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  4. [8-K] KEMPER Corp Reports Material Event

Kemper returns to $52.4M profit in Q3 2026

California Personal Auto combined and underlying combined ratios improved 12 points and 7 points, respectively, since the first quarter of 2026.

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Rhea-AI Filing Summary

Kemper Corporation reported third-quarter 2026 net income attributable to Kemper of $52.4 million, or $0.88 per diluted share, compared with a $21.0 million net loss, or a $0.34 loss per share, in third-quarter 2025. Adjusted consolidated net operating income, a non-GAAP measure, was $59.9 million, or $1.01 per diluted share, versus $20.4 million, or $0.33 per share.

Revenue declined $149.1 million year over year to $1,090.6 million, primarily because of lower Specialty Personal Automobile volumes, partly offset by higher Specialty Commercial Automobile volumes. Specialty Property and Casualty adjusted net operating income was $54.4 million versus $7.6 million. Kemper cited favorable prior-year development in personal auto; commercial auto results also reflected higher underlying losses, primarily from claim severity.

For the first nine months, net income attributable to Kemper was a $414.1 million loss, compared with $151.3 million of income a year earlier; the 2026 period included a $460.0 million goodwill impairment. Shareholders’ equity was $2,133.3 million as of September 30, 2026, down 20% since year-end 2025, primarily driven by comprehensive losses.

2 points · 0 major

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1 major · 3 points

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Positive

  • Moderate pointQuarterly net income reached $52.4 million, versus a $21.0 million loss.
  • Moderate pointAdjusted consolidated net operating income reached $59.9 million, up from $20.4 million.

Negative

  • Major pointNine-month attributable results were a $414.1 million loss, versus $151.3 million income.
  • Moderate pointQuarterly revenue declined $149.1 million year over year to $1,090.6 million.
  • Moderate pointShareholders’ equity declined 20% since year-end 2025 to $2,133.3 million.

Filing Explained

Reported book value per share declined from year-end; adjusted book value per share was 28 dollars 13 cents versus 28 dollars 6 cents at year-end.

This Kemper 8-K reports third-quarter 2026 results; at September 30, 2026, Kemper and its direct non-insurance subsidiaries reported $90.8 million in cash and investments and $350 million of available revolver borrowing capacity, which is borrowing availability rather than cash already on hand.

At September 30, 2026, reported book value per share was $36.20 versus $45.71 at December 31, 2025, while adjusted book value per share was $28.13 versus $28.06.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income attributable to Kemper $52.4 million; prior-year quarter: $21.0 million loss Three months ended September 30, 2026 and 2025
Adjusted consolidated net operating income $59.9 million; prior-year quarter: $20.4 million Three months ended September 30, 2026 and 2025; non-GAAP measure
Total revenues $1,090.6 million; prior-year quarter: $1,239.7 million Three months ended September 30, 2026 and 2025
Net income (loss) attributable to Kemper $414.1 million loss; prior-year period: $151.3 million income Nine months ended September 30, 2026 and 2025
Goodwill impairment $460.0 million Nine months ended September 30, 2026
Kemper Corporation shareholders’ equity $2,133.3 million As of September 30, 2026; decreased 20% since year-end 2025
Adjusted Consolidated Net Operating Income financial
"Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure"
Adjusted consolidated net operating income is a company’s total operating profit across all subsidiaries after removing one-time items and accounting distortions so the number reflects ongoing business results. Investors use it like a cleaned-up monthly paycheck—by stripping out unusual gains, losses, interest and taxes, it shows the recurring earning power of the core operations and helps compare performance across periods and peers when valuing the business.
Underlying Combined Ratio financial
"Underlying Combined Ratio is a non-GAAP financial measure"
The underlying combined ratio is an insurer’s core underwriting profit measure: it compares claims paid plus operating costs to premiums earned, after removing one-off or unusual items (like major catastrophe losses, reserve adjustments or accounting timing effects). It matters to investors because it reveals the steady, repeatable strength of an insurer’s business—like a car’s average fuel efficiency when you ignore a single outlier trip—helping separate true performance from temporary noise.
Loss and LAE financial
"loss and LAE reserve development from prior years"
deferred profit liability financial
"related to the deferred profit liability within the Life insurance business"
Incurred but Not Reported financial
"Incurred but Not Reported"
Net income attributable to Kemper $52.4 million Compared with a $21.0 million net loss in third-quarter 2025
Adjusted consolidated net operating income $59.9 million Compared with $20.4 million in third-quarter 2025
Total revenues $1,090.6 million Decreased $149.1 million compared with third-quarter 2025
Specialty Property and Casualty adjusted net operating income $54.4 million Compared with $7.6 million in third-quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Kemper KMPB's third-quarter 2026 earnings?
Kemper reported $52.4 million of net income attributable to Kemper, or $0.88 per diluted share, compared with a $21.0 million net loss in third-quarter 2025. Adjusted consolidated net operating income was $59.9 million, or $1.01 per diluted share.

Why did Kemper KMPB revenue decline in the third quarter of 2026?
Revenue declined by $149.1 million compared with third-quarter 2025, primarily because of lower Specialty Personal Automobile volumes. Higher Specialty Commercial Automobile volumes partly offset that decline.

What was included in Kemper KMPB's nine-month 2026 loss?
Net income attributable to Kemper for the first nine months was a $414.1 million loss, compared with $151.3 million of income in the prior-year period. The 2026 results included a $460.0 million goodwill impairment recognized in the second quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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): November 9, 2026 
Kemper Corporation
(Exact name of registrant as specified in its charter)
 
Commission File Number: 001-18298
 
DE95-4255452
(State or other jurisdiction
of incorporation)		(IRS Employer
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)
 
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareKMPRNYSE
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062KMPBNYSE

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 November 9, 2026, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the third quarter of 2026 and the availability of Kemper’s third 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 November 9, 2026.
99.2 Third Quarter 2026 Investor Supplement of Kemper Corporation.
99.3 Third Quarter 2026 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:November 9, 2026/s/    BRADLEY T. CAMDEN
Bradley T. Camden
Executive Vice President and Chief Financial Officer (Principal Financial Officer)


Exhibit 99.1
 

kemperlogocolorwebfinala05.jpg
Kemper Corporation
200 East Randolph Street
Suite 3300
Chicago, IL 60601
kemper.com

Press Release
Kemper Reports Third Quarter 2026 Operating Results*
CHICAGO, November 9, 2026 — Kemper Corporation (NYSE: KMPR) reported Net Income of $52.4 million, or $0.88 per diluted share, for the third quarter of 2026, compared to Net Loss of $21.0 million, or $(0.34) per share, for the third quarter of 2025.

Adjusted Consolidated Net Operating Income1 was $59.9 million, or $1.01 per diluted share, for the third quarter of 2026, compared to $20.4 million, or $0.33 per share, for the third quarter of 2025.
Summary of quarterly performance:
•Strong sequential earnings improvement, led by improved Personal Auto performance
•Personal Auto profitability continued to improve, reflecting the cumulative benefits of our rate and non-rate actions
•California Personal Auto Combined Ratio and Underlying Combined Ratio1 improved 12 points and 7 points, respectively, since 1Q’26
•Continued to strengthen leadership across P&C, Life, claims and distribution


“Our third-quarter results demonstrate continued progress as the actions we’ve taken to improve profitability are taking hold,” said Stephen J. McAnena, President and Chief Executive Officer. “While there is more work ahead, we are moving in the right direction and remain focused on restoring profitability and building capabilities to position Kemper for durable, profitable growth.”



*Unless otherwise specified, discussion of our third quarter 2026 results is focused on net income attributable to Kemper Corporation common shareholders, which does not include financial results from Kemper Reciprocal that are presented within the condensed consolidated financial results in this release. The results of Kemper Reciprocal are consolidated under US GAAP.
1 Non-GAAP financial measure. All Non-GAAP financial measures are denoted with footnote 1 throughout this release. See “Use of Non-GAAP Financial Measures” for additional information.




Three Months EndedNine Months Ended
(Dollars in Millions, Except Per Share Amounts) (Unaudited)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Net Income (Loss)$52.4 $(21.0)$(414.1)$151.3 
Adjusted Consolidated Net Operating Income1
$59.9 $20.4 $98.7 $210.9 
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income (Loss)
$(2.3)$(0.6)$(10.3)$(12.3)
Diluted Net Income (Loss) Per Share From:
Net Income (Loss)$0.88 $(0.34)$(7.04)$2.37 
Adjusted Consolidated Net Operating Income1
$1.01 $0.33 $1.68 $3.31 
Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share
$(0.04)$(0.01)$(0.18)$(0.20)
Revenues
Total Revenues for the third quarter of 2026 decreased $149.1 million to $1,090.6 million compared to the third quarter of 2025. The decline was primarily due to lower Specialty Personal Automobile volumes, partially offset by higher Specialty Commercial Automobile volumes.




2

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 EndedNine Months Ended
(Dollars in Millions) (Unaudited)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Segment Adjusted Net Operating Income:
Specialty Property & Casualty Insurance$54.4 $7.6 $70.3 $184.5 
Life Insurance19.8 18.6 56.1 48.4 
Total Segment Adjusted Net Operating Income74.2 26.2 126.4 232.9 
Corporate and Other Adjusted Net Operating Loss(13.0)(9.0)(30.3)(30.7)
Less: Net Income (Loss) attributable to Noncontrolling Interest
1.3 (3.2)(2.6)(8.7)
Adjusted Consolidated Net Operating Income1
59.9 20.4 98.7 210.9 
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities2.6 (1.7)0.2 (2.0)
Net Realized Investment (Losses) Gains(0.9)3.1 (0.1)3.7 
Impairment Losses(2.9)(2.5)(23.0)(5.1)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(6.4)(19.6)(23.0)(27.6)
Debt Extinguishment and Other Charges
— — — 0.4 
Goodwill Impairment— — (460.0)— 
Non-Core Operations0.1 (20.7)(6.9)(29.0)
Net Income (Loss) attributable to Kemper Corporation
$52.4 $(21.0)$(414.1)$151.3 
The Specialty Property and Casualty Insurance segment reported Adjusted Net Operating Income of $54.4 million in the third quarter of 2026, compared to Adjusted Net Operating Income of $7.6 million in the third quarter of 2025. The $24.6 million increase in Specialty Personal Automobile was primarily driven by favorable prior year development. The $22.2 million increase in Specialty Commercial Automobile was primarily driven by lower adverse prior year development, partially offset by higher underlying losses resulting primarily from higher claim severity.

The Life Insurance segment reported Adjusted Net Operating Income of $19.8 million for the third quarter of 2026, compared to Adjusted Net Operating Income of $18.6 million in the third quarter of 2025. The improvement was primarily driven by higher Earned Premiums, partially offset by higher Policyholders’ Benefits from life insurance products.

3

Capital
Total Kemper Corporation Shareholders’ Equity as of September 30, 2026 was $2,133.3 million, a decrease of $548.1 million, or 20 percent, since year-end 2025 primarily driven by comprehensive losses for the period. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $90.8 million, and $350.0 million of available borrowing capacity under the revolving credit agreement.

On August 5, 2026, Kemper announced that its Board of Directors declared a quarterly dividend of $0.32 per share, or $18.9 million. The dividend was paid on September 4, 2026, to its shareholders of record as of August 21, 2026.
Kemper ended the quarter with a book value per share of $36.20, a decrease of 21 percent from $45.71 at the end of 2025. Adjusted book value per share1 was $28.13 at the end of the quarter, compared to $28.06 at the end of 2025.
4

Unaudited Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2026 and 2025 are presented below.
Three Months EndedNine Months Ended
(Dollars in Millions, Except Per Share Amounts)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Revenues:
Earned Premiums2
$983.4 $1,133.3 $2,994.3 $3,352.0 
Net Investment Income107.3 104.8 319.8 301.9 
Other Income1.5 2.9 5.4 8.6 
Change in Fair Value of Equity and Convertible Securities3.2 (2.1)0.2 (2.5)
Net Realized Investment (Losses) Gains(1.1)3.9 (0.1)4.7 
Impairment Losses(3.7)(3.1)(29.1)(6.4)
Total Revenues1,090.6 1,239.7 3,290.5 3,658.3 
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses3
752.6 924.6 2,399.8 2,521.0 
Insurance and Other Expenses264.9 339.1 814.3 933.6 
Interest Expense9.0 9.1 27.2 29.5 
Goodwill Impairment— — 460.0 — 
Total Expenses1,026.5 1,272.8 3,701.3 3,484.1 
Income (Loss) before Income Taxes64.1 (33.1)(410.8)174.2 
Income Tax Expense (Benefit)10.4 (8.9)5.9 31.6 
Net Income (Loss)53.7 (24.2)(416.7)142.6 
Less: Net Income (Loss) attributable to Noncontrolling Interest
1.3 (3.2)(2.6)(8.7)
Net Income (Loss) attributable to Kemper Corporation
$52.4 $(21.0)$(414.1)$151.3 
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic$0.89 $(0.34)$(7.04)$2.40 
Diluted$0.88 $(0.34)$(7.04)$2.37 
Weighted-average Outstanding (Shares in Thousands):
Unrestricted Shares - Basic58,923.1 61,477.4 58,844.6 63,092.2 
Unrestricted Shares and Equivalent Shares - Diluted59,587.8 61,477.4 58,844.6 63,720.4 
Dividends Paid to Shareholders per Share$0.32 $0.32 $0.96 $0.96 
2 Includes a remeasurement gain of $12.6 million and a remeasurement loss of $0.9 million for the three months ended September 30, 2026 and 2025, respectively, related to the deferred profit liability within the Life insurance business. There was a remeasurement gain of $13.3 million for the nine months ended September 30, 2026 and a remeasurement loss of $1.6 million for the nine months ended September 30, 2025.
3 Includes a remeasurement loss of $9.2 million and a remeasurement gain of $1.8 million for the three months ended September 30, 2026 and 2025, respectively, related to the liability for future policyholder benefits within the Life insurance business. There was a remeasurement loss of $6.9 million and a remeasurement gain of $1.8 million for the nine months ended September 30, 2026 and 2025, respectively.



