Horace Mann Educators's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Horace Mann Educators (HMN) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Horace Mann Educators vs Its Competitors
- TTM: Trailing 12-month revenue of 1,746M vs 1,334,836M combined for its competitors (0.1% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (+1.6% annualized vs trailing 12 months), vs accelerating (+2.3%) for its tracked peer group.
- Growth: Horace Mann Educators generated 7.7% revenue growth year over year in Q2 2026, vs 5.6% for its competitors combined.
- Profitability: Its 9.4% net margin compares with 15.1% for the peer group.
- Scale: Horace Mann Educators ranks #38 of 63 companies by market capitalization in the Property & Casualty Insurance industry, holding 0.1% of industry market cap.
- Peer revenue share: Horace Mann Educators accounted for 0.1% of combined revenue among its tracked peer group, up from 0.1% a year earlier.
- Peer differentiation: Revenue per employee of $0.97M compares with $1.31M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
HMN Sales vs. its Competitors, Q2 2026
Horace Mann Educators reported revenue growth of 7.72 % year on year in Q2 2026, above its competitors' combined revenue growth of 5.60 %.
With a net margin of 9.38 %, Horace Mann Educators reported lower profitability than its competitors (15.11 %).
Horace Mann Educators generated 0.13 % of the combined sales of its peer group, up from 0.13 % a year earlier.
API endpoints for this dataset
Horace Mann Educators vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Horace Mann Educators reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Horace Mann Educators and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Horace Mann Educators Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Horace Mann Educators's competitor groups requires a Commercial License.
For context: the Property & Casualty Insurance industry grew revenue 4.2% year over year, combined, vs 7.7% for Horace Mann Educators. Horace Mann Educators's share of combined industry revenue moved from 0.16% to 0.16%, a gain of 0.01 percentage points.
Horace Mann Educators's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Horace Mann Educators Corporation | Yes | Yes | Yes | No |
| Competitors combined (61) | ||||
| High-Confidence Competitors (2) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 62.50 % (5 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
HMN Stock Performance relative to its Competitors
HMN Stock Performance relative to High-Confidence Competitors
HMN Stock Performance relative to Similar-Size Competitors
HMN Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Safety Insurance Group Inc | 282.9% | Outperformed |
| 2 | Universal Insurance Holdings Inc | 282.9% | Outperformed |
| 3 | Travelers Companies inc | 282.9% | Outperformed |
| 4 | Hanover Insurance Group Inc | 282.9% | Outperformed |
| 5 | Kingstone Companies Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Horace Mann Educators's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Horace Mann Educators's Comment on Competition and Industry Peers
The Company competes in its target market with a number of national providers of personal automobile, homeowners and life insurance such as State Farm, Allstate, Farmers, Liberty Mutual and Nationwide as well as several regional companies. The Company also competes for automobile business with other companies such as GEICO, Progressive and USAA, many of which feature direct marketing distribution.
Among the major national providers of annuities to educators, the Company’s competitors for annuity business include The Variable Annuity Life Insurance Company (“VALIC”), a subsidiary of American International Group (“AIG”); AXA; Voya Financial, Inc.; Life Insurance Company of the Southwest, a subsidiary of National Life Insurance Company; MetLife; Security Benefit; and Teachers Insurance and Annuity Association – College Retirement Equities Fund (“TIAA-CREF”). Select mutual fund families and financial planners also compete in this marketplace.
The market for tax-deferred annuity products in the Company’s target market has been impacted by the revised Internal Revenue Service (“IRS”) Section 403(b) regulations, which made the 403(b) market more comparable to the 401(k) market than it was in the past. While this change has and may continue to reduce the number of competitors in this market, it has made the 403(b) market more attractive to some of the larger companies experienced in 401(k) plans, including both insurance and mutual fund companies, that had not previously been active competitors in this business.
