8-K
Horace Mann Educators Corp /De/ (HMN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report: March 6, 2023
HORACE MANN EDUCATORS CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 1-10890 | 37-0911756 |
|---|---|---|
| (State of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1 Horace Mann Plaza, Springfield, Illinois 62715‑0001
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: 217‑789‑2500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
|---|---|---|---|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Securities registered pursuant to Section 12(b) of the Act: | |||
| --- | --- | --- | |||
| Title of each class | Trading Symbol | Name of each exchange<br>on which registered | |||
| Common Stock, $0.001 par value | HMN | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐
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. ☐
Forward-looking Information
Statements included in the accompanying news release that state Horace Mann Educators Corporation’s (Company) or its management’s intentions, hopes, beliefs, expectations or predictions of future events or the Company’s future financial performance are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to known and unknown risks, uncertainties and other factors. The Company is not under any obligation to (and expressly disclaims any such obligation to) update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Please refer to the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and the Company’s past and future filings and reports filed with the Securities and Exchange Commission for information concerning the important factors that could cause actual results to differ materially from those in forward-looking statements.
Item 8.01: Other Events
On March 6, 2023, the Company issued a news release announcing an increase to its quarterly dividend to shareholders and reiterated its commitment to long-term shareholder value creation. A copy of the news release is attached as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01: Financial Statements and Exhibits
(d)Exhibits.
Exhibit 99.1 Horace Mann Educators Corporation news release dated March 6, 2023.
Exhibit 104 Cover Page Interactive Data File (formatted as Inline XBRL)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HORACE MANN EDUCATORS CORPORATION | ||
|---|---|---|
| By: | /s/ Donald M. Carley | |
| Name: | Donald M. Carley | |
| Title: | Executive Vice President, General Counsel and Corporate Secretary |
Date: March 6, 2023
2
Document
Exhibit 99.1
| News release for immediate release |
|---|
Contact information: Heather J. Wietzel Vice President, Investor Relations and Enterprise Communications 217.788.5144 investorrelations@horacemann.com
Horace Mann increases quarterly shareholder dividend, reiterates commitment to long-term shareholder value creation
Household acquisition momentum continues to strengthen, reflecting leadership in education market; for 2024, management continues to expect ROE at 10% with core EPS approaching $4
SPRINGFIELD, Ill., March 6, 2023 – Horace Mann Educators Corporation (NYSE:HMN) today announced that its Board of Directors approved a 3.1% increase in the quarterly cash dividend to $0.33 per share. This represents an indicated annual dividend of $1.32 per share. The quarterly dividend is payable on March 31, 2023, to shareholders of record as of March 16, 2023.
“This is the 15th consecutive year the Board has increased the annual shareholder cash dividend, reflecting Horace Mann’s commitment to long-term shareholder value creation,” said Marita Zuraitis, Horace Mann President and CEO. “The steadily increasing cash dividend and opportunistic share repurchases are important aspects of that commitment. However, increasing our share of the education market — through both our school district employer and individual educator channels — remains our strategic priority.
“In the early months of 2023, sales continued to accelerate,” Zuraitis added. “For example, in the Worksite Division in January and February, sales for the worksite direct products were up more than 150% over prior year with sales for the employer-sponsored products up more than 50%. Further, we remain on track to achieve our targeted 2023 rate increases in the range of 18% to 20% for auto and 12% to 15% for property. These rate plans put us on track to our targeted 2024 combined ratio targets of between 97% and 98% for auto and between 92% and 93% for property.
“In conjunction with the anticipated return to our longer-term profitability targets in the Property & Casualty segment, we continue to believe our 2023 core EPS will be in the range of $2.00 to $2.30,” Zuraitis said. “In 2024, we believe we will return to a double-digit return on equity as core EPS approaches $4, driven by our profitable growth.”
About Horace Mann
Horace Mann Educators Corporation is the largest financial services company focused on helping America’s educators and others who serve the community achieve lifelong financial success. The company offers individual and group insurance and financial solutions tailored to the needs of the educator community. Founded by Educators for Educators® in 1945, the company is headquartered in Springfield, Illinois. For more information, visit horacemann.com.
Safe Harbor Statement
Certain statements included in this news release, including those regarding our earnings outlook, expected catastrophe losses, our investment strategies, our plans to implement additional rate actions, our plans relating to share repurchases and dividends, our efforts to enhance customer experience and expand our products and solutions to more educators, our strategies to create sustainable long-term growth and double-digit ROEs, our strategy to achieve a larger share of the education market, and other business strategies, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Horace Mann and its subsidiaries. Horace Mann cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond Horace Mann’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements included in this document. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Information” sections included in Horace Mann’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Horace Mann does not undertake to update any particular forward-looking statement included in this document if we later become aware that such statement is not likely to be achieved.