XML 61 R33.htm IDEA: XBRL DOCUMENT
v3.22.4

Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Deferred Policy Acquisition Costs Asset by Segment | The Company's DAC by reporting segment was as follows:
($ in millions) |  | December 31,
|  | 2022 |  | 2021
Property & Casualty |  | $ | 24.5 |  |  | $ | 24.4 |
Life & Retirement |  | 403.5 |  |  | 219.4 |
Supplemental & Group Benefits |  | 5.1 |  |  | 4.2 |
Total |  | $ | 433.1 |  |  | $ | 248.0 |
Schedule of Adjustment to Amortization Expenses | The Company recognized the following adjustments to DAC amortization expense as a result of evaluating actual experience and prospective assumptions (i.e., the impact of unlocking):
($ in millions) |  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
(Decrease) increase to DAC amortization expense: |  |  |  |  |  |
Life & Retirement |  | $ | 5.1 |  |  | $ | (1.5) |  |  | $ | (2.1) |
Supplemental & Group Benefits |  | — |  |  | — |  |  | — |
Total |  | $ | 5.1 |  |  | $ | (1.5) |  |  | $ | (2.1) |
Schedule of Property and Equipment | The following amounts are included in Other assets in the Consolidated Balance Sheets:
($ in millions) |  | December 31,
|  | 2022 |  | 2021
Property and equipment |  | $ | 148.3 |  |  | $ | 136.4 |
Less: accumulated depreciation |  | 79.0 |  |  | 70.4 |
Total |  | $ | 69.3 |  |  | $ | 66.0 |
Schedule of Investment Contract and Life Policy Reserves | This table summarizes the Company's investment contract and policy reserves.
($ in millions) |  | December 31,
|  | 2022 |  | 2021
Investment contract reserves |  | $ | 5,117.0 |  |  | $ | 4,941.3 |
Policy reserves |  | 1,851.0 |  |  | 1,636.5 |
Total |  | $ | 6,968.0 |  |  | $ | 6,577.8 |
Summary of Guaranteed Minimum Death Benefit | The Company has relatively low exposure to GMDB risk as shown below.
($ in millions) |  | December 31,
|  | 2022 |  | 2021
GMDB reserve |  | $ | 0.3 |  |  | $ | 0.1 |
Aggregate in-the-money death benefits under the GMDB provision |  | 66.4 |  |  | 22.3 |
Variable annuity contract value distribution based on GMDB feature: |  |  |  |
No guarantee |  | 25 | % |  | 24 | %
Return of premium guarantee |  | 70 | % |  | 71 | %
Guarantee of premium roll-up at an annual rate of 5% or 5% |  | 5 | % |  | 5 | %
Total |  | 100 | % |  | 100 | %
Schedule of FHLB Funding Agreements | As of December 31, 2022, scheduled maturity dates for outstanding FHLB funding agreements were as follows:
($ in millions) |  |  |  |  |  |
|  | Amount |  | Interest Rate |  | Maturity Date
|  | $ | 25.0 |  |  | 4.7 | % |  | September 09, 2026
|  | 50.0 |  |  | 4.6 | % |  | February 13, 2026
|  | 10.0 |  |  | 4.6 | % |  | February 13, 2026
|  | 200.0 |  |  | 4.2 | % |  | January 16, 2026
|  | 125.0 |  |  | 0.6 | % |  | September 11, 2025
|  | 12.5 |  |  | 0.7 | % |  | June 26, 2025
|  | 30.0 |  |  | 4.8 | % |  | February 28, 2025
|  | 10.0 |  |  | 4.8 | % |  | February 28, 2025
|  | 10.0 |  |  | 0.5 | % |  | February 14, 2025
|  | 50.0 |  |  | 4.7 | % |  | May 22, 2024
|  | 10.0 |  |  | 4.7 | % |  | May 22, 2024
|  | 25.0 |  |  | 4.0 | % |  | April 03, 2024
|  | 50.0 |  |  | 4.3 | % |  | January 12, 2024
|  | 100.0 |  |  | 3.9 | % |  | December 15, 2023
|  | 25.0 |  |  | 4.6 | % |  | February 10, 2023
|  | 60.0 |  |  | 4.3 | % |  | January 13, 2023
Total |  | $ | 792.5 |  |  |  |  |
Schedule of Stock Options Fair Value Pricing Model Weighted-Average Assumptions | The fair value of stock options granted was estimated on the respective dates of grant using the Black-Scholes option pricing model with the weighted average assumptions shown in the following table.
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Number of stock options granted |  | 162,224 |  |  | 183,272 |  |  | 234,248 |
Weighted average grant date fair value of stock options granted |  | $ | 8.51 |  |  | $ | 7.73 |  |  | $ | 6.02 |
Weighted average assumptions: |  |  |  |  |  |
Risk-free interest rate |  | 1.9 | % |  | 0.8 | % |  | 0.8 | %
Expected dividend yield |  | 3.2 | % |  | 3.0 | % |  | 2.7 | %
Expected life, in years |  | 5.2 |  | 5.1 |  | 5.1
Expected volatility (based on historical volatility) |  | 30.2 | % |  | 30.1 | % |  | 22.8 | %
Schedule of Computations of Net Income Per Share on both Basic and Diluted Bases, Including Reconciliations of the Numerators and Denominators | The computations of net income (loss) per share on both basic and diluted bases, including reconciliations of the numerators and denominators, were as follows:
($ in millions) |  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Basic: |  |  |  |  |  |
Net income (loss) for the period |  | $ | (2.6) |  |  | $ | 142.8 |  |  | $ | 133.3 |
Weighted average number of common shares during the period (in millions) |  | 41.6 |  |  | 42.0 |  |  | 41.9 |
Net income (loss) per share - basic |  | $ | (0.06) |  |  | $ | 3.40 |  |  | $ | 3.18 |
Diluted: |  |  |  |  |  |
Net income (loss) for the period |  | $ | (2.6) |  |  | $ | 142.8 |  |  | $ | 133.3 |
Weighted average number of common shares during the period (in thousands) |  | 41.6 |  |  | 42.0 |  |  | 41.9 |
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities (in millions): |  |  |  |  |  |
Stock options |  | — |  |  | — |  |  | — |
CSUs related to deferred compensation for employees |  | — |  |  | — |  |  | — |
RSUs related to incentive compensation |  | 0.2 |  |  | 0.2 |  |  | 0.1 |
Total common and common equivalent shares adjusted to calculate diluted earnings per share (in millions) |  | 41.8 |  |  | 42.2 |  |  | 42.0 |
Net income (loss) per share - diluted |  | $ | (0.06) |  |  | $ | 3.39 |  |  | $ | 3.17 |
Accounting Standards Update and Change in Accounting Principle | At adoption, the Company will recognize an adjustment to retained earnings and AOCI for transition adjustments, including the change in the LFPB, DAC and MRBs. A summary of the January 1, 2021 transition date adjustments is included in the table below:
($ in millions) |  |
Adjustments at Transition Date |  | AOCI |  | Retained Earnings
Liability for future policy benefits |  | $ | (499.3) |  |  | $ | (0.2) |
Deferred policy acquisition costs |  | 71.5 |  |  | — |
Market risk benefits |  | (1.3) |  |  | (5.4) |
Total |  | $ | (429.1) |  |  | $ | (5.6) |
The estimated range of impact from adoption to income after-tax for the years ended December 31, 2022 and 2021 is included in the table below:
($ in millions) |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
|  | low-end of range |  | high-end of range |  | low-end of range |  | high-end of range
Liability for future policy benefits |  | $ | 7 |  |  | $ | 17 |  |  | $ | 15 |  |  | $ | 25 |
Deferred policy acquisition costs |  | 8 |  |  | 10 |  |  | 3 |  |  | 4 |
Market risk benefits |  | 0 |  |  | 4 |  |  | 2 |  |  | 6 |
Total |  | $ | 15 |  |  | $ | 31 |  |  | $ | 20 |  |  | $ | 35 |
The estimated range of the inception to date impact from adoption to AOCI and retained earnings as of December 31, 2022 and 2021 is included in the table below:
($ in millions) |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
|  | low-end of range |  | high-end of range |  | low-end of range |  | high-end of range
Liability for future policy benefits |  | $ | 80 |  |  | $ | 100 |  |  | $ | (375) |  |  | $ | (355) |
Deferred policy acquisition costs |  | (83) |  |  | (79) |  |  | 58 |  |  | 62 |
Market risk benefits |  | (3) |  |  | 3 |  |  | (7) |  |  | (1) |
Total |  | $ | (6) |  |  | $ | 24 |  |  | $ | (324) |  |  | $ | (294) |

X
- Definition Adjustment to amortization expenses. + References No definition available. + Details
Name: | hmn_AdjustmentToAmortizationExpensesTableTextBlock
Namespace Prefix: | hmn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Deferred policy acquisition cost asset by segment. + References No definition available. + Details
Name: | hmn_DeferredPolicyAcquisitionCostAssetBySegmentTableTextBlock
Namespace Prefix: | hmn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition A table of investment contract and life policy reserves, shown as a text block. + References No definition available. + Details
Name: | hmn_InvestmentContractAndLifePolicyReservesTableTextBlock
Namespace Prefix: | hmn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of FHLB Funding Agreements + References No definition available. + Details
Name: | hmn_ScheduleOfFHLBFundingAgreementsTableTextBlock
Namespace Prefix: | hmn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of guaranteed minimum death benefit. + References No definition available. + Details
Name: | hmn_SummaryOfGuaranteedMinimumDeathBenefitTableTextBlock
Namespace Prefix: | hmn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e725-108305 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration