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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 June 30, 2023
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 filer☑Accelerated filer
☐
Non-accelerated filer☐Smaller 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 July 31, 2023, the registrant had 40,842,297 common shares, $0.001 par value, outstanding.


HORACE MANN EDUCATORS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023
TABLE OF CONTENTS

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


PART I: FINANCIAL INFORMATION
ITEM 1. I Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
Horace Mann Educators Corporation:

Results of Review of Interim Financial Information
We have reviewed the consolidated balance sheet of Horace Mann Educators Corporation and subsidiaries (the Company) as of June 30, 2023, the related consolidated statements of operations, comprehensive income (loss), and changes in shareholders' equity for the three and six-month periods ended June 30, 2023 and 2022, the related consolidated statements of cash flows for the six-month periods ended June 30, 2023 and 2022, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2022, and the related consolidated statements of operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 28, 2023, we expressed an unqualified opinion on those consolidated financial statements. As described in Note 1 to the Company's consolidated interim financial information, on January 1, 2023 the Company adopted Accounting Standard Update (ASU) No. 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU No. 2018-12), using the modified retrospective adoption method for the Liability for Future Policy Benefits and Deferred Acquisition Costs and the full retrospective adoption method for Market Risk Benefits resulting in revision of the December 31, 2022 consolidated balance sheet. We have not audited and reported on the revised December 31, 2022 consolidated balance sheet reflecting the adoption of ASU No. 2018-12.
Basis for Review Results
This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
 
/s/ KPMG LLP
KPMG LLP
 
 
Chicago, Illinois
 
August 8, 2023
 
Horace Mann Educators Corporation
1
Second Quarter 2023 Form 10-Q


HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($ in millions, except share data)
June 30, 2023December 31, 2022
Assets
Investments
Fixed maturity securities, available for sale, at fair value
(amortized cost, net 2023, $5,712.7; 2022, $5,756.9)
$5,211.9 $5,185.0 
Equity securities at fair value
85.8 99.6 
Limited partnership interests1,073.8 983.7 
Short-term and other investments298.1 319.3 
Total investments
6,669.6 6,587.6 
Cash23.1 42.8 
Deferred policy acquisition costs332.9 330.6 
Reinsurance balances receivable453.6 468.0 
Deposit asset on reinsurance2,514.9 2,516.6 
Intangible assets177.7 185.2 
Goodwill54.3 54.3 
Other assets347.3 328.7 
Separate Account variable annuity assets3,098.5 2,792.3 
Total assets$13,671.9 $13,306.1 
Liabilities and Shareholders' Equity
Policy liabilities
Future policy benefit reserves$1,740.9 $1,718.0 
Policyholders' account balances5,206.2 5,260.6 
Unpaid claims and claim expenses597.8 564.0 
Unearned premiums272.5 266.1 
Total policy liabilities
7,817.4 7,808.7 
Other policyholder funds900.5 809.3 
Other liabilities255.5 299.5 
Short-term debt249.0 249.0 
Long-term debt249.1 249.0 
Separate Account variable annuity liabilities3,098.5 2,792.3 
Total liabilities12,570.0 12,207.8 
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, 2023, 66,745,445; 2022, 66,618,465
0.1 0.1 
Additional paid-in capital505.7 502.6 
Retained earnings1,478.6 1,512.4 
Accumulated other comprehensive income (loss), net of tax: 
Net unrealized investment losses on fixed maturity securities(393.7)(449.6)
Net reserve remeasurements attributable to discount rates42.9 59.0 
Net funded status of benefit plans
(8.8)(8.8)
Treasury stock, at cost, 2023, 25,878,087 shares;
2022, 25,714,153 shares
(522.9)(517.4)
Total shareholders’ equity1,101.9 1,098.3 
Total liabilities and shareholders’ equity$13,671.9 $13,306.1 