Publicly Traded Peers of Horace Mann Educators Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Horace Mann Educators Corporation |
2,193.90 | 1,745.70 |
 Progressive Corp |
132,607.69 | 91,735.00 |
 Travelers Companies inc |
83,229.12 | 48,921.00 |
 The Cigna Group |
77,496.60 | 282,382.00 |
 Aon Plc |
71,314.53 | 17,707.00 |
 Allstate Corp |
66,021.27 | 70,137.00 |
| SUBTOTAL | 1,069,050.30 | 1,371,940.26 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Horace Mann Educators Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Horace Mann Educators's Competitors Named by the Company
Competitive relationships identified from Horace Mann Educators reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Life Insurance Company | Company report | 85% |
| The Variable Annuity Life Insurance Company | Company report | 85% |
| National Life Insurance Company | Company report | 85% |
| American International Group | Company report | 85% |
| The Hartford Insurance Group Inc | Company report | 85% |
| Kingstone Companies Inc | Company report | 85% |
| W R Berkley Corp | Company report | 85% |
| Mercury General Corporation | Company report | 85% |
| Universal Insurance Holdings Inc | Company report | 85% |
| Cincinnati Financial Corporation | Company report | 85% |
| Old Republic International Corporation | Company report | 85% |
| James River Group Holdings Inc | Company report | 85% |
| Lincoln National Corporation | Company report | 85% |
| Safety Insurance Group Inc | Company report | 85% |
| Hartford Financial Services Group Inc | Company report | 85% |
| Kemper Corporation | Company report | 85% |
| Progressive Corp | Company report | 85% |
| American National Group Inc | Company report | 85% |
| Rli Corp | Company report | 85% |
| Hanover Insurance Group Inc | Company report | 85% |
| Aon Plc | Company report | 85% |
| National Western Life Group Inc | Company report | 85% |
| Berkshire Hathaway Inc | Company report | 85% |
| Kingsway Financial Services Inc | Company report | 85% |
| American Financial Group Inc | Company report | 85% |
| Prudential Financial Inc | Company report | 85% |
| Alleghany Corp | Company report | 85% |
| Globe Life Inc | Company report | 85% |
| Cno Financial Group Inc | Company report | 85% |
| Metlife Inc | Company report | 85% |
| State Auto Financial Corporation | Company report | 85% |
| Genworth Financial Inc | Company report | 85% |
| Security National Financial Corporation | Company report | 85% |
| Travelers Companies inc | Company report | 85% |
| Aflac Incorporated | Company report | 85% |
| Allstate Corp | Company report | 85% |
| United Fire Group Inc | Company report | 85% |
| Arch Capital Group Ltd | Company report | 85% |
| Unum Group | Company report | 85% |
| Loews Corp | Company report | 85% |
| Voya Financial Inc | Company report | 85% |
| Donegal Group Inc | Company report | 85% |
| Triple s Management Corporation | Company report | 85% |
| Markel Group Inc | Company report | 85% |
| Assurant Inc | Company report | 85% |
| Axis Capital Holdings Limited | Company report | 85% |
Company report basis, confidence, active dates and source counts for Horace Mann Educators's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Horace Mann Educators's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Travelers Companies inc | Business Insurance 47.23 % |
| The Cigna Group | Evernorth 86.55 % |
| Aon Plc | Risk Capital 65.40 % |
| Allstate Corp | Allstate Protection 86.96 % |
| Metlife Inc | Group Benefits 33.54 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Horace Mann Educators's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Horace Mann Educators Corporation | 2,194 | 969,833 | 98,500 |
| Progressive Corp | 132,608 | 1,834,700 | 232,440 |
| Travelers Companies inc | 83,229 | 1,438,853 | 244,618 |
| The Cigna Group | 77,497 | 4,171,078 | 102,555 |
| Aon Plc | 71,315 | 295,117 | 65,750 |
| Allstate Corp | 66,021 | 1,308,526 | 248,134 |
| PEERS TOTAL | 1,066,856 | 1,314,401 | 178,691 |
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Horace Mann Educators's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Aon Plc | Europe, Middle East, and Africa, Other Than United Kingdom and Ireland 14.78 % |
| Brown and Brown Inc | US 88.00 % |
| Ncr Atleos Corporation | United States 46.86 % |
| Citizens Inc | All Countries 66.88 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Horace Mann Educators's Position in Industry Market Structure
Market-capitalization share and concentration across all 63 companies in Horace Mann Educators's industry classification, broader than the peer set above. Market cap in millions of $.Horace Mann Educators ranks #38 of 63 companies by market capitalization in its industry, holding 0.11 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 3,659, indicating a highly concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 2 | Chubb Limited | 142,814 | 6.88 % |
| 3 | Progressive Corp | 133,063 | 6.41 % |
| 4 | Travelers Companies inc | 84,415 | 4.07 % |
| 5 | Allstate Corp | 66,021 | 3.18 % |
| 6 | American International Group Inc | 1,234 | 5.2% |
| 7 | Arch Capital Group Ltd | 1,234 | 5.2% |
| 8 | The Hartford Insurance Group Inc | 1,234 | 5.2% |
| 9 | W R Berkley Corp | 1,234 | 5.2% |
| 10 | Cincinnati Financial Corporation | 1,234 | 5.2% |
| 11 | Markel Group Inc | 1,234 | 5.2% |
| 38 | Horace Mann Educators Corporation | 2,194 | 0.11 % |
Market cap and industry share for the rest of Horace Mann Educators's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Horace Mann Educators's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 33 | Siriuspoint Ltd | 3,134 | 47.80 % |
