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Horace Mann® Second Quarter 2026 Investor Presentation August 5 , 2026 Information as of June 30 , 2026 , unless otherwise noted
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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, our efforts to enhance customer experience and expand our products and solutions to more educators, our strategies to create sustainable long-term growth and double-digit ROEs, our strategy to achieve a larger share of the education market, and other business strategies, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Horace Mann and its subsidiaries. Horace Mann cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond Horace Mann’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements included in this document. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Information” sections included in Horace Mann’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC). The forward- looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Horace Mann does not undertake to update any particular forward-looking statement included in this document if we later become aware that such statement is not likely to be achieved. The historical and forward-looking financial information contained in this presentation includes measures marked with an asterisk (*) the first time they are presented within this document that are not based on accounting principles generally accepted in the United States of America (non- GAAP) such as core earnings, core earnings per share, and adjusted book value per share. An explanation of these measures is contained in the Glossary of Selected Terms included as Exhibit 99.1 in our most recent Form 8-K filed with the SEC and are reconciled to the most directly comparable measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) in the Appendix of the most current Investor Supplement available on our website at investors.horacemann.com. 2
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Second Quarter 2026 Business Results 3
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Disciplined execution across our diversified business delivered record1 second- quarter core earnings Driving strong shareholder value; positioned for sustained, profitable growth $1.17 12.8% 89.6 +5% Core earnings per share (EPS) P&C combined ratio Core return on equity*(2) (ROE) Solid earnings from L&R and IS&GB Net premiums and contract charges earned Improved 7.1 pts over prior year Supported by disciplined execution and diversified earnings Diversified earnings and continued sales momentum Growth momentum across the business Strong second- quarter core earnings Q2 2026 41) Excluding 2021 which was favorably impacted by Covid 2) Last twelve months
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5 Profitability Strong core earnings of $48 million P&C combined ratio of 89.6 improved +7 pts over prior year Improvement driven by favorable weather, lower catastrophe costs, and disciplined rate and non-rate actions Growth Strong sales momentum across the business: • Individual Supplemental & Group Benefits +44% • Life +20% Total revenues of $444 million increased 8% over prior year Growth driven by investments in distribution, products, and marketing Capital management Returned $15 million to shareholders through our dividend 18th consecutive year of dividend growth Tangible book value per share increased 10% over prior year $18 million of share repurchases year to date Strong returns on equity 12.8% core ROE(1) reflecting disciplined execution across the business High-quality investment portfolio Core portfolio performance remains strong 18th consecutive quarter of core portfolio new money yields exceeding book yield Well-diversified portfolio supports long-term income generation Second Quarter 2026 highlights 1) Last twelve months
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Q2 2026 Q2 2025 Q2 2026 Q2 2025 Revenue (Earned Premium) $123.1M $123.1M $82.2M $74.2M New Business Sales* (Annualized Premium) $14.1M $15.2M $7.4M $7.2M Profit (Combined Ratio) 93.1 Improved 5.0pts 98.1 84.6 Improved 10.0pts 94.6 Key Takeaways • Combined ratio improved, reflecting favorable weather, lower catastrophe costs, and disciplined rate and non-rate actions • Retention stable near 84% and remains strong relative to peers • Combined ratio improved, reflecting favorable weather, lower catastrophe costs, and disciplined rate and non-rate actions • Retention remains strong at 88% P&C Core Earnings Q2 2026 Q2 2025 $25.8M +56% PY $16.5M Property and Casualty: Strong earnings growth driven by generally favorable weather, lower catastrophe costs, and disciplined rate and non-rate actions Auto Property (Home, Condo, Rental, Dwelling Fire) 6
