Market Overview

Kemper Reports Strong Second Quarter 2018 Results

Share:
  • Property & Casualty earned premiums increased by 17 percent, or $72
    million in the quarter
  • Nonstandard personal automobile's underlying combined ratio
    improved 2.0 percentage points in the quarter
  • Investment portfolio generated a pre-tax equivalent annualized book
    yield of 5.0 percent in the quarter

Kemper Corporation (NYSE:KMPR)
reported net income of $37.6 million, or $0.73 per diluted share, for
the second quarter of 2018, compared to $36.6 million, or $0.71 per
diluted share, for the second quarter of 2017. Adjusted consolidated net
operating income1 was $36.5 million, or $0.70 per diluted
share, for the second quarter of 2018, compared to $21 million, or $0.41
per diluted share, for the second quarter of 2017. These results
increased primarily from significant growth and improved underlying
performance in personal automobile insurance division.

"Our strong second quarter results indicate sustained, positive momentum
on the execution of our strategy," said Joseph P. Lacher, Jr., Kemper's
President and Chief Executive Officer. "We've achieved steady,
quarter-over-quarter growth that demonstrates the value of Kemper's
strategy of building strength in core businesses which focus on growing
niche and undeserved markets. Our recent acquisition of Infinity is an
important milestone in accelerating our position in one of these
businesses—to become the premiere specialty auto franchise."

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in Millions, Except Per Share Amounts) (Unaudited) 2018 2017 2018 2017
Adjusted Consolidated Net Operating Income1 $ 36.5 $ 21.0 $ 94.0 $ 17.1
Income from Continuing Operations 37.5 36.6 91.1 36.2
Net Income 37.6 36.6 91.4 36.3
 
Impact of Catastrophe Losses and Related Loss Adjustment Expense
(LAE) on Net Income
$ (34.3 ) $ (23.0 ) $ (40.4 ) $ (65.7 )
 
Diluted Net Income Per Share From:
Adjusted Consolidated Net Operating Income1 $ 0.70 $ 0.41 $ 1.80 $ 0.34

Income from Continuing Operations

0.73 0.71 1.75 0.70
Net Income 0.73 0.71 1.76 0.70
 
Impact of Catastrophe Losses and Related LAE on Net Income Per
Share
$ (0.66 ) $ (0.44 ) $ (0.78 ) $ (1.27 )

1 Adjusted consolidated net operating income is an after-tax,
non-GAAP financial measure. See "Use of Non-GAAP Financial Measures" for
additional information.

Capital

Total Shareholders' Equity at the end of the quarter was $2,045.7
million, a decrease of $69.9 million, or 3 percent, since year-end 2017
driven by the impact of higher market yields on the value of our fixed
maturity portfolio, partially offset by net income. Kemper ended the
quarter with cash and investments at the holding company of $708.6
million, and the $300 million revolving credit agreement was undrawn.

During the second quarter of 2018, Kemper paid dividends of $12.4
million.

Kemper ended the quarter with a book value per share of $39.68, down 3
percent from $41.11 at the end of 2017. Book value per share excluding
net unrealized gains on fixed maturities was $36.85, up 4 percent from
$35.57 at the end of 2017, driven by net income, partially offset by
dividends paid to shareholders.

Revenues

Total revenues for the second quarter of 2018 increased $57.5 million,
or 8 percent, to $741.9 million, compared to the second quarter of 2017,
driven by $73.9 million higher nonstandard personal auto earned
premiums. Nonstandard personal auto earned premiums increased primarily
from higher policies in force. Net investment income increased $1.3
million to $78.4 million in the second quarter of 2018, a $2.3 million
increase in interest on fixed income securities was primarily offset by
a $2.2 million reduction in net investment income on the alternative
investments portfolio. Net realized investment gains were $3.8 million
in the second quarter of 2018, compared to $26.4 million last year.

The investment portfolio in total generated a pre-tax equivalent
annualized book yield of 5.0 percent for the second quarter of 2018,
compared to 5.2 percent in 2017.

