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Schedule II Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022
($ in millions, except share data)
 
December 31,
20232022
ASSETS
Investments and cash$3.4 $2.1 
Investments in subsidiaries1,716.6 1,597.1 
Other assets17.1 7.1 
Total assets$1,737.1 $1,606.3 
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt$— $249.0 
Long-term debt546.0 249.0 
Other liabilities15.8 10.0 
Total liabilities561.8 508.0 
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, 66,747,821; 2022, 66,618,465
0.1 0.1 
Additional paid-in capital510.9 502.6 
Retained earnings1,502.2 1,512.4 
Accumulated other comprehensive income (loss), net of taxes:  
Net unrealized investment gains (losses) on fixed maturity securities(328.3)(449.6)
Net reserve remeasurements attributable to discount rates
21.9 59.0 
Net funded status of benefit plans
(7.6)(8.8)
Treasury stock, at cost, 2023, 25,911,087 shares;
2022, 25,714,153 shares
(523.9)(517.4)
Total shareholders' equity1,175.3 1,098.3 
Total liabilities and shareholders' equity$1,737.1 $1,606.3 
 












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,
 202320222021
Revenues   
Net investment income
$0.2 $— $(0.1)
Total revenues
0.2 — (0.1)
Expenses
Interest expense
29.7 19.4 13.8 
Other
5.1 8.4 11.2 
Total expenses
34.8 27.8 25.0 
Loss before income tax benefit and equity in net earnings of subsidiaries(34.6)(27.8)(25.1)
Income tax benefit(6.9)(6.3)(5.4)
Loss before equity in net earnings of subsidiaries(27.7)(21.5)(19.7)
Equity in net earnings (losses) of subsidiaries72.7 41.3 190.1 
Net income (loss)$45.0 $19.8 $170.4 
 




























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,
 202320222021
Cash flows from operating activities   
Net income (loss)$45.0 $19.8 $170.4 
Equity in net income of subsidiaries
(72.7)(41.3)(190.1)
Dividends received from subsidiaries
132.1 184.3 66.0 
Changes in:
Income taxes
(5.8)3.9 1.8 
Operating assets and liabilities
6.0 0.8 8.4 
Other
1.2 (1.5)(2.6)
Net cash provided by operating activities
105.8 166.0 53.9 
Cash flows from investing activities
Purchase of equity securities— — — 
Net increase (decrease) in short-term investments
(1.3)(0.7)2.7 
Capital contributions to subsidiaries(98.0)(35.0)(5.0)
Acquisition of business, net of cash acquired— (172.3)— 
Net cash used in investing activities(99.3)(208.0)(2.3)
Cash flows from financing activities
Dividends paid to shareholders
(53.9)(52.6)(51.4)
Proceeds from issuance 2023 Senior Note due 2028
296.5 — — 
Principal borrowings on Revolving Credit Facility— — 114.0 
 Principal repayment on senior revolving credit facility
(249.0)— — 
Acquisition of treasury stock
(6.5)(24.0)(5.3)
Proceeds from exercise of stock options
— — 0.3 
Withholding tax payments on RSUs tendered
(1.8)(2.4)(2.0)
 Proceeds for Share-based compensation
8.0 7.1 6.7 
Net cash provided by (used in) financing activities
(6.7)(71.9)62.3 
Net increase (decrease) in cash(0.2)(113.9)113.9 
Cash at beginning of period0.3 114.2 0.3 
Cash at end of period$0.1 $0.3 $114.2 
 











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.