KEMPER Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>KEMPER Corp has filed its 2023 10-K report detailing financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

KEMPER Corp (KMPB) filed a Annual Report (10-K) with the SEC on February 7, 2024. KEMPER Corp filed its 2023 Form 10-K on February 7, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023, with data also available for 2022 and 2021. Key financial statement items include common stock, junior subordinated debentures, and various investment categories. The company's principal business is FIRE, MARINE & CASUALTY INSURANCE, with SIC code 6331. KEMPER Corp is incorporated in Delaware and headquartered in Chicago, IL.

Why It Matters

For investors and stakeholders tracking KEMPER Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of KEMPER Corp's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial data, including investment breakdowns and debt instruments, allows for a thorough analysis of KEMPER's risk exposure and capital structure within the insurance industry.

Risk Assessment

Risk Level: medium — KEMPER Corp shows moderate risk based on this filing. The company operates in the insurance sector, which is subject to significant regulatory oversight and market volatility, as indicated by the SIC code 6331 and the need for detailed financial reporting.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand KEMPER Corp's performance and potential challenges in the insurance market.

Key Numbers

• 20231231 — Conformed Period of Report (Fiscal year end date)
• 20240207 — Filed as of Date (Date the report was filed)
• 2023-01-01 — Fiscal Year Start Date (Beginning of the reporting period)
• 2023-12-31 — Fiscal Year End Date (End of the reporting period)

Key Players & Entities

• KEMPER Corp (company) — Filer name and company conformed name
• 0000860748 (company) — Central Index Key for KEMPER Corp
• 6331 (company) — Standard Industrial Classification for FIRE, MARINE & CASUALTY INSURANCE
• DE (company) — State of Incorporation
• 200 E. RANDOLPH ST. SUITE 3300 CHICAGO IL 60601 (company) — Business and Mail Address
• UNITRIN INC (company) — Former company name
• 19930328 (company) — Date of name change from UNITRIN INC
• 2024-02-07 (date) — Filing date of the 10-K

Forward-Looking Statements

• Kemper Corp. will continue to operate primarily in the Fire, Marine & Casualty Insurance sector. (KEMPER Corp) — high confidence, target: 2025-12-31
• The company will maintain its incorporation in Delaware. (KEMPER Corp) — high confidence, target: 2025-12-31

FAQ

Key Dates

• 2024-02-07: 10-K Filing — Official filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.
• 1993-03-28: Name Change — Date KEMPER Corp changed its name from UNITRIN INC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by KEMPER Corp detailing its financial status for the fiscal year 2023.)

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value per share KMPR NYSE 5.875% F
• $12.7 billion — ading specialized insurers. With nearly $12.7 billion in assets, Kemper is improving the worl
• $0.6 million — iums reported through the Exchange were $0.6 million and $0.1 million, respectively, for the
• $0.1 m — ough the Exchange were $0.6 million and $0.1 million, respectively, for the year ended

Filing Documents

• kmpr-20231231.htm (10-K) — 5951KB
• kmpr202312312023ex101.htm (EX-10.1) — 36KB
• kmpr202312312023ex102.htm (EX-10.2) — 107KB
• kmpr202312312023ex103.htm (EX-10.3) — 109KB
• kmpr202312312023ex1032.htm (EX-10.32) — 106KB
• kmpr202312312023ex1033.htm (EX-10.33) — 108KB
• kmpr202312312023ex1034.htm (EX-10.34) — 91KB
• kmpr202312312023ex1035.htm (EX-10.35) — 96KB
• kmpr202312312023ex1036.htm (EX-10.36) — 128KB
• kmpr202312312023ex1037.htm (EX-10.37) — 130KB
• kmpr202312312023ex1038.htm (EX-10.38) — 90KB
• kmpr202312312023ex104.htm (EX-10.4) — 93KB
• kmpr202312312023ex105.htm (EX-10.5) — 97KB
• kmpr202312312023ex106.htm (EX-10.6) — 129KB
• kmpr202312312023ex107.htm (EX-10.7) — 130KB
• kmpr202312312023ex181.htm (EX-18.1) — 4KB
• kmpr202312312023ex21.htm (EX-21) — 32KB
• kmpr202312312023ex23.htm (EX-23) — 2KB
• kmpr202312312023ex311.htm (EX-31.1) — 8KB
• kmpr202312312023ex312.htm (EX-31.2) — 8KB
• kmpr202312312023ex321.htm (EX-32.1) — 6KB
• kmpr202312312023ex322.htm (EX-32.2) — 6KB
• kmpr202312312023ex48.htm (EX-4.8) — 152KB
• kmpr202312312023ex971.htm (EX-97.1) — 19KB
• kmpr-20231231_g1.jpg (GRAPHIC) — 130KB
• 0000860748-24-000046.txt (&nbsp;) — 36149KB
• kmpr-20231231_pre.xml (EX-101.PRE) — 1677KB
• kmpr-20231231.xsd (EX-101.SCH) — 154KB
• kmpr-20231231_cal.xml (EX-101.CAL) — 236KB
• kmpr-20231231_def.xml (EX-101.DEF) — 1352KB
• kmpr-20231231_lab.xml (EX-101.LAB) — 1879KB
• kmpr-20231231_htm.xml (XML) — 7189KB

