kmpr-20250205

Exhibit 99.1


			Kemper Corporation 200 East Randolph Street Suite 3300 Chicago, IL 60601 kemper.com



Press Release

Kemper Reports Fourth Quarter 2024 Operating Results*

CHICAGO, February 5, 2025 — Kemper Corporation (NYSE: KMPR) reported net income of $97.4 million, or $1.51 per diluted share, for the fourth quarter of 2024, compared to net income of $51.4 million, or $0.80 per diluted share, for the fourth quarter of 2023.

Adjusted Consolidated Net Operating Income1 was $115.1 million, or $1.78 per diluted share, for the fourth quarter of 2024, compared to Adjusted Consolidated Net Operating Income1 of $50.5 million, or $0.78 per diluted share, for the fourth quarter of 2023.

Key themes of the quarter include:

•Delivered another quarter of strong operating and financial results

•Generated a 14.0% ROE and a 21.4% Adjusted ROE1 for the quarter; 11.9% and 18.3%, respectively, for FY’24

•Specialty P&C achieved 5.1% YoY (1.8% QoQ) PIF growth; 91.5% annual underlying combined ratio1 (91.7% quarterly)

•Life business continued to generate strong return on capital and distributable cash flows

•Parent liquidity remains strong at $1.3 billion; repurchased ~$14 million of stock, increased quarterly dividend, and retiring $450 million of senior notes due February 2025

“I’m pleased to report that we delivered very strong results for the year and even stronger results for the quarter,” said Joseph P. Lacher, Jr., President and CEO. “Our core businesses are performing very well, led by Specialty Auto’s operating results including solid policies in force growth and an underlying combined ratio outperforming long-term expectations. We further strengthened our balance sheet, providing us with ongoing financial flexibility. Our competitive advantages position us very well to continue to meet the needs of our underserved markets, grow our business, and deliver strong financial results.”

*Unless otherwise specified, discussion of our fourth 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. The results of Kemper Reciprocal are consolidated under US GAAP.

1Non-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				Year Ended
(Dollars in Millions, Except Per Share Amounts) (Unaudited)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Net Income (Loss)	$	97.4	$	51.4	$	317.8	$	(272.1)

Adjusted Consolidated Net Operating Income (Loss)1	$	115.1	$	50.5	$	381.5	$	(47.2)

Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income (Loss)	$	(4.3)	$	(8.3)	$	(51.6)	$	(76.4)

Diluted Net Income (Loss) Per Share From:
Net Income (Loss)	$	1.51	$	0.80	$	4.91	$	(4.25)

Adjusted Consolidated Net Operating Income (Loss)1	$	1.78	$	0.78	$	5.89	$	(0.74)

Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share	$	(0.07)	$	(0.16)	$	(0.80)	$	(1.51)

Revenues

Total revenues for the fourth quarter of 2024 decreased $0.4 million to $1,186.8 million compared to the fourth quarter of 2023 that included an $82.4 million reduction in earned premium from our Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the Preferred Insurance business, offset by an $89.2 million increase in Specialty Property & Casualty Insurance earned premiums resulting from higher new business volumes and higher average earned premium per exposure from rate increases.

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				Year Ended
(Dollars in Millions) (Unaudited)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Segment Adjusted Net Operating Income (Loss):
Specialty Property & Casualty Insurance	$	101.2	$	45.3	$	376.3	$	(57.1)
Life Insurance	23.5		15.0		50.2		51.8
Total Segment Adjusted Net Operating Income	124.7		60.3		426.5		(5.3)
Corporate and Other Adjusted Net Operating Loss	(11.3)		(9.9)		(50.3)		(42.1)
Less: Net Loss attributable to Noncontrolling Interest	(1.7)		(0.1)		(5.3)		(0.2)
Adjusted Consolidated Net Operating Income (Loss)1	115.1		50.5		381.5		(47.2)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	(2.0)		(1.8)		(2.1)		3.7
Net Realized Investment Gains (Losses)	3.1		15.6		10.4		(14.7)
Impairment Losses	(1.6)		(1.0)		(4.6)		(0.9)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(7.5)		(14.4)		(31.8)		(95.0)
Debt Extinguishment, Pension Settlement and Other Charges	(7.3)		—		(7.4)		(55.5)
Goodwill Impairment Charge	—		—		—		(45.5)
Non-Core Operations	(2.4)		2.5		(28.2)		(17.0)

Net Income (Loss) attributable to Kemper Corporation	$	97.4	$	51.4	$	317.8	$	(272.1)

The Specialty Property and Casualty Insurance segment reported adjusted net operating income of $101.2 million for the fourth quarter of 2024, compared to adjusted net operating income of $45.3 million in the fourth quarter of 2023. This increase was due primarily to an improvement in the Underlying Combined Ratio1. The segment’s Underlying Combined Ratio1 was 91.7 percent compared to 98.2 percent in the fourth quarter of 2023. The improvement was primarily driven by higher average earned premiums per exposure resulting from rate increases and lower underlying claim frequency.

The Life Insurance segment reported adjusted net operating income of $23.5 million for the fourth quarter of 2024, compared to adjusted net operating income of $15.0 million in the fourth quarter of 2023, primarily driven by favorable mortality experience from life insurance products.

Capital

Total Kemper Corporation Shareholders’ Equity as of December 31, 2024 was $2,788.4 million, an increase of $283.2 million, or 11 percent, since year-end 2023 primarily driven by net income for the year. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $547.6 million, and $512.0 million of available borrowing capacity under the revolving credit agreement.

On November 7, 2024, Kemper announced that its Board of Directors declared a quarterly dividend of $0.31 per share, or $20.0 million. The dividend was paid on December 4, 2024, to its shareholders of record as of November 18, 2024.

Kemper ended the year with a book value per share of $43.68, an increase of 12 percent from $39.08 at the end of 2023. Adjusted book value per share1 was $29.04 at the end of the year, compared to $25.39 at the end of 2023.

Unaudited Condensed Consolidated Statements of Income (Loss) for the three months and year ended December 31, 2024 and 2023 are presented below.


	Three Months Ended				Year Ended
(Dollars in Millions, Except Per Share Amounts)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Revenues:
Earned Premiums1	$	1,081.8	$	1,063.8	$	4,215.9	$	4,529.4
Net Investment Income	103.0		104.6		407.5		419.7
Change in Value of Alternative Energy Partnership Investments	0.8		0.6		2.3		2.9
Other Income	1.8		1.9		8.2		7.2
Change in Fair Value of Equity and Convertible Securities	(2.6)		(2.2)		(2.7)		4.7
Net Realized Investment Gains (Losses)	4.0		19.7		13.2		(18.6)



Impairment Losses	(2.0)		(1.2)		(5.8)		(1.1)
Total Revenues	1,186.8		1,187.2		4,638.6		4,944.2
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses2	743.4		808.1		3,013.1		3,820.0
Insurance and Other Expenses	309.5		301.7		1,180.1		1,365.6

Interest Expense	14.6		13.9		56.9		56.1
Goodwill Impairment	—		—		—		49.6
Total Expenses	1,067.5		1,123.7		4,250.1		5,291.3
Income (Loss) before Income Taxes	119.3		63.5		388.5		(347.1)
Income Tax Expense (Benefit)	23.6		12.2		76.0		(74.8)
Net Income (Loss)	95.7		51.3		312.5		(272.3)




Less: Net Loss attributable to Noncontrolling Interest	(1.7)		(0.1)		(5.3)		(0.2)
Net Income (Loss) attributable to Kemper Corporation	$	97.4	$	51.4	$	317.8	$	(272.1)

Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic	$	1.52	$	0.80	$	4.95	$	(4.25)
Diluted	$	1.51	$	0.80	$	4.91	$	(4.25)

Weighted-average Outstanding (Shares in Thousands):
Unrestricted Shares - Basic	63,858.6		64,088.3		64,179.5		64,025.6
Unrestricted Shares and Equivalent Shares - Diluted	64,631.8		64,566.0		64,776.0		64,025.6

Dividends Paid to Shareholders per Share	$	0.31	$	0.31	$	1.24	$	1.24

1 Includes a remeasurement loss related to the deferred profit liability within the Life Insurance business of $6.0 million and $7.2 million for the three months and year ended December 31, 2024, respectively, and a remeasurement loss of $17.3 million and $19.1 million for the three months and year ended December 31, 2023, respectively.
2 Includes a remeasurement gain related to the liability for future policyholder benefits within the Life Insurance business of $16.5 million and $19.2 million for the three months and year ended December 31, 2024, respectively, and a remeasurement gain of $27.2 million and $30.3 million for the three months and year ended December 31, 2023, respectively.

Unaudited business segment revenues for the three months and year ended December 31, 2024 and 2023 are presented below.


	Three Months Ended				Year Ended
(Dollars in Millions)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
REVENUES:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile	$	753.3	$	699.3	$	2,851.4	$	2,977.8
Commercial Automobile	201.5		166.3		725.0		654.7
Total Earned Premiums	954.8		865.6		3,576.4		3,632.5
Net Investment Income	49.9		42.6		189.6		168.3
Change in Value of Alternative Energy Partnership Investments	0.6		0.3		1.4		1.6
Other Income	0.9		1.3		4.7		4.5
Total Specialty Property & Casualty Insurance Revenues	1,006.2		909.8		3,772.1		3,806.9
Life Insurance:
Earned Premiums:
Life1	78.9		67.3		328.1		319.2
Accident & Health	5.5		5.6		22.3		23.1
Property	10.8		11.1		43.5		45.3
Total Earned Premiums	95.2		84.0		393.9		387.6
Net Investment Income	45.5		47.1		170.6		193.4
Change in Value of Alternative Energy Partnership Investments	0.2		0.1		0.6		0.7
Other Income (Loss)	0.2		0.2		0.5		(0.2)
Total Life Insurance Revenues	141.1		131.4		565.6		581.5
Total Segment Revenues	1,147.3		1,041.2		4,337.7		4,388.4
Change in Fair Value of Equity and Convertible Securities	(2.6)		(2.2)		(2.7)		4.7
Net Realized Investment Gains (Losses)	4.0		19.7		13.2		(18.6)
Net Impairment Losses Recognized in Earnings	(2.0)		(1.2)		(5.8)		(1.1)
Non-Core Operations	37.6		126.7		282.4		558.4
Other Income	2.5		3.0		13.8		12.4









Total Revenues	$	1,186.8	$	1,187.2	$	4,638.6	$	4,944.2

1 Earned premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $4.8 million in the fourth quarter and full year 2024 and decreased earned premiums by $15.0 million in the fourth quarter and full year 2023.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024		Dec 31, 2023
Assets:
Investments:
Fixed Maturities at Fair Value	$	6,409.6	$	6,881.9
Equity Securities at Fair Value	218.5		225.8
Equity Method Limited Liability Investments	186.3		221.7
Alternative Energy Partnership Investments	17.6		17.3
Short-term Investments at Cost which Approximates Fair Value	1,037.1		520.9
Company-Owned Life Insurance	539.2		513.5
Loans to Policyholders	280.7		281.2
Other Investments	199.5		241.9
Total Investments	8,888.5		8,904.2
Cash	64.4		64.1
Receivables from Policyholders	977.9		959.5
Other Receivables	185.7		200.5
Deferred Policy Acquisition Costs	628.9		591.6
Goodwill	1,250.7		1,250.7
Current Income Tax Assets	63.4		64.5
Deferred Income Tax Assets	93.3		210.4

Other Assets	436.1		492.6
Assets of Consolidated Variable Interest Entity
Fixed Maturities at Fair Value	1.7		1.7

Short-term Investments at Cost which Approximates Fair Value	28.0		2.0
Receivables from Policyholders	8.2		0.7
Deferred Policy Acquisition Costs	1.1		0.1
Deferred Income Tax Assets	1.5		—
Other Assets	—		0.1
Total Assets	$	12,630.4	$	12,742.7

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024		Dec 31, 2023

Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life & Health	$	3,199.7	$	3,422.4
Property & Casualty	2,611.9		2,680.5
Total Insurance Reserves	5,811.6		6,102.9
Unearned Premiums	1,264.1		1,300.8
Policyholder Obligations	637.7		655.7
Deferred Income Tax Liabilities	14.8		50.6

Accrued Expenses and Other Liabilities	705.2		737.7
Long-term Debt, Current, at Amortized Cost	449.9		—
Long-term Debt, Non-current, at Amortized Cost	941.7		1,389.2
Liabilities of Consolidated Variable Interest Entity
Insurance Reserves	9.4		—
Unearned Premiums	11.2		0.5
Accrued Expenses and Other Liabilities	0.5		0.3
Total Liabilities	9,846.1		10,237.7
Kemper Corporation Shareholders’ Equity:
Common Stock	6.4		6.4
Paid-in Capital	1,854.9		1,845.3
Retained Earnings	1,231.6		1,014.3
Accumulated Other Comprehensive Loss	(304.5)		(360.8)
Total Kemper Corporation Shareholders’ Equity	2,788.4		2,505.2
Noncontrolling Interest	(4.1)		(0.2)
Total Shareholders’ Equity	2,784.3		2,505.0
Total Liabilities and Shareholders’ Equity	$	12,630.4	$	12,742.7

Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.


