Kemper Reports Second Quarter 2024 Operating Results*
Kemper (NYSE: KMPR) reported a net income of $75.4 million, or $1.16 per diluted share, for Q2 2024, a significant improvement from a net loss of $97.1 million, or $(1.52) per share, in Q2 2023. The adjusted consolidated net operating income was $91.7 million, equivalent to $1.42 per diluted share, compared to a loss of $14.2 million, or $(0.22) per share, the previous year.
Key metrics include an 11.5% ROE and a 17.6% adjusted ROE. Specialty Property & Casualty (P&C) saw a 4.0 point sequential improvement in the underlying combined ratio, reaching 89.6%, and experienced a 4.6% growth in policies in force.
However, total revenues decreased by 10.5% to $1.13 billion, driven by lower new business volumes and a reduction in premiums in the Preferred Insurance business. Despite this, the company’s liquidity remains strong with $1.1 billion, and shareholders' equity increased by 7% to $2.67 billion.
Kemper (NYSE: KMPR) ha riportato un utile netto di 75,4 milioni di dollari, ovvero 1,16 dollari per azione diluita, per il secondo trimestre del 2024, un miglioramento significativo rispetto alla perdita netta di 97,1 milioni di dollari, o (1,52) dollari per azione, del secondo trimestre del 2023. L'utile operativo netto consolidato rettificato è stato di 91,7 milioni di dollari, equivalente a 1,42 dollari per azione diluita, rispetto a una perdita di 14,2 milioni di dollari, o (0,22) dollari per azione, dell'anno precedente.
I principali indicatori includono un ROE del 11,5% e un ROE rettificato del 17,6%. La divisione Property & Casualty ha registrato un miglioramento sequenziale di 4,0 punti nel rapporto combinato sottostante, arrivando all'89,6%, e ha visto una crescita del 4,6% nel numero di polizze attive.
Tuttavia, i ricavi totali sono diminuiti del 10,5%, scendendo a 1,13 miliardi di dollari, a causa della diminuzione dei volumi di nuovi affari e di una riduzione dei premi nel settore delle Assicurazioni Preferite. Nonostante ciò, la liquidità dell'azienda rimane robusta con 1,1 miliardi di dollari, e il patrimonio netto degli azionisti è aumentato del 7%, raggiungendo i 2,67 miliardi di dollari.
Kemper (NYSE: KMPR) reportó un ingreso neto de 75,4 millones de dólares, o 1,16 dólares por acción diluida, para el segundo trimestre de 2024, una mejora significativa con respecto a una pérdida neta de 97,1 millones de dólares, o (1,52) dólares por acción, en el segundo trimestre de 2023. El ingreso operativo neto consolidado ajustado fue de 91,7 millones de dólares, equivalente a 1,42 dólares por acción diluida, en comparación con una pérdida de 14,2 millones de dólares, o (0,22) dólares por acción, el año anterior.
Los métricas clave incluyen un ROE del 11,5% y un ROE ajustado del 17,6%. La división de Propiedad y Responsabilidad Civil (P&C) vio una mejora secuencial de 4,0 puntos en el ratio combinado subyacente, alcanzando el 89,6%, y experimentó un crecimiento del 4,6% en las pólizas vigentes.
Sin embargo, los ingresos totales disminuyeron un 10,5% a 1,13 mil millones, impulsados por menores volúmenes de nuevos negocios y una reducción en las primas del negocio de Seguros Preferidos. A pesar de esto, la liquidez de la empresa sigue siendo sólida con 1,1 mil millones de dólares, y el patrimonio de los accionistas aumentó un 7% a 2,67 mil millones de dólares.
Kemper (NYSE: KMPR)는 2024년 2분기 동안 7,540만 달러의 순이익, 즉 희석주당 1.16 달러를 보고했으며, 이는 2023년 2분기 순손실 9,710만 달러, 즉 주당 (1.52) 달러에서 상당한 개선을 나타냅니다. 조정된 consolidated 순영업이익은 9,170만 달러로, 희석주당 1.42 달러에 해당하며, 전년도에 비해 1,420만 달러의 손실, 즉 주당 (0.22) 달러에서 개선되었습니다.
주요 지표에는 11.5%의 ROE와 17.6%의 조정 ROE가 포함됩니다. 특수 재산 및 책임(P&C) 부문에서 89.6%에 도달하며, 아래의 결합 비율이 4.0 포인트 개선되었습니다. 또한 유효한 정책 수는 4.6% 증가하였습니다.
그러나 총 수익은 신규 사업량 감소와 프리미엄 보험 사업에서의 프리미엄 감소로 인해 10.5% 감소하여 11억 3천만 달러에 이릅니다. 그럼에도 불구하고 회사의 유동성은 11억 달러로 강력하며, 주주 자본은 7% 증가하여 26억 7천만 달러에 도달했습니다.
Kemper (NYSE: KMPR) a annoncé un bénéfice net de 75,4 millions de dollars, soit 1,16 dollar par action diluée, pour le deuxième trimestre 2024, une amélioration significative par rapport à une perte nette de 97,1 millions de dollars, soit (1,52) dollar par action, pour le deuxième trimestre 2023. Le bénéfice d'exploitation net consolidé ajusté s'est élevé à 91,7 millions de dollars, l'équivalent de 1,42 dollar par action diluée, contre une perte de 14,2 millions de dollars, soit (0,22) dollar par action, l'année précédente.
