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HMN

Horace Mann Educators Corporation

HMN

Horace Mann Educators Corporation • NYSE
$45.78 ▼ -0.63% (-0.29)
Market Cap $1.86 B
52w High $48.33
52w Low $36.20
Dividend Yield 1.39%
P/E 11.59
Volume 79.40K
Outstanding Shares 40.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $417.1M ▲ $87.4M ▼ $58.3M ▲ 13.977% ▲ $1.42 ▲ $87.2M ▲
Q2-2025 $391.6M ▼ $89M ▲ $29.4M ▼ 7.508% ▼ $0.71 ▼ $51.7M ▼
Q1-2025 $400.1M ▲ $87M ▼ $38.2M 9.548% ▼ $0.93 ▲ $63.4M ▼
Q4-2024 $393.1M ▼ $91.3M ▲ $38.2M ▲ 9.718% ▲ $0.92 ▲ $63.8M ▲
Q3-2024 $397.6M $80.7M $34.3M 8.627% $0.83 $57.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $674.9M ▼ $15.49B ▲ $14.048B ▲ $1.441B ▲
Q2-2025 $5.494B ▲ $14.728B ▲ $13.368B ▲ $1.36B ▲
Q1-2025 $485.2M ▼ $14.396B ▼ $13.053B ▼ $1.343B ▲
Q4-2024 $513.3M ▲ $14.488B ▼ $13.2B ▼ $1.288B ▲
Q3-2024 $501.4M $14.714B $13.427B $1.287B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $58.3M ▲ $151.2M ▲ $-162.6M ▼ $273M ▲ $261.6M ▲ $151.2M ▲
Q2-2025 $29.4M ▼ $131.3M ▼ $-36.9M ▼ $-83.8M ▲ $10.6M ▲ $131.3M ▼
Q1-2025 $38.2M $140.8M ▼ $-35.1M ▼ $-113.5M ▲ $-7.8M ▼ $140.8M ▼
Q4-2024 $38.2M ▲ $193.5M ▲ $-4.4M ▲ $-190.8M ▼ $-1.7M ▼ $193.5M ▲
Q3-2024 $34.3M $143.9M $-44.2M $-74.5M $25.2M $143.9M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Life And Retirement
Life And Retirement
 $130.00M ▲$140.00M ▲$140.00M ▲
Property And Casualty
Property And Casualty
 $210.00M ▲$210.00M ▲$220.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past five years, showing a steady ability to grow the top line. Profitability, however, has been more uneven. Earnings were strong a few years ago, then weakened as underwriting results and claims costs likely pressured margins, and have more recently started to recover. Operating and net income are clearly positive again but still look relatively thin for an insurer, which suggests the franchise is healthy but not immune to industry cycles, weather events, or pricing missteps. Overall, this looks like a niche insurer that can grow, but with earnings that can swing meaningfully from year to year.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and conservative. Total assets have grown gradually, while debt has remained modest relative to the size of the company, indicating a restrained use of leverage. Equity took a noticeable step down a few years ago—likely reflecting market movements in the investment portfolio or a tough earnings year—but has begun to rebuild. Cash on hand is quite low in absolute terms, but for an insurer most liquidity is held in the investment portfolio rather than as pure cash, so that is not unusual. Overall, financial strength appears adequate, though not overly cushioned.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has improved over time, which is a good sign that the underlying insurance and fee businesses are generating real cash, not just accounting profits. With essentially no meaningful capital spending, almost all operating cash turns into free cash flow, giving the firm flexibility for dividends, debt service, or portfolio investments. The flip side is that there is limited reinvestment into physical assets, so future growth depends more on pricing, product expansion, technology spending, and acquisitions than on building out bricks‑and‑mortar infrastructure.

Competitive Edge

Competitive Edge Horace Mann’s key strength is its deep focus on the education community. It has long-standing relationships with teachers and school districts, a specialized sales force, and products designed specifically for educators’ needs. This focus helps build trust and loyalty and creates a meaningful barrier for more generic insurers to overcome. At the same time, the niche is relatively narrow, which limits scale and concentrates the company’s fortunes in the education sector. The firm’s mix of property and casualty, life, retirement, and group benefits for schools gives it a broad toolkit, but also adds complexity and exposure to multiple regulatory and competitive arenas.

Innovation and R&D

Innovation and R&D The company is actively modernizing through its Catalyst agent platform, enhanced digital experiences for educators, and greater use of data analytics to speed claims handling and improve service. It is experimenting with generative AI for underwriting, claims, and customer support, aiming to raise efficiency and service quality. The acquisition of Madison National expands its reach into employer‑sponsored benefits for school districts, opening room for bundled offerings. Horace Mann also differentiates itself through educator‑specific programs like student loan support, specialized coverage features, and financial wellness workshops. The main execution risks are keeping pace with larger insurers’ technology budgets and successfully integrating new tools into day‑to‑day operations without disrupting service.

Summary

Horace Mann is a specialized insurer built around the needs of educators, with a long history and a clear niche. Revenues have grown steadily, while profits have been more volatile, reflecting the realities of insurance cycles and investment markets. The balance sheet is conservative, with moderate leverage and rebuilding equity, and cash generation has been consistently positive. Its competitive edge comes from deep relationships in the education community and tailored products, reinforced by ongoing investments in digital platforms, analytics, and benefits expansion. Key watchpoints include managing earnings volatility, executing on technology and integration efforts, and navigating the inherent concentration risk of serving a focused customer segment.

NEWS

November 6, 2025 · 7:00 AM UTC

Horace Mann Expands Reach to Educators Through Alumni Associations

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November 4, 2025 · 4:15 PM UTC

Horace Mann reports third-quarter 2025 results

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October 16, 2025 · 8:00 AM UTC

Horace Mann partners with Teach For America to Support Educators in Low-Income Schools

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October 14, 2025 · 9:25 PM UTC

Horace Mann Announces $25,000 Classroom Makeover Winner and Additional Grant Recipients

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October 13, 2025 · 4:15 PM UTC

Horace Mann to announce third-quarter 2025 financial results on November 4

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