	Three Months Ended						Year Ended
(Dollars in Millions)	Dec 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023

Results of Operations
Net Premiums Written	$	948.9		$	719.7		$	3,685.4		$	3,305.4





Earned Premiums	$	954.8		$	865.6		$	3,576.4		$	3,632.5
Net Investment Income	49.9			42.6			189.6			168.3
Change in Value of Alternative Energy Partnership Investments	0.6			0.3			1.4			1.6
Other Income	0.9			1.3			4.7			4.5
Total Revenues	1,006.2			909.8			3,772.1			3,806.9
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	668.8			673.1			2,514.8			2,974.5
Catastrophe Losses and LAE	1.9			2.5			19.9			34.5
Prior Years:
Non-catastrophe Losses and LAE	1.9			(0.2)			6.3			135.2
Catastrophe Losses and LAE	(0.1)			0.1			0.7			(2.3)
Total Incurred Losses and LAE	672.5			675.5			2,541.7			3,141.9
Insurance Expenses	207.0			177.7			759.5			741.3

Segment Adjusted Operating Income (Loss)	126.7			56.6			470.9			(76.3)
Income Tax Expense (Benefit)	25.5			11.3			94.6			(19.2)
Total Segment Adjusted Net Operating Income (Loss)	$	101.2		$	45.3		$	376.3		$	(57.1)

Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	70.0		%	77.7		%	70.3		%	82.0		%
Current Year Catastrophe Losses and LAE Ratio	0.2			0.3			0.6			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.2			—			0.2			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			—			—			(0.1)
Total Incurred Loss and LAE Ratio	70.4			78.0			71.1			86.5
Insurance Expense Ratio	21.7			20.5			21.2			20.4
Combined Ratio	92.1		%	98.5		%	92.3		%	106.9		%

Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	70.0		%	77.7		%	70.3		%	82.0		%
Insurance Expense Ratio	21.7			20.5			21.2			20.4
Underlying Combined Ratio1	91.7		%	98.2		%	91.5		%	102.4		%

Non-GAAP Measure Reconciliation
Combined Ratio	92.1		%	98.5		%	92.3		%	106.9		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.2			0.3			0.6			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.2			—			0.2			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			—			—			(0.1)
Underlying Combined Ratio1	91.7		%	98.2		%	91.5		%	102.4		%

Unaudited selected financial information for the Life Insurance segment follows.


	Three Months Ended				Year Ended
(Dollars in Millions)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023

Results of Operations





Earned Premiums	$	95.2	$	84.0	$	393.9	$	387.6
Net Investment Income	45.5		47.1		170.6		193.4
Change in Value of Alternative Energy Partnership Investments	0.2		0.1		0.6		0.7
Other Income (Loss)	0.2		0.2		0.5		(0.2)
Total Revenues	141.1		131.4		565.6		581.5
Policyholders’ Benefits and Incurred Losses and LAE	43.5		40.5		234.5		243.4
Insurance Expenses	69.2		71.0		272.1		275.8
Segment Adjusted Operating Income	28.4		19.9		59.0		62.3
Income Tax Expense	4.9		4.9		8.8		10.5
Total Segment Adjusted Net Operating Income	$	23.5	$	15.0	$	50.2	$	51.8

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 months and year ended December 31, 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 months and year ended December 31, 2024 and 2023 is presented below.


	Three Months Ended				Year Ended
(Dollars in Millions) (Unaudited)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023


Net Income (Loss) attributable to Kemper Corporation	$	97.4	$	51.4	$	317.8	$	(272.1)
Less Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(2.0)		(1.8)		(2.1)		3.7
Net Realized Investment Gains (Losses)	3.1		15.6		10.4		(14.7)
Impairment Losses	(1.6)		(1.0)		(4.6)		(0.9)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(7.5)		(14.4)		(31.8)		(95.0)
Debt Extinguishment, Pension Settlement and Other Charges	(7.3)		—		(7.4)		(55.5)
Goodwill Impairment Charge	—		—		—		(45.5)
Non-Core Operations	(2.4)		2.5		(28.2)		(17.0)

Adjusted Consolidated Net Operating Income (Loss)1	$	115.1	$	50.5	$	381.5	$	(47.2)

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 months and year ended December 31, 2024 and 2023 is presented below.


	Three Months Ended				Year Ended
(Unaudited)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Diluted Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share	$	1.51	$	0.80	$	4.91	$	(4.25)
Less Net (Loss) Income per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities	(0.03)		(0.03)		(0.03)		0.06
Net Realized Investment Gains (Losses)	0.06		0.24		0.18		(0.23)
Impairment Losses	(0.03)		(0.01)		(0.08)		(0.01)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(0.12)		(0.22)		(0.50)		(1.49)
Debt Extinguishment, Pension Settlement and Other Charges	(0.11)		—		(0.11)		(0.87)
Goodwill Impairment Charge	—		—		—		(0.71)
Non-Core Operations	(0.04)		0.04		(0.44)		(0.26)

Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1	$	1.78	$	0.78	$	5.89	$	(0.74)

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				Year Ended
(Dollars in Millions) (Unaudited)	Dec 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation	$	389.6	$	205.6	$	317.8	$	(272.1)

Denominator:
Average Shareholders' Equity2	$	2,780.9	$	2,433.3	$	2,665.6	$	2,539.2

Less: Average Net Unrealized Losses on Fixed Maturities	576.1		716.9		598.1		673.1
Less: Average Change in Discount Rate on Future Life Policyholder Benefits	(286.6)		(286.7)		(272.8)		(232.6)
Less: Average Goodwill	(1,250.7)		(1,250.7)		(1,250.7)		(1,270.5)
Average Adjusted Shareholders' Equity2	$	1,819.7	$	1,652.8	$	1,740.2	$	1,709.2

Return on Shareholders' Equity:
Return on Shareholders' Equity	14.0%		8.4%		11.9%		(10.7)%
Return on Adjusted Shareholders' Equity1	21.4%		12.7%		18.3%		(15.9)%

2 Average shareholders' equity and average adjusted shareholders’ equity for the three months and year 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)	Dec 31, 2024		Dec 31, 2023
Numerator:
Kemper Corporation Shareholders’ Equity	$	2,788.4	$	2,505.2

Less: Net Unrealized Losses on Fixed Maturities	696.5		533.8
Less: Change in Discount Rate on Future Life Policyholder Benefits	(380.3)		(160.6)
Less: Goodwill	(1,250.7)		(1,250.7)
Adjusted Shareholders’ Equity	$	1,853.9	$	1,627.7

Denominator:
Common Shares Issued and Outstanding	63.840		64.112

Book Value Per Share:
Book Value Per Share	$	43.68	$	39.08

Less: Net Unrealized Losses on Fixed Maturities	10.91		8.33
Less: Change in Discount Rate on Future Life Policyholder Benefits	(5.96)		(2.51)
Less: Goodwill	(19.59)		(19.51)
Adjusted Book Value Per Share1	$	29.04	$	25.39

Conference Call

Kemper will host its conference call to discuss fourth quarter 2024 results on Wednesday, February 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 79586. 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 fourth 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 $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 Kemper Auto and Kemper Life brands. Kemper serves over 4.7 million policies, is represented by approximately 22,200 agents and brokers, and has approximately 7,400 associates dedicated to meeting the ever-changing needs of its customers.

Learn more about Kemper at kemper.com.

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.

###


Contacts
Investors: Michael Marinaccio			312.661.4930 or [email protected]
Media: Barbara Ciesemier			312.661.4521 or [email protected]

Investor Supplement

Fourth Quarter 2024

Caution Regarding Forward-Looking Statements

This Investor Supplement 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”).

Non-GAAP Financial Measures

This document contains non-GAAP financial measures to analyze the Company’s operating performance for the periods presented. Because the Company’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. For detailed disclosures on non-GAAP financial measures please refer to the “Definitions of Non-GAAP Financial Measures” on pages 29-32.

Kemper Corporation

Investor Supplement

Fourth Quarter 2024

Table of Contents



			Page

Consolidated Financial Highlights			3-4
Consolidated Statements of Income (Loss)			5
Consolidated Balance Sheets			6-7
Consolidated Statements of Cash Flows			8-9
Capital Metrics			10
Debt Outstanding, Federal Home Loan Bank Advances and Ratings			11
Adjusted Segment Summary Results:
Revenues			12
Adjusted Operating Income (Loss)			13
Adjusted Net Operating Income (Loss)			13
Catastrophe Frequency and Severity			14-15
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information			16-17
Personal Automobile Insurance			18
Commercial Automobile Insurance			19





Life Insurance Segment - Results of Operations and Selected Financial Information			20-21



Expenses			22
Details of Investment Performance			23
Details of Invested Assets			24-25
Investment Concentration			26
Municipal Bond Securities			27
Investments in Limited Liability Companies and Limited Partnerships			28
Definitions of Non-GAAP Financial Measures			29-32


Kemper Corporation Consolidated Financial Highlights (Dollars in Millions, Except Per Share Amounts) (Unaudited)

	Three Months Ended																								Year Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2024			Dec 31, 2023
For Period Ended
Earned Premiums	$	1,081.8		$	1,068.5		$	1,033.7		$	1,031.9		$	1,063.8		$	1,117.8		$	1,166.9		$	1,180.9		$	4,215.9		$	4,529.4

Net Investment Income	103.0			111.1			93.0			100.4			104.6			107.0			106.3			101.8			407.5			419.7
Change in Value of Alternative Energy Partnership Investments	0.8			0.5			0.6			0.4			0.6			0.8			0.8			0.7			2.3			2.9
Other Income	1.8			2.2			2.4			1.8			1.9			2.4			1.7			1.2			8.2			7.2
Change in Fair Value of Equity and Convertible Securities	(2.6)			(2.3)			(1.2)			3.4			(2.2)			2.8			2.4			1.7			(2.7)			4.7
Net Realized Investment Gains (Losses)	2.0			(1.1)			1.4			5.1			18.5			(31.4)			(15.3)			8.5			7.4			(19.7)

Investment and Other Income	105.0			110.4			96.2			111.1			123.4			81.6			95.9			113.9			422.7			414.8
Total Revenues	$	1,186.8		$	1,178.9		$	1,129.9		$	1,143.0		$	1,187.2		$	1,199.4		$	1,262.8		$	1,294.8		$	4,638.6		$	4,944.2


Net Income (Loss)	$	95.7		$	72.2		$	74.4		$	70.2		$	51.3		$	(146.4)		$	(97.1)		$	(80.1)		$	312.5		$	(272.3)
Less: Net Loss attributable to Noncontrolling Interest	(1.7)			(1.5)			(1.0)			(1.1)			(0.1)			(0.1)			—			—			(5.3)			(0.2)
Net Income (Loss) attributable to Kemper Corporation	$	97.4		$	73.7		$	75.4		$	71.3		$	51.4		$	(146.3)		$	(97.1)		$	(80.1)		$	317.8		$	(272.1)



Adjusted Consolidated Net Operating Income (Loss)1	$	115.1		$	105.0		$	91.7		$	69.7		$	50.5		$	(27.8)		$	(14.2)		$	(55.7)		$	381.5		$	(47.2)

Per Unrestricted Common Share Amounts:
Basic:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:	$	1.52		$	1.15		$	1.17		$	1.11		$	0.80		$	(2.28)		$	(1.52)		$	(1.25)		$	4.95		$	(4.25)

Adjusted Consolidated Net Operating Income (Loss)1	$	1.81		$	1.63		$	1.43		$	1.08		$	0.79		$	(0.44)		$	(0.22)		$	(0.87)		$	5.95		$	(0.74)
Diluted:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:	$	1.51		$	1.14		$	1.16		$	1.10		$	0.80		$	(2.28)		$	(1.52)		$	(1.25)		$	4.91		$	(4.25)

Adjusted Consolidated Net Operating Income (Loss)1	$	1.78		$	1.62		$	1.42		$	1.07		$	0.78		$	(0.44)		$	(0.22)		$	(0.87)		$	5.89		$	(0.74)


Dividends Paid to Shareholders Per Share	$	0.31		$	0.31		$	0.31		$	0.31		$	0.31		$	0.31		$	0.31		$	0.31		$	1.24		$	1.24

Return on Shareholders' Equity	14.0		%	10.8		%	11.5		%	11.2		%	8.4		%	(24.0)		%	(15.1)		%	(12.1)		%	11.9		%	(10.7)		%
Return on Adjusted Shareholders' Equity1	21.4		%	16.7		%	17.6		%	17.2		%	12.7		%	(35.4)		%	(22.4)		%	(17.7)		%	18.3		%	(15.9)		%

1Non-GAAP Financial Measure. See pages 29-32 for definition.


Kemper Corporation Consolidated Financial Highlights (Dollars in Millions, Except Per Share Amounts) (Unaudited)


	As of
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
At Period End
Total Assets	$	12,630.4		$	12,873.0		$	12,544.3		$	12,625.9		$	12,742.7		$	12,549.3		$	13,096.3		$	13,403.7
Insurance Reserves	$	5,811.6		$	6,012.7		$	5,769.2		$	5,891.5		$	6,102.9		$	5,822.6		$	6,043.9		$	6,120.7
Debt	$	1,391.6		$	1,390.9		$	1,390.4		$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5
Kemper Corporation Shareholders’ Equity	$	2,788.4		$	2,773.3		$	2,671.2		$	2,589.8		$	2,505.2		$	2,361.3		$	2,512.2		$	2,646.9




Book Value Per Share2	$	43.68		$	43.30		$	41.46		$	40.24		$	39.08		$	36.85		$	39.22		$	41.37


Adjusted Book Value Per Share1,2	$	29.04		$	27.88		$	27.14		$	26.19		$	25.39		$	24.94		$	26.66		$	27.61
Debt to Total Capitalization2	33.3		%	33.4		%	34.2		%	34.9		%	35.7		%	37.0		%	35.6		%	34.4		%

1Non-GAAP Financial Measure. See pages 29-32 for definition.
2See Capital Metrics on page 10 for detail calculations.

Kemper Corporation

Consolidated Statements of Income (Loss)

(Dollars in Millions, Except Per Share Amounts)

(Unaudited)


	Three Months Ended																Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023
Revenues:
Earned Premiums	$	1,081.8	$	1,068.5	$	1,033.7	$	1,031.9	$	1,063.8	$	1,117.8	$	1,166.9	$	1,180.9	$	4,215.9	$	4,529.4
Net Investment Income	103.0		111.1		93.0		100.4		104.6		107.0		106.3		101.8		407.5		419.7
Change in Value of Alternative Energy Partnership Investments	0.8		0.5		0.6		0.4		0.6		0.8		0.8		0.7		2.3		2.9
Other Income	1.8		2.2		2.4		1.8		1.9		2.4		1.7		1.2		8.2		7.2
Change in Fair Value of Equity and Convertible Securities	(2.6)		(2.3)		(1.2)		3.4		(2.2)		2.8		2.4		1.7		(2.7)		4.7
Net Realized Investment Gains (Losses)	4.0		1.1		1.5		6.6		19.7		(30.3)		(14.4)		6.4		13.2		(18.6)



Impairment Losses	(2.0)		(2.2)		(0.1)		(1.5)		(1.2)		(1.1)		(0.9)		2.1		(5.8)		(1.1)
Total Revenues	1,186.8		1,178.9		1,129.9		1,143.0		1,187.2		1,199.4		1,262.8		1,294.8		4,638.6		4,944.2
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses	743.4		769.3		744.4		756.0		808.1		975.2		984.7		1,052.0		3,013.1		3,820.0
Insurance and Other Expenses	309.5		304.5		279.7		286.4		301.7		400.9		330.4		332.6		1,180.1		1,365.6

Interest Expense	14.6		14.4		13.9		14.0		13.9		14.1		14.0		14.1		56.9		56.1
Goodwill Impairment	—		—		—		—		—		—		49.6		—		—		49.6
Total Expenses	1,067.5		1,088.2		1,038.0		1,056.4		1,123.7		1,390.2		1,378.7		1,398.7		4,250.1		5,291.3
Income (Loss) before Income Taxes	119.3		90.7		91.9		86.6		63.5		(190.8)		(115.9)		(103.9)		388.5		(347.1)
Income Tax Expense (Benefit)	23.6		18.5		17.5		16.4		12.2		(44.4)		(18.8)		(23.8)		76.0		(74.8)







Net Income (Loss)	95.7		72.2		74.4		70.2		51.3		(146.4)		(97.1)		(80.1)		312.5		(272.3)
Less: Net Loss attributable to Noncontrolling Interest	(1.7)		(1.5)		(1.0)		(1.1)		(0.1)		(0.1)		—		—		(5.3)		(0.2)
Net Income (Loss) attributable to Kemper Corporation	$	97.4	$	73.7	$	75.4	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)	$	317.8	$	(272.1)

Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic	$	1.52	$	1.15	$	1.17	$	1.11	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)	$	4.95	$	(4.25)
Diluted	$	1.51	$	1.14	$	1.16	$	1.10	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)	$	4.91	$	(4.25)



Dividends Paid to Shareholders Per Share	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31	$	1.24	$	1.24
Weighted Average Unrestricted Common Shares Outstanding (in Millions)	63.859		64.217		64.395		64.255		64.088		64.057		64.009		63.947		64.180		64.026
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions)	64.632		64.898		64.892		64.773		64.566		64.057		64.009		63.947		64.776		64.026


Kemper Corporation Consolidated Balance Sheets (Dollars in Millions) (Unaudited)
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023

Assets:
Investments:
Fixed Maturities at Fair Value	$	6,409.6	$	6,872.0	$	6,674.7	$	6,771.6	$	6,881.9	$	6,474.5	$	6,943.8	$	7,189.4
Equity Securities at Fair Value	218.5		228.3		226.6		230.1		225.8		233.4		247.0		243.6
Equity Method Limited Liability Investments	186.3		202.6		205.1		215.2		221.7		224.1		225.1		218.7
Alternative Energy Partnerships	17.6		17.4		17.3		17.2		17.3		17.2		16.8		17.0
Short-term Investments at Cost which Approximates Fair Value	1,037.1		696.9		539.1		520.7		520.9		418.5		406.3		278.4
Company-Owned Life Insurance	539.2		533.0		523.3		515.7		513.5		506.9		500.5		595.3
Loans to Policyholders	280.7		280.3		279.8		280.5		281.2		281.8		281.6		283.1
Other Investments	199.5		206.5		202.4		213.6		241.9		273.1		275.6		271.8
Total Investments	8,888.5		9,037.0		8,668.3		8,764.6		8,904.2		8,429.5		8,896.7		9,097.3
Cash	64.4		56.9		107.4		125.9		64.1		110.0		73.6		60.6
Receivables from Policyholders	977.9		982.8		988.0		953.1		959.5		1,102.6		1,246.3		1,344.0
Other Receivables	185.7		202.1		191.5		195.4		200.5		223.4		262.0		249.4
Deferred Policy Acquisition Costs	628.9		621.3		608.0		595.3		591.6		622.2		646.2		651.5
Goodwill	1,250.7		1,250.7		1,250.7		1,250.7		1,250.7		1,250.7		1,250.7		1,300.3
Current Income Tax Assets	63.4		68.8		56.5		52.6		64.5		59.5		9.0		15.0
Deferred Income Tax Assets	93.3		150.5		185.0		199.1		210.4		258.5		208.0		166.0

Other Assets	436.1		468.9		476.4		479.1		492.6		488.7		503.8		519.6
Assets of Consolidated Variable Interest Entity:
Fixed Maturities at Fair Value	1.7		1.7		1.6		1.7		1.7		1.6		—		—
Short-term Investments at Cost which Approximates Fair Value	28.0		24.0		4.8		4.0		2.0		—		—		—
Cash	1.0		—		—		0.8		—		2.4		—		—
Receivables from Policyholders	8.2		6.6		5.2		2.7		0.7		0.1		—		—

Deferred Policy Acquisition Costs	1.1		0.7		0.3		0.6		0.1		—		—		—

Deferred Income Tax Assets	1.5		1.0		0.6		—		—		—		—		—
Other Assets	—		—		—		0.3		0.1		0.1		—		—
Total Assets	$	12,630.4	$	12,873.0	$	12,544.3	$	12,625.9	$	12,742.7	$	12,549.3	$	13,096.3	$	13,403.7


Kemper Corporation Consolidated Balance Sheets (Dollars in Millions) (Unaudited)


	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023

Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health	$	3,199.7	$	3,425.8	$	3,202.0	$	3,294.3	$	3,422.4	$	3,098.1	$	3,363.8	$	3,399.6
Property and Casualty	2,611.9		2,586.9		2,567.2		2,597.2		2,680.5		2,724.5		2,680.1		2,721.1
Total Insurance Reserves	5,811.6		6,012.7		5,769.2		5,891.5		6,102.9		5,822.6		6,043.9		6,120.7
Unearned Premiums	1,264.1		1,290.3		1,301.5		1,274.1		1,300.8		1,485.1		1,665.2		1,778.0
Policyholder Obligations	637.7		618.3		644.4		660.9		655.7		656.3		700.2		700.6
Deferred Income Tax Liabilities	14.8		67.1		68.3		61.7		50.6		57.8		—		—

Accrued Expenses and Other Liabilities	705.2		709.5		693.8		754.8		737.7		777.6		786.7		770.0
Long-term Debt, Current, at Amortized Cost	449.9		449.9		449.8		449.7		—		—		—		—
Long-term Debt, Non-Current, at Amortized Cost	941.7		941.0		940.6		940.1		1,389.2		1,388.6		1,388.1		1,387.5
Liabilities of Consolidated Variable Interest Entity:
Insurance Reserves	9.4		5.3		2.4		0.7		—		—		—		—
Unearned Premiums	11.2		8.1		4.9		3.1		0.5		0.1		—		—
Accrued Expenses and Other Liabilities	0.5		0.4		0.1		0.6		0.3		—		—		—
Total Liabilities	9,846.1		10,102.6		9,875.0		10,037.2		10,237.7		10,188.1		10,584.1		10,756.8
Kemper Corporation Shareholders’ Equity:
Common Stock	6.4		6.4		6.4		6.4		6.4		6.4		6.4		6.4
Paid-in Capital	1,854.9		1,858.0		1,860.9		1,852.3		1,845.3		1,845.9		1,837.6		1,828.9
Retained Earnings	1,231.6		1,161.4		1,121.2		1,066.1		1,014.3		982.4		1,149.0		1,266.3
Accumulated Other Comprehensive Loss	(304.5)		(252.5)		(317.3)		(335.0)		(360.8)		(473.4)		(480.8)		(454.7)
Total Kemper Corporation Shareholders’ Equity	2,788.4		2,773.3		2,671.2		2,589.8		2,505.2		2,361.3		2,512.2		2,646.9
Noncontrolling Interest	(4.1)		(2.9)		(1.9)		(1.1)		(0.2)		(0.1)		—		—
Total Shareholders’ Equity	$	2,784.3	$	2,770.4	$	2,669.3	$	2,588.7	$	2,505.0	$	2,361.2	$	2,512.2	$	2,646.9
Total Liabilities and Shareholders’ Equity	$	12,630.4	$	12,873.0	$	12,544.3	$	12,625.9	$	12,742.7	$	12,549.3	$	13,096.3	$	13,403.7


Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
	Year Ended
	Dec 31, 2024		Dec 31, 2023
Cash Flows from Operating Activities:
Net Income (Loss)	$	312.5	$	(272.3)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities
Net Realized Investment (Gains) Losses	(13.2)		18.6
Impairment Losses	5.8		1.1
Depreciation and Amortization of Property, Equipment, Software and Intangible Assets Acquired	53.7		58.6
Settlement Related to Defined Benefit Pension Plan	(2.6)		70.2

Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments	31.1		(1.1)
Change in Value of Alternative Energy Partnership Investments	(2.3)		(2.9)
Change in Value of Equity and Convertible Securities	2.7		(4.7)
Goodwill Impairment	—		49.6
Pension Plan assets reverted to the Company	13.1		—
Changes in:
Receivables from Policyholders	(25.9)		326.4
Reinsurance Recoverables	7.0		12.1
Deferred Policy Acquisition Costs	(38.3)		43.9
Insurance Reserves	(2.3)		(30.8)
Unearned Premiums	(26.0)		(403.1)
Income Taxes	65.3		33.2
Other	2.3		(33.0)
Net Cash Provided by (Used in) Operating Activities	382.9		(134.2)


Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
	Year Ended
	Dec 31, 2024		Dec 31, 2023
Net Cash Provided by (Used in) Operating Activities (Carryforward from page 8)	382.9		(134.2)

Cash Flows from Investing Activities:
Proceeds from the Sales, Calls and Maturities of Fixed Maturities	1,316.5		673.0
Proceeds from the Sales or Paydowns of Investments:
Equity Securities	37.8		149.0
Real Estate Investments	3.7		—
Mortgage Loans	121.6		95.2
Other Investments	21.8		18.3
Purchases of Investments:
Fixed Maturities	(1,012.5)		(447.4)
Equity Securities	(19.4)		(44.4)
Real Estate Investments	(1.6)		(1.0)
Company-Owned Life Insurance	(3.5)		—
Mortgage Loans	(109.7)		(104.1)
Other Investments	(51.2)		(19.8)
Net Purchases of Short-term Investments	(521.0)		(238.4)


Acquisition of Software and Long-lived Assets	(53.2)		(53.8)
Settlement Proceeds from Company-Owned Life Insurance	13.5		102.2
Other	12.8		(20.9)
Net Cash (Used in) Provided by Investing Activities	(244.4)		107.9

Cash Flows from Financing Activities:





Proceeds from Policyholder Contract Obligations	102.2		123.3
Repayment of Policyholder Contract Obligations	(120.6)		(169.0)

Proceeds from Shares Issued under Employee Stock Purchase Plan	3.8		4.3
Common Stock Repurchases	(38.9)		—
Dividends Paid	(80.1)		(80.1)
Other	(3.6)		(0.5)
Net Cash Used in Financing Activities	(137.2)		(122.0)

Net increase (decrease) in cash1	1.3		(148.3)
Cash, Beginning of Year1	64.1		212.4
Cash, End of Period1	$	65.4	$	64.1
1Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest.


Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Book Value Per Share












Book Value Per Share	$	43.68		$	43.30		$	41.46		$	40.24		$	39.08		$	36.85		$	39.22		$	41.37


Adjusted Book Value Per Share1	$	29.04		$	27.88		$	27.14		$	26.19		$	25.39		$	24.94		$	26.66		$	27.61



Debt and Total Capitalization
Debt	$	1,391.6		$	1,390.9		$	1,390.4		$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5
Kemper Corporation Shareholders’ Equity	2,788.4			2,773.3			2,671.2			2,589.8			2,505.2			2,361.3			2,512.2			2,646.9
Total Capitalization	$	4,180.0		$	4,164.2		$	4,061.6		$	3,979.6		$	3,894.4		$	3,749.9		$	3,900.3		$	4,034.4
Ratio of Debt to Kemper Corporation Shareholders’ Equity	49.9		%	50.2		%	52.1		%	53.7		%	55.5		%	58.8		%	55.3		%	52.4		%
Ratio of Debt to Total Capitalization	33.3		%	33.4		%	34.2		%	34.9		%	35.7		%	37.0		%	35.6		%	34.4		%

Debt	$	1,391.6		$	1,390.9		$	1,390.4		$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5

Kemper Corporation Shareholders’ Equity	$	2,788.4		$	2,773.3		$	2,671.2		$	2,589.8		$	2,505.2		$	2,361.3		$	2,512.2		$	2,646.9
Less: Accumulated Other Comprehensive Loss	(304.5)			(252.5)			(317.3)			(335.0)			(360.8)			(473.4)			(480.8)			(454.7)
Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss	$	3,092.9		$	3,025.8		$	2,988.5		$	2,924.8		$	2,866.0		$	2,834.7		$	2,993.0		$	3,101.6
Total Capitalization Excluding Accumulated Other Comprehensive Loss	$	4,484.5		$	4,416.7		$	4,378.9		$	4,314.6		$	4,255.2		$	4,223.3		$	4,381.1		$	4,489.1
Ratio of Debt to Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss	45.0		%	46.0		%	46.5		%	47.5		%	48.5		%	49.0		%	46.4		%	44.7		%
Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Loss	31.0		%	31.5		%	31.8		%	32.2		%	32.6		%	32.9		%	31.7		%	30.9		%

Parent Company Liquidity2
Kemper Holding Company Cash and Investments3	$	547.6		$	503.7		$	376.5		$	395.6		$	464.5		$	153.9		$	220.3		$	240.6
Borrowings Available Under Credit Agreement	512.0			477.0			458.0			424.0			393.0			376.0			460.0			520.0
Parent Company Liquidity	$	1,059.6		$	980.7		$	834.5		$	819.6		$	857.5		$	529.9		$	680.3		$	760.6

