EX-99.2 3 kmpr202203312022ex992suppl.htm EX-99.2 INVESTOR SUPPLEMENT
Exhibit 99.2
Investor Supplement
First Quarter 2022
The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company’s periodic reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”). The results of operations for interim periods should not be considered indicative of results to be expected for the full year.
Caution Regarding Forward-Looking Statements
This Investor Supplement 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. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:
•changes in the frequency and severity of insurance claims;
•claim development and the process of estimating claim reserves;
•the impacts of inflation;
•supply chain disruption;
•product demand and pricing;
•effects of governmental and regulatory actions;
•litigation outcomes;
•investment risks;
•cybersecurity risks;
•impact of catastrophes; and
•other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).
The COVID-19 outbreak and subsequent global pandemic (“Pandemic”) is an extraordinary catastrophe that creates unique uncertainties and risks. Kemper cannot provide any assurances as to the impacts of the Pandemic and related economic conditions on Kemper’s operating and financial results.
Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this Investor Supplement, including any such statements related to the Pandemic.

Exhibit 99.2
Non-GAAP Financial Measures
This document contains non-GAAP financial measures to analyze the Company’s operating performance for the periods presented. Because the Company’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. For detailed disclosures on non-GAAP financial measures please refer to the “Definitions of Non-GAAP Financial Measures” on Pages 34-35.

Kemper Corporation
Investor Supplement
First Quarter 2022
Table of Contents

| Page
Consolidated Financial Highlights | 3
Consolidated Statements of Income | 4
Consolidated Balance Sheets | 5
Consolidated Statements of Cash Flows | 6-7
Capital Metrics | 8-9
Debt Outstanding, FHLB Advances and Ratings | 10
Segment Summary Results: |
Revenues | 11
Operating Income | 12
Net Operating Income | 12
Catastrophe Frequency and Severity | 13
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information | 14-15
Personal Automobile Insurance | 16
Commercial Automobile Insurance | 17
Preferred Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information | 18-19
Personal Automobile Insurance | 20
Homeowners and Other Personal Insurance | 21
Homeowners Insurance | 22
Other Personal Insurance | 23
Life & Health Insurance Segment - Results of Operations and Selected Financial Information | 24
Life Insurance | 25
Accident and Health Insurance | 25
Property Insurance | 26
Expenses | 27
Details of Investment Performance | 28
Details of Invested Assets | 29-30
Investment Concentration | 31
Municipal Bond Securities | 32
Investments in Limited Liability Companies and Limited Partnerships | 33
Definitions of Non-GAAP Financial Measures | 34-35
As Adjusted for Acquisition | 36-39

Kemper Corporation
Consolidated Financial Highlights
(Dollars in Millions, Except Per Share Amounts)
(Unaudited)

|  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
For Period Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 1,338.6 |  |  | $ | 1,359.1 |  |  | $ | 1,356.1 |  |  | $ | 1,337.7 |  |  | $ | 1,200.8 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 100.0 |  |  | 108.4 |  |  | 101.9 |  |  | 113.9 |  |  | 103.1 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (16.7) |  |  | (14.3) |  |  | (23.8) |  |  | (7.7) |  |  | (15.4) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | 2.4 |  |  | — |  |  | 1.5 |  |  | 1.8 |  |  | 1.5 |  |  |  |  |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | (28.2) |  |  | 22.2 |  |  | (0.6) |  |  | 40.8 |  |  | 52.2 |  |  |  |  |
Net Investment Gains (Loss) |  |  |  |  |  |  |  | (7.4) |  |  | 18.5 |  |  | 9.5 |  |  | 16.0 |  |  | 9.8 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | $ | 1,388.7 |  |  | $ | 1,493.9 |  |  | $ | 1,444.6 |  |  | $ | 1,502.5 |  |  | $ | 1,352.0 |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | $ | (94.8) |  |  | $ | (105.8) |  |  | $ | (75.3) |  |  | $ | (62.6) |  |  | $ | 123.2 |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) 1 |  |  |  |  |  |  |  | $ | (60.1) |  |  | $ | (130.8) |  |  | $ | (75.8) |  |  | $ | (99.4) |  |  | $ | 87.2 |  |  |  |  |
Per Unrestricted Common Share Amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | $ | (1.49) |  |  | $ | (1.66) |  |  | $ | (1.18) |  |  | $ | (0.97) |  |  | $ | 1.88 |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) 1 |  |  |  |  |  |  |  | $ | (0.94) |  |  | $ | (2.05) |  |  | $ | (1.19) |  |  | $ | (1.54) |  |  | $ | 1.33 |  |  |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | $ | (1.49) |  |  | $ | (1.66) |  |  | $ | (1.18) |  |  | $ | (0.97) |  |  | $ | 1.85 |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) 1 |  |  |  |  |  |  |  | $ | (0.94) |  |  | $ | (2.05) |  |  | $ | (1.19) |  |  | $ | (1.54) |  |  | $ | 1.31 |  |  |  |  |
Dividends Paid to Shareholders Per Share |  |  |  |  |  |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  |  |  |
At Period End |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  |  |  |  |  |  |  | $ | 14,614.7 |  |  | $ | 14,916.5 |  |  | $ | 14,977.2 |  |  | $ | 14,950.7 |  |  | $ | 14,203.7 |  |  |  |  |
Insurance Reserves |  |  |  |  |  |  |  | $ | 6,316.4 |  |  | $ | 6,313.6 |  |  | $ | 6,120.3 |  |  | $ | 5,982.4 |  |  | $ | 5,541.1 |  |  |  |  |
Debt |  |  |  |  |  |  |  | $ | 1,385.2 |  |  | $ | 1,121.9 |  |  | $ | 1,122.1 |  |  | $ | 1,122.3 |  |  | $ | 1,122.6 |  |  |  |  |
Shareholders’ Equity |  |  |  |  |  |  |  | $ | 3,394.5 |  |  | $ | 4,007.7 |  |  | $ | 4,151.2 |  |  | $ | 4,306.2 |  |  | $ | 4,339.1 |  |  |  |  |
Shareholders’ Equity Excluding Goodwill 1,2 |  |  |  |  |  |  |  | $ | 2,082.5 |  |  | $ | 2,695.7 |  |  | $ | 2,839.2 |  |  | $ | 2,994.3 |  |  | $ | 3,225.1 |  |  |  |  |
Common Shares Issued and Outstanding (In Millions) |  |  |  |  |  |  |  | 63.800 |  |  | 63.685 |  |  | 63.652 |  |  | 63.636 |  |  | 65.016 |  |  |  |  |
Book Value Per Share 2 |  |  |  |  |  |  |  | $ | 53.21 |  |  | $ | 62.93 |  |  | $ | 65.22 |  |  | $ | 67.67 |  |  | $ | 66.74 |  |  |  |  |
Book Value Per Share Excluding Goodwill 1,2 |  |  |  |  |  |  |  | $ | 32.64 |  |  | $ | 42.33 |  |  | $ | 44.61 |  |  | $ | 47.05 |  |  | $ | 49.60 |  |  |  |  |
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities 1,2 |  |  |  |  |  |  |  | $ | 53.42 |  |  | $ | 55.04 |  |  | $ | 56.94 |  |  | $ | 58.39 |  |  | $ | 60.00 |  |  |  |  |
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill 1,2 |  |  |  |  |  |  |  | $ | 32.86 |  |  | $ | 34.44 |  |  | $ | 36.33 |  |  | $ | 37.77 |  |  | $ | 42.87 |  |  |  |  |
Debt to Total Capitalization 2 |  |  |  |  |  |  |  | 29.0 | % |  | 21.9 | % |  | 21.3 | % |  | 20.7 | % |  | 20.6 | % |  |  |  |
Rolling 12 Months Return on 5-point Average Shareholders Equity 2,3 |  |  |  |  |  |  |  | (8.4) | % |  | (2.8) | % |  | 1.9 | % |  | 6.4 | % |  | 11.1 | % |  |  |  |
1 Non-GAAP Financial Measure. See page 34 for definition. |  |  |  |
2 See Capital Metrics on pages 8-9 for detail calculations. |  |  |  |
3 Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders’ Equity. The 5-point Average Shareholders’ Equity is calculated by using a 5-point quarter average of Shareholders’ Equity for the 12 month period.

3

Kemper Corporation
Consolidated Statements of Income
(Dollars in Millions, Except Per Share Amounts)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 1,338.6 |  |  | $ | 1,359.1 |  |  | $ | 1,356.1 |  |  | $ | 1,337.7 |  |  | $ | 1,200.8 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 100.0 |  |  | 108.4 |  |  | 101.9 |  |  | 113.9 |  |  | 103.1 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (16.7) |  |  | (14.3) |  |  | (23.8) |  |  | (7.7) |  |  | (15.4) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | 2.4 |  |  | — |  |  | 1.5 |  |  | 1.8 |  |  | 1.5 |  |  |  |  |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | (28.2) |  |  | 22.2 |  |  | (0.6) |  |  | 40.8 |  |  | 52.2 |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  | 1.5 |  |  | 21.7 |  |  | 10.1 |  |  | 19.2 |  |  | 13.8 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (8.9) |  |  | (3.2) |  |  | (0.6) |  |  | (3.2) |  |  | (4.0) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 1,388.7 |  |  | 1,493.9 |  |  | 1,444.6 |  |  | 1,502.5 |  |  | 1,352.0 |  |  |  |  |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses |  |  |  |  |  |  |  | 1,153.4 |  |  | 1,276.0 |  |  | 1,211.2 |  |  | 1,224.1 |  |  | 889.5 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 304.0 |  |  | 309.1 |  |  | 311.3 |  |  | 314.0 |  |  | 283.7 |  |  |  |  |
Loss from Early Extinguishment of Debt |  |  |  |  |  |  |  | 3.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Interest and Other Expenses |  |  |  |  |  |  |  | 54.1 |  |  | 56.2 |  |  | 51.9 |  |  | 54.1 |  |  | 57.2 |  |  |  |  |
Total Expenses |  |  |  |  |  |  |  | 1,515.2 |  |  | 1,641.3 |  |  | 1,574.4 |  |  | 1,592.2 |  |  | 1,230.4 |  |  |  |  |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  | (126.5) |  |  | (147.4) |  |  | (129.8) |  |  | (89.7) |  |  | 121.6 |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | 31.7 |  |  | 41.6 |  |  | 54.5 |  |  | 27.1 |  |  | 1.6 |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | $ | (94.8) |  |  | $ | (105.8) |  |  | $ | (75.3) |  |  | $ | (62.6) |  |  | $ | 123.2 |  |  |  |  |
Income (Loss) Per Unrestricted Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  | $ | (1.49) |  |  | $ | (1.66) |  |  | $ | (1.18) |  |  | $ | (0.97) |  |  | $ | 1.88 |  |  |  |  |
Diluted |  |  |  |  |  |  |  | $ | (1.49) |  |  | $ | (1.66) |  |  | $ | (1.18) |  |  | $ | (0.97) |  |  | $ | 1.85 |  |  |  |  |
Net Income (Loss) Per Unrestricted Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  | $ | (1.49) |  |  | $ | (1.66) |  |  | $ | (1.18) |  |  | $ | (0.97) |  |  | $ | 1.88 |  |  |  |  |
Diluted |  |  |  |  |  |  |  | $ | (1.49) |  |  | $ | (1.66) |  |  | $ | (1.18) |  |  | $ | (0.97) |  |  | $ | 1.85 |  |  |  |  |
Dividends Paid to Shareholders Per Share |  |  |  |  |  |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  |  |  |
Weighted Average Unrestricted Common Shares Outstanding (in Millions) |  |  |  |  |  |  |  | 63.744 |  |  | 63.655 |  |  | 63.628 |  |  | 64.377 |  |  | 65.425 |  |  |  |  |

4

Kemper Corporation
Consolidated Balance Sheets
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities at Fair Value |  |  |  |  |  |  |  | $ | 7,783.9 |  |  | $ | 7,986.9 |  |  | $ | 7,885.1 |  |  | $ | 7,835.0 |  |  | $ | 7,479.4 |
Equity Securities at Fair Value |  |  |  |  |  |  |  | 571.5 |  |  | 830.6 |  |  | 969.6 |  |  | 957.7 |  |  | 897.4 |
Equity Securities at Modified Cost |  |  |  |  |  |  |  | 35.2 |  |  | 32.3 |  |  | 33.0 |  |  | 32.5 |  |  | 36.0 |
Equity Method Limited Liability Investments |  |  |  |  |  |  |  | 230.0 |  |  | 241.9 |  |  | 255.1 |  |  | 245.5 |  |  | 219.2 |
Alternative Energy Partnerships |  |  |  |  |  |  |  | 22.4 |  |  | 39.6 |  |  | 54.2 |  |  | 46.6 |  |  | 54.4 |
Convertible Securities at Fair Value |  |  |  |  |  |  |  | 46.1 |  |  | 46.4 |  |  | 44.1 |  |  | 43.6 |  |  | 42.6 |
Short-term Investments at Cost which Approximates Fair Value |  |  |  |  |  |  |  | 243.8 |  |  | 284.1 |  |  | 259.7 |  |  | 370.6 |  |  | 196.9 |
Other Investments |  |  |  |  |  |  |  | 1,035.2 |  |  | 925.6 |  |  | 921.5 |  |  | 910.8 |  |  | 896.8 |
Total Investments |  |  |  |  |  |  |  | 9,968.1 |  |  | 10,387.4 |  |  | 10,422.3 |  |  | 10,442.3 |  |  | 9,822.7 |
Cash |  |  |  |  |  |  |  | 297.3 |  |  | 148.2 |  |  | 119.8 |  |  | 105.1 |  |  | 547.4 |
Receivables from Policyholders |  |  |  |  |  |  |  | 1,404.5 |  |  | 1,418.7 |  |  | 1,481.2 |  |  | 1,479.9 |  |  | 1,260.9 |
Other Receivables |  |  |  |  |  |  |  | 203.4 |  |  | 207.3 |  |  | 207.3 |  |  | 214.9 |  |  | 225.4 |
Deferred Policy Acquisition Costs |  |  |  |  |  |  |  | 680.0 |  |  | 677.6 |  |  | 676.6 |  |  | 652.7 |  |  | 611.7 |
Goodwill |  |  |  |  |  |  |  | 1,312.0 |  |  | 1,312.0 |  |  | 1,312.0 |  |  | 1,311.9 |  |  | 1,114.0 |
Current Income Tax Assets |  |  |  |  |  |  |  | 183.0 |  |  | 173.1 |  |  | 138.7 |  |  | 94.2 |  |  | 65.6 |
Other Assets |  |  |  |  |  |  |  | 566.4 |  |  | 592.2 |  |  | 619.3 |  |  | 649.7 |  |  | 556.0 |
Total Assets |  |  |  |  |  |  |  | $ | 14,614.7 |  |  | $ | 14,916.5 |  |  | $ | 14,977.2 |  |  | $ | 14,950.7 |  |  | $ | 14,203.7 |
Liabilities and Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and Health |  |  |  |  |  |  |  | $ | 3,556.3 |  |  | $ | 3,540.9 |  |  | $ | 3,524.1 |  |  | $ | 3,551.6 |  |  | $ | 3,541.6 |
Property and Casualty |  |  |  |  |  |  |  | 2,760.1 |  |  | 2,772.7 |  |  | 2,596.2 |  |  | 2,430.8 |  |  | 1,999.5 |
Total Insurance Reserves |  |  |  |  |  |  |  | 6,316.4 |  |  | 6,313.6 |  |  | 6,120.3 |  |  | 5,982.4 |  |  | 5,541.1 |
Unearned Premiums |  |  |  |  |  |  |  | 1,890.5 |  |  | 1,898.7 |  |  | 1,965.7 |  |  | 1,968.1 |  |  | 1,713.0 |
Policyholder Contract Liabilities |  |  |  |  |  |  |  | 655.0 |  |  | 504.0 |  |  | 481.8 |  |  | 442.7 |  |  | 466.5 |
Deferred Income Tax Liabilities |  |  |  |  |  |  |  | 69.6 |  |  | 227.0 |  |  | 242.4 |  |  | 269.6 |  |  | 227.6 |
Accrued Expenses and Other Liabilities |  |  |  |  |  |  |  | 903.5 |  |  | 843.6 |  |  | 893.7 |  |  | 859.4 |  |  | 793.8 |
Long-term Debt, Current and Non-current, at Amortized Cost |  |  |  |  |  |  |  | 1,385.2 |  |  | 1,121.9 |  |  | 1,122.1 |  |  | 1,122.3 |  |  | 1,122.6 |
Total Liabilities |  |  |  |  |  |  |  | 11,220.2 |  |  | 10,908.8 |  |  | 10,826.0 |  |  | 10,644.5 |  |  | 9,864.6 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  |  |  |  |  |  | 6.4 |  |  | 6.4 |  |  | 6.4 |  |  | 6.4 |  |  | 6.5 |
Paid-in Capital |  |  |  |  |  |  |  | 1,803.1 |  |  | 1,790.7 |  |  | 1,777.0 |  |  | 1,770.9 |  |  | 1,802.1 |
Retained Earnings |  |  |  |  |  |  |  | 1,647.3 |  |  | 1,762.5 |  |  | 1,888.4 |  |  | 1,985.9 |  |  | 2,140.0 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  | (62.3) |  |  | 448.1 |  |  | 479.4 |  |  | 543.0 |  |  | 390.5 |
Total Shareholders’ Equity |  |  |  |  |  |  |  | 3,394.5 |  |  | 4,007.7 |  |  | 4,151.2 |  |  | 4,306.2 |  |  | 4,339.1 |
Total Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  | $ | 14,614.7 |  |  | $ | 14,916.5 |  |  | $ | 14,977.2 |  |  | $ | 14,950.7 |  |  | $ | 14,203.7 |

