Horace Mann Educators Corp (HMN) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Horace Mann Educators first quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Rachael Luber, Vice President of Investor Relations. Thank you, and over to you.

各位早安，歡迎參加 Horace Mann Educators 2026 年第一季業績電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 Rachael Luber。謝謝，交給您。

Thank you. Welcome to Horace Mann's discussion of our first quarter 2026 results. Yesterday, we issued our earnings release, investor supplement and investor presentation. Copies are available on the Investors page of our website. Our speakers today are Marita Zuraitis, President and Chief Executive Officer; and Ryan Greenier, Executive Vice President and Chief Financial Officer.

謝謝。歡迎參加 Horace Mann 2026 年第一季業績的說明。昨天，我們發布了盈餘新聞稿、投資人補充資料以及投資人簡報。副本可在我們網站的「投資人」頁面取得。今天的講者是總裁兼執行長 Marita Zuraitis，以及執行副總裁兼財務長 Ryan Greenier。

Before turning it over to Marita, I want to note that our presentation today includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The company cautions investors that any forward-looking statements include risks and uncertainties and are not guarantees of future performance.

在把時間交給 Marita 之前，我想先提醒，今天的簡報包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。本公司提醒投資人，任何前瞻性陳述均包含風險與不確定性，且不保證未來績效。

These forward-looking statements are based on management's current expectations, and we assume no obligation to update them. Actual results may differ materially due to a variety of factors, which are described in our news release and SEC filings. In our prepared remarks, we use some non-GAAP measures.

這些前瞻性陳述係基於管理階層目前的預期，我們不承擔更新之義務。由於多項因素，實際結果可能出現重大差異，相關因素已於我們的新聞稿與向 SEC 提交的文件中說明。在我們的事先準備發言中，我們使用了一些非 GAAP 指標。

Reconciliations of these measures to the most comparable GAAP measures are available in our investor supplement. I'll now turn the call over to Marita.

這些指標與最可比 GAAP 指標之調節表載於我們的投資人補充資料。現在我把電話會議交給 Marita。

Thanks, Rachael, and good morning, everyone. Yesterday, Horace Mann reported record first quarter core earnings per share of $1.28, 20% above the record level of the first quarter earnings we reported last year. Insurance and fee-based revenue increased 6% year-over-year, reflecting growth across our businesses.

謝謝，Rachael，各位早安。昨天，Horace Mann 公布第一季核心每股盈餘（core EPS）創下 1.28 美元的歷史新高，較我們去年第一季所創下的紀錄水準高出 20%。保險與手續費型收入年增 6%，反映我們各項業務均有成長。

Life sales were up 17%, individual supplemental increased 11%, and group benefits delivered a record quarter with sales more than tripling year-over-year. Core shareholder return on equity for the trailing 12 months was 12.7%.

壽險銷售成長 17%，個人補充保險成長 11%，團體福利則繳出創紀錄的一季，銷售額較去年同期增加逾三倍。過去 12 個月的核心股東權益報酬率為 12.7%。

These results highlight the strength of our multiline business model and our ability to deliver consistent profitable growth across a range of economic and industry conditions. We are maintaining our 2026 core EPS guidance of $4.20 to $4.50 and remain confident in achieving our three-year strategic goal of a 10% compound annual growth rate in core earnings per share and a sustainable 12% to 13% shareholder return on equity. Today, I will discuss the highlights of the quarter and provide an update on our growth progress. Let's start with segment results. Property and Casualty profitability remains strong.

這些成果凸顯我們多險種業務模式的優勢，以及在各種經濟與產業環境下持續提供穩健獲利成長的能力。我們維持 2026 年核心 EPS 指引 4.20 至 4.50 美元，並對達成三年策略目標仍具信心：核心每股盈餘 10% 的年複合成長率，以及可持續的 12% 至 13% 股東權益報酬率。今天我將說明本季重點並更新我們的成長進展。先從各事業部門表現談起。產險（Property and Casualty）獲利能力仍然強勁。

The combined ratio of 83.3%, a 5-point improvement over the prior year reflects lower catastrophe costs and improved underlying performance. P&C written premiums increased 5% and auto and property policyholder retention remained stable and consistently high relative to industry benchmarks.

綜合率為 83.3%，較去年改善 5 個百分點，反映巨災成本下降及基礎承保表現改善。產險簽單保費成長 5%，汽車與住宅保單的保戶續保率維持穩定，且相較產業基準持續處於高檔。

Segment sales reflect our disciplined focus on profitable growth in a competitive auto market. We are prioritizing growth in markets where we see the strongest returns. Excluding California, which remains a more complex and highly regulated market for the industry, auto sales increased at a high single-digit rate.

本事業部的銷售反映我們在競爭激烈的車險市場中，對獲利成長的紀律性聚焦。我們優先在我們認為報酬最佳的市場推動成長。排除加州（對整體產業而言仍屬更複雜且高度監管的市場）後，車險銷售以高個位數的速度成長。

Countrywide, property sales increased 11%. In life and retirement, core earnings increased 16% year-over-year, benefiting from lower mortality costs. Life sales increased 17% and persistency across both life and retirement remains strong. The individual supplemental and group benefits segment continued to deliver strong growth this quarter. We continue to invest where we see meaningful long-term opportunity.

全國範圍內，住宅險銷售成長 11%。在壽險與退休金業務方面，核心盈餘年增 16%，受惠於死亡率成本下降。壽險銷售成長 17%，且壽險與退休金兩項業務的保單持續率皆維持強勁。個人補充保險與團體福利事業部本季持續展現強勁成長。我們持續在看見具意義的長期機會之處加碼投資。

Our approach is to build internally where we can deliver a differentiated best-in-class experience and to partner with leading third parties where it enhances our capabilities and speed to market. In individual supplemental, we are investing in our distribution and product portfolio to support growth.

我們的策略是：在能提供差異化、同級最佳（best-in-class）體驗的領域採取內部建置；在能提升能力與加速上市速度的情況下，則與領先的第三方合作。在個人補充保險方面，我們正投資於通路與產品組合，以支持成長。

Our enhanced cancer product continues to be a key driver of growth with sales doubling year-over-year and building on record performance last year. Across all products, individual supplemental sales increased 11% year-over-year. This high-margin, high persistency business also supports strong cross-sell opportunities.

