Slide 1: Fourth Quarter and Full Year 2025 Investor Presentation
Fourth Quarter and Full Year 2025 Investor Presentation February 3, 2025 Information as of December 31, 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: Fourth Quarter and Full Year 2025 Business Results
Fourth Quarter and Full Year 2025 Business Results 3
Slide 4: Diversified business delivered highest core earnings in company history
Diversified business delivered highest core earnings in company history Driving strong shareholder value; positioned for sustained, profitable growth Full year 2025 +3.0 pts PY $4.71 12.4% 84.3% +7.2% Core earnings Core return on Solid earnings P&C underlying Net premium per share* equity* (1) from
Slide 5: Full-year 2025 highlights
Full-year 2025 highlights High-quality Capital Strong returns investment Profitability Growth management on equity portfolio Record core Record sales in Repurchased nearly 12.4% core ROE(1) Total net earnings of $196 S&GB and strong 500,000 shares at a improved 3 pts investment income million moment
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 (Home, Condo, Rental, Dwelling Fire) Q4 FY 2025 Q4 FY 2025 Revenue (Earned $125.6M $494.6M $82.3M $308.0M Premium) +5% PY +16% PY New Business Sales*
Slide 7: Life & Retirement: Steady earnings ballast; continued sales momentum
Life & Retirement: Steady earnings ballast; continued sales momentum Life Retirement (Term, Whole Life, IUL) (Fixed & Variable Annuities, Mutual Funds, 2025 Managed Accounts and Brokerage) Q4 FY 2025 Q4 FY 2025 Revenue (Premium written $36.6M $129.3M $123.2M $482.8M & contract +6% PY +7% PY deposits
Slide 8: Individual Supplemental and Group Benefits: Record sales
Individual Supplemental and Group Benefits: Record sales; contributed 24% of full-year core earnings Individual Supplemental Group Benefits (Accident, Cancer, Critical Illness, (Group Disability, Group Life, 2025 Hospital, Short-term Disability) Group Supplemental Health) Q4 FY 2025 Q4 FY 2025 Reven
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) $5.7 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: 2025 normalized EPS in line with original guidance range
2025 normalized EPS in line with original guidance range 2026 guidance reflects ~10% increase, consistent with three-year financial goals Increase Decrease Total $4.71 Favorable items not reflected in original guidance: ~$3.95 $3.95 • Very favorable catastrophe performance in 2025 o $62M cats vs. ~$
Slide 11: 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 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 ~10% CAGR increase $4.20 -
Slide 13: 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 14: Brand Awareness Drivers
Growth Expense Operating Brand Awareness Initiatives Optimization Leverage 35% • Increased and optimized marketing spend to higher impact items • Partnered with well-known, trusted, and nostalgic brands like Crayola Less than 10% • Utilized social media influencers with strong following in the educa
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: 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 partnerships with education associations partnerships colleges and universities New in Q4 New in Q4 Horace Ma
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 Core Expense Ratio Expense savings used to reduce expenses while investing in more growth to ultimately reduce the expense ratio P&C Expense Ratio 29.
Slide 18: 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 17 consecutive years of 7.1% compound annual growth in adjusted book value dividend increases with current yield of 3.1%(1) Plus accumulated dividends since 2010 $56.52 $5
Slide 19: About Horace Mann
About Horace Mann 19
Slide 20: 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 • $15.3B in assets(1) • Educators have preferred • Business mix balanced Educators for Educators risk profile between segments • $1.7B in net written to s
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: 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 22 As of December 31, 2025
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: 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 26: 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 27: 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 28: Significant opportunity ahead
Significant opportunity ahead Total Educator Market* 14M Households ~1M Households (HHs) ~8M K-12 Educator HHs 28 *Total educator market includes K-12 (public/private), higher education, childcare and homeschool
Slide 29: 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 30: 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 31: Horace Mann at-a-glance
Horace Mann at-a-glance Exchange ticker symbol NYSE: HMN Share Price $44.81(1) Weighted Average Diluted Shares (for 4Q25) 41.6 million Market Capitalization $1.8 billion(1) Annualized Dividend Per Share $1.40 Dividend Yield Per Share 3.1%(1) Adjusted Book Value Per Share $40.21 (at December 31, 2025