hmn-20230405

You are cordially invited to virtually attend the Annual Meeting of Horace Mann Educators Corporation to be held at 9:00 a.m. Central Daylight Saving Time on Wednesday, May 24, 2023. We are pleased to announce that this year’s Annual Meeting will be via live webcast on the Internet. Shareholders of record can attend the Annual Meeting, vote and submit questions during the live webcast by visiting www.virtualshareholdermeeting.com/HMN2023 and entering the 16-digit control number, which is included in our Notice of Internet Availability of Proxy Materials or on the proxy card. Beneficial owners should review these proxy materials and the voting instruction form or Notice of Internet Availability of Proxy Materials for how to vote in advance of, and how to participate in, the Annual Meeting.

Horace Mann Educators Corporation

1 Horace Mann Plaza

Springfield, Illinois 62715-0001

The approximate availability date of the Proxy Statement and the proxy card is April 5, 2023. Your vote is important. Even if you do not plan to participate in the Annual Meeting, the Board of Directors urges you to vote via the Internet, by telephone or by returning a proxy card. If you vote via the Internet or by telephone, do not return your proxy card. You may revoke your proxy at any time before the vote is taken at the Annual Meeting, provided that you comply with the procedures set forth in the Proxy Statement that accompanies this Notice of Annual Meeting of Shareholders. If you participate in the Annual Meeting, you may vote electronically during the virtual meeting.

Brokers are not permitted to vote on certain proposals and may not vote on any of the proposals unless you provide voting instructions. Voting your shares will help to ensure that your interests are represented at the meeting.

We encourage you to read the Proxy Statement and vote your shares as soon as possible.

By order of the Board of Directors,

Donald M. Carley

Executive Vice President and General Counsel Corporate Secretary

Springfield, Illinois

Meeting Details

Wednesday, May 24, 2023

9:00 a.m. Central Daylight Saving Time

Meeting live via the Internet - Please visit www.virtualshareholdermeeting.com/HMN2023. To join the meeting, Shareholders of record will need the 16-digit control number included on your Notice, or on your proxy card. Beneficial owners should review these proxy materials and the voting instruction form or Notice of Internet Availability of Proxy Materials for how to participate in the Annual Meeting. The following items will be addressed at the Annual Meeting:

•Elect the nine Directors named in the Proxy Statement.

•Approve the advisory resolution to approve Named Executive Officers’ compensation.

•Provide an advisory vote on the frequency of future advisory votes on Named Executive Officers’ compensation.

•Ratify the appointment of KPMG LLP, an independent registered public accounting firm, as the Company’s auditors for the year ending December 31, 2023.

•Conduct other business, if properly raised.

Record Date: March 28, 2023 - Shareholders registered in the records of the Company or its agents as of the close of business on that date are entitled to receive notice of and to vote at the meeting.

Fiscal Year 2022 Business Highlights

Horace Mann reported a net loss of $2.6 million in 2022, or a loss of $0.06 per share, reflecting realized investment losses largely due to strategic portfolio repositioning, including improved book yield. Core earnings* of $45.7 million, or core earnings per share of $1.09, reflected continued emergence of elevated loss costs across the property and casualty industry, due to inflation, as well as the overall impact of financial market volatility. These factors more than offset a strong contribution from the new Worksite Division, which provides a comprehensive suite of employer-paid and employee-paid benefits, such as group life, disability and specialty health insurance, as well as supplemental products.

Throughout the year, Horace Mann maintained its unwavering commitment to be a trusted partner to the educational community. We made important progress to further diversify the business base and cement our position as the leading provider of education market solutions for both school districts and individual educators, underscoring management’s optimism about the potential for long-term success.

Segment results reflected both the challenges of 2022 as well as progress towards our long-term objectives. Largely due to the impact of inflation on loss costs, the Property & Casualty segment reported a core loss in 2022. Segment earnings in the Life & Retirement segment were below the prior year due to market volatility and the impact of rising interest rates. In the Supplemental & Group Benefits segment, core earnings reflected a strong pretax profit margin and the addition of the employer-sponsored products added at the beginning of 2022 with the acquisition of Madison National Life Insurance Company, Inc. (Madison National). Net investment income was lower than the prior year largely due to the comparison to outsized 2021 returns for the Property & Casualty segment limited partnership fund portfolio.

Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in HMEC’s 2022 Form 10-K for a more detailed description of these financial results.

To determine annual compensation incentive awards, the Compensation Committee makes adjustments to core earnings for items that are highly volatile and outside the control of management. On that basis, core earnings would have increased to $63 million, as discussed in the Compensation Discussion and Analysis beginning on page 20.

Book value per share excluding net unrealized investment gains (losses) on fixed maturity securities* declined slightly in 2022 after rising in the prior year. Reported book value per share declined for the year as higher interest rates resulted in net unrealized losses on fixed maturity securities. The Company returned $53.7 million to Shareholders in 2022 through dividends. In March 2023, the Board approved a shareholder dividend increase for the 15th consecutive year. In addition, the Company continues to opportunistically repurchase shares, buying 670,816 shares in 2022 and 128,540 shares in the first quarter of 2023. Since 2011, repurchases have totaled $113 million, and there is $37 million remaining on the buyback authorization.

Total Shareholder Return (TSR) was flat in 2022 as the broader insurance industry contended with negative impacts from elevated inflation as well as increased market volatility related to concerns about inflation, Federal Reserve interest rate policy and economic growth.

*See General Information, page 1, for a discussion of non-GAAP measures

For example, at the beginning of 2022, we strengthened our value proposition with the acquisition of Madison National Life Insurance Company, Inc. (Madison National), a leading writer of employer-paid and sponsored benefits provided to educators by K-12 school districts. As part of our Worksite Division, Madison National enhances our ability to meet the needs of districts that are increasingly looking to bolster employee benefits packages to attract and retain highly qualified teachers. This ensures that whether educators are buying insurance and financial solutions from a local, trusted advisor; through one of our direct channels; or receiving them through their school district employer, Horace Mann can be the partner to provide it.

In 2022, we achieved our initial target of a 50% decrease in absolute Scope 1 and Scope 2 carbon emissions — as defined by the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard — far ahead our 2030 deadline. Our carbon-reduction initiative included installing a new, more efficient HVAC system, replacing single-pane windows with double-pane insulated glass, adding LED lighting and motion sensors, and investing in the installation of solar panels, which increased our use of renewable energy at our corporate headquarters. In addition, we now recycle more than 50% of the waste generated at our corporate headquarters. We will continue the work to minimize our carbon footprint, and plan to achieve net-zero by 2050.

Horace Mann’s commitment to offering an inclusive work environment — one where diversity of thought is highly valued, and individual differences are recognized, respected and appreciated — continues to be an important factor in the Company’s success. As part of our ongoing employee listening strategy, we regularly solicit employee feedback through pulse surveys on both specific items and broader topics. In 2022, we undertook a comprehensive employee engagement survey, with 74% of employees participating. In addition to our Diversity, Equity and Inclusion (DEI) Council, we host educational events and corporate-wide book studies, with participants including senior leadership and directors. In late 2022, we launched Employee Resource Groups aligned with employee identity, inclusion and wellness.

Horace Mann strives to maintain an open and productive dialogue with all stakeholders regarding ESG topics. We undertook a formal stakeholder engagement survey to update and refine our understanding of potentially relevant issues and their materiality. We chose topics based on our knowledge of stakeholder priorities gained from regular interactions, as well as rating agency factors and peer materiality maps. We solicited input on a list of topics from 10 external and internal stakeholder groups, including educators, investors, employees, company leadership, agents and community leaders. This materiality assessment showed that stakeholders’ top priorities include business ethics, data security and privacy; employee training, development and retention; and DEI.

In addition, we engaged with our stakeholders in multiple ways: We held town hall meetings with agents, surveyed educators and conducted employee pulse surveys. Horace Mann’s management and investor relations team regularly discuss ESG and CSR topics with active investors during ongoing virtual or in-person interactions at conferences and other venues. During 2022, in addition to conversations with potential investors, we had on-going dialogue with existing, active investors representing approximately 32% of our outstanding shares. In those meetings, management covers Horace Mann’s business strategy and performance. Investors react positively to updates on how corporate social responsibility initiatives support the Company’s business strategy.


Content			Page

General Information			1

Your Proxy Vote			2
How to Vote Before the Meeting			2
Voting Rules			2

Proposals and Company Information			4
PROPOSAL NO. 1 - ELECTION OF NINE DIRECTORS			4
Board of Directors and Committees			10
Director Compensation			12
Corporate Governance			14
Related Person Transactions			17
PROPOSAL NO. 2 - ADVISORY RESOLUTION TO APPROVE NAMED EXECUTIVE OFFICERS’ COMPENSATION			18
PROPOSAL NO. 3 - ADVISORY VOTE ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON NAMED EXECUTIVE OFFICERS’ COMPENSATION			19
Compensation Discussion and Analysis			20
Compensation Committee Report			45
Equity Compensation Plan Information			45
Executive Officers			46
Security Ownership of Certain Beneficial Owners and Management			47
PROPOSAL NO. 4 - RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			49
Report of the Audit Committee			50
The Company’s Independent Registered Public Accounting Firm			51

Other Matters			52
Delivery of Proxy Materials			52
Submitting Shareholder Proposals for the 2024 Annual Meeting of Shareholders			53

The Board has fixed the close of business on March 28, 2023 as the record date (Record Date) for determining the Shareholders entitled to receive notice of and to vote at the Annual Meeting. At the close of business on the Record Date, an aggregate of 40,826,549 shares of Common Stock were issued and outstanding, each share entitling the holder thereof to one vote on each matter to be voted upon at the Annual Meeting. The presence, including by proxy, of the holders of a majority of the voting power of such issued and outstanding shares entitled to vote at the Annual Meeting is necessary to constitute a quorum for the transaction of business at the Annual Meeting. The Company, through bankers, brokers or other persons, also intends to make a solicitation of beneficial owners of Common Stock.