我們升級版的癌症產品持續是成長的關鍵動能，銷售額較去年同期翻倍，並延續去年創紀錄的表現。在所有產品中，個人補充保險銷售年增 11%。這項高毛利、高持續率的業務也帶來強勁的交叉銷售機會。

Life is a natural adjacency for benefit specialists selling individual supplemental products. And today, approximately 10% of our life sales are consistently generated through that channel. In group benefits, we are leveraging partnerships to expand our capabilities, including the recent implementation of a third-party technology platform that supports a fully integrated end-to-end leave management experience for employers and educators.

對於銷售個人補充保險產品的福利專員而言，壽險是自然的相鄰產品。而目前，我們約有 10% 的壽險銷售穩定地透過該通路產生。在團體福利方面，我們正運用合作夥伴關係擴充能力，包括近期導入第三方科技平台，為雇主與教育工作者提供完全整合、端到端的請假管理體驗。

This investment underpins our paid family medical leave enhancement to our short-term disability offering introduced earlier this year in Minnesota. We will evaluate opportunities to expand these capabilities into additional markets over time as adoption continues to grow.

這項投資支撐我們對短期失能（short-term disability）產品的「帶薪家庭醫療假」強化方案；該方案已於今年稍早在明尼蘇達州推出。隨著採用率持續提升，我們將評估隨時間推進把這些能力擴展至更多市場的機會。

13 states have enacted paid leave mandates with more proposals currently under consideration. Employers offering paid leave benefits report higher retention, a key priority for school administrators. Consistent with this, our research shows that one fourth of educators would be more likely to stay in their role with improved healthcare and protection benefits.

目前已有 13 個州通過帶薪休假強制規定，且仍有更多提案正在審議中。提供帶薪休假福利的雇主回報更高的留任率，這是學校行政人員的關鍵優先事項。與此一致的是，我們的研究顯示，若醫療與保障福利獲得改善，四分之一的教育工作者更可能留在原職。

Against this backdrop, group benefit sales more than tripled year-over-year, to $11 million. While results can vary from quarter-to-quarter given the size and timing of our business, our first quarter sales nearly matched our total group benefit sales for all of 2025, highlighting the momentum we are building.

在此背景下，團體福利銷售較去年同期增加逾三倍，達 1,100 萬美元。由於我們業務的規模與時點因素，單季結果可能有所波動；但我們第一季的銷售幾乎相當於 2025 年全年團體福利總銷售額，凸顯我們正在累積的動能。

Our corporate expense ratio is up slightly over the prior year, but down sequentially. We manage our expenses closely and continue to expect a 25 basis points reduction over the course of 2026. Turning to how we are expanding our relationships across the educator market.

我們的公司費用率較去年略升，但較前一季下降。我們嚴格控管費用，並仍預期在 2026 年期間可降低 25 個基點。接著談談我們如何在教育工作者市場擴大關係。

We are reaching more educators than ever before and continuing to build meaningful relationships across our target market. As we have noted, unaided brand awareness among educators has increased to 35%, reflecting the impact of our investments over the past several years.

我們觸及的教育工作者人數創新高，並持續在目標市場建立有意義的關係。如同我們先前所提，教育工作者的非提示品牌知名度（unaided brand awareness）已提升至 35%，反映我們過去數年的投資成效。

We are building both awareness and affinity through partnerships with well-known trusted national brands and educational institutions. In January, we sponsored Crayola Creativity Week, reaching more than 1 million educators through classroom and professional development activities. We are also excited about our new partnership with Disney.

我們透過與知名且值得信賴的全國性品牌及教育機構合作，同時提升知名度與好感度。1 月我們贊助了 Crayola Creativity Week，透過課堂與專業發展活動觸及超過 100 萬名教育工作者。我們也對與 Disney 的新合作夥伴關係感到振奮。

We recently launched a continuing education program, a Heart for Service in Education, developed in collaboration with Disney and delivered through the Disney Institute with multiple sessions scheduled throughout the year. Each session brings together educators from across the country to participate in immersive service-focused development experiences.

我們近期推出一項持續教育計畫「A Heart for Service in Education」，由我們與 Disney 共同開發，並透過 Disney Institute 提供，全年安排多場課程。每場課程都匯聚全國各地的教育工作者，參與沉浸式、以服務為核心的發展體驗。

We are seeing strong early engagement with the Horace Mann Club, our centralized platform providing financial wellness tools, classroom resources and educator benefits. Since launching earlier this year, thousands of educators across the country have already enrolled. We are also in the midst of teacher appreciation month, where we continue to connect with educators through our Beyond Grateful campaign.

我們看到 Horace Mann Club 的早期參與度相當強勁；這是我們的集中式平台，提供財務健康工具、教室資源與教育工作者福利。自今年稍早推出以來，全國已有數千名教育工作者完成註冊。我們也正值教師感謝月，並持續透過 Beyond Grateful 活動與教育工作者建立連結。

Last year, we engaged 55,000 new educators during this event and expect another strong outcome this year. In addition, we have expanded our digital reach through targeted audio campaigns on platforms like Spotify and Apple Music, meeting educators where they are.

去年，我們在此活動期間接觸到 55,000 名新教育工作者，並預期今年也將有強勁成果。此外，我們也透過在 Spotify、Apple Music 等平台投放精準音訊行銷活動，擴大數位觸及，在教育工作者所在之處與其相遇。

Over the past year, we have grown our points of distribution by 8% and continue to enhance the effectiveness of our marketing efforts as we scale these initiatives. Before I turn the call over to Ryan, I want to underscore our commitment to disciplined capital management and long-term shareholder value. In March, our Board of Directors approved a 3% increase to our quarterly shareholder dividend, marking the 18th consecutive year of dividend growth.

過去一年，我們的通路據點增加 8%，並在擴大這些計畫規模的同時，持續提升行銷成效。在我把電話會議交給 Ryan 之前，我想強調我們對資本管理紀律與長期股東價值的承諾。3 月，我們董事會核准將季度股利提高 3%，這是連續第 18 年股利成長。

In the quarter, we returned $33 million of capital to shareholders, including $18 million of share repurchases, a significant increase relative to recent periods. As we've said before, our highest priority remains investing in profitable growth, and we remain confident in our ability to continue creating long-term value for our shareholders.

