10-Q 1 hmn-20240331.htm 10-Q hmn-20240331
false2024Q1000085014112/31http://fasb.org/us-gaap/2023#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParenthttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParenthttp://fasb.org/us-gaap/2023#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParenthttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent382xbrli:sharesiso4217:USDiso4217:USDxbrli:shareshmn:segmenthmn:securityxbrli:purehmn:positionhmn:lawsuit00008501412024-01-012024-03-3100008501412024-04-3000008501412024-03-3100008501412023-12-3100008501412023-01-012023-03-3100008501412023-03-310000850141us-gaap:CommonStockMember2023-12-310000850141us-gaap:CommonStockMember2022-12-310000850141us-gaap:CommonStockMember2024-03-310000850141us-gaap:CommonStockMember2023-03-310000850141us-gaap:AdditionalPaidInCapitalMember2023-12-310000850141us-gaap:AdditionalPaidInCapitalMember2022-12-310000850141us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000850141us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000850141us-gaap:AdditionalPaidInCapitalMember2024-03-310000850141us-gaap:AdditionalPaidInCapitalMember2023-03-310000850141us-gaap:RetainedEarningsMember2023-12-310000850141us-gaap:RetainedEarningsMember2022-12-310000850141us-gaap:RetainedEarningsMember2024-01-012024-03-310000850141us-gaap:RetainedEarningsMember2023-01-012023-03-310000850141us-gaap:RetainedEarningsMember2024-03-310000850141us-gaap:RetainedEarningsMember2023-03-310000850141us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000850141us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000850141us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000850141us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000850141us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000850141us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000850141us-gaap:TreasuryStockCommonMember2023-12-310000850141us-gaap:TreasuryStockCommonMember2022-12-310000850141us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000850141us-gaap:TreasuryStockCommonMember2024-03-310000850141us-gaap:TreasuryStockCommonMember2023-03-3100008501412022-12-310000850141us-gaap:FixedMaturitiesMemberhmn:InvestmentPortfolioMember2024-01-012024-03-310000850141us-gaap:FixedMaturitiesMemberhmn:InvestmentPortfolioMember2023-01-012023-03-310000850141hmn:InvestmentPortfolioMemberus-gaap:EquitySecuritiesMember2024-01-012024-03-310000850141hmn:InvestmentPortfolioMemberus-gaap:EquitySecuritiesMember2023-01-012023-03-310000850141us-gaap:EquityMethodInvestmentsMemberhmn:InvestmentPortfolioMember2024-01-012024-03-310000850141us-gaap:EquityMethodInvestmentsMemberhmn:InvestmentPortfolioMember2023-01-012023-03-310000850141hmn:InvestmentPortfolioMemberhmn:ShortTermAndOtherInvestmentsMember2024-01-012024-03-310000850141hmn:InvestmentPortfolioMemberhmn:ShortTermAndOtherInvestmentsMember2023-01-012023-03-310000850141hmn:InvestmentPortfolioMember2024-01-012024-03-310000850141hmn:InvestmentPortfolioMember2023-01-012023-03-310000850141hmn:DepositAssetOnReinsuranceMember2024-01-012024-03-310000850141hmn:DepositAssetOnReinsuranceMember2023-01-012023-03-310000850141us-gaap:FixedMaturitiesMember2024-01-012024-03-310000850141us-gaap:FixedMaturitiesMember2023-01-012023-03-310000850141us-gaap:EquitySecuritiesMember2024-01-012024-03-310000850141us-gaap:EquitySecuritiesMember2023-01-012023-03-310000850141hmn:ShortTermAndOtherInvestmentsMember2024-01-012024-03-310000850141hmn:ShortTermAndOtherInvestmentsMember2023-01-012023-03-310000850141us-gaap:FixedMaturitiesMember2023-12-310000850141us-gaap:FixedMaturitiesMember2022-12-310000850141us-gaap:FixedMaturitiesMember2024-01-012024-03-310000850141us-gaap:FixedMaturitiesMember2023-01-012023-03-310000850141us-gaap:FixedMaturitiesMember2024-03-310000850141us-gaap:FixedMaturitiesMember2023-03-310000850141us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000850141hmn:OtherIncludingUsTreasurySecuritiesMember2024-03-310000850141us-gaap:MunicipalBondsMember2024-03-310000850141us-gaap:ForeignGovernmentDebtMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMember2024-03-310000850141us-gaap:MortgageBackedSecuritiesOtherMember2024-03-310000850141us-gaap:DebtSecuritiesMember2024-03-310000850141us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000850141hmn:OtherIncludingUsTreasurySecuritiesMember2023-12-310000850141us-gaap:MunicipalBondsMember2023-12-310000850141us-gaap:ForeignGovernmentDebtMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMember2023-12-310000850141us-gaap:MortgageBackedSecuritiesOtherMember2023-12-310000850141us-gaap:DebtSecuritiesMember2023-12-310000850141us-gaap:USGovernmentDebtSecuritiesMember2024-03-310000850141us-gaap:USGovernmentDebtSecuritiesMember2023-12-310000850141srt:StandardPoorsAAARatingMember2024-03-310000850141srt:StandardPoorsAAARatingMember2023-12-310000850141srt:StandardPoorsAARatingMember2024-03-310000850141srt:StandardPoorsAARatingMember2023-12-310000850141srt:StandardPoorsARatingMember2024-03-310000850141srt:StandardPoorsARatingMember2023-12-310000850141srt:StandardPoorsBBBRatingMember2024-03-310000850141srt:StandardPoorsBBBRatingMember2023-12-310000850141us-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000850141us-gaap:ExternalCreditRatingInvestmentGradeMember2023-12-310000850141srt:StandardPoorsBBRatingMember2024-03-310000850141srt:StandardPoorsBBRatingMember2023-12-310000850141srt:StandardPoorsBRatingMember2024-03-310000850141srt:StandardPoorsBRatingMember2023-12-310000850141srt:StandardPoorsCCCRatingMember2024-03-310000850141srt:StandardPoorsCCCRatingMember2023-12-310000850141us-gaap:ExternalCreditRatingNonInvestmentGradeMember2024-03-310000850141us-gaap:ExternalCreditRatingNonInvestmentGradeMember2023-12-310000850141hmn:StandardPoorsNotRatedRatingMemberMember2024-03-310000850141hmn:StandardPoorsNotRatedRatingMemberMember2023-12-310000850141us-gaap:FixedIncomeSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000850141us-gaap:FixedIncomeSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000850141us-gaap:FixedIncomeSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000850141us-gaap:FixedIncomeSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000850141us-gaap:FixedIncomeSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000850141us-gaap:FixedIncomeSecuritiesMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000850141hmn:SeniorCommercialMortgageLoanFundsMember2024-03-310000850141hmn:SeniorCommercialMortgageLoanFundsMember2023-12-310000850141hmn:RealEstateEquityFundsMember2024-03-310000850141hmn:RealEstateEquityFundsMember2023-12-310000850141us-gaap:PrivateEquityFundsMember2024-03-310000850141us-gaap:PrivateEquityFundsMember2023-12-310000850141hmn:InfrastructureEquityFundsMember2024-03-310000850141hmn:InfrastructureEquityFundsMember2023-12-310000850141hmn:InfrastructureDebtFundsMember2024-03-310000850141hmn:InfrastructureDebtFundsMember2023-12-310000850141hmn:OtherFundsMember2024-03-310000850141hmn:OtherFundsMember2023-12-310000850141hmn:FreeStandingDerivativesMember2024-03-310000850141hmn:FreeStandingDerivativesMember2023-12-310000850141us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141hmn:GovernmentalAgenciesAsRequiredByLawInVariousStatesMember2024-03-310000850141hmn:GovernmentalAgenciesAsRequiredByLawInVariousStatesMember2023-12-310000850141hmn:FederalHomeLoansBankOfChicagoMember2024-03-310000850141hmn:FederalHomeLoansBankOfChicagoMember2023-12-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberhmn:ExternalPricingSourceMember2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MunicipalBondsMember2024-03-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMemberhmn:ExternalPricingSourceMember2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtMember2024-03-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesOtherMember2024-03-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMemberhmn:ExternalPricingSourceMember2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberhmn:ExternalPricingSourceMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberhmn:ExternalPricingSourceMember2023-12-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberhmn:OtherIncludingUsTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MunicipalBondsMember2023-12-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMemberhmn:ExternalPricingSourceMember2023-12-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtMember2023-12-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesOtherMember2023-12-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMemberhmn:ExternalPricingSourceMember2023-12-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000850141us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberhmn:ExternalPricingSourceMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141hmn:MortgageBackedAndOtherAssetBackedSecuritiesMember2023-12-310000850141us-gaap:EquitySecuritiesMember2023-12-310000850141us-gaap:MunicipalBondsMember2024-01-012024-03-310000850141us-gaap:CorporateDebtSecuritiesMember2024-01-012024-03-310000850141hmn:MortgageBackedAndOtherAssetBackedSecuritiesMember2024-01-012024-03-310000850141us-gaap:DebtSecuritiesMember2024-01-012024-03-310000850141us-gaap:EquitySecuritiesMember2024-01-012024-03-310000850141hmn:MortgageBackedAndOtherAssetBackedSecuritiesMember2024-03-310000850141us-gaap:EquitySecuritiesMember2024-03-310000850141us-gaap:MunicipalBondsMember2022-12-310000850141us-gaap:CorporateDebtSecuritiesMember2022-12-310000850141hmn:MortgageBackedAndOtherAssetBackedSecuritiesMember2022-12-310000850141us-gaap:DebtSecuritiesMember2022-12-310000850141us-gaap:EquitySecuritiesMember2022-12-310000850141us-gaap:MunicipalBondsMember2023-01-012023-03-310000850141us-gaap:CorporateDebtSecuritiesMember2023-01-012023-03-310000850141hmn:MortgageBackedAndOtherAssetBackedSecuritiesMember2023-01-012023-03-310000850141us-gaap:DebtSecuritiesMember2023-01-012023-03-310000850141us-gaap:EquitySecuritiesMember2023-01-012023-03-310000850141us-gaap:MunicipalBondsMember2023-03-310000850141us-gaap:CorporateDebtSecuritiesMember2023-03-310000850141hmn:MortgageBackedAndOtherAssetBackedSecuritiesMember2023-03-310000850141us-gaap:DebtSecuritiesMember2023-03-310000850141us-gaap:EquitySecuritiesMember2023-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberhmn:ExternalPricingSourceMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2024-03-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberhmn:ExternalPricingSourceMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2023-12-310000850141us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberhmn:InternalPricingSourceMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesOtherMember2023-12-310000850141us-gaap:CorporateDebtSecuritiesMemberhmn:MeasurementInputYieldMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberhmn:MeasurementInputYieldMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberhmn:MeasurementInputOptionAdjustedSpreadMember2024-03-310000850141us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberhmn:MeasurementInputOptionAdjustedSpreadMember2024-03-310000850141us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLapseRateMember2024-03-310000850141us-gaap:MeasurementInputMortalityRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-03-310000850141hmn:MeasurementInputOptionBudgetMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000850141hmn:MeasurementInputOptionBudgetMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000850141hmn:MeasurementInputNonPerformanceAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000850141us-gaap:FairValueInputsLevel1Member2024-03-310000850141us-gaap:FairValueInputsLevel2Member2024-03-310000850141us-gaap:FairValueInputsLevel3Member2024-03-310000850141us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000850141us-gaap:FairValueInputsLevel1Member2023-12-310000850141us-gaap:FairValueInputsLevel2Member2023-12-310000850141us-gaap:FairValueInputsLevel3Member2023-12-310000850141hmn:ProductAndCasualtySegmentMember2023-12-310000850141hmn:ProductAndCasualtySegmentMember2022-12-310000850141hmn:ProductAndCasualtySegmentMember2024-01-012024-03-310000850141hmn:ProductAndCasualtySegmentMember2023-01-012023-03-310000850141hmn:ProductAndCasualtySegmentMember2024-03-310000850141hmn:ProductAndCasualtySegmentMember2023-03-310000850141hmn:GroupBenefitsMember2023-12-310000850141hmn:GroupBenefitsMember2022-12-310000850141hmn:GroupBenefitsMember2024-01-012024-03-310000850141hmn:GroupBenefitsMember2023-01-012023-03-310000850141hmn:GroupBenefitsMember2024-03-310000850141hmn:GroupBenefitsMember2023-03-310000850141us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2024-03-310000850141us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-12-310000850141hmn:ShortDurationInsuranceContractsMember2024-03-310000850141hmn:ShortDurationInsuranceContractsMember2023-12-310000850141hmn:OtherThanShortDurationInsuranceContractsMember2024-03-310000850141hmn:OtherThanShortDurationInsuranceContractsMember2023-12-310000850141us-gaap:WholeLifeInsuranceMember2023-12-310000850141us-gaap:TermLifeInsuranceMember2023-12-310000850141hmn:ExperienceLifeInsuranceMember2023-12-310000850141hmn:LimitedPayWholeLifeInsuranceMember2023-12-310000850141hmn:SupplementalHealthInsuranceMember2023-12-310000850141hmn:LifeContingentSPIARetirementInsuranceMember2023-12-310000850141us-gaap:WholeLifeInsuranceMember2024-01-012024-03-310000850141us-gaap:TermLifeInsuranceMember2024-01-012024-03-310000850141hmn:ExperienceLifeInsuranceMember2024-01-012024-03-310000850141hmn:LimitedPayWholeLifeInsuranceMember2024-01-012024-03-310000850141hmn:SupplementalHealthInsuranceMember2024-01-012024-03-310000850141hmn:LifeContingentSPIARetirementInsuranceMember2024-01-012024-03-310000850141us-gaap:WholeLifeInsuranceMember2024-03-310000850141us-gaap:TermLifeInsuranceMember2024-03-310000850141hmn:ExperienceLifeInsuranceMember2024-03-310000850141hmn:LimitedPayWholeLifeInsuranceMember2024-03-310000850141hmn:SupplementalHealthInsuranceMember2024-03-310000850141hmn:LifeContingentSPIARetirementInsuranceMember2024-03-310000850141hmn:SupplementHealthInsuranceRelatedToCancerMember2024-03-310000850141hmn:SupplementHealthInsuranceRelatedToAccidentMember2024-03-310000850141hmn:SupplementHealthInsuranceRelatedToDisabilityMember2024-03-310000850141hmn:SupplementHealthInsuranceOtherMember2024-03-310000850141us-gaap:WholeLifeInsuranceMember2022-12-310000850141us-gaap:TermLifeInsuranceMember2022-12-310000850141hmn:ExperienceLifeInsuranceMember2022-12-310000850141hmn:LimitedPayWholeLifeInsuranceMember2022-12-310000850141hmn:SupplementalHealthInsuranceMember2022-12-310000850141hmn:LifeContingentSPIARetirementInsuranceMember2022-12-310000850141us-gaap:WholeLifeInsuranceMember2023-01-012023-03-310000850141us-gaap:TermLifeInsuranceMember2023-01-012023-03-310000850141hmn:ExperienceLifeInsuranceMember2023-01-012023-03-310000850141hmn:LimitedPayWholeLifeInsuranceMember2023-01-012023-03-310000850141hmn:SupplementalHealthInsuranceMember2023-01-012023-03-310000850141hmn:LifeContingentSPIARetirementInsuranceMember2023-01-012023-03-310000850141hmn:SupplementHealthInsuranceRelatedToCancerMember2023-12-310000850141hmn:SupplementHealthInsuranceRelatedToAccidentMember2023-12-310000850141hmn:SupplementHealthInsuranceRelatedToDisabilityMember2023-12-310000850141hmn:SupplementHealthInsuranceOtherMember2023-12-310000850141hmn:WholeLifeInsuranceIncludingAdjustmentDueToReserveFlooringMember2024-03-310000850141hmn:WholeLifeInsuranceIncludingAdjustmentDueToReserveFlooringMember2023-12-310000850141hmn:TermLifeInsuranceIncludingAdjustmentDueToReserveFlooringMember2024-03-310000850141hmn:TermLifeInsuranceIncludingAdjustmentDueToReserveFlooringMember2023-12-310000850141hmn:LimitedPayWholeLifeDPLMember2024-03-310000850141hmn:LimitedPayWholeLifeDPLMember2023-12-310000850141hmn:SPIALifeContingentDPLMember2024-03-310000850141hmn:SPIALifeContingentDPLMember2023-12-310000850141hmn:ReconcilingItemsMember2024-03-310000850141hmn:ReconcilingItemsMember2023-12-310000850141us-gaap:TermLifeInsuranceMembersrt:MinimumMember2024-03-310000850141us-gaap:TermLifeInsuranceMembersrt:MaximumMember2024-03-310000850141us-gaap:WholeLifeInsuranceMember2023-03-310000850141us-gaap:TermLifeInsuranceMembersrt:MinimumMember2023-03-310000850141us-gaap:TermLifeInsuranceMembersrt:MaximumMember2023-03-310000850141hmn:ExperienceLifeInsuranceMember2023-03-310000850141hmn:LimitedPayWholeLifeInsuranceMember2023-03-310000850141us-gaap:TermLifeInsuranceMember2023-03-310000850141hmn:SupplementalHealthInsuranceMember2023-03-310000850141hmn:LifeContingentSPIARetirementInsuranceMember2023-03-310000850141srt:MinimumMemberus-gaap:WholeLifeInsuranceMember2024-03-310000850141srt:MaximumMemberus-gaap:WholeLifeInsuranceMember2024-03-310000850141srt:MinimumMemberus-gaap:WholeLifeInsuranceMember2023-03-310000850141srt:MaximumMemberus-gaap:WholeLifeInsuranceMember2023-03-310000850141srt:MinimumMemberhmn:SupplementalHealthInsuranceMember2024-03-310000850141srt:MaximumMemberhmn:SupplementalHealthInsuranceMember2024-03-310000850141srt:MinimumMemberhmn:SupplementalHealthInsuranceMember2023-03-310000850141srt:MaximumMemberhmn:SupplementalHealthInsuranceMember2023-03-310000850141srt:MinimumMemberhmn:LifeContingentSPIARetirementInsuranceMember2024-03-310000850141srt:MaximumMemberhmn:LifeContingentSPIARetirementInsuranceMember2024-03-310000850141srt:MinimumMemberhmn:LifeContingentSPIARetirementInsuranceMember2023-03-310000850141srt:MaximumMemberhmn:LifeContingentSPIARetirementInsuranceMember2023-03-310000850141hmn:IndexedUniversalLifeInsuranceMember2023-12-310000850141us-gaap:FixedAnnuityMember2023-12-310000850141us-gaap:IndexedAnnuityMember2023-12-310000850141hmn:NonLifeContingentSinglePremiumImmediateAnnuityInsuranceMember2023-12-310000850141hmn:IndexedUniversalLifeInsuranceMember2024-01-012024-03-310000850141us-gaap:FixedAnnuityMember2024-01-012024-03-310000850141us-gaap:IndexedAnnuityMember2024-01-012024-03-310000850141hmn:NonLifeContingentSinglePremiumImmediateAnnuityInsuranceMember2024-01-012024-03-310000850141hmn:IndexedUniversalLifeInsuranceMember2024-03-310000850141us-gaap:FixedAnnuityMember2024-03-310000850141us-gaap:IndexedAnnuityMember2024-03-310000850141hmn:NonLifeContingentSinglePremiumImmediateAnnuityInsuranceMember2024-03-310000850141hmn:IndexedUniversalLifeInsuranceMember2022-12-310000850141us-gaap:FixedAnnuityMember2022-12-310000850141us-gaap:IndexedAnnuityMember2022-12-310000850141hmn:NonLifeContingentSinglePremiumImmediateAnnuityInsuranceMember2022-12-310000850141hmn:IndexedUniversalLifeInsuranceMember2023-01-012023-03-310000850141us-gaap:FixedAnnuityMember2023-01-012023-03-310000850141us-gaap:IndexedAnnuityMember2023-01-012023-03-310000850141hmn:NonLifeContingentSinglePremiumImmediateAnnuityInsuranceMember2023-01-012023-03-310000850141hmn:IndexedUniversalLifeInsuranceMember2023-03-310000850141us-gaap:FixedAnnuityMember2023-03-310000850141us-gaap:IndexedAnnuityMember2023-03-310000850141hmn:NonLifeContingentSinglePremiumImmediateAnnuityInsuranceMember2023-03-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membersrt:MinimumMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membersrt:MaximumMember2024-03-310000850141srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141srt:MaximumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Membersrt:MaximumMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Member2