8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2024

Kemper Corporation

(Exact name of registrant as specified in its charter)

Commission File Number: 001-18298

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

200 E. Randolph Street, Suite 3300, Chicago, IL 60601

(Address of principal executive offices, including zip code)

312-661-4600

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2.below):

| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | 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)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of

the Exchange Act.    ¨

Section 2. – Financial Information

Item 2.02.	Results of Operations and Financial Condition.

On May 1, 2024, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the first quarter of 2024 and the availability of Kemper’s first quarter investor supplement and earnings call presentation on its website, kemper.com. The press release, the investor supplement and the earnings call presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this report.

Section 9. – Financial Statements and Exhibits.

Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits

99.1 Registrant’s press release dated May 1, 2024.

99.2 First Quarter 2024 Investor Supplement of Kemper Corporation.

99.3 First Quarter 2024 Earnings Call Presentation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Kemper Corporation
Date:	May 1, 2024	/s/    BRADLEY T. CAMDEN
		Bradley T. Camden
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Document

Exhibit 99.1

	Kemper Corporation<br><br>200 East Randolph Street<br><br>Suite 3300<br><br>Chicago, IL 60601<br><br>kemper.com
Press Release

Kemper Reports First Quarter 2024 Operating Results*

CHICAGO, May 1, 2024 — Kemper Corporation (NYSE: KMPR) reported net income of $71.3 million, or $1.10 per diluted share, for the first quarter of 2024, compared to a net loss of $80.1 million, or $(1.25) per share, for the first quarter of 2023.

Adjusted Consolidated Net Operating Income1 was $69.7 million, or $1.07 per diluted share, for the first quarter of 2024, compared to Adjusted Consolidated Net Operating Loss1 of $55.7 million, or $(0.87) per share, for the first quarter of 2023.

Key themes of the quarter include:

•Profitability improved sequentially generating an 11.2% ROE and a 17.2% Tangible ROE1

•Specialty P&C underlying combined ratio1 improved 4.6 points sequentially to 93.6%, a 14.4 point improvement over 1Q’23

•Life business continues to produce stable earnings

•Parent liquidity remains strong at $1.1 billion; insurance companies remain well capitalized

“Overall, we’re pleased with our results this quarter,” said Joseph P. Lacher, Jr., President and CEO. “We continued to deliver significantly improved profitability in our Specialty P&C business, where we are now exceeding target returns. We made substantial progress on growing new business applications in the first quarter, delivered our fourth consecutive quarter of underlying business improvement, and our second straight quarter of solid operating and underwriting profits. Our profit restoration actions led to this positive outcome. Moving forward, we’re focused on stabilizing our policy in force levels, further expanding new business availability, and delivering on our ROE commitments.”

*NOTE: In third quarter 2023, the Company finalized the establishment of Kemper Reciprocal, an Illinois-domiciled reciprocal insurance exchange that began writing policies in September 2023. The results of Kemper Reciprocal are consolidated under US GAAP.

Unless specified otherwise, discussion of our first 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.

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
(Dollars in Millions, Except Per Share Amounts) (Unaudited)	Mar 31,<br>2024		Mar 31,<br>2023
Net Income (Loss)	$	71.3	$	(80.1)
Adjusted Consolidated Net Operating Income (Loss)1	$	69.7	$	(55.7)
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income (Loss)	$	(12.6)	$	(20.5)
Diluted Net Income (Loss) Per Share From:
Net Income (Loss)	$	1.10	$	(1.25)
Adjusted Consolidated Net Operating Income (Loss)1	$	1.07	$	(0.87)
Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share	$	(0.20)	$	(0.32)

Revenues

Total revenues for the first quarter of 2024 decreased $151.8 million, or 11.7 percent, to $1,143.0 million, compared to the first quarter of 2023, mostly driven by $104.2 million of reduced Specialty P&C earned premiums

due to continued lower level of new business volumes resulting from targeted actions to improve profitability, partially offset by higher average earned premium per exposure from rate increases. The decrease was also due to $42.8 million in lower earned premiums from our Preferred Insurance Business, reported as Non-Core Operations, due primarily to lower volumes resulting from the decision to exit and run-off the business as well as ongoing profit improvement actions.

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
(Dollars in Millions) (Unaudited)	Mar 31,<br>2024		Mar 31,<br>2023
Segment Adjusted Net Operating Income (Loss):
Specialty Property & Casualty Insurance	$	69.2	$	(58.4)
Life Insurance	11.9		13.2
Total Segment Adjusted Net Operating Income (Loss)	81.1		(45.2)
Corporate and Other Adjusted Net Operating Loss	(12.5)		(10.5)
Less: Net Loss attributable to Noncontrolling Interest	(1.1)		—
Adjusted Consolidated Net Operating Income (Loss)1	69.7		(55.7)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	2.7		1.3
Net Realized Investment Gains	5.2		5.1
Impairment Losses	(1.2)		1.7
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(10.1)		(23.0)
Non-Core Operations	5.0		(9.5)
Net Income (Loss) attributable to Kemper Corporation	$	71.3	$	(80.1)

The Specialty Property and Casualty Insurance segment reported adjusted net operating income of $69.2 million for the first quarter of 2024, compared to an adjusted net operating loss of $58.4 million in the first quarter of 2023. This increase in results was due primarily to an improvement in the Underlying Combined Ratio1 and lower prior year loss and LAE development. The segment’s Underlying Combined Ratio1 was 93.6 percent compared to 108.0 percent in the first quarter of 2023. The improvement was primarily driven higher average earned premiums per exposure resulting from rate increases, lower underlying claim frequency and moderating increases in claim severity.

The Life Insurance segment reported adjusted net operating income of $11.9 million for the first quarter of 2024, compared to $13.2 million in the first quarter of 2023. The decrease in results was primarily driven by a reduction in net investment income partially offset by changes in mortality experience from life insurance products.

Capital

Total Kemper Corporation Shareholders’ Equity at the end of the quarter was $2,589.8 million, an increase of $84.6 million, or 3 percent, since year-end 2023 primarily driven net income for the year. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $395.6 million, and $424.0 million of available borrowing capacity under the revolving credit agreement.

On February 7, 2024, Kemper announced that its Board of Directors declared a quarterly dividend of $0.31 per share, or $19.5 million. The dividend was paid on March 5, 2024, to its shareholders of record as of February 20, 2024.

Kemper ended the quarter with a book value per share of $40.24, an increase of 3 percent from $39.08 at the end of 2023. Tangible book value per share1 was $26.19 at the end of the quarter, compared to $25.39 at the end of 2023.

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

	Three Months Ended
(Dollars in Millions, Except Per Share Amounts)	Mar 31,<br>2024		Mar 31,<br>2023
Revenues:
Earned Premiums (Changes in Deferred Profit Liability for the Three Months Ended: 2024 - $19.7; 2023 - $19.2)	$	1,031.9	$	1,180.9
Net Investment Income	100.4		101.8
Change in Value of Alternative Energy Partnership Investments	0.4		0.7
Other Income	1.8		1.2
Change in Fair Value of Equity and Convertible Securities	3.4		1.7
Net Realized Investment Gains	6.6		6.4
Impairment Losses	(1.5)		2.1
Total Revenues	1,143.0		1,294.8
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits for the Three Months Ended: 2024 - $6.0; 2023 - $1.9)	756.0		1,052.0
Insurance Expenses	240.7		269.3
Interest and Other Expenses	59.7		77.4
Total Expenses	1,056.4		1,398.7
Income (Loss) before Income Taxes	86.6		(103.9)
Income Tax (Expense) Benefit	(16.4)		23.8
Net Income (Loss)	70.2		(80.1)
Less: Net Loss attributable to Noncontrolling Interest	(1.1)		—
Net Income (Loss) attributable to Kemper Corporation	$	71.3	$	(80.1)
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic	$	1.11	$	(1.25)
Diluted	$	1.10	$	(1.25)
Weighted-average Outstanding (Shares in Thousands):
Unrestricted Shares - Basic	64,254.5		63,946.6
Unrestricted Shares and Equivalent Shares - Diluted	64,772.8		63,946.6
Dividends Paid to Shareholders per Share	$	0.31	$	0.31

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

	Three Months Ended
(Dollars in Millions)	Mar 31,<br>2024		Mar 31,<br>2023
REVENUES:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile	$	675.3	$	787.9
Commercial Automobile	164.7		156.3
Total Earned Premiums	840.0		944.2
Net Investment Income	41.1		38.5
Change in Value of Alternative Energy Partnership Investments	0.3		0.4
Other Income	1.1		0.9
Total Specialty Property & Casualty Insurance Revenues	882.5		984.0
Life Insurance:
Earned Premiums:
Life	80.6		82.2
Accident & Health	5.6		5.9
Property	11.1		11.2
Total Earned Premiums	97.3		99.3
Net Investment Income	44.3		49.8
Change in Value of Alternative Energy Partnership Investments	0.1		0.2
Other Income (Loss)	0.2		(0.4)
Total Life Insurance Revenues	141.9		148.9
Total Segment Revenues	1,024.4		1,132.9
Change in Fair Value of Equity and Convertible Securities	3.4		1.7
Net Realized Investment Gains	6.6		6.4
Net Impairment Losses Recognized in Earnings	(1.5)		2.1
Non-Core Operations	106.2		148.0
Other	3.9		3.7
Total Revenues	$	1,143.0	$	1,294.8

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)

(Unaudited)

	Mar 31,<br>2024		Dec 31,<br>2023
Assets:
Investments:
Fixed Maturities at Fair Value	$	6,771.6	$	6,881.9
Equity Securities at Fair Value	230.1		225.8
Equity Method Limited Liability Investments	215.2		221.7
Alternative Energy Partnership Investments	17.2		17.3
Short-term Investments at Cost which Approximates Fair Value	520.7		520.9
Company-Owned Life Insurance	515.7		513.5
Loans to Policyholders	280.5		281.2
Other Investments	213.6		241.9
Total Investments	8,764.6		8,904.2
Cash	125.9		64.1
Receivables from Policyholders	953.1		959.5
Other Receivables	195.4		200.5
Deferred Policy Acquisition Costs	595.3		591.6
Goodwill	1,250.7		1,250.7
Current Income Tax Assets	52.6		64.5
Deferred Income Tax Assets	199.1		210.4
Other Assets	479.1		492.6
Assets of Consolidated Variable Interest Entity
Fixed Maturities at Fair Value	1.7		1.7
Cash	0.8		—
Short-term Investments at Cost which Approximates Fair Value	4.0		2.0
Receivables from Policyholders	2.7		0.7
Deferred Policy Acquisition Costs	0.6		0.1
Other Assets	0.3		0.1
Total Assets	$	12,625.9	$	12,742.7