Les principaux indicateurs incluent un ROE de 11,5% et un ROE ajusté de 17,6%. Le secteur de l'assurance de biens et de responsabilité (P&C) a enregistré une amélioration séquentielle de 4,0 points du ratio combiné sous-jacent, atteignant 89,6%, et a connu une croissance de 4,6% des polices en vigueur.
Cependant, les revenus totaux ont diminué de 10,5% pour s'établir à 1,13 milliard de dollars, en raison de volumes de nouvelles affaires plus faibles et d'une réduction des primes dans le secteur des assurances privilégiées. Malgré cela, la liquidité de l'entreprise reste solide avec 1,1 milliard de dollars, et les capitaux propres des actionnaires ont augmenté de 7% pour atteindre 2,67 milliards de dollars.
Kemper (NYSE: KMPR) berichtete im zweiten Quartal 2024 von einem Nettogewinn von 75,4 Millionen US-Dollar oder 1,16 US-Dollar pro verwässerter Aktie, was eine bedeutende Verbesserung im Vergleich zu einem Nettoverlust von 97,1 Millionen US-Dollar oder (1,52) US-Dollar pro Aktie im zweiten Quartal 2023 darstellt. Das bereinigte konsolidierte Netto-Betriebsergebnis betrug 91,7 Millionen US-Dollar, was 1,42 US-Dollar pro verwässerter Aktie entspricht, im Vergleich zu einem Verlust von 14,2 Millionen US-Dollar oder (0,22) US-Dollar pro Aktie im Vorjahr.
Wichtige Kennzahlen sind eine Eigenkapitalrendite (ROE) von 11,5% und eine bereinigte ROE von 17,6%. Der Bereich Spezialimmobilien und Haftpflicht (P&C) verzeichnete eine Verbesserung des zugrunde liegenden kombinierte Verhältnisses um 4,0 Punkte und erreichte 89,6% sowie ein Wachstum von 4,6% bei den aktiven Policen.
Die Gesamterlöse sanken jedoch um 10,5% auf 1,13 Milliarden US-Dollar, was auf geringere Neugeschäftsvolumen und eine Reduzierung der Prämien im Bereich der bevorzugten Versicherungen zurückzuführen ist. Trotz dessen bleibt die Liquidität des Unternehmens mit 1,1 Milliarden US-Dollar stark, und das Eigenkapital der Aktionäre stieg um 7% auf 2,67 Milliarden US-Dollar.
- Net income of $75.4 million, up from a loss of $97.1 million.
- Adjusted consolidated net operating income of $91.7 million.
- 11.5% ROE and 17.6% adjusted ROE.
- Specialty P&C underlying combined ratio improved to 89.6%.
- 4.6% growth in policies in force for Specialty P&C.
- Shareholders' equity increased by 7% to $2.67 billion.
- Total revenues decreased by 10.5% to $1.13 billion.
- Life Insurance segment reported an adjusted net operating loss of $0.2 million.
- Decrease in net investment income for the Life Insurance segment.
Adjusted Consolidated Net Operating Income1 was
Key themes of the quarter include:
-
Profitability continued to improve sequentially generating an
11.5% ROE and a17.6% Adjusted ROE1 -
Specialty P&C underlying combined ratio1 improved 4.0 points sequentially to
89.6% , a 12.4 point improvement over 2Q’23 -
Specialty P&C achieved
4.6% sequential quarter PIF growth - Underlying business fundamentals in the Life business remain stable
-
Parent liquidity remains strong at
$1.1 billion
“I’m proud of the strong results and progress we achieved this quarter,” said Joseph P. Lacher, Jr., President and CEO. “Notably, we delivered a third straight quarter of operating profitability, a combined ratio well below our long-term target in our Specialty Auto business, and generated
*NOTE: In third quarter 2023, the Company finalized the establishment of Kemper Reciprocal, an
Unless specified otherwise, discussion of our second quarter 2024 results is focused on net income attributable to Kemper Corporation common shareholders, which does not include financial results from Kemper Reciprocal that are presented within the condensed consolidated financial results in this release.
