Slide 1: Second Quarter 2025 Investor Presentation
Second Quarter 2025 Investor Presentation August 6, 2025 Information as of June 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: Second-quarter 2025 business results
Second-quarter 2025 business results 3
Slide 4: Strong second-quarter core EPS, encouraging growth momentum
Strong second-quarter core EPS, encouraging growth momentum +293% +6.1 pts Q2 PY Q2 PY Up $1.06 12.6% 97.0% 7.7% Core earnings Core return on Steady earnings P&C Net premium per share* equity* from L&R and combined and contract (EPS) (ROE)(2) S&GB ratio charges earned On track to deliver On track to
Slide 5: Second-quarter 2025 highlights
Second-quarter 2025 highlights • Property & Casualty combined ratio of 97.0% improved 14.5 pts over prior year • Life & Retirement core earnings were double the prior year result Profitability • Individual Supplemental benefits ratio of 27.7%; Group benefits ratio of 44.8% • Strong sales growth with
Slide 6: Horace Mann financial position continues to strengthen
Horace Mann financial position continues to strengthen 7.0% compound annual growth in adjusted book value 17 consecutive years Plus accumulated dividends since 2010 of dividend increases $52.45 $54.07 $48.63 $49.84 with current yield of $44.09 $48.12 3.3%(1) $40.93 $35.73 $36.49 $32.91 $30.92 Year-t
Slide 7: P&C: Strong second-quarter results
P&C: Strong second-quarter results Second-quarter segment core earnings of $16.5 million significantly improved over the prior year; reflect improved underlying results, lower catastrophe losses, and favorable reserve development P&C Revenue P&C Profitability Net Premiums Written* ($M) Combined Rati
Slide 8: L&R: Steady earnings ballast
L&R: Steady earnings ballast Second-quarter segment core earnings of $24.6 million were double the prior year result; reflect higher net investment income, lower mortality L&R Premium and Investment Income Trends L&R Core Earnings Contribution Net Premiums Written* and Net Investment Income ($M) Tra
Slide 9: S&GB: Strong Individual Supplemental sales momentum
S&GB: Strong Individual Supplemental sales momentum Second-quarter segment core earnings of $13.4 million reflect continued Individual Supplemental sales momentum and favorable benefit utilization S&GB Revenue S&GB New Business Net Premiums Earned($M) Sales* ($M) $260 $260 $28 $255 Key Takeaways Key
Slide 10: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio Constructed to support insurance liabilities through various market cycles Portfolio Composition $5.5 billion fixed-maturity portfolio $6.9 billion fair value Short-term Mortgage Loans Real Estate • 75% A-rated or higher 2.2% Equities 0.6% 0.4% • A
Slide 11: Financial leverage and other capital metrics align with financial strength ratings
Financial leverage and other capital metrics align with levels appropriate for current financial strength ratings RBC Ratios Key Takeaways Agency Rating Outlook 500% 0.00 • More than (affirmed/reviewed) 477% 459% adequate capital AM Best A Stable 446% to continue to grow business Company (8/22/24) 0
Slide 12: Forward guidance
Forward guidance 12
Slide 13: Revised full-year 2025 core EPS guidance of $4.15 to $4.45
Revised full-year 2025 core EPS guidance of $4.15 to $4.45 Core earnings of $170 million to $185 million(1) Long-term profitability targets 2025 core EPS guidance assumptions P&C target profitability • Auto: mid-90s COR • ~$90M of catastrophe losses, in line with • Property: 90 or five-year historic
Slide 14: Enterprise focus for sustained, profitable growth
Enterprise focus for sustained, profitable growth Deliver sustainable double-digit ROE and support growth while maintaining disciplined capital stewardship Hyper-focused on plan outcomes ENTERPRISE STRATEGIC PRIORITIES 1. Achieve and maintain profitability while 2024: Restored P&C profitability redu
Slide 15: About Horace Mann
About Horace Mann 15
Slide 16: Today, an 80-yr old company with a strong history of profitable growth
Today, an 80-yr old company with a strong history of profitable growth Longevity Financial Strength Niche Market Multiline Model • 1945: Founded by Educators • $14.7B in assets(1) • Educators have • Business mix balanced for Educators to sell auto preferred risk profile between segments • $1.6B in n
Slide 17: Driven by a noble mission
Driven by a noble mission Mission We listen to and understand educators and those who serve our community. They are taking care of our children’s future. We believe they deserve someone to look after theirs. Vision We aspire to be the company of choice to provide financial solutions for all educator
Slide 18: Horace Mann overview
Horace Mann overview Individual EA Products Auto Property Life Retirement Supplemental Group Benefits Benefits Specialist Distribution Channel Call Ctr • Accident Digital • Fixed & Variable • Group Disability • Home • Cancer • Term Annuities • Group Life Product • Condo • Critical Illness • Auto • W
Slide 19: Educators and others who serve the community at every life stage
Strategic emphasis on solutions tailored for educators and others who serve the community at every life stage Retirement Preparing to retire Established Career Early Issues: Career • How to manage Issues: • Worried about retirement income Issues: • Need to plan ensuring smooth Pre-career • Protectin
Slide 20: PDI strategy to drive strong shareholder value creation
PDI strategy to drive strong shareholder value creation Focused on initiatives to drive market share expansion Product: Infrastructure: • We have built a robust set of products, relevant to our Distribution: market niche • We have a clear roadmap to systems modernization and • Expanded product portf
Slide 21: Significant transformation & growth over the past decade
Significant transformation & growth over the past decade Market share has climbed to approximately 13% of K-12 educators in our current footprint with additional opportunities in adjacent markets of others who serve the community +1M HHs Households • Business diversification expands after adding MNL
Slide 22: Appendix
Appendix 22
Slide 23: $591M Commercial Mortgage Loan Funds
$591M Commercial Mortgage Loan Funds Portfolio continues to produce strong cash returns; equity method of accounting requires changes in fair value to be reported in net investment income CML NII vs. Distribution Yield (1) Analysis Key Takeaways 8.38% 10% 7.80% 7.50% $60 • CML funds are held in L&R
Slide 24: $547M Limited Partnership Fund Portfolio
$547M Limited Partnership Fund Portfolio Well diversified by strategy(1), vintage year and potential volatility of returns LP Exposure by Strategy Key Takeaways 3% 6% Private Credit • Inception-to-date performance strong 21% Real Estate Equity 12% o Average annual return of 8.7% Private Equity Corpo
Slide 25: Commitment to making a positive impact extends to all stakeholders
Commitment to making a positive impact extends to all stakeholders Our CSR commitment is ingrained in long-term strategy and day-to-day operations We strive to have a significant positive We are committed We are committed social impact on to following to doing our part to America’s corporate protect
Slide 26: 2025 single-event catastrophe reinsurance provides PML coverage
2025 single-event catastrophe reinsurance provides PML coverage of approximately 375+ years Casualty Property(1) ~375+ yrs $20M $185M 3rd LAYER 2nd LAYER CASUALTY $90M xs $95M CLASH & 95% Placed CONTINGENCY $10M xs $10M $95M $10M 2nd LAYER $35M xs $60M 1st LAYER CASUALTY 95% Placed CLASH & CONTINGEN
Slide 27: Horace Mann at a glance
Horace Mann at a glance Exchange ticker symbol NYSE: HMN Share Price $42.53(1) Weighted Average Diluted Shares (for 2Q25) 41.6 million Market Capitalization $1.8 billion(1) Annualized Dividend Per Share $1.40 Dividend Yield Per Share 3.3%(1) Adjusted Book Value Per Share (at June 30, 2025) $38.46 An