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Prior Period Consolidated Financial Statements
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Prior Period Consolidated Financial Statements Prior Period Consolidated Financial Statements
Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (also known as LDTI). The Company adopted LDTI using the modified retrospective approach where permitted with changes applied as of January 1, 2021. As a result of adoption, the Company’s prior period consolidated financial statements have been recast.
The following tables summarize the effects of adopting LDTI on our Consolidated Financial Statements.
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED BALANCE SHEET
($ in millions, except share data)

December 31, 2022Effect of the Adoption of ASU 2018-12
Reclassifications(1)
December 31, 2022
As ReportedAs Adjusted
Assets
Total investments $6,587.6 $— $— $6,587.6 
Cash42.8 — — 42.8 
Deferred policy acquisition costs433.1 (102.5)— 330.6 
Reinsurance balances receivable506.2 (38.2)— 468.0 
Deposit asset on reinsurance2,516.6 — — 2,516.6 
Intangible assets185.2 — — 185.2 
Goodwill54.3 — — 54.3 
Other assets328.7 — — 328.7 
Separate Account variable annuity assets2,792.3 — — 2,792.3 
Total assets$13,446.8 $(140.7)$— $13,306.1 
Liabilities and Shareholders' Equity
Policy liabilities
Investment contract and policy reserves$6,968.0 $(151.9)$(6,816.1)$— 
Future policy benefit reserves— — 1,718.0 1,718.0 
Policyholders' account balances— — 5,260.6 5,260.6 
Unpaid claims and claim expenses585.1 (2.9)(18.2)564.0 
Unearned premiums264.2 1.9 — 266.1 
Total policy liabilities
7,817.3 (152.9)144.3 7,808.7 
Other policyholder funds954.0 (0.4)(144.3)809.3 
Other liabilities297.0 2.5 — 299.5 
Short-term debt249.0 — — 249.0 
Long-term debt249.0 — — 249.0 
Separate Account variable annuity liabilities2,792.3 — — 2,792.3 
Total liabilities12,358.6 (150.8)— 12,207.8 
Preferred stock— — — — 
Common stock0.1 — — 0.1 
Additional paid-in capital502.6 — — 502.6 
Retained earnings1,468.6 43.8 — 1,512.4 
Accumulated other comprehensive income (loss), net of tax: 
Net unrealized investment losses on fixed maturity securities(356.9)(92.7)— (449.6)
Net reserve remeasurements attributable to discount rates— 59.0 — 59.0 
Net funded status of benefit plans
(8.8)— — (8.8)
Treasury stock, at cost(517.4)— — (517.4)
Total shareholders’ equity1,088.2 10.1 — 1,098.3 
Total liabilities and shareholders’ equity$13,446.8 $(140.7)$— $13,306.1 
(1) The Company has reclassified the presentation of certain information to conform to the current year's presentation.
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
($ in millions, except per share data)
Year Ended
Effect of the Adoption of ASU 2018-12
Year Ended
December 31, 2022December 31, 2022
As ReportedAs Adjusted
Statement of Operations
Revenues
Net premiums and contract charges earned$1,029.0 $(1.3)$1,027.7 
Net investment income400.9 — 400.9 
Net investment losses(56.5)— (56.5)
Other income9.5 — 9.5 
Total revenues1,382.9 (1.3)1,381.6 
Benefits, losses and expenses
Benefits, claims and settlement expenses761.6 (14.6)747.0 
Interest credited177.6 (4.2)173.4 
Operating expenses315.9 (0.4)315.5 
DAC amortization expense98.7 (10.5)88.2 
Intangible asset amortization expense16.8 — 16.8 
Interest expense19.4 — 19.4 
Other expense - goodwill and intangible asset impairment
4.8 — 4.8 
