XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Business Segments | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through two operating segments: Specialty Property & Casualty Insurance and Life Insurance. The Specialty Property & Casualty Insurance segment’s principal products are specialty automobile and commercial automobile insurance. These products are distributed primarily through independent agents and brokers. The Life Insurance segment’s principal products are individual life, accident, supplemental health and property insurance. Career agents employed by the Company distribute these products. Corporate and Other operations include interest expense, board of directors fees, and general corporate expenses incurred by the Company which are not allocated to other businesses. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. Segment Adjusted Operating Income (Loss) The Company analyzes the operating performance of each segment using segment adjusted operating income (loss). Segment adjusted operating income (loss) does not equate to “income (loss) before income taxes” or “net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s Chief Operating Decision Maker (“CODM”) to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Segment adjusted operating income (loss) is calculated by adjusting each segment’s income (loss) before income taxes for the following items: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net Realized Investment Gains (Losses); (iii) Impairment Losses; (iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs; (v) Debt Extinguishment, Pension Settlement and Other Charges; (vi) Goodwill Impairment Charge; (vii) Non-Core Operations; and (viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations These items are important to an understanding of overall results of operations. Segment adjusted operating income (loss) is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of segment adjusted operating income (loss) may differ from that used by other companies. The Company, however, believes that the presentation of segment adjusted operating income (loss), as measured for management purposes, enhances the understanding of results of operations by highlighting the underlying profitability factors of its businesses. Earned Premiums by product line, including a reconciliation to Total Earned Premiums, for the three and six months ended June 30, 2024 and 2023 were:
|  | Three Months Ended |  | Six Months Ended
(Dollars in Millions) |  | Jun 30, 2024 |  | Jun 30, 2023 |  | Jun 30, 2024 |  | Jun 30, 2023
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Personal Automobile |  | $ | 691.5 |  |  | $ | 766.6 |  |  | $ | 1,366.8 |  |  | $ | 1,554.5 |
Commercial Automobile |  | 171.1 |  |  | 165.7 |  |  | 335.8 |  |  | 322.0 |
Life Insurance: |  |  |  |  |  |  |  |
Life |  | 84.4 |  |  | 84.8 |  |  | 165.0 |  |  | 167.0 |
Accident and Health |  | 5.6 |  |  | 5.8 |  |  | 11.2 |  |  | 11.7 |
Property |  | 10.8 |  |  | 11.6 |  |  | 21.9 |  |  | 22.8 |
Total Segment Earned Premiums |  | 963.4 |  |  | 1,034.5 |  |  | $ | 1,900.7 |  |  | $ | 2,078.0 |
Non-Core Operations |  | 70.3 |  |  | 132.4 |  |  | 164.9 |  |  | 269.8 |
Total Earned Premiums |  | $ | 1,033.7 |  |  | $ | 1,166.9 |  |  | $ | 2,065.6 |  |  | $ | 2,347.8 |
Note 3 - Business Segments (Continued) Segment Revenues, including a reconciliation to Total Revenues, for the three and six months ended June 30, 2024 and 2023 were:
|  | Three Months Ended |  | Six Months Ended
(Dollars in Millions) |  | Jun 30, 2024 |  | Jun 30, 2023 |  | Jun 30, 2024 |  | Jun 30, 2023
Segment Revenues: |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | $ | 862.6 |  |  | $ | 932.3 |  |  | $ | 1,702.6 |  |  | $ | 1,876.5 |
Net Investment Income |  | 46.6 |  |  | 44.5 |  |  | 87.7 |  |  | 83.0 |
Change in Value of Alternative Energy Partnership Investments |  | 0.3 |  |  | 0.4 |  |  | 0.6 |  |  | 0.8 |
Other Income |  | 1.3 |  |  | 0.7 |  |  | 2.4 |  |  | 1.6 |
Total Specialty Property & Casualty Insurance |  | 910.8 |  |  | 977.9 |  |  | 1,793.3 |  |  | 1,961.9 |
Life Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 100.8 |  |  | 102.2 |  |  | 198.1 |  |  | 201.5 |
Net Investment Income |  | 30.5 |  |  | 47.1 |  |  | 74.8 |  |  | 96.9 |
Change in Value of Alternative Energy Partnership Investments |  | 0.1 |  |  | 0.2 |  |  | 0.2 |  |  | 0.4 |
Other Income (Loss) |  | 0.1 |  |  | 0.1 |  |  | 0.3 |  |  | (0.3) |
Total Life Insurance |  | 131.5 |  |  | 149.6 |  |  | 273.4 |  |  | 298.5 |
Total Segment Revenues |  | 1,042.3 |  |  | 1,127.5 |  |  | 2,066.7 |  |  | 2,260.4 |
Change in Fair Value of Equity and Convertible Securities |  | (1.2) |  |  | 2.4 |  |  | 2.2 |  |  | 4.1 |
Net Realized Investment Gains (Losses) |  | 1.5 |  |  | (14.4) |  |  | 8.1 |  |  | (8.0) |
Net Impairment Losses Recognized in Earnings |  | (0.1) |  |  | (0.9) |  |  | (1.6) |  |  | 1.2 |
Non-Core Operations |  | 83.8 |  |  | 145.7 |  |  | 190.0 |  |  | 293.7 |
Other |  | 3.6 |  |  | 2.5 |  |  | 7.5 |  |  | 6.2 |
Total Revenues |  | $ | 1,129.9 |  |  | $ | 1,262.8 |  |  | $ | 2,272.9 |  |  | $ | 2,557.6 |
Note 3 - Business Segments (Continued) Adjusted Consolidated Operating Income (Loss), including a reconciliation to Income (Loss) before Income Taxes attributable to Kemper Corporation, for the three and six months ended June 30, 2024 and 2023 was:
|  | Three Months Ended |  | Six Months Ended
(Dollars in Millions) |  | Jun 30, 2024 |  | Jun 30, 2023 |  | Jun 30, 2024 |  | Jun 30, 2023
Segment Adjusted Operating Income (Loss): |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | 127.9 |  |  | $ | (15.0) |  |  | $ | 214.4 |  |  | $ | (89.7) |
Life Insurance |  | (1.4) |  |  | 10.1 |  |  | 12.6 |  |  | 24.9 |
Total Segment Adjusted Operating Income (Loss) |  | 126.5 |  |  | (4.9) |  |  | 227.0 |  |  | (64.8) |
Corporate and Other Adjusted Operating Loss |  | (13.7) |  |  | (15.3) |  |  | (29.3) |  |  | (28.2) |
Less: Loss before Income Taxes attributable to Noncontrolling Interest |  | (1.3) |  |  | — |  |  | (2.7) |  |  | — |
Adjusted Consolidated Operating Income (Loss) |  | 114.1 |  |  | (20.2) |  |  | 200.4 |  |  | (93.0) |
Income (Loss) From: |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  | (1.2) |  |  | 2.4 |  |  | 2.2 |  |  | 4.1 |
Net Realized Investment Gains (Losses) |  | 1.5 |  |  | (14.4) |  |  | 8.1 |  |  | (8.0) |
Impairment Losses |  | (0.1) |  |  | (0.9) |  |  | (1.6) |  |  | 1.2 |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  | (6.5) |  |  | (29.5) |  |  | (19.3) |  |  | (58.6) |
Debt Extinguishment, Pension Settlement and Other Charges |  | 2.7 |  |  | — |  |  | 2.7 |  |  | — |
Goodwill Impairment Charge |  | — |  |  | (49.6) |  |  | — |  |  | (49.6) |
Non-Core Operations |  | (17.3) |  |  | (3.7) |  |  | (11.3) |  |  | (15.9) |
Income (Loss) before Income Taxes attributable to Kemper Corporation |  | $ | 93.2 |  |  | $ | (115.9) |  |  | $ | 181.2 |  |  | $ | (219.8) |
Adjusted Consolidated Net Operating Income (Loss), including a reconciliation to Net Income (Loss) attributable to Kemper Corporation, for the three and six months ended June 30, 2024 and 2023 was:
|  | Three Months Ended |  | Six Months Ended
(Dollars in Millions and Net of Income Taxes) |  | Jun 30, 2024 |  | Jun 30, 2023 |  | Jun 30, 2024 |  | