Summary by Moomoo AI
Horace Mann Educators Corporation reported Q2 2024 net income of $3.8 million, or $0.09 per diluted share, compared to a net loss of $12.8 million in Q2 2023. Total revenues increased 8.9% to $388.1 million, driven by a 7.7% rise in net premiums and contract charges earned to $280.9 million. The Property & Casualty segment demonstrated improvement with favorable prior years' reserve development in Auto.The Property & Casualty segment saw net premiums written grow 16.6% to $199.2 million, with average written premiums rising for both property and auto lines. Catastrophe losses were $40.9 million pretax, contributing 22.8 points to the combined ratio. The auto underlying loss ratio improved 7.4 points to 74.2%, reflecting the benefit of rate and non-rate actions.Life & Retirement segment net income declined 29.3% to $12.3 million due to lower net interest spread and unfavorable benefits. The Supplemental & Group Benefits segment posted net income of $14.1 million, up 19.5% from prior year. The company maintained strong capital position with shareholders' equity of $1.2 billion and book value per share of $29.60 as of June 30, 2024.
