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Page Consolidated Financial Highlights 3 Consolidated Statements of Operations 4 Consolidated Balance Sheets 5 Capital Metrics 6 Property & Casualty Segment Statements of Operations 7 Auto Products 8 Property & Other Products 9 Life & Retirement Segment Statements of Operations 10 Life Insurance Products 10 Retirement Products 11 Account Value Rollforward 12 Supplemental & Group Benefits Statements of Operations 13 Individual Supplemental / Group Benefits Products 14 Corporate & Other Segment Statements of Operations 15 Investment Earnings Before Taxes Consolidated 16 Composition of Invested Assets Consolidated 17 Investments by Segment 18 Selected Financial Data - Five Year History 19 Appendix: Reconciliations of GAAP Measures to Non-GAAP Measures 20-28 Ratings and Contact Information 29 Note: The information contained in this document includes measures which are based on methodologies other than accounting principles generally accepted in the United States of America (non-GAAP) and are marked with an asterisk (*) within this document. Reconciliations of non-GAAP measures to the closest GAAP measures are contained in the supplemental numerical pages of Horace Mann Educators Corporation's (HMEC) quarterly earnings releases (and related SEC filings), and additional descriptions of non-GAAP measures are contained in the Glossary of Selected Terms included as an exhibit to HMEC's SEC filings. Certain prior period information has been recast to conform with current period presentation and to support comparability given industry practice. The recast does not affect previously reported consolidated financial results under US GAAP. Table of Contents Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement
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($ in millions, except per share data) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Earnings Summary Net income $ 36.2 (5.2) % $ 58.3 $ 29.4 $ 38.2 $ 38.2 $ 162.1 57.7 % $ 102.8 Net investment gains (losses), after tax (5.6) N.M. 2.7 (4.7) (2.6) (13.7) (10.2) N.M. (13.6) Non-core earnings, after tax (8.5) N.M. (1.0) (10.1) (3.9) (17.9) (23.5) N.M. (24.9) Core earnings* 50.3 (27.9) % 56.6 44.2 44.7 69.8 195.8 38.6 % 141.3 Balance Sheet Summary At Period End Total assets $ 15,266.6 5.4 % $ 15,489.7 $ 14,728.3 $ 14,396.1 $ 14,487.8 $ 15,266.6 5.4 % $ 14,487.8 Total policy liabilities 7,612.9 (0.3) % 7,671.3 7,628.4 7,629.3 7,636.5 7,612.9 (0.3) % 7,636.5 Total debt 593.4 8.5 % 842.9 547.5 547.2 547.0 593.4 8.5 % 547.0 Total shareholders' equity 1,482.7 15.2 % 1,441.3 1,360.3 1,342.8 1,287.5 1,482.7 15.2 % 1,287.5 Per Share and Shares Data (in millions)(1) Net income per share (basic) $ 0.88 (5.4) % $ 1.42 $ 0.71 $ 0.93 $ 0.93 $ 3.93 57.8 % $ 2.49 Net income per share (diluted) 0.87 (5.4) % 1.40 0.71 0.92 0.92 3.90 57.3 % 2.48 Core earnings per share (diluted)* 1.21 (28.0) % 1.36 1.06 1.07 1.68 4.71 38.5 % 3.40 Weighted average shares (basic) 41.1 (0.5) % 41.2 41.3 41.3 41.3 41.2 (0.2) % 41.3 Weighted average shares (diluted) 41.6 — % 41.6 41.6 41.6 41.6 41.6 0.2 % 41.5 Book value per share $ 36.47 15.7 % $ 35.31 $ 33.31 $ 32.79 $ 31.51 $ 36.47 15.7 % $ 31.51 Adjusted book value per share* $ 40.21 7.1 % $ 39.51 $ 38.46 $ 38.05 $ 37.54 $ 40.21 7.1 % $ 37.54 Tangible book value per share* $ 35.35 9.2 % $ 34.59 $ 33.46 $ 33.00 $ 32.38 $ 35.35 9.2 % $ 32.38 Dividends paid per share $ 0.35 2.9 % $ 0.35 $ 0.35 $ 0.35 $ 0.34 $ 1.40 2.9 % $ 1.36 Financial Ratios Net Income ROE - LTM(2) 11.7 % 3.4 pts 12.2 % 10.8 % 9.0 % 8.3 % 11.7 % 3.4 pts 8.3 % Net Income ROE - Annualized 9.9 % -2.0 pts 16.6 % 8.7 % 11.6 % 11.9 % 11.7 % 3.4 pts 8.3 % Core ROE - LTM* 12.4 % 3.0 pts 13.8 % 12.6 % 10.6 % 9.4 % 12.4 % 3.0 pts 9.4 % Core ROE - Annualized* 12.4 % -6.0 pts 14.2 % 11.3 % 11.6 % 18.4 % 12.4 % 3.0 pts 9.4 % Adjusted debt to total capitalization excluding net unrealized investment gains (losses) on fixed maturity securities, net reserve remeasurements attributable to discount rates, and restricted cash for debt repayment* 26.6 % 0.3 pts 26.9 % 25.9 % 26.0 % 26.3 % 26.6 % 0.3 pts 26.3 % Investment yield, excluding limited partnership interests, pretax - annualized*(3) 4.67 % -0.43 pts 4.94 % 4.34 % 4.60 % 5.10 % 4.64 % -0.03 pts 4.67 % (1) Calculated using basic shares when in a net loss or core loss position. (2) LTM = Last twelve months. (3) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. Consolidated Financial Highlights Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 3
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Revenues Net premiums and contract charges earned $ 317.2 5.5 % $ 310.3 $ 302.6 $ 298.3 $ 300.8 $ 1,228.4 7.2 % $ 1,146.0 Net investment income(1) 118.0 (0.8) % 119.6 110.8 115.9 118.9 464.3 4.2 % 445.7 Net investment gains (losses) (7.1) (59.2) % 3.3 (5.9) (3.3) (17.4) (13.0) N.M. (17.3) Other income 6.7 — % 5.3 4.2 5.5 6.7 21.7 4.3 % 20.8 Total revenues 434.8 6.3 % 438.5 411.7 416.4 409.0 1,701.4 6.7 % 1,595.2 Benefits, losses and expenses Benefits, claims and settlement expenses 173.8 2.2 % 171.0 183.5 183.2 170.1 711.5 (4.5) % 745.0 Interest credited 55.7 2.4 % 55.7 52.7 52.8 54.4 216.9 0.5 % 215.9 Operating expenses 112.6 18.4 % 96.3 96.9 90.8 95.1 396.6 14.8 % 345.5 DAC amortization expense 33.5 15.5 % 31.5 29.9 29.6 29.0 124.5 12.1 % 111.1 Intangible asset amortization expense 3.5 (2.8) % 3.6 3.6 3.6 3.6 14.3 (1.4) % 14.5 Interest expense 10.0 17.6 % 8.9 8.6 8.9 8.5 36.4 5.2 % 34.6 Total benefits, losses and expenses 389.1 7.9 % 367.0 375.2 368.9 360.7 1,500.2 2.3 % 1,466.6 Income before income taxes 45.7 (5.4) % 71.5 36.5 47.5 48.3 201.2 56.5 % 128.6 Income tax expense 9.5 (5.9) % 13.2 7.1 9.3 10.1 39.1 51.6 % 25.8 Net income $ 36.2 (5.2) % $ 58.3 $ 29.4 $ 38.2 $ 38.2 $ 162.1 57.7 % $ 102.8 Informational Data Net written premiums and contract deposits $ 428.8 4.0 % 468.9 418.8 393.2 412.3 $ 1,709.7 6.3 % $ 1,607.7 Corporate expense ratio 33.1 % 4.0 pts 29.4 % 30.4 % 28.7 % 29.1 % 30.4 % 2.1 pts 28.3 % Core expense ratio* 31.5 % 2.4 pts 29.4 % 29.6 % 28.7 % 29.1 % 29.8 % 1.5 pts 28.3 % Segment net income (loss) Property & Casualty $ 37.3 2.2 % $ 31.8 $ 16.5 $ 26.8 $ 36.5 $ 112.4 128.9 % $ 49.1 Life & Retirement 13.1 (25.1) % 16.9 20.0 6.8 17.5 56.8 0.9 % 56.3 Supplemental & Group Benefits 10.9 (46.8) % 15.0 7.9 11.2 20.5 45.0 (25.5) % 60.4 Corporate & Other (25.1) N.M. (5.4) (15.0) (6.6) (36.3) (52.1) 17.3 % (63.0) Total $ 36.2 (5.2) % $ 58.3 $ 29.4 $ 38.2 $ 38.2 $ 162.1 57.7 % $ 102.8 Net investment income, after tax $ 94.0 (0.7) % $ 95.2 $ 88.2 $ 92.3 $ 94.7 $ 369.7 4.1 % $ 355.1 Effective tax rate on net investment income 20.4 % — pts 20.4 % 20.4 % 20.4 % 20.4 % 20.4 % 0.1 pts 20.3 % Credit loss and intent-to-sell impairments(2) (3.7) N.M. 0.3 (3.1) — 0.7 (6.5) N.M. 0.1 Catastrophe losses, net of reinsurance, pretax 5.7 50.0 % 9.9 29.7 16.4 3.8 61.7 (35.0) % 94.9 Catastrophe losses, net of reinsurance, after tax 4.5 50.0 % 7.8 23.5 12.9 3.0 48.7 (35.1) % 75.0 (1) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. (2) Included in pretax net investment gains (losses). Consolidated Statements of Operations Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 4