Capital Returned to Shareholders
Cash Dividends Paid4	$	20.0		$	20.3		$	20.3		$	19.5		$	20.2		$	20.2		$	20.2		$	19.4
1Non-GAAP Financial Measure. See pages 29-32 for definition.
2Excludes borrowings available from subsidiaries
3Includes Kemper's direct non-insurance subsidiaries
4Three Months Ended

Kemper Corporation

Debt Outstanding, Federal Home Loan Bank Advances and Ratings

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Kemper Corporation:
Senior Notes at Amortized Cost:
Current:
4.350% Senior Notes due February 15, 2025	$	449.9	$	449.9	$	449.8	$	449.7	$	—	$	—	$	—	$	—
Non-Current:
4.350% Senior Notes due February 15, 2025	$	—	$	—	$	—	$	—	$	449.6	$	449.6	$	449.5	$	449.4
2.400% Senior Notes due September 30, 2030	397.5		397.4		397.3		397.1		397.0		396.9		396.8		396.7
3.800% Senior Notes due 2032	396.5		396.3		396.2		396.1		396.0		395.8		395.7		395.6
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost	147.7		147.3		147.1		146.9		146.6		146.3		146.1		145.8
Long-term Debt Outstanding	$	1,391.6	$	1,390.9	$	1,390.4	$	1,389.8	$	1,389.2	$	1,388.6	$	1,388.1	$	1,387.5

Federal Home Loan Bank Advances to Insurance Subsidiaries:
Reported as Policyholder Contract Liabilities:

Federal Home Loan Bank of Chicago	$	541.3	$	521.3	$	547.0	$	563.2	$	557.4	$	557.4	$	601.0	$	601.0


	A.M. Best		Moody’s		S&P		Fitch
As of Date of Financial Supplement
Kemper Debt Ratings:
Senior Unsecured Debt	bbb-		Baa3		BBB-		BBB-
Junior Unsecured Debt	bb		Ba1		BB		BB
Insurance Company Financial Strength Ratings:
Trinity Universal Insurance Company	A-		A3		A-		A-
United Insurance Company of America	A-		A3		A-		A-

Kemper Corporation

Segment Revenues

(Dollars in Millions)

(Unaudited)


	Three Months Ended																Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023
Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile	$	753.3	$	731.3	$	691.5	$	675.3	$	699.3	$	724.0	$	766.6	$	787.9	$	2,851.4	$	2,977.8
Commercial Automobile	201.5		187.7		171.1		164.7		166.3		166.4		165.7		156.3		725.0		654.7
Total Specialty Property & Casualty Insurance Earned Premiums	954.8		919.0		862.6		840.0		865.6		890.4		932.3		944.2		3,576.4		3,632.5
Net Investment Income	49.9		52.0		46.6		41.1		42.6		42.7		44.5		38.5		189.6		168.3
Change in Value of Alternative Energy Partnership Investments	0.6		0.2		0.3		0.3		0.3		0.5		0.4		0.4		1.4		1.6
Other Income	0.9		1.4		1.3		1.1		1.3		1.6		0.7		0.9		4.7		4.5
Total Specialty Property & Casualty Insurance Revenues	1,006.2		972.6		910.8		882.5		909.8		935.2		977.9		984.0		3,772.1		3,806.9
Life Insurance:




Earned Premium	95.2		100.6		100.8		97.3		84.0		102.1		102.2		99.3		393.9		387.6
Net Investment Income	45.5		50.3		30.5		44.3		47.1		49.4		47.1		49.8		170.6		193.4
Change in Value of Alternative Energy Partnership Investments	0.2		0.2		0.1		0.1		0.1		0.2		0.2		0.2		0.6		0.7
Other Income (Loss)	0.2		—		0.1		0.2		0.2		(0.1)		0.1		(0.4)		0.5		(0.2)
Total Life Insurance Revenues	141.1		151.1		131.5		141.9		131.4		151.6		149.6		148.9		565.6		581.5
Total Segment Revenues	1,147.3		1,123.7		1,042.3		1,024.4		1,041.2		1,086.8		1,127.5		1,132.9		4,337.7		4,388.4
Change in Fair Value of Equity and Convertible Securities	(2.6)		(2.3)		(1.2)		3.4		(2.2)		2.8		2.4		1.7		(2.7)		4.7
Net Realized Investment Gains (Losses)	4.0		1.1		1.5		6.6		19.7		(30.3)		(14.4)		6.4		13.2		(18.6)
Impairment Losses	(2.0)		(2.2)		(0.1)		(1.5)		(1.2)		(1.1)		(0.9)		2.1		(5.8)		(1.1)
Non-Core Operations	37.6		54.8		83.8		106.2		126.7		138.0		145.7		148.0		282.4		558.4
Other	2.5		3.8		3.6		3.9		3.0		3.2		2.5		3.7		13.8		12.4









Total Revenues	$	1,186.8	$	1,178.9	$	1,129.9	$	1,143.0	$	1,187.2	$	1,199.4	$	1,262.8	$	1,294.8	$	4,638.6	$	4,944.2

Kemper Corporation

Segment Adjusted Operating Results

(Dollars in Millions)

(Unaudited)


	Three Months Ended																Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023
Segment Adjusted Operating Income (Loss):
Specialty Property & Casualty Insurance	$	126.7	$	129.8	$	127.9	$	86.5	$	56.6	$	(43.2)	$	(15.0)	$	(74.7)	$	470.9	$	(76.3)
Life Insurance	28.4		18.0		(1.4)		14.0		19.9		17.5		10.1		14.8		59.0		62.3
Total Segment Adjusted Operating Income (Loss)	155.1		147.8		126.5		100.5		76.5		(25.7)		(4.9)		(59.9)		529.9		(14.0)

Corporate and Other Adjusted Operating Loss	(15.2)		(17.2)		(13.7)		(15.6)		(13.7)		(13.3)		(15.3)		(12.9)		(61.7)		(55.2)
Less: Loss before Income Taxes attributable to Noncontrolling Interest	(2.2)		(1.8)		(1.3)		(1.4)		(0.2)		(0.1)		—		—		(6.7)		(0.3)
Adjusted Consolidated Operating Income (Loss)	142.1		132.4		114.1		86.3		63.0		(38.9)		(20.2)		(72.8)		474.9		(68.9)
(Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(2.6)		(2.3)		(1.2)		3.4		(2.2)		2.8		2.4		1.7		(2.7)		4.7
Net Realized Investment Gains (Losses)	4.0		1.1		1.5		6.6		19.7		(30.3)		(14.4)		6.4		13.2		(18.6)
Impairment Losses	(2.0)		(2.2)		(0.1)		(1.5)		(1.2)		(1.1)		(0.9)		2.1		(5.8)		(1.1)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(9.5)		(11.5)		(6.5)		(12.8)		(18.3)		(43.4)		(29.5)		(29.1)		(40.3)		(120.3)
Debt Extinguishment, Pension Settlement and Other Charges	(7.3)		(2.8)		2.7		—		—		(70.2)		—		—		(7.4)		(70.2)
Goodwill Impairment Charge	—		—		—		—		—		—		(49.6)		—		—		(49.6)
Non-Core Operations	(3.2)		(22.2)		(17.3)		6.0		2.7		(9.6)		(3.7)		(12.2)		(36.7)		(22.8)

Income (Loss) before Income Taxes attributable to Kemper Corporation	$	121.5	$	92.5	$	93.2	$	88.0	$	63.7	$	(190.7)	$	(115.9)	$	(103.9)	$	395.2	$	(346.8)

Segment Adjusted Net Operating Income (Loss):
Specialty Property & Casualty Insurance	$	101.2	$	103.6	$	102.3	$	69.2	$	45.3	$	(33.2)	$	(10.8)	$	(58.4)	$	376.3	$	(57.1)
Life Insurance	23.5		15.0		(0.2)		11.9		15.0		14.7		8.9		13.2		50.2		51.8
Total Segment Adjusted Net Operating Income (Loss)	124.7		118.6		102.1		81.1		60.3		(18.5)		(1.9)		(45.2)		426.5		(5.3)




Corporate and Other Adjusted Net Operating Loss	(11.3)		(15.1)		(11.4)		(12.5)		(9.9)		(9.4)		(12.3)		(10.5)		(50.3)		(42.1)
Less: Net Loss attributable to Noncontrolling Interest	(1.7)		(1.5)		(1.0)		(1.1)		(0.1)		(0.1)		—		—		(5.3)		(0.2)
Adjusted Consolidated Net Operating Income (Loss)1	115.1		105.0		91.7		69.7		50.5		(27.8)		(14.2)		(55.7)		381.5		(47.2)
Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(2.0)		(1.8)		(1.0)		2.7		(1.8)		2.3		1.9		1.3		(2.1)		3.7
Net Realized Investment Gains (Losses)	3.1		0.9		1.2		5.2		15.6		(22.9)		(12.5)		5.1		10.4		(14.7)
Impairment Losses	(1.6)		(1.7)		(0.1)		(1.2)		(1.0)		(0.8)		(0.8)		1.7		(4.6)		(0.9)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(7.5)		(9.1)		(5.1)		(10.1)		(14.4)		(34.3)		(23.3)		(23.0)		(31.8)		(95.0)
Debt Extinguishment, Pension Settlement and Other Charges	(7.3)		(2.2)		2.1		—		—		(55.5)		—		—		(7.4)		(55.5)
Goodwill Impairment Charge	—		—		—		—		—		—		(45.5)		—		—		(45.5)
Non-Core Operations	(2.4)		(17.4)		(13.4)		5.0		2.5		(7.3)		(2.7)		(9.5)		(28.2)		(17.0)

Net Income (Loss) attributable to Kemper Corporation	$	97.4	$	73.7	$	75.4	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)	$	317.8	$	(272.1)

1Non-GAAP Financial Measure. See pages 29-32 for definition.

Kemper Corporation

Catastrophe Frequency and Severity

(Dollars in Millions)

(Unaudited)


	Three Months Ended December 31, 2024
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	6	$	1.9	4	$	0.4	3	$	3.1	7	$	5.4
$5 - $10	—	—		—	—		—	—		—	—
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	6	$	1.9	4	$	0.4	3	$	3.1	7	$	5.4


	Three Months Ended December 31, 2023
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	6	$	2.5	1	$	0.3	6	$	7.7	7	$	10.5
$5 - $10	—	—		—	—		—	—		—	—
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	6	$	2.5	1	$	0.3	6	$	7.7	7	$	10.5

1Current accident year net incurred catastrophe Losses and LAE only.

Kemper Corporation

Catastrophe Frequency and Severity (continued)

(Dollars in Millions)

(Unaudited)


	Year Ended December 31, 2024
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	63	$	19.9	55	$	2.2	60	$	43.2	69	$	47.7
$5 - $10	—	—		—	—		—	—		3	17.6
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	63	$	19.9	55	$	2.2	60	$	43.2	72	$	65.3


	Year Ended December 31, 2023
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	63	$	29.4	44	$	2.2	67	$	50.0	68	$	77.7
$5 - $10	1	5.1		—	—		2	10.0		3	19.0
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	64	$	34.5	44	$	2.2	69	$	60.0	71	$	96.7

1Current accident year net incurred catastrophe Losses and LAE only.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended																								Year Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2024			Dec 31, 2023
Results of Operations
Net Premiums Written	$	948.9		$	938.0		$	933.9		$	864.6		$	719.7		$	733.0		$	830.6		$	1,022.1		$	3,685.4		$	3,305.4

Total Specialty P&C:
Personal Automobile	$	753.3		$	731.3		$	691.5		$	675.3		$	699.3		$	724.0		$	766.6		$	787.9		$	2,851.4		$	2,977.8
Commercial Automobile	201.5			187.7			171.1			164.7			166.3			166.4			165.7			156.3			725.0			654.7
Earned Premiums	954.8			919.0			862.6			840.0			865.6			890.4			932.3			944.2			3,576.4			3,632.5
Net Investment Income	49.9			52.0			46.6			41.1			42.6			42.7			44.5			38.5			189.6			168.3
Change in Value of Alternative Energy Partnership Investments	0.6			0.2			0.3			0.3			0.3			0.5			0.4			0.4			1.4			1.6
Other Income	0.9			1.4			1.3			1.1			1.3			1.6			0.7			0.9			4.7			4.5
Total Revenues	1,006.2			972.6			910.8			882.5			909.8			935.2			977.9			984.0			3,772.1			3,806.9
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	668.8			644.2			592.8			609.0			673.1			712.1			763.9			825.4			2,514.8			2,974.5
Catastrophe Losses and LAE	1.9			3.6			10.3			4.1			2.5			6.2			17.4			8.4			19.9			34.5
Prior Years:
Non-catastrophe Losses and LAE	1.9			(0.1)			(0.8)			5.3			(0.2)			78.8			25.0			31.6			6.3			135.2
Catastrophe Losses and LAE	(0.1)			0.2			(0.1)			0.7			0.1			(1.0)			(0.9)			(0.5)			0.7			(2.3)
Total Incurred Losses and LAE	672.5			647.9			602.2			619.1			675.5			796.1			805.4			864.9			2,541.7			3,141.9
Insurance Expenses	207.0			194.9			180.7			176.9			177.7			182.3			187.5			193.8			759.5			741.3

