Horace mann educators corporation (HMN)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net income

18,472

-489,727

277,283

364,721

32,166

-580,100

206,340

212,647

179,456

-429,423

206,167

220,127

172,588

152,830

190,634

189,647

177,535

185,072

185,808

184,267

168,558

179,708

176,163

183,836

167,568

171,951

181,060

171,083

164,261

165,447

171,171

165,450

160,661

162,347

170,391

171,715

156,641

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

-18,463

-

-

-

7,417

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-953

-

-

-

-504

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and intangible asset amortization

5,283

-

-

-

1,357

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation expense

1,220

-

-

-

1,472

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in:
Accrued investment income

9,460

-

-

-

2,871

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Insurance liabilities

65,676

-

-

-

95,616

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Premium receivables

-2,189

-

-

-

-2,796

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred policy acquisitions

4,400

-

-

-

700

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reinsurance recoverables

-272

-

-

-

-19,024

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax liabilities

-1,057

-

-

-

-6,539

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other operating assets and liabilities

15,743

-

-

-

17,723

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

3,449

-506

-154

403

-5,960

-10,559

7,120

63

-2,492

-5,848

-7,142

-4,841

11,008

14,413

930

-7,304

8,258

3,549

517

-1,023

2,387

10,620

4,327

1,026

1,464

23,819

-2,673

641

-2,549

21,231

255

-16

-3,346

13,909

699

-3,687

660

Policyholder benefits paid

-

-

-

-

-

-

146,967

141,679

131,090

-

135,985

146,433

127,823

88,833

153,972

151,271

116,941

134,894

141,859

145,202

112,404

118,295

125,965

127,922

114,113

114,747

126,310

122,221

112,825

121,418

125,245

126,863

110,618

124,561

150,990

160,180

114,157

Policy acquisition and other operating expenses paid

-

-

-

-

-

-

76,844

69,028

72,592

-

66,335

67,150

74,763

69,251

69,213

67,588

71,024

71,645

57,906

64,743

73,560

60,073

67,264

59,338

76,090

59,097

56,150

57,306

78,740

52,918

58,069

55,169

63,916

59,545

56,272

62,392

62,929

Federal income taxes recovered

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes paid

-

-

-

-

-

-

1,326

8,083

-690

-

1,993

8,079

-11

-

-

-

-

-

-

-

-

-

-

-

-

8,871

2,256

15,569

6,976

-284

1,085

11,377

2,266

-

-

-

-

Investment income collected

-

-

-

-

-

-

-92,429

-91,323

-93,426

-

-86,171

-93,706

-91,840

-85,405

-83,832

-92,955

-82,586

-83,992

-78,304

-85,252

-82,486

-84,133

-79,086

-83,574

-77,459

-83,996

-75,216

-81,017

-71,483

-82,952

-71,196

-78,737

-70,500

-77,611

-67,458

-73,317

-62,577

Interest expense paid

-

-

-

-

-

-

347

5,934

256

-

83

5,675

63

5,682

83

5,932

57

6,205

479

6,672

165

6,762

135

6,730

275

6,666

187

6,735

237

6,716

191

6,741

300

6,618

113

6,668

116

Net cash provided by operating activities

87,431

-79,663

109,400

-26,967

124,803

-16,586

66,165

79,183

72,126

19,383

82,750

81,655

72,798

46,597

49,066

35,413

80,357

48,237

61,167

31,008

67,302

56,288

57,529

55,031

53,085

55,012

65,597

50,910

34,417

52,614

55,498

44,021

50,715

39,829

25,399

7,975

42,676

Cash flows - investing activities
Fixed maturity securities
Purchases

535,278

212,780

201,863

336,653

307,451

384,887

492,018

243,534

308,450

527,476

318,390

404,725

318,629

468,167

263,766

516,236

317,878

378,418

404,072

423,593

284,293

350,706

300,764

336,226

321,571

305,751

229,990

296,632

380,564

429,781

311,171

356,751

350,516

339,097

328,512

299,175

389,308

Sales

98,158

154,829

149,319

442,015

59,724

265,281

170,223

100,129

89,894

185,229

85,841

118,818

110,872

77,512

94,706

174,943

82,090

117,459

81,120

165,201

81,320

63,505

98,942

46,309

52,940

27,716

56,343

114,804

99,182

106,024

191,155

121,237

158,292

130,498

246,127

80,018

131,266

Maturities, paydowns, calls and redemptions

237,939

153,580

302,948

206,857

136,141

160,110

194,335

231,368

151,722

236,496

199,430

301,671

190,068

164,967

159,154

234,299

241,233

180,781

214,790

120,917

166,847

181,342

92,362

110,765

66,605

142,996

107,162

135,788

118,975

132,431

152,345

155,795

145,044

76,719

78,100

116,944

90,447

Equity securities
Purchases

4,114

5,073

5,228

1,713

3,569

4,852

2,550

3,820

2,208

5,093

3,029

8,688

15,502

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sales and repayments

1,457

12,513

3,867

1,633

15,489

17,005

2,710

3,735

2,048

31,390

3,514

12,707

5,489

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Limited partnership interests
Purchases

14,120

87,001

13,031

20,515

8,842

9,101

51,413

20,015

13,016

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sales

2,331

55,479

21,079

5,171

9,858

5,243

2,297

5,461

3,996

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of other invested assets

-

-

-

-

-

-

-

-

-

-

-

-

24,177

-

8,769

23,549

10,260

18,981

3,228

3,337

12,472

11,041

5,000

0

0

-

-

-

-

0

0

25,000

25,000

-

-

-

-

Change in short-term and other investments, net

-73,632

-50,377

-57,046

127,407

29,341

51,492

-105,011

152,021

-42,310

-48,674

32,837

9,122

32,406

-184,132

83,590

-49,328

41,403

76,742

-21,821

-67,083

32,073

-17,670

110,631

-9,206

-130,778

115,444

18,940

71,198

-52,227

-63,521

136,623

-29,972

-24,228

-17,788

89,092

-51,911

-122,359

Acquisition of business, net of cash acquired

0

342

402,976

0

18,198

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-139,995

121,582

-88,839

169,388

-146,189

-2,693

-71,405

-78,697

-33,704

-41,230

-99,402

-3,747

-84,285

-95,662

-102,265

-81,215

-46,218

-171,880

-89,569

-73,729

-80,671

-99,230

-225,091

-169,946

-71,248

-260,483

-100,425

-127,238

-110,180

-127,805

-104,294

-74,747

-47,952

-114,092

-93,377

-50,302

-45,236

Cash flows - financing activities
Dividends paid to shareholders

12,383

11,856

11,847

11,840

11,790

11,673

11,696

11,682

11,638

11,534

11,539

11,523

11,518

11,069

11,067

11,060

11,114

10,548

10,604

10,695

10,676

9,816

9,807

9,830

9,784

8,239

8,151

8,108

8,052

6,540

5,312

5,317

5,372

5,356

4,540

4,540

4,554

Acquisition of treasury stock

2,145

0

0

0

0

5,002

0

80

6

0

1,660

0

0

0

0

7,047

14,466

6,175

15,059

0

716

0

1,544

0

3,867

0

5

2,041

1,843

2,095

1,685

8,618

3,337

-

-

-

-

Proceeds from exercise of stock options

480

625

383

139

583

436

731

1,324

1,136

375

685

2,407

723

968

435

199

1,727

111

-39

673

884

928

62

3,516

3,746

6,607

3,335

4,984

4,410

1,575

1,530

609

1,707

0

0

388

1,739

Withholding tax payments on RSUs tendered

1,280

120

194

55

3,311

975

35

94

2,061

500

141

72

2,532

694

88

2

3,231

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Annuity contracts: variable, fixed and FHLB funding agreements
Deposits

192,655

117,902

253,326

109,005

157,305

163,094

126,929

100,237

98,837

104,246

114,767

116,822

117,311

128,267

154,679

124,701

112,564

200,826

139,298

140,935

141,962

118,911

393,390

118,026

100,305

356,277

128,218

98,381

90,181

114,730

114,424

96,446

92,000

115,024

130,102

96,271

92,499

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

101,688

105,348

99,410

104,997

109,246

139,530

114,779

106,422

112,272

115,997

94,219

101,088

99,757

109,426

77,914

77,164

85,411

96,659

79,519

87,108

91,449

89,358

77,336

80,934

78,746

75,903

67,411

73,067

61,969

59,389

47,370

59,501

54,543

57,839

47,883

56,635

57,058

Life policy accounts
Deposits

2,562

2,248

2,505

1,924

2,714

2,531

2,455

2,052

1,111

1,526

1,117

1,057

1,183

1,061

1,277

1,191

489

713

307

313

122

229

388

370

106

500

335

490

311

555

541

371

414

525

636

561

356

Withdrawals and surrenders

1,194

876

949

829

904

1,144

1,241

1,196

1,329

1,118

1,053

1,221

1,066

814

1,156

1,069

926

935

1,055

951

1,044

1,221

1,252

1,427

983

1,363

961

1,319

1,091

1,164

1,367

1,193

1,437

1,277

1,506

1,447

1,113

Change in deposit asset on reinsurance

13,277

19,694

-3,942

134,682

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash received (paid) related to repurchase agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-139,931

90,699

23,384

-95,437

-12,695

46,147

87,833

-

-

-

-

-

-

-

-

Change in book overdrafts

4,573

-8,636

3,416

-751

-18,590

17,017

1,060

-329

4,124

-4,216

-619

3,021

-2,934

3,826

-9,783

16,031

1,174

-4,070

-1,025

1,636

6,542

-6,248

81

4,283

728

-4,555

55

-1,154

698

780

-1,540

4,041

-4,264

-8,072

-6,395

8,915

1,898

Net cash provided by financing activities

68,303

-55,760

11,172

-142,086

16,761

24,754

3,424

-16,190

-22,098

22,782

7,338

-68,495

1,410

12,119

56,383

45,780

806

89,237

32,304

44,803

45,625

13,425

164,051

124,703

34,889

177,887

42,720

64,313

110,478

48,452

59,221

26,838

25,168

40,958

70,414

43,513

33,767

Net increase (decrease) in cash

15,739

-13,841

31,733

335

-4,625

5,475

-1,816

-15,704

16,324

935

-9,314

9,413

-10,077

-36,946

3,184

-22

34,945

-34,406

3,902

2,082

32,256

-29,517

-3,511

9,788

16,726

-27,584

7,892

-12,015

34,715

-26,739

10,425

-3,888

27,931

-33,305

2,436

1,186

31,207