Horace Mann Educators Corporation (HMN) saw its stock soar 5.23% in intraday trading following the company's robust fourth-quarter 2024 earnings results and promising outlook.
The Springfield, Illinois-based insurer reported a significant turnaround in its Property & Casualty (P&C) business, swinging to an underwriting gain of $31.8 million in Q4 2024 from a loss of $1.6 million in the prior-year period. The company's combined ratio improved by 17 points year-over-year to 83.9%, driven by favorable prior-year reserve development and lower catastrophe losses.
HMN's P&C net premiums written grew 11.2% year-over-year to $195.7 million, contributing to the overall revenue increase of 1.5% to $409 million. The company's adjusted core earnings per diluted share of $1.68 comfortably beat analysts' consensus forecast of $1.03.
Marita Zuraitis, HMN's President and CEO, expressed optimism for 2025, projecting core earnings per share in the range of $3.60 to $3.90 and a double-digit shareholder return on equity. Zuraitis highlighted the company's strategy to deliver consistent value to shareholders through business diversification, a solid balance sheet, and a compelling dividend.