5

Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
|  | Three Months Ended
|  | Mar 31, 2022 |  | Mar 31, 2021
Cash Flows from Operating Activities: |  |  |  |
Net Income (Loss) |  | $ | (94.8) |  |  | $ | 123.2 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: |  |  |  |
Net Realized Investment (Gains) Losses |  | (1.5) |  |  | (13.8) |
Impairment Losses |  | 8.9 |  |  | 4.0 |
Depreciation and Amortization of Property, Equipment and Software |  | 13.4 |  |  | 11.1 |
Amortization of Intangibles Assets Acquired |  | 6.2 |  |  | 3.2 |
Loss from Early Extinguishment of Debt |  | 3.7 |  |  | — |
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments |  | (5.8) |  |  | (18.1) |
(Income) Loss from Change in Value of Alternative Energy Partnership Investments |  | 16.7 |  |  | 15.4 |
(Increase) Decrease in Value of Equity and Convertible Securities |  | 28.2 |  |  | (52.2) |
Changes in: |  |  |  |
Receivables from Policyholders |  | 14.2 |  |  | (66.7) |
Reinsurance Recoverables |  | (0.3) |  |  | 5.0 |
Deferred Policy Acquisition Costs |  | (2.4) |  |  | (21.3) |
Insurance Reserves |  | 2.9 |  |  | 29.8 |
Unearned Premiums |  | (8.2) |  |  | 97.9 |
Income Taxes |  | (30.5) |  |  | (37.3) |
Other Assets and Liabilities |  | 31.1 |  |  | 60.4 |
Net Cash Provided by (Used in) Operating Activities |  | (18.2) |  |  | 140.6 |

6

Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
|  | Three Months Ended
|  | Mar 31, 2022 |  | Mar 31, 2021
Net Cash Provided by Operating Activities (Carryforward from page 6) |  | $ | (18.2) |  |  | $ | 140.6 |
Cash Flows from Investing Activities: |  |  |  |
Proceeds from Sales, Calls, and Maturities of Fixed Maturities |  | 128.6 |  |  | 291.2 |
Proceeds from the Sales of Investments: |  |  |  |
Equity Securities |  | 249.7 |  |  | 27.3 |
Mortgage Loans |  | 22.8 |  |  | 12.8 |
Other Investments |  | 20.5 |  |  | 7.0 |
Purchases of Investments: |  |  |  |
Fixed Maturities |  | (527.2) |  |  | (503.2) |
Equity Securities |  | (21.3) |  |  | (12.5) |
Real Estate Investments |  | — |  |  | (0.2) |
Corporate-Owned Life Insurance |  | (100.0) |  |  | (100.0) |
Mortgage Loans |  | (21.3) |  |  | (33.7) |
Other Investments |  | (1.9) |  |  | (50.1) |
Net Sales (Purchases) of Short-term Investments |  | 40.3 |  |  | 677.4 |
Acquisition of Software and Long-lived Assets |  | (16.0) |  |  | (9.2) |
Other |  | 0.7 |  |  | 4.9 |
Net Cash Provided by (Used In) Investing Activities |  | (225.1) |  |  | 311.7 |
Cash Flows from Financing Activities: |  |  |  |
Repayment of Long-Term Debt |  | (280.0) |  |  | (50.0) |
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032 |  | 396.3 |  |  | — |
Issuance Fees on 3.800% Senior Notes due February 23, 2032 |  | (1.2) |  |  | — |
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 |  | 145.6 |  |  | — |
Issuance Fees on 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 |  | (0.9) |  |  | — |
Proceeds from Policyholder Contract Obligations |  | 208.6 |  |  | 60.7 |
Repayment of Policyholder Contract Obligations |  | (57.8) |  |  | (61.5) |
Proceeds from Shares Issued under Employee Stock Purchase Plan |  | 1.3 |  |  | 1.2 |
Common Stock Repurchases |  | — |  |  | (42.1) |
Dividends and Dividend Equivalents Paid |  | (19.8) |  |  | (21.0) |
Other |  | 0.3 |  |  | 1.7 |
Net Cash Provided by (Used In) Financing Activities |  | 392.4 |  |  | (111.0) |
Increase (Decrease) in Cash |  | 149.1 |  |  | 341.3 |
Cash, Beginning of Year |  | 148.2 |  |  | 206.1 |
Cash, End of Period |  | $ | 297.3 |  |  | $ | 547.4 |

7

Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021
Book Value Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders’ Equity |  |  |  |  |  |  |  | $ | 3,394.5 |  |  | $ | 4,007.7 |  |  | $ | 4,151.2 |  |  | $ | 4,306.2 |  |  | $ | 4,339.1 |
Less: Goodwill |  |  |  |  |  |  |  | (1,312.0) |  |  | (1,312.0) |  |  | (1,312.0) |  |  | (1,311.9) |  |  | (1,114.0) |
Shareholders’ Equity Excluding Goodwill 1 |  |  |  |  |  |  |  | $ | 2,082.5 |  |  | $ | 2,695.7 |  |  | $ | 2,839.2 |  |  | $ | 2,994.3 |  |  | $ | 3,225.1 |
Shareholders’ Equity |  |  |  |  |  |  |  | $ | 3,394.5 |  |  | $ | 4,007.7 |  |  | $ | 4,151.2 |  |  | $ | 4,306.2 |  |  | $ | 4,339.1 |
Less: Net Unrealized (Gains) Losses on Fixed Maturities |  |  |  |  |  |  |  | 13.7 |  |  | (502.6) |  |  | (526.9) |  |  | (590.5) |  |  | (438.0) |
Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities 1 |  |  |  |  |  |  |  | $ | 3,408.2 |  |  | $ | 3,505.1 |  |  | $ | 3,624.3 |  |  | $ | 3,715.7 |  |  | $ | 3,901.1 |
Less: Goodwill |  |  |  |  |  |  |  | (1,312.0) |  |  | (1,312.0) |  |  | (1,312.0) |  |  | (1,311.9) |  |  | (1,114.0) |
Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill 1 |  |  |  |  |  |  |  | $ | 2,096.2 |  |  | $ | 2,193.1 |  |  | $ | 2,312.3 |  |  | $ | 2,403.8 |  |  | $ | 2,787.1 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Shares Issued and Outstanding |  |  |  |  |  |  |  | 63.800 |  |  | 63.685 |  |  | 63.652 |  |  | 63.636 |  |  | 65.016 |
Book Value Per Share |  |  |  |  |  |  |  | $ | 53.21 |  |  | $ | 62.93 |  |  | $ | 65.22 |  |  | $ | 67.67 |  |  | $ | 66.74 |
Book Value Per Share Excluding Goodwill 1 |  |  |  |  |  |  |  | $ | 32.64 |  |  | $ | 42.33 |  |  | $ | 44.61 |  |  | $ | 47.05 |  |  | $ | 49.60 |
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities 1 |  |  |  |  |  |  |  | $ | 53.42 |  |  | $ | 55.04 |  |  | $ | 56.94 |  |  | $ | 58.39 |  |  | $ | 60.00 |
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill 1 |  |  |  |  |  |  |  | $ | 32.86 |  |  | $ | 34.44 |  |  | $ | 36.33 |  |  | $ | 37.77 |  |  | $ | 42.87 |
Return on Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rolling 12 Months Net Income |  |  |  |  |  |  |  | $ | (338.5) |  |  | $ | (120.5) |  |  | $ | 82.8 |  |  | $ | 280.4 |  |  | $ | 469.1 |
Denominator (5-point Average) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5-point Average Shareholders’ Equity |  |  |  |  |  |  |  | $ | 4,039.7 |  |  | $ | 4,273.5 |  |  | $ | 4,341.5 |  |  | $ | 4,348.8 |  |  | $ | 4,239.7 |
Rolling 12 Months Return on Average Shareholders' Equity (5-point Average) |  |  |  |  |  |  |  | (8.4) | % |  | (2.8) | % |  | 1.9 | % |  | 6.4 | % |  | 11.1 | %
Return on Shareholders’ Equity Excluding Goodwill 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator (5-point Average) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5-point Average Shareholders’ Equity Excluding Goodwill 1 |  |  |  |  |  |  |  | $ | 2,767.4 |  |  | $ | 3,040.7 |  |  | $ | 3,148.3 |  |  | $ | 3,195.2 |  |  | $ | 3,125.7 |
Rolling 12 Months Return on Average Shareholders' Equity Excluding Goodwill (5-point Average)1 |  |  |  |  |  |  |  | (12.2) | % |  | (4.0) | % |  | 2.6 | % |  | 8.8 | % |  | 15.0 | %
Return on Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator (5-point Average) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5-point Average Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities 1 |  |  |  |  |  |  |  | $ | 3,630.9 |  |  | $ | 3,717.1 |  |  | $ | 3,756.8 |  |  | $ | 3,751.8 |  |  | $ | 3,708.5 |
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities (5-point Average)1 |  |  |  |  |  |  |  | (9.3) | % |  | (3.2) | % |  | 2.2 | % |  | 7.5 | % |  | 12.6 | %
Return on Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator (5-point Average) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5-point Average Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill 1 |  |  |  |  |  |  |  | $ | 2,358.5 |  |  | $ | 2,484.3 |  |  | $ | 2,563.7 |  |  | $ | 2,598.3 |  |  | $ | 2,594.5 |
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill (5-point Average)1 |  |  |  |  |  |  |  | (14.4) | % |  | (4.9) | % |  | 3.2 | % |  | 10.8 | % |  | 18.1 | %
1 Non-GAAP financial measure. See definitions beginning on page 34. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

8

Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021
Debt and Total Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  |  |  |  |  |  |  | $ | 1,385.2 |  |  | $ | 1,121.9 |  |  | $ | 1,122.1 |  |  | $ | 1,122.3 |  |  | $ | 1,122.6 |
Shareholders’ Equity |  |  |  |  |  |  |  | 3,394.5 |  |  | 4,007.7 |  |  | 4,151.2 |  |  | 4,306.2 |  |  | 4,339.1 |
Total Capitalization |  |  |  |  |  |  |  | $ | 4,779.7 |  |  | $ | 5,129.6 |  |  | $ | 5,273.3 |  |  | $ | 5,428.5 |  |  | $ | 5,461.7 |
Ratio of Debt to Shareholders’ Equity |  |  |  |  |  |  |  | 40.8 | % |  | 28.0 | % |  | 27.0 | % |  | 26.1 | % |  | 25.9 | %
Ratio of Debt to Total Capitalization |  |  |  |  |  |  |  | 29.0 | % |  | 21.9 | % |  | 21.3 | % |  | 20.7 | % |  | 20.6 | %
Parent Company Liquidity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Holding Company Cash and Investments 1 |  |  |  |  |  |  |  | $ | 318.3 |  |  | $ | 233.9 |  |  | $ | 330.6 |  |  | $ | 214.8 |  |  | $ | 607.1 |
Borrowings Available Under Credit Agreement |  |  |  |  |  |  |  | 600.0 |  |  | 400.0 |  |  | 400.0 |  |  | 400.0 |  |  | 400.0 |
Parent Company Liquidity |  |  |  |  |  |  |  | $ | 918.3 |  |  | $ | 633.9 |  |  | $ | 730.6 |  |  | $ | 614.8 |  |  | $ | 1,007.1 |
Capital Returned to Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Dividends Paid 2 |  |  |  |  |  |  |  | $ | 19.6 |  |  | $ | 19.9 |  |  | $ | 19.7 |  |  | $ | 20.4 |  |  | $ | 21.0 |
1 Includes Kemper's direct non-insurance subsidiaries
2 Three Months Ended