1 Non-GAAP financial measure. All Non-GAAP financial measures are denoted with footnote 1 throughout this release. See “Use of Non-GAAP Financial Measures” for additional information. |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions, Except Per Share Amounts) (Unaudited) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
Net Income (Loss) |
|
$ |
75.4 |
|
|
$ |
(97.1 |
) |
|
$ |
146.7 |
|
|
$ |
(177.2 |
) |
Adjusted Consolidated Net Operating Income (Loss)1 |
|
$ |
91.7 |
|
|
$ |
(14.2 |
) |
|
$ |
161.4 |
|
|
$ |
(69.9 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income (Loss) |
|
$ |
(22.4 |
) |
|
$ |
(31.2 |
) |
|
$ |
(35.0 |
) |
|
$ |
(51.7 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Diluted Net Income (Loss) Per Share From: |
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) |
|
$ |
1.16 |
|
|
$ |
(1.52 |
) |
|
$ |
2.26 |
|
|
$ |
(2.77 |
) |
Adjusted Consolidated Net Operating Income (Loss)1 |
|
$ |
1.42 |
|
|
$ |
(0.22 |
) |
|
$ |
2.49 |
|
|
$ |
(1.09 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share |
|
$ |
(0.35 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.54 |
) |
|
$ |
(1.02 |
) |
Revenues
Total revenues for the second quarter of 2024 decreased
Segment Results
Unless otherwise noted, (i) the segment results discussed below are presented on an after-tax basis, (ii) prior-year development includes both catastrophe and non-catastrophe losses and LAE, (iii) catastrophe losses and LAE exclude the impact of prior-year development, (iv) loss ratio includes loss and LAE, and (v) all comparisons are made to the prior year quarter unless otherwise stated.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions) (Unaudited) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
Segment Adjusted Net Operating Income (Loss): |
|
|
|
|
|
|
|
|
||||||||
Specialty Property & Casualty Insurance |
|
$ |
102.3 |
|
|
$ |
(10.8 |
) |
|
$ |
171.5 |
|
|
$ |
(69.2 |
) |
Life Insurance |
|
|
(0.2 |
) |
|
|
8.9 |
|
|
|
11.7 |
|
|
|
22.1 |
|
Total Segment Adjusted Net Operating Income (Loss) |
|
|
102.1 |
|
|
|
(1.9 |
) |
|
|
183.2 |
|
|
|
(47.1 |
) |
Corporate and Other Adjusted Net Operating Loss |
|
|
(11.4 |
) |
|
|
(12.3 |
) |
|
|
(23.9 |
) |
|
|
(22.8 |
) |
Less: Net Loss attributable to Noncontrolling Interest |
|
|
(1.0 |
) |
|
|
— |
|
|
|
(2.1 |
) |
|
|
— |
|
Adjusted Consolidated Net Operating Income (Loss)1 |
|
|
91.7 |
|
|
|
(14.2 |
) |
|
|
161.4 |
|
|
|
(69.9 |
) |
Net (Loss) Income From: |
|
|
|
|
|
|
|
|
||||||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(1.0 |
) |
|
|
1.9 |
|
|
|
1.7 |
|
|
|
3.2 |
|
Net Realized Investment Gains (Losses) |
|
|
1.2 |
|
|
|
(12.5 |
) |
|
|
6.4 |
|
|
|
(7.4 |
) |
Impairment Losses |
|
|
(0.1 |
) |
|
|
(0.8 |
) |
|
|
(1.3 |
) |
|
|
0.9 |
|
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |
|
|
(5.1 |
) |
|
|
(23.3 |
) |
|
|
(15.2 |
) |
|
|
(46.3 |
) |
Debt Extinguishment, Pension Settlement and Other Charges |
|
|
2.1 |
|
|
|
— |
|
|
|
2.1 |
|
|
|
— |
|
Goodwill Impairment Charge |
|
|
— |
|
|
|
(45.5 |
) |
|
|
— |
|
|
|
(45.5 |
) |
Non-Core Operations |
|
|
(13.4 |
) |
|
|
(2.7 |
) |
|
|
(8.4 |
) |
|
|
(12.2 |
) |
Net Income (Loss) attributable to Kemper Corporation |
|
$ |
75.4 |
|
|
$ |
(97.1 |
) |
|
$ |
146.7 |
|
|
$ |
(177.2 |
) |
The Specialty Property and Casualty Insurance segment reported adjusted net operating income of
The Life Insurance segment reported adjusted net operating loss of
Capital
Total Kemper Corporation Shareholders’ Equity at the end of the quarter was
On May 1, 2024, Kemper announced that its Board of Directors declared a quarterly dividend of
Kemper ended the quarter with a book value per share of
Unaudited Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024 and 2023 are presented below.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions, Except Per Share Amounts) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Earned Premiums (Changes in Deferred Profit Liability for the Three Months Ended: 2024 - |
|
$ |
1,033.7 |
|
|
$ |
1,166.9 |
|
|
$ |
2,065.6 |
|
|
$ |
2,347.8 |
|
Net Investment Income |
|
|
93.0 |
|
|
|
106.3 |
|
|
|
193.4 |
|
|
|
208.1 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