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in Millions)

(Unaudited)

	Mar 31,<br>2024		Dec 31,<br>2023
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life & Health	$	3,294.3	$	3,422.4
Property & Casualty	2,597.2		2,680.5
Total Insurance Reserves	5,891.5		6,102.9
Unearned Premiums	1,274.1		1,300.8
Policyholder Obligations	660.9		655.7
Deferred Income Tax Liabilities	61.7		50.6
Accrued Expenses and Other Liabilities	754.8		737.7
Long-term Debt, Current, at Amortized Cost	449.7		—
Long-term Debt, Non-current, at Amortized Cost	940.1		1,389.2
Liabilities of Consolidated Variable Interest Entity
Insurance Reserves	0.7		—
Unearned Premiums	3.1		0.5
Accrued Expenses and Other Liabilities	0.6		0.3
Total Liabilities	10,037.2		10,237.7
Kemper Corporation Shareholders’ Equity:
Common Stock	6.4		6.4
Paid-in Capital	1,852.3		1,845.3
Retained Earnings	1,066.1		1,014.3
Accumulated Other Comprehensive Loss	(335.0)		(360.8)
Total Kemper Corporation Shareholders’ Equity	2,589.8		2,505.2
Noncontrolling Interest	(1.1)		(0.2)
Total Shareholders’ Equity	2,588.7		2,505.0
Total Liabilities and Shareholders’ Equity	$	12,625.9	$	12,742.7

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

	Three Months Ended
(Dollars in Millions)	Mar 31,<br>2024			Mar 31, 2023
Results of Operations
Net Premiums Written	$	864.6		$	1,022.1
Earned Premiums	$	840.0		$	944.2
Net Investment Income	41.1			38.5
Change in Value of Alternative Energy Partnership Investments	0.3			0.4
Other Income	1.1			0.9
Total Revenues	882.5			984.0
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	609.0			825.4
Catastrophe Losses and LAE	4.1			8.4
Prior Years:
Non-catastrophe Losses and LAE	5.3			31.6
Catastrophe Losses and LAE	0.7			(0.5)
Total Incurred Losses and LAE	619.1			864.9
Insurance Expenses	176.9			193.8
Segment Adjusted Operating Income (Loss)	86.5			(74.7)
Income Tax (Expense) Benefit	(17.3)			16.3
Total Segment Adjusted Net Operating Income (Loss)	$	69.2		$	(58.4)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	72.5		%	87.5		%
Current Year Catastrophe Losses and LAE Ratio	0.5			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.6			3.3
Prior Years Catastrophe Losses and LAE Ratio	0.1			(0.1)
Total Incurred Loss and LAE Ratio	73.7			91.6
Insurance Expense Ratio	21.1			20.5
Combined Ratio	94.8		%	112.1		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	72.5		%	87.5		%
Insurance Expense Ratio	21.1			20.5
Underlying Combined Ratio1	93.6		%	108.0		%
Non-GAAP Measure Reconciliation
Combined Ratio	94.8		%	112.1		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.5			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.6			3.3
Prior Years Catastrophe Losses and LAE Ratio	0.1			(0.1)
Underlying Combined Ratio1	93.6		%	108.0		%

Unaudited selected financial information for the Life Insurance segment follows.

	Three Months Ended
(Dollars in Millions)	Mar 31,<br>2024		Mar 31,<br>2023
Results of Operations
Earned Premiums	$	97.3	$	99.3
Net Investment Income	44.3		49.8
Change in Value of Alternative Energy Partnership Investments	0.1		0.2
Other Income (Loss)	0.2		(0.4)
Total Revenues	141.9		148.9
Policyholders’ Benefits and Incurred Losses and LAE	63.0		69.9
Insurance Expenses	64.9		64.2
Segment Adjusted Operating Income	14.0		14.8
Income Tax Expense	(2.1)		(1.6)
Total Segment Adjusted Net Operating Income	$	11.9	$	13.2

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 ended March 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 ended March 31, 2024 and 2023 is presented below.

	Three Months Ended
(Dollars in Millions) (Unaudited)	Mar 31,<br>2024		Mar 31,<br>2023
Net Income (Loss) attributable to Kemper Corporation	$	71.3	$	(80.1)
Less Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	2.7		1.3
Net Realized Investment Gains	5.2		5.1
Impairment Losses	(1.2)		1.7
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(10.1)		(23.0)
Non-Core Operations	5.0		(9.5)
Adjusted Consolidated Net Operating Income (Loss)1	$	69.7	$	(55.7)

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 ended March 31, 2024 and 2023 is presented below.

	Three Months Ended
(Unaudited)	Mar 31,<br>2024		Mar 31,<br>2023
Diluted Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share	$	1.10	$	(1.25)
Less Net Income (Loss) per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities	0.04		0.02
Net Realized Investment Gains	0.09		0.08
Impairment Losses	(0.02)		0.03
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(0.16)		(0.36)
Non-Core Operations	0.08		(0.15)
Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1	$	1.07	$	(0.87)

Return on Tangible 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.

A reconciliation of Return on Shareholders’ Equity to Return on Tangible Shareholders’ Equity is presented below:

	Three Months Ended
(Dollars in Millions) (Unaudited)	Mar 31,<br>2024		Mar 31,<br>2023
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation	$	285.2	$	(320.4)
Denominator:
Average Shareholders' Equity2	$	2,547.5	$	2,658.8
Less: Average Net Unrealized Gains and Losses on Fixed Maturities	576.1		645.5
Less: Average Change in Discount Rate on Future Life Policyholder Benefits	(216.3)		(197.7)
Less: Average Goodwill	(1,250.7)		(1,300.3)
Average Tangible Shareholders' Equity	$	1,656.6	$	1,806.3
Return on Shareholders' Equity:
Return on Shareholders' Equity	11.2%		(12.1)%
Return on Tangible Shareholders' Equity1	17.2%		(17.7)%
2 Average shareholders' equity and average tangible 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 tangible 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.

Tangible 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.

A reconciliation of Book Value Per Share to Tangible Book Value Per Share is presented below:

	As of
(Dollars and Shares in Millions Except Per Share Amounts) (Unaudited)	Mar 31,<br>2024		Dec 31, 2023
Numerator:
Kemper Corporation Shareholders’ Equity	$	2,589.8	$	2,505.2
Less: Net Unrealized Gains and Losses on Fixed Maturities	618.4		533.8
Less: Change in Discount Rate on Future Life Policyholder Benefits	(272.1)		(160.6)
Less: Goodwill	(1,250.7)		(1,250.7)
Tangible Shareholders’ Equity	$	1,685.4	$	1,627.7
Denominator:
Common Shares Issued and Outstanding	64.358		64.112
Book Value Per Share:
Book Value Per Share	$	40.24	$	39.08
Less: Net Unrealized Gains and Losses on Fixed Maturities	9.61		8.33
Less: Change in Discount Rate on Future Life Policyholder Benefits	(4.23)		(2.51)
Less: Goodwill	(19.43)		(19.51)
Tangible Book Value Per Share	$	26.19	$	25.39

Conference Call

Kemper will host its conference call to discuss first quarter 2024 results on Wednesday, May 1, 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 70282475. 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 first 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 Auto and Life brands. Kemper serves over 4.8 million policies, is represented by approximately 22,500 agents and brokers, and has approximately 7,700 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;

•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 investors@kemper.com
Media: Barbara Ciesemier	312.661.4521 or bciesemier@kemper.com

14

Document

Investor Supplement

First 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;

•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 28-31.

