Horace Mann Educators Corporation Reports Solid Q2 2024 Financial Results
Intellectia.AI2024-08-08
Horace Mann Educators Corporation Reports Solid Q2 2024 Financial Results
Horace Mann Educators Corporation (NYSE: HMN) has reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | Q-o-Q Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $415.7M | $394.27M | +5.4% | $394.27M |
| Earnings Per Share (EPS) | $0.27 | $0.14 | +92.9% | $0.19 |
Interpretation: Horace Mann exceeded consensus estimates for both revenue and EPS. The significant year-over-year growth in EPS is notable, reflecting improved operational efficiency and profitability.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Q-o-Q Change |
|---|---|---|---|
| Property & Casualty | $190.2M | $186.2M | +2.1% |
| Life & Retirement | $120.0M | $115.0M | +4.3% |
| Supplemental & Group Benefits | $105.5M | $93.1M | +13.3% |
Interpretation: All major segments exhibited positive revenue growth. The Supplemental & Group Benefits segment showed the highest growth, reflecting increased adoption and premium collections.
Key Operational Data:
| Operational Metric | Q2 2024 | Q2 2023 | Y-o-Y Change |
|---|---|---|---|
| Property & Casualty Combined Ratio | 111.5% | 122.8% | -11.3% pts |
| Life Insurance in Force | $20.8B | $20.1B | +3.5% |
Officer Comments:
Horace Mann President and CEO Marita Zuraitis commented, "Our second quarter performance highlights our operational resilience and the effectiveness of our strategic initiatives. We continue to make significant progress in expanding our product offerings and maintaining high levels of customer satisfaction among educators.”
Dividends & Share Repurchase Program:
The company announced a quarterly dividend of $0.34 per share, maintaining its commitment to returning value to shareholders. Additionally, Horace Mann repurchased 140,782 shares of its common stock at an average price of $33.58 under the existing share repurchase program.
Forward Guidance:
For the full year 2024, Horace Mann has adjusted its earnings forecast, now expecting core earnings to be within the range of $2.40 to $2.70 per diluted share, reflecting adjustments based on the strong first-half performance and anticipated market conditions.
Stock Price Movement:
Following the release of the earnings report, HMN's stock experienced a slight increase of 0.47%, reflecting investor confidence in the company's strategic direction and financial health.
Note: Earnings report data was sourced from Horace Mann Educators Corporation's Q2 2024 earnings release.
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