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Q2 2026 Q2 2025 Q2 2026 Q2 2025 Revenue (Premium written & contract deposits*) $34.4M $31.5M $107.6M $110.2M Life New Business Sales* (Annualized Premium) Retirement AUM $3.0M +20% PY $2.5M $6.2B +10% AUM growth $5.7B Profit Metrics 32.1% Return on Premium1 34.0% Return on Premium1 Fixed Annuity Spread: 221 bps Variable Annuity Margin: 147 bps Fixed Annuity Spread: 186 bps Variable Annuity Margin: 138 bps Key Takeaways • Strong sales momentum, up 20% over prior year • Persistency remains strong near 96% • Stable earnings supported by fee income and strong persistency which remains near 92% L&R Core Earnings Q2 2026 Q2 2025 $16.6M $24.6M Life & Retirement: Diversified earnings and continued sales momentum support long-term growth objectives Life (Term, Whole Life, IUL) Retirement (Fixed & Variable Annuities, Mutual Funds, Managed Accounts and Brokerage) 7 1) Pre-tax Income/ Earned Premium
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Q2 2026 Q2 2025 Q2 2026 Q2 2025 Revenue (Earned Premium) $32.9M +5% PY $31.2M $37.7M +9% PY $34.5M New Business Sales* (Annualized Premium) $6.0M +5% PY $5.7M $2.2M - Benefits Ratio* 29.2% 27.7% 62.2% 44.8% Key Takeaways • Growth reflects investments in product and distribution, with sales up 5% over prior year • Strong persistency near 90% supports stable, high-quality earnings • Delivered another strong sales quarter driven by continued employer demand and the expansion of our employer value proposition through PFML • Covered lives increased 11% over prior year IS&GB Core Earnings Q2 2026 Q2 2025 $11.2M $13.4M Individual Supplemental and Group Benefits: High-margin, capital-efficient business with continued growth momentum Group Benefits (Group Disability, Group Life, Group Supplemental Health) Individual Supplemental (Accident, Cancer, Critical Illness, Hospital, Short-term Disability) 8
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High-quality, well-diversified investment portfolio constructed to support insurance liabilities through various market cycles $5.8 billion fixed-maturity portfolio • 75% A-rated or higher • A+ weighted-average credit quality • <3% below-investment grade exposure(2) • 6.9 average duration(3) • 4.58% second-quarter 2026 core pre-tax yield(4) • 5.85% second-quarter 2026 core new money yield(4) $574 million commercial mortgage loan fund portfolio • 2.4% second-quarter 2026 annualized return • Majority of exposure is to open-ended funds comprised of senior loans $527 million limited partnership portfolio • 9.1% second-quarter 2026 annualized return • Lower-volatility, fixed income-like strategies comprise approximately half of alternative investment portfolio Corporates 27.2% Municipals 16.3% CLO 13.2% RMBS 11.8% Commercial Mortgage Loan Funds 8.0% Limited Partnership Interests 7.4% U.S. Treasury & Agency 4.4% CMBS 4.3% Asset-backed 3.2% Short-term 2.1% Other 2.1% Portfolio Composition(1) $7.2 billion fair value (1) As of June 30, 2026; excludes $136.3 million in policy loans and $24.4 million in derivatives used to hedge fixed indexed annuity and life insurance products (2) Securities denoted as not-rated by an NRSRO were classified as investment or non- investment grade according to the securities’ respective NAIC designations (3) Core fixed-maturity portfolios only (4) Prospective investment yield 9
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10 P&C L&R S&GB ~$75M of catastrophe losses Total net investment income of $465-$475M(2), $365- $375M(2) on the managed portfolio Segment earnings offset by interest expense and other corporate items of $35-$40M P&C target profitability • Total P&C combined ratio low-mid 90s S&GB target profitability • Blended benefit ratio of ~42%, reflecting continued growth and business mix L&R target profitability • Long-term target for net interest spread between 220 and 230 bps • Mortality in line with actuarial assumptions Long-term profitability targets (1) After-tax (2) Pre-tax 2026 core EPS guidance assumptions Increased full year 2026 core EPS guidance range to $4.60 to $4.90 Core earnings of $189 million to $202 million(1)
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Future growth accelerates shareholder value creation 1111 Three levers to achieving EPS growth and ROE expansion Strong top line premium and deposit growth drives 10%+ increase in EPS Three-year objectives balance near-term execution with longer-term vision $3.40 ~$3.95 2024 2025 Normalized Revised 2026 Guidance 3-Year Objective 9.4% ~11.1% 12%+ 12% - 13%+ 10%+ Earnings CAGRCore EPS Core ROE $4.60 - $4.90 ~20% increase
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12 Educator-centric foundation Mission-driven, solutions-based, focused on building long-term customer relationships Who we are How we grow Increase penetration of educator households we currently access Gain access to educator households where we have no exclusive agent / footprint Expand our market to adjacent households where our brand, products and services resonate HM Today • Largest multiline financial services company focused on America’s educators • Trusted relationships built over 80+ years • Building on our educator-centric foundation by serving customers with similar financial profiles and protection needs Educator Centric • Helping educators succeed in and out of the classroom • Deep understanding of educators and their unique needs • Serving customers through every life stage Mission Driven • Broad suite of insurance and financial solutions • Strong distribution capabilities designed to meet customers where they are • Focus on solving customer needs Solutions Based