Kemper Corporation

Investor Supplement

First 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
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information	15-16
Personal Automobile Insurance	17
Commercial Automobile Insurance	18
Life Insurance Segment - Results of Operations and Selected Financial Information	19-20
Expenses	21
Details of Investment Performance	22
Details of Invested Assets	23-24
Investment Concentration	25
Municipal Bond Securities	26
Investments in Limited Liability Companies and Limited Partnerships	27
Definitions of Non-GAAP Financial Measures	28-31
Kemper Corporation<br><br>Consolidated Financial Highlights<br><br>(Dollars in Millions, Except Per Share Amounts)<br><br>(Unaudited)
---	---	---	---	---	---	---
	Three Months Ended
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
For Period Ended
Earned Premiums	$	1,031.9		$	1,063.8		$	1,117.8		$	1,166.9		$	1,180.9
Net Investment Income	100.4			104.6			107.0			106.3			101.8
Change in Value of Alternative Energy Partnership Investments	0.4			0.6			0.8			0.8			0.7
Other Income	1.8			1.9			2.4			1.7			1.2
Change in Fair Value of Equity and Convertible Securities	3.4			(2.2)			2.8			2.4			1.7
Net Realized Investment Gains (Losses)	5.1			18.5			(31.4)			(15.3)			8.5
Investment and Other Income	111.1			123.4			81.6			95.9			113.9
Total Revenues	$	1,143.0		$	1,187.2		$	1,199.4		$	1,262.8		$	1,294.8
Net Income (Loss)	$	70.2		$	51.3		$	(146.4)		$	(97.1)		$	(80.1)
Less: Net Loss attributable to Noncontrolling Interest	(1.1)			(0.1)			(0.1)			—			—
Net Income (Loss) attributable to Kemper Corporation	$	71.3		$	51.4		$	(146.3)		$	(97.1)		$	(80.1)
Adjusted Consolidated Net Operating Income (Loss)1	$	69.7		$	50.5		$	(27.8)		$	(14.2)		$	(55.7)
Per Unrestricted Common Share Amounts:
Basic:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:	$	1.11		$	0.80		$	(2.28)		$	(1.52)		$	(1.25)
Adjusted Consolidated Net Operating Income (Loss)1	$	1.08		$	0.79		$	(0.44)		$	(0.22)		$	(0.87)
Diluted:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:	$	1.10		$	0.80		$	(2.28)		$	(1.52)		$	(1.25)
Adjusted Consolidated Net Operating Income (Loss)1	$	1.07		$	0.78		$	(0.44)		$	(0.22)		$	(0.87)
Dividends Paid to Shareholders Per Share	$	0.31		$	0.31		$	0.31		$	0.31		$	0.31
Return on Shareholders' Equity	11.2		%	8.4		%	(24.0)		%	(15.1)		%	(12.1)		%
Return on Tangible Shareholders' Equity1	17.2		%	12.7		%	(35.4)		%	(22.4)		%	(17.7)		%
Kemper Corporation<br><br>Consolidated Financial Highlights<br><br>(Dollars in Millions, Except Per Share Amounts)<br><br>(Unaudited)
---	---	---	---	---	---	---
	As of
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
At Period End
Total Assets	$	12,625.9		$	12,742.7		$	12,549.3		$	13,096.3		$	13,403.7
Insurance Reserves	$	5,891.5		$	6,102.9		$	5,822.6		$	6,043.9		$	6,120.7
Debt	$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5
Kemper Corporation Shareholders’ Equity	$	2,589.8		$	2,505.2		$	2,361.3		$	2,512.2		$	2,646.9
Book Value Per Share2	$	40.24		$	39.08		$	36.85		$	39.22		$	41.37
Tangible Book Value Per Share1,2	$	26.19		$	25.39		$	24.94		$	26.66		$	27.61
Debt to Total Capitalization2	34.9		%	35.7		%	37.0		%	35.6		%	34.4		%
1Non-GAAP Financial Measure. See pages 28-31 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
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Revenues:
Earned Premiums	$	1,031.9	$	1,063.8	$	1,117.8	$	1,166.9	$	1,180.9
Net Investment Income	100.4		104.6		107.0		106.3		101.8
Change in Value of Alternative Energy Partnership Investments	0.4		0.6		0.8		0.8		0.7
Other Income	1.8		1.9		2.4		1.7		1.2
Change in Fair Value of Equity and Convertible Securities	3.4		(2.2)		2.8		2.4		1.7
Net Realized Investment Gains (Losses)	6.6		19.7		(30.3)		(14.4)		6.4
Impairment Losses	(1.5)		(1.2)		(1.1)		(0.9)		2.1
Total Revenues	1,143.0		1,187.2		1,199.4		1,262.8		1,294.8
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses	756.0		808.1		975.2		984.7		1,052.0
Insurance Expenses	240.7		258.0		259.0		266.1		269.3
Interest and Other Expenses	59.7		57.6		156.0		78.3		77.4
Goodwill Impairment	—		—		—		49.6		—
Total Expenses	1,056.4		1,123.7		1,390.2		1,378.7		1,398.7
Income (Loss) before Income Taxes	86.6		63.5		(190.8)		(115.9)		(103.9)
Income Tax (Expense) Benefit	(16.4)		(12.2)		44.4		18.8		23.8
Net Income (Loss)	70.2		51.3		(146.4)		(97.1)		(80.1)
Less: Net (Loss) Income attributable to Noncontrolling Interest	(1.1)		(0.1)		(0.1)		—		—
Net Income (Loss) attributable to Kemper Corporation	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic	$	1.11	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)
Diluted	$	1.10	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)
Dividends Paid to Shareholders Per Share	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31
Weighted Average Unrestricted Common Shares Outstanding (in Millions)	64.255		64.088		64.057		64.009		63.947
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions)	64.773		64.566		64.057		64.009		63.947
Kemper Corporation<br><br>Consolidated Balance Sheets<br><br>(Dollars in Millions)<br><br>(Unaudited)
---	---	---	---	---
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Assets:
Investments:
Fixed Maturities at Fair Value	$	6,771.6	$	6,881.9	$	6,474.5	$	6,943.8	$	7,189.4
Equity Securities at Fair Value	230.1		225.8		233.4		247.0		243.6
Equity Method Limited Liability Investments	215.2		221.7		224.1		225.1		218.7
Alternative Energy Partnerships	17.2		17.3		17.2		16.8		17.0
Short-term Investments at Cost which Approximates Fair Value	520.7		520.9		418.5		406.3		278.4
Company-Owned Life Insurance	515.7		513.5		506.9		500.5		595.3
Loans to Policyholders	280.5		281.2		281.8		281.6		283.1
Other Investments	213.6		241.9		273.1		275.6		271.8
Total Investments	8,764.6		8,904.2		8,429.5		8,896.7		9,097.3
Cash	125.9		64.1		110.0		73.6		60.6
Receivables from Policyholders	953.1		959.5		1,102.6		1,246.3		1,344.0
Other Receivables	195.4		200.5		223.4		262.0		249.4
Deferred Policy Acquisition Costs	595.3		591.6		622.2		646.2		651.5
Goodwill	1,250.7		1,250.7		1,250.7		1,250.7		1,300.3
Current Income Tax Assets	52.6		64.5		59.5		9.0		15.0
Deferred Income Tax Assets	199.1		210.4		258.5		208.0		166.0
Other Assets	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		—		—
Cash	0.8		—		2.4		—		—
Short-term Investments at Cost which Approximates Fair Value	4.0		2.0		—		—		—
Receivables from Policyholders	2.7		0.7		0.1		—		—
Deferred Policy Acquisition Costs	0.6		0.1		—		—		—
Other Assets	0.3		0.1		0.1		—		—
Total Assets	$	12,625.9	$	12,742.7	$	12,549.3	$	13,096.3	$	13,403.7
Kemper Corporation<br><br>Consolidated Balance Sheets<br><br>(Dollars in Millions)<br><br>(Unaudited)
---	---	---	---	---
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health	$	3,294.3	$	3,422.4	$	3,098.1	$	3,363.8	$	3,399.6
Property and Casualty	2,597.2		2,680.5		2,724.5		2,680.1		2,721.1
Total Insurance Reserves	5,891.5		6,102.9		5,822.6		6,043.9		6,120.7
Unearned Premiums	1,274.1		1,300.8		1,485.1		1,665.2		1,778.0
Policyholder Obligations	660.9		655.7		656.3		700.2		700.6
Deferred Income Tax Liabilities	61.7		50.6		57.8		—		—
Accrued Expenses and Other Liabilities	754.8		737.7		777.6		786.7		770.0
Long-term Debt, Current, at Amortized Cost	449.7		—		—		—		—
Long-term Debt, Non-Current, at Amortized Cost	940.1		1,389.2		1,388.6		1,388.1		1,387.5
Liabilities of Consolidated Variable Interest Entity:
Insurance Reserves	0.7		—		—		—		—
Unearned Premiums	3.1		0.5		0.1		—		—
Accrued Expenses and Other Liabilities	0.6		0.3		—		—		—
Total Liabilities	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
Paid-in Capital	1,852.3		1,845.3		1,845.9		1,837.6		1,828.9
Retained Earnings	1,066.1		1,014.3		982.4		1,149.0		1,266.3
Accumulated Other Comprehensive Loss	(335.0)		(360.8)		(473.4)		(480.8)		(454.7)
Total Kemper Corporation Shareholders’ Equity	2,589.8		2,505.2		2,361.3		2,512.2		2,646.9
Noncontrolling Interest	(1.1)		(0.2)		(0.1)		—		—
Total Shareholders’ Equity	$	2,588.7	$	2,505.0	$	2,361.2	$	2,512.2	$	2,646.9
Total Liabilities and Shareholders’ Equity	$	12,625.9	$	12,742.7	$	12,549.3	$	13,096.3	$	13,403.7
Kemper Corporation<br><br>Consolidated Statements of Cash Flows<br><br>(Dollars in Millions)<br><br>(Unaudited)
---	---	---
	Three Months Ended
	Mar 31,<br>2024		Mar 31,<br>2023
Cash Flows from Operating Activities:
Net Income (Loss)	$	70.2	$	(80.1)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities
Net Realized Investment Gains	(6.6)		(6.4)
Impairment Losses	1.5		(2.1)
Depreciation and Amortization of Property, Equipment and Software	11.4		11.9
Amortization of Intangible Assets Acquired	3.2		4.3
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments	6.0		0.8
Income from Change in Value of Alternative Energy Partnership Investments	(0.4)		(0.7)
Income from Change in Value of Equity and Convertible Securities	(3.4)		(1.7)
Changes in:
Receivables from Policyholders	4.4		(57.4)
Reinsurance Recoverables	1.8		4.1
Deferred Policy Acquisition Costs	(4.2)		(15.9)
Insurance Reserves	(69.0)		(21.8)
Unearned Premiums	(24.1)		73.6
Income Taxes	26.9		106.2
Other Assets and Liabilities	25.3		(9.6)
Net Cash Provided by Operating Activities	43.0		5.2
Cash Flows from Investing Activities:
Proceeds from the Sales, Calls and Maturities of Fixed Maturities	323.2		154.0
Proceeds from the Sales or Paydowns of Investments:
Equity Securities	13.4		19.5
Mortgage Loans	34.1		18.6
Other Investments	3.5		2.6
Purchases of Investments:
Fixed Maturities	(286.9)		(293.3)
Equity Securities	(3.1)		(13.2)
Real Estate Investments	(0.2)		(0.2)
Company-Owned Life Insurance	—		—
Mortgage Loans	(27.4)		(13.3)
Other Investments	(9.6)		(4.7)
Net Sales of Short-term Investments	2.4		0.7
Acquisition of Software and Long-lived Assets	(15.3)		(10.0)
Settlement Proceeds from Company-Owned Life Insurance	4.9		—
Other	0.3		1.1
Net Cash Provided by (Used in) Investing Activities	39.3		(138.2)
Kemper Corporation<br><br>Consolidated Statements of Cash Flows<br><br>(Dollars in Millions)<br><br>(Unaudited)
---	---	---
	Three Months Ended
	Mar 31,<br>2024		Mar 31,<br>2023
Net Cash Provided by (Used in) Investing Activities (Carryforward from page 8)<br><br><br><br>)	$	39.3	$	(138.2)
Cash Flows from Financing Activities:
Proceeds from Policyholder Contract Obligations	25.5		89.3
Repayment of Policyholder Contract Obligations	(20.6)		(90.0)
Proceeds from Shares Issued under Employee Stock Purchase Plan	0.9		1.0
Dividends Paid	(19.5)		(19.4)
Other	(6.0)		0.3
Net Cash Used in Financing Activities	(19.7)		(18.8)
Net increase (decrease) in cash1	62.6		(151.8)
Cash, Beginning of Year1	64.1		212.4
Cash, End of Period1	$	126.7	$	60.6
1Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest.
Kemper Corporation<br><br>Capital Metrics<br><br>(Dollars and Shares in Millions, Except Per Share Amounts)<br><br>(Unaudited)
---	---	---	---	---	---	---
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Book Value Per Share
Book Value Per Share	$	40.24		$	39.08		$	36.85		$	39.22		$	41.37
Tangible Book Value Per Share1	$	26.19		$	25.39		$	24.94		$	26.66		$	27.61
Debt and Total Capitalization
Debt	$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5
Kemper Corporation Shareholders’ Equity	2,589.8			2,505.2			2,361.3			2,512.2			2,646.9
Total Capitalization	$	3,979.6		$	3,894.4		$	3,749.9		$	3,900.3		$	4,034.4
Ratio of Debt to Kemper Corporation Shareholders’ Equity	53.7		%	55.5		%	58.8		%	55.3		%	52.4		%
Ratio of Debt to Total Capitalization	34.9		%	35.7		%	37.0		%	35.6		%	34.4		%
Debt	$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5
Kemper Corporation Shareholders’ Equity	$	2,589.8		$	2,505.2		$	2,361.3		$	2,512.2		$	2,646.9
Less: Accumulated Other Comprehensive Loss	(335.0)			(360.8)			(473.4)			(480.8)			(454.7)
Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss	$	2,924.8		$	2,866.0		$	2,834.7		$	2,993.0		$	3,101.6
Total Capitalization Excluding Accumulated Other Comprehensive Loss	$	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	47.5		%	48.5		%	49.0		%	46.4		%	44.7		%
Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Loss	32.2		%	32.6		%	32.9		%	31.7		%	30.9		%
Parent Company Liquidity2
Kemper Holding Company Cash and Investments3	$	395.6		$	464.5		$	153.9		$	220.3		$	240.6
Borrowings Available Under Credit Agreement	424.0			393.0			376.0			460.0			520.0
Parent Company Liquidity	$	819.6		$	857.5		$	529.9		$	680.3		$	760.6
Capital Returned to Shareholders
Cash Dividends Paid4	$	19.5		$	20.2		$	20.2		$	20.2		$	19.4
1Non-GAAP Financial Measure. See pages 28-31 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)

