Slide 1: First Quarter 2026 Investor Presentation
First Quarter 2026 Investor Presentation May 6, 2026 Information as of March 31, 2026, unless otherwise noted
Slide 2: Safe Harbor Statement and Non-GAAP Measures
Safe Harbor Statement and Non-GAAP Measures Certain statements included in this presentation, including those regarding our earnings outlook, expected catastrophe losses, our investment strategies, our plans to implement additional rate actions, our plans relating to share repurchases and dividends,
Slide 3: First Quarter 2026 Business Results
First Quarter 2026 Business Results 3
Slide 4: Diversified business delivered record first-quarter core earnings
Diversified business delivered record first-quarter core earnings Driving strong shareholder value; positioned for sustained, profitable growth Q1 2026 +2.1 pts PY $1.28 12.7% 80.2 +6% Core earnings Core return on Solid earnings P&C underlying Premiums, per share equity* (1) from L&R and combined co
Slide 5: First quarter 2026 highlights
First quarter 2026 highlights High-quality Capital Strong returns investment Profitability Growth management on equity portfolio Strong core Strong sales $18 million of share 12.7% core ROE(1) Core portfolio earnings of $53 momentum across repurchases in Q1 improved 2 pts performance million the bus
Slide 6: Property and Casualty: Strong earnings growth driven by underlying margin improvement
Property and Casualty: Strong earnings growth driven by underlying margin improvement and lower catastrophe costs Auto Property (Home, Condo, Rental, Dwelling Fire) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Revenue (Earned $121.9M $120.9M $81.3M $71.8M Premium) New Business Sales* $15.1M $16.2M $6.8M $6.1M (A
Slide 7: Life & Retirement: Earnings growth driven by favorable mortality
Life & Retirement: Earnings growth driven by favorable mortality; continued sales momentum Life Retirement (Term, Whole Life, IUL) (Fixed & Variable Annuities, Mutual Funds, Managed Accounts and Brokerage) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Revenue (Premium written & contract $30.2M $29.5M $104.7M $110
Slide 8: Individual Supplemental and Group Benefits
Individual Supplemental and Group Benefits: High-margin, capital-efficient business delivering record sales and supporting long-term growth Individual Supplemental Group Benefits (Accident, Cancer, Critical Illness, (Group Disability, Group Life, Hospital, Short-term Disability) Group Supplemental H
Slide 9: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio constructed to support insurance liabilities through various market cycles Portfolio Composition(1) $5.8 billion fixed-maturity portfolio • 75% A-rated or higher $7.1 billion fair value • A+ weighted-average credit quality • <3% below-investment gr
Slide 10: Full year 2026 core EPS guidance of $4.20 to $4.50
Full year 2026 core EPS guidance of $4.20 to $4.50 Core earnings of $175 million to $187 million(1) Long-term profitability targets 2026 core EPS guidance assumptions P&C target profitability • Total P&C combined ~$90M of catastrophe losses ratio low-mid 90s Total net investment income of $485-$495M
Slide 11: Future growth accelerates shareholder value creation
Future growth accelerates shareholder value creation Three-year objectives balance near-term execution with longer-term vision Strong top line premium and deposit Three levers to achieving EPS growth growth drives 10%+ increase in EPS and ROE expansion 10%+ Earnings Core EPS ~10% CAGR increase $4.20
Slide 12: Clear strategy to capture growth opportunity
Clear strategy to capture growth opportunity Total Accessible Market Educators we currently access HM Today 1 Improve penetration of educator 1.1M HH households we currently access through our current capabilities Educators we currently access 2 Educators we don’t currently access 3M HH Gain access
Slide 13: Brand Awareness
Growth Expense Operating Brand Awareness Initiatives Optimization Leverage 35% • Increased targeted marketing spend toward higher-impact channels • Strategic partnerships with well- known, trusted brands like Crayola and Disney • Expanded reach through targeted digital and social engagement in Less
Slide 14: Online Web Traffic
Growth Expense Operating Online Web Traffic Initiatives Optimization Leverage 2.2M • Significant growth in web traffic driven by targeted and optimized marketing investments • Expanded omnichannel engagement across agent, call center, and digital channels 1.1M • Online-originated quotes nearly doubl
Slide 15: Affinity and Strategic Partnerships
Growth Expense Operating Affinity and Strategic Partnerships Initiatives Optimization Leverage Horace Mann Strategic Partnerships Over 150 local and state Numerous education focused Emerging alumni association education associations partnerships and school partnerships New in Q1 Horace Mann continue
Slide 16: Operational and administrative expense optimization & growth approach
Growth Expense Operating Operational and administrative expense Initiatives Optimization Leverage optimization & growth approach Expense Ratio Target Core Expense Ratio Expense savings support growth investments and expense ratio improvement over time, with benefits P&C Expense Ratio accelerating in
Slide 17: As a result, Horace Mann's financial position continues to strengthen
Growth Expense Operating As a result, Horace Mann’s financial position Initiatives Optimization Leverage continues to strengthen 8% compound annual growth in tangible book value plus accumulated dividends $45.18 $44.30 18 consecutive years of $39.93 $36.21 $36.98 dividend increases with $35.45 (2) c
Slide 18: About Horace Mann
About Horace Mann 18
Slide 19: Today, an 80-yr old highly rated, multiline educator focused company
Today, an 80-yr old highly rated, multiline educator focused company Longevity Financial Strength Niche Market Multiline Model • 1945: Founded by • $15.0B in assets(1) • Educators have preferred • Business mix balanced Educators for Educators risk profile between segments • $1.7B in net written to s
Slide 20: How we win
Mission Helping educators succeed in and out of the classroom How we win Long-term goal Be the leading financial Distinctive service to great customers services provider for educators in the US Robust product offering How we are doing it Diversified earnings Accessing schools with Strong & evolving
Slide 21: Distinctive service to great customers
Distinctive service to great customers …are loyal …prefer an 84% Agent Auto Retention 70% of Educators 88% Prefer an Agent Property Retention Our customers… …are given …are choice recognized Figures excludes our Group Benefit customers 21 As of March 31, 2026
Slide 22: Robust product offering
Robust product offering We provide a full suite of financial protection offerings to serve educators Auto Managed Accounts & Brokerage Home Accident Condo Cancer Rental Critical Illness Dwelling Fire Hospital Term Life Short-term Disability Whole Life Group Disability Indexed Universal Life Group Li
Slide 23: We understand issues facing educators and we solve them!
Appreciation of educators and their unique needs Horace Mann Club Centralized platform providing financial wellness tools, classroom resources, and exclusive benefits for educators Credit Monitoring HMScoreTM credit monitoring, reporting and improvement solutions for educators We understand issues S
Slide 24: Diversified product portfolio
Diversified product portfolio Net Premiums Written and Contract Deposits* Core Earnings(1) 2025 2025 by Product Portfolio by Product Portfolio Individual Supplemental & Individual Group Benefits Supplemental & Group Benefits 15% 25% Property & Property & Casualty Casualty 49% Life & 49% Life & Retir
Slide 25: Our distribution model
Our distribution model We are available when, where, and how our prospects want to engage while providing custom & complete products and services to meet their needs Where we engage How we engage Work Home Community Local Agent Call Center Digital Partnerships 30% 70% Integrated Omni-Channel of Time
Slide 26: Significant transformation & growth over the past decade
Significant transformation & growth over the past decade 1M+ Households • Business diversification expands Households customer reach with integrated after adding MNL omni-channel approach Households • Positive growth trend with more after adding NTA than one million total households across market fo
Slide 27: Significant opportunity ahead
Significant opportunity ahead Total Educator Market* 14M Households ~1M Households (HHs) ~8M K-12 Educator HHs 27 *Total educator market includes K-12 (public/private), higher education, childcare and homeschool
Slide 28: Why invest in Horace Mann
Why invest in Horace Mann We are on track to deliver our ambition… High 10%+ Sustained Single Digit Bottom Line 12-13% top line revenue earnings per shareholder return growth share growth on equity Strong free cash flow conversion supports compelling dividend payout ratio and active share repurchase
Slide 29: Reinsurance coverage
Reinsurance coverage 2026 single-event catastrophe reinsurance provides PML coverage of approximately 250+ years Property(1) Casualty $240M ~250+ yrs $20M 4th LAYER $55M xs $185M 95% Placed $185M 2nd LAYER CASUALTY CLASH & CONTINGENCY 3rd LAYER $10M xs $10M $90M xs $95M 95% Placed $95M $10M 2nd LAYE
Slide 30: Horace Mann at-a-glance
Horace Mann at-a-glance Exchange ticker symbol NYSE: HMN Share Price $45.97(1) Weighted Average Diluted Shares (for 1Q26) 41.2 million Market Capitalization $1.9 billion(1) Annualized Dividend Per Share $1.44 Dividend Yield Per Share 3.1%(1) Adjusted Book Value Per Share $40.68 (at March 31, 2026) B