KEMPER Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>KEMPER Corp has submitted its Q1 2024 10-Q filing, detailing financial performance and operational data.</b>

AI Summary

KEMPER Corp (KMPB) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. KEMPER Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data points and segment information are detailed within the report. The company's business address is 200 E. Randolph St., Suite 3300, Chicago, IL 60601. KEMPER Corp's fiscal year ends on December 31st.

Why It Matters

For investors and stakeholders tracking KEMPER Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for KEMPER Corp. Understanding the details in this report is crucial for assessing the company's current financial health and future prospects in the insurance sector.

Risk Assessment

Risk Level: medium — KEMPER Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded insurance company, which inherently carries market and regulatory risks typical for the industry.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand KEMPER Corp's current operational and financial standing.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01 2024-03-31)
• 2023-01-01 — Prior Year Quarter Start Date (2023-01-01 2023-03-31)

Key Players & Entities

• KEMPER Corp (company) — FILER
• 200 E. RANDOLPH ST. (address) — BUSINESS ADDRESS
• CHICAGO (location) — BUSINESS ADDRESS
• IL (location) — BUSINESS ADDRESS
• 60601 (zip_code) — BUSINESS ADDRESS
• UNITRIN INC (company) — FORMER COMPANY
• DE (location) — STATE OF INCORPORATION
• 19930328 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

KEMPER Corp operates in the FIRE, MARINE & CASUALTY INSURANCE industry, a sector subject to regulatory oversight and market fluctuations.

Regulatory Implications

As an insurance company, KEMPER Corp is subject to various state and federal regulations governing its operations, solvency, and consumer protection.

What Investors Should Do

1. Analyze KEMPER Corp's revenue and net income trends from the Q1 2024 filing.
2. Examine the company's balance sheet for changes in assets, liabilities, and equity compared to the previous quarter.
3. Review any disclosures regarding risk factors or legal proceedings mentioned in the 10-Q.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share KMPR NYSE 5.875% Fixed-Rate

Filing Documents

• kmpr-20240331.htm (10-Q) — 2524KB
• kmpr202403312024ex102.htm (EX-10.2) — 111KB
• kmpr202403312024ex311.htm (EX-31.1) — 8KB
• kmpr202403312024ex312.htm (EX-31.2) — 8KB
• kmpr202412312023ex321.htm (EX-32.1) — 6KB
• kmpr202403312024ex322.htm (EX-32.2) — 6KB
• 0000860748-24-000132.txt (&nbsp;) — 14584KB
• kmpr-20240331.xsd (EX-101.SCH) — 65KB
• kmpr-20240331_cal.xml (EX-101.CAL) — 88KB
• kmpr-20240331_def.xml (EX-101.DEF) — 569KB
• kmpr-20240331_lab.xml (EX-101.LAB) — 908KB
• kmpr-20240331_pre.xml (EX-101.PRE) — 778KB
• kmpr-20240331_htm.xml (XML) — 2867KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statements of Income (Loss) for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 202 3 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 8 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 10 Notes to the Condensed Consolidated Financial Statements (Unaudited) 11

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 62

Controls and Procedures

Item 4. Controls and Procedures 62

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 63

Risk Factors

Item 1A. Risk Factors 63

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63

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 63

Exhibits

Item 6. Exhibits 64 Exhibit Index 64

Signatures

Signatures 65 Caution Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q, including, but not limited to, Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), Risk Factors and the accompanying unaudited Condensed Consolidated Financial Statements (including the notes thereto) of Kemper Corporation ("Kemper") 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, 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, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results. Any or all forward-looking statements may turn out to be wrong, and, accordingly, Kemper cautions readers not to place undue reliance on such statements. Kemper bases these statements on current expectations and the current economic environment as of the date of this Quarterly Report on Form 10-Q. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance, and actual results could differ

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements KEMPER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Dollars in millions, except per share amounts) (Unaudited) Three Months Ended Mar 31, 2024 Mar 31, 2023 Revenues: Earned Premiums (Changes in Deferred Profit Liability for the Three Months Ended: 2024 - $ 19.7 ; 2023 - $ 19.2 ) $ 1,031.9 $ 1,180.9 Net Investment Income 100.4 101.8 Change in Value of Alternative Energy Partnership Investments 0.4 0.7 Other Income 1.8 1.2 Change in Fair Value of Equity and Convertible Securities 3.4 1.7 Net Realized Investment Gains 6.6 6.4 Impairment Losses ( 1.5 ) 2.1 Total Revenues 1,143.0 1,294.8 Expenses: Policyholders' Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits for the Three Months Ended: 2024 - $ 6.0 ; 2023 - $ 1.9 ) 756.0 1,052.0 Insurance Expenses 240.7 269.3 Interest and Other Expenses 59.7 77.4 Total Expenses 1,056.4 1,398.7 Income (Loss) before Income Taxes 86.6 ( 103.9 ) Income Tax (Expense) Benefit ( 16.4 ) 23.8 Net Income (Loss) 70.2 ( 80.1 ) Less: Net (Loss) Income attributable to Noncontrolling Interest ( 1.1 ) — Net Income (Loss) attributable to Kemper Corporation $ 71.3 $ ( 80.1 ) Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share: Basic $ 1.11 $ ( 1.25 ) Diluted $ 1.10 $ ( 1.25 ) The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements. 4 KEMPER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in millions) (Unaudited) Three Months Ended Mar 31, 2024 Mar 31, 2023 Net Income (Loss) $ 70.2 $ ( 80.1 ) Other Comprehensive Income Before Income Taxes Changes in Net Unrealized Holding (Losses) Gains on Investment Securities with: No Credit Losses Recognized in Condensed Consolidated Statements of Income (Loss) ( 109.0 ) 187.2 Credit Losses Recognized

View Full Filing

View this 10-Q filing on SEC EDGAR