HORACE MANN EDUCATORS CORP /DE/
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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.
Sep 30, 2026 · Filed Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Property & Casualty
The Property & Casualty segment primarily markets private passenger auto insurance and residential home insurance. Horace Mann offers standard auto coverages, including liability, collision and comprehensive. Property coverage includes both homeowners and renters policies. For both auto and property coverage, Horace Mann offers educators a discounted rate and the Educator Advantage® package of features. The Property & Casualty segment represented 51% of total revenues in 2025.
Increases in average written premium per policy
Lower underlying loss ratio*
Favorable prior years' reserve development
| Horace Mann Educators Corporation | 48 | Third Quarter 2026 Form 10-Q |
|---|
The following table provides certain financial information for Property & Casualty for the periods indicated.
| ($ in millions, unless otherwise indicated) | Three Months EndedSeptember 30, | 2026-2025 | Nine Months EndedSeptember 30, | 2026-2025 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 · 2025 · % Change · 2026 · 2025 · % Change | |||||||||||
| Underwriting Results | |||||||||||
| Net premiums written* | $221.3 | $232.1 | -4.7% | $627.1 | $628.8 | -0.3% | |||||
| Net premiums earned | 207.1 | 204.7 | 1.2% | 615.6 | 594.7 | 3.5% | |||||
| Other income | 1.3 | 0.6 | 116.7% | 4.0 | 2.6 | 53.8% | |||||
| Losses and loss adjustment expenses | |||||||||||
| Current accident year before catastrophe losses | 112.9 | 116.4 | -3.0% | 330.5 | 335.9 | -1.6% | |||||
| Current accident year catastrophe losses | 13.5 | 9.9 | 36.4% | 49.0 | 56.0 | -12.5% | |||||
| Prior years' reserve development(1) | (8.0) | (3.0) | 166.7% | (19.6) | (13.8) | 42.0% | |||||
| Total losses and loss adjustment expenses | 118.4 | 123.3 | -4.0% | 359.9 | 378.1 | -4.8% | |||||
| Operating expenses, including DAC amortization expense | 56.0 | 56.5 | -0.9% | 170.5 | 165.6 | 3.0% | |||||
| Underwriting gain (loss) | 34.0 | 25.5 | 33.3% | 89.2 | 53.6 | 66.4% | |||||
| Net investment income | 14.3 | 14.8 | -3.4% | 40.7 | 41.4 | -1.7% | |||||
| Income (loss) before income taxes | 48.3 | 40.3 | 19.9% | 129.9 | 95.0 | 36.7% | |||||
| Income tax expense (benefit) | 9.4 | 8.5 | 10.6% | 26.2 | 19.9 | 31.7% | |||||
| Net income | 38.9 | 31.8 | 22.3% | 103.7 | 75.1 | 38.1% | |||||
| Core earnings* | 38.9 | 31.8 | 22.3% | 103.7 | 75.1 | 38.1% | |||||
| Operating Statistics: | |||||||||||
| Auto | |||||||||||
| Net premiums written* | $126.5 | $131.6 | -3.9% | $369.6 | $379.9 | -2.7% | |||||
| Loss and loss adjustment expense ratio | 63.7% | 67.4% | -3.7 | pts | 63.6% | 68.2% | -4.6 | pts | |||
| Expense ratio | 26.9% | 27.9% | -1.0 | pts | 27.3% | 27.6% | -0.3 | pts | |||
| Combined ratio: | 90.6% | 95.3% | -4.7 | pts | 90.9% | 95.8% | -4.9 | pts | |||
| Prior years' reserve development(1) | -4.4% | -0.1% | -4.3 | pts | -2.9% | -1.1% | -1.8 | pts | |||
| Catastrophe losses | 1.2% | 0.9% | 0.3 | pts | 1.1% | 1.9% | -0.8 | pts | |||
| Underlying combined ratio* | 93.8% | 94.5% | -0.7 | pts | 92.7% | 95.0% | -2.3 | pts | |||
| Property and other | |||||||||||
| Net premiums written* | $94.8 | $100.5 | -5.7% | $257.5 | $248.9 | 3.5% | |||||
| Loss and loss adjustment expense ratio | 47.8% | 49.1% | -1.3 | pts | 50.8% | 56.0% | -5.2 | pts | |||
| Expense ratio | 25.7% | 26.3% | -0.6 | pts | 26.6% | 27.1% | -0.5 | pts | |||
| Combined ratio: | 73.5% | 75.4% | -1.9 | pts | 77.4% | 83.1% | -5.7 | pts | |||
| Prior years' reserve development(1) | -3.0% | -3.5% | 0.5 | pts | -3.7% | -4.4% | 0.7 | pts | |||
| Catastrophe losses | 14.2% | 11.0% | 3.2 | pts | 18.2% | 21.8% | -3.6 | pts | |||
| Underlying combined ratio* | 62.3% | 67.9% | -5.6 | pts | 62.9% | 65.7% | -2.8 | pts | |||
| Household retention-LTM | |||||||||||
| Auto | 83.3% | 83.7% | -0.4 | pts | |||||||
| Property (excludes Other Products) | 88.4% | 88.7% | -0.3 | pts | |||||||
(1)(Favorable) unfavorable.
| Horace Mann Educators Corporation | 49 | Third Quarter 2026 Form 10-Q |
|---|
The Property & Casualty segment three and nine month net income of $38.9 million and $103.7 million, as well as the three month and nine month combined ratio of 83.6% and 85.5%, reflected improved current year underlying results and a higher level of favorable prior years' reserve development.
The current quarter reflects a decrease in net premiums written* of 4.7%, with average written premiums* rising for both property and auto. Sales* were lower for the quarter, down 0.8% from the prior year, and household retention remains in line with expectations.
The three and nine month loss ratios decreased 3.0 and 5.1 points from last year reflecting higher average premiums for both comparisons and lower catastrophe losses for the nine month comparison. In addition, $8.0 million and $19.6 million of net favorable prior years' reserve development for the three and nine months reduced the loss ratio 3.9 and 3.2 points, respectively. Catastrophe losses increased $3.6 million and decreased $7.0 million, pretax, for the three and nine months ended, contributing 6.5 and 8.0 points to the combined ratio. The lower catastrophe losses for the nine months are driven by lower frequency and severity of policyholder claims. In total, there were 26 events designated as catastrophes by Property Claims Services (PCS) in this year’s third quarter compared to 14 PCS events in the prior year third quarter.
The year-over-year increase in average written premiums* for auto policies in the third quarter was 1.7%, while retention remained stable. The third quarter auto underlying loss ratio* was 66.9%, rising 0.3 points from the prior year quarter. The third quarter reported loss ratio benefited 4.4 points from favorable prior years' reserve development.
The year-over-year increase in average written premiums* for property policies was 2.9% in the third quarter, as rate increases and inflation adjustments to coverage values continue to take effect. Policyholder retention remains stable. The third quarter property and other underlying loss ratio* was 36.6%, a 5.0 point decrease from prior year reflecting the increase in average earned premium*. The third quarter reported loss ratio benefited 3.0 points from favorable prior years' reserve development.
| Horace Mann Educators Corporation | 50 | Third Quarter 2026 Form 10-Q |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.