adjusted eps
4.2–4.5 $per share
FY 2026
official guidance
HORACE MANN EDUCATORS CORPORATION
Last · NYSE$45.75-0.08 (-0.17%)close · yahoo · 15h ago
Market cap$1.85B40.5M sh
P/E · TTM10.7fwd 8.5 · eps 4.28
Beta0.10vs S&P 500
Div yield3.14%annual · TTM
52w range
$41.29$55.56
Volume309.4Ksession
| Revenue | $872.8M |
|---|---|
| Operating income | $99.2M |
| Net income | $82.8M |
| Operating margin | 11.4% |
| Net margin | 9.5% |
| Return on equity | 5.5% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong operating execution and unchanged guidance outweigh identifiable normalization risks.
Buy: Horace Mann delivered record Q1 core EPS of $1.28, 16% above consensus and up 20% year over year, while maintaining FY2026 core EPS guidance of $4.20-$4.50.
The bull case is durable P&C underwriting improvement plus faster growth in higher-margin benefits; the tension is that roughly half of the 5.4-point combined-ratio improvement was weather-related, group benefits remain small, and the quarter’s fixed-annuity spread was weak at 134%.
Themes
- Record Eps
- P And C Underwriting
- Group Benefits
- Paid Family Medical Leave
- Auto Competition
- California Auto
Near term
P&C catastrophe experience and prior-year reserve development could normalize after a favorable Q1.
Fixed-annuity spread should improve from 134%, but commercial mortgage loan and limited-partnership returns remain swing factors.
Group benefit sales exceeded $11 million and more than tripled year over year, but management cautioned that quarterly results will be lumpy and non-linear.
California auto growth and profitability remain constrained by regulation and the company’s deliberately conservative posture.
The company repurchased approximately 420,000 shares for $18 million and raised its quarterly dividend 3%.
Longer term
P&C underwriting actions—including pricing, roof schedules, deductibles, claims handling, and mix discipline—appear to be producing durable improvement, but competitive auto pricing could pressure growth and margins.
Capital-light individual supplemental and group benefits are central to the strategy of lifting ROE; their scalability and persistency are important tests of the 12%-13% sustainable ROE objective.
Cross-selling from benefit specialists into life is gaining traction, with approximately 10% of life sales consistently coming through that channel.
The educator-focused distribution and brand strategy is broadening reach, but the conversion of awareness, partnerships, and the Horace Mann Club into profitable households remains to be proven.
Management reiterated a three-year target of 10% compound annual growth in core EPS, dependent on continued growth in higher-return businesses and expense improvement.
Red flags
Only about half of the P&C combined-ratio improvement was attributed to underlying actions; the remainder benefited from lower weather losses, making Q1 earnings quality partly favorable.
Management did not quantify the long-term earnings contribution or economics of paid family medical leave, while acknowledging group benefits remain relatively small and sales timing can vary materially.
California remains the only state where auto profitability has not reached target, and management is intentionally limiting agent and marketing investment there.
The 134% fixed-annuity spread was below target; improvement depends partly on better limited-partnership returns and careful monitoring of commercial mortgage loans.
The revenue result of $429.3 million was below the $445.4 million consensus despite the EPS beat, underscoring that earnings growth is currently more dependent on mix and margins than broad top-line outperformance.
Forward outlook
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$1.11
Est. revenue
444.2M
Earnings transcripts
- Motley Fool8-K
Horace Mann Educators (HMN) Q2 2026 Earnings Call Transcript
HORACE MANN EDUCATORS CORPORATION
- Issuer IR
Q2 2026 Call Transcript
HORACE MANN EDUCATORS CORPORATION
- Issuer IR
Q1 2026 Call Transcript
HORACE MANN EDUCATORS CORPORATION
- Issuer IR
Q3 2024 Call Transcript
HORACE MANN EDUCATORS CORPORATION
- Issuer IR
Q2 2024 Call Transcript
HORACE MANN EDUCATORS CORPORATION
- Issuer IR
Q2 2023 Call Transcript
HORACE MANN EDUCATORS CORPORATION