	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	$	449.7	$	—	$	—	$	—	$	—
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	397.1		397.0		396.9		396.8		396.7
3.800% Senior Notes due 2032	396.1		396.0		395.8		395.7		395.6
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost	146.9		146.6		146.3		146.1		145.8
Long-term Debt Outstanding	$	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	$	563.2	$	557.4	$	557.4	$	601.0	$	601.0
Reported as Debt Outstanding:
Federal Home Loan Bank of Dallas	$	—	$	—	$	—	$	—	$	—
Federal Home Loan Bank of Chicago	$	—	$	—	$	—	$	—	$	—
Federal Home Loan Bank of San Francisco	$	—	$	—	$	—	$	—	$	—
	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
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile	$	675.3	$	699.3	$	724.0	$	766.6	$	787.9
Commercial Automobile	164.7		166.3		166.4		165.7		156.3
Total Specialty Property & Casualty Insurance Earned Premiums	840.0		865.6		890.4		932.3		944.2
Net Investment Income	41.1		42.6		42.7		44.5		38.5
Change in Value of Alternative Energy Partnership Investments	0.3		0.3		0.5		0.4		0.4
Other Income	1.1		1.3		1.6		0.7		0.9
Total Specialty Property & Casualty Insurance Revenues	882.5		909.8		935.2		977.9		984.0
Life Insurance:
Earned Premiums:
Life	80.6		67.3		84.9		84.8		82.2
Accident and Health	5.6		5.6		5.8		5.8		5.9
Property	11.1		11.1		11.4		11.6		11.2
Total Life Insurance Earned Premiums	97.3		84.0		102.1		102.2		99.3
Net Investment Income	44.3		47.1		49.4		47.1		49.8
Change in Value of Alternative Energy Partnership Investments	0.1		0.1		0.2		0.2		0.2
Other Income (Loss)	0.2		0.2		(0.1)		0.1		(0.4)
Total Life Insurance Revenues	141.9		131.4		151.6		149.6		148.9
Total Segment Revenues	1,024.4		1,041.2		1,086.8		1,127.5		1,132.9
Change in Fair Value of Equity and Convertible Securities	3.4		(2.2)		2.8		2.4		1.7
Net Realized Investment Gains (Losses)	6.6		19.7		(30.3)		(14.4)		6.4
Impairment Losses	(1.5)		(1.2)		(1.1)		(0.9)		2.1
Non-Core Operations	106.2		126.7		138.0		145.7		148.0
Other	3.9		3.0		3.2		2.5		3.7
Total Revenues	$	1,143.0	$	1,187.2	$	1,199.4	$	1,262.8	$	1,294.8

Kemper Corporation

Segment Adjusted Operating Results

(Dollars in Millions)

(Unaudited)

	Three Months Ended
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Segment Adjusted Operating Income (Loss):
Specialty Property & Casualty Insurance	$	86.5	$	56.6	$	(43.2)	$	(15.0)	$	(74.7)
Life Insurance	14.0		19.9		17.5		10.1		14.8
Total Segment Adjusted Operating Income (Loss)	100.5		76.5		(25.7)		(4.9)		(59.9)
Corporate and Other Adjusted Operating Loss	(15.6)		(13.7)		(13.3)		(15.3)		(12.9)
Less: Loss before Income Taxes attributable to Noncontrolling Interest	(1.4)		(0.2)		(0.1)		—		—
Adjusted Consolidated Operating Income (Loss)	86.3		63.0		(38.9)		(20.2)		(72.8)
Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	3.4		(2.2)		2.8		2.4		1.7
Net Realized Investment Gains (Losses)	6.6		19.7		(30.3)		(14.4)		6.4
Impairment Losses	(1.5)		(1.2)		(1.1)		(0.9)		2.1
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(12.8)		(18.3)		(43.4)		(29.5)		(29.1)
Debt Extinguishment, Pension Settlement and Other Charges	—		—		(70.2)		—		—
Goodwill Impairment Charge	—		—		—		(49.6)		—
Non-Core Operations	6.0		2.7		(9.6)		(3.7)		(12.2)
Income (Loss) before Income Taxes attributable to Kemper Corporation	$	88.0	$	63.7	$	(190.7)	$	(115.9)	$	(103.9)
Segment Adjusted Net Operating Income (Loss):
Specialty Property & Casualty Insurance	$	69.2	$	45.3	$	(33.2)	$	(10.8)	$	(58.4)
Life Insurance	11.9		15.0		14.7		8.9		13.2
Total Segment Adjusted Net Operating Income (Loss)	81.1		60.3		(18.5)		(1.9)		(45.2)
Corporate and Other Adjusted Net Operating Loss	(12.5)		(9.9)		(9.4)		(12.3)		(10.5)
Less: Net Loss attributable to Noncontrolling Interest	(1.1)		(0.1)		(0.1)		—		—
Adjusted Consolidated Net Operating Income (Loss)	69.7		50.5		(27.8)		(14.2)		(55.7)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	2.7		(1.8)		2.3		1.9		1.3
Net Realized Investment Gains (Losses)	5.2		15.6		(22.9)		(12.5)		5.1
Impairment Losses	(1.2)		(1.0)		(0.8)		(0.8)		1.7
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(10.1)		(14.4)		(34.3)		(23.3)		(23.0)
Debt Extinguishment, Pension Settlement and Other Charges	—		—		(55.5)		—		—
Goodwill Impairment Charge	—		—		—		(45.5)		—
Non-Core Operations	5.0		2.5		(7.3)		(2.7)		(9.5)
Net Income (Loss) attributable to Kemper Corporation	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)

Kemper Corporation

Catastrophe Frequency and Severity

(Dollars in Millions)

(Unaudited)

	Three Months Ended March 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	19	$	4.1	11	$	0.2	18	$	11.7	19	$	16.0
$5 - $10	—	—		—	—		—	—		—	—
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	19	$	4.1	11	$	0.2	18	$	11.7	19	$	16.0
	Three Months Ended March 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	20	$	8.3	12	$	0.6	24	$	17.0	24	$	25.9
$5 - $10	—	—		—	—		—	—		—	—
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	20	$	8.3	12	$	0.6	24	$	17.0	24	$	25.9
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
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Results of Operations
Net Premiums Written	$	864.6		$	719.7		$	733.0		$	830.6		$	1,022.1
Total Specialty P&C:
Personal Automobile	$	675.3		$	699.3		$	724.0		$	766.6		$	787.9
Commercial Automobile	164.7			166.3			166.4			165.7			156.3
Earned Premium	840.0			865.6			890.4			932.3			944.2
Net Investment Income	41.1			42.6			42.7			44.5			38.5
Change in Value of Alternative Energy Partnership Investments	0.3			0.3			0.5			0.4			0.4
Other Income	1.1			1.3			1.6			0.7			0.9
Total Revenues	882.5			909.8			935.2			977.9			984.0
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	609.0			673.1			712.1			763.9			825.4
Catastrophe Losses and LAE	4.1			2.5			6.2			17.4			8.4
Prior Years:
Non-catastrophe Losses and LAE	5.3			(0.2)			78.8			25.0			31.6
Catastrophe Losses and LAE	0.7			0.1			(1.0)			(0.9)			(0.5)
Total Incurred Losses and LAE	619.1			675.5			796.1			805.4			864.9
Insurance Expenses	176.9			177.7			182.3			187.5			193.8
Segment Adjusted Operating Income (Loss)	86.5			56.6			(43.2)			(15.0)			(74.7)
Income Tax (Expense) Benefit	(17.3)			(11.3)			10.0			4.2			16.3
Total Segment Adjusted Net Operating Income (Loss)	$	69.2		$	45.3		$	(33.2)		$	(10.8)		$	(58.4)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	72.5		%	77.7		%	80.0		%	81.9		%	87.5		%
Current Year Catastrophe Losses and LAE Ratio	0.5			0.3			0.7			1.9			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.6			—			8.8			2.7			3.3
Prior Years Catastrophe Losses and LAE Ratio	0.1			—			(0.1)			(0.1)			(0.1)
Total Incurred Loss and LAE Ratio	73.7			78.0			89.4			86.4			91.6
Insurance Expense Ratio	21.1			20.5			20.5			20.1			20.5
Combined Ratio	94.8		%	98.5		%	109.9		%	106.5		%	112.1		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	72.5		%	77.7		%	80.0		%	81.9		%	87.5		%
Insurance Expense Ratio	21.1			20.5			20.5			20.1			20.5
Underlying Combined Ratio	93.6		%	98.2		%	100.5		%	102.0		%	108.0		%
Non-GAAP Measure Reconciliation
Combined Ratio as Reported	94.8		%	98.5		%	109.9		%	106.5		%	112.1		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.5			0.3			0.7			1.9			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	0.6			—			8.8			2.7			3.3
Prior Years Catastrophe Losses and LAE Ratio	0.1			—			(0.1)			(0.1)			(0.1)
Underlying Combined Ratio	93.6		%	98.2		%	100.5		%	102.0		%	108.0		%
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)

