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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 September 30, 2025

☐ 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)


Delaware			37-0911756
(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 class

Trading Symbol(s)

Name of each exchange
on which registered

Common Stock, $0.001 par value

HMN

New 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 October 31, 2025, the registrant had 40,684,968 common shares, $0.001 par value, outstanding.

HORACE MANN EDUCATORS CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED September 30, 2025

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		Page

Item 1.	Consolidated Financial Statements

	Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024	1

	Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	2

	Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	3

	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	4

	Notes to Consolidated Financial Statements (Unaudited)
	Note 1 - Basis of Presentation and Significant Accounting Policies	5
	Note 2 - Investments	6
	Note 3 - Fair Value of Financial Instruments	12
	Note 4 - Short-Duration Insurance Contracts	19
	Note 5 - Long-Duration Insurance Contracts	20
	Note 6 - Reinsurance	33
	Note 7 - Segment Information	34
	Note 8 - Accumulated Other Comprehensive Income (Loss)	38
	Note 9 - Supplemental Consolidated Cash and Cash Flow Information	39
	Note 10 - Contingencies and Commitments	39
	Note 11 - S ubsequ ent Eve nts	40

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	62

Item 4.	Controls and Procedures	62

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	62

Item 1A.	Risk Factors	63

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63

Item 5.	Other Information	63

Item 6.	Exhibits	64

SIGNATURES		65

PART I: FINANCIAL INFORMATION

ITEM 1. I Consolidated Financial Statements

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED BALANCE SHEETS

($ in millions, except share data)


	September 30, 2025		December 31, 2024
	(Unaudited)
Assets
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2025, $5,985.5; 2024, $5,842.5)	$	5,666.5	$	5,387.9
Equity securities at fair value, (cost $56.2 and $78.8)	44.3		66.5
Limited partnership interests (carried under fair value option, 2025, $33.5; 2024, $28.9)	1,137.8		1,121.3
Policy loans	138.5		140.8
Short-term and other investments	295.1		199.9
Total investments	7,282.2		6,916.4
Cash	46.7		33.1
Restricted cash	255.8		5.0
Deferred policy acquisition costs	358.3		347.2
Reinsurance balances receivable	423.1		424.8
Deposit asset on reinsurance	2,402.3		2,434.3
Intangible assets	145.1		155.8
Goodwill	54.3		54.3
Other assets	433.6		408.1
Separate Account variable annuity assets	4,088.3		3,708.8
Total assets	$	15,489.7	$	14,487.8
Liabilities and Shareholders' Equity
Policy liabilities
Future policy benefit reserves	$	1,636.8	$	1,622.8
Policyholders' account balances	5,092.0		5,100.3
Unpaid claims and claim expenses	564.1		569.2
Unearned premiums	378.4		344.2
Total policy liabilities	7,671.3		7,636.5
Other policyholder funds	1,046.2		995.7
Other liabilities	399.7		312.3

Long-term debt	842.9		547.0
Separate Account variable annuity liabilities	4,088.3		3,708.8
Total liabilities	14,048.4		13,200.3
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, 67,323,432; 2024, 67,032,164	0.1		0.1
Additional paid-in capital	535.8		525.2
Retained earnings	1,630.2		1,548.2
Accumulated other comprehensive income (loss), net of tax:
Net unrealized investment losses on fixed maturity securities	(250.8)		(357.4)
Net reserve remeasurements attributable to discount rates	79.4		110.9
Net funded status of benefit plans	(7.0)		(7.0)
Treasury stock, at cost, 2025, 26,510,547 shares; 2024, 26,167,246 shares	(546.4)		(532.5)
Total shareholders’ equity	1,441.3		1,287.5
Total liabilities and shareholders’ equity	$	15,489.7	$	14,487.8

The accompanying Notes are an integral part of these Consolidated Financial Statements.


Horace Mann Educators Corporation			1			Third Quarter 2025 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Statements of Operations
Revenues
Net premiums and contract charges earned	$	310.3	$	289.1	$	911.2	$	845.2
Net investment income	119.6		113.0		346.3		326.8
Net investment gains (losses)	3.3		3.8		(5.9)		0.1
Other income	5.3		6.2		15.0		14.1

Total revenues	438.5		412.1		1,266.6		1,186.2

Benefits, losses and expenses
Benefits, claims and settlement expenses (Reserve remeasurement (gains)/losses, $4.8; $1.2; $4.5; $0.9)	171.0		191.3		537.7		574.9
Interest credited	55.7		54.8		161.2		161.5
Operating expenses	96.3		82.9		284.0		250.4
DAC amortization expense	31.5		28.1		91.0		82.1
Intangible asset amortization expense	3.6		3.6		10.8		10.9
Interest expense	8.9		8.7		26.4		26.1


Total benefits, losses and expenses	367.0		369.4		1,111.1		1,105.9

Income before income taxes	71.5		42.7		155.5		80.3
Income tax expense	13.2		8.4		29.6		15.7

Net income	$	58.3	$	34.3	$	125.9	$	64.6

Net income per share
Basic	$	1.42	$	0.83	$	3.05	$	1.56
Diluted	$	1.40	$	0.83	$	3.03	$	1.56

Weighted average number of shares and equivalent shares
Basic	41.2		41.2		41.3		41.3
Diluted	41.6		41.4		41.6		41.5

Statements of Comprehensive Income (Loss)
Net income	$	58.3	$	34.3	$	125.9	$	64.6
Other comprehensive income (loss), net of tax:
Change in net unrealized investment losses on fixed maturity securities	59.1		133.2		106.6		91.1
Change in net reserve remeasurements attributable to discount rates	(20.4)		(73.5)		(31.5)		(0.1)
Change in net funded status of benefit plans	—		—		—		—
Other comprehensive income	38.7		59.7		75.1		91.0
Comprehensive income	$	97.0	$	94.0	$	201.0	$	155.6

The accompanying Notes are an integral part of these Consolidated Financial Statements.