本季我們向股東返還 3,300 萬美元資本，其中包含 1,800 萬美元的庫藏股回購，較近期期間顯著增加。如同我們先前所說，我們的最高優先順序仍是投資於具獲利性的成長，我們也對持續為股東創造長期價值的能力保持信心。

In closing, our strong start to the year reflects solid underlying performance and continued momentum across the business. We are investing where we see the most attractive returns and where it strengthens our ability to deliver a best-in-class experience for our customers, while maintaining expense discipline and executing against our strategy.

最後，我們今年強勁的開局反映穩健的基礎表現，以及各項業務持續累積的動能。我們正把投資聚焦在最具吸引力的報酬所在，以及能強化我們為客戶提供同級最佳體驗的領域，同時維持費用紀律並落實我們的策略。

We remain confident in achieving our three-year strategic goals of a 10% compound annual growth rate in core earnings per share and a sustainable 12% to 13% shareholder return on equity. Thank you. And now I'll turn the call over to Ryan.

我們仍然有信心達成我們三年期的策略目標：核心每股盈餘（EPS）10%的年複合成長率，以及可持續的12%至13%股東權益報酬率。謝謝。接下來我把電話交給Ryan。

Thanks, Marita. I'll focus on a few key takeaways from the quarter and provide some additional context on what's driving the results. This was a very strong start to the year. We delivered record first quarter core earnings of $53 million or $1.28 per share, up 20% year-over-year with solid underlying performance across the business, continued margin improvement in P&C and continued growth in our higher return segments. Core shareholder return on equity for the trailing 12 months was 12.7%.

謝謝你，Marita。我將聚焦於本季幾項關鍵重點，並補充一些推動結果的背景說明。這是非常強勁的年度開局。我們第一季核心盈餘創下紀錄，達5,300萬美元或每股1.28美元，年增20%；在全公司各業務均有穩健的基本面表現，產險（P&C）利潤率持續改善，且我們在較高報酬的業務區塊持續成長。過去12個月的核心股東權益報酬率為12.7%。

Overall, results are tracking in line with our expectations for the year, and we are not making any changes to our outlook. Turning to results by segment. In Property and Casualty, core earnings were $39 million, up 46% year-over-year. The reported combined ratio of 83.3 points, improved 5 points year-over-year, reflecting lower catastrophe costs and improved underlying results. The $5 million in prior year development included $2 million in property and $3 million in auto, primarily driven by lower-than-expected claim severity, with claims settling below prior reserve expectations.

整體而言，結果與我們對今年的預期一致，我們不調整展望。接著看各分部表現。在財產與意外險（Property and Casualty）方面，核心盈餘為3,900萬美元，年增46%。公告的綜合率為83.3點，年減5點，反映巨災成本較低以及基本面結果改善。前年度準備金發展（prior year development）為500萬美元，其中財產險200萬美元、車險300萬美元，主要由於理賠嚴重度低於預期，理賠結案金額低於先前準備金預期。

From a premium standpoint, net written premiums increased 5% to $194 million, primarily reflecting higher average premium. In Property, premiums were up 14%, while auto premiums were essentially flat, reflecting a shift in mix towards targeted growth markets. That's consistent with the approach Marita outlined, prioritizing profitability and focusing growth in markets where we see the strongest returns.

從保費角度來看，淨簽單保費（net written premiums）增加5%至1.94億美元，主要反映平均保費提高。財產險保費成長14%，而車險保費大致持平，反映業務組合轉向我們鎖定的成長市場。這與Marita所說的做法一致：優先追求獲利，並將成長聚焦在我們看到報酬最強的市場。

Auto profitability improved with the combined ratio at 89.2, reflecting strong underlying performance and retention remained strong. Property also performed well with a combined ratio of 74.3, supported by lower catastrophe costs.

車險獲利能力改善，綜合率為89.2，反映強勁的基本面表現，且續保率仍維持強勁。財產險表現也良好，綜合率為74.3，受惠於較低的巨災成本。

While catastrophe losses and prior year development were favorable in the quarter, we also saw improvement in underlying margins. We continue to incorporate current loss trends into our pricing and underwriting, and feel well positioned given the actions we've taken over the past several quarters. In Life & Retirement, results were stable and improving. Core earnings increased 16% to $9 million, primarily driven by favorable mortality. Life sales were up 17% with persistency remaining strong near 96%.

雖然本季巨災損失與前年度準備金發展表現有利，但我們也看到基本面利潤率改善。我們持續將當前損失趨勢納入定價與核保，並認為在過去幾季採取的行動下，我們已具備良好定位。在壽險與退休（Life & Retirement）方面，結果穩定且改善。核心盈餘增加16%至900萬美元，主要由於死亡率有利。壽險銷售成長17%，保單持續率（persistency）仍維持在接近96%的強勁水準。

In retirement, contract deposits were modestly lower year-over-year, primarily reflecting product mix and market conditions, while fee income and strong persistency continue to support stable earnings. In Supplemental and Group Benefits, the story is about growth and continued investment.

在退休業務方面，合約存入金（contract deposits）年減幅度不大，主要反映產品組合與市場狀況；同時，手續費收入與強勁的持續率持續支撐穩定盈餘。在補充保險與團體福利（Supplemental and Group Benefits）方面，重點在於成長與持續投資。

The segment contributed $12.6 million of core earnings and net written premiums rose to nearly $71 million. Individual Supplemental delivered another strong quarter. Our enhanced cancer product introduced last year continues to be a key driver of growth, with sales up 11% year-over-year.

該分部貢獻核心盈餘1,260萬美元，淨簽單保費上升至接近7,100萬美元。個人補充保險（Individual Supplemental）再度交出強勁的一季。我們去年推出的強化版癌症產品持續是成長的關鍵驅動因素，銷售年增11%。

The benefit ratio of 30.5 reflects favorable policyholder utilization trends and persistency remains above 90%. In Group Benefits, results reflect the investments we've made, including the introduction of paid family medical leave in January, within our short-term disability offering in Minnesota. Premiums increased 4% to $38 million and the benefit ratio of 51.9% moved closer to our longer-term expectations.