The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
2
Second Quarter 2023 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
June 30,		Six Months Ended
June 30,
 2023202220232022
Statements of Operations
Revenues  
Net premiums and contract charges earned$260.7 $255.4 $516.6 $511.2 
Net investment income108.5 105.2 208.9 203.1 
Net investment losses(17.4)(15.5)(21.3)(31.0)
Other income4.6 0.8 6.1 9.3 
Total revenues
356.4 345.9 710.3 692.6 
Benefits, losses and expenses
Benefits, claims and settlement expenses205.2 203.4 388.4 378.6 
Interest credited50.7 41.4 99.4 81.1 
Operating expenses80.1 77.1 159.9 153.8 
DAC amortization expense25.4 21.5 49.1 43.5 
Intangible asset amortization expense3.7 4.2 7.4 8.4 
Interest expense6.9 4.3 13.6 8.2 
Total benefits, losses and expenses
372.0 351.9 717.8 673.6 
Income (loss) before income taxes(15.6)(6.0)(7.5)19.0 
Income tax expense (benefit)(2.8)(1.8)(1.3)2.9 
Net income (loss)$(12.8)$(4.2)$(6.2)$16.1 
Net income (loss) per share
Basic$(0.31)$(0.10)$(0.15)$0.38 
Diluted$(0.31)$(0.10)$(0.15)$0.38 
Weighted average number of shares and equivalent shares
Basic41.3 41.8 41.3 41.8 
Diluted41.4 41.8 41.4 42.0 
Statements of Comprehensive Income (Loss)
Net income (loss)$(12.8)$(4.2)$(6.2)$16.1 
Other comprehensive loss, net of tax:
Change in net unrealized investment losses on fixed maturity securities(37.3)(294.8)55.9 (628.9)
Change in net reserve remeasurements attributable to discount rates25.1 168.5 (16.1)350.0 
Change in net funded status of benefit plans— — — — 
Other comprehensive loss(12.2)(126.3)39.8 (278.9)
Comprehensive income (loss)$(25.0)$(130.5)$33.6 $(262.8)






The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
3
Second Quarter 2023 Form 10-Q


HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
($ in millions, except per share data)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Common stock, $0.001 par value
Beginning balance$0.1 $0.1 $0.1 $0.1 
Options exercised— — — — 
Conversion of common stock units— — — — 
Conversion of restricted stock units— — — — 
Ending balance0.1 0.1 0.1 0.1 
Additional paid-in capital
Beginning balance503.1 496.6 502.6 495.3 
Options exercised and conversion of common and
   restricted stock units		0.3 (0.7)(1.1)(1.2)
Share-based compensation expense2.3 2.2 4.2 4.0 
Ending balance505.7 498.1 505.7 498.1 
Retained earnings
Beginning balance1,505.2 1,553.0 1,512.4 1,547.0 
Net income (loss)(12.8)(4.2)(6.2)16.1 
Dividends, 2023, $0.33 per share; 2022, $0.32 per share
(13.8)(13.5)(27.6)(27.0)
Effect of adopting ASU 2018-12(1)
— — — (0.8)
Ending balance1,478.6 1,535.3 1,478.6 1,535.3 
Accumulated other comprehensive income (loss), net of tax:
Beginning balance(347.4)(202.6)(399.4)(50.0)
Change in net unrealized investment losses
on fixed maturity securities
(37.3)(294.8)55.9 (628.9)
Change in net reserve remeasurements attributable to discount rates25.1 168.5 (16.1)350.0 
Change in net funded status of benefit plans— — — — 
Ending balance(359.6)(328.9)(359.6)(328.9)
Treasury stock, at cost
Beginning balance(521.8)(495.6)(517.4)(493.4)
Treasury stock acquired - share repurchase authorization(1.1)(11.8)(5.5)(14.0)
Ending balance(522.9)(507.4)(522.9)(507.4)
Shareholders' equity at end of period$1,101.9 $1,197.2 $1,101.9 $1,197.2 
(1) See Note 1 to the Consolidated Financial Statements for information regarding the adoption of ASU 2018-12.













