Slides
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Third Quarter 2026 Investor Presentation November 3, 2026 Information as of September 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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Third Quarter 2026 Business Results 3
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Disciplined execution across our diversified business delivered the strongest quarterly core earnings* in company history Driving strong shareholder value; positioned for sustained, profitable growth $2.06 14.2% 83.6 +3% Core earnings per share* (EPS) P&C combined ratio Core return on equity*(1) (ROE) Strong earnings from L&R and IS&GB Premiums, contract charges and fee revenue Improved 3.9 points over prior year Increased 40 basis points over prior year Strong sales and investment performance Growth momentum across the business Increased more than 50% over prior year Q3 2026 41) Last twelve months
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5 Profitability Record core earnings of $85 million P&C combined ratio improved nearly 4 pts to 83.6, reflecting favorable weather and strong underwriting performance L&R core earnings more than doubled over prior year IS&GB core earnings increased 10% over prior year Growth Premiums, contract charges and fee revenue increased 3% over prior year Life and Individual Supplemental sales growth continued Retirement assets under administration increased 8% over prior year Investments Net investment income increased 17% over prior year Particularly strong limited partnership fund performance, +20% Q3 annualized returns Core new money yields exceeded book yield for the 19th consecutive quarter Capital management Tangible book value per share* increased 9% over prior year Returned $16 million to shareholders during the quarter $19 million of share repurchases year to date Outlook & strategic progress Raised full-year core EPS guidance to $5.75 - $5.95 Completed ESI acquisition on October 1 Remaining MMO transactions progressing toward a Q1 2027 close Third Quarter 2026 highlights 1) Last twelve months
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Q3 2025Q3 2026Q3 2025Q3 2026 $79.7M$84.7M$125.0M$122.4M Revenue (Earned Premium) $8.1M$8.2M$17.7M$17.4M New Business Sales* (Annualized Premium) 75.473.5 Improved 1.9 pts 95.390.6 Improved 4.7 pts Profit (Combined Ratio) •Relatively benign weather supported improved underlying loss performance •Sales increased 1% over the prior year quarter and 5% year to date •Combined ratio improved 4.7 points, primarily reflecting favorable prior-year development •Disciplined growth strategy prioritizes markets with attractive returns Key Takeaways Q3 2025Q3 2026 P&C Core Earnings $31.8M$38.9M +22% YoY Property & Casualty: Core earnings increased 22% reflecting strong underwriting performance and catastrophe losses below longer-term averages Auto Property (Home, Condo, Rental, Dwelling Fire) 6
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Q3 2025Q3 2026Q3 2025Q3 2026 $138.6M$137.2M$31.7M$33.7M +6% YoY Revenue (Premium written & contract deposits*) $9.8B$10.5B +8% AUA growth $2.9M$3.0M +3% YoY Life New Business Sales* (Annualized Premium) Retirement AUA Fixed Annuity Spread: 208 bps Variable Annuity Margin: 142 bps Fixed Annuity Spread: 347 bps Variable Annuity Margin: 142 bps 38.9% Return on Premium1 38.1% Return on Premium1 Profit Metrics •Higher investment income and fee revenue supported earnings growth •Persistency remained strong near 92% •Sales increased 3% over the prior year quarter and 13% year to date •Persistency remained strong near 96% Key Takeaways Q3 2025Q3 2026 L&R Core Earnings $15.1M$33.3M More than doubled YoY Life & Retirement: Core earnings more than doubled, supported by higher net investment income and strong Life results Life (Term, Whole Life, IUL) Retirement (Fixed & Variable Annuities, Mutual Funds, Managed Accounts and Brokerage) 7 1) Pre-tax Income/ Earned Premium over prior 12 months
