The following is a summary of the Horace Mann Educators Corporation (HMN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Horace Mann reported Q1 core earnings of $0.60 per diluted share, a nearly 3-fold increase from last year's first quarter.
Total revenues were up 9%, and earned premiums and contract charges increased by 8% over prior year.
Despite rate increases leading to total premium increases of nearly 40% in auto and nearly 50% in property, policyholder retention has remained steady and consistent.
First quarter P&C earnings showed a dramatic profit increase with a combined ratio of 99.9% which was a 13-point improvement over prior year.
Net investment income on the managed portfolio was up 7% despite some real estate related funds performing below target levels due to mark-to-market valuation adjustments.
However, Horace Mann Educators Corporation reported sales of $7 million in Q1 2024, a 20% decrease from the previous year.
Business Progress:
Horace Mann made notable progress in restoring P&C segment profitability and works towards the strategic 2024 full year outlook.
Agency recruitment saw a steady increase over the past year with significant increases in agency income and premium production.
Digital marketing drives resulted in a significant increase in website traffic, started quotes, and a growing number of covered lives.
The company continued to invest in its work-site division and implemented measures to accurately price risk in light of rising catastrophe claims.
Planned enhancements for digital capabilities and improvements to digital sales funnels are underway.
Despite potential real estate market downturns' impact on funds, the company continues to invest in agents and ecosystem to drive growth.
More details: Horace Mann Educators IR
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