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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 1-10890

HORACE MANN EDUCATORS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware			37-0911756
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1 Horace Mann Plaza, Springfield, Illinois 62715-0001

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 217-789-2500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange
on which registered

Common Stock, $0.001 par value

HMN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). Yes ☐ No ☑

As of ~~April~~July 3031, 2025, the registrant had 40,~~779~~695,~~105~~729 common shares, $0.001 par value, outstanding.

HORACE MANN EDUCATORS CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~June 3130, 2025

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		Page
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	4
	Notes to Consolidated Financial Statements (Unaudited)
	Note 1 - Basis of Presentation and Significant Accounting Policies	5
	Note 2 - Investments	6
	Note 3 - Fair Value of Financial Instruments	12
	Note 4 - Short-Duration Insurance Contracts	1819
	Note 5 - Long-Duration Insurance Contracts	1920
	Note 6 - Reinsurance	2933
	Note 7 - Segment Information	3034
	Note 8 - Accumulated Other Comprehensive Income (Loss)	3238
	Note 9 - Supplemental Consolidated Cash and Cash Flow Information	3339
	Note 10 - Contingencies and Commitments	3339
Item 2.	Management’s Discussion and Analysis of Financial Conditionand Results of Operations	3440
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5461
Item 4.	Controls and Procedures	5562
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	5663
Item 1A.	Risk Factors	5663
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5663
Item 5.	Other Information	5663
Item 6.	Exhibits	5764
SIGNATURES		6165

PART I: FINANCIAL INFORMATION

ITEM 1. I Consolidated Financial Statements

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED BALANCE SHEETS

($ in millions, except share data)

	March 31, 2025		December 31, 2024
	June 30, 2025		December 31, 2024
	(Unaudited)
Assets
Investments
Fixed maturity securities, available for sale, at fair value(amortized cost, net 2025, $5,857.7; 2024, $5,842.5)	$	5,457.7	$	5,387.9
Fixed maturity securities, available for sale, at fair value(amortized cost, net 2025, $5,847.4; 2024, $5,842.5)	$	5,453.3	$	5,387.9
Equity securities at fair value, (cost $77.8 and $78.8)	64.3		66.5
Equity securities at fair value, (cost $72.5 and $78.8)	58.3		66.5
Limited partnership interests (Carried under Fair Value Option, 2025 $34.9 and 2024, $28.9)	1,125.6		1,121.3
Limited partnership interests (carried under fair value option, 2025, $36.6; 2024, $28.9)	1,137.8		1,121.3
Policy loans	139.50		140.8
Short-term and other investments	~~220~~252.32		199.9
Total investments	7,~~007~~040.46		6,916.4
Cash	3040.39		38.1
Deferred policy acquisition costs	~~349~~351.24		347.2
Reinsurance balances receivable	~~413~~403.07		424.8
Deposit asset on reinsurance	2,~~421~~412.06		2,434.3
Intangible assets	~~152~~148.26		155.8
Goodwill	54.3		54.3
Other assets	~~400~~412.49		408.1
Separate Account variable annuity assets	3,~~568~~863.3		3,708.8
Total assets	$	14,~~396~~728.13	$	14,487.8
Liabilities and Shareholders' Equity
Policy liabilities
Future policy benefit reserves	$	1,~~635~~624.74	$	1,622.8
Policyholders' account balances	5,~~079~~076.64		5,100.3
Unpaid claims and claim expenses	~~577~~576.16		569.2
Unearned premiums	~~336~~351.90		344.2
Total policy liabilities	7,~~629~~628.34		7,636.5
Other policyholder funds	1,005.8		995.7
Other liabilities	~~302~~323.70		312.3
Long-term debt	547.25		547.0
Separate Account variable annuity liabilities	3,~~568~~863.3		3,708.8
Total liabilities	13,~~053~~368.30		13,200.3
Preferred stock, $0.001 par value, authorized1,000,000 shares; none issued	—		—
Common stock, $0.001 par value, authorized 75,000,000 shares;issued, 2025, 67,124,719; 2024, 67,032,164	0.1		0.1
Common stock, $0.001 par value, authorized 75,000,000 shares;issued, 2025, 67,179,644; 2024, 67,032,164	0.1		0.1
Additional paid-in capital	~~526~~530.14		525.2
Retained earnings	1,~~571~~586.75		1,548.2
Accumulated other comprehensive income (loss), net of tax:
Net unrealized investment losses on fixed maturity securities	(~~314~~309.59)		(357.4)
Net reserve remeasurements attributable to discount rates	99.18		110.9
Net funded status of benefit plans	(7.0)		(7.0)
Treasury stock, at cost, 2025, 26,170,486 shares;2024, 26,167,246 shares	(532.7)		(532.5)
Treasury stock, at cost, 2025, 26,345,978 shares;2024, 26,167,246 shares	(539.6)		(532.5)
Total shareholders’ equity	1,~~342~~360.83		1,287.5
Total liabilities and shareholders’ equity	$	14,~~396~~728.13	$	14,487.8

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

Horace Mann Educators Corporation 1 ~~First~~Second Quarter 2025 Form 10-Q

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

($ in millions, except per share data)

			Three Months EndedMarch 31,
	Three Months EndedJune 30,				Six Months EndedJune 30,
	2025		2024		2025		2024
Statements of Operations
Revenues
Net premiums and contract charges earned	$	302.6	$	280.9	$	~~298~~600.39	$	~~275~~556.21
Net investment income	110.8		108.4		~~115~~226.97		~~105~~213.48
Net investment gains (losses)	(5.9)		(5.9)		(39.32)		2(3.27)
Other income	4.2		4.7		59.57		37.29
Total revenues	411.7		388.1		~~416~~828.41		~~386~~774.01
Benefits, losses and expenses
Benefits, claims and settlement expenses (Reserve remeasurement (gains)/losses $2.1, $0.2)					183.2		176.3
Benefits, claims and settlement expenses (Reserve remeasurement (gains)/losses, $(2.4); $(0.5); $(0.3); $(0.3))	183.5		207.3		366.7		383.6
Interest credited	52.7		53.8		52105.85		52106.97
Operating expenses	96.9		83.0		90187.87		84167.5
DAC amortization expense	29.9		27.0		2959.65		2754.0
Intangible asset amortization expense	3.6		3.7		37.62		37.63
Interest expense	8.6		8.7		817.95		817.74
Total benefits, losses and expenses	375.2		383.5		~~368~~744.91		~~353~~736.05
Income before income taxes	36.5		4.6		4784.50		3337.06
Income tax expense	7.1		0.8		916.34		67.53
Net income	$	29.4	$	3.8	$	3867.26	$	2630.53
Net income per share
Basic	$	0.71	$	0.09	$	01.9364	$	0.6474
Diluted	$	0.71	$	0.09	$	01.9263	$	0.6473
Weighted average number of shares and equivalent shares
Basic	41.3		41.4		41.3		41.3
Diluted	41.6		41.6		41.6		41.5
Statements of Comprehensive Income (Loss)
Net income	$	29.4	$	3.8	$	3867.26	$	2630.53
Other comprehensive income (loss), net of tax:
Change in net unrealized investment losses on fixed maturity securities	4.6		(22.4)		4247.95		(1942.71)
Change in net reserve remeasurements attributable to discount rates	0.7		32.0		(11.81)		4173.4
Change in net funded status of benefit plans	—		—		—		—
Other comprehensive income	5.3		9.6		3136.14		2131.73
Comprehensive income	$	34.7	$	13.4	$	69104.30	$	4861.26

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

Horace Mann Educators Corporation 2 ~~First~~Second Quarter 2025 Form 10-Q

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

($ in millions, except per share data)

			Three Months EndedMarch 31,
	Three Months EndedJune 30,				Six Months EndedJune 30,
	2025		2024		2025		2024
Common stock, $0.001 par value
Beginning balance	$	0.1	$	0.1	$	0.1	$	0.1
Options exercised	—		—		—		—
Conversion of common stock units	—		—		—		—
Conversion of restricted stock units	—		—		—		—
Ending balance	0.1		0.1		0.1		0.1
Additional paid-in capital
Beginning balance	526.1		513.1		525.2		510.9
Options exercised and conversion of common and restricted stock units	1.7		0.3		(10.6)1		(0.1)2
Share-based compensation expense	2.6		2.4		2.5.1		24.37
Ending balance	530.4		515.8		~~526~~530.14		~~513~~515.18
Retained earnings
Beginning balance	1,571.7		1,514.4		1,548.2		1,502.2
Net income	29.4		3.8		3867.26		2630.53
Dividends, 2025, $0.35 per share; 2024, $0.34 per share	(14.6)		(14.2)		(1429.73)		(1428.35)
Ending balance	1,586.5		1,504.0		1,~~571~~586.75		1,~~514~~504.40
Accumulated other comprehensive income (loss), net of tax:
Beginning balance	(222.4)		(292.3)		(253.5)		(314.0)
Change in net unrealized investment losseson fixed maturity securities	4.6		(22.4)		4247.95		(1942.71)
Change in net reserve remeasurements attributable to discount rates	0.7		32.0		(11.81)		4173.4
Change in net funded status of benefit plans	—		—		—		—
Ending balance	(217.1)		(282.7)		(~~222~~217.41)		(~~292~~282.37)
Treasury stock, at cost
Beginning balance	(532.7)		(523.9)		(532.5)		(523.9)
Treasury stock acquired - share repurchase authorization	(6.9)		(4.5)		(07.21)		—(4.5)
Ending balance	(539.6)		(528.4)		(~~532~~539.76)		(~~523~~528.94)
Shareholders' equity at end of period	$	1,360.3	$	1,208.8	$	1,~~342~~360.83	$	1,~~211~~208.48

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

Horace Mann Educators Corporation 3 ~~First~~Second Quarter 2025 Form 10-Q

HORACE MANN EDUCATORS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

($ in millions)

	Three Months EndedMarch 31,
	Six Months EndedJune 30,
	2025		2024
Cash flows - operating activities
Net income (loss)	$	3867.26	$	2630.53
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net investment gains (losses)	39.32		(23.2)7
Depreciation and intangible asset amortization	713.06		613.60
Share-based compensation expense	25.62		2.5.1
Loss (gain) from equity method investments, net of dividends or distributions	(02.84)		1514.67
Changes in:
Insurance liabilities	3175.19		(271.85)
Amounts due under reinsurance agreements	1121.91		3123.39
Income tax liabilities	5(8.21)		1713.69
Other operating assets and liabilities	3686.32		1012.89
Contributions to defined benefits plan	(0.24)		—(0.2)
Other, net	64.2		(61.41)
Net cash provided by operating activities	~~140~~272.81		74114.57
Cash flows - investing activities
Fixed maturity securities purchases	(~~252~~446.05)		(~~335~~602.62)
Fixed maturity securities sales	77129.89		88193.0
Fixed maturity securities maturities, paydowns, calls and redemptions	~~161~~314.3		~~119~~248.31
Equity securities purchases	(01.43)		(1.15)
Equity securities sales and repayments	—6.3		—
Limited partnership interests purchases	(1233.6)		(1937.21)
Limited partnership interests sales	919.25		2349.14
Change in short-term and other investments, net	(2265.23)		6563.02
Other-net	34.87		1.(0.1)
Net cash used in investing activities	(3572.10)		(5987.52)
Cash flows - financing activities
Dividends paid to shareholders	(1428.36)		(1327.98)
Treasury stock acquired	(07.21)		—(4.5)
Proceeds from exercise of stock options	—1.4		1.1
Withholding tax payments on RSUs tendered	(2.01)		(1.67)
Annuity contracts: variable, fixed and FHLB funding agreements:
Deposits	~~403~~576.32		~~185~~409.9
Benefits, withdrawals and net transfers to Separate Account variable annuity assets	(~~162~~309.08)		(~~149~~288.32)
Repayment of FHLB funding agreements	(~~287~~354.05)		(50155.0)
Life policy accounts deposits, withdrawals, and surrenders	4.8.2		25.19
Change in deposit asset on reinsurance	(3770.4)		(4930.35)
Net increase (decrease) in reverse repurchase agreements	(12.0)		5045.0
Change in book overdrafts	(61.7)4		03.72
Net cash used in financing activities	(~~113~~197.53)		(2442.36)
Net decrease in cash	(72.8)		(915.31)
Cash at beginning of period	38.1		29.7
Cash at end of period	$	3040.39	$	2014.46

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

Horace Mann Educators Corporation 4 ~~First~~Second Quarter 2025 Form 10-Q

HORACE MANN EDUCATORS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 - Basis of Presentation and Significant Accounting Policies

Business

Horace Mann Educators Corporation is a holding company for insurance subsidiaries that market and underwrite personal lines of property and casualty insurance products (primarily personal lines of auto and property insurance), life insurance products, retirement products (primarily tax-qualified fixed and variable annuities), individual supplemental insurance products (primarily cancer, heart, hospital, supplemental disability and accident coverages), and group benefit products (primarily short-term and long-term group disability, and group term life coverages), primarily to K-12 teachers, administrators and other employees of public schools and their families (collectively, HMEC, the Company or Horace Mann).

