8-K

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: February 2, 2021

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 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 (SEC) for information concerning the important factors that could cause actual results to differ materially from those in forward-looking statements.

Item 2.02: Results of Operations and Financial Condition

 On February 2, 2021, the Company issued a news release reporting its financial results for the three and twelve month periods ended December 31, 2020. A copy of the news release is attached as Exhibit 99.2 and is incorporated herein by reference.

 The Company’s Investor Supplement has been posted on the investors page of its website, investors.horacemann.com, and the Investor Presentation is anticipated to be posted there by February 3, 2021.

Item 9.01: Financial Statements and Exhibits

(d)Exhibits.

Exhibit 99.1    Glossary of Selected Terms.

Exhibit 99.2    News release dated February 2, 2021 reporting financial results for the three and twelve month periods ended December 31, 2020.

1

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/ Kimberly A. Johnson
	Name:	Kimberly A. Johnson
	Title:	Senior Vice President & Controller
		(Principal Accounting Officer)

Date: February 2, 2021

2

EX-99.1

Exhibit 99.1

Glossary of Selected Terms

The following measures are used by the Company’s management to evaluate performance against historical results and establish targets on a consolidated basis. A number of these measures are components of net income or the balance sheet but, in some cases, are not based on accounting principles generally accepted in the United States of America (non-GAAP) under applicable SEC rules because they are not displayed as separate line items in the Consolidated Statements of Operations or Consolidated Balance Sheets or are not required to be disclosed in the Notes to the Consolidated Financial Statements or, in some cases, there is inclusion or exclusion of certain items not ordinarily included or excluded in accordance with accounting principles generally accepted in the United States of America (GAAP).  In the opinion of the Company’s management, a discussion of these measures is meaningful to provide investors with an understanding of the significant factors that comprise the Company’s periodic results of operations and financial condition.

Book value per share excluding the fair value adjustment for investments - The result of dividing total shareholders’ equity excluding after tax net unrealized investment gains and losses on securities, including the related effect on certain deferred policy acquisition costs, by ending shares outstanding. Book value per share is the most directly comparable GAAP measure. Management believes it is useful to consider the trend in book value per share excluding net unrealized investment gains and losses on securities in conjunction with book value per share to identify and analyze the change in net worth. Management also believes the non-GAAP measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily financial market conditions, the magnitude and timing of which are generally not influenced by the Company’s underlying insurance operations.

Catastrophe costs - The sum of catastrophe losses, net of reinsurance and before income tax benefits that includes allocated loss adjustment expenses and reinsurance reinstatement premiums; excluding unallocated loss adjustment expenses.

Catastrophe losses - In categorizing property and casualty claims as being from a catastrophe, the Company utilizes the designations of the Property Claim Services, a subsidiary of Insurance Services Office, Inc., and additionally beginning in 2007, includes losses from all such events that meet the definition of covered loss in the Company’s primary catastrophe excess of loss reinsurance contract, and reports claims and claim expense amounts net of reinsurance recoverables. A catastrophe is a severe loss resulting from natural and man-made events within a particular territory, including risks such as hurricane, fire, earthquake, windstorm, explosion, terrorism and other similar events, that causes $25 million or more in insured property and casualty losses for the industry and affects a significant number of property and casualty insurers and policyholders. Each catastrophe has unique characteristics. Catastrophes are not predictable as to timing or amount of loss in advance. Their effects are not included in earnings or claim and claim expense reserves prior to occurrence. In the opinion of the Company’s management, a discussion of the impact of catastrophes is meaningful for investors to understand the variability in periodic earnings.

Core earnings (loss) - Consolidated net income (loss) excluding the after-tax impact of net investment gains (losses), discontinued operations, the after-tax impact of goodwill and intangible asset impairments, the effect of a change in tax laws and tax rates at enactment date, and cumulative effect of changes in accounting principles when applicable. Net income is the most comparable GAAP measure.

1

•Pretax core earnings (loss) - Pretax net income (loss) excluding pretax impact of net investment gains (losses), discontinued operations, pretax impact of goodwill and intangible asset impairments and cumulative effect of changes in accounting principles when applicable. Income before income taxes is the most comparable GAAP measure.

•Segment core earnings - Determined in the same manner as core earnings on a consolidated basis. Management uses segment core earnings to analyze each segment's performance and as a tool in making business decisions. Financial statement users also consider core earnings when analyzing the results and trends of insurance companies.

Core earnings (loss) per share - Core earnings on a per common share basis. Earnings per share is the most comparable GAAP measure.

Exclusive distributor - A licensed representative of Horace Mann. Horace Mann utilizes multiple points of distribution, including, but not limited to, direct sales, employee agents and exclusive agents.

Insurance premiums written and contract deposits - Premiums written represent (1) the amount charged for policies issued during a fiscal period for property and casualty business, such amounts may be earned and included in financial results over future fiscal periods, and (2) the amount charged for policies in force during a fiscal period for traditional life and group life business. Amounts are reported net of reinsurance, unless otherwise specified. Contract deposits include amounts received from customers on deposit-type contracts, such as investment contracts (annuities) and life products with account values, including deposit amounts and any related contract or policy fees. Management utilizes this non-GAAP measure, which is based on statutory accounting principles, in analyzing and evaluating the business growth of its operating segments. Insurance premiums and contract charges earned is the most directly comparable GAAP measure.

Investment yield, excluding limited partnership interests, pretax and after tax - For the three month periods presented, investment yields are calculated by annualizing the result of year-to-date net investment income (adjusted to exclude net investment income from limited partnership interests for the corresponding period) divided by the average quarter-end and beginning of quarter carrying amount of invested assets as presented in the Consolidated Balance Sheets adjusted to exclude FHLB funding agreements, the carrying amount of limited partnership interests, and gross unrealized investment gains/losses. For full year periods presented, investment yields are calculated by (i) summing the investment yields for each respective three month period applicable to the year and (ii) dividing that sum per the calculation in (i) by four. Net investment income is the most directly comparable GAAP measure.