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Membersrt:MinimumMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Membersrt:MaximumMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Membersrt:MinimumMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Membersrt:MaximumMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Membersrt:MinimumMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Membersrt:MaximumMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembersrt:MinimumMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberhmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberhmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2024-03-310000850141hmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberhmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2024-03-310000850141hmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2024-03-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membersrt:MinimumMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membersrt:MaximumMember2023-12-310000850141srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141srt:MaximumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141srt:MinimumMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Membersrt:MaximumMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0200Member2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Membersrt:MinimumMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Membersrt:MaximumMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0299Member2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Membersrt:MinimumMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Membersrt:MaximumMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0399Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Membersrt:MinimumMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Membersrt:MaximumMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0499Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMembersrt:MinimumMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-12-310000850141hmn:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberhmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2023-12-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberhmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2023-12-310000850141hmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-12-310000850141us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberhmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2023-12-310000850141hmn:PolicyholderAccountBalanceWithAGuaranteedMinimumCreditingRateMember2023-12-310000850141us-gaap:VariableAnnuityMember2023-12-310000850141us-gaap:VariableAnnuityMember2022-12-310000850141us-gaap:VariableAnnuityMember2024-01-012024-03-310000850141us-gaap:VariableAnnuityMember2023-01-012023-12-310000850141us-gaap:VariableAnnuityMember2024-03-310000850141us-gaap:DeferredVariableAnnuityMember2024-03-310000850141us-gaap:DeferredVariableAnnuityMember2023-12-310000850141hmn:TotalAnnuitiesMember2023-12-310000850141hmn:TotalAnnuitiesMember2024-01-012024-03-310000850141hmn:TotalAnnuitiesMember2024-03-310000850141hmn:TotalAnnuitiesMember2022-12-310000850141hmn:TotalAnnuitiesMember2023-01-012023-03-310000850141hmn:TotalAnnuitiesMember2023-03-310000850141us-gaap:OperatingSegmentsMemberhmn:ProductAndCasualtySegmentMember2024-01-012024-03-310000850141us-gaap:OperatingSegmentsMemberhmn:ProductAndCasualtySegmentMember2023-01-012023-03-310000850141us-gaap:OperatingSegmentsMemberhmn:LifeAndRetirementSegmentMember2024-01-012024-03-310000850141us-gaap:OperatingSegmentsMemberhmn:LifeAndRetirementSegmentMember2023-01-012023-03-310000850141us-gaap:OperatingSegmentsMemberhmn:SupplementalAndGroupBenefitsSegmentMember2024-01-012024-03-310000850141us-gaap:OperatingSegmentsMemberhmn:SupplementalAndGroupBenefitsSegmentMember2023-01-012023-03-310000850141us-gaap:CorporateAndOtherMember2024-01-012024-03-310000850141us-gaap:CorporateAndOtherMember2023-01-012023-03-310000850141us-gaap:IntersegmentEliminationMember2024-01-012024-03-310000850141us-gaap:IntersegmentEliminationMember2023-01-012023-03-310000850141us-gaap:OperatingSegmentsMemberhmn:ProductAndCasualtySegmentMember2024-03-310000850141us-gaap:OperatingSegmentsMemberhmn:ProductAndCasualtySegmentMember2023-12-310000850141us-gaap:OperatingSegmentsMemberhmn:LifeAndRetirementSegmentMember2024-03-310000850141us-gaap:OperatingSegmentsMemberhmn:LifeAndRetirementSegmentMember2023-12-310000850141us-gaap:OperatingSegmentsMemberhmn:SupplementalAndGroupBenefitsSegmentMember2024-03-310000850141us-gaap:OperatingSegmentsMemberhmn:SupplementalAndGroupBenefitsSegmentMember2023-12-310000850141us-gaap:CorporateAndOtherMember2024-03-310000850141us-gaap:CorporateAndOtherMember2023-12-310000850141us-gaap:IntersegmentEliminationMember2024-03-310000850141us-gaap:IntersegmentEliminationMember2023-12-310000850141us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000850141hmn:AOCINetReserveRemeasurementsAttributableToDiscountRatesMember2023-12-310000850141us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000850141us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000850141hmn:AOCINetReserveRemeasurementsAttributableToDiscountRatesMember2024-01-012024-03-310000850141us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000850141us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000850141hmn:AOCINetReserveRemeasurementsAttributableToDiscountRatesMember2024-03-310000850141us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000850141us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000850141hmn:AOCINetReserveRemeasurementsAttributableToDiscountRatesMember2022-12-310000850141us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000850141us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000850141hmn:AOCINetReserveRemeasurementsAttributableToDiscountRatesMember2023-01-012023-03-310000850141us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000850141us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000850141hmn:AOCINetReserveRemeasurementsAttributableToDiscountRatesMember2023-03-310000850141us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000850141hmn:MaritaZuraitisMember2024-01-012024-03-310000850141hmn:MaritaZuraitisMemberhmn:MaritaZuraitisTradingArrangementSharesMember2024-03-310000850141hmn:MaritaZuraitisTradingArrangementVestedOptionsMemberhmn:MaritaZuraitisMember2024-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q 

