Horace Mann Earnings Fall

Horace Mann Educators(HMN Quote), an insurance holding company, said its second-quarter earnings fell 18.2% from the year-ago period.

The Springfield, Ill.-based company earned $27.5 million, or 61 cents a share, in the quarter, compared with $33.6 million, or 72 cents a share, a year ago. Second-quarter earnings includes after tax net realized gains on securities of $1.1 million, or 2 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 45 cents a share in the most recent quarter.

Second-quarter revenue fell 2.5% from a year ago to $215.4 million.

The company raised the full year net income estimates by 15 cents, before realized investment gains and losses, and now expects $1.80 a share to $1.95 a share. Analysts forecast earnings of $1.78 a share.

"Horace Mann produced solid earnings in the second quarter," the company said. "Our property and casualty initiatives again produced very attractive reported and underlying levels of profitability."

Insurance premiums written and contract deposits fell 1.1% to $244.6 million.