0.6 |
|
|
|
0.8 |
|
|
|
1.0 |
|
|
|
1.5 |
|
Other Income |
|
|
2.4 |
|
|
|
1.7 |
|
|
|
4.2 |
|
|
|
2.9 |
|
Change in Fair Value of Equity and Convertible Securities |
|
|
(1.2 |
) |
|
|
2.4 |
|
|
|
2.2 |
|
|
|
4.1 |
|
Net Realized Investment Gains (Losses) |
|
|
1.5 |
|
|
|
(14.4 |
) |
|
|
8.1 |
|
|
|
(8.0 |
) |
Impairment Losses |
|
|
(0.1 |
) |
|
|
(0.9 |
) |
|
|
(1.6 |
) |
|
|
1.2 |
|
Total Revenues |
|
|
1,129.9 |
|
|
|
1,262.8 |
|
|
|
2,272.9 |
|
|
|
2,557.6 |
|
Expenses: |
|
|
|
|
|
|
|
|
||||||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits for the Three Months Ended: 2024 - |
|
|
744.4 |
|
|
|
984.7 |
|
|
|
1,500.4 |
|
|
|
2,036.7 |
|
Insurance Expenses |
|
|
244.3 |
|
|
|
266.1 |
|
|
|
485.0 |
|
|
|
535.4 |
|
Interest and Other Expenses |
|
|
49.3 |
|
|
|
78.3 |
|
|
|
109.0 |
|
|
|
155.7 |
|
Goodwill Impairment |
|
|
— |
|
|
|
49.6 |
|
|
|
— |
|
|
|
49.6 |
|
Total Expenses |
|
|
1,038.0 |
|
|
|
1,378.7 |
|
|
|
2,094.4 |
|
|
|
2,777.4 |
|
Income (Loss) before Income Taxes |
|
|
91.9 |
|
|
|
(115.9 |
) |
|
|
178.5 |
|
|
|
(219.8 |
) |
Income Tax (Expense) Benefit |
|
|
(17.5 |
) |
|
|
18.8 |
|
|
|
(33.9 |
) |
|
|
42.6 |
|
Net Income (Loss) |
|
|
74.4 |
|
|
|
(97.1 |
) |
|
$ |
144.6 |
|
|
$ |
(177.2 |
) |
Less: Net Loss attributable to Noncontrolling Interest |
|
|
(1.0 |
) |
|
|
— |
|
|
|
(2.1 |
) |
|
|
— |
|
Net Income (Loss) attributable to Kemper Corporation |
|
$ |
75.4 |
|
|
$ |
(97.1 |
) |
|
$ |
146.7 |
|
|
$ |
(177.2 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.17 |
|
|
$ |
(1.52 |
) |
|
$ |
2.28 |
|
|
$ |
(2.77 |
) |
Diluted |
|
$ |
1.16 |
|
|
$ |
(1.52 |
) |
|
$ |
2.26 |
|
|
$ |
(2.77 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average Outstanding (Shares in Thousands): |
|
|
|
|
|
|
|
|
||||||||
Unrestricted Shares - Basic |
|
|
64,395.0 |
|
|
|
64,008.5 |
|
|
|
64,324.7 |
|
|
|
63,977.7 |
|
Unrestricted Shares and Equivalent Shares - Diluted |
|
|
64,891.6 |
|
|
|
64,008.5 |
|
|
|
64,832.1 |
|
|
|
63,977.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends Paid to Shareholders per Share |
|
$ |
0.31 |
|
|
$ |
0.31 |
|
|
$ |
0.62 |
|
|
$ |
0.62 |
|
Unaudited business segment revenues for the three and six months ended June 30, 2024 and 2023 are presented below.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
REVENUES: |
|
|
|
|
|
|
|
|
||||||||
Specialty Property & Casualty Insurance: |
|
|
|
|
|
|
|
|
||||||||
Earned Premiums: |
|
|
|
|
|
|
|
|
||||||||
Personal Automobile |
|
$ |
691.5 |
|
|
$ |
766.6 |
|
|
$ |
1,366.8 |
|
|
$ |
1,554.5 |
|
Commercial Automobile |
|
|
171.1 |
|
|
|
165.7 |
|
|
|
335.8 |
|
|
|
322.0 |
|
Total Earned Premiums |
|
|
862.6 |
|
|
|
932.3 |
|
|
|
1,702.6 |
|
|
|
1,876.5 |
|
Net Investment Income |
|
|
46.6 |
|
|
|
44.5 |
|
|
|
87.7 |
|
|
|
83.0 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.6 |
|
|
|
0.8 |
|
Other Income |
|
|
1.3 |
|
|
|
0.7 |
|
|
|
2.4 |
|
|
|
1.6 |
|
Total Specialty Property & Casualty Insurance Revenues |
|
|
910.8 |
|
|
|
977.9 |
|
|
|
1,793.3 |
|
|
|
1,961.9 |
|
Life Insurance: |
|
|
|
|
|
|
|
|
||||||||
Earned Premiums: |
|
|
|
|
|
|
|
|
||||||||
Life |
|
|
84.4 |
|
|
|
84.8 |
|
|
|
165.0 |
|
|
|
167.0 |
|
Accident & Health |
|
|
5.6 |
|
|
|
5.8 |
|
|
|
11.2 |
|
|
|
11.7 |
|
Property |
|
|
10.8 |
|
|
|
11.6 |
|
|
|
21.9 |
|
|
|
22.8 |
|
Total Earned Premiums |
|
|
100.8 |
|
|
|
102.2 |
|
|
|
198.1 |
|
|
|
201.5 |
|
Net Investment Income |
|
|
30.5 |
|
|
|
47.1 |
|
|
|
74.8 |
|
|
|
96.9 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.4 |
|
Other Income (Loss) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
Total Life Insurance Revenues |
|
|
131.5 |
|
|
|
149.6 |
|
|
|
273.4 |
|
|
|
298.5 |
|
Total Segment Revenues |
|
|
1,042.3 |
|
|
|
1,127.5 |
|
|
|
2,066.7 |
|
|
|
2,260.4 |
|
Change in Fair Value of Equity and Convertible Securities |
|
|
(1.2 |
) |
|
|
2.4 |
|
|
|
2.2 |
|
|
|
4.1 |
|
Net Realized Investment Gains (Losses) |
|
|
1.5 |
|
|
|
(14.4 |
) |
|
|
8.1 |
|
|
|
(8.0 |
) |
Net Impairment Losses Recognized in Earnings |
|
|
(0.1 |
) |
|
|
(0.9 |
) |
|
|
(1.6 |
) |
|
|
1.2 |
|
Non-Core Operations |
|
|
83.8 |
|
|
|
145.7 |
|
|
|
190.0 |
|
|
|
293.7 |
|
Other |
|
|