5

Unaudited business segment revenues for the three and nine months ended September 30, 2026 and 2025 are presented below.
Three Months EndedNine Months Ended
(Dollars in Millions)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
REVENUES:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile$599.9 $785.1 $1,894.3 $2,328.1 
Commercial Automobile258.0 232.2 745.4 662.2 
Total Earned Premiums857.9 1,017.3 2,639.7 2,990.3 
Net Investment Income58.5 53.8 167.5 153.9 
Other Income1.0 2.5 5.0 6.5 
Total Specialty Property & Casualty Insurance Revenues917.4 1,073.6 2,812.2 3,150.7 
Life Insurance:
Earned Premiums:
Life
100.8 84.1 273.9 252.6 
Accident & Health5.3 5.5 16.0 16.4 
Property9.6 10.2 29.3 31.0 
Total Earned Premiums115.7 99.8 319.2 300.0 
Net Investment Income49.9 48.0 147.9 141.1 
Other Income0.2 0.4 0.9 1.4 
Total Life Insurance Revenues165.8 148.2 468.0 442.5 
Total Segment Revenues1,083.2 1,221.8 3,280.2 3,593.2 
Change in Fair Value of Equity and Convertible Securities
3.2 (2.1)0.2 (2.5)
Non-Core Operations11.9 18.2 41.7 67.4 
Net Realized Investment (Losses) Gains, Impairment Losses, and Other2
(7.7)1.8 (31.6)0.2 
Total Revenues$1,090.6 $1,239.7 $3,290.5 $3,658.3 
2 In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment (Losses) Gains, Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation.
6

KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
(Unaudited)

Sep 30,
2026		Dec 31,
2025
Assets:
Investments:
Fixed Maturities at Fair Value$6,319.8 $6,743.3 
Equity Securities at Fair Value311.0 306.4 
Equity Method Limited Liability Investments182.7 176.0 
Short-term Investments at Cost which Approximates Fair Value343.8 313.5 
Company-Owned Life Insurance560.8 579.2 
Loans to Policyholders 279.9 279.9 
Other Investments272.1 271.3 
Total Investments
8,270.1 8,669.6 
Cash
80.4 124.3 
Receivables from Policyholders
968.2 965.2 
Other Receivables
227.7 184.7 
Deferred Policy Acquisition Costs
682.4 655.4 
Goodwill
783.5 1,250.7 
Current Income Tax Assets
46.1 40.7 
Deferred Income Tax Assets120.3 96.9 
Other Assets
386.9 410.7 
Assets of Consolidated Variable Interest Entity:
Fixed Maturities at Fair Value38.9 42.1 
Short-term Investments at Cost which Approximates Fair Value13.5 14.4 
Cash0.1 1.7 
Receivables from Policyholders1.5 10.4 
Other Receivables0.7 0.4 
Deferred Policy Acquisition Costs0.5 1.3 
Deferred Income Tax Assets3.9 4.2 
Total Assets$11,624.7 $12,472.7 



















7

KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Dollars in Millions)
(Unaudited)
Sep 30,
2026		Dec 31,
2025
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health$3,044.7 $3,287.5 
Property and Casualty3,082.0 2,910.8 
Total Insurance Reserves
6,126.7 6,198.3 
Unearned Premiums
1,208.7 1,233.1 
Policyholder Obligations514.2 608.0 
Deferred Income Tax Liabilities
— 14.8 
Accrued Expenses and Other Liabilities
679.6 762.6 
Long-term Debt, Non-Current, at Amortized Cost945.0 943.5 
Liabilities of Consolidated Variable Interest Entity:
Insurance Reserves28.1 29.4 
Unearned Premiums3.3 12.1 
Accrued Expenses and Other Liabilities0.6 1.5 
Total Liabilities9,506.2 9,803.3 
Kemper Corporation Shareholders’ Equity:
Common Stock5.9 5.9 
Paid-in Capital1,740.1 1,723.9 
Retained Earnings687.2 1,157.8 
Accumulated Other Comprehensive Loss(299.9)(206.2)
Total Kemper Corporation Shareholders’ Equity2,133.3 2,681.4 
Noncontrolling Interest(14.8)(12.0)
Total Shareholders’ Equity2,118.5 2,669.4 
Total Liabilities and Shareholders’ Equity$11,624.7 $12,472.7 
8

Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.
Three Months EndedNine Months Ended
(Dollars in Millions)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Results of Operations
Net Premiums Written$838.7 $982.2 $2,618.4 $3,052.5 
Earned Premiums$857.9 $1,017.3 $2,639.7 $2,990.3 
Net Investment Income58.5 53.8 167.5 153.9 
Other Income1.0 2.5 5.0 6.5 
Total Revenues917.4 1,073.6 2,812.2 3,150.7 
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE691.9 798.7 2,167.4 2,211.1 
Catastrophe Losses and LAE2.0 1.0 9.4 10.1 
Prior Years:
Non-catastrophe Losses and LAE(23.2)51.4 (10.9)65.5 
Catastrophe Losses and LAE— — 0.5 0.6 
Total Incurred Losses and LAE670.7 851.1 2,166.4 2,287.3 
Insurance Expenses180.2 214.6 560.7 634.5 
Segment Adjusted Operating Income66.5 7.9 85.1 228.9 
Income Tax Expense12.1 0.3 14.8 44.4 
Total Segment Adjusted Net Operating Income$54.4 $7.6 $70.3 $184.5 
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio80.7 %78.5 %82.1 %74.0 %
Current Year Catastrophe Losses and LAE Ratio0.2 0.1 0.4 0.3 
Prior Years Non-catastrophe Losses and LAE Ratio(2.7)5.1 (0.4)2.2 
Prior Years Catastrophe Losses and LAE Ratio— — — — 
Total Incurred Loss and LAE Ratio78.2 83.7 82.1 76.5 
Insurance Expense Ratio21.0 21.1 21.2 21.2 
Combined Ratio99.2 %104.8 %103.3 %97.7 %
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio80.7 %78.5 %82.1 %74.0 %
Insurance Expense Ratio21.0 21.1 21.2 21.2 
Underlying Combined Ratio1
101.7 %99.6 %103.3 %95.2 %
Non-GAAP Measure Reconciliation
Combined Ratio99.2 %104.8 %103.3 %97.7 %
Less:
Current Year Catastrophe Losses and LAE Ratio0.2 0.1 0.4 0.3 
Prior Years Non-catastrophe Losses and LAE Ratio(2.7)5.1 (0.4)2.2 
Prior Years Catastrophe Losses and LAE Ratio— — — — 
Underlying Combined Ratio1
101.7 %99.6 %103.3 %95.2 %
9

Unaudited selected financial information for the Life Insurance segment follows.
Three Months EndedNine Months Ended
(Dollars in Millions)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Results of Operations
Earned Premiums$115.7 $99.8 $319.2 $300.0 
Net Investment Income49.9 48.0 147.9 141.1 
Other Income0.2 0.4 0.9 1.4 
Total Revenues165.8 148.2 468.0 442.5 
Policyholders’ Benefits and Incurred Losses and LAE75.0 60.5 202.5 186.2 
Insurance Expenses67.9 65.6 199.8 199.7 
Segment Adjusted Operating Income22.9 22.1 65.7 56.6 
Income Tax Expense3.1 3.5 9.6 8.2 
Total Segment Adjusted Net Operating Income$19.8 $18.6 $56.1 $48.4 
Use of Non-GAAP Financial Measures
Adjusted Consolidated Net Operating Income 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 (Losses) Gains;
(iii) Impairment Losses;
(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;
(v) Debt Extinguishment and Other Charges;
(vi) Goodwill Impairment;
(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 for the three and nine months ended September 30, 2026 or 2025.



10

Kemper believes that Adjusted Consolidated Net Operating Income 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 (Losses) Gains 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 business decisions which are unrelated to the insurance underwriting process. In the second quarter of 2026, the Company completed the sale of Newins and recorded a gain in connection with the transaction. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment 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; and (ii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairments 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 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 for the three and nine months ended September 30, 2026 and 2025 is presented below.
Three Months EndedNine Months Ended
(Dollars in Millions) (Unaudited)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Net Income (Loss) attributable to Kemper Corporation
$52.4 $(21.0)$(414.1)$151.3 
Less Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities2.6 (1.7)0.2 (2.0)
Net Realized Investment (Losses) Gains(0.9)3.1 (0.1)3.7 
Impairment Losses(2.9)(2.5)(23.0)(5.1)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(6.4)(19.6)(23.0)(27.6)
Debt Extinguishment and Other Charges— — — 0.4 
Goodwill Impairment— — (460.0)— 
Non-Core Operations0.1 (20.7)(6.9)(29.0)
Adjusted Consolidated Net Operating Income
$59.9 $20.4 $98.7 $210.9 
11

Diluted Adjusted Consolidated Net Operating Income per Unrestricted Share is a non-GAAP financial measure computed by dividing Adjusted Consolidated Net Operating Income by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share.
A reconciliation of Diluted Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share to Diluted Adjusted Consolidated Net Operating Income per Unrestricted Share for the three and nine months ended September 30, 2026 and 2025 is presented below.
Three Months EndedNine Months Ended
(Unaudited)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Diluted Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share
$0.88 $(0.34)$(7.04)$2.37 
Less Net Income (Loss) per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities0.04 (0.03)— (0.03)
Net Realized Investment (Losses) Gains(0.01)0.05 — 0.06 
Impairment Losses(0.05)(0.04)(0.39)(0.08)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(0.11)(0.32)(0.39)(0.44)
Debt Extinguishment and Other Charges— — — 0.01 
Goodwill Impairment— — (7.82)— 
Non-Core Operations— (0.33)(0.12)(0.46)
Diluted Adjusted Consolidated Net Operating Income per Unrestricted Share
$1.01 $0.33 $1.68 $3.31 
12

Return on Adjusted Shareholders' Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized Net Income (Loss) attributable to Kemper Corporation, excluding the annualization of the after-tax goodwill impairment and the credit loss allowance recognized on the Reciprocal Exchange surplus notes, 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 Adjusted Shareholders’ Equity is presented below:
Three Months EndedNine Months Ended
(Dollars in Millions) (Unaudited)Sep 30,
2026		Sep 30,
2025		Sep 30,
2026		Sep 30,
2025
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation1
$209.6 $(84.0)$(393.3)$201.7 
Denominator:
Average Shareholders' Equity2
$2,163.1 $2,842.8 $2,414.3 $2,847.9 
Less: Average Net Unrealized Losses on Fixed Maturities
741.3 595.9 671.4 631.7 
Less: Average Change in Discount Rate on Future Life Policyholder Benefits
(480.6)(343.0)(428.3)(358.0)
Less: Average Goodwill
(783.5)(1,250.7)(1,017.1)(1,250.7)
Average Adjusted Shareholders' Equity2
$1,640.3 $1,845.0 $1,640.3 $1,870.9 
Return on Shareholders' Equity:
Return on Shareholders' Equity9.7 %(3.0)%(16.3)%7.1 %
Return on Adjusted Shareholders' Equity12.8 %(4.6)%(24.0)%10.8 %
1 The nine months ended September 30, 2026 excludes the annualization of the $460.0 million after-tax goodwill impairment and the $16.6 million after-tax credit loss allowance ($21.0 million pre-tax) recognized on the Reciprocal Exchange surplus notes during the second quarter of 2026.
2 Average shareholders' equity and average adjusted shareholders’ equity is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average adjusted shareholders’ equity on a year-to-date basis is (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.
13

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.
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.
A reconciliation of the Combined Ratio to the Underlying Combined Ratio for Specialty Property & Casualty Insurance’s Personal Automobile product line in California is presented below:
Three Months Ended
(Unaudited)Sep 30,
2026		Mar 31,
2026
Specialty Property & Casualty Insurance - California Personal Automobile
Combined Ratio98.2 %110.6 %
Less:
Current Year Catastrophe Losses and LAE Ratio— 0.1 
Prior Years Non-catastrophe Losses and LAE Ratio(3.9)1.2 
Prior Years Catastrophe Losses and LAE Ratio— 0.1 
Underlying Combined Ratio102.1 %109.2 %
14

Adjusted Book Value Per Share is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. 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 Adjusted Book Value Per Share is presented below:
As of
(Dollars and Shares in Millions Except Per Share Amounts) (Unaudited)Sep 30,
2026		Dec 31,
2025
Numerator:
Kemper Corporation Shareholders’ Equity$2,133.3 $2,681.4 
Less: Net Unrealized Losses on Fixed Maturities
886.2 566.2 
Less: Change in Discount Rate on Future Life Policyholder Benefits(578.6)(350.8)
Less: Goodwill(783.5)(1,250.7)
Adjusted Shareholders’ Equity$1,657.4 $1,646.1 
Denominator:
Common Shares Issued and Outstanding58.924 58.667 
Book Value Per Share:
Book Value Per Share$36.20 $45.71 
Less: Net Unrealized Losses on Fixed Maturities
15.04 9.65 
Less: Change in Discount Rate on Future Life Policyholder Benefits(9.82)(5.98)
Less: Goodwill(13.29)(21.32)
Adjusted Book Value Per Share$28.13 $28.06 
Conference Call
Kemper will host its conference call to discuss third quarter 2026 results on Tuesday, November 10, at 8:00 a.m. Eastern (7:00 a.m. Central). The conference call will be accessible via the internet and by telephone at 833.461.5787, Conference ID 716 652 350. 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 third quarter of 2026, which is available at the investor section of kemper.com.

