HMN - Earnings call transcript Q1 2024 | Horace Mann Educators Corporation

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Operator

Good afternoon, and welcome to the Horace Mann Educators' First Quarter 2024 Investor Conference Call. [Operator Instructions] I would now like to turn the conference over to Bret Conklin, Chief Financial Officer. Please go ahead.

Bret Conklin

Thank you, and welcome to Horace Mann's discussion of our first quarter results. Yesterday, we issued our earnings release, 10-Q, investor supplement and investor presentations. the of on website. available are Investors our page Copies and Chief give call. Marita and Officer, I today's Zuraitis, President on Executive will remarks the formal us McAnena, Sharpe, and have Q&A, Weckenbrock. Greenier, Mike Mark Desrochers, With Steve for we Ryan Matt

not obligation to forward-looking And want uncertainties XXXX. to Before our comparable of our note are GAAP investors The we guarantees measures our as use in are to company presentation which described most Marita, due update Litigation in and Reconciliation Securities any in statements that investor to the supplement. some forward-looking our cautions the assume turn to non-GAAP Marita. Private current call prepared These materially turning remarks, measures. I'll statements and them. of In includes no Reform results performance. to differ and forward-looking it on news these defined measures based variety over are expectations, filings. factors, includes I over risks may today we a Act and future that available of the of release statements now are Actual SEC management's

Marita Zuraitis

dramatic welcome, the of employees. reported core in benefit of and nearly our we've up sector up casualty model and made premium. a first were increase X% from per business diversified profitability. revenues Yesterday, and XX% strength Brett, P&C educators earnings public strong in continued to Total quarter sales sales the by profitability a of everyone. earned last momentum were a realized These and charges threefold X%, diluted to quarter the in meet share, results needs retail year's our over built P&C from to the led contract of progress division, reflect business our Thanks, $X.XX We property improvement increase premiums first and due we prior primarily year. in and restoring

This of X% valuation a portfolio below saw handful for the focus remain the but to $X.XX, confident income of of to EPS with a funds to end full was consistent high talk in industry. outlook XXXX closer range lower income quarter, we Life net the making equity individual later year would broader investment at outlook up level, will the $XXX of and Benefits of X%. and reach the on our a $XXX targets mark-to-market business on the the to Brett profitability the range about the I million real of adjustment, to investment we like in in are the the core current progress net the While the Supplemental $X Today, on the near progress some due return share. market making the managed & perform Retirement segments. levels gain experience segments for call, in million to obscured estate-related we target my Group we're and and of remarks across

progress and we substantial First are towards segment making P&C profitability. restoring foremost,

investment income ratio a Our year. million, net of to segment this ago. profit million with XX improvement returns, XX.X% point year a quarter P&C over to strong prior compared quarter combined reported first $XX led Combined increase first of a segment a was $XX

industry our XX-year aside, elevated. exceeded X-year losses also losses first quarter Industry exceeded Horace XX-year first As catastrophe an Mann's losses remain the and quarter and average averages.

actions XX% year. through of From premium to XX% total end our ratio execution profitability quarter-over-quarter, XXXX of nearly to combined of non-rate than lower prior in majority XXXX, increases we improvement non-catastrophe equate the attribute comparing strategy. and agents We in and catastrophe The However, losses restoration our to expect our with the is nearly successful a fair increases these to due consistent our when and explain economic of has multiyear educator-specific our offer provide. were and strong auto rate retention the this to to base, benefits strive the lifetime relationship, property. and price customer policyholder steady the we we overall remained largely the We information our loyal customers. value equip context increases, to our over Despite retention. of with and our customer historically a underwriting

