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Schedule II Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II Condensed Financial Information of Registrant
HORACE MANN EDUCATORS CORPORATION
(Parent Company Only)
 CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS
As of December 31, 2025 and 2024
($ in millions, except share data)
 
December 31,
20252024
ASSETS
Investments and cash$124.1 $45.5 
Investments in subsidiaries1,976.9 1,794.9 
Other assets22.1 3.3 
Total assets$2,123.1 $1,843.7 
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt$— $— 
Long-term debt593.4 547.0 
Other liabilities47.0 9.2 
Total liabilities640.4 556.2 
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, 2025, 67,323,929; 2024, 67,032,164
0.1 0.1 
Additional paid-in capital538.8 525.2 
Retained earnings1,651.7 1,548.2 
Accumulated other comprehensive income (loss), net of taxes:  
Net unrealized investment gains (losses) on fixed maturity securities(245.5)(357.4)
Net reserve remeasurements attributable to discount rates
93.4 110.9 
Net funded status of benefit plans
(2.5)(7.0)
Treasury stock, at cost, 2025, 26,664,472 shares;
2024, 26,167,246 shares
(553.3)(532.5)
Total shareholders' equity1,482.7 1,287.5 
Total liabilities and shareholders' equity$2,123.1 $1,843.7 
 












See accompanying Note to Condensed Financial Statements.
See accompanying Report of Independent Registered Public Accounting Firm.
SCHEDULE II (continued)
HORACE MANN EDUCATORS CORPORATION
(Parent Company Only)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF OPERATIONS
 ($ in millions)
Year Ended December 31,
 202520242023
Revenues   
Net investment income
$6.0 $0.1 $0.2 
   Realized investment gains
1.9— — 
Total revenues
7.9 0.1 0.2 
Expenses
Interest expense
36.4 34.6 29.7 
Other
19.5 8.1 5.1 
Total expenses
55.9 42.7 34.8 
Loss before income tax benefit and equity in net earnings of subsidiaries(48.0)(42.6)(34.6)
Income tax benefit(11.6)(9.6)(6.9)
Loss before equity in net earnings of subsidiaries(36.4)(33.0)(27.7)
Equity in net earnings of subsidiaries
198.5 135.8 72.7 
Net income
$162.1 $102.8 $45.0 
 




























See accompanying Note to Condensed Financial Statements.
See accompanying Report of Independent Registered Public Accounting Firm.
SCHEDULE II (continued)
HORACE MANN EDUCATORS CORPORATION
(Parent Company Only)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS
($ in millions)
 Year Ended December 31,
 202520242023
Cash flows from operating activities   
Net income
$162.1 $102.8 $45.0 
  Realized gains
1.9 — — 
Equity in net income of subsidiaries
(198.5)(135.8)(72.7)
Dividends received from subsidiaries
116.0 120.2 132.1 
Changes in:
Income taxes
1.2 15.5 (5.8)
Operating assets and liabilities
17.7 (8.1)6.0 
Other
(2.4)2.0 1.2 
Net cash provided by operating activities
98.0 96.6 105.8 
Cash flows from investing activities
Purchase of fixed maturity securities
(16.9)— — 
Purchase of equity securities(0.8)(1.2)— 
Purchase of limited partnership interests
(29.4)(28.9)— 
  Sale of limited partnership interests
34.8 — — 
Net increase (decrease) in short-term investments
(62.6)(12.0)(1.3)
Capital contributions to subsidiaries(1.0)(2.0)(98.0)
Net cash used in investing activities(75.9)(44.1)(99.3)
Cash flows from financing activities
Dividends paid to shareholders
(57.1)(55.6)(53.9)
Proceeds from issuance of Senior Notes
295.2 — 296.5 
 Principal repayment on revolving credit facility
— — (249.0)
 Principal repayment on senior notes
(250.0)— — 
Acquisition of treasury stock
(20.8)(8.6)(6.5)
Proceeds from exercise of stock options
5.3 5.1 — 
Withholding tax payments on RSUs tendered
(3.4)(1.8)(1.8)
 Proceeds for Share-based compensation
9.1 8.4 8.0 
Net cash provided by (used in) financing activities
(21.7)(52.5)(6.7)
Net increase (decrease) in cash0.4 — (0.2)
Cash at beginning of period0.1 0.1 0.3 
Cash at end of period$0.5 $0.1 $0.1 
 








See accompanying Note to Condensed Financial Statements.
See accompanying Report of Independent Registered Public Accounting Firm.
SCHEDULE II (continued)
HORACE MANN EDUCATORS CORPORATION
(Parent Company Only)
 CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 NOTE TO CONDENSED FINANCIAL STATEMENTS
 
The accompanying condensed financial statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes thereto presented in Part II - Item 8 of this Annual Report on Form 10-K.