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Brand Awareness 13 Growth Initiatives Expense Optimization Operating Leverage Less than 10% 2025 • Increased targeted marketing spend toward higher-impact channels • Strategic partnerships with well- known, trusted brands like Crayola and the Disney Institute • Expanded reach through targeted digital and social engagement in the education market Growing brand awareness is expanding reach and supporting long-term customer relationship growth 35% 2023 2024
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Online Web Traffic 14 Growth Initiatives Expense Optimization Operating Leverage 2025 • Significant growth in web traffic driven by targeted and optimized marketing investments • Expanded omnichannel engagement across agent, call center, and digital channels • Online-originated quotes nearly doubled, reflecting improved digital engagement Expanding digital engagement and lead generation 2.2M 2023 2024 0.8M 1.1M
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Affinity and Strategic Partnerships 15 Horace Mann Strategic Partnerships Growth Initiatives Expense Optimization Operating Leverage Horace Mann continues to build relationships with strategic partnerships that enable broader reach and access to our target market Emerging alumni association and school partnerships Over 150 local and state education associations Numerous education focused partnerships Horace Mann Strategic Partnerships New in Q2
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16 Operational and administrative expense optimization & growth approach Growth Initiatives Expense Optimization Operating Leverage 29.8% ~27% 2025 3 year goal 27.9% Core Expense Ratio P&C Expense Ratio ~25% Expense Ratio Target $10M Expense savings support growth investments and expense ratio improvement over time, with benefits accelerating in later years Year over year approach Operational Expenses Strategic Investments & Growth Expenses Natural Expense Increases (ie inflation) Expense Optimization ($10M savings target annually) Total Operational Expenses 2025 savings +$10M 2026 expected savings +$10M
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17 Disciplined capital management continues to strengthen shareholder value Growth Initiatives Expense Optimization Operating Leverage 18 consecutive years of dividend increases with current yield of 2.8%(1) $18 million of share repurchases YTD 2026 $163 million returned through share repurchases since 2011(1) 8% compound annual growth in tangible book value plus accumulated dividends (1) Through July 31, 2026 (2) 2022 TBV includes approximately $1.77 per share impact related to the strategic acquisition of MNL (3) 2021 and 2022 data adjusted for impact of LDTI 2019 2020 2021 2022 2023 2024 2025 YTD’26 Core EPS3 $2.20 $3.40 $4.48 $1.94 $1.74 $3.40 $4.71 $2.44 Core ROE3 7.3% 10.5% 12.6% 5.4% 4.9% 9.4% 12.4% 12.8% $28.05 $31.87 $36.21 $35.45 $36.98 $39.93 $44.30 $46.31 2019 2020 2021 2022 2023 2024 2025 YTD'26 Tangible book value per share* Accumulated dividend (2)
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About Horace Mann 18
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Today, an 80-yr old highly rated, multiline educator focused company Excellent financial strength 1945-2025 “A” AM Best “A” S&P “A2” Moody’s Longevity • 1945: Founded by Educators for Educators to sell auto insurance • 1961: Began offering 403(b) tax-qualified annuities • 1991: Listed on NYSE (HMN) • 2019: Acquired educator- centric NTA Life with 50- year history serving educators • 2022: Acquired educator- centric Madison National Life with 60 years of experience • 2026: Announced 3 acquisitions from Medical Mutual of Ohio Financial Strength • $15.6B in assets(1) • $1.7B in net written premium and contract deposits for 2025 • $2.1B market capitalization(2) • Highly rated by three major rating agencies Niche Market • Educators have preferred risk profile • Homogeneous customer set • Currently serving almost half of K-12 school locations in the United States Multiline Model • Business mix balanced between segments • Ability to provide total household solutions • Provides earnings diversification Proud to be the largest multiline financial services company focused on America’s educators 191) As of June 30, 2026 2) As of July 31, 2026
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How we win Distinctive service to great customers Robust product offering Diversified earnings Strong & evolving distribution Long-term goal Helping educators succeed in and out of the classroom Accessing schools with customer centric marketing, distribution and products How we are doing it 20 Mission Be the leading financial services provider for educators in the US
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Our customers… Distinctive service to great customers …prefer an Agent 70% of Educators Prefer an Agent …are given choice 84% Auto Retention 88% Property Retention …are loyal …are recognized Figures excludes our Group Benefit customers 21 As of June 30, 2026
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Robust product offering Auto Home Condo Rental Dwelling Fire Term Life Whole Life Indexed Universal Life Fixed & Variable Annuities Mutual Funds Managed Accounts & Brokerage Accident Cancer Critical Illness Hospital Short-term Disability Group Disability Group Life Group Supplemental Health We provide a full suite of financial protection offerings to serve educators 22
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Teacher Appreciation 86% of educators believe their career is meaningful & worthwhile Donors Choose The average teacher spends $1,000 a year of their own money to support student learning Student Loan Solutions Student Loan Debt burdens 50% of Teachers Credit Monitoring HMScoreTM credit monitoring, reporting and improvement solutions for educators Appreciation of educators and their unique needs 23 We understand issues facing educators and we solve them! 23 Horace Mann Club Centralized platform providing financial wellness tools, classroom resources, and exclusive benefits for educators
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Diversified product portfolio Core Earnings(1) 2025 by Product Portfolio Net Premiums Written and Contract Deposits* 2025 by Product Portfolio 49% 36% 15% Individual Supplemental & Group Benefits Life & Retirement Property & Casualty 49% 26% 25% Individual Supplemental & Group Benefits Life & Retirement Property & Casualty 241) Percentages reflect share of positive core earnings, excludes $36 million core earnings loss in Corporate & Other segment
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Work Home Community Where we engage 30% of Time At school access is a competitive advantage for Horace Mann 70% of Time How we engage Local Agent Call Center Digital Partnerships Clients choose how they want to engage and can cross channels with ease Integrated Omni-Channel We are available when, where, and how our prospects want to engage while providing custom & complete products and services to meet their needs Our distribution model 25
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Significant transformation & growth over the past decade Households as of end of 2018 Households after adding NTA 1M+ Households Households after adding MNL 2018 Today • Business diversification expands customer reach with integrated omni-channel approach • Positive growth trend with more than one million total households across market footprint • Homogeneous customer set with preferred risk profile and strong policyholder retention Poised for sustained profitable growth 26
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Significant opportunity ahead *Total educator market includes K-12 (public/private), higher education, childcare and homeschool Total Educator Market* 14M Households ~8M K-12 Educator HHs ~1M Households (HHs) 27
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Strong free cash flow conversion supports compelling dividend payout ratio and active share repurchase program Why invest in Horace Mann High Single Digit top line revenue growth 10%+ Bottom Line earnings per share growth Sustained 12-13% shareholder return on equity We are on track to deliver our ambition… 28
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29 Reinsurance coverage 2026 single-event catastrophe reinsurance provides PML coverage of approximately 250+ years 1st LAYER $25M xs $35M 95% Placed PROPERTY CATASTROPHE $60M 2nd LAYER $35M xs $60M 95% Placed 3rd LAYER $90M xs $95M 95% Placed $185M $95M ~250+ yrs (1) 2026 Reinsurance Program, based on current AIR model. Property(1) Retention $35M 4th LAYER $55M xs $185M 95% Placed $240M 55% QS Casualty CASUALTY CLASH $5M $20M $10M 2nd LAYER CASUALTY CLASH & CONTINGENCY $10M xs $10M 1st LAYER CASUALTY CLASH & CONTINGENCY $5M xs $5M Retention PERSONAL UMBRELLA
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Horace Mann at-a-glance 30 Exchange ticker symbol NYSE: HMN Share Price $52.11(1) Weighted Average Diluted Shares (for 2Q26) 41.2 million Market Capitalization $2.1 billion(1) Annualized Dividend Per Share $1.44 Dividend Yield Per Share 2.8%(1) Adjusted Book Value Per Share (at June 30, 2026) $41.36 Analyst Coverage BMO Capital Markets: Michael Zaremski Dowling & Partners: Julia Ferguson JMP Securities: Matt Carletti Raymond James: Wilma Burdis Contact Rachael Luber, Vice President, Investor Relations 217-788-5163 investorrelations@horacemann.com investors.horacemann.com 1) Based on stock price as of July 31, 2026