Net income return on equity - LTM: The ratio of (1) trailing 12 month net income to (2) the average of ending shareholders’ equity for the current quarter end and the preceding four quarter ends - referred to as 5 quarter average shareholder's equity.

•Core return on equity - LTM: The ratio of (1) trailing 12 month core earnings to (2) 5 quarter average shareholders’ equity excluding net unrealized investment gains and losses on securities and the effect of a change in tax laws and tax rates at enactment date. Net income return on equity - LTM is the most comparable GAAP measure.

•Net income return on equity - Annualized: The ratio of (1) annualized net income to (2) the 2 quarter average shareholders' equity.

•Core return on equity - Annualized: The ratio of (1) annualized core earnings to (2) the 2 quarter average shareholders’ equity excluding net unrealized investment gains and losses on

2

securities and the effect of a change in tax laws and tax rates at enactment date. Net income return on equity - Annualized is the most comparable GAAP measure.

Net reserves - Property and casualty unpaid claim and claim expense reserves net of anticipated reinsurance recoverables.

Prior years’ reserve development - A measure which the Company reports for its Property and Casualty segment which identifies the increase or decrease in net incurred claim and claim expense reserves at successive valuation dates for claims which occurred in previous calendar years. In the opinion of the Company’s management, a discussion of prior years’ loss reserve development is useful to investors as it allows them to assess the impact on current period earnings of incurred claims experience from the current calendar year and previous calendar years.

Property and casualty operating statistics - Operating measures utilized by the Company and the insurance industry regarding the relative profitability of property and casualty underwriting results.

•Loss ratio - The ratio of (1) the sum of net incurred losses and loss adjustment expenses to (2) net earned premiums.

•Underlying loss ratio - The sum of the Loss Ratio adjusted to remove the effect of catastrophe costs and prior years' reserve development. The Loss Ratio is the most directly comparable GAAP measure. Management believes this ratio provides a valuable measure of the Company's underlying underwriting performance that may be obscured by the effects of catastrophe costs and prior years' reserve development, the amounts of which may be significant and may vary significantly between periods.

•Expense ratio - The ratio of (1) the sum of operating expenses and the amortization of policy acquisition costs to (2) net earned premiums.

•Combined ratio - The sum of the Loss Ratio and the Expense Ratio.  A Combined Ratio less than 100% generally indicates profitable underwriting prior to the consideration of net investment income.

•Underlying combined ratio or combined ratio excluding catastrophe costs and prior years’ reserve development - The sum of the Loss Ratio and the Expense Ratio adjusted to remove the effect of catastrophe costs and prior years’ reserve development.  The Combined Ratio is the most directly comparable GAAP measure.  Management believes this ratio provides a valuable measure of the Company’s underlying underwriting performance that may be obscured by the effects of catastrophe costs and prior years’ reserve development, the amounts of which may be significant and may vary significantly between periods.

Sales - Sales are measured by the Company as premiums and deposits to be collected over the 12 months following the sale of a new policy for automobile, homeowners, supplemental business and life business, as well as increases in contributions to certain life business. In addition, the Company may disclose new policy count (units) information for automobile and homeowners business. Sales data pertains to Horace Mann products and excludes authorized products sold by Exclusive Distributors that are underwritten by third-party vendors. The Retirement segment’s annuity contract deposits are measured by the Company based on total recurring deposits as well as single deposits/rollovers. Sales should not be viewed as a substitute for any GAAP measure, including "sales" as it relates to non-insurance companies, and the Company’s definition of sales, sales deposits or new annualized sales might differ from that used by other companies. The Company utilizes sales information as a performance measure that indicates the productivity of its agency force. Sales are also a leading indicator of future revenue trends.

3

EX-99.2

Exhibit 99.2

News release for immediate release

Contact information:

Heather J. Wietzel, Vice President, Investor Relations

217-788-5144 | investorrelations@horacemann.com

HORACE MANN REPORTS FULL-YEAR 2020 NET INCOME OF $3.17 PER SHARE AND STRONG CORE EARNINGS* OF $3.40 PER SHARE

•Net income per share declined 28.0% from 2019, largely due to realized investment gains in 2019 related to annuity reinsurance transaction, with net return on equity at 8.1%

•Core earnings per share rose 54.5% to record $3.40 with core ROE at 10.5%

◦Continued progress that reflects unwavering commitment to education market and multi-year emphasis on products, distribution and infrastructure; full-year contribution of new Supplemental segment

◦Property and Casualty and Supplemental segment results reflected pandemic-related changes in policyholder behavior, as well as Camp Fire subrogation recovery

◦Partial offsets included higher catastrophe losses, lower net investment income, auto premium relief and increased Life segment benefit costs compared to 2019

•Fourth-quarter net income per share rose 44.9% to $1.13 with core earnings up 50.7%

•Book value per share up 13.7% and book value excluding net unrealized gains up 6.0% since year end 2019

•2021 core earnings expected to be in the range of $3.00 to $3.20, with ROE in the range of 9% to 9.5%

◦Anticipate further underlying progress toward long-term objective of double-digit ROE

◦Auto and Supplemental policyholder behavior expected to gradually return to near historical levels by year-end 2021

◦Catastrophe losses would reduce Property and Casualty combined ratio by approximately 9.5 points

◦Growing contribution of alternative portfolio boosting net investment income, particularly for Retirement and Life segments

SPRINGFIELD, Ill., February 2, 2021 — Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the year ended December 31, 2020:

Horace Mann Consolidated Financial Highlights
	Three Months Ended December 31,						Twelve Months Ended December 31,
($ in millions, except per share amounts)	2020		2019		% Change		2020		2019		% Change
Total revenues	$	352.3	$	333.6	5.6	%	$	1,310.4	$	1,439.0	-8.9	%
Net income	47.8		33.0		44.8	%	133.3		184.4		-27.7	%
Net investment gains (losses) after tax	8.4		1.3		N.M.		(1.7)		120.2		N.M.
Other expense - goodwill and intangible asset impairments, after tax	(8.1)		—		N.M.		(8.1)		(28.0)		N.M.
Core earnings*	47.5		31.7		49.8	%	143.1		92.2		55.2	%
Per diluted share:
Net income	1.13		0.78		44.9	%	3.17		4.40		-28.0	%
Net investment gains (losses) after tax	0.19		0.03		N.M.		(0.04)		2.87		N.M.
Other expense - goodwill and intangible asset impairments, after tax	(0.19)		—		N.M.		(0.19)		(0.67)		N.M.
Core earnings per diluted share*	1.13		0.75		50.7	%	3.40		2.20		54.5	%
Book value per share							43.22		38.01		13.7	%
Book value per share excluding net unrealized investment gains on fixed maturity securities*							34.38		32.42		6.0	%

N.M. - Not meaningful.

* These measures are not based on accounting principles generally accepted in the United States of America (non-GAAP). They are reconciled to the most directly comparable GAAP measures in the Appendix to the Investor Supplement. An explanation of these measures is contained in the Glossary of Selected Terms included as an exhibit in the Company’s reports filed with the Securities and Exchange Commission.

The Horace Mann Companies 1 Horace Mann Plaza Springfield, Illinois 62715-0001

217-789-2500 www.horacemann.com

“Never has there been a clearer example of how vital educators are to our communities than 2020,” said Horace Mann President and CEO Marita Zuraitis. “We are deeply appreciative of the work educators are doing to educate and advocate for students while facing an overwhelming array of new challenges. At Horace Mann, helping educators address challenges is part of who we are, and we completed a number of initiatives this year to optimize our efforts for serving customers better in a remote environment. The events of 2020 serve as reinforcement of the importance of our mission for the past 75 years - to help deserving educators achieve lifelong financial success.

“Our 2020 results reflected the pandemic’s effect on policyholder behavior, such as changing driving patterns, that resulted in lower Auto loss frequency,” Zuraitis said. “But underneath those unusual trends, we are benefiting from a stronger foundation — the result of our long-term strategic plan to improve our ability to serve educators by enhancing our product offerings, strengthening our distribution and modernizing our infrastructure, including the 2019 addition of our Supplemental segment and annuity reinsurance transaction to mitigate interest rate risk. While 2020 results clearly illustrate the strength of our profitability initiatives, the impact of a largely remote educator workforce in a pre-vaccine environment is temporarily slowing our top-line growth. More importantly, we are well positioned for post-vaccine growth due to the strategic work we completed in 2020, including full integration of Supplemental agents to allow them to reach more educators with more solutions.

“In 2021, we expect core EPS will be in the range of $3.00 to $3.20 as we make further progress toward our long-term objectives,” Zuraitis concluded. “Our outlook anticipates policyholder behavior gradually returning to historical patterns by the end of 2021, and a Property and Casualty catastrophe loss load almost two points higher than our previous year’s initial estimate. We expect all segments, particularly Retirement and Life, to benefit from the growing contribution to net investment income of our alternative investment portfolio. Our 2021 ROE target of 9% to 9.5% keeps us on the path to a sustainable, long-term double-digit ROE from our strategic actions. As expected, those actions contributed about one full point of the ROE improvement we saw in 2020.”

2

Property and Casualty Segment 2020 Combined Ratio at 92.7% Despite Higher Catastrophe Losses

(All comparisons vs. same period in 2019, unless noted otherwise)

Our Property and Casualty insurance segment primarily markets private passenger automobile insurance and residential home insurance. We offer standard automobile coverages, including liability, collision and comprehensive. Property coverage includes both homeowners and renters policies. For both automobile and property coverage, we offer educators a discounted rate and the Educator Advantage® package of features. The Property and Casualty segment represented 53% of 2020 total revenues and contributed $76.5 million to core earnings.

	Three Months Ended December 31,								Twelve Months Ended December 31,
($ in millions)	2020			2019			Change		2020			2019			Change
Property and Casualty written premiums*	$	153.0		$	164.6		-7.0	%	$	635.5		$	683.1		-7.0	%
Property and Casualty net income / core earnings*	22.8			20.0			14.0	%	76.5			54.3			40.9	%
Property and Casualty combined ratio	90.2		%	90.3		%	-0.1	pts	92.7		%	96.5		%	-3.8	pts
Property and Casualty underlying loss ratio*	58.7		%	60.3		%	-1.6	pts	54.9		%	63.1		%	-8.2	pts
Property and Casualty expense ratio	28.3		%	27.4		%	0.9	pts	26.4		%	26.9		%	-0.5	pts
Property and Casualty catastrophe losses	3.8		%	2.6		%	1.2	pts	13.0		%	7.6		%	5.4	pts
Property and Casualty underlying combined ratio*	87.0		%	87.7		%	-0.7	pts	81.3		%	90.0		%	-8.7	pts
Auto combined ratio	96.2		%	99.7		%	-3.5	pts	88.0		%	97.6		%	-9.6	pts
Auto underlying loss ratio*	67.4		%	71.9		%	-4.5	pts	60.4		%	70.6		%	-10.2	pts
Property combined ratio	79.0		%	71.5		%	7.5	pts	102.0		%	94.2		%	7.8	pts
Property underlying loss ratio*	42.1		%	37.1		%	5.0	pts	44.3		%	47.2		%	-2.9	pts

Full-year 2020 Property and Casualty written premiums declined due to lower new business and pandemic-related premium credits in the second quarter, which more than offset the return of the reinstatement premiums related to the PG&E subrogation recovery in the third quarter. The Auto policy retention rate of 81.2% and Property retention rate of 86.8% were in line with recent experience.

Overall, segment core earnings for the year rose 40.9% due to the 3.8 point improvement in the combined ratio, despite a 5.4 point increase in the catastrophe loss ratio, and higher net investment income, driven by favorable limited partnership returns in the second half of the year.