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Q3 2025Q3 2026Q3 2025Q3 2026 $35.2M$35.6M$31.2M$33.3M +7% YoY Revenue (Earned Premium) $6.3M$2.4M$5.9M$6.2M +5% YoY New Business Sales* (Annualized Premium) 35.7%41.2%25.4%21.3%Benefits Ratio* •Covered lives increased 7%, supported by strong retention •Expanding capabilities and employer demand support continued growth •Sales increased 5% over prior year, supporting 7% earned premium growth •Strong persistency near 90% and continued sales momentum support ongoing growth Key Takeaways Q3 2025Q3 2026 IS&GB Core Earnings $17.7M$19.4M +10% YoY Individual Supplemental & Group Benefits: Core earnings increased 10%, supported by premium growth and strong underwriting results 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 $5.5 billion fixed maturity portfolio •76% A-rated or higher •A+ weighted-average credit quality •<2% below-investment grade exposure(2) •7.2 weighted-average duration(3) •4.61% third-quarter core pre-tax yield(4) •5.81% third-quarter core new money yield(4) $524 million commercial mortgage loan fund portfolio •5.3% third-quarter annualized return •Majority of exposure is to open-ended funds comprised of senior loans $570 million limited partnership portfolio •20.6% third-quarter annualized return •Diversified across strategy and vintage, emphasizing lower- volatility, fixed income-like strategies Corporates 26.6% Municipals 15.7% CLO 13.9% RMBS 12.6% Limited Partnership Interests 8.3% Commercial Mortgage Loan Funds 7.6% U.S. Treasury & Agency 4.3% CMBS 4.2% Asset-backed 2.8% Other 2.2% Short-term 1.8% Portfolio Composition(1) $6.9 billion fair value (1) As of September 30, 2026; excludes $136.8 million in policy loans and $18.7 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 Approximately $60 million of catastrophe losses Total net investment income of $485-$495 million(2), including $385-$395 million(2) from the managed portfolio Interest expense and other corporate items of $35- $40 million Specified items excluded from the illustrative normalized range(3) (estimated after-tax core EPS impact) •Catastrophe losses below historical averages: $0.60 •Favorable prior-year development: $0.38 •LP returns above long-term expectations: $0.33 •Benefits from annual actuarial assumption reviews: $0.19 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 segment profitability framework (1) Illustrative range is not guidance and is intended to provide context for evaluating the company’s underlying earnings progress (2) Pre-tax (3) These items can vary materially by period and should not be assumed to recur at 2026 levels 2026 core EPS guidance assumptions Increased full-year 2026 core EPS guidance range to $5.75 to $5.95 Illustrative normalized 2026 core EPS range of $4.25 to $4.45, excluding specified items(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 Normalized 2026 Guidance 3-Year Objective Illustrative 2026 Normalized 9.4% ~11.1% 12%+ 12% - 13%+ 10%+ Earnings CAGRCore EPS Core ROE $4.25 to $4.45(1) ~10% increase (1) Excludes estimated after-tax core EPS impacts from catastrophe losses below historical averages, favorable prior-year reserve development, LP returns above long- term expectations, and benefits from annual actuarial assumption reviews. These items can vary materially by period and should not be assumed to recur at 2026 levels. Illustrative normalized range is not guidance.
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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 Partnerships New Partnership
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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 3.1%(1) ~$19 million of share repurchases YTD 2026 $164 million returned through share repurchases since 2011(1) 9% compound annual growth in tangible book value plus accumulated dividends (1) Through October 30, 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 YTD’262025202420232022202120202019 $4.50$4.71$3.40$1.74$1.94$4.48$3.40$2.20Core EPS3 14.2%12.4%9.4%4.9%5.4%12.6%10.5%7.3%Core ROE3 $28.05 $31.87 $36.21 $35.45 $36.98 $39.93 $44.30 $47.88 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: Acquired Employee Services, Inc. expanding our employer capabilities Financial Strength •$15.4B in assets(1) •$1.7B in net written premium and contract deposits* for 2025 •$1.9B 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 September 30, 2026 2) As of October 30, 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 83% Auto Retention 88% Property Retention …are loyal …are recognized Figures excludes our Group Benefit customers 21 As of September 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 NYSE: HMNExchange ticker symbol $46.72(1)Share Price 41.4 millionWeighted Average Diluted Shares (for 3Q26) $1.9 billion(1)Market Capitalization $1.44Annualized Dividend Per Share 3.1%(1)Dividend Yield Per Share $42.49Adjusted Book Value Per Share* (at September 30, 2026) BMO Capital Markets: Michael Zaremski Dowling & Partners: Julia Ferguson Citizens: Matt Carletti Raymond James: Wilma Burdis Analyst Coverage Rachael Luber, Vice President, Investor Relations 217-788-5163 investorrelations@horacemann.com investors.horacemann.com Contact 1) Based on stock price as of October 30, 2026