Segment Adjusted Operating Income (Loss)	126.7			129.8			127.9			86.5			56.6			(43.2)			(15.0)			(74.7)			470.9			(76.3)
Income Tax Expense (Benefit)	25.5			26.2			25.6			17.3			11.3			(10.0)			(4.2)			(16.3)			94.6			(19.2)
Total Segment Adjusted Net Operating Income (Loss)	$	101.2		$	103.6		$	102.3		$	69.2		$	45.3		$	(33.2)		$	(10.8)		$	(58.4)		$	376.3		$	(57.1)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	70.0		%	70.1		%	68.7		%	72.5		%	77.7		%	80.0		%	81.9		%	87.5		%	70.3		%	82.0		%
Current Year Catastrophe Losses and LAE Ratio	0.2			0.4			1.2			0.5			0.3			0.7			1.9			0.9			0.6			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.2			—			(0.1)			0.6			—			8.8			2.7			3.3			0.2			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Total Incurred Loss and LAE Ratio	70.4			70.5			69.8			73.7			78.0			89.4			86.4			91.6			71.1			86.5
Insurance Expense Ratio	21.7			21.2			20.9			21.1			20.5			20.5			20.1			20.5			21.2			20.4
Combined Ratio	92.1		%	91.7		%	90.7		%	94.8		%	98.5		%	109.9		%	106.5		%	112.1		%	92.3		%	106.9		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	70.0		%	70.1		%	68.7		%	72.5		%	77.7		%	80.0		%	81.9		%	87.5		%	70.3		%	82.0		%
Insurance Expense Ratio	21.7			21.2			20.9			21.1			20.5			20.5			20.1			20.5			21.2			20.4
Underlying Combined Ratio	91.7		%	91.3		%	89.6		%	93.6		%	98.2		%	100.5		%	102.0		%	108.0		%	91.5		%	102.4		%
Non-GAAP Measure Reconciliation
Combined Ratio as Reported	92.1		%	91.7		%	90.7		%	94.8		%	98.5		%	109.9		%	106.5		%	112.1		%	92.3		%	106.9		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.2			0.4			1.2			0.5			0.3			0.7			1.9			0.9			0.6			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.2			—			(0.1)			0.6			—			8.8			2.7			3.3			0.2			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Underlying Combined Ratio	91.7		%	91.3		%	89.6		%	93.6		%	98.2		%	100.5		%	102.0		%	108.0		%	91.5		%	102.4		%
1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Results of Operations and Selected Financial Information (continued)

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Insurance Reserves:
Non-Standard Automobile	$	1,626.0	$	1,605.3	$	1,597.1	$	1,633.1	$	1,711.9	$	1,761.6	$	1,741.4	$	1,805.6
Commercial Automobile	721.9		677.5		640.5		618.1		596.8		570.3		530.8		491.4
Insurance Reserves	$	2,347.9	$	2,282.8	$	2,237.6	$	2,251.2	$	2,308.7	$	2,331.9	$	2,272.2	$	2,297.0
Insurance Reserves:
Loss and Allocated LAE Reserves:
Case and Allocated LAE	$	921.8	$	932.5	$	952.8	$	965.7	$	999.9	$	1,048.0	$	1,061.7	$	1,094.8
Incurred but Not Reported	1,250.6		1,177.5		1,113.1		1,114.8		1,132.8		1,107.7		1,036.7		1,027.0
Total Loss Reserves	2,172.4		2,110.0		2,065.9		2,080.5		2,132.7		2,155.7		2,098.4		2,121.8
Unallocated LAE Reserves	175.5		172.8		171.7		170.7		176.0		176.2		173.8		175.2
Insurance Reserves	$	2,347.9	$	2,282.8	$	2,237.6	$	2,251.2	$	2,308.7	$	2,331.9	$	2,272.2	$	2,297.0

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Personal Automobile Insurance - Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended																								Year Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2024			Dec 31, 2023
Results of Operations
Net Premiums Written	$	740.6		$	735.1		$	739.5		$	672.5		$	563.8		$	583.9		$	687.4		$	842.4		$	2,887.7		$	2,677.5

Earned Premiums	$	753.3		$	731.3		$	691.5		$	675.3		$	699.3		$	724.0		$	766.6		$	787.9		$	2,851.4		$	2,977.8
Net Investment Income	31.6			33.0			30.3			26.9			32.3			32.5			33.8			29.9			121.8			128.5
Change in Value of Alternative Energy Partnership Investments	0.4			0.1			0.2			0.2			0.2			0.4			0.3			0.3			0.9			1.2
Other Income	0.9			1.4			1.3			1.1			1.3			1.6			0.7			0.9			4.7			4.5
Total Revenues	786.2			765.8			723.3			703.5			733.1			758.5			801.4			819.0			2,978.8			3,112.0
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	519.6			507.8			471.6			485.7			544.2			583.5			638.7			697.6			1,984.7			2,464.0
Catastrophe Losses and LAE	1.0			2.1			7.9			3.5			1.9			5.0			15.0			7.7			14.5			29.6
Prior Years:
Non-catastrophe Losses and LAE	(5.3)			(2.7)			0.6			6.5			(2.2)			71.8			18.0			23.4			(0.9)			111.0
Catastrophe Losses and LAE	—			0.1			—			0.6			—			(0.9)			(0.9)			(0.5)			0.7			(2.3)
Total Incurred Losses and LAE	515.3			507.3			480.1			496.3			543.9			659.4			670.8			728.2			1,999.0			2,602.3
Insurance Expenses	168.8			158.8			148.0			145.6			151.4			155.3			157.1			162.0			621.2			625.8

Adjusted Operating Income (Loss)	102.1			99.7			95.2			61.6			37.8			(56.2)			(26.5)			(71.2)			358.6			(116.1)
Income Tax Expense (Benefit)	20.7			20.2			19.3			12.3			7.5			(12.4)			(6.3)			(15.5)			72.5			(26.7)
Total Product Line Adjusted Net Operating Income (Loss)	$	81.4		$	79.5		$	75.9		$	49.3		$	30.3		$	(43.8)		$	(20.2)		$	(55.7)		$	286.1		$	(89.4)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	69.0		%	69.5		%	68.2		%	71.9		%	77.8		%	80.6		%	83.3		%	88.5		%	69.6		%	82.8		%
Current Year Catastrophe Losses and LAE Ratio	0.1			0.3			1.1			0.5			0.3			0.7			2.0			1.0			0.5			1.0
Prior Years Non-catastrophe Losses and LAE Ratio	(0.7)			(0.4)			0.1			1.0			(0.3)			9.9			2.3			3.0			—			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Total Incurred Loss and LAE Ratio	68.4			69.4			69.4			73.5			77.8			91.1			87.5			92.4			70.1			87.4
Insurance Expense Ratio	22.4			21.7			21.4			21.6			21.7			21.5			20.5			20.6			21.8			21.0
Combined Ratio	90.8		%	91.1		%	90.8		%	95.1		%	99.5		%	112.6		%	108.0		%	113.0		%	91.9		%	108.4		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	69.0		%	69.5		%	68.2		%	71.9		%	77.8		%	80.6		%	83.3		%	88.5		%	69.6		%	82.8		%
Insurance Expense Ratio	22.4			21.7			21.4			21.6			21.7			21.5			20.5			20.6			21.8			21.0
Underlying Combined Ratio	91.4		%	91.2		%	89.6		%	93.5		%	99.5		%	102.1		%	103.8		%	109.1		%	91.4		%	103.8		%
Non-GAAP Measure Reconciliation
Combined Ratio	90.8		%	91.1		%	90.8		%	95.1		%	99.5		%	112.6		%	108.0		%	113.0		%	91.9		%	108.4		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.1			0.3			1.1			0.5			0.3			0.7			2.0			1.0			0.5			1.0
Prior Years Non-catastrophe Losses and LAE Ratio	(0.7)			(0.4)			0.1			1.0			(0.3)			9.9			2.3			3.0			—			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Underlying Combined Ratio	91.4		%	91.2		%	89.6		%	93.5		%	99.5		%	102.1		%	103.8		%	109.1		%	91.4		%	103.8		%
1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Commercial Automobile Insurance - Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended																								Year Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2024			Dec 31, 2023
Results of Operations
Net Premiums Written	$	208.3		$	202.9		$	194.4		$	192.1		$	155.9		$	149.1		$	143.2		$	179.7		$	797.7		$	627.9

Earned Premiums	$	201.5		$	187.7		$	171.1		$	164.7		$	166.3		$	166.4		$	165.7		$	156.3		$	725.0		$	654.7
Net Investment Income	18.3			19.0			16.3			14.2			10.3			10.2			10.7			8.6			67.8			39.8
Change in Value of Alternative Energy Partnership Investments	0.2			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.5			0.4

Total Revenues	220.0			206.8			187.5			179.0			176.7			176.7			176.5			165.0			793.3			694.9
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	149.2			136.4			121.2			123.3			128.9			128.6			125.2			127.8			530.1			510.5
Catastrophe Losses and LAE	0.9			1.5			2.4			0.6			0.6			1.2			2.4			0.7			5.4			4.9
Prior Years:
Non-catastrophe Losses and LAE	7.2			2.6			(1.4)			(1.2)			2.0			7.0			7.0			8.2			7.2			24.2
Catastrophe Losses and LAE	(0.1)			0.1			(0.1)			0.1			0.1			(0.1)			—			—			—			—
Total Incurred Losses and LAE	157.2			140.6			122.1			122.8			131.6			136.7			134.6			136.7			542.7			539.6
Insurance Expenses	38.2			36.1			32.7			31.3			26.3			27.0			30.4			31.8			138.3			115.5

Adjusted Operating Income (Loss)	24.6			30.1			32.7			24.9			18.8			13.0			11.5			(3.5)			112.3			39.8
Income Tax Expense (Benefit)	4.8			6.0			6.3			5.0			3.8			2.4			2.1			(0.8)			22.1			7.5
Total Product Line Adjusted Net Operating Income (Loss)	$	19.8		$	24.1		$	26.4		$	19.9		$	15.0		$	10.6		$	9.4		$	(2.7)		$	90.2		$	32.3
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	74.0		%	72.6		%	70.9		%	74.8		%	77.4		%	77.4		%	75.6		%	81.9		%	73.2		%	78.0		%
Current Year Catastrophe Losses and LAE Ratio	0.4			0.8			1.4			0.4			0.4			0.7			1.4			0.4			0.7			0.7
Prior Years Non-catastrophe Losses and LAE Ratio	3.6			1.4			(0.8)			(0.7)			1.2			4.2			4.2			5.2			1.0			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			0.1			(0.1)			0.1			0.1			(0.1)			—			—			—			—
Total Incurred Loss and LAE Ratio	78.0			74.9			71.4			74.6			79.1			82.2			81.2			87.5			74.9			82.4
Insurance Expense Ratio	19.0			19.2			19.1			19.0			15.8			16.2			18.3			20.3			19.1			17.6
Combined Ratio	97.0		%	94.1		%	90.5		%	93.6		%	94.9		%	98.4		%	99.5		%	107.8		%	94.0		%	100.0		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	74.0		%	72.6		%	70.9		%	74.8		%	77.4		%	77.4		%	75.6		%	81.9		%	73.2		%	78.0		%
Insurance Expense Ratio	19.0			19.2			19.1			19.0			15.8			16.2			18.3			20.3			19.1			17.6
Underlying Combined Ratio	93.0		%	91.8		%	90.0		%	93.8		%	93.2		%	93.6		%	93.9		%	102.2		%	92.3		%	95.6		%
Non-GAAP Measure Reconciliation
Combined Ratio	97.0		%	94.1		%	90.5		%	93.6		%	94.9		%	98.4		%	99.5		%	107.8		%	94.0		%	100.0		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.4			0.8			1.4			0.4			0.4			0.7			1.4			0.4			0.7			0.7
Prior Years Non-catastrophe Losses and LAE Ratio	3.6			1.4			(0.8)			(0.7)			1.2			4.2			4.2			5.2			1.0			3.7
Prior Years Catastrophe Losses and LAE Ratio	—			0.1			(0.1)			0.1			0.1			(0.1)			—			—			—			—
Underlying Combined Ratio	93.0		%	91.8		%	90.0		%	93.8		%	93.2		%	93.6		%	93.9		%	102.2		%	92.3		%	95.6		%
1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation

Life Insurance Segment

Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended																Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023
Results of Operations




Earned Premiums1	$	95.2	$	100.6	$	100.8	$	97.3	$	84.0	$	102.1	$	102.2	$	99.3	$	393.9	$	387.6
Net Investment Income	45.5		50.3		30.5		44.3		47.1		49.4		47.1		49.8		170.6		193.4
Change in Value of Alternative Energy Partnership Investments	0.2		0.2		0.1		0.1		0.1		0.2		0.2		0.2		0.6		0.7
Other Income (Loss)	0.2		—		0.1		0.2		0.2		(0.1)		0.1		(0.4)		0.5		(0.2)
Total Revenues	141.1		151.1		131.5		141.9		131.4		151.6		149.6		148.9		565.6		581.5
Policyholders’ Benefits and Incurred Losses and LAE2	43.5		64.1		63.9		63.0		40.5		64.7		68.3		69.9		234.5		243.4
Insurance Expenses	69.2		69.0		69.0		64.9		71.0		69.4		71.2		64.2		272.1		275.8

Segment Adjusted Operating Income (Loss)	28.4		18.0		(1.4)		14.0		19.9		17.5		10.1		14.8		59.0		62.3
Income Tax Expense (Benefit)	4.9		3.0		(1.2)		2.1		4.9		2.8		1.2		1.6		8.8		10.5
Total Segment Adjusted Net Operating Income (Loss)	$	23.5	$	15.0	$	(0.2)	$	11.9	$	15.0	$	14.7	$	8.9	$	13.2	$	50.2	$	51.8

1 Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $4.8 million in fourth quarter and full year 2024 and $15.0 million in fourth quarter and full year 2023.
2 Policyholders’ Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024 and a $23.3 million decrease in policyholders’ benefits for fourth quarter and full year 2023.