	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Insurance Reserves:
Non-Standard Automobile	$	1,633.1	$	1,711.9	$	1,761.6	$	1,741.4	$	1,805.6
Commercial Automobile	618.1		596.8		570.3		530.8		491.4
Insurance Reserves	$	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	$	965.7	$	999.9	$	1,048.0	$	1,061.7	$	1,094.8
Incurred but Not Reported	1,114.8		1,132.8		1,107.7		1,036.7		1,027.0
Total Loss Reserves	2,080.5		2,132.7		2,155.7		2,098.4		2,121.8
Unallocated LAE Reserves	170.7		176.0		176.2		173.8		175.2
Insurance Reserves	$	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
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Results of Operations
Net Premiums Written	$	672.5		$	563.8		$	583.9		$	687.4		$	842.4
Earned Premiums	$	675.3		$	699.3		$	724.0		$	766.6		$	787.9
Net Investment Income	26.9			32.3			32.5			33.8			29.9
Change in Value of Alternative Energy Partnership Investments	0.2			0.2			0.4			0.3			0.3
Other Income	1.1			1.3			1.6			0.7			0.9
Total Revenues	703.5			733.1			758.5			801.4			819.0
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	485.7			544.2			583.5			638.7			697.6
Catastrophe Losses and LAE	3.5			1.9			5.0			15.0			7.7
Prior Years:
Non-catastrophe Losses and LAE	6.5			(2.2)			71.8			18.0			23.4
Catastrophe Losses and LAE	0.6			—			(0.9)			(0.9)			(0.5)
Total Incurred Losses and LAE	496.3			543.9			659.4			670.8			728.2
Insurance Expenses	145.6			151.4			155.3			157.1			162.0
Adjusted Operating Income (Loss)	61.6			37.8			(56.2)			(26.5)			(71.2)
Income Tax (Expense) Benefit	(12.3)			(7.5)			12.4			6.3			15.5
Total Product Line Adjusted Net Operating Income (Loss)	$	49.3		$	30.3		$	(43.8)		$	(20.2)		$	(55.7)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	71.9		%	77.8		%	80.6		%	83.3		%	88.5		%
Current Year Catastrophe Losses and LAE Ratio	0.5			0.3			0.7			2.0			1.0
Prior Years Non-catastrophe Losses and LAE Ratio	1.0			(0.3)			9.9			2.3			3.0
Prior Years Catastrophe Losses and LAE Ratio	0.1			—			(0.1)			(0.1)			(0.1)
Total Incurred Loss and LAE Ratio	73.5			77.8			91.1			87.5			92.4
Insurance Expense Ratio	21.6			21.7			21.5			20.5			20.6
Combined Ratio	95.1		%	99.5		%	112.6		%	108.0		%	113.0		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	71.9		%	77.8		%	80.6		%	83.3		%	88.5		%
Insurance Expense Ratio	21.6			21.7			21.5			20.5			20.6
Underlying Combined Ratio	93.5		%	99.5		%	102.1		%	103.8		%	109.1		%
Non-GAAP Measure Reconciliation
Combined Ratio	95.1		%	99.5		%	112.6		%	108.0		%	113.0		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.5			0.3			0.7			2.0			1.0
Prior Years Non-catastrophe Losses and LAE Ratio	1.0			(0.3)			9.9			2.3			3.0
Prior Years Catastrophe Losses and LAE Ratio	0.1			—			(0.1)			(0.1)			(0.1)
Underlying Combined Ratio	93.5		%	99.5		%	102.1		%	103.8		%	109.1		%
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
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Results of Operations
Net Premiums Written	$	192.1		$	155.9		$	149.1		$	143.2		$	179.7
Earned Premiums	$	164.7		$	166.3		$	166.4		$	165.7		$	156.3
Net Investment Income	14.2			10.3			10.2			10.7			8.6
Change in Value of Alternative Energy Partnership Investments	0.1			0.1			0.1			0.1			0.1
Total Revenues	179.0			176.7			176.7			176.5			165.0
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	123.3			128.9			128.6			125.2			127.8
Catastrophe Losses and LAE	0.6			0.6			1.2			2.4			0.7
Prior Years:
Non-catastrophe Losses and LAE	(1.2)			2.0			7.0			7.0			8.2
Catastrophe Losses and LAE	0.1			0.1			(0.1)			—			—
Total Incurred Losses and LAE	122.8			131.6			136.7			134.6			136.7
Insurance Expenses	31.3			26.3			27.0			30.4			31.8
Adjusted Operating Income (Loss)	24.9			18.8			13.0			11.5			(3.5)
Income Tax (Expense) Benefit	(5.0)			(3.8)			(2.4)			(2.1)			0.8
Total Product Line Adjusted Net Operating Income (Loss)	$	19.9		$	15.0		$	10.6		$	9.4		$	(2.7)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	74.8		%	77.4		%	77.4		%	75.6		%	81.9		%
Current Year Catastrophe Losses and LAE Ratio	0.4			0.4			0.7			1.4			0.4
Prior Years Non-catastrophe Losses and LAE Ratio	(0.7)			1.2			4.2			4.2			5.2
Prior Years Catastrophe Losses and LAE Ratio	0.1			0.1			(0.1)			—			—
Total Incurred Loss and LAE Ratio	74.6			79.1			82.2			81.2			87.5
Insurance Expense Ratio	19.0			15.8			16.2			18.3			20.3
Combined Ratio	93.6		%	94.9		%	98.4		%	99.5		%	107.8		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	74.8		%	77.4		%	77.4		%	75.6		%	81.9		%
Insurance Expense Ratio	19.0			15.8			16.2			18.3			20.3
Underlying Combined Ratio	93.8		%	93.2		%	93.6		%	93.9		%	102.2		%
Non-GAAP Measure Reconciliation
Combined Ratio	93.6		%	94.9		%	98.4		%	99.5		%	107.8		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.4			0.4			0.7			1.4			0.4
Prior Years Non-catastrophe Losses and LAE Ratio	(0.7)			1.2			4.2			4.2			5.2
Prior Years Catastrophe Losses and LAE Ratio	0.1			0.1			(0.1)			—			—
Underlying Combined Ratio	93.8		%	93.2		%	93.6		%	93.9		%	102.2		%
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
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Results of Operations
Earned Premiums	$	97.3	$	84.0	$	102.1	$	102.2	$	99.3
Net Investment Income	44.3		47.1		49.4		47.1		49.8
Change in Value of Alternative Energy Partnership Investments	0.1		0.1		0.2		0.2		0.2
Other Income (Loss)	0.2		0.2		(0.1)		0.1		(0.4)
Total Revenues	141.9		131.4		151.6		149.6		148.9
Policyholders’ Benefits and Incurred Losses and LAE	63.0		40.5		64.7		68.3		69.9
Insurance Expenses	64.9		71.0		69.4		71.2		64.2
Segment Adjusted Operating Income	14.0		19.9		17.5		10.1		14.8
Income Tax Expense	(2.1)		(4.9)		(2.8)		(1.2)		(1.6)
Total Segment Adjusted Net Operating Income	$	11.9	$	15.0	$	14.7	$	8.9	$	13.2

Kemper Corporation

Life Insurance Segment

Results of Operations and Selected Financial Information (continued)

(Dollars in Millions)

(Unaudited)

	Mar 31, 2024		Dec 31,<br>2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Insurance Reserves:
Future Policyholder Benefits	$	3,248.8	$	3,375.6	$	3,048.7	$	3,315.2	$	3,346.9
Incurred Losses and LAE Reserves:
Life	40.7		42.1		44.6		44.2		48.3
Accident and Health	4.7		4.7		4.8		4.4		4.4
Property	2.5		2.9		2.7		2.6		2.7
Total Incurred Losses and LAE Reserves	47.9		49.7		52.1		51.2		55.4
Insurance Reserves	$	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
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Insurance Expenses:
Commissions	$	139.9	$	121.2	$	130.8	$	165.3	$	166.9
General Expenses	85.3		88.2		85.9		74.5		94.2
Premium Taxes	19.1		17.7		17.8		20.5		23.6
Total Costs Incurred	244.3		227.1		234.5		260.3		284.7
Net Policy Acquisition Costs (Deferred) Amortized	(4.1)		30.4		24.0		5.3		(15.9)
Amortization of Valuation of Business Acquired ("VOBA")	0.5		0.5		0.5		0.5		0.5
Insurance Expenses	$	240.7	$	258.0	$	259.0	$	266.1	$	269.3
Interest and Other Expenses:
Interest Expense	$	14.0	$	13.9	$	14.1	$	14.0	$	14.1
Other Expenses:
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	12.8		18.4		43.3		29.5		29.1
Pension Settlement Expense	—		—		70.2		—		—
Other	32.9		25.3		28.4		34.8		34.2
Other Expenses	45.7		43.7		141.9		64.3		63.3
Interest and Other Expenses	59.7		57.6		156.0		78.3		77.4
Goodwill Impairment	—		—		—		49.6		—
Total Expenses	$	300.4	$	315.6	$	415.0	$	394.0	$	346.7

Kemper Corporation

Details of Investment Performance

(Dollars in Millions)

(Unaudited)

		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Net Investment Income
Interest on Fixed Income Securities1,2	79.8	$	81.0	$	81.2	$	79.6	$	81.5
Dividends on Equity Securities Excluding Alternative Investments		1.0		1.2		1.2		1.0
Alternative Investments:
Equity Method Limited Liability Investments		2.3		4.3		2.8		1.1
Limited Liability Investments Included in Equity Securities		4.7		5.4		6.3		2.6
Total Alternative Investments		7.0		9.7		9.1		3.7
Short-term Investments		6.1		6.0		3.6		2.3
Loans to Policyholders		5.3		5.1		5.1		5.4
Real Estate		2.3		2.3		1.9		2.4
Company-Owned Life Insurance		6.6		6.4		7.4		8.8
Other		2.8		1.8		5.3		3.0
Total Investment Income		112.1		113.7		113.2		108.1
Investment Expenses:
Real Estate		2.8		1.7		2.2		2.1
Other Investment Expenses1,2		4.7		5.0		4.7		4.2
Total Investment Expenses		7.5		6.7		6.9		6.3
Net Investment Income	100.4	$	104.6	$	107.0	$	106.3	$	101.8
Net Realized Investment Gains (Losses)
Fixed Maturities:
Gains on Sales	12.8	$	3.6	$	0.8	$	0.4	$	1.1
Losses on Sales		(0.4)		(1.2)		(6.0)		(3.3)
(Losses) Gains on Hedging Activity		17.8		(29.4)		(8.7)		8.4
Equity Securities:
Gains on Sales		—		0.5		0.1		—
Losses on Sales		(1.3)		(1.1)		(0.1)		—
Other Investments:
Gains on Sales		—		—		—		0.2
Losses on Sales		—		0.1		(0.1)		—
Net Realized Investment Gains (Losses)	6.6	$	19.7	$	(30.3)	$	(14.4)	$	6.4
Net Impairment Losses Recognized in Earnings
Fixed Maturities	(1.0)	$	(0.7)	$	(2.0)	$	—	$	2.1
Equity Securities		(0.5)		—		—		—
Other		—		—		—		—
Net Impairment Losses Recognized in Earnings	(1.5)	$	(1.2)	$	(2.0)	$	—	$	2.1
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 5.2 million, 5.2 million, 5.3 million, 7.5 million, 4.7 million, for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

All values are in US Dollars.