Horace Mann Educators Corporation			2			Third Quarter 2025 Form 10-Q

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

($ in millions, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
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 balance	0.1		0.1		0.1		0.1

Additional paid-in capital
Beginning balance	530.4		515.8		525.2		510.9
Options exercised and conversion of common and restricted stock units	3.0		0.3		3.1		0.5
Share-based compensation expense	2.4		2.2		7.5		6.9
Ending balance	535.8		518.3		535.8		518.3

Retained earnings
Beginning balance	1,586.5		1,504.0		1,548.2		1,502.2
Net income	58.3		34.3		125.9		64.6
Dividends, 2025, $0.35 per share; 2024, $0.34 per share	(14.6)		(14.2)		(43.9)		(42.7)
Ending balance	1,630.2		1,524.1		1,630.2		1,524.1

Accumulated other comprehensive income (loss), net of tax:
Beginning balance	(217.1)		(282.7)		(253.5)		(314.0)
Change in net unrealized investment losses on fixed maturity securities	59.1		133.2		106.6		91.1
Change in net reserve remeasurements attributable to discount rates	(20.4)		(73.5)		(31.5)		(0.1)
Change in net funded status of benefit plans	—		—		—		—
Ending balance	(178.4)		(223.0)		(178.4)		(223.0)

Treasury stock, at cost
Beginning balance	(539.6)		(528.4)		(532.5)		(523.9)
Treasury stock acquired - share repurchase authorization	(6.8)		(4.1)		(13.9)		(8.6)
Ending balance	(546.4)		(532.5)		(546.4)		(532.5)
Shareholders' equity at end of period	$	1,441.3	$	1,287.0	$	1,441.3	$	1,287.0

The accompanying Notes are an integral part of these Consolidated Financial Statements.


Horace Mann Educators Corporation			3			Third Quarter 2025 Form 10-Q

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

($ in millions)


	Nine Months Ended September 30,
	2025		2024
Cash flows - operating activities
Net income	$	125.9	$	64.6
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net investment gains (losses)	5.9		(0.1)
Depreciation and intangible asset amortization	20.4		19.4
Share-based compensation expense	7.6		7.3
Loss (gain) from equity method investments, net of dividends or distributions	(4.2)		12.9
Changes in:
Insurance liabilities	103.7		121.6
Amounts due under reinsurance agreements	1.8		41.9
Income tax liabilities	(0.7)		(4.4)
Other operating assets and liabilities	163.3		7.5
Contributions to defined benefits plan	(0.7)		(1.2)
Other, net	0.3		(10.9)
Net cash provided by operating activities	423.3		258.6
Cash flows - investing activities
Fixed maturity securities purchases	(912.6)		(841.6)
Fixed maturity securities sales	283.0		202.3
Fixed maturity securities maturities, paydowns, calls and redemptions	478.7		420.0
Equity securities purchases	(2.2)		(3.6)
Equity securities sales, calls and repayments	22.4		—
Limited partnership interests purchases	(45.5)		(55.4)
Limited partnership interests sales	33.2		94.2
Change in short-term and other investments, net	(84.5)		46.4

Other-net	(7.1)		6.3
Net cash used in investing activities	(234.6)		(131.4)
Cash flows - financing activities
Dividends paid to shareholders	(42.9)		(41.7)


Proceeds from issuance of 2025 Senior Notes due 2030	296.0		—
Treasury stock acquired	(13.9)		(8.6)
Proceeds from exercise of stock options	5.3		1.1
Withholding tax payments on RSUs tendered	(3.4)		(1.7)
Annuity contracts: variable, fixed and FHLB funding agreements:
Deposits	896.6		550.0
Benefits, withdrawals and net transfers to Separate Account variable annuity assets	(451.8)		(465.5)
Repayment of FHLB funding agreements	(499.5)		(170.0)
Life policy accounts deposits, withdrawals, and surrenders	12.3		7.7
Change in deposit asset on reinsurance	(103.7)		(35.7)
Net increase (decrease) in reverse repurchase agreements	(12.0)		45.0
Change in book overdrafts	(7.3)		2.3
Net cash provided by (used in) financing activities	75.7		(117.1)
Net increase in cash and restricted cash	264.4		10.1
Cash and restricted cash at beginning of period	38.1		29.7
Cash and restricted cash at end of period	$	302.5	$	39.8

The accompanying Notes are an integral part of these Consolidated Financial Statements.


Horace Mann Educators Corporation			4			Third Quarter 2025 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), individual supplemental insurance products (primarily cancer, heart, hospital, supplemental disability and accident coverages), and 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, 2024. The results of operations for the three and nine months ended September 30, 2025 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, 2024.

In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error related to private debt securities associated with the Company’s limited partnership investments. The $8.1 million after tax ($10.2 million pre-tax) adjustment decreased net income for the following segments: Life & Retirement $5.3 million; and Supplemental & Group Benefits, $2.8 million. The out-of-period correction would have resulted in a decrease of net income for year ended December 31, 2024 and 2023 by $4.4 and $1.3 million, respectively. The out-of-period correction would have resulted in a decrease of net income for the three and nine months ended September 30, 2024 by $0.8 and $3.3 million, respectively.

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.


Horace Mann Educators Corporation			5			Third Quarter 2025 Form 10-Q

NOTE 1 - Basis of Presentation and Significant Accounting Policies (continued)

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 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.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-04, 03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This guidance will improve the disclosures regarding a public business entity’s expenses by requiring (1) disclosure of the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption, (2) inclusion of certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements, (3) disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and (4) disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments in this guidance will be effective for the Company for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturity securities	$	71.5	$	69.4	$	202.5	$	211.8
Equity securities	0.9		1.3		2.9		3.9
Limited partnership interests	21.4		14.5		60.9		28.9
Short-term and other investments	5.8		6.0		16.4		15.0
Investment expenses	(3.2)		(4.0)		(9.1)		(9.8)
Net investment income - investment portfolio	96.4		87.2		273.6		249.8
Investment income - deposit asset on reinsurance	23.2		25.8		72.7		77.0
Total net investment income(1)	$	119.6	$	113.0	$	346.3	$	326.8

(1) In the second quarter of 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. See additional disclosure contained in Note 1 of the September 30, 2025 Form 10-Q.