15

About Kemper
The Kemper family of companies is one of the nation’s leading specialized insurers. With approximately $12 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves approximately 4.3 million policies, is represented by approximately 24,000 agents and brokers, and has approximately 6,700 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 interest rate environment;
•supply chain disruption;
•product demand and pricing;
•effects of legislative, governmental and regulatory actions;
•heightened competition;
•litigation outcomes and trends;
•investment risks;
•cybersecurity risks or incidents;
•impact of catastrophes; and
•other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission.

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

16

kemperlogocolorwebfinala05a.jpg

Investor Supplement
Third Quarter 2026

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 interest rate environment;
•supply chain disruption;
•product demand and pricing;
•effects of legislative, governmental and regulatory actions;
•heightened competition;
•litigation outcomes and trends;
•investment risks;
•cybersecurity risks or incidents;
•impact of catastrophes; and
•other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).

Non-GAAP Financial Measures
This document contains non-GAAP financial measures to analyze the Company’s operating performance for the periods presented. Because the Company’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. For detailed disclosures on non-GAAP financial measures please refer to the “Definitions of Non-GAAP Financial Measures” on pages 27-30.





Kemper Corporation
Investor Supplement
Third Quarter 2026
Table of Contents
 
Page
Consolidated Financial Highlights3-4
Consolidated Statements of Income (Loss)
5
Consolidated Balance Sheets6-7
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
13
Catastrophe Frequency and Severity14-15
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information16-17
Personal Automobile Insurance18
Commercial Automobile Insurance19
Life Insurance Segment - Results of Operations and Selected Financial Information20-21
Expenses22
Details of Investment Performance23
Details of Invested Assets24-25
Investments in Limited Liability Companies and Limited Partnerships26
Definitions of Non-GAAP Financial Measures27-30














Kemper Corporation
Consolidated Financial Highlights
(Dollars in Millions, Except Per Share Amounts)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
For Period Ended
Earned Premiums
$983.4 $1,011.6 $999.3 $1,044.3 $1,133.3 $1,130.8 $1,087.9 $2,994.3 $3,352.0 
Net Investment Income
107.3 105.4 107.1 103.1 104.8 95.9 101.2 319.8 301.9 
Other Income (Loss)1.5 0.5 3.4 (10.6)2.9 3.1 2.6 5.4 8.6 
Change in Fair Value of Equity and Convertible Securities
3.2 (1.7)(1.3)(1.8)(2.1)(0.5)0.1 0.2 (2.5)
Net Investment (Losses) Gains(4.8)(23.1)(1.3)(3.6)0.8 (3.7)1.2 (29.2)(1.7)
Investment and Other Income107.2 81.1 107.9 87.1 106.4 94.8 105.1 296.2 306.3 
Total Revenues
$1,090.6 $1,092.7 $1,107.2 $1,131.4 $1,239.7 $1,225.6 $1,193.0 $3,290.5 $3,658.3 
Net Income (Loss)
$53.7 $(466.0)$(4.4)$(10.0)$(24.2)$69.8 $97.0 $(416.7)$142.6 
Less: Net Income (Loss) attributable to Noncontrolling Interest1.3 (1.2)(2.7)(2.0)(3.2)(2.8)(2.7)(2.6)(8.7)
Net Income (Loss) attributable to Kemper Corporation
$52.4 $(464.8)$(1.7)$(8.0)$(21.0)$72.6 $99.7 $(414.1)$151.3 
Adjusted Consolidated Net Operating Income1
$59.9 $26.3 $12.5 $14.6 $20.4 $84.1 $106.4 $98.7 $210.9 
Per Unrestricted Common Share Amounts:
Basic:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
$0.89 $(7.90)$(0.03)$(0.13)$(0.34)$1.13 $1.56 $(7.04)$2.40 
Adjusted Consolidated Net Operating Income1
$1.02 $0.45 $0.21 $0.25 $0.33 $1.31 $1.67 $1.68 $3.34 
Diluted:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
$0.88 $(7.90)$(0.03)$(0.13)$(0.34)$1.12 $1.54 $(7.04)$2.37 
Adjusted Consolidated Net Operating Income1
$1.01 $0.45 $0.21 $0.25 $0.33 $1.30 $1.65 $1.68 $3.31 
Dividends Paid to Shareholders Per Share
$0.32 $0.32 $0.32 $0.32 $0.32 $0.32 $0.32 $0.96 $0.96 
Return on Shareholders' Equity9.7 %(17.7)%(0.3)%(1.2)%(3.0)%9.9 %14.0 %(16.3)%7.1 %
Return on Adjusted Shareholders' Equity1
12.8 %(26.4)%(0.4)%(1.9)%(4.6)%14.9 %21.0 %(24.0)%10.8 %
1Non-GAAP Financial Measure. See pages 27-30 for definition.
3

Kemper Corporation
Consolidated Financial Highlights (Continued)
(Dollars in Millions, Except Per Share Amounts)
(Unaudited)
As of
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
At Period End
Total Assets
$11,624.7 $11,926.3 $12,410.5 $12,472.7 $12,443.4 $12,601.1 $12,467.3 
Insurance Reserves
$6,126.7 $6,343.2 $6,238.4 $6,198.3 $6,123.6 $5,900.0 $5,867.1 
Debt
$945.0 $944.5 $944.0 $943.5 $943.1 $942.6 $942.1 
Kemper Corporation Shareholders’ Equity$2,133.3 $2,192.8 $2,649.6 $2,681.4 $2,732.1 $2,953.4 $2,917.6 
Book Value Per Share2
$36.20 $37.22 $45.05 $45.71 $45.38 $46.45 $45.60 
Adjusted Book Value Per Share1,2
$28.13 $27.55 $27.79 $28.06 $28.55 $31.01 $30.31 
Debt to Total Capitalization2
30.7 %30.1 %26.3 %26.0 %25.7 %24.2 %24.4 %
1Non-GAAP Financial Measure. See pages 27-30 for definition.
2See Capital Metrics on page 10 for detail calculations.
4

Kemper Corporation
Consolidated Statements of Income (Loss)
(Dollars in Millions, Except Per Share Amounts)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Revenues:
Earned Premiums$983.4 $1,011.6 $999.3 $1,044.3 $1,133.3 $1,130.8 $1,087.9 $2,994.3 $3,352.0 
Net Investment Income107.3 105.4 107.1 103.1 104.8 95.9 101.2 319.8 301.9 
Other Income (Loss)1.5 0.5 3.4 (10.6)2.9 3.1 2.6 5.4 8.6 
Change in Fair Value of Equity and Convertible Securities3.2 (1.7)(1.3)(1.8)(2.1)(0.5)0.1 0.2 (2.5)
Net Realized Investment (Losses) Gains(1.1)0.6 0.4 0.8 3.9 (0.1)0.9 (0.1)4.7 
Impairment Losses(3.7)(23.7)(1.7)(4.4)(3.1)(3.6)0.3 (29.1)(6.4)
Total Revenues1,090.6 1,092.7 1,107.2 1,131.4 1,239.7 1,225.6 1,193.0 3,290.5 3,658.3 
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses752.6 818.4 828.8 854.5 924.6 829.1 767.3 2,399.8 2,521.0 
Insurance and Other Expenses264.9 272.4 277.0 281.4 339.1 300.0 294.5 814.3 933.6 
Interest Expense9.0 8.9 9.3 9.0 9.1 9.0 11.4 27.2 29.5 
Goodwill Impairment— 460.0 — — — — — 460.0 — 
Total Expenses1,026.5 1,559.7 1,115.1 1,144.9 1,272.8 1,138.1 1,073.2 3,701.3 3,484.1 
Income (Loss) before Income Taxes64.1 (467.0)(7.9)(13.5)(33.1)87.5 119.8 (410.8)174.2 
Income Tax Expense (Benefit)10.4 (1.0)(3.5)(3.5)(8.9)17.7 22.8 5.9 31.6 
Net Income (Loss)53.7 (466.0)(4.4)(10.0)(24.2)69.8 97.0 (416.7)142.6 
Less: Net Income (Loss) attributable to Noncontrolling Interest1.3 (1.2)(2.7)(2.0)(3.2)(2.8)(2.7)(2.6)(8.7)
Net Income (Loss) attributable to Kemper Corporation
$52.4 $(464.8)$(1.7)$(8.0)$(21.0)$72.6 $99.7 $(414.1)$151.3 
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic$0.89 $(7.90)$(0.03)$(0.13)$(0.34)$1.13 $1.56 $(7.04)$2.40 
Diluted$0.88 $(7.90)$(0.03)$(0.13)$(0.34)$1.12 $1.54 $(7.04)$2.37 
Dividends Paid to Shareholders Per Share$0.32 $0.32 $0.32 $0.32 $0.32 $0.32 $0.32 $0.96 $0.96 
Weighted Average Unrestricted Common Shares Outstanding (in Millions)58.923 58.866 58.743 58.801 61.477 63.939 63.887 58.845 63.092 
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions)59.588 58.866 58.743 58.801 61.477 64.600 64.653 58.845 63.720 
 
5

Kemper Corporation
Consolidated Balance Sheets
(Dollars in Millions)
 (Unaudited)
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Assets:
Investments:
Fixed Maturities at Fair Value$6,319.8 $6,721.1 $6,672.2 $6,743.3 $6,620.3 $6,669.1 $6,558.6 
Equity Securities at Fair Value311.0 309.6 308.4 306.4 302.0 284.1 232.3 
Equity Method Limited Liability Investments182.7 183.0 176.1 176.0 174.9 176.2 185.1 
Short-term Investments at Cost which Approximates Fair Value343.8 271.4 296.6 313.5 371.2 407.6 545.3 
Company-Owned Life Insurance
560.8 598.2 586.2 579.2 567.9 557.1 546.5 
Loans to Policyholders
279.9 279.4 279.6 279.9 279.3 278.6 279.8 
Other Investments272.1 282.7 283.9 271.3 287.0 272.8 244.5 
Total Investments8,270.1 8,645.4 8,603.0 8,669.6 8,602.6 8,645.5 8,592.1 
Cash80.4 80.3 92.1 124.3 107.4 175.5 115.4 
Receivables from Policyholders968.2 966.3 997.1 965.2 1,022.9 1,038.7 1,052.7 
Other Receivables227.7 181.8 185.3 184.7 185.0 192.9 189.2 
Deferred Policy Acquisition Costs682.4 675.0 669.6 655.4 658.9 658.2 649.7 
Goodwill783.5 783.5 1,250.7 1,250.7 1,250.7 1,250.7 1,250.7 
Current Income Tax Assets46.1 48.7 40.2 40.7 57.4 57.5 40.9 
Deferred Income Tax Assets120.3 97.2 95.2 96.9 66.3 67.6 73.4 
Other Assets386.9 381.5 406.2 410.7 422.2 448.5 442.2 
Assets of Consolidated Variable Interest Entity:
Fixed Maturities at Fair Value38.9 44.7 47.2 42.1 36.3 33.3 13.7 
Short-term Investments at Cost which Approximates Fair Value13.5 9.4 9.2 14.4 17.5 14.9 31.6 
Cash0.1 0.9 0.5 1.7 — 1.5 — 
Receivables from Policyholders1.5 6.2 7.7 10.4 10.7 11.6 11.9 
Other Receivables0.7 0.5 0.5 0.4 0.4 0.2 0.1 
Deferred Policy Acquisition Costs0.5 0.8 1.0 1.3 1.4 1.6 1.5 
Deferred Income Tax Assets3.9 4.1 5.0 4.2 3.7 2.9 2.2 
Total Assets$11,624.7 $11,926.3 $12,410.5 $12,472.7 $12,443.4 $12,601.1 $12,467.3 
6

