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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, 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 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, 2024, the registrant had 40,768,813 common shares, $0.001 par value, outstanding.


HORACE MANN EDUCATORS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED June 30, 2024
TABLE OF CONTENTS

Page
   
Item 1. 
   
 
   
 
   
 
   
 
   
  
 
Note 2 - Investments
 
 
 
 
   
Item 2.
   
Item 3.
   
Item 4.
   
 
Item 1.
 58
   
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)
June 30, 2024December 31, 2023
(Unaudited)
Assets
Investments
Fixed maturity securities, available for sale, at fair value
(amortized cost, net 2024, $5,816.5; 2023, $5,652.9)
$5,345.4 $5,235.3 
Equity securities at fair value, (cost $101.7 and $86.2)
82.6 86.2 
Limited partnership interests1,111.7 1,138.8 
Policy loans
140.7 141.4 
Short-term and other investments170.6 228.8 
Total investments
6,851.0 6,830.5 
Cash14.6 29.7 
Deferred policy acquisition costs341.5 336.3 
Reinsurance balances receivable456.6 480.5 
Deposit asset on reinsurance2,466.2 2,496.6 
Intangible assets163.1 170.3 
Goodwill54.3 54.3 
Other assets390.1 357.6 
Separate Account variable annuity assets3,544.7 3,294.1 
Total assets$14,282.1 $14,049.9 
Liabilities and Shareholders' Equity
Policy liabilities
Future policy benefit reserves$1,655.0 $1,761.8 
Policyholders' account balances5,119.0 5,187.0 
Unpaid claims and claim expenses596.6 581.7 
Unearned premiums319.8 300.9 
Total policy liabilities
7,690.4 7,831.4 
Other policyholder funds951.1 916.0 
Other liabilities340.6 287.1 
Long-term debt546.5 546.0 
Separate Account variable annuity liabilities3,544.7 3,294.1 
Total liabilities13,073.3 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, 66,892,799; 2023, 66,747,821
0.1 0.1 
Additional paid-in capital515.8 510.9 
Retained earnings1,504.0 1,502.2 
Accumulated other comprehensive income (loss), net of tax: 
Net unrealized investment losses on fixed maturity securities(370.4)(328.3)
Net reserve remeasurements attributable to discount rates95.3 21.9 
Net funded status of benefit plans
(7.6)(7.6)
Treasury stock, at cost, 2024, 26,051,869 shares;
2023, 25,911,087 shares
(528.4)(523.9)
Total shareholders’ equity1,208.8 1,175.3 
Total liabilities and shareholders’ equity$14,282.1 $14,049.9 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
1
 Second 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
June 30,		Six Months Ended
June 30,
 2024202320242023
Statements of Operations
Revenues  
Net premiums and contract charges earned$280.9 $260.7 $556.1 $516.6 
Net investment income108.4 108.5 213.8 208.9 
Net investment gains (losses)
(5.9)(17.4)(3.7)(21.3)
Other income4.7 4.6 7.9 6.1 
Total revenues
388.1 356.4 774.1 710.3 
Benefits, losses and expenses
Benefits, claims and settlement expenses207.3 205.2 383.6 388.4 
Interest credited53.8 50.7 106.7 99.4 
Operating expenses83.0 80.1 167.5 159.9 
DAC amortization expense27.0 25.4 54.0 49.1 
Intangible asset amortization expense3.7 3.7 7.3 7.4 
Interest expense8.7 6.9 17.4 13.6 
Total benefits, losses and expenses
383.5 372.0 736.5 717.8 
Income before income taxes
4.6 (15.6)37.6 (7.5)
Income tax expense
0.8 (2.8)7.3 (1.3)
Net income (loss)
$3.8 $(12.8)$30.3 $(6.2)
Net income per share
Basic$0.09 $(0.31)$0.74 $(0.15)
Diluted$0.09 $(0.31)$0.73 $(0.15)
Weighted average number of shares and equivalent shares
Basic41.4 41.3 41.3 41.3 
Diluted41.6 41.4 41.5 41.4 
Statements of Comprehensive Income (Loss)
Net income (loss)
$3.8 $(12.8)$30.3 $(6.2)
Other comprehensive income (loss), net of tax:
Change in net unrealized investment losses on
   fixed maturity securities
(22.4)(37.3)(42.1)55.9 
Change in net reserve remeasurements attributable
   to discount rates
32.0 25.1 73.4 (16.1)
Change in net funded status of benefit plans— — — — 
Other comprehensive income
9.6 (12.2)31.3 39.8 
Comprehensive income (loss)$13.4 $(25.0)$61.6 $33.6 