The underlying combined ratio improved by 8.7 points over 2019, largely due to the unusually low underlying Auto loss ratio. The underlying auto loss ratio improved 10.2 points, reflecting lower frequency related to changing driving patterns due to COVID-19, as well as the ongoing benefit of profitability initiatives. The underlying property loss ratio improved 2.9 points, primarily due to the return of the reinsurance reinstatement premium in the second quarter.

In the fourth quarter, the company incurred $6.1 million of catastrophe losses from 13 events that added 3.8 points to the combined ratio. Catastrophe losses for the year totaled $84.4 million, adding 13.0 points to the combined ratio. The company’s full-year 2021 guidance reflects a catastrophe loss assumption of approximately 9.5 points on the combined ratio.

3

Supplemental Segment Contributed $43.1 millionto 2020 Earnings

(All comparisons vs. same period in 2019, unless noted otherwise)

Our Supplemental insurance segment specializes in marketing supplemental insurance products, including cancer, heart, hospital, supplemental disability and accident for the education market. The segment was formed when Horace Mann acquired NTA Life Enterprises, LLC (NTA) in July 2019 and continues to build on NTA’s nearly 50 years of experience in the sector. The Supplemental segment represented 12% of 2020 total revenues and contributed $43.1 million to core earnings.

	Three Months Ended December 31,								Twelve Months Ended December 31,
($ in millions)	2020			2019			Change		2020			2019 (1)			Change (1)
Supplemental sales*	$	1.4		$	4.6		-69.6	%	$	7.2		$	8.2		N/A
Earned premiums	31.9			32.9			-3.0	%	130.7			65.8			N/A
Supplemental net income / core earnings*	12.5			11.1			12.6	%	43.1			18.0			N/A
Pretax profit margin (2)	41.5		%	37.9		%	3.6	pts	36.4		%	30.8		%	N/A

(1)    The acquisition of NTA closed on July 1, 2019.

(2)     Measured to total revenues.

Supplemental segment sales were $1.4 million in the fourth quarter, in line with the third quarter, reflecting the modest rebound that began mid-year, but continuing to reflect lower sales volume due to limited school access because of COVID-19. Persistency was up slightly at 90.5%.

Strong core earnings reflected continued favorable business trends as well as some short-term benefit from changes in policyholder behavior due to COVID-19. Segment expenses include the non-cash impact of amortization of intangible assets under purchase accounting that reduced full-year core earnings by $12.6 million pretax. The pretax profit margin remains above management’s longer-term expectations because of the pandemic-related changes in policyholder behavior.

Retirement Segment Sees 4.5% Increase in Annuity Contract Deposits over 2019

(All comparisons vs. same period in 2019, unless noted otherwise)

Our Retirement segment primarily markets 403(b) tax-qualified fixed, fixed index and variable annuities; the Horace Mann Retirement Advantage® open architecture platform for 403(b)(7) and other defined contribution plans; and other retirement products to educators. Horace Mann is one of the largest participants in the K-12 educator portion of the 403(b) tax-qualified annuity market, measured by 403(b) net written premium on a statutory accounting basis. The Retirement segment represented 21% of 2020 total revenues and contributed $28.2 million to core earnings.

	Three Months Ended December 31,						Twelve Months Ended December 31,
($ in millions)	2020		2019		Change		2020		2019		Change
Annuity contract deposits*	$	116.7	$	117.9	-1.0	%	$	483.4	$	462.5	4.5	%
Annuity assets under management (1)							4,841.8		4,379.6		10.6	%
Total assets under administration (2)							8,684.0		8,270.6		5.0	%
Retirement net income (loss)	3.5		2.1		66.7	%	20.1		(4.8)		N.M.
Retirement core earnings*	11.6		2.1		N.M.		28.2		23.2		21.6	%
Retirement core earnings excluding DAC unlocking*	11.2		2.1		N.M.		26.8		26.0		3.1	%

N.M. - Not meaningful.

(1)     Amount reported as of December 31, 2020 excludes $752.1 of assets under management held under modified coinsurance reinsurance.

(2)    Includes Annuity AUM, Brokerage and Advisory AUA, and Recordkeeping AUA.

4

For the year, annuity contract deposits rose 4.5% over 2019. Educators continue to find value in our Retirement savings products, including our competitively priced annuity products. Total cash value persistency remained strong at 95.0% for variable annuities and 94.7% for fixed annuities.

Horace Mann currently has $4.8 billion in annuity assets under management, including $2.2 billion of fixed annuities, $2.1 billion of variable annuities and $0.5 billion of fixed indexed annuities. Assets under administration, which includes advisory and recordkeeping assets added through the acquisition of Benefit Consultants Group (BCG) in 2019, were up 5.0% from year-end 2019.

The net interest spread on the retained annuity business was 212 points for the year, continuing to improve because of the benefits of the 2019 annuity reinsurance transaction. Lower net interest margin due to the reduced size of the managed portfolio was more than offset by expense savings, resulting in 3.1% growth in core earnings excluding DAC unlocking for the year.

In the fourth quarter of 2020, Retirement segment net income reflected the after-tax impairment of $8.1 million of goodwill and intangible assets associated with BCG, which had been acquired in 2019, due to anticipated softer BCG wealth management sales outside of the education markets. Operational benefits from the BCG transaction remain on track. In 2019, management impaired $28.0 million of goodwill that had been associated with the reinsured legacy annuity block.

Life Segment 2020 Sales of Recurring Premium Products Stable

(All comparisons vs. same period in 2019, unless noted otherwise)

Our Life insurance segment primarily markets traditional term and whole life insurance products to educators. The Life segment represented 14% of 2020 total revenues and contributed $10.4 million to core earnings.

