Rochester, NY 8/20/2009 3:42:05 PM
Horace Mann Educators Corp., HMN - Horace Mann Post Second Quarter Financial Results
Horace Mann Educators Corp.
Horace Mann Educators Corporation recently release net income for the three and six months ended June 30, 2009 of $18.6 million (46 cents per share) and $32.0 million (79 cents per share). As to compared to $4.5 million (11 cents per share) and $18.8 million (45 cents per share) during the same period of last year. Included in net income were net realized gains on securities of $11.0 million ($7.2 million after tax, or 18 cents per share) and $10.2 million ($6.6 million after tax, or 16 cents per share) for the three and six months ended June 30, 2009, respectively.
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"As the financial markets have begun to stabilize and improve, our confidence in the quality of our investment portfolio has been substantiated. Spread narrowing in the credit markets has significantly improved our unrealized loss position, with reported book value per share increasing 26 percent sequentially to $14.34. Meanwhile, book value per share excluding FAS 115 is now slightly higher than a year ago - just prior to the meltdown of the financial markets. Key balance sheet ratios, including risk based capital, remain consistent with our ratings, which have now been reaffirmed by all three primary rating agencies," said Louis G. Lower, President and Chief Executive Officer.
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