XX% XXXX, auto, Over plan a in the effect. rate of course includes auto countrywide California which both for currently approvals and are average a in of property. to XX% we in planning are homeowners XX% recent This both increases from XX% increase for a in now of increase and

mid-single rates next into Supplemental we rate in, roofs. coverage impact will expect out are plans property about and line, XX addition, to review implemented home to near in normalized and needed profitability. highly above take roll states digits ensure our age continuously with conditions to in a emerging Group We underwriting states. within In X-point increase X of target earned materials higher an a On the trends to we renewal to our as and schedules basis, combined the we changes ratio. pending profitability. convective set values. dates the Life expect the In price attributable Retirement in well claim and construction our received or effective and Benefits fully days the When premium terms particular, account to average have storm property and continue ensure with approval property settlement segment accurately that filings adjust schedules X have as new additional rating in we as wind-prone risk. continue roof These we and segments In

a This due not and impacted segment The is Life and building and adviser less net and A funds partnership However, to valuation-driven point of to wellness quarter, employers. mortgage the corporate core real trusted business first as estate The Group limited remains and workshops market. that to both across has force earnings agency capital-intensive, providing Benefits steady relationships segment a in mark-to-market adjustment financial planning strategically educators a our entry cash on and a the our adjustments impacted lower-than-expected is competency investments. segment returns. income were and Retirement Supplemental schools significant is contributor diversification. education earnings by commercial X higher-margin the with provides investment retirement in country, earnings their

As we the is about blended into ratio past, which this levels. our pre-pandemic takes benefits in business utilization customer account have XX%, target for talked

are We continue seeing towards this long-term the benefit ratio to target. trend

ago. we This to our was benefit educator across business, scaling XX% year testing, ratio grow a reach and to quarter, the compared strategies XX% households. targets the our adjusting within profitability are With

with The ensure healthy. their division, the we've retail strong with has agents businesses been the momentum agency our prepared are past our over we to Within remain exclusive well years, and channel. worked market challenging especially in few

in P&C past the seen strong, XX% premium results. is average in increase top Agent we're enthusiasm a Over a the a production. agency increase line we've in and year, seeing impact solid steady recruiting, exclusive income and XX% increase in agency agent

and centered they general, our ready educator when around align trusted do improving new business cross-sell educators want of research sales agency a effectiveness funnel the supporting production, looking talk ahead, are and capabilities preferences. to efforts digital Looking adviser. are to buy, they are browse and But In to to with to enhancing our digital online.

few examples. me a Let provide

driven targeting educators. we seen our this a to success compared have XX% website to marketing Through this more digital with have other year and traffic local We program hyper programs, last.

started version number of new recently our In more addition, increased website, by the of which quotes XX%. we a than launched

building has quarter employer-sponsored to and we're rate getting an new the to Over division, the compared in first In worksite in to strong to better growth the XX% leads P&C both direct increasing past contribute XXXX, and increase year, foundation agents environment. on drive that's helped in lines. business over worksite the of an our

continue policy features employer and and specific refine premiums. offerings. to These enhanced to our We meet customer educator to demand meet supplemental improve expectations product higher product introduce enhancements our to provide and average set and

We momentum sales trends. are also seeing strong in

side We the enrollment continue the sales on direct and headcount business. of to add worksite

we the $XXX,XXX.Before have leverage touch to our our existing want to Mann's turn lives call distribution. Since stakeholders. the on I to I are positive employer-sponsored our a broker side, all to expand we on grew to last Horace partnerships to Brett, efforts of covered On impact year, back of number working

for We thank of throughout entire are around Horace they of do. Springfield Centered appreciation winners we're balance, in Mann exclusive celebrities, with the the has to of contests, and Public everything Locally, for but the hosting month an event of musicians the virtual educators School, Administrator for Awards. and work-life teacher announcing desire week, midst educators Educator May educators' planned self-care we're experts. events Year