Risk Factors 16

Item 1A. Risk Factors 16

Unresolved Staff Comments 25

Item 1B. Unresolved Staff Comments 25

Cybersecurity 25

Item 1C. Cybersecurity 25

Properties 26

Item 2. Properties 26

Legal Proceedings 26

Item 3. Legal Proceedings 26

Mine Safety Disclosures 27

Item 4. Mine Safety Disclosures 27 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

Selected Financial Data 29

Item 6. Selected Financial Data 29

Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk 70

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 70

Financial Statements and Supplementary Data 72

Item 8. Financial Statements and Supplementary Data 72

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 152

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 152

Controls and Procedures 152

Item 9A. Controls and Procedures 152

Other Information 153

Item 9B. Other Information 153 Part III

Directors, Executive Officers and Corporate Governance 154

Item 10. Directors, Executive Officers and Corporate Governance 154

Executive Compensation 154

Item 11. Executive Compensation 154

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 154

Certain Relationships and Related Transactions, and Director Independence 154

Item 13. Certain Relationships and Related Transactions, and Director Independence 154

Principal Accounting Fees and Services 154

Item 14. Principal Accounting Fees and Services 154 Part IV

Exhibits, Financial Statement Schedules 155

Item 15. Exhibits, Financial Statement Schedules 155

Form 10-K Summary 155

Item 16. Form 10-K Summary 155 Exhibit Index 156 Power of Attorney 160 Signatures 160 Financial Statement Schedules: Schedule 1 - Investments Other than Investments in Related Parties SCH I- 1 Schedule 2 - Parent Company Financial Statements SCH II- 2 Schedule 3 - Supplementary Insurance Information SCH III- 1 Schedule 4 - Reinsurance Schedule SCH IV- 1 Caution Regarding Forward-Looking Statements This 2023 Annual Report on Form 10-K (the "2023 Annual Report"), including, but not limited to, the accompanying consolidated financial statements of Kemper Corporation ("Kemper" or the "Registrant") and its subsidiaries (individually and collectively referred to herein as the "Company") as well as a variable interest entity ("VIE") in which the Company is considered the primary beneficiary and the notes thereto appearing in Item 8 herein (the "Consolidated Financial Statements"), the Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in Item 7 herein (the "MD&A") and the other Exhibits and Financial Statement Schedules filed as a part hereof or incorporated by reference herein, 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. The reader can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "believe(s)," "goal(s)," "target(s)," "estimate(s)," "anticipate(s)," "forecast(s)," "project(s)," "plan(s)," "intend(s)," "expect(s)," "might," "may," "could" and other terms of similar meaning. Forward-looking statements, in particular, include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, ex

Business

Item 1. Business. Kemper is a diversified insurance holding company, with subsidiaries that provide automobile, life, and other insurance products to individuals and businesses. Kemper's annual reports on Form 10-K, quarterly reports on Form 10Q, current reports on Form 8-K and amendments thereto are accessible free of charge through Kemper's website, kemper.com, and as soon as reasonably practicable after such materials are filed with, or furnished to, the SEC, which also maintains an Internet site at sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Registrant is a holding company incorporated under the laws of the State of Delaware in 1990, with equity securities traded on the New York Stock Exchange (the "NYSE"). On August 25, 2011, Registrant adopted its current name, Kemper Corporation, and changed its NYSE ticker symbol to KMPR. Prior to the name change, the Registrant was known as Unitrin, Inc. and traded under the NYSE ticker symbol UTR. The Kemper family of companies is one of the nation's leading specialized insurers. With nearly $12.7 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves over 4.9 million policies, is represented by more than 23,700 agents and brokers, and has approximately 8,100 associates dedicated to meeting the ever-changing needs of its customers. The Company is engaged, through its subsidiaries, in the property and casualty insurance and life insurance businesses. The Company conducts its operations through two operating segments: Specialty Property & Casualty Insurance and Life Insurance. The Company conducts its operations solely in the United States. Kemper's subsidiaries employ approximately 8,100 associates supporting their operations, of which approximately

View Full Filing

View this 10-K filing on SEC EDGAR