	Three Months Ended December 31,						Twelve Months Ended December 31,
($ in millions)	2020		2019		Change		2020		2019		Change
Life sales*	$	3.1	$	4.2	-26.2	%	$	12.7	$	17.9	-29.1	%
Life mortality costs	10.5		7.1		47.9	%	38.8		33.5		15.8	%
Life net income / core earnings*	3.6		4.0		-10.0	%	10.4		17.6		-40.9	%

Life sales were down for the year on stable new sales of recurring term and whole life policies, and lower new sales of more complex products such as single premium and Indexed Universal Life policies. Life core earnings* reflected 2020 mortality costs in line with expectations compared with favorable mortality experience in 2019. Full-year persistency for life products of 95.8% improved from the prior year period.

Investment Portfolio Achieved Better-Than-Anticipated Fourth Quarter Results Due To Continued Rebound in Alternatives Portfolio

(All comparisons vs. same period in 2019, unless noted otherwise)

Our investment strategy is primarily focused on generating income to support product liabilities, and balances principal protection and risk. Total net investment income includes net investment income on the investment portfolio managed by Horace Mann as well as accreted investment income on the deposit asset on reinsurance related to the company’s 2019 reinsurance of a block of approximately $2.9 billion of policy liabilities related to legacy individual annuities written in 2002 or earlier that was effective April 1, 2019.

5

	Three Months Ended December 31,								Twelve Months Ended December 31,
($ in millions)	2020			2019			Change		2020			2019			Change
Pretax net investment income - investment portfolio	$	76.0		$	62.0		22.6	%	$	260.3		$	294.3		-11.6	%
Pretax investment income - deposit asset on reinsurance	25.2			23.8			5.9	%	97.3			70.8			37.4	%
Total pretax net investment income	101.2			85.8			17.9	%	357.6			365.1			-2.1	%
Pretax net investment gains (losses)	10.5			1.7			N.M.		(2.3)			153.3			N.M.
Pretax net unrealized investment gains on fixed maturity securities									556.7			334.7			66.3	%
Investment yield, excluding limited partnership interests, pretax - annualized	4.25		%	4.36		%	-0.11	pts	4.33		%	4.64		%	-0.31	pts

N.M. - Not meaningful.

Total net investment income was down slightly year-over-year. Net investment income on the managed portfolio rose 22.6% in the fourth quarter as favorable returns on limited partnership investments continued to offset slightly lower yields on fixed maturity investments. Net investment income on the managed portfolio was down for the full year due to market weakness early in 2020, which primarily impacted limited partnership returns.

Full-year pretax net investment losses were $2.3 million, including $5.3 million in other-than-temporary impairment charges. The company’s fixed maturity securities portfolio is in a net unrealized investment gain position of $556.7 million at December 31, 2020.

Book Value Excluding Net Unrealized Investment Gains Up 6% Year Over Year

At December 31, 2020, shareholders’ equity was $1.79 billion, or $43.22 per share. Excluding net unrealized investment gains on fixed maturity securities, shareholders’ equity was $1.42 billion, or $34.38 per share.* The year-over-year improvement in book value excluding unrealized investment gains on fixed maturity securities primarily reflected the realized gain on assets transferred in the 2019 annuity reinsurance transaction, as well as strong earnings.

At December 31, 2020, total debt was $437.3 million, with $135.0 million outstanding on the company’s line of credit. The ratio of debt-to-capital excluding net unrealized investment gains* was 23.5%.

Quarterly Webcast

Horace Mann’s senior management will discuss the company’s fourth-quarter and full-year financial results with investors on February 3, 2021 at 9:30 a.m. Eastern Time. The conference call will be webcast live at investors.horacemann.com and archived later in the day for replay.

About Horace Mann

Horace Mann Educators Corporation (NYSE: HMN) is the largest financial services company focused on providing America’s educators and school employees with insurance and retirement solutions. Founded by Educators for Educators® in 1945, the company is headquartered in Springfield, Illinois. For more information, visit horacemann.com.

6

Safe Harbor Statement and Non-GAAP Measures

Statements included in this news release that are not historical in nature are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties. Horace Mann 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. Please refer to the company’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 and the company’s past and future filings and reports filed with the Securities and Exchange Commission (SEC) for information concerning important factors that could cause actual results to differ materially from those in forward-looking statements. Information contained in this news release include measures which are based on methodologies other than accounting principles generally accepted in the United States of America (GAAP). Reconciliations of non-GAAP measures to the closest GAAP measures are contained in the Appendix to the Investor Supplement and additional descriptions of the non-GAAP measures are contained in the Glossary of Selected Terms included as an exhibit to the company’s SEC filings.

# # #

7

HORACE MANN EDUCATORS CORPORATION

Financial Highlights (Unaudited)

($ in Millions, except per share data)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2020			2019			% Change		2020			2019			% Change
EARNINGS SUMMARY
Net income	$	47.8		$	33.0		44.8	%	$	133.3		$	184.4		-27.7	%
Net investment gains (losses), after tax	8.4			1.3			N.M.		(1.7)			120.2			N.M.
Other expense - goodwill and intangible asset impairments, after tax	(8.1)			—			N.M.		(8.1)			(28.0)			N.M.
Core earnings*	47.5			31.7			49.8	%	143.1			92.2			55.2	%
Per diluted share:
Net income	$	1.13		$	0.78		44.9	%	$	3.17		$	4.40		-28.0	%
Net investment gains (losses), after tax	$	0.19		$	0.03		N.M.		$	(0.04)		$	2.87		N.M.
Other expense - goodwill and intangible asset impairments, after tax	$	(0.19)		$	—		N.M.		$	(0.19)		$	(0.67)		N.M.
Core earnings*	$	1.13		$	0.75		50.7	%	$	3.40		$	2.20		54.5	%
Weighted average number of shares and equivalent shares (in millions) - Diluted	42.2			42.1			0.2	%	42.0			41.9			0.2	%
RETURN ON EQUITY
Net income return on equity - LTM (1)	8.1		%	12.5		%			8.1		%	12.5		%
Net income return on equity - annualized	10.9		%	8.4		%
Core return on equity - LTM* (2)	10.5		%	7.3		%			10.5		%	7.3		%
Core return on equity - annualized*	13.5		%	9.6		%
FINANCIAL POSITION
Per share: (3)
Book value									$	43.22		$	38.01		13.7	%
Effect of net unrealized investment gains on fixed maturity securities (4)									$	8.84		$	5.59		58.1	%
Dividends paid	$	0.30		$	0.2875		4.3	%	$	1.20		$	1.15		4.3	%
Ending number of shares outstanding (in millions) (3)									41.4			41.2			0.5	%
Total assets									$	13,471.8		$	12,478.7		8.0	%
Short-term debt									135.0			135.0			—	%
Long-term debt									302.3			298.0			1.4	%
Total shareholders’ equity									1,790.1			1,567.3			14.2	%
ADDITIONAL INFORMATION
Net investment gains (losses)
Before tax	$	10.5		$	1.7		N.M.		$	(2.3)		$	153.3		N.M.
After tax	8.4			1.3			N.M.		(1.7)			120.2			N.M.
Per share, diluted	$	0.19		$	0.03		N.M.		$	(0.04)		$	2.87		N.M.