Board increased shareholder In the long-term base over transparency the our our share by achieve taken responsibility the our We the workforce call of causes Brett. Opportunity to XXXX. Horace and outline increased a our Thanks. reporting, also our commitment value the by we've Commission our Horace This closing, X%. our actions our consecutive has customers, by increased through dividend dividend, support on the shareholder shareholder quarterly A successfully Board the XXth Directors we Mann agents is contributed year report. Mann to of XXXX strategic to underscoring executing remain equity back Equal larger nearly market and on XXXX, employees, now We to $X Educators turn carbon goals, educators, We to by few reduced million emissions highlights. double-digit our our shareholder plans, local over return XX% on the a March, our the corporate Corporation. communities. solidly we I'll In published education Educators data charitable social corporate and publishing long-term U.S. track in and creation. EEO-X Foundation year recently

Bret Conklin

Marita. Thanks,

threefold First quarter $XX.X earnings per $X.XX prior share, over or million core a year. nearly diluted were increase

and $X to within EPS is restoration year progress, making of our $X.XX. to Our full guidance we P&C track XXXX strategy profitability remain significant core on be range

performance, individual me down starting the results business with Let break P&C. by segment

The million Net yields added $XX XX rose over year was $XX investment premium year. designated a than combined million, underwriting improved the to XX% points $XXX of income to higher CAT profit year. ratio points events implemented over and million limited total to past due premiums quarter, XX last In a XX year partnerships quarter prior a ago. claims X portfolio. ago. to as property first points losses compared we prior year. returns income to the ratio over year's XX increases more Net reported of on the the solid combined XX.X% written services nearly actions compared First performance the in the CAT and triple fixed primarily was on improvement

As XXXX. XX% Marita property, targeted confidence end our in and as as in the nearly ratio total well P&C which from year the for reaching our we expect of segment of mentioned XX% to be full auto premium profitable in increases earlier, that of XX% the through combined XX% XXXX, underscores XXXX will

net The improved on primarily of XX auto, year, premiums over prior over actions. to XX% million XXX.X% rate increased ratio written prior Turning points of $XXX combined year.

year. we saw in the to X-year are above more experienced CAT property, trends, losses cost and written line they policyholder The expectations. above losses is weather and loss XX.X% with winter weather lower CAT frequency above severity in also industry, increase prior combined of lower of reflected a non-CAT generally were average. with our XX%. strong are the In losses. slightly averages. premiums, line which likely Both retention terms remained as In CAT premiums expectations generally ratio XX% $XX our historic This attributable million, mild Despite broader net at over historical higher

written Although strong remains were policyholder property our retention XX%. higher, premiums average significantly at

] and XX% to due below year [ lower core earnings interest to by million Life prior Retirement, of margins. $XX were Turning

to X FHLB segment. and the to estate While down higher in at our one income negative lower $XXX contract This loan was deposits the mortgage as due These net well the fund partnerships year. million. investment prior on Group portfolios and results impacted in returns due In were total reinvestment limited same the business, increased rates, fixed portfolio limited partnerships. and net were expectations returns funds income as both than in mortgage in on X% commercial commercial Benefits real retirement equity also loan fund annuity slightly Supplemental segment's

However, deposits products XXX(b) in core remain strong. our

our Advantage, XX,XXX. quarter, reached fee-based platform, accounts fund Retirement nearly on Over the mutual first

In benefit favorable. addition, was market in risk retirement the adjustment

Premiums down were million year with cornerstone net to of Supplemental Annualized increase $X life market. a and charges and $XX a earned point the costs entry due down $X the from sales and XX% lower from As million, $XX the of and Mann's education prior remains an our Group prior over prior value in income proposition year. retirement earnings Mortality increased slightly line to about X.X ratio. investment point benefits contract from X% and persistency for In prior XX%. year million Benefits, prior Marita year. strong Horace and mentioned, were year in XX% million down by are sales of were products at quarter important were