Kemper Corporation

Life Insurance Segment

Results of Operations and Selected Financial Information (continued)

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Insurance Reserves:
Future Policyholder Benefits	$	3,154.3	$	3,380.8	$	3,155.3	$	3,248.8	$	3,375.6	$	3,048.7	$	3,315.2	$	3,346.9
Incurred Losses and LAE Reserves:
Life	40.8		40.4		42.1		40.7		42.1		44.6		44.2		48.3
Accident and Health	4.6		4.6		4.6		4.7		4.7		4.8		4.4		4.4
Property	2.7		3.0		2.6		2.5		2.9		2.7		2.6		2.7
Total Incurred Losses and LAE Reserves	48.1		48.0		49.3		47.9		49.7		52.1		51.2		55.4
Insurance Reserves	$	3,202.4	$	3,428.8	$	3,204.6	$	3,296.7	$	3,425.3	$	3,100.8	$	3,366.4	$	3,402.3

Kemper Corporation

Expenses

(Dollars in Millions)

(Unaudited)


	Three Months Ended																Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023
Insurance and Other Expenses:
Insurance Expenses:
Policy Acquisition Costs, Net of Amortization	$	166.2	$	161.4	$	159.1	$	154.9	$	169.3	$	172.6	$	191.1	$	174.6	$	641.6	$	707.6
Business Unit Operating Costs	76.3		72.8		64.0		64.3		63.6		63.5		58.1		70.9		277.4		256.1
Corporate Overhead Costs	47.4		49.3		49.4		48.8		47.5		48.9		48.1		55.5		194.9		200.0


Insurance Expenses	289.9		283.5		272.5		268.0		280.4		285.0		297.3		301.0		1,113.9		1,163.7
Other Expenses:
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	9.5		11.5		6.5		12.8		18.3		43.4		29.5		29.1		40.3		120.3
Pension Settlement	—		0.1		(2.7)		—		—		70.2		—		—		(2.6)		70.2
Other Corporate Costs	10.1		9.4		3.4		5.6		3.0		2.3		3.6		2.5		28.5		11.4
Other Expenses	19.6		21.0		7.2		18.4		21.3		115.9		33.1		31.6		66.2		201.9
Insurance and Other Expenses	309.5		304.5		279.7		286.4		301.7		400.9		330.4		332.6		1,180.1		1,365.6
Interest Expense	14.6		14.4		13.9		14.0		13.9		14.1		14.0		14.1		56.9		56.1

Goodwill Impairment	—		—		—		—		—		—		49.6		—		—		49.6
Total Insurance, Interest, and Other Expenses	$	324.1	$	318.9	$	293.6	$	300.4	$	315.6	$	415.0	$	394.0	$	346.7	$	1,237.0	$	1,471.3

Kemper Corporation

Details of Investment Performance

(Dollars in Millions)

(Unaudited)


	Three Months Ended																Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023
Net Investment Income
Interest on Fixed Income Securities1,2	$	76.3	$	79.0	$	80.2	$	79.8	$	81.0	$	81.2	$	79.6	$	81.5	$	315.3	$	323.3
Dividends on Equity Securities Excluding Alternative Investments	0.8		0.9		0.9		2.8		1.0		1.2		1.2		1.0		5.4		4.4
Alternative Investments:
Equity Method Limited Liability Investments	(2.3)		0.9		(14.7)		(2.1)		2.3		4.3		2.8		1.1		(18.2)		10.5

Limited Liability Investments Included in Equity Securities	5.8		9.1		6.2		3.4		4.7		5.4		6.3		2.6		24.5		19.0
Total Alternative Investments	3.5		10.0		(8.5)		1.3		7.0		9.7		9.1		3.7		6.3		29.5
Short-term Investments	10.5		8.4		7.3		7.3		6.1		6.0		3.6		2.3		33.5		18.0
Loans to Policyholders	5.2		5.5		5.1		5.2		5.3		5.1		5.1		5.4		21.0		20.9
Real Estate	2.1		2.2		2.2		2.3		2.3		2.3		1.9		2.4		8.8		8.9
Company-Owned Life Insurance	10.0		9.7		8.9		7.1		6.6		6.4		7.4		8.8		35.7		29.2
Other	0.9		2.2		2.6		2.5		2.8		1.8		5.3		3.0		8.2		12.9
Total Investment Income	109.3		117.9		98.7		108.3		112.1		113.7		113.2		108.1		434.2		447.1
Investment Expenses:
Real Estate	2.6		1.8		2.1		2.2		2.8		1.7		2.2		2.1		8.7		8.8
Other Investment Expenses1,2	3.7		5.0		3.6		5.7		4.7		5.0		4.7		4.2		18.0		18.6
Total Investment Expenses	6.3		6.8		5.7		7.9		7.5		6.7		6.9		6.3		26.7		27.4
Net Investment Income	$	103.0	$	111.1	$	93.0	$	100.4	$	104.6	$	107.0	$	106.3	$	101.8	$	407.5	$	419.7
Net Realized Investment Gains (Losses)
Fixed Maturities:
Gains on Sales	$	4.3	$	0.9	$	2.2	$	12.8	$	3.6	$	0.8	$	0.4	$	1.1	$	20.2	$	5.9
Losses on Sales	(0.6)		—		(0.3)		(2.3)		(0.4)		(1.2)		(6.0)		(3.3)		(3.2)		(10.9)
(Losses) Gains on Hedging Activity	—		—		—		(7.9)		17.8		(29.4)		(8.7)		8.4		(7.9)		(11.9)
Equity Securities:
Gains on Sales	0.1		—		—		4.1		—		0.5		0.1		—		4.2		0.6
Losses on Sales	—		—		—		(0.1)		(1.3)		(1.1)		(0.1)		—		(0.1)		(2.5)






Other Investments:

Gains on Sales	0.9		1.8		1.5		—		—		—		—		0.2		4.2		0.2
Losses on Sales	(0.7)		(1.6)		(1.9)		—		—		0.1		(0.1)		—		(4.2)		—

Net Realized Investment Gains (Losses)	$	4.0	$	1.1	$	1.5	$	6.6	$	19.7	$	(30.3)	$	(14.4)	$	6.4	$	13.2	$	(18.6)
Net Impairment Losses Recognized in Earnings
Fixed Maturities	$	(2.0)	$	(2.0)	$	0.2	$	(1.0)	$	(0.7)	$	(2.0)	$	—	$	2.1	$	(4.8)	$	(0.6)
Equity Securities	—		—		—		(0.4)		(0.5)		—		—		—		(0.4)		(0.5)
Real Estate	(0.1)		(0.2)		(0.1)		—		—		—		—		—		(0.4)		—
Other	0.1		—		(0.2)		(0.1)		—		—		—		—		(0.2)		—
Net Impairment Losses Recognized in Earnings	$	(2.0)	$	(2.2)	$	(0.1)	$	(1.5)	$	(1.2)	$	(2.0)	$	—	$	2.1	$	(5.8)	$	(1.1)
1In the first quarter of 2024, the Company changed its presentation of the details of investment performance to report interest expense incurred on Federal Home Loan Bank ("FHLB") borrowings as an offset to interest on fixed income securities since FHLB borrowings are used for spread lending purposes. The interest expense incurred on FHLB borrowings was previously reported within Other Investment Expenses. The prior period amounts presented above have been updated to reflect this change in presentation.
2Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.9 million, $4.8 million, $5.4 million, $5.2 million, $5.2 million, $5.3 million, $7.5 million, $4.7 million, for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

Kemper Corporation

Details of Invested Assets

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024				Dec 31, 2023				Dec 31, 2022
	Carrying Value		Percent of Total		Carrying Value		Percent of Total		Carrying Value		Percent of Total
Fixed Maturities Reported at Fair Value:
U.S. Government and Government Agencies and Authorities	$	486.8	5.5	%	$	511.5	5.7	%	$	528.0	6.0	%
States and Political Subdivisions	1,233.2		13.9		1,401.9		15.7		1,568.9		17.8
Foreign Governments	6.6		0.1		3.8		—		4.1		—
Corporate Securities:
Bonds and Notes	3,519.6		39.6		3,690.8		41.4		3,539.4		40.4
Redeemable Preferred Stocks	8.9		0.1		8.3		0.1		8.0		0.1
Collateralized Loan Obligations	741.5		8.3		949.8		10.7		953.9		10.9
Other Mortgage- and Asset-backed	413.0		4.6		315.8		3.5		292.5		3.3
Total Fixed Maturities Reported at Fair Value	6,409.6		72.1		6,881.9		77.1		6,894.8		78.5
Equity Securities Reported at Fair Value:
Preferred Stocks	22.6		0.3		25.5		0.3		39.8		0.5
Common Stocks	1.4		—		1.2		—		2.1		—
Other Equity Interests:
Exchange Traded Funds	10.9		0.1		7.7		0.1		12.2		0.1
Limited Liability Companies and Limited Partnerships	183.6		2.1		191.4		2.1		189.1		2.2
Total Equity Securities Reported at Fair Value	218.5		2.5		225.8		2.5		243.2		2.8

Equity Method Limited Liability Investments	186.3		2.1		221.7		2.5		217.0		2.5
Alternative Energy Partnership Investments	17.6		0.2		17.3		0.2		16.3		0.2

Short-term Investments at Cost which Approximates Fair Value	1,037.1		11.7		520.9		5.9		278.4		3.2
Company Owned Life Insurance	539.2		6.1		513.5		5.8		586.5		6.7
Loans to Policyholders	280.7		3.2		281.2		3.2		283.4		3.2
Other Investments:
Equity Securities Reported at Modified Cost	22.5		0.2		32.6		0.4		38.4		0.4
Convertible Securities at Fair Value	—		—		—		—		43.3		0.5
Real Estate at Depreciated Cost	99.5		1.1		94.7		1.1		93.6		1.1
Mortgage Loans	75.3		0.8		99.8		1.1		91.1		1.0

Other	2.2		—		14.8		0.2		3.5		—
Total Other Investments	199.5		2.1		241.9		2.8		269.9		3.0
Total Investments	$	8,888.5	100.0	%	$	8,904.2	100.0	%	$	8,789.5	100.0	%

Kemper Corporation

Details of Invested Assets (continued)

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024				Dec 31, 2023				Dec 31, 2022
	Carrying Value		Percent of Total		Carrying Value		Percent of Total		Carrying Value		Percent of Total
S&P Equivalent Rating for Fixed Maturities
AAA, AA, A	$	4,576.4	71.4	%	$	4,962.0	72.1	%	$	4,896.4	71.0	%
BBB	1,557.6		24.3		1,657.3		24.1		1,687.4		24.5
BB, B	221.7		3.5		204.4		3.0		239.7		3.5
CCC or Lower	53.9		0.8		58.2		0.8		71.3		1.0
Total Investments in Fixed Maturities	$	6,409.6	100.0	%	$	6,881.9	100.0	%	$	6,894.8	100.0	%
Duration (in Years)
Total Investments in Fixed Maturities	7.7				8.1				8.2

Kemper Corporation

Investment Concentration

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024				Dec 31, 2023				Dec 31, 2022
Fair Value of Non-governmental Fixed Maturities by Industry	Amount		Percent of Total Investments		Amount		Percent of Total Investments		Amount		Percent of Total Investments
Finance, Insurance and Real Estate	$	1,969.1	22.2	%	$	2,070.5	23.3	%	$	2,007.5	22.8	%
Manufacturing	1,014.3		11.4		1,077.6		12.1		1,085.9		12.4
Transportation, Communication and Utilities	793.0		8.9		807.3		9.1		733.7		8.3
Services	582.9		6.6		639.4		7.2		602.4		6.9
Mining	153.3		1.7		174.3		2.0		173.3		2.0
Retail Trade	125.7		1.4		156.0		1.8		165.1		1.9

Construction	11.7		0.1		4.4		—		11.7		0.1

Other	33.0		0.4		35.2		0.4		14.2		0.2
Total Fair Value of Non-governmental Fixed Maturities	$	4,683.0	52.7	%	$	4,964.7	55.9	%	$	4,793.8	54.6	%


	Dec 31, 2024
Ten Largest Investment Exposures1	Fair Value		Percent of Total Investments
Fixed Maturities:
States including their Political Subdivisions:
California	$	133.2	1.5	%
Texas	101.2		1.1
Michigan	81.7		0.9
Georgia	68.8		0.8
New York	59.8		0.7
Pennsylvania	55.7		0.6
Florida	53.0		0.6
Louisiana	37.4		0.4
Virginia	35.6		0.4

Colorado	35.1		0.4


Total	$	661.5	7.4	%
1Excluding Investments in U.S. Government and Government Agencies and Authorities at December 31, 2024.