Kemper Corporation
Consolidated Balance Sheets
(Dollars in Millions)
 (Unaudited)
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health$3,044.7 $3,278.1 $3,238.9 $3,287.5 $3,317.6 $3,235.3 $3,229.5 
Property and Casualty3,082.0 3,065.1 2,999.5 2,910.8 2,806.0 2,664.7 2,637.6 
Total Insurance Reserves6,126.7 6,343.2 6,238.4 6,198.3 6,123.6 5,900.0 5,867.1 
Unearned Premiums1,208.7 1,227.5 1,274.1 1,233.1 1,310.6 1,345.0 1,361.6 
Policyholder Obligations514.2 541.1 568.2 608.0 620.0 641.3 632.0 
Deferred Income Tax Liabilities— — 4.3 14.8 13.5 14.7 6.6 
Accrued Expenses and Other Liabilities679.6 651.7 702.4 762.6 669.5 775.4 715.5 
Long-term Debt, Non-Current, at Amortized Cost945.0 944.5 944.0 943.5 943.1 942.6 942.1 
Liabilities of Consolidated Variable Interest Entity:
Insurance Reserves28.1 31.1 31.8 29.4 26.3 20.9 14.7 
Unearned Premiums3.3 7.4 9.9 12.1 13.6 14.5 14.5 
Accrued Expenses and Other Liabilities0.6 2.5 2.3 1.5 1.6 1.2 1.7 
Total Liabilities9,506.2 9,749.0 9,775.4 9,803.3 9,721.8 9,655.6 9,555.8 
Kemper Corporation Shareholders’ Equity:
Common Stock5.9 5.9 5.9 5.9 6.0 6.4 6.4 
Paid-in Capital1,740.1 1,738.5 1,732.6 1,723.9 1,737.2 1,859.3 1,863.6 
Retained Earnings687.2 653.7 1,137.8 1,157.8 1,216.0 1,345.4 1,308.9 
Accumulated Other Comprehensive Loss(299.9)(205.3)(226.7)(206.2)(227.1)(257.7)(261.3)
Total Kemper Corporation Shareholders’ Equity2,133.3 2,192.8 2,649.6 2,681.4 2,732.1 2,953.4 2,917.6 
Noncontrolling Interest(14.8)(15.5)(14.5)(12.0)(10.5)(7.9)(6.1)
Total Shareholders’ Equity2,118.5 2,177.3 2,635.1 2,669.4 2,721.6 2,945.5 2,911.5 
Total Liabilities and Shareholders’ Equity$11,624.7 $11,926.3 $12,410.5 $12,472.7 $12,443.4 $12,601.1 $12,467.3 

7

Kemper Corporation
Consolidated Statements of Cash Flows
(Dollars in Millions)
 (Unaudited)
Nine Months Ended
Sep 30,
2026		Sep 30,
2025
Cash Flows from Operating Activities:
Net (Loss) Income
$(416.7)$142.6 
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Net Realized Investment Losses (Gains)0.1 (4.7)
Impairment Losses29.1 6.4 
Depreciation, Amortization and Impairments of Long-Lived Assets34.5 61.2 
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments(1.1)6.0 
Change in Value of Equity and Convertible Securities
(0.2)2.5 
Goodwill Impairment460.0 — 
Changes in:
Receivables from Policyholders5.8 (47.5)
Reinsurance Recoverables1.7 2.6 
Deferred Policy Acquisition Costs(26.2)(30.3)
Insurance Reserves218.0 251.1 
Unearned Premiums(33.2)48.9 
Income Taxes(18.5)9.5 
Other
(70.9)(38.8)
Net Cash Provided by Operating Activities182.4 409.5 
8

Kemper Corporation
Consolidated Statements of Cash Flows
(Dollars in Millions)
 (Unaudited)
Nine Months Ended
Sep 30,
2026		Sep 30,
2025
Net Cash Provided by Operating Activities (Carryforward from page 8)182.4 409.5 
Cash Flows from Investing Activities:
Proceeds from the Sales, Calls and Maturities of Fixed Maturities837.9 902.3 
Proceeds from the Sales or Paydowns of Investments:
Equity Securities35.5 19.3 
Real Estate Investments0.2 5.5 
Mortgage Loans127.2 83.4 
Other Investments14.3 18.1 
Purchases of Investments:
Fixed Maturities(838.7)(980.7)
Equity Securities(36.9)(104.3)
Real Estate Investments(1.9)(2.1)
Company-Owned Life Insurance(4.1)— 
Mortgage Loans(123.9)(156.2)
Other Investments(57.1)(42.6)
Net (Purchases) Sales of Short-term Investments(28.3)685.4 
Acquisition of Software and Long-lived Assets(29.7)(21.8)
Settlement Proceeds from Company-Owned Life Insurance16.5 2.9 
Other11.3 4.2 
Net Cash (Used in) Provided by Investing Activities(77.7)413.4 
Cash Flows from Financing Activities:
Repayment of Long-term Debt— (450.0)
Proceeds from Policyholder Contract Obligations— 30.3 
Repayment of Policyholder Contract Obligations(95.1)(51.0)
Proceeds from Shares Issued under Employee Stock Purchase Plan1.6 2.7 
Common Stock Repurchases— (251.3)
Dividends Paid(56.5)(60.7)
Other(0.2)(0.9)
Net Cash Used in Financing Activities(150.2)(780.9)
Net (decrease) increase in cash1
(45.5)42.0 
Cash, Beginning of Year1
126.0 65.4 
Cash, End of Period1
$80.5 $107.4 
1Includes amounts attributable to Kemper Reciprocal reported as noncontrolling interest.
9

Kemper Corporation
Capital Metrics
(Dollars and Shares in Millions, Except Per Share Amounts)
(Unaudited)
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Book Value Per Share
Book Value Per Share$36.20 $37.22 $45.05 $45.71 $45.38 $46.45 $45.60 
Adjusted Book Value Per Share1
$28.13 $27.55 $27.79 $28.06 $28.55 $31.01 $30.31 
Debt and Total Capitalization
Debt$945.0 $944.5 $944.0 $943.5 $943.1 $942.6 $942.1 
Kemper Corporation Shareholders’ Equity2,133.3 2,192.8 2,649.6 2,681.4 2,732.1 2,953.4 2,917.6 
Total Capitalization$3,078.3 $3,137.3 $3,593.6 $3,624.9 $3,675.2 $3,896.0 $3,859.7 
Ratio of Debt to Kemper Corporation Shareholders’ Equity44.3 %43.1 %35.6 %35.2 %34.5 %31.9 %32.3 %
Ratio of Debt to Total Capitalization30.7 %30.1 %26.3 %26.0 %25.7 %24.2 %24.4 %
Debt$945.0 $944.5 $944.0 $943.5 $943.1 $942.6 $942.1 
Kemper Corporation Shareholders’ Equity$2,133.3 $2,192.8 $2,649.6 $2,681.4 $2,732.1 $2,953.4 $2,917.6 
Less: Accumulated Other Comprehensive Loss
(299.9)(205.3)(226.7)(206.2)(227.1)(257.7)(261.3)
Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss
$2,433.2 $2,398.1 $2,876.3 $2,887.6 $2,959.2 $3,211.1 $3,178.9 
Total Capitalization Excluding Accumulated Other Comprehensive Loss
$3,378.2 $3,342.6 $3,820.3 $3,831.1 $3,902.3 $4,153.7 $4,121.0 
Ratio of Debt to Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss
38.8 %39.4 %32.8 %32.7 %31.9 %29.4 %29.6 %
Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Loss
28.0 %28.3 %24.7 %24.6 %24.2 %22.7 %22.9 %
Parent Company Liquidity2
Kemper Holding Company Cash and Investments3
$90.8 $130.0 $80.2 $145.4 $156.8 $223.2 $161.3 
Borrowings Available Under Credit Agreement350.0 350.0 600.0 600.0 600.0 600.0 600.0 
Parent Company Liquidity$440.8 $480.0 $680.2 $745.4 $756.8 $823.2 $761.3 
Capital Returned to Shareholders
Cash Dividends Paid4
$18.9 $19.3 $18.3 $18.9 $19.7 $20.8 $20.2 
1Non-GAAP Financial Measure. See pages 27-30 for definition.
2Excludes borrowings available from subsidiaries
3Includes Kemper's direct non-insurance subsidiaries
4Three Months Ended
 
10

Kemper Corporation
Debt Outstanding, Federal Home Loan Bank Advances and Ratings
(Dollars in Millions)
(Unaudited)
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Kemper Corporation:
Non-Current:
2.400% Senior Notes due September 30, 2030$398.2 $398.1 $398.0 $397.9 $397.8 $397.7 $397.6 
3.800% Senior Notes due February 23, 2032397.3 397.2 397.1 396.9 396.8 396.7 396.6 
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062149.5 149.2 148.9 148.7 148.5 148.2 147.9 
Long-term Debt Outstanding at Amortized Cost$945.0 $944.5 $944.0 $943.5 $943.1 $942.6 $942.1 
Federal Home Loan Bank Advances to Insurance Subsidiaries:
Reported as Policyholder Contract Liabilities:
Federal Home Loan Bank of Chicago$422.4 $448.4 $475.0 $513.8 $525.2 $546.2 $536.2 
A.M. BestMoody’sS&PFitch
As of Date of Financial Supplement
Kemper Debt Ratings:
Senior Unsecured Debtbbb-Baa3BBB-BBB-
Junior Unsecured DebtbbBa1BBBB
Insurance Company Financial Strength Ratings:
Trinity Universal Insurance CompanyA-A3A-A-
United Insurance Company of AmericaA-A3A-A-





11

Kemper Corporation
Segment Revenues
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile$599.9 $647.4 $647.0 $696.8 $785.1 $789.3 $753.7 $1,894.3 $2,328.1 
Commercial Automobile258.0 249.2 238.2 238.6 232.2 221.5 208.5 745.4 662.2 
Total Specialty Property & Casualty Insurance Earned Premiums857.9 896.6 885.2 935.4 1,017.3 1,010.8 962.2 2,639.7 2,990.3 
Net Investment Income58.5 53.7 55.3 57.3 53.8 49.6 50.5 167.5 153.9 
Other Income1.0 1.3 2.7 2.4 2.5 2.7 1.3 5.0 6.5 
Total Specialty Property & Casualty Insurance Revenues917.4 951.6 943.2 995.1 1,073.6 1,063.1 1,014.0 2,812.2 3,150.7 
Life Insurance:
Earned Premiums115.7 102.7 100.8 93.4 99.8 100.5 99.7 319.2 300.0 
Net Investment Income49.9 49.3 48.7 47.1 48.0 44.7 48.4 147.9 141.1 
Other Income0.2 0.4 0.3 0.2 0.4 0.3 0.7 0.9 1.4 
Total Life Insurance Revenues165.8 152.4 149.8 140.7 148.2 145.5 148.8 468.0 442.5 
Total Segment Revenues1,083.2 1,104.0 1,093.0 1,135.8 1,221.8 1,208.6 1,162.8 3,280.2 3,593.2 
Change in Fair Value of Equity and Convertible Securities
3.2 (1.7)(1.3)(1.8)(2.1)(0.5)0.1 0.2 (2.5)
Non-Core Operations
11.9 14.4 15.4 17.5 18.2 21.3 27.9 41.7 67.4 
Net Realized Investment (Losses) Gains, Impairment Losses, and Other
(7.7)(24.0)0.1 (20.1)1.8 (3.8)2.2 (31.6)0.2 
Total Revenues$1,090.6 $1,092.7 $1,107.2 $1,131.4 $1,239.7 $1,225.6 $1,193.0 $3,290.5 $3,658.3 

12

Kemper Corporation
Segment Adjusted Operating Results
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Segment Adjusted Operating Income (Loss):
Specialty Property & Casualty Insurance$66.5 $19.3 $(0.7)$3.1 $7.9 $98.9 $122.1 $85.1 $228.9 
Life Insurance22.9 21.6 21.2 23.5 22.1 14.3 20.2 65.7 56.6 
Total Segment Adjusted Operating Income
89.4 40.9 20.5 26.6 30.0 113.2 142.3 150.8 285.5 
Corporate and Other Adjusted Operating Loss(15.3)(11.6)(10.3)(12.5)(12.3)(11.3)(14.1)(37.2)(37.7)
Less: Income (Loss) before Income Taxes attributable to Noncontrolling Interest1.6 (0.2)(3.4)(2.6)(4.1)(3.4)(3.5)(2.0)(11.0)
Adjusted Consolidated Operating Income72.5 29.5 13.6 16.7 21.8 105.3 131.7 115.6 258.8 
Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities
3.2 (1.7)(1.3)(1.8)(2.1)(0.5)0.1 0.2 (2.5)
Net Realized Investment (Losses) Gains(1.1)0.6 0.4 0.8 3.9 (0.1)0.9 (0.1)4.7 
Impairment Losses(3.7)(23.7)(1.7)(4.4)(3.1)(3.6)0.3 (29.1)(6.4)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(8.4)(11.8)(6.3)(18.3)(22.9)(4.8)(5.3)(26.5)(33.0)
Debt Extinguishment and Other Charges
— — — — — — 0.5 — 0.5 
Goodwill Impairment— (460.0)— — — — — (460.0)— 
Non-Core Operations
— 0.3 (9.2)(3.9)(26.6)(5.4)(4.9)(8.9)(36.9)
Income (Loss) before Income Taxes attributable to Kemper Corporation
$62.5 $(466.8)$(4.5)$(10.9)$(29.0)$90.9 $123.3 $(408.8)$185.2 
Segment Adjusted Net Operating Income:
Specialty Property & Casualty Insurance$54.4 $15.8 $0.1 $2.6 $7.6 $79.0 $97.9 $70.3 $184.5 
Life Insurance19.8 18.3 18.0 20.1 18.6 12.6 17.2 56.1 48.4 
Total Segment Adjusted Net Operating Income74.2 34.1 18.1 22.7 26.2 91.6 115.1 126.4 232.9 
Corporate and Other Adjusted Net Operating Loss(13.0)(9.0)(8.3)(10.1)(9.0)(10.3)(11.4)(30.3)(30.7)
Less: Net Income (Loss) attributable to Noncontrolling Interest1.3 (1.2)(2.7)(2.0)(3.2)(2.8)(2.7)(2.6)(8.7)
Adjusted Consolidated Net Operating Income1
59.9 26.3 12.5 14.6 20.4 84.1 106.4 98.7 210.9 
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities
2.6 (1.4)(1.0)(1.4)(1.7)(0.4)0.1 0.2 (2.0)
Net Realized Investment (Losses) Gains(0.9)0.5 0.3 0.6 3.1 (0.1)0.7 (0.1)3.7 
Impairment Losses(2.9)(18.8)(1.3)(3.4)(2.5)(2.8)0.2 (23.0)(5.1)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(6.4)(11.6)(5.0)(15.5)(19.6)(3.8)(4.2)(23.0)(27.6)
Debt Extinguishment and Other Charges
— — — — — — 0.4 — 0.4 
Goodwill Impairment— (460.0)— — — — — (460.0)— 
Non-Core Operations
0.1 0.2 (7.2)(2.9)(20.7)(4.4)(3.9)(6.9)(29.0)
Net Income (Loss) attributable to Kemper Corporation
$52.4 $(464.8)$(1.7)$(8.0)$(21.0)$72.6 $99.7 $(414.1)$151.3 
1Non-GAAP Financial Measure. See pages 27-30 for definition.
        