Horace Mann Educators Corporation			6			Third Quarter 2025 Form 10-Q

NOTE 2 - Investments (continued)

Net Investment Gains (Losses)

Net investment gains (losses) for the following periods were as follows:


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturity securities	$	(0.6)	$	(0.3)	$	(4.5)	$	(3.6)
Equity securities	2.2		5.1		0.2		5.6
Short-term investments and other	1.7		(1.0)		(1.6)		(1.9)
Net investment gains (losses)	$	3.3	$	3.8	$	(5.9)	$	0.1

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Credit loss impairments	$	1.0	$	(0.5)	$	(1.2)	$	(0.5)
Intent-to-sell impairments	(0.7)		(0.2)		(1.6)		(0.2)
Total impairments	0.3		(0.7)		(2.8)		(0.7)
Sales and other, net	0.3		0.1		4.4		(3.2)
Change in fair value - equity securities	2.2		5.2		0.3		5.7
Change in fair value and gains (losses) realized on settlements - derivatives	0.5		(0.8)		(7.8)		(1.7)
Net investment gains (losses)	$	3.3	$	3.8	$	(5.9)	$	0.1

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	3.1	$	1.1	$	0.9	$	1.2
Credit losses on fixed maturity securities for which credit losses were not previously reported	0.2		—		3.3		1.7
Net increase (decrease) related to credit losses previously reported	—		0.5		(0.9)		(0.4)
Reduction of credit allowances related to sales	(1.2)		—		(1.2)		(0.9)
Write-offs	—		—		—		—
Ending balance	$	2.1	$	1.6	$	2.1	$	1.6


Horace Mann Educators Corporation			7			Third Quarter 2025 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
September 30, 2025
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	663.9	$	8.1	$	39.6	$	632.4
Other, including U.S. Treasury securities	415.5		1.0		56.6		359.9
Municipal bonds	1,264.0		22.2		88.0		1,198.2
Foreign government bonds	14.1		—		0.6		13.5
Corporate bonds	1,989.9		32.4		181.6		1,840.7
Other asset-backed securities	1,638.1		12.5		28.8		1,621.8
Totals	$	5,985.5	$	76.2	$	395.2	$	5,666.5

December 31, 2024
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	827.9	$	2.7	$	74.8	$	755.8
Other, including U.S. Treasury securities	426.5		0.1		69.0		357.6
Municipal bonds	1,239.1		17.5		105.8		1,150.8
Foreign government bonds	14.1		—		1.0		13.1
Corporate bonds	1,995.2		17.3		230.1		1,782.4
Other asset-backed securities	1,339.7		10.8		22.3		1,328.2
Totals	$	5,842.5	$	48.4	$	503.0	$	5,387.9


Horace Mann Educators Corporation			8			Third Quarter 2025 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 September 30, 2025 and December 31, 2024, respectively. The Company views the decrease in fair value of all of the fixed maturity securities with unrealized losses as of September 30, 2025 as due to factors other than a credit loss. As of September 30, 2025, 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 nine months ended September 30, 2025, 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 Less					More than 12 Months					Total
	Fair Value			Gross Unrealized Losses		Fair Value			Gross Unrealized Losses		Fair Value			Gross Unrealized Losses
September 30, 2025
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	43.8		$	0.4	$	244.3		$	39.2	$	288.1		$	39.6
Other	10.7			0.2		285.6			56.4		296.3			56.6
Municipal bonds	190.3			4.9		616.2			83.1		806.5			88.0
Foreign government bonds	—			—		12.0			0.6		12.0			0.6
Corporate bonds	162.9			5.9		954.6			175.7		1,117.5			181.6
Other asset-backed securities	177.8			1.1		396.8			27.7		574.6			28.8
Total	$	585.5		$	12.5	$	2,509.5		$	382.7	$	3,095.0		$	395.2

Number of positions with a gross unrealized loss	427					1,708					2,135
Fair value as a percentage of total fixed maturity securities at fair value	10.3		%			44.3		%			54.6		%

December 31, 2024
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	208.3		$	3.1	$	419.3		$	71.7	$	627.6		$	74.8
Other	77.1			1.5		274.6			67.6		351.7			69.1
Municipal bonds	193.5			3.4		632.0			102.4		825.5			105.8
Foreign government bonds	1.5			—		11.7			0.9		13.2			0.9
Corporate bonds	235.4			10.3		1,075.8			219.8		1,311.2			230.1
Other asset-backed securities	133.3			0.9		338.3			21.4		471.6			22.3
Total	$	849.1		$	19.2	$	2,751.7		$	483.8	$	3,600.8		$	503.0

Number of positions with a gross unrealized loss	665					1,862					2,527
Fair value as a percentage of total fixed maturity securities at fair value	15.8		%			51.1		%			66.9		%


Horace Mann Educators Corporation			9			Third Quarter 2025 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
	September 30, 2025	December 31, 2024
Credit Rating
AAA	140	155
AA	882	899
A	286	320
BBB	317	370
Total investment grade	1,625	1,744
BB	29	40
B	8	18
CCC or lower	2	4
Total below investment grade	39	62
Not rated	44	56
Totals:	1,708	1,862

Fixed maturity securities with an investment grade rating represented 97.8% of the gross unrealized losses as of September 30, 2025. 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)	September 30, 2025
	Amortized Cost, net		Fair Value		Percent of Total Fair Value
Estimated expected maturity:
Due in 1 year or less	$	333.4	$	333.1	5.9	%
Due after 1 year through 5 years	1,340.3		1,323.0		23.3	%
Due after 5 years through 10 years	1,573.5		1,547.9		27.3	%
Due after 10 years through 20 years	1,634.5		1,509.8		26.6	%
Due after 20 years	1,103.8		952.7		16.8	%
Total	$	5,985.5	$	5,666.5	100.0	%

