Market Overview

Horace Mann Reports Third Quarter 2016 Net Income per Share of $0.65; Operating EPS of $0.58

Share:

SPRINGFIELD, IL --(Marketwired - October 31, 2016) -



-- Third quarter net income increased 23%, driven primarily by strong
investment results
-- Sales increased in all lines for the quarter
-- Book value per share excluding the fair value adjustment for investments
of $27.54, up 4% compared to a year ago



Horace Mann Educators Corporation (NYSE: HMN) today reported financial results for the three and nine months ended September 30, 2016:




----------------------------------------------------------------------------
Horace Mann Financial Highlights
----------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
----------------------------------------------------------------------------
($ in millions, except per
share
amounts) 2016 2015 Change 2016 2015 Change
----------------------------------------------------------------------------
Total revenues $291.3 $265.7 9.6% $846.1 $804.3 5.2%
----------------------------------------------------------------------------
Net income 26.9 21.9 22.8% 63.9 72.4 -11.7%
----------------------------------------------------------------------------
Net income per diluted
share 0.65 0.52 25.0% 1.55 1.71 -9.4%
----------------------------------------------------------------------------
Operating income* 24.2 21.2 14.2% 60.1 66.9 -10.2%
----------------------------------------------------------------------------
Operating income per
diluted share* 0.58 0.50 16.0% 1.45 1.58 -8.2%
----------------------------------------------------------------------------
Book value per share 35.94 32.09 12.0%
----------------------------------------------------------------------------
Book value per share
excluding
the fair value adjustment
for investments* 27.54 26.52 3.8%
----------------------------------------------------------------------------
Property and Casualty
segment
net income 6.7 11.2 -40.2% 16.0 32.1 -50.2%
----------------------------------------------------------------------------
Property and Casualty
combined ratio 101.5% 95.4%6.1 pts 102.4% 96.5%5.9 pts
----------------------------------------------------------------------------
Property and Casualty
underlying
combined ratio* 96.6% 93.9%2.7 pts 92.8% 90.5%2.3 pts
----------------------------------------------------------------------------
Annuity segment net income $ 15.7 $ 8.7 80.5% $ 39.3 $ 33.0 19.1%
----------------------------------------------------------------------------
Life segment net income 4.6 3.6 27.8% 13.1 10.6 23.6%
----------------------------------------------------------------------------



* These measures are not based on accounting principles generally accepted in the United States ("non-GAAP"). They are reconciled to the most directly comparable GAAP measures in the supplemental numerical pages of this document. An explanation of these measures is contained in the Glossary of Selected Terms included as an exhibit in the company's reports filed with the SEC.
N.M. - Not meaningful.

"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.

"We are revising our estimate of full-year 2016 operating income to between $1.80 and $1.90 per share to incorporate third quarter results, as well as our current pretax estimate, $9 million to $11 million, of catastrophe losses related to Hurricane Matthew. In addition, we updated our guidance to include the elevated automobile loss severity and frequency trends," stated Zuraitis.

Property and Casualty Segment

For the third quarter of 2016, property and casualty recorded net income of $6.7 million compared to $11.2 million for the same period in the prior year. The total property and casualty combined ratio of 101.5% increased 6.1 points compared to a year earlier. Catastrophe losses of $8.4 million pretax were $3.4 million higher than the third quarter of 2015, representing 1.9 points of the combined ratio increase. Prior years' reserves continue to develop favorably; however, the favorable development in the current quarter was $2.1 million pretax lower than the amount a year ago, representing 1.5 points of the combined ratio increase. On an underlying basis, the auto loss ratio of 77.7% increased 1.1 points compared to a year earlier, primarily as a result of elevated auto loss frequencies. Despite a 3.9 point increase in the underlying property loss ratio, the current quarter's result of 52.9% was strong; the increase reflected the impact of higher weather-related loss frequencies, partially offset by lower reinsurance costs. The total property and casualty expense ratio increased modestly compared to the third quarter of 2015, as anticipated. For both the three and nine months, property and casualty investment income improved by approximately $3 million.

