Credit Ratings

Independent agencies have assigned the following ratings to Horace Mann and our principal subsidiaries. The consensus among these rating agencies is that Horace Mann is in a solid position to meet its obligations.

S&P
Moody's
Fitch
AM Best
Horace Mann Educators Corporation
Long-term Issuer
BBB
Baa2
BBB+
bbb
Senior Unsecured
bbb
BBB
Baa2
bbb
Outlook
Stable
Negative
Stable
Stable
Last Rating Update
2/7/2023
7/28/2023
8/17/2023
8/10/2023
Category Ranking
9th highest of 22 categories
9th highest of 21 categories
9th highest of 24 categories
9th highest of 21 categories

The ratings that are assigned by these agencies, which are subject to change, can impact, among other things, our access to sources of capital, cost of capital and competitive position. These ratings are not a recommendation to buy or hold any of our securities.

S&P
Moody's
Fitch
AM Best
Horace Mann Insurance Company
Financial Strength
A
A2
A
A
Outlook
Stable
Negative
Negative
Stable
Last Rating Update
2/7/2023
7/28/2023
8/17/2023
8/10/2023
Category Ranking
6th highest of 21 categories
6th highest of 21 categories
6th highest of 17 categories
3rd highest of 16 categories
Horace Mann Life Insurance Company
Financial Strength
A
A2
A
A
Outlook
Stable
Negative
Stable
Stable
Last Rating Update
2/7/2023
5/31/2023
8/17/2023
8/10/2023
Category Ranking
6th highest of 21 categories
6th highest of 21 categories
6th highest of 17 categories
3rd highest of 16 categories
Horace Mann Property & Casualty Insurance Company
Financial Strength
A
A2
A
A
Outlook
Stable
Negative
Negative
Stable
Last Rating Update
2/7/2023
7/28/2023
8/17/2023
8/10/2023
Category Ranking
6th highest of 21 categories
6th highest of 21 categories
6th highest of 17 categories
3rd highest of 16 categories
Madison National Life Insurance Company
Financial Strength
NR
N/A
N/A
A
Outlook
N/A
N/A
N/A
Stable
Last Rating Update
-
-
-
8/10/2023
Category Ranking
-
-
-
3rd highest of 16 categories
National Teachers Associates Life Insurance Company
Financial Strength
N/A
N/A
N/A
A
Outlook
N/A
N/A
N/A
Stable
Last Rating Update
-
-
-
8/10/2023
Category Ranking
-
-
-
3rd highest of 16 categories
Teachers Insurance Company
Financial Strength
A
A2
A
A
Outlook
Stable
Negative
Negative
Stable
Last Rating Update
2/7/2023
7/28/2023
8/17/2023
8/10/2023
Category Ranking
6th highest of 21 categories
6th highest of 21 categories
6th highest of 17 categories
3rd highest of 16 categories

The ratings that are assigned by these agencies, which are subject to change, can impact, among other things, our access to sources of capital, cost of capital and competitive position. These ratings are not a recommendation to buy or hold any of our securities.