13

Kemper Corporation
Catastrophe Frequency and Severity
(Dollars in Millions)
(Unaudited)
Three Months Ended September 30, 2026
Specialty Property & Casualty Insurance SegmentLife Insurance SegmentNon-Core OperationsConsolidated
Number of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAE
Range of Losses and LAE Per Event1:
Below $543 $2.0 33 $0.1 21 $0.8 55 $2.9 
$5 - $10— — — — — — — — 
$10 - $15— — — — — — — — 
$15 - $20— — — — — — — — 
$20 - $25— — — — — — — — 
Greater Than $25— — — — — — — — 
Total43 $2.0 33 $0.1 21 $0.8 55 $2.9 
Three Months Ended September 30, 2025
Specialty Property & Casualty Insurance SegmentLife Insurance SegmentNon-Core OperationsConsolidated
Number of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAE
Range of Losses and LAE Per Event1:
Below $530 $1.0 24 $— 17 $(0.2)31 $0.8 
$5 - $10— — — — — — — — 
$10 - $15— — — — — — — — 
$15 - $20— — — — — — — — 
$20 - $25— — — — — — — — 
Greater Than $25— — — — — — — — 
Total30 $1.0 24 $— 17 $(0.2)31 $0.8 
1Current accident year net incurred catastrophe Losses and LAE only.













14

Kemper Corporation
Catastrophe Frequency and Severity (continued)
(Dollars in Millions)
(Unaudited)
Nine Months Ended September 30, 2026
Specialty Property & Casualty Insurance SegmentLife Insurance SegmentNon-Core OperationsConsolidated
Number of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAE
Range of Losses and LAE Per Event1:
Below $546 $3.9 30 $0.5 21 $3.1 55 $7.4 
$5 - $101 5.5 — — — — 1 5.6 
$10 - $15— — — — — — — — 
$15 - $20— — — — — — — — 
$20 - $25— — — — — — — — 
Greater Than $25— — — — — — — — 
Total47 $9.4 30 $0.5 21 $3.1 56 $13.0 
Nine Months Ended September 30, 2025
Specialty Property & Casualty Insurance SegmentLife Insurance SegmentNon-Core OperationsConsolidated
Number of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAENumber of EventsLosses and LAE
Range of Losses and LAE Per Event1:
Below $545 $10.1 35 $1.0 28 $4.5 46 $15.6 
$5 - $10— — — — — — — — 
$10 - $15— — — — — — — — 
$15 - $20— — — — — — — — 
$20 - $25— — — — — — — — 
Greater Than $25— — — — — — — — 
Total45 $10.1 35 $1.0 28 $4.5 46 $15.6 
1Current accident year net incurred catastrophe Losses and LAE only.





15

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Results of Operations
Net Premiums Written$838.7 $854.7 $925.0 $860.3 $982.2 $1,001.5 $1,068.8 $2,618.4 $3,052.5 
Total Specialty P&C:
Personal Automobile$599.9 $647.4 $647.0 $696.8 $785.1 $789.3 $753.7 $1,894.3 $2,328.1 
Commercial Automobile258.0 249.2 238.2 238.6 232.2 221.5 208.5 745.4 662.2 
Earned Premiums857.9 896.6 885.2 935.4 1,017.3 1,010.8 962.2 2,639.7 2,990.3 
Net Investment Income58.5 53.7 55.3 57.3 53.8 49.6 50.5 167.5 153.9 
Other Income1.0 1.3 2.7 2.4 2.5 2.7 1.3 5.0 6.5 
Total Revenues917.4 951.6 943.2 995.1 1,073.6 1,063.1 1,014.0 2,812.2 3,150.7 
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE691.9 732.7 742.8 780.0 798.7 730.1 682.3 2,167.4 2,211.1 
Catastrophe Losses and LAE2.0 6.1 1.3 1.4 1.0 5.3 3.8 9.4 10.1 
Prior Years:
Non-catastrophe Losses and LAE(23.2)9.1 3.2 9.3 51.4 13.6 0.5 (10.9)65.5 
Catastrophe Losses and LAE— 0.1 0.4 (0.8)— 0.4 0.2 0.5 0.6 
Total Incurred Losses and LAE670.7 748.0 747.7 789.9 851.1 749.4 686.8 2,166.4 2,287.3 
Insurance Expenses180.2 184.3 196.2 202.1 214.6 214.8 205.1 560.7 634.5 
Segment Adjusted Operating Income (Loss)66.5 19.3 (0.7)3.1 7.9 98.9 122.1 85.1 228.9 
Income Tax Expense (Benefit)12.1 3.5 (0.8)0.5 0.3 19.9 24.2 14.8 44.4 
Total Segment Adjusted Net Operating Income$54.4 $15.8 $0.1 $2.6 $7.6 $79.0 $97.9 $70.3 $184.5 
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio80.7 %81.7 %84.0 %83.4 %78.5 %72.3 %70.9 %82.1 %74.0 %
Current Year Catastrophe Losses and LAE Ratio0.2 0.7 0.1 0.1 0.1 0.5 0.4 0.4 0.3 
Prior Years Non-catastrophe Losses and LAE Ratio(2.7)1.0 0.4 1.0 5.1 1.3 0.1 (0.4)2.2 
Prior Years Catastrophe Losses and LAE Ratio— — — (0.1)— — — — — 
Total Incurred Loss and LAE Ratio78.2 83.4 84.5 84.4 83.7 74.1 71.4 82.1 76.5 
Insurance Expense Ratio21.0 20.6 22.2 21.6 21.1 21.3 21.3 21.2 21.2 
Combined Ratio99.2 %104.0 %106.7 %106.0 %104.8 %95.4 %92.7 %103.3 %97.7 %
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio80.7 %81.7 %84.0 %83.4 %78.5 %72.3 %70.9 %82.1 %74.0 %
Insurance Expense Ratio21.0 20.6 22.2 21.6 21.1 21.3 21.3 21.2 21.2 
Underlying Combined Ratio101.7 %102.3 %106.2 %105.0 %99.6 %93.6 %92.2 %103.3 %95.2 %
Non-GAAP Measure Reconciliation
Combined Ratio as Reported99.2 %104.0 %106.7 %106.0 %104.8 %95.4 %92.7 %103.3 %97.7 %
Less:
Current Year Catastrophe Losses and LAE Ratio0.2 0.7 0.1 0.1 0.1 0.5 0.4 0.4 0.3 
Prior Years Non-catastrophe Losses and LAE Ratio(2.7)1.0 0.4 1.0 5.1 1.3 0.1 (0.4)2.2 
Prior Years Catastrophe Losses and LAE Ratio— — — (0.1)— — — — — 
Underlying Combined Ratio101.7 %102.3 %106.2 %105.0 %99.6 %93.6 %92.2 %103.3 %95.2 %
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.
16

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Results of Operations and Selected Financial Information (continued)
(Dollars in Millions)
(Unaudited)
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Insurance Reserves:
Personal Automobile$1,861.8 $1,893.9 $1,880.0 $1,826.8 $1,752.1 $1,661.2 $1,640.3 
Commercial Automobile1,122.5 1,063.7 996.1 942.6 894.2 813.0 771.5 
Total Insurance Reserves$2,984.3 $2,957.6 $2,876.1 $2,769.4 $2,646.3 $2,474.2 $2,411.8 
Insurance Reserves:
Loss and Allocated LAE Reserves:
Case and Allocated LAE$1,081.9 $1,063.5 $1,027.9 $960.4 $932.7 $906.1 $930.1 
Incurred but Not Reported1,709.3 1,699.3 1,651.8 1,610.9 1,518.7 1,378.8 1,300.5 
Total Loss and LAE Reserves2,791.2 2,762.8 2,679.7 2,571.3 2,451.4 2,284.9 2,230.6 
Unallocated LAE Reserves193.1 194.8 196.4 198.1 194.9 189.3 181.2 
Total Insurance Reserves$2,984.3 $2,957.6 $2,876.1 $2,769.4 $2,646.3 $2,474.2 $2,411.8 
17

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Personal Automobile Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Results of Operations
Net Premiums Written$530.5 $590.7 $650.4 $615.6 $727.6 $767.0 $823.9 $1,771.6 $2,318.5 
Earned Premiums$599.9 $647.4 $647.0 $696.8 $785.1 $789.3 $753.7 $1,894.3 $2,328.1 
Net Investment Income36.4 33.4 34.0 35.7 33.8 31.3 31.8 103.8 96.9 
Other Income0.9 1.1 2.7 2.3 2.3 2.6 1.2 4.7 6.1 
Total Revenues637.2 681.9 683.7 734.8 821.2 823.2 786.7 2,002.8 2,431.1 
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE485.0 543.1 568.1 607.6 629.2 571.7 528.4 1,596.2 1,729.3 
Catastrophe Losses and LAE1.6 5.1 1.1 1.1 0.6 4.3 2.7 7.8 7.6 
Prior Years:
Non-catastrophe Losses and LAE(25.9)(8.6)(2.9)0.3 8.0 (5.0)(4.7)(37.4)(1.7)
Catastrophe Losses and LAE— — 0.4 (0.8)(0.1)0.3 0.1 0.4 0.3 
Total Incurred Losses and LAE460.7 539.6 566.7 608.2 637.7 571.3 526.5 1,567.0 1,735.5 
Insurance Expenses134.7 140.5 150.6 159.1 172.5 173.7 166.8 425.8 513.0 
Adjusted Operating Income (Loss)41.8 1.8 (33.6)(32.5)11.0 78.2 93.4 10.0 182.6 
Income Tax Expense (Benefit)7.6 0.3 (7.4)(6.0)1.4 16.1 18.7 0.5 36.2 
Total Product Line Adjusted Net Operating Income (Loss)$34.2 $1.5 $(26.2)$(26.5)$9.6 $62.1 $74.7 $9.5 $146.4 
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio80.8 %83.8 %87.7 %87.2 %80.1 %72.5 %70.1 %84.3 %74.3 %
Current Year Catastrophe Losses and LAE Ratio0.3 0.8 0.2 0.2 0.1 0.5 0.4 0.4 0.3 
Prior Years Non-catastrophe Losses and LAE Ratio(4.3)(1.3)(0.4)— 1.0 (0.6)(0.6)(2.0)(0.1)
Prior Years Catastrophe Losses and LAE Ratio— — 0.1 (0.1)— — — — — 
Total Incurred Loss and LAE Ratio76.8 83.3 87.6 87.3 81.2 72.4 69.9 82.7 74.5 
Insurance Expense Ratio22.5 21.7 23.3 22.8 22.0 22.0 22.1 22.5 22.0 
Combined Ratio99.3 %105.0 %110.9 %110.1 %103.2 %94.4 %92.0 %105.2 %96.5 %
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio80.8 %83.8 %87.7 %87.2 %80.1 %72.5 %70.1 %84.3 %74.3 %
Insurance Expense Ratio22.5 21.7 23.3 22.8 22.0 22.0 22.1 22.5 22.0 
Underlying Combined Ratio103.3 %105.5 %111.0 %110.0 %102.1 %94.5 %92.2 %106.8 %96.3 %
Non-GAAP Measure Reconciliation
Combined Ratio99.3 %105.0 %110.9 %110.1 %103.2 %94.4 %92.0 %105.2 %96.5 %
Less:
Current Year Catastrophe Losses and LAE Ratio0.3 0.8 0.2 0.2 0.1 0.5 0.4 0.4 0.3 
Prior Years Non-catastrophe Losses and LAE Ratio(4.3)(1.3)(0.4)— 1.0 (0.6)(0.6)(2.0)(0.1)
Prior Years Catastrophe Losses and LAE Ratio— — 0.1 (0.1)— — — — — 
Underlying Combined Ratio103.3 %105.5 %111.0 %110.0 %102.1 %94.5 %92.2 %106.8 %96.3 %
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.
18

