SPRINGFIELD, Ill. - Horace Mann Educators Corporation (NYSE:HMN), a leading financial services company for educators, announced the appointment of Ryan Greenier as Executive Vice President and Chief Financial Officer, effective October 1, 2024. Greenier will succeed Bret Conklin, who plans to retire in 2025 after ensuring a seamless transition.
Greenier, who holds a Bachelor's degree in accounting and an MBA in finance, has been with Horace Mann in various leadership roles, including Chief Investment Officer and Senior Vice President of Finance. His experience at The Hartford and Deloitte and Touche has equipped him with a robust financial background.
President and CEO Marita Zuraitis praised Conklin's contributions to the company and expressed confidence in Greenier's ability to continue delivering value to customers, shareholders, and employees. She highlighted Greenier's role in optimizing the company's investment portfolio and his involvement in key transactions.
In another strategic move, Chief Operating Officer Stephen McAnena, who joined Horace Mann in May 2023, has taken over the company's Worksite division. This consolidation of business operations under McAnena's leadership is part of Horace Mann's commitment to its strategic vision.
The company, founded in 1945 and headquartered in Springfield, Illinois, focuses on providing insurance and financial solutions to educators and others serving the community.
The information in this article is based on a press release statement from Horace Mann Educators Corporation.
In other recent news, Horace Mann Educators Corporation reported its second-quarter core earnings that aligned with market expectations, posting a profit of 20 cents per share on a diluted basis. The company experienced a 9% increase in total revenues, attributed to an 8% rise in net premiums and contract deposits. Sales in property and casualty surged by 37%, while the supplemental and group benefit segment saw a 20% increase.
These developments come as Horace Mann is on track to achieve underwriting profit by 2024 and aims for improved profitability by 2025. The company's recent earnings call emphasized a robust investment portfolio and strategic capital management, including share repurchases at an average price of $33.30.
However, core earnings in the life and retirement segment decreased by 29% due to lower income from commercial mortgage loan funds and higher interest credited. Despite this, the fixed income portfolio with a credit rating of A plus performed well, exceeding expectations in the higher interest rate environment. The company continues to focus on long-term shareholder value and remains committed to returning to target profitability by 2025.
InvestingPro Insights
As Horace Mann Educators Corporation (NYSE:HMN) embraces a leadership transition with Ryan Greenier stepping in as the new Executive Vice President and Chief Financial Officer, the financial stability and growth prospects of the company remain a focal point for investors and stakeholders alike. InvestingPro data provides a snapshot of the company's recent financial performance and market standing, which could be indicative of its trajectory under new financial stewardship.
With a market capitalization of $1.42 billion and a respectable Price/Earnings (P/E) ratio of 17.63, Horace Mann shows a competitive stance in the financial services sector. The company's revenue growth over the last twelve months, as of Q2 2024, stands at 11.18%, reflecting a solid upward trend in earnings. Additionally, the Gross Profit Margin during the same period is at a healthy 30.36%, showcasing the company's ability to manage its cost of goods sold effectively.
InvestingPro Tips further enrich our understanding of Horace Mann's financial health. The company has demonstrated a strong commitment to shareholder returns, having raised its dividend for 14 consecutive years and maintained dividend payments for 33 consecutive years. This consistent dividend policy is a testament to the company's financial discipline and long-term stability. Moreover, analysts predict the company will remain profitable this year, which is corroborated by its profitability over the last twelve months. These insights reflect a company that is not only growing but also prioritizing shareholder value.
For those looking to delve deeper into Horace Mann's financials and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/HMN, offering more nuanced analysis and data points for informed investment decisions.
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