting the benefit of higher average earned premium. The first quarter reported loss ratio benefited 2.5 points from favorable prior years' reserve development.
Current wording
The year-over-year increase in average written premiums* for auto policies in the second quarter was 2.8%, while retention remained stable. The second quarter auto underlying loss ratio* was 65.1%, improving 3.6 points from the prior year quarter, reflecting the benefit of higher average earned premium. The second quarter reported loss ratio benefited 1.6 points from favorable prior years' reserve development.
Previous wording
The year-over-year increase in average written premiums* for property policies was 8.6% in the first quarter, as rate increases and inflation adjustments to coverage values continue to take effect. Policyholder retention remains stable. The first quarter property and other underlying loss ratio* was 36.4%, a 0.1 point decrease from prior year reflecting the increase in average earned premium*. The first quarter reported loss ratio benefited 2.5 points from favorable prior years' reserve development.
Current wording
The year-over-year increase in average written premiums* for property policies was 7.4% in the second quarter, as rate increases and inflation adjustments to coverage values continue to take effect. Policyholder retention remains stable. The second quarter property and other underlying loss ratio* was 36.0%, a 1.4 point decrease from prior year reflecting the increase in average earned premium*. The second quarter reported loss ratio benefited 5.6 points from favorable prior years' reserve development.
Previous wording
•Higher premiums and contract charges earned and other income
Current wording
•Higher premiums and contract charges earned and other income in Retirement due to higher assets under administration
Previous wording
•Annualized quarterly net interest spread on fixed annuities down 37 basis points
Current wording
•Annualized quarterly net interest spread on fixed annuities up 35 basis points
Previous wording
For the Retirement business, net annuity contract deposits were down 5.5% for the quarter at $104.7 million primarily reflecting product mix and market conditions. Educators continue to begin their relationship with Horace Mann through 403(b) retirement savings products, which provide encouraging cross-sell opportunities. Average persistency rose from the prior period to 92.1%.
Current wording
For the Retirement business, net annuity contract deposits were down 2.4% for the quarter at $107.6 million primarily reflecting product mix and market conditions. Educators continue to begin their relationship with Horace Mann through 403(b) retirement savings products, which provide encouraging cross-sell opportunities. Average persistency rose from the prior period to 91.9%.
Previous wording
Horace Mann currently has $5.8 billion in annuity assets under management, including $2.2 billion of fixed annuities, $3.2 billion of variable annuities and $0.4 billion of fixed indexed annuities. Assets under administration, which includes Horace Mann Retirement Advantage® and other advisory and recordkeeping assets, were up due to the effect of equity market performance on assets.
Current wording
Horace Mann currently has $6.2 billion in retained annuity assets under management, including $2.2 billion of fixed annuities, $3.6 billion of variable annuities and $0.4 billion of fixed indexed annuities. Assets under administration, which includes Horace Mann Retirement Advantage® and other advisory and recordkeeping assets, were up due to the effect of equity market performance on assets.
Previous wording
Life annualized sales* were $2.8 million for the quarter. Persistency remains strong. Life insurance in force rose to $21.6 billion at quarter-end.
Current wording
Life annualized sales* were $3.0 million for the quarter. Persistency remains strong. Life insurance in force rose to $21.7 billion at quarter-end.
Previous wording
As a general guideline, based on our existing policies and investment portfolio, the impact from a 100 basis point decline in the average reinvestment rate would reduce Life & Retirement net investment income by approximately $2.1 million in year one, reducing the annualized net interest spread on fixed annuities by approximately 8 basis points, compared to the current period annualized net interest spread on fixed annuities.
Current wording
As a general guideline, based on our existing policies and investment portfolio, the impact from a 100 basis point decline in the average reinvestment rate would reduce Life & Retirement net investment income by approximately $2.1 million in year one, reducing the annualized net interest spread on fixed annuities by approximately 8 basis points, compared to the current period annualized net interest spread on fixed annuities. We could also consider potential changes in rates credited to policyholders, tempered by any restrictions on the ability to adjust policyholder rates due to guaranteed minimum crediting rates.