9

Kemper Corporation
Debt Outstanding, FHLB Advances and Ratings
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021
Kemper Corporation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes at Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.000% Senior Notes due September 19, 2022 |  |  |  |  |  |  |  | — |  |  | 276.7 |  |  | 277.1 |  |  | 277.6 |  |  | 277.9 |
4.350% Senior Notes due February 15, 2025 |  |  |  |  |  |  |  | 449.1 |  |  | 449.0 |  |  | 448.9 |  |  | 448.8 |  |  | 448.9 |
2.400% Senior Notes due September 30, 2030 |  |  |  |  |  |  |  | 396.3 |  |  | 396.2 |  |  | 396.1 |  |  | 395.9 |  |  | 395.8 |
3.800% Subordinated Debentures due 2032 |  |  |  |  |  |  |  | 395.1 |  |  | — |  |  | — |  |  | — |  |  | — |
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost |  |  |  |  |  |  |  | 144.7 |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term Debt Outstanding |  |  |  |  |  |  |  | $ | 1,385.2 |  |  | $ | 1,121.9 |  |  | $ | 1,122.1 |  |  | $ | 1,122.3 |  |  | $ | 1,122.6 |
Federal Home Loan Bank Advances to Insurance Subsidiaries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported as Policyholder Contract Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank of Chicago |  |  |  |  |  |  |  | $ | 553.1 |  |  | $ | 401.9 |  |  | $ | 378.9 |  |  | $ | 382.8 |  |  | $ | 407.5 |
Reported as Debt Outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank of Dallas |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Federal Home Loan Bank of Chicago |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Federal Home Loan Bank of San Francisco |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  |  |  |  |  |  |  | A.M. Best |  | Moody’s |  | S&P |  | Fitch |  |
As of Date of Financial Supplement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Debt Ratings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Unsecured Debt |  |  |  |  |  |  |  | BBB |  | Baa3 |  | BBB |  | BBB |  |
Junior Unsecured Debt |  |  |  |  |  |  |  | BB+ |  | Ba1 |  | BB+ |  | BB+ |  |
Insurance Company Financial Strength Ratings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trinity Universal Insurance Company |  |  |  |  |  |  |  | A |  | A3 |  | A |  | A |  |
United Insurance Company of America |  |  |  |  |  |  |  | A |  | A3 |  | A- |  | A- |  |

NR - Not Rated
10

Kemper Corporation
Segment Revenues
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal Automobile |  |  |  |  |  |  |  | $ | 901.7 |  |  | $ | 918.1 |  |  | $ | 920.6 |  |  | $ | 909.6 |  |  | $ | 785.4 |  |  |  |  |
Commercial Automobile |  |  |  |  |  |  |  | 119.9 |  |  | 114.2 |  |  | 107.7 |  |  | 100.7 |  |  | 92.2 |  |  |  |  |
Total Specialty Property & Casualty Insurance Earned Premiums |  |  |  |  |  |  |  | 1,021.6 |  |  | 1,032.3 |  |  | 1,028.3 |  |  | 1,010.3 |  |  | 877.6 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 34.9 |  |  | 37.8 |  |  | 37.0 |  |  | 42.7 |  |  | 35.0 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (8.4) |  |  | (6.7) |  |  | (11.3) |  |  | (3.7) |  |  | (7.3) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | 1.7 |  |  | 1.0 |  |  | 1.2 |  |  | 1.0 |  |  | 0.9 |  |  |  |  |
Total Specialty Property & Casualty Insurance Revenues |  |  |  |  |  |  |  | 1,049.8 |  |  | 1,064.4 |  |  | 1,055.2 |  |  | 1,050.3 |  |  | 906.2 |  |  |  |  |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal Automobile |  |  |  |  |  |  |  | 96.0 |  |  | 101.4 |  |  | 102.6 |  |  | 103.5 |  |  | 103.0 |  |  |  |  |
Homeowners |  |  |  |  |  |  |  | 51.3 |  |  | 52.7 |  |  | 52.5 |  |  | 51.3 |  |  | 50.8 |  |  |  |  |
Other Personal |  |  |  |  |  |  |  | 8.3 |  |  | 8.5 |  |  | 8.6 |  |  | 8.4 |  |  | 8.4 |  |  |  |  |
Total Preferred Property & Casualty Insurance Earned Premiums |  |  |  |  |  |  |  | 155.6 |  |  | 162.6 |  |  | 163.7 |  |  | 163.2 |  |  | 162.2 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 12.5 |  |  | 17.1 |  |  | 16.1 |  |  | 19.5 |  |  | 15.9 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (3.9) |  |  | (3.8) |  |  | (6.4) |  |  | (2.0) |  |  | (4.1) |  |  |  |  |
Total Preferred Property & Casualty Insurance Revenues |  |  |  |  |  |  |  | 164.2 |  |  | 175.9 |  |  | 173.4 |  |  | 180.7 |  |  | 174.0 |  |  |  |  |
Life & Health Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  |  | 101.3 |  |  | 101.5 |  |  | 101.5 |  |  | 100.6 |  |  | 98.1 |  |  |  |  |
Accident and Health |  |  |  |  |  |  |  | 45.8 |  |  | 47.6 |  |  | 47.0 |  |  | 47.9 |  |  | 47.4 |  |  |  |  |
Property |  |  |  |  |  |  |  | 14.3 |  |  | 15.1 |  |  | 15.6 |  |  | 15.7 |  |  | 15.5 |  |  |  |  |
Total Life & Health Insurance Earned Premiums |  |  |  |  |  |  |  | 161.4 |  |  | 164.2 |  |  | 164.1 |  |  | 164.2 |  |  | 161.0 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 49.4 |  |  | 50.8 |  |  | 48.4 |  |  | 52.4 |  |  | 51.1 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (4.4) |  |  | (3.7) |  |  | (6.1) |  |  | (2.0) |  |  | (4.0) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | — |  |  | (1.6) |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |  |  |
Total Life & Health Insurance Revenues |  |  |  |  |  |  |  | 206.4 |  |  | 209.7 |  |  | 206.5 |  |  | 214.7 |  |  | 208.2 |  |  |  |  |
Total Segment Revenues |  |  |  |  |  |  |  | 1,420.4 |  |  | 1,450.0 |  |  | 1,435.1 |  |  | 1,445.7 |  |  | 1,288.4 |  |  |  |  |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | (28.2) |  |  | 22.2 |  |  | (0.6) |  |  | 40.8 |  |  | 52.2 |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  | 1.5 |  |  | 21.7 |  |  | 10.1 |  |  | 19.2 |  |  | 13.8 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (8.9) |  |  | (3.2) |  |  | (0.6) |  |  | (3.2) |  |  | (4.0) |  |  |  |  |
Other |  |  |  |  |  |  |  | 3.9 |  |  | 3.2 |  |  | 0.6 |  |  | — |  |  | 1.6 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | $ | 1,388.7 |  |  | $ | 1,493.9 |  |  | $ | 1,444.6 |  |  | $ | 1,502.5 |  |  | $ | 1,352.0 |  |  |  |  |

11

Kemper Corporation
Segment Operating Results
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Segment Operating Income (Loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  |  |  |  |  |  |  | $ | (60.2) |  |  | $ | (163.4) |  |  | $ | (91.8) |  |  | $ | (122.1) |  |  | $ | 85.2 |  |  |  |  |
Preferred Property & Casualty Insurance |  |  |  |  |  |  |  | (9.5) |  |  | (12.0) |  |  | (17.4) |  |  | (13.4) |  |  | 3.0 |  |  |  |  |
Life & Health Insurance |  |  |  |  |  |  |  | 1.2 |  |  | 4.0 |  |  | (5.9) |  |  | 13.2 |  |  | (0.8) |  |  |  |  |
Total Segment Operating Income (Loss) |  |  |  |  |  |  |  | (68.5) |  |  | (171.4) |  |  | (115.1) |  |  | (122.3) |  |  | 87.4 |  |  |  |  |
Other |  |  |  |  |  |  |  | (14.0) |  |  | (7.6) |  |  | (15.5) |  |  | (13.8) |  |  | (11.5) |  |  |  |  |
Corporate and Other Operating Income (Loss) |  |  |  |  |  |  |  | (14.0) |  |  | (7.6) |  |  | (15.5) |  |  | (13.8) |  |  | (11.5) |  |  |  |  |
Total Operating Income (Loss) |  |  |  |  |  |  |  | (82.5) |  |  | (179.0) |  |  | (130.6) |  |  | (136.1) |  |  | 75.9 |  |  |  |  |
Income From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | (28.2) |  |  | 22.2 |  |  | (0.6) |  |  | 40.8 |  |  | 52.2 |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  | 1.5 |  |  | 21.7 |  |  | 10.1 |  |  | 19.2 |  |  | 13.8 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (8.9) |  |  | (3.2) |  |  | (0.6) |  |  | (3.2) |  |  | (4.0) |  |  |  |  |
Acquisition Related Transaction, Integration and Other Costs |  |  |  |  |  |  |  | (4.7) |  |  | (9.1) |  |  | (8.1) |  |  | (10.4) |  |  | (16.3) |  |  |  |  |
Loss from Early Extinguishment of Debt |  |  |  |  |  |  |  | (3.7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  | $ | (126.5) |  |  | $ | (147.4) |  |  | $ | (129.8) |  |  | $ | (89.7) |  |  | $ | 121.6 |  |  |  |  |
Segment Net Operating Income (Loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  |  |  |  |  |  |  | $ | (44.7) |  |  | $ | (125.2) |  |  | $ | (59.3) |  |  | $ | (91.7) |  |  | $ | 80.1 |  |  |  |  |
Preferred Property & Casualty Insurance |  |  |  |  |  |  |  | (6.1) |  |  | (7.4) |  |  | (6.4) |  |  | (8.3) |  |  | 9.6 |  |  |  |  |
Life & Health Insurance |  |  |  |  |  |  |  | 3.1 |  |  | 5.1 |  |  | 2.8 |  |  | 13.0 |  |  | 7.3 |  |  |  |  |
Total Segment Net Operating Income (Loss) |  |  |  |  |  |  |  | (47.7) |  |  | (127.5) |  |  | (62.9) |  |  | (87.0) |  |  | 97.0 |  |  |  |  |
Corporate and Other Net Operating Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  | (12.4) |  |  | (3.3) |  |  | (12.9) |  |  | (12.4) |  |  | (9.8) |  |  |  |  |
Corporate and Other Net Operating Income (Loss) |  |  |  |  |  |  |  | (12.4) |  |  | (3.3) |  |  | (12.9) |  |  | (12.4) |  |  | (9.8) |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) |  |  |  |  |  |  |  | (60.1) |  |  | (130.8) |  |  | (75.8) |  |  | (99.4) |  |  | 87.2 |  |  |  |  |
Net Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | (22.3) |  |  | 17.5 |  |  | (0.5) |  |  | 32.3 |  |  | 41.2 |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  | 1.2 |  |  | 17.2 |  |  | 7.9 |  |  | 15.2 |  |  | 10.9 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (7.0) |  |  | (2.5) |  |  | (0.5) |  |  | (2.5) |  |  | (3.2) |  |  |  |  |
Acquisition Related Transaction, Integration and Other Costs |  |  |  |  |  |  |  | (3.7) |  |  | (7.2) |  |  | (6.4) |  |  | (8.2) |  |  | (12.9) |  |  |  |  |
Loss from Early Extinguishment of Debt |  |  |  |  |  |  |  | (2.9) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | $ | (94.8) |  |  | $ | (105.8) |  |  | $ | (75.3) |  |  | $ | (62.6) |  |  | $ | 123.2 |  |  |  |  |

12

Kemper Corporation
Catastrophe Frequency and Severity
(Dollars in Millions)
(Unaudited)

|  | Three Months Ended March 31, 2022
|  | Specialty Property & Casualty Insurance Segment |  | Preferred Property & Casualty Insurance Segment |  | Life & Health Insurance Segment |  | Consolidated
|  | Number of Events |  | Losses and LAE |  | Number of Events |  | Losses and LAE |  | Number of Events |  | Losses and LAE |  | Number of Events |  | Losses and LAE
Range of Losses and LAE Per Event 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below $5 |  | 11 |  |  | $ | 2.1 |  |  | 11 |  |  | $ | 11.4 |  |  | 10 |  |  | $ | 0.4 |  |  | 11 |  |  | $ | 13.9 |
$5 - $10 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$10 - $15 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$15 - $20 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$20 - $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater Than $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 11 |  |  | $ | 2.1 |  |  | 11 |  |  | $ | 11.4 |  |  | 10 |  |  | $ | 0.4 |  |  | 11 |  |  | $ | 13.9 |
|  | Three Months Ended March 31, 2021
|  | Specialty Property & Casualty Insurance Segment |  | Preferred Property & Casualty Insurance Segment |  | Life & Health Insurance Segment |  | Consolidated
|  | Number of Events |  | Losses and LAE |  | Number of Events |  | Losses and LAE |  | Number of Events |  | Losses and LAE |  | Number of Events |  | Losses and LAE
Range of Losses and LAE Per Event 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below $5 |  | 9 |  |  | $ | 1.7 |  |  | 11 |  |  | $ | 8.9 |  |  | 8 |  |  | $ | 1.9 |  |  | 12 |  |  | $ | 11.4 |
$5 - $10 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$10 - $15 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$15 - $20 |  | — |  |  | — |  |  | 1 |  |  | 15.1 |  |  | — |  |  | — |  |  | 1 |  |  | 16.2 |
$20 - $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater Than $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 9 |  |  | $ | 1.7 |  |  | 12 |  |  | $ | 24.0 |  |  | 8 |  |  | $ | 1.9 |  |  | 13 |  |  | $ | 27.6 |
1 Current accident year net incurred catastrophe Losses and LAE only |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

13

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 1,023.7 |  |  | $ | 979.0 |  |  | $ | 1,024.3 |  |  | $ | 1,082.0 |  |  | $ | 972.0 |  |  |  |  |
Total Specialty P&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal Automobile |  |  |  |  |  |  |  | 901.7 |  |  | 918.1 |  |  | 920.6 |  |  | 909.6 |  |  | 785.4 |  |  |  |  |
Commercial Automobile |  |  |  |  |  |  |  | 119.9 |  |  | 114.2 |  |  | 107.7 |  |  | 100.7 |  |  | 92.2 |  |  |  |  |
Earned Premium |  |  |  |  |  |  |  | $ | 1,021.6 |  |  | $ | 1,032.3 |  |  | $ | 1,028.3 |  |  | $ | 1,010.3 |  |  | $ | 877.6 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 34.9 |  |  | 37.8 |  |  | 37.0 |  |  | 42.7 |  |  | 35.0 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (8.4) |  |  | (6.7) |  |  | (11.3) |  |  | (3.7) |  |  | (7.3) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | 1.7 |  |  | 1.0 |  |  | 1.2 |  |  | 1.0 |  |  | 0.9 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 1,049.8 |  |  | 1,064.4 |  |  | 1,055.2 |  |  | 1,050.3 |  |  | 906.2 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 911.7 |  |  | 1,028.5 |  |  | 924.4 |  |  | 877.4 |  |  | 650.0 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 2.1 |  |  | 2.5 |  |  | 3.4 |  |  | 8.1 |  |  | 1.7 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | (3.8) |  |  | (7.6) |  |  | 25.1 |  |  | 81.3 |  |  | (1.4) |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.7 |  |  | — |  |  | (0.1) |  |  | — |  |  | 0.4 |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 910.7 |  |  | 1,023.4 |  |  | 952.8 |  |  | 966.8 |  |  | 650.7 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 199.3 |  |  | 204.4 |  |  | 194.2 |  |  | 205.6 |  |  | 170.3 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | (60.2) |  |  | (163.4) |  |  | (91.8) |  |  | (122.1) |  |  | 85.2 |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | 15.5 |  |  | 38.2 |  |  | 32.5 |  |  | 30.4 |  |  | (5.1) |  |  |  |  |
Segment Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | (44.7) |  |  | $ | (125.2) |  |  | $ | (59.3) |  |  | $ | (91.7) |  |  | $ | 80.1 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 89.2 | % |  | 99.6 | % |  | 90.0 | % |  | 86.9 | % |  | 74.1 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.2 |  |  | 0.2 |  |  | 0.3 |  |  | 0.8 |  |  | 0.2 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (0.4) |  |  | (0.7) |  |  | 2.4 |  |  | 8.0 |  |  | (0.2) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 89.1 |  |  | 99.1 |  |  | 92.7 |  |  | 95.7 |  |  | 74.1 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 19.5 |  |  | 19.8 |  |  | 18.9 |  |  | 20.4 |  |  | 19.4 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 108.6 | % |  | 118.9 | % |  | 111.6 | % |  | 116.1 | % |  | 93.5 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 89.2 | % |  | 99.6 | % |  | 90.0 | % |  | 86.9 | % |  | 74.1 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 19.5 |  |  | 19.8 |  |  | 18.9 |  |  | 20.4 |  |  | 19.4 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 108.7 | % |  | 119.4 | % |  | 108.9 | % |  | 107.3 | % |  | 93.5 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio as Reported |  |  |  |  |  |  |  | 108.6 | % |  | 118.9 | % |  | 111.6 | % |  | 116.1 | % |  | 93.5 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.2 |  |  | 0.2 |  |  | 0.3 |  |  | 0.8 |  |  | 0.2 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (0.4) |  |  | (0.7) |  |  | 2.4 |  |  | 8.0 |  |  | (0.2) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 108.7 | % |  | 119.4 | % |  | 108.9 | % |  | 107.3 | % |  | 93.5 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