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($ in millions, except per share data) Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, 2025 2025 2025 2025 2024 Assets Investments Fixed maturity securities, available for sale, at fair value $ 5,714.6 $ 5,666.5 $ 5,453.3 $ 5,457.7 $ 5,387.9 Equity securities, at fair value 41.9 44.3 58.3 64.3 66.5 Limited partnership interests 1,100.6 1,137.8 1,137.8 1,125.6 1,121.3 Short-term and other investments 447.5 433.6 391.2 359.8 340.7 Total investments 7,304.6 7,282.2 7,040.6 7,007.4 6,916.4 Cash 26.2 46.7 38.7 29.0 33.1 Restricted cash 1.3 255.8 2.2 1.3 5.0 Deferred policy acquisition costs 358.2 358.3 351.4 349.2 347.2 Reinsurance balances receivable 419.0 423.1 403.7 413.0 424.8 Deposit asset on reinsurance 2,369.6 2,402.3 2,412.6 2,421.0 2,434.3 Intangible assets 141.5 145.1 148.6 152.2 155.8 Goodwill 54.3 54.3 54.3 54.3 54.3 Other assets 434.5 433.6 412.9 400.4 408.1 Separate Account variable annuity assets 4,157.4 4,088.3 3,863.3 3,568.3 3,708.8 Total assets $ 15,266.6 $ 15,489.7 $ 14,728.3 $ 14,396.1 $ 14,487.8 Liabilities and Shareholders' Equity Policy liabilities Future policy benefit reserves $ 1,611.5 $ 1,636.8 $ 1,624.4 $ 1,635.7 $ 1,622.8 Policyholders' account balances 5,064.1 5,092.0 5,076.4 5,079.6 5,100.3 Unpaid claims and claim expenses 565.2 564.1 576.6 577.1 569.2 Unearned premiums 372.1 378.4 351.0 336.9 344.2 Total policy liabilities 7,612.9 7,671.3 7,628.4 7,629.3 7,636.5 Other policyholder funds 1,046.2 1,046.2 1,005.8 1,005.8 995.7 Other liabilities 374.0 399.7 323.0 302.7 312.3 Long-term debt 593.4 842.9 547.5 547.2 547.0 Separate Account variable annuity liabilities 4,157.4 4,088.3 3,863.3 3,568.3 3,708.8 Total liabilities 13,783.9 14,048.4 13,368.0 13,053.3 13,200.3 Common stock, $0.001 par value 0.1 0.1 0.1 0.1 0.1 Additional paid-in capital 538.8 535.8 530.4 526.1 525.2 Retained earnings 1,651.7 1,630.2 1,586.5 1,571.7 1,548.2 Accumulated other comprehensive income, net of taxes: Net unrealized investment gains (losses) on fixed maturity securities (245.5) (250.8) (309.9) (314.5) (357.4) Net reserve remeasurements attributable to discount rates 93.4 79.4 99.8 99.1 110.9 Net funded status of benefit plans (2.5) (7.0) (7.0) (7.0) (7.0) Treasury stock, at cost (553.3) (546.4) (539.6) (532.7) (532.5) Total shareholders' equity 1,482.7 1,441.3 1,360.3 1,342.8 1,287.5 Total liabilities and shareholders' equity $ 15,266.6 $ 15,489.7 $ 14,728.3 $ 14,396.1 $ 14,487.8 Consolidated Balance Sheets Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 5
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($ in millions, except per share data) Three Months Ended Year Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Debt and Total Capitalization Senior Debt: 4.50% Senior notes due December 1, 2025 — 249.9 249.9 249.7 249.7 — 249.7 7.25% Senior notes due September 15, 2028 298.0 297.8 297.6 297.5 297.3 298.0 297.3 4.70% Senior notes due October 1, 2030 295.4 295.2 — — — 295.4 — Total debt 593.4 842.9 547.5 547.2 547.0 593.4 547.0 Shareholders' equity 1,482.7 1,441.3 1,360.3 1,342.8 1,287.5 1,482.7 1,287.5 Total capitalization $ 2,076.1 $ 2,284.2 $ 1,907.8 $ 1,890.0 $ 1,834.5 $ 2,076.1 $ 1,834.5 Debt to shareholders' equity 40.0 % 58.5 % 40.2 % 40.8 % 42.5 % 40.0 % 42.5 % Debt to total capitalization 28.6 % 36.9 % 28.7 % 29.0 % 29.8 % 28.6 % 29.8 % Adjusted debt to total capitalization excluding net unrealized investment gains (losses) on fixed maturity securities, net reserve remeasurements attributable to discount rates, and restricted cash for debt repayment*(1) 26.6 % 26.9 % 25.9 % 26.0 % 26.3 % 26.6 % 26.3 % Informational Data Ending number of shares outstanding 40.7 40.8 40.8 41.0 40.9 40.7 40.9 Number of shares of common stock repurchased (thousands) 153.9 164.6 175.5 3.2 — 497.2 256.2 Common stock repurchased(2) $ 6.8 $ 6.8 $ 7.1 $ 0.1 $ — $ 20.8 $ 8.5 Cash dividends paid 14.2 14.3 14.3 14.3 13.9 57.1 55.6 Total capital returned to shareholders $ 21.0 $ 21.1 $ 21.4 $ 14.4 $ 13.9 $ 77.9 $ 64.1 (1) Adjusted for restricted cash for debt repayment of Senior Notes due December 1, 2025. Refer to page 25 for further information. (2) As of December 31, 2025, the Company's common stock repurchase program had a remaining authorization of $55.5 million. Capital Metrics Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 6
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Underwriting Results Net premiums written* $ 201.4 2.9 % $ 232.1 $ 211.4 $ 185.3 $ 195.7 $ 830.2 6.5 % $ 779.3 Net premiums earned 207.9 5.6 % 204.7 197.3 192.7 196.8 802.6 9.0 % 736.5 Losses and loss adjustment expenses Current accident year before catastrophe losses 117.2 1.6 % 116.4 112.3 107.2 115.3 453.1 (0.5) % 455.6 Current accident year catastrophe losses 5.7 50.0 % 9.9 29.7 16.4 3.8 61.7 (35.0) % 94.9 Prior years' reserve development(1) (5.0) (51.5) % (3.0) (5.5) (5.3) (10.3) (18.8) (36.3) % (29.5) Total losses and loss adjustment expenses 117.9 8.4 % 123.3 136.5 118.3 108.8 496.0 (4.8) % 521.0 Operating expenses, including DAC amortization expense 58.4 3.9 % 56.5 55.1 54.0 56.2 224.0 11.8 % 200.4 Underwriting gain (loss) 31.6 (0.6) % 24.9 5.7 20.4 31.8 82.6 447.0 % 15.1 Net investment income 15.7 1.9 % 14.8 14.9 11.7 15.4 57.1 24.1 % 46.0 Other income 0.6 50.0 % 0.6 0.7 1.3 0.4 3.2 39.1 % 2.3 Income (loss) before income taxes 47.9 0.6 % 40.3 21.3 33.4 47.6 142.9 125.4 % 63.4 Income tax expense (benefit) 10.6 (4.5) % 8.5 4.8 6.6 11.1 30.5 113.3 % 14.3 Net income (loss)(2) $ 37.3 2.2 % $ 31.8 $ 16.5 $ 26.8 $ 36.5 $ 112.4 128.9 % $ 49.1 Core earnings (loss)* $ 37.3 2.2 % $ 31.8 $ 16.5 $ 26.8 $ 36.5 $ 112.4 128.9 % $ 49.1 Underwriting Ratios (%) Losses and loss adjustment expenses Current accident year before catastrophe losses and prior years' reserve development 56.4 -2.1 pts 56.9 56.9 55.7 58.5 56.4 -5.5 pts 61.9 Current accident year catastrophe losses 2.7 0.7 pts 4.8 15.0 8.5 2.0 7.7 -5.1 pts 12.8 Prior years' reserve development(1) (2.4) 2.8 pts (1.5) (2.8) (2.8) (5.2) (2.3) 1.7 pts (4.0) Total losses and loss adjustment expenses 56.7 1.4 pts 60.2 69.1 61.4 55.3 61.8 -8.9 pts 70.7 Expense ratio 28.1 -0.5 pts 27.6 27.9 28.0 28.6 27.9 0.7 pts 27.2 Combined ratio 84.8 0.9 pts 87.8 97.0 89.4 83.9 89.7 -8.2 pts 97.9 Combined ratio before catastrophe losses 82.1 0.2 pts 83.0 82.0 80.9 81.9 82.0 -3.1 pts 85.1 Combined ratio before catastrophe losses and prior years' reserve development* 84.5 -2.6 pts 84.5 84.8 83.7 87.1 84.3 -4.8 pts 89.1 Informational Data Sales* (Annualized premium)(3) $ 24.6 0.4 % $ 29.1 $ 27.0 $ 26.4 $ 24.5 $ 107.1 6.1 % $ 100.9 Risks in force (in thousands) 490 (3.7) % 495 500 503 509 490 (3.7) % 509 Catastrophe losses after tax 4.5 50.0 % 7.8 23.5 12.9 3.0 48.7 (35.1) % 75.0 (1) (Favorable) unfavorable. (2) Net investment gains (losses) are not allocated by segment. (3) Horace Mann products. Property & Casualty Segment I Statements of Operations Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 7
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Auto Underwriting Results Net premiums written* $ 122.1 (0.4) % $ 131.6 $ 126.7 $ 121.6 $ 122.6 $ 502.0 2.3 % $ 490.7 Net premiums earned 125.6 2.4 % 125.0 123.1 120.9 122.6 494.6 5.3 % 469.9 Catastrophe losses pretax 0.3 (80.0) % 1.1 4.0 1.8 1.5 7.2 (16.3) % 8.6 Prior year development pretax (3.0) N.M. (0.2) (1.5) (2.3) — (7.0) N.M. (15.2) Auto Underwriting Ratios (%) Loss and loss adjustment expenses Current accident year before catastrophe losses and prior years' reserve development 70.8 -2.1 pts 66.6 68.7 67.0 72.9 68.3 -4.3 pts 72.6 Current accident year catastrophe losses 0.3 -0.9 pts 0.9 3.2 1.5 1.2 1.4 -0.4 pts 1.8 Prior years' reserve development(1) (2.4) -2.4 pts (0.1) (1.2) (1.9) — (1.4) 1.8 pts (3.2) Total losses and loss adjustment expenses 68.7 -5.4 pts 67.4 70.7 66.6 74.1 68.3 -2.9 pts 71.2 Expense ratio 28.3 -0.4 pts 28.3 27.8 28.4 28.7 28.2 1.0 pts 27.2 Combined ratio 97.0 -5.8 pts 95.7 98.5 95.0 102.8 96.5 -1.9 pts 98.4 Combined ratio before catastrophe losses 96.7 -4.9 pts 94.8 95.3 93.5 101.6 95.1 -1.5 pts 96.6 Combined ratio before catastrophe losses and prior years' reserve development* 99.1 -2.5 pts 94.9 96.5 95.4 101.6 96.5 -3.3 pts 99.8 Informational Data Household Retention - LTM(2) 83.7 % -1.6 pts 83.7 % 83.8 % 84.2 % 85.3 % 83.7 % -1.6 pts 85.3 % Sales* (Annualized premium)(3) $ 17.8 (1.7) % $ 21.2 $ 19.8 $ 20.3 $ 18.1 $ 79.1 5.5 % $ 75.0 Risks in force (in thousands) 326 (4.7) % 330 334 337 342 326 (4.7) % 342 Catastrophe losses after tax 0.2 (83.3) % 0.8 3.2 1.4 1.2 5.6 (17.6) % 6.8 (1) (Favorable) unfavorable. (2) Retention is based on retained households. (3) Horace Mann products. Property & Casualty Segment I Auto Products Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 8
