HMN - Earnings call transcript Q4 2024 | Horace Mann Educators Corporation

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Operator

Good day, and welcome to the Horace Mann Educators Fourth Quarter 2024 Investor Call. [Operator Instructions] Please note, today's event is being recorded. I would now like to turn the conference over to Brendan Dawal, Vice President of Investor Relations. Please go ahead, sir.

Brendan Dawal

Thank you. discussion fourth Mann's year and Horace results. XXXX to of quarter our full Welcome our investor earnings presentation. issued we Yesterday, release, supplement investor and Copies Investors the are our available website. page of on and Officer, will the Greenier, President Marita and call. on give Executive and Financial President formal Ryan Zuraitis, Chief Executive Chief today's Vice remarks Officer; have With we and Desrochers. Stephen us for Mark McAnena Q&A,

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

Marita Zuraitis

businesses. morning, our Brendan, results quarter with that delivered Thanks, very good everyone. of a and strong of power showcase Mann Horace record all fourth the earnings

in the Southern further dive into I recent details, California. want on wildfires we Before comment to the

with are by Our thoughts devastating those affected these events.

our assistance, delivering on distinctive Our service. of affected to compassionate is and our claims policyholders team working provide with promise quick

million communities. in call, is $XX estimate direct million. the efforts deeply we more but our $X appreciate conservative details first to losses later As heroic the a partner community, provide firefighting policyholder the responders of their serving will to range of current in of Ryan the the

earnings set of of $X.XX XXXX year profitable core to and equity share, core fourth EPS results. double Mann year. profitability XXXX $X.XX of more what over XXXX, household prior on to Full Mann we quarter's X.X%. earnings restore out Horace return Yesterday, P&C In reported increase exactly Turning quarter sustained, core this positioning our do, XX% per for growth. we Horace did record than while a

from bottom reported we perspective, a and Specifically, over year XX%, improvement Property ratio in year. of XX-point line a a Casualty, combined full prior

seeing the We last over of are rate implemented clearly the significant X increases years. benefit the

hail top rating renewal. effect new implemented our the taking deposits roof addition, line most and net conditions required terms increased XX%. schedules over In wind These premiums have at been hail-prone and X% earned perspective, a premiums states deductibles. and From year. wind and contract include in minimum P&C with prior increased

investment life In we agency percentages addition, benefit to increased year Net by sales investing higher due supplemental lead our income individual generation lines and capabilities. of double-digit in fixed prior the auto, environment. over strong the grew a core by returns, and interest rate force in income continued

$XX in to taken While half, million $XX underperforming focus restore as to well model business sustained on strong This increase foundation our now to P&C value. various business growth shareholder through enables profitability the profitable strength concentrate as of continued and cycles. multiline us our year, driving These loan midyear the of the the second contributed mortgage clearly half significant fund portfolio results illustrate our estimate million. of the the million commercial efforts exceeding in first in $XX

we We opportunity drive have of a with per $X.XX equity to are range. the on the on the equity With shareholder more sustained share range profitable $X.XX XXXX of even growth, to core least return XX%. within double-digit return guiding further at earnings into

growth. investing driving maintain profitable profitability twofold: strategically in business Our strategy to accomplish this is while

line. mitigating profitability by a while mid-XXs earnings focus our the Casualty, to is In by start segment. combined about property me and ratio Let talking reach target volatility Property in

basis. property, to in and XXXX keep the take a auto mid-single digits pace trends, blended continue loss for we both on likely needed rate with For as anticipated to will

due to an We policyholder continue, XXXX core contribution profit and the Supplemental continue very the we but tools partnerships XXXX. our to we fixed our our utilization. pretax industry-leading remains bolstered Group profitability outlook better steady manage severe funds exposure. income Retirement, to property from have better in portfolios leverage portfolio. expect by In segment investment margin model weather commercial above earnings The mortgage our conservative, and to loan for the and achieved strong benefits, limited In yields Life to over targets lower represents remains improvement risk

to to grow continue will levels as utilization business. typical with more that time is and expectation this trend back towards continue Our we

