Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Cost

The following table presents operating lease right-of-use assets and lease liabilities.

(Dollars in Millions)	Dec 31, 2023		Dec 31, 2022
Operating Lease Right-of-Use Assets	$	38.4	$	45.1
Operating Lease Liabilities	62.3		72.6

Lease expenses are primarily included in insurance expenses in the Consolidated Statements of Loss. Additional information regarding the Company’s operating leases for the year ended December 31, 2023 and 2022 is presented below.

(Dollars in Millions)	2023		2022
Lease Cost:
Operating Lease Cost	15.7		21.3
Variable Lease Cost	3.2		0.3
Short-Term Lease Cost1	0.3		3.8
Total Lease Expense	$	19.2	$	25.4
Less: Short-Term Lease Cost	—		0.1
Total Lease Cost	$	19.2	$	25.3

1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.

	2023		2022
Weighted-average Remaining Lease Term - Operating Leases	5.5 years		5.6 years
Weighted-average Discount Rate - Operating Leases	4.3	%	3.6	%

DOLLARS IN MILLIONS	2023		2022
Operating Lease Right-of-Use Assets	$	7.7	$	12.2
Operating Lease Liabilities	23.3		24.4

Supplemental cash flow information related to Kemper’s operating leases for the year-ended December 31, 2023 and December 31, 2022 respectively are presented follows.

DOLLARS IN MILLIONS	2023		2022
Operating Cash Flows from Operating Leases (Fixed Payments)	$	5.8	$	2.4
Operating Cash Flows from Operating Leases (Liability Reduction)	4.8		1.4
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities	—		—

KEMPER CORPORATION

FINANCIAL INFORMATION OF KEMPER CORPORATION

NOTES TO FINANCIAL INFORMATION

(Dollars in Millions)

NOTE 4. LEASES (Continued)

Significant judgments and assumptions for determining lease asset and liability as December 31, 2023 and December 31, 2022 respectively are presented below.

DOLLARS IN MILLIONS	2023		2022
Weighted-average Remaining Lease Term - Operating Leases	10.0 years		11.0 years
Weighted-average Discount Rate - Operating Leases	4.1	%	4.0	%

Schedule of Future Minimum Lease Payments for Operating Leases

Future minimum lease payments under operating leases at December 31, 2023 are presented below.

(Dollars in Millions)
2024	$	20.4
2025	15.5
2026	9.4
2027	7.2
2028	4.4
2029 and Thereafter	15.2
Total Future Payments	$	72.1
Less: Discount	9.8
Present Value of Minimum Lease Payments	$	62.3

Future minimum operating lease payments at December 31, 2023 were:

DOLLARS IN MILLIONS	Operating Leases
2024	$	2.9
2025	2.6
2026	2.6
2027	2.7
2028	2.8
2028 and Thereafter	14.8
Total Future Payments	$	28.4
Less Discount	5.1
Present Value of Minimum Lease Payments	$	23.3