Horace Mann Educators has reported revenue of $235.9m for the fourth quarter of 2009, an increase of 6.7% compared to $221.1m for the same period last year.
The company’s total premiums written and contract deposits increased 3% to $246m, compared to $239.1m for the same period last year.
For the quarter ended December 31, 2009, the company posted a net income of $22.2m, down 3.1% compared to $22.9m for the same period last year. Included in net income were net realized gains on securities of $4.6m ($3.2m after tax, or 7 cents per share).
For full year 2009, the company posted revenue of $937.4m, an increase of 12.3%, compared to $834.8m in 2008. Net income was $73.5m, compared to $10.9m for the same period last year.
Louis Lower, president and chief executive officer of Horace Mann, said: Horace Mann’s financial stability, combined with our established position in the educator market, contributed to another quarter of solid growth in annuity sales, which increased 10 percent compared to a year earlier, with the fourth quarter’s positive annuity net fund flows lifting the full year result to near-record levels.
“Looking to 2010, we expect additional improvement, as our growth in total points of distribution and recent growth in agent count build on the momentum we’ve established to transform our distribution system to a new, more powerful model.