Horace Mann Q1 net income falls 63%; core EPS $0.64 vs $1.10; guidance lowered to low end of $3.45-$3.65

HORACE MANN EDUCATORS CORP /DE/

2022-Q1 EPS reported $0.35 revenue$346,800,000

Net income $14.5M ($0.35 diluted EPS) vs $39.3M ($0.93) in Q1 2021; core earnings $26.7M ($0.64) vs $46.4M ($1.10).
Property & Casualty combined ratio 98.4% (vs 86.2%); auto combined ratio 101.8% driven by inflation and frequency near pre-pandemic levels.
2022 EPS guidance narrowed to lower end of $3.45-$3.65 range; targeting 10% avg annual EPS growth and double-digit ROEs from 2023.
Completed acquisition of Madison National Life (effective Jan 1, 2022), adding ~340K educator households and new employer-sponsored product line.
Book value per share down 9% to $37.14 due to higher rates; adjusted book value per share up 5% to $36.65.

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