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 1-10890

HORACE MANN EDUCATORS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware37-0911756
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1 Horace Mann Plaza, Springfield, Illinois      62715-0001
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 217-789-2500
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Common Stock, $0.001 par valueHMNNew York Stock Exchange


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). Yes No

As of April 30, 2024, the registrant had 40,963,670 common shares, $0.001 par value, outstanding.



HORACE MANN EDUCATORS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024
TABLE OF CONTENTS

Page
   
Item 1. 
   
 
   
 
   
 
   
 
   
  
 
Note 2 - Investments
 
 
 
 
   
Item 2.
   
Item 3.
   
Item 4.
   
 
Item 1.
 55
   
Item 1A.
   
Item 2.
   
Item 5.
   
Item 6.
   



PART I: FINANCIAL INFORMATION
ITEM 1. I Consolidated Financial Statements
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED BALANCE SHEETS
($ in millions, except share data)
March 31, 2024December 31, 2023
(Unaudited)
Assets
Investments
Fixed maturity securities, available for sale, at fair value
(amortized cost, net 2024, $5,785.4; 2023, $5,652.9)
$5,342.7 $5,235.3 
Equity securities at fair value, (cost $101.7 and $86.2)
84.7 86.2 
Limited partnership interests1,119.3 1,138.8 
Policy loans
140.7 141.4 
Short-term and other investments170.5 228.8 
Total investments
6,857.9 6,830.5 
Cash20.4 29.7 
Deferred policy acquisition costs337.3 336.3 
Reinsurance balances receivable449.3 480.5 
Deposit asset on reinsurance2,472.4 2,496.6 
Intangible assets166.7 170.3 
Goodwill54.3 54.3 
Other assets361.1 357.6 
Separate Account variable annuity assets3,516.9 3,294.1 
Total assets$14,236.3 $14,049.9 
Liabilities and Shareholders' Equity
Policy liabilities
Future policy benefit reserves$1,702.1 $1,761.8 
Policyholders' account balances5,137.6 5,187.0 
Unpaid claims and claim expenses584.4 581.7 
Unearned premiums299.8 300.9 
Total policy liabilities
7,723.9 7,831.4 
Other policyholder funds941.1 916.0 
Other liabilities296.8 287.1 
Long-term debt546.2 546.0 
Separate Account variable annuity liabilities3,516.9 3,294.1 
Total liabilities13,024.9 12,874.6 
Preferred stock, $0.001 par value, authorized
1,000,000 shares; none issued
  
Common stock, $0.001 par value, authorized 75,000,000 shares;
issued, 2024, 66,876,995; 2023, 66,747,821
0.1 0.1 
Additional paid-in capital513.1 510.9 
Retained earnings1,514.4 1,502.2 
Accumulated other comprehensive income (loss), net of tax: 
Net unrealized investment losses on fixed maturity securities(348.0)(328.3)
Net reserve remeasurements attributable to discount rates63.3 21.9 
Net funded status of benefit plans
(7.6)(7.6)
Treasury stock, at cost, 2024, 25,911,087 shares;
2023, 25,911,087 shares
(523.9)(523.9)
Total shareholders’ equity1,211.4 1,175.3 
Total liabilities and shareholders’ equity$14,236.3 $14,049.9 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
1
 First Quarter 2024 Form 10-Q



HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
($ in millions, except per share data)
Three Months Ended
March 31,
 20242023
Statements of Operations
Revenues
Net premiums and contract charges earned$275.2 $255.9 
Net investment income105.4 100.4 
Net investment gains (losses)
2.2 (3.9)
Other income3.2 1.5 
Total revenues
386.0 353.9 
Benefits, losses and expenses
Benefits, claims and settlement expenses176.3 183.2 
Interest credited52.9 48.7 
Operating expenses84.5 79.8 
DAC amortization expense27.0 23.7 
Intangible asset amortization expense3.6 3.7 
Interest expense8.7 6.7 
Total benefits, losses and expenses
353.0 345.8 
Income before income taxes
33.0 8.1 
Income tax expense
6.5 1.5 
Net income
$26.5 $6.6 
Net income per share
Basic$0.64 $0.16 
Diluted$0.64 $0.16 
Weighted average number of shares and equivalent shares
Basic41.3 41.3 
Diluted41.5 41.4 
Statements of Comprehensive Income (Loss)
Net income
$26.5 $6.6 
Other comprehensive income (loss), net of tax:
Change in net unrealized investment losses on
   fixed maturity securities
(19.7)93.2 
Change in net reserve remeasurements attributable
   to discount rates
41.4 (41.2)
Change in net funded status of benefit plans  
Other comprehensive income
21.7 52.0 
Comprehensive income (loss)$48.2 $58.6 






The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
2
First Quarter 2024 Form 10-Q



HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
($ in millions, except per share data)
Three Months Ended
March 31,
20242023
Common stock, $0.001 par value
Beginning balance$0.1 $0.1 
Options exercised— — 
Conversion of common stock units— — 
Conversion of restricted stock units— — 
Ending balance0.1 0.1 
Additional paid-in capital
Beginning balance510.9 502.6 
Options exercised and conversion of common and
   restricted stock units
(0.1)(1.4)
Share-based compensation expense2.3 1.9 
Ending balance513.1 503.1 
Retained earnings
Beginning balance1,502.2 1,512.4 
Net income
26.5 6.6 
Dividends, 2024, $0.34 per share; 2023, $0.33 per share
(14.3)(13.8)
Ending balance1,514.4 1,505.2 
Accumulated other comprehensive income (loss), net of tax:
Beginning balance(314.0)(399.4)
Change in net unrealized investment losses
on fixed maturity securities
(19.7)93.2 
Change in net reserve remeasurements attributable
   to discount rates
41.4 (41.2)
Change in net funded status of benefit plans— — 
Ending balance(292.3)(347.4)
Treasury stock, at cost
Beginning balance(523.9)(517.4)
Treasury stock acquired - share repurchase authorization— (4.4)
Ending balance(523.9)(521.8)
Shareholders' equity at end of period$1,211.4 $1,139.2 















The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
3
First Quarter 2024 Form 10-Q



HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
($ in millions)
Three Months Ended
March 31,
20242023
Cash flows - operating activities
Net income $26.5 $6.6 
Adjustments to reconcile net income (loss) to net cash provided
   by operating activities:
     Net investment gains (losses)
(2.2)3.9 
     Depreciation and intangible asset amortization6.6 6.6 
     Share-based compensation expense2.5 2.0 
     Loss (gain) from equity method investments, net of dividends or distributions15.6 10.0 
     Changes in:
      Insurance liabilities(27.8)55.8 
      Amounts due under reinsurance agreements31.3 0.3 
      Income tax liabilities17.6 (9.9)
      Other operating assets and liabilities10.8 5.4 
      Other, net(6.4)5.7 
Net cash provided by operating activities74.5 86.4 
Cash flows - investing activities  
Fixed maturity securities purchases
(335.6)(185.5)
Fixed maturity securities sales
88.0 62.7 
Fixed maturity securities maturities, paydowns, calls and redemptions
119.3 73.7 
Equity securities purchases
(1.1)(1.1)
Equity securities sales and repayments
  
