Springfield, Ill.-based Horace Mann Educators Corp. reported net income of $26.7 million for the fourth quarter of 2004, and $54.7 million for the year. This compares to net income of $23.1 million in the fourth quarter of 2003 and $19 for all of 2003.
“Horace Mann produced solid earnings for 2004 despite the impact of the four devastating hurricanes which drove an unprecedented level of catastrophe costs for the company,” CEO Louis G. Lower II said in a statement. “Our underlying non-catastrophe property and casualty results continued to gain traction, benefiting from additional underwriting and pricing actions taken over the last several quarters, ongoing improvements in claims processes, cost containment initiatives, and a continuing low level of non-catastrophe claim frequencies.”
The property/casualty segment recorded net income of $19.5 million and $26.5 million for the quarter and full year, respectively, due primarily to the factors cited above. In 2003, adverse development of prior years’ property and casualty reserves and catastrophe costs resulted in suppressed net income for the segment of $2.2 million for the quarter and a net loss of $17.8 million for the year.
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