14

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Results of Operations and Selected Financial Information (continued)
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Standard Automobile |  |  |  |  |  |  |  | $ | 1,952.3 |  |  | $ | 1,985.8 |  |  | $ | 1,841.1 |  |  | $ | 1,703.1 |  |  | $ | 1,304.7 |
Commercial Automobile |  |  |  |  |  |  |  | 356.5 |  |  | 333.9 |  |  | 302.4 |  |  | 281.6 |  |  | 257.2 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 2,308.8 |  |  | $ | 2,319.7 |  |  | $ | 2,143.5 |  |  | $ | 1,984.7 |  |  | $ | 1,561.9 |
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and Allocated LAE Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Case and Allocated LAE |  |  |  |  |  |  |  | $ | 1,166.0 |  |  | $ | 1,157.9 |  |  | $ | 1,071.1 |  |  | $ | 1,005.8 |  |  | $ | 799.7 |
Incurred but Not Reported |  |  |  |  |  |  |  | 934.0 |  |  | 953.0 |  |  | 881.6 |  |  | 810.2 |  |  | 614.1 |
Total Loss Reserves |  |  |  |  |  |  |  | 2,100.0 |  |  | 2,110.9 |  |  | 1,952.7 |  |  | 1,816.0 |  |  | 1,413.8 |
Unallocated LAE Reserves |  |  |  |  |  |  |  | 208.8 |  |  | 208.8 |  |  | 190.8 |  |  | 168.7 |  |  | 148.1 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 2,308.8 |  |  | $ | 2,319.7 |  |  | $ | 2,143.5 |  |  | $ | 1,984.7 |  |  | $ | 1,561.9 |

15

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Personal Automobile Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 884.8 |  |  | $ | 858.7 |  |  | $ | 902.7 |  |  | $ | 964.3 |  |  | $ | 861.5 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 901.7 |  |  | $ | 918.1 |  |  | $ | 920.6 |  |  | $ | 909.6 |  |  | $ | 785.4 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 27.2 |  |  | 31.5 |  |  | 30.9 |  |  | 35.4 |  |  | 29.1 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (6.0) |  |  | (5.3) |  |  | (8.9) |  |  | (2.9) |  |  | (5.8) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | 1.7 |  |  | 1.0 |  |  | 1.2 |  |  | 1.0 |  |  | 0.9 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 924.6 |  |  | 945.3 |  |  | 943.8 |  |  | 943.1 |  |  | 809.6 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 827.7 |  |  | 938.5 |  |  | 843.9 |  |  | 805.1 |  |  | 586.4 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 2.0 |  |  | 2.3 |  |  | 3.1 |  |  | 7.4 |  |  | 1.6 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | (9.0) |  |  | (11.7) |  |  | 25.1 |  |  | 76.0 |  |  | (4.4) |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.7 |  |  | — |  |  | (0.1) |  |  | — |  |  | 0.4 |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 821.4 |  |  | 929.1 |  |  | 872.0 |  |  | 888.5 |  |  | 584.0 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 177.3 |  |  | 184.3 |  |  | 176.0 |  |  | 187.7 |  |  | 155.3 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | (74.1) |  |  | (168.1) |  |  | (104.2) |  |  | (133.1) |  |  | 70.3 |  |  |  |  |
Income Benefit (Expense) |  |  |  |  |  |  |  | 17.7 |  |  | 38.4 |  |  | 32.4 |  |  | 31.8 |  |  | (4.6) |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | (56.4) |  |  | $ | (129.7) |  |  | $ | (71.8) |  |  | $ | (101.3) |  |  | $ | 65.7 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 91.8 | % |  | 102.2 | % |  | 91.7 | % |  | 88.5 | % |  | 74.7 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.8 |  |  | 0.2 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (1.0) |  |  | (1.3) |  |  | 2.7 |  |  | 8.4 |  |  | (0.6) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 91.1 |  |  | 101.2 |  |  | 94.7 |  |  | 97.7 |  |  | 74.4 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 19.7 |  |  | 20.1 |  |  | 19.1 |  |  | 20.6 |  |  | 19.8 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 110.8 | % |  | 121.3 | % |  | 113.8 | % |  | 118.3 | % |  | 94.2 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 91.8 | % |  | 102.2 | % |  | 91.7 | % |  | 88.5 | % |  | 74.7 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 19.7 |  |  | 20.1 |  |  | 19.1 |  |  | 20.6 |  |  | 19.8 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 111.5 | % |  | 122.3 | % |  | 110.8 | % |  | 109.1 | % |  | 94.5 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 110.8 | % |  | 121.3 | % |  | 113.8 | % |  | 118.3 | % |  | 94.2 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.8 |  |  | 0.2 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (1.0) |  |  | (1.3) |  |  | 2.7 |  |  | 8.4 |  |  | (0.6) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 111.5 | % |  | 122.3 | % |  | 110.8 | % |  | 109.1 | % |  | 94.5 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

16

Kemper Corporation
Specialty Property & Casualty Insurance Segment
Commercial Automobile Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 138.9 |  |  | $ | 120.3 |  |  | $ | 121.6 |  |  | $ | 117.7 |  |  | $ | 110.5 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 119.9 |  |  | $ | 114.2 |  |  | $ | 107.7 |  |  | $ | 100.7 |  |  | $ | 92.2 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 7.7 |  |  | 6.3 |  |  | 6.1 |  |  | 7.3 |  |  | 5.9 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (2.4) |  |  | (1.4) |  |  | (2.4) |  |  | (0.8) |  |  | (1.5) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 125.2 |  |  | 119.1 |  |  | 111.4 |  |  | 107.2 |  |  | 96.6 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 84.0 |  |  | 90.0 |  |  | 80.5 |  |  | 72.3 |  |  | 63.6 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.1 |  |  | 0.2 |  |  | 0.3 |  |  | 0.7 |  |  | 0.1 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 5.2 |  |  | 4.1 |  |  | — |  |  | 5.3 |  |  | 3.0 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 89.3 |  |  | 94.3 |  |  | 80.8 |  |  | 78.3 |  |  | 66.7 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 22.0 |  |  | 20.1 |  |  | 18.2 |  |  | 17.9 |  |  | 15.0 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | 13.9 |  |  | 4.7 |  |  | 12.4 |  |  | 11.0 |  |  | 14.9 |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | (2.2) |  |  | (0.2) |  |  | 0.1 |  |  | (1.4) |  |  | (0.5) |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 11.7 |  |  | $ | 4.5 |  |  | $ | 12.5 |  |  | $ | 9.6 |  |  | $ | 14.4 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 70.1 | % |  | 78.8 | % |  | 74.7 | % |  | 71.8 | % |  | 68.9 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | 0.2 |  |  | 0.3 |  |  | 0.7 |  |  | 0.1 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 4.3 |  |  | 3.6 |  |  | — |  |  | 5.3 |  |  | 3.3 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 74.5 |  |  | 82.6 |  |  | 75.0 |  |  | 77.8 |  |  | 72.3 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 18.3 |  |  | 17.6 |  |  | 16.9 |  |  | 17.8 |  |  | 16.3 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 92.8 | % |  | 100.2 | % |  | 91.9 | % |  | 95.6 | % |  | 88.6 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 70.1 | % |  | 78.8 | % |  | 74.7 | % |  | 71.8 | % |  | 68.9 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 18.3 |  |  | 17.6 |  |  | 16.9 |  |  | 17.8 |  |  | 16.3 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 88.4 | % |  | 96.4 | % |  | 91.6 | % |  | 89.6 | % |  | 85.2 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 92.8 | % |  | 100.2 | % |  | 91.9 | % |  | 95.6 | % |  | 88.6 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | 0.2 |  |  | 0.3 |  |  | 0.7 |  |  | 0.1 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 4.3 |  |  | 3.6 |  |  | — |  |  | 5.3 |  |  | 3.3 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 88.4 | % |  | 96.4 | % |  | 91.6 | % |  | 89.6 | % |  | 85.2 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

17

Kemper Corporation
Preferred Property & Casualty Insurance Segment
Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 137.4 |  |  | $ | 153.2 |  |  | $ | 164.8 |  |  | $ | 169.6 |  |  | $ | 154.4 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 155.6 |  |  | $ | 162.6 |  |  | $ | 163.7 |  |  | $ | 163.2 |  |  | $ | 162.2 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 12.5 |  |  | 17.1 |  |  | 16.1 |  |  | 19.5 |  |  | 15.9 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (3.9) |  |  | (3.8) |  |  | (6.4) |  |  | (2.0) |  |  | (4.1) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 164.2 |  |  | 175.9 |  |  | 173.4 |  |  | 180.7 |  |  | 174.0 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 112.2 |  |  | 122.4 |  |  | 115.6 |  |  | 116.2 |  |  | 96.2 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 11.4 |  |  | 7.5 |  |  | 23.4 |  |  | 24.2 |  |  | 24.0 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 2.1 |  |  | 8.4 |  |  | — |  |  | 5.0 |  |  | 0.1 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | (3.2) |  |  | (2.0) |  |  | 0.1 |  |  | (3.4) |  |  | (0.3) |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 122.5 |  |  | 136.3 |  |  | 139.1 |  |  | 142.0 |  |  | 120.0 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 51.2 |  |  | 51.6 |  |  | 51.7 |  |  | 52.1 |  |  | 51.0 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | (9.5) |  |  | (12.0) |  |  | (17.4) |  |  | (13.4) |  |  | 3.0 |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | 3.4 |  |  | 4.6 |  |  | 11.0 |  |  | 5.1 |  |  | 6.6 |  |  |  |  |
Segment Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | (6.1) |  |  | $ | (7.4) |  |  | $ | (6.4) |  |  | $ | (8.3) |  |  | $ | 9.6 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 72.2 | % |  | 75.2 | % |  | 70.6 | % |  | 71.2 | % |  | 59.3 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 7.3 |  |  | 4.6 |  |  | 14.3 |  |  | 14.8 |  |  | 14.8 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.3 |  |  | 5.2 |  |  | — |  |  | 3.1 |  |  | 0.1 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (2.1) |  |  | (1.2) |  |  | 0.1 |  |  | (2.1) |  |  | (0.2) |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 78.7 |  |  | 83.8 |  |  | 85.0 |  |  | 87.0 |  |  | 74.0 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 32.9 |  |  | 31.7 |  |  | 31.6 |  |  | 31.9 |  |  | 31.4 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 111.6 | % |  | 115.5 | % |  | 116.6 | % |  | 118.9 | % |  | 105.4 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 72.2 | % |  | 75.2 | % |  | 70.6 | % |  | 71.2 | % |  | 59.3 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 32.9 |  |  | 31.7 |  |  | 31.6 |  |  | 31.9 |  |  | 31.4 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 105.1 | % |  | 106.9 | % |  | 102.2 | % |  | 103.1 | % |  | 90.7 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio as Reported |  |  |  |  |  |  |  | 111.6 | % |  | 115.5 | % |  | 116.6 | % |  | 118.9 | % |  | 105.4 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 7.3 |  |  | 4.6 |  |  | 14.3 |  |  | 14.8 |  |  | 14.8 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.3 |  |  | 5.2 |  |  | — |  |  | 3.1 |  |  | 0.1 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (2.1) |  |  | (1.2) |  |  | 0.1 |  |  | (2.1) |  |  | (0.2) |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 105.1 | % |  | 106.9 | % |  | 102.2 | % |  | 103.1 | % |  | 90.7 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation
18

Preferred Property & Casualty Insurance Segment
Results of Operations and Selected Financial Information (continued)
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal Automobile |  |  |  |  |  |  |  | $ | 307.9 |  |  | $ | 308.6 |  |  | $ | 290.0 |  |  | $ | 282.9 |  |  | $ | 275.9 |
Homeowners |  |  |  |  |  |  |  | 93.1 |  |  | 95.4 |  |  | 108.5 |  |  | 110.7 |  |  | 107.6 |
Other Personal |  |  |  |  |  |  |  | 30.6 |  |  | 29.2 |  |  | 30.1 |  |  | 31.0 |  |  | 30.7 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 431.6 |  |  | $ | 433.2 |  |  | $ | 428.6 |  |  | $ | 424.6 |  |  | $ | 414.2 |
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and Allocated LAE Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Case and Allocated LAE |  |  |  |  |  |  |  | $ | 271.1 |  |  | $ | 272.5 |  |  | $ | 280.8 |  |  | $ | 282.3 |  |  | $ | 282.0 |
Incurred but Not Reported |  |  |  |  |  |  |  | 131.8 |  |  | 131.9 |  |  | 120.4 |  |  | 116.1 |  |  | 105.6 |
Total Loss Reserves |  |  |  |  |  |  |  | 402.9 |  |  | 404.4 |  |  | 401.2 |  |  | 398.4 |  |  | 387.6 |
Unallocated LAE Reserves |  |  |  |  |  |  |  | 28.7 |  |  | 28.8 |  |  | 27.4 |  |  | 26.2 |  |  | 26.6 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 431.6 |  |  | $ | 433.2 |  |  | $ | 428.6 |  |  | $ | 424.6 |  |  | $ | 414.2 |

19

Kemper Corporation
Preferred Property & Casualty Insurance Segment
Personal Automobile Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 84.2 |  |  | $ | 95.2 |  |  | $ | 99.9 |  |  | $ | 104.4 |  |  | $ | 100.4 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 96.0 |  |  | $ | 101.4 |  |  | $ | 102.6 |  |  | $ | 103.5 |  |  | $ | 103.0 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 6.0 |  |  | 7.9 |  |  | 7.4 |  |  | 9.0 |  |  | 7.3 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (1.9) |  |  | (1.7) |  |  | (3.0) |  |  | (0.9) |  |  | (1.9) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 100.1 |  |  | 107.6 |  |  | 107.0 |  |  | 111.6 |  |  | 108.4 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 80.5 |  |  | 96.2 |  |  | 84.8 |  |  | 81.6 |  |  | 67.8 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.5 |  |  | 1.3 |  |  | 2.7 |  |  | 2.8 |  |  | 0.6 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 1.5 |  |  | 7.3 |  |  | 0.1 |  |  | 3.6 |  |  | 1.2 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | (0.2) |  |  | 0.1 |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 82.6 |  |  | 104.7 |  |  | 87.7 |  |  | 87.8 |  |  | 69.7 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 31.2 |  |  | 32.7 |  |  | 32.7 |  |  | 33.6 |  |  | 32.8 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | (13.7) |  |  | (29.8) |  |  | (13.4) |  |  | (9.8) |  |  | 5.9 |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | 3.6 |  |  | 7.2 |  |  | 6.2 |  |  | 3.1 |  |  | 2.1 |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | (10.1) |  |  | $ | (22.6) |  |  | $ | (7.2) |  |  | $ | (6.7) |  |  | $ | 8.0 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 83.8 | % |  | 94.9 | % |  | 82.7 | % |  | 78.8 | % |  | 65.8 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.5 |  |  | 1.3 |  |  | 2.6 |  |  | 2.7 |  |  | 0.6 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.6 |  |  | 7.2 |  |  | 0.1 |  |  | 3.5 |  |  | 1.2 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | (0.2) |  |  | 0.1 |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 86.0 |  |  | 103.3 |  |  | 85.5 |  |  | 84.8 |  |  | 67.7 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 32.5 |  |  | 32.2 |  |  | 31.9 |  |  | 32.5 |  |  | 31.8 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 118.5 | % |  | 135.5 | % |  | 117.4 | % |  | 117.3 | % |  | 99.5 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 83.8 | % |  | 94.9 | % |  | 82.7 | % |  | 78.8 | % |  | 65.8 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 32.5 |  |  | 32.2 |  |  | 31.9 |  |  | 32.5 |  |  | 31.8 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 116.3 | % |  | 127.1 | % |  | 114.6 | % |  | 111.3 | % |  | 97.6 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 118.5 | % |  | 135.5 | % |  | 117.4 | % |  | 117.3 | % |  | 99.5 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.5 |  |  | 1.3 |  |  | 2.6 |  |  | 2.7 |  |  | 0.6 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.6 |  |  | 7.2 |  |  | 0.1 |  |  | 3.5 |  |  | 1.2 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | (0.2) |  |  | 0.1 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 116.3 | % |  | 127.1 | % |  | 114.6 | % |  | 111.3 | % |  | 97.6 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

20

Kemper Corporation
Preferred Property & Casualty Insurance Segment
Homeowners and Other Personal Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 53.2 |  |  | $ | 58.0 |  |  | $ | 64.9 |  |  | $ | 65.2 |  |  | $ | 54.0 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 59.6 |  |  | $ | 61.2 |  |  | $ | 61.1 |  |  | $ | 59.7 |  |  | $ | 59.2 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 6.5 |  |  | 9.2 |  |  | 8.7 |  |  | 10.5 |  |  | 8.6 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (2.0) |  |  | (2.1) |  |  | (3.4) |  |  | (1.1) |  |  | (2.2) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 64.1 |  |  | 68.3 |  |  | 66.4 |  |  | 69.1 |  |  | 65.6 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 31.7 |  |  | 26.2 |  |  | 30.8 |  |  | 34.6 |  |  | 28.4 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 10.9 |  |  | 6.2 |  |  | 20.7 |  |  | 21.4 |  |  | 23.4 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.6 |  |  | 1.1 |  |  | (0.1) |  |  | 1.4 |  |  | (1.1) |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | (3.3) |  |  | (1.9) |  |  | — |  |  | (3.2) |  |  | (0.4) |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 39.9 |  |  | 31.6 |  |  | 51.4 |  |  | 54.2 |  |  | 50.3 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 20.0 |  |  | 18.9 |  |  | 19.0 |  |  | 18.5 |  |  | 18.2 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | 4.2 |  |  | 17.8 |  |  | (4.0) |  |  | (3.6) |  |  | (2.9) |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | (0.2) |  |  | (2.6) |  |  | 4.8 |  |  | 2.0 |  |  | 4.5 |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 4.0 |  |  | $ | 15.2 |  |  | $ | 0.8 |  |  | $ | (1.6) |  |  | $ | 1.6 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 53.1 | % |  | 42.8 | % |  | 50.4 | % |  | 58.1 | % |  | 48.1 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 18.3 |  |  | 10.1 |  |  | 33.9 |  |  | 35.8 |  |  | 39.5 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.0 |  |  | 1.8 |  |  | (0.2) |  |  | 2.3 |  |  | (1.9) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (5.5) |  |  | (3.1) |  |  | — |  |  | (5.4) |  |  | (0.7) |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 66.9 |  |  | 51.6 |  |  | 84.1 |  |  | 90.8 |  |  | 85.0 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 33.6 |  |  | 30.9 |  |  | 31.1 |  |  | 31.0 |  |  | 30.7 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 100.5 | % |  | 82.5 | % |  | 115.2 | % |  | 121.8 | % |  | 115.7 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 53.1 | % |  | 42.8 | % |  | 50.4 | % |  | 58.1 | % |  | 48.1 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 33.6 |  |  | 30.9 |  |  | 31.1 |  |  | 31.0 |  |  | 30.7 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 86.7 | % |  | 73.7 | % |  | 81.5 | % |  | 89.1 | % |  | 78.8 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 100.5 | % |  | 82.5 | % |  | 115.2 | % |  | 121.8 | % |  | 115.7 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 18.3 |  |  | 10.1 |  |  | 33.9 |  |  | 35.8 |  |  | 39.5 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.0 |  |  | 1.8 |  |  | (0.2) |  |  | 2.3 |  |  | (1.9) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (5.5) |  |  | (3.1) |  |  | — |  |  | (5.4) |  |  | (0.7) |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 86.7 | % |  | 73.7 | % |  | 81.5 | % |  | 89.1 | % |  | 78.8 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

21

Kemper Corporation
Preferred Property & Casualty Insurance Segment
Homeowners Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 45.5 |  |  | $ | 49.9 |  |  | $ | 56.1 |  |  | $ | 56.3 |  |  | $ | 46.1 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 51.3 |  |  | $ | 52.7 |  |  | $ | 52.5 |  |  | $ | 51.3 |  |  | $ | 50.8 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 5.4 |  |  | 8.3 |  |  | 7.9 |  |  | 9.6 |  |  | 7.8 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (1.7) |  |  | (1.9) |  |  | (3.1) |  |  | (1.0) |  |  | (2.0) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 55.0 |  |  | 59.1 |  |  | 57.3 |  |  | 59.9 |  |  | 56.6 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 27.5 |  |  | 22.8 |  |  | 26.6 |  |  | 30.5 |  |  | 24.2 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 10.8 |  |  | 6.0 |  |  | 20.4 |  |  | 21.8 |  |  | 22.0 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | (1.6) |  |  | (0.1) |  |  | (0.2) |  |  | 0.2 |  |  | (2.5) |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | (2.8) |  |  | (2.1) |  |  | 0.1 |  |  | (1.8) |  |  | (0.1) |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 33.9 |  |  | 26.6 |  |  | 46.9 |  |  | 50.7 |  |  | 43.6 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 17.5 |  |  | 16.3 |  |  | 16.3 |  |  | 16.1 |  |  | 15.7 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | 3.6 |  |  | 16.2 |  |  | (5.9) |  |  | (6.9) |  |  | (2.7) |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | (0.2) |  |  | (2.4) |  |  | 4.8 |  |  | 2.6 |  |  | 4.1 |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 3.4 |  |  | $ | 13.8 |  |  | $ | (1.1) |  |  | $ | (4.3) |  |  | $ | 1.4 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 53.6 | % |  | 43.3 | % |  | 50.6 | % |  | 59.4 | % |  | 47.6 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 21.1 |  |  | 11.4 |  |  | 38.9 |  |  | 42.5 |  |  | 43.3 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (3.1) |  |  | (0.2) |  |  | (0.4) |  |  | 0.4 |  |  | (4.9) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (5.5) |  |  | (4.0) |  |  | 0.2 |  |  | (3.5) |  |  | (0.2) |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 66.1 |  |  | 50.5 |  |  | 89.3 |  |  | 98.8 |  |  | 85.8 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 34.1 |  |  | 30.9 |  |  | 31.0 |  |  | 31.4 |  |  | 30.9 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 100.2 | % |  | 81.4 | % |  | 120.3 | % |  | 130.2 | % |  | 116.7 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 53.6 | % |  | 43.3 | % |  | 50.6 | % |  | 59.4 | % |  | 47.6 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 34.1 |  |  | 30.9 |  |  | 31.0 |  |  | 31.4 |  |  | 30.9 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 87.7 | % |  | 74.2 | % |  | 81.6 | % |  | 90.8 | % |  | 78.5 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 100.2 | % |  | 81.4 | % |  | 120.3 | % |  | 130.2 | % |  | 116.7 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 21.1 |  |  | 11.4 |  |  | 38.9 |  |  | 42.5 |  |  | 43.3 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (3.1) |  |  | (0.2) |  |  | (0.4) |  |  | 0.4 |  |  | (4.9) |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (5.5) |  |  | (4.0) |  |  | 0.2 |  |  | (3.5) |  |  | (0.2) |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 87.7 | % |  | 74.2 | % |  | 81.6 | % |  | 90.8 | % |  | 78.5 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

22

Kemper Corporation
Preferred Property & Casualty Insurance Segment
Other Personal Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  | $ | 7.7 |  |  | $ | 8.1 |  |  | $ | 8.8 |  |  | $ | 8.9 |  |  | $ | 7.9 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 8.3 |  |  | $ | 8.5 |  |  | $ | 8.6 |  |  | $ | 8.4 |  |  | $ | 8.4 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 1.1 |  |  | 0.9 |  |  | 0.8 |  |  | 0.9 |  |  | 0.8 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (0.3) |  |  | (0.2) |  |  | (0.3) |  |  | (0.1) |  |  | (0.2) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 9.1 |  |  | 9.2 |  |  | 9.1 |  |  | 9.2 |  |  | 9.0 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 4.2 |  |  | 3.4 |  |  | 4.2 |  |  | 4.1 |  |  | 4.2 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.1 |  |  | 0.2 |  |  | 0.3 |  |  | (0.4) |  |  | 1.4 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 2.2 |  |  | 1.2 |  |  | 0.1 |  |  | 1.2 |  |  | 1.4 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | (0.5) |  |  | 0.2 |  |  | (0.1) |  |  | (1.4) |  |  | (0.3) |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 6.0 |  |  | 5.0 |  |  | 4.5 |  |  | 3.5 |  |  | 6.7 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 2.5 |  |  | 2.6 |  |  | 2.7 |  |  | 2.4 |  |  | 2.5 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | 0.6 |  |  | 1.6 |  |  | 1.9 |  |  | 3.3 |  |  | (0.2) |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | — |  |  | (0.2) |  |  | — |  |  | (0.6) |  |  | 0.4 |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 0.6 |  |  | $ | 1.4 |  |  | $ | 1.9 |  |  | $ | 2.7 |  |  | $ | 0.2 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 50.6 | % |  | 39.9 | % |  | 48.8 | % |  | 48.9 | % |  | 50.0 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.2 |  |  | 2.4 |  |  | 3.5 |  |  | (4.8) |  |  | 16.7 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 26.5 |  |  | 14.1 |  |  | 1.2 |  |  | 14.3 |  |  | 16.7 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (6.0) |  |  | 2.4 |  |  | (1.2) |  |  | (16.7) |  |  | (3.6) |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 72.3 |  |  | 58.8 |  |  | 52.3 |  |  | 41.7 |  |  | 79.8 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 30.1 |  |  | 30.6 |  |  | 31.4 |  |  | 28.6 |  |  | 29.8 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 102.4 | % |  | 89.4 | % |  | 83.7 | % |  | 70.3 | % |  | 109.6 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 50.6 | % |  | 39.9 | % |  | 48.8 | % |  | 48.9 | % |  | 50.0 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 30.1 |  |  | 30.6 |  |  | 31.4 |  |  | 28.6 |  |  | 29.8 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 80.7 | % |  | 70.5 | % |  | 80.2 | % |  | 77.5 | % |  | 79.8 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 102.4 | % |  | 89.4 | % |  | 83.7 | % |  | 70.3 | % |  | 109.6 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 1.2 |  |  | 2.4 |  |  | 3.5 |  |  | (4.8) |  |  | 16.7 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 26.5 |  |  | 14.1 |  |  | 1.2 |  |  | 14.3 |  |  | 16.7 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | (6.0) |  |  | 2.4 |  |  | (1.2) |  |  | (16.7) |  |  | (3.6) |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 80.7 | % |  | 70.5 | % |  | 80.2 | % |  | 77.5 | % |  | 79.8 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

23

Kemper Corporation
Life & Health Insurance Segment
Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 161.4 |  |  | $ | 164.2 |  |  | $ | 164.1 |  |  | $ | 164.2 |  |  | $ | 161.0 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 49.4 |  |  | 50.8 |  |  | 48.4 |  |  | 52.4 |  |  | 51.1 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (4.4) |  |  | (3.7) |  |  | (6.1) |  |  | (2.0) |  |  | (4.0) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | — |  |  | (1.6) |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 206.4 |  |  | 209.7 |  |  | 206.5 |  |  | 214.7 |  |  | 208.2 |  |  |  |  |
Policyholders’ Benefits and Incurred Losses and LAE |  |  |  |  |  |  |  | 120.1 |  |  | 116.2 |  |  | 119.5 |  |  | 115.3 |  |  | 118.7 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 85.1 |  |  | 89.5 |  |  | 92.9 |  |  | 86.2 |  |  | 90.3 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | 1.2 |  |  | 4.0 |  |  | (5.9) |  |  | 13.2 |  |  | (0.8) |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | 1.9 |  |  | 1.1 |  |  | 8.7 |  |  | (0.2) |  |  | 8.1 |  |  |  |  |
Segment Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 3.1 |  |  | $ | 5.1 |  |  | $ | 2.8 |  |  | $ | 13.0 |  |  | $ | 7.3 |  |  |  |  |

|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Future Policyholder Benefits |  |  |  |  |  |  |  | $ | 3,467.5 |  |  | $ | 3,454.1 |  |  | $ | 3,436.1 |  |  | $ | 3,466.4 |  |  | $ | 3,448.0 |
Incurred Losses and LAE Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  |  | 63.6 |  |  | 60.7 |  |  | 62.3 |  |  | 58.8 |  |  | 68.1 |
Accident and Health |  |  |  |  |  |  |  | 25.2 |  |  | 26.1 |  |  | 25.7 |  |  | 26.4 |  |  | 25.5 |
Property |  |  |  |  |  |  |  | 3.1 |  |  | 3.6 |  |  | 7.4 |  |  | 4.4 |  |  | 5.4 |
Total Incurred Losses and LAE Reserves |  |  |  |  |  |  |  | 91.9 |  |  | 90.4 |  |  | 95.4 |  |  | 89.6 |  |  | 99.0 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 3,559.4 |  |  | $ | 3,544.5 |  |  | $ | 3,531.5 |  |  | $ | 3,556.0 |  |  | $ | 3,547.0 |

24

Kemper Corporation
Life & Health Insurance Segment
Life Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 101.3 |  |  | $ | 101.5 |  |  | $ | 101.5 |  |  | $ | 100.6 |  |  | $ | 98.1 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 47.9 |  |  | 49.3 |  |  | 47.0 |  |  | 50.9 |  |  | 49.6 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (4.0) |  |  | (3.5) |  |  | (5.8) |  |  | (1.9) |  |  | (3.8) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | — |  |  | (1.6) |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 145.2 |  |  | 145.7 |  |  | 142.7 |  |  | 149.6 |  |  | 143.9 |  |  |  |  |
Policyholders’ Benefits and Incurred Losses and LAE |  |  |  |  |  |  |  | 90.6 |  |  | 88.2 |  |  | 87.3 |  |  | 81.9 |  |  | 87.9 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 57.4 |  |  | 60.5 |  |  | 61.5 |  |  | 55.6 |  |  | 58.0 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | (2.8) |  |  | (3.0) |  |  | (6.1) |  |  | 12.1 |  |  | (2.0) |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | 2.6 |  |  | 2.4 |  |  | 8.4 |  |  | (0.1) |  |  | 8.0 |  |  |  |  |
Total Product Line Operating Income (Loss) |  |  |  |  |  |  |  | $ | (0.2) |  |  | $ | (0.6) |  |  | $ | 2.3 |  |  | $ | 12.0 |  |  | $ | 6.0 |  |  |  |  |

Kemper Corporation
Life & Health Insurance Segment
Accident & Health Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 45.8 |  |  | $ | 47.6 |  |  | $ | 47.0 |  |  | $ | 47.9 |  |  | $ | 47.4 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 0.7 |  |  | 0.9 |  |  | 0.9 |  |  | 0.8 |  |  | 1.0 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  |  |  |
Other Income |  |  |  |  |  |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 46.4 |  |  | 48.4 |  |  | 47.9 |  |  | 48.8 |  |  | 48.4 |  |  |  |  |
Policyholders’ Benefits and Incurred Losses and LAE |  |  |  |  |  |  |  | 23.5 |  |  | 21.9 |  |  | 22.9 |  |  | 26.8 |  |  | 24.5 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 20.8 |  |  | 21.5 |  |  | 23.5 |  |  | 22.2 |  |  | 24.4 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | 2.1 |  |  | 5.0 |  |  | 1.5 |  |  | (0.2) |  |  | (0.5) |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | (0.4) |  |  | (1.0) |  |  | (0.2) |  |  | 0.1 |  |  | 0.2 |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 1.7 |  |  | $ | 4.0 |  |  | $ | 1.3 |  |  | $ | (0.1) |  |  | $ | (0.3) |  |  |  |  |

25

Kemper Corporation
Life & Health Insurance Segment
Property Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 14.3 |  |  | $ | 15.1 |  |  | $ | 15.6 |  |  | $ | 15.7 |  |  | $ | 15.5 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 0.8 |  |  | 0.6 |  |  | 0.5 |  |  | 0.7 |  |  | 0.5 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | (0.3) |  |  | (0.1) |  |  | (0.2) |  |  | (0.1) |  |  | (0.1) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 14.8 |  |  | 15.6 |  |  | 15.9 |  |  | 16.3 |  |  | 15.9 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 4.1 |  |  | 3.2 |  |  | 3.6 |  |  | 4.2 |  |  | 3.2 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.4 |  |  | 2.9 |  |  | 5.7 |  |  | 2.5 |  |  | 1.9 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.6 |  |  | — |  |  | 0.4 |  |  | 0.1 |  |  | 0.7 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  | 0.9 |  |  | — |  |  | (0.4) |  |  | (0.2) |  |  | 0.5 |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  | 6.0 |  |  | 6.1 |  |  | 9.3 |  |  | 6.6 |  |  | 6.3 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 6.9 |  |  | 7.5 |  |  | 7.9 |  |  | 8.4 |  |  | 7.9 |  |  |  |  |
Operating Income (Loss) |  |  |  |  |  |  |  | 1.9 |  |  | 2.0 |  |  | (1.3) |  |  | 1.3 |  |  | 1.7 |  |  |  |  |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  | (0.3) |  |  | (0.3) |  |  | 0.5 |  |  | (0.2) |  |  | (0.1) |  |  |  |  |
Total Product Line Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 1.6 |  |  | $ | 1.7 |  |  | $ | (0.8) |  |  | $ | 1.1 |  |  | $ | 1.6 |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 28.7 | % |  | 21.2 | % |  | 23.1 | % |  | 26.8 | % |  | 20.6 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 2.8 |  |  | 19.2 |  |  | 36.5 |  |  | 15.9 |  |  | 12.3 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 4.2 |  |  | — |  |  | 2.6 |  |  | 0.6 |  |  | 4.5 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 6.3 |  |  | — |  |  | (2.6) |  |  | (1.3) |  |  | 3.2 |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  | 42.0 |  |  | 40.4 |  |  | 59.6 |  |  | 42.0 |  |  | 40.6 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 48.3 |  |  | 49.7 |  |  | 50.6 |  |  | 53.5 |  |  | 51.0 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 90.3 | % |  | 90.1 | % |  | 110.2 | % |  | 95.5 | % |  | 91.6 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 28.7 | % |  | 21.2 | % |  | 23.1 | % |  | 26.8 | % |  | 20.6 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  | 48.3 |  |  | 49.7 |  |  | 50.6 |  |  | 53.5 |  |  | 51.0 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 77.0 | % |  | 70.9 | % |  | 73.7 | % |  | 80.3 | % |  | 71.6 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  | 90.3 | % |  | 90.1 | % |  | 110.2 | % |  | 95.5 | % |  | 91.6 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 2.8 |  |  | 19.2 |  |  | 36.5 |  |  | 15.9 |  |  | 12.3 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 4.2 |  |  | — |  |  | 2.6 |  |  | 0.6 |  |  | 4.5 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  | 6.3 |  |  | — |  |  | (2.6) |  |  | (1.3) |  |  | 3.2 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  | 77.0 | % |  | 70.9 | % |  | 73.7 | % |  | 80.3 | % |  | 71.6 | % |  |  |  |
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

26

Kemper Corporation
Expenses
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Insurance Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  |  |  |  |  |  |  | $ | 191.9 |  |  | $ | 192.3 |  |  | $ | 210.0 |  |  | $ | 220.1 |  |  | $ | 195.2 |  |  |  |  |
General Expenses |  |  |  |  |  |  |  | 87.1 |  |  | 87.5 |  |  | 85.1 |  |  | 82.3 |  |  | 84.6 |  |  |  |  |
Premium Taxes |  |  |  |  |  |  |  | 25.4 |  |  | 25.2 |  |  | 26.5 |  |  | 27.2 |  |  | 25.4 |  |  |  |  |
Total Costs Incurred |  |  |  |  |  |  |  | 304.4 |  |  | 305.0 |  |  | 321.6 |  |  | 329.6 |  |  | 305.2 |  |  |  |  |
Net Policy Acquisition Costs Deferred |  |  |  |  |  |  |  | (2.5) |  |  | (1.0) |  |  | (23.8) |  |  | (41.1) |  |  | (22.4) |  |  |  |  |
Amortization of Valuation of Business Acquired ("VOBA") |  |  |  |  |  |  |  | 2.1 |  |  | 5.1 |  |  | 13.5 |  |  | 25.5 |  |  | 0.9 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 304.0 |  |  | 309.1 |  |  | 311.3 |  |  | 314.0 |  |  | 283.7 |  |  |  |  |
Loss from Early Extinguishment of Debt |  |  |  |  |  |  |  | 3.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Interest and Other Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  |  |  |  |  |  | 12.7 |  |  | 10.6 |  |  | 10.7 |  |  | 11.2 |  |  | 11.1 |  |  |  |  |
Other Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition Related Transaction, Integration and Other Costs |  |  |  |  |  |  |  | 4.7 |  |  | 9.2 |  |  | 8.0 |  |  | 10.4 |  |  | 16.3 |  |  |  |  |
Other |  |  |  |  |  |  |  | 36.7 |  |  | 36.4 |  |  | 33.2 |  |  | 32.5 |  |  | 29.8 |  |  |  |  |
Other Expenses |  |  |  |  |  |  |  | 41.4 |  |  | 45.6 |  |  | 41.2 |  |  | 42.9 |  |  | 46.1 |  |  |  |  |
Interest and Other Expenses |  |  |  |  |  |  |  | 54.1 |  |  | 56.2 |  |  | 51.9 |  |  | 54.1 |  |  | 57.2 |  |  |  |  |
Total Expenses |  |  |  |  |  |  |  | $ | 361.8 |  |  | $ | 365.3 |  |  | $ | 363.2 |  |  | $ | 368.1 |  |  | $ | 340.9 |  |  |  |  |

27

Kemper Corporation
Details of Investment Performance
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on Fixed Income Securities |  |  |  |  |  |  |  | $ | 68.7 |  |  | $ | 70.6 |  |  | $ | 68.4 |  |  | $ | 69.7 |  |  | $ | 69.0 |  |  |  |  |
Dividends on Equity Securities Excluding Alternative Investments |  |  |  |  |  |  |  | 1.5 |  |  | 6.1 |  |  | 2.9 |  |  | 4.8 |  |  | 2.1 |  |  |  |  |
Alternative Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Method Limited Liability Investments |  |  |  |  |  |  |  | 13.3 |  |  | 5.8 |  |  | 12.0 |  |  | 16.4 |  |  | 22.5 |  |  |  |  |
Limited Liability Investments Included in Equity Securities |  |  |  |  |  |  |  | 7.6 |  |  | 17.6 |  |  | 9.5 |  |  | 15.3 |  |  | 4.5 |  |  |  |  |
Total Alternative Investments |  |  |  |  |  |  |  | 20.9 |  |  | 23.4 |  |  | 21.5 |  |  | 31.7 |  |  | 27.0 |  |  |  |  |
Short-term Investments |  |  |  |  |  |  |  | 0.1 |  |  | 0.4 |  |  | 0.2 |  |  | (0.8) |  |  | 1.2 |  |  |  |  |
Loans to Policyholders |  |  |  |  |  |  |  | 5.5 |  |  | 5.4 |  |  | 5.4 |  |  | 5.4 |  |  | 5.5 |  |  |  |  |
Real Estate |  |  |  |  |  |  |  | 2.2 |  |  | 2.2 |  |  | 2.3 |  |  | 2.4 |  |  | 2.4 |  |  |  |  |
Other |  |  |  |  |  |  |  | 10.0 |  |  | 9.3 |  |  | 9.1 |  |  | 9.3 |  |  | 4.7 |  |  |  |  |
Total Investment Income |  |  |  |  |  |  |  | 108.9 |  |  | 117.4 |  |  | 109.8 |  |  | 122.5 |  |  | 111.9 |  |  |  |  |
Investment Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  |  |  |  |  |  |  | 2.5 |  |  | 2.9 |  |  | 2.6 |  |  | 2.1 |  |  | 2.1 |  |  |  |  |
Other Investment Expenses |  |  |  |  |  |  |  | 6.4 |  |  | 6.1 |  |  | 5.3 |  |  | 6.5 |  |  | 6.7 |  |  |  |  |
Total Investment Expenses |  |  |  |  |  |  |  | 8.9 |  |  | 9.0 |  |  | 7.9 |  |  | 8.6 |  |  | 8.8 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | $ | 100.0 |  |  | $ | 108.4 |  |  | $ | 101.9 |  |  | $ | 113.9 |  |  | $ | 103.1 |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on Sales |  |  |  |  |  |  |  | $ | 0.4 |  |  | $ | 20.7 |  |  | $ | 10.3 |  |  | $ | 19.2 |  |  | $ | 13.2 |  |  |  |  |
Losses on Sales |  |  |  |  |  |  |  | (0.8) |  |  | (0.4) |  |  | (0.4) |  |  | (0.2) |  |  | (1.1) |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on Sales |  |  |  |  |  |  |  | 2.0 |  |  | 2.3 |  |  | 0.1 |  |  | — |  |  | 1.7 |  |  |  |  |
Losses on Sales |  |  |  |  |  |  |  | (0.1) |  |  | (0.5) |  |  | (0.2) |  |  | — |  |  | — |  |  |  |  |
Equity Method Limited Liability Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on Sales |  |  |  |  |  |  |  | — |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  |  |  |
Losses on Sales |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on Sales |  |  |  |  |  |  |  | — |  |  | — |  |  | (0.1) |  |  | 0.2 |  |  | — |  |  |  |  |
Losses on Sales |  |  |  |  |  |  |  | — |  |  | (0.4) |  |  | — |  |  | — |  |  | — |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  | $ | 1.5 |  |  | $ | 21.7 |  |  | $ | 10.1 |  |  | $ | 19.2 |  |  | $ | 13.8 |  |  |  |  |
Net Impairment Losses Recognized in Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities |  |  |  |  |  |  |  | $ | (8.9) |  |  | $ | (3.1) |  |  | $ | 0.5 |  |  | $ | (0.6) |  |  | $ | (3.2) |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  | — |  |  | (0.1) |  |  | (0.7) |  |  | (2.6) |  |  | (0.8) |  |  |  |  |
Real Estate |  |  |  |  |  |  |  | — |  |  | — |  |  | (0.4) |  |  | — |  |  | — |  |  |  |  |
Net Impairment Losses Recognized in Earnings |  |  |  |  |  |  |  | $ | (8.9) |  |  | $ | (3.2) |  |  | $ | (0.6) |  |  | $ | (3.2) |  |  | $ | (4.0) |  |  |  |  |