Statements included in this document that are not historical in nature, including statements regarding our environmental and other sustainability plans and goals, 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 Annual Report for the year ended December 31, 2022 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. Any standards of measurement and performance made in reference to our environmental, social, governance and other sustainability plans and goals are developing and based on assumptions, and no assurance can be given that any such plan, initiative, projection, goal, commitment, expectation, or prospect can or will be achieved. Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this document.

The historical financial information contained in this document is before implementation of Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. Measures marked with * the first time they are presented within this document are not based on accounting principles generally accepted in the U.S. (non-GAAP). An explanation of these measures is contained in the Glossary of Selected Terms included as Exhibit 99.1 in our most recent Annual Report on Form 10-K filed with the SEC and are reconciled to the most directly comparable measures prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) in the Appendix to the Company’s Fourth Quarter 2022 Investor Supplement.

If you vote via the Internet or by telephone, your electronic vote authorizes the named proxies in the same manner as if you signed, dated and returned your proxy card. If you vote via the Internet or by telephone, you do not need to return your proxy card. Further, shares held in your name as the Shareholder of record or as beneficial owner may be voted electronically during the virtual Annual Meeting (www.virtualshareholdermeeting.com/HMN2023). To join the meeting, including to vote and ask questions, you will need the 16-digit control number included on your Notice, on your proxy card or on the instructions that accompanied your Proxy Materials. If you have previously voted your shares, you do not need to vote during the meeting.

If your shares are held in “street name” (that is, in the name of a bank, broker or other holder of record), you will receive a Notice or voting instruction form containing instructions from the holder of record that you must follow in order for your shares to be voted. If your Notice or voting instruction form indicates that you may vote those shares through the proxyvote.com website, then you may access, participate in, and vote at the Annual Meeting with the 16-digit control access code indicated on that Notice or voting instruction form. Otherwise, Shareholders who hold their shares in street name should contact their bank, broker or other nominee (preferably at least five days before the Annual Meeting) and obtain a “legal proxy” in order to be able to attend, participate in or vote at the Annual Meeting. Internet and/or telephone voting also will be offered to Shareholders owning shares through most banks and brokers.

Shares of Common Stock represented at the Annual Meeting by a properly executed and returned proxy will be voted at the Annual Meeting in accordance with the instructions noted thereon, or if no instructions are noted, the proxy will be voted in favor of the proposals set forth in the Notice of Annual Meeting. A submitted proxy is revocable by a Shareholder at any time prior to it being voted, provided that such Shareholder gives written notice to the Corporate Secretary prior to the Annual Meeting that such Shareholder intends to vote during the meeting or by submitting a subsequently dated proxy. Participation in the Annual Meeting by a Shareholder who has given a proxy shall not in and of itself constitute a revocation of such proxy.

Brokers holding shares must vote according to specific instructions they receive from the beneficial owners of those shares. If brokers do not receive specific instructions, brokers may in some cases vote the shares in their discretion, but are not permitted to vote on certain proposals and may elect not to vote on any of the proposals unless you provide voting instructions. If you do not provide voting instructions and the broker elects to vote your shares on some but not all matters, it will result in a “broker non-vote” for the matters on which the broker does not vote. Abstentions occur when you provide voting instructions but instruct the broker to abstain from voting on a particular matter instead of voting for or against the matter. Abstentions and broker non-votes will be considered as present for quorum purposes. Abstentions have the same effect as a vote “against” approval of the matter. Broker non-votes will have no effect on the outcome of the vote on the election of directors or on any of the other proposals.

In the event of a technical malfunction or other situation that the Board Chair determines may affect the ability of the Annual Meeting to satisfy the requirements for a meeting of Shareholders to be held by means of remote communication under Delaware General Corporation Law, or that otherwise makes it advisable to adjourn the Annual Meeting, the Board Chair or Secretary of the Annual Meeting will convene the meeting at 9:30 a.m. Central Daylight Saving Time on May 24, 2023 at the Company’s address specified in the Meeting Notice above solely for the purpose of adjourning the meeting to reconvene at a date, time and physical or virtual location announced by the meeting Chair. Under either of the foregoing circumstances, we will post information regarding the announcement on the Company’s website at investors.horacemann.com.

The Bylaws of the Company provide for the Company to have not less than five or more than 15 Directors. The following nine persons currently are serving as Directors of the Company (Directors): Thomas A. Bradley, Mark S. Casady, Daniel A. Domenech, Perry G. Hines, Mark E. Konen, Beverley J. McClure, H. Wade Reece, Elaine A. Sarsynski and Marita Zuraitis. The terms of these Directors expire at the Annual Meeting. Seven of the current Directors are standing for reelection. Both Mr. Casady, in order to focus on his business as General Partner of Vestigo Ventures, and Dr. Domenech, who has reached the mandatory age of retirement under the Company’s retirement policy, were not renominated to stand for reelection to the Board.

In order to ensure the Board has the background skills necessary to support Horace Mann’s continued growth, the Nominating & Governance Committee recommended, and the Board approved, the addition of two new Board nominees, Victor Fetter and Aaliyah Samuel. Mr. Fetter is the Global Chief Information Officer of Fortive, an industrial technology company. He has extensive experience with technology, including cybersecurity and digital transformation. Dr. Samuel is the President and Chief Executive Officer of CASEL, a nonprofit organization dedicated to making evidence-based social and emotional learning an essential part of education. She has extensive experience in public education and educational policy development. She served as the Deputy Assistant Secretary of Local, State and National Engagement at the U.S. Department of Education.


			Thomas A. Bradley Age: 65 Director Since: 2021 Horace Mann Committees: Audit (Chair)			Mr. Bradley currently serves as acting Chief Executive Officer and Chairman of the Board of Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products in the property and casualty market. He retired from Allied World Assurance Company Holdings, AG, an insurance holding company, in July 2018 as Executive Vice President and Chief Financial Officer, a position he had held since 2012. He previously served as the Executive Vice President and Chief Financial Officer for both Fair Isaac Corporation and the St. Paul Companies. Mr. Bradley also held senior financial and operational positions at Zurich Insurance Group, including Chief Financial Officer for North America and Chief Executive Officer of the Universal Underwriters Group. Mr. Bradley has an extensive finance and accounting background and is recognized as a financial expert. His knowledge in these areas assists the Board in its oversight responsibilities.
			Victor P. Fetter Age: 54 Board Nominee			Mr. Fetter is the Global Chief Information Officer of Fortive, an industrial technology company, a position he has held since January 2020. He previously served as Chief Digital Officer at Vertiv, a critical infrastructure provider, from 2017 to 2019. Prior to that, he served as Chief Information Officer for LPL Financial and Dell’s online division. He is National Association of Corporate Directors (NACD) Directorship Certified and has completed the NACD Cyber-Risk Oversight Program. Mr. Fetter’s extensive experience in digital transformation, cybersecurity and technology risk management will bring a unique perspective and assist the Board with its oversight responsibilities.


			Perry G. Hines Age: 60 Director Since: 2018 Horace Mann Committees: Audit Investment & Finance			Mr. Hines is a retired corporate marketing executive and is the President and CEO of The Hines Group, LLC, a firm he formed in 2006 specializing in marketing, communications and strategic planning. He has over 27 years of cross-sector experience in general management, brand, communications and marketing with a specific focus on financial services. Mr. Hines previously served as Senior Vice President, Chief Marketing and Communications Officer for Irwin Mortgage Corporation, a position he held from 2002 to 2007, Senior Vice President, Chief Marketing and Sales Officer of Lincoln Reinsurance Corporation and its subsequent successor Swiss Reinsurance Corporation from 1998 to 2002 and Vice President of Marketing & Communications of Safeco from 1995 to 1998. He has held numerous management roles and stewarded well known household brands. Mr. Hines’ cross-sector expertise in general management, brand building and strategic marketing brings unique perspective and insight to the Board.
			Mark E. Konen Age: 64 Director Since: 2019 Horace Mann Committees: Compensation (Chair) Audit Executive			Mr. Konen retired from Lincoln Financial Group, a financial services company, in February 2017 as President of the Insurance and Retirement Solutions division, a position he had held since 2008. He was responsible for all aspects of strategic leadership, product development, and client services, as well as profitability management of the individual life insurance, group protection and retirement plan services businesses. He oversaw Lincoln Financial Group’s individual life and annuity business as President, Individual Markets, from 2006 to 2008. Prior to its merger with Lincoln Financial Group in 2006, he served in various senior management positions with Jefferson Pilot Financial. Mr. Konen is currently a member of the Board of Directors of Lincoln Life & Annuity Company of New York. Mr. Konen’s 35-year insurance career, extensive background and proven leadership in the life and retirement business provides the Board with a valuable perspective on these topics.
			Beverley J. McClure Age: 68 Director Since: 2013 Horace Mann Committees: Nominating & Governance (Chair) Compensation			Ms. McClure retired in 2007 after a 35-year career with United Services Automobile Association, a diversified financial services group, as Senior Vice President, Enterprise Operations. In 2007, she founded Fresh Perspectives LLC, an executive coaching and small business consulting firm, which was dissolved in 2019. Ms. McClure previously served as Senior Advisor of Endeavor Management, a consulting firm specializing in service culture creation, leadership coaching, business transformation, operational execution, and customer experience management, a position she held from 2010 to 2013. She holds the Chartered Life Underwriter and Fellow and Life Management Institute designations. Ms. McClure’s broad experience in the areas of service excellence, customer experience, culture creation, employee engagement and quality management provides the Board with a valuable perspective on these topics.