Kemper Corporation

Details of Invested Assets

(Dollars in Millions)

(Unaudited)

	Mar 31, 2024				Dec 31, 2023				Dec 31, 2022
	Carrying<br>Value		Percent<br><br>of Total1		Carrying<br>Value		Percent<br><br>of Total1		Carrying<br>Value		Percent<br><br>of Total1
Fixed Maturities Reported at Fair Value:
U.S. Government and Government Agencies and Authorities	$	488.4	5.6	%	$	511.5	5.7	%	$	528.0	6.0	%
States and Political Subdivisions	1,355.9		15.4		1,401.9		15.7		1,568.9		17.8
Foreign Governments	4.6		0.1		3.8		—		4.1		—
Corporate Securities:
Bonds and Notes	3,635.6		41.4		3,690.8		41.4		3,539.4		40.4
Redeemable Preferred Stocks	8.0		0.1		8.3		0.1		8.0		0.1
Collateralized Loan Obligations	938.2		10.7		949.8		10.7		953.9		10.9
Other Mortgage- and Asset-backed	340.9		3.9		315.8		3.5		292.5		3.3
Total Fixed Maturities Reported at Fair Value	6,771.6		77.2		6,881.9		77.1		6,894.8		78.5
Equity Securities Reported at Fair Value:
Preferred Stocks	25.9		0.3		25.5		0.3		39.8		0.5
Common Stocks	1.4		—		1.2		—		2.1		—
Other Equity Interests:
Exchange Traded Funds	8.7		0.1		7.7		0.1		12.2		0.1
Limited Liability Companies and Limited Partnerships	194.1		2.2		191.4		2.1		189.1		2.2
Total Equity Securities Reported at Fair Value	230.1		2.6		225.8		2.5		243.2		2.8
Equity Method Limited Liability Investments	215.2		2.5		221.7		2.5		217.0		2.5
Alternative Energy Partnership Investments	17.2		0.2		17.3		0.2		16.3		0.2
Short-term Investments at Cost which Approximates Fair Value	520.7		5.9		520.9		5.9		278.4		3.2
Company Owned Life Insurance	515.7		5.9		513.5		5.8		586.5		6.7
Loans to Policyholders	280.5		3.2		281.2		3.2		283.4		3.2
Other Investments:
Equity Securities Reported at Modified Cost	24.7		0.3		32.6		0.4		38.4		0.4
Convertible Securities at Fair Value	—		—		—		—		43.3		0.5
Real Estate at Depreciated Cost	93.9		1.1		94.7		1.1		93.6		1.1
Mortgage Loans	93.1		1.1		99.8		1.1		91.1		1.0
Other	1.9		—		14.8		0.2		3.5		—
Total Other Investments	213.6		2.5		241.9		2.8		269.9		3.0
Total Investments	$	8,764.6	100.0	%	$	8,904.2	100.0	%	$	8,789.5	100.0	%

Kemper Corporation

Details of Invested Assets (continued)

(Dollars in Millions)

(Unaudited)

	Mar 31, 2024				Dec 31, 2023				Dec 31, 2022
	Carrying<br>Value		Percent<br><br>of Total1		Carrying<br>Value		Percent<br><br>of Total1		Carrying<br>Value		Percent<br><br>of Total1
S&P Equivalent Rating for Fixed Maturities
AAA, AA, A	$	4,884.1	72.1	%	$	4,962.0	72.1	%	$	4,896.4	71.0	%
BBB	1,604.4		23.7		1,657.3		24.1		1,687.4		24.5
BB, B	225.5		3.3		204.4		3.0		239.7		3.5
CCC or Lower	57.6		0.9		58.2		0.8		71.3		1.0
Total Investments in Fixed Maturities	$	6,771.6	100.0	%	$	6,881.9	100.0	%	$	6,894.8	100.0	%
Duration (in Years)
Total Investments in Fixed Maturities	7.9				8.1				8.2
1Sum of percentages for individual lines may not equal subtotals and grand total due to rounding.

Kemper Corporation

Investment Concentration

(Dollars in Millions)

(Unaudited)

	Mar 31, 2024				Dec 31, 2023				Dec 31, 2022
Fair Value of Non-governmental Fixed Maturities by Industry	Amount		Percent<br>of Total<br>Investments		Amount		Percent<br>of Total<br>Investments		Amount		Percent<br>of Total<br>Investments
Finance, Insurance and Real Estate	$	2,084.8	23.8	%	$	2,070.5	23.3	%	$	2,007.5	22.8	%
Manufacturing	1,064.8		12.1		1,077.6		12.1		1,085.9		12.4
Transportation, Communication and Utilities	816.5		9.3		807.3		9.1		733.7		8.3
Services	620.0		7.1		639.4		7.2		602.4		6.9
Mining	165.0		1.9		174.3		2.0		173.3		2.0
Retail Trade	131.3		1.5		156.0		1.8		165.1		1.9
Construction	6.2		0.1		4.4		—		11.7		0.1
Other	34.1		0.4		35.2		0.4		14.2		0.2
Total Fair Value of Non-governmental Fixed Maturities	$	4,922.7	56.2	%	$	4,964.7	55.9	%	$	4,793.8	54.6	%
	Mar 31, 2024
---	---	---	---	---
Ten Largest Investment Exposures1	Fair<br>Value		Percent<br>of Total<br>Investments
Fixed Maturities:
States including their Political Subdivisions:
California	$	133.5	1.5	%
Texas	113.3		1.3
Michigan	78.9		0.9
New York	76.7		0.9
Georgia	72.4		0.8
Louisiana	60.0		0.7
Pennsylvania	57.5		0.7
Florida	55.2		0.6
Colorado	48.2		0.5
Missouri	39.4		0.4
Total	$	735.1	8.3	%
1Excluding Investments in U.S. Government and Government Agencies and Authorities at March 31, 2024.

Kemper Corporation

Municipal Bond Securities

(Dollars in Millions)

(Unaudited)

	Mar 31, 2024
	State<br>General<br>Obligation		Political<br>Subdivision<br>General<br>Obligation		Revenue		Total Fair<br>Value		Percent<br><br>of Total<br><br>Muni Bond1		Percent<br><br>of Total<br><br>Investments1
California	$	8.6	$	124.9	$	—	$	133.5	9.8	%	1.5	%
Texas	10.3		99.6		3.4		113.3		8.4		1.3
Michigan	—		68.9		10.0		78.9		5.8		0.9
New York	12.3		64.4		—		76.7		5.7		0.9
Georgia	3.5		64.5		4.4		72.4		5.3		0.8
Louisiana	4.3		24.4		31.3		60.0		4.4		0.7
Pennsylvania	3.0		54.5		—		57.5		4.2		0.7
Florida	—		55.2		—		55.2		4.1		0.6
Colorado	—		48.2		—		48.2		3.6		0.5
Missouri	1.1		38.3		—		39.4		2.9		0.4
Washington	1.3		28.0		5.3		34.6		2.6		0.4
Virginia	—		27.1		6.2		33.3		2.5		0.4
New Mexico	—		33.0		—		33.0		2.4		0.4
Massachusetts	—		27.0		5.2		32.2		2.4		0.4
Oregon	2.4		17.9		11.4		31.7		2.3		0.4
Illinois	0.6		30.5		—		31.1		2.3		0.4
Minnesota	1.1		27.5		—		28.6		2.1		0.3
Maryland	—		28.3		—		28.3		2.1		0.3
Tennessee	3.3		19.7		—		23.0		1.7		0.3
Oklahoma	—		22.9		—		22.9		1.7		0.3
Ohio	—		21.6		—		21.6		1.6		0.2
Indiana	—		20.1		—		20.1		1.5		0.2
Rhode Island	1.6		18.3		—		19.9		1.5		0.2
Connecticut	—		16.4		2.6		19.0		1.4		0.2
North Carolina	1.7		17.2		—		18.9		1.4		0.2
Mississippi	—		10.6		7.6		18.2		1.3		0.2
District of Columbia	—		15.4		2.8		18.2		1.3		0.2
New Hampshire	0.4		17.8		—		18.2		1.3		0.2
Nebraska	5.7		9.4		—		15.1		1.1		0.2
Arizona	—		14.5		—		14.5		1.1		0.2
South Carolina	—		13.8		—		13.8		1.0		0.2
Kentucky	—		13.6		—		13.6		1.0		0.2
Utah	—		13.3		—		13.3		1.0		0.2
North Dakota	—		12.9		—		12.9		1.0		0.1
Alabama	—		12.6		—		12.6		0.9		0.1
Iowa	—		11.7		—		11.7		0.9		0.1
Hawaii	3.4		2.9		2.9		9.2		0.7		0.1
Maine	—		8.4		—		8.4		0.6		0.1
South Dakota	—		8.4		—		8.4		0.6		0.1
All Other States	2.5		29.6		2.4		34.5		2.5		0.4
Total	$	67.1	$	1,193.3	$	95.5	$	1,355.9	100.0	%	15.5	%
1Sum of percentages for individual lines may not equal total due to rounding.

Kemper Corporation

Investments in Limited Liability

Companies and Limited Partnerships

(Dollars in Millions)

(Unaudited)

	Unfunded<br>Commitment		Reported Value
Asset Class	Mar 31,<br>2024		Mar 31,<br>2024		Dec 31,<br>2023
Reported as Equity Method Limited Liability Investments:
Mezzanine Debt	$	42.6	$	123.2	$	125.4
Real Estate	—		42.0		41.9
Senior Debt	39.5		19.2		19.0
Leveraged Buyout	0.6		8.5		8.6
Distressed Debt	—		6.1		7.9
Secondary Transactions	1.6		6.8		7.9
Growth Equity	—		0.8		1.2
Hedge Fund	—		0.1		0.1
Other	0.2		8.5		9.7
Total Equity Method Limited Liability Investments	84.5		215.2		221.7
Alternative Energy Partnership Investments	—		17.2		17.3
Reported as Other Equity Interests at Fair Value:
Mezzanine Debt	66.3		127.7		124.0
Senior Debt	10.8		24.7		24.8
Leveraged Buyout	9.5		19.7		19.0
Distressed Debt	13.0		12.9		12.4
Growth Equity	6.5		6.3		6.4
Secondary Transactions	3.1		2.7		2.8
Hedge Funds	—		—		1.9
Real Estate	0.2		0.1		0.1
Other	—		—		—
Total Reported as Other Equity Interests at Fair Value	109.4		194.1		191.4
Reported as Other Equity Interests at Modified Cost:
Other	—		4.6		4.8
Total Reported as Other Equity Interests at Modified Cost	—		4.6		4.8
Total Investments in Limited Liability Companies and Limited Partnerships	$	193.9	$	431.1	$	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 ended March 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
Dollars in Millions (Unaudited)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Net Income (Loss) attributable to Kemper Corporation	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)
Less Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	2.7		(1.8)		2.3		1.9		1.3
Net Realized Investment Gains (Losses)	5.2		15.6		(22.9)		(12.5)		5.1
Impairment Losses	(1.2)		(1.0)		(0.8)		(0.8)		1.7
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(10.1)		(14.4)		(34.3)		(23.3)		(23.0)
Debt Extinguishment, Pension Settlement and Other Charges	—		—		(55.5)		—		—
Goodwill Impairment Charge	—		—		—		(45.5)		—
Non-Core Operations	5.0		2.5		(7.3)		(2.7)		(9.5)
Adjusted Consolidated Net Operating Income (Loss)	$	69.7	$	50.5	$	(27.8)	$	(14.2)	$	(55.7)