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)
underlying loss ratio includes loss and LAE, and (v) all comparisons are
made to the prior year quarter unless otherwise stated.

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in Millions) (Unaudited) 2018 2017 2018 2017
Segment Net Operating Income (Loss):
Property & Casualty Insurance $ 15.2 $ 4.9 $ 51.2 $ (17.2 )
Life & Health Insurance 26.4   20.5   50.2   42.0  
Total Segment Net Operating Income 41.6 25.4 101.4 24.8
Corporate and Other Net Operating Income (Loss) (5.1 ) (4.4 ) (7.4 ) (7.7 )
Adjusted Consolidated Net Operating Income 36.5 21.0 94.0 17.1
Net Income (Loss) From:
Change in Fair Value of Equity Securities 0.3 0.9
Net Realized Gains on Sales of Investments 3.0 17.2 5.1 24.0
Net Impairment Losses Recognized in Earnings (1.6 ) (0.4 ) (4.9 )
Acquisition Related Transaction and Integration Costs (2.3 )   (8.5 )  
Income from Continuing Operations $ 37.5   $ 36.6   $ 91.1   $ 36.2  
 

The Property & Casualty Insurance segment reported net operating income
of $15.2 million in the second quarter of 2018, compared to $4.9 million
in 2017. Results increased primarily from strong nonstandard personal
auto growth and profitability and a reduction in loss and LAE as a
percentage of earned premium in preferred personal auto, partially
offset by higher catastrophe losses. Catastrophe losses were $42.4
million before taxes in the second quarter of 2018, compared to $34.5
million last year.

The Property & Casualty Insurance segment's underlying combined ratio
improved 2.2 percentage points to 92.0 percent in the second quarter of
2018. The underlying loss ratio improved 1.2 percentage points to 70.9
percent, primarily from improvement in nonstandard personal auto,
preferred personal auto and homeowners. Nonstandard auto's underlying
loss ratio improved 1.4 percentage points to 77.3 percent in the
quarter, as average earned premium outpaced loss cost trends. Preferred
personal auto's underlying loss ratio improved 4.1 percentage points to
68.7 percent, driven by increased earned rate and moderating loss
trends. The homeowners underlying loss ratio improved 2.3 percentage
points to 46.4 percent due to a lower frequency of claims and increased
earned rate partially offset by the cost related to our aggregate
catastrophe program.

The Property & Casualty Insurance segment's expense ratio improved 1.0
percentage points as an even larger percentage of earned premiums were
generated by the nonstandard auto business, which grew at 32 percent and
runs at a lower expense ratio. Additionally, the larger premium base
also generated expense ratio improvement as premium growth outpaced
fixed expenses.

The Life & Health Insurance segment reported net operating income of
$26.4 million for the second quarter of 2018, compared to $20.5 million
in 2017, primarily due to growth in supplemental A&H business. These
gains were partially offset by higher policyholders' benefits in both
supplemental A&H and Life products. Both the supplemental A&H and Life
businesses witnessed an increase in operating profit which was further
enhanced by the impact of tax code changes.

Unaudited condensed consolidated statements of income for the three
and six months ended June 30, 2018 and 2017 are presented below.