			H. Wade Reece Age: 66 Director Since: 2016 Horace Mann Committees: Executive (Chair) Compensation Nominating & Governance			Mr. H. Wade Reece retired in 2015 after a 37-year career with BB&T Corporation, a bank holding company, where he served as the Chairman of the Board and Chief Executive Officer of BB&T Insurance Services, Inc. and BB&T Insurance Holdings, Inc., the sixth largest insurance broker globally. Until his retirement in 2015, Mr. Reece served as Vice Chairman of the Foundation of Agency Management Excellence Board of Directors and a member of the Executive Committee of The Institutes (American Institute for Chartered Property Casualty Underwriters and Insurance Institute of America). He was also a Chairman of the Council of Insurance Agents & Brokers and Chairman of the Board of Trustees of The Institutes. Mr. Reece currently is a member of the Board of Directors of the North Carolina State University Foundation and the Blue Ridge Conservancy. Mr. Reece’s in-depth knowledge of the insurance industry, leadership skills and broad experience with agency management provides the Board with industry insight and perspective.
			Aaliyah A. Samuel, EdD Age: 44 Board Nominee			Dr. Samuel is the President and Chief Executive Officer of CASEL, a nonpartisan, nonprofit organization dedicated to making evidence-based social and emotional learning an essential part of education for all students, a position she has held since January 2022. Prior to joining CASEL, she served as Deputy Assistant Secretary, of Local, State and National Engagement at the U.S. Department of Education, a position she held from February 2021 to December 2021. Prior to her role in the Department of Education, she was with NWEA, a research based not-for-profit that creates academic assessments, including service as Executive Vice President of Government Affairs & Partnerships and Vice President, Policy & Advocacy, from January 2019 to February 2021. She served as Director of Education at the National Governors Association from November 2015 to December 2018. Dr. Samuel currently serves as a Senior Fellow at the Center on the Developing Child at Harvard University, a research center to drive innovation in early childhood education practice and policy. Dr. Samuel’s extensive experience in public education and educational policy development will provide the Board with valuable insight into the Company’s niche market and the challenges and opportunities within that market.


			Elaine A. Sarsynski Age: 67 Director Since: 2021 Horace Mann Committees: Investment & Finance (Chair)			Ms. Sarsynski was Chairwoman, Chief Executive Officer and President of Mass Mutual International, an insurance company, until her retirement in 2017. She joined Mass Mutual Life Insurance Company in 2005 as Managing Director at Babson Capital Management LLC, a MassMutual subsidiary. She became Executive Vice President, Chief Administrative Officer, Chief Executive Officer and President of MassMutual International in 2006 and Executive Vice President, member of the Office of the Chief Executive Officer and President of MassMutual Retirement Services, as well as Chairwoman of MassMutual International, in 2008. Prior to joining Babson Capital, she served two elected terms as First Selectman for the town of Suffield, Connecticut. In 1998, she founded Sun Consulting Group LLC, offering consulting services to the real estate industry. Ms. Sarsynski previously spent 17 years at Aetna where she held multiple senior management positions overseeing segments of the company’s Investments Division and leading the Corporate Finance Department. She currently serves on the Board of Directors of Genworth Financial, Inc., TI Fluid Systems PLC and Horizon Technology Finance Corporation. Ms. Sarsynski’s extensive knowledge in managing institutional investments and proven strategic leadership is a valuable asset to the Board.
			Marita Zuraitis Age: 62 Director Since: 2013 Horace Mann Committees: Executive Investment & Finance			Ms. Zuraitis was appointed to her present position as President and Chief Executive Officer of the Company in September 2013 after joining the Company in May 2013 as President and Chief Executive Officer-Elect. Ms. Zuraitis came to Horace Mann from The Hanover Insurance Group where she was an Executive Vice President and a member of The Hanover’s Executive Leadership Team. From 2004 to 2013, she served as President, Property and Casualty Companies, of The Hanover Insurance Group. Prior to 2004, Ms. Zuraitis was with The St. Paul/Travelers Companies for six years, where she achieved the position of President and Chief Executive Officer, Commercial Lines. She also held a number of increasingly responsible underwriting and field management positions with United States Fidelity and Guaranty Company and Aetna Life and Casualty. She is the Chair of the Board of Trustees of The Institutes, the leading provider of risk management and property-casualty insurance education, whose offerings include the premier CPCU® designation, and a past member of the Board of Directors of LL Global, Inc., a trade association with operating divisions LIMRA and LOMA. She is also a member of the Board of Directors of Citizens Financial Group, Inc. Ms. Zuraitis has over 30 years of experience in the insurance industry. Ms. Zuraitis’s knowledge of and extensive background in the insurance industry contribute to Board discussion and understanding of issues impacting the Company.

The Compensation Committee approves and recommends to the Board the compensation, salaries, bonuses and awards applicable to the Executive Officers and Directors of the Company and oversees the process of Executive Officer leadership development and succession. The Committee also reviews annually the diversity of the Company’s workforce, as well as those activities and initiatives related to diversity. Each of the current members of this Committee are independent under the listing standards of the NYSE applicable to compensation committee members. The Compensation Committee receives recommendations from management regarding compensation matters and has unrestricted access to the Company’s personnel documents and to reports or evaluations of any independent compensation consultants, specialists or advisors who are retained by the Company or the Compensation Committee to analyze the compensation of the Executive Officers and members of the Board. The Compensation Committee also has access to any other resources which it needs to discharge its responsibilities, including selecting, retaining and/or replacing, as needed, compensation consultants and other outside consultants to provide independent advice to the Compensation Committee. Additional information regarding the processes and procedures for the consideration and determination of Executive Officer compensation is provided in the Compensation Discussion and Analysis.

The Nominating & Governance Committee develops and recommends to the Board corporate governance principles applicable to the Company, oversees the Company’s environmental, social and governance (ESG) initiatives, including oversight of actions and establishment of related goals to address environmental, climate and social risks, oversees the Board succession planning process, and recommends Director candidates to the Board. The Nominating & Governance Committee will consider Director candidates recommended by Shareholders. Candidates may be submitted in writing to the Corporate Secretary, Horace Mann Educators Corporation, 1 Horace Mann Plaza, Springfield, Illinois 62715-0001. There are no differences between the evaluation of candidates recommended by Shareholders and the evaluation of candidates recommended by members of the Nominating & Governance Committee.

The Audit Committee oversees the accounting and financial reporting process, audits of the financial statements, ethical standards policies and compliance with the Code of Conduct, and internal operating controls of the Company, including those related to data privacy and cybersecurity. It meets with both the Company’s management and the Company’s independent registered public accounting firm. Each of the current members of this Committee is independent under the independence standards of the NYSE applicable to audit committee members. No Audit Committee member serves on the audit committee of more than three other publicly traded companies. The Board has determined that Mr. Bradley, the Chair of our Audit Committee, is an “audit committee financial expert” as defined by SEC rules. Mr. Bradley retired in 2018 from Allied World Assurance Company Holdings, AG, an insurance holding company, where he served as Executive Vice President and Chief Financial Officer. He previously served as Chief Financial Officer of Fair Isaac Corporation and the St. Paul Companies and held various senior financial positions at Zurich Insurance Group, including Chief Financial Officer for North America.

The Compensation Committee (Committee) reviews compensation to be paid to the Company’s non-employee Directors. The Committee retained Compensation Advisory Partners LLC (CAP) as independent compensation consultants to provide information and advice to the Committee regarding non-employee Director compensation. CAP analyzes each element of director compensation for the same peer group of companies that is used to evaluate executive compensation. See “Compensation levels should be market competitive” in the Compensation Discussion & Analysis for a list of these peer companies. CAP also considers non-employee Director compensation in the insurance industry and the broader general industry, as appropriate. The Committee reviews CAP’s report of competitive Director compensation and determines whether to recommend to the Board a change in the Company’s non-employee Director compensation. If such a change is recommended by the Committee, the full Board would then determine whether to ratify the change. The Committee’s current practice is to review non-employee Director compensation every other year. In 2022, the Compensation Committee recommended, and the Board approved, an increase in the Board annual retainers, and an increase in the annual award of Restricted Stock Units, as reflected in the table below.


Compensation Element			Non-Employee Director Compensation(1)
Board Chair Annual Retainer			$145,000
Board Member Annual Retainer (other than Board Chair)			$75,000
Committee Chair Annual Retainer			$25,000 Audit Committee $15,000 all other Committees(2)
Technology Liaison Annual Retainer			$10,000
Share-based Compensation			Fair value on the date of the respective awards is used to determine the number of Restricted Stock Units (RSUs) awarded. An annual award of $115,000 in RSUs following the Annual Shareholder Meeting. $115,000 in RSUs if joining the Board within six months after the prior Annual Shareholder Meeting, $57,500 in RSUs if joining more than six months after the prior Annual Shareholder Meeting but before the next Annual Shareholder Meeting. All awards have a 1-year vesting period.
Basic Group Term Life Insurance			Premium for $10,000 face amount
Business Travel Accident Insurance			Premium for $100,000 coverage

Until non-employee Directors meet this ownership requirement, they must retain all RSUs granted as share-based compensation (net of taxes). As of December 31, 2022, all non-employee Directors have met the guidelines with the exception of the following individuals: Mr. Casady, Mr. Konen and Ms. Sarsynski. They have five years to meet this requirement and Mr. Konen and Ms. Sarsynski are on track to do so. Mr. Casady was not nominated to stand for reelection to the Board after four years of service. Employee Directors do not receive compensation for serving on the Board and are subject to separate stock ownership guidelines. See Stock Ownership & Holding Requirements under Compensation Discussion and Analysis.

The Company’s Corporate Governance Principles require that the Board consist of a majority of directors who meet the criteria for independence required by the listing standards of the NYSE. Based on the independence requirements of the NYSE and after reviewing any relationships between the Board Nominees and the Company or its management (either directly or indirectly, including as a partner, Shareholder or officer of an organization that has a relationship with the Company or its management) that could impair, or appear to impair, the Director’s ability to make independent judgments, the Board determined that none of its non-employee Board Nominees have a material relationship with the Company, and therefore all of these Directors are independent. These independence determinations are analyzed at least annually in both fact and appearance to promote arms-length oversight. The current non-employee Board Nominees are Mr. Bradley, Mr. Fetter, Mr. Hines, Mr. Konen, Ms. McClure, Mr. Reece, Dr. Samuel and Ms. Sarsynski. In addition, the Board determined that Mr. Casady and Dr. Domenech, who are not standing for reelection to the Board, are independent.

The Chief Risk Officer (CRO), in conjunction with the internal Enterprise Risk Management (ERM) Committee, is responsible for working with the business leaders in their efforts to actively monitor and manage their key risks. The CRO is also responsible for identifying and monitoring key corporate level risks that encompass more than one business/division and is a member of the Company’s Disclosure Committee. The CRO also chairs the ERM Committee. The ERM Committee is composed of certain members of senior management, including the President and Chief Executive Officer; Chief Financial Officer; Chief Human Resources Officer; General Counsel and Chief Compliance Officer; Chief Information Officer; and key operating executives from across the business. The Chief Compliance Officer reports directly to the CEO. Throughout the year, the Board and the relevant Board committees receive regular reports from the ERM Committee and its chairman regarding major risks and exposures facing the Company and the steps management has taken to monitor and control such risks and exposures. In addition, throughout the year, the Board and the relevant Board Committees dedicate a portion of their meetings to review and discuss specific risk topics in greater detail. Management also engages the Board in special meetings to keep them informed of emerging situations when required.

A training schedule is developed, with input from the Directors, which covers a broad range of topics to enhance and strengthen the skills, knowledge and competencies of Directors. Examples of such topics include cybersecurity, crisis management, regulatory developments, corporate governance and industry trends. The program encompasses presentations from internal and external speakers as well as site visits and regular meetings with management. Each Director is required to participate in at least one education program every two years and may choose to participate in up to two education programs in a two-year period at the Company’s expense. These training programs satisfy the Director’s educational requirements and, thus, all Directors are in compliance. Directors are also encouraged to avail themselves of educational programs offered through recognized independent providers.

The Company and Board of Directors have not established a formal process for determining whether all shareholder communication received by the Corporate Secretary will be forwarded to Directors. The Board welcomes shareholder communication and has instructed the Corporate Secretary to use reasonable criteria to determine whether correspondence should be forwarded. The Board believes that correspondence has been and will continue to be forwarded appropriately. However, exceptions may occur, and the Board does not intend to provide management with instructions that limit its ability to make reasonable business decisions. Examples of exceptions would be routine items such as requests for publicly available information that can be provided by company associates; vendor solicitations that

After careful consideration, the Board of Directors has determined that holding an advisory vote on Named Executive Officers’ compensation every year is the most appropriate policy for the Company at this time, and recommends that Shareholders vote for future advisory votes on Named Executive Officers’ compensation to occur every year. While the Company’s Executive Compensation programs are designed to promote a long-term connection between pay and performance, the Board recognizes that Named Executive Officers’ compensation disclosures are made annually. Holding an annual advisory vote on Named Executive Officers’ compensation provides the Company with more direct and immediate feedback on our compensation programs. However, Shareholders should note that because the advisory vote on Named Executive Officers’ compensation occurs well after the beginning of the compensation year, and because the different elements of our Executive Compensation programs are designed to operate in an integrated manner and to complement one another, in many cases it may not be appropriate or feasible to change our Executive Compensation programs in consideration of any one year’s advisory vote on Named Executive Officers’ compensation by the time of the following year’s annual meeting of Shareholders. Requesting an annual advisory vote on Named Executive Officers’ compensation also is consistent with the Company’s practice of having all Directors elected annually and providing Shareholders an annual opportunity to ratify the Audit Committee’s selection of an independent registered public accounting firm.

The Board understands that the Company’s Shareholders may have different views as to what is an appropriate frequency for advisory votes on Named Executive Officers’ compensation, and will carefully review the voting results on this proposal. Shareholders will be able to specify one of four choices for this proposal on the proxy card: 1 Year, 2 Years, 3 Years, or Abstain. Shareholders are not voting to approve or disapprove the Board’s recommendation. This advisory vote on the frequency of future advisory votes on Named Executive Officers’ compensation is non-binding on the Board of Directors. Notwithstanding the Board’s recommendation and the outcome of the Shareholder vote, the Board may in the future decide to conduct advisory votes on a less frequent basis and may vary its practice based on factors such as discussions with Shareholders and the adoption of material changes to Executive Compensation programs.

To determine annual compensation incentive awards, we make adjustments to core earnings for items that are highly volatile and outside the control of management. On that basis, AIP adjusted core earnings would have increased to $63 million, reflecting 2022 adjustments for:

•Property & Casualty catastrophe losses above plan;

•Retirement & Life deferred acquisition costs unlocking and the change in gross minimum death benefits due to capital gains and losses as well as market performance variance from plan; and

•Portion of fixed indexed annuity costs that are reported in net investment gains and losses.

The Committee does not make adjustments for these items in long-term incentives, as management should be held accountable for these outcomes, and has more ability to manage through one-time items over a longer period of time.

Book value per share excluding net unrealized investment gains (losses) on fixed maturity securities* declined slightly in 2022 after rising the prior year. Total Shareholder Return (TSR) was flat in 2022 as the broader insurance industry contended with negative impacts from elevated inflation as well as increased market volatility related to concerns about inflation, Federal Reserve interest rate policy and economic growth.

Driving long-term shareholder value creation remains a priority for the Company. In 2023, the Board approved a shareholder dividend increase for the 15th consecutive year. The Company returned $53.7 million to Shareholders in 2022 through dividends. During the year, the Company repurchased 670,816 shares at a cost of $24.0 million. In the first quarter of 2023, the Company continued to opportunistically repurchase, buying an additional 128,540 shares.

Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in HMEC’s 2022 Annual Report on Form 10-K for a more detailed description of these financial results.

The CAP consultants report directly to the Committee, attend the Committee meetings and portions of executive sessions of the Committee at the Chair’s request (generally with the Board’s outside legal counsel, but without management present). CAP serves at the pleasure of the Committee, and performs no services for management related to executive compensation. CAP works with management to obtain necessary data and perspectives on the Company’s strategic objectives, business environment, corporate culture, performance, and other relevant factors. This information is used by CAP to formulate its recommendations related to competitive compensation performance targets and overall design. CAP’s findings and recommendations are reported directly to the Committee. The services provided by CAP during 2022 are described in more detail throughout this analysis. Pursuant to regulatory requirements, the Committee assessed CAP’s independence (along with that of its other direct and indirect consultants and advisors) in 2022 and concluded that CAP’s work did not raise any conflict of interest. In addition, the Committee has the authority to hire other experts and advisors as it deems necessary.

We target compensation around the median of the competitive market, with executives earning more or less than median, based on their experience, the performance of the Company and value delivered to Shareholders and their individual performance. Our core executive compensation program includes base salary, an annual cash incentive plan, and long-term equity awards. Both AIP and LTIP are administered under the Shareholder-approved 2010 Comprehensive Executive Compensation Plan, as amended and restated, March 9, 2021. Incentive awards are earned upon the achievement of short-term and long-term business goals that are reviewed and approved by the Committee at the beginning of each performance period. Performance goals are structured to reward business growth, profitability, and relative TSR, balanced with productivity and risk and capital management.

For 2022, 82% of the CEO’s target total pay (base salary, target annual incentive, and target long-term incentive) and in aggregate 60% of target total pay for all other NEOs is at risk, and is variable from year to year, and for the majority of the compensation, the level of payout is dependent on the Company’s performance. To encourage executive performance on a long-term basis, and to align executive interests with Shareholders’, the Committee grants equity awards with multi-year performance periods and multi-year vesting. In 2022, Ms. Zuraitis received approximately 55% of her target compensation in equity. With respect to the other NEOs, approximately 31% to 42% of their compensation was equity-based.

The Committee sets total direct compensation for the NEOs – salary and target annual and long-term incentive opportunities – within a reasonable range of the median of the competitive market, while providing the ability to decrease or increase compensation if warranted by performance and experience. To determine competitive pay levels, we use an established peer group of similarly-sized insurance companies. The Committee worked with CAP to select our peer insurance companies for 2022 (noted below), based upon assets under management and revenue. We supplement this information with survey market data from published sources including Equilar, Towers Watson, and Korn Ferry. The data from these surveys is scaled to our size by CAP based on revenues or asset ranges. Annually, CAP provides the Committee with a comparison of the base salary, annual incentives and long-term incentives of the CEO with those of other Chief Executive Officers based on the peer group and survey data obtained.

The Committee does not seek to benchmark or set executive compensation at any specific level relative to the peer group. Instead, the Committee uses this information primarily as a general reference point to determine pay levels and forms of plan design that effectively recognize favorable executive performance and experience, and ensure executive retention. For 2022, CAP’s analysis demonstrated that overall core total direct compensation for Ms. Zuraitis was consistent with target pay positioning around the median of the market. Based on the data received, and CAP’s analysis, the Committee deliberates in executive session to determine its recommendation for approval by the Board. The other NEOs are assessed against comparable functional matches in the insurance industry and the broader general industry, as appropriate.

Salaries for the NEOs and other executive officers are reviewed every 12 months in connection with the review of financial results for the prior fiscal year and the annual performance review discussed under Annual Performance and Pay Review below. In 2022, all of the NEOs, with the exception of Mrs. Zuraitis, received base salary increases to move overall compensation closer to the market median. Base salary adjustments for 2022 are shown in the chart below.


Named Individual	2021 Annualized Salary ($)	2022 Annualized Salary ($)	Percent Increase
Marita Zuraitis	1,000,000	1,000,000	0.0%
Bret A. Conklin	500,000	525,000	5.0%
Matthew P. Sharpe	470,000	495,000	5.3%
Donald M. Carley	390,000	410,000	5.1%
Mark R. Desrochers	350,000	360,500	3.0%

Our AIP is a cash incentive plan, administered under the Comprehensive Executive Compensation Plan (CECP), and designed to drive and reward strong performance over a one-year period. Annually, the Committee establishes the performance objectives, threshold, target and maximum performance levels, and the related threshold, target and maximum AIP opportunities for each NEO, expressed as a percentage of base salary. In addition to the NEOs, the vast majority of our employees are eligible to participate in the annual incentive plan. Target incentive opportunity levels for the NEOs are intended to approximate the median of the target bonus potential for similarly situated executives in comparable companies. Maximum incentive opportunities are set at 200% of target.

AIP Adjusted Core Earnings - Core earnings (GAAP net income after tax, excluding net investment gains and losses) adjusted for Property and Casualty catastrophe costs different than the annual Plan, Retirement and Life deferred acquisition costs unlocking and guaranteed minimum death benefit reserve due to capital gains and losses and market performance different than Plan, the impact on investment income of share repurchases different than Plan, debt structure/costs including debt retirement different than Plan, and inclusion of the portion of fixed indexed annuity costs that are reflected in net investment gains and losses.

AIP Adjusted Return on Equity - Company’s annual return (AIP adjusted core earnings) divided by the value of its total Shareholders’ equity (excluding the fair value adjustment for investments).

Insurance Premiums & Contract Charges Earned - The amount of ratably earned insurance premiums and contract charges from Horace Mann products.

The vast majority of employees, in addition to the NEOs, are eligible to participate in the annual incentive program with measures based on corporate objectives to promote alignment. The targets were based on a review of market conditions and expectations of other companies in the industry as well as our financial plan for 2022 (2022 Plan). The 2022 Plan was the basis of our 2022 earnings guidance, which was publicly disclosed in February 2022 in connection with the announcement of results for the year ended December 31, 2021. The Committee believes that tying the AIP to overall company performance provides appropriate alignment for an executive’s compensation as it recognizes that the Company as a whole must perform well in order to deliver value to our Shareholders. It is the goal of the Committee to establish measurements and targets that are reasonable, but not easily achieved. The measures and targets are discussed with the CEO, other NEOs, other members of the Board and CAP before they are set.

Each March, the Committee certifies performance and determines AIP payouts for the prior year. The Committee reserves the right to review performance and exercise discretion each year based on factors outside of management’s control. The Company’s 2022 Property & Casualty results were negatively impacted by unprecedented inflation on claim severities, which was well above historical levels/trends. In light of these extreme external pressures on the Company and the entire Property & Casualty industry as a whole, coupled with a highly competitive labor market, the Committee adjusted the 2022 AIP Adjusted Core Earnings and payout to partially offset the impact of the excessive claims and to reward employee performance. The Company’s effective integration of Madison National into the Company’s new Worksite Division was also a factor in the Committee’s decision. Based on these considerations, the Committee and the Board approved a 2022 AIP payout below target at 65%. The Committee believes this payout percentage is warranted as the entire organization performed well in light of the external factors as evidenced by our long-term incentive, which is based entirely on relative performance paying out above target. The Committee did not make any adjustments to the long-term incentive plan.

For 2022, the LTIP is comprised of three vehicles, as illustrated in the chart: (1) performance-based RSUs; (2) service-vested RSUs; and (3) service-vested stock options.

Performance-based RSUs - Earned over a three-year period, based upon 100% Relative Measures. If any shares are earned at the end of the three-year performance period, the executive fully vests in the award

Service-vested RSUs - Vest ratably over three years

Stock options - Granted at fair market value with a 10 year life; options vest ratably over four years

Performance-based RSUs (PBRSUs)

The Committee believes that PBRSUs provide an effective vehicle for rewarding executives based on a three-year performance period. Each year, a new three-year period starts, partially overlapping the periods that started the prior two years. PBRSUs were granted on March 3, 2022 for the 2022-2024 performance period and comprise 50% of the 2022 LTIP opportunity. These RSUs will be earned and vested on January 1, 2025, if at all, based on the level of achievement. From the date of grant, PBRSUs accrue dividend equivalents at the same rate as dividends paid to our Shareholders, but the dividend equivalents are only paid on the corresponding shares that are earned. If no shares are earned, the dividend equivalents are forfeited. Earned dividend equivalents are converted into additional RSUs.

The Committee believes that non-qualified stock options (NQSOs) provide strong alignment with shareholder interests, as participants do not realize any value unless our stock price appreciates. They also promote retention. Stock options granted under the LTIP have an exercise price equal to the closing price of our Common Stock on the date of grant, vest ratably over a four-year period subject to continued employment on each vesting date and have a ten-year term. Stock options were granted on March 9, 2022 and comprise 30% of the 2022 LTIP opportunity. The number of options granted was determined using the Black-Scholes valuation method. For additional information regarding assumptions used for these valuations, see the Company’s 2022 Annual Report “Notes to Consolidated Financial Statements – Note 1 – Summary of Significant Accounting Policies – Share-Based Compensation.” Upon exercise, Executive Officers are required to hold shares equivalent to any proceeds (net of exercise price and related taxes and the costs of the exercise) for a minimum of twelve months.

The Executive Officers must satisfy stock ownership guidelines within five years of attaining their position. Stock ownership may be achieved by direct ownership or beneficial ownership through a spouse, child, or trust. The following types of beneficial ownership are considered in determining stock ownership: direct ownership, existing shares held through the Horace Mann 401(k) Plan Company Stock investment option (closed to new investments as of April 1, 2020), and RSUs (vested and unvested). Outstanding stock options are not used in determining stock ownership. Once an Executive Officer has satisfied their holding requirement, a decrease in the Company’s stock price without a sale of shares (excluding a sale of shares to satisfy tax withholding) will not result in non-compliance on a subsequent determination date.

To further reinforce a performance-based culture and the tie between company results and compensation, the Committee reviews each Executive Officer’s performance annually, coinciding with the review of corporate performance results. Each Executive Officer is reviewed not only on prior year business results but also on the individual’s demonstration of leadership skills and progress on specific strategic initiatives and other key priorities. The Committee also considers any adjustments to base salary, annual incentive opportunity, and long-term incentive opportunity at this review. The Committee recognizes the need to have market-competitive compensation opportunities to attract, retain, and reward high performing executive talent.

Our programs are structured to discourage excessive risk-taking through a balanced use of compensation vehicles and metrics with an overall goal of delivering sustained long-term shareholder value while aligning our executives’ interests with those of our Shareholders. To this end, management and CAP conduct, and the Committee and the Board’s outside legal counsel reviews, an annual risk analysis of the compensation plans and incentive metrics. Our executive compensation program requires that a substantial portion of each Executive Officer’s compensation be contingent on delivering performance results. In addition, a significant portion of our NEOs’ compensation is delivered in equity over a multi-year timeframe. The Committee has been advised by the Board’s outside legal counsel and agrees that no unreasonable risk exists that a compensation policy or incentive plan would have a material adverse impact on the Company.

To maintain market competitiveness and allow for the successful recruitment of key executives, the Company maintains the Horace Mann Service Corporation Executive Severance Plan (Executive Severance Plan) and the Horace Mann Service Corporation Executive Change in Control Plan (CIC Plan). The Executive Severance Plan provides benefits due to loss of position with or without a change in control. The CIC Plan is intended to provide a level of security consistent with market practices, mitigate some of the conflicts an executive may be exposed to in a potential acquisition or merger situation, and serve to ensure a more stable transition if a corporate transaction were to occur. The CIC Plan provides for benefits only in the event of the loss of position following a change in control (double trigger), as defined in the CIC Plan. Participants in the CIC Plan are designated by position. This plan does not have tax gross-up provisions. The CIC Plan does not permit duplicate benefits under the Executive Severance Plan.

The NEOs participate in our Horace Mann 401(k) Plan and a nonqualified supplemental defined contribution plan designed to provide benefits that cannot be provided under our tax-qualified defined contribution plan because of certain limitations imposed by the Internal Revenue Code (IRC). Each of these two plans includes a company contribution. The amounts contributed for each NEO are included in the Summary Compensation Table. These types of plans are customarily offered within our industry. No NEO participates in the Company’s defined benefit plan or supplemental defined benefit retirement plan because participation in those plans was limited to individuals hired prior to January 1, 1999 and all of our NEOs were hired after that date.

The Committee believes that our compensation program should reward performance that supports the Company’s culture of integrity through compliance with applicable laws and regulations and our codes of ethics and conduct. As a further step to support that belief, the Committee has determined that all Executive Officers are subject to the same standards as the CEO and CFO regarding cash compensation clawbacks as defined under Section 304 of the Sarbanes-Oxley Act of 2002. In addition, under the CECP, the Company is entitled to recover any cash or equity award if it is determined that an executive’s own misconduct contributed materially to the executive’s receipt of an award. The Company is reviewing our clawback policy and will revise, as needed, to comply with recent regulatory guidance effective by January 2024. In addition, if other changes are made in future applicable legislative or regulatory guidance, the Company will modify the current clawback provisions to comply.

Favorable tax treatment of the various elements of the Company’s total compensation program is an important, but not the sole consideration in the design of the compensation program. Section 162(m) of the Internal Revenue Code limits the deductibility of compensation paid to $1 million annually for any individual identified as a Covered Employee (CEO, CFO and the three other most highly compensated Executive Officers) for the year and any other individual who was a Covered Employee in a previous year (but not earlier than 2017). The Committee believes that shareholder interests are best served by not restricting the Committee’s discretion and flexibility in developing compensation programs, even though such programs may result in certain non-deductible compensation expenses under the limits imposed by Section 162(m).


Name & Principal Position	Year	Salary ($) (1)	Bonus ($)	Stock Awards ($) (2)	Option Awards ($) (3)	Non-Equity Incentive Plan Compensation ($) (4)	All Other Compensation ($) (5)	Total ($)
Marita Zuraitis President & Chief Executive Officer	2022	1,000,000	—	2,100,000	900,000	942,500	139,205	5,081,705
	2021	995,833	—	1,890,000	810,000	2,276,266	146,877	6,118,977
	2020	967,500	—	1,540,000	660,000	2,182,912	65,564	5,415,976
Bret A. Conklin Executive Vice President & Chief Financial Officer	2022	520,833	—	420,000	180,000	203,125	36,892	1,360,850
	2021	491,667	—	420,000	180,000	518,699	39,604	1,649,970
	2020	441,667	—	385,000	165,000	498,253	20,654	1,510,574
Matthew P. Sharpe Executive Vice President, Supplemental & Group Benefits and Corporate Strategy	2022	490,833	—	420,000	180,000	191,425	47,045	1,329,303
	2021	466,667	—	385,000	165,000	492,324	70,700	1,579,691
	2020	445,833	—	385,000	165,000	502,953	38,091	1,536,877
Donald M. Carley Executive Vice President & General Counsel	2022	406,667	—	280,000	120,000	132,167	38,601	977,435
	2021	387,500	—	262,500	112,500	340,671	50,473	1,153,644
	2020	369,167	—	245,000	105,000	347,054	39,706	1,105,927
Mark R. Desrochers Senior Vice President, Property & Casualty and Chief Corporate Actuary	2022	358,750	—	225,000	—	93,275	37,672	714,697
	2021	350,000	—	200,000	—	246,162	17,396	813,558
	2020	356,000	—	175,000	—	267,740	26,100	824,840

Named Individual

Grant Date

Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1)

Estimated Future Payouts Under Equity Incentive Plan Awards (2)

All Other Stock Awards: Number of Shares of Stock or Units (#) (3)

All Other Option Awards: Number of Securities Underlying Options (#) (4)

Exercise or Base Price of Option Awards ($/Sh)

Grant Date Fair Value of Stock Option Awards ($) (5)

Incentive
Plan

Threshold
($)

Target
($)

Maximum
($)

Threshold
(#)

Target
(#)

Maximum
(#)

Marita Zuraitis

AIP

725,000

1,450,000

2,900,000

N/A

3/9/2022

LTI

N/A

18,121

36,241

72,482

N/A

3/9/2022

LTI

N/A

14,499

N/A

3/9/2022

LTI

N/A

105,796

41.39

900,000

Bret A. Conklin

AIP

156,250

312,500

625,000

N/A

3/9/2022

LTI

N/A

3,625

7,249

14,498

N/A

3/9/2022

LTI

N/A

2,901

N/A

3/9/2022

LTI

N/A

21,160

41.39

180,000

Matthew P. Sharpe

AIP

147,250

294,500

589,000

N/A

3/9/2022

LTI

N/A

3,625

7,249

14,498

N/A

3/9/2022

LTI

N/A

2,901

N/A

3/9/2022

LTI

N/A

21,160

41.39

180,000

Donald M. Carley

AIP

101,667

203,333

406,667

N/A

3/9/2022

LTI

N/A

2,417

4,833

9,666

N/A

3/9/2022

LTI

N/A

1,935

N/A

3/9/2022

LTI

N/A

14,108

41.39

120,000

Mark R. Desrochers

AIP

71,750

143,500

287,000

N/A

3/9/2022

LTI

N/A

1,360

2,719

5,438

N/A

3/9/2022

LTI

N/A

2,721

N/A

The following table sets forth information regarding the exercisable and unexercisable stock options, as well as the unvested RSUs held by each NEO at December 31, 2022.


Named Individual	Option Awards						Stock Awards (Restricted Stock Units)
	Number of Securities Underlying Unexercised Options Exercisable (#)	Number of Securities Underlying Unexercised Options Unexercisable (#)(1)	Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)	Option Exercise Price ($)	Grant Date	Option Expiration Date	Number of Shares or Units of Stock that Have Not Vested (#)(2)	Market Value of Shares or Units of Stock that Have Not Vested ($)(3)	Equity Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights that Have Not Vested (#)(4)	Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights that Have Not Vested ($)(3)
Marita Zuraitis	33,296	0	0	28.88	03/05/14	03/05/24	28,556	1,067,138	102,363	3,825,305
	29,596	0	0	32.35	03/04/15	03/04/25
	83,916	0	0	31.01	03/09/16	03/09/26
	70,424	0	0	41.95	03/07/17	03/07/27
	71,532	0	0	42.95	03/06/18	03/06/28
	70,317	23,439	0	38.99	03/05/19	03/05/29
	54,824	54,824	0	41.83	03/04/20	03/04/30
	26,181	78,543	0	40.10	03/03/21	03/03/31
	0	105,796	0	41.39	03/09/22	03/09/32
Bret A. Conklin	5,828	0	0	28.88	03/05/14	03/05/24	6,123	228,817	22,722	849,121
	4,712	0	0	32.35	03/04/15	03/04/25
	10,492	0	0	31.01	03/09/16	03/09/26
	8,180	0	0	41.95	03/07/17	03/07/27
	13,676	0	0	42.95	03/06/18	03/06/28
	16,227	5,409	0	38.99	03/05/19	03/05/29
	13,706	13,706	0	41.83	03/04/20	03/04/30
	5,818	17,454	0	40.10	03/03/21	03/03/31
	0	21,160	0	41.39	03/09/22	03/09/32
Matthew P. Sharpe	25,672	0	0	41.95	03/07/17	03/07/27	5,945	222,165	22,056	824,233
	23,144	0	0	42.95	03/06/18	03/06/28
	19,833	6,611	0	38.99	03/05/19	03/05/29
	13,706	13,706	0	41.83	03/04/20	03/04/30
	5,333	15,999	0	40.10	03/03/21	03/03/31
	0	21,160	0	41.39	03/09/22	03/09/32
Donald M. Carley	14,988	0	0	31.01	03/09/16	03/09/26	3,965	148,172	14,596	545,453
	12,952	0	0	41.95	03/07/17	03/07/27
	11,572	0	0	42.95	03/06/18	03/06/28
	10,818	3,606	0	38.99	03/05/19	03/05/29
	8,722	8,722	0	41.83	03/04/20	03/04/30
	3,637	10,911	0	40.10	03/03/21	03/03/31
	0	14,108	0	41.39	03/09/22	03/09/32
Mark R. Desrochers	8,992	0	0	31.01	03/09/16	03/09/26	5,380	201,051	7,777	290,626
	7,044	0	0	41.95	03/07/17	03/07/27
	6,312	0	0	42.95	03/06/18	03/06/28
	5,409	1,803	0	38.99	03/05/19	03/05/29

Consistent with SEC requirements, these estimated amounts have been calculated as if the NEOs’ employment had been terminated as of December 31, 2022, the last business day of 2022, using the closing price of our Common Stock on that date ($37.37). The amounts reported in the following table are hypothetical amounts based on the disclosure of compensation information about the NEOs. Actual payments will depend on the circumstances and timing of any termination of employment or other triggering event.


