Slide 1: Third Quarter 2025 Investor Presentation
Third Quarter 2025 Investor Presentation November 4, 2025 Information as of September 30, 2025, 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: Q3 2025 Business Results
Q3 2025 Business Results 3
Slide 4: Driving Strong Shareholder Value
Driving Strong Shareholder Value Positioned for sustained, profitable growth 2025 Q3 +64% +6.4 pts Q3 PY Q3 PY Up $1.36 13.8% 87.8% 7.3% Core earnings Core return on Solid earnings P&C Net premium per share equity (1) from L&R and combined and contract (EPS) (ROE) S&GB ratio charges earned On track
Slide 5: Third-quarter 2025 highlights
Third-quarter 2025 highlights High-quality Capital Risk-adjusted investment Profitability Growth management returns portfolio Record core Strong sales growth Repurchased $20 13.8% core return Total net earnings of $57 over prior year: million of shares at on equity*(2) investment income million • Gr
Slide 6: Property and Casualty: Core earnings significantly improved over prior year
Property and Casualty: Core earnings significantly improved over prior year; solid growth momentum, lighter severe weather activity Auto Property 2025 Q3 (Home, Condo, Rental, Dwelling Fire) Q3 YTD Q3 YTD Revenue (Earned $125.0M $369.0M $79.7M $225.7M Premium) +4.7% PY +6.2% PY +17.4% PY +17.3% PY N
Slide 7: Life & Retirement: Steady earnings ballast; strong sales momentum
Life & Retirement: Steady earnings ballast; strong sales momentum Life Retirement (Term, Whole Life, IUL) (Fixed & Variable Annuities, Mutual Funds, 2025 Q3 Managed Accounts and Brokerage) Q3 YTD Q3 YTD Revenue (Premium written $31.7M $92.7M $138.6M $359.6M & contract +9.3% PY +5.9% PY +9.3% PY +7.8
Slide 8: Individual Supplemental and Group Benefits: Strong sales momentum with record Group sales
Individual Supplemental and Group Benefits: Strong sales momentum with record Group sales Individual Supplemental Group Benefits (Accident, Cancer, Critical Illness, (Group Disability, Group Life, 2025 Q3 Hospital, Short-term Disability) Group Supplemental Health) Q3 YTD Q3 YTD Revenue (Earned $31.2
Slide 9: High quality, well-diversified investment portfolio constructed to support insurance liabilities
High quality, well-diversified investment portfolio constructed to support insurance liabilities through various market cycles Portfolio Composition(1) $5.7 billion fixed-maturity portfolio $7.1 billion fair value • 72% A-rated or higher • A+ weighted-average credit quality • <3% below-investment gr
Slide 10: Ambitious goals for sustainable shareholder returns
Ambitious goals for sustainable shareholder returns 2025 on track for… Strong free Record Record cash flow core core generation of earnings ROE +75% (1) Core earnings per share guidance of $4.50 to $4.70, reflecting each segment at target profitability 1) Capital generated as a % of Core Earnings af
Slide 11: Revised full-year 2025 core EPS guidance of $4.50 to $4.70
Revised full-year 2025 core EPS guidance of $4.50 to $4.70 Core earnings of $187 million to $195 million(1) Long-term profitability targets 2025 core EPS guidance assumptions P&C target profitability • Auto: mid-90s COR S&GB target • Property: 90 or ~$65M of catastrophe losses profitability below CO
Slide 12: Future growth accelerates shareholder value creation
Future growth accelerates shareholder value creation Three-year targets balance near-term execution with longer-term vision Strong top line premium and deposit Three levers to achieving our ROE growth drives 10%+ increase in EPS and EPS growth goals 10%+ Earnings Core EPS CAGR Core ROE $4.50 - $4.70
Slide 13: Clear strategy to capture growth opportunity
Growth Expense Operating Clear strategy to capture growth opportunity Initiatives Optimization Leverage Total Accessible Market Educators we currently access HM Today 1 Improve penetration of educator 1M HH households we currently access through our current capabilities Educators we currently access
Slide 14: Brand Awareness Drivers
Growth Expense Operating Brand Awareness Initiatives Optimization Leverage 30% • Increased and optimized marketing spend to higher impact items • Partnered with well-known, trusted, and nostalgic brands like Crayola • Utilized social media influencers with strong following in the education space ~5%
Slide 15: Online Web Traffic
Growth Expense Operating Online Web Traffic Initiatives Optimization Leverage 2.2M+ • Substantial increase in web traffic driven by an increase and optimization of marketing spend • Extension of marketing calls to action (CTA) to include local agent, call center, and website 1.1M • Online originated
Slide 16: Horace Mann 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 partnerships with education associations partnerships colleges and universities Horace Mann continues to buil
Slide 17: Operational and administrative expense optimization & growth approach
Growth Expense Operating Operational and administrative expense Initiatives Optimization Leverage optimization & growth approach Expense Ratio Target Corporate Expense Ratio Expense savings used to reduce expenses while investing in more growth to ultimately reduce the expense ratio P&C Expense Rati
Slide 18: 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 7.1% compound annual growth in adjusted book value 17 consecutive years of Plus accumulated dividends since 2010 $55.47 dividend increases with $52.45 $49.84 current yield
Slide 19: 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 20: About Horace Mann
About Horace Mann 20
Slide 21: 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 22: 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 • $15.5B in assets(1) • Educators have preferred • Business mix balanced Educators for Educators risk profile between segments • $1.6B in net premium and
Slide 23: 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 24: We understand issues facing educators and we solve them!
Appreciation of educators and their unique needs Credit Monitoring HMScoreTM credit monitoring, reporting and improvement solutions for educators Student Loan Solutions We understand issues Student Loan Debt burdens 50% of Teachers facing educators and Donors Choose we solve them! The average teache
Slide 25: 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 26: Significant opportunity ahead
Significant opportunity ahead Total Educator Market* 14M Households ~1M Households (HHs) ~8M K-12 Educator HHs 26 *Total educator market includes K-12 (public/private), higher education, childcare and homeschool
Slide 27: Clear strategy to capture growth opportunity
Growth Expense Operating Clear strategy to capture growth opportunity Initiatives Optimization Leverage Total Accessible Market Educators we currently access HM Today 1 Improve penetration of educator 1M HH households we currently access through our current capabilities Educators we currently access
Slide 28: Distinctive service to great customers
Distinctive service to great customers …are loyal …prefer an 84% Agent Auto Retention 70% of Educators 89% Prefer an Agent Property Retention Our customers… …are given …are choice recognized Figures excludes our Group Benefit customers 28
Slide 29: Diversified product portfolio
Diversified product portfolio Net Premiums Written and Contract Deposits* Core Earnings(1)(2) 2024YE 2024YE by Product Portfolio by Product Portfolio Individual Supplemental & Group Benefits Property & Casualty 16% Individual Property & Supplemental & 28% Casualty Group Benefits 48% 41% Life & Retir
Slide 30: Strong and evolving distribution
Strong and evolving distribution We continue to advance our marketing and distribution capabilities Advancing Exclusive Agents Whether it’s our long- Benefits Specialist standing Exclusive Agents, Benefit Specialists, Inside Performance Sales team or 3rd Party Maturity Call Center Partners… 3rd Part
Slide 31: Horace Mann at-a-glance
Horace Mann at-a-glance Exchange ticker symbol NYSE: HMN Share Price $44.71(1) Weighted Average Diluted Shares (for 3Q25) 41.6 million Market Capitalization $1.9 billion(1) Annualized Dividend Per Share $1.40 Dividend Yield Per Share 3.1%(1) Adjusted Book Value Per Share $39.51 (at September 30, 202