Horace Mann stock falls on reduced forecast

Horace Mann Educators Corp.
HMN,
-0.11%
shares dropped Wednesday after the insurer lowered its forecast because of catastrophe losses that were above its 10-year average. Horace Mann shares fell 6% after hours, following a 0.1% decline to close the regular session at $37.52. The company forecast earnings of $2.10 to $2.30 a share for the year, weighed down by a loss of 20 cents to 10 cents a share for the second quarter. Analysts surveyed by FactSet had forecast annual earnings of $3.33 a share, and second-quarter earnings of 70 cents a share. “We are supporting our policyholders in the Midwest and Plains states who were affected by the multiple severe thunderstorm, wind and hail events concentrated in May,” said Marita Zuraitis, Horace Mann chief executive, in a statement.