SPRINGFIELD, Ill., March 07, 2022--(BUSINESS WIRE)--Horace Mann Educators Corporation (NYSE:HMN) today announced that its Board of Directors approved a 3.2% increase in the quarterly cash dividend to $0.32 per share. This represents an indicated annual dividend of $1.28 per share.
"Horace Mann is committed to driving long-term shareholder value creation," said Marita Zuraitis, Horace Mann President and CEO. "This is the 14th consecutive year the Board has increased the annual shareholder cash dividend, a key element of our capital management strategy. Going forward, we expect to generate more than $50 million in excess capital each year, reflecting the stronger and more diverse company that Horace Mann has become, further strengthened by the recent acquisition of Madison National Life Insurance Co. We continue to prioritize growth in our capital plans, but also remain committed to opportunistic share repurchase. In the first two months of 2022, we bought about 60,000 shares at a total cost of approximately $2.2 million.
"This year, we expect to see growth accelerate in all our segments," Zuraitis added. "As previously disclosed, we anticipate 2022 core earnings per share will be in the range of $3.45 to $3.65 and core return on equity will be near 10% as we leverage our strengthened value proposition to serve more educators. Beginning in 2023, we are targeting 10% average annual EPS growth and sustained double-digit ROEs."
The quarterly dividend is payable on March 31, 2022, to shareholders of record as of March 17, 2022.
About Horace Mann
Horace Mann Educators Corporation is the largest financial services company focused on helping America’s educators and others who serve the community achieve lifelong financial success. The company offers individual and group insurance and financial solutions tailored to the needs of the educator community. Founded by Educators for Educators® in 1945, the company is headquartered in Springfield, Illinois. For more information, visit horacemann.com.
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Heather J. Wietzel
Vice President, Investor Relations and Enterprise Communications