The Company conducts and manages its business in four reporting segments: (1) Property & Casualty, (2) Life & Retirement, (3) Supplemental & Group Benefits and (4) Corporate & Other.

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and with the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in annual financial statements prepared in conformity with GAAP, but are not required for interim reporting purposes, have been omitted. These Consolidated Financial Statements and Notes thereto should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Part II - Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and six months ended ~~March~~June 3130, 2025 are not necessarily indicative of the results to be expected for the full year.

The accompanying Consolidated Financial Statements and Notes thereto are unaudited and reflect all adjustments (generally consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Part II - Item 8, Note 1 of the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error related to private debt securities associated with the Company’s limited partnership investments. The $8.1 million after tax ($10.2 million pre-tax) adjustment decreases net income for the following segments: Life & Retirement $5.3 million; and Supplemental & Group Benefits, $2.8 million. The out-of-period correction would have resulted in a decrease of net income for year ended December 31, 2024 and 2023 by $4.4 and $1.3 million, respectively. The out-of-period correction would have resulted in a decrease of net income for the three and six months ended June 30, 2024 by $0.8 and $2.5 million, respectively.

The Company has reclassified the presentation of certain prior period information to conform to the current year's presentation.

Consolidation

All intercompany transactions and balances between HMEC and its subsidiaries and affiliates have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the reporting date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.


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

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

The most significant critical accounting estimates include valuation of hard-to-value fixed maturity securities, evaluation of credit loss impairments for fixed maturity securities, valuation of future policy benefit reserves, and valuation of liabilities for property and casualty unpaid claims and claim expense reserves.

Future Adoption of New Accounting Standards

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update will improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.

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

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

categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.

This guidance will be effective for the Company for annual periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025. Early adoption is permitted. The guidance will have no net impact on the Company's consolidated financial position, results of operations, or cash flows.

Disaggregation of Income Statement Expenses

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

The amendments in this guidance will be effective for the Company for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance will have no net impact on the Company's consolidated financial position, results of operations, or cash flows.

NOTE 2 - Investments

Net Investment Income

The components of net investment income for the following periods were as follows:

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Fixed maturity securities	$	59.4	$	72.0	$	71131.60	$	70142.4
Equity securities	1.0		1.4		12.0		1.2.6
Limited partnership interests	23.2		8.2		1639.35		614.24
Short-term and other investments	5.2		4.3		510.46		49.70
Investment expenses	(3.1)		(3.2)		(25.89)		(25.68)
Net investment income - investment portfolio	85.7		82.7		91177.52		79162.96
Investment income - deposit asset on reinsurance	25.1		25.7		2449.45		2551.52
Total net investment income					$	115.9	$	105.4
Total net investment income(1)	$	110.8	$	108.4	$	226.7	$	213.8

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


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

NOTE 2 - Investments (continued)

Net Investment Gains (Losses)

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

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Fixed maturity securities	$	(4.1)	$	(2.3)	$	0(3.29)	$	(13.03)
Equity securities	(0.7)		(2.1)		(1.2.0)		20.65
Short-term investments and other	(1.1)		(1.5)		(23.3)		(0.69)
Net investment gains (losses)	$	(5.9)	$	(5.9)	$	(39.32)	$	2(3.27)

The Company, from time to time, sells fixed maturity securities subsequent to the reporting date but prior to the issuance of the financial statements that were in an unrealized loss position but no credit loss was recognized and there was no intent to sell the securities at the reporting date. Such sales are due to issuer-specific events occurring subsequent to the reporting date that result in a change in the Company's intent to sell a fixed maturity security. The types of events that may result in a sale include significant changes in the economic facts and circumstances related to the invested asset, significant unforeseen changes in liquidity needs, or changes in the Company's investment strategy.

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

NOTE 2 - Investments (continued)

occurring subsequent to the reporting date that result in a change in the Company's intent to sell a fixed maturity security. The types of events that may result in a sale include significant changes in the economic facts and circumstances related to the invested asset, significant unforeseen changes in liquidity needs, or changes in the Company's investment strategy.

Net Investment Gains (Losses) by Transaction Type

The breakdown of net investment gains (losses) by transaction type for the following periods were as follows:

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Credit loss impairments	$	(0.9)	$	0.9	$	—(0.9)	$	~~(0.9)~~—
Intent-to-sell impairments	(2.2)		—		—(2.2)		—
Total impairments	(3.1)		0.9		—(3.1)		~~(0.9)~~—
Sales and other, net	2.0		(3.2)		04.21		(03.13)
Change in fair value - equity securities	(0.7)		(2.1)		(1.29)		20.65
Change in fair value and gains (losses) realizedon settlements - derivatives	(4.1)		(1.5)		(28.3)		(0.69)
Net investment gains (losses)	$	(5.9)	$	(5.9)	$	(39.32)	$	2(3.27)

Allowance for Credit Loss Impairments on Fixed Maturity Securities

The following table presents changes in the allowance for credit loss impairments on fixed maturity securities classified as available for sale for the category of other asset-backed securities (no other categories of fixed maturity securities have an allowance for credit loss impairments):

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Beginning balance	$	0.9	$	2.1	$	0.9	$	1.2
Credit losses on fixed maturity securities for which credit losses were not previously reported	3.1		0.8		—3.1		01.97
Net increase related to credit losses previously reported					—		—
Net increase (decrease) related to credit losses previously reported	(0.9)		(0.9)		(0.9)		(0.9)
Reduction of credit allowances related to sales	—		(0.9)		—		—(0.9)
Write-offs	—		—		—		—
Ending balance	$	3.1	$	1.1	$	03.91	$	21.1

Horace Mann Educators Corporation 7 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 2 - Investments (continued)

Fixed Maturity Securities

The Company's investment portfolio is comprised primarily of fixed maturity securities. Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows:

($ in millions)	AmortizedCost, net		Gross UnrealizedGains		Gross UnrealizedLosses		FairValue
March 31, 2025
June 30, 2025
Fixed maturity securities
U.S. Government and federallysponsored agency obligations:
Mortgage-backed securities	$	~~866~~643.85	$	65.15	$	6043.75	$	~~812~~605.25
Other, including U.S. Treasury securities	~~422~~424.54		0.47		5961.65		363.36
Municipal bonds	1,~~236~~240.10		1817.25		98105.46		1,~~155~~151.9
Foreign government bonds	14.1		—		0.8		13.3
Corporate bonds	1,~~972~~955.21		2024.12		~~212~~208.45		1,~~779~~770.98
Other asset-backed securities	1,~~346~~570.03		812.75		2134.6		1,~~333~~548.12
Totals	$	5,~~857~~847.74	$	5360.54	$	~~453~~454.5	$	5,~~457~~453.73
December 31, 2024
Fixed maturity securities
U.S. Government and federallysponsored agency obligations:
Mortgage-backed securities	$	827.9	$	2.7	$	74.8	$	755.8
Other, including U.S. Treasury securities	426.5		0.1		69.0		357.6
Municipal bonds	1,239.1		17.5		105.8		1,150.8
Foreign government bonds	14.1		—		1.0		13.1
Corporate bonds	1,995.2		17.3		230.1		1,782.4
Other asset-backed securities	1,339.7		10.8		22.3		1,328.2
Totals	$	5,842.5	$	48.4	$	503.0	$	5,387.9

Horace Mann Educators Corporation 8 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 2 - Investments (continued)

The following table presents the fair value and gross unrealized losses for fixed maturity securities in an unrealized loss position as of ~~March~~June 3130, 2025 and December 31, 2024, respectively. The Company views the decrease in fair value of all of the fixed maturity securities with unrealized losses as of ~~March~~June 3130, 2025 as due to factors other than a credit loss. As of ~~March~~June 3130, 2025, the Company has not made the decision to sell and it is not more likely than not the Company will be required to sell the fixed maturity securities with unrealized losses before a recovery of the amortized cost basis. In reaching our conclusion that an allowance for credit is unnecessary, we considered the factors described in the evaluation of credit loss impairments for fixed maturity securities critical accounting estimate in our Annual Report on Form 10-K. In the current ~~three~~six months ended ~~March~~June 3130, 2025, the performance of fixed maturity securities has been impacted by the change in interest rates, specifically interest rates being at relatively high levels compared to interest rates at the time of acquisition of the securities. In consideration of the factors, we expect to receive cash flows sufficient to recover the entire amortized cost basis of the securities in the following table.

($ in millions)	12 Months or Less					More than 12 Months					Total
	Fair Value			GrossUnrealizedLosses		Fair Value			GrossUnrealizedLosses		Fair Value			GrossUnrealizedLosses
March 31, 2025
June 30, 2025
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	7061.18		$	01.70	$	~~427~~249.04		$	6042.05	$	~~497~~311.12		$	6043.75
Other	4519.48			0.52		~~282~~280.14			5961.13		~~327~~300.52			5961.65
Municipal bonds	~~206~~255.59			69.0		~~636~~625.4			9296.46		~~842~~881.93			98105.46
Foreign government bonds	1.50			—		11.89			0.8		1312.39			0.8
Corporate bonds	~~198~~131.9			11.87		1,~~083~~064.21			~~200~~196.68		1,~~282~~196.10			~~212~~208.45
Other asset-backed securities	~~499~~188.49			21.42		~~296~~445.91			1933.24		~~796~~634.30			2134.6
Total	$	~~1,021~~659.83		$	2123.41	$	2,~~737~~676.43		$	~~432~~431.14	$	3,~~759~~335.26		$	~~453~~454.5
Number of positions with a gross unrealized loss	~~769~~511					1,~~828~~783					2,~~597~~294
Fair value as a percentage of total fixed maturity securities at fair value	1812.71		%			5049.1		%			6861.82		%
December 31, 2024
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	208.3		$	3.1	$	419.3		$	71.7	$	627.6		$	74.8
Other	77.1			1.5		274.6			67.6		351.7			69.1
Municipal bonds	193.5			3.4		632.0			102.4		825.5			105.8
Foreign government bonds	1.5			—		11.7			0.9		13.2			0.9
Corporate bonds	235.4			10.3		1,075.8			219.8		1,311.2			230.1
Other asset-backed securities	133.3			0.9		338.3			21.4		471.6			22.3
Total	$	849.1		$	19.2	$	2,751.7		$	483.8	$	3,600.8		$	503.0
Number of positions with a gross unrealized loss	665					1,862					2,527
Fair value as a percentage of total fixed maturity securities at fair value	15.8		%			51.1		%			66.9		%

Horace Mann Educators Corporation 9 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 2 - Investments (continued)

With regards to fixed maturity securities that had gross unrealized losses more than 12 months, the number of positions by their respective credit ratings were as follows:

	Number of Positions
	March 31, 2025	December 31, 2024
	June 30, 2025	December 31, 2024
Credit Rating
AAA	~~154~~141	155
AA	~~888~~894	899
A	~~307~~308	320
BBB	~~362~~340	370
Total investment grade	1,~~711~~683	1,744
BB	4137	40
B	1511	18
CCC or lower	64	4
Total below investment grade	6252	62
Not rated	5548	56
Totals:	1,~~828~~783	1,862

Fixed maturity securities with an investment grade rating represented 9897.1% of the gross unrealized losses as of ~~March~~June 3130, 2025. For the same reasons discussed above, we expect to receive cash flow sufficient to recover the entire amortized cost basis of the securities in the previous table.