28

Kemper Corporation
Details of Invested Assets
(Dollars in Millions)
(Unaudited)

|  | Mar 31, 2022 |  | Dec 31, 2021 |  | Dec 31, 2020
|  | Carrying Value |  | Percent of Total 1 |  | Carrying Value |  | Percent of Total 1 |  | Carrying Value |  | Percent of Total 1
Fixed Maturities Reported at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and Government Agencies and Authorities |  | $ | 630.4 |  |  | 6.3 | % |  | $ | 637.4 |  |  | 6.1 | % |  | $ | 585.3 |  |  | 5.6 | %
States and Political Subdivisions |  | 1,770.2 |  |  | 17.8 |  |  | 1,890.1 |  |  | 18.2 |  |  | 1,589.5 |  |  | 15.2 |
Foreign Governments |  | 5.0 |  |  | 0.1 |  |  | 5.5 |  |  | 0.1 |  |  | 5.2 |  |  | — |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 4,156.1 |  |  | 41.7 |  |  | 4,386.9 |  |  | 42.2 |  |  | 4,425.4 |  |  | 42.5 |
Redeemable Preferred Stocks |  | 6.8 |  |  | 0.1 |  |  | 7.4 |  |  | 0.1 |  |  | 7.5 |  |  | 0.1 |
Collateralized Loan Obligations |  | 897.9 |  |  | 9.0 |  |  | 752.1 |  |  | 7.2 |  |  | 767.7 |  |  | 7.4 |
Other Mortgage- and Asset-backed |  | 317.5 |  |  | 3.2 |  |  | 307.5 |  |  | 3.0 |  |  | 225.3 |  |  | 2.2 |
Total Fixed Maturities Reported at Fair Value |  | 7,783.9 |  |  | 78.2 |  |  | 7,986.9 |  |  | 76.9 |  |  | 7,605.9 |  |  | 73.0 |
Equity Securities Reported at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  | 49.4 |  |  | 0.5 |  |  | 51.8 |  |  | 0.5 |  |  | 59.1 |  |  | 0.6 |
Common Stocks |  | 2.7 |  |  | — |  |  | 21.8 |  |  | 0.2 |  |  | 10.8 |  |  | 0.1 |
Other Equity Interests: |  |  |  |  |  |  |  |  |  |  |  |
Exchange Traded Funds |  | 201.6 |  |  | 2.0 |  |  | 432.0 |  |  | 4.2 |  |  | 496.6 |  |  | 4.8 |
Limited Liability Companies and Limited Partnerships |  | 317.8 |  |  | 3.2 |  |  | 325.0 |  |  | 3.1 |  |  | 292.0 |  |  | 2.8 |
Total Equity Securities Reported at Fair Value |  | 571.5 |  |  | 5.7 |  |  | 830.6 |  |  | 8.0 |  |  | 858.5 |  |  | 8.2 |
Equity Securities Reported at Modified Cost: |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  | 7.1 |  |  | 0.1 |  |  | 7.1 |  |  | 0.1 |  |  | 8.1 |  |  | 0.1 |
Common Stocks |  | 20.5 |  |  | 0.2 |  |  | 17.4 |  |  | 0.2 |  |  | 16.3 |  |  | 0.2 |
Limited Liability Companies and Limited Partnerships |  | 7.6 |  |  | 0.1 |  |  | 7.8 |  |  | 0.1 |  |  | 15.7 |  |  | 0.2 |
Total Equity Securities Reported at Modified Cost |  | 35.2 |  |  | 0.4 |  |  | 32.3 |  |  | 0.4 |  |  | 40.1 |  |  | 0.5 |
Convertible Securities at Fair Value |  | 46.1 |  |  | 0.5 |  |  | 46.4 |  |  | 0.4 |  |  | 39.9 |  |  | 0.4 |
Equity Method Limited Liability Investments |  | 230.0 |  |  | 2.3 |  |  | 241.9 |  |  | 2.3 |  |  | 204.0 |  |  | 2.0 |
Alternative Energy Partnership Investments |  | 22.4 |  |  | 0.2 |  |  | 39.6 |  |  | 0.4 |  |  | 21.3 |  |  | 0.2 |
Short-term Investments at Cost which Approximates Fair Value |  | 243.8 |  |  | 2.4 |  |  | 284.1 |  |  | 2.7 |  |  | 875.4 |  |  | 8.4 |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |
Company Owned Life Insurance |  | 556.4 |  |  | 5.6 |  |  | 448.1 |  |  | 4.3 |  |  | 327.4 |  |  | 3.1 |
Loans to Policyholders at Unpaid Principal |  | 284.7 |  |  | 2.9 |  |  | 286.2 |  |  | 2.8 |  |  | 297.9 |  |  | 2.9 |
Real Estate at Depreciated Cost |  | 93.3 |  |  | 0.9 |  |  | 94.0 |  |  | 0.9 |  |  | 98.7 |  |  | 0.9 |
Mortgage Loans |  | 99.8 |  |  | 1.0 |  |  | 96.8 |  |  | 0.9 |  |  | 54.6 |  |  | 0.5 |
Other |  | 1.0 |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.4 |  |  | — |
Total Other Investments |  | 1,035.2 |  |  | 10.4 |  |  | 925.6 |  |  | 8.9 |  |  | 779.0 |  |  | 7.4 |
Total Investments |  | $ | 9,968.1 |  |  | 100.0 | % |  | $ | 10,387.4 |  |  | 100.0 | % |  | $ | 10,424.1 |  |  | 100.0 | %
1 Sum of percentages for individual lines may not equal subtotals and grand total due to rounding. |  |  |  |  |  |

29

Kemper Corporation
Details of Invested Assets (continued)
(Dollars in Millions)
(Unaudited)

|  | Mar 31, 2022 |  | Dec 31, 2021 |  | Dec 31, 2020
|  | Carrying Value |  | Percent of Total 1 |  | Carrying Value |  | Percent of Total 1 |  | Carrying Value |  | Percent of Total 1
S&P Equivalent Rating for Fixed Maturities |  |  |  |  |  |  |  |  |  |  |  |
AAA, AA, A |  | $ | 5,302.9 |  |  | 68.1 | % |  | $ | 5,351.6 |  |  | 67.0 | % |  | $ | 4,759.9 |  |  | 62.6 | %
BBB |  | 2,087.4 |  |  | 26.8 |  |  | 2,215.1 |  |  | 27.7 |  |  | 2,355.6 |  |  | 31.0 |
BB, B |  | 307.0 |  |  | 4.0 |  |  | 331.0 |  |  | 4.2 |  |  | 353.1 |  |  | 4.6 |
CCC or Lower |  | 86.6 |  |  | 1.1 |  |  | 89.2 |  |  | 1.1 |  |  | 137.3 |  |  | 1.8 |
Total Investments in Fixed Maturities |  | $ | 7,783.9 |  |  | 100.0 | % |  | $ | 7,986.9 |  |  | 100.0 | % |  | $ | 7,605.9 |  |  | 100.0 | %
Duration (in Years) |  |  |  |  |  |  |  |  |  |  |  |
Total Investments in Fixed Maturities |  | 8.1 |  |  |  |  | 8.5 |  |  |  |  | 7.8 |  |  |
1 Sum of percentages for individual lines may not equal subtotals and grand total due to rounding. |  |  |  |  |  |

30

Kemper Corporation
Investment Concentration
(Dollars in Millions)
(Unaudited)

|  | Mar 31, 2022 |  | Dec 31, 2021 |  | Dec 31, 2020
Fair Value of Non-governmental Fixed Maturities by Industry |  | Amount |  | Percent of Total Investments |  | Amount |  | Percent of Total Investments |  | Amount |  | Percent of Total Investments
Finance, Insurance and Real Estate |  | $ | 2,135.8 |  |  | 21.4 | % |  | $ | 1,996.7 |  |  | 19.2 | % |  | $ | 1,916.3 |  |  | 18.4 | %
Manufacturing |  | 1,445.9 |  |  | 14.5 |  |  | 1,571.0 |  |  | 15.1 |  |  | 1,633.5 |  |  | 15.7 |
Transportation, Communication and Utilities |  | 769.1 |  |  | 7.7 |  |  | 815.8 |  |  | 7.9 |  |  | 825.5 |  |  | 7.9 |
Services |  | 597.7 |  |  | 6.0 |  |  | 617.5 |  |  | 5.9 |  |  | 581.3 |  |  | 5.6 |
Mining |  | 239.0 |  |  | 2.4 |  |  | 254.3 |  |  | 2.4 |  |  | 285.7 |  |  | 2.7 |
Retail Trade |  | 162.4 |  |  | 1.6 |  |  | 171.4 |  |  | 1.7 |  |  | 172.6 |  |  | 1.7 |
Construction |  | 20.4 |  |  | 0.2 |  |  | 13.1 |  |  | 0.1 |  |  | — |  |  | — |
Wholesale Trade |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 7.9 |  |  | 0.1 |  |  | 14.1 |  |  | 0.1 |  |  | 11.0 |  |  | 0.1 |
Total Fair Value of Non-governmental Fixed Maturities |  | $ | 5,378.4 |  |  | 53.9 | % |  | $ | 5,453.9 |  |  | 52.4 | % |  | $ | 5,425.9 |  |  | 52.1 | %

|  |  |  | Mar 31, 2022
Ten Largest Investment Exposures 1 |  | Fair Value |  | Percent of Total Investments
Fixed Maturities: |  |  |  |
States including their Political Subdivisions: |  |  |  |
Texas |  | $ | 136.6 |  |  | 1.4 | %
California |  | 103.7 |  |  | 1.0 |
New York |  | 91.4 |  |  | 0.9 |
Georgia |  | 89.8 |  |  | 0.9 |
Michigan |  | 76.6 |  |  | 0.8 |
Florida |  | 70.8 |  |  | 0.7 |
Louisiana |  | 69.7 |  |  | 0.7 |
Colorado |  | 65.2 |  |  | 0.7 |
Equity Securities at Fair Value—Other Equity Interests: |  |  |  |
Vanguard Total World Stock ETF |  |  |  | 112.1 |  |  | 1.1 |
iShares® Core MSCI Total International Stock ETF |  | 75.6 |  |  | 0.8 |
Total |  | $ | 891.5 |  |  | 9.0 | %

1 Excluding Investments in U.S. Government and Government Agencies and Authorities at March 31, 2022.
31

Kemper Corporation
Municipal Bond Securities
(Dollars in Millions)
(Unaudited)

|  | Mar 31, 2022
|  | State General Obligation |  | Political Subdivision General Obligation |  | Revenue |  | Total Fair Value |  | Percent of Total Muni Bond 1 |  | Percent of Total Investments 1
Texas |  | $ | 22.2 |  |  | $ | 108.3 |  |  | $ | 6.1 |  |  | $ | 136.6 |  |  | 7.7 | % |  | 1.4 | %
California |  | 12.3 |  |  | 84.7 |  |  | 6.8 |  |  | 103.8 |  |  | 5.9 |  |  | 1.0 |
New York |  | 8.3 |  |  | 77.4 |  |  | 5.8 |  |  | 91.5 |  |  | 5.2 |  |  | 0.9 |
Georgia |  | 8.0 |  |  | 76.9 |  |  | 4.9 |  |  | 89.8 |  |  | 5.1 |  |  | 0.9 |
Michigan |  | — |  |  | 62.5 |  |  | 14.0 |  |  | 76.5 |  |  | 4.3 |  |  | 0.8 |
Florida |  | — |  |  | 70.8 |  |  | — |  |  | 70.8 |  |  | 4.0 |  |  | 0.7 |
Louisiana |  | 5.5 |  |  | 29.3 |  |  | 35.0 |  |  | 69.8 |  |  | 3.9 |  |  | 0.7 |
Colorado |  | — |  |  | 65.2 |  |  | — |  |  | 65.2 |  |  | 3.7 |  |  | 0.7 |
Pennsylvania |  | 3.3 |  |  | 53.6 |  |  | 5.6 |  |  | 62.5 |  |  | 3.5 |  |  | 0.6 |
Virginia |  | 15.5 |  |  | 35.6 |  |  | 6.5 |  |  | 57.6 |  |  | 3.3 |  |  | 0.6 |
Washington |  | 1.5 |  |  | 37.7 |  |  | 17.1 |  |  | 56.3 |  |  | 3.2 |  |  | 0.6 |
Oregon |  | 2.6 |  |  | 23.7 |  |  | 29.7 |  |  | 56.0 |  |  | 3.2 |  |  | 0.6 |
Massachusetts |  | 1.4 |  |  | 48.2 |  |  | 5.9 |  |  | 55.5 |  |  | 3.1 |  |  | 0.6 |
Maryland |  | 7.8 |  |  | 38.1 |  |  | 2.0 |  |  | 47.9 |  |  | 2.7 |  |  | 0.5 |
Illinois |  | 0.6 |  |  | 41.6 |  |  | — |  |  | 42.2 |  |  | 2.4 |  |  | 0.4 |
Minnesota |  | 2.2 |  |  | 38.7 |  |  | — |  |  | 40.9 |  |  | 2.3 |  |  | 0.4 |
Ohio |  | — |  |  | 34.8 |  |  | 5.8 |  |  | 40.6 |  |  | 2.3 |  |  | 0.4 |
Tennessee |  | 10.7 |  |  | 26.4 |  |  | 3.3 |  |  | 40.4 |  |  | 2.3 |  |  | 0.4 |
Indiana |  | — |  |  | 36.4 |  |  | — |  |  | 36.4 |  |  | 2.1 |  |  | 0.4 |
New Mexico |  | — |  |  | 34.7 |  |  | — |  |  | 34.7 |  |  | 2.0 |  |  | 0.3 |
Utah |  | — |  |  | 34.1 |  |  | — |  |  | 34.1 |  |  | 1.9 |  |  | 0.3 |
Connecticut |  | — |  |  | 17.3 |  |  | 14.7 |  |  | 32.0 |  |  | 1.8 |  |  | 0.3 |
Missouri |  | 1.2 |  |  | 29.5 |  |  | — |  |  | 30.7 |  |  | 1.7 |  |  | 0.3 |
District of Columbia |  | — |  |  | 21.8 |  |  | 6.5 |  |  | 28.3 |  |  | 1.6 |  |  | 0.3 |
Rhode Island |  | 1.7 |  |  | 22.8 |  |  | — |  |  | 24.5 |  |  | 1.4 |  |  | 0.2 |
Mississippi |  | — |  |  | 10.2 |  |  | 13.6 |  |  | 23.8 |  |  | 1.3 |  |  | 0.2 |
Arizona |  | 0.8 |  |  | 22.3 |  |  | — |  |  | 23.1 |  |  | 1.3 |  |  | 0.2 |
North Carolina |  | 1.9 |  |  | 21.1 |  |  | — |  |  | 23.0 |  |  | 1.3 |  |  | 0.2 |
Hawaii |  | 4.1 |  |  | 3.6 |  |  | 15.1 |  |  | 22.8 |  |  | 1.3 |  |  | 0.2 |
Nebraska |  | 7.3 |  |  | 11.1 |  |  | — |  |  | 18.4 |  |  | 1.0 |  |  | 0.2 |
Arkansas |  | — |  |  | — |  |  | 18.3 |  |  | 18.3 |  |  | 1.0 |  |  | 0.2 |
South Carolina |  | — |  |  | 18.0 |  |  | — |  |  | 18.0 |  |  | 1.0 |  |  | 0.2 |
New Hampshire |  | 0.5 |  |  | 16.8 |  |  | — |  |  | 17.3 |  |  | 1.0 |  |  | 0.2 |
Iowa |  | — |  |  | 16.6 |  |  | — |  |  | 16.6 |  |  | 0.9 |  |  | 0.2 |
Kentucky |  | — |  |  | 16.0 |  |  | — |  |  | 16.0 |  |  | 0.9 |  |  | 0.2 |
Alabama |  | — |  |  | 15.8 |  |  | — |  |  | 15.8 |  |  | 0.9 |  |  | 0.2 |
North Dakota |  | — |  |  | 14.6 |  |  | — |  |  | 14.6 |  |  | 0.8 |  |  | 0.1 |
Oklahoma |  | — |  |  | 14.3 |  |  | — |  |  | 14.3 |  |  | 0.8 |  |  | 0.1 |
South Dakota |  | — |  |  | 11.7 |  |  | — |  |  | 11.7 |  |  | 0.7 |  |  | 0.1 |
All Other States |  | 10.2 |  |  | 79.3 |  |  | 2.7 |  |  | 92.2 |  |  | 5.2 |  |  | 0.9 |
Total |  | $ | 129.6 |  |  | $ | 1,421.5 |  |  | $ | 219.4 |  |  | $ | 1,770.5 |  |  | 100.0 | % |  | 17.8 | %
1 Sum of percentages for individual lines may not equal total due to rounding. |  |  |  |  |  |