XX%, prior are sales The inherently reminder, quarter unfavorable, the a comparison in is reverts the was The ratio to to levels. on a benefits employer-sponsored in partially assumes of in employer-sponsored the ratio benefits to blended benefits which utilization heaviest case a XX% size. first the quarter, the is pre-pandemic year ago. In sales target Historically, policyholder XX% first line due sale the quarter. to lumpy, is depending large for usage line employer-sponsored first As XXXX. long-term compared year the

were to was portfolio the reflecting portfolio overall from X%. the quarters. prior for investments, income Income up returns managed rates Turning on on yield X% year, up fixed that net past the portfolio investment exceeded while have was X X%, reinvestment maturities the up

points in and basis above average of remains agency duration high securities, yield us and quarter money and recessionary environment Our X X.XX%, years. well remains XXX an the had quality A+ average municipals in first core sacrificing concentrated income investment-grade a without The potential for and corporates, yield MBS portfolio at a agency the high-quality income. was portfolio fixed new positioning

funds, to strong underperformance of our to million. limited related mortgage the low and estate-related long-term with profit million investment net income off is expect range partnership full the on the our of creation. year start center P&C of segment end ] value summary, a segment. restoration loan now commercial ahead momentum portfolio to $XXX basis, in year focused remain $XXX we we first with Given managed [ P&C and and taking is In quarter closer to On SNGB a below. guidance be real NII to The sales expectations L&R stage on shareholder

make our long-term progress XXXX. equity a objectives to return market on continue double-digit solid in We an of shareholder toward expanded in share

optimistic and And about Thank we're ready excited operator, questions. are future. We you. the for

Operator

comes session. question-and-answer Instructions] Our the begin [Operator first now Meyer will with We Shields question from KBW.

Meyer Shields

talked benign from the for rising impact comments, you whether First, about prices lower I'm to winter. Marita, frequency we're business, attributable wondering of any book in your And weather gasoline in your frequency? on seeing

Mark Desrochers

are this look overall action is of at we we when [ we are we underwriting I made. that take attribute I'll third we've about at some is from is mix other standpoint, we first related. Probably look we activity less that Meyer, Yes, quarter, would weather that ] the seeing look about at frequency and X% When driving or more frequency, -- Mark. another that the actually some in that changes And the lower we reduced would down or question. X%. when frequency one-third third, some of an say too.

that to mix that's recurring, you actions, benefit think think be expect to look weather we impact, I and through. the continue I So to not at likely roll the underwriting that when

the year, will of In little that the quarter. impact harder terms behavior, in driving a the of to it predict rest for it's but what had an the certainly, first run

Marita Zuraitis

type the weather whether anything use between many as definition first in we're anyone or quarter, seeing certainly to interesting, of bucketing said the with industry, auto quite else us far PCS book always what that fall it's into you definition. activity and we're and have sure. whether going pleased as in that, it think you over Mark We're weather that assume or But activity gets -- with trends. of non-CAT How has not fall frequency CAT the for right? agree a I when overall about what but definition, the And tip the meet doesn't CAT in that Yes. into we in

Meyer Shields

you're can approach XX these trends pricing more you to little these assuming not see and persist, favorable in maybe the which is that XX X of persist, of a how that's to XX price for quickly of think rapidly trends on I guess counting but sort change bit I some I adequacy it, and -- right terms favorable if X how the of follow-up, call, a know And competitive? instead or

Marita Zuraitis

Yes. quarter information real the first Mark take off on. And time. team organization, couple It's quarter mean, this his real the environment last of have first that a this the of pricing the and in will from time. year all we actuaries and this interesting. the the of with has year quarter -- I folks that is years, this dynamic of first rolls and in we've been rolls obviously, been in I

California, So being line. pleased time it able handful certainly you is where in a that's saw of quick in getting to that Obviously, states rate that longer pretty react with have a very We filing.

about property but script auto the the getting in the past, approved filing in heard California. rate You've we mentioned our in

that gets a that filing happens, and as quarter -- looks that on. worked on new is like team rate data soon quarter and thinking rolling the As is off rolling next about a gets what working when

you time. don't real add Mark? pretty anything to it's know So to have I if that,