Previous wording
•Higher benefits ratio for Individual Supplemental
Current wording
•Higher benefits ratio for Individual Supplemental and Group Benefits
Previous wording
Total sales* for the three months ended March 31, 2026 increased $8.6 million due to our strategic investments to drive growth. Individual Supplemental products increased $0.6 million and Group Benefits products increased $8.0 million. Individual Supplemental sales increased 11.3% and Group Benefits sales increased 258.1%. Variability in sales between comparable periods is typical for Group Benefits given the relatively small scale and the longer sales cycle of this business. Persistency remains strong for the segment.
Current wording
Total sales* for the three and six months ended June 30, 2026 increased $2.5 million and $11.1 million due to our strategic investments to drive growth. Individual Supplemental products increased $0.3 million and $0.9 million and Group Benefits products increased $2.2 million and $10.2 million. Variability in sales between comparable periods is typical for Group Benefits given the relatively small scale and the longer sales cycle of this business. Persistency remains strong for the segment.
Previous wording
For the three months ended March 31, 2026, net investment income from our managed investment portfolio decreased $4.4 million, primarily due to lower returns in limited partnerships. The investment yield on the portfolio excluding limited partnership interests was 4.5%, with new money yields continuing to exceed portfolio yields in the core fixed maturity securities portfolio.
Current wording
For the three and six months ended June 30, 2026, net investment income from our managed investment portfolio increased $10.5 million and $6.1 million, primarily due to higher returns in the fixed-income portfolios. The investment yield on the portfolio excluding limited partnership interests was 4.6%, with new money yields continuing to exceed portfolio yields in the core fixed maturity securities portfolio.
Previous wording
For the three months ended March 31, 2026, pretax net investment losses decreased $1.1 million.
Current wording
For the three and six months ended June 30, 2026, pretax net investment losses decreased $5.8 million and $6.9 million, primarily due to lower net investment losses from routine portfolio management activities, including lower impairment losses.
Previous wording
Pretax net unrealized investment losses on fixed maturity securities as of March 31, 2026 increased $55.2 million, or 17.7%, compared to December 31, 2025, primarily due to an increase of 15 basis points in US Treasury rates and investment-grade credit spreads that were wider by 11 basis points.
Current wording
Pretax net unrealized investment losses on fixed maturity securities as of June 30, 2026 increased $46.4 million, or 14.9%, compared to December 31, 2025, primarily due to an increase of 30 basis points in US Treasury rates.
Previous wording
(1)The All other corporates category contains 22 additional industry sectors. Telecommunications, Manufacturing, Food and Beverage, Retail, Leisure and Entertainment represented $198.6 million of fair value at March 31, 2026, with the remaining 17 sectors each representing less than $29.1 million.
Current wording
(1)The All other corporates category contains 21 additional industry sectors. Natural Gas, Manufacturing, Entertainment, Food and Beverage, and Retail represented $223.7 million of fair value at June 30, 2026, with the remaining 16 sectors each representing less than $29.1 million.
Previous wording
(3)Holdings are geographically diversified, 41.8% are tax-exempt and 78.1% are revenue bonds tied to essential services, such as mass transit, water and sewer. The overall credit quality of the municipal bond portfolio was AA- at March 31, 2026.
Current wording
(3)Holdings are geographically diversified, 41.2% are tax-exempt and 77.4% are revenue bonds tied to essential services, such as mass transit, water and sewer. The overall credit quality of the municipal bond portfolio was AA- at June 30, 2026.
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Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
look after theirs. Our commitment to having a positive impact on our customers' lives extends to all our corporate stakeholders, including employees, agents, investors and the communities where we live and work.
Previous report — wording carried elsewhere
We could also consider potential changes in rates credited to policyholders, tempered by any restrictions on the ability to adjust policyholder rates due to guaranteed minimum crediting rates.