Maturities of Fixed Maturity Securities

The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments.

($ in millions)	~~March~~June 3130, 2025
	AmortizedCost, net		FairValue		Percent of Total Fair Value
Estimated expected maturity:
Due in 1 year or less	$	~~238.~~2,251.8	$	~~235~~2,189.95	440.32	%
Due after 1 year through 5 years	~~1,406~~925.86		~~1,383~~898.05		2516.35	%
Due after 5 years through 10 years	~~1,509~~925.70		~~1,453~~893.4		2616.64	%
Due after 10 years through 20 years	~~1,550~~981.95		~~1,405~~859.68		2515.8	%
Due after 20 years	~~1,152~~763.15		~~979~~612.81		1811.02	%
Total	$	5,~~857~~847.74	$	5,~~457~~453.73	100.0	%
Average option-adjusted duration, in years	5.57

Horace Mann Educators Corporation 10 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 2 - Investments (continued)

Sales of Fixed Maturity and Equity Securities

Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were as follows:

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Fixed maturity securities
Proceeds received	$	52.1	$	105.1	$	77129.89	$	88193.0
Gross gains realized	0.5		0.7		1.27		12.30
Gross losses realized	(1.5)		(3.9)		(12.05)		(15.43)
Equity securities
Proceeds received	$	6.3	$	—	$	—6.3	$	—
Gross gains realized	—		—		—		—
Gross losses realized	—		—		—		—

Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities

The following table reconciles net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in AOCI:

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning of period	$	(314.5)	$	(348.0)	$	(357.4)	$	(328.3)
Change in net unrealized investment gains (losses) on fixed maturity securities	1.4		(24.1)		4344.04		(2044.56)
Reclassification of net investment losses on fixed maturity securities to net income	3.2		1.7		(03.1)		02.85
End of period	$	(309.9)	$	(370.4)	$	(~~314~~309.59)	$	(~~348~~370.04)

Limited Partnership Interests

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

($ in millions)
	March 31, 2025		December 31, 2024
	June 30, 2025		December 31, 2024
Commercial mortgage loan funds	$	~~590~~591.51	$	596.0
Real estate equity funds	~~145~~144.58		144.7
Private equity funds	~~107~~110.59		102.2
Infrastructure equity funds	8883.68		81.7
Infrastructure debt funds	6467.72		69.0
Other funds(1)	~~128~~140.80		127.7
Total	$	1,~~125~~137.68	$	1,121.3

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

Horace Mann Educators Corporation 11 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 2 - Investments (continued)

Offsetting of Assets and Liabilities

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

($ in millions)			GrossAmountsOffset in theConsolidatedBalanceSheets		Net Amountsof Assets/LiabilitiesPresentedin theConsolidatedBalanceSheets		Gross Amounts Not Offsetin the ConsolidatedBalance Sheets
	GrossAmounts						FinancialInstruments		CashCollateralReceived		NetAmount
March 31, 2025
June 30, 2025
Asset derivatives:
Free-standing derivatives	$	1315.89	$	—	$	1315.89	$	—	$	1415.43	$	(0.6)
December 31, 2024
Asset derivatives:
Free-standing derivatives	$	18.5	$	—	$	18.5	$	—	$	20.4	$	(1.9)

Reverse Repurchase Agreements

In connection with reverse repurchase agreements, the Company transfers primarily U.S. government, government agency and corporate securities and receives cash. For reverse repurchase agreements, the Company receives cash in an amount equal to at least 95% of the fair value of the securities transferred, and the agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The Company accounts for reverse repurchase agreements as secured borrowings. The securities transferred under reverse repurchase agreements are included in Fixed maturity securities with the obligation to repurchase those securities reported in Other liabilities on the Company's Consolidated Balance Sheets. The fair value of the securities transferred was $0.0 million as of ~~March~~June 3130, 2025 and $12.4 million as of December 31, 2024. The obligation for securities sold under reverse repurchase agreements was a net amount of $0.0 million as of ~~March~~June 3130, 2025 and $12.0 million as of December 31, 2024.

Deposits

As of ~~March~~June 3130, 2025 and December 31, 2024, fixed maturity securities with a fair value of $2625.18 million and $27.1 million were on deposit with governmental agencies as required by law in various states for which the insurance subsidiaries of HMEC conduct business. In addition, as of ~~March~~June 3130, 2025 and December 31, 2024, fixed maturity securities with a fair value of $1,~~089~~127.57 million and $1,072.2 million, respectively, were on deposit with the Federal Home Loan Bank of Chicago (FHLB) as collateral for amounts subject to funding agreements, advances and borrowings which were equal to $999.5 million as of ~~March~~June 3130, 2025 and $989.5 million as of December 31, 2024. The deposited securities are reported as Fixed maturity securities on the Company’s Consolidated Balance Sheets.

NOTE 3 - Fair Value of Financial Instruments

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

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

Horace Mann Educators Corporation 12 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

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

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

The following table presents the Company's fair value hierarchy for financial assets and financial liabilities measured and carried at fair value on a recurring basis. During the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, there were no transfers between Level 1 and Level 2. As of ~~March~~June 3130, 2025, Level 3 invested assets comprised 9.21% of the Company’s total investment portfolio at fair value.

($ in millions)	CarryingAmount		FairValue		Fair Value Measurements atReporting Date Using
					Level 1		Level 2		Level 3
March 31, 2025
June 30, 2025
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	~~812~~605.25	$	~~812~~605.25	$	—	$	~~812~~605.25	$	—
Other, including U.S. Treasury securities	363.36		363.36		24.89		338.57		—
Municipal bonds	1,~~155~~151.9		1,~~155~~151.9		—		1,~~079~~076.80		7675.19
Foreign government bonds	13.3		13.3		—		13.3		—
Corporate bonds	1,~~780~~770.08		1,~~780~~770.08		74.79		1,~~431~~423.39		~~340~~342.90
Other asset-backed securities	1,~~333~~548.02		1,~~333~~548.02		—		1,~~265~~485.90		6763.12
Total fixed maturity securities	5,~~457~~453.73		5,~~457~~453.73		3229.58		4,~~941~~942.04		~~484~~481.1
Equity securities	6458.3		6458.3		1.3		5952.07		4.03
Limited partnership interests	3433.97		3433.97		—		—		3433.97
Short-term investments	~~126~~155.06		~~126~~155.06		~~126~~155.06		—		—
Other investments	1315.89		1315.89		—		1315.89		—
Totals	$	5,~~696~~716.78	$	5,~~696~~716.78	$	~~159~~186.87	$	5,~~013~~011.80	$	~~523~~519.01
Separate Account variable annuity assets(1)	$	3,~~568~~863.3	$	3,~~568~~863.3	$	3,~~568~~863.3	$	—	$	—
Financial Liabilities(2)	$	7678.91	$	7678.91	$	—	$	24.61	$	74.30
December 31, 2024
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	755.8	$	755.8	$	—	$	755.8	$	—
Other, including U.S. Treasury securities	357.6		357.6		24.7		332.9		—
Municipal bonds	1,150.8		1,150.8		—		1,075.9		74.9
Foreign government bonds	13.1		13.1		—		13.1		—
Corporate bonds	1,782.4		1,782.4		7.7		1,423.4		351.3
Other asset-backed securities	1,328.2		1,328.2		—		1,254.5		73.7
Total fixed maturity securities	5,387.9		5,387.9		32.4		4,855.6		499.9
Equity securities	66.5		66.5		1.4		60.9		4.2
Limited partnership interests	28.9		28.9		—		—		28.9
Short-term investments	101.1		101.1		101.1		—		—
Other investments	18.5		18.5		—		18.5		—
Totals	$	5,602.9	$	5,602.9	$	134.9	$	4,935.0	$	533.0
Separate Account (variable annuity) assets(1)	$	3,708.8	$	3,708.8	$	3,708.8	$	—	$	—
Financial Liabilities(2)	$	79.6	$	79.6	$	—	$	4.1	$	75.5

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

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

Horace Mann Educators Corporation 13 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Changes in Level 3 Fair Value Measurements

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

($ in millions)	Financial Assets												FinancialLiabilities(1)
	MunicipalBonds		CorporateBonds		Mortgage-Backedand OtherAsset-BackedSecurities(2)		TotalFixedMaturitySecurities		Equity Securities & Limited Partnership Interests		Total
Beginning balance, January 1, 2025	$	74.9	$	351.3	$	73.7	$	499.9	$	33.1	$	533.0	$	75.5
Beginning balance, April 1, 2025	$	76.1	$	340.9	$	67.1	$	484.1	$	38.9	$	523.0	$	74.3
Transfers into Level 3(3)	—		—		—		—		—		—		—
Transfers out of Level 3(3)	—		—		—		—		—		—		—
Total gains or losses
Net investment gains (losses) included in net income	—		—		—		—		5(0.89)		5(0.89)		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		13.97
Net unrealized gains (losses) included in OCI	10.31		(02.6)4		(0.6)3		02.18		—		02.18		(0.24)
Purchases	—		138.49		—		138.49		—		138.49		—
Issuances	—		—		—		—		—		—		10.47
Sales	—		(223.40)		(01.27)		(224.67)		—		(224.67)		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.13)		(07.83)		(52.85)		(610.71)		—		(610.71)		(4.73)
Ending balance, March 31, 2025	$	76.1	$	340.9	$	67.1	$	484.1	$	38.9	$	523.0	$	74.3
Ending balance, June 30, 2025	$	75.9	$	342.0	$	63.2	$	481.0	$	38.0	$	519.0	$	74.0
Beginning balance, January 1, 2024	$	74.0	$	342.5	$	97.5	$	514.0	$	4.5	$	518.5	$	82.4
Beginning balance, January 1, 2025	$	74.9	$	351.3	$	73.7	$	499.9	$	33.1	$	533.0	$	75.5
Transfers into Level 3(3)	—		—		—		—		—		—		—
Transfers out of Level 3(3)	—		~~(4.4)~~—		—		~~(4.4)~~—		—		~~(4.4)~~—		—
Total gains or losses
Net investment gains (losses) included in net income	—		—		—		—		04.19		04.19		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		15.36
Net unrealized gains (losses) included in OCI	(01.7)5		(01.6)8		2(0.42)		13.10		—		13.10		(0.12)
Purchases	—		1422.13		—		1422.13		—		1422.13		—
Issuances	—		—		—		—		—		—		12.41
Sales	—		—(25.3)		—(1.8)		—(27.1)		—		—(27.1)		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.15)		(68.1)		(118.25)		(17.41)		~~(2.1)~~—		(1917.51)		(49.20)
Ending balance, March 31, 2024	$	73.2	$	345.5	$	88.7	$	507.4	$	2.5	$	509.9	$	80.8
Ending balance, June 30, 2025	$	75.9	$	342.0	$	63.2	$	481.0	$	38.0	$	519.0	$	74.0

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

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

(3)Transfers into and out of Level 3 during the three and six months ended ~~March~~June 3130, 2025 and 2024 were related to changes in the primary pricing source or changes in observability of external information used in determining fair value. The Company's policy is to recognize transfers into and out of the levels as having occurred at the end of the reporting period in which the transfers were determined.