給付率（benefit ratio）為30.5，反映保戶使用率趨勢有利，且持續率仍高於90%。在團體福利（Group Benefits）方面，結果反映我們所做的投資，包括在明尼蘇達州於1月在短期失能（short-term disability）產品中導入帶薪家庭醫療假（paid family medical leave）。保費增加4%至3,800萬美元，給付率51.9%也更接近我們的長期預期。

Sales more than tripled year-over-year to $11 million, although results can vary quarter-to-quarter given the size and timing of the business. Total net investment income on the managed portfolio was relatively stable year-over-year.

銷售額年增逾三倍至1,100萬美元，但由於業務規模與時點因素，結果可能會在各季之間波動。受管理投資組合的總淨投資收益（total net investment income）年比大致持平。

Core fixed income performance remains consistent with some offset from the commercial mortgage loan fund and runoff that we've discussed previously, as well as limited partnership returns that were slightly below our full year expectation. Limited partnership returns can vary quarter-to-quarter, and we remain confident in our full year outlook. We continue to make progress on expense optimization, with early benefits beginning to emerge.

核心固定收益表現仍然一致，但受到我們先前提到的商用不動產抵押貸款基金（commercial mortgage loan fund）與存量自然到期（runoff）的部分抵銷，另外有限合夥（limited partnership）報酬略低於我們全年預期。有限合夥報酬可能會在各季間波動，但我們對全年展望仍有信心。我們在費用優化方面持續取得進展，初步效益開始浮現。

As expected, the majority of our targeted improvement will come in later years as scale builds, but we remain on track for approximately 25 basis points of improvement in 2026. Our balance sheet remains strong, and capital generation continues to support both strategic growth initiatives and consistent shareholder returns.

如預期，我們目標改善的大部分將在後續年度、隨著規模擴大而實現，但我們仍按計畫在2026年達成約25個基點的改善。我們的資產負債表仍然強健，資本生成（capital generation）持續同時支持策略性成長計畫與穩定的股東回饋。

In the first quarter, we repurchased approximately 420,000 shares at a total cost of $18 million, representing a meaningful increase in activity relative to recent periods. We also returned $15 million to shareholders through dividends. We continue to prioritize investing in profitable growth while returning excess capital to shareholders.

第一季我們回購約42萬股，總成本1,800萬美元，相較近期期間回購活動明顯增加。我們也透過股利向股東返還1,500萬美元。我們將持續優先投資於具獲利性的成長，同時把多餘資本回饋給股東。

Tangible book value per share increased 9% year-over-year, reflecting solid earnings and disciplined capital management. Stepping back, the quarter reflects strong underlying performance, improved profitability in property and casualty and continued growth momentum across our businesses.

每股有形帳面價值（tangible book value per share）年增9%，反映穩健盈餘與嚴謹的資本管理。回頭看，本季展現強勁的基本面表現、產險獲利能力改善，以及我們各項業務持續的成長動能。

Importantly, the drivers of performance this quarter, margin improvement in P&C, stable and improving results in life and retirement, and growth in higher return businesses, like Individual Supplemental and Group Benefits are all consistent with the framework we laid out at Investor Day, supported by continued progress in customer engagement and brand awareness.

更重要的是，本季的績效驅動因素——產險利潤率改善、壽險與退休業務穩定且改善的結果，以及個人補充保險與團體福利等高報酬業務的成長——都與我們在投資人日（Investor Day）所提出的架構一致，並且在客戶互動與品牌認知度持續提升的支持下推進。

We continue to execute against our strategy with a focus on disciplined underwriting, profitable growth and thoughtful capital allocation. We remain confident in our ability to deliver our three-year financial targets, including a 10% compound annual growth rate in core earnings per share and a sustainable 12% to 13% return on equity. Thank you. Operator, we are ready for questions.

我們持續依策略執行，聚焦於嚴謹核保、具獲利性的成長，以及審慎的資本配置。我們仍有信心達成三年期財務目標，包括核心每股盈餘10%的年複合成長率，以及可持續的12%至13%股東權益報酬率。謝謝。接線生，我們準備好回答問題。

(Operator instructions)

（接線生指示）

Jack Matten, BMO Capital Markets.

Jack Matten，BMO資本市場。

Hey, good morning. My first one is on the group business. I'm wondering if you could unpack further what's driving the strong sales growth. And I'm curious, over time, how significant as a contributor do you think the new paid family medical leave offering can be within that business?

嗨，早安。我第一個問題是關於團體業務。我想請你們進一步拆解一下，強勁的銷售成長是由哪些因素驅動的。另外我也好奇，長期來看，你們認為新的帶薪家庭醫療假產品在該業務中，作為貢獻來源會有多重要？

Yeah, thanks for the question. When we think about our supplemental growth, both individual supplemental, quite frankly, and group, it really has been a very strategic product enhancement strategy. You heard in the script that we built our cancer product within individual supplemental and updated that offering, and we're seeing nice traction there.

好的，謝謝你的問題。當我們思考補充保險的成長時，無論是個人補充保險，坦白說，或是團體端，核心都在於非常策略性的產品強化策略。你在講稿中也聽到，我們在個人補充保險中打造並更新了癌症產品，而我們在那裡看到不錯的動能。

And then on the group side, not only is it the new paid family leave connection to our short-term disability offering, but we also have about a 30% increase in the amount of benefit specialists out there and the work that we're doing on the supplemental side.

而在團體端，不僅是新的帶薪家庭假與我們短期失能產品的連結，我們在外勤的福利專員（benefit specialists）數量也增加了約30%，以及我們在補充保險端所做的相關工作。

For paid family leave, I think it's just a really good example of thinking about our customer segment and what our customer segment needs. Bundling it with short-term disability was the right answer for us. As you pointed out, it's been a meaningful contributor to the sales in the quarter. But our group business is still relatively small. So we're focused on building a sustainable pipeline.

就帶薪家庭假而言，我認為這是一個很好的例子，說明我們如何從客戶族群出發，思考他們需要什麼。把它與短期失能打包對我們來說是正確的做法。正如你所指出的，它在本季銷售中是重要的貢獻來源。但我們的團體業務規模仍相對較小，因此我們專注於建立可持續的案源管道（pipeline）。

It's not necessarily going to be linear. This is going to be quarter-over-quarter for us as we think about growth. And we thought about PMFL as both defense and offense. There are about 13 states out there that have included this in their mandate, if you will. We know our educators are looking for increased benefits.

