Horace Mann Educators Corporation (HMN) has reported a 22.83 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $26.90 million in the quarter, compared with $21.90 million for the same period last year.
Revenue during the quarter grew 9.63 percent to $291.30 million from $265.70 million in the previous year period. Net premium earned for the quarter increased 4.54 percent or $8.30 million to $191.10 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $256.30 million, or 134.12 percent of premium earned from $235.30 million or 128.72 percent of premium earned in the last year period. Operating income for the quarter was $35 million, compared with $30.40 million in the previous year period.
Net investment income was at $94.90 million for the quarter, up 17.16 percent or $13.90 million from year-ago period. The company has recorded a gain on investments of $4 million in the quarter compared with a gain of $1.30 million for the previous year period.
"Horace Mann’s third quarter operating income was $0.58 per diluted share. Each of our segments reflected an increase in investment income, and the annuity net interest spread improved in the quarter. Property and casualty results in the quarter were impacted by adverse weather, resulting in an elevated level of catastrophe and non-catastrophe losses. Sales results were strong, with increases across all four of our product lines," said Horace Mann's President and CEO Marita Zuraitis.
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