Mark Desrochers

would add I Yes, points, Marita. a couple of

first issuing success all, some we've we in terms I loss last the And that. at -- quote? seen close in look of little ratio we changes policy even competitors, over our take rate our any pretty the of a addition our close of as and for a to more tracking rate relative think, not competitors drop in our have bit we the to off gotten what's rates quarter, aggressive policy every in a

So we certainly don't see it yet.

we we some than be increases. the be agencies down receptive or when might standpoint of actions, rate we're slow of terms various offering pricing regulatory in companies which We underwriting taking to can the have And we they more aggressiveness a slightly be from to our aggressive have actions on. some of business quotes lift if we be may or flexibility more new that between shift clearly, expect rate

Marita Zuraitis

is prepared really market? clearly, competitiveness believe fully pick to to competition dynamics are. I We've seeing, shape. retention for And questions had up. in our success in hint what an across time. some in we're really for look we good when across and that distribution, -- And the increase Yes, Meyer, mean EA plant I that in had good at we we've the quite good are we I seem producers our your expect producers, the hiring

the offer We're We many lot ability model more not market. line our a a of have just than to competitors.

don't eventual Our know, places. of provide being the I are with the XX% increase new and enhancements investments, the in I business to about holding want for of in right retention in P&C. right on good life? us sales feel We're more the new an some making that up the is if starting competitiveness detail some Steve, any to you show signs prepared

Stephen McAnena

Yes, were sure. really in that a feel happening. of just an agency 'XX And Happy it's XX. force but today, mentioned of having Recruiting both the -- try with I'll move to. to I opening is her I'll impact and I'll into to else nailed recruiting kind to made some pull health sprinkle just as color little like associated of back. about forward sales the it. going comments even upfront momentum, we kind start the and into as remarks. impact guess I bigger agent is a Marita big what have

recruiting of terms last increased We agents year. In our well. And internal result, staff. appointed about XX% as really we've more a year, going this recruiting than

side the means that about hiring space who fueling good in. To me, think the kind Marita with population. talked agents. we're recruiting we've role the the hiring. the we're absolutely comes that people agent And both had really pipeline from just really half we're I of of quality and success referrals that of we're appointed educators. note, And So and about the Interesting of understand

build flat. new i.e., is as the activity, all of come virtually Mark second productivity business from growth and more Mark of this thing effectively think has Conversion, said, the kind quotes. I'll on said it, I and

we're So not this activity, sales getting all through through means price. the

really worked part green a quotes, I'll in we've give And interesting/exciting scaled. means been specifics mentioned, I generation terms opportunities shoot doing lot future that X. with lead for kind of potential. I are we're think growth is of drive leads, One And leads. on sizable indicators increased of the right good from kind most to tactic for seeing me, just is even is tested coming now In successful. a of what's what new you from that hasn't meaningful pretty driving marketing increase -- that capabilities. Marita we're what a it really well, pretty observed education the We lot doing leads and into has what of partners, co-branded get If we're really, our

technical, digitally too use do our to effective is all this really The they're we and agents. partnership really, we other one at results. without with educators And technology school, tag market getting again, while with the

agents. I thing think digital lead to I -- of continue is on rise, volume the of by The pull driven remarks marketing rising reinforcing productivity so as sort we our I'll Agent Marita's the from Meyer, tests. our mention, something website. add is back, activity, because last

where goal and really Our is they want to. whenever to educators serve

For streamline me, both landing we that the that better. also a XX% progress of the efforts kind like be of and about supporting that and simplified objective, we to even the process. page will the good feel, a And number say, started, in I made I'd look, quoting quotes increase some room get there's think the changes generation and lead pretty of referenced

landing by every think almost improvement. page, we driving continue make way, to of the I continuous changes month, I so the to And think kind just

in educators, and beyond. driving in been support the So ecosystem kind agents, around goal in of our build the I with to we've the rest invest we and of really 'XX as sustained them continue of on say like learned really profitable our to summary, quarter what and this growth of we've head and of we and seen first all -- I in expect the into

the for So question. thanks

Operator

The from Piper with Barnidge John Sandler. next question is

John Barnidge

Group in back-to-school. sponsored not ago have remarks comp will space. XQ should and a mind? around ago prepared with Are heavy there any ] I distribution distribution. for year and from typically in big you occurring I be is big and we that question keeping believe know reoccurring out be a year a wins Supplemental from a [ called then Benefits My your win