Average option-adjusted duration, in years	5.9


Horace Mann Educators Corporation			10			Third Quarter 2025 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturity securities
Proceeds received	$	153.1	$	9.3	$	283.0	$	202.3
Gross gains realized	0.8		0.1		2.5		2.1
Gross losses realized	(1.2)		—		(3.7)		(5.3)

Equity securities
Proceeds received	$	10.1	$	—	$	16.4	$	—
Gross gains realized	—		—		—		—
Gross losses realized	(0.1)		—		(0.1)		—

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning of period	$	(309.9)	$	(370.4)	$	(357.4)	$	(328.3)
Change in net unrealized investment gains (losses) on fixed maturity securities	58.7		132.8		103.1		88.2
Reclassification of net investment losses on fixed maturity securities to net income	0.4		0.4		3.5		2.9
End of period	$	(250.8)	$	(237.2)	$	(250.8)	$	(237.2)

Limited Partnership Interests

Investments in limited partnership interests are predominately accounted for using the equity method of accounting (EMA) and include interests in commercial mortgage loan funds, real estate equity funds, private equity funds, infrastructure equity funds, infrastructure debt funds and other funds. In addition, we have two limited partnership investments accounted for at fair value using the fair value option (FVO). Principal factors influencing carrying amount appreciation or depreciation include operating performance, comparable public company earnings multiples, capitalization rates and the economic environment. The carrying amounts of EMA limited partnership interests were as follows:


($ in millions)
	September 30, 2025		December 31, 2024
Commercial mortgage loan funds	$	593.2	$	596.0
Real estate equity funds	146.5		144.7
Private equity funds	112.5		102.2
Infrastructure equity funds	83.6		81.7
Infrastructure debt funds	66.5		69.0
Other funds(1)	135.5		127.7
Total	$	1,137.8	$	1,121.3

(1)Other funds consist primarily of limited partnership interests in corporate mezzanine, venture capital and private credit funds.


Horace Mann Educators Corporation			11			Third Quarter 2025 Form 10-Q

NOTE 2 - Investments (continued)

Offsetting of Assets and Liabilities

The Company's derivatives are subject to enforceable master netting arrangements. Collateral support agreements associated with each master netting arrangement provides that the Company will receive or pledge financial collateral in the event minimum thresholds have been reached. The Company’s reverse repurchase agreements are also subject to enforceable master netting arrangements but there was no offsetting in their presentation in the Company’s Consolidated Balance Sheets. Information regarding the Company's derivatives is contained in Part II - Item 8, Note 4 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The following table presents instruments that were subject to a master netting arrangement for the Company.


($ in millions)			Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
	Gross Amounts						Financial Instruments		Cash Collateral Received		Net Amount
September 30, 2025
Asset derivatives:
Free-standing derivatives	$	19.5	$	—	$	19.5	$	—	$	18.2	$	1.3

December 31, 2024
Asset derivatives:
Free-standing derivatives	$	18.5	$	—	$	18.5	$	—	$	20.4	$	(1.9)

Reverse Repurchase Agreements

In connection with reverse repurchase agreements, the Company transfers primarily U.S. government, government agency and corporate securities and receives cash. For reverse repurchase agreements, the Company receives cash in an amount equal to at least 95% of the fair value of the securities transferred, and the agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The Company accounts for reverse repurchase agreements as secured borrowings. The securities transferred under reverse repurchase agreements are included in Fixed maturity securities with the obligation to repurchase those securities reported in Other liabilities on the Company's Consolidated Balance Sheets. The fair value of the securities transferred was $0.0 million as of September 30, 2025 and $12.4 million as of December 31, 2024. The obligation for securities sold under reverse repurchase agreements was a net amount of $0.0 million as of September 30, 2025 and $12.0 million as of December 31, 2024.

Deposits

As of September 30, 2025 and December 31, 2024, fixed maturity securities with a fair value of $25.9 million and $27.1 million were on deposit with governmental agencies as required by law in various states for which the insurance subsidiaries of HMEC conduct business. In addition, as of September 30, 2025 and December 31, 2024, fixed maturity securities with a fair value of $1,109.5 million and $1,072.2 million, respectively, were on deposit with the Federal Home Loan Bank of Chicago (FHLB) as collateral for amounts subject to funding agreements, advances and borrowings which were equal to $1,039.5 million as of September 30, 2025 and $989.5 million as of December 31, 2024. The deposited securities are reported as Fixed maturity securities on the Company’s Consolidated Balance Sheets.

NOTE 3 - Fair Value of Financial Instruments

The Company is required to disclose estimated fair values for certain financial and nonfinancial assets and liabilities. Fair values for the Company’s insurance contracts other than annuity contracts (which are investment contracts) and equity method limited partnership interests are not required to be disclosed in fair value hierarchy. The estimated fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk through the matching of investment maturities with amounts due under insurance contracts.

Information regarding the three-level fair value hierarchy presented below and the valuation methodologies utilized by the Company to estimate fair values at each reporting date is included in Part II - Item 8, Note 3 of the


Horace Mann Educators Corporation			12			Third Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Financial Instruments Measured and Carried at Fair Value on a Recurring Basis

The following table presents the Company's fair value hierarchy for financial assets and financial liabilities measured and carried at fair value on a recurring basis. During the nine months ended September 30, 2025 and 2024, there were no transfers between Level 1 and Level 2. As of September 30, 2025, Level 3 invested assets comprised 8.6% of the Company’s total investment portfolio at fair value.