Kemper Corporation

Municipal Bond Securities

(Dollars in Millions)

(Unaudited)


	Dec 31, 2024
	State General Obligation		Political Subdivision General Obligation		Revenue		Total Fair Value		Percent of Total Muni Bond		Percent of Total Investments
California	$	8.6	$	124.6	$	—	$	133.2	10.8	%	1.5	%
Texas	10.2		87.7		3.3		101.2		8.2		1.1
Michigan	—		71.5		10.2		81.7		6.6		0.9
Georgia	2.7		61.8		4.3		68.8		5.6		0.8
New York	11.4		48.4		—		59.8		4.9		0.7
Pennsylvania	3.0		52.7		—		55.7		4.5		0.6
Florida	—		53.0		—		53.0		4.3		0.6
Louisiana	1.3		20.8		15.3		37.4		3.0		0.4
Virginia	—		29.5		6.1		35.6		2.9		0.4
Colorado	—		35.1		—		35.1		2.9		0.4
New Mexico	—		32.1		—		32.1		2.6		0.4
Illinois	0.6		30.5		—		31.1		2.5		0.3
Ohio	—		30.9		—		30.9		2.5		0.3
Massachusetts	—		24.0		5.1		29.1		2.4		0.3
Missouri	1.0		26.9		—		27.9		2.3		0.3
Oregon	2.3		17.6		7.7		27.6		2.2		0.3
Minnesota	1.0		25.8		—		26.8		2.2		0.3
Maryland	—		25.7		—		25.7		2.1		0.3
Tennessee	3.2		19.0		—		22.2		1.8		0.2
Oklahoma	—		22.2		—		22.2		1.8		0.2
Washington	1.3		17.7		2.6		21.6		1.8		0.2
Connecticut	—		16.4		2.6		19.0		1.5		0.2
North Carolina	1.7		17.2		—		18.9		1.5		0.2
Rhode Island	1.5		16.5		—		18.0		1.5		0.2
Mississippi	—		10.5		7.5		18.0		1.5		0.2
District of Columbia	—		15.1		2.7		17.8		1.5		0.2
New Hampshire	0.4		17.2		—		17.6		1.4		0.2
Indiana	—		17.5		—		17.5		1.4		0.2
Arizona	—		14.1		—		14.1		1.2		0.2
South Carolina	—		13.5		—		13.5		1.1		0.2

North Dakota	—		12.8		—		12.8		1.0		0.1
Alabama	—		12.4		—		12.4		1.0		0.1
Utah	—		11.6		—		11.6		0.9		0.1
Iowa	—		11.6		—		11.6		0.9		0.1
New Jersey	—		9.7		—		9.7		0.8		0.1
Montana	—		9.0		—		9.0		0.7		0.1
Nebraska	—		8.9		—		8.9		0.7		0.1
Hawaii	2.4		2.8		2.7		7.9		0.6		0.1
All Other States	2.5		31.4		2.3		36.2		2.9		0.4
Total	$	55.1	$	1,105.7	$	72.4	$	1,233.2	100.0	%	13.5	%

Kemper Corporation

Investments in Limited Liability

Companies and Limited Partnerships

(Dollars in Millions)

(Unaudited)


	Unfunded Commitment		Reported Value
Asset Class	Dec 31, 2024		Dec 31, 2024		Dec 31, 2023
Reported as Equity Method Limited Liability Investments:
Senior Debt	$	48.2	$	19.1	$	19.0
Mezzanine Debt	40.8		116.7		125.4
Secondary Transactions	1.6		5.5		7.9
Leveraged Buyout	0.6		7.5		8.6
Growth Equity	—		—		1.2
Hedge Fund	—		0.1		0.1
Distressed Debt	—		4.4		7.9
Real Estate	—		27.3		41.9
Other	0.1		5.7		9.7
Total Equity Method Limited Liability Investments	91.3		186.3		221.7

Alternative Energy Partnership Investments	—		17.6		17.3

Reported as Other Equity Interests at Fair Value:
Mezzanine Debt	67.0		116.9		124.0
Leveraged Buyout	30.4		19.2		19.0
Distressed Debt	15.0		11.7		12.4
Senior Debt	8.4		26.3		24.8
Growth Equity	8.0		7.0		6.4
Secondary Transactions	1.6		2.4		2.8

Hedge Funds	—		—		1.9
Other	0.2		0.1		0.1
Total Reported as Other Equity Interests at Fair Value	130.6		183.6		191.4

Reported as Other Equity Interests at Modified Cost:

Other	—		1.8		4.8
Total Reported as Other Equity Interests at Modified Cost	—		1.8		4.8



Total Investments in Limited Liability Companies and Limited Partnerships	$	221.9	$	389.3	$	435.2

Kemper Corporation

Definitions of Non-GAAP Financial Measures

The Company believes that investors’ understanding of Kemper’s performance is enhanced by the disclosure of the following non-GAAP financial measures. The methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Adjusted Consolidated Net Operating Income (Loss) 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 the Company excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss) for the three months and year ended December 31, 2024 or 2023.

The Company believes that Adjusted Consolidated Net Operating Income (Loss) 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 the Company’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 the Company’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 the Company’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 the Company, 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 the Company’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 the Company’s businesses.

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

A reconciliation of Net Income (Loss) attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income (Loss) is presented below:


	Three Months Ended																Year Ended
Dollars in Millions (Unaudited)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023


Net Income (Loss) attributable to Kemper Corporation	$	97.4	$	73.7	$	75.4	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)	$	317.8	$	(272.1)
Less Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(2.0)		(1.8)		(1.0)		2.7		(1.8)		2.3		1.9		1.3		(2.1)		3.7
Net Realized Investment Gains (Losses)	3.1		0.9		1.2		5.2		15.6		(22.9)		(12.5)		5.1		10.4		(14.7)
Impairment Losses	(1.6)		(1.7)		(0.1)		(1.2)		(1.0)		(0.8)		(0.8)		1.7		(4.6)		(0.9)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(7.5)		(9.1)		(5.1)		(10.1)		(14.4)		(34.3)		(23.3)		(23.0)		(31.8)		(95.0)
Debt Extinguishment, Pension Settlement and Other Charges	(7.3)		(2.2)		2.1		—		—		(55.5)		—		—		(7.4)		(55.5)
Goodwill Impairment Charge	—		—		—		—		—		—		(45.5)		—		—		(45.5)
Non-Core Operations	(2.4)		(17.4)		(13.4)		5.0		2.5		(7.3)		(2.7)		(9.5)		(28.2)		(17.0)

Adjusted Consolidated Net Operating Income (Loss)	$	115.1	$	105.0	$	91.7	$	69.7	$	50.5	$	(27.8)	$	(14.2)	$	(55.7)	$	381.5	$	(47.2)

Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income (Loss) by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share ‐ basic. A reconciliation of Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share- basic to Adjusted Consolidated Net Operating Income (Loss) per Unrestricted Share-basic is presented below:


	Three Months Ended																Year Ended
Dollars in Millions (Unaudited)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2024		Dec 31, 2023
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share	$	1.52	$	1.15	$	1.17	$	1.11	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)	$	4.95	$	(4.25)
Less Net (Loss) Income per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities	(0.03)		(0.02)		(0.02)		0.04		(0.03)		0.04		0.03		0.02		(0.03)		0.06
Net Realized Investment Gains (Losses)	0.04		0.01		0.02		0.09		0.24		(0.35)		(0.20)		0.08		0.16		(0.23)
Impairment Losses	(0.03)		(0.03)		—		(0.02)		(0.01)		(0.01)		(0.02)		0.03		(0.08)		(0.01)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(0.12)		(0.14)		(0.08)		(0.16)		(0.23)		(0.54)		(0.36)		(0.36)		(0.50)		(1.49)
Debt Extinguishment, Pension Settlement and Other Charges	(0.11)		(0.03)		0.03		—		—		(0.87)		—		—		(0.11)		(0.87)
Goodwill Impairment Charge	—		—		—		—		—		—		(0.71)		—		—		(0.71)
Non-Core Operations	(0.04)		(0.27)		(0.21)		0.08		0.04		(0.11)		(0.04)		(0.15)		(0.44)		(0.26)

Adjusted Consolidated Net Operating Income (Loss) per Unrestricted Share	$	1.81	$	1.63	$	1.43	$	1.08	$	0.79	$	(0.44)	$	(0.22)	$	(0.87)	$	5.95	$	(0.74)

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

Return on Adjusted Shareholders' Equity 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. The Company 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. The Company 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' Equity is presented below:


	Three Months Ended																								Year Ended
Dollars in Millions (Unaudited)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2024			Dec 31, 2023
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation	$	389.6		$	294.8		$	301.6		$	285.2		$	205.6		$	(585.2)		$	(388.4)		$	(320.4)		$	317.8		$	(272.1)

Denominator:
Average Shareholders' Equity1	$	2,780.9		$	2,722.3		$	2,630.5		$	2,547.5		$	2,433.3		$	2,436.8		$	2,579.6		$	2,658.8		$	2,665.6		$	2,539.2

Less: Average Net Unrealized Losses on Fixed Maturities	576.1			570.8			652.2			576.1			716.9			770.3			607.3			645.5			598.1			673.1
Less: Average Change in Discount Rate on Future Life Policyholder Benefits	(286.6)			(275.4)			(315.1)			(216.3)			(286.7)			(303.6)			(174.3)			(197.7)			(272.8)			(232.6)
Less: Average Goodwill	(1,250.7)			(1,250.7)			(1,250.7)			(1,250.7)			(1,250.7)			(1,250.7)			(1,275.5)			(1,300.3)			(1,250.7)			(1,270.5)
Average Adjusted Shareholders' Equity1	$	1,819.7		$	1,767.0		$	1,716.9		$	1,656.6		$	1,612.8		$	1,652.8		$	1,737.1		$	1,806.3		$	1,740.2		$	1,709.2

Return on Shareholders' Equity:
Return on Shareholders' Equity	14.0		%	10.8		%	11.5		%	11.2		%	8.4		%	(24.0)		%	(15.1)		%	(12.1)		%	11.9		%	(10.7)		%
Return on Adjusted Shareholders' Equity	21.4		%	16.7		%	17.6		%	17.2		%	12.7		%	(35.4)		%	(22.4)		%	(17.7)		%	18.3		%	(15.9)		%
1Average shareholders' equity and average adjusted shareholders’ equity for the three 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 Ratio 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.

The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’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 the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

Adjusted Book Value Per Share 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. The Company 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. The Company 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. The Company 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 Share is presented below:


	As of
Dollars and Shares in Millions Except Per Share Amounts (Unaudited)	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Numerator:
Kemper Corporation Shareholders’ Equity	$	2,788.4	$	2,773.3	$	2,671.2	$	2,589.8	$	2,505.2	$	2,361.3	$	2,512.2	$	2,646.9

Less: Net Unrealized Losses on Fixed Maturities	696.5		455.8		685.9		618.4		533.8		900.1		640.5		574.2
Less: Change in Discount Rate on Future Life Policyholder Benefits	(380.3)		(192.9)		(358.0)		(272.1)		(160.6)		(412.8)		(194.4)		(154.2)
Less: Goodwill	(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,300.3)
Adjusted Shareholders' Equity	$	1,853.9	$	1,785.5	$	1,748.4	$	1,685.4	$	1,627.7	$	1,597.9	$	1,707.6	$	1,766.6

Denominator:
Common Shares Issued and Outstanding	63.840		64.044		64.427		64.358		64.112		64.081		64.054		63.982

Book Value Per Share:
Book Value Per Share	$	43.68	$	43.30	$	41.46	$	40.24	$	39.08	$	36.85	$	39.22	$	41.37

Less: Net Unrealized Losses on Fixed Maturities	10.91		7.12		10.65		9.61		8.33		14.05		10.00		8.97
Less: Change in Discount Rate on Future Life Policyholder Benefits	(5.96)		(3.01)		(5.56)		(4.23)		(2.51)		(6.44)		(3.03)		(2.41)
Less: Goodwill	(19.59)		(19.53)		(19.41)		(19.43)		(19.51)		(19.52)		(19.53)		(20.32)
Adjusted Book Value Per Share	$	29.04	$	27.88	$	27.14	$	26.19	$	25.39	$	24.94	$	26.66	$	27.61

Earnings Call Presentation – 4Q 2024 Fourth Quarter 2024 Earnings February 5, 2025

Earnings Call Presentation – 4Q 2024 Preliminary Matters 2 Cautionary Statements Regarding Forward-Looking Information This presentation 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 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 presentation. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures that the company believes are meaningful to investors. Non-GAAP financial measures have been reconciled to the most comparable GAAP financial measure.

Earnings Call Presentation – 4Q 2024 Target top quartile value creation for customers, employees and shareholders Leading Insurer Empowering Specialty and Underserved Markets Enabled by a dynamic, diverse and innovative team who act like owners 3 Distribution Have Limited or Unfocused Competition Require Unique Expertise Sizable Market Delivering appropriate and affordable insurance and financial solutions Specialty auto insurance1 for underserved markets; Latino, Hispanic and urban areas Life insurance2 for low/moderate income customers Market Characteristics Differentiated Capabilities Product SophisticationEase of UseLow-Cost Management Enable Systematic, Sustainable Competitive Advantages (SSCAs) 1 Kemper Auto is equivalent to the Specialty Property & Casualty Insurance Segment 2 Kemper Life is equivalent to the Life Insurance Segment

Earnings Call Presentation – 4Q 2024 Fourth Quarter 2024 Summary 4 Strong profitable growth continues Continued strong operating performance, notably in Specialty P&C; focus remains on profitable growth • Specialty P&C delivered strong profitability and growth – Underlying Combined Ratio1 of 91.7% for 4Q’24, 91.5% for FY’24 – PIF grew 1.7% sequentially; 5.1% YoY • Life business continued to generate consistent return on capital and distributable cash flows • Pre-tax catastrophe losses of ~$5 million, including ~$3 million from non-core operations (Preferred P&C) Operating Performance Highlights Double-digit Return on Equity and BVPS accretion • 4Q’24 Net Income attributable to Kemper Corporation of $97.4 million or $1.51 per diluted share • 4Q’24 Adjusted Consolidated Net Operating Income1 of $115.1 million or $1.78 per diluted share • ROE of 14.0% and Adjusted ROE1 of 21.4% for 4Q’24; 11.9% and 18.3%, respectively, for FY’24 • Book Value Per Share and Adjusted BVPS1 increased 11.8% and 14.4% YoY, respectively Shareholder Value Creation Further strengthened capital and liquidity positions, enhancing financial flexibility • Parent company liquidity of approximately $1.3 billion • Insurance companies are well capitalized • Retiring $450 million of senior notes due February 2025; repurchased ~$14 million of stock Balance Sheet Strength 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 13-18

Earnings Call Presentation – 4Q 2024 Dec 31, 2024 Sep 30, 2024 Specialty P&C PIF Sequential Quarterly Change 1.7% 4.5% Fourth Quarter 2024 Financial Summary 5 Delivered another quarter of strong financial results 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 13-18 Achieved 11.9% ROE for FY’24; Specialty P&C PIF grew 5.1% YoY Quarter Ended Year Ended ($ in millions, except per share amounts) Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Net Income (Loss) Per Diluted Share attributable to Kemper Corporation $1.51 $0.80 $4.91 $(4.25) Adj. Consolidated Net Operating Income (Loss) – Per Diluted Share1 $1.78 $0.78 $5.89 $(0.74) Book Value – Per Diluted Share $43.68 $39.08 $43.68 $39.08 Adjusted Book Value – Per Diluted Share1 $29.04 $25.39 $29.04 $25.39 Return on Shareholders’ Equity 14.0% 8.4% 11.9% (10.7)% Return on Adjusted Shareholders’ Equity1 21.4% 12.7% 18.3% (15.9)% Life Face Value of In-Force YoY Change (0.5)% (0.7)% (0.5)% (0.7)% Specialty P&C Earned Premium YoY Change 10.3% (11.8)% (1.5)% (10.2)% Specialty P&C PIF YoY Change 5.1% (31.7)% 5.1% (31.7)%

Earnings Call Presentation – 4Q 2024 4.2% 4.2% 4.4% 4.4% 4.3% 0.3% 0.1% (0.4)% 0.4% 0.1% 4.5% 4.3% 4.0% 4.8% 4.4% 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Core Portfolio Alt. Inv. Portfolio (ex. Solar) Diversified Investment Portfolio with Consistent Returns 6 53% 14% 6% 5% 4% 6% 12% Other States/ Munis COLI 71% 24% 4% 1% Diversified and Highly-Rated Portfolio Fixed Maturity Ratings $6.4 Billion A or Higher ≤ CCCB / BB BBB • High-quality portfolio provides consistent net investment income; 71% of fixed income portfolio rated A or higher • 4.4% pre-tax equivalent (PTE) annualized book yield on core portfolio • Average investment grade new money yields approximately 5.7% for the quarter $98 $99 $102 $101 $99 $7 $1 $(9) $10 $4 $105 $100 $93 $111 $103 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Core Portfolio Alternative Inv. Portfolio Net Investment Income1 Highlights Corporates Alternatives U.S Gov’t Portfolio Composition2 PTE Annualized Book Yield Contribution $8.9 Billion Short Term ($ in m ill io n s) 1 Non-Core Operations reflects $13, $12, $13, $6, and $6 million related to Preferred P&C in 4Q’23, 1Q’24, 2Q’24, 3Q’24, and 4Q’24, respectively | 2 Other category includes Equity Securities, which excludes $185 million of Other Equity Interests of LPs/LLCs that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance

Earnings Call Presentation – 4Q 2024 Well-Capitalized Insurance Subsidiaries 7 Balance sheet continued to strengthen, enhancing financial flexibility Strong capital and liquidity position; retiring $450 million February 2025 debt maturity 17.6% 23.2% 24.1% 30.3% 32.6% 31.0% 2019 2020 2021 2022 2023 2024 Debt-to-Capital 3 Parent Company Liquidity Risk-Based Capital Ratios¹ $660 $700 $704 $918 $683 $800 $207 $733 $234 $418 $465 $548 $867 $1,433 $938 $1,336 $1,148 $1,348 2019 2020 2021 2022 2023 2024 (% ) Debt Cash Flow from Operating Activities ($ in m ill io n s) $534 $448 $351 $(210) $(134) $383 2019 2020 2021 2022 2023 2024 HoldCo Cash & Investments Borrowings Available Under Credit Agreement & from Subs P&C (ex. AACC) Life2 1 4Q’24 Risk-Based Capital Ratios shown are estimates calculated at the Company Action Level from aggregate financials of all separate insurance companies within each segment. NAIC annually reported entity-level RBCs will differ. 2 Excludes business ceded to Kemper Bermuda Ltd. (KBL) | 3 Excludes AOCI: closely aligns with rating agencies and post-LDTI implementation ($ in m ill io n s) 355 340 355 645 465 520 365 330 220 240 275 305 2019 2020 2021 2022 2023 2024 ~8 pt Impact from debt paydown ~23%

Earnings Call Presentation – 4Q 2024 2025 Reinsurance Program 8 Renewed Catastrophe XoL Reinsurance • New policy effective January 1, 2025: ̶ New limit aligned with risk-appetite ̶ New structure improves overall cost of capital for Kemper Catastrophe Excess of Loss Program (XOL): • One year program consists of two layers: – $60 million excess $50 million – $65 million excess $110 million – 5% co-participation of both layers • 2025 purchase limit reflects exposure changes largely due to Preferred P&C exit HighlightsCatastrophe Reinsurance Program 100% Retention of first $50M 1-Year Term Placed 1/1/25 $60M xs $50M 95% Placed 1-Year Term Placed 1/1/25 $65M xs $110M 95% Placed Laye r 1 : 5 % co -p articip atio n Laye r 2 : 5 % co -p articip atio n

Earnings Call Presentation – 4Q 2024 Specialty Property & Casualty Insurance Segment 9 Delivered strong margins and PIF growth 98.2 93.6 89.6 91.3 91.7 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Underlying Combined Ratio1 (% ) Highlights • Underlying Combined Ratio of 91.7% – Private Passenger Auto: 91.4% – Commercial Auto: 93.0% • PIF increased 1.7% sequentially; 5.1% YoY – Hard market conditions continue – Premium increases continue to elevate customer shopping Metrics ($ in millions) 4Q’24 4Q’23 Variance Earned Premiums $955 $866 10.3% Underlying Loss & LAE Ratio1 70.0% 77.7% (7.7) pts Expense Ratio 21.7% 20.5% 1.2 pts Policies In-Force (000s) 1,277 1,215 5.1% 4Q’24 3Q’24 PIF– Sequential Quarter Chg 1.7% 4.5% (2.8) pts Sequential Quarter Growth3 Profitable growth remains the top priority 1 Non-GAAP financial measure; see reconciliation in appendix on pages 13-18 2 Represents the cumulative weighted average rate impact of actual filings on the total book 3 Excluding Classic Car 6.5 pts 4Q'24 TTM % of QoQ DWP DWP PIF Growth Private Passenger Auto California 1,875$ 50.7% 1.5% Florida / Texas 759 20.5% 0.3% Other 264 7.1% 3.5% Total PPA 2,898$ 78.4% 1.5% Commercial Auto 800$ 21.6% 4.2% Total Kemper Auto 3,698$ 100.0% 1.8%

Earnings Call Presentation – 4Q 2024 Life Insurance Segment 10 Business trends remained stable Underlying business continued to generate strong return on capital and distributable cash flows $99 $97 $101 $101 $100 $47 $44 $30 $50 $46 $146 $141 $131 $151 $146 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Normalized Revenues3 ($ in millions) Earned Premiums Net Investment Income • Inflation continues to disproportionately pressure low-to-moderate income consumers – Premiums relatively flat to prior-year; lapse performance in-line with historical trends • Mortality modestly favorable to historical experience1 • LDTI annual actuarial assumption update favorably impacted current and prior-year quarter Highlights Metrics ($ in millions, except per policy amounts) 4Q’24 4Q’23 Variance Adjusted Net Operating Income Impact of LDTI Annual Update $24 $6 $15 $7 60.0% — Face Value of In-Force $19,775 $19,881 (0.5)% Avg. Face Value per Policy $6,451 $6,346 1.7% Avg. Premium per Policy Issued2 $672 $609 10.3% 1 Historical experience excludes Covid-19 pandemic period (FY’20-1H’22) 2 Annual basis 3 Excludes earned premium impact from annual LDTI actuarial assumption update (4Q'23: -$15 million; 4Q’24: -$5 million)

Earnings Call Presentation – 4Q 2024 Key Takeaways 11 Profitable growth remains the top priority Specialty P&C • Delivered strong operating results and underlying combined ratio • Solid PIF growth with 4Q’24 outperforming traditional seasonal levels • Focusing on continued profitable growth Life • Business fundamentals remain stable and continue to generate strong returns on capital Balance Sheet • Retiring $450 million of senior notes due February 2025 • Repurchased ~$14 million of stock; ~$130 million remaining under repurchase program • Strong capital and liquidity position provides financial flexibility

Earnings Call Presentation – 4Q 2024 Appendix 12

Earnings Call Presentation – 4Q 2024 Non-GAAP Financial Measures 13 Adjusted Consolidated Net Operating Income (Loss) 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 the Company excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss) for the three months ended December 31, 2024 or 2023. The Company believes that Adjusted Consolidated Net Operating Income (Loss) 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 the Company’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 the Company’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 the Company’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 the Company, 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 the Company’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 the Company’s businesses. Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income (Loss) by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share - basic. The Company believes that Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share 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. Income from change in fair value of equity and convertible securities, net realized investment gains (losses), impairment gains (losses) related to investments, acquisition related transaction, integration and other costs, loss from early extinguishment of debt, and goodwill impairment charges included in the Company’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 the company’s investments, the timing of which is unrelated to the insurance underwriting process.

Earnings Call Presentation – 4Q 2024 Non-GAAP Financial Measures 14 Return on Adjusted Shareholders’ Equity 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. The Company 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. The Company 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. Adjusted Book Value Per Share 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. The Company 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. The Company 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. The Company 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. Underlying Combined Ratio 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. The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’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 the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.

Earnings Call Presentation – 4Q 2024 Non-GAAP Financial Measures 15 Three Months Ended Year Ended ($ per unrestricted share) Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Net Income (Loss) attributable to Kemper Corporation $1.52 $0.80 $4.95 $(4.25) Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (0.03) (0.03) (0.03) 0.06 Net Realized Investment Gains (Losses) 0.04 0.24 0.16 (0.23) Impairment Losses (0.03) (0.01) (0.08) (0.01) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.12) (0.23) (0.50) (1.49) Debt Extinguishment, Pension Settlement and Other Charges (0.11) - (0.11) (0.87) Goodwill Impairment Charge - - - (0.71) Non-Core Operations (0.04) 0.04 (0.44) (0.26) Adjusted Consolidated Net Operating Income (Loss) $1.81 $0.79 $5.95 $(0.74) Adjusted Consolidated Net Operating Income (Loss) attributable to Kemper Corporation Three Months Ended Year Ended ($ in millions) Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Net Income (Loss) attributable to Kemper Corporation $97.4 $51.4 $317.8 $(272.1) Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (2.0) (1.8) (2.1) 3.7 Net Realized Investment Gains (Losses) 3.1 15.6 10.4 (14.7) Impairment Losses (1.6) (1.0) (4.6) (0.9) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (7.5) (14.4) (31.8) (95.0) Debt Extinguishment, Pension Settlement and Other Charges (7.3) - (7.4) (55.5) Goodwill Impairment Charge - - - (45.5) Non-Core Operations (2.4) 2.5 (28.2) (17.0) Adjusted Consolidated Net Operating Income (Loss) $115.1 $50.5 $381.5 $(47.2)

Earnings Call Presentation – 4Q 2024 Non-GAAP Financial Measures 16 Return on Adjusted Shareholders’ Equity Three Months Ended Year Ended ($ in millions) Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Annualized Net Income (Loss) attributable to Kemper Corporation $389.6 $205.6 $317.8 $(272.1) Average Shareholders’ Equity1 $2,780.9 $2,433.3 $2,665.6 $2,539.2 Less: Average Net Unrealized Losses on Fixed Maturities 576.1 716.9 598.1 673.1 Less: Average Change in Discount Rate on Future Life Policyholder Benefits (286.6) (286.7) (272.8) (232.6) Less: Average Goodwill (1,250.7) (1,250.7) (1,250.7) (1,270.5) Average Adjusted Shareholders’ Equity1 $1,819.7 $1,612.8 $1,740.2 $1,709.2 Return on Shareholders’ Equity 14.0% 8.4% 11.9% (10.7)% Return on Adjusted Shareholders’ Equity 21.4% 12.7% 18.3% (15.9)% 1 Average shareholders' equity and average adjusted shareholders’ equity for the three 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.

Earnings Call Presentation – 4Q 2024 Non-GAAP Financial Measures 17 Adjusted Book Value Per Share As of ($ and shares in millions except per share amounts) Dec 31, 2024 Dec 31, 2023 Kemper Corporation Shareholders’ Equity $2,788.4 $2,505.2 Less: Net Unrealized Losses on Fixed Maturities 696.5 533.8 Less: Change in Discount Rate on Future Life Policyholder Benefits (380.3) (160.6) Less: Goodwill (1,250.7) (1,250.7) Adjusted Shareholders’ Equity $1,853.9 $1,627.7 Common Shares Issued and Outstanding 63.840 64.112 Book Value Per Share $43.68 $39.08 Less: Net Unrealized Losses on Fixed Maturities 10.91 8.33 Less: Change in Discount Rate on Future Life Policyholder Benefits (5.96) (2.51) Less: Goodwill (19.59) (19.51) Adjusted Book Value Per Share $29.04 $25.39

Earnings Call Presentation – 4Q 2024 Three Months Ended 4Q’24 3Q’24 2Q’24 1Q’24 4Q'23 Specialty P&C Insurance Combined Ratio as Reported 92.1% 91.7% 90.7% 94.8% 98.5% Current Year Catastrophe Losses and LAE Ratio (0.2) (0.4) (1.2) (0.5) (0.3) Prior Years Non-Catastrophe Losses and LAE Ratio (0.2) - 0.1 (0.6) - Prior Years Catastrophe Losses and LAE Ratio - - - (0.1) - Underlying Combined Ratio 91.7% 91.3% 89.6% 93.6% 98.2% Personal Auto Insurance Combined Ratio as Reported 90.8% 91.1% 90.8% 95.1% 99.5% Current Year Catastrophe Losses and LAE Ratio (0.1) (0.3) (1.1) (0.5) (0.3) Prior Years Non-Catastrophe Losses and LAE Ratio 0.7 0.4 (0.1) (1.0) 0.3 Prior Years Catastrophe Losses and LAE Ratio - - - (0.1) - Underlying Combined Ratio 91.4% 91.2% 89.6% 93.5% 99.5% Commercial Auto Insurance Combined Ratio as Reported 97.0% 94.1% 90.5% 93.6% 94.9% Current Year Catastrophe Losses and LAE Ratio (0.4) (0.8) (1.4) (0.4) (0.4) Prior Years Non-Catastrophe Losses and LAE Ratio (3.6) (1.4) 0.8 0.7 (1.2) Prior Years Catastrophe Losses and LAE Ratio - (0.1) 0.1 (0.1) (0.1) Underlying Combined Ratio 93.0% 91.8% 90.0% 93.8% 93.2% Non-GAAP Financial Measures 18 Underlying Combined Ratio



DE						95-4255452
(State or other jurisdiction of incorporation)						(IRS Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	KMPR	NYSE
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062	KMPB	NYSE


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☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Item 9.01.			Financial Statements and Exhibits.