that in will Later improve initiatives year, the line, enhancements. efficiencies continually needs Mann's include profit benefits next-generation of will complete, supplemental better this individual our evolve we and products, turn our to reflect operational meet in and our With treatments. cancer market. advancements infrastructure product to and Our the to build introduce upon our focus Horace restoration distribution cancer new that product flagship product will which product

rolled our building addition, customer successful teams. focus in platform, AI customer our features XXXX like flexibility digital reduce faster to and investment processes generation tool internal our management respond analytics, simplify strategies. state-of-the-art continue beyond. agencies tools equips integration our documentation enhance customer In agency to agents and to and and technology predictive to drastically cycle pricing and capabilities. even force investments to more to relationships exclusive and advanced lead interactions continuing marketing This This invest relationship our in with to agency leverages in effectiveness, changes force with time out workflows are Recently, their our to streamlined on and make To give P&C we further we Catalyst, modernize we trends. to and distribution the business sophisticated

In productive. our remains distribution of more force agency are across the and Our board, we points strong. our agents grew XXXX,

with production is annual agents Over week and strong. of the and last sales agency Many our income up at spent is past year, conference XX%. agent XX% average is morale up us

make to our continue we of enhance the front, in to effectiveness technology operational infrastructure investments business. the On

the For elements XXXX on earnings on and cycle. many of Ryan. By automate the model across are market capabilities, enterprise. strategy, nearing scalable of performance niche close, profitability business completion was and over can our sales we sustainable example, our straight-through individual which I'll processing growth the illustrated our a strong a executing very equity. share now line, strategic of core larger the with will solid and shareholder achieve the in to accelerate multiline goals double-digit market, achieve supplemental we record of XXXX Thanks. our what will turn call return To and

Ryan Greenier

$X.XX quarter a over as return our on Record performing of some point quarter diluted Property results as add the $XXX the XXXX completed in discuss Casualty X.X well as fourth segment fourth each full increase full guidance. and prior share was core Thanks, equity we per EPS both year Marita. result. core our $X.XX, improvement Today, double XXXX. well prior more the than to I restoration year segment million as Core the year expectations. will XXXX At was of over year, of above reflected the XX% X.X% level, at a color the earnings or corporate profitability or

of on are For earnings with long-term along corporate a targets of the the for businesses. the XXXX, guidance total view focus we power profitability more to enterprise, streamlining individual our the holistic

our Page XX. details the see presentation guidance You on investor in can

higher investment benefit core to expect managed between and forecasted historic and mortgage includes XXXX in of net as but $XXX we a income and As commercial X.XX% on averages. double-digit million. are equity. EPS a of Full of year net $X.XX investment the that our interest in total loan reported partnership million we were limited to returns of mortgage return expect well continued Marita as the million, to below year the loan which rate an conservative portfolio, income expectations full $XXX X.XX% partnership the range for compared to environment and $X.XX limited returns X.XX%. $XXX remain range Guidance returns X.XX% over million XXXX, and reflects XXXX mentioned, $XXX improvement In commercial

the basis benefits of is the actions year. volatility earned property. assuming $XX historical reduce reflects or in average full expected catastrophe are weighted we've and on X-year with to estimate earnings of XX% This line of exposure underwriting in We about net premium our taken losses the the an for million

the The California losses. reminder, tend quarter losses be a catastrophe typically cat to first will XXXX a our which quarter, represents annual to be second weighted As wildfires of our half event. about

in As million we policyholder share. of Marita direct losses area statewide million are mentioned, L.A. current relative as the of is our to range estimate underrepresented to the market in $XX $X our

of year, XX.X% over results. Turning the improvement $XXX.X an of the net primarily Full segment see of earnings rate average we were premiums increased restoration actions Casualty, premiums. reflected Property results year year. $XX.X multiyear in written for non-rate underwriting development prior and $XX.X to written core by In on million favorable the ratio the strategy reported profitability The success of XXXX our XX.X% quarter. reflecting related in development prior which prior in the and slightly and prior. lower $XX.X year, released well over was results was segment. $XX million higher million, prior Annual $XX.X over clearly Property It underlying were in improved losses. XX.X fourth million year $XX.X prior catastrophe million. XXXX. severity accident year improved combined million to primarily points Auto as from releases was 'XX years favorable as of We million,