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
Dollars in Millions (Unaudited)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share	$	1.11	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)
Less Net Income (Loss) per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities	0.04		(0.03)		0.04		0.03		0.02
Net Realized Investment Gains (Losses)	0.09		0.24		(0.35)		(0.20)		0.08
Impairment Losses	(0.02)		(0.01)		(0.01)		(0.02)		0.03
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(0.16)		(0.23)		(0.54)		(0.36)		(0.36)
Debt Extinguishment, Pension Settlement and Other Charges	—		—		(0.87)		—		—
Goodwill Impairment Charge	—		—		—		(0.71)		—
Non-Core Operations	0.08		0.04		(0.11)		(0.04)		(0.15)
Adjusted Consolidated Net Operating Income (Loss) per Unrestricted Share	$	1.08	$	0.79	$	(0.44)	$	(0.22)	$	(0.87)

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

Return on Tangible 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.

A reconciliation of Return on Shareholders’ Equity to Return on Tangible Shareholders' Equity is presented below:

	Three Months Ended
Dollars in Millions (Unaudited)	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation	$	285.2		$	205.6		$	(585.2)		$	(388.4)		$	(320.4)
Denominator:
Average Shareholders' Equity1	$	2,547.5		$	2,433.3		$	2,436.8		$	2,579.6		$	2,658.8
Less: Average Net Unrealized Gains and Losses on Fixed Maturities	576.1			716.9			770.3			607.3			645.5
Less: Average Change in Discount Rate on Future Life Policyholder Benefits	(216.3)			(286.7)			(303.6)			(174.3)			(197.7)
Less: Average Goodwill	(1,250.7)			(1,250.7)			(1,250.7)			(1,275.5)			(1,300.3)
Average Tangible Shareholders' Equity1	$	1,656.6		$	1,612.8		$	1,652.8		$	1,737.1		$	1,806.3
Return on Shareholders' Equity:
Return on Shareholders' Equity	11.2		%	8.4		%	(24.0)		%	(15.1)		%	(12.1)		%
Return on Tangible Shareholders' Equity	17.2		%	12.7		%	(35.4)		%	(22.4)		%	(17.7)		%
1Average shareholders' equity and average tangible 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 tangible 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)

Tangible 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.

A reconciliation of Book Value Per Share to Tangible Book Value Per Share is presented below:

	As of
Dollars and Shares in Millions Except Per Share Amounts (Unaudited)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Numerator:
Kemper Corporation Shareholders’ Equity	$	2,589.8	$	2,505.2	$	2,361.3	$	2,512.2	$	2,646.9
Less: Net Unrealized Gains and Losses on Fixed Maturities	618.4		533.8		900.1		640.5		574.2
Less: Change in Discount Rate on Future Life Policyholder Benefits	(272.1)		(160.6)		(412.8)		(194.4)		(154.2)
Less: Goodwill	(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,300.3)
Tangible Shareholders' Equity	$	1,685.4	$	1,627.7	$	1,597.9	$	1,707.6	$	1,766.6
Denominator:
Common Shares Issued and Outstanding	64.358		64.112		64.081		64.054		63.982
Book Value Per Share:
Book Value Per Share	$	40.24	$	39.08	$	36.85	$	39.22	$	41.37
Less: Net Unrealized Gains and Losses on Fixed Maturities	9.61		8.33		14.05		10.00		8.97
Less: Change in Discount Rate on Future Life Policyholder Benefits	(4.23)		(2.51)		(6.44)		(3.03)		(2.41)
Less: Goodwill	(19.43)		(19.51)		(19.52)		(19.53)		(20.32)
Tangible Book Value Per Share	$	26.19	$	25.39	$	24.94	$	26.66	$	27.61

31

kmpr-3312024xearningsxpr

Earnings Call Presentation – 1Q 2024 First Quarter 2024 Earnings May 1, 2024

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Earnings Call Presentation – 1Q 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; • 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.

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Earnings Call Presentation – 1Q 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/modest 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

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Earnings Call Presentation – 1Q 2024 First Quarter 2024 Summary 4 Specialty P&C underwriting profit further improved as earned rate exceeded loss cost inflation Specialty P&C profitability continued to improve; focused on new business expansion • Underlying combined ratio1 improved 4.6 pts sequentially to 93.6%; 14.4 pts year-over-year • Specialty P&C new business accelerated ̶ New written premium was 3.1x vs. 4Q’23 ̶ New issued policies were 2.6x vs. 4Q’23 • Life business continued to produce stable earnings • Exit of preferred P&C business on track ̶ Released over $45 million of capital during 1Q’24; anticipate additional $85+ million by YE’2024 1st Quarter Operating Performance Achieved return on equity within low double-digit target range • ROE of 11.2% and Tangible ROE1 of 17.2% • Net Income attributable to Kemper Corporation of $71.3 million or $1.10 per diluted share • Adjusted Consolidated Net Operating Income1 of $69.7 million or $1.07 per diluted share • Book Value Per Share increased sequentially by $1.16 to $40.24 – Tangible Book Value Per Share1 increased sequentially by $0.80 to $26.19 Shareholder Value Creation Strong capital position provides financial flexibility • Parent company liquidity of approximately $1.1 billion • Insurance companies are well capitalized Balance Sheet Strength 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 16-21

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Earnings Call Presentation – 1Q 2024 Mar 31, 2024 Dec 31, 2023 Specialty P&C PIF Sequential Quarterly Change (5.5)% (8.9)% Quarter Ended ($ in millions, except per share amounts) Mar 31, 2024 Mar 31, 2023 Net Income (Loss) Per Diluted Share attributable to Kemper Corporation $1.10 $(1.25) Adj. Consolidated Net Operating Income (Loss) – Per Diluted Share1 $1.07 $(0.87) Book Value – Per Diluted Share $40.24 $41.37 Tangible Book Value – Per Diluted Share1 $26.19 $27.61 Return on Shareholders’ Equity 11.2% (12.1)% Return on Tangible Shareholders’ Equity1 17.2% (17.7)% Life Face Value of In-Force YoY Change (0.9)% (0.4)% Specialty P&C Earned Premium YoY Change (11.0)% (7.6)% First Quarter 2024 Financial Summary 5 Delivered fourth consecutive quarter of underlying business improvement 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 16-21 New business expansion efforts underway; on track to deliver 10%+ ROE in 2024

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Earnings Call Presentation – 1Q 2024 Well-Capitalized Insurance Subsidiaries 6 Continued access to significant sources of liquidity Strong capital and liquidity position; actions underway to improve leverage metrics 17.6% 23.2% 24.1% 30.3% 32.6% 32.2% 2019 2020 2021 2022 2023 1Q'24 Debt-to-Capital 3 Parent Company Liquidity Risk-Based Capital Ratios¹ $660 $700 $704 $918 $683 $713 $207 $733 $234 $418 $465 $396 $867 $1,433 $938 $1,336 $1,148 $1,109 2019 2020 2021 2022 2023 1Q'24 (% ) Debt Cash Flow from Operating Activities ($ in m ill io n s) $534 $448 $351 $(210) $(134) $(96) 2019 2020 2021 2022 2023 1Q'24 TTM HoldCo Cash & Investments Borrowings Available Under Credit Agreement & from Subs P&C (ex. AACC) Life2 1 1Q’24 Risk-Based Capital Ratios shown are estimates calculated at the Company Action Level from aggregate financials of all separate insurance companies within each segment. NAIC annually reported entity-level RBCs will differ. Year-end RBC estimates updated to reflect actuals from statutory filings. | 2 Excludes business ceded to Kemper Bermuda Ltd. (KBL) | 3 Excludes AOCI: closely aligns with rating agencies and post-LDTI implementation ($ in m ill io n s) 355 340 355 645 465 460 365 330 220 240 275 300 2019 2020 2021 2022 2023 1Q'24

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Earnings Call Presentation – 1Q 2024 Diversified Investment Portfolio with Consistent Returns 7 56% 15% 6% 6% 5% 6% 6% Other States/ Munis COLI 72% 24% 3% 1% Diversified and Highly-Rated Portfolio Fixed Maturity Ratings $6.8 Billion A or Higher ≤ CCCB / BB BBB • High-quality portfolio provides consistent net investment income; 72% of fixed income portfolio rated A or higher • Strong ALM philosophy that mitigates long- term economic and short-term valuation mismatches • 4.3% PTE annualized book yield • Average investment grade new money yields approximately 6% for the quarter $98 $97 $97 $98 $99 $4 $9 $10 $7 $1 $102 $106 $107 $105 $100 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Core Portfolio Alternative Inv. Portfolio Net Investment Income1 Highlights Corporates Alternatives U.S Gov’t Portfolio Composition2 Pre-Tax Equiv. Annualized Book Yield $8.8 Billion Short Term 4.4% 4.5% 4.6% 4.5% 4.3% 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 ($ in m ill io n s) 1 Non-Core Operations reflects $11, $13, $13, $13, and $12 million related to Preferred P&C in 1Q’23, 2Q’23, 3Q’23, 4Q’23, and 1Q’24, respectively | 2 Other category includes Equity Securities, which excludes $199 million of Other Equity Interests of LPs/LLCs that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance

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Earnings Call Presentation – 1Q 2024 Specialty Property & Casualty Insurance Segment 8 Underlying combined ratio3 improved 14.4 pts year-over-year and 4.6 pts sequentially 108.0 102.0 100.5 98.2 93.6 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Underlying Combined Ratio3 (% ) Highlights • Rate actions continue to earn into the book – PPA earned ~9 pts in 1Q’24 • New business expansion accelerating – 1Q’24 new business apps1 ~2.6x 4Q’23 – Month of April apps about equal to total 1Q’24 • Production ramp will increase over 2024 – PIF expected to stabilize mid-year Metrics ($ in millions) 1Q’24 1Q’23 Variance Earned Premiums $840 $944 (11.0)% Underlying Loss & LAE Ratio3 72.5% 87.5% (15.0) pts Expense Ratio 21.1% 20.5% 0.6 pts Policies In-Force (000s) 1,148 1,689 (32.0)% 1Q’24 4Q’23 PIF– Sequential Quarter Chg (5.5)% (8.9)% 3.4 pts Cumulative PPA Rate Activity Since 2Q’212 Focusing on growth through the restoration of new business ~60% ~59% ~48% Filed Rate Written Rate Earned Rate 1 See footnote 1 on page 10 2 Represents the cumulative weighted average rate impact of actual filings on the total book 3 Non-GAAP financial measure; see reconciliation in appendix on pages 16-21 14.4 pts