($ in millions)	Carrying Amount		Fair Value		Fair Value Measurements at Reporting Date Using
					Level 1		Level 2		Level 3
September 30, 2025
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	632.3	$	632.3	$	—	$	632.3	$	—
Other, including U.S. Treasury securities	359.9		359.9		25.4		334.4		—
Municipal bonds	1,198.1		1,198.1		—		1,120.1		78.1
Foreign government bonds	13.5		13.5		—		13.5		—
Corporate bonds	1,840.8		1,840.8		4.9		1,495.7		340.2
Other asset-backed securities	1,621.9		1,621.9		—		1,562.8		59.1
Total fixed maturity securities	5,666.5		5,666.5		30.3		5,158.8		477.4
Equity securities	44.3		44.3		1.4		38.7		4.2
Limited partnership interests	33.5		33.5		—		—		33.5
Short-term investments	198.1		198.1		198.1		—		—
Other investments	19.5		19.5		—		19.5		—
Totals	$	5,961.9	$	5,961.9	$	229.8	$	5,217.0	$	515.1
Separate Account variable annuity assets(1)	$	4,088.3	$	4,088.3	$	4,088.3	$	—	$	—

Financial Liabilities(2)	$	75.3	$	75.3	$	—	$	5.5	$	69.8

December 31, 2024
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	755.8	$	755.8	$	—	$	755.8	$	—
Other, including U.S. Treasury securities	357.6		357.6		24.7		332.9		—
Municipal bonds	1,150.8		1,150.8		—		1,075.9		74.9
Foreign government bonds	13.1		13.1		—		13.1		—
Corporate bonds	1,782.4		1,782.4		7.7		1,423.4		351.3
Other asset-backed securities	1,328.2		1,328.2		—		1,254.5		73.7
Total fixed maturity securities	5,387.9		5,387.9		32.4		4,855.6		499.9
Equity securities	66.5		66.5		1.4		60.9		4.2
Limited partnership interests	28.9		28.9		—		—		28.9
Short-term investments	101.1		101.1		101.1		—		—
Other investments	18.5		18.5		—		18.5		—
Totals	$	5,602.9	$	5,602.9	$	134.9	$	4,935.0	$	533.0
Separate Account (variable annuity) assets(1)	$	3,708.8	$	3,708.8	$	3,708.8	$	—	$	—

Financial Liabilities(2)	$	79.6	$	79.6	$	—	$	4.1	$	75.5

(1) Separate Account variable annuity assets represent contractholder funds invested in various actively traded mutual funds that have daily quoted net asset values that are readily determinable for identical assets that the Company can access. Separate Account variable annuity liabilities are equal to the estimated fair value of the Separate Account variable annuity assets.

(2) Represents embedded derivatives related to fixed indexed annuity and indexed universal life products reported in Future policy benefit reserves and Other policyholder funds as well as net MRBs reported in Policyholders' account balances in the Company's Consolidated Balance Sheets.


Horace Mann Educators Corporation			13			Third Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Changes in Level 3 Fair Value Measurements

The reconciliation for all financial assets and financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows:


($ in millions)	Financial Assets												Financial Liabilities(1)
	Municipal Bonds		Corporate Bonds		Mortgage-Backed and Other Asset- Backed Securities(2)		Total Fixed Maturity Securities		Equity Securities & Limited Partnership Interests		Total
Beginning balance, July 1, 2025	$	75.9	$	342.0	$	63.2	$	481.0	$	38.0	$	519.0	$	74.0
Transfers into Level 3(3)	1.2		—		—		1.2		—		1.2		—
Transfers out of Level 3(3)	—		—		—		—		—		—		—
Total gains or losses
Net investment gains (losses) included in net income	—		—		—		—		(0.3)		(0.3)		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		(1.2)
Net unrealized gains (losses) included in OCI	1.1		9.9		0.3		11.3				11.3		(0.2)
Purchases	—		11.7		4.0		15.7		—		15.7		—
Issuances	—		—		—		—		—		—		1.0
Sales	—		(23.6)		(5.3)		(28.9)		—		(28.9)		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.1)		0.2		(3.1)		(2.9)		—		(2.9)		(3.8)
Ending balance, September 30, 2025	$	78.1	$	340.2	$	59.1	$	477.4	$	37.7	$	515.1	$	69.8

Beginning balance, January 1, 2025	$	74.9	$	351.3	$	73.7	$	499.9	$	33.1	$	533.0	$	75.5
Transfers into Level 3(3)	1.2		—		—		1.2		—		1.2		—
Transfers out of Level 3(3)	—		—		—		—		—		—		—
Total gains or losses
Net investment gains (losses) included in net income	—		—		—		—		4.6		4.6		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		4.4
Net unrealized gains (losses) included in OCI	2.6		11.8		—		14.4		—		14.4		(0.4)
Purchases	—		33.9		4.0		37.9		—		37.9		—
Issuances	—		—		—		—		—		—		3.1
Sales	—		(49.0)		(7.2)		(56.2)		—		(56.2)		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.6)		(7.8)		(11.4)		(19.8)		—		(19.8)		(12.8)
Ending balance, September 30, 2025	$	78.1	$	340.2	$	59.1	$	477.4	$	37.7	$	515.1	$	69.8

(1)Represents embedded derivatives related to fixed indexed annuity and indexed universal life products reported in Future policy benefit reserves and Other policyholder funds as well as net MRBs reported in Policyholders' account balances in the Company's Consolidated Balance Sheets.

(2)Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other asset-backed securities.

(3)Transfers into and out of Level 3 during the three and nine months ended September 30, 2025 and 2024 were related to changes in the primary pricing source or changes in observability of external information used in determining fair value. The Company's policy is to recognize transfers into and out of the levels as having occurred at the end of the reporting period in which the transfers were determined.