million tail shorter we're prior like prior year, increase year and points only point For combined of average of prior year written property claims both improved majority Hale. on and XX.X% underlying at lower to Hurricane retention million The were where higher coverages catastrophe Full improved Despite XX% premium substantial steady property, policyholder In to the increase net XX.X over net More of impact favorable processes. the $XXX.X the were XX% damage reflecting releases prior year weather the Full underwriting losses a X.X million premiums points, over represents written retention in full due ratio improved combined losses. results, year. auto year strong ratio auto, point of development. to and losses to remained due average were XX.X% XX.X% sales weather to reflecting were million, $XX.X XX.X% seeing year. The premiums million, favorable compared increases, combined at non-catastrophe P&C XX.X%. XX.X%. over loss of a the segment of the XX.X related Household property, the a year $XXX.X $XX.X percentage ratio. premiums. rate XX.X% benefit over primarily X were This XX.X improved largely points, higher prior ratio $XXX.X ago. than year. and improved increased The lower severities declined In a full of catastrophe year, the

we which Marita to As expect underwriting 'XX target mid-XXs, mentioned, non-rate for combined earn segment P&C the is in the ratio our fully and rate actions in profitability achieve a across in book. the as

earnings declined to for prudent in in were If the property commercial approach to by management. the year Life our the reflected process underwriting to and fixed compared combined core very XXXX. that or This points January. lower year, XXXX line, basis over investor our million details of XXX $XX.X and presentation Also, prior down loan with to XXXX, on ratio in interest mortgage fund below pleased annuity appendix, our risk-adjusted In spread margins. were XX% reinsurance to product we returns. on XX% business The program exposure lower due renewed to net below. interest you the provide costs reinsurance break we're We net this auto mid-XXs reflecting renewal XXX and primarily Retirement, declined

contract longer-term basis life for $XXX.X deposits XXX to Net million prior of of Our in over Life the were steady deposits and range slight the net written and points. on above the persistency business, prior our improved spread increased at was XXX(b) in year fixed business XX%. core And increase remained remains annualized XX.X% the XX.X%. products over year ending sales interest in retirement and XXX target persistency slightly, the In strong year. our premiums business, a annuity

group XX% a Moving Group a $XX.X to earnings, to book. primarily favorable reserves QX reflect to contributed the and disability year. This segment from over in review, our million benefits prior reserve related increase assumption changes and in annual Supplemental Benefits. core favorable long-term impact morbidity

ratio a the combined result, long-term below As expectation. benefits our remains

profitability year $XXX.X this tick utilization contract grow more Supplemental, net benefit target. We a as expect of slight continue written prior million of The ratio trends the the over our with Individual premiums to above down prior to year. remains up to we was normal business. point X the were In but and pretax percentage margin profit deposits from XX.X% continue increase

We In the record premiums of $X.X deposits lives have remained legacy grew increase XX.X% year quarter. below had Full-year continue contract year. for prior a of these $XX million XX.X%. persistency. the slightly at net noted over million very prior profit Benefits, to to as see strong fourth Group customer covered in of with noncore were sales strong were products demand persistency and million margin strong The want and and one-time strong and written XX.X% in I on also was to we the comment commercial of $XXX.X materials item pretax exposures. very our a XXX,XXX sales

business as lines expenses we $XX million As defendant commercial reserve selected to reserves and noted under in a range commercial related appropriate policies. presented these XXXXs last in ownership as legacy to conservative, were a were of named with cover is These the to litigation year, and claims previous as of our matters. that XX-K prudent, a issued no possible In in We recorded policies early million and the structure of we operate. $X believe we quarter, the outcomes. pretax fourth wide longer related

investments. was million year. above $XXX.X slightly income prior Full-year managed net to on Turning portfolio of the investment the

results the In portfolios. our X.X% total me prior XX% core million fixed our over up distinct Let about X income the year. represents maturities $XXX portfolio, down was break investments, into of of which our

the income money core to year on basis of valuation the equity X.XX%, $XX.X the Our loan new significantly book XXX with the believe in which income half inflection the have over in fourth was prior unfavorable the fixed required In the million by quarter first the yield commercial below was portfolio by method mortgage due year. portfolio funds, we the of year of accounting. points. second adjustments during exceeded yield We as the reached improved half point of returns

financial debt discount use value XX.X% partnerships, year of value and second adjusting million return rates. annual year-end, when and opportunistically with shareholder was million $XX.X back adjusted X.X% half. adjusted equity, perspective, income the year funds, talk increase half book reserve shows was At a prior private The in losses loan remeasurements to about $XX real value commercial an income about will ratings. by of investment equity. appropriate was remain partially strength similarly for strong market we driving estate In favorable. conditions mortgage level adjusted continue was to results We to for For value the $X compared first limited both the an in million book buy the to the equity. from through unrealized attributable XXXX, over a net are investment core to dividend of private offset value infrastructure-related on $XX.XX. our compelling we capital intrinsic creation a better current with and book returns our We by in when shares basis committed yield, credit, on our ratio Adjusted year-end lower of business at

of of million For 'XX, average repurchased at we $XX.XX. a at cost total price an XXX,XXX $X.X year the shares full

have our authorization. We on current $XX million remaining share repurchase about

in closing, use excess management. maintaining XXXX, is of have XXXX's including approach our and tactics to we marketing expense business and stated highest on double-digit fully sustainable profitability a to our made better. the market to fourth-quarter first As while to on goal improvements in are equity record the accretive and will before, way we capitalizing return profitable well earnings we XXXX. expect In knowledge, history, a positioned thoughtful strategically our and long-term priority shareholder In of and growth the our to among even growth. By were be capital deploy fund strategies company's a meet in technologies XXXX leveraging on disciplined we the funds result, the most core

this are Mann. next proud our for of We progress for excited and Horace chapter

Stock we the New to host to planning that at an Before mention Horace want turn May is in I York Q&A, Mann Day Investor to Exchange.

will more with be that now profitable go-forward and sustained lines. on into initiatives growth operator, business corporate We for our on deep more dive ready questions. providing information our we're detail plans a Thank the you, individual We'll by soon. drive and at strategic to present level

Operator

with question [Operator first Instructions] James. Burdis comes Raymond Today's from Wilma

Wilma Jackson Burdis

a us little Are CML CML you about returns returns, you maybe quantifying talk improving? could in bit what you the on and think And then Could those based about gives drag potential guide, confidence help XXXX the returns? EPS guide the lower on

Ryan Greenier

at for us think said broader do sector. an are point, Ryan. portfolio prepared it's in CMLs, going as On is we're I inflection and we the that, as the we as confident Wilma, direction well about that remarks,

of idiosyncratic returns in class. our what property-specific nature we're You're seeing broad-based the the the seeing to and actually 'XX have up impacted going quite always first half It's areas In risk. that abate. multifamily overall, the many remains good. is The is asset adjustments for strong. But we're going just are industrial properties. Values the valuation economy geographies, of largely many story

X.XX% $XXX you This we the So class you at this in a that million if Xs investor a about loaded for about assumption us. point. 'XX. asset the in And presentation disclosed is are it, low the in cash returns we for think

we're points you out woods not yet. of So But on XXX put that. basis the could remember,

confident right don't the in be to direction, that better 'XX. think going all moving So of in still we're and it's year. a feel we'll I But pretty adjustment recover I

Wilma Jackson Burdis

growth cat $XX versus hopefully, there, understand just in put which about in efforts Just another much from 'XX $XX-ish you California quick. losses, the how business talk million can changed place. I for wildfires pretty one really some of seems on mitigation maybe question kind sneak then and cash in 'XX that in But I versus manageable. But of the there's

Ryan Greenier

to XX actually cat little Wilma. closer So bit. They 'XX, are in a losses were down the

little But basis a a is So know if... our than on actual pick I lower dollar don't performance.

Marita Zuraitis

would every think you anything when we X- that, Mark. add to to those averages. do don't and we the And to math numbers have remember year I adjusted, exposure about XX-year are that include they if would have you know usual and

Mark Desrochers

we you've I planned any mean have of exposures think we're and RO in right, the look all well plays I doing that around for adjustments that changes as No, that it mitigation we actions our as make impact generally got and Marita. exactly and the at in. aggregation averages, X- schedule, XX-year

come you count, are number what so exposure the maybe down up as and think not going And the is just each but costs the rising exposure seeing it's rooftop is are replacement that I overall because even year.

Marita Zuraitis

And bear Yes. property underwriting in it's about put that think about forward reflected numbers efforts, we whether way. more to are efforts we XXXX the coverage, in the it's we bringing very mitigation feel good feel feel for whether confident pricing, underway, past whether and whether it's confident that it's those the a We models have they modern XXXX. are pretty we've and we and even underwriting,

Wilma Jackson Burdis

more just could have And you thinking maybe plan growing some you're execute then different you updates about just more if to how you growth, on the give how on specifically -- a us on just of minutes, businesses. few lines

Marita Zuraitis

Yes.

earnings of able is And Street, the quarter have our unpack us We the demonstrates quarter could stream. the power plans that. the the that to multiline things in company. power more that, for to of restoration the we of P&C Investor growth this and see work May, this a model, believe the Obviously, so for knew true of Ryan to his building showing important to on show be we profit clearly hard the earnings in believe earnings I like with a I One excited quite really needed well-diversified that script you rest that And industry little Day was a mentioned business. our it company. the we're specificity,

to us, agenda. numbers growth and the May it's In to really in out the able Strong all the that work with show numbers to laying for behind be you sit really drive growth the been growth So capabilities down doing exciting XXXX, quarter. you in strong required we've in scenes.

grow feel capabilities and still not this it, growth you can the think really about attention to strongly we're for beyond. and The building but certainly showing we haul, We are we're the the are landscape. that how understand very tools, agenda XXXX we We we in paying excited that business. long continue competitive about to

Operator

today comes Barnidge And our Sandler. Piper from question next John with

John Barnidge

one, educator property options personal differentiator the adequacy first for a the lines, on reducing are put question, is side differentiated being the the organization really of focus the on base industry more does volatility? more rate My with the table, strategic kind with earnings auto, this versus particularly pricing less on where approaching of results of where

Marita Zuraitis

data of navigate I for mean, have that's things one our this Yes. every amount of continue XX on been these cycles, the folks through really interesting educators, educators for is The to cycle. helps John, of of intimate insuring us us through years have group grow. we understanding we

itself. beat the in the of our end It's be retention that's to we with all a at strong think, lowest the to along. probably And providing educator I this don't Our reason for about been And not would been price. educator business, speaks day, an with give never us, prefer company. if strategy they the

the on know strategy understand marketplace, it to and matters. we isn't of we yet Our competitive dynamics price, and the that sell

other the it been doing many than sure We've So give well. that anything time. else how navigated cycles you for we've I'm quite fact to really not long a

was going back level one industry. strong through and feel feel dynamics this, Mark. I good conservative, have our was know we add you It if for of last but don't anything the really we a and learned be was forward. to to different. more that all feel we may that lot that, different about we historic profitability the for to And us. think a I we different are business in It quite like

Mark Desrochers

also us. said that do us is educator a aggregation the think and Marita. and but be issues. the cognizant we of to thoughtful the for from place at to to property well, I of perspective. to about looking our clients, bundling No, I but I along have with it Clearly, mean important volatility obviously, want you think, that's auto, it property be And we products differentiate, goes a

is our for but us, filling product in what total it where other it might because with can't the may up, have with product same don't aggregation we need feel we great we to suite, filling we potential we So time, that third-party pricing how be do we offering partners volatility. or our either or about and at the have with want don't concerns manage the about

a a on auto help So I it it little I differentiate folks think is commodity and approach, us from holistic maybe bit think does primarily that are the focused products.

Ryan Greenier

add, And feel is the targeting John, we Ryan. I'll a for lower provide that just and return an or business. does combined We're XX% this line, ratio appropriate that for

John Barnidge

schedules updates My roof follow-up the business question, quarters. reserve you're there? prior-year and the impact and to meaningful starting but help to on in notice on the changes development can't last the see couple I of any deductibles

Marita Zuraitis

Yes. that, I work to want because hard mean come I love take Do that we're Mark? through. John, seeing question, you that actually

Mark Desrochers

development, good also in think seeing I quarter, both what think you we the was I look but with are really fourth reserve a prior you're quarter. No, if Sure. the year it at

factors. but the we're I The extent, a schedule. deductibles quarter. inflationary and impact fourth is well roof as everyone number yet weather seeing both shifts the I'd of of the were the the wind terms seeing in impact We've are it's think impact like hail certainly lighter also we're in the certainly XX% impact. of as tempering some meaningful as -- countrywide, that to those talking say well states come and in as of most of roof XX% in of seen, experienced states, there we not we to losses in some schedule roof our

water, on up the losses, we effort pay that to of water seeing of put a only not seeing non-weather current settling settle that's off that results, to what coming prior that claims, part our but claim with into I team driving get in quarter notably good-sized we're we development we're mitigation, makes ability might think of of work lot those year what's reopen and pretty and same probably our of our the rate also the now our into some that top kind claims lastly, especially some see not our severity, those So was year. somewhat of a chunk position conservative. which has give expected And And reserve I'd we've has at helped and are in than ex-cat get released them, a on lower become confidence clear, that on of have highlight activity reserves. us claims done them top it's

Operator

And our from KBW. today Shields question with Meyer comes next

Meyer Shields

So X, I guess, frequency-related questions.

fact demand? The first having in that that modeled, on impact is supplemental. there's you'd utilization less than is any one The

Ryan Greenier

or reserve reserve, I think important to and I some the that utilization question trends on business the you Meyer, supplement, are we're I questions will improved And the a they an So bring way The up ratios. underlying reflect point similar very say P&C, reflecting in in of group a benefit should good supplemental of the supplemental we couple report we for around are the got the that because say releases the or fourth in business. quarter, them our review annual business. seeing reserve they

sizable million group $X.X of about $X.XX reserve combine quarter. reserve and supplemental back I what pretty P&C, the look the with if that step release the in a we I releases So in at on if that's net and in basis saw fourth

the favorable in supplemental the in group seeing more morbidity we business, experiences. are So primarily and group,

business purchased over us. of back, new reserving step Now a we methodology. X pretty to was That little ago, took we type to if a and M&L cautious conservative the and approach you years

historic be years, the PI, compared but seen we've over to trends favorable past pretty also averages. utilization you've seen our And so X favorable be to macro trends

will XXs are we're strong. I Sales and way individual you go back, the see, XXs term, And think supplemental. really but may good. low as all benefit can So you remains a a a group demand ratio see normalization, longer for the not high for targeting

Marita Zuraitis

range. script, Well, persistency record that year had year the Ryan in $X.X the we $XX.X for million XX-ish strong sales in XX fourth quarter over the the for and said in in prior the as to million us, full quarter with was fourth

would another to the the business not we serve bring demand say educators Mann the an I optimistic individual for strong. new Horace relationship and a growth us, are who supplemental. line continued about but community So individual very others smaller but and only to It's in remains with starting their way

So demand. individual it's entree supplemental folks we good Mann. into but for small, Horace feel good It's about a

Meyer Shields

perfect. very helpfully. pulled that's together No, That it

guess claims. before, getting more and associated you I temporary. and auto think keep about I big this what we for color bit And rate hearing that how pricing small to canceled a if people I'm little hoping where your about seeing frequency, -- on Second, are if with on increases be may proves worried you're on lower touched file be they but