32

Kemper Corporation
Investments in Limited Liability
Companies and Limited Partnerships
(Dollars in Millions)
(Unaudited)

|  | Unfunded Commitment |  | Reported Value
Asset Class |  | Mar 31, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021
Reported as Equity Method Limited Liability Investments: |  |  |  |  |  |
Mezzanine Debt |  | $ | 40.2 |  |  | $ | 121.0 |  |  | $ | 120.0 |
Senior Debt |  | 49.0 |  |  | 25.8 |  |  | 27.5 |
Distressed Debt |  | — |  |  | 18.9 |  |  | 21.7 |
Secondary Transactions |  | 2.1 |  |  | 12.9 |  |  | 11.7 |
Leveraged Buyout |  | 0.9 |  |  | 9.2 |  |  | 8.7 |
Growth Equity |  | — |  |  | 1.3 |  |  | 0.7 |
Real Estate |  | — |  |  | 29.7 |  |  | 29.9 |
Hedge Fund |  | — |  |  | 0.5 |  |  | 8.7 |
Other |  | — |  |  | 10.7 |  |  | 13.0 |
Total Equity Method Limited Liability Investments |  | 92.2 |  |  | 230.0 |  |  | 241.9 |
Alternative Energy Partnership Investments |  | — |  |  | 22.4 |  |  | 39.6 |
Reported as Other Equity Interests at Fair Value: |  |  |  |  |  |
Mezzanine Debt |  | 52.5 |  |  | 131.8 |  |  | 129.3 |
Senior Debt |  | 15.7 |  |  | 30.2 |  |  | 29.9 |
Distressed Debt |  | 18.6 |  |  | 45.2 |  |  | 44.9 |
Secondary Transactions |  | 5.6 |  |  | 3.7 |  |  | 4.0 |
Hedge Funds |  | — |  |  | 68.1 |  |  | 82.7 |
Leveraged Buyout |  | 8.3 |  |  | 34.8 |  |  | 32.2 |
Growth Equity |  | 0.5 |  |  | 4.0 |  |  | 2.0 |
Total Reported as Other Equity Interests at Fair Value |  | 101.2 |  |  | 317.8 |  |  | 325.0 |
Reported as Other Equity Interests at Modified Cost: |  |  |  |  |  |
Other |  | — |  |  | 7.6 |  |  | 7.7 |
Total Reported as Other Equity Interests at Modified Cost |  | — |  |  | 7.6 |  |  | 7.7 |
Total Investments in Limited Liability Companies and Limited Partnerships |  | $ | 193.4 |  |  | $ | 577.8 |  |  | $ | 614.2 |

33

Kemper Corporation
Definitions of Non-GAAP Financial Measures
The Company believes that investors’ understanding of Kemper’s performance is enhanced by the disclosure of the following non-GAAP financial measures. The methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.
Book Value Per Share Excluding Goodwill is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity excluding goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. Book Value Per Share Excluding Goodwill is a common measure used by analysts and investors to compare similar companies.
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized (gains) losses on fixed income securities by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized (gains) losses on fixed income securities in conjunction with book value per share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized (gains) losses on fixed income securities and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized (gains) losses on fixed income securities and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.
Adjusted Consolidated Net Operating Income (Loss) is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) the after-tax impact of:
(i) Income (Loss) from Change in Fair Value of Equity and Convertible Securities;
(ii) Net Realized Gains or Losses on Sales of Investments;
(iii) Impairment Losses;
(iv) Acquisition Related Transaction, Integration and Other Costs;
(v) Debt Extinguishment, Pension and Other Charges; and
(vi) Significant non-recurring or infrequent items that may not be indicative of ongoing operations
Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss). There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three months ended March 31, 2022 or 2021.
The Company believes that Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Income (Loss) from Change in Fair Value of Equity and Convertible Securities, Net Realized Gains or Losses on Sales of Investments and Impairment Losses related to investments included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition Related Transaction and Integration Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the overall profitability of the Company’s businesses.
34

Kemper Corporation
Definitions of Non-GAAP Financial Measures (continued)
A reconciliation of Net Income (Loss) to Adjusted Consolidated Net Operating Income is presented below:

|  |  |  |  |  |  |  | Three Months Ended |  |
Dollars in Millions (Unaudited) |  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | $ | (94.8) |  |  | $ | (105.8) |  |  | $ | (75.3) |  |  | $ | (62.6) |  |  | $ | 123.2 |  |  |  |  |
Less Net Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | (22.3) |  |  | 17.5 |  |  | (0.5) |  |  | 32.3 |  |  | 41.2 |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  | 1.2 |  |  | 17.2 |  |  | 7.9 |  |  | 15.2 |  |  | 10.9 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (7.0) |  |  | (2.5) |  |  | (0.5) |  |  | (2.5) |  |  | (3.2) |  |  |  |  |
Acquisition Related Transaction, Integration and Other Costs |  |  |  |  |  |  |  | (3.7) |  |  | (7.2) |  |  | (6.4) |  |  | (8.2) |  |  | (12.9) |  |  |  |  |
Debt Extinguishment, Pension and Other Charges |  |  |  |  |  |  |  | (2.9) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | (60.1) |  |  | $ | (130.8) |  |  | $ | (75.8) |  |  | $ | (99.4) |  |  | $ | 87.2 |  |  |  |  |

Adjusted Consolidated Net Operating Income Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net Income (Loss) Per Unrestricted Share ‐ basic. A reconciliation of Net Income (Loss) Per Unrestricted Share-basic to Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share-basic is presented below:

|  |  |  |  |  |  |  | Three Months Ended |  |
(Unaudited) |  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Net Income (Loss) Per Unrestricted Share |  |  |  |  |  |  |  | $ | (1.49) |  |  | $ | (1.66) |  |  | $ | (1.18) |  |  | $ | (0.97) |  |  | $ | 1.88 |  |  |  |  |
Less Net Income (Loss) Per Unrestricted Share From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | (0.35) |  |  | 0.27 |  |  | (0.01) |  |  | 0.50 |  |  | 0.63 |  |  |  |  |
Net Realized Gains (Losses) on Sales of Investments |  |  |  |  |  |  |  | 0.02 |  |  | 0.27 |  |  | 0.13 |  |  | 0.24 |  |  | 0.17 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (0.11) |  |  | (0.04) |  |  | (0.01) |  |  | (0.04) |  |  | (0.05) |  |  |  |  |
Acquisition Related Transaction and Integration Costs |  |  |  |  |  |  |  | (0.06) |  |  | (0.11) |  |  | (0.10) |  |  | (0.13) |  |  | (0.20) |  |  |  |  |
Debt Extinguishment, Pension and Other Charges |  |  |  |  |  |  |  | (0.05) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share |  |  |  |  |  |  |  | $ | (0.94) |  |  | $ | (2.05) |  |  | $ | (1.19) |  |  | $ | (1.54) |  |  | $ | 1.33 |  |  |  |  |

Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.
The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.
35

Kemper Corporation
As Adjusted for Acquisitions Non-GAAP Financial Measure
As Adjusted for Acquisitions amounts are non-GAAP financial measures. Subsequent to the applicable acquisitions, the As Adjusted for Acquisitions amounts are computed by subtracting the impact of purchase accounting adjustments from the comparable consolidated GAAP financial measure reported by Kemper. The Company believes computing and presenting results on an adjusted basis are useful to investors and are used by management to provide meaningful and comparable year-over-year comparisons.
36

Kemper Corporation
As Adjusted for Acquisitions - Consolidated Financial Highlights
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper - GAAP As Reported |  |  |  |  |  |  |  | $ | 1,338.6 |  |  | $ | 1,359.1 |  |  | $ | 1,356.1 |  |  | $ | 1,337.7 |  |  | $ | 1,200.8 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87.9 |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | 1,338.6 |  |  | $ | 1,359.1 |  |  | $ | 1,356.1 |  |  | $ | 1,337.7 |  |  | $ | 1,288.7 |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper |  |  |  |  |  |  |  | $ | (60.1) |  |  | $ | (130.8) |  |  | $ | (75.8) |  |  | $ | (99.4) |  |  | $ | 87.2 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12.3 |  |  |  |  |
Less: Impact of Purchase Accounting |  |  |  |  |  |  |  | (3.5) |  |  | (4.5) |  |  | (6.7) |  |  | (10.1) |  |  | (1.8) |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | (56.6) |  |  | $ | (126.3) |  |  | $ | (69.1) |  |  | $ | (89.3) |  |  | $ | 101.3 |  |  |  |  |
1 As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36.

37

Kemper Corporation
Selected Financial Information
As Adjusted for Acquisitions - Specialty Property & Casualty Insurance Segment
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty P&C - GAAP As Reported |  |  |  |  |  |  |  | $ | 1,021.6 |  |  | $ | 1,032.3 |  |  | $ | 1,028.3 |  |  | $ | 1,010.3 |  |  | $ | 877.6 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87.9 |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | 1,021.6 |  |  | $ | 1,032.3 |  |  | $ | 1,028.3 |  |  | $ | 1,010.3 |  |  | $ | 965.5 |  |  |  |  |
Current Year Non-CAT Losses and LAE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty P&C - GAAP As Reported |  |  |  |  |  |  |  | $ | 911.7 |  |  | $ | 1,028.5 |  |  | $ | 924.4 |  |  | $ | 877.4 |  |  | $ | 650.0 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62.0 |  |  |  |  |
Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of Fair Value Adjustment to Unpaid Loss and LAE |  |  |  |  |  |  |  | 0.3 |  |  | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.4 |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | 911.4 |  |  | $ | 1,028.3 |  |  | $ | 924.1 |  |  | $ | 877.1 |  |  | $ | 711.6 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty P&C - GAAP As Reported |  |  |  |  |  |  |  | $ | 199.3 |  |  | $ | 204.4 |  |  | $ | 194.2 |  |  | $ | 205.6 |  |  | $ | 170.3 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13.1 |  |  |  |  |
Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of VOBA |  |  |  |  |  |  |  | 1.4 |  |  | 4.5 |  |  | 12.8 |  |  | 24.8 |  |  | 0.3 |  |  |  |  |
Amortization of Estimated Legacy AAC Deferred Policy Acquisition Costs ("DPAC") |  |  |  |  |  |  |  | (0.8) |  |  | (2.8) |  |  | (8.4) |  |  | (16.0) |  |  | — |  |  |  |  |
Amortization of VOBA, Net of Legacy DPAC |  |  |  |  |  |  |  | 0.6 |  |  | 1.7 |  |  | 4.4 |  |  | 8.8 |  |  | 0.3 |  |  |  |  |
Amortization of Finite Life Intangible Assets Acquired |  |  |  |  |  |  |  | 3.1 |  |  | 3.1 |  |  | 3.1 |  |  | 3.0 |  |  | 0.9 |  |  |  |  |
Other |  |  |  |  |  |  |  | 1.0 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  |  |  |  |
Total Purchase Accounting Adjustments |  |  |  |  |  |  |  | 4.7 |  |  | 5.9 |  |  | 8.6 |  |  | 12.9 |  |  | 2.3 |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | 194.6 |  |  | $ | 198.5 |  |  | $ | 185.6 |  |  | $ | 192.7 |  |  | $ | 181.1 |  |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty P&C Segment - GAAP As Reported |  |  |  |  |  |  |  | 108.7 | % |  | 119.4 | % |  | 108.9 | % |  | 107.3 | % |  | 93.5 | % |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | 108.3 | % |  | 118.8 | % |  | 107.9 | % |  | 105.9 | % |  | 92.5 | % |  |  |  |
1 As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36.

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Kemper Corporation
Selected Financial Information
As Adjusted for Acquisitions - Specialty Personal Automobile Insurance
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021 |  | Jun 30, 2021 |  | Mar 31, 2021 |  |  |  |
Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty Personal Automobile Insurance - GAAP As Reported |  |  |  |  |  |  |  | $ | 901.7 |  |  | $ | 918.1 |  |  | $ | 920.6 |  |  | $ | 909.6 |  |  | $ | 785.4 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87.9 |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | 901.7 |  |  | $ | 918.1 |  |  | $ | 920.6 |  |  | $ | 909.6 |  |  | $ | 873.3 |  |  |  |  |
Current Year Non-CAT Losses and LAE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty Personal Automobile Insurance - GAAP As Reported |  |  |  |  |  |  |  | $ | 827.7 |  |  | $ | 938.5 |  |  | $ | 843.9 |  |  | $ | 805.1 |  |  | $ | 586.4 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62.0 |  |  |  |  |
Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of Fair Value Adjustment to Unpaid Loss and LAE |  |  |  |  |  |  |  | 0.3 |  |  | 0.2 |  |  | 0.3 |  |  | 0.2 |  |  | 0.3 |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | 827.4 |  |  | $ | 938.3 |  |  | $ | 843.6 |  |  | $ | 804.9 |  |  | $ | 648.1 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty Personal Automobile Insurance - GAAP As Reported |  |  |  |  |  |  |  | $ | 177.3 |  |  | $ | 184.3 |  |  | $ | 176.0 |  |  | $ | 187.7 |  |  | $ | 155.3 |  |  |  |  |
AAC - Prior to Acquisition |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13.1 |  |  |  |  |
Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of VOBA |  |  |  |  |  |  |  | 1.4 |  |  | 4.4 |  |  | 12.8 |  |  | 24.7 |  |  | 0.2 |  |  |  |  |
Amortization of Estimated Legacy AAC Deferred Policy Acquisition Costs ("DPAC") |  |  |  |  |  |  |  | (0.8) |  |  | (2.8) |  |  | (8.4) |  |  | (16.0) |  |  | — |  |  |  |  |
Amortization of VOBA, Net of Legacy DPAC |  |  |  |  |  |  |  | 0.6 |  |  | 1.6 |  |  | 4.4 |  |  | 8.7 |  |  | 0.2 |  |  |  |  |
Amortization of Finite Life Intangible Assets Acquired |  |  |  |  |  |  |  | 2.9 |  |  | 3.0 |  |  | 2.9 |  |  | 2.8 |  |  | 0.7 |  |  |  |  |
Other |  |  |  |  |  |  |  | 0.8 |  |  | 0.9 |  |  | 0.8 |  |  | 0.9 |  |  | 0.9 |  |  |  |  |
Total Purchase Accounting Adjustments |  |  |  |  |  |  |  | 4.3 |  |  | 5.5 |  |  | 8.1 |  |  | 12.4 |  |  | 1.8 |  |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | $ | 173.0 |  |  | $ | 178.8 |  |  | $ | 167.9 |  |  | $ | 175.3 |  |  | $ | 166.6 |  |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Specialty Personal Automobile Insurance - GAAP As Reported |  |  |  |  |  |  |  | 111.5 | % |  | 122.3 | % |  | 110.8 | % |  | 109.1 | % |  | 94.5 | % |  |  |  |
As Adjusted for Acquisitions 1 |  |  |  |  |  |  |  | 110.9 | % |  | 121.7 | % |  | 109.9 | % |  | 107.8 | % |  | 93.3 | % |  |  |  |
1 As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36.

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