Kemper Corp

Latest Results (17.05.2026):

Kemper Corporation — first quarter 2026: Kemper reported a net loss attributable to common shareholders of $1.7 million, or $(0.03) per diluted share, in Q1 2026 versus net income of $99.7 million, or $1.54 per diluted share, in Q1 2025. On an adjusted (non‑GAAP) basis, Adjusted Consolidated Net Operating Income was $12.5 million, or $0.21 per share, down sharply from $106.4 million, or $1.65 per share, a year earlier. Results were pressured by Specialty Personal Auto performance (notably California), partially offset by strong commercial auto and solid life insurance results; management is pursuing underwriting, claims and expense actions including restructuring savings.

Earnings headline

Net loss attributable to Kemper Corporation in Q1 2026: $1.7M (−$0.03 per diluted share). Adjusted Consolidated Net Operating Income: $12.5M, $0.21 per diluted share (Q1 2025: $106.4M, $1.65).

Specialty Property & Casualty pressure

Specialty P&C adjusted net operating income fell to $0.1M in Q1 2026 from $97.9M a year ago. The Specialist Personal Auto business saw current‑year non‑catastrophe loss & LAE ratio rise to 84.0% (from 70.9%), driving an underlying combined ratio for the segment to ~106.2% (combined ratio 106.7%). Management cites higher severity/frequency in California and lower volumes; a $28.0M Florida statutory profit‑limit refund also weighed on results.

Commercial auto and diversification

Specialty Commercial Automobile grew policies in force ~10% year‑over‑year and produced an underlying combined ratio reported at about 92.4%, contributing positively to portfolio performance and offsetting some personal auto weakness.

Life business performance

Life Insurance delivered solid results: adjusted net operating income of $18.0M in Q1 2026 vs. $17.2M in Q1 2025, driven by underwriting performance, lower insurance expenses and higher earned premiums (total life earned premiums $100.8M).

Revenue and premium trends

Total revenues fell to $1,107.2M in Q1 2026 from $1,193.0M a year earlier. Earned premiums declined (total earned premiums $999.3M vs. $1,087.9M), with Specialty Personal Auto earned premiums down to $647.0M from $753.7M.

Restructuring & expense actions

Kemper reported restructuring initiatives with ~$60M of run‑rate savings identified and ~$50M already actioned; management said it is taking rate and non‑rate underwriting, claims and expense steps to restore profitability in affected lines.

Capital, liquidity and book values

Total Kemper shareholders’ equity was $2,649.6M as of March 31, 2026 (down ~1% since year‑end 2025). Book value per share: $45.05 (down 1%); adjusted book value per share: $27.79 (vs. $28.06 at year‑end 2025). Cash and investments for Kemper and direct non‑insurance subsidiaries were $80.2M, and available borrowing capacity under the revolver was $600.0M. Quarterly dividend of $0.32 per share was declared and paid in Q1.

Other notable items

Catastrophe losses had a modest negative impact (about $3.0M on net loss in Q1 2026). Non‑core operations, impairment and restructuring costs reduced GAAP earnings and are excluded from the company’s Adjusted Consolidated Net Operating Income reconciliation; total adjusted reconciling items contributed to the gap between GAAP and adjusted results for the quarter.