Horace Mann Profit Slides

Horace Mann Educators(HMN Quote), an insurance holding company, said its first-quarter earnings fell 12.8% from the year-ago period.

The Springfield, Ill.-based company earned $23.2 million, or 50 cents a share, in the quarter, compared with $26.6 million, or 57 cents a share, a year ago. First-quarter earnings includes net realized gains on securities of $1.8 million, or 4 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 46 cents a share in the most recent quarter.

First-quarter revenue fell 2.4% from a year ago to $215.4 million.

The company's first-quarter book value, after the fair value adjustment for investments, fell 1% from a year-ago period to $12.90 a share.

During the period March 23 through April 4, the company repurchased $155.9 million aggregate principal amount, $74.1 million carrying value, of its outstanding 1.425% senior convertible notes due 2032.