Horace Mann Approves Share Buyback Program Of Up To $50 Mln

(RTTNews) - Horace Mann Educators Corporation (HMN) Tuesday announced its Board of Directors has authorized a new share repurchase program of up to $50 million.

Under previous authorizations, through May 9, the company had repurchased a total of $130.9 million since 2011.

"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 online capabilities — Horace Mann can help them achieve lifelong financial success. We continue to execute on our strategy to drive sustained, profitable growth, and we are on track to meet our 2025 goals of record core earnings and a double-digit shareholder return on equity.

"As a result, we are more confident than ever in the capital generation of our multiline business. This share repurchase authorization is in addition to the nearly $60 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 repurchasing shares to create value for shareholders."