For the first nine months of 2016, property and casualty net income of $16.0 million decreased $16.1 million compared to the prior year. The current period total property and casualty combined ratio of 102.4% increased 5.9 points compared to a year ago, including an underlying loss ratio that increased 1.4 points compared to the prior year, as well as a slightly higher expense ratio. Catastrophe losses were $11.6 million higher than the first nine months of 2015; favorable prior years' reserve development was $5.7 million less than the prior year amount. On an underlying basis, the nine month auto loss ratio of 76.5% increased 3.1 points compared to a year earlier. For property, the underlying loss ratio was 43.6% for the current year, 2.3 points lower than the first nine months of 2015.

Compared to the first nine months of 2015, the property and casualty expense ratio of 27.2% increased 0.9 points, primarily due to a reduction in incentive compensation accruals recorded in the first quarter of 2015. The majority of that 2015 cost reduction benefited the property and casualty segment, increasing that segment's net income by approximately $2 million and decreasing the combined ratio by approximately 1 percentage point for the nine months ended September 30, 2015.

Total property and casualty written premiums of $169.8 million and $476.3 million for the three and nine months ended September 30, 2016, respectively, each increased 5% compared to the prior year. The growth was driven primarily by increases in average premium per policy for both auto and property, accompanied by an increase in auto policies in force and reductions in catastrophe reinsurance costs.

Total property and casualty sales increased 3% and 7% compared to the three and nine months ended September 30, 2015, respectively. Auto sales increased 3% for the current quarter and 8% for the nine months compared to the prior year periods, while property sales increased 2% and 4% for the respective periods. Policy retention continues to be strong with auto and property policy retention rates for the current period at 84% and 88%, respectively.

Annuity Segment

For the three and nine months ended September 30, 2016, annuity segment net income of $15.7 million and $39.3 million, respectively, increased $7.0 million and $6.3 million compared to the prior year periods. In the current year, both periods reflected an increase in the net interest margin partially offset by an increase in operating expenses including costs related to the company's continued modernization of technology and infrastructure. And, in the current year, the impact of unlocking deferred policy acquisition costs had a minimal impact on pretax income compared to the $1.9 million decrease to pretax income recorded in both the three and nine months ended September 30, 2015. The annuity segment also benefited from a reduction in income tax of approximately $1.5 million related to the filing of the prior calendar year tax return.

The nine month 2016 annualized net interest spread on fixed annuity assets was 195 basis points. This measure increased 10 basis points from a year ago, which reflected an increase in investment prepayments and favorable returns on alternative investments, offset somewhat by the impact of the continued low interest rate environment. Total annuity assets under management of $6.3 billion increased 8% compared to September 30, 2015, and total cash value persistency remained strong at approximately 95%.

For the three months ended September 30, 2016, annuity deposits of $154.6 million increased 11% compared to the prior year period, while annuity deposits of $391.9 million for the current nine months decreased 7% compared to a year ago. The majority of the decline in annuity deposits for the current nine months was due to an elevated level of non-recurring deposits in the first half of 2015 related to changes in the company's employee retirement savings plans.

Horace Mann's total annuity sales increased 11% for the current quarter and decreased 4% compared to the nine months ended September 30, 2015, with the year-to-date change primarily reflecting reductions in single premium and rollover deposits, largely related to the company's employee retirement savings plans, as well as a modest decrease in recurring deposit business for the nine months.

Life Segment

Life segment net income of $4.6 million and $13.1 million for the current three and nine months, respectively, increased $1.0 million and $2.5 million compared to the respective periods in 2015, primarily attributable to increases in investment income, as well as a year to date decrease in mortality losses in 2016, compared to the prior year periods.

In 2016, life segment insurance premiums and contract deposits of $27.2 million for the current quarter and $78.4 million for the nine months increased 9% and 6% compared to the respective periods in 2015. Life sales of $3.6 million increased $1.0 million compared to the third quarter of 2015, including an increase of $0.6 million for single premium sales, which included the company's new Indexed Universal Life product. Similarly, the year to date sales of $10.7 million increased $3.3 million with $2.3 million of the increase attributable to single premium sales. Life persistency of 96% was comparable to 12 months earlier.

Investment Results

Total net investment income increased 17% and 9% compared to the three and nine months ended September 30, 2015, respectively. While asset balances in the annuity segment continued to grow, overall investment results reflected the increase in investment prepayment activity and favorable returns on alternative investments, partially offset by the impact of the current low interest rate environment. Pretax net realized investment gains were $4.0 million and $6.9 million for the three and nine months ended September 30, 2016, respectively.

Horace Mann's net unrealized investment gains on fixed maturity and equity securities were $599.3 million at September 30, 2016, compared to net unrealized gains of $584.1 million at June 30, 2016 and $309.8 million at December 31, 2015. Net unrealized gains were $403.2 million at September 30, 2015.

Webcast Conference Call

Horace Mann's senior management will discuss the company's third quarter financial results with investors and analysts on November 1, 2016 at 9:00 a.m. Eastern Time. The conference call will be webcast live on the Internet at investors.horacemann.com and archived later in the day for replay.

Horace Mann -- the largest national multiline insurance company focusing on educators' financial needs -- provides auto, homeowners and life insurance, retirement products and other financial solutions. Founded by Educators for Educators(®) in 1945, the company is headquartered in Springfield, Ill. For more information, visit www.horacemann.com.

Statements included in this news release that are not historical in nature are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties. Horace Mann is not under any obligation to (and expressly disclaims any such obligation to) update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the company's Quarterly Report on Form 10-Q for the period ended June 30, 2016 and the company's past and future filings and reports filed with the Securities and Exchange Commission for information concerning the important factors that could cause actual results to differ materially from those in forward-looking statements. The information contained in this press release includes financial measures which are based on methodologies other than United States generally accepted accounting principles ("GAAP"). Reconciliations of non-GAAP measures to the closest GAAP measures are contained in the supplemental numerical pages of this release and additional descriptions of the non-GAAP measures are contained in the Glossary of Selected Terms included as an exhibit to the company's SEC filings.




HORACE MANN EDUCATORS CORPORATION
Financial Highlights (Unaudited)
(Dollars in Millions, Except Per Share Data)


Three Months
Ended Nine Months Ended
September 30, September 30,
---------------- --------------------
% %
2016 2015 Change 2016 2015 Change
------- ------- -------- --------- -------- --------
EARNINGS SUMMARY
--------------------

Net income $ 26.9 $ 21.9 22.8% $ 63.9 $ 72.4 -11.7%
Net realized
investment gains,
after tax (see
below) 2.7 0.7 N.M. 3.8 5.5 -30.9%
Operating income (A) 24.2 21.2 14.2% 60.1 66.9 -10.2%

Per diluted share:
Net income $ 0.65 $ 0.52 25.0% $ 1.55 $ 1.71 -9.4%
Net realized
investment
gains, after
tax (see below) $ 0.07 $ 0.02 N.M. $ 0.10 $ 0.13 -23.1%
Operating income
(A) $ 0.58 $ 0.50 16.0% $ 1.45 $ 1.58 -8.2%

Weighted average
number of shares
and equivalent
shares (in
millions) - Diluted 41.3 42.3 -2.4% 41.4 42.4 -2.4%



RETURN ON EQUITY
--------------------

Net income return on
equity (B) 6.3% 7.7% N.M.
Operating income
return on equity
excluding the fair
value
adjustment for
investments (A) (C) 7.2% 9.0% N.M.



FINANCIAL POSITION
--------------------

Per share (D):
Book value $ 35.94 $ 32.09 12.0%
Effect of the
fair value
adjustment for
investments (E) $ 8.40 $ 5.57 50.8%
Book value excluding
the fair value
adjustment for
investments (A) $ 27.54 $ 26.52 3.8%

Dividends paid $ 0.265 $ 0.250 6.0% $ 0.795 $ 0.750 6.0%

Ending number of
shares outstanding
(in millions) (D) 40.2 40.7 -1.2%

Total assets $10,691.1 $ 9,903.5 8.0%
Short-term debt - 113.0 -100.0%
Long-term debt,
current and
noncurrent 247.1 125.0 97.7%
Total shareholders'
equity 1,444.1 1,307.2 10.5%



ADDITIONAL
INFORMATION
--------------------

Net realized
investment gains
Before tax $ 4.0 $ 1.3 N.M. $ 6.9 $ 8.8 -21.6%
After tax 2.7 0.7 N.M. 3.8 5.5 -30.9%
Per share,
diluted $ 0.07 $ 0.02 N.M. $ 0.10 $ 0.13 -23.1%





N.M. - Not meaningful.




(A) These measures are not based on accounting principles generally accepted
in the United States ("non-GAAP"). An explanation of these measures is
contained in the Glossary of Selected Terms included as an exhibit in
the company's reports filed with the SEC.
(B) Based on trailing 12-month net income and average quarter-end
shareholders' equity.
(C) Based on trailing 12-month operating income and average quarter-end
shareholders' equity which has been adjusted to exclude the fair value
adjustment for investments, net of the related impact on deferred policy
acquisition costs and the applicable deferred taxes.
(D) Ending shares outstanding were 40,182,965 at September 30, 2016 and
40,741,071 at September 30, 2015.
(E) Net of the related impact on deferred policy acquisition costs and the
applicable deferred taxes.



-1 -




HORACE MANN EDUCATORS CORPORATION
Statements of Operations and Supplemental Consolidated Data (Unaudited)
(Dollars in Millions)


Three Months Nine Months
Ended Ended
September 30, September 30,
--------------- ------------------
% %
2016 2015 Change 2016 2015 Change
------- ------ ------- -------- ------ -------
STATEMENTS OF OPERATIONS
------------------------

Insurance premiums and
contract charges earned $ 191.1 $ 182.8 4.5% $ 564.9 $ 544.9 3.7%
Net investment income 94.9 81.0 17.2% 270.7 248.3 9.0%
Net realized investment
gains 4.0 1.3 N.M. 6.9 8.8 -21.6%
Other income 1.3 0.6 116.7% 3.6 2.3 56.5%

Total revenues 291.3 265.7 9.6% 846.1 804.3 5.2%

Benefits, claims and
settlement expenses 135.7 121.1 12.1% 403.6 368.1 9.6%
Interest credited 48.6 46.2 5.2% 142.9 136.1 5.0%
Policy acquisition
expenses amortized 24.5 25.7 -4.7% 73.1 73.4 -0.4%
Operating expenses 44.5 39.7 12.1% 130.6 115.6 13.0%
Interest expense 3.0 2.6 15.4% 8.9 9.6 -7.3%

Total benefits,
losses and expenses 256.3 235.3 8.9% 759.1 702.8 8.0%

Income before income
taxes 35.0 30.4 15.1% 87.0 101.5 -14.3%
Income tax expense 8.1 8.5 -4.7% 23.1 29.1 -20.6%

Net income $ 26.9 $ 21.9 22.8% $ 63.9 $ 72.4 -11.7%



PREMIUMS WRITTEN AND
CONTRACT DEPOSITS
------------------------

Property & Casualty $ 169.8 $ 162.0 4.8% $ 476.3 $ 455.0 4.7%

Annuity deposits 154.6 139.3 11.0% 391.9 422.2 -7.2%

Life 27.2 24.9 9.2% 78.4 74.1 5.8%

Total $ 351.6 $ 326.2 7.8% $ 946.6 $ 951.3 -0.5%



SEGMENT NET INCOME
(LOSS)
------------------------

Property & Casualty $ 6.7 $ 11.2 -40.2% $ 16.0 $ 32.1 -50.2%

Annuity 15.7 8.7 80.5% 39.3 33.0 19.1%

Life 4.6 3.6 27.8% 13.1 10.6 23.6%

Corporate and other (A) (0.1) (1.6) -93.8% (4.5) (3.3) 36.4%

Net income $ 26.9 $ 21.9 22.8% $ 63.9 $ 72.4 -11.7%





N.M. - Not meaningful.




(A) The Corporate and Other segment includes interest expense on debt and
the impact of realized investment gains and losses and other corporate
level items. The company does not allocate the impact of corporate level
transactions to the insurance segments consistent with how management
evaluates the results of those segments. See detail for this segment on
page 4.



-2-




HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview (Unaudited)
(Dollars in Millions)


Three Months Nine Months
Ended Ended
September 30, September 30,
---------------- ------------------
% %
2016 2015 Change 2016 2015 Change
------- ------- ------- ------- ------- -------
PROPERTY & CASUALTY
------------------------

Premiums written $ 169.8 $ 162.0 4.8% $ 476.3 $ 455.0 4.7%
Premiums earned 155.7 149.2 4.4% 461.5 443.6 4.0%
Net investment income 10.0 7.4 35.1% 29.0 25.8 12.4%
Other income 0.4 - N.M. 0.8 0.2 N.M.
Losses and loss
adjustment expenses
(LAE) 116.0 102.7 13.0% 347.0 311.4 11.4%
Operating expenses
(includes policy
acquisition expenses
amortized) 42.0 39.8 5.5% 125.3 116.7 7.4%
Income before tax 8.1 14.1 -42.6% 19.0 41.5 -54.2%
Net income 6.7 11.2 -40.2% 16.0 32.1 -50.2%

Net investment income,
after tax 7.9 6.5 21.5% 23.2 21.9 5.9%

Catastrophe costs (A)
After tax 5.5 3.3 66.7% 31.5 23.9 31.8%
Before tax 8.4 5.0 68.0% 48.4 36.8 31.5%

Prior years' reserves
favorable (adverse)
development, before tax
Automobile - 1.5 -100.0% - 4.2 -100.0%
Property 0.7 1.3 -46.2% 4.3 4.6 -6.5%
Other liability - - - - 1.2 -100.0%

Total 0.7 2.8 -75.0% 4.3 10.0 -57.0%

Operating statistics:
Loss and loss
adjustment expense
ratio 74.5% 68.8% N.M. 75.2% 70.2% N.M.
Expense ratio 27.0% 26.6% N.M. 27.2% 26.3% N.M.
Combined ratio 101.5% 95.4% N.M. 102.4% 96.5% N.M.
Effect on the combined
ratio of:
Catastrophe costs
(A) 5.3% 3.4% N.M. 10.5% 8.3% N.M.
Prior years' reserve
development -0.4% -1.9% N.M. -0.9% -2.3% N.M.
Combined ratio
excluding the effects
of catastrophe costs
and prior years'
reserve development
("underlying combined
ratio") (B) 96.6% 93.9% N.M. 92.8% 90.5% N.M.

Policies in force
(voluntary) (in
thousands) 707 710 -0.4%
Automobile 486 485 0.2%
Property 221 225 -1.8%

Policy renewal rate
(voluntary) - 12 months
Automobile 83.5% 84.8% N.M.
Property 87.8% 88.1% N.M.





N.M. - Not meaningful.




(A) Includes allocated loss adjustment expenses and, when applicable,
catastrophe reinsurance reinstatement premiums. For the periods
presented, there were no reinsurance reinstatement premiums.
(B) This measure is not based on accounting principles generally accepted in
the United States ("non-GAAP"). See footnote (A) on page 1 of these
supplemental numerical pages.



-3-




HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview (Unaudited)
(Dollars in Millions)

Three Months
Ended Nine Months Ended
September 30, September 30,
----------------- -------------------
% %
2016 2015 Change 2016 2015 Change
-------- -------- ------- --------- --------- -------
ANNUITY
-----------------------

Contract deposits $ 154.6 $ 139.3 11.0% $ 391.9 $ 422.2 -7.2%
Variable 37.7 37.3 1.1% 117.6 132.6 -11.3%
Fixed 116.9 102.0 14.6% 274.3 289.6 -5.3%
Contract charges earned 6.4 6.6 -3.0% 18.6 19.3 -3.6%
Net investment income 66.3 56.2 18.0% 187.0 169.8 10.1%
Interest credited 37.4 35.1 6.6% 109.4 103.0 6.2%
Net interest margin
(without realized
investment
gains/losses) 28.9 21.1 37.0% 77.6 66.8 16.2%
Other income 0.5 0.4 25.0% 2.0 1.5 33.3%
Mortality loss and
other reserve changes (1.4) (1.0) 40.0% (3.1) (1.9) 63.2%
Operating expenses
(includes policy
acquisition expenses
amortized) 14.1 14.1 - 41.3 37.4 10.4%
Income before tax 20.3 13.0 56.2% 53.8 48.3 11.4%
Net income 15.7 8.7 80.5% 39.3 33.0 19.1%

Pretax income increase
(decrease) due to
evaluation of:
Deferred policy
acquisition costs $ 0.1 $ (1.9) N.M. $ (0.6) $ (1.9) -68.4%
Guaranteed minimum
death benefit
reserve - (0.1) -100.0% - (0.1) -100.0%

Annuity contracts in
force (in thousands) 215 207 3.9%
Accumulated account
value on deposit /
Assets under
management $6,322.8 $5,879.1 7.5%
Variable 1,873.6 1,742.0 7.6%
Fixed 4,449.2 4,137.1 7.5%
Annuity accumulated
value retention - 12
months
Variable
accumulations 94.6% 94.1% N.M.
Fixed accumulations 94.6% 94.8% N.M.



LIFE
-----------------------

Premiums and contract
deposits $ 27.2 $ 24.9 9.2% $ 78.4 $ 74.1 5.8%
Premiums and contract
charges earned 29.0 27.0 7.4% 84.8 82.0 3.4%
Net investment income 18.8 17.7 6.2% 55.3 53.4 3.6%
Other income 0.3 0.1 N.M. 0.6 0.5 20.0%
Death
benefits/mortality
cost/change in
reserves 18.3 17.4 5.2% 53.5 54.8 -2.4%
Interest credited 11.2 11.1 0.9% 33.5 33.1 1.2%
Operating expenses
(includes policy
acquisition expenses
amortized) 11.5 10.7 7.5% 33.4 31.5 6.0%
Income before tax 7.1 5.6 26.8% 20.3 16.5 23.0%
Net income 4.6 3.6 27.8% 13.1 10.6 23.6%

Pretax income increase
(decrease) due to
evaluation of:
Deferred policy
acquisition costs $ - $ - - $ 0.2 $ 0.1 100.0%

Life policies in force
(in thousands) 198 201 -1.5%
Life insurance in force $ 16,864 $ 16,312 3.4%
Lapse ratio - 12 months
(Ordinary life
insurance) 4.1% 4.0% N.M.



CORPORATE AND OTHER (A)
-----------------------

Components of income
(loss) before tax:
Net realized
investment gains $ 4.0 $ 1.3 207.7% $ 6.9 $ 8.8 -21.6%
Interest expense (3.0) (2.6) 15.4% (8.9) (9.6) -7.3%

Other operating
expenses, net
investment income
and other income (1.5) (1.0) 50.0% (4.1) (4.0) 2.5%
Loss before tax (0.5) (2.3) -78.3% (6.1) (4.8) 27.1%
Net loss (0.1) (1.6) -93.8% (4.5) (3.3) 36.4%





N.M. - Not meaningful.




(A) The Corporate and Other segment includes interest expense on debt and
the impact of realized investment gains and losses and other corporate
level items. The company does not allocate the impact of corporate level
transactions to the insurance segments consistent with how management
evaluates the results of those segments.



-4-




HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview (Unaudited)
(Dollars in Millions)


Three Months
Ended Nine Months Ended
September 30, September 30,
------------- -------------------
% %
2016 2015 Change 2016 2015 Change
------ ------ ------ --------- --------- -------
INVESTMENTS
---------------------------

Annuity and Life
Fixed maturities, at fair
value (amortized cost
2016, $6,144.0; 2015,
$5,892.0) $ 6,675.5 $ 6,261.6 6.6%
Equity securities, at
fair value (cost 2016,
$62.2; 2015, $35.3) 65.0 33.2 95.8%
Short-term investments 178.6 72.3 147.0%
Policy loans 150.7 147.4 2.2%
Other investments 132.0 80.5 64.0%
--------- ---------
Total Annuity and Life
investments 7,201.8 6,595.0 9.2%

Property & Casualty
Fixed maturities, at fair
value (amortized cost
2016, $763.6; 2015,
$784.5) 818.6 817.1 0.2%
Equity securities, at
fair value (cost 2016,
$62.6; 2015, $59.8) 72.6 62.9 15.4%
Short-term investments 2.1 4.4 -52.3%
Other investments 40.6 35.8 13.4%
--------- ---------
Total Property &
Casualty investments 933.9 920.2 1.5%

Corporate investments 33.5 26.0 28.8%

Total investments 8,169.2 7,541.2 8.3%



Net investment income
Before tax $ 94.9 $ 81.0 17.2% $ 270.7 $ 248.3 9.0%
After tax 63.0 54.3 16.0% 180.3 166.5 8.3%





N.M. - Not meaningful.

-5-


FOR FURTHER INFORMATION PLEASE CONTACT:

Ryan Greenier
Vice President, Investor Relations
217-788-5738

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