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Property and Other Underwriting Results Net premiums written* $ 79.3 8.5 % $ 100.5 $ 84.7 $ 63.7 $ 73.1 $ 328.2 13.7 % $ 288.6 Net premiums earned 82.3 10.9 % 79.7 74.2 71.8 74.2 308.0 15.5 % 266.6 Catastrophe losses pretax 5.4 134.8 % 8.8 25.7 14.6 2.3 54.5 (36.8) % 86.3 Prior year development pretax (2.0) N.M. (2.8) (4.0) (3.0) (10.3) (11.8) N.M. (14.3) Property Underwriting Ratios (%) (excludes Other Liability) Loss and loss adjustment expenses Current accident year before catastrophe losses and prior years' reserve development 33.1 -0.4 pts 41.2 36.8 35.7 33.5 36.7 -5.6 pts 42.3 Current accident year catastrophe losses 6.6 3.4 pts 11.2 34.9 20.6 3.2 17.9 -14.7 pts 32.6 Prior years' reserve development(1) (2.5) 11.5 pts (3.6) (5.4) (4.2) (14.0) (3.9) 1.9 pts (5.8) Total losses and loss adjustment expenses 37.2 14.5 pts 48.8 66.3 52.1 22.7 50.7 -18.4 pts 69.1 Expense ratio 28.0 -0.5 pts 26.5 28.3 27.8 28.5 27.6 0.3 pts 27.3 Combined ratio 65.2 14.0 pts 75.3 94.6 79.9 51.2 78.3 -18.1 pts 96.4 Combined ratio before catastrophe losses 58.6 10.6 pts 64.1 59.7 59.3 48.0 60.4 -3.4 pts 63.8 Combined ratio before catastrophe losses and prior years' reserve development* 61.1 -0.9 pts 67.7 65.1 63.5 62.0 64.3 -5.3 pts 69.6 Property Informational Data (excludes Other Liability) Household retention - LTM(2) 88.4 % -1.2 pts 88.7 % 89.1 % 89.4 % 89.6 % 88.4 % -1.2 pts 89.6 % Sales* (Annualized premium)(3) $ 6.8 6.3 % $ 7.9 $ 7.2 $ 6.1 $ 6.4 $ 28.0 8.1 % $ 25.9 Risks in force (in thousands) 164 (1.8) % 165 166 166 167 164 (1.8) % 167 Catastrophe losses after tax 4.3 138.9 % 7.0 20.3 11.5 1.8 43.1 (36.8) % 68.2 (1) (Favorable) unfavorable. (2) Retention is based on retained households. (3) Horace Mann products. Property & Casualty Segment I Property and Other Products Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 9
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Net premiums written and contract deposits* $ 159.7 4.4 % $ 170.4 $ 141.7 $ 140.3 $ 152.9 $ 612.1 6.7 % $ 573.9 Revenues Net premiums and contract charges earned $ 41.3 4.0 % $ 39.2 $ 39.6 $ 38.5 $ 39.7 $ 158.6 2.6 % $ 154.6 Net investment income(1) 93.0 (1.4) % 94.0 90.4 89.1 94.3 366.5 0.8 % 363.6 Other income 5.4 (1.8) % 6.1 4.9 4.8 5.5 21.2 5.0 % 20.2 Total revenues 139.7 0.1 % 139.3 134.9 132.4 139.5 546.3 1.5 % 538.4 Benefits and Expenses Benefits and change in reserves 31.6 8.6 % 28.6 24.2 38.0 29.1 122.4 (2.2) % 125.2 Interest credited 54.3 2.1 % 54.2 51.5 51.6 53.2 211.6 0.2 % 211.2 Operating expenses 31.9 2.2 % 30.0 29.1 28.4 31.2 119.4 8.7 % 109.8 DAC amortization expense 6.7 11.7 % 5.9 5.7 6.0 6.0 24.3 (1.2) % 24.6 Intangible asset amortization expense — N.M. 0.1 — 0.1 — 0.2 — % 0.2 Total benefits and expenses 124.5 4.2 % 118.8 110.5 124.1 119.5 477.9 1.5 % 471.0 Income before income taxes 15.2 (24.0) % 20.5 24.4 8.3 20.0 68.4 1.5 % 67.4 Income tax expense 2.1 (16.0) % 3.6 4.4 1.5 2.5 11.6 4.5 % 11.1 Net income(2) $ 13.1 (25.1) % $ 16.9 $ 20.0 $ 6.8 $ 17.5 $ 56.8 0.9 % $ 56.3 Core earnings* $ 13.4 (20.7) % $ 15.1 $ 24.6 $ 7.9 $ 16.9 $ 61.0 12.5 % $ 54.2 (1) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. (2) Net investment gains (losses) are not allocated by segment. Life & Retirement Segment I Life Insurance Products ($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Net premiums written and contract deposits* $ 36.6 7.6 % $ 31.7 $ 31.5 $ 29.5 $ 34.0 $ 129.3 6.4 % $ 121.5 Net investment income 21.5 21.5 (4.0) % 22.5 21.5 20.9 21.5 20.7 0 22.4 85.6 3.5 % 82.7 Benefits and change in reserves 28.5 9.2 % 25.5 22.6 33.5 26.1 110.1 (4.8) % 115.6 Informational Data Earnings margin (before tax) Return on net premiums - LTM 35.1 % 4.8 pts 38.9 % 34.0 % 27.9 % 30.3 % 35.1 % 4.8 pts 30.3 % Lapse ratio - LTM(3) 4.2 % 0.3 pts 4.1 % 4.0 % 3.9 % 3.9 % 4.2 % 0.3 pts 3.9 % Annualized sales* $ 3.4 21.4 % $ 2.9 $ 2.5 $ 2.4 $ 2.8 $ 11.2 7.7 % $ 10.4 Insurance in force $ 21,517 2.2 % $ 21,387 $ 21,241 $ 21,129 $ 21,059 $ 21,517 2.2 % $ 21,059 Policies in force (in thousands) 160 (0.6) % 161 161 161 161 160 (0.6) % 161 (3) Ordinary life insurance. Life & Retirement Segment I Statements of Operations Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 10
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Net annuity contract deposits* $ 123.2 3.6 % $ 138.6 $ 110.2 $ 110.8 $ 118.9 $ 482.8 6.7 % $ 452.4 Net investment income - managed portfolio 46.1 (2.9) % 48.3 44.4 44.0 47.5 182.8 1.8 % 179.5 Interest credited - managed portfolio 27.7 5.7 % 27.6 25.0 25.3 26.2 105.6 2.5 % 103.0 Net interest margin - managed portfolio 18.4 (13.6) % 20.7 19.4 18.7 21.3 77.2 0.9 % 76.5 Investment income - deposit asset on reinsurance 25.4 4.1 % 23.2 25.1 24.4 24.4 98.1 (3.3) % 101.4 Interest credited - reinsured block 25.8 (1.9) % 26.0 25.8 25.6 26.3 103.2 (2.0) % 105.3 Net interest margin - reinsured block (0.4) 78.9 % (2.8) (0.7) (1.2) (1.9) (5.1) (30.8) % (3.9) DAC amortization 5.0 11.1 % 4.3 4.2 4.6 4.5 18.1 (1.6) % 18.4 Change in MRBs 0.3 N.M. (2.5) (1.0) 1.4 (0.9) (1.8) 37.9 % (2.9) Informational Data Fixed annuity interest spread - Annualized 173 -42 bps 208 186 169 215 184 12 bps 172 Variable annuity fee margin - Annualized 143 -2 bps 142 138 146 145 139 -5 bps 144 Assets under administration (AUA) Annuity assets under management(1) $ 5,947.4 7.6 % $ 5,880.1 $ 5,666.9 $ 5,422.9 $ 5,527.5 $ 5,947.4 7.6 % $ 5,527.5 Brokerage and advisory assets under administration 2,930.6 14.6 % 2,850.5 2,705.7 2,517.4 2,556.8 2,930.6 14.6 % 2,556.8 Recordkeeping assets under administration 1,027.6 1.0 % 1,045.3 1,068.7 979.8 1,017.8 1,027.6 1.0 % 1,017.8 Total AUA $ 9,905.6 8.8 % $ 9,775.9 $ 9,441.3 $ 8,920.1 $ 9,102.1 $ 9,905.6 8.8 % $ 9,102.1 Cash value persistency - LTM 91.7 % 0.3 pts 92.0 % 91.7 % 91.6 % 91.4 % 91.7 % 0.3 pts 91.4 % Annuity contracts in force (in thousands) 213 (2.7) % 214 215 217 219 213 (2.7) % 219 Horace Mann Retirement Advantage® contracts in force (in thousands) 24 9.1 % 23 22 22 22 24 9.1 % 22 (1) Amount reported as of December 31, 2025 excludes $785.0 million of assets under management held under modified coinsurance reinsurance. Life & Retirement Segment I Retirement Products Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 11
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($ in millions) Three Months Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, 2025 2025 2025 2025 2024 Fixed Account Annuities(1) Beginning balance $ 2,071.9 $ 2,042.7 $ 2,034.4 $ 2,031.9 $ 2,023.8 Reinsurance transfer 31.0 7.6 7.4 12.7 23.8 Deposits 49.9 60.3 44.9 42.2 50.7 Withdrawals (132.1) (87.7) (97.2) (107.3) (120.5) Net transfers 4.6 3.6 8.2 12.0 6.2 Interest credited 45.2 42.6 42.3 41.7 42.6 Other 6.2 2.8 2.7 1.2 5.3 Ending balance $ 2,076.7 $ 2,071.9 $ 2,042.7 $ 2,034.4 $ 2,031.9 Fixed Indexed Account Annuities(2) Beginning balance $ 382.3 $ 388.6 $ 399.7 $ 409.5 $ 413.6 Deposits 3.9 3.2 3.3 4.2 4.5 Withdrawals (11.5) (9.9) (11.9) (14.9) (13.2) Net transfers (0.1) (0.3) (0.3) (0.2) (0.2) Index credits 3.3 4.0 2.7 3.5 7.3 Other (4.7) (3.3) (4.9) (2.4) (2.5) Ending balance $ 373.2 $ 382.3 $ 388.6 $ 399.7 $ 409.5 Variable Account Annuities(3) Beginning balance $ 4,088.3 $ 3,863.3 $ 3,568.3 $ 3,708.8 $ 3,732.8 Deposits 75.0 81.3 67.0 70.4 71.1 Withdrawals (95.8) (74.2) (70.0) (76.4) (79.4) Net transfers (4.5) (3.4) (7.9) (11.7) (6.0) Fees and charges (15.6) (14.6) (13.4) (13.6) (14.3) Market appreciation (depreciation) 110.0 235.9 319.3 (109.2) 4.6 Ending balance $ 4,157.4 $ 4,088.3 $ 3,863.3 $ 3,568.3 $ 3,708.8 Held under modified coinsurance agreement 785.0 789.9 756.8 709.7 754.6 Ending balance net of reinsurance $ 3,372.4 $ 3,298.4 $ 3,106.5 $ 2,858.6 $ 2,954.2 Fixed and variable annuities in payout phase $ 124.9 $ 127.4 $ 129.0 $ 130.2 $ 131.9 (1) Represents account balances having a guarantee of principal and a guaranteed minimum rate of return. (2) Represents account balances with a contingent return linked to the Standard & Poor's 500 Index and/or the Dow Jones Industrial Average. (3) Represents account balances invested in various mutual funds at the direction of the contractholders who bear the investment risk. Life & Retirement Segment I Account Value Rollforward Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 12
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Net premiums written* $ 67.7 6.3 % $ 66.4 $ 65.7 $ 67.6 $ 63.7 $ 267.4 5.1 % $ 254.5 Revenues Net premiums and contract charges earned $ 68.0 5.8 % $ 66.4 $ 65.7 $ 67.1 $ 64.3 $ 267.2 4.8 % $ 254.9 Net investment income(1) 9.2 (5.2) % 11.1 7.1 9.4 9.7 36.8 (3.4) % 38.1 Other income (0.2) N.M. (1.9) (1.9) (1.1) — (5.1) (10.9) % (4.6) Total revenues 77.0 4.1 % 75.6 70.9 75.4 74.0 298.9 3.6 % 288.4 Benefits and Expenses Benefits, settlement expenses and change in reserves 25.7 91.8 % 20.6 24.0 28.1 13.4 98.4 17.8 % 83.5 Operating expenses (includes DAC amortization expense) 33.8 13.8 % 32.5 33.1 29.5 29.7 128.9 14.6 % 112.5 Intangible asset amortization expense 3.5 (2.8) % 3.5 3.6 3.5 3.6 14.1 (1.4) % 14.3 Total benefits and expenses 63.0 34.9 % 56.6 60.7 61.1 46.7 241.4 14.8 % 210.3 Income before income taxes 14.0 (48.7) % 19.0 10.2 14.3 27.3 57.5 (26.4) % 78.1 Income tax expense 3.1 (54.4) % 4.0 2.3 3.1 6.8 12.5 (29.4) % 17.7 Net income(2) $ 10.9 (46.8) % $ 15.0 $ 7.9 $ 11.2 $ 20.5 $ 45.0 (25.5) % $ 60.4 Core earnings* $ 13.6 (41.6) % $ 17.7 $ 13.4 $ 14.0 $ 23.3 $ 58.7 (18.1) % $ 71.7 Informational Data Sales* $ 8.9 41.3 % $ 12.2 $ 5.7 $ 8.4 $ 6.3 $ 35.2 37.5 % $ 25.6 Net premiums earned from assumed block in run-off(3) 2.2 (31.3) % 3.4 2.0 2.8 3.2 10.4 (28.3) % 14.5 Benefits ratio(4) 37.9 % 17.1 pts 30.9 % 36.7 % 41.8 % 20.8 % 36.8 % 4.1 pts 32.7 % Operating expense ratio(5) 43.8 % 3.7 pts 43.1 % 46.8 % 39.1 % 40.1 % 43.1 % 4.1 pts 39.0 % Pretax profit margin(5) 18.2 % -18.7 pts 25.1 % 14.3 % 19.0 % 36.9 % 19.2 % -7.9 pts 27.1 % (1) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. (2) Net investment gains (losses) are not allocated by segment. (3) Included in net premiums and contract changes earned from Group Benefits Products. (4) Benefits ratio measured to net premiums earned. (5) Operating expense ratio and pretax profit margin measured to total revenues. Supplemental & Group Benefits I Statements of Operations Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 13
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Earned premiums $ 32.5 5.2 % $ 31.2 $ 31.2 $ 30.9 $ 30.9 $ 125.8 3.5 % $ 121.6 Net premiums written* 32.1 5.6 % 31.3 31.2 31.1 30.4 125.8 3.7 % 121.3 Benefits, settlement expenses and change in reserves 8.5 25.0 % 7.9 8.6 8.8 6.8 33.8 2.1 % 33.1 Informational Data Sales* $ 6.7 21.8 % $ 5.9 $ 5.7 $ 5.3 $ 5.5 $ 23.6 38.8 % $ 17.0 Benefits ratio(1) 26.0 % 4.0 pts 25.4 % 27.7 % 28.4 % 22.0 % 26.8 % -0.4 pts 27.2 % Operating expense ratio(2) 43.1 % 3.7 pts 41.3 % 44.1 % 35.6 % 39.4 % 40.4 % 4.0 pts 36.4 % Pretax profit margin(2) 29.5 % -7.4 pts 35.5 % 25.7 % 35.6 % 36.9 % 31.7 % -4.0 pts 35.7 % Premium persistency (rolling 12 months) 89.3 % -1.2 pts 89.6 % 89.9 % 90.0 % 90.5 % 89.3 % -1.2 pts 90.5 % Policies in force (in thousands) 275 1.5 % 273 274 270 271 275 1.5 % 271 (1) Ratio of benefits to net premiums earned. (2) Ratio of operating expenses and pretax profit margin to total revenues. Supplemental & Group Benefits I Group Benefits Products ($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Earned premiums $ 35.5 6.3 % $ 35.2 $ 34.5 $ 36.2 $ 33.4 $ 141.4 6.1 % $ 133.3 Net premiums written* 35.5 6.6 % 35.1 34.5 36.5 33.3 141.6 6.3 % 133.2 Benefits, settlement expenses and change in reserves 17.4 163.6 % 12.6 15.4 19.3 6.6 64.7 28.4 % 50.4 Informational Data Sales* $ 2.2 175.0 % $ 6.3 $ — $ 3.1 $ 0.8 $ 11.6 33.3 % $ 8.7 Benefits ratio(1) 48.8 % 29.1 pts 35.7 % 44.8 % 53.3 % 19.7 % 45.8 % 8.0 pts 37.8 % Operating expense ratio(2) 44.4 % 3.4 pts 47.8 % 49.6 % 42.6 % 41.0 % 46.0 % 4.0 pts 42.0 % Pretax profit margin(2) 6.5 % -30.5 pts 13.3 % 2.4 % 1.8 % 37.0 % 6.0 % -11.4 pts 17.4 % Covered lives (in thousands) 875 4.4 % 865 822 839 838 875 4.4 % 838 (1) Ratio of benefits to net premiums earned. (2) Ratio of operating expenses and pretax profit margin to total revenues. Supplemental & Group Benefits I Individual Supplemental Products Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 14
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($ in millions, amounts are net of consolidating eliminations) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Total revenues 1.0 N.M. 0.2 (1.1) 6.2 0.3 6.3 N.M. 0.9 Legacy Commercial exposures — N.M. — — — 20.0 — N.M. 20.0 Expenses Interest expense 10.0 17.6 % 8.9 8.6 8.9 8.5 36.4 5.2 % 34.6 Other operating expenses(1) 15.3 N.M. 2.9 3.8 2.5 1.0 24.5 163.4 % 9.3 Total expenses 25.3 166.3 % 11.8 12.4 11.4 9.5 60.9 38.7 % 43.9 Net investment gains (losses)(2) (7.1) N.M. 3.3 (5.9) (3.3) (17.4) (13.0) N.M. (17.3) Loss before income taxes (31.4) 32.6 % (8.3) (19.4) (8.5) (46.6) (67.6) 15.8 % (80.3) Net loss (25.1) 30.9 % (5.4) (15.0) (6.6) (36.3) (52.1) 17.3 % (63.0) Core loss* $ (13.9) (101.4) % $ (8.1) $ (10.3) $ (4.0) $ (6.9) $ (36.3) (7.7) % $ (33.7) Net Investment Gains (Losses) Gross realized gains $ 5.8 (22.7) % $ 2.5 $ 3.5 $ 3.1 $ 7.5 $ 14.9 (11.3) % $ 16.8 Gross realized losses, excluding impairment charges (6.8) N.M. (1.7) (5.6) (5.2) (27.4) (19.3) 53.6 % (41.6) Change in fair value of equity securities (2.4) (233.3) % 2.2 (0.7) (1.2) 1.8 (2.1) (128.4) % 7.4 Credit loss and intent-to-sell impairments (3.7) N.M. 0.3 (3.1) — 0.7 (6.5) N.M. 0.1 Total net investment gains (losses) $ (7.1) (59.2) % $ 3.3 $ (5.9) $ (3.3) $ (17.4) $ (13.0) N.M. $ (17.3) (1) In the quarter ended December 31, 2025, the Company terminated the Horace Mann Pension Plan. The $5.6 million after tax ($7.1 million pre-tax) adjustment was recorded within operating expenses and decreases net income for the Corporate & Other segment. (2) Corporate level transactions, such as net investment gains (losses), are not allocated to the operating segments consistent with how management evaluates the results of those segments. Corporate & Other Segment I Statements of Operations Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 15
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($ in millions) Three Months Ended Year Ended Dec. 31, Change to PY Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Change to PY Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Net Investment Income Fixed maturity securities - Taxable $ 69.5 (3.2) % $ 68.0 $ 56.0 $ 68.3 $ 71.8 $ 261.8 (4.1) % $ 273.0 Fixed maturity securities - Tax-exempt 3.6 5.9 % 3.6 3.3 3.3 3.4 13.8 (1.4) % 14.0 Total fixed maturity securities(1) 73.1 (2.8) % 71.6 59.3 71.6 75.2 275.6 (4.0) % 287.0 Equity securities 0.7 (46.2) % 0.9 1.0 1.0 1.3 3.6 (30.8) % 5.2 Policy loans 2.1 (4.5) % 2.0 2.1 2.0 2.2 8.2 (1.2) % 8.3 Commercial mortgage loan funds 4.9 (33.8) % 10.2 10.7 2.4 7.4 28.2 31.2 % 21.5 Limited partnership interests 10.7 25.9 % 11.2 12.5 13.9 8.5 48.3 107.3 % 23.3 Short-term investments and other 4.2 23.5 % 3.6 3.2 3.4 3.4 14.4 17.1 % 12.3 Gross investment income - investment portfolio 95.7 (2.3) % 99.5 88.8 94.3 98.0 378.3 5.8 % 357.6 Investment expense 3.1 (11.4) % 3.1 3.1 2.8 3.5 12.1 (9.0) % 13.3 Total net investment income - investment portfolio 92.6 (2.0) % 96.4 85.7 91.5 94.5 366.2 6.4 % 344.3 Investment income - Deposit asset on reinsurance 25.4 4.1 % 23.2 25.1 24.4 24.4 98.1 (3.3) % 101.4 Total net investment income(2) $ 118.0 (0.8) % $ 119.6 $ 110.8 $ 115.9 $ 118.9 $ 464.3 4.2 % $ 445.7 Portfolio Net Investment Income by Segment Property & Casualty $ 15.7 1.9 % $ 14.8 $ 14.9 $ 11.7 $ 15.4 $ 57.1 24.1 % $ 46.0 Life & Retirement 67.6 (3.3) % 70.8 65.3 64.7 69.9 268.4 2.4 % 262.2 Supplemental & Group Benefits 9.2 (5.2) % 11.1 7.1 9.4 9.7 36.8 (3.4) % 38.1 Corporate & Other, including intersegment eliminations 0.1 120.0 % (0.3) (1.6) 5.7 (0.5) 3.9 295.0 % (2.0) Total net investment income(2) $ 92.6 (2.0) % $ 96.4 $ 85.7 $ 91.5 $ 94.5 $ 366.2 6.4 % $ 344.3 After-tax Net Investment Income After tax net investment income - investment portfolio $ 73.9 (2.0) % 76.9 68.4 73.0 75.4 $ 292.2 6.3 % $ 275.0 After tax net investment income - Deposit asset on reinsurance 20.1 4.1 % 18.3 19.8 19.3 19.3 77.5 (3.2) % 80.1 Total after tax net investment income 94.0 (0.7) % 95.2 88.2 92.3 94.7 369.7 4.1 % 355.1 Investment yield, pretax - annualized(2)(3) 4.95 % -0.27 pts 5.21 % 4.75 % 5.09 % 5.22 % 5.00 % 0.32 pts 4.68 % Investment yield, after tax - annualized(3) 3.95 % -0.22 pts 4.16 % 3.80 % 4.07 % 4.17 % 4.00 % 0.25 pts 3.75 % Investment yield, excluding limited partnership interests, pretax - annualized(2)(3) 4.67 % -0.43 pts 4.94 % 4.34 % 4.60 % 5.10 % 4.64 % -0.03 pts 4.67 % Investment yield, excluding limited partnership interests, after tax - annualized(3) 3.74 % -0.34 pts 3.95 % 3.47 % 3.69 % 4.08 % 3.71 % -0.03 pts 3.74 % Earnings on Limited Partnership Interests by Segment Property & Casualty $ 4.7 N.M. $ 3.9 $ 4.6 $ 1.6 $ 6.1 $ 14.8 34.5 % $ 11.0 Life & Retirement 5.9 136.0 % 6.2 5.3 8.3 2.5 25.7 127.4 % 11.3 Supplemental & Group Benefits 0.1 (200.0) % 1.1 1.4 0.3 (0.1) 2.9 190.0 % 1.0 Corporate & Other — N.M. — (1.2) 6.1 — 4.9 N.M. — Total limited partnership interests $ 10.7 25.9 % $ 11.2 $ 11.3 $ 16.3 $ 8.5 $ 48.3 107.3 % $ 23.3 (1) Includes income on short-term bonds. (2) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. (3) Yields calculated by annualizing the result of year-to-date net investment income divided by the average period-end and beginning of year invested assets at cost, amortized cost, or adjusted carrying value, as applicable. Investment Earnings Consolidated Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 16
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($ in millions) December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent Fixed maturity securities, at fair value(1) $ 5,714.6 78.2 % $ 5,666.5 77.8 % $ 5,453.3 77.4 % $ 5,457.7 78.0 % $ 5,387.9 77.9 % Equity securities, at fair value 41.9 0.6 % 44.3 0.6 % 58.3 0.8 % 64.3 0.9 % 66.5 1.0 % Policy loans, at outstanding balance 138.1 1.9 % 138.5 1.9 % 139.0 2.0 % 139.5 2.0 % 140.8 2.0 % Commercial mortgage loan funds 590.6 8.1 % 593.3 8.1 % 591.2 8.4 % 590.5 8.4 % 596.0 8.6 % Limited partnership interests 510.0 7.0 % 544.5 7.5 % 546.6 7.8 % 535.1 7.6 % 525.3 7.6 % Short-term investments and other 309.4 4.2 % 295.1 4.1 % 252.2 3.6 % 220.3 3.1 % 199.9 2.9 % Total investments $ 7,304.6 100.0 % $ 7,282.2 100.0 % $ 7,040.6 100.0 % $ 7,007.4 100.0 % $ 6,916.4 100.0 % Asset-backed securities $ 251.5 4.4 % $ 297.6 5.3 % $ 290.4 5.3 % $ 306.1 5.6 % $ 308.5 5.7 % Collateralized loan obligations 909.3 15.9 % 901.1 15.9 % 888.8 16.3 % 862.1 15.7 % 862.3 16.0 % Commercial mortgage-backed securities 331.0 5.8 % 338.8 6.0 % 314.8 5.8 % 314.6 5.8 % 292.9 5.4 % Corporate 1,920.3 33.6 % 1,854.3 32.7 % 1,784.2 32.7 % 1,793.4 32.9 % 1,795.5 33.4 % Municipal 1,177.1 20.6 % 1,198.1 21.1 % 1,151.8 21.1 % 1,155.9 21.2 % 1,150.8 21.4 % Residential mortgage-backed securities 799.6 14.0 % 716.7 12.6 % 659.7 12.1 % 662.3 12.1 % 620.3 11.5 % U.S. Treasuries and government agencies 325.8 5.7 % 359.9 6.4 % 363.6 6.7 % 363.3 6.7 % 357.6 6.6 % Total fixed maturity securities $ 5,714.6 100.0 % $ 5,666.5 100.0 % $ 5,453.3 100.0 % $ 5,457.7 100.0 % $ 5,387.9 100.0 % U.S. government/government agencies $ 1,251.7 21.9 % $ 1,232.9 21.8 % $ 1,204.4 22.1 % $ 1,201.8 22.0 % $ 1,139.2 21.1 % AAA 654.5 11.5 % 659.4 11.6 % 628.4 11.5 % 638.6 11.7 % 635.6 11.8 % AA 1,191.8 20.9 % 1,213.0 21.4 % 1,181.5 21.7 % 1,148.6 21.0 % 1,150.8 21.4 % A 1,191.4 20.8 % 1,161.8 20.5 % 1,094.1 20.1 % 1,062.6 19.5 % 1,059.9 19.7 % BBB 1,219.7 21.3 % 1,135.6 20.0 % 1,070.0 19.6 % 1,134.5 20.8 % 1,137.6 21.1 % Not rated(2) 71.2 1.2 % 116.3 2.1 % 124.7 2.3 % 129.0 2.4 % 121.9 2.3 % Total investment grade $ 5,580.3 97.6 % $ 5,519.0 97.4 % $ 5,303.1 97.2 % $ 5,315.1 97.4 % $ 5,245.0 97.3 % BB and below 105.7 1.8 % 112.0 2.0 % 115.2 2.1 % 102.5 1.9 % 101.3 1.9 % Not rated(2) 28.6 0.5 % 35.5 0.6 % 35.0 0.6 % 40.1 0.7 % 41.6 0.8 % Total below investment grade $ 134.3 2.4 % $ 147.5 2.6 % $ 150.2 2.8 % $ 142.6 2.6 % $ 142.9 2.7 % Total fixed maturity securities $ 5,714.6 100.0 % $ 5,666.5 100.0 % $ 5,453.3 100.0 % $ 5,457.7 100.0 % $ 5,387.9 100.0 % (1) Amortized cost, net of $6,026.7, $5,985.5, $5,847.4, $5,857.7, and $5,842.5, at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively. (2) Securities denoted as not-rated by an NRSRO were classified as investment or non-investment grade according to the securities' respective NAIC designation. Composition of Invested Assets Consolidated Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 17
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($ in millions) December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent Life & Retirement Fixed maturity securities, at fair value $ 4,126.6 78.2 % $ 4,112.5 78.0 % $ 3,986.7 77.1 % $ 3,985.0 77.6 % $ 3,958.3 77.7 % Equity securities, at fair value 34.2 0.6 % 37.6 0.7 % 51.2 1.0 % 56.4 1.1 % 58.6 1.1 % Short-term investments 61.8 1.2 % 69.4 1.3 % 66.2 1.3 % 46.6 0.9 % 22.1 0.4 % Policy loans 137.2 2.6 % 137.7 2.6 % 138.2 2.7 % 138.7 2.7 % 139.9 2.8 % Limited partnership interests 828.1 15.7 % 834.1 15.8 % 838.2 16.2 % 829.7 16.1 % 830.7 16.3 % Other investments 88.1 1.7 % 86.1 1.6 % 86.5 1.7 % 84.3 1.6 % 88.7 1.7 % Total Life & Retirement investments $ 5,276.0 100.0 % $ 5,277.4 100.0 % $ 5,167.0 100.0 % $ 5,140.7 100.0 % $ 5,098.3 100.0 % Property & Casualty Fixed maturity securities, at fair value $ 898.8 86.0 % $ 868.6 83.9 % $ 825.2 83.4 % $ 833.9 86.2 % $ 783.8 83.7 % Equity securities, at fair value — — % — — % — — % — — % — — % Short-term investments 11.8 1.1 % 24.1 2.3 % 27.1 2.7 % 0.2 — % 20.9 2.2 % Limited partnership interests 134.3 12.8 % 141.7 13.7 % 137.0 13.8 % 133.1 13.7 % 131.7 14.0 % Other investments 1.0 0.1 % 1.0 0.1 % 1.0 0.1 % 1.0 0.1 % 1.0 0.1 % Total Property & Casualty investments $ 1,045.9 100.0 % $ 1,035.4 100.0 % $ 990.3 100.0 % $ 968.2 100.0 % $ 937.4 100.0 % Supplemental & Group Benefits Fixed maturity securities, at fair value $ 675.5 78.5 % $ 683.1 78.0 % $ 639.1 76.1 % $ 636.5 75.3 % $ 645.6 77.2 % Equity securities, at fair value 3.9 0.5 % 4.1 0.5 % 4.5 0.5 % 5.7 0.7 % 5.7 0.7 % Short-term investments 60.1 7.0 % 48.8 5.6 % 56.7 6.8 % 65.4 7.7 % 44.0 5.3 % Policy loans 0.9 0.1 % 0.8 0.1 % 0.8 0.1 % 0.8 0.1 % 0.9 0.1 % Limited partnership interests 108.8 12.7 % 128.5 14.7 % 128.9 15.4 % 127.9 15.1 % 130.0 15.6 % Other investments 9.9 1.2 % 9.9 1.1 % 9.1 1.1 % 9.0 1.1 % 9.0 1.1 % Total Supplemental & Group Benefits investments $ 859.1 100.0 % $ 875.2 100.0 % $ 839.1 100.0 % $ 845.3 100.0 % $ 835.2 100.0 % Corporate & Other Fixed maturity securities, at fair value $ 13.7 11.1 % $ 2.3 2.4 % $ 2.3 5.2 % $ 2.3 4.3 % $ 0.2 0.4 % Equity securities, at fair value 3.8 3.1 % 2.6 2.8 % 2.6 5.9 % 2.2 4.1 % 2.2 4.8 % Short-term investments 76.7 62.0 % 55.8 59.2 % 5.6 12.7 % 13.8 25.9 % 14.2 31.3 % Limited partnership interests 29.4 23.8 % 33.5 35.6 % 33.7 76.2 % 34.9 65.7 % 28.9 63.5 % Total Corporate & Other investments $ 123.6 100.0 % $ 94.2 100.0 % $ 44.2 100.0 % $ 53.2 100.0 % $ 45.5 100.0 % Investments by Segment Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 18
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($ in millions, except per share data) Year Ended December 31, 2025 2024 2023 2022(1)(2) 2021(2) Consolidated Statement of Operations Data Net premiums and contract charges earned $ 1,228.4 $ 1,146.0 $ 1,057.1 $ 1,027.7 $ 888.8 Net investment income(3) 464.3 445.7 444.8 400.9 422.5 Net income 162.1 102.8 45.0 19.8 170.4 Net income ROE - Annualized 11.7 % 8.3 % 4.0 % 1.5 % 11.9 % At Period End Total assets $ 15,266.6 $ 14,487.8 $ 14,045.5 $ 13,306.1 $ 14,465.4 Total policy liabilities 7,612.9 7,636.5 7,831.4 7,808.7 7,733.1 Debt 593.4 547.0 546.0 498.0 502.6 Shareholders' equity 1,482.7 1,287.5 1,175.3 1,098.3 1,499.0 Per Share and Shares Data (in millions) Net income per share (basic) $ 3.93 $ 2.49 $ 1.09 $ 0.48 $ 4.06 Net income per share (diluted) 3.90 2.48 1.09 0.47 4.04 Core earnings per share (diluted)* 4.71 3.40 1.74 1.94 4.48 Weighted average shares (basic) 41.2 41.3 41.3 41.6 42.0 Weighted average shares (diluted) 41.6 41.5 41.4 41.8 42.2 Book value per share $ 36.47 $ 31.51 $ 28.78 $ 26.85 $ 36.21 Adjusted book value per share* 40.21 37.54 36.29 36.40 37.17 Tangible book value per share* 35.35 32.38 30.79 30.58 32.62 Dividends paid per share $ 1.40 $ 1.36 $ 1.32 $ 1.28 $ 1.24 Segment Information Net premiums written and contract deposits* Property & Casualty $ 830.2 $ 779.3 $ 684.4 $ 617.5 $ 607.8 Life & Retirement 612.1 573.9 573.3 544.8 563.0 Supplemental & Group Benefits 267.4 254.5 259.8 274.7 128.0 Total $ 1,709.7 $ 1,607.7 $ 1,517.5 $ 1,437.0 $ 1,298.8 Net income (loss) Property & Casualty $ 112.4 $ 49.1 $ (35.5) $ (44.4) $ 57.0 Life & Retirement 56.8 56.3 71.5 63.8 89.1 Supplemental & Group Benefits 45.0 60.4 54.9 65.9 52.9 Corporate & Other (52.1) (63.0) (45.9) (65.5) (28.6) Total $ 162.1 $ 102.8 $ 45.0 $ 19.8 $ 170.4 (1) The acquisition of Madison National Life Insurance Company, Inc. closed on January 1, 2022. Madison National Life Insurance Company, Inc is reported in the Supplemental & Group Benefits segment. (2) 2022 and 2021 recast for the adoption of LDTI. (3) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. Selected Financial Data - Five Year History Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 19
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The following measures are used by the Company's management to evaluate financial performance against historical results and establish targets on a consolidated basis. A number of these measures are components of net income or the balance sheet but, in some cases, are not based on accounting principles generally accepted in the United States of America (non-GAAP) under applicable SEC rules because they are not displayed as separate line items in the Consolidated Statements of Operations and Comprehensive Income (Loss) or Consolidated Balance Sheets or are not required to be disclosed in the Notes to the Consolidated Financial Statements or, in some cases, there is inclusion or exclusion of certain items not ordinarily included or excluded in accordance with accounting principles generally accepted in the United States of America (GAAP). Reconciliations of these measures to the most comparable GAAP measures also follow. In the opinion of the Company's management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company's periodic results of operations and how management evaluates the Company's financial performance. Internally, the Company's management uses these measures to evaluate performance against historical results, to establish financial targets on a consolidated basis and for other reasons, which are discussed below. Some of these measures exclude net investment gains (losses), net unrealized investment gains (losses) on fixed maturity securities and net reserve remeasurements attributable to discount rates which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends. Also, some of these measures exclude goodwill and intangible asset impairments, intangible asset amortization, legacy commercial exposures and other non- recurring or infrequent items. 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 SEC. Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company's management. Appendix: Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 20
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($ in millions after tax) Three Months Ended Year Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Reconciliation of Net Income (Loss) to Core Earnings (Loss) Net income $ 36.2 $ 58.3 $ 29.4 $ 38.2 $ 38.2 $ 162.1 $ 102.8 Less: Net investment gains (losses) (5.6) 2.7 (4.7) (2.6) (13.7) (10.2) (13.6) Non-core Legacy Commercial exposures — — — — (15.7) — (15.7) Change in MRBs (0.2) 1.9 0.8 (1.1) 0.7 1.4 2.3 Intangible asset amortization (2.8) (2.9) (2.8) (2.8) (2.9) (11.3) (11.5) Other non-recurring or infrequent items(1)(2) (5.5) — (8.1) — — (13.6) — Core earnings* $ 50.3 $ 56.6 $ 44.2 $ 44.7 $ 69.8 $ 195.8 $ 141.3 Pretax net income $ 45.7 $ 71.5 $ 36.5 $ 47.5 $ 48.3 $ 201.2 $ 128.6 Less: Pretax net investment gains (losses) (7.1) 3.3 (5.9) (3.3) (17.4) (13.0) (17.3) Pretax Non-core Legacy Commercial exposures — — — — (20.0) — (20.0) Pretax change in MRBs (0.3) 2.5 1.0 (1.4) 0.9 1.8 2.9 Pretax intangible asset amortization (3.5) (3.6) (3.6) (3.6) (3.6) (14.3) (14.5) Other non-recurring or infrequent items(1)(2) (7.1) — (10.2) — — (17.3) — Pretax core earnings* $ 63.7 $ 69.3 $ 55.2 $ 55.8 $ 88.4 $ 244.0 $ 177.5 Reconciliation of Net Income (Loss) per Share to Core Earnings (Loss) per Share on a Basic and Diluted Basis Net income per share (basic) $ 0.88 $ 1.42 $ 0.71 $ 0.93 $ 0.93 $ 3.93 $ 2.49 Less: Net investment gains (losses) (0.14) 0.07 (0.11) (0.06) (0.33) (0.25) (0.33) Non-core Legacy Commercial exposures — — — — (0.38) — (0.38) Change in MRBs (0.01) 0.05 0.02 (0.02) 0.02 0.03 0.06 Intangible asset amortization (0.07) (0.07) (0.06) (0.07) (0.07) (0.27) (0.28) Other non-recurring or infrequent items(1)(2) (0.13) — (0.20) — — (0.33) — Core earnings per share (basic)* $ 1.23 $ 1.37 $ 1.06 $ 1.08 $ 1.69 $ 4.75 $ 3.42 Net income per share (diluted) $ 0.87 $ 1.40 $ 0.71 $ 0.92 $ 0.92 $ 3.90 $ 2.48 Less: Net investment gains (losses) (0.14) 0.06 (0.11) (0.06) (0.33) (0.25) (0.33) Non-core Legacy Commercial exposures — — — — (0.38) — (0.38) Change in MRBs (0.01) 0.05 0.02 (0.02) 0.02 0.03 0.06 Intangible asset amortization (0.07) (0.07) (0.07) (0.07) (0.07) (0.27) (0.28) Other non-recurring or infrequent items(1)(2) (0.12) — (0.20) — — (0.32) — Core earnings per share (diluted)* $ 1.21 $ 1.36 $ 1.06 $ 1.07 $ 1.67 $ 4.71 $ 3.40 (1) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error related to private debt securities associated with the Company’s limited partnership investments. The $8.1 million after tax ($10.2 million pre-tax) adjustment decreases net income for the following segments: Life & Retirement $5.3 million; and Supplemental & Group Benefits, $2.8 million. The out-of-period correction would have resulted in a decrease of net income for year ended December 31, 2024 and 2023 by $4.4 and $1.3 million. The out-of-period correction would have resulted in a decrease of net income for the three and nine months ended September 30, 2024 by $0.8 and $3.3 million. (2) In the quarter ended December 31, 2025, the Company terminated the Horace Mann Pension Plan. The $5.6 million after tax ($7.1 million pre-tax) adjustment was recorded within operating expenses and decreases net income for the Corporate & Other segment. Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 21
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($ in millions after tax) Three Months Ended Year Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Reconciliation of Life & Retirement Net Income to Core Earnings Net income $ 13.1 $ 16.9 $ 20.0 $ 6.8 $ 17.5 $ 56.8 $ 56.3 Less: Net investment gains (losses) — — — — — — — Change in MRBs (0.2) 1.9 0.8 (1.1) 0.7 1.4 2.3 Intangible asset amortization (0.1) (0.1) — — (0.1) (0.2) (0.2) Other non-recurring or infrequent items(1) — — (5.4) — — (5.4) — Core earnings* $ 13.4 $ 15.1 $ 24.6 $ 7.9 $ 16.9 $ 61.0 $ 54.2 Reconciliation of Supplemental & Group Benefits Net Income to Core Earnings Net income $ 10.9 $ 15.0 $ 7.9 $ 11.2 $ 20.5 $ 45.0 $ 60.4 Less: Net investment gains (losses) — — — — — — — Intangible asset amortization (2.7) (2.8) (2.8) (2.8) (2.8) (11.1) (11.3) Other non-recurring or infrequent items(1) — — (2.7) — — (2.7) — Core earnings* $ 13.6 $ 17.7 $ 13.4 $ 14.0 $ 23.3 $ 58.7 $ 71.7 Reconciliation of Corporate and Other Net Income to Core Earnings Net income $ (25.1) $ (5.4) $ (15.0) $ (6.6) $ (36.3) $ (52.1) $ (63.0) Less: Net investment gains (losses) (5.6) 2.7 (4.7) (2.6) (13.7) (10.2) (13.6) Non-core Legacy Commercial exposures — — — — (15.7) — (15.7) Other non-recurring or infrequent items(2) $ (5.6) — — — — (5.6) — Core earnings* $ (13.9) $ (8.1) $ (10.3) $ (4.0) $ (6.9) $ (36.3) $ (33.7) Reconciliation of Corporate expense ratio to Core expense ratio Corporate expense ratio 33.1 % 29.4 % 30.4 % 28.7 % 29.1 % 30.4 % 28.3 % Less: Other non-recurring or infrequent items(1)(2) 1.6 % — % 0.8 % — % — % 0.6 % — % Core expense ratio 31.5 % 29.4 % 29.6 % 28.7 % 29.1 % 29.8 % 28.3 % (1) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. (2) In the quarter ended December 31, 2025, the Company terminated the Horace Mann Pension Plan. Refer to page 21 for further information on the impact. Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 22
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($ in millions) Three Months Ended Year Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Reconciliation of Return on Equity Average Shareholders' Equity Shareholders' equity $ 1,482.7 $ 1,441.3 $ 1,360.3 $ 1,342.8 $ 1,287.5 $ 1,482.7 $ 1,287.5 Net unrealized investment gains (losses) on fixed maturity securities (245.5) (250.8) (309.9) (314.5) (357.4) (245.5) (357.4) Net reserve remeasurements attributable to discount rates 93.4 79.4 99.8 99.1 110.9 93.4 110.9 Five quarter average shareholders' equity 1,382.9 1,343.8 1,297.3 1,267.5 1,234.0 1,382.9 1,234.0 Two quarter average shareholders' equity 1,462.0 1,400.8 1,351.6 1,315.2 1,287.3 1,385.1 1,231.4 Five quarter average shareholders' equity excluding net unrealized investment gains (losses) on fixed maturity securities and net reserve remeasurements attributable to discount rates 1,582.0 1,555.5 1,529.8 1,514.9 1,499.6 1,582.0 1,499.6 Two quarter average shareholders' equity excluding net unrealized investment gains (losses) on fixed maturity securities and net reserve remeasurements attributable to discount rates 1,623.8 1,591.6 1,564.3 1,546.1 1,518.2 1,584.4 1,507.9 Net Income Return on Equity - LTM Numerator: LTM net income $ 162.1 $ 164.1 $ 140.1 $ 114.5 $ 102.8 $ 162.1 $ 102.8 Denominator: Five quarter average shareholders' equity 1,382.9 1,343.8 1,297.3 1,267.5 1,234.0 1,382.9 1,234.0 Net income ROE - LTM 11.7 % 12.2 % 10.8 % 9.0 % 8.3 % 11.7 % 8.3 % Net Income Return on Equity - Annualized Numerator: Annualized net income $ 144.8 $ 233.2 $ 117.6 $ 152.8 $ 152.8 $ 162.1 $ 102.8 Denominator: Two quarter average shareholders' equity 1,462.0 1,400.8 1,351.6 1,315.2 1,287.3 1,385.1 1,231.4 Net income ROE - Annualized 9.9 % 16.6 % 8.7 % 11.6 % 11.9 % 11.7 % 8.3 % Core Return on Equity - LTM Numerator: LTM core earnings $ 195.8 $ 215.3 $ 193.1 $ 160.2 $ 141.3 $ 195.8 $ 141.3 Denominator: Five quarter average shareholders' equity excluding net unrealized investment gains (losses) on fixed maturity securities and net reserve remeasurements attributable to discount rates 1,582.0 1,555.5 1,529.8 1,514.9 1,499.6 1,582.0 1,499.6 Core ROE - LTM 12.4 % 13.8 % 12.6 % 10.6 % 9.4 % 12.4 % 9.4 % Core Return on Equity - Annualized Numerator: Annualized core earnings $ 201.2 $ 226.4 $ 176.9 $ 178.8 $ 279.2 $ 195.8 $ 141.3 Denominator: Two quarter average shareholders' equity excluding net unrealized investment gains (losses) on fixed maturity securities and net reserve remeasurements attributable to discount rates 1,623.8 1,591.6 1,564.3 1,546.1 1,518.2 1,584.4 1,507.9 Core ROE - Annualized 12.4 % 14.2 % 11.3 % 11.6 % 18.4 % 12.4 % 9.4 % Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 23
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($ in millions) Three Months Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, 2025 2025 2025 2025 2024 Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share and Tangible Book Value per Common Share Shareholders' equity $ 1,482.7 $ 1,441.3 $ 1,360.3 $ 1,342.8 $ 1,287.5 Less: Net unrealized investment gains (losses) on fixed maturity securities (245.5) (250.8) (309.9) (314.5) (357.4) Less: Net reserve remeasurements attributable to discount rates 93.4 79.4 99.8 99.1 110.9 Adjusted common shareholders' equity 1,634.8 1,612.7 1,570.4 1,558.2 1,534.0 Less: Goodwill 54.3 54.3 54.3 54.3 54.3 Other intangible assets 141.5 145.1 148.6 152.2 155.8 Impact of deferred taxes 1.8 1.5 1.2 0.9 0.6 Tangible shareholders' equity $ 1,437.2 $ 1,411.8 $ 1,366.3 $ 1,350.8 $ 1,323.3 Common shares outstanding 40.7 40.8 40.8 41.0 40.9 Book value per share $ 36.47 $ 35.31 $ 33.31 $ 32.79 $ 31.51 Adjusted book value per share* 40.21 39.51 38.46 38.05 37.54 Tangible book value per share* 35.35 34.59 33.46 33.00 32.38 Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 24
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($ in millions) Three Months Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, 2025 2025 2025 2025 2024 Reconciliation of Debt to Total Capitalization Ratio to Adjusted Debt to Total Capitalization Ratio, Excluding Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities, Net Reserve Remeasurements Attributable to Discount Rates, and Restricted Cash for Debt Repayment Debt to total capitalization Numerator: Total debt $ 593.4 $ 842.9 $ 547.5 $ 547.2 $ 547.0 Denominator: Total debt 593.4 842.9 547.5 547.2 547.0 Common shareholders' equity 1,482.7 1,441.3 1,360.3 1,342.8 1,287.5 Total capital 2,076.1 2,284.2 1,907.8 1,890.0 1,834.5 Debt to total capitalization 28.6 % 36.9 % 28.7 % 29.0 % 29.8 % Adjusted debt to total capitalization excluding net unrealized investment gains (losses) on fixed maturity securities, net reserve remeasurements attributable to discount rates, and restricted cash for debt repayment Numerator: Total debt $ 593.4 $ 842.9 $ 547.5 $ 547.2 $ 547.0 Less: Debt to be repaid by restricted cash(1) — 249.9 — — — Adjusted debt 593.4 593.0 547.5 547.2 547.0 Denominator: Total debt 593.4 842.9 547.5 547.2 547.0 Less: Debt to be repaid by restricted cash(1) — 249.9 — — — Common shareholders' equity 1,482.7 1,441.3 1,360.3 1,342.8 1,287.5 Less: Net unrealized investment gains (losses) on fixed maturity securities (245.5) (250.8) (309.9) (314.5) (357.4) Net reserve remeasurements attributable to discount rates 93.4 79.4 99.8 99.1 110.9 Total capital excluding net unrealized investment gains (losses) on fixed maturity securities,net reserve remeasurements attributable to discount rates, and restricted cash for debt repayment 2,228.2 2,205.7 2,117.9 2,105.4 2,081.0 Adjusted debt to total capitalization excluding net unrealized investment gains (losses) on fixed maturity securities, net reserve remeasurements attributable to discount rates, and restricted cash for debt repayment*(1) 26.6 % 26.9 % 25.9 % 26.0 % 26.3 % (1) On September 29, 2025, the Company deposited $254.2 million with the Trustee to fund the planned redemption of its 4.50% Senior Notes and accrued interest due December 1, 2025, which was completed on October 14, 2025. The funds were classified as restricted cash as of September 30, 2025. For purposes of calculating the adjusted debt to total capitalization ratio, $249.9 million of debt to be repaid with this restricted cash was adjusted from total debt and total capitalization. See Notes 9 and 11 of the September 30, 2025 Form 10-Q for further information. Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 25
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($ in millions after tax) Three Months Ended Year Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Reconciliation of Investment Yield, Excluding Limited Partnership Interests Numerator: Total net investment income, pretax(1) $ 118.0 $ 119.6 $ 110.8 $ 115.9 $ 118.9 $ 464.3 $ 445.7 Less: Investment income on deposit asset on reinsurance 25.4 23.2 25.1 24.4 24.4 98.1 101.4 Investment income on limited partnership interests(2) 10.7 11.2 12.5 13.9 8.5 48.3 23.3 FHLB interest credited 11.3 11.7 9.4 10.1 10.8 42.5 45.1 Adjusted net investment income, pretax 70.6 73.5 63.8 67.5 75.2 275.4 275.9 Denominator: Adjusted investment portfolio, beginning of period(3) $ 6,017.2 $ 5,888.6 $ 5,872.9 $ 5,858.2 $ 5,949.2 $ 5,858.2 $ 5,865.7 Adjusted investment portfolio, end of period(3) 6,067.2 6,017.2 5,888.6 5,872.9 5,858.2 6,067.2 5,858.2 Average adjusted investment portfolio for the period 6,042.2 5,952.9 5,880.8 5,865.5 5,903.7 5,962.7 5,862.0 Investment yield, excluding limited partnership interests, pretax - annualized(1)(4) 4.67 % 4.94 % 4.34 % 4.60 % 5.10 % 4.64 % 4.67 % Investment yield, excluding limited partnership interests, after tax - annualized(4)(5) 3.74 % 3.95 % 3.47 % 3.69 % 4.08 % 3.71 % 3.74 % (1) In the quarter ended June 30, 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. Refer to page 21 for further information on the impact. (2) Excludes investment income on commercial mortgage loan funds. (3) Represents the carrying amount of the total investment portfolio as presented in the Consolidated Balance Sheets adjusted to exclude the carrying amount of FHLB funding agreements, the carrying amount of limited partnership interests (excluding the carrying amount of commercial mortgage loan funds) and gross unrealized investment gains (losses) on fixed maturity securities. (4) For each of the three month periods presented, investment yields are calculated by annualizing the result of year-to-date net investment income divided by the average quarter-end and beginning of quarter carrying amount of invested assets. For the periods ended December 31, 2025 and 2024 presented, investment yields are calculated by (i) summing the investment yields for each respective three month period applicable to the period and (ii) dividing that sum per the calculation in (i) by four. (5) Investment yield, excluding limited partnership interests, after tax - annualized is calculated using the effective tax rate in effect for each applicable period. Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 26
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Three Months Ended Year Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Operating Ratios - Property & Casualty Property & Casualty Claims and claims expense ("loss") ratio 56.7 60.2 69.1 61.4 55.3 61.8 70.7 Expense ratio 28.1 27.6 27.9 28.0 28.6 27.9 27.2 Combined ratio 84.8 87.8 97.0 89.4 83.9 89.7 97.9 Loss ratio 56.7 60.2 69.1 61.4 55.3 61.8 70.7 Less: Effect of catastrophe losses 2.7 4.8 15.0 8.5 2.0 7.7 12.8 Effect of prior years' reserve development(1) (2.4) (1.5) (2.8) (2.8) (5.2) (2.3) (4.0) Underlying loss ratio* 56.4 56.9 56.9 55.7 58.5 56.4 61.9 Reconciliation of combined ratio to underlying combined ratio Combined ratio 84.8 87.8 97.0 89.4 83.9 89.7 97.9 Effect of catastrophe losses 2.7 4.8 15.0 8.5 2.0 7.7 12.8 Effect of prior years' reserve development(1) (2.4) (1.5) (2.8) (2.8) (5.2) (2.3) (4.0) Underlying combined ratio* 84.5 84.5 84.8 83.7 87.1 84.3 89.1 Auto Claims and claims expense ("loss") ratio 68.7 67.4 70.7 66.6 74.1 68.3 71.2 Expense ratio 28.3 28.3 27.8 28.4 28.7 28.2 27.2 Combined ratio 97.0 95.7 98.5 95.0 102.8 96.5 98.4 Loss ratio 68.7 67.4 70.7 66.6 74.1 68.3 71.2 Less: Effect of catastrophe losses 0.3 0.9 3.2 1.5 1.2 1.4 1.8 Effect of prior years' reserve development(1) (2.4) (0.1) (1.2) (1.9) — (1.4) (3.2) Underlying loss ratio* 70.8 66.6 68.7 67.0 72.9 68.3 72.6 Reconciliation of combined ratio to underlying combined ratio Combined ratio 97.0 95.7 98.5 95.0 102.8 96.5 98.4 Effect of catastrophe losses 0.3 0.9 3.2 1.5 1.2 1.4 1.8 Effect of prior years' reserve development(1) (2.4) (0.1) (1.2) (1.9) — (1.4) (3.2) Underlying combined ratio* 99.1 94.9 96.5 95.4 101.6 96.5 99.8 (1) (Favorable) unfavorable. Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 27
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Three Months Ended Year Ended Dec. 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2025 2025 2024 2025 2024 Operating Ratios - Property & Casualty (Cont.) Property (excludes Other Liability) Claims and claims expense ("loss") ratio 37.2 48.8 66.3 52.1 22.7 50.7 69.1 Expense ratio 28.0 26.5 28.3 27.8 28.5 27.6 27.3 Combined ratio 65.2 75.3 94.6 79.9 51.2 78.3 96.4 Loss ratio 37.2 48.8 66.3 52.1 22.7 50.7 69.1 Less: Effect of catastrophe losses 6.6 11.2 34.9 20.6 3.2 17.9 32.6 Effect of prior years' reserve development(1) (2.5) (3.6) (5.4) (4.2) (14.0) (3.9) (5.8) Underlying loss ratio* 33.1 41.2 36.8 35.7 33.5 36.7 42.3 Reconciliation of combined ratio to underlying combined ratio Combined ratio 65.2 75.3 94.6 79.9 51.2 78.3 96.4 Effect of catastrophe losses 6.6 11.2 34.9 20.6 3.2 17.9 32.6 Effect of prior years' reserve development(1) (2.5) (3.6) (5.4) (4.2) (14.0) (3.9) (5.8) Underlying combined ratio* 61.1 67.7 65.1 63.5 62.0 64.3 69.6 (1) (Favorable) unfavorable. Reconciliations of GAAP Measures to Non-GAAP Measures Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 28
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Address: January 31, 2026 Insurance Financial Strength Ratings (Outlook) Debt Ratings (Outlook) Affirmed/ Reviewed 1 Horace Mann Plaza A.M. Best Springfield, IL 62715 HMEC (parent company) N.A. bbb (stable) 9/12/2025 HMEC's Life & Retirement subsidiaries A (stable) N.A. 9/12/2025 Corporate Website: HMEC's Property & Casualty subsidiaries A (stable) N.A. 9/12/2025 www.horacemann.com HMEC's Supplemental & Group Benefits subsidiaries Madison National Life Insurance Company A (stable) N.A. 9/12/2025 Contact: National Teachers Associates Life Insurance Company A (stable) N.A. 9/12/2025 Rachael Luber Fitch Vice President HMEC (parent company) BBB (stable) 8/15/2025 Investor Relations HMEC's Life Group A (stable) 8/15/2025 Phone: 217-788-5163 HMEC's P&C Group A (stable) 8/15/2025 investorrelations@horacemann.com Moody's HMEC (parent company) Baa2 (stable) 3/26/2025 HMEC's Life Group A2 (stable) 3/26/2025 HMEC's P&C Group A2 (stable) 3/26/2025 S&P A (stable) BBB (stable) 1/22/2026 Transfer Agent Equiniti Trust Company, LLC 48 Wall Street, Floor 23 New York, NY 10005 Phone: 888-937-5449 E-mail: help@equiniti.com Corporate Website: equiniti.com COMMON STOCK Common stock of Horace Mann Educators Corporation is traded on the New York Stock Exchange under the symbol "HMN". This report is for information purposes only. It should be read in conjunction with documents filed by Horace Mann Educators Corporation with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Ratings and Contact Information Horace Mann Educators Corporation I Fourth-Quarter 2025 Investor Supplement Page 29