Marita Zuraitis

Do to on comment that, you Mark? want

Mark Desrochers

Thanks, less Yes. Sure, of claims I'm M. seeing phenomenon Marita. if because about pricing. people that smaller are know worried I don't

seen have it XXXX. of fourth fourth frequency. certainly down was quarter where in about quarter over Frequency in X point the We lower was the

some lighter that, quarter I certainly an the of weather related in that suspect impact. would with However, the playing property to aforementioned is the that's

we pricing to now to the the together trends, the long-term at we are the on our move down aggregate low mid-single digits, point. blended expecting process auto right our closer this frequency, on and to So And is, towards that's thought how loss are side planning pricing average. severity more

and to market We see bit, how wait we'll, we'll and that overreactive price decreases. these plays pricing it closely. being we level, that emerges necessarily rather down it adjust like through will then trying out, very drive trends always linger share at lower but if may And and little watch just level a do, than we a frequency

more fair on growth at-bats how we be price. competitive think focus to about Our what all do we maintaining a is going get is and driving while

Operator

Citizens Matt from question our comes with JMP. And Carletti next

Matthew Carletti

number guys like we're $X.XX P&C profitability You the we of better kind 'XX, for estate out past a particular what's of confidence guidance more driver and industry kind a you Is the a real like the know, being at talk of about think And and where we cat feels of in the as biggest years. about there. P&C, the item Horace and kind might that spot restoration driver variability zoom kind in EPS that I kind in of and of level unknown versus there be commercial or a we a there of guess to to Mann. of was little of your so, alongside that spent about up? of lot I getting range $X.XX and a bit don't We've a variance? time. we can which Ryan, about if that, maybe about of on bit better $X.XX kind and kind have talked bit 'XX then of both the a going it of what's the 'XX, kind today in talked much largest think end couple you of or largest felt than

Marita Zuraitis

in usually again. it questions, your think I ask did answer I you the when embed you you Matt, think and there,

very in are that XXXX. I think for we our confident guidance

big good P&C where the a the industry we You in us catch-up after P&C to Life and Retirement know about as sum business. there. that line that profit for really more predictability and us of the in are we restoration, and in ballast to COVID, are restoration very whole us. feel with And And was variability excited again, a assumptions, we planning conservative in a with and moving is of am lot profit for our for our in restoration get well. remains. that that that added various always that all nut I P&C it's parts the and certainly the parts, behind

as at and what company, Retirement as and the Life P&C. the as you power go in not see cyclical or as You for in cyclical can is as of industry trends that look back long been company, doing it a we've earnings

stream Retirement our earnings to very a Life perspective. estimate ability we and in from that and feel predict confident So

very a perspective, saw look impact And from group little income an our that is as at predictable supplemental earnings said has areas earnings producer, us. then do especially Ryan work that individual strong power well. you in focus, of to investment way and and business, way supplemental You we the for a is the targeted and as beginning it through, good its of

a at we projections XXXX. confident see of our lot we're earnings So say as in that in I I don't variability range. very look would

industry hurricanes storm gotten getting that the been and better the is better We cats new predicting predicting activity. has convective tools all feel time. industry the science mentioned know something I over You with that better. has at in is

their little better about it. bit feels make about everyone mistake a cat but estimates, no So

benign If ice perspective pretty least that of and was you a snow and have weather in was to month. drive big of fair and an December things part a underlying it, the didn't that in tends performance notice amount other P&C month weather from a outperformance in at many companies' relatively unprecedented December benign

and I that out about a you do but in getting cats confident But time. short and going you Long that question, that we say put be only science to the to weather pretty better number it's know So a wrong. feel thing is I'd better over range. answer something there remain when feel good

Operator

today's conference remarks. And question-and-answer any Brendan back for session. this Dawal to concludes I'd over closing turn to the like

Brendan Dawal

March. us also I day. have a you. be meet. Thanks, know will to great Thank that we AIFA in let Please mention want like attending to conference you'd if and

Operator

call. This sir. you, attending concludes for all Thank today's thank today's presentation. conference We you

and You may wonderful disconnect a your lines, day. now have

Horace Mann Educators (HMN) 6 Feb 252024 Q4 Earnings call transcript