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in Millions, Except Per Share Amounts) 2018 2017 2018 2017
Revenues:
Earned Premiums $ 658.1 $ 582.5 $ 1,267.9 $ 1,145.9
Net Investment Income 78.4 77.1 157.6 158.7
Other Income 1.2 1.0 2.4 1.9
Income from Change in Fair Value of Equity Securities 0.4 1.1
Net Realized Gains on Sales of Investments 3.8 26.4 6.4 36.9
Other-than-temporary Impairment Losses:
Total Other-than-temporary Impairment Losses (2.6 ) (0.5 ) (7.8 )
Portion of Losses Recognized in Other Comprehensive Income       0.2  
Net Impairment Losses Recognized in Earnings   (2.6 ) (0.5 ) (7.6 )
Total Revenues 741.9   684.4   1,434.9   1,335.8  
Expenses:
Policyholders' Benefits and Incurred Losses and Loss Adjustment
Expenses
499.5 447.4 936.4 924.8
Insurance Expenses 171.2 163.5 331.3 321.5
Interest and Other Expenses 25.7   21.4   54.7   40.9  
Total Expenses 696.4   632.3   1,322.4   1,287.2  
Income from Continuing Operations before Income Taxes 45.5 52.1 112.5 48.6
Income Tax Expense (8.0 ) (15.5 ) (21.4 ) (12.4 )
Income from Continuing Operations 37.5 36.6 91.1 36.2
Income from Discontinued Operations 0.1     0.3   0.1  
Net Income $ 37.6   $ 36.6   $ 91.4   $ 36.3  
 
Income from Continuing Operations Per Unrestricted Share:
Basic $ 0.73   $ 0.71   $ 1.76   $ 0.70  
Diluted $ 0.73   $ 0.71   $ 1.75   $ 0.70  
 
Net Income Per Unrestricted Share:
Basic $ 0.73   $ 0.71   $ 1.77   $ 0.71  
Diluted $ 0.73   $ 0.71   $ 1.76   $ 0.70  
 
Weighted-average Outstanding (Shares in Thousands):
Unrestricted Shares - Basic 51,549.9   51,286.2   51,526.6   51,279.6  
Unrestricted Shares and Equivalent Shares - Diluted 52,076.4   51,411.1   51,996.7   51,437.2  
 
Dividends Paid to Shareholders Per Share $ 0.24   $ 0.24   $ 0.48   $ 0.48  
 

Unaudited business segment revenues for the three and six months
ended June 30, 2018 and 2017 are presented below.

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in Millions) 2018 2017 2018 2017
REVENUES:
Property & Casualty Insurance:
Earned Premiums:
Personal Automobile $ 416.2 $ 339.1 $ 787.3 $ 659.8
Homeowners 62.2 66.6 124.0 132.9
Other Personal 10.2   10.8   20.3   21.5  
Total Personal 488.6 416.5 931.6 814.2
Commercial Automobile 12.5   12.7   24.7   25.4  
Total Earned Premiums 501.1 429.2 956.3 839.6
Net Investment Income 22.9 20.6 45.4 44.7
Other Income 0.4   0.3   0.7   0.5  
Total Property & Casualty Insurance 524.4   450.1   1,002.4   884.8  
Life & Health Insurance:
Earned Premiums:
Life 95.4 95.4 189.1 191.1
Accident & Health 43.8 39.5 87.1 78.6
Property 17.8   18.4   35.4   36.6  
Total Earned Premiums 157.0 153.3 311.6 306.3
Net Investment Income 54.1 54.9 107.4 107.9
Other Income 0.9   0.6   1.7   1.2  
Total Life & Health Insurance 212.0   208.8   420.7   415.4  
Total Segment Revenues 736.4 658.9 1,423.1 1,300.2
Income from Change in Fair Value of Equity Securities 0.4 1.1
Net Realized Gains on Sales of Investments 3.8 26.4 6.4 36.9
Net Impairment Losses Recognized in Earnings (2.6 ) (0.5 ) (7.6 )
Other 1.3   1.7   4.8   6.3  
Total Revenues $ 741.9   $ 684.4   $ 1,434.9   $ 1,335.8  
 
KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)

(Unaudited)

Jun 30,   Dec 31,
2018 2017
Assets:

 

Investments:
Fixed Maturities at Fair Value $ 5,260.3 $ 5,382.7
Equity Securities at Fair Value 514.9 526.0
Equity Securities at Modified Cost $ 54.1
Equity Method Limited Liability Investments at Cost Plus Cumulative
Undistributed Earnings
170.9 161.0
Fair Value Option Investments 77.5
Short-term Investments at Cost which Approximates Fair Value 169.0 235.5
Other Investments 411.7   422.2
Total Investments 6,580.9   6,804.9
Cash 649.9 45.7
Receivables from Policyholders 407.5 366.0
Other Receivables 189.2 194.3
Deferred Policy Acquisition Costs 388.9 365.3
Goodwill 323.0 323.0
Current Income Tax Assets 0.9 6.1
Deferred Income Tax Assets 10.6
Other Assets 289.6   270.9
Total Assets $ 8,840.5   $ 8,376.2
Liabilities and Shareholders' Equity:
Insurance Reserves:
Life & Health $ 3,543.5 $ 3,521.0
Property & Casualty 1,059.7   1,016.8
Total Insurance Reserves 4,603.2   4,537.8
Unearned Premiums 723.8 653.9
Deferred Income Tax Liabilities 14.8
Liabilities for Unrecognized Tax Benefits 9.2 8.1
Debt at Amortized Cost 951.8 592.3
Accrued Expenses and Other Liabilities 506.8   453.7
Total Liabilities 6,794.8   6,260.6
Shareholders' Equity:
Common Stock 5.2 5.1
Paid-in Capital 681.5 673.1
Retained Earnings 1,289.4 1,243.0
Accumulated Other Comprehensive Income 69.6   194.4
Total Shareholders' Equity 2,045.7   2,115.6
Total Liabilities and Shareholders' Equity $ 8,840.5   $ 8,376.2
 

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

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in Millions) 2018 2017 2018 2017

Results of Operations

Net Premiums Written $ 536.9   $ 440.7   $ 1,025.8   $ 869.6  
 
Earned Premiums $ 501.1 $ 429.2 $ 956.3 $ 839.6
Net Investment Income 22.9 20.6 45.4 44.7
Other Income 0.4   0.3   0.7   0.5  
Total Revenues 524.4   450.1   1,002.4   884.8  
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE 355.0 308.8 681.5 611.4
Catastrophe Losses and LAE 42.4 34.5 49.9 98.4
Prior Years:
Non-catastrophe Losses and LAE 4.7 9.6 8.4 21.4
Catastrophe Losses and LAE (1.8 ) (2.0 ) (7.5 ) (3.2 )
Total Incurred Losses and LAE 400.3 350.9 732.3 728.0
Insurance Expenses 105.9   95.0   207.4   189.8  
Operating Income (Loss) 18.2 4.2 62.7 (33.0 )
Income Tax Benefit (Expense) (3.0 ) 0.7   (11.5 ) 15.8  
Segment Net Operating Income (Loss) $ 15.2   $ 4.9   $ 51.2   $ (17.2 )
 

Ratios Based On Earned Premiums

Current Year Non-catastrophe Losses and LAE Ratio 70.9 % 72.1 % 71.3 % 72.9 %
Current Year Catastrophe Losses and LAE Ratio 8.5 8.0 5.2 11.7
Prior Years Non-catastrophe Losses and LAE Ratio 0.9 2.2 0.9 2.5
Prior Years Catastrophe Losses and LAE Ratio (0.4 ) (0.5 ) (0.8 ) (0.4 )
Total Incurred Loss and LAE Ratio 79.9 81.8 76.6 86.7
Insurance Expense Ratio 21.1   22.1   21.7   22.6  
Combined Ratio 101.0 % 103.9 % 98.3 % 109.3 %
 

Underlying Combined Ratio

Current Year Non-catastrophe Losses and LAE Ratio 70.9 % 72.1 % 71.3 % 72.9 %
Insurance Expense Ratio 21.1   22.1   21.7   22.6  
Underlying Combined Ratio 92.0 % 94.2 % 93.0 % 95.5 %
 

Non-GAAP Measure Reconciliation

Underlying Combined Ratio 92.0 % 94.2 % 93.0 % 95.5 %
Current Year Catastrophe Losses and LAE Ratio 8.5 8.0 5.2 11.7
Prior Years Non-catastrophe Losses and LAE Ratio 0.9 2.2 0.9 2.5
Prior Years Catastrophe Losses and LAE Ratio (0.4 ) (0.5 ) (0.8 ) (0.4 )
Combined Ratio as Reported 101.0 % 103.9 % 98.3 % 109.3 %
 

Unaudited selected financial information for the Life & Health
Insurance segment follows.