它不一定會呈線性成長。當我們思考成長時，對我們而言會是逐季（quarter-over-quarter）的表現。我們也把PMFL視為兼具防守與進攻的策略。目前大約有13個州已將此納入其規範要求（mandate），如果你這麼說的話。我們知道我們的教育工作者正在尋求更完善的福利。

We see improvement in retention when we build out these products. So defensively, in a state like Minnesota, adding that to our short-term disability offering allowed us to keep the good groups, the good schools that we have in Minnesota.

當我們擴充這些產品時，我們看到續保率有所改善。因此在防守面上，以明尼蘇達州為例，把它加入我們的短期失能產品，使我們得以留住在明尼蘇達州的優質團體、優質學校客戶。

But also on the offense side, it allowed us an edge for new customer engagement. And that's how we'll think about it as we think about the remaining states out there in our footprint and maybe a really good way for us to think about how we enter some new geographies as well. So it's a good example of how we think about our customer segment building what they need.

但在進攻面上，它也讓我們在新客戶互動上更具優勢。當我們思考在既有版圖中其餘州的布局時，我們也會以這樣的方式來看待；同時，這也可能是我們思考如何進入一些新地理區域的很好方式。因此，這是一個很好的例子，展現我們如何以客戶族群為核心，打造他們所需要的產品。

And when you build it, they will come, I guess, and that clearly is what occurred this quarter.

而且我想，當你把它建起來，他們就會來，而這一季顯然就是如此。

And Jack, this is Ryan. The only thing I would add is when I think about our ROE trajectory, growth in these capital-light, higher-margin products are a key component of our strategy to drive higher ROE in the future.

Jack，我是 Ryan。我唯一想補充的是，當我思考我們的 ROE 走勢時，這些資本輕、利潤率較高的產品之成長，是我們策略中的關鍵組成，用以在未來推動更高的 ROE。

That's helpful. And maybe just one on the Life & Retirement business, which has thrown off healthy and stable margins over time. Just wondering about the top line growth outlook there. I think it's a little bit this quarter. I know part of that might be lower CML and LP returns.

這很有幫助。再問一個關於人壽與退休（Life & Retirement）業務的問題，這項業務長期以來一直帶來健康且穩定的利潤率。我只是想了解那邊的營收成長展望。我覺得這一季有點偏弱。我知道其中一部分可能是較低的 CML 和 LP 回報。

But any trends that you're seeing on the premium and contract deposit growth in that business that we should be thinking about?

但在那項業務的保費與合約存款成長方面，你們看到哪些趨勢是我們應該納入考量的？

Yeah, Ryan can cover some of the numbers. But what I would say in Life & Retirement, we are seeing a 17% increase in Life sales. That's healthy. We're seeing more of our traditional agents in the game.

是的，Ryan 可以補充一些數字。不過我想說的是，在人壽與退休方面，我們看到人壽銷售成長 17%。這很健康。我們也看到更多傳統代理人重新積極參與。

That's also healthy. 10% of our Life sales now on a relatively consistent basis is coming from benefit specialists who, at the beginning of this integration when we brought on NTA and then later MNL, were predominantly in that individual supplemental space.

這同樣很健康。我們的人壽銷售中，現在有相對穩定的 10% 來自福利專員；在這次整合初期，我們先納入 NTA、之後又納入 MNL 時，他們主要是在個人補充保險（individual supplemental）領域。

Now, they are selling Horace Mann Life products, and it's amounting to about 10% of our sales there. So it's working very well. And on the Retirement side, we always talk about that as our ballast and I would say Retirement continues to be a very consistent, steady contributor to earnings.

現在，他們在銷售 Horace Mann 的人壽產品，約占我們那邊銷售的 10%。所以運作得非常好。至於退休端，我們一直把它稱作我們的「壓艙石」，我會說退休業務仍然是非常一致、穩定的獲利貢獻來源。

Yeah, and look, if you isolate for just sales, sales were up 7% in the first quarter for Retirement. We're attracting a few thousand new customers in the first quarter, opening new Retirement accounts with us. So like Marita said, it's an important product and an important entry point for many educators to begin their relationship with us. On the bottom line, you correctly pointed out the commercial mortgage loan allocation.

是的，而且你看，如果只看銷售，退休業務第一季銷售成長 7%。我們在第一季吸引了幾千位新客戶，與我們開立新的退休帳戶。所以如 Marita 所說，這是一個重要產品，也是許多教育工作者開始與我們建立關係的重要切入點。在獲利端，你也正確指出了商業抵押貸款的配置。

So as a reminder, our commercial mortgage loan funds are nearly entirely held within Life & Retirement, and Retirement has a larger allocation to them.

提醒一下，我們的商業抵押貸款基金幾乎全部都放在人壽與退休部門之內，而退休業務對其配置比重更高。

So when there's some pressure there, you're going to see that in the fixed annuity spread number, and you can see that this quarter. But overall, the business is solid. It's steady, and it's an important earnings diversification tool for us.

所以當那邊有一些壓力時，你會在固定年金利差（fixed annuity spread）數字上看到反映，這一季你也看到了。但整體而言，這項業務很穩健、很穩定，對我們來說也是重要的獲利分散工具。

Thank you. And then if I could just sneak one more in on auto insurance. I think you referenced some challenges in California, offset by strong sales growth in other states. Just wondering, if you could elaborate on what you're seeing in California and your color for growth there.

謝謝。那如果我可以再偷問一個關於汽車保險的問題。我想你提到加州有一些挑戰，但其他州的銷售成長很強。想請你更詳細說明一下你們在加州看到的情況，以及你們對那邊成長的看法。

Yeah, thanks for asking. It is -- when we think about auto, obviously, we think about all the states that we're in. But California specifically, when you take California out of our growth numbers, like we said in the script, we are seeing high single-digit growth in auto, which in this competitive environment for us, I think, is quite strong. But California is highly regulated.

好的，謝謝你提問。確實——當我們談到汽車保險時，當然會想到我們所在的所有州。但就加州而言，如果把加州從我們的成長數字中排除，正如我們在講稿中所說，我們看到汽車保險有高個位數成長；在目前這樣的競爭環境下，我認為這相當強勁。但加州的監管非常嚴格。

It's complex. And we took an intentional conservative approach in the state. We remain active in the state. We've been working very closely with the department. And as we've talked about before, we have reached target profitability in all of our states except California, and California is dangerously close, if you will, to targeted profitability, and we feel very confident that we'll get there.