3.6 |
|
|
|
2.5 |
|
|
|
7.5 |
|
|
|
6.2 |
|
Total Revenues |
|
$ |
1,129.9 |
|
|
$ |
1,262.8 |
|
|
$ |
2,272.9 |
|
|
$ |
2,557.6 |
|
|
||||||||||||||||
KEMPER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in Millions) (Unaudited) |
|||||
|
Jun 30,
|
|
Dec 31,
|
||
Assets: |
|
|
|
||
Investments: |
|
|
|
||
Fixed Maturities at Fair Value |
$ |
6,674.7 |
|
$ |
6,881.9 |
Equity Securities at Fair Value |
|
226.6 |
|
|
225.8 |
Equity Method Limited Liability Investments |
|
205.1 |
|
|
221.7 |
Alternative Energy Partnership Investments |
|
17.3 |
|
|
17.3 |
Short-term Investments at Cost which Approximates Fair Value |
|
539.1 |
|
|
520.9 |
Company-Owned Life Insurance |
|
523.3 |
|
|
513.5 |
Loans to Policyholders |
|
279.8 |
|
|
281.2 |
Other Investments |
|
202.4 |
|
|
241.9 |
Total Investments |
|
8,668.3 |
|
|
8,904.2 |
Cash |
|
107.4 |
|
|
64.1 |
Receivables from Policyholders |
|
988.0 |
|
|
959.5 |
Other Receivables |
|
191.5 |
|
|
200.5 |
Deferred Policy Acquisition Costs |
|
608.0 |
|
|
591.6 |
Goodwill |
|
1,250.7 |
|
|
1,250.7 |
Current Income Tax Assets |
|
56.5 |
|
|
64.5 |
Deferred Income Tax Assets |
|
185.0 |
|
|
210.4 |
Other Assets |
|
476.4 |
|
|
492.6 |
Assets of Consolidated Variable Interest Entity |
|
|
|
||
Fixed Maturities at Fair Value |
|
1.6 |
|
|
1.7 |
Short-term Investments at Cost which Approximates Fair Value |
|
4.8 |
|
|
2.0 |
Receivables from Policyholders |
|
5.2 |
|
|
0.7 |
Deferred Policy Acquisition Costs |
|
0.3 |
|
|
0.1 |
Other Assets |
|
— |
|
|
0.1 |
Total Assets |
$ |
12,544.3 |
|
$ |
12,742.7 |
|
|
|
|
||
KEMPER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (Dollars in Millions) (Unaudited) |
|||||||
|
Jun 30,
|
|
Dec 31,
|
||||
|
|
|
|
||||
Liabilities and Shareholders’ Equity: |
|
|
|
||||
Insurance Reserves: |
|
|
|
||||
Life & Health |
$ |
3,202.0 |
|
|
$ |
3,422.4 |
|
Property & Casualty |
|
2,567.2 |
|
|
|
2,680.5 |
|
Total Insurance Reserves |
|
5,769.2 |
|
|
|
6,102.9 |
|
Unearned Premiums |
|
1,301.5 |
|
|
|
1,300.8 |
|
Policyholder Obligations |
|
644.4 |
|
|
|
655.7 |
|
Deferred Income Tax Liabilities |
|
68.3 |
|
|
|
50.6 |
|
Accrued Expenses and Other Liabilities |
|
693.8 |
|
|
|
737.7 |
|
Long-term Debt, Current, at Amortized Cost |
|
449.8 |
|
|
|
— |
|
Long-term Debt, Non-current, at Amortized Cost |
|
940.6 |
|
|
|
1,389.2 |
|
Liabilities of Consolidated Variable Interest Entity |
|
|
|
||||
Insurance Reserves |
|
2.4 |
|
|
|
— |
|
Unearned Premiums |
|
4.9 |
|
|
|
0.5 |
|
Accrued Expenses and Other Liabilities |
|
0.1 |
|
|
|
0.3 |
|
Total Liabilities |
|
9,875.0 |
|
|
|
10,237.7 |
|
Kemper Corporation Shareholders’ Equity: |
|
|
|
||||
Common Stock |
|
6.4 |
|
|
|
6.4 |
|
Paid-in Capital |
|
1,860.9 |
|
|
|
1,845.3 |
|
Retained Earnings |
|
1,121.2 |
|
|
|
1,014.3 |
|
Accumulated Other Comprehensive Loss |
|
(317.3 |
) |
|
|
(360.8 |
) |
Total Kemper Corporation Shareholders’ Equity |
|
2,671.2 |
|
|
|
2,505.2 |
|
Noncontrolling Interest |
|
(1.9 |
) |
|
|
(0.2 |
) |
Total Shareholders’ Equity |
|
2,669.3 |
|
|
|
2,505.0 |
|
Total Liabilities and Shareholders’ Equity |
$ |
12,544.3 |
|
|
$ |
12,742.7 |
|
Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions) |
|
Jun 30,
|
|
Jun 30, 2023 |
|
Jun 30,
|
|
Jun 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Results of Operations |
||||||||||||||||
Net Premiums Written |
|
$ |
933.9 |
|
|
$ |
830.6 |
|
|
$ |
1,798.5 |
|
|
$ |
1,852.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earned Premiums |
|
$ |
862.6 |
|
|
$ |
932.3 |
|
|
$ |
1,702.6 |
|
|
$ |
1,876.5 |
|
Net Investment Income |
|
|
46.6 |
|
|
|
44.5 |
|
|
|
87.7 |
|
|
|
83.0 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.6 |
|
|
|
0.8 |
|
Other Income |
|
|
1.3 |
|
|
|
0.7 |
|
|
|
2.4 |
|
|
|
1.6 |
|
Total Revenues |
|
|
910.8 |
|
|
|
977.9 |
|
|
|
1,793.3 |
|
|
|
1,961.9 |
|
Incurred Losses and LAE related to: |
|
|
|
|
|
|
|
|
||||||||
Current Year: |
|
|
|
|
|
|
|
|
||||||||
Non-catastrophe Losses and LAE |
|
|
592.8 |
|
|
|
763.9 |
|
|
|
1,201.8 |
|
|
|
1,589.3 |
|
Catastrophe Losses and LAE |
|
|
10.3 |
|
|
|
17.4 |
|
|
|
14.4 |
|
|
|
25.8 |
|
Prior Years: |
|
|
|
|
|
|
|
|
||||||||
Non-catastrophe Losses and LAE |