  Three Months Ended   Six Months Ended
 
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in Millions) 2018 2017 2018 2017

Results of Operations

Earned Premiums $ 157.0 $ 153.3 $ 311.6 $ 306.3
Net Investment Income 54.1 54.9 107.4 107.9
Other Income 0.9   0.6   1.7   1.2  
Total Revenues 212.0   208.8   420.7   415.4  
Policyholders' Benefits and Incurred Losses and LAE 99.2 96.5 204.1 196.8
Insurance Expenses 79.4   81.1   153.3   154.8  
Operating Profit 33.4 31.2 63.3 63.8
Income Tax Expense (7.0 ) (10.7 ) (13.1 ) (21.8 )
Segment Net Operating Income $ 26.4   $ 20.5   $ 50.2   $ 42.0  
 

Use of Non-GAAP Financial Measures

Adjusted Consolidated Net Operating Income

Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP
financial measure computed by excluding from Income from Continuing
Operations the after-tax impact of 1) income (loss) from change in fair
value of equity securities, 2) net realized gains on sales of
investments, 3) net impairment losses recognized in earnings related to
investments, 4) acquisition related transaction and integration costs,
5) loss from early extinguishment of debt and 6) 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 Income from Continuing Operations.

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. Income (Loss) from
Change in Fair Value of Equity Securities, Net Realized Gains on Sales
of Investments and Net Impairment Losses Recognized in Earnings 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. Loss from Early
Extinguishment of Debt 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. Acquisition Related
Transaction and Integration Costs may vary significantly between periods
and are generally driven by the timing of acquisitions and business
decisions which are unrelated to the insurance underwriting process.
Significant non-recurring items are excluded because, by their nature,
they are not indicative of the Company's business or economic trends.

A reconciliation of Adjusted Consolidated Net Operating Income to Income
from Continuing Operations for the three and six months ended June 30,
2018 and 2017 is presented below.

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in Millions) (Unaudited) 2018 2017 2018 2017
Adjusted Consolidated Net Operating Income $ 36.5 $ 21.0 $ 94.0 $ 17.1
Net Income (Loss) From:
Income from Change in Fair Value of Equity Securities 0.3 0.9
Net Realized Gains on Sales of Investments 3.0 17.2 5.1 24.0
Net Impairment Losses Recognized in Earnings (1.6 ) (0.4 ) (4.9 )
Acquisition Related Transaction and Integration Costs (2.3 )   (8.5 )  
Income from Continuing Operations $ 37.5   $ 36.6   $ 91.1   $ 36.2  
 

Diluted Adjusted Consolidated Net Operating Income
Per Unrestricted Share

Diluted Adjusted Consolidated Net Operating Income Per Unrestricted
Share is a non-GAAP financial measure computed by dividing Adjusted
Consolidated Net Operating Income attributed to unrestricted shares by
the weighted-average unrestricted shares and equivalent shares
outstanding. The most directly comparable GAAP financial measure is
Diluted Income from Continuing Operations Per Unrestricted Share.

A reconciliation of Diluted Adjusted Consolidated Net Operating Income
Per Unrestricted Share to Diluted Income from Continuing Operations Per
Unrestricted Share for the three and six months ended June 30, 2018 and
2017 is presented below.

