Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Total Segment, Non-Core Operations, and Corporate and Other assets at December 31, 2024, 2023, and 2022 were:


DOLLARS IN MILLIONS	2024		2023		2022
Segment Assets:
Specialty Property & Casualty Insurance1	$	6,352.9	$	6,145.9	$	6,535.3
Life Insurance	4,731.7		4,898.1		5,008.0
Total Segment Assets	11,084.6		11,044.0		11,543.3
Corporate and Other	774.7		623.7		545.4
Non-Core Operations	771.1		1,075.0		1,224.9
Total Assets1	$	12,630.4	$	12,742.7	$	13,313.6
1Includes $41.5 million and $4.6 million attributable to Kemper Reciprocal as of December 31, 2024 and 2023, respectively, which is reported as a consolidated variable interest entity.

Earned Premiums by Product Line

Earned Premiums by product line for the years ended December 31, 2024, 2023 and 2022 were:


DOLLARS IN MILLIONS	2024		2023		2022
Specialty Property & Casualty Insurance:
Personal Automobile	$	2,851.4	$	2,977.8	$	3,496.7
Commercial Automobile	725.0		654.7		549.7
Total Specialty Property & Casualty Insurance	3,576.4		3,632.5		4,046.4
Life Insurance:
Life	328.1		319.2		352.8
Accident and Health	22.3		23.1		168.2
Property	43.5		45.3		50.5
Total Life Insurance	393.9		387.6		571.5
Total Segment Earned Premiums	3,970.3		4,020.1		4,617.9
Non-Core Operations	245.6		509.3		595.5
Total Earned Premiums	$	4,215.9	$	4,529.4	$	5,213.4

Segment Revenues

Segment Revenues, including a reconciliation to Total Revenues, for the years ended December 31, 2024, 2023 and 2022 were:


DOLLARS IN MILLIONS	2024		2023		2022
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums	$	3,576.4	$	3,632.5	$	4,046.4
Net Investment Income	189.6		168.3		140.7
Change in Value of Alternative Energy Partnership Investments	1.4		1.6		(9.9)
Other Income	4.7		4.5		6.0
Total Specialty Property & Casualty Insurance	3,772.1		3,806.9		4,183.2
Life Insurance:
Earned Premiums	393.9		387.6		571.5
Net Investment Income	170.6		193.4		216.5
Change in Value of Alternative Energy Partnership Investments	0.6		0.7		(5.3)
Other Income	0.5		(0.2)		(0.6)
Total Life Insurance	565.6		581.5		782.1
Total Segment Revenues	4,337.7		4,388.4		4,965.3
Change in Fair Value of Equity and Convertible Securities	(2.7)		4.7		(79.9)
Net Realized Investment Gains (Losses)	13.2		(18.6)		4.3
Net Impairment Losses Recognized in Earnings	(5.8)		(1.1)		(25.8)
Non-Core Operations	282.4		558.4		640.5
Other	13.8		12.4		19.5
Total Revenues	$	4,638.6	$	4,944.2	$	5,523.9

Segment Expenses

Significant Segment Expenses that were regularly provided to the CODM for the years ended December 31, 2024, 2023 and 2022 were:


DOLLARS IN MILLIONS	2024		2023		2022
Segment Expenses:
Specialty Property & Casualty Insurance:
Current Year
Non-catastrophe Losses and LAE	$	2,514.8	$	2,974.5	$	3,569.2
Catastrophe Losses and LAE	19.9		34.5		23.0
Prior Years
Non-catastrophe Losses and LAE	6.3		135.2		(14.6)
Catastrophe Losses and LAE	0.7		(2.3)		0.6
Total Incurred Losses and LAE	2,541.7		3,141.9		3,578.2
Policy Acquisition Costs1	478.7		496.4		577.8
Business Unit Operating Costs2	145.0		107.8		81.2
Corporate Overhead Costs3	135.8		137.1		142.9
Total Insurance Expenses	759.5		741.3		801.9
Income Tax Expense (Benefit)	94.6		(19.2)		(49.5)
Total Specialty Property & Casualty Insurance	3,395.8		3,864.0		4,330.6
Life Insurance:
Policyholders’ Benefits and Incurred Losses and LAE	234.5		243.4		360.8
Policy Acquisition Costs1	133.9		140.0		165.1
Business Unit Operating Costs2	96.9		96.7		137.2
Corporate Overhead Costs3	41.3		39.1		41.0
Total Insurance Expenses	272.1		275.8		343.3
Income Tax Expense	8.8		10.5		9.2
Total Life Insurance	515.4		529.7		713.3
Total Segment Expenses	$	3,911.2	$	4,393.7	$	5,043.9






1Policy acquisition costs primarily represents commissions and premium taxes that are incurred by the Company as a result of underwriting insurance policies and reflect the impacts of deferral and amortization of certain of these costs in accordance with the Company’s accounting policies. Refer to Footnote 2, “Summary of Accounting Policies and Accounting Changes” for discussion of the Company’s accounting policy related to Deferred Policy Acquisition Costs.
2Business unit operating costs are general expenses incurred by the Company's segments as part of ongoing operations and includes employee, IT, and facilities expenses.
3Corporate overhead costs represents general expenses and other shared service expenses which are allocated across the Company.

Segment Net Income (Loss)

Adjusted Consolidated Net Operating Income (Loss), including a reconciliation to Net Income (Loss) attributable to Kemper Corporation, for the years ended December 31, 2024, 2023 and 2022 was:


DOLLARS IN MILLIONS	2024		2023		2022
Segment Adjusted Net Operating Income (Loss):
Specialty Property & Casualty Insurance
Revenues	$	3,772.1	$	3,806.9	$	4,183.2
Expenses	(3,395.8)		(3,864.0)		(4,330.6)
Specialty Property & Casualty Insurance Adjusted Net Operating Income (Loss)	376.3		(57.1)		(147.4)
Life Insurance
Revenues	565.6		581.5		782.1
Expenses	(515.4)		(529.7)		(713.3)
Life Insurance Adjusted Net Operating Income	50.2		51.8		68.8
Total Segment Adjusted Net Operating Income (Loss)	426.5		(5.3)		(78.6)
Corporate and Other Adjusted Net Operating Loss	(50.3)		(42.1)		(37.8)
Less: Net Loss attributable to Noncontrolling Interest	(5.3)		(0.2)		—
Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(2.1)		3.7		(63.1)
Net Realized Investment Gains (Losses)	10.4		(14.7)		3.4
Impairment Losses	(4.6)		(0.9)		(20.4)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(31.8)		(95.0)		(61.3)
Debt Extinguishment, Pension Settlement, and Other Charges	(7.4)		(55.5)		(2.9)
Goodwill Impairment Charges	—		(45.5)		—
Non-Core Operations	(28.2)		(17.0)		(25.9)

Net Income (Loss) Attributable to Kemper Corporation	$	317.8	$	(272.1)	$	(286.6)