The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
2
Second 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
June 30,		Six Months Ended
June 30,
2024202320242023
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 balance513.1 503.1 510.9 502.6 
Options exercised and conversion of common and
   restricted stock units		0.3 0.3 0.2 (1.1)
Share-based compensation expense2.4 2.3 4.7 4.2 
Ending balance515.8 505.7 515.8 505.7 
Retained earnings
Beginning balance1,514.4 1,505.2 1,502.2 1,512.4 
Net income (loss)
3.8 (12.8)30.3 (6.2)
Dividends, 2024, $0.34 per share; 2023, $0.33 per share
(14.2)(13.8)(28.5)(27.6)
Ending balance1,504.0 1,478.6 1,504.0 1,478.6 
Accumulated other comprehensive income (loss), net of tax:
Beginning balance(292.3)(347.4)(314.0)(399.4)
Change in net unrealized investment losses
on fixed maturity securities
(22.4)(37.3)(42.1)55.9 
Change in net reserve remeasurements attributable
   to discount rates
32.0 25.1 73.4 (16.1)
Change in net funded status of benefit plans— — — — 
Ending balance(282.7)(359.6)(282.7)(359.6)
Treasury stock, at cost
Beginning balance(523.9)(521.8)(523.9)(517.4)
Treasury stock acquired - share repurchase authorization(4.5)(1.1)(4.5)(5.5)
Ending balance(528.4)(522.9)(528.4)(522.9)
Shareholders' equity at end of period$1,208.8 $1,101.9 $1,208.8 $1,101.9 















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


HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
($ in millions)
Six Months Ended
June 30,
20242023
Cash flows - operating activities
Net income (loss)
$30.3 $(6.2)
Adjustments to reconcile net income (loss) to net cash provided
   by operating activities:
     Net investment gains (losses)
3.7 21.3 
     Depreciation and intangible asset amortization13.0 12.9 
     Share-based compensation expense5.1 4.5 
     Loss (gain) from equity method investments, net of dividends or distributions14.7 11.5 
     Changes in:
      Insurance liabilities(1.5)126.8 
      Amounts due under reinsurance agreements23.9 14.3 
      Income tax liabilities13.9 (15.7)
      Other operating assets and liabilities12.9 (17.3)
 Contributions to defined benefits plan
(0.2)— 
      Other, net(1.1)1.8 
Net cash provided by operating activities114.7 153.9 
Cash flows - investing activities  
Fixed maturity securities purchases
(602.2)(313.7)
Fixed maturity securities sales
193.0 206.2 
Fixed maturity securities maturities, paydowns, calls and redemptions
248.1 133.9 
Equity securities purchases
(1.5)(1.7)
Equity securities sales and repayments
— 9.8 
Limited partnership interests purchases
(37.1)(110.2)
Limited partnership interests sales
49.4 8.3 
Change in short-term and other investments, net63.2 22.8 
Other-net
(0.1)— 
Net cash used in investing activities(87.2)(44.6)
Cash flows - financing activities  
Dividends paid to shareholders(27.8)(27.0)
Treasury stock acquired(4.5)(5.5)
Proceeds from exercise of stock options1.1 — 
Withholding tax payments on RSUs tendered(1.7)(1.8)
Annuity contracts: variable, fixed and FHLB funding agreements:  
Deposits
409.9 418.4 
Benefits, withdrawals and net transfers to
   Separate Account variable annuity assets		(288.2)(309.6)
  Repayment of FHLB funding agreements(155.0)(85.0)
Life policy accounts deposits, withdrawals, and surrenders
5.9 4.3 
Change in deposit asset on reinsurance(30.5)(52.7)
Net increase (decrease) in reverse repurchase agreements45.0 (70.0)
Change in book overdrafts3.2 (0.1)
Net cash used in financing activities
(42.6)(129.0)
Net decrease in cash(15.1)(19.7)
Cash at beginning of period29.7 42.8 
Cash at end of period$14.6 $23.1 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Horace Mann Educators Corporation
4
Second 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 and six months ended June 30, 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
Second 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
June 30,		Six Months Ended
June 30,
2024202320242023
Fixed maturity securities$72.0 $65.2 $142.4 $132.9 
Equity securities1.4 0.7 2.6 3.4 
Limited partnership interests8.2 15.7 14.4 20.1 
Short-term and other investments4.3 3.5 9.0 7.0 
Investment expenses(3.2)(2.6)(5.8)(6.2)
Net investment income - investment portfolio
82.7 82.5 162.6 157.2 
Investment income - deposit asset on reinsurance25.7 26.0 51.2 51.7 
Total net investment income
$108.4 $108.5 $213.8 $208.9 
Net Investment Gains (Losses)
Net investment gains (losses) for the following periods were as follows:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Fixed maturity securities$(2.3)$(14.7)$(3.3)$(17.1)
Equity securities(2.1)(3.5)0.5 (4.5)
Short-term investments and other(1.5)0.8 (0.9)0.3 
Net investment gains (losses)
$(5.9)$(17.4)$(3.7)$(21.3)

