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Sep 30, 2023
Kemper Q3 2023 Earnings Report
Kemper reported a net loss, with improvements in the Specialty Auto Underlying Combined Ratio and strategic initiatives on track.
Key Takeaways
Kemper Corporation reported a net loss of $146.3 million for Q3 2023, compared to a net loss of $74.8 million for Q3 2022. The results included a $55.5 million after-tax non-cash charge related to the termination of Kemper’s remaining pension plan obligations and $22.9 million of after-tax net realized losses on investments. Adjusted Consolidated Net Operating Loss was $27.9 million, compared to $27.0 million in the prior year.
Specialty Auto Underlying Combined Ratio improved 1.5 points sequentially.
Unfavorable prior year reserve development was largely associated with Florida Personal Injury Protection (PIP).
Strategic initiatives are on track to produce or exceed their targeted benefits.
Life business trends remain stable; consumer demand remains strong.
Kemper
Kemper
Kemper Revenue by Segment
Revenue by Segment
Specialty P&C Insurance Revenue
CapyFin.comLife Insurance Revenue
CapyFin.comNon-Core Operations Revenue
CapyFin.com Forward Guidance
Kemper is making strong progress toward profitability in a dynamic operating environment. Implementation of 30 points of California specialty auto rate, along with the cumulative benefits from other actions, are providing a tailwind for the fourth quarter and full year 2024. Strategic initiatives are on track to produce or exceed the intended operational and financial targets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income