它很複雜。我們在該州採取了有意識的保守策略。我們仍在該州持續營運，也一直與主管機關密切合作。正如我們之前談過的，除了加州之外，我們在所有州都已達到目標獲利能力；而加州如果你要這麼說的話，已非常接近目標獲利能力，我們很有信心能達成。

But as you can imagine, when you think thoughtfully about where you place agents, when you think thoughtfully about where you make marketing investments, when you think thoughtfully about the things you do intentionally to drive auto new business, California wouldn't necessarily be the state in which we were making those investments.

但你可以想像，當你審慎思考要把代理人配置在哪裡、要把行銷投資放在哪裡、以及要有意識地做哪些事情來推動汽車保險新業務時，加州不一定會是我們投入這些投資的州。

So it takes a while to ramp them back up. And we will continue to take a conservative and appropriately cautious approach to California. But we feel really good about the momentum that we're seeing in auto in this environment outside of California. And like I said, California was intentional.

所以要把它們再拉升回來需要一些時間。我們會持續對加州採取保守且適度謹慎的做法。但我們對在加州以外、在目前環境下汽車保險所呈現的動能感到非常振奮。就像我說的，加州是我們刻意為之。

I think it is a state that you need to be thoughtful and conservative and feel good about the work with the department and feel like we're getting close to California being like the rest of the states where we're wide open and ready to push.

我認為這是一個你必須審慎且保守對待的州；同時也要對與主管機關的合作感到踏實，並覺得我們正接近讓加州像其他州一樣——我們可以全面開放、準備好加大推進。

Thank you.

謝謝。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Hey, good morning. Can you talk a little bit more about how much of the good combined ratio in P&C comes from favorable claims experience and some of the variability there in the quarter? And how much is just, I guess, just more diligent underwriting you're going to stick around a little bit longer, especially given some others seem to be leaning in aggressively on pricing?

嗨，早安。你能否再多談一點，產險（P&C）良好的綜合比率（combined ratio）有多少是來自有利的理賠經驗，以及本季其中的一些波動性？另外有多少只是——我想——更嚴謹的核保作法，且你們會維持更久，尤其是在看到其他一些同業似乎在定價上更積極進取的情況下？

Morning, Wilma. thanks for the question. The combined ratio improved 5.4 points this quarter and was an 83.3 and both auto and property contributed to that improvement. Stepping back, about half of that improvement was weather related.

早安，Wilma。謝謝你的問題。本季綜合比率改善了 5.4 個點，來到 83.3，汽車與財產險都對改善有所貢獻。拉遠一點看，約有一半的改善與天候有關。

We didn't experience as severe of weather activity in the first quarter, which benefited both property catastrophe and our non-catastrophe property results. But the other half reflects the disciplined rate and non-rate actions that we've deliberately taken to restore profitability and to get the book back to our targets.

第一季我們沒有遇到那麼嚴重的天候活動，這同時有利於財產險巨災（catastrophe）以及我們的非巨災財產險結果。但另一半則反映了我們為恢復獲利能力、讓保單組合回到目標而刻意採取的紀律性費率與非費率措施。

We're seeing the benefits of the actions we've taken, whether it's terms and conditions, implementations of roof schedules, increases in deductibles, improved claims handling, that's all coming through our results. And we believe that's durable, that's sustainable, and we're pleased with the profitability in our P&C book.

我們正在看到這些措施帶來的效益，不論是條款與條件、屋頂折舊/年限表（roof schedules）的導入、提高自負額、改善理賠處理，這些都反映在我們的結果中。我們相信這是持久的、可持續的，我們也對產險保單組合的獲利能力感到滿意。

Thanks, Ryan. That was a good layout there. I want to add on to the latter half of that as you were ending your question and you say, as others are powering up for growth or lower pricing. I think it's important to talk about really how we think about this.

謝謝，Ryan。你的說明很清楚。我想接著你問題後半段再補充一下，你提到其他同業在加速追求成長或採取較低定價。我認為有必要談談我們真正是怎麼看待這件事的。

I mean, clearly, it's a competitive market out there. Shopping activity is clearly up. And when others talk about powering up for growth, and we've said this before, we really don't think about it that way. We're powering up, but we're powering up the value that we're bringing to our customers. Customer engagement is up, brand recognition is up.

我的意思是，外部市場顯然競爭激烈。比價/轉保的活動明顯增加。而當其他人談到加速追求成長時——我們之前也說過——我們其實不會用那種方式思考。我們確實在加速，但我們是在加速提升帶給客戶的價值。客戶互動提升了，品牌辨識度也提升了。

And when I think about auto, and that seems to be the basis of your question, we talk about insulated but not immune. We're not immune to the competitive environment that's out there, but we are insulated somewhat by our strategy. And growth is not one line or one state. We think about it much more broadly than. I mean, it is about us expanding the relationships that we have with educators and increasing that educator household count.

當我想到汽車保險——這似乎是你問題的核心——我們常說「有隔離效果但非免疫」（insulated but not immune）。我們不會對外部競爭環境免疫，但我們的策略讓我們在某種程度上受到保護。而成長不是單一產品線或單一州。我們的思考更為宏觀。我的意思是，這關乎我們擴大與教育工作者的關係，並提高教育工作者家庭戶數。

And we're seeing strong results there. I mean, we talked in the script that, and we just mentioned that ex California being up mid-single digits in auto in this environment, we actually feel very good about that. We're excited about being able to bring more of these things to California as well.

而我們在那方面看到強勁成果。我們在講稿中提到——剛剛也提到——在排除加州後，汽車保險在這樣的環境下仍有中個位數成長，對此我們其實感到非常好。我們也很期待能把更多這些做法帶到加州。

But more importantly, when we step back with group benefits tripling, Individual Supplemental up 11%, Life up 17%, Property countrywide up 11%, the stable ballast we're getting from Retirement, the momentum is good. So we really don't think about ramping up or ramping down.

