Horace Mann reported their third quarter earnings this week. No matter how HSBC spins their profitablility from emerging markets, Horace Mann discovered that the company’s exposure to HSBC North America Holdings resulted in a net loss. Horace Mann Educators Corporation is the largest U.S. multiline insurance company focusing on educators’ financial needs. The company is eligible for help from the TARP program, commonly called the ‘U.S. bailout.’
The company was exposed to twelve major banks and forty-five others. The quarterly report shows a loss for every one of them. Net unrealized investment losses on fixed maturity and equity securities increased from $4.8 million at December 31, 2007, to $105.9 million at June 30, 2008, and totaled $271.1 million at September 30, 2008.
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