| 34 | Lemonade Inc | 3,045 | -47.29 % |
| 35 | Nmi Holdings Inc | 2,989 | 10.89 % |
| 36 | Skyward Specialty Insurance Group Inc | 2,758 | 29.90 % |
| 37 | Hci Group Inc | 1,234 | 12.3% |
| 38 | Horace Mann Educators Corporation | 2,194 | 13.93 % |
| 39 | Kemper Corporation | 1,234 | 12.3% |
| 40 | Safety Insurance Group Inc | 1,234 | 12.3% |
| 42 | Universal Insurance Holdings Inc | 1,234 | 12.3% |
| 43 | United Fire Group Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Horace Mann Educators's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Horace Mann Educators's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Property & Casualty Insurance industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (89 companies). See the full Property & Casualty Insurance industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 56.29 % | 46.05 % (avg) | +10.2 pp |
| Operating Margin | 44.38 % | industry median | +14.0 pp |
| EBITDA Margin | 23.18 % | 23.13 % (avg) | +0.0 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 0.92 % (avg) | -0.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Horace Mann Educators's Valuation vs Competitive Position
Valuation multiples vs the Property & Casualty Insurance industry average (89 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Property & Casualty Insurance industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 10.8x | 11.7x | -0.9x |
| EV / EBITDA | 6.2x | 5.1x | +1.1x |
| P/B | 1.3x | 2.1x | -0.8x |
| Return on Equity | 12.03 % | industry aggregate | -2.68 % |
| Return on Invested Capital | 7.64 % | 8.01 % (avg) | -0.37 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Horace Mann Educators's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 1.71 % | 20.05 % | -8.31 % | 1.41 % | 4.92 % | 7.91 % | 6.92 % | 6.63 % |
| Operating Margin | 5.74 % | 35.98 % | 18.17 % | 19.36 % | 15.87 % | 17.88 % | 7.87 % | 20.36 % |
| Return on Invested Capital | 1.00 % | 6.87 % | 3.01 % | 2.79 % | 1.48 % | 1.80 % | 0.80 % | 3.58 % |
| P/E | 69.0x | 7.9x | 13.0x | 11.4x | - | 27.1x | 14.9x | 11.4x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Horace Mann Educators's Strategic Group Map
Horace Mann Educators is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Horace Mann Educators's trailing-12-month revenue growth of 5.9% and operating margin of 44.4% compares with an average of 7.3% growth and 41.6% margin across its 8 closest peers by combined growth, margin and ROIC -- Horace Mann Educators sits below that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Horace Mann Educators's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Horace Mann Educators falls in the Dog quadrant: relative market share of 0.02x vs its largest competitor, in an industry growing revenue 5.7% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Horace Mann Educators's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 3,659 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 0.92 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Horace Mann Educators's dedicated Suppliers and Customers pages, not here.
Horace Mann Educators's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Horace Mann Educators falls in the High attractiveness / Medium strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Horace Mann Educators's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 14.0 points above the industry median.
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.02x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Horace Mann Educators's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Horace Mann Educators Corporation | 0.01 | 0.63 | 0.45 |
| Progressive Corp | 0.06 | 1.06 | 0.24 |
| Travelers Companies inc | 0.01 | 1.08 | 0.29 |
| The Cigna Group | 0.12 | 0.82 | 0.76 |
| Aon Plc | 0.06 | 1.06 | 1.86 |
| Allstate Corp | 0.02 | 0.15 | 0.25 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Horace Mann Educators's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Horace Mann Educators Corporation | Q2 2026 | +7.7 % | +41.5 % |
| Progressive Corp | Q3 2026 | +3.0 % | -2.8 % |
| Travelers Companies inc | Q3 2026 | -0.5 % | +1.5 % |
| The Cigna Group | Q2 2026 | +6.7 % | +22.4 % |
| Aon Plc | Q3 2026 | +2.6 % | +1.3 % |
| Allstate Corp | Q2 2026 | +11.8 % | +55.8 % |
| PEERS TOTAL | +6.8 % | +39.4 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Horace Mann Educators's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Horace Mann Educators Corporation | Q2 2026 | +4.8 % | - |
| Progressive Corp | Q3 2026 | +1,016.0 % | +75.8 % |
| Travelers Companies inc | Q3 2026 | +0.4 % | - |
| The Cigna Group | Q2 2026 | +6.4 % | - |
| Aon Plc | Q3 2026 | - | +36.2 % |
| Allstate Corp | Q2 2026 | +6.1 % | - |
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Horace Mann Educators's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Horace Mann Educators Corporation | 1.16% | 2.05% | 12.03% |
| Progressive Corp | 9.34% | 10.98% | 35.44% |
| Travelers Companies inc | 5.82% | 8.95% | 26.20% |
| The Cigna Group | 4.44% | 6.84% | 16.41% |
| Aon Plc | 7.15% | 9.96% | 40.15% |
| Allstate Corp | 10.88% | 16.50% | 43.12% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Horace Mann Educators's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Horace Mann Educators Corporation | 12.44 | 1.26 |
| Progressive Corp | 11.47 | 1.45 |
| Travelers Companies inc | 10.41 | 1.70 |
| The Cigna Group | 12.45 | 0.27 |
| Aon Plc | 18.55 | 4.03 |
| Allstate Corp | 5.10 | 0.94 |
| PEERS AVERAGE | 5.73 | 0.78 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.