Horace Mann is a multiline insurance and financial services company focused almost exclusively on K-12 educators and school employees. Horace Mann sells personal auto and homeowners insurance, life insurance, 403(b) tax-qualified retirement annuities, and supplemental and group benefits products — all tailored to teachers and school administrators. The company reaches its roughly 14 million addressable educator households through exclusive agents embedded in school districts, benefit specialists selling through district HR departments, and digital and call center channels. Horace Mann also holds direct relationships with more than half of U.S. K-12 school districts, giving it worksite access that underpins its distribution model. The business operates across three segments: Property & Casualty (auto, homeowners, umbrella), Life & Retirement (403(b) annuities and life insurance, with ~$5.9B in annuity assets under management), and Supplemental & Group Benefits (cancer, disability, and accident coverage). Horace Mann earns money three ways: underwriting profits in P&C, net interest spread on annuity assets (targeting ~200 bps on fixed annuities), and benefits ratio management in supplemental and group. Across all segments, net investment income from a ~$7.3B fixed-income-heavy portfolio is a meaningful earnings contributor. The Supplemental & Group Benefits segment — built through acquisitions of NTA Life and Madison National Life — is the fastest-growing part of the business and a key strategic priority given its high margins and capital efficiency.