HORACE MANN EDUCATORS CORP DE
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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, | |||||
|---|---|---|---|---|---|
| 2023 | 2022(1) | 2021(1) | |||
| Cash flows - operating activities | |||||
| Net income (loss) | $45.0 | $19.8 | $170.4 | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
| Net investment losses | 24.0 | 56.5 | 11.0 | ||
| Depreciation and intangible asset amortization | 26.2 | 27.6 | 18.4 | ||
| Share-based compensation expense | 9.5 | 8.9 | 8.4 | ||
| Loss (gain) from equity method investments, net of dividends or distributions | (14.5) | 18.2 | (41.5) | ||
| Other expense - goodwill impairments | — | 4.8 | — | ||
| Changes in: | |||||
| Insurance liabilities | 186.7 | 334.2 | 114.5 | ||
| Amounts due under reinsurance agreements | (12.5) | (309.8) | 7.4 | ||
| Income tax liabilities | (15.0) | 110.5 | (91.2) | ||
| Other operating assets and liabilities | 53.9 | (109.4) | 4.5 | ||
| Other, net | (1.2) | 10.2 | 3.0 | ||
| Net cash provided by operating activities | 302.1 | 171.5 | 204.9 | ||
| Cash flows - investing activities | |||||
| Fixed maturity securities purchases | (596.7) | (1,046.4) | (1,459.0) | ||
| Fixed maturity securities sales | 377.6 | 752.0 | 578.2 | ||
| Fixed maturity securities maturities, paydowns, calls and redemptions | 291.9 | 496.8 | 873.3 | ||
| Equity securities purchases | (2.5) | (5.2) | (46.1) | ||
| Equity securities sales and repayments | 18.7 | 12.0 | 4.7 | ||
| Limited partnership interests purchases | (207.2) | (356.4) | (320.6) | ||
| Limited partnership interests sales | 41.4 | 66.6 | 86.5 | ||
| Change in short-term and other investments, net | (39.8) | 40.0 | (8.8) | ||
| Acquisition of business, net of cash acquired | — | (164.4) | — | ||
| Other, net | 9.2 | (9.6) | (10.2) | ||
| Net cash used in investing activities | (107.4) | (214.6) | (302.0) | ||
| Cash flows - financing activities | |||||
| Dividends paid to shareholders | (53.9) | (52.6) | (51.4) | ||
| Proceeds from issuance of 2023 Senior Notes due 2028 | 297.7 | — | — | ||
| Principal borrowings on Revolving Credit Facility | — | — | 114.0 | ||
| FHLB borrowings | — | — | 5.0 | ||
| Principal repayment on Revolving Credit Facility | (249.0) | — | — | ||
| Principal repayment on FHLB borrowings | — | (5.0) | (54.0) | ||
| Treasury stock acquired | (6.5) | (24.0) | (5.3) | ||
| Proceeds from exercise of stock options | — | — | 0.3 | ||
| Withholding tax payments on RSUs tendered | (1.8) | (2.4) | (2.0) | ||
| Annuity contracts: variable, fixed and FHLB funding agreements | |||||
| Deposits | 787.6 | 636.5 | 1,060.4 | ||
| Benefits, withdrawals and net transfers to Separate Account variable annuity assets | (604.7) | (472.2) | (462.7) | ||
| Repayment of FHLB funding agreements | (189.5) | (149.0) | (362.0) | ||
| Life policy accounts deposits, withdrawals, and surrenders | 8.6 | 7.8 | 5.1 | ||
| Change in deposit asset on reinsurance | (123.6) | (67.0) | (39.2) | ||
| Net increase (decrease) in reverse repurchase agreements | (70.2) | 70.2 | — | ||
| Change in book overdrafts | (2.5) | 9.9 | 0.3 | ||
| Net cash provided by (used in) financing activities | (207.8) | (47.8) | 208.5 | ||
| Net increase (decrease) in cash | (13.1) | (90.9) | 111.4 | ||
| Cash at beginning of year | 42.8 | 133.7 | 22.3 | ||
| Cash at end of year | $29.7 | $42.8 | $133.7 | ||
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