Marita Zuraitis

the Thanks question. the you it. asked for thanks John, for way

of I your wants business to business, over included that I'll he lumpy. to add, answer size to think be Matt? the and you, usual, as has he the in nature it the things it if can Matt said Due any turn see yourself, to question. it the you of additional this quite

Matthew Sharpe

can't help I myself. Sure.

As Brett the segment Marita happy Group and Benefits indicated, pretty this the we're way with Supplemental quarter. performed and

We also for to years. next growth businesses over about continue excited be potential the these several the

sales year-over-year the to were quarter, For as first comparison, lower on nature overall due the lumpy noted. This group is the business. the partly of

the a slower solid but in addition, on In side quarter. start to part to closings very early year the in individual due weather-related the

going So on the that's least -- at to repeat repeat. hope not we not to it's going

On business year. the lumpy. on comparison year-over-year the And rest last the start the of the year. it It another the one from for I was wasn't date a a horizon but is And X/X see actually nonrenewal. don't the nature a of group side, win was

the a -- might later an offsets the win fact is that year. side. momentum very point. at So really But on get positive unknowable the we it's It's that individual in still this

We for be to year. optimistic very continue the

side, On lumpy to that and really can X numbers. We direction we is case either or business in recognize a be the move the group continue the optimistic.

Marita Zuraitis

optimistic diversification about We the robust. Thanks, at still it's we're Yes. getting growth Matt. remain planned. And look when mean earnings quite we we very the pipeline prospects. the I report,

John Barnidge

talk were a your your and from marks you and assumption the can around concentrated, maybe the question, LP about sector where of perspective? balance year My VII follow-up

Ryan Greenier

the Sure, John. question. Greenier. This for is Thanks

rates. some As was vintage a remarks, we've seen loans. funds. we these lending years. in and for And a return the over our underperformance funds. work the strength of in of to couple outlook because came our of you in performance money CML that driven handful investment and fund the the fixed year They're seen of particular ahead estate our core that LPs the real off. space and properties believe of the be more a by slow but and space X believe commercial of on idiosyncratic. actually took inception-to-date giving for -- equity, full more rest quarter quarter the X we them strong saw year putting remain said class, We've isolated. and specific an -- estate prepared Two seen estate for returns adverse CMOs of that income [ is now, and the some that this valuation to point overall smaller CMLs I'll it recent estate below interest that still the real our tailwind portfolio. real but for past last tailwind in only in expectations. not higher our up investments. because been points of real We've sustained transitional in in ] do rolling dynamic. We're original that will years And benefits first historic of it value that marks we we've It had what's were plays mark multifamily longer-term perspective the funds. was than that nice over mezzanine basis We related, the wider our to start, at the the the really mortgage We're provides. well That's a diversification like the of with negative on averages optimistic the valuations asset income the those We is about nature are a one from XXX particular,

to can year. So how similar last up ground some we we started we think net-net, of the make

negative, quarter last up coming performance LP year, we actually reminder, ahead was in of ended a As first and expectations.

pretty but in So an annual I we'll remain see how it comfortable our quarter goes. doesn't trend, make positioning. One

Operator

with JMP. next The Citizens Matt question from is Carletti

Matthew Carletti

on of you those, feel the those marks, Or some your kind in how that they already? real through expect of, are up most to are pretty but if it Ryan, invested kind comfortable, you're the want in funds sounds maybe I you're question. can other, annual marks many from follow us least kind where process, guidance further with now? at you like help estate do of Actually, you stand real fund estate-focused of, if