但更重要的是，當我們退一步看：團體福利成長到三倍、個人補充保險成長 11%、人壽成長 17%、全國財產險成長 11%、退休業務提供穩定的壓艙石，整體動能是好的。所以我們不太用「加速」或「降速」來思考。

We think about increasing educator households, and that's exactly what we're doing. And when you add that to the customer retention that we're seeing and how healthy it is, low to mid-90s in Life and Retirement and Supplemental, near 90% for property, a decent 84% in auto, that -- those are pretty strong numbers.

我們思考的是增加教育工作者家庭戶數，而這正是我們在做的。再加上我們看到的客戶留存率以及其健康程度——人壽、退休與補充保險在低到中 90% 區間，財產險接近 90%，汽車保險也有不錯的 84%——這些都是相當強的數字。

And I would say that does add up to momentum, but maybe it's our way, not necessarily the way a monoline auto writer would do it or some of the P&C-only writers that you cover. Our story is a little bit different, but it is playing out consistently with what we laid out and against our internal plans, we're right where we wanted to be this quarter and feel strong about the result.

我會說，這確實累積成動能，但可能是以我們的方式，而不一定是單一汽車險業者（monoline auto writer）或你所覆蓋的一些僅做產險（P&C-only）的業者會採取的方式。我們的故事有些不同，但它正如我們所規劃的那樣持續展開；相較於我們的內部計畫，本季我們正好在我們希望達到的位置，對結果感到很有信心。

Thank you. And I think you touched on this a little bit, but can you talk more about the strategy of, I'm going to call it, reinvesting back into your teachers via programs and donations, and how that fits into your overall capital plans? I definitely realize the importance of this. There's a lot of pressure on classroom budgets. And it seems like you guys have leaned into some of these programs and donations given the great quarter results.

謝謝。我想你剛才也稍微提到了一點，但你能否再多談談你們的策略——我姑且稱之為——透過各項計畫與捐贈把資源再投資回教師身上，以及這如何融入你們整體的資本規劃？我完全理解這件事的重要性。教室預算承受很大壓力。而看起來在本季業績亮眼的情況下，你們也更積極投入這些計畫與捐贈。

Yeah, thank you for the question. It's at the heart and the core of what we've always done as a company, but I feel really excited about how modernized that has become. And the work that we have done over the past few years, new marketing leadership, building out that team, we've done all the things necessary to make sure educators know who we are and pleased with the increase in brand identity, increased the number of educators who are engaging with us, maybe not even customers yet. But when you think about good old-fashioned top-of-the-funnel marketing, I would say for the first time in our 80-year history, we're doing that and we're doing it well.

好的，謝謝你的提問。這一直是我們公司所做之事的核心與根本，但我對它如今變得更現代化感到非常振奮。過去幾年我們所做的工作——新的行銷領導、擴建團隊——我們做了所有必要的事情，確保教育工作者知道我們是誰；也很高興看到品牌辨識度提升、與我們互動的教育工作者人數增加，甚至其中有些人可能還不是客戶。但當你想到傳統的漏斗頂端行銷（top-of-the-funnel marketing），我會說在我們80年的歷史中，這是第一次我們真正去做，而且做得很好。

We're engaging with more customers. We're partnering with like-minded companies. Our Crayola creativity assessment that we're doing, bringing creativity assessments to the classroom, engaging educators and continuing education that's fun and not just maybe some of the boring continuing education that's required, right, in their profession.

我們正在與更多客戶互動。我們也與理念相近的公司合作。我們正在推動的 Crayola 創造力評量，把創造力評量帶進教室，讓教育工作者參與其中；同時也提供有趣的在職進修，而不只是他們職業上可能被要求、但相對枯燥的那種在職進修，對吧。

They're really enjoying the engagement with us. We're meeting them where they are, and we're bringing meaningful value to those educators with the idea of, if you're an educator, you should be with the educator company.

他們真的很享受與我們的互動。我們在他們所在之處與他們相遇，並以「如果你是教育工作者，你就應該選擇教育工作者的公司」這個理念，為教育工作者帶來有意義的價值。

And we have many ways to start that relationship with the educator. But it starts with them knowing who we are, engaging with us and bringing them a solutions orientation, not just product. So that when they have a product decision, they're going to place that product with an educator -- with the educator company unless we give them a reason not to.

而我們有很多方式可以與教育工作者建立關係。但一切始於他們知道我們是誰、與我們互動，並且我們帶給他們的是以解決方案為導向，而不只是產品。如此一來，當他們要做產品決策時，除非我們給了他們不選擇我們的理由，否則他們會把產品交給教育工作者——交給這家教育工作者的公司。

And our agent NPS scores, our customer surveys, all the indications are up. And we feel good that -- when you do really good top-of-the-funnel marketing and you're engaging with these educators, we feel good about the current momentum, and we feel good about the momentum to come.

而我們的代理人 NPS 分數、客戶調查等各項指標都在上升。我們也很有信心——當你把漏斗頂端行銷做得很好，並且與這些教育工作者持續互動時，我們對目前的動能感到樂觀，也對未來的動能同樣有信心。

None of that changes that with -- we're in a competitive auto environment, we get it. But we have lots of ways to engage with these educators other than auto. And we feel good that when we do engage in auto, other than intentional plans in California that are working as well, when we engage in auto, we get our fair share. We don't win business solely on price, and we don't lose business solely on price. Our proactive retention efforts are helping on the retention side, and we feel really good about where we are.

這些都不改變一點——我們身處競爭激烈的汽車保險（auto）環境，我們理解。但除了汽車保險之外，我們還有很多方式可以與這些教育工作者互動。而且我們也很有信心：當我們參與汽車保險市場時——除了在加州一些刻意規劃且同樣奏效的方案之外——當我們投入汽車保險時，我們能拿到合理的市占。我們不會只靠價格贏得業務，也不會只因價格而失去業務。我們主動的續保留存措施正在留存端發揮作用，我們對目前的狀況感到非常滿意。

That makes a lot of sense. I know you touched on this a little bit earlier, but can you talk about what you're seeing in the overall annuity spread environment? And do you think it will stabilize over the coming year?

這很合理。我知道你稍早也略有提到，但你能談談你們在整體年金利差（annuity spread）環境中看到的情況嗎？你認為它在未來一年會趨於穩定嗎？

Thanks for your question, Wilma. Yes, this quarter I don't think is indicative of what we would expect for our fixed annuity spread. It was a 134% in the quarter, and we're obviously targeting a number higher than that. For us, the core fixed income portfolio, which is the workhorse of the portfolio is performing quite well. This is the core book yield, I should say, is up 23 basis points year-over-year.

