NU Online News Service, May 3, 2:19 p.m. – Horace Mann Educators Corp., Springfield, Ill., is reporting $16 million in net income for the first quarter on $212 million in revenue, compared with $17 million in net income on $208 million in revenue for the first quarter of 2001.
Horace Mann sells life insurance, annuities, property-casualty insurance and other products for teachers.
The life insurance unit is reporting $3.8 million in operating income for the latest quarter on $210 million in revenue, compared with $4 million in operating income on $205 million in revenue.
The annuity unit is reporting $4.7 million in operating income on $63 million in deposits, compared with $4.2 million in operating income on $59 million in deposits.
The number of agents was down 7%, but the productivity of the remaining agents was up 15%, due to better hiring, training and compensation systems, Horace Mann says.