Horace Mann Educators Corporation reported a total revenue of $1.595 billion for the fiscal year ending December 31, 2024, marking a 6.9% increase from $1.492 billion in 2023. The company's net income surged to $102.8 million, a significant rise of 128.4% compared to the previous year's net income of $45.0 million. This increase in profitability was primarily attributed to improved loss ratios in the Property & Casualty segment and favorable prior years' reserve development, despite higher interest credited to policyholders.
In terms of operational performance, the Property & Casualty segment saw net premiums written increase by 13.9% to $779.3 million, driven by rate adjustments and inflationary impacts on coverage values. The segment's combined ratio improved to 98.4%, down from 111.7% in 2023, reflecting a decrease in both the auto and property loss ratios. The Life & Retirement segment reported net premiums and contract charges earned of $154.6 million, a modest increase of 1.9%, while net investment income for this segment decreased slightly to $363.6 million.
Strategically, Horace Mann has focused on enhancing its product offerings and market presence. The company continues to market its 403(b) tax-qualified retirement products, which accounted for 46.7% of net annuity contract deposits in 2024. Additionally, the company has entered into third-party vendor agreements to expand its offerings, including 529 college savings programs. The company also maintains a diversified investment portfolio, with total investments amounting to $6.916 billion as of December 31, 2024.
Looking ahead, Horace Mann anticipates a net income range of $3.60 to $3.90 per diluted share for 2025, with a core return on equity projected to exceed 10%. The company aims to maintain profitability in its Property & Casualty segment with a target combined ratio of approximately 90% and to achieve a net investment income of between $470 million and $480 million pre-tax. The outlook reflects the company's commitment to managing risks associated with market conditions and operational challenges while continuing to serve the educational community effectively.
About HORACE MANN EDUCATORS CORP /DE/
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