Total benefits, losses and expenses1,394.8 (29.7)1,365.1 
Income before income taxes(11.9)28.4 16.5 
Income tax expense (benefit)(9.3)6.0 (3.3)
Net income(2.6)22.4 19.8 
Net income per share
Basic(0.06)0.54 0.48 
Diluted(0.06)0.53 0.47 
Weighted average number of shares and equivalent shares
Basic41.6 — 41.6 
Diluted41.8 — 41.8 
Statement of Comprehensive Income (Loss)
Net income(2.6)22.4 19.8 
Other comprehensive income (loss), net of tax:
Change in net unrealized investment losses on fixed maturity securities(647.6)(149.1)(796.7)
Change in net reserve remeasurements attributable to discount rates— 445.9 445.9 
Change in net funded status of benefit plans1.4 — 1.4 
Other comprehensive loss(646.2)296.8 (349.4)
Comprehensive income (loss)$(648.8)$319.2 $(329.6)
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
($ in millions, except per share data)
Year Ended
Effect of the Adoption of ASU 2018-12
Year Ended
December 31, 2021December 31, 2021
As ReportedAs Adjusted
Statement of Operations
Revenues
Net premiums and contract charges earned$889.6 $(0.8)$888.8 
Net investment income422.5 — 422.5 
Net investment losses(11.0)— (11.0)
Other income29.0 — 29.0 
Total revenues1,330.1 (0.8)1,329.3 
Benefits, losses and expenses
Benefits, claims and settlement expenses617.7 (27.0)590.7 
Interest credited164.4 (4.4)160.0 
Operating expenses251.5 (0.5)251.0 
DAC amortization expense94.7 (4.1)90.6 
Intangible asset amortization expense13.0 — 13.0 
Interest expense13.9 — 13.9 
Total benefits, losses and expenses1,155.2 (36.0)1,119.2 
Income before income taxes174.9 35.2 210.1 
Income tax expense (benefit)32.1 7.6 39.7 
Net income142.8 27.6 170.4 
Net income per share
Basic3.40 0.66 4.06 
Diluted3.39 0.65 4.04 
Weighted average number of shares and equivalent shares
Basic42.0 — 42.0 
Diluted42.2 — 42.2 
Statement of Comprehensive Income (Loss)
Net income142.8 27.6 170.4 
Other comprehensive income (loss), net of tax:
Effect of adopting ASU 2018-12
— (426.6)(426.6)
Change in net unrealized investment losses on fixed maturity securities(75.6)(14.7)(90.3)
Change in net reserve remeasurements attributable to discount rates— 110.8 110.8 
Change in net funded status of benefit plans1.0 — 1.0 
Other comprehensive loss(74.6)(330.5)(405.1)
Comprehensive income (loss)$68.2 $(302.9)$(234.7)
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
($ in millions)
Year Ended
Effect of the Adoption of ASU 2018-12
Year Ended
December 31, 2022December 31, 2022
As ReportedAs Adjusted
Common stock, $0.001 par value
Ending balance$0.1 $— $0.1 
Additional paid-in capital
Ending balance502.6 — 502.6 
Retained earnings
Beginning balance1,524.9 22.1 1,547.0 
Net income(2.6)22.4 19.8 
Effect of adopting ASU 2018-12(1)
— (0.7)(0.7)
Dividends per share; 2022, $1.28 per share
(53.7)— (53.7)
Ending balance1,468.6 43.8 1,512.4 
Accumulated other comprehensive income (loss), net of tax:
Beginning balance280.5 (330.5)(50.0)
Change in net unrealized investment losses
on fixed maturity securities
(647.6)(149.1)(796.7)
Change in net reserve remeasurements attributable to discount rates— 445.9 445.9 
Change in net funded status of benefit plans1.4 — 1.4 
Ending balance(365.7)(33.7)(399.4)
Treasury stock, at cost
Ending balance(517.4)— (517.4)
Shareholders' equity at end of period$1,088.2 $10.1 $1,098.3 
(1) See Note 1 to the Consolidated Financial Statements for information regarding ASU 2018-12.