Limited partnership interests purchases
(19.2)(75.1)
Limited partnership interests sales
23.1 3.4 
Change in short-term and other investments, net65.0 26.6 
Other-net
1.0  
Net cash used in investing activities(59.5)(95.3)
Cash flows - financing activities  
Dividends paid to shareholders(13.9)(13.5)
Treasury stock acquired (4.4)
Proceeds from exercise of stock options1.1  
Withholding tax payments on RSUs tendered(1.6)(1.7)
Annuity contracts: variable, fixed and FHLB funding agreements:  
Deposits
185.9 278.7 
Benefits, withdrawals and net transfers to
   Separate Account variable annuity assets
(149.3)(152.2)
  Repayment of FHLB funding agreements(50.0)(85.0)
Life policy accounts deposits, withdrawals, and surrenders
2.1 2.3 
Change in deposit asset on reinsurance(49.3)(24.0)
Net increase (decrease) in reverse repurchase agreements50.0  
Change in book overdrafts0.7 (6.7)
Net cash used in financing activities
(24.3)(6.5)
Net decrease in cash(9.3)(15.4)
Cash at beginning of period29.7 42.8 
Cash at end of period$20.4 $27.4 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
4
First Quarter 2024 Form 10-Q



HORACE MANN EDUCATORS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - Basis of Presentation and Significant Accounting Policies
Business
Horace Mann Educators Corporation is a holding company for insurance subsidiaries that market and underwrite personal lines of property and casualty insurance products (primarily personal lines of auto and property insurance), life insurance products, retirement products (primarily tax-qualified fixed and variable annuities), worksite direct insurance products (primarily cancer, heart, hospital, supplemental disability and accident coverages), and employer-sponsored group benefit products (primarily short-term and long-term group disability, and group term life coverages), primarily to K-12 teachers, administrators and other employees of public schools and their families (collectively, HMEC, the Company or Horace Mann).
The Company conducts and manages its business in four reporting segments: (1) Property & Casualty, (2) Life & Retirement, (3) Supplemental & Group Benefits and (4) Corporate & Other.
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and with the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in annual financial statements prepared in conformity with GAAP, but are not required for interim reporting purposes, have been omitted. These Consolidated Financial Statements and Notes thereto should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Part II - Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.
The accompanying Consolidated Financial Statements and Notes thereto are unaudited and reflect all adjustments (generally consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Part II - Item 8, Note 1 of the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
The Company has reclassified the presentation of certain prior period information to conform to the current year's presentation.
Consolidation
All intercompany transactions and balances between HMEC and its subsidiaries and affiliates have been eliminated.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the reporting date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
The most significant critical accounting estimates include valuation of hard-to-value fixed maturity securities, evaluation of credit loss impairments for fixed maturity securities, valuation of future policy benefit reserves, and valuation of liabilities for property and casualty unpaid claims and claim expense reserves.
Future Adoption of New Accounting Standards
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update will improve reportable segment disclosure requirements, primarily through
Horace Mann Educators Corporation
5
First Quarter 2024 Form 10-Q



NOTE 1 - Basis of Presentation and Significant Accounting Policies (continued)
enhanced disclosures about significant segment expenses. ASU 2023-07 includes: 1) a requirement to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, 2) a requirement to disclose an amount for other segment items by reportable segment and a description of its composition, 3) a requirement to disclose a reportable segments profit or loss and assets currently required by Topic 280 in interim periods, 4) clarifies that in addition to the measure that is most consistent with the measurement principles under generally accepted accounting principles (GAAP), a public entity is not precluded from reporting additional measures of a segment's profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, and 5) a requirement to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
This guidance will be effective for the Company for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The guidance will have no net impact on the Company's consolidated financial position, results of operations, or cash flows.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update will improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.
This guidance will be effective for the Company for annual periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025. Early adoption is permitted. The guidance will have no net impact on the Company's consolidated financial position, results of operations, or cash flows.
NOTE 2 - Investments
Net Investment Income
The components of net investment income for the following periods were as follows:
($ in millions)Three Months Ended
March 31,
20242023
Fixed maturity securities$70.4 $67.7 
Equity securities1.2 2.7 
Limited partnership interests6.2 4.4 
Short-term and other investments4.7 3.5 
Investment expenses(2.6)(3.6)
Net investment income - investment portfolio
79.9 74.7 
Investment income - deposit asset on reinsurance25.5 25.7 
Total net investment income
$105.4 $100.4 
Net Investment Gains (Losses)
Net investment gains (losses) for the following periods were as follows:
($ in millions)Three Months Ended
March 31,
20242023
Fixed maturity securities$(1.0)$(2.4)
Equity securities2.6 (1.0)
Short-term investments and other0.6 (0.5)
Net investment gains (losses)
$2.2 $(3.9)

Horace Mann Educators Corporation
6
First Quarter 2024 Form 10-Q



NOTE 2 - Investments (continued)
The Company, from time to time, sells fixed maturity securities subsequent to the reporting date but prior to the issuance of the financial statements that were in an unrealized loss position but no credit loss was recognized and there was no intent to sell the securities at the reporting date. Such sales are due to issuer-specific events occurring subsequent to the reporting date that result in a change in the Company's intent to sell a fixed maturity security. The types of events that may result in a sale include significant changes in the economic facts and circumstances related to the invested asset, significant unforeseen changes in liquidity needs, or changes in the Company's investment strategy.
Net Investment Gains (Losses) by Transaction Type
The breakdown of net investment gains (losses) by transaction type for the following periods were as follows:
($ in millions)Three Months Ended
March 31,
20242023
Credit loss impairments$(0.9)$ 
Intent-to-sell impairments  
Total impairments(0.9) 
Sales and other, net(0.1)(2.4)
Change in fair value - equity securities2.6 (1.0)
Change in fair value and gains (losses) realized
on settlements - derivatives
0.6 (0.5)
Net investment gains (losses)
$2.2 $(3.9)
Allowance for Credit Loss Impairments on Fixed Maturity Securities
The following table presents changes in the allowance for credit loss impairments on fixed maturity securities classified as available for sale for the category of other asset-backed securities (no other categories of fixed maturity securities have an allowance for credit loss impairments):
($ in millions)Three Months Ended
March 31,
20242023
Beginning balance$1.2 $1.2 
Credit losses on fixed maturity securities for which credit losses were not previously reported0.9  
Net increase related to credit losses previously reported  
Reduction of credit allowances related to sales  
Write-offs  
Ending balance$2.1 $1.2 






Horace Mann Educators Corporation
7
First Quarter 2024 Form 10-Q



NOTE 2 - Investments (continued)
Fixed Maturity Securities
The Company's investment portfolio is comprised primarily of fixed maturity securities. Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows:
($ in millions)Amortized
Cost, net
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
March 31, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities
$746.5 $2.9 $71.7 $677.7 
Other, including U.S. Treasury securities
457.6 0.4 66.8 391.2 
Municipal bonds1,282.2 22.6 97.3 1,207.5 
Foreign government bonds23.1  1.2 21.9 
Corporate bonds2,041.1 18.5 229.7 1,829.9 
Other asset-backed securities1,234.9 12.3 32.7 1,214.5 
Totals$5,785.4 $56.7 $499.4 $5,342.7 
December 31, 2023
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$713.4 $4.4 $64.6 $653.2 
Other, including U.S. Treasury securities450.8 0.8 62.8 388.8 
Municipal bonds1,333.4 28.6 91.9 1,270.1 
Foreign government bonds23.1  1.0 22.1 
Corporate bonds1,969.9 23.1 220.3 1,772.7 
Other asset-backed securities1,162.3 6.0 39.9 1,128.4 
Totals$5,652.9 $62.9 $480.5 $5,235.3 

Horace Mann Educators Corporation
8
First Quarter 2024 Form 10-Q



NOTE 2 - Investments (continued)
The following table presents the fair value and gross unrealized losses for fixed maturity securities in an unrealized loss position as of March 31, 2024 and December 31, 2023, respectively. The Company views the decrease in fair value of all of the fixed maturity securities with unrealized losses as of March 31, 2024 as due to factors other than a credit loss. As of March 31, 2024, the Company has not made the decision to sell and it is not more likely than not the Company will be required to sell the fixed maturity securities with unrealized losses before a recovery of the amortized cost basis. In reaching our conclusion that an allowance for credit is unnecessary, we considered the factors described in the evaluation of credit loss impairments for fixed maturity securities critical accounting estimate in our Annual Report on Form 10-K. In the current three months ended March 31, 2024, the performance of fixed maturity securities has been impacted by the change in interest rates, specifically interest rates being at relatively high levels compared to interest rates at the time of acquisition of the securities. In consideration of the factors, we expect to receive cash flows sufficient to recover the entire amortized cost basis of the securities in the following table.
($ in millions)12 Months or LessMore than 12 MonthsTotal
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
March 31, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$63.1 $1.0 $470.4 $70.7 $533.5 $71.7 
Other
100.8 1.6 276.6 65.2 377.4 66.8 
Municipal bonds111.7 1.6 704.9 95.7 816.6 97.3 
Foreign government bonds
1.4 0.1 20.5 1.1 21.9 1.2 
Corporate bonds
252.8 23.5 1,147.4 206.2 1,400.2 229.7 
Other asset-backed securities
52.0 0.6 535.4 32.1 587.4 32.7 
Total
$581.8 $28.4 $3,155.2 $471.0 $3,737.0 $499.4 
Number of positions with a
   gross unrealized loss
298 2,213 2,511 
Fair value as a percentage of total fixed
   maturity securities at fair value
10.9 %59.1 %70.0 %
December 31, 2023
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$45.3 $0.8 $458.5 $63.8 $503.8 $64.6 
Other39.5 0.4 288.0 62.4 327.5 62.8 
Municipal bonds64.5 0.9 724.6 91.0 789.1 91.9 
Foreign government bonds1.5  20.6 1.0 22.1 1.0 
Corporate bonds195.0 25.4 1,171.3 194.9 1,366.3 220.3 
Other asset-backed securities133.4 0.8 752.5 39.1 885.9 39.9 
Total
$479.2 $28.3 $3,415.5 $452.2 $3,894.7 $480.5 
Number of positions with a
   gross unrealized loss
195 2,305 2,500 
Fair value as a percentage of total fixed
   maturity securities at fair value
9.2 %65.2 %74.4 %






Horace Mann Educators Corporation
9
First Quarter 2024 Form 10-Q



NOTE 2 - Investments (continued)
With regards to fixed maturity securities that had gross unrealized losses more than 12 months, the number of positions by their respective credit ratings were as follows:
Number of Positions
March 31, 2024December 31, 2023
Credit Rating
AAA191 226 
AA984 1,006 
A415 423 
BBB437 448 
Total investment grade
2,027 2,103 
BB82 93 
B34 39 
CCC or lower 8 7 
Total below investment grade
124 139 
Not rated 62 63 
Totals:2,213 2,305 
Fixed maturity securities with an investment grade rating represented 95.9% of the gross unrealized losses as of March 31, 2024. For the same reasons discussed above, we expect to receive cash flow sufficient to recover the entire amortized cost basis of the securities in the previous table.
Maturities of Fixed Maturity Securities
The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments.
($ in millions)March 31, 2024
Amortized
Cost, net
Fair
Value
Percent of Total Fair Value
Estimated expected maturity:
Due in 1 year or less$287.5 $283.8 5.3 %
Due after 1 year through 5 years1,480.5 1,438.2 26.9 %
Due after 5 years through 10 years1,496.8 1,425.0 26.7 %
Due after 10 years through 20 years1,475.8 1,321.7 24.7 %
Due after 20 years1,044.8 874.0 16.4 %
Total$5,785.4 $5,342.7 100.0 %
Average option-adjusted duration, in years5.9








Horace Mann Educators Corporation
10
First Quarter 2024 Form 10-Q



NOTE 2 - Investments (continued)
Sales of Fixed Maturity and Equity Securities
Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were as follows:
($ in millions)Three Months Ended
March 31,
20242023
Fixed maturity securities
Proceeds received
$88.0 $62.7 
Gross gains realized
1.3 0.3 
Gross losses realized
(1.4)(2.7)
Equity securities
Proceeds received
$ $ 
Gross gains realized
  
Gross losses realized
  
Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities
The following table reconciles net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in AOCI:
($ in millions)Three Months Ended
March 31,
20242023
Net unrealized investment gains (losses)
   on fixed maturity securities, net of tax
Beginning of period$(328.3)$(449.6)
Change in net unrealized investment gains
   (losses) on fixed maturity securities
(20.5)91.3 
Reclassification of net investment losses
   on fixed maturity securities to net income
0.8 1.9 
End of period$(348.0)$(356.4)
Limited Partnership Interests
Investments in limited partnership interests are accounted for using the equity method of accounting (EMA) and include interests in commercial mortgage loan funds, real estate equity funds, private equity funds, infrastructure equity funds, infrastructure debt funds and other funds. Principal factors influencing carrying amount appreciation or depreciation include operating performance, comparable public company earnings multiples, capitalization rates and the economic environment. The carrying amounts of EMA limited partnership interests were as follows:
($ in millions)
March 31, 2024December 31, 2023
Commercial mortgage loan funds$646.2 $660.8 
Real estate equity funds
103.3 109.2 
Private equity funds
95.5 92.7 
Infrastructure equity funds
78.0 77.2 
Infrastructure debt funds
62.4 59.1 
Other funds(1)
133.9 139.8 
Total$1,119.3 $1,138.8 
(1)Other funds consist primarily of limited partnership interests in corporate mezzanine, venture capital and private credit funds.