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Unaudited) 2018 2017 2018 2017
Diluted Adjusted Consolidated Net Operating Income Per Unrestricted
Share
$ 0.70 $ 0.41 $ 1.80 $ 0.34
Net Income (Loss) Per Unrestricted Share From:
Income from Change in Fair Value of Equity Securities 0.01 0.02
Net Realized Gains on Sales of Investments 0.06 0.33 0.10 0.46
Net Impairment Losses Recognized in Earnings (0.03 ) (0.01 ) (0.10 )
Acquisition Related Transaction and Integration Costs (0.04 )   (0.16 )  
Diluted Income from Continuing Operations Per Unrestricted Share $ 0.73   $ 0.71   $ 1.75   $ 0.70  
 

Book Value Per Share Excluding Net Unrealized
Gains on Fixed Maturities

Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities
is a ratio that uses a non-GAAP financial measure. It is calculated by
dividing shareholders' equity after excluding the after-tax impact of
net unrealized gains on fixed income securities 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 on
fixed income securities, in conjunction with book value per share to
identify and analyze the change in net worth 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 the numerator used in the computation of Book Value
Per Share Excluding Net Unrealized Gains on Fixed Maturities and Book
Value Per Share at June 30, 2018 and December 31, 2017 is presented
below.

   
Jun 30, Dec 31,
(Dollars in Millions) (Unaudited) 2018 2017
Shareholders' Equity Excluding Net Unrealized Gains on Fixed
Maturities
$ 1,900.1 $ 1,830.4
Net Unrealized Gains on Fixed Maturities 145.6   285.2
Shareholders' Equity $ 2,045.7   $ 2,115.6
 

Underlying Combined Ratio

Underlying Combined Ratio is a non-GAAP financial measure that 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, including the impact of catastrophe
losses and loss and LAE reserve development from prior years, with the
insurance expense ratio. Kemper believes the underlying combined ratio
is useful to investors and is used by management to reveal the trends in
Kemper's property and casualty insurance businesses that may be obscured
by catastrophe losses and prior-year reserve development. These
catastrophe losses may cause 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 development is 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. Kemper believes it is useful for investors to evaluate
these components separately and in the aggregate when reviewing its
underwriting performance. The underlying combined ratio should not be
considered a substitute for the combined ratio and does not reflect the
overall underwriting profitability of our business.

Conference Call

Kemper will discuss its second quarter 2018 results in a conference call
on Monday, July 30, at 4:15 p.m. Eastern (3:15 p.m. Central) Time.
Kemper's conference call will be accessible via the internet and by
telephone. The phone number for Kemper's conference call is 844.826.3041.
To listen via webcast, register
online
at the investor section of Kemper.com
at least 15 minutes prior to the webcast to download and install any
necessary software.

A replay of the call will be available online at the investor section of Kemper.com.

More detailed financial information can be found in Kemper's Investor
Financial Supplement and Earnings Call Presentation for the second
quarter of 2018, which is available at the investor section of Kemper.com.

About Kemper

The Kemper family of companies is one of the nation's leading insurers.
With $11 billion in assets, Kemper is improving the world of insurance
by offering personalized solutions for individuals, families and
businesses. Through our businesses, Kemper:

  • Offers insurance for auto, home, life, health and valuables
  • Services approximately seven million policies
  • Is represented by more than 30,000 agents and brokers
  • Employs over 7,800 associates dedicated to providing exceptional
    service
  • Is licensed to sell insurance in 50 states and the District of Columbia

Learn more about Kemper.

Cautionary Statements Regarding Forward-Looking Information

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. Forward-looking statements give
expectations or forecasts of future events, and can be identified by the
fact that they relate to future actions, performance or results rather
than strictly to historical or current facts.

Any or all forward-looking statements may turn out to be wrong, and,
accordingly, readers are cautioned not to place undue reliance on such
statements, which speak only as of the date of this press release.
Forward-looking statements involve a number of risks and uncertainties
that are difficult to predict, and are not guarantees of future
performance. Among the general factors that could cause actual results
and financial condition to differ materially from estimated results and
financial condition are those listed in periodic reports filed by Kemper
with the Securities and Exchange Commission (the "SEC"). No assurances
can be given that the results and financial condition contemplated in
any forward-looking statements will be achieved or will be achieved in
any particular timetable. 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. The reader
is advised, however, to consult any further disclosures Kemper makes on
related subjects in its filings with the SEC.

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