Page 1

Horace Mann Contact information : News release for immediate release Heather J. Wietzel , Vice President , Investor Relations 217-788-5144 | investorrelations@horacemann.com Horace Mann reports third - quarter 2021 net income of $ 0.39 per share and core earnings * of $ 0.50 per share • . ° ° Net income and core earnings per share below prior year as strong business performance offset by catastrophe losses and auto loss costs approaching pre - pandemic levels plus inclusion of Camp Fire subrogation recovery in third - quarter 2020 Niche education market focus and multi - year emphasis on products , distribution and infrastructure setting stage for education market share growth Supplemental and Retirement quarterly sales highest since onset of pandemic ; Life sales above prior year Net investment income rose $ 10 million or 11 % on strong returns from alternatives portfolio Book value per share up 4 % and book value excluding net unrealized gains * up 7 % from a year ago Management anticipates fourth - quarter EPS in range of 65 cents to 80 cents , with full - year 2021 ROE close to 10 % Acquisition of Madison National on track to close in early 2022 , adding new suite of employer - sponsored benefit products and new independent benefit broker distribution to K - 12 school districts Expecting 2022 EPS accretion from transaction to be at least 15 cents to 20 cents with approximately 50 basis point contribution to ROE Growing market share supports progress toward long - term objective of sustainable double - digit ROE SPRINGFIELD , III . , Nov. 3 , 2021 _ Horace Mann Educators Corporation ( NYSE : HMN ) today reported financial results for the three months ended September 30 , 2021 : ( $ in millions , except per share amounts ) Nine Months Ended September 30 , Three Months Ended September 30 , 2021 Total revenues Net income $ 329.6 $ 337.1 2020 % Change -2.2 % $ 2021 2020 % Change 998.7 $ 958.1 4.2 % 16.3 36.5 -55.3 % 102.3 85.5 19.6 % Net investment ( losses ) gains after tax ( 5.1 ) 1.9 N.M. ( 8.3 ) ( 10.1 ) N.M. Core earnings * 21.4 34.6 -38.2 % 110.6 95.6 15.7 % Per diluted share : Net income 0.39 0.87 -55.2 % 2.43 2.03 19.7 % Net investment ( losses ) gains after tax Core earnings per diluted share * ( 0.11 ) 0.05 N.M. ( 0.19 ) ( 0.24 ) N.M. 0.50 0.82 -39.0 % 2.62 2.27 15.4 % Book value per share 43.30 41.45 4.5 % Book value per share excluding net unrealized investment gains on fixed maturity securities * 35.90 33.52 7.1 % N.M. - Not meaningful . * These measures are not based on accounting principles generally accepted in the United States of America ( non - GAAP ) . They are reconciled to the most directly comparable GAAP measures in the Appendix to the Investor Supplement . An explanation of these measures is contained in the Glossary of Selected Terms included as an exhibit in the Company's reports filed with the Securities and Exchange Commission . The Horace Mann Companies 1 Horace Mann Plaza 217-789-2500 www.horacemann.com Springfield , Illinois 62715-0001