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Commercial Automobile Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Results of Operations
Net Premiums Written$308.2 $264.0 $274.6 $244.7 $254.6 $234.5 $244.9 $846.8 $734.0 
Earned Premiums$258.0 $249.2 $238.2 $238.6 $232.2 $221.5 $208.5 $745.4 $662.2 
Net Investment Income22.1 20.3 21.3 21.6 20.0 18.3 18.7 63.7 57.0 
Other Income0.1 0.2 — 0.1 0.2 0.1 0.1 0.3 0.4 
Total Revenues280.2 269.7 259.5 260.3 252.4 239.9 227.3 809.4 719.6 
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE206.9 189.6 174.7 172.4 169.5 158.4 153.9 571.2 481.8 
Catastrophe Losses and LAE0.4 1.0 0.2 0.3 0.4 1.0 1.1 1.6 2.5 
Prior Years:
Non-catastrophe Losses and LAE2.7 17.7 6.1 9.0 43.4 18.6 5.2 26.5 67.2 
Catastrophe Losses and LAE— 0.1 — — 0.1 0.1 0.1 0.1 0.3 
Total Incurred Losses and LAE210.0 208.4 181.0 181.7 213.4 178.1 160.3 599.4 551.8 
Insurance Expenses45.5 43.8 45.6 43.0 42.1 41.1 38.3 134.9 121.5 
Adjusted Operating Income (Loss)24.7 17.5 32.9 35.6 (3.1)20.7 28.7 75.1 46.3 
Income Tax Expense (Benefit)4.5 3.2 6.6 6.5 (1.1)3.8 5.5 14.3 8.2 
Total Product Line Adjusted Net Operating Income (Loss)$20.2 $14.3 $26.3 $29.1 $(2.0)$16.9 $23.2 $60.8 $38.1 
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio80.2 %76.1 %73.3 %72.3 %73.0 %71.5 %73.9 %76.6 %72.8 %
Current Year Catastrophe Losses and LAE Ratio0.2 0.4 0.1 0.1 0.2 0.5 0.5 0.2 0.4 
Prior Years Non-catastrophe Losses and LAE Ratio1.0 7.1 2.6 3.8 18.7 8.4 2.5 3.6 10.1 
Prior Years Catastrophe Losses and LAE Ratio— — — — — — — — — 
Total Incurred Loss and LAE Ratio81.4 83.6 76.0 76.2 91.9 80.4 76.9 80.4 83.3 
Insurance Expense Ratio17.6 17.6 19.1 18.0 18.1 18.6 18.4 18.1 18.3 
Combined Ratio99.0 %101.2 %95.1 %94.2 %110.0 %99.0 %95.3 %98.5 %101.6 %
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio80.2 %76.1 %73.3 %72.3 %73.0 %71.5 %73.9 %76.6 %72.8 %
Insurance Expense Ratio17.6 17.6 19.1 18.0 18.1 18.6 18.4 18.1 18.3 
Underlying Combined Ratio97.8 %93.7 %92.4 %90.3 %91.1 %90.1 %92.3 %94.7 %91.1 %
Non-GAAP Measure Reconciliation
Combined Ratio99.0 %101.2 %95.1 %94.2 %110.0 %99.0 %95.3 %98.5 %101.6 %
Less:
Current Year Catastrophe Losses and LAE Ratio0.2 0.4 0.1 0.1 0.2 0.5 0.5 0.2 0.4 
Prior Years Non-catastrophe Losses and LAE Ratio1.0 7.1 2.6 3.8 18.7 8.4 2.5 3.6 10.1 
Prior Years Catastrophe Losses and LAE Ratio— — — — — — — — — 
Underlying Combined Ratio97.8 %93.7 %92.4 %90.3 %91.1 %90.1 %92.3 %94.7 %91.1 %
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.
    
19

Kemper Corporation
Life Insurance Segment
Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Results of Operations
Earned Premiums1
$115.7 $102.7 $100.8 $93.4 $99.8 $100.5 $99.7 $319.2 $300.0 
Net Investment Income49.9 49.3 48.7 47.1 48.0 44.7 48.4 147.9 141.1 
Other Income0.2 0.4 0.3 0.2 0.4 0.3 0.7 0.9 1.4 
Total Revenues165.8 152.4 149.8 140.7 148.2 145.5 148.8 468.0 442.5 
Policyholders’ Benefits and Incurred Losses and LAE2
75.0 63.5 64.0 52.5 60.5 63.5 62.2 202.5 186.2 
Insurance Expenses67.9 67.3 64.6 64.7 65.6 67.7 66.4 199.8 199.7 
Segment Adjusted Operating Income22.9 21.6 21.2 23.5 22.1 14.3 20.2 65.7 56.6 
Income Tax Expense3.1 3.3 3.2 3.4 3.5 1.7 3.0 9.6 8.2 
Total Segment Adjusted Net Operating Income$19.8 $18.3 $18.0 $20.1 $18.6 $12.6 $17.2 $56.1 $48.4 
1 Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $2.8 million in third quarter and year-to-date 2026 and $6.3 million in fourth quarter and full year 2025.
2 Policyholders’ Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $18.0 million decrease in policyholders' benefits for third quarter and year-to-date 2026 and a $9.3 million decrease in policyholders’ benefits for fourth quarter and full year 2025.
    

20

Kemper Corporation
Life Insurance Segment
Results of Operations and Selected Financial Information (continued)
(Dollars in Millions)
(Unaudited)

Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Insurance Reserves:
Future Policyholder Benefits$3,006.0 $3,238.1 $3,199.9 $3,248.1 $3,282.2 $3,196.5 $3,186.0 
Incurred Losses and LAE Reserves:
Life33.7 35.3 34.4 35.0 31.1 34.3 39.0 
Accident and Health5.0 4.7 4.6 4.4 4.3 4.5 4.5 
Property1.7 1.8 1.8 1.9 2.0 2.1 2.1 
Total Incurred Losses and LAE Reserves40.4 41.8 40.8 41.3 37.4 40.9 45.6 
Total Insurance Reserves$3,046.4 $3,279.9 $3,240.7 $3,289.4 $3,319.6 $3,237.4 $3,231.6 


21

Kemper Corporation
Expenses
(Dollars in Millions)
(Unaudited)
Three Months EndedNine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Insurance and Other Expenses:
Insurance Expenses:
Policy Acquisition Costs$150.3 $156.8 $152.7 $162.9 $173.8 $177.1 $164.3 $459.8 $515.2 
Business Unit Operating Costs60.2 58.6 69.2 70.0 94.2 71.4 75.1 188.0 240.7 
Corporate Overhead Costs
43.0 43.4 46.4 43.5 43.7 44.6 46.7 132.8 135.0 
Insurance Expenses253.5 258.8 268.3 276.4 311.7 293.1 286.1 780.6 890.9 
Other Expenses:
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs8.4 10.6 6.3 5.0 22.9 4.8 5.3 25.3 33.0 
Other Corporate Costs
3.0 3.0 2.4 — 4.5 2.1 3.1 8.4 9.7 
Other Expenses11.4 13.6 8.7 5.0 27.4 6.9 8.4 33.7 42.7 
Insurance and Other Expenses264.9 272.4 277.0 281.4 339.1 300.0 294.5 814.3 933.6 
Interest Expense9.0 8.9 9.3 9.0 9.1 9.0 11.4 27.2 29.5 
Goodwill Impairment— 460.0 — — — — — 460.0 — 
Total Insurance, Interest, and Other Expenses
$273.9 $741.3 $286.3 $290.4 $348.2 $309.0 $305.9 $1,301.5 $963.1 

22

Kemper Corporation
Details of Investment Performance
(Dollars in Millions)
(Unaudited)
Three Months Ended
Nine Months Ended
Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Net Investment Income
Interest on Fixed Maturities1
$81.4 $80.9 $79.4 $77.0 $79.1 $76.9 $76.4 $241.7 $232.4 
Dividends on Equity Securities Excluding Alternative Investments1.9 2.1 0.7 4.4 2.1 0.7 0.8 4.7 3.6 
Alternative Investments:
Equity Method Limited Liability Investments(1.8)1.2 0.6 (1.0)— (5.3)(0.7)— (6.0)
Limited Liability Investments Included in Equity Securities5.5 3.5 7.1 2.9 4.0 3.1 3.7 16.1 10.8 
Total Alternative Investments3.7 4.7 7.7 1.9 4.0 (2.2)3.0 16.1 4.8 
Short-term Investments2.9 2.7 3.1 4.0 4.2 6.0 8.6 8.7 18.8 
Loans to Policyholders5.1 5.2 5.3 5.2 5.2 5.1 5.3 15.6 15.6 
Real Estate2.6 2.7 2.3 2.4 2.5 2.3 2.2 7.6 7.0 
Company-Owned Life Insurance
13.5 12.1 11.5 11.4 10.8 10.5 10.2 37.1 31.5 
Other2.9 3.3 4.0 3.1 3.1 3.3 2.0 10.2 8.4 
Total Investment Income114.0 113.7 114.0 109.4 111.0 102.6 108.5 341.7 322.1 
Investment Expenses:
Real Estate2.3 2.7 1.8 2.7 2.0 2.2 2.1 6.8 6.3 
Other Investment Expenses4.4 5.6 5.1 3.6 4.2 4.5 5.2 15.1 13.9 
Total Investment Expenses6.7 8.3 6.9 6.3 6.2 6.7 7.3 21.9 20.2 
Net Investment Income$107.3 $105.4 $107.1 $103.1 $104.8 $95.9 $101.2 $319.8 $301.9 
Net Realized Investment Gains (Losses)
Fixed Maturities:
Gains on Sales$0.9 $1.3 $2.6 $0.9 $3.7 $0.4 $1.3 $4.8 $5.4 
Losses on Sales(2.1)(0.7)(2.4)(0.6)(0.5)(0.5)(0.5)(5.2)(1.5)
Equity Securities:
Gains on Sales0.1 — 0.2 0.4 0.5 — — 0.3 0.5 
Losses on Sales(0.1)— — — — — — (0.1)— 
Other Investments:
Gains on Sales0.1 — — 0.1 0.2 — 0.1 0.1 0.3 
Losses on Sales— — — — — — — — — 
Net Realized Investment (Losses) Gains$(1.1)$0.6 $0.4 $0.8 $3.9 $(0.1)$0.9 $(0.1)$4.7 
Net Impairment Losses Recognized in Earnings
Other Assets2
$— $(21.0)$— $— $— $— $— $(21.0)$— 
Fixed Maturities(3.5)(2.7)(0.8)(4.6)(2.9)(3.6)0.3 (7.0)(6.2)
Real Estate(0.2)(0.6)(0.2)0.2 (0.1)— — (1.0)(0.1)
Other— 0.6 (0.7)— (0.1)— — (0.1)(0.1)
Net Impairment Losses Recognized in Earnings$(3.7)$(23.7)$(1.7)$(4.4)$(3.1)$(3.6)$0.3 $(29.1)$(6.4)
1Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $3.5 million, $3.5 million, $3.9 million, $4.4 million, $4.7 million, $4.8 million, $4.8 million, for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
2 During the second quarter of 2026, the Company established an allowance for credit loss for the surplus notes related to the Reciprocal Exchange.



23

 

Kemper Corporation
Details of Invested Assets
(Dollars in Millions)
(Unaudited)
Sep 30, 2026Dec 31, 2025Dec 31, 2024
Carrying
Value		Percent
of Total		Carrying
Value		Percent
of Total		Carrying
Value		Percent
of Total
Fixed Maturities Reported at Fair Value:
U.S. Government and Government Agencies and Authorities$636.5 7.7 %$622.4 7.2 %$486.8 5.5 %
States and Political Subdivisions1,118.1 13.4 1,253.2 14.5 1,233.2 13.9 
Foreign Governments 5.4 0.1 11.0 0.1 6.6 0.1 
Corporate Securities:
Bonds and Notes3,471.7 42.0 3,650.3 42.2 3,519.6 39.6 
Redeemable Preferred Stocks9.4 0.1 10.2 0.1 8.9 0.1 
Collateralized Loan Obligations750.7 9.1 843.0 9.7 741.5 8.3 
Other Mortgage- and Asset-backed328.0 4.0 353.2 4.1 413.0 4.6 
Total Fixed Maturities Reported at Fair Value6,319.8 76.4 6,743.3 77.9 6,409.6 72.1 
Equity Securities Reported at Fair Value:
Preferred Stocks16.1 0.2 19.2 0.2 22.6 0.3 
Common Stocks55.7 0.7 65.0 0.7 1.4 — 
Other Equity Interests:
Exchange Traded Funds11.5 0.1 11.9 0.1 10.9 0.1 
Limited Liability Companies and Limited Partnerships227.7 2.8 210.3 2.4 183.6 2.1 
Total Equity Securities Reported at Fair Value311.0 3.8 306.4 3.4 218.5 2.5 
Equity Method Limited Liability Investments182.7 2.2 176.0 2.0 186.3 2.1 
Short-term Investments at Cost which Approximates Fair Value343.8 4.2 313.5 3.6 1,037.1 11.7 
Company-Owned Life Insurance560.8 6.8 579.2 6.7 539.2 6.1 
Loans to Policyholders279.9 3.4 279.9 3.2 280.7 3.2 
Other Investments:
Equity Securities Reported at Modified Cost17.7 0.2 21.7 0.3 22.5 0.2 
Real Estate at Depreciated Cost97.4 1.2 92.7 1.1 99.5 1.1 
Mortgage Loans140.1 1.7 149.8 1.7 75.3 0.8 
Other16.9 0.1 7.1 0.1 19.8 0.2 
Total Other Investments272.1 3.2 271.3 3.2 217.1 2.3 
Total Investments$8,270.1 100.0 %$8,669.6 100.0 %$8,888.5 100.0 %











24



Kemper Corporation
Details of Invested Assets (continued)
(Dollars in Millions)
(Unaudited)
Sep 30, 2026Dec 31, 2025Dec 31, 2024
Carrying
Value		Percent
of Total		Carrying
Value		Percent
of Total		Carrying
Value		Percent
of Total
S&P Equivalent Rating for Fixed Maturities
AAA, AA, A
$4,397.3 69.5 %$4,750.5 70.5 %$4,576.4 71.4 %
BBB
1,495.2 23.7 1,574.4 23.3 1,557.6 24.3 
BB, B
364.8 5.8 375.1 5.6 221.7 3.5 
CCC or Lower
62.5 1.0 43.3 0.6 53.9 0.8 
Total Investments in Fixed Maturities
$6,319.8 100.0 %$6,743.3 100.0 %$6,409.6 100.0 %
Duration (in Years)
Total Investments in Fixed Maturities
7.1 7.4 7.7 

25

Kemper Corporation
Investments in Limited Liability
Companies and Limited Partnerships
(Dollars in Millions)
(Unaudited)
Unfunded
Commitment		Reported Value
Asset ClassSep 30,
2026		Sep 30,
2026		Dec 31,
2025
Reported as Equity Method Limited Liability Investments:
Senior Debt$56.7 $24.0 $21.1 
Mezzanine Debt36.1 114.9 115.5 
Leveraged Buyout11.9 6.9 6.5 
Real Estate— 26.0 24.1 
Other1.8 10.9 8.8 
Total Equity Method Limited Liability Investments106.5 182.7 176.0 
Reported as Other Equity Interests at Fair Value:
Mezzanine Debt85.0 118.0 115.8 
Leveraged Buyout33.8 52.5 40.5 
Distressed Debt17.7 9.4 10.8 
Senior Debt7.1 22.5 25.5 
Growth Equity5.0 11.9 10.7 
Other4.0 13.4 7.0 
Total Reported as Other Equity Interests at Fair Value152.6 227.7 210.3 
Other Equity Investments— 3.7 5.9 
Total Investments in Limited Liability Companies and Limited Partnerships$259.1 $414.1 $392.2 

26

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 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 (Losses) Gains;
(iii) Impairment Losses;
(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;
(v) Debt Extinguishment and Other Charges;
(vi) Goodwill Impairment;
(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 for the three and nine months ended September 30, 2026 or 2025.

The Company believes that Adjusted Consolidated Net Operating Income 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 (Losses) Gains 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 business decisions which are unrelated to the insurance underwriting process. In the second quarter of 2026, the Company completed the sale of Newins and recorded a gain in connection with the transaction. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment 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; and (ii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairments 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 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.






















27

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 is presented below:

Three Months EndedNine Months Ended
Dollars in Millions (Unaudited)Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Net Income (Loss) attributable to Kemper Corporation
$52.4 $(464.8)$(1.7)$(8.0)$(21.0)$72.6 $99.7 $(414.1)$151.3 
Less Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities2.6 (1.4)(1.0)(1.4)(1.7)(0.4)0.1 0.2 (2.0)
Net Realized Investment (Losses) Gains(0.9)0.5 0.3 0.6 3.1 (0.1)0.7 (0.1)3.7 
Impairment Losses(2.9)(18.8)(1.3)(3.4)(2.5)(2.8)0.2 (23.0)(5.1)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(6.4)(11.6)(5.0)(15.5)(19.6)(3.8)(4.2)(23.0)(27.6)
Debt Extinguishment and Other Charges— — — — — — 0.4 — 0.4 
Goodwill Impairment— (460.0)— — — — — (460.0)— 
Non-Core Operations0.1 0.2 (7.2)(2.9)(20.7)(4.4)(3.9)(6.9)(29.0)
Adjusted Consolidated Net Operating Income$59.9 $26.3 $12.5 $14.6 $20.4 $84.1 $106.4 $98.7 $210.9 

Adjusted Consolidated Net Operating Income Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income 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 per Unrestricted Share is presented below:

Three Months EndedNine Months Ended
(Unaudited)Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share
$0.89 $(7.90)$(0.03)$(0.13)$(0.34)$1.13 $1.56 $(7.04)$2.40 
Less Net Income (Loss) per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities0.04 (0.02)(0.02)(0.02)(0.03)— — — (0.03)
Net Realized Investment (Losses) Gains(0.01)— 0.01 0.01 0.05 — 0.01 — 0.06 
Impairment Losses(0.05)(0.32)(0.02)(0.06)(0.04)(0.04)— (0.39)(0.08)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(0.11)(0.19)(0.09)(0.26)(0.32)(0.07)(0.07)(0.39)(0.44)
Debt Extinguishment and Other Charges— — — — — — 0.01 — 0.01 
Goodwill Impairment— (7.82)— — — — — (7.82)— 
Non-Core Operations— — (0.12)(0.05)(0.33)(0.07)(0.06)(0.12)(0.46)
Adjusted Consolidated Net Operating Income per Unrestricted Share$1.02 $0.45 $0.21 $0.25 $0.33 $1.31 $1.67 $1.68 $3.34 






28

Kemper Corporation
Definitions of Non-GAAP Financial Measures (continued)


Return on Adjusted Shareholders' Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized Net Income (Loss) attributable to Kemper Corporation, excluding the annualization of the after-tax goodwill impairment and the credit loss allowance recognized on the Reciprocal Exchange surplus notes, 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 Adjusted Shareholders' Equity is presented below:

Three Months EndedNine Months Ended
Dollars in Millions (Unaudited)Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025		Sep 30,
2026		Sep 30,
2025
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation1
$209.6 $(429.4)$(6.8)$(32.0)$(84.0)$290.4 $398.8 $(393.3)$201.7 
Denominator:
Average Shareholders' Equity2
$2,163.1 $2,421.2 $2,665.5 $2,706.8 $2,842.8 $2,935.5 $2,853.0 $2,414.3 $2,847.9 
Less: Average Net Unrealized Losses on Fixed Maturities
741.3 616.6 601.5 559.8 595.9 638.6 667.6 671.4 631.7 
Less: Average Change in Discount Rate on Future Life Policyholder Benefits(480.6)(391.9)(376.0)(333.4)(343.0)(368.0)(373.2)(428.3)(358.0)
Less: Average Goodwill(783.5)(1,017.1)(1,250.7)(1,250.7)(1,250.7)(1,250.7)(1,250.7)(1,017.1)(1,250.7)
Average Adjusted Shareholders' Equity2
$1,640.3 $1,628.8 $1,640.3 $1,682.5 $1,845.0 $1,955.4 $1,896.7 $1,640.3 $1,870.9 
Return on Shareholders' Equity:
Return on Shareholders' Equity9.7 %(17.7)%(0.3)%(1.2)%(3.0)%9.9 %14.0 %(16.3)%7.1 %
Return on Adjusted Shareholders' Equity12.8 %(26.4)%(0.4)%(1.9)%(4.6)%14.9 %21.0 %(24.0)%10.8 %
1 The three months ended June 30, 2026 and the nine months ended September 30, 2026 exclude the annualization of the $460.0 million after-tax goodwill impairment and the $16.6 million after-tax credit loss allowance ($21.0 million pre-tax) recognized on the Reciprocal Exchange surplus notes during the second quarter of 2026.
2 Average shareholders' equity and average adjusted shareholders’ equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average adjusted shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one.

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.





29

Kemper Corporation
Definitions of Non-GAAP Financial Measures (continued)


Adjusted Book Value Per Share is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Adjusted Book Value Per Share” metric was referred to as “Tangible Book Value Per Share” in prior periods.

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

As of
Dollars and Shares in Millions Except Per Share Amounts (Unaudited)Sep 30,
2026		Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		Mar 31,
2025
Numerator:
Kemper Corporation Shareholders’ Equity$2,133.3 $2,192.8 $2,649.6 $2,681.4 $2,732.1 $2,953.4 $2,917.6 
Less: Net Unrealized Losses on Fixed Maturities
886.2 596.5 636.7 566.2 553.4 638.6 638.6 
Less: Change in Discount Rate on Future Life Policyholder Benefits(578.6)(382.7)(401.1)(350.8)(316.0)(370.0)(366.0)
Less: Goodwill(783.5)(783.5)(1,250.7)(1,250.7)(1,250.7)(1,250.7)(1,250.7)
Adjusted Shareholders' Equity$1,657.4 $1,623.1 $1,634.5 $1,646.1 $1,718.8 $1,971.3 $1,939.5 
Denominator:
Common Shares Issued and Outstanding58.92458.92258.82158.66760.20263.57663.979
Book Value Per Share:
Book Value Per Share$36.20 $37.22 $45.05 $45.71 $45.38 $46.45 $45.60 
Less: Net Unrealized Losses on Fixed Maturities
15.04 10.13 10.82 9.65 9.19 10.04 9.98 
Less: Change in Discount Rate on Future Life Policyholder Benefits(9.82)(6.50)(6.82)(5.98)(5.25)(5.82)(5.72)
Less: Goodwill(13.29)(13.30)(21.26)(21.32)(20.77)(19.66)(19.55)
Adjusted Book Value Per Share$28.13 $27.55 $27.79 $28.06 $28.55 $31.01 $30.31 
30
Earnings Call Presentation – 3Q 2026 Third Quarter 2026 Earnings

 

Earnings Call Presentation – 3Q 2026 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 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: 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. • 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 legislative, governmental and regulatory actions • heightened competition • litigation outcomes and trends • investment risks • cybersecurity risks or incidents • impact of catastrophes • 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.

 

Earnings Call Presentation – 3Q 2026 3 Specialty Property & Casualty Insurance • Offers personal and commercial auto insurance tailored to specialized coverage needs • Serves specialty auto markets, including Hispanic and Latino customers and customers in urban communities • Reaches customers through a broad network of independent agents and brokers Life Insurance • Offers life insurance and supplemental accident and health coverage • Serves low- and moderate-income individuals and families with unmet protection needs • Reaches customers through a dedicated career agency model with personalized, high-touch service Providing affordable, easy-to-use, personalized solutions to individuals, families and businesses Kemper at a Glance

 

Earnings Call Presentation – 3Q 2026 4 Strengthening Our Leadership Team Chris Flint EVP, Chief Distribution & Marketing Officer Eric Kappler EVP, Head of P&C Jennifer Kopps- Wagner EVP, Head of Life Todd Williams SVP, Chief Claims Officer

 

Earnings Call Presentation – 3Q 2026 Building a More Productive and Scalable Distribution Model 5 Agents remain central; growth across channels will be guided by underwriting profitability and distribution economics WHY WE BUILT IT Integrate distribution, marketing and acquisition Strengthen agent relationships and productivity Connect lead generation, customer conversion and sales execution Optimize customer acquisition and distribution economics NEAR TERM: ESTABLISH AND VALIDATE Lay the foundation 6–18 MONTHS: SCALE CAPABILITIES Scale what works Aligning distribution capabilities to support disciplined, profitable growth Improve productivity across existing agent networks Expand productive agent capacity in priority markets Test and optimize lead generation, conversion and fulfillment capabilities Strengthen high-performing agent relationships Scale proven digital acquisition and inside sales capabilities Win more share in our priority markets

 

Earnings Call Presentation – 3Q 2026 6 Strong sequential earnings improvement, led by Specialty P&C • Net Income attributable to Kemper Corporation of $0.88 per diluted share vs. $(7.90) per share in 2Q’26 • Adjusted Consolidated Net Operating Income1 of $59.9 million; $1.01 per diluted share vs. $0.45 per share in 2Q’26 • Net Investment Income of $107 million vs. $105 million in 2Q’26 $52.4M Net Income attributable to Kemper Corporation vs. $(464.8)M in 2Q’26 Third Quarter 2026 Financial Summary Personal Auto profitability improving; focus on further margin improvement and production stabilization • Underlying Combined Ratio1 of 103.3% vs. 105.5% in 2Q’26 • PIF down 10.0% QoQ 99.3% Personal Auto CR vs. 105.0% in 2Q’26 Commercial Auto generating underlying underwriting profit; actions focused on elevated loss trends • Underlying Combined Ratio1 of 97.8% vs. 93.7% in 2Q’26 • PIF up 0.7% QoQ 99.0% Commercial Auto CR vs. 101.2% in 2Q’26 Life continues to deliver consistent operating earnings and stable revenues • Normalized Revenues2 of $153 million vs. $152 million in 2Q’26 • $19.8 billion Face Value of In-force $20M Life Adjusted Net Operating Income vs. $18M in 2Q’26 Restructuring savings support expense ratio stability despite declining premiums • Implemented actions generating approximately $90 million in cumulative annual run-rate savings since program inception $90M Ann. Run-rate Savings 1 Non-GAAP financial measure; see reconciliation in appendix on pages 17-21 2 Normalized for annual assumption update and actuarial model adjustments for Deferred Profit Liability (3Q’26: -$13 million)

 

Earnings Call Presentation – 3Q 2026 Specialty Property & Casualty Insurance Segment 7 Underlying profitability improved sequentially; focused on further margin improvement and portfolio diversification 1 Non-GAAP financial measure; see reconciliation in appendix on pages 17-21 83.7% 84.4% 84.5% 83.4% 78.2% 21.1% 21.6% 22.2% 20.6% 21.0% 104.8% 106.0% 106.7% 104.0% 99.2% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Expense Ratio Loss & LAE Ratio METRICS 3Q’25 4Q’25 1Q’26 2Q’26 3Q’26 Earned Premiums ($M) $1,017 $935 $885 $897 $858 PIF (000s) 1,262 1,184 1,158 1,098 1,006 QoQ Change (2.5)% (6.3)% (2.2)% (5.2)% (8.3)% Underlying CR1 99.6% 105.0% 106.2% 102.3% 101.7% COMBINED RATIO CURRENT QUARTER · 3Q'26 COMBINED RATIO 99.2% Underlying Combined Ratio1 101.7% Earned Premiums ($M) $858 PIF (000s) 1,006

 