The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
4
Second Quarter 2023 Form 10-Q


HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
($ in millions)
Six Months Ended
June 30,
20232022
Cash flows - operating activities
Net income (loss)$(6.2)$16.1 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
     Net investment losses21.3 31.0 
     Depreciation and intangible asset amortization12.9 7.9 
     Share-based compensation expense4.5 4.4 
     Loss (gain) from equity method investments, net of dividends or distributions
11.5 (3.8)
     Other expense - goodwill impairment
     Changes in:
      Insurance liabilities126.8 275.2 
      Amounts due under reinsurance agreements14.3 (310.4)
      Income tax liabilities(15.7)93.0 
      Other operating assets and liabilities(17.3)(36.2)
      Other, net1.8 2.8 
Net cash provided by operating activities153.9 80.0 
Cash flows - investing activities  
Fixed maturity securities  
Purchases(313.7)(784.6)
Sales206.2 365.3 
Maturities, paydowns, calls and redemptions133.9 346.8 
Equity securities
Purchases(1.7)(4.3)
Sales and repayments9.8 6.8 
Limited partnership interests
Purchases(110.2)(147.8)
Sales8.3 36.4 
Change in short-term and other investments, net22.8 49.7 
Acquisition of business, net of cash acquired— (164.4)
Net cash used in investing activities(44.6)(296.1)
Cash flows - financing activities  
Dividends paid to shareholders(27.0)(26.4)
Principal repayment on FHLB borrowings— (5.0)
Treasury stock acquired(5.5)(14.0)
Withholding tax payments on RSUs tendered(1.8)(2.3)
Annuity contracts: variable, fixed and FHLB funding agreements:  
Deposits including advances from FHLB funding agreements418.4 332.9 
Benefits, withdrawals and net transfers to
   Separate Account variable annuity assets		(309.6)(223.4)
  Repayment of FHLB funding agreements(85.0)(10.0)
Life policy accounts: 
Deposits6.3 4.6 
Withdrawals and surrenders(2.0)(1.9)
Change in deposit asset on reinsurance(52.7)(24.4)
Net increase (decrease) in reverse repurchase agreements(70.0)95.8 
Change in book overdrafts(0.1)6.6 
Net cash provided by (used in) financing activities(129.0)132.5 
Net decrease in cash(19.7)(83.6)
Cash at beginning of period42.8 133.7 
Cash at end of period$23.1 $50.1 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
5
Second Quarter 2023 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, 2022. The results of operations for the three and six months ended June 30, 2023 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, 2022.
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, 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, evaluation of goodwill and intangible assets for impairment, valuation of annuity and life deferred policy acquisition costs, valuation of liabilities for property and casualty unpaid claims and claim expense reserves, valuation of liabilities for group benefits unpaid claims and claim expense reserves, valuation of future policy benefit reserves and policyholders' account balances and valuation of long-duration insurance contracts under the new accounting guidance in ASU 2018-12.

