Kemper Announces Schedule for Fourth Quarter 2022 Earnings Release and Preliminary Results

Rhea-AI Summary

Kemper Corporation (NYSE: KMPR) will release its fourth quarter 2022 earnings on February 2, 2023, after market close. The preliminary results indicate a net loss between $50 million and $65 million, and an adjusted net operating loss of $25 million to $35 million. The company reported combined ratios for Kemper Auto at 109% and Kemper Personal Insurance at 111% for Q4. Notably, the fourth quarter was affected by increased claim reserves and prior-year reserve development losses totaling $8 million. Despite these challenges, there was a favorable prior year reserve development of $17 million for the year. A conference call is scheduled for February 2, 2023, at 5:00 PM Eastern.

Positive

• Favorable prior year reserve development of $17 million recorded for the year.

Negative

• Estimated net loss between $50 million and $65 million for Q4 2022.
• Estimated adjusted net operating loss of $25 million to $35 million.
• Kemper Auto Q4 combined ratio of 109%, representing adverse loss development.
• Kemper Personal Insurance Q4 combined ratio of 111%, reflecting adverse legal cost development.
• Preliminary unfavorable prior year reserve development of $8 million primarily due to increased costs.

CHICAGO--(BUSINESS WIRE)-- Kemper Corporation (NYSE: KMPR) today announced that after the markets close on Thursday, February 2, 2023, Kemper will issue its fourth quarter 2022 earnings release and financial supplement. The company expects to file its annual report on Form 10-K with the Securities and Exchange Commission approximately one week later. Following their publication, these documents will be available in the investor section of kemper.com.

PRELIMINARY RESULTS

Preliminary results for the fourth quarter of 2022 include an estimated net loss between $50 million and $65 million and an estimated adjusted consolidated net operating loss between $25 million and $35 million.

Estimated fourth quarter and full year recorded combined ratios are as follows:

Preliminary	Three months ended December 31, 2022	Twelve months ended December 31, 2022
Kemper Auto	109%	108%
Kemper Personal Insurance	111%	114%

• The fourth quarter of 2022 combined ratios were adversely impacted by increases in claim reserve for the first three quarters of 2022 and prior year claim reserve additions.
• The preliminary unfavorable prior year reserve development of $8 million in the fourth quarter was primarily driven by an increase in third party loss settlement costs, reduced salvage values, and an increase in Florida PIP defense costs.
• The Kemper Auto fourth quarter preliminary combined ratio of 109 percent includes $7 million of adverse loss and legal cost development for the first three quarters of 2022.
• The Kemper Personal Insurance fourth quarter preliminary combined ratio of 111 percent includes $3 million of adverse loss and legal cost development for the first three quarters of 2022.
• For the year, Kemper recorded preliminary favorable prior year reserve development of $17 million.
• Preliminary catastrophe losses for the fourth quarter 2022 were $9 million.

CONFERENCE CALL DETAILS

Kemper will host its conference call to discuss fourth quarter 2023 results on Thursday, February 2, 2023, at 5:00 pm Eastern (4:00 pm Central). The conference call will be accessible via the internet and by telephone at 844.200.6205, access code 906245. To listen via webcast, register online at the investor section of kemper.com at least 15 minutes prior to the webcast to install any necessary software. A replay of the webcast will be available online at the investor section of kemper.com.

ABOUT KEMPER

The Kemper family of companies is one of the nation's leading specialized insurers. With approximately $13 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Auto, Personal Insurance and Life brands. Kemper serves over six million policies, is represented by 33,500 agents and brokers, and has 10,100 associates dedicated to meeting the ever-changing needs of its customers. Learn more about Kemper.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230126005404/en/

Investors: Karen Guerra, 312.668.9720, investors@kemper.com

News Media: Barbara Ciesemier, 312.661.4521, bciesemier@kemper.com

Source: Kemper Corporation

FAQ

What were Kemper Corporation's earnings results for Q4 2022?

Kemper Corporation reported a preliminary net loss between $50 million and $65 million for Q4 2022.

What is the combined ratio for Kemper Auto in Q4 2022?

The preliminary combined ratio for Kemper Auto in Q4 2022 is 109%.

When will Kemper Corporation hold its conference call for Q4 2022 results?

Kemper Corporation will hold its conference call on February 2, 2023, at 5:00 PM Eastern.

What is the preliminary adjusted net operating loss for Kemper in Q4 2022?

The estimated adjusted net operating loss for Kemper in Q4 2022 is between $25 million and $35 million.

What factors contributed to the unfavorable prior year reserve development for Kemper?

The unfavorable prior year reserve development of $8 million was driven by increased third-party loss settlement costs and other factors.