Earnings Call Presentation – 3Q 2026 Personal Auto Highlights 8 ULCR1 improved 7.7 points since 1Q'26; focused on further margin improvement and production stabilization 1 Non-GAAP financial measure; see reconciliation in appendix on pages 17-21 COMBINED RATIO 81.2% 87.3% 87.6% 83.3% 76.8% 22.0% 22.8% 23.3% 21.7% 22.5% 103.2% 110.1% 110.9% 105.0% 99.3% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Expense Ratio Loss & LAE Ratio METRICS 3Q’25 4Q’25 1Q’26 2Q’26 3Q’26 Earned Premiums ($M) $785 $697 $647 $647 $600 PIF (000s) 1,103 1,023 992 928 835 QoQ Change (3.2)% (7.2)% (3.0)% (6.5)% (10.0)% Underlying CR1 102.1% 110.0% 111.0% 105.5% 103.3% COMBINED RATIO 99.3% CURRENT QUARTER · 3Q'26 Underlying Combined Ratio1 103.3% Earned Premiums ($M) $600 PIF (000s) 835

 

Earnings Call Presentation – 3Q 2026 • Production momentum: New Personal Auto products are ‘live’ in both states, with early policy growth and agent network expansion underway • Growing portfolio contribution: PIF increased 4.8%; these markets now represent 28.1% of Personal Auto policies, up 5.5 points • New-business mix: Florida/Texas generated 79% of Personal Auto new-business DWP, up 27 points Personal Auto – Key State Metrics 9 1 Non-GAAP financial measure; see reconciliation in appendix on pages 17-21 California underwriting profitability improving; Florida/Texas supporting portfolio diversification METRICS 3Q’25 4Q’25 1Q’26 2Q’26 3Q’26 Earned Prem. ($M) $547 $510 $467 $442 $408 PIF (000s) 756 693 662 596 527 QoQ Change (2.4)% (8.3)% (4.6)% (10.0)% (11.5)% % of PPA PIF 68.6% 67.7% 66.7% 64.2% 63.1% % of NB DWP 57% 37% 34% 21% 11% 83.2% 87.5% 88.8% 87.2% 75.8% 21.2% 20.6% 21.8% 20.9% 22.4% 104.4% 108.1% 110.6% 108.1% 98.2% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Loss & LAE Ratio Expense Ratio Underlying CR1 104.0% 108.1% 109.2% 107.3% 102.1% COMMENTARY (3Q’26 vs. 1Q’26) CALIFORNIA FLORIDA + TEXAS

 

Earnings Call Presentation – 3Q 2026 Commercial Auto Highlights 10 Commercial Auto continues to generate an underlying underwriting profit; actions focused on improving margins 1 Non-GAAP financial measure; see reconciliation in appendix on pages 17-21 91.9% 76.2% 76.0% 83.6% 81.4% 18.1% 18.0% 19.1% 17.6% 17.6% 110.0% 94.2% 95.1% 101.2% 99.0% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Expense Ratio Loss & LAE Ratio METRICS 3Q’25 4Q’25 1Q’26 2Q’26 3Q’26 Earned Premiums ($M) $232 $239 $238 $249 $258 PIF (000s) 159 160 165 170 171 QoQ Change 2.4% 0.7% 3.2% 2.6% 0.7% Underlying CR1 91.1% 90.3% 92.4% 93.7% 97.8% COMBINED RATIO COMBINED RATIO 99.0% CURRENT QUARTER · 3Q'26 Underlying Combined Ratio1 97.8% Earned Premiums ($M) $258 PIF (000s) 171

 

Earnings Call Presentation – 3Q 2026 Life Insurance Segment 11 Life continues to deliver consistent earnings and stable revenues, supported by disciplined pricing and underwriting 1 Normalized for annual assumption update and actuarial model adjustments for Deferred Profit Liability (4Q'25: +$6 million, 3Q’26: -$13 million) 2 Annual basis $100 $100 $101 $103 $103 $48 $47 $49 $49 $50 $148 $147 $150 $152 $153 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Earned Premiums NII METRICS 3Q’25 4Q’25 1Q’26 2Q’26 3Q’26 Face Value of In-Force ($M) $19,694 $19,610 $19,698 $19,743 $19,764 Average Face Value Per Policy $6,533 $6,550 $6,603 $6,648 $6,683 Average Premium Per Policy Issued2 $690 $712 $697 $708 $734 NORMALIZED REVENUES1 ($M) 3Q'26 ADJUSTED NOI ($M) $20 3Q'26 NORMALIZED REVENUES1 ($M) $153 3Q'26 FACE VALUE OF IN-FORCE ($B) $19.8 ADJUSTED NET OPERATING INCOME ($M) $19 $20 $18 $18 $20 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26

 

Earnings Call Presentation – 3Q 2026 Improving Execution and Operating Efficiency Restructuring actions supporting expense ratio stability 12 Actions Implemented ~$90M Annual Run-Rate Savings • Simplified organizational structure and reduced operating costs • Maintained a relatively stable expense ratio despite declining premiums • Implemented operational and process efficiencies Medium-Term Priorities Positioned for Greater Efficiency • Sustain benefits from structural expense reductions • Leverage streamlined cost structure as production stabilizes and returns to growth • Pursue additional productivity and process improvements Structural expense reductions position Kemper for improved operating leverage as production stabilizes

 

Earnings Call Presentation – 3Q 2026 Well-Capitalized Insurance Subsidiaries 13 24.2% 24.6% 24.7% 28.3% 28.0% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 DEBT-TO-CAPITAL5LIQUIDITY ($M) RISK-BASED CAPITAL2 $888 $886 $886 $636 $636 $157 $145 $80 $130 $91 $1,045 $1,031 $966 $766 $727 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 580% 515% 590% 585% 625% 240% 230% 225% 225% 230% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Goodwill Impairment of $460M 1 Borrowings available under credit agreement & from subs | 2 3Q’26 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 | 3 Excludes business ceded to Kemper Bermuda Ltd. (KBL) 4 Excludes AACC and Reciprocal | 5 Excludes AOCI Strong capitalization and liquidity positions support execution of profitability initiatives Strong regulatory capital position provides financial flexibility HoldCo Cash & Investments Borrowing Capacity1 Life3 P&C4 3Q'26 28.0% Reflects impact of 2Q’26 goodwill impairment 3Q'26 625% Life3 230% P&C4 Strong regulatory capital position provides financial flexibility 3Q'26 $727 $91M Holdco Cash & Investments $636M Available borrowing capacity1

 

Earnings Call Presentation – 3Q 2026 Diversified Investment Portfolio with Consistent Returns 14 1 Other category includes Equity Securities, which excludes $228 million of Other Equity Interests of LPs/LLCs that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance CURRENT QUARTER · 3Q'26 NET INVESTMENT INCOME ($M) $107 NET INVESTMENT INCOME ($M) PTE ANNUALIZED BOOK YIELD CONTRIBUTION DIVERSIFIED AND HIGHLY-RATED PORTFOLIO $101 $101 $99 $100 $103 $4 $2 $8 $5 $4 $105 $103 $107 $105 $107 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Core Portfolio Alternative Inv. Portfolio 4.4% 4.5% 4.4% 4.4% 4.5% 0.2% 0.1% 0.3% 0.2% 0.2% 4.6% 4.6% 4.7% 4.6% 4.7% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Core Portfolio Alt. Inv. Portfolio (ex. Solar) 55% 13% 8% 8% 5% 7% 4% Other COLI 69% 24% 6% 1% Fixed Maturity Ratings A or Higher B/BB BBB Corporates Alternatives U.S Gov’t Portfolio Composition1 Short Term $8.3B $6.3B ≤ CCC High-quality investment portfolio continues to provide consistent earnings contributions Core Portfolio ($M) $103 Alt. Inv. Portfolio ($M) $4 PTE Book Yield (Core) 4.8% Avg. IG New Money Yield 5.9% States/Munis

 

Earnings Call Presentation – 3Q 2026 Appendix 15

 

Earnings Call Presentation – 3Q 2026 2026 Reinsurance Program Catastrophe XoL Reinsurance 16 HIGHLIGHTS Catastrophe Excess of Loss Program (XOL): • One year program consists of two layers: – $50 million excess $50 million – $60 million excess $100 million – 5% co-participation of both layers • 2026 purchase limit reflects exposure changes largely due to Preferred P&C exit • New policy effective January 1, 2026: ̶ New limit aligned with risk-appetite ̶ New structure improves overall cost of capital100% Retention of first $50M 1-Year Term Placed 1/1/26 $50M xs $50M 95% Placed 1-Year Term Placed 1/1/26 $60M xs $100M 95% Placed Layer 1 : 5 % co - p articip atio n Layer 2 : 5 % co - p articip atio n CATASTROPHE REINSURANCE PROGRAM

 

Earnings Call Presentation – 3Q 2026 Non-GAAP Financial Measures 17 Adjusted Consolidated Net Operating Income 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 (Losses) Gains; (iii) Impairment Losses; (iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs; (v) Debt Extinguishment and Other Charges; (vi) Goodwill Impairment; (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 for the three months ended June 30, 2026 and September 30, 2026. The Company believes that Adjusted Consolidated Net Operating Income 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 (Losses) Gains 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 business decisions which are unrelated to the insurance underwriting process. In the second quarter of 2026, the Company completed the sale of Newins and recorded a gain in connection with the transaction. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment 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; and (ii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairments 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 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. Diluted Adjusted Consolidated Net Operating Income Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net Income (Loss) attributable to Kemper Corporation Per Unrestricted Share. The Company believes that Diluted Adjusted Consolidated Net Operating Income 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 (Losses) Gains, Impairment Losses, Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs, Debt Extinguishment and Other Charges, and Goodwill Impairment included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the company’s investments, the timing of which is unrelated to the insurance underwriting process.

 

Earnings Call Presentation – 3Q 2026 Non-GAAP Financial Measures 18 Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio. The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.

 

Earnings Call Presentation – 3Q 2026 Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income attributable to Kemper Corporation 19 Three Months Ended ​​($ per share) Sep 30, 2026 Jun 30, 2026 Diluted Net Income (Loss) attributable to Kemper Corporation Per Unrestricted Share $0.88 $(7.90) Less Net Income (Loss) Per Unrestricted Share From: Change in Fair Value of Equity and Convertible Securities 0.04 (0.02) Net Realized Investment (Losses) Gains (0.01) - Impairment Losses (0.05) (0.32) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.11) (0.19) Goodwill Impairment - (7.82) Non-Core Operations - - Diluted Adjusted Consolidated Net Operating Income Per Unrestricted Share $1.01 $0.45 Three Months Ended ​​($ in millions) Sep 30, 2026 Jun 30, 2026 Net Income (Loss) attributable to Kemper Corporation $52.4 $(464.8) Less Net Income (Loss) From: Change in Fair Value of Equity and Convertible Securities 2.6 (1.4) Net Realized Investment (Losses) Gains (0.9) 0.5 Impairment Losses (2.9) (18.8) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (6.4) (11.6) Goodwill Impairment - (460.0) Non-Core Operations 0.1 0.2 Adjusted Consolidated Net Operating Income $59.9 $26.3

 

Earnings Call Presentation – 3Q 2026 Non-GAAP Financial Measures Underlying Combined Ratio 20 Three Months Ended 3Q’26 2Q’26 1Q’26 4Q’25 3Q’25 Specialty P&C Insurance Combined Ratio 99.2% 104.0% 106.7% 106.0% 104.8% Current Year Catastrophe Losses and LAE Ratio (0.2) (0.7) (0.1) (0.1) (0.1) Prior Years Non-Catastrophe Losses and LAE Ratio 2.7 (1.0) (0.4) (1.0) (5.1) Prior Years Catastrophe Losses and LAE Ratio - - - 0.1 - Underlying Combined Ratio 101.7% 102.3% 106.2% 105.0% 99.6% Personal Auto Insurance Combined Ratio 99.3% 105.0% 110.9% 110.1% 103.2% Current Year Catastrophe Losses and LAE Ratio (0.3) (0.8) (0.2) (0.2) (0.1) Prior Years Non-Catastrophe Losses and LAE Ratio 4.3 1.3 0.4 - (1.0) Prior Years Catastrophe Losses and LAE Ratio - - (0.1) 0.1 - Underlying Combined Ratio 103.3% 105.5% 111.0% 110.0% 102.1% Commercial Auto Insurance Combined Ratio 99.0% 101.2% 95.1% 94.2% 110.0% Current Year Catastrophe Losses and LAE Ratio (0.2) (0.4) (0.1) (0.1) (0.2) Prior Years Non-Catastrophe Losses and LAE Ratio (1.0) (7.1) (2.6) (3.8) (18.7) Prior Years Catastrophe Losses and LAE Ratio - - - - - Underlying Combined Ratio 97.8% 93.7% 92.4% 90.3% 91.1%

 

Earnings Call Presentation – 3Q 2026 Non-GAAP Financial Measures Underlying Combined Ratio 21 Three Months Ended 3Q’26 2Q’26 1Q’26 4Q’25 3Q’25 Specialty P&C Insurance – California PPA Combined Ratio 98.2% 108.1% 110.6% 108.1% 104.4% Current Year Catastrophe Losses and LAE Ratio - - (0.1) - - Prior Years Non-Catastrophe Losses and LAE Ratio 3.9 (0.8) (1.2) - (0.4) Prior Years Catastrophe Losses and LAE Ratio - - (0.1) - - Underlying Combined Ratio 102.1% 107.3% 109.2% 108.1% 104.0%

 

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