Horace Mann Educators Corporation
6
Second Quarter 2023 Form 10-Q


NOTE 1 - Basis of Presentation and Significant Accounting Policies (continued)
Adoption of New Accounting Standards
Accounting for Long-Duration Insurance Contracts
In August 2018, the FASB issued ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, and (ii) ASU 2020-11, Financial Services - Insurance (Topic 944): Effective Date and Early Application (collectively referred to herein as ASU 2018-12). ASU 2018-12 changed existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts. ASU 2018-12 includes: (1) a requirement to review and, if there is a change, update cash flow assumptions used to measure the liability for future policy benefits (LFPB) at least annually, and to update the discount rate assumption quarterly, (2) a requirement to account for market risk benefits (MRBs) at fair value, (3) simplified amortization for deferred policy acquisition costs (DAC), and (4) enhanced financial statement presentation and disclosures. ASU 2018-12 became effective for the Company for interim and annual periods beginning after December 15, 2022.
The Company adopted ASU 2018-12 for LFPB and DAC on a modified retrospective basis such that those balances were adjusted to conform to ASU 2018-12 on January 1, 2021. The Company adopted ASU 2018-12 for MRBs on a full retrospective basis, using hindsight where necessary. For variable annuities, actuarial assumptions (mortality, lapse, and premium payment patterns) used to measure MRBs were unobservable for years prior to 2006 and thus, hindsight was used to determine relevant assumptions for transition purposes. The factors used in applying hindsight included internal experience studies, the historical economic environment, actual performance of the business, and relevant industry information.
The following table summarizes the balance of and changes in LFPB on January 1, 2021 due to adoption of ASU 2018-12. The impact of shifts between deferred profit liabilities (DPL) and LFPB for limited-payment products are presented as offsetting line items in the effect of net premiums exceeding gross premiums and the effect of decrease/increase of DPL.
($ in millions)
Whole LifeTerm LifeExperience LifeLimited Pay Whole Life
Supplemental Health(1)
SPIA (life contingent)
Balance, end of year December 31, 2020$218.7 $93.2 $758.3 $51.3 $392.5 $115.9 
Change in discount rate assumptions111.5 27.3 433.0 18.2 23.0 20.6 
Change in cash flow assumptions, effect of net premiums exceeding gross premiums0.4 — — — — — 
Adjusted balance, beginning of year January 1, 2021330.6 120.5 1,191.3 69.5 415.5 136.5 
Less: Reinsurance recoverables, end of year December 31, 2020(0.1)(5.4)(1.3)(0.1)— — 
Less: Change in discount rate assumptions(0.2)(0.9)(0.7)(0.1)— — 
Adjusted balance, beginning of year January 1, 2021, net of reinsurance$330.3 $114.2 $1,189.3 $69.3 $415.5 $136.5 
(1)     As of January 1, 2021, the net LFPB for Supplemental Health was $163.5 million for cancer, $31.2 million for accident, $32.0 million for disability and $188.8 million for other supplemental health policies.











Horace Mann Educators Corporation
7
Second Quarter 2023 Form 10-Q


NOTE 1 - Basis of Presentation and Significant Accounting Policies (continued)
The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12:
($ in millions)
Whole LifeTerm LifeExperience LifeLimited-Pay Whole LifeIndexed Universal Life Supplemental HealthTotal Annuities
Balance, end of year December 31, 2020$17.8 $25.6 $2.6 $4.4 $11.3 $4.3 $137.7 
Adjustment for removal of related balances in AOCI— — 3.6 — 1.6 — 85.4 
Adjusted balance, beginning of year January 1, 2021$17.8 $25.6 $6.2 $4.4 $12.9 $4.3 $223.1 

The following table summarizes the balance of and changes in the net liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12:
($ in millions)
Balance, end of year December 31, 2020$0.1 
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk 6.8 
Adjustment for cumulative effect of changes in the instrument-specific credit risk at issuance 1.7 
Total adjustment for the difference between carrying amount and fair value 8.5 
Balance, beginning of year January 1, 20218.6 
Less: Reinsurance recoverable— 
Balance, beginning of year January 1, 2021, net of reinsurance $8.6 
The following table presents the effect of the after-tax transition adjustments on consolidated shareholders' equity due to adoption of ASU 2018:
($ in millions)January 1, 2021
AOCIRetained Earnings
Liability for future policy benefits$(496.3)$(0.2)
Deferred policy acquisition costs71.1 — 
Deferred sales inducements— — 
Market risk benefits(1.3)(5.4)
Total$(426.5)$(5.6)

For LFPB, the net transition adjustment is related to the difference in the discount rate used pre-transition and the discount rate at January 1, 2021. At transition, the Company had several instances, at the cohort level, where net premiums exceeded gross premiums which were recorded as an adjustment to retained earnings. For DAC, the Company removed shadow adjustments previously recorded in accumulated other comprehensive income (loss) (i.e., AOCI) for the impact of net unrealized investment gains (losses) that were included in the pre-ASU 2018-12 expected gross profits amortization calculation as of the transition date.
For MRBs, the transition adjustment to AOCI relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference between the fair value and carrying amount of MRBs at transition, excluding the amounts recorded in AOCI, was recorded as an adjustment to retained earnings as of the transition date.
Horace Mann Educators Corporation
8
Second Quarter 2023 Form 10-Q