Horace Mann Educators Corporation
6
Second 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
June 30,		Six Months Ended
June 30,
2024202320242023
Credit loss impairments$0.9 $(0.5)$— $(0.5)
Intent-to-sell impairments— (6.1)— (6.1)
Total impairments0.9 (6.6)— (6.6)
Sales and other, net(3.2)(19.3)(3.3)(21.7)
Change in fair value - equity securities(2.1)7.7 0.5 6.7 
Change in fair value and gains (losses) realized
on settlements - derivatives
(1.5)0.8 (0.9)0.3 
Net investment gains (losses)
$(5.9)$(17.4)$(3.7)$(21.3)
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,
2024202320242023
Beginning balance$2.1 $1.2 $1.2 $1.2 
Credit losses on fixed maturity securities for which credit losses were not previously reported0.8 0.5 1.7 0.5 
Net increase related to credit losses previously reported(0.9)— (0.9)— 
Reduction of credit allowances related to sales(0.9)— (0.9)— 
Write-offs— (0.5)— (0.5)
Ending balance$1.1 $1.2 $1.1 $1.2 






Horace Mann Educators Corporation
7
Second 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
June 30, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities
$742.0 $2.6 $75.4 $669.2 
Other, including U.S. Treasury securities
441.3 0.1 67.9 373.5 
Municipal bonds1,259.3 19.5 102.1 1,176.7 
Foreign government bonds23.1 — 1.1 22.0 
Corporate bonds2,073.4 14.9 242.1 1,846.2 
Other asset-backed securities1,277.4 11.1 30.7 1,257.8 
Totals$5,816.5 $48.2 $519.3 $5,345.4 
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
Second 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 June 30, 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 June 30, 2024 as due to factors other than a credit loss. As of June 30, 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 six months ended June 30, 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
June 30, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$81.7 $0.8 $475.2 $74.6 $556.9 $75.4 
Other
62.5 0.6 302.0 67.4 364.5 68.0 
Municipal bonds140.9 1.7 700.9 100.3 841.8 102.0 
Foreign government bonds
— — 22.0 1.1 22.0 1.1 
Corporate bonds
348.4 21.8 1,114.1 220.3 1,462.5 242.1 
Other asset-backed securities
134.0 0.4 474.8 30.3 608.8 30.7 
Total
$767.5 $25.3 $3,089.0 $494.0 $3,856.5 $519.3 
Number of positions with a
   gross unrealized loss
438 2,161 2,599 
Fair value as a percentage of total fixed
   maturity securities at fair value
14.4 %57.8 %72.2 %
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
Second 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
June 30, 2024December 31, 2023
Credit Rating
AAA185 226 
AA983 1,006 
A397 423 
BBB419 448 
Total investment grade
1,984 2,103 
BB75 93 
B36 39 
CCC or lower 4 7 
Total below investment grade
115 139 
Not rated 62 63 
Totals:2,161 2,305 
Fixed maturity securities with an investment grade rating represented 96.4% of the gross unrealized losses as of June 30, 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)June 30, 2024
Amortized
Cost, net		Fair
Value
Percent of Total Fair Value
Estimated expected maturity:
Due in 1 year or less$296.6 $292.4 5.5 %
Due after 1 year through 5 years1,497.3 1,451.5 27.1 %
Due after 5 years through 10 years1,524.5 1,449.0 27.1 %
Due after 10 years through 20 years1,452.8 1,289.1 24.1 %
Due after 20 years1,045.3 863.4 16.2 %
Total$5,816.5 $5,345.4 100.0 %
Average option-adjusted duration, in years5.8








Horace Mann Educators Corporation
10
Second 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
June 30,		Six Months Ended
June 30,
2024202320242023
Fixed maturity securities
Proceeds received
$105.1 $143.5 $193.0 $206.2 
Gross gains realized
0.7 0.3 2.0 0.6 
Gross losses realized
(3.9)(8.4)(5.3)(11.1)
Equity securities
Proceeds received
$— $9.8 $— $9.8 
Gross gains realized
— — — — 
Gross losses realized
— (11.3)— (11.3)
Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities
The following table reconciles net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in AOCI:
($ in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net unrealized inv