Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Reconciliation of Assets from Segment to Consolidated

Total Segment, Non-Core Operations, and Corporate and Other assets at March 31, 2025 and December 31, 2024 were:


(Dollars in Millions)	Mar 31, 2025		Dec 31, 2024
Segment Assets:
Specialty Property & Casualty Insurance1	$	6,527.3	$	6,352.9
Life Insurance	4,850.6		4,731.7
Total Segment Assets	11,377.9		11,084.6
Corporate and Other	374.1		774.7
Non-Core Operations	715.3		771.1
Total Assets1	$	12,467.3	$	12,630.4
1Includes $61.0 million and $41.5 million attributable to Kemper Reciprocal as of March 31, 2025 and December 31, 2024, respectively, which is reported as a consolidated variable interest entity.

Revenue from External Customers by Products and Services

Earned Premiums by product line, including a reconciliation to Total Earned Premiums, for the three months ended March 31, 2025 and 2024 were:


	Three Months Ended
(Dollars in Millions)	Mar 31, 2025		Mar 31, 2024
Specialty Property & Casualty Insurance:
Personal Automobile	$	753.7	$	675.3
Commercial Automobile	208.5		164.7
Total Specialty Property & Casualty Insurance	962.2		840.0
Life Insurance:
Life	83.7		80.6
Accident and Health	5.5		5.6
Property	10.5		11.1
Total Life Insurance	99.7		97.3
Total Segment Earned Premiums	1,061.9		937.3
Non-Core Operations	26.0		94.6
Total Earned Premiums	$	1,087.9	$	1,031.9

Reconciliation of Revenue from Segments to Consolidated

Segment Revenues, including a reconciliation to Total Revenues, for the three months ended March 31, 2025 and 2024 were:


	Three Months Ended
(Dollars in Millions)	Mar 31, 2025		Mar 31, 2024
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums	$	962.2	$	840.0
Net Investment Income	50.5		41.1
Other Income	1.3		1.4
Total Specialty Property & Casualty Insurance	1,014.0		882.5
Life Insurance:
Earned Premiums	99.7		97.3
Net Investment Income	48.4		44.3
Other Income	0.7		0.3
Total Life Insurance	148.8		141.9
Total Segment Revenues	1,162.8		1,024.4
Change in Fair Value of Equity and Convertible Securities	0.1		3.4
Net Realized Investment Gains	0.9		6.6
Impairment Losses	0.3		(1.5)
Non-Core Operations	27.9		106.2
Other	1.0		3.9
Total Revenues	$	1,193.0	$	1,143.0

Reconciliation of Expenses from Segments to Consolidated

Significant Segment Expenses that were regularly provided to the CODM for the three months ended March 31, 2025 and 2024 were:


	Three Months Ended
(Dollars in Millions)	Mar 31, 2025		Mar 31, 2024
Segment Expenses:
Specialty Property & Casualty Insurance:
Current Year
Non-catastrophe Losses and LAE	682.3		609.0
Catastrophe Losses and LAE	3.8		4.1
Prior Years
Non-catastrophe Losses and LAE	0.5		5.3
Catastrophe Losses and LAE	0.2		0.7
Total Incurred Losses and LAE	686.8		619.1
Policy Acquisition Costs1	132.3		113.2
Business Unit Operating Costs2	37.7		30.5
Corporate Overhead Costs3	35.1		33.2
Total Insurance Expenses	205.1		176.9
Income Tax Expense	24.2		17.3
Total Specialty Property & Casualty Insurance	916.1		813.3
Life Insurance:
Policyholders’ Benefits and Incurred Losses and LAE	62.2		63.0
Policy Acquisition Costs1	29.7		31.2
Business Unit Operating Costs2	27.5		23.3
Corporate Overhead Costs3	9.2		10.4
Total Insurance Expenses	66.4		64.9
Income Tax Expense	3.0		2.1
Total Life Insurance	131.6		130.0
Total Segment Expenses	$	1,047.7	$	943.3
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.
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.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Total Segment Adjusted Net Operating Income, including a reconciliation to Net Income attributable to Kemper Corporation, for the three months ended March 31, 2025 and 2024 was:


	Three Months Ended
(Dollars in Millions)	Mar 31, 2025		Mar 31, 2024
Segment Adjusted Net Operating Income:
Specialty Property & Casualty Insurance
Revenues	$	1,014.0	$	882.5
Expenses	(916.1)		(813.3)
Specialty Property & Casualty Insurance Adjusted Net Operating Income	97.9		69.2
Life Insurance
Revenues	148.8		141.9
Expenses	(131.6)		(130.0)
Life Insurance Adjusted Net Operating Income	17.2		11.9
Total Segment Adjusted Net Operating Income	115.1		81.1
Corporate and Other Adjusted Net Operating Loss	(11.4)		(12.5)
Less: Net Loss attributable to Noncontrolling Interest	(2.7)		(1.1)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	0.1		2.7
Net Realized Investment Gains	0.7		5.2
Impairment Losses	0.2		(1.2)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(4.2)		(10.1)
Debt Extinguishment, Pension Settlement and Other Charges	0.4		—
Non-Core Operations	(3.9)		5.0
Net Income attributable to Kemper Corporation	$	99.7	$	71.3