謝謝你的提問，Wilma。是的，我認為本季並不代表我們對固定年金利差（fixed annuity spread）的常態預期。本季是 134%，而我們顯然目標是高於這個數字。就我們而言，核心固定收益投資組合——也就是投資組合的主力——表現相當不錯。我應該說核心帳簿殖利率（core book yield）年增 23 個基點。

Our new money yields were 5.38, and that's for the core investment-grade fixed income portfolio. So I have been impressed with the investment team's ability to continue to find attractive investments without taking excessive risk. So I think we're going to stick to our knitting. We're going to look for slightly better LP returns. They were modestly below our expectations.

我們的新資金殖利率（new money yields）為 5.38%，這是針對核心投資等級固定收益投資組合。我對投資團隊在不承擔過度風險的情況下，仍能持續找到具吸引力投資的能力印象深刻。所以我想我們會專注於本業、按既定策略行事。我們會尋求略好一些的 LP 報酬；它們略低於我們的預期。

They came in at 7% versus the 8% we would expect. And we'll watch commercial mortgage loans carefully. But I don't think there's anything -- I guess, I would say, I wouldn't expect the 134% to repeat, Wilma, I'd expect it to improve from here. Thank you.

實際是 7%，而我們原本預期是 8%。我們也會密切關注商業抵押貸款（commercial mortgage loans）。但我不認為有什麼——我想我會說，Wilma，我不預期 134% 會重演；我預期從這裡開始會有所改善。謝謝。

Matt Carletti, JMP Securities.

Matt Carletti，JMP Securities。

Marita, I might ask you to follow on kind of part of your last answer specifically around auto and kind of the environment we're in. Can you talk a little bit about how you guys are using the agency to kind of help manage the environment?

Marita，我想延伸追問你上一個回答的一部分，特別是關於汽車保險以及我們所處的環境。你能談談你們如何運用代理通路（agency）來協助管理這個環境嗎？

I mean, we can see kind of the PIF numbers in the supplement and understand that those are just kind of on Horace Mann paper sort of numbers. Has the agency been more active? Have you been placing kind of more business with partners as the environment changes? Can you just help us understand how you use it as a tool?

我的意思是，我們可以在補充資料中看到 PIF 數字，也理解那只是 Horace Mann 自家承保（paper）上的數字。隨著環境變化，代理通路是否更積極？你們是否把更多業務轉由合作夥伴承作？能否幫我們理解你們如何把它當作一項工具來使用？

Yeah, thanks for that, Matt. I mean, the Horace Mann General Agency was started with the idea that, if we had an educator customer or someone who served the community and they needed coverage that we either didn't have an appetite for, think nonstandard or higher-valued home, the idea is that, if we didn't have the pricing sophistication and had no intention of building that, why send them down the road to an independent agent who, if that independent agent is good, is going to say, when was the last time someone looked at your life insurance needs, can I sell you something else.

好的，謝謝你，Matt。我的意思是，Horace Mann General Agency（HMGA）成立的初衷是：如果我們有一位教育工作者客戶或服務社區的人士，而他需要的保障是我們不願承作的——例如非標準（nonstandard）或高價住宅——那麼如果我們沒有足夠精細的定價能力、也無意去建立這種能力，為什麼要把他們轉介給一位獨立代理人？因為如果那位獨立代理人很優秀，他很可能會說：上次有人檢視你的壽險需求是什麼時候？我能不能再賣你其他產品。

So it was a very defensive strategy, if you will, and it's worked quite well. We are not seeing a large ramp-up in HMGA sales because of the competitive environment our close ratios have remained relatively consistent during this time.

所以這可以說是一個非常防禦性的策略，而且運作得相當好。由於競爭環境，我們並沒有看到 HMGA 銷售大幅攀升；在這段期間，我們的成交率（close ratios）也維持相對一致。

So it is working as it is intended. We've said before, we're a large agent of Progressive and have a good relationship with Progressive. They have a broad appetite and go well beyond our educators and others who serve the community. So they're there for us.

因此它正如預期般發揮作用。我們之前也說過，我們是 Progressive 的大型代理，且與 Progressive 關係良好。他們的承保偏好範圍很廣，遠不只教育工作者與其他服務社區的人士。所以他們能支援我們。

We have other very strong partners. And we have not seen a big change in the use of HMGA. It's good. It works very well for us and allows us to keep that educator household. And maybe if those circumstances change and that customer is no longer nonstandard, we can pull that auto customer back.

我們還有其他非常強的合作夥伴。而我們並未看到 HMGA 的使用出現很大變化。它很好，對我們非常有效，並讓我們得以保留這個教育工作者家庭客群。也許如果那些情況改變、該客戶不再屬於非標準，我們就能把那位汽車保險客戶再拉回來。

We've seen win back, if you will, where we're bringing some of those customers back to the Horace Mann portfolio, when it makes sense, when they match our appetite. And we do look at that book often to do just that. But I would say, pretty consistent as intended and working as a good strategic lever for customer retention, which is what it was set up to be.

我們也看到所謂的贏回（win back），也就是在合理的情況下、當他們符合我們的承保偏好（appetite）時，我們把部分客戶帶回 Horace Mann 的投資組合。我們也經常檢視那本業務以達成這點。但我會說，整體而言相當一致，符合原先設計，並作為客戶留存的一個良好策略槓桿運作——這正是它當初設立的目的。

Great. Thank you for the color. Appreciate it.

很好。謝謝你提供的補充說明。很感謝。

Thank you. That was the last question. This concludes our question-and-answer session. I would now like to turn the conference back over to Rachel Luber for any closing remarks.

謝謝。這是最後一個問題。問答環節到此結束。接下來我想把會議交回給 Rachel Luber，請她做結語。

We appreciate everyone joining us on the call today, and we look forward to speaking with you. Thank you. Have a great day.

感謝各位今天參與電話會議，我們也期待與各位再次交流。謝謝。祝各位有美好的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You can now disconnect.

謝謝。本次電話會議已結束。感謝各位出席今天的簡報。現在您可以斷線。