Ryan Greenier

commercial Our portfolios, broader the so and with, expect estate which skewed Life consistent our and industry. are to to towards life Group allocations Retirement you Supplemental with the would start -- real is

real comfortable estate exposure of portfolio. our is is average the degradation, still office. funds. some commercial is concern of but there -- strong of loan XX% exposure, total fund estate remain commercial The industry And LTV obviously mortgage at And senior that. real that total commercial again, about the Our should seen for XX% over area remains We've XX%. the I say, we with

decline Of $XXX we if total. million office. marked mortgage for it office lending severe on marks, portfolio on a estate put less taken properties, amenitized in related well-positioned, underlying estimates, reflecting perspective, Our our you trough estimates is which a have in to estimating in [indiscernible] in valuation about the we've more equity XX% Peak that, our highly are -- against. to decline To that about represents the Class the we're overall than the declines exposure loans office of down, base values. XX% what real better will, A

dependent portfolio. of quarterly we our with we've feel marks. like we bulk practice right property our given rate lot tested We're this A method and market these the now, of due of to outcomes. like interest equity marking is overall, feel stress So to taken accounting, We've the the comfortable dependent. of

marked like stay we in interest where higher that pressure largely and rates office, As prolongs we the said, today, comfortable particular, closely. sector is the I valuation were very we're experiencing. high, feel monitoring with But it

Matthew Carletti

and is next you definitional quick kind kind that guys realized income then talk ex the of really, getting a is year, to want double-digit When gains fixed -- of a sustainable one just of, to about, correct? kind losses, follow-up, denominator And ROE that reconfirm.

Ryan Greenier

Yes. realized losses. out Matt, that, The gain thing we of would only take be

it's a So GAAP ROE yes, metric.

Operator

is next The Greg Instructions] Raymond with from question [Operator Peters James.

Unknown Analyst

Sid Greg. is on This for

of targeted to to Just I'm go wanted to we P&C back to you back should on provide as so maybe helpful. levels? correctly, some can results the underwriting And looking not would time, comments force, to that it be any at risk expect grow segment. in there the get looking over comments the at begin Or

Marita Zuraitis

Mark let lot. it give We detail you some talk a do. No. to Absolutely, on going we that. about I'm

Mark Desrochers

we Yes, see We've growth to to sure. by start originally force been early substantial in policy would projecting expect 'XX. that

we've the we of our price retention what see, hopefully, than up and better normal given equations, new is rates that holding between mid growth. probably with we'd actually meaningful to momentum our we with somewhere to moved are elasticity to to have our that think XXXX would business that I start seen kind fact expect expected, late when

Marita Zuraitis

we internal would quarter, turn could is, towards expect I sales in sooner. that And like coming virtually see obviously, that now, quarters, XX% to what to we better in is retention second than agree it know third and on put end around. continue But be our we based P&C certainly with XXXX when you'd plans, also holding quarter, what up right of if the with Mark that

Unknown Analyst

if benefit it my And you remarks in XXXX just follow-up, XXXX, And before I to then, as property. or go full said product confirm you think I realize benefit called in in wanted prepared to a -- could full a you X the expect points. the if into out changes from

Mark Desrochers

Right.

XXXX XXXX the earned. in, substantial is XXXX, X-point was that the as the Marita referring all third we the that most drive just nature made between months, we've earns before very to kind with coming and of will a policy fully way change that and schedule homeowners its [indiscernible] way some that of we product to it into that then of work rest think that XX And expected of it maybe quarter benefit probably the at I expect in improvement. in is of its it's most way fact the of

Operator

Instructions] conference concludes question-and-answer to would like for I Conklin poll back any turn over This further Bret questions our questions. stand remarks. by for session. the we to [Operator no as Showing Please closing

Bret Conklin

to want talking Just again your today's participation thank quarter. next everyone for forward to Thanks. call, we everyone and look with on

Operator

for The attending now presentation. concluded. conference has today's Thank you

You disconnect. may now

Horace Mann Educators (HMN) 9 May 242024 Q1 Earnings call transcript