Horace Mann Announces Dividend Increase and Share Repurchase Authorization
SPRINGFIELD, Ill., Dec. 7, 2011 /PRNewswire/ -- Horace Mann Educators Corporation (HMN) Board of Directors today announced a quarterly dividend of 13 cents per share payable on December 30, 2011 to shareholders of record as of December 19, 2011. The quarterly dividend amount represents an increase of 18 percent from the third quarter 2011 dividend.
The company's Board of Directors also authorized a new share repurchase program allowing repurchases of up to $50 million. The share repurchase program authorizes the opportunistic repurchase of common shares in open market or privately negotiated transactions, from time to time, depending on market conditions. The share repurchase program does not have an expiration date and may be limited or terminated at any time without notice.
"The Board's decision at this time to further increase the dividend and to authorize a share repurchase program reflects Horace Mann's financial strength and strong cash flow and acknowledges a recent share price that we believe significantly understates the company's current value and future earnings power," said Peter H. Heckman, President and Chief Executive Officer.
Horace Mann -- the largest national multiline insurance company focusing on educators' financial needs -- provides auto and homeowners insurance, retirement annuities, life insurance and other financial solutions. Founded by Educators for Educators® in 1945, the company is headquartered in Springfield, Ill. For more information, visit www.horacemann.com.
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 period ended September 30, 2011 and the company's past and future filings and reports filed with the Securities and Exchange Commission for information concerning the important factors that could cause actual results to differ materially from those in forward-looking statements.
SOURCE Horace Mann Educators Corporation