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
($ in millions)
Year Ended
Effect of the Adoption of ASU 2018-12
Year Ended
December 31, 2021December 31, 2021
As ReportedAs Adjusted
Common stock, $0.001 par value
Ending balance$0.1 $— $0.1 
Additional paid-in capital
Ending balance495.3 — 495.3 
Retained earnings
Beginning balance1,434.6 — 1,434.6 
Net income142.8 27.6 170.4 
Effect of adopting ASU 2018-12
— (5.5)(5.5)
Dividends per share; 2021, $1.24 per share
(52.5)— (52.5)
Ending balance1,524.9 22.1 1,547.0 
Accumulated other comprehensive income (loss), net of tax:
Beginning balance355.1 — 355.1 
Effect of adopting ASU 2018-12
— (426.6)(426.6)
Change in net unrealized investment losses
on fixed maturity securities
(75.6)(14.7)(90.3)
Change in net reserve remeasurements attributable to discount rates— 110.8 110.8 
Change in net funded status of benefit plans1.0 — 1.0 
Ending balance280.5 (330.5)(50.0)
Treasury stock, at cost
Ending balance(493.4)— (493.4)
Shareholders' equity at end of period$1,807.4 $(308.4)$1,499.0 
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in millions)
Year Ended
Effect of the Adoption of ASU 2018-12
Year Ended
December 31, 2022December 31, 2022
As ReportedAs Adjusted
Cash flows - operating activities
Net income$(2.6)$22.4 $19.8 
Adjustments to reconcile net income to net cash provided by operating activities:
     Net investment losses56.5 — 56.5 
     Depreciation and intangible asset amortization27.6 — 27.6 
     Share-based compensation expense8.9 — 8.9 
     Loss from EMA investments, net of dividends or distributions18.2 — 18.2 
     Other expense - goodwill impairment4.8 — 4.8 
     Changes in:
      Insurance liabilities440.5 (106.3)334.2 
      Amounts due under reinsurance agreements(348.2)38.4 (309.8)
      Income tax liabilities(17.1)127.6 110.5 
      Other operating assets and liabilities(28.1)(81.3)(109.4)
      Other, net11.0 (0.8)10.2 
Net cash provided by operating activities171.5 — 171.5 
Cash flows - investing activities 
Net cash used in investing activities(214.6)— (214.6)
Cash flows - financing activities
Net cash provided by financing activities(47.8)— (47.8)
Net decrease in cash(90.9)— (90.9)
Cash at beginning of period133.7 — 133.7 
Cash at end of period$42.8 $— $42.8 
HORACE MANN EDUCATORS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in millions)
Year Ended
Effect of the Adoption of ASU 2018-12
Year Ended
December 31, 2021December 31, 2021
As ReportedAs Adjusted
Cash flows - operating activities
Net income$142.8 $27.6 $170.4 
Adjustments to reconcile net income to net cash provided by operating activities:
     Net investment losses11.0 — 11.0 
     Depreciation and intangible asset amortization18.4 — 18.4 
     Share-based compensation expense8.4 — 8.4 
     Loss from EMA investments, net of dividends or distributions(41.5)— (41.5)
     Other expense - goodwill impairment— — — 
     Changes in:
      Insurance liabilities46.9 67.6 114.5 
      Amounts due under reinsurance agreements(1.5)8.9 7.4 
      Income tax liabilities8.5 (99.7)(91.2)
      Other operating assets and liabilities8.9 (4.4)4.5 
      Other, net3.0 — 3.0 
Net cash provided by operating activities204.9 — 204.9 
Cash flows - investing activities 
Net cash used in investing activities302.0 — 302.0 
Cash flows - financing activities
Net cash provided by financing activities208.5 — 208.5 
Net decrease in cash111.4 — 111.4 
Cash at beginning of period22.3 — 22.3 
Cash at end of period$133.7 $— $133.7 
Selected unaudited quarterly financial data is presented below.
($ in millions, except per share data)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
2022
Insurance premiums and contract changes earned $259.1 $257.4 $255.4 $255.8 
Insurance premiums written and contract deposits358.2 372.7 359.9 346.2 
Total Revenues 346.4 342.6 345.9 346.7 
Net income (16.7)20.4 (4.2)20.3 
Per share information
Basic
Net income$(0.40)$0.49 $(0.10)$0.48 
Shares of common stock - weighted average 41.4 41.4 41.8 41.9 
Diluted
Net income $(0.40)$0.49 $(0.10)$0.48 
Shares of common stock and equivalent shares - weighted average 41.4 41.6 41.8 42.1 
2021
Insurance premiums and contract changes earned $210.6 $225.2 $225.6 $227.4 
Insurance premiums written and contract deposits314.0 346.2 334.2 304.4 
Total Revenues 331.2 329.4 346.9 321.7 
Net income 46.9 20.2 54.2 49.1 
Per share information
Basic
Net income$1.12 $0.48 $1.29 $1.17 
Shares of common stock - weighted average 42.0 42.0 42.0 41.9 
Diluted
Net income $1.11 $0.48 $1.29 $1.16 
Shares of common stock and equivalent shares - weighted average42.2 42.2 42.2 42.1