N.M. - Not meaningful.

(1)    Based on last twelve months net income and average quarter-end shareholders’ equity.

(2)    Based on last twelve months core earnings and average quarter-end shareholders’ equity which has been adjusted to exclude the fair value adjustment for investments, net of the related impact on deferred policy acquisition costs and applicable deferred taxes.

(3)    Ending shares outstanding were 41,414,218 at December 31, 2020 and 41,238,324 at December 31, 2019.

(4)    Net of the related impact on deferred policy acquisition costs and applicable deferred taxes.

8

HORACE MANN EDUCATORS CORPORATION

Statements of Operations and Consolidated Data (Unaudited)

($ in Millions)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020		2019		% Change		2020		2019		% Change
STATEMENTS OF OPERATIONS
Insurance premiums and contract charges earned	$	233.7	$	240.4	-2.8	%	$	930.7	$	898.0	3.6	%
Net investment income	101.2		85.8		17.9	%	357.6		365.1		-2.1	%
Net investment gains (losses)	10.5		1.7		N.M.		(2.3)		153.3		N.M.
Other income	6.9		5.7		21.1	%	24.4		22.6		8.0	%
Total revenues	352.3		333.6		5.6	%	1,310.4		1,439.0		-8.9	%
Benefits, claims and settlement expenses	135.8		138.8		-2.2	%	568.9		585.1		-2.8	%
Interest credited	51.3		52.7		-2.7	%	204.6		212.8		-3.9	%
Operating expenses	64.7		67.2		-3.7	%	237.8		243.1		-2.2	%
DAC unlocking and amortization expense	24.9		26.3		-5.3	%	99.9		109.2		-8.5	%
Intangible asset amortization expense	3.5		3.9		-10.3	%	14.4		8.8		63.6	%
Interest expense	3.5		4.4		-20.5	%	15.2		15.6		-2.6	%
Other expense - goodwill and intangible asset impairments	10.0		—		N.M.		10.0		28.0		N.M.
Total benefits, losses and expenses	293.7		293.3		0.1	%	1,150.8		1,202.6		-4.3	%
Income before income taxes	58.6		40.3		45.4	%	159.6		236.4		-32.5	%
Income tax expense	10.8		7.3		47.9	%	26.3		52.0		-49.4	%
Net income	$	47.8	$	33.0	44.8	%	$	133.3	$	184.4	-27.7	%
PREMIUMS WRITTEN AND CONTRACT DEPOSITS*
Property and Casualty	$	153.0	$	164.6	-7.0	%	$	635.5	$	683.1	-7.0	%
Supplemental (1)	32.0		33.0		-3.0	%	130.3		65.7		N/A
Annuity contract deposits	116.7		117.9		-1.0	%	483.4		462.5		4.5	%
Life	30.8		30.7		0.3	%	110.1		113.2		-2.7	%
Total	$	332.5	$	346.2	-4.0	%	$	1,359.3	$	1,324.5	2.6	%
SEGMENT NET INCOME (LOSS)
Property and Casualty	$	22.8	$	20.0	14.0	%	$	76.5	$	54.3	40.9	%
Supplemental (1)	12.5		11.1		12.6	%	43.1		18.0		N/A
Retirement	3.5		2.1		66.7	%	20.1		(4.8)		N.M.
Life	3.6		4.0		-10.0	%	10.4		17.6		-40.9	%
Corporate and Other (2)	5.4		(4.2)		N.M.		(16.8)		99.3		-116.9	%
Net income	$	47.8	$	33.0	44.8	%	$	133.3	$	184.4	-27.7	%

N.M. - Not meaningful.

(1)    Acquired on July 1, 2019. Twelve month comparison is not applicable.

(2)    Corporate and Other includes interest expense on debt and the impact of net investment gains and losses and other Corporate level items. The Company does not allocate the impact of corporate level transactions to the insurance segments consistent with how management evaluates the results of those segments. See detail for this segment on page 13.

9

HORACE MANN EDUCATORS CORPORATION

Business Segment Overview (Unaudited)

($ in Millions)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2020			2019			Change		2020			2019			Change
PROPERTY and CASUALTY
Written premiums*	$	153.0		$	164.6		-7.0	%	$	635.5		$	683.1		-7.0	%
Premiums earned	161.4			170.9			-5.6	%	650.1			683.5			-4.9	%
Net investment income	12.3			8.1			51.9	%	42.6			41.7			2.2	%
Other income	0.2			0.3			-33.3	%	2.3			2.0			15.0	%
Losses and loss adjustment expenses (LAE)	100.0			107.4			-6.9	%	431.0			475.6			-9.4	%
Operating expenses (includes amortization expense)	45.7			46.7			-2.1	%	171.7			183.6			-6.5	%
Interest expense	—			0.3			N.M.		0.4			1.3			-69.2	%
Income before income taxes	28.2			24.9			13.3	%	91.9			66.7			37.8	%
Net income / core earnings*	22.8			20.0			14.0	%	76.5			54.3			40.9	%
Net investment income, after tax	10.2			7.0			45.7	%	35.7			35.4			0.8	%
Catastrophe losses
After tax	4.8			3.5			37.1	%	66.7			41.1			62.3	%
Before tax	6.1			4.4			38.6	%	84.4			52.0			62.3	%
Prior years’ reserves favorable development, before tax
Automobile	—			—			N.M.		2.0			5.5			-63.6	%
Property and other	1.0			—			N.M.		8.2			2.0			N.M.
Total	1.0			—			N.M.		10.2			7.5			36.0	%
Operating statistics:
Loss and loss adjustment expense ratio	61.9		%	62.9		%	-1.0	pts	66.3		%	69.6		%	-3.3	pts
Expense ratio	28.3		%	27.4		%	0.9	pts	26.4		%	26.9		%	-0.5	pts
Combined ratio	90.2		%	90.3		%	-0.1	pts	92.7		%	96.5		%	-3.8	pts
Effect on the combined ratio of:
Catastrophe losses	3.8		%	2.6		%	1.2	pts	13.0		%	7.6		%	5.4	pts
Prior years’ (favorable) reserve development	-0.6		%	—		%	-0.6	pts	-1.6		%	-1.1		%	-0.5	pts
Combined ratio excluding the effects of catastrophe losses and prior years’ reserve development (underlying combined ratio)*	87.0		%	87.7		%	-0.7	pts	81.3		%	90.0		%	-8.7	pts
Risks in force (in thousands)									583			627			-7.0	%
Automobile (1)									399			433			-7.9	%
Property									184			194			-5.2	%
Policy renewal rate - 12 months
Automobile									81.2		%	81.1		%	0.1	pts
Property									86.8		%	87.1		%	-0.3	pts

N.M. - Not meaningful.

(1)    Includes assumed risks in force of 4.

10

HORACE MANN EDUCATORS CORPORATION

Business Segment Overview (Unaudited)

($ in Millions)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2020			2019			Change		2020			2019 (1)			Change (1)
SUPPLEMENTAL
Premiums and contract charges earned	$	31.9		$	32.9		-3.0	%	$	130.7		$	65.8		N/A
Net investment income	6.0			3.8			57.9	%	17.8			7.5			N/A
Other income	0.7			0.8			-12.5	%	2.7			1.4			N/A
Benefits	9.6			10.6			-9.4	%	38.2			21.7			N/A
Change in reserves	(0.2)			(0.6)			66.7	%	4.7			3.0			N/A
Interest credited	—			—			—	%	0.2			—			N/A
Operating expenses (includes DAC unlocking and amortization expense)	10.1			9.9			2.0	%	40.4			20.4			N/A
Intangible asset amortization expense	3.1			3.4			-8.8	%	12.6			6.6			N/A
Income before income taxes	16.0			14.2			12.7	%	55.1			23.0			N/A
Net income / core earnings*	12.5			11.1			12.6	%	43.1			18.0			N/A
Benefits ratio (2)	29.5		%	30.4		%	-0.9	pts	32.8		%	37.5		%	N/A
Operating expense ratio (3)	26.2		%	26.4		%	-0.2	pts	26.7		%	27.3		%	N/A
Pretax profit margin (4)	41.5		%	37.9		%	3.6	pts	36.4		%	30.8		%	N/A
Premium persistency (rolling 12 months)	90.5		%	89.3		%	1.2	pts	90.5		%	89.3		%	N/A

N.M. - Not meaningful.

(1)    The acquisition of NTA closed on July 1, 2019.

(2)    Ratio of benefits plus change in reserves to earned premium.

(3)    Ratio of operating expenses to total revenues.

(4)    Ratio of income before taxes to total revenues.

11

HORACE MANN EDUCATORS CORPORATION

Business Segment Overview (Unaudited)