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Earnings Call Presentation – 1Q 2024 Specialty Auto – Policies In Force Metrics Improving 9 Early impact of new business expansion moderating sequential quarter PIF decline Commentary Year-Over-Year PIF Change • YoY PIF – Declined ~32.0% in 1Q’24 and 4Q’23 – Metric masks recent improvement in new business expansion – Rolling 4-quarter nature of YoY metric represents trailing indicator • Sequential quarter PIF – Down 5.5% vs. 8.9% in prior quarter; improved by 3.4 points – Annualized rate of (20.3)% vs. (31.1)% for prior quarter – Sequential quarter metric represents more responsive measure • During periods of significant change, sequential quarter PIF variance provides more insight into new business trends • Expect PIF to stabilize in 2H’24 Sequential Quarter PIF Change Sequential quarter PIF change expected to be flat by end of 3Q’24

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Earnings Call Presentation – 1Q 2024 Specialty Auto – New Business Expansion Accelerating 10 New business apps1 are leading indicator of PIF growth Commentary • Market demand remains strong for product offerings • New business expansion initiated mid-February – New business apps1 for 1Q’24 were ~2.6x 4Q’23 – April stand-alone new business apps1 about equal to total for 1Q’24 – Quarterly run rate based on April is ~3x 1Q’24 • New business profile and early loss performance in line or better than expectations New Business Apps1 New business expansion will continue to ramp up over 2024 1 “New business apps” is a transactional count of all newly-issued policies at the time they first become in-force. Kemper believes this measure provides investors with information relevant for understanding current period demand for Kemper’s insurance products. Kemper expects to disclose this information until the rate of PIF decline has stabilized.

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Earnings Call Presentation – 1Q 2024 Life Insurance Segment 11 Business trends remain stable Business continues to generate strong return on capital and distributable cash flows $99 $102 $102 $99 $97 $50 $47 $49 $47 $44 $149 $149 $151 $146 $141 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Normalized Revenues2 ($ in millions) Earned Premiums Net Investment Income • Mortality in line with pre-pandemic experience • Modest pressure from inflationary environment – Overall persistency in line with historical trends – New business levels slightly below prior year Highlights Metrics ($ in millions, except per policy amounts) 1Q’24 1Q’23 Variance Life Total Segment Adjusted Net Operating Income $12 $13 (7.7)% Face Value of In-Force $19,914 $20,090 (0.9)% Avg. Face Value per Policy $6,385 $6,292 1.5% Avg. Premium per Policy Issued1 $609 $583 4.5% 1 Annual basis | 2 Excludes earned premium impact from annual LDTI actuarial assumption update (4Q'23: -$15 million)

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Earnings Call Presentation – 1Q 2024 Key Takeaways 12 PIF stabilizing mid-year; on track to deliver 10%+ ROE in 2024 Specialty P&C Profitability • Sequential underlying results improved for the fourth consecutive quarter – Strong underwriting profit in 1Q’24, exceeding 96% combined ratio target – Rate actions continue to earn into the book Specialty P&C Production • Controlled new business expansion initiated mid-February – 1Q’24 apps ~2.6x 4Q’23 – Month of April apps about equal to total 1Q’24 apps – Quarterly run rate based on April is approaching ~3x 1Q’24 • Anticipate PIF levels stabilizing mid-year • Goal is maintaining a 96% or better combined ratio while maximizing growth Life • Continues to generate stable earnings

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Earnings Call Presentation – 1Q 2024 Appendix 13

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Earnings Call Presentation – 1Q 2024 2024 Reinsurance Program 14 Renewed Catastrophe XoL Reinsurance • New policy effective January 1, 2024: ̶ New limit aligned with risk-appetite ̶ New structure improves overall cost of capital for Kemper Catastrophe Excess of Loss Program (XOL): • Program consists of two towers: – 3-year term placed in 2022: $200 million excess $50 million – 1-year term placed in 2024: $190 million excess $50 million – Co-participation: o Layer 1: 15% o Layer 2: 5% • Updated 2024 purchase limit reflects exposure changes, inclusive of the Preferred P&C exit, and model enhancements HighlightsCatastrophe Reinsurance Program 3-Year Term Placed 1/1/22 $100M xs $150M 31.67% Placed 1-Year Term Placed 1/1/24 $90M xs $150M 63.33% Placed Laye r 2 : 5 % co -p articip atio n 3-Year Term Placed 1/1/22 $100M xs $50M 31.67% Placed 1-Year Term Placed 1/1/24 $100M xs $50M 53.33% Placed Laye r 1 : 1 5 % co -p articip atio n Retention 100% of first $50M

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Earnings Call Presentation – 1Q 2024 15 Auto Inflation Pressures Remain Elevated Price Indices (Indexed to Q4’18) Source: U.S. Bureau of Labor Statistics Pace of increase continues to moderate 90 100 110 120 130 140 150 160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 2024 Bodywork Used Car & Truck Medical Care Core CPI 136 131 115 122

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Earnings Call Presentation – 1Q 2024 Non-GAAP Financial Measures 16 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 March 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.

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Earnings Call Presentation – 1Q 2024 Non-GAAP Financial Measures 17 Return on Tangible 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. Tangible 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. 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.

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Earnings Call Presentation – 1Q 2024 Non-GAAP Financial Measures 18 Three Months Ended ​​($ per share) Mar 31, 2024​ Mar 31, 2023 Net Income (Loss) attributable to Kemper Corporation Per Unrestricted Share $1.11 $(1.25) Less Net Income (Loss) Per Unrestricted Share From: Change in Fair Value of Equity and Convertible Securities 0.04 0.02 Net Realized Investment Gains 0.09 0.08 Impairment Losses (0.02) 0.03 Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.16) (0.36) Non-Core Operations 0.08 (0.15) Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share $1.08 $(0.87) Adjusted Consolidated Net Operating Income (Loss) attributable to Kemper Corporation Three Months Ended ​​($ in millions) Mar 31, 2024​ Mar 31, 2023 Net Income (Loss) attributable to Kemper Corporation $71.3 $(80.1) Less Net Income (Loss) From: Change in Fair Value of Equity and Convertible Securities 2.7 1.3 Net Realized Investment Gains 5.2 5.1 Impairment Losses (1.2) 1.7 Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (10.1) (23.0) Non-Core Operations 5.0 (9.5) Adjusted Consolidated Net Operating Income (Loss) $69.7 $(55.7)

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Earnings Call Presentation – 1Q 2024 Non-GAAP Financial Measures 19 Return on Tangible Shareholders’ Equity Three Months Ended ​​($ in millions) Mar 31, 2024​ Mar 31, 2023 Annualized Net Income (Loss) attributable to Kemper Corporation $285.2 $(320.4) Average Shareholders’ Equity1 $2,547.5 $2,658.8 Less: Average Net Unrealized Gains and Losses on Fixed Maturities 576.1 645.5 Less: Average Change in Discount Rate on Future Life Policyholder Benefits (216.3) (197.7) Less: Average Goodwill (1,250.7) (1,300.3) Average Tangible Shareholders’ Equity1 $1,656.6 $1,806.3 Return on Shareholders’ Equity 11.2% (12.1)% Return on Tangible Shareholders’ Equity 17.2% (17.7)% 1 Average shareholders' equity and average tangible 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 tangible 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.

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Earnings Call Presentation – 1Q 2024 Non-GAAP Financial Measures 20 Tangible Book Value Per Share As of ​​($ and shares in millions except per share amounts) Mar 31, 2024​ Mar 31, 2023 Kemper Corporation Shareholders’ Equity $2,589.8 $2,646.9 Less: Net Unrealized Gains and Losses on Fixed Maturities 618.4 574.2 Less: Change in Discount Rate on Future Life Policyholder Benefits (272.1) (154.2) Less: Goodwill (1,250.7) (1,300.3) Tangible Shareholders’ Equity $1,685.4 $1,766.6 Common Shares Issued and Outstanding 64.358 63.982 Book Value Per Share $40.24 $41.37 Less: Net Unrealized Gains and Losses on Fixed Maturities 9.61 8.97 Less: Change in Discount Rate on Future Life Policyholder Benefits (4.23) (2.41) Less: Goodwill (19.43) (20.32) Tangible Book Value Per Share $26.19 $27.61

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Earnings Call Presentation – 1Q 2024 Three Months Ended 1Q’24 4Q'23 3Q'23 2Q'23 1Q’23 Specialty P&C Insurance Combined Ratio as Reported 94.8% 98.5% 109.9% 106.5% 112.1% Current Year Catastrophe Losses and LAE Ratio (0.5) (0.3) (0.7) (1.9) (0.9) Prior Years Non-Catastrophe Losses and LAE Ratio (0.6) - (8.8) (2.7) (3.3) Prior Years Catastrophe Losses and LAE Ratio (0.1) - 0.1 0.1 0.1 Underlying Combined Ratio 93.6% 98.2% 100.5% 102.0% 108.0% Personal Auto Insurance Combined Ratio as Reported 95.1% 99.5% 112.6% 108.0% 113.0% Current Year Catastrophe Losses and LAE Ratio (0.5) (0.3) (0.7) (2.0) (1.0) Prior Years Non-Catastrophe Losses and LAE Ratio (1.0) 0.3 (9.9) (2.3) (3.0) Prior Years Catastrophe Losses and LAE Ratio (0.1) - 0.1 0.1 0.1 Underlying Combined Ratio 93.5% 99.5% 102.1% 103.8% 109.1% Commercial Auto Insurance Combined Ratio as Reported 93.6% 94.9% 98.4% 99.5% 107.8% Current Year Catastrophe Losses and LAE Ratio (0.4) (0.4) (0.7) (1.4) (0.4) Prior Years Non-Catastrophe Losses and LAE Ratio 0.7 (1.2) (4.2) (4.2) (5.2) Prior Years Catastrophe Losses and LAE Ratio (0.1) (0.1) 0.1 - - Underlying Combined Ratio 93.8% 93.2% 93.6% 93.9% 102.2% Non-GAAP Financial Measures 21 Underlying Combined Ratio

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