|
|
(0.8 |
) |
|
|
25.0 |
|
|
|
4.5 |
|
|
|
56.6 |
|
Catastrophe Losses and LAE |
|
|
(0.1 |
) |
|
|
(0.9 |
) |
|
|
0.6 |
|
|
|
(1.4 |
) |
Total Incurred Losses and LAE |
|
|
602.2 |
|
|
|
805.4 |
|
|
|
1,221.3 |
|
|
|
1,670.3 |
|
Insurance Expenses |
|
|
180.7 |
|
|
|
187.5 |
|
|
|
357.6 |
|
|
|
381.3 |
|
Segment Adjusted Operating Income (Loss) |
|
|
127.9 |
|
|
|
(15.0 |
) |
|
|
214.4 |
|
|
|
(89.7 |
) |
Income Tax (Expense) Benefit |
|
|
(25.6 |
) |
|
|
4.2 |
|
|
|
(42.9 |
) |
|
|
20.5 |
|
Total Segment Adjusted Net Operating Income (Loss) |
|
$ |
102.3 |
|
|
$ |
(10.8 |
) |
|
$ |
171.5 |
|
|
$ |
(69.2 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Ratios Based On Earned Premiums |
||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
68.7 |
% |
|
|
81.9 |
% |
|
|
70.6 |
% |
|
|
84.7 |
% |
Current Year Catastrophe Losses and LAE Ratio |
|
|
1.2 |
|
|
|
1.9 |
|
|
|
0.8 |
|
|
|
1.4 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
(0.1 |
) |
|
|
2.7 |
|
|
|
0.3 |
|
|
|
3.0 |
|
Prior Years Catastrophe Losses and LAE Ratio |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Total Incurred Loss and LAE Ratio |
|
|
69.8 |
|
|
|
86.4 |
|
|
|
71.7 |
|
|
|
89.0 |
|
Insurance Expense Ratio |
|
|
20.9 |
|
|
|
20.1 |
|
|
|
21.0 |
|
|
|
20.3 |
|
Combined Ratio |
|
|
90.7 |
% |
|
|
106.5 |
% |
|
|
92.7 |
% |
|
|
109.3 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Underlying Combined Ratio1 |
||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
68.7 |
% |
|
|
81.9 |
% |
|
|
70.6 |
% |
|
|
84.7 |
% |
Insurance Expense Ratio |
|
|
20.9 |
|
|
|
20.1 |
|
|
|
21.0 |
|
|
|
20.3 |
|
Underlying Combined Ratio1 |
|
|
89.6 |
% |
|
|
102.0 |
% |
|
|
91.6 |
% |
|
|
105.0 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Measure Reconciliation |
||||||||||||||||
Combined Ratio |
|
|
90.7 |
% |
|
|
106.5 |
% |
|
|
92.7 |
% |
|
|
109.3 |
% |
Less: |
|
|
|
|
|
|
|
|
||||||||
Current Year Catastrophe Losses and LAE Ratio |
|
|
1.2 |
|
|
|
1.9 |
|
|
|
0.8 |
|
|
|
1.4 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
(0.1 |
) |
|
|
2.7 |
|
|
|
0.3 |
|
|
|
3.0 |
|
Prior Years Catastrophe Losses and LAE Ratio |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Underlying Combined Ratio1 |
|
|
89.6 |
% |
|
|
102.0 |
% |
|
|
91.6 |
% |
|
|
105.0 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Unaudited selected financial information for the Life Insurance segment follows.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Results of Operations |
||||||||||||||||
Earned Premiums |
|
$ |
100.8 |
|
|
$ |
102.2 |
|
|
$ |
198.1 |
|
|
$ |
201.5 |
|
Net Investment Income |
|
|
30.5 |
|
|
|
47.1 |
|
|
|
74.8 |
|
|
|
96.9 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.4 |
|
Other Income (Loss) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
Total Revenues |
|
|
131.5 |
|
|
|
149.6 |
|
|
|
273.4 |
|
|
|
298.5 |
|
Policyholders’ Benefits and Incurred Losses and LAE |
|
|
63.9 |
|
|
|
68.3 |
|
|
|
126.9 |
|
|
|
138.2 |
|
Insurance Expenses |
|
|
69.0 |
|
|
|
71.2 |
|
|
|
133.9 |
|
|
|
135.4 |
|
Segment Adjusted Operating (Loss) Income |
|
|
(1.4 |
) |
|
|
10.1 |
|
|
|
12.6 |
|
|
|
24.9 |
|
Income Tax Benefit (Expense) |
|
|
1.2 |
|
|
|
(1.2 |
) |
|
|
(0.9 |
) |
|
|
(2.8 |
) |
Total Segment Adjusted Net Operating (Loss) Income |
|
$ |
(0.2 |
) |
|
$ |
8.9 |
|
|
$ |
11.7 |
|
|
$ |
22.1 |
|
Use of Non-GAAP Financial Measures
Adjusted Consolidated Net Operating Income (Loss)1 is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) attributable to Kemper Corporation the after-tax impact of:
(i) Change in Fair Value of Equity and Convertible Securities;
(ii) Net Realized Investment Gains (Losses);
(iii) Impairment Losses;
(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;
(v) Debt Extinguishment, Pension Settlement and Other Charges;
(vi) Goodwill Impairment Charges;
(vii) Non-Core Operations; and
(viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations
Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation. There were no applicable significant non-recurring items that Kemper excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss)1 for the three and six months ended June 30, 2024 or 2023.
Kemper believes that Adjusted Consolidated Net Operating Income (Loss)1 provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) and Impairment Losses related to investments included in Kemper’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of Kemper’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by Kemper’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by Kemper, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of Kemper’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of Kemper’s businesses.
A reconciliation of Net Income (Loss) attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income (Loss)1 for the three and six months ended June 30, 2024 and 2023 is presented below.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions) (Unaudited) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
Net Income (Loss) attributable to Kemper Corporation |
|
$ |
75.4 |
|
|
$ |
(97.1 |
) |
|
$ |
146.7 |
|
|
$ |
(177.2 |
) |
Less Net (Loss) Income From: |
|
|
|
|
|
|
|
|
||||||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(1.0 |
) |
|
|
1.9 |
|
|
|
1.7 |
|
|
|
3.2 |
|
Net Realized Investment Gains (Losses) |
|
|
1.2 |
|
|
|
(12.5 |
) |
|
|
6.4 |
|
|
|
(7.4 |
) |
Impairment Losses |
|
|
(0.1 |
) |
|
|
(0.8 |
) |
|
|
(1.3 |
) |
|
|
0.9 |
|
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |
|
|
(5.1 |
) |
|
|
(23.3 |
) |
|
|
(15.2 |
) |
|
|
(46.3 |
) |
Debt Extinguishment, Pension Settlement and Other Charges |
|
|
2.1 |
|
|
|
— |
|
|
|
2.1 |
|
|
|
— |
|
Goodwill Impairment Charge |
|
|
— |
|
|
|
(45.5 |
) |
|
|
— |
|
|
|
(45.5 |
) |
Non-Core Operations |
|
|
(13.4 |
) |
|
|
(2.7 |
) |
|
|
(8.4 |
) |
|
|
(12.2 |
) |
Adjusted Consolidated Net Operating Income (Loss)1 |
|
$ |
91.7 |
|
|
$ |
(14.2 |
) |
|
$ |
161.4 |
|
|
$ |
(69.9 |
) |
Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1 is a non-GAAP financial measure computed by dividing Adjusted Net Operating Income (Loss)1 attributed to unrestricted shares by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net Loss per Unrestricted Share.
A reconciliation of Diluted Net Income (Loss) per Unrestricted Share to Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1 for the three and six months ended June 30, 2024 and 2023 is presented below.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Unaudited) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
Diluted Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share |
|
$ |
1.16 |
|
|
$ |
(1.52 |
) |
|
$ |
2.26 |
|
|
$ |
(2.77 |
) |
Less Net (Loss) Income per Unrestricted Share From: |
|
|
|
|
|
|
|
|
||||||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(0.02 |
) |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.05 |
|
Net Realized Investment Gains (Losses) |
|
|
0.02 |
|
|
|
(0.20 |
) |
|
|
0.10 |
|
|
|
(0.12 |
) |
Impairment Losses |
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
0.01 |
|
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |
|
|
(0.08 |
) |
|
|
(0.36 |
) |
|
|
(0.24 |
) |
|
|
(0.72 |
) |
Debt Extinguishment, Pension Settlement and Other Charges |
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Goodwill Impairment Charge |
|
|
— |
|
|
|
(0.71 |
) |
|
|
— |
|
|
|
(0.71 |
) |
Non-Core Operations |
|
|
(0.21 |
) |
|
|
(0.04 |
) |
|
|
(0.13 |
) |
|
|
(0.19 |
) |
Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1 |
|
$ |
1.42 |
|
|
$ |
(0.22 |
) |
|
$ |
2.49 |
|
|
$ |
(1.09 |
) |
Return on Adjusted Shareholders' Equity1 is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s net income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders’ Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. Kemper believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Return on Adjusted Shareholders’ Equity” metric was referred to as “Return on Tangible Shareholders’ Equity” in prior periods.