Estimated Payments ($) Assuming Termination as of December 31, 2022 (1)(2)(4)
Name & Benefits	Disability or Death	For Cause	Voluntary	Involuntary Termination w/o Cause	Change in Control
Marita Zuraitis
Cash Severance	0	0	0	4,900,000	6,125,000
AIP	1,450,000	0	0	1,450,000	1,450,000
Acceleration of Stock Options	0	0	0	0	0
Acceleration of RSUs	3,278,899	0	0	0	4,603,535
Health and Welfare	0	0	0	25,563	25,563
Modified Cap Adjustment (3)	N/A	N/A	N/A	N/A	N/A
TOTAL	4,728,899	0	0	6,375,563	12,204,098
Bret A. Conklin
Cash Severance	0	0	0	1,260,000	1,680,000
AIP	315,000	0	0	315,000	315,000
Acceleration of Stock Options	0	0	0	0	0
Acceleration of RSUs	737,679	0	0	0	1,011,979
Health and Welfare	0	0	0	37,536	37,536
Modified Cap Adjustment (3)	N/A	N/A	N/A	N/A	N/A
TOTAL	1,052,679	0	0	1,612,536	3,044,516
Matthew P. Sharpe
Cash Severance	0	0	0	1,188,000	1,584,000
AIP	297,000	0	0	297,000	297,000
Acceleration of Stock Options	0	0	0	0	0
Acceleration of RSUs	715,951	0	0	0	982,457
Health and Welfare	0	0	0	37,772	37,772
Modified Cap Adjustment (3)	N/A	N/A	N/A	N/A	N/A
TOTAL	1,012,951	0	0	1,522,772	2,901,230
Donald M. Carley
Cash Severance	0	0	0	922,500	1,230,000
AIP	205,000	0	0	205,000	205,000
Acceleration of Stock Options	0	0	0	0	0
Acceleration of RSUs	472,530	0	0	0	651,508
Health and Welfare	0	0	0	37,536	37,536
Modified Cap Adjustment (3)	N/A	N/A	N/A	N/A	-255,338
TOTAL	677,531	0	0	1,165,036	1,868,707
Mark R. Desrochers
Cash Severance	0	0	0	504,700	504,700
AIP	144,200	0	0	144,200	144,200
Acceleration of Stock Options	0	0	0	0	0
Acceleration of RSUs	363,956	0	0	0	462,940
Health and Welfare	0	0	0	25,182	25,182
Modified Cap Adjustment (3)	N/A	N/A	N/A	N/A	N/A
TOTAL	508,155	0	0	674,082	1,137,021

N/A – Not applicable

(3) The CECP permits Directors and participants in certain cash incentive programs to defer compensation in the form of deferred cash RSUs, which can be settled in cash at the end of the specified deferral period. For purposes of the CECP, deferred cash RSUs are valued at 100% of the fair market value of Common Stock on the date of crediting to the participant’s deferral account. There are 69 senior executives of the Company currently eligible to participate in the CECP. The CECP does not reserve a specific number of shares for delivery in settlement of deferred cash RSUs but instead provides that shares will be available to the extent needed for such settlements. Further information on the CECP appears in the Compensation Discussion and Analysis.

Mr. Conklin was appointed to his present position of Executive Vice President and Chief Financial Officer in April 2017. He joined the Company as Senior Vice President and Controller in January 2002. He is responsible for the Company’s financial and capital management, as well as for its financial reporting functions. Previously, Mr. Conklin served as Vice President of Kemper Insurance from 2000 to 2002, where he was responsible for all corporate financial reporting and accounting operations. Before that, he was Vice President and Controller of the Company from 1998 through 2000, and Vice President and Controller of Pekin Insurance from 1992 through 1998. He has seven years of public accounting experience with KPMG Peat Marwick from 1985 to 1992, specializing in its insurance industry practice. Mr. Conklin has over 35 years of experience in the insurance industry.

Mr. Carley was appointed to his present position as Executive Vice President in November 2019. He joined the Company in January 2016 as General Counsel. He assumed the additional responsibilities of Corporate Secretary and Chief Compliance Officer in May 2016 and was appointed Senior Vice President in November 2016. Mr. Carley previously served as Associate General Counsel at State Farm Mutual Automobile Insurance Company, an insurance provider, since 2008. Prior to that, he spent 10 years in private practice at Sonnenschein Nath & Rosenthal LLP (now known as Dentons US LLP), most recently as partner of the firm. Mr. Carley has over 30 years of private practice and corporate experience with a focus on insurance industry litigation, legislative, regulatory, claims and operational issues.

Mr. Sharpe was appointed to his present position as Executive Vice President, Supplemental & Group Benefits and Corporate Strategy in November 2021 to lead the newly formed Supplemental & Group Benefits division of the Company. Prior to that, he served as Executive Vice President, Distribution and Business Strategy from November 2019 to November 2021. He took on the Business Strategy role in November 2017 after modernizing our Life & Retirement suite and infrastructure as Executive Vice President, Life & Retirement, a position he held since joining the Company in January 2012. Prior to joining the Company, Mr. Sharpe was with Genworth Financial, Inc. from 1999 to 2011, where he most recently served as Senior Vice President. During his tenure at Genworth, he gained an extensive annuity and life background while leading a variety of successful growth, product development, strategic, marketing and sales initiatives. Mr. Sharpe has over 35 years of experience in the insurance and financial services industry.


Common Stock Ownership	Beneficial Ownership Amount	Percent of Class
5% Beneficial Owners
BlackRock, Inc. (1)	5,980,908	14.6%
The Vanguard Group, Inc. (2)	5,139,138	12.6%
Dimensional Fund Advisors LP (3)	3,144,985	7.7%
EARNEST Partners, LLC (4)	3,051,469	7.5%
Franklin Mutual Advisers, LLC (5)	2,651,633	6.5%
Directors, Board Nominees and Executive Officers
Thomas A. Bradley	12,796	*
Mark S. Casady (6)	9,443	*
Daniel A. Domenech (7)	29,084	*
Victor P. Fetter	0	*
Perry G. Hines (8)	11,901	*
Mark Konen (9)	9,443	*
Beverley J. McClure (10)	20,463	*
H. Wade Reece (11)	26,132	*
Aaliyah A. Samuel, EdD	0	*
Elaine A. Sarsynski	2,894	*
Marita Zuraitis (12)	856,249	2.1%
Bret A. Conklin (13)	175,114	*
Matthew P. Sharpe (14)	176,926	*
Donald M. Carley (15)	107,740	*
Mark R. Desrochers (16)	45,829	*
All Directors and Executive Officers as a group (17 persons)(17)	1,536,986	3.6%

* Less than 1%

KPMG LLP has been the Company’s independent registered public accounting firm for the past 30 years (since the Company’s 1989 leveraged buyout). After careful consideration of a number of factors, including length of time the firm has served in this role, the firm’s past performance, and an assessment of the firm’s qualifications and resources, the Audit Committee selected KPMG LLP to serve as the independent registered public accounting firm for the year ending December 31, 2023. As a matter of good corporate governance, the Audit Committee submits its selection of the auditors to the Shareholders for ratification. If the selection of KPMG LLP is not ratified, the Audit Committee will review its future selection of an independent registered public accounting firm in light of the vote result, but may nonetheless appoint KPMG LLP if it determines doing so to be in the best interest of the Company and Shareholders. Even if the selection is ratified, the Audit Committee in its discretion may select a different registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company and its Shareholders. A representative from KPMG LLP is expected to participate in the Annual Meeting and will be available to respond to appropriate questions.

Acting under a written charter, the Audit Committee oversees the Company’s financial reporting process on behalf of the Board of Directors. The Audit Committee is comprised of three directors, each of whom is independent as defined by the New York Stock Exchange listing standards. Management has the primary responsibility for the Company’s financial statements and its reporting process, including the Company’s systems of internal controls. In fulfilling its oversight responsibilities, prior to the filing, the Audit Committee reviewed the audited consolidated financial statements in the Annual Report on Form 10-K with management including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant judgments, and clarity of disclosures in the financial statements.

The Audit Committee has discussed with the Company’s independent registered public accounting firm, which is responsible for expressing an opinion on the conformity of those audited consolidated financial statements with United States generally accepted accounting principles, their judgments as to the quality, not just the acceptability, of the Company’s accounting principles and such other matters as are required by applicable requirements of the Public Company Accounting Oversight Board and the SEC. In addition, the Audit Committee has received from the independent registered public accounting firm the written disclosures and the letter required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent registered public accounting firm’s communications with the Audit Committee concerning independence, and discussed with them their independence from the Company and its management taking into account the potential effect of any non-audit services provided by the independent registered public accounting firm.

The Audit Committee approves in advance any significant audit and all non-audit engagements or services between the Company and the independent registered public accounting firm. As a practice, the Audit Committee does not allow “prohibited non-auditing services” as defined by regulatory authorities to be performed by the same firm that audits the Company’s annual financial statements. The Audit Committee may delegate to one or more of its members the authority to approve in advance all significant audit and all non-audit services to be provided by the independent registered public accounting firm so long as it is presented to the full Audit Committee at the next regularly scheduled meeting. Pre-approval is not necessary for de minimis audit services as long as such services are presented to the full Audit Committee at the next regularly scheduled meeting. The Audit Committee pre-approved all of the above listed expenses.

This procedure, referred to as householding, reduces the volume of duplicate materials Shareholders receive and helps preserve environmental resources. Shareholders may revoke their consent to future householding mailings or enroll in householding by contacting the Company’s facilitator for distribution, Broadridge Financial Solutions, Inc., at 800-542-1061, or by writing to Broadridge, Householding Department, 51 Mercedes Way, Edgewood, New York 11717. If you wish to receive a separate set of Proxy Materials for this year’s Annual Meeting, we will deliver them promptly upon request to Investor Relations, Horace Mann Educators Corporation, 1 Horace Mann Plaza, C-738, Springfield, Illinois, 62715-0001 or 217-789-2500.

Any proposals of Shareholders submitted under Rule 14a-8 of the Securities Exchange Act, as amended, for inclusion in the Company’s Proxy Statement and Form of Proxy for the next Annual Meeting of Shareholders scheduled to be held in 2024 must be received in writing by the Corporate Secretary at Horace Mann Educators Corporation, 1 Horace Mann Plaza, Springfield, Illinois, 62715-0001, not later than the close of business on December 7, 2023 in order for such proposal to be considered for inclusion in the Company’s Proxy Statement and Form of Proxy relating to the 2024 Annual Meeting of Shareholders. The submission of a shareholder proposal does not guarantee that it will be included in the Company’s Proxy Statement and Form of Proxy.

If a Shareholder intends to present any proposal at the 2024 Annual Meeting of Shareholders other than in accordance with the procedures set forth in Rule 14a-8, the Shareholder must give written notice to the Corporate Secretary no less than 45 days prior to the date of the Annual Meeting setting forth the business to be brought before the meeting. In addition to satisfying the deadline in the advance notice provisions of our bylaws, a shareholder who intends to solicit proxies in support of nominees submitted under these advance notice provisions must provide the notice required under Rule 14a-19 to the Corporate Secretary no later than March 25, 2024 (or, if the 2024 Annual Meeting of Shareholders is called for a date that is more than 30 days before or more than 30 days after such anniversary date, then notice must be provided not later than the close of business on the later of 60 calendar days prior to the 2024 Annual Meeting of Shareholders or the 10th calendar day following the day on which public announcement of the 2024 Annual Meeting of Shareholders is first made by the Company).


☐						Preliminary Proxy Statement
☐						Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒						Definitive Proxy Statement
☐						Definitive Additional Materials
☐						Soliciting Material Under §240.14a-12


Proposal			Board vote recommendation
Elect nine Directors (page 4)			FOR each director nominee
Approve Advisory Resolution to Approve Named Executive Officers’ Compensation (page 18)			FOR
Provide an Advisory Vote on the Frequency of Future Advisory Votes on Named Executive Officers’ Compensation (page 19)			1 YEAR
Ratify Independent Registered Public Accounting Firm (page 49)			FOR


2022 Peer Group
Ambac Financial Group, Inc.	Employers Holdings, Inc.	RLI Corporation
American Equity Investment Life Holding Co	Kemper Corporation	Selective Insurance Group, Inc.
American National Group	National Western Life Group, Inc.	The Hanover Insurance Group
Argo Group International Holdings, Ltd.	Primerica, Inc.	United Fire Group, Inc.
CNO Financial Group, Inc.	ProAssurance Corporation	White Mountains Insurance Group


2022 AIP Measures (in $M)	Threshold	Target	Maximum	Actual	Results	Weighting	Payout
AIP Adjusted Core Earnings	136	151	167	133	0.0%	50%	0.0%
AIP Adjusted Return on Equity	8.5	9.5	10.5	8.6	57.0%	25%	14.3%
Insurance Premiums and Contract Charges Earned	1,037	1,053	1,074	1,029	0.0%	25%	0.0%
Total						100%	14.3%


Performance-Based RSUs (PBRSUs)
	Year 1	Year 2	Year 3
2020-2022	TSR, ROE & Premium Growth	TSR, ROE	TSR, ROE
2021-2023	TSR, ROE	TSR, ROE	TSR, ROE
2022-2024	TSR, ROE	TSR, ROE	TSR, ROE


☐			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11



			H. Wade Reece
			Chairman of the Board

			Marita Zuraitis
			President & Chief Executive Officer


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Director	Fees Earned or Paid in Cash ($)	Stock Awards ($) (1)	All Other Compensation ($) (2)	Total ($)
Thomas A. Bradley(3)	110,425	115,000	51	225,476
Mark S. Casady	85,000	115,000	51	200,051
Daniel A. Domenech	75,000	115,000	204	190,204
Perry G. Hines	75,000	115,000	51	190,051
Mark E. Konen	90,000	115,000	51	205,051
Beverley J. McClure	90,000	115,000	204	205,204
H. Wade Reece	145,000	115,000	204	260,204
Elaine A. Sarsynski	90,000	115,000	204	205,204


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Named Individual	2022 Target AIP Opportunity	2022 Actual AIP Payout ($)	2022 Actual AIP Payout as a % of Base Salary
Marita Zuraitis	145%	942,500	94.3	%
Bret A. Conklin	60%	203,125	38.7	%
Matthew P. Sharpe	60%	191,425	38.7	%
Donald M. Carley	50%	132,167	32.2	%
Mark R. Desrochers	40%	93,275	25.9	%


Named Individual			2022 LTIP Target ($)
Marita Zuraitis			3,000,000
Bret A. Conklin			600,000
Matthew P. Sharpe			550,000
Donald M. Carley			350,000
Mark R. Desrochers			225,000


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2020-2022 Performance Measures	Threshold (2)	Target (2)	Maximum (2)	Weighting	Result	Weighting	Result
Relative (1) Measures
TSR (3)	25th Percentile Ranking vs Peer Companies	50th Percentile Ranking vs Peer Companies	90th Percentile Ranking vs Peer Companies	40%	36.2%	50%	45.3%
Core ROE (4)	25th Percentile Ranking vs Peer Companies	50th Percentile Ranking vs Peer Companies	90th Percentile Ranking vs Peer Companies	40%	50.2%	50%	62.8%
Absolute Measure
Total Revenue Growth (5)	2%	3%	4%	20%	22.2%
				Subtotal	108.7%	Subtotal	108.1%

				Proration 1/3	36.2%	Proration 2/3	72.1%

			Total	108.3%


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Position			Stock Ownership Target %
CEO			500%
Executive Vice President			350%
Senior Vice President			200%


Named Individual	Stock Ownership Target %	Stock Ownership Actual %	Stock Ownership(1)	Market Value(2) ($)
Marita Zuraitis	500%	1,522%	398,533	15,215,971
Bret A. Conklin	350%	659%	90,633	3,460,369
Matthew P. Sharpe	350%	662%	85,832	3,277,064
Donald M. Carley	350%	387%	41,534	1,585,753
Mark R. Desrochers	200%	258%	24,327	928,801
HMN Stock Price @ 12/31/2022 =	$37.37
HMN Yearly Average Stock Price @ 12/31/2022 =	$38.18


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	Multiple
Named Individual	Executive Severance	Change In Control
Marita Zuraitis	2.0	2.5
Bret A. Conklin	1.5	2.0
Matthew P. Sharpe	1.5	2.0
Donald M. Carley	1.5	2.0
Mark R. Desrochers	1.0	N/A


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Name & Principal Position	Perquisites & Other Personal Benefits ($) (1)	Relocation	Company Contributions to Defined Contribution Plans ($)	Total ($)
Marita Zuraitis President and Chief Executive Officer	73,930	0	65,275	139,205
Bret A Conklin Executive Vice President and Chief Financial Officer	0	0	36,892	36,892
Matthew P. Sharpe Executive Vice President, Supplemental & Group Benefits and Corporate Strategy	18,405	0	28,640	47,045
Donald M. Carley Executive Vice President & General Counsel	18,405	0	20,196	38,601
Mark R. Desrochers Senior Vice President, Property & Casualty and Chief Corporate Actuary	0	0	37,672	37,672


Year	Summary Compensation Table Total for PEO (1)	Compensation Actually Paid to PEO (2)	Average Summary Compensation Table Total for Non-PEO NEOs (1) (3)	Average Compensation Actually Paid to Non-PEO NEOs (2) (3)	Value of Initial Fixed $100 Investment Based On:		Net Income/(Loss) (6)	AIP Adjusted Core Earnings (7)
					Total Shareholder Return (4)	Peer Group Total Shareholder Return (4) (5)
2022	5,081,705	5,124,209	1,095,571	1,099,614	94.31	144.86	(2.60)	133.00
2021	6,118,977	5,555,002	1,299,216	1,197,525	94.37	131.54	142.80	161.70
2020	5,415,976	5,978,424	1,395,125	1,509,021	99.37	99.56	133.30	165.20