Horace Mann Board of Directors authorizes new $50 million share repurchase program
May 25 2022 - 4:15PM
Business Wire
Reiterates commitment to using capital to enhance shareholder
returns; declares regular quarterly dividend
Horace Mann Educators Corporation (NYSE:HMN) today announced its
Board of Directors has authorized a new share repurchase program of
up to $50 million. Under programs authorized in 2011 and 2015,
through May 24, the company had repurchased a total of $95.5
million since 2011. Repurchase of 226,640 shares between April 1
and May 24 brought 2022 year-to-date repurchases to $10.8 million,
nearly completing the prior authorizations. Key transactions in
recent years have more than doubled the company’s capital
generating capacity.
“Horace Mann remains committed to driving long-term shareholder
value creation,” said Horace Mann President and CEO Marita
Zuraitis. “Today, whether educators are receiving benefits through
work; buying solutions from a trusted, local advisor; or using our
convenient direct channels — Horace Mann can help them achieve
lifelong financial success. Beginning in 2023, we are targeting 10%
average annual EPS growth and sustained double-digit ROEs, driven
by our profitable growth.
“As the result, we now expect to generate more than $50 million
in excess capital each year. This is in addition to the more than
$50 million in cash dividends we already pay annually,” Zuraitis
added. “While executing on our strategic growth initiatives remains
the top priority of our capital management plan, this sizeable
authorization shows our commitment to opportunistically
repurchasing shares to create value for shareholders.”
The company also announced that the Board had declared a regular
quarterly cash dividend of $0.32 per share, payable on June 30,
2022, to shareholders of record as of June 15, 2022. In March 2022,
the Board had increased the quarterly cash dividend rate by 3.2% to
an indicated annual dividend of $1.28 per share.
Under the repurchase authorization, the company may repurchase,
from time to time, common stock in amounts, at prices and at such
times as the company deems appropriate, subject to market
conditions and other considerations. Repurchases may be executed
using open market purchases, privately negotiated transactions,
accelerated repurchase programs or other transactions. The company
is not required to purchase any specific number of shares or to
make purchases by any certain date under this program. The company
may establish trading plans under the Securities and Exchange
Commission's rule 10b5-1 that will provide additional flexibility
as it buys back its stock.
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.
Safe Harbor Statement and Non-GAAP Measures
Statements included in this news release that are not historical
in nature are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995 and are subject to certain
risks and uncertainties. Horace Mann is not under any obligation to
(and expressly disclaims any such obligation to) update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. Please refer to the
company’s Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2022 and the company’s past and future filings and
reports filed with the Securities and Exchange Commission (SEC) for
information concerning important factors that could cause actual
results to differ materially from those in forward-looking
statements. Information contained in this news release include
measures which are based on methodologies other than accounting
principles generally accepted in the United States of America
(GAAP). Reconciliations of non-GAAP measures to the closest GAAP
measures are contained in the Appendix to the Investor Supplement
and additional descriptions of the non-GAAP measures are contained
in the Glossary of Selected Terms included as an exhibit to the
company’s SEC filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20220525005876/en/
Heather J. Wietzel Vice President, Investor Relations and
Enterprise Communications 217.788.5144
investorrelations@horacemann.com
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