Horace mann educators corporation (HMN)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities
Net income

184,443

18,343

169,459

710,646

723,705

707,275

688,355

662,729

661,094

668,582

667,524

Adjustments to reconcile net income to net cash provided by operating activities
Net investment (gains) losses

153,340

-12,543

-3,406

-

-

-

-

-

-

-

-

Amortization of premiums and accretion of discounts on fixed maturity securities, net

-3,806

10,095

13,385

-

-

-

-

-

-

-

-

Depreciation and intangible asset amortization

15,629

7,357

6,615

-

-

-

-

-

-

-

-

Share-based compensation expense

7,338

8,346

8,592

-

-

-

-

-

-

-

-

Goodwill, Impairment Loss

28,025

0

0

-

-

-

-

-

-

-

-

Changes in:
Accrued investment income

-46,858

-4,449

3,404

-

-

-

-

-

-

-

-

Insurance liabilities

-96,802

203,370

119,311

-

-

-

-

-

-

-

-

Premium receivables

5,031

10,026

12,917

-

-

-

-

-

-

-

-

Deferred policy acquisitions

1,274

783

7,967

-

-

-

-

-

-

-

-

Reinsurance recoverables

-22,006

21,317

-11

-

-

-

-

-

-

-

-

Income tax liabilities

-28,726

3,383

4,620

-

-

-

-

-

-

-

-

Other operating assets and liabilities

-53,406

2,048

1,692

-

-

-

-

-

-

-

-

Other

-6,217

-5,868

-6,823

16,297

5,430

17,437

19,238

18,124

11,581

-12,633

-4,444

Policyholder benefits paid

-

-

-

511,017

534,359

486,295

476,103

484,144

549,888

496,339

479,484

Policy acquisition and other operating expenses paid

-

-

-

277,076

267,854

262,765

251,293

230,072

241,138

232,363

221,920

Income taxes paid

-

-

-

27,847

24,861

29,195

33,672

14,444

4,130

25,049

6,577

Investment income collected

-

-

-

-344,778

-330,034

-324,252

-311,712

-303,385

-280,963

-270,468

-240,555

Interest expense paid

-

-

-

11,754

13,521

13,902

13,825

13,948

13,515

13,605

14,052

Contribution to defined benefit pension plan trust fund

-

-

-

-

-

-

-

2,534

5,926

1,307

2,700

Net cash provided by operating activities

127,573

200,888

256,586

211,433

207,714

221,933

205,936

202,848

115,879

157,754

178,902

Cash flows - investing activities
Fixed maturity securities
Purchases

1,058,747

1,428,889

1,569,220

1,566,047

1,490,376

1,309,267

1,212,937

1,448,219

1,356,092

1,711,091

2,018,457

Sales

805,887

625,527

500,760

429,251

445,100

261,696

298,045

576,708

587,909

673,882

1,445,053

Maturities, paydowns, calls and redemptions

799,526

737,535

927,665

799,653

683,335

451,074

504,921

585,615

362,210

608,994

353,301

Equity securities
Purchases

15,583

13,430

32,312

60,135

33,922

-

-

-

-

-

-

Sales and repayments

33,502

25,498

53,100

21,210

37,943

-

-

-

-

-

-

Limited partnership interests
Purchases

129,389

93,545

103,200

70,177

-

-

-

-

-

-

-

Sales

91,587

16,997

20,234

12,418

-

-

-

-

-

-

-

Purchase of other invested assets

-

-

-

-

38,018

16,041

35,000

50,000

0

-

-

Change in short-term and other investments, net

49,325

56,192

25,691

-108,467

19,911

-47,023

153,355

18,902

-102,966

-124,141

47,809

Acquisition of business, net of cash acquired

421,516

0

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

55,942

-186,499

-228,664

-325,360

-415,849

-565,515

-598,326

-354,798

-303,007

-304,074

-267,912

Cash flows - financing activities
Dividends paid to shareholders

47,333

46,689

46,114

44,310

42,523

39,237

32,550

22,541

18,990

14,288

9,635

Proceeds from issuance of Senior Notes due 2025

-

-

-

-

246,937

0

0

-

-

-

-

Redemption of Senior Notes due 2016

-

-

-

-

127,292

0

0

-

-

-

-

Maturity of Senior Notes due 2015

-

-

-

-

75,000

0

0

-

-

-

-

Principal repayment on Bank Credit Facility

-

-

-

-

38,000

0

0

-

-

-

0

Principal borrowings on senior revolving credit facility

135,000

0

0

0

0

-

-

-

-

-

-

FHLB borrowings

0

0

50,000

-

-

-

-

-

-

-

-

Acquisition of treasury stock

0

5,088

1,660

21,513

21,950

5,411

3,889

15,735

2,047

-

-

Proceeds from exercise of stock options

1,730

3,627

4,190

3,329

1,629

8,252

19,336

5,421

2,127

4,167

-

Withholding tax payments on RSUs tendered

3,680

3,165

3,245

4,015

671

-

-

-

-

-

-

Annuity contracts: variable, fixed and FHLB funding agreements
Deposits

637,538

489,097

453,146

520,211

623,021

730,632

673,057

417,600

433,896

-

349,804

Annuity contracts, variable and fixed deposits

-

-

-

-

-

-

-

-

-

395,469

-

Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets

419,001

473,003

411,061

349,915

354,735

326,374

278,350

220,803

219,415

244,673

245,719

Principal repayment on FHLB funding agreements

305,005

0

0

-

-

-

-

-

-

-

-

Transfer of Company 401(k) to a third-party provider

0

0

77,898

0

0

-

-

-

-

-

-

Life policy accounts
Deposits

9,391

8,149

4,883

4,018

1,455

1,093

1,636

1,881

2,078

2,060

1,762

Withdrawals and surrenders

3,558

4,910

4,458

3,965

3,985

4,883

4,734

5,161

5,343

5,015

5,475

Change in deposit asset on reinsurance

150,434

0

0

-

-

-

-

-

-

-

-

Cash received (paid) related to repurchase agreements

-

-

-

-

-

-25,848

25,848

0

0

-

-

Change in book overdrafts

-24,561

21,872

-4,748

11,248

3,083

-1,156

-4,956

-983

-3,654

6,680

-3,083

Net cash provided by financing activities

-169,913

-10,110

-36,965

115,088

211,969

337,068

395,398

159,679

188,652

144,400

87,654

Net increase (decrease) in cash

13,602

4,279

-9,043

1,161

3,834

-6,514

3,008

7,729

1,524

-1,920

-1,356