Horace Mann Educators Corporation (HMN) has reported a 5.69 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $19.90 million, or $0.48 a share in the quarter, compared with $21.10 million, or $0.50 a share for the same period last year.
Revenue during the quarter went up marginally by 2.43 percent to $282.80 million from $276.10 million in the previous year period. Net premium earned for the quarter increased 3.85 percent or $7.20 million to $194.20 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $255.60 million, or 131.62 percent of premium earned from $248.10 million or 132.67 percent of premium earned in the last year period. Operating income for the quarter was $27.20 million, compared with $28 million in the previous year period.
Net investment income was at $90.50 million for the quarter, up 7.35 percent or $6.20 million from year-ago period. The company has booked a loss on investments of $2.80 million in the quarter compared with a gain of $3.90 million for the previous year period.
“Horace Mann’s full year operating income of $1.97 per diluted share included fourth quarter operating income of $0.52 per diluted share. Fourth quarter earnings reflected strong investment returns in all business lines, an elevated level of Property and Casualty catastrophe losses, largely related to Hurricane Matthew, offset by a 1.7 point improvement in underlying Property and Casualty results. Sales results in the Life segment remain strong, with continued double-digit momentum, and we experienced 6% growth in Property and Casualty sales for the full year,” said Horace Mann’s president and chief executive officer Marita Zuraitis.
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