Horace Mann Earnings Jump

Horace Mann Educators(HMN Quote), an insurance holding company, said its third-quarter earnings jumped.

The Springfield, Ill.-based company earned $19.4 million, or 43 cents a share, in the quarter, compared with $1 million, or 2 cents a share, a year ago. Third-quarter earnings include after-tax net realized gains on securities of penny a share. Analysts surveyed by Thomson First Call were expecting earnings of 51 cents a share in the most recent quarter.

Third-quarter revenue rose 4.4% from a year ago to $216.6 million.

The company raised the full-year net income estimates by 10 cents, before realized investment gains and losses, and now expects $1.90 to $2.05 a share. Analysts forecast earnings of $2.08 a share.

"While property and casualty written premium growth remains under pressure due to increased reinsurance costs and a decline in average written premium per policy, our auto line delivered sales increases of 7 percent in new autos insured, compared to last year's third quarter. Insurance premiums written and contract deposits rose 1.4% to $252.3 million," the company said.

The company's shares closed down 56 cents, or 2.78%, at $19.58 Wednesday.