A reconciliation of Return on Shareholders’ Equity to Return on Adjusted Shareholders’ Equity1 is presented below:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Dollars in Millions) (Unaudited) |
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
|
Jun 30,
|
||||||||
Numerator: |
|
|
|
|
|
|
|
|
||||||||
Annualized Net Income (Loss) attributable to Kemper Corporation |
|
$ |
301.6 |
|
|
$ |
(388.4 |
) |
|
$ |
293.4 |
|
|
$ |
(354.4 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Denominator: |
|
|
|
|
|
|
|
|
||||||||
Average Shareholders' Equity2 |
|
$ |
2,630.5 |
|
|
$ |
2,579.6 |
|
|
$ |
2,588.7 |
|
|
$ |
2,609.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
Less: Average Net Unrealized Gains and Losses on Fixed Maturities |
|
|
652.2 |
|
|
|
607.3 |
|
|
|
612.7 |
|
|
|
643.9 |
|
Less: Average Change in Discount Rate on Future Life Policyholder Benefits |
|
|
(315.1 |
) |
|
|
(174.3 |
) |
|
|
(263.5 |
) |
|
|
(196.6 |
) |
Less: Average Goodwill |
|
|
(1,250.7 |
) |
|
|
(1,275.5 |
) |
|
|
(1,250.7 |
) |
|
|
(1,283.8 |
) |
Average Adjusted Shareholders' Equity2 |
|
$ |
1,716.9 |
|
|
$ |
1,737.1 |
|
|
$ |
1,687.2 |
|
|
$ |
1,773.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
Return on Shareholders' Equity: |
|
|
|
|
|
|
|
|
||||||||
Return on Shareholders' Equity |
|
|
11.5 |
% |
|
|
(15.1 |
)% |
|
|
11.3 |
% |
|
|
(13.6 |
)% |
Return on Adjusted Shareholders' Equity1 |
|
|
17.6 |
% |
|
|
(22.4 |
)% |
|
|
17.4 |
% |
|
|
(20.0 |
)% |
|
|
|
|
|
|
|
|
|
||||||||
2 Average shareholders' equity and average adjusted shareholders’ equity for the three and six months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average adjusted shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. |
||||||||||||||||
Underlying Combined Ratio1 is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.
Kemper believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in Kemper’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause Kemper’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of Kemper’s insurance products in the current period. Kemper believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing Kemper’s underwriting performance.
Adjusted Book Value Per Share1 is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. Kemper uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. Kemper believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Adjusted Book Value Per Share” metric was referred to as “Tangible Book Value Per Share” in prior periods.
A reconciliation of Book Value Per Share to Adjusted Book Value Per Share1 is presented below:
|
|
As of |
||||||
(Dollars and Shares in Millions Except Per Share Amounts) (Unaudited) |
|
Jun 30,
|
|
Dec 31, 2023 |
||||
Numerator: |
|
|
|
|
||||
Kemper Corporation Shareholders’ Equity |
|
$ |
2,671.2 |
|
|
$ |
2,505.2 |
|
|
|
|
|
|
||||
Less: Net Unrealized Gains and Losses on Fixed Maturities |
|
|
685.9 |
|
|
|
533.8 |
|
Less: Change in Discount Rate on Future Life Policyholder Benefits |
|
|
(358.0 |
) |
|
|
(160.6 |
) |
Less: Goodwill |
|
|
(1,250.7 |
) |
|
|
(1,250.7 |
) |
Adjusted Shareholders’ Equity |
|
$ |
1,748.4 |
|
|
$ |
1,627.7 |
|
|
|
|
|
|
||||
Denominator: |
|
|
|
|
||||
Common Shares Issued and Outstanding |
|
|
64.427 |
|
|
|
64.112 |
|
|
|
|
|
|
||||
Book Value Per Share: |
|
|
|
|
||||
Book Value Per Share |
|
$ |
41.46 |
|
|
$ |
39.08 |
|
|
|
|
|
|
||||
Less: Net Unrealized Gains and Losses on Fixed Maturities |
|
|
10.65 |
|
|
|
8.33 |
|
Less: Change in Discount Rate on Future Life Policyholder Benefits |
|
|
(5.56 |
) |
|
|
(2.51 |
) |
Less: Goodwill |
|
|
(19.41 |
) |
|
|
(19.51 |
) |
Adjusted Book Value Per Share1 |
|
$ |
27.14 |
|
|
$ |
25.39 |
|
Conference Call
Kemper will host its conference call to discuss second quarter 2024 results on Monday, August 5, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at 888.259.6580, conference ID 19792463. To listen via webcast, register online at the investor section of kemper.com at least 15 minutes prior to the webcast to download and install any necessary software.
A replay of the call will be available online at the investor section of kemper.com.
More detailed financial information can be found in Kemper’s Investor Financial Supplement and Earnings Call Presentation for the second quarter of 2024, which is available 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
Caution Regarding Forward-Looking Statements
This press release may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:
- changes in the frequency and severity of insurance claims;
- claim development and the process of estimating claim reserves;
- the impacts of inflation;
- changes in the interest rate environment;
- supply chain disruption;
- product demand and pricing;
- effects of governmental and regulatory actions;
- litigation outcomes and trends;
- investment risks;
- cybersecurity risks or incidents;
- impact of catastrophes; and
- other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).
Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805373453/en/
Investors: Michael Marinaccio, 312.661.4930 or investors@kemper.com
Media: Barbara Ciesemier, 312.661.4521 or bciesemier@kemper.com
Source: Kemper Corporation
FAQ
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