~~For~~Horace ~~the~~Mann ~~three~~Educators ~~months~~Corporation ~~ended~~14 ~~March 31,~~Second ~~2025,~~Quarter the Company had net gains of $5.8 million with respect to Level 3 financial assets. For the three months ended March 31, 2024, the Company had net gains of $0.1 million with respect to Level 3 financial assets. For the three months ended March 31, 2025 ~~and~~Form ~~2024, a net investment loss of $1.9 million and $1.3 million, respectively, were included in net income that were attributable to changes in the fair value of Level 3 financial liabilities.~~ 10-Q

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

NOTE 3 - Fair Value of Financial Instruments (continued)


($ in millions)	Financial Assets												Financial Liabilities(1)
	Municipal Bonds		Corporate Bonds		Mortgage-Backed and Other Asset- Backed Securities(2)		Total Fixed Maturity Securities		Equity Securities		Total
Beginning balance, April 1, 2024	$	73.2	$	345.5	$	88.7	$	507.4	$	2.5	$	509.9	$	80.8
Transfers into Level 3(3)	—		—		—		—		—		—		—
Transfers out of Level 3(3)	—		—		—		—		—		—		—
Total gains or losses
Net investment gains (losses) included in net income	—		(0.8)		0.8		—		0.2		0.2		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		(0.3)
Net unrealized gains (losses) included in OCI	(0.7)		0.4		(0.9)		(1.2)		—		(1.2)		0.1
Purchases	—		27.6		1.8		29.4		—		29.4		—
Issuances	—		—		—		—		—		—		1.4
Sales	—		—		—		—		—		—		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.4)		(6.3)		(5.0)		(11.7)		—		(11.7)		(4.1)
Ending balance, June 30, 2024	$	72.1	$	366.4	$	85.4	$	523.9	$	2.7	$	526.6	$	77.9

Beginning balance, January 1, 2024	$	74.0	$	342.5	$	97.5	$	514.0	$	4.5	$	518.5	$	82.4
Transfers into Level 3(3)	—		—		—		—		—		—		—
Transfers out of Level 3(3)	—		(4.4)		—		(4.4)		—		(4.4)		—
Total gains or losses
Net investment gains (losses) included in net income	—		(0.8)		0.8		—		0.3		0.3		—
Net investment (gains) losses included in net income related to financial liabilities	—		—		—		—		—		—		1.0
Net unrealized gains/losses included in OCI	(1.4)		(0.2)		1.5		(0.1)		—		(0.1)		—
Purchases	—		41.7		1.8		43.5		—		43.5		—
Issuances	—		—		—		—		—		—		2.8
Sales	—		—		—		—		—		—		—
Settlements	—		—		—		—		—		—		—
Paydowns, maturities and distributions	(0.5)		(12.4)		(16.2)		(29.1)		(2.1)		(31.2)		(8.3)
Ending balance, June 30, 2024	$	72.1	$	366.4	$	85.4	$	523.9	$	2.7	$	526.6	$	77.9

For the three and six months ended June 30, 2025, the Company had net losses of $0.9 million and net gains $4.9 million with respect to Level 3 financial assets. For the three and six months ended June 30, 2024, the Company had net gains of $0.2 million and $0.3 million with respect to Level 3 financial assets.

For the three and six months ended June 30, 2025, the Company had net losses of $3.7 million and $5.6 million, respectively, that were included in net income and attributable to changes in the fair value of Level 3 financial liabilities. For the three and six months ended June 30, 2024, the Company had net gains of $0.3 million and net losses of $1.0 million, respectively, that were included in net income that were attributable to changes in the fair value of Level 3 financial liabilities.


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

NOTE 3 - Fair Value of Financial Instruments (continued)

Level 3 Assets and Liabilities by Price Source

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

($ in millions)
	Total		Internal		External
March 31, 2025
June 30, 2025
Financial Assets
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	—	$	—	$	—
Municipal bonds	7675.19		—		7675.19
Corporate bonds	~~340~~342.90		~~190~~203.07		~~150~~138.93
Other asset-backed securities	6763.12		—		6763.12
Total fixed maturity securities	~~484~~481.1		~~190~~203.07		~~294~~277.14
Equity securities	4.03		—		4.03
Limited partnership interests	3433.97		—		$	3433.97
Totals	~~523~~519.01		~~190~~203.07		~~333~~315.04
Financial Liabilities(1)	74.30		74.30		—
December 31, 2024
Financial Assets
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	—		—		—
Municipal bonds	74.9		—		74.9
Corporate bonds	351.3		199.3		152.0
Other asset-backed securities	73.7		—		73.7
Total fixed maturity securities	499.9		199.3		300.6
Equity securities	4.2		—		4.2
Limited partnership interests	28.9		—		28.9
Totals	533.0		199.3		333.7
Financial Liabilities(1)	$	75.5	$	75.5	$	—

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

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

Horace Mann Educators Corporation 1516 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Quantitative Information about Level 3 Fair Value Measurements

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

($ in millions)

Fair Value as of March 31, 2025

Valuation Technique(s)

Unobservable Inputs

Range (Weighted Average)and Single Point Best Estimate(1)

Impact of Increase in Input on Fair Value

Fair Value as of June 30, 2025

Valuation Technique(s)

Unobservable Inputs

Range (Weighted Average)and Single Point Best Estimate(1)

Impact of Increase in Input on Fair Value

Financial Assets

Corporate bonds

~~190~~203.07

discounted cash flow

yield

3.94% - 9.02%

decrease

discounted cash flow

option adjusted spread

~~283~~282 bps - ~~809~~808 bps

decrease

Financial Liabilities

Derivatives embedded in fixed indexed annuity products

7980.57

discounted cash flow

lapse rate

6.4%

decrease

mortality multiplier(2)

67.0%

decrease

option budget

0.9% - 3.8%

increase

non-performance adjustment(3)

5.0%

decrease

Net MRBs

(56.27)

discounted cash flow

lapse rate

6.4%

decrease

mortality multiplier(2)

67.0%

increase

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

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

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

The valuation techniques and significant unobservable inputs used in the fair value measurement for financial assets and financial liabilities classified as Level 3 are subject to the processes as described in Part II - Item 8, Note 3 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Generally, valuation techniques for corporate bonds include using discounted cash flow techniques where the unobservable input is the yield. ~~The yield used for the valuation of these fixed maturity securities is less observable than securities classified as Level 2.~~

Horace Mann Educators Corporation 1617 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 3 - Fair Value of Financial Instruments (continued)

Financial Instruments Not Carried at Fair Value

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

($ in millions)	CarryingAmount		FairValue		Fair Value Measurements atReporting Date Using
					Level 1		Level 2		Level 3
March 31, 2025
June 30, 2025
Financial Assets
Other investments	$	~~220~~219.27	$	~~223~~222.49	$	—	$	37.5	$	185.94
Deposit asset on reinsurance	2,~~421~~412.06		2,~~141~~145.42		—		—		2,~~141~~145.42
Financial Liabilities
Policyholders' account balances	5,~~096~~090.59		4,~~730~~726.20		—		—		4,~~730~~726.20
Other policyholder funds	1,005.8		1,005.8		—		1,002.9		2.9
Long-term debt	547.25		577.81		—		577.81		—
December 31, 2024
Financial Assets
Other investments	$	221.0	$	224.3	$	—	$	37.0	$	187.3
Deposit asset on reinsurance	2,434.3		2,121.9		—		—		2,121.9
Financial Liabilities
Policyholders' account balances	5,020.2		4,710.1		—		—		4,710.1
Reverse repurchase agreement	12.0		12.4		—		12.4		—
Other policyholder funds	995.7		995.7		—		992.9		2.8
Long-term debt	547.0		575.1		—		575.1		—

Horace Mann Educators Corporation 1718 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 4 - Short-Duration Insurance Contracts

Property & casualty Unpaid Claims and Claim Expense Reserves

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

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Property & Casualty
Beginning gross reserves	$	416.7	$	418.2	$	420.6	$	416.8
Less: reinsurance recoverables	98.3		103.6		100.8		104.0
Net reserves, beginning of period(1)	318.4		314.6		319.8		312.8
Incurred claims and claim expenses:
Claims occurring in the current period	141.9		159.0		~~123~~265.7		~~124~~283.7
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)	(5.5)		(6.2)		(510.38)		—(6.2)
Total claims and claim expenses incurred	136.4		152.8		~~118~~254.49		~~124~~277.75
Claims and claim expense paymentsfor claims occurring during:
Current period	89.7		94.2		50139.07		44138.67
Prior periods	44.0		42.0		69113.89		78120.34
Total claims and claim expense payments	133.7		136.2		~~119~~253.86		~~122~~259.91
Net reserves, end of period(1)	321.0		331.2		~~318~~321.40		~~314~~331.62
Plus: reinsurance recoverables	98.8		101.7		98.38		~~103~~101.67
Ending gross reserves	$	419.8	$	432.9	$	~~416~~419.78	$	~~418~~432.29

(1)Reserves net of expected reinsurance recoverables.

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

The company recognized $5.35 million and $10.8 million of net favorable prior years' reserve development for the three and six months ended ~~March~~June 3130, 2025. There was no$6.2 million prior years' reserve development for Property & Casualty claims for the three and six months ended ~~March~~June 3130, 2024. The net favorable development for the ~~three~~six months ended ~~March~~June 3130, 2025 was primarily a result of favorable loss trends in auto and property for accident years 2024 and prior. The net favorable development for the six months ended June 30, 2024 was primarily a result of favorable loss trends in auto and property for accident years 2023 and prior.

Group Benefits Unpaid Claims and Claim Expense Reserves

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

Horace Mann Educators Corporation 1819 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 4 - Short-Duration Insurance Contracts (continued)

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Group Benefits
Beginning gross reserves	$	109.0	$	114.3	$	104.9	$	116.6
Less: reinsurance recoverables	25.9		27.6		25.2		27.7
Net reserves, beginning of period(1)	83.1		86.7		79.7		88.9
Incurred claims and claim expenses:
Claims occurring in the current period	18.6		19.4		1837.30		2039.26
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)	(3.0)		(3.3)		0(2.46)		(69.14)
Total claims and claim expenses incurred	15.6		16.1		1834.74		1430.12
Claims and claim expense paymentsfor claims occurring during:
Current period	5.9		8.2		39.87		312.91
Prior periods	5.4		6.5		1117.60		1218.49
Total claims and claim expense payments	11.3		14.7		1526.47		1631.30
Net reserves, end of period(1)	87.4		88.1		8387.14		8688.71
Plus: reinsurance recoverables	25.8		28.0		25.98		2728.60
Ending gross reserves	$	113.2	$	116.1	$	~~109~~113.02	$	~~114~~116.31

(1) Reserves net of expected reinsurance recoverables.

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

Net favorable ~~(unfavorable)~~ prior years' reserve development for Group Benefits was $(3.0 million and $3.4)3 million for the three months ended June 30, 2025 and 2024, and $2.6 million and $9.14 million for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. The ~~unfavorable~~favorable development for the ~~three~~six months ended ~~March~~June 3130, 2025 was primarily the result of ~~unfavorable~~favorable loss trends in group life and disability for loss years 2024 and prior. The favorable development for the ~~three~~six months ended ~~March~~June 3130, 2024 was primarily the result of favorable loss trends in specialty health and group life and disability for loss years ~~2024~~2023 and prior.

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

($ in millions)	As of ~~March~~June 3130, 2025		As of December 31, 2024
Ending gross reserves
Property & Casualty	$	~~416~~419.78	$	420.6
Group Benefits	~~109~~113.02		104.9
Total short-duration insurance contracts	~~525~~533.70		525.5
Other than short-duration(1)	5143.46		43.7
Total unpaid claims and claims expenses	$	~~577~~576.16	$	569.2

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

Note 5 - Long-Duration Insurance Contracts

Liability for Future Policy Benefits

As of and for the three and six months ended ~~March~~June 3130, 2025 and 2024, the Company updated the net premium ratio when updating for actual historical experience for the quarter; future cash flow assumptions were reviewed but not changed.

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

Horace Mann Educators Corporation 1920 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The balances of and changes in LFPB as of and for the three months ended ~~March~~June 3130, 2025 were as follows:

($ in millions)
	Whole Life		Term Life		ExperienceLife(1)		Limited-Pay Whole Life		SupplementalHealth(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at January 1, 2025	$	229.1	$	245.9	$	66.6	$	34.2	$	179.9	$	—
Balance at April 1, 2025	$	231.0	$	249.6	$	64.9	$	34.0	$	182.6	$	—
January 1, 2025 balance at original discount rate	263.2		271.2		65.4		36.8		214.6		—
April 1, 2025 balance at original discount rate	262.0		271.0		63.1		36.2		214.6		—
Effect of:
Change in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	(01.6)9		(20.5)		(13.6)2		(0.3)1		~~(1.5)~~—		—
Adjusted balance at January 1, 2025	262.6		268.7		63.8		36.5		213.1		—
Adjusted balance at April 1, 2025	263.9		271.5		66.3		36.3		214.6		—
Issuances(3)	23.54		5.89		—		0.5		6.16		0.67
Interest accruals(4)	2.01		2.8		0.9		0.43		1.78		—
Net premiums collected(5)	(54.17)		(6.39)		(1.68)		(1.20)		(6.34)		(0.67)
March 31, 2025 balance at original discount rate	262.0		271.0		63.1		36.2		214.6		—
June 30, 2025 balance at original discount rate	264.7		273.3		65.4		36.1		216.6		—
Effect of changes in discount rate assumptions	(3130.03)		(2120.41)		12.82		(21.29)		(3230.04)		—
Balance at March 31, 2025	231.0		249.6		64.9		34.0		182.6		—
Balance at June 30, 2025	234.4		253.2		67.6		34.2		186.2		—
Present value of expected future policy benefits:
Balance at January 1, 2025	504.3		377.8		813.2		86.2		383.4		97.3
Balance at April 1, 2025	510.7		387.9		814.8		87.7		385.6		97.2
January 1, 2025 balance at original discount rate	617.4		433.2		782.8		114.3		482.8		107.3
April 1, 2025 balance at original discount rate	618.2		437.3		776.3		115.1		480.1		106.0
Effect of:
Changes in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	(13.1)		(30.2)6		(25.2)4		(0.4)3		(2.1.0)		(0.2)
Adjusted balance at January 1, 2025	616.3		430.0		780.6		113.9		480.7		107.1
Adjusted balance at April 1, 2025	621.3		437.9		781.7		115.4		479.1		106.2
Issuances	23.45		5.9		—		0.5		6.16		0.67
Interest accruals	5.2		4.3		11.5		1.1		3.5		1.01
Benefit payments(6)	(5.7.9)		(25.97)		(1521.84)		(0.46)		(1012.24)		(2.78)
March 31, 2025 balance at original discount rate	618.2		437.3		776.3		115.1		480.1		106.0
June 30, 2025 balance at original discount rate	622.1		442.4		771.8		116.4		476.8		105.2
Effect of changes in discount rate assumptions	(~~107~~108.51)		(4948.42)		38.59		(27.46)		(9492.51)		(8.81)
Balance at March 31, 2025	510.7		387.9		814.8		87.7		385.6		97.2
Balance at June 30, 2025	514.0		394.2		810.7		88.8		384.7		97.1
Net liability for future policy benefits	279.75		~~138~~141.40		~~749~~743.91		5354.76		~~203~~198.05		97.21
Less: Reinsurance recoverable	(60.71)		(20.74)		(0.98)		(1.45)		(4.32)		(3.67)
Net liability for future policy benefits, after reinsurance recoverable	219.04		~~117~~120.76		~~749~~742.03		5253.31		~~198~~194.73		93.64
Impact of flooring on net liability for future policy benefits	—		~~0.2~~—		—		—		—		—
Net liability for future policy benefits at March 31, 2025	$	219.0	$	117.9	$	749.0	$	52.3	$	198.7	$	93.6
Net liability for future policy benefits at June 30, 2025	$	219.4	$	120.6	$	742.3	$	53.1	$	194.3	$	93.4

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

(2) As of ~~March~~June 3130, 2025, the net LFPB for Supplemental Health was $7269.14 million for cancer, $18.76 million for accident, $2122.81 million for disability and $8684.12 million for other supplemental health policies.

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

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

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

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

Horace Mann Educators Corporation 2021 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

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


($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at January 1, 2025	$	229.1	$	245.9	$	66.6	$	34.2	$	179.9	$	—
January 1, 2025 balance at original discount rate	263.2		271.2		65.4		36.8		214.6		—
Effect of:
Change in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	1.3		(2.0)		1.6		(0.2)		(1.5)		—
Adjusted balance at January 1, 2025	264.5		269.2		67.0		36.6		213.1		—
Issuances(3)	5.9		11.7		—		1.0		12.7		1.3
Interest accruals(4)	4.1		5.6		1.8		0.7		3.5		—
Net premiums collected(5)	(9.8)		(13.2)		(3.4)		(2.2)		(12.7)		(1.3)
June 30, 2025 balance at original discount rate	264.7		273.3		65.4		36.1		216.6		—
Effect of changes in discount rate assumptions	(30.3)		(20.1)		2.2		(1.9)		(30.4)		—
Balance at June 30, 2025	234.4		253.2		67.6		34.2		186.2		—

Present value of expected future policy benefits:
Balance at January 1, 2025	504.3		377.8		813.2		86.2		383.4		97.3
January 1, 2025 balance at original discount rate	617.4		433.2		782.8		114.3		482.8		107.3
Effect of:
Changes in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	2.0		(2.6)		3.2		(0.1)		(3.1)		—
Adjusted balance at January 1, 2025	619.4		430.6		786.0		114.2		479.7		107.3
Issuances	5.9		11.8		—		1.0		12.7		1.3
Interest accruals	10.4		8.6		23.0		2.2		7.0		2.1
Benefit payments(6)	(13.6)		(8.6)		(37.2)		(1.0)		(22.6)		(5.5)
June 30, 2025 balance at original discount rate	622.1		442.4		771.8		116.4		476.8		105.2
Effect of changes in discount rate assumptions	(108.1)		(48.2)		38.9		(27.6)		(92.1)		(8.1)
Balance at June 30, 2025	514.0		394.2		810.7		88.8		384.7		97.1
Net liability for future policy benefits	279.5		141.0		743.1		54.6		198.5		97.1
Less: Reinsurance recoverable	(60.1)		(20.4)		(0.8)		(1.5)		(4.2)		(3.7)
Net liability for future policy benefits, after reinsurance recoverable	219.4		120.6		742.3		53.1		194.3		93.4
Impact of flooring on net liability for future policy benefits	—		—		—		—		—		—
Net liability for future policy benefits at June 30, 2025	$	219.4	$	120.6	$	742.3	$	53.1	$	194.3	$	93.4

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

(2) As of June 30, 2025, the net LFPB for Supplemental Health was $69.4 million for cancer, $18.6 million for accident, $22.1 million for disability and $84.2 million for other supplemental health policies.

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

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


Horace Mann Educators Corporation			22			Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The balances of and changes in LFPB as of and for the year ended December 31, 2024 were as follows:


($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at January 1, 2024	$	223.2	$	240.0	$	71.7	$	32.2	$	182.0	$	—
January 1, 2024 balance at original discount rate	247.1		256.6		67.0		33.9		213.4		—
Effect of:
Change in cash flow assumptions	13.8		4.6		1.5		2.2		(5.2)		—
Actual variances from expected experience	3.2		(0.5)		—		—		2.9		—
Adjusted balance at January 1, 2024	264.1		260.7		68.5		36.1		211.1		—
Issuances(3)	12.6		25.2		—		4.0		20.9		2.8
Interest accruals(4)	7.6		10.7		3.7		1.4		6.8		—
Net premiums collected(5)	(21.1)		(25.4)		(6.8)		(4.7)		(24.2)		(2.8)
December 31, 2024 balance at original discount rate	263.2		271.2		65.4		36.8		214.6		—
Effect of changes in discount rate assumptions	(34.1)		(25.3)		1.2		(2.6)		(34.7)		—
Balance at December 31, 2024	229.1		245.9		66.6		34.2		179.9		—

Present value of expected future policy benefits:
Balance at January 1, 2024	522.0		370.1		883.0		89.6		427.6		104.2
January 1, 2024 balance at original discount rate	592.1		405.4		797.5		105.6		517.9		111.4
Effect of:
Changes in cash flow assumptions	13.7		5.6		2.2		2.4		(6.5)		—
Actual variances from expected experience	3.4		(1.0)		0.2		—		2.5		0.2
Adjusted balance at January 1, 2024	609.2		410.0		799.9		108.0		513.9		111.6
Issuances	12.6		25.5		—		4.0		20.9		2.8
Interest accruals	19.8		16.1		46.7		4.2		14.4		4.3
Benefit payments(6)	(24.2)		(18.4)		(63.8)		(1.9)		(66.4)		(11.4)
December 31, 2024 balance at original discount rate	617.4		433.2		782.8		114.3		482.8		107.3
Effect of changes in discount rate assumptions	(113.1)		(55.4)		30.4		(28.1)		(99.4)		(10.0)
Balance at December 31, 2024	504.3		377.8		813.2		86.2		383.4		97.3
Net liability for future policy benefits	275.2		131.8		746.6		52.1		203.5		97.3
Less: Reinsurance recoverable	(60.2)		(19.3)		(0.9)		(1.4)		(4.7)		(3.5)
Net liability for future policy benefits, after reinsurance recoverable	215.0		112.5		745.7		50.7		198.8		93.8
Impact of flooring on net liability for future policy benefits	—		—		—		—		—		—
Net liability for future policy benefits at December 31, 2024	$	215.0	$	112.5	$	745.7	$	50.7	$	198.8	$	93.8

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

(2) As of December 31, 2024, the net LFPB for Supplemental Health was $72.2 million for cancer, $18.8 million for accident, $21.4 million for disability and $86.4 million for other supplemental health policies.

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

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

Horace Mann Educators Corporation 2123 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The following table reconciles the net LFPB to LFPB in the Consolidated Balance Sheets. DPL for single premium and immediate annuity products is presented together with LFPB in the Consolidated Balance Sheets:

($ in millions)	~~March~~June 3130, 2025		December 31, 2024
Whole life	$	279.75	$	275.2
Term life	~~138~~141.40		131.8
Experience life	~~749~~743.91		746.6
Limited-pay whole life	5354.76		52.1
Supplemental health	~~203~~198.05		203.5
SPIA (life contingent)	97.21		97.3
Limited-pay whole life DPL	5.5		5.2
SPIA (life contingent) DPL	1.45		1.5
Reconciling items(1)	~~106~~103.97		109.6
Total	$	1,~~635~~624.74	$	1,622.8

(1) Reconciling items primarily relate to products not in scope of ASU 2018-12 and return of premium reserves.

The following table summarizes the amount of revenue and interest related to traditional and limited-payment contracts recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss):

($ in millions)	Gross premiums or assessments				~~Gross premiums or assessments~~	Gross premiums or assessments
					Three Months Ended March 31,
	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		~~2025~~		2024		~~2024~~
Whole life	$	7.4	$	6.9		$	14.4	$	~~7.0~~	$	13.8	$	~~6.9~~
Term life	11.1		11.0			22.8		~~11.7~~		22.2		~~11.2~~
Experience life	7.3		7.7			14.7		~~7.4~~		15.4		~~7.7~~
Limited-pay whole life	1.6		1.6			3.4		~~1.8~~		3.4		~~1.8~~
Supplemental health	31.2		30.0			62.1		~~30.9~~		60.4		~~30.4~~
SPIA (life contingent)	0.7		0.5			1.3		~~0.6~~		1.7		~~1.2~~
Total	$	59.3	$	57.7		$	118.7	$	~~59.4~~	$	116.9	$	~~59.2~~

($ in millions)	Interest expense		~~Interest expense~~		Interest expense
			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Whole life	$	3.2	$	3.0	$	36.13	$	36.0
Term life	1.5		1.3		12.49		12.36
Experience life	10.5		10.8		1021.61		1021.86
Limited-pay whole life	0.7		0.7		01.85		01.74
Supplemental health	1.7		1.9		13.85		23.09
SPIA (life contingent)	1.0		1.1		12.1		12.12
Total	$	18.6	$	18.8	$	1837.84	$	1837.97

Horace Mann Educators Corporation 2224 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for traditional and limited-payment contracts:

($ in millions)	As of ~~March~~June 3130, 2025				As ofDecember 31, 2024
	Undiscounted		Discounted		Undiscounted		Discounted
Whole life
Expected future gross premiums	$	~~525~~526.64	$	~~350~~353.71	$	524.0	$	350.5
Expected future benefits and expenses	1,~~279~~283.82		~~618~~622.21		1,272.9		617.4
Term life
Expected future gross premiums	~~715~~720.48		~~464~~467.87		712.1		464.2
Expected future benefits and expenses	~~745~~755.15		~~437~~442.35		736.2		433.2
Experience Life
Expected future gross premiums	~~487~~477.5		~~273~~268.86		497.8		279.3
Expected future benefits and expenses	1,~~619~~602.8		~~776~~771.38		1,639.0		782.8
Limited-pay whole life
Expected future gross premiums	72.67		5354.91		73.6		54.7
Expected future benefits and expenses	~~309~~312.0		~~115~~116.14		307.2		114.3
Supplemental health
Expected future gross premiums	1,~~589~~606.63		1,~~158~~165.63		1,595.3		1,165.4
Expected future benefits and expenses	~~683~~686.72		~~480~~476.18		684.6		482.8
SPIA (life contingent)
Expected future gross premiums	—		—		—		—
Expected future benefits and expenses	~~148~~147.87		~~106~~105.02		150.7		107.3

For the ~~three~~six months ended ~~March~~June 3130, 2025 and for the year ended December 31, 2024, net premiums exceeded gross premiums for several cohorts in the Whole Life and Term Life product lines. This resulted in an immaterial change to current period benefit expense for both periods.

The following table summarizes the ranges of actual experience and expected experience for mortality and lapses of LFPB:

	March 31, 2025
	June 30, 2025
	Whole Life		Term Life	Experience Life		Limited-Pay Whole Life		Supplemental Health		SPIA (life contingent)
Mortality / Morbidity
Actual experience	1.0.9	%	0.1% - 0.14%	21.39	%	0.42	%	4137.96	%	N.M.
Expected experience	0.8	%	0.1% - 0.59%	1.9	%	0.3	%	26.89	%	N.M.
Lapses
Actual experience	3.13	%	23.67% - 310.81%	3.36	%	3.84	%	1311.90	%	N.M.
Expected experience	3.78	%	5.01% - 59.16%	3.0	%	4.0	%	14.0	%	N.M.
	March 31, 2024
	June 30, 2024
	Whole Life		Term Life	Experience Life		Limited-Pay Whole Life		Supplemental Health		SPIA (life contingent)
Mortality / Morbidity
Actual experience	0.7	%	0.1% - 0.23%	2.1.9	%	—0.2	%	3935.96	%	N.M.
Expected experience	0.7	%	0.1% - 0.48%	1.7	%	0.3	%	26.3	%	N.M.
Lapses
Actual experience	32.49	%	3.67% - 2228.06%	3.40	%	3.65	%	129.08	%	N.M.
Expected experience	4.34	%	5.14% - 612.98%	3.0	%	4.67	%	13.8	%	N.M.

Horace Mann Educators Corporation 2325 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The following table provides the weighted-average durations of LFPB, in years:

	As of March 31,
	As of June 30,
	2025	2024
Whole life	19.54	17.98
Term life	15.8	16.6
Experience life	10.0	10.3
Limited-pay whole life	24.51	21.97
Supplemental health	11.46	1011.80
SPIA (life contingent)	7.5	7.6

The following table provides ranges of the weighted-average interest rates for LFPB:

	As of March 31,
	As of June 30,
	2025		2024
Whole life
Interest accretion rate	1.7% - 4.8%		1.7% - 4.9%
Current discount rate	4.9% - 5.7%		4.68% - 5.46%
Term life
Interest accretion rate	4.12% - 4.2%		4.2% - 4.2%
Current discount rate	5.43% - 5.4%		5.24% - 5.35%
Experience life
Interest accretion rate	6.1	%	6.1	%
Current discount rate	5.5	%	5.36	%
Limited-pay whole life
Interest accretion rate	4.0	%	4.0	%
Current discount rate	5.8	%	5.47	%
Supplemental health
Interest accretion rate	1.7% - 2.8%		1.7% - 2.7%
Current discount rate	5.5% - 5.7%		5.36% - 5.47%
SPIA (life contingent)
Interest accretion rate	1.7% - 4.1%		1.7% - 4.1%
Current discount rate	5.32% - 5.3%		5.24% - 5.25%

Horace Mann Educators Corporation 2426 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

Liability for Policyholders' Account Balances

The Company recognizes a liability for policyholders' account balances. The following tables summarize balances of and changes in policyholders' account balances:

($ in millions)	Three Months Ended ~~March~~June 3130, 2025
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at January 1, 2025	$	72.9		$	58.0		$	4,508.4		$	409.5		$	28.6
Balance at April 1, 2025	$	78.2		$	57.4		$	4,495.9		$	399.7		$	28.3
Premiums received(1)	$	64.09		$	(0.2)		$	4346.46		$	43.24		$	0.68
Surrenders and withdrawals(2)	(0.4)			(01.80)			(8980.28)			(1311.2)			~~(0.2)~~—
Benefit payments(3)	—			(0.34)			(21.84)			(10.7)			(1.21)
Net transfers from (to) separate account	(0.1)			—			128.02			(0.24)			—
Interest credited(4)	1.0.8			0.7			4240.79			32.48			0.32
Other	(1.21)			—			05.47			(25.30)			(0.23)
Balance at March 31, 2025	$	78.2		$	57.4		$	4,495.9		$	399.7		$	28.3
Balance at June 30, 2025	$	82.3		$	56.5		$	4,495.1		$	388.6		$	27.9
Weighted-average crediting rate	54.31		%	45.90		%	3.97		%	32.59		%	4.2.9		%
Net amount at risk(5)	$	—		$	—		$	3124.87		$	—		$	—
Cash surrender value	$	5962.34		$	5655.89		$	4,~~447~~448.47		$	~~393~~382.17		$	2827.06
($ in millions)	Three Months Ended ~~March~~June 3130, 2024
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at January 1, 2024	$	57.8		$	61.2		$	4,556.0		$	449.0		$	32.6
Balance at April 1, 2024	$	61.0		$	60.1		$	4,519.9		$	437.4		$	31.6
Premiums received(1)	$	34.9		$	(0.12)		$	4942.08		$	34.61		$	0.81
Surrenders and withdrawals(2)	(0.53)			(10.38)			(~~112~~86.24)			(13.35)			(0.63)
Benefit payments(3)	—			(0.54)			(2016.63)			(0.8)			(1.43)
Net transfers from (to) separate account	~~(0.1)~~—			—			16.93			(0.86)			—
Interest credited(4)	0.8			0.78			41.73			23.72			0.23
Other	(01.92)			(0.1)			4.1.9			(3.02)			—
Balance at March 31, 2024	$	61.0		$	60.1		$	4,519.9		$	437.4		$	31.6
Balance at June 30, 2024	$	65.2		$	59.4		$	4,509.5		$	426.6		$	30.4
Weighted-average crediting rate	5.62		%	45.95		%	3.7		%	23.50		%	3.19		%
Net amount at risk(5)	$	—		$	—		$	3230.09		$	—		$	—
Cash surrender value	$	4347.31		$	5958.58		$	4,~~468~~466.23		$	428.4		$	31.4

(1) Premiums received represents premiums collected from policyholder during the period of in force business.

(2) Surrenders and withdrawals represent reductions to the policyholders' account balance due to policyholders surrendering the policy or withdrawing funds from the account balance.

(3) Benefit payments represent benefits due under contract that were paid to a policyholder during the periods.

(4) Interest credited represents interest earned and credited to policyholders' account balance during the periods.

(5) Net amount at risk represents guaranteed benefit amounts less current policyholders' account balance at the reporting date.

Horace Mann Educators Corporation 2527 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)


($ in millions)	Six Months Ended June 30, 2025
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at January 1, 2025	$	72.9		$	58.0		$	4,508.4		$	409.5		$	28.6
Premiums received(1)	$	10.9		$	(0.4)		$	90.0		$	7.6		$	1.4
Surrenders and withdrawals(2)	(0.8)			(1.8)			(170.0)			(24.4)			(0.2)
Benefit payments(3)	—			(0.7)			(43.2)			(2.4)			(2.3)
Net transfers from (to) separate account	(0.2)			—			20.2			(0.6)			—
Interest credited(4)	1.8			1.4			83.6			6.2			0.5
Other	(2.3)			—			6.1			(7.3)			(0.1)
Balance at June 30, 2025	$	82.3		$	56.5		$	4,495.1		$	388.6		$	27.9
Weighted-average crediting rate	4.8		%	5.0		%	3.8		%	3.2		%	3.7		%
Net amount at risk(5)	$	—		$	—		$	24.7		$	—		$	—
Cash surrender value	$	62.4		$	55.9		$	4,448.7		$	382.7		$	27.6

($ in millions)	Six Months Ended June 30, 2024
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at January 1, 2024	$	57.8		$	61.2		$	4,556.0		$	449.0		$	32.6
Premiums received(1)	$	8.8		$	(0.3)		$	91.8		$	7.7		$	0.9
Surrenders and withdrawals(2)	(0.8)			(2.1)			(198.6)			(26.8)			(0.9)
Benefit payments(3)	—			(0.9)			(36.9)			(1.6)			(2.7)
Net transfers from (to) separate account	(0.1)			—			8.2			(1.4)			—
Interest credited(4)	1.6			1.5			83.0			5.9			0.5
Other	(2.1)			—			6.0			(6.2)			—
Balance at June 30, 2024	$	65.2		$	59.4		$	4,509.5		$	426.6		$	30.4
Weighted-average crediting rate	5.4		%	5.0		%	3.7		%	2.7		%	3.1		%
Net amount at risk(5)	$	—		$	—		$	30.9		$	—		$	—
Cash surrender value	$	47.1		$	58.8		$	4,466.3		$	428.4		$	31.4

(1) Premiums received represents premiums collected from policyholder during the period of in force business.

(2) Surrenders and withdrawals represent reductions to the policyholders' account balance due to policyholders surrendering the policy or withdrawing funds from the account balance.

(3) Benefit payments represent benefits due under contract that were paid to a policyholder during the periods.

(4) Interest credited represents interest earned and credited to policyholders' account balance during the periods.

(5) Net amount at risk represents guaranteed benefit amounts less current policyholders' account balance at the reporting date.


Horace Mann Educators Corporation			28			Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The following table reconciles policyholders' account balances to the policyholders' account balance liability in the Consolidated Balances Sheets:

($ in millions)	~~March~~June 3130, 2025		December 31, 2024
Indexed universal life	$	7882.23	$	72.9
Experience Life	5756.45		58.0
Fixed account annuities	4,495.91		4,508.4
Fixed indexed account annuities	~~399~~388.76		409.5
SPIA (non-life contingent)	2827.39		28.6
Reconciling items(1)	2026.10		22.9
Total	$	5,~~079~~076.64	$	5,100.3

(1) Reconciling items primarily relate to FIA reserves net of account balances, miscellaneous fixed annuity reserves, personal promise accounts and MRBs.

The following tables present the gross account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

($ in millions)	~~March~~June 3130, 2025
	At Guaranteed Minimum		1-50 Basis Points Above		51-150 Basis Points Above		Greater Than 150 Basis Points Above		Total(1)
Guaranteed minimum crediting rates:
Less than 2%	$	119.24	$	2412.68	$	~~375~~367.2	$	~~367~~380.42	$	~~778~~769.46
Equal to 2% but less than 3%	8281.52		~~129~~149.9		~~117~~109.94		~~146~~164.63		~~476~~504.98
Equal to 3% but less than 4%	~~571~~562.64		119.7		1314.70		52.04		~~649~~638.05
Equal to 4% but less than 5%	2,~~584~~575.08		—		—		—		2,~~584~~575.08
5% or higher	8180.04		—		—		—		8180.04
Total	$	3,~~330~~309.32	$	~~166~~172.24	$	~~506~~490.86	$	~~566~~596.09	$	4,569.31
($ in millions)	December 31, 2024
	At Guaranteed Minimum		1-50 Basis Points Above		51-150 Basis Points Above		Greater Than 150 Basis Points Above		Total(1)
Guaranteed minimum crediting rates:
Less than 2%	$	15.9	$	77.3	$	400.4	$	304.0	$	797.6
Equal to 2% but less than 3%	94.5		122.2		97.9		134.8		449.4
Equal to 3% but less than 4%	545.6		43.3		13.3		51.2		653.4
Equal to 4% but less than 5%	2,600.0		—		—		—		2,600.0
5% or higher	81.8		—		—		—		81.8
Total	$	3,337.8	$	242.8	$	511.6	$	490.0	$	4,582.2

(1) Excludes products not containing a fixed guaranteed minimum crediting rate.

Separate Account Liabilities

Separate account assets and liabilities consist of investment accounts established and maintained by the Company for certain variable contracts. Some of these variable contracts include minimum guarantees such as GMDBs that guarantee a minimum payment to the policyholder in the event of death.

The assets that support variable contracts are measured at fair value and are reported as separate account assets on the Consolidated Balance Sheets. An equivalent amount is reported as separate account liabilities. MRB assets and liabilities for minimum guarantees are valued and presented separately from separate account assets and separate account liabilities. MRBs are discussed further in the market risk benefits section of this Note to the Consolidated Financial Statements. Policy charges assessed against the policyholders for mortality,

Horace Mann Educators Corporation 2629 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

administration and other services are included in the life premiums and contract charges line item on the Consolidated Statements of Operations and Comprehensive Income (Loss).

The following table presents the balances of and changes in the Separate Account variable annuity liabilities presented in the Consolidated Balance Sheets(1):

($ in millions)	Retirement Services
	Variable Account Annuities
	March 31, 2025		December 31, 2024
	June 30, 2025		December 31, 2024
Balance, beginning of year	$	3,708.8	$	3,294.1
Deposits	70137.4		266.2
Withdrawals	(76146.4)		(290.3)
Net transfers	(1119.76)		(21.1)
Fees and charges	(1327.60)		(53.3)
Market appreciation (depreciation)	~~(109~~210.2)1		513.2
Other	—		—
Balance, end of period	$	3,~~568~~863.3	$	3,708.8

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

Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with deferred variable annuities as of and for the three and six months ended ~~March~~June 3130, 2025 and 2024, respectively:

($ in millions)	Three Months EndedJune 30,		~~Three Months EndedMarch 31,~~		Six Months EndedJune 30,
	2025		2024		2025		2024
Balance, beginning of period	$	(5.2)	$	(6.3)	$	(6.8)	$	(3.9)
Balance, beginning of period, before effects of changes in the instrument-specific credit risk	(6.0)		(6.8)		(7.4)		(4.5)
Changes in market risk benefits(1)	(1.0)		—		10.4		(2.3)
Balance, end of period(2)	$	(7.0)	$	(6.8)	$	(67.0)	$	(6.8)
Effect of changes in the instrument-specific credit risk	0.3		0.6		0.83		0.56
Balance, end of period	$	(6.7)	$	(6.2)	$	(56.27)	$	(6.32)
Net amount at risk(3)	$	13.8	$	16.5	$	1913.48	$	16.65
Weighted-average attained age of contract holders	62		63		6362		62

(1) Reflects interest accruals and effect of changes in interest rates, equity markets, equity index volatility and future assumptions.

(2) Balance, end of period, before the effect of changes in the instrument-specific credit risk.

(3) Net amount at risk represents the current guaranteed benefit less current account balance at the reporting date.

The following table presents MRBs by amounts in an asset position and amounts in a liability position. The net liabilities (assets) are included in Policyholders' account balances presented in the Consolidated Balance Sheets.

($ in millions)	As of ~~March~~June 3130, 2025						As of December 31, 2024
	(Asset)		Liability		Net		(Asset)		Liability		Net
Deferred variable annuities	$	(78.7)	$	2.50	$	(56.27)	$	(8.8)	$	2.0	$	(6.8)

Horace Mann Educators Corporation 2730 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

Deferred Acquisition Costs

The following tables roll-forward DAC for the periods indicated:

($ in millions)	Three Months Ended ~~March~~June 3130, 2025
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	2324.81	$	34.25	$	5.54	$	8.0	$	19.28	$	1011.62	$	~~211~~210.4
Capitalizations	0.68		1.20		—0.1		0.12		0.8		1.01		3.62
Amortization expense	(0.3)		(0.97)		(0.1)		(0.1)		(0.23)		(0.32)		(43.09)
Experience adjustment	—		—		—		—		—		~~(0.1)~~—		(0.63)
Balance, end of period	$	24.16	$	34.58	$	5.4	$	8.01	$	1920.83	$	1112.21	$	~~210~~209.4
($ in millions)	Three Months Ended ~~March~~June 3130, 2024
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	22.36	$	32.69	$	5.7	$	7.45	$	1617.81	$	8.27	$	~~214~~212.09
Capitalizations	0.7		1.24		~~0.1~~—		0.23		0.79		0.8		34.91
Amortization expense	(0.3)		(0.98)		(0.1)		(0.1)		(0.32)		(0.2)		(34.72)
Experience adjustment	~~(0.1)~~—		—		—		—		~~(0.1)~~—		~~(0.1)~~—		(10.34)
Balance, end of period	$	2223.60	$	3233.95	$	5.76	$	7.57	$	17.18	$	89.73	$	212.94


($ in millions)	Six Months Ended June 30, 2025
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	23.8	$	34.2	$	5.5	$	8.0	$	19.2	$	10.6	$	211.4
Capitalizations	1.4		2.2		0.1		0.3		1.6		2.1		6.8
Amortization expense	(0.6)		(1.6)		(0.2)		(0.2)		(0.5)		(0.5)		(7.9)
Experience adjustment	—		—		—		—		—		(0.1)		(0.9)
Balance, end of period	$	24.6	$	34.8	$	5.4	$	8.1	$	20.3	$	12.1	$	209.4

($ in millions)	Six Months Ended June 30, 2024
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	22.3	$	32.6	$	5.7	$	7.4	$	16.8	$	8.2	$	214.0
Capitalizations	1.4		2.6		0.1		0.5		1.6		1.6		8.0
Amortization expense	(0.6)		(1.7)		(0.2)		(0.2)		(0.5)		(0.4)		(7.9)
Experience adjustment	(0.1)		—		—		—		(0.1)		(0.1)		(1.7)
Balance, end of period	$	23.0	$	33.5	$	5.6	$	7.7	$	17.8	$	9.3	$	212.4


Horace Mann Educators Corporation			31			Second Quarter 2025 Form 10-Q

NOTE 5 - Long-Duration Insurance Contracts (continued)

The following table presents a reconciliation of DAC to the Consolidated Balance Sheets:

($ in millions)	~~March~~June 3130, 2025		December 31, 2024
Whole life	$	24.16	$	23.8
Term life	34.58		34.2
Experience life	5.4		5.5
Limited pay whole life	8.01		8.0
Indexed universal life	1920.83		19.2
Supplemental health	1112.21		10.6
Total annuities	~~210~~209.4		211.4
Reconciling item(1)	3536.87		34.5
Total	$	~~349~~351.24	$	347.2

(1) Reconciling item relates to DAC associated with the Property & Casualty reporting segment.

The assumptions used to amortize DAC were consistent with the assumptions used to estimate LFPB for traditional and limited-payment contracts. The underlying assumptions for DAC and LFPB were updated at the same time.

In the ~~first~~second quarter of 2025 and 2024, the Company conducted a review of all significant assumptions and did not make any changes to future assumptions because actual experience for mortality and lapses was materially consistent with underlying assumptions.

Horace Mann Educators Corporation 2832 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 6 - Reinsurance

The Company recognizes the cost of reinsurance premiums over the contract periods for such premiums in proportion to the insurance protection provided. Amounts recoverable from reinsurers for unpaid claims and claim settlement expenses, including estimated amounts for unsettled claims, claims incurred but not yet reported and policy benefits, are estimated in a manner consistent with the insurance liability associated with the policy. The effects of reinsurance on net premiums written and contract deposits; net premiums and contract charges earned; and benefits, claims and settlement expenses were as follows:

($ in millions)	DirectAmount		Ceded toOtherCompanies		Assumedfrom OtherCompanies		NetAmount
Three months ended March 31, 2025(1)
Three months ended June 30, 2025(1)
Net premiums written and contract deposits(2)	$	~~402~~427.49	$	15.14	$	56.93	$	~~393~~418.28
Net premiums and contract charges earned	~~306~~311.79		1415.43		6.0		~~298~~302.36
Benefits, claims and settlement expenses	~~189~~192.61		11.0		42.64		183.25
Three months ended March 31, 2024
Three months ended June 30, 2024
Net premiums written and contract deposits(2)	$	~~386~~413.48	$	18.1	$	7.38	$	~~375~~403.65
Net premiums and contract charges earned	~~288~~293.01		19.8		7.06		~~275~~280.29
Benefits, claims and settlement expenses	~~186~~213.90		1410.62		4.05		~~176~~207.3
Six months ended June 30, 2025(1)
Net premiums written and contract deposits(2)	$	830.3	$	30.5	$	12.2	$	812.0
Net premiums and contract charges earned	618.6		29.7		12.0		600.9
Benefits, claims and settlement expenses	381.7		22.0		7.0		366.7
Six months ended June 30, 2024
Net premiums written and contract deposits(2)	$	800.2	$	36.2	$	15.1	$	779.1
Net premiums and contract charges earned	581.1		39.6		14.6		556.1
Benefits, claims and settlement expenses	399.9		24.8		8.5		383.6

(1) Direct amount is net of the annuity reinsurance transaction accounted for using the deposit method.

(2) This measure is not based on accounting principles generally accepted in the United States of America (non-GAAP). An explanation of this non-GAAP measure is contained in the Glossary of Selected Terms included as Exhibit 99.1 in the Company's reports filed with the SEC.

Horace Mann Educators Corporation 2933 ~~First~~Second Quarter 2025 Form 10-Q

Note 7 - Segment Information

The Company conducts and manages its business through four reporting segments. The three reporting segments representing the major lines of business are: (1) Property & Casualty (primarily personal lines of auto and property insurance products), (2) Life & Retirement (primarily tax-qualified fixed and variable annuities as well as life insurance products), and (3) Supplemental & Group Benefits (primarily cancer, heart, hospital, supplemental disability, accident, short-term and long-term group disability, and group term life coverages). The Company does not allocate the impact of corporate-level transactions to these reporting segments, consistent with the basis for management's evaluation of the results of those reporting segments, but classifies those items in the fourth reporting segment, Corporate & Other. Corporate & Other includes corporate debt service, net investment gains (losses) and certain public company expenses, as well as corporate debt retirement costs, when applicable. In addition to these transactions, Corporate & Other also includes legacy commercial claims.

The accounting policies of the reporting segments are the same as those described in Note 1-Basis of Presentation and Significant Accounting Policies. Expense allocations are based on certain assumptions and estimates primarily related to direct cost, revenue and activity; methodologies are applied consistently. Stated segment operating results would change if different methods were applied.

The Company’s Chief Operating Officer is the chief operating decision maker (CODM), responsible for reviewing financial performance and making decisions regarding the allocation of resources for the reporting segments. The Company measures and analyzes segment performance based on core earnings which differs from total income as presented in our consolidated statements of operations due to excluding the after-tax impact of net investment gains (losses), discontinued operations, the after-tax impact of goodwill and intangible asset impairments, other non-recurring or infrequent items and the cumulative effect of changes in accounting principles when applicable, and for the period ended June 30, 2025, the impacts of the immaterial correction of the prior period error discussed in Note 1. We believe core earnings is a better performance measure and indicator of the profitability and underlying trends in our business. The CODM considers actual-to-budget variances in core earnings on a monthly basis when making decisions about allocating capital and personnel to segments and evaluating product pricing.

Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the three months ended June 30, 2025, is as follows:

March 31, 2025	Property & Casualty		Life & Retirement		Supplemental & Group Benefits		Corporate & Other*		Totals
	Property & Casualty		Life & Retirement		Supplemental & Group Benefits		Corporate & Other*		Totals
($ in millions)
Net premiums and contract charges earned	$	~~192~~197.73	$	3839.56	$	6765.17	$	—	$	~~298~~302.36
Net investment income	11.7		89.1		9.4		5.7		115.9
Net investment income(1)	14.9		97.2		10.6		(1.6)		121.1
Other segment income	10.37		4.89		(1.19)		0.5		54.52
Total segment revenues	$	~~205~~212.79	$	~~132~~141.47	$	7574.4	$	6(1.21)	$	~~419~~427.79
Benefits and claims expenses (excluding catastrophe losses)	$	8589.6	$	3625.62	$	2622.9	$	—	$	~~149~~137.17
Catastrophe losses	1629.47		—		—		—		1629.47
Loss adjustment expenses	1617.31		—		—		—		1617.31
Interest credited	—		51.65		1.2		—		52.87
Operating & admin expenses	33.4		2324.90		1721.31		2.3.7		7682.92
Commissions expense	16.95		9.78		11.32		—		37.95
Taxes, licenses and fees	46.91		01.94		1.47		0.21		79.43
Deferred policy acquisition costs	(24.37)		(6.1)		(1.02)		—		(3132.40)
Deferred policy acquisition cost amortization	23.19		65.07		0.54		—		29.69
Interest expense	—		—		—		8.96		8.96
Total segment expenses	$	~~172~~191.36	$	~~122~~111.75	$	57.63	$	1112.4	$	~~364~~372.08
Pretax profit (loss)	$	3321.43	$	930.72	$	17.81	$	(513.25)	$	55.71
Income tax expense	64.68		15.86		3.87		(13.2)		1110.09
Segment profit (loss) (Core earnings)	2616.85		724.96		1413.04		(410.03)		44.72
Net investment losses (after-tax)	—		—		—		(24.6)7		(24.6)7
Change in MRB (after-tax)	—		(1.1)		—		—		(1.1)
Non-core income adjustments (after-tax)(1)	—		4.6		5.5		—		10.1
Intangible asset amortization (after-tax)	—		—		(2.8)		—		(2.8)
Net income	$	16.5	$	20.0	$	7.9	$	(15.0)	$	29.4
Net income	$	26.8	$	6.8	$	11.2	$	(6.6)	$	38.2

*-Corporate & Other is net of intersegment eliminations.

Horace Mann Educators Corporation 3034 ~~First~~Second Quarter 2025 Form 10-Q

NOTE 7 - Segment Information (continued)

March 31, 2024	Property & Casualty		Life & Retirement		Supplemental & Group Benefits		Corporate & Other*		Totals
($ in millions)
Net premiums and contract charges earned	$	173.2	$	37.8	$	64.2	$	—	$	275.2
Net investment income	12.3		85.8		7.8		(0.5)		105.4
Other segment income	0.7		4.8		(3.0)		0.7		3.2
Total segment revenues	$	186.2	$	128.4	$	69.0	$	0.2	$	383.8
Benefits and claims expenses (excluding catastrophe losses)	$	91.1	$	32.2	$	21.8	$	—	$	145.1
Catastrophe losses	16.2		—		—		—		16.2
Loss adjustment expenses	17.4		—		—		—		17.4
Interest credited	—		51.8		1.1		—		52.9
Operating & admin expenses	30.3		21.9		18.0		2.0		72.2
Commissions expense	13.9		9.5		9.4		—		32.8
Taxes, licenses and fees	4.7		1.0		1.5		0.2		7.4
Deferred policy acquisition costs	(20.3)		(6.7)		(0.9)		—		(27.9)
Deferred policy acquisition cost amortization	19.8		6.6		0.6		—		27.0
Interest expense	—		—		—		8.7		8.7
Total segment expenses	$	173.1	$	116.3	$	51.5	$	10.9	$	351.8
Pretax profit (loss)	$	13.1	$	12.1	$	17.5	$	(10.7)	$	32.0
Income tax expense	2.5		2.2		3.7		(2.2)		6.2
Segment profit (loss) (Core earnings)	10.6		9.9		13.8		(8.5)		25.8
Net investment losses (after-tax)	—		—		—		1.7		1.7
Change in MRB (after-tax)	—		1.8		—		—		1.8
Intangible asset amortization (after-tax)	—		—		(2.8)		—		(2.8)
Net income	$	10.6	$	11.7	$	11.0	$	(6.8)	$	26.5

($ in millions)	March 31, 2025		December 31, 2024
Assets
Property & Casualty	$	1,302.5	$	1,272.3
Life & Retirement	11,585.1		11,670.7
Supplemental & Group Benefits	1,362.3		1,377.6
Corporate & Other	198.6		191.0
Intersegment eliminations	(52.4)		(23.8)
Total	$	14,396.1	$	14,487.8

Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the six months ended June 30, 2025, is as follows:

Horace Mann Educators Corporation 31 First Quarter 2025 Form 10-Q


	Property & Casualty		Life & Retirement		Supplemental & Group Benefits		Corporate & Other*		Totals
($ in millions)
Net premiums and contract charges earned	$	390.0	$	78.1	$	132.8	$	—	$	600.9
Net investment income(1)	26.6		186.2		20.0		4.1		236.9
Other segment income	2.0		9.7		(3.0)		1.0		9.7
Total segment revenues	$	418.6	$	274.0	$	149.8	$	5.1	$	847.5

Benefits and claims expenses (excluding catastrophe losses)	$	175.3	$	61.8	$	49.8	$	—	$	286.9
Catastrophe losses	46.1		—		—		—		46.1

Loss adjustment expenses	33.4		—		—		—		33.4
Interest credited	—		103.1		2.4		—		105.5
Operating & admin expenses	66.8		47.9		38.5		6.0		159.2
Commissions expense	33.4		19.6		22.5		—		75.5
Taxes, licenses and fees	11.0		2.3		3.1		0.3		16.7
Deferred policy acquisition costs	(49.0)		(12.2)		(2.4)		—		(63.6)
Deferred policy acquisition cost amortization	46.9		11.7		0.9		—		59.5
Interest expense	—		—		—		17.5		17.5
Total segment expenses	$	363.9	$	234.1	$	114.8	$	23.8	$	736.6

Pretax profit (loss)	$	54.7	$	39.9	$	35.0	$	(18.7)	$	110.9
Income tax expense	11.4		7.3		7.6		(4.4)		21.9
Segment profit (loss) (Core earnings)	43.3		32.5		27.4		(14.3)		89.0
Net investment losses (after-tax)	—		—		—		7.3		7.3
Non-core income adjustments (after-tax)(1)	—		5.7		8.3		—		14.0



Net income	$	43.3	$	26.8	$	19.1	$	(21.6)	$	67.6

*-Corporate & Other is net of intersegment eliminations.


Horace Mann Educators Corporation			35			Second Quarter 2025 Form 10-Q

NOTE 7 - Segment Information (continued)

Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the three months ended June 30, 2024, is as follows:


	Property & Casualty		Life & Retirement		Supplemental & Group Benefits		Corporate & Other*		Totals
($ in millions)
Net premiums and contract charges earned	$	179.2	$	38.0	$	63.7	$	—	$	280.9
Net investment income(1)	9.5		88.9		10.5		(0.5)		108.4
Other segment income	0.6		4.6		(1.2)		0.6		4.6
Total segment revenues	$	189.3	$	131.5	$	73.0	$	0.1	$	393.9

Benefits and claims expenses (excluding catastrophe losses)	$	93.8	$	31.0	$	23.5	$	—	$	148.3
Catastrophe losses	40.9		—		—		—		40.9

Loss adjustment expenses	18.1		—		—		—		18.1
Interest credited	—		52.6		1.2		—		53.8
Operating & admin expenses	28.6		23.0		16.4		3.1		71.1
Commissions expense	15.7		10.3		9.5		—		35.5
Taxes, licenses and fees	4.9		0.9		1.5		0.3		7.6
Deferred policy acquisition costs	(22.7)		(7.5)		(1.1)		—		(31.3)
Deferred policy acquisition cost amortization	20.5		6.1		0.4		—		27.0
Interest expense	—		—		—		8.7		8.7
Total segment expenses	$	199.8	$	116.4	$	51.4	$	12.1	$	379.7

Pretax profit (loss)	$	(10.5)	$	15.0	$	21.6	$	(11.9)	$	14.2
Income tax expense	(1.9)		2.7		4.6		(2.5)		2.9
Segment profit (loss) (Core earnings)	(8.6)		12.3		17.0		(9.4)		11.3
Net investment losses (after-tax)	—		—		—		(4.6)		(4.6)
Change in MRB (after-tax)	—		—		—		—		—
Intangible asset amortization (after-tax)	—		—		(2.9)		—		(2.9)
Net income	$	(8.6)	$	12.3	$	14.1	$	(14.0)	$	3.8

*-Corporate & Other is net of intersegment eliminations.


Horace Mann Educators Corporation			36			Second Quarter 2025 Form 10-Q

NOTE 7 - Segment Information (continued)

Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the six months ended June 30, 2024, is as follows:


	Property & Casualty		Life & Retirement		Supplemental & Group Benefits		Corporate & Other*		Totals
($ in millions)
Net premiums and contract charges earned	$	352.4	$	75.8	$	127.9	$	—	$	556.1
Net investment income(1)	21.8		174.7		18.3		(1.0)		213.8
Other segment income

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