Short answer
HORACE MANN EDUCATORS CORP /DE/ (HMN) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $1.7B (+6.7% year over year) and net income of $162M.
- Top risk flagged: AI regulatory risk from evolving AI laws increasing compliance costs and exposure
FY2025 key financial metrics · XBRL
- Revenue
- $1.7B
- +6.7% YoY
- Net income
- $162M
- +57.7% YoY
- EPS (diluted)
- $3.90
- +57.3% YoY
- ROE
- 10.9%
- +2.9 pp YoY
- Operating cash flow
- $553M
- +22.4% YoY
Source: XBRL data from the HORACE MANN EDUCATORS CORP /DE/ (HMN) FY2025 10-K on SEC EDGAR. USD.
HORACE MANN EDUCATORS CORP /DE/ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Insurance and financial services focused on Property & Casualty, Life & Retirement, Supplemental & Group Benefits for educators
- New emphasis on growth initiatives, including 37.5% increase in Supplemental & Group Benefits sales to $35.2 million in 2025
- Strategic improvement in Property & Casualty underwriting with 18.1 point decrease in property combined ratio, driven by lower catastrophe losses
- Net investment income on managed portfolio rose 6.4% to $366.2 million despite $312.1 million pretax unrealized investment losses on fixed maturity securities
- Recorded $7.1 million charge for Horace Mann Pension Plan termination and $5.0 million donation to Horace Mann Educators Foundation in 2025
Management Discussion & Analysis
- Operating cash flow $553.2M, up 22.4% YoY from $452.1M in 2024
- Total capital $2,076.1M with long-term debt $593.4M; debt 28.6% of capital (26.6% excluding unrealized losses)
- Dividends paid $57.1M, dividend per share $1.40, up 2.9% YoY from $1.36 per share
- Share repurchases: 497,226 shares at $41.85 average price; $55.5M remaining authorization
- Issued $300M 4.70% Senior Notes due 2030, redeemed $250M 4.50% Senior Notes due 2025; outlook stable, ratings A to BBB
Risk Factors
- AI regulatory risk from evolving AI laws increasing compliance costs and exposure
- Competitive threat from AI use by new entrants reducing operating costs and accelerating market entry
- Operational risk from potential inaccuracies and biases in AI-driven processes affecting performance
- Reputation risk from failure to control AI governance potentially damaging market position
- Key-person risk in decision-making by executives and agents affecting underwriting and pricing discipline
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