Horace Mann Educators Corporation			14			Third Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)


($ in millions)	Financial Assets												Financial Liabilities(1)
	Municipal Bonds		Corporate Bonds		Mortgage-Backed and Other Asset- Backed Securities(2)		Total Fixed Maturity Securities		Equity Securities		Total
Beginning balance, July 1, 2024	$	72.1	$	366.4	$	85.4	$	523.9	$	2.7	$	526.6	$	77.9
Transfers into Level 3(3)	—		11.8		8.0		19.8		—		19.8		—
Transfers out of Level 3(3)	—		(3.9)		(4.0)		(7.9)		—		(7.9)		—
Total gains or losses
Net investment gains (losses) included in net income	—		—		(0.5)		(0.5)		0.1		(0.4)		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		6.6
Net unrealized gains (losses) included in OCI	1.4		(3.4)		1.5		(0.5)		—		(0.5)		0.2
Purchases	3.2		19.9		—		23.1		1.2		24.3		—
Issuances	—		—		—		—		—		—		0.8
Sales	—		—		—		—		—		—		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.1)		(8.0)		(5.7)		(13.8)		—		(13.8)		(4.4)
Ending balance, September 30, 2024	$	76.6	$	382.8	$	84.7	$	544.1	$	4.0	$	548.1	$	81.1

Beginning balance, January 1, 2024	$	74.0	$	342.5	$	97.5	$	514.0	$	4.5	$	518.5	$	82.4
Transfers into Level 3(3)	—		11.8		8.0		19.8		—		19.8		—
Transfers out of Level 3(3)	—		(8.3)		(4.0)		(12.3)		—		(12.3)		—
Total gains or losses
Net investment gains (losses) included in net income	—		(0.8)		0.3		(0.5)		0.4		(0.1)		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		7.6
Net unrealized gains/losses included in OCI	—		(3.6)		3.0		(0.6)		—		(0.6)		0.2
Purchases	3.2		61.6		1.8		66.6		1.2		67.8		—
Issuances	—		—		—		—		—		—		3.6
Sales	—		—		—		—		—		—		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.6)		(20.4)		(21.9)		(42.9)		(2.1)		(45.0)		(12.7)
Ending balance, September 30, 2024	$	76.6	$	382.8	$	84.7	$	544.1	$	4.0	$	548.1	$	81.1

For the three and nine months ended September 30, 2025, the Company had net losses of $0.3 million and net gains $4.6 million with respect to Level 3 financial assets. For the three and nine months ended September 30, 2024, the Company had net losses of $0.4 million and $0.1 million with respect to Level 3 financial assets.

For the three and nine months ended September 30, 2025, the Company had net gain of $1.2 million and a net loss of $4.4 million, respectively, that were included in net income and attributable to changes in the fair value of Level 3 financial liabilities. For the three and nine months ended September 30, 2024, the Company had net losses of $6.6 million and $7.6 million, respectively, that were included in net income that were attributable to changes in the fair value of Level 3 financial liabilities.


Horace Mann Educators Corporation			15			Third Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Level 3 Assets and Liabilities by Price Source

The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources:


($ in millions)
	Total		Internal		External
September 30, 2025
Financial Assets
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	—	$	—	$	—
Municipal bonds	78.1		—		78.1
Corporate bonds	340.2		193.6		146.6
Other asset-backed securities	59.1		—		59.1
Total fixed maturity securities	477.4		193.6		283.8
Equity securities	4.2		—		4.2
Limited partnership interests	33.5		—		$	33.5
Totals	515.1		193.6		321.5

Financial Liabilities(1)	69.8		69.8		—

December 31, 2024
Financial Assets
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	—		—		—
Municipal bonds	74.9		—		74.9
Corporate bonds	351.3		199.3		152.0
Other asset-backed securities	73.7		—		73.7
Total fixed maturity securities	499.9		199.3		300.6
Equity securities	4.2		—		4.2
Limited partnership interests	28.9		—		28.9
Totals	533.0		199.3		333.7

Financial Liabilities(1)	$	75.5	$	75.5	$	—

(1) Represents embedded derivatives related to fixed indexed annuity and indexed universal life products reported in Future policy benefit reserves and Other policyholder funds as well as net MRBs reported in Policyholders' account balances in the Company's Consolidated Balance Sheets.

External pricing sources for securities represent prices from prior transactions or unadjusted third-party pricing information where pricing inputs are not readily available.


Horace Mann Educators Corporation			16			Third Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Quantitative Information about Level 3 Fair Value Measurements

The following table provides quantitative information about the significant unobservable inputs for recurring fair value measurements categorized with Level 3.

($ in millions)

Fair Value

as of

September 30, 2025

Valuation Technique(s)

Unobservable Inputs

Range

(Weighted Average)

and Single Point

Best Estimate(1)

Impact of Increase in Input on Fair Value

Financial Assets

Corporate bonds

193.6

discounted cash flow

yield

3.2% - 8.8%

decrease

discounted cash flow

option adjusted spread

255 bps - 781 bps

decrease

Financial Liabilities

Derivatives embedded in fixed indexed annuity products

79.1

discounted cash flow

lapse rate

7.5%

decrease

mortality multiplier(2)

71.0%

decrease

option budget

0.9% - 3.8%

increase

non-performance adjustment(3)

5.0%

decrease

Net MRBs

(9.3)

discounted cash flow

lapse rate

7.5%

decrease

mortality multiplier(2)

71.0%

increase

(1) When a range of unobservable inputs is not readily available, the Company uses a single point best estimate.

(2) Mortality multiplier is applied to the Annuity 2000 table.

(3) Determined as a percentage of the risk-free rate.

The valuation techniques and significant unobservable inputs used in the fair value measurement for financial assets and financial liabilities classified as Level 3 are subject to the processes as described in Part II - Item 8, Note 3 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Generally, valuation techniques for corporate bonds include using discounted cash flow techniques where the unobservable input is the yield.


Horace Mann Educators Corporation			17			Third Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Financial Instruments Not Carried at Fair Value

The Company has various other financial assets and financial liabilities used in the normal course of business that are not carried at fair value, but for which fair value disclosure is required. These financial assets and financial liabilities are further described in Part II - Item 8, Note 3 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The following table presents the carrying amount and fair value of the Company’s financial assets and financial liabilities not carried at fair value and the level within the fair value hierarchy at which such financial assets and liabilities are categorized.


($ in millions)	Carrying Amount		Fair Value		Fair Value Measurements at Reporting Date Using
					Level 1		Level 2		Level 3
September 30, 2025
Financial Assets
Other investments	$	215.9	$	219.1	$	—	$	39.3	$	179.8
Deposit asset on reinsurance	2,402.3		2,185.5		—		—		2,185.5
Financial Liabilities
Policyholders' account balances	5,016.3		4,706.9		—		—		4,706.9
Other policyholder funds	1,046.2		1,046.2		—		1,043.2		3.0
Long-term debt	842.9		873.6		—		873.6		—

December 31, 2024
Financial Assets
Other investments	$	221.0	$	224.3	$	—	$	37.0	$	187.3
Deposit asset on reinsurance	2,434.3		2,121.9		—		—		2,121.9
Financial Liabilities
Policyholders' account balances	5,020.2		4,710.1		—		—		4,710.1
Reverse repurchase agreement	12.0		12.4		—		12.4		—
Other policyholder funds	995.7		995.7		—		992.9		2.8
Long-term debt	547.0		575.1		—		575.1		—


Horace Mann Educators Corporation			18			Third Quarter 2025 Form 10-Q

NOTE 4 - Short-Duration Insurance Contracts

Property & casualty Unpaid Claims and Claim Expense Reserves

The following table is a summary reconciliation of the beginning and ending property & casualty unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net property & casualty insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets. Also included in property & casualty claims expense reserves are legacy commercial line exposures, which are included in the Corporate & Other segment for segment reporting purposes.


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Property & Casualty
Beginning gross reserves	$	419.8	$	432.9	$	420.6	$	416.8
Less: reinsurance recoverables	98.8		101.7		100.8		104.0
Net reserves, beginning of period(1)	321.0		331.2		319.8		312.8
Incurred claims and claim expenses:
Claims occurring in the current period	126.3		147.8		391.9		431.4
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)	(3.0)		(13.0)		(13.8)		(19.2)
Total claims and claim expenses incurred	123.3		134.8		378.1		412.2
Claims and claim expense payments for claims occurring during:
Current period	99.5		102.3		239.2		241.0
Prior periods	39.2		31.6		153.1		152.0
Total claims and claim expense payments	138.7		133.9		392.3		393.0
Net reserves, end of period(1)	305.6		332.1		305.6		332.1
Plus: reinsurance recoverables	98.7		101.3		98.7		101.3
Ending gross reserves	$	404.3	$	433.4	$	404.3	$	433.4

(1)Reserves net of expected reinsurance recoverables.

(2)Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

The company recognized $3.0 million and $13.8 million of net favorable prior years' reserve development for the three and nine months ended September 30, 2025. There was $13.0 million and $19.2 million prior years' reserve development for Property & Casualty claims for the three and nine months ended September 30, 2024. The net favorable development for the nine months ended September 30, 2025 was primarily a result of favorable loss trends in auto and property for accident years 2024 and prior. The net favorable development for the nine months ended September 30, 2024 was primarily a result of favorable loss trends in auto and property for accident years 2023 and prior.

Group Benefits Unpaid Claims and Claim Expense Reserves

The following table is a summary reconciliation of the beginning and ending Group Benefits unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net Group Benefits insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets.


Horace Mann Educators Corporation			19			Third Quarter 2025 Form 10-Q

NOTE 4 - Short-Duration Insurance Contracts (continued)


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Group Benefits
Beginning gross reserves	$	113.2	$	116.1	$	104.9	$	116.6
Less: reinsurance recoverables	25.8		28.0		25.2		27.7
Net reserves, beginning of period(1)	87.4		88.1		79.7		88.9
Incurred claims and claim expenses:
Claims occurring in the current period	15.6		18.5		52.6		58.0
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)	(2.6)		(3.9)		(5.2)		(13.2)
Total claims and claim expenses incurred	13.0		14.6		47.3		44.8
Claims and claim expense payments for claims occurring during:
Current period	9.9		10.5		19.6		22.6
Prior periods	5.6		4.8		22.5		23.7
Total claims and claim expense payments	15.4		15.3		42.1		46.3
Net reserves, end of period(1)	85.0		87.4		85.0		87.4
Plus: reinsurance recoverables	26.0		27.8		26.0		27.8
Ending gross reserves	$	111.0	$	115.2	$	111.0	$	115.2

(1) Reserves net of expected reinsurance recoverables.

(2) Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

Net favorable prior years' reserve development for Group Benefits was $2.6 million and $3.9 million for the three months ended September 30, 2025 and 2024, and $5.2 million and $13.2 million for the nine months ended September 30, 2025 and 2024, respectively. The favorable development for the nine months ended September 30, 2025 was primarily the result of favorable loss trends in group life for loss years 2024 and prior. The favorable development for the nine months ended September 30, 2024 was primarily the result of favorable loss trends in group life and disability for loss years 2023 and prior.

Reconciliation of Property & Casualty and Group Benefits Unpaid Claims and Claim Expense Reserves to the Consolidated Balance Sheets


($ in millions)	As of September 30, 2025		As of December 31, 2024
Ending gross reserves
Property & Casualty	$	404.3	$	420.6
Group Benefits	111.0		104.9
Total short-duration insurance contracts	515.3		525.5
Other than short-duration(1)	48.8		43.7
Total unpaid claims and claims expenses	$	564.1	$	569.2

(1) This line includes Life & Retirement, Supplemental, and other certain group benefit reserves.

Note 5 - Long-Duration Insurance Contracts

Liability for Future Policy Benefits

As of and for the three and nine months ended September 30, 2025 and 2024, the Company updated the net premium ratio when updating for actual historical experience for the quarter. In 2025, the Company revised the timing of its annual comprehensive assumption review, moving it from the fourth quarter to the third quarter to better align with industry practice. Accordingly, future cash flow assumptions were reviewed and updated in the third quarter of 2025. In the prior year, assumptions were reviewed in the third quarter but not changed, with the annual update completed in the fourth quarter of 2024.

The following tables summarize balances and changes in LFPB for traditional and limited-pay contracts.


Horace Mann Educators Corporation			20			Third Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The balances of and changes in LFPB as of and for the three months ended September 30, 2025 were as follows:


($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at July 1, 2025	$	234.4	$	253.2	$	67.6	$	34.2	$	186.2	$	—
July 1, 2025 balance at original discount rate	264.7		273.3		65.4		36.1		216.6		—
Effect of:
Change in cash flow assumptions	6.3		(16.5)		0.7		0.4		(2.8)		—
Actual variances from expected experience	—		0.3		0.3		0.4		1.1		—
Adjusted balance at July 1, 2025	271.0		257.1		66.4		36.9		214.9		—
Issuances(3)	2.1		5.8		—		0.9		4.9		0.5
Interest accruals(4)	2.2		2.8		1.0		0.4		1.7		—
Net premiums collected(5)	(5.3)		(6.3)		(1.8)		(1.2)		(6.3)		(0.5)
September 30, 2025 balance at original discount rate	270.0		259.4		65.6		37.0		215.2		—
Effect of changes in discount rate assumptions	(27.9)		(13.8)		3.1		(1.6)		(26.6)		—
Balance at September 30, 2025	242.1		245.6		68.7		35.4		188.6		—

Present value of expected future policy benefits:
Balance at July 1, 2025	514.0		394.2		810.7		88.8		384.7		97.1
July 1, 2025 balance at original discount rate	622.1		442.4		771.8		116.4		476.8		105.2
Effect of:
Changes in cash flow assumptions	5.9		(20.7)		1.7		0.2		(5.3)		—
Actual variances from expected experience	(0.1)		0.6		0.5		0.5		1.4		—
Adjusted balance at July 1, 2025	627.9		422.3		774.0		117.1		472.9		105.2
Issuances	2.1		5.9		—		0.9		4.9		0.5
Interest accruals	5.3		4.2		11.4		1.2		3.4		1.0
Benefit payments(6)	(5.9)		(6.6)		(16.5)		(1.7)		(15.0)		(2.5)
September 30, 2025 balance at original discount rate	629.4		425.8		768.9		117.5		466.2		104.2
Effect of changes in discount rate assumptions	(101.2)		(38.1)		52.1		(26.4)		(83.2)		(6.7)
Balance at September 30, 2025	528.2		387.7		821.0		91.1		383.0		97.5
Net liability for future policy benefits	286.0		142.1		752.3		55.7		194.5		97.5
Less: Reinsurance recoverable	(60.7)		(20.2)		(0.8)		(1.3)		(4.9)		(3.9)
Net liability for future policy benefits, after reinsurance recoverable	225.3		121.9		751.5		54.4		189.6		93.6
Impact of flooring on net liability for future policy benefits	—		—		—		—		—		—
Net liability for future policy benefits at September 30, 2025	$	225.3	$	121.9	$	751.5	$	54.4	$	189.6	$	93.6

(1) Experience Life contains both whole life and term elements.

(2) As of September 30, 2025, the net LFPB for Supplemental Health was $67.3 million for cancer, $18.3 million for accident, $21.3 million for disability and $82.7 million for other supplemental health policies.

(3) Issuances are calculated at present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new policies issued during the current period.

(4) Interest accruals represent the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(5) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period of in force business.

(6) Benefit payments represent the release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and maturity payments based on revised expected assumptions.


Horace Mann Educators Corporation			21			Third Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The balances of and changes in LFPB as of and for the nine months ended September 30, 2025 were as follows:


($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at January 1, 2025	$	229.1	$	245.9	$	66.6	$	34.2	$	179.9	$	—
January 1, 2025 balance at original discount rate	263.2		271.2		65.4		36.8		214.6		—
Effect of:
Change in cash flow assumptions	6.3		(16.5)		0.7		0.4		(2.8)		—
Actual variances from expected experience	1.3		(1.7)		1.9		0.2		(0.4)		—
Adjusted balance at January 1, 2025	270.8		253.0		68.0		37.4		211.4		—
Issuances(3)	8.0		17.5		—		1.9		17.6		1.8
Interest accruals(4)	6.3		8.4		2.8		1.1		5.2		—
Net premiums collected(5)	(15.1)		(19.5)		(5.2)		(3.4)		(19.0)		(1.8)
September 30, 2025 balance at original discount rate	270.0		259.4		65.6		37.0		215.2		—
Effect of changes in discount rate assumptions	(27.9)		(13.8)		3.1		(1.6)		(26.6)		—
Balance at September 30, 2025	242.1		245.6		68.7		35.4		188.6		—

Present value of expected future policy benefits:
Balance at January 1, 2025	504.3		377.8		813.2		86.2		383.4		97.3
January 1, 2025 balance at original discount rate	617.4		433.2		782.8		114.3		482.8		107.3
Effect of:
Changes in cash flow assumptions	5.9		(20.7)		1.7		0.2		(5.3)		—
Actual variances from expected experience	1.9		(2.0)		3.7		0.4		(1.7)		—
Adjusted balance at January 1, 2025	625.2		410.5		788.2		114.9		475.8		107.3
Issuances	8.0		17.7		—		1.9		17.6		1.8
Interest accruals	15.7		12.8		34.4		3.4		10.4		3.1
Benefit payments(6)	(19.5)		(15.2)		(53.7)		(2.7)		(37.6)		(8.0)
September 30, 2025 balance at original discount rate	629.4		425.8		768.9		117.5		466.2		104.2
Effect of changes in discount rate assumptions	(101.2)		(38.1)		52.1		(26.4)		(83.2)		(6.7)
Balance at September 30, 2025	528.2		387.7		821.0		91.1		383.0		97.5
Net liability for future policy benefits	286.0		142.1		752.3		55.7		194.5		97.5
Less: Reinsurance recoverable	(60.7)		(20.2)		(0.8)		(1.3)		(4.9)		(3.9)

HORACE MANN EDUCATORS CORP /DE/ 10-Q