($ in Millions)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020		2019		Change		2020			2019			Change
RETIREMENT
Contract deposits*	$	116.7	$	117.9	-1.0	%	$	483.4		$	462.5		4.5	%
Variable	57.6		59.8		-3.7	%	226.2			217.3			4.1	%
Fixed	59.1		58.1		1.7	%	257.2			245.2			4.9	%
Contract charges earned	8.2		7.0		17.1	%	29.7			29.1			2.1	%
Net investment income	37.9		33.5		13.1	%	132.5			174.7			-24.2	%
Interest credited	14.2		16.4		-13.4	%	58.6			93.6			-37.4	%
Net interest margin	23.7		17.1		38.6	%	73.9			81.1			-8.9	%
Investment income - deposit asset on reinsurance	25.2		23.8		5.9	%	97.3			70.8			37.4	%
Interest credited - Reinsured block	25.9		25.0		3.6	%	100.9			74.2			36.0	%
Net interest margin - Reinsured block	(0.7)		(1.2)		41.7	%	(3.6)			(3.4)			-5.9	%
Other income	4.2		4.0		5.0	%	16.3			17.4			-6.3	%
Mortality loss and other reserve changes	(1.2)		(2.6)		53.8	%	(5.3)			(5.3)			—	%
Operating expenses (includes DAC unlocking and amortization expense)	20.6		22.4		-8.0	%	77.0			90.5			-14.9	%
Intangible asset amortization expense	0.4		0.5		-20.0	%	1.8			2.2			-18.2	%
Other expense - goodwill and intangible asset impairments	10.0		—		N.M.		10.0			28.0			-64.3	%
Income (loss) before income taxes	3.2		1.4		N.M.		22.2			(1.8)			N.M.
Net income (loss)	3.5		2.1		66.7	%	20.1			(4.8)			N.M.
Core earnings	11.6		2.1		N.M.		28.2			23.2			21.6	%
Pretax income increase (decrease) due to evaluation of:
Deferred policy acquisition costs	$	0.5	$	0.1	N.M.		$	1.8		$	(3.5)		N.M.
Guaranteed minimum death benefit reserve	0.1		—		N.M.		0.1			0.1			—	%
Retirement contracts in force (in thousands)							230			229			0.4	%
Annuity accumulated account value on deposit / Assets under management							$	4,841.8		$	4,379.6		10.6	%
Variable (1)							2,139.3			1,782.7			20.0	%
Fixed							2,702.5			2,596.9			4.1	%
Annuity accumulated value retention - 12 months
Variable accumulations							95.0		%	94.7		%	0.3	pts
Fixed accumulations							94.7		%	94.0		%	0.7	pts
LIFE
Premiums and contract deposits*	$	30.8	$	30.7	0.3	%	$	110.1		$	113.2		-2.7	%
Premiums and contract charges earned	32.2		29.6		8.8	%	120.2			119.6			0.5	%
Net investment income	20.4		17.2		18.6	%	69.8			72.0			-3.1	%
Other income	0.1		0.2		-50.0	%	0.2			0.4			-50.0	%
Death benefits/mortality cost/change in reserves	25.2		18.8		34.0	%	89.7			79.5			12.8	%
Interest credited	11.2		11.3		-0.9	%	44.9			45.0			-0.2	%
Operating expenses (includes DAC unlocking and amortization expense)	11.6		12.2		-4.9	%	42.7			45.7			-6.6	%
Income before income taxes	4.7		4.7		—	%	12.9			21.8			-40.8	%
Net income / core earnings*	3.6		4.0		-10.0	%	10.4			17.6			-40.9	%
Pretax income increase (decrease) due to evaluation of:
Deferred policy acquisition costs	$	(0.2)	$	0.2	N.M.		$	0.3		$	0.3		—	%
Life policies in force (in thousands)							202			201			0.5	%
Life insurance in force							$	19,821		$	19,180		3.3	%
Lapse ratio - 12 months (Ordinary life insurance)							4.2		%	4.6		%	-0.4	pts

N.M. - Not meaningful.

(1)    Amount reported as of December 31, 2020 excludes $752.1 of assets under management held under modified coinsurance reinsurance.

12

HORACE MANN EDUCATORS CORPORATION

Business Segment Overview (Unaudited)

($ in Millions)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020		2019		Change		2020		2019		% Change
CORPORATE AND OTHER (1)
Components of income (loss) before tax:
Net investment gains (losses)	$	10.5	$	1.7	N.M.		$	(2.3)	$	153.3	N.M.
Interest expense	(3.5)		(4.1)		14.6	%	(14.8)		(14.3)		-3.5	%
Other operating expenses, net investment income and other income	(0.5)		(2.5)		80.0	%	(5.4)		(12.3)		56.1	%
Income (loss) before income taxes	6.5		(4.9)		N.M.		(22.5)		126.7		N.M.
Net income (loss)	5.4		(4.2)		N.M.		(16.8)		99.3		N.M.
INVESTMENTS
Retirement and Life
Fixed maturity securities, at fair value (amortized cost 2020, $4,458.1; 2019, $4,151.1)							$	4,896.6	$	4,427.0	10.6	%
Equity securities, at fair value							82.9		79.4		4.4	%
Short-term investments							125.8		113.6		10.7	%
Policy loans							149.3		152.7		-2.2	%
Limited partnership interests							276.6		253.1		9.3	%
Other investments							51.5		34.8		48.0	%
Total Retirement and Life investments							5,582.7		5,060.6		10.3	%
Property and Casualty
Fixed maturity securities, at fair value (amortized cost 2020, $789.5; 2019, $846.8)							867.2		899.5		-3.6	%
Equity securities, at fair value							31.7		21.1		50.2	%
Short-term investments							6.8		0.2		N.M.
Limited partnership interests							136.1		114.5		18.9	%
Other investments							1.1		1.0		10.0	%
Total Property and Casualty investments							1,042.9		1,036.3		0.6	%
Supplemental
Fixed maturity securities, at fair value (amortized cost 2020, $541.0; 2019, $459.1)							581.5		465.2		25.0	%
Equity securities, at fair value							6.0		1.4		N.M.
Short-term investments							6.4		57.5		-88.9	%
Policy loans							0.8		0.8		—	%
Limited partnership interests							36.3		16.0		126.9	%
Other investments							1.8		—		N.M.
Total Supplemental investments							632.8		540.9		17.0	%
Corporate investments
Equity securities, at fair value							1.0		—		N.M.
Short-term investments							2.8		1.4		100.0	%
Total Corporate investments							3.8		1.4		N.M.
Total investments							$	7,262.2	$	6,639.2	9.4	%
Net investment income - investment portfolio
Before tax	$	76.0	$	62.0	22.6	%	$	260.3	$	294.3	-11.6	%
After tax	60.6		49.5		22.4	%	207.7		235.0		-11.6	%
Investment income - deposit asset on reinsurance
Before tax	$	25.2	23.8		5.9	%	$	97.3	70.8		37.4	%
After tax	19.9		18.8		5.9	%	76.9		55.9		37.6	%

N.M. - Not meaningful.

(1)    The Corporate and Other segment includes interest expense on debt and the impact of investment gains and losses and other corporate level items. The Company does not allocate the impact of corporate level transactions to the insurance segments consistent with how management evaluates the results of those segments.

13

XML

Cover Page	Feb. 02, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 02, 2021
Entity Registrant Name	HORACE MANN EDUCATORS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	1-10890
Entity Tax Identification Number	37-0911756
Entity Address, Address Line One	1 Horace Mann Plaza
Entity Address, City or Town	Springfield
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	62715‑0001
City Area Code	217
Local Phone Number	789‑2500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	HMN
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000850141
Amendment Flag	false