Horace Mann Educators Corporation
11
First Quarter 2024 Form 10-Q



NOTE 2 - Investments (continued)
Offsetting of Assets and Liabilities
The Company's derivatives are subject to enforceable master netting arrangements. Collateral support agreements associated with each master netting arrangement provides that the Company will receive or pledge financial collateral in the event minimum thresholds have been reached. The Company’s reverse repurchase agreements are also subject to enforceable master netting arrangements but there was no offsetting in their presentation in the Company’s Consolidated Balance Sheets. Information regarding the Company's derivatives is contained in Part II - Item 8, Note 4 in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The following table presents instruments that were subject to a master netting arrangement for the Company.
($ in millions)Gross
Amounts
Offset in the
Consolidated
Balance
Sheets
Net Amounts
of Assets/
Liabilities
Presented
in the
Consolidated
Balance
Sheets
Gross Amounts Not Offset
in the Consolidated
Balance Sheets
Gross
Amounts
Financial
Instruments
Cash
Collateral
Received
Net
Amount
March 31, 2024
Asset derivatives:
Free-standing derivatives$23.1 $ $23.1 $ $23.6 $(0.5)
December 31, 2023
Asset derivatives:
Free-standing derivatives$19.0 $ $19.0 $ $18.5 $0.5 
Reverse Repurchase Agreements
In connection with reverse repurchase agreements, the Company transfers primarily U.S. government, government agency and corporate securities and receives cash. For reverse repurchase agreements, the Company receives cash in an amount equal to at least 95% of the fair value of the securities transferred, and the agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The Company accounts for reverse repurchase agreements as secured borrowings. The securities transferred under reverse repurchase agreements are included in Fixed maturity securities with the obligation to repurchase those securities reported in Other liabilities on the Company's Consolidated Balance Sheets. The fair value of the securities transferred was $51.8 million as of March 31, 2024 and $0.0 million as of December 31, 2023. The obligation for securities sold under reverse repurchase agreements was a net amount of $50.0 million as of March 31, 2024 and $0.0 million December 31, 2023.
Deposits
As of March 31, 2024 and December 31, 2023, fixed maturity securities with a fair value of $27.0 million and $29.2 million were on deposit with governmental agencies as required by law in various states for which the insurance subsidiaries of HMEC conduct business. In addition, as of March 31, 2024 and December 31, 2023, fixed maturity securities with a fair value of $1,014.4 million and $987.2 million, respectively, were on deposit with the Federal Home Loan Bank of Chicago (FHLB) as collateral for amounts subject to funding agreements, advances and borrowings which were equal to $929.5 million as of March 31, 2024 and $904.5 million as of December 31, 2023. The deposited securities are reported as Fixed maturity securities on the Company’s Consolidated Balance Sheets.
NOTE 3 - Fair Value of Financial Instruments
The Company is required to disclose estimated fair values for certain financial and nonfinancial assets and liabilities. Fair values of the Company’s insurance contracts other than annuity contracts (which are investment contracts) and EMA limited partnership interests are not required to be disclosed. However, the estimated fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk through appropriate matching of investment maturities with amounts due under insurance contracts.
Information regarding the three-level fair value hierarchy presented below and the valuation methodologies utilized by the Company to estimate fair values at each reporting date is included in Part II - Item 8, Note 3 of the
Horace Mann Educators Corporation
12
First Quarter 2024 Form 10-Q


NOTE 3 - Fair Value of Financial Instruments (continued)
Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Financial Instruments Measured and Carried at Fair Value on a Recurring Basis
The following table presents the Company's fair value hierarchy for financial assets and financial liabilities measured and carried at fair value on a recurring basis. During the three months ended March 31, 2024 and 2023, there were no transfers between Level 1 and Level 2. As of March 31, 2024, Level 3 invested assets comprised 9.2% of the Company’s total investment portfolio at fair value.
($ in millions)Carrying
Amount
Fair
Value
Fair Value Measurements at
Reporting Date Using
 Level 1Level 2Level 3
March 31, 2024
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally
   sponsored agency obligations:
Mortgage-backed securities$677.7 $677.7 $ $677.7 $ 
Other, including U.S. Treasury securities391.2 391.2 45.0 346.2  
Municipal bonds1,207.5 1,207.5  1,134.3 73.2 
Foreign government bonds21.9 21.9  21.9  
Corporate bonds1,829.9 1,829.9 8.6 1,475.8 345.5 
Other asset-backed securities1,214.5 1,214.5  1,125.8 88.7 
Total fixed maturity securities5,342.7 5,342.7 53.6 4,781.7 507.4 
Equity securities84.7 84.7 18.1 64.1 2.5 
Short-term investments69.4 69.4 69.4   
Other investments23.1 23.1  23.1  
Totals$5,519.9 $5,519.9 $141.1 $4,868.9 $509.9 
Separate Account variable annuity assets(1)
$3,516.9 $3,516.9 $3,516.9 $ $ 
Financial Liabilities(2)
$85.0 $85.0 $ $4.2 $80.8 
December 31, 2023
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally
   sponsored agency obligations:
Mortgage-backed securities$653.2 $653.2 $ $653.2 $ 
Other, including U.S. Treasury securities388.8 388.8 45.6 343.2  
Municipal bonds
1,270.1 1,270.1  1,196.1 74.0 
Foreign government bonds
22.1 22.1  22.1  
Corporate bonds
1,772.7 1,772.7 10.1 1,420.1 342.5 
Other asset-backed securities
1,128.4 1,128.4  1,030.9 97.5 
Total fixed maturity securities5,235.3 5,235.3 55.7 4,665.6 514.0 
Equity securities86.2 86.2 17.9 63.8 4.5 
Short-term investments132.9 132.9 132.9   
Other investments19.0 19.0  19.0  
Totals$5,473.4 $5,473.4 $206.5 $4,748.4 $518.5 
Separate Account (variable annuity) assets(1)
$3,294.1 $3,294.1 $3,294.1 $