NOTE 1 - Basis of Presentation and Significant Accounting Policies (continued)
While the requirements of ASU 2018-12 represent a significant change from legacy GAAP, the adoption of ASU 2018-12 did not impact cash flows on the Company’s policies, or the underlying economics of the Company’s business. The Company's insurance subsidiaries' risk-based capital amounts and ratios, and regulatory dividends are not impacted as the National Association of Insurance Commissioners (NAIC) rejected ASU 2018-12.
See Note 11 for summarization of the effects of adopting ASU 2018-12 on the Company's 2022 Consolidated Financial Statements.
Significant Accounting Policies
The following significant accounting policy has been added to reflect the Company's adoption of ASU 2018-12 as described above.
Liability for Future Policy Benefits

LFPB, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. The liability is estimated using current assumptions that include discount rate, mortality, lapses, and expenses. These current assumptions are based on judgments that consider the Company's historical experience, industry data, and other factors.
For traditional, limited-payment and supplemental health contracts, such contracts are grouped into cohorts by contract type and issue year. The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, the Company reviews its historical and future cash flow assumptions at least annually and updates the net premium ratio used to calculate the liability each time the assumptions are changed. The Company has elected to use expense assumptions that are locked-in at contract inception and are not subsequently reviewed or updated. At least annually, the Company updates its estimate of cash flows expected over the entire life of a group of contracts using actual historical experience and current future cash flow assumptions. These updated cash flows are used to calculate the revised net premiums and net premium ratio, which are used to derive an updated LFPB as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, before updating cash flow assumptions, to determine the current period change in liability estimate. This current period change in liability estimate is the liability remeasurement gain or loss. The impact of updated cash flow assumptions as well as the periodic liability remeasurement gain or loss is recognized as Benefits, claims and settlement expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). In subsequent periods, the revised net premiums are used to measure LFPB, subject to future revisions.
For traditional and limited-payment contracts, a standard discount rate is used to measure the liabilities that is equivalent to the yield from an A-rated bond. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A- rated bond, the Company uses the last market-observable yield level, and uses linear interpolation to determine yield assumptions for durations that do not have market-observable yields.
Deferred Profit Liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of LFPB, including discount rate, mortality, lapses, and expenses.
DPL is amortized and recognized as premium revenue in proportion to insurance in force for life insurance contracts and expected future benefit payments for annuity contracts. Interest is accreted on the balance of DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimates of cash flows for DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to Net premiums and contract charges earned presented in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Horace Mann Educators Corporation
9
Second Quarter 2023 Form 10-Q


NOTE 1 - Basis of Presentation and Significant Accounting Policies (continued)
DPL is recognized as a component of the Investment contract and future policy benefit reserves presented in the Consolidated Balance Sheets.
Market Risk Benefits

MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. MRBs include guaranteed minimum death benefits on variable annuity products. MRBs are measured at fair value using a non-option-based valuation model based on current net amounts at risk, market data, Company experience, and other factors. Changes in fair value of MRBs are recognized as a component of Benefits, claims and settlement expenses presented in the Consolidated Statements of Operations and Comprehensive Income (Loss) each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income.
MRBs are recognized as a component of Policyholders' account balances reserves presented in the Consolidated Balance Sheets.
Deferred Policy Acquisition Costs and Deferred Sales Inducements

DAC are costs that are incremental and directly related to the successful acquisition of new or renewal insurance contracts. Such costs include the incremental direct costs of contract acquisition, such as sales commissions; the portion of employees' total compensation and payroll-related fringe benefits related directly to time spent performing acquisition activities, such as underwriting, issuing, and processing policies for contracts that have actually been acquired; and other costs related directly to acquisition activities that would not have been incurred if the contract had not been acquired.
Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. For all life insurance products, the constant level basis used is face amount in force. For all deferred annuity products, the constant level basis used is the deposit amount in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on the Company's experience, industry data, and other factors and are consistent with those used for LFPB. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected terminations, due to mortality and lapse experience higher than expected, are recognized in the current period as a reduction of the capitalized balances.
Amortization of DAC is recognized as DAC amortization expense presented in the Consolidated Statements of Operations and Comprehensive Income (Loss). The DAC balance is reduced for actual experience in excess of expected experience. Changes in future estimates are recognized prospectively over the remaining expected contract term.
Deferred sales inducements (DSIs) are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. DSIs may be deferred if the Company can demonstrate that the deferred sales inducement amounts are both incremental to the amounts Company credits on similar contracts without sales inducements and the amounts are higher than the contract's expected ongoing crediting rates for periods after the inducement. Day-one bonuses and persistency bonuses generally meet the criteria to be deferred. DSIs are amortized using the same methodology and assumptions used to amortize DAC.







Horace Mann Educators Corporation
10
Second Quarter 2023 Form 10-Q


NOTE 2 - Investments
Net Investment Income
The components of net investment income for the following periods were as follows:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Fixed maturity securities$65.2 $62.0 $132.9 $120.6 
Equity securities0.7 4.0 3.4 5.3 
Limited partnership interests15.7 13.2 20.1 26.2 
Short-term and other investments3.5 2.7 7.0 5.4 
Investment expenses(2.6)(2.5)(6.2)(5.1)
Net investment income - investment portfolio
82.5 79.4 157.2 152.4 
Investment income - deposit asset on reinsurance26.0 25.8 51.7 50.7 
Total net investment income
$108.5 $105.2 $208.9 $203.1 
Net Investment Losses
Net investment gains (losses) for the following periods were as follows:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Fixed maturity securities$(14.7)$(2.9)$(17.1)$(5.2)
Equity securities(3.5)(12.6)(4.5)(28.1)
Short-term investments and other0.8 — 0.3 2.3 
Net investment losses$(17.4)$(15.5)$(21.3)$(31.0)

The Company, from time to time, sells fixed maturity securities subsequent to the reporting date that were considered temporarily impaired at such 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 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
June 30,		Six Months Ended
June 30,
2023202220232022
Credit loss impairments$(0.5)$(1.3)$(0.5)$(2.2)
Intent-to-sell impairments(6.1)(0.5)(6.1)(1.4)
Total impairments(6.6)(1.8)(6.6)(3.6)
Sales and other, net(19.3)(1.1)(21.7)— 
Change in fair value - equity securities7.7 (12.6)6.7 (29.7)
Change in fair value and gains (losses) realized
on settlements - derivatives
0.8 — 0.3 2.3 
Net investment losses$(17.4)$(15.5)$(21.3)$(31.0)



Horace Mann Educators Corporation
11
Second Quarter 2023 Form 10-Q


NOTE 2 - Investments (continued)
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
June 30,		Six Months Ended
June 30,
2023202220232022
Beginning balance$1.2 $8.3 $1.2 $7.7 
Credit losses on fixed maturity securities for which credit losses were not previously reported0.5 — 0.5 — 
Net increase related to credit losses previously reported— 1.3 — 2.2 
Reduction of credit allowances related to sales— — — — 
Write-offs(0.5)(0.1)(0.5)(0.4)
Ending balance$1.2 $9.5 $1.2 $9.5 
Fixed Maturity Securities
The Company's investment portfolio is comprised primarily of fixed maturity securities. Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows:
($ in millions)Amortized
Cost, net		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
June 30, 2023
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:(1)
Mortgage-backed securities
$650.4 $0.8 $68.1 $583.1 
Other, including U.S. Treasury securities
432.4 0.3 63.6 369.1 
Municipal bonds1,342.3 20.2 110.0 1,252.5 
Foreign government bonds26.1 — 1.3 24.8 
Corporate bonds2,053.8 12.6 238.0 1,828.4 
Other asset-backed securities1,207.7 2.7 56.4 1,154.0 
Totals$5,712.7 $36.6 $537.4 $5,211.9 
December 31, 2022
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations: