Horace Mann completes $172.5M acquisition of Madison National Life; expects 2022 EPS accretion of $0.15-$0.20

HORACE MANN EDUCATORS CORP /DE/

Completed acquisition of Madison National Life Insurance Co. for $172.5M; potential earn-out up to $12.5M by 2023.
Funded with cash on hand and $114.0M draw on expanded $325M credit facility; leverage ratio ~25%.
Expects 2022 EPS accretion of at least $0.15-$0.20 per share and ~50 bps ROE contribution.
Will report two divisions from Q1 2022: Individual Insurance & FS, and Supplemental & Group Benefits.
Horace Mann Educators Foundation donates $20k to Madison Public Schools Foundation.

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