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Kemper Corporation (NYSE: KMPR) will release its third quarter 2021 earnings on October 28, followed by a conference call at 5:00 p.m. Eastern. The results are expected to show pre-tax catastrophe losses of $30 million to $35 million due to Hurricane Ida, with anticipated after-tax losses of $24 million to $28 million. Additionally, Kemper plans to strengthen reserves for unpaid losses by $22 million to $27 million pre-tax. The earnings announcement will be available on the investor section of their website.
Positive
None.
Negative
Anticipated pre-tax catastrophe losses of $30 million to $35 million for Q3 2021, primarily from Hurricane Ida.
No recovery expected from reinsurance for these catastrophe losses.
Increase in litigated PIP claims leading to additional reserves of $22 million to $27 million pre-tax for Q3 2021.
CHICAGO--(BUSINESS WIRE)--
Kemper Corporation (NYSE: KMPR) announced today that after the markets close on Thursday, October 28, Kemper will issue its third quarter 2021 earnings release, financial supplement, and Form 10-Q. Following their publication, these documents will be available on the investor section of kemper.com.
Kemper will host its conference call to discuss third quarter 2021 results on Thursday, October 28, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at 844.200.6205, access code 208544.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.
Kemper also announced today that it anticipates its results will include pre-tax catastrophe losses ranging from $30 million to $35 million (approximately $24 million to $28 million after tax) for the quarter ending September 30, 2021, primarily related to Hurricane Ida and several wind/hail events. The company does not expect to recover any of these losses under its reinsurance programs.
Additionally, due to court rulings in the second quarter of 2021 related to Florida personal injury protection (“PIP”), Kemper has experienced a further increase in litigated PIP claims. Therefore, the company expects actual loss reserve development to exceed its historical expectations across most accident years. To account for this, Kemper intends to further strengthen its reserves for unpaid loss and loss adjustment expenses on prior accident years by an additional $22 million to $27 million pre-tax (approximately $17 million to $21 million after tax) for the quarter ending September 30, 2021.
About Kemper
The Kemper family of companies is one of the nation’s leading specialized insurers. With approximately $15 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, Life and Health brands. Kemper serves over 6.6 million policies, is represented by approximately 34,000 agents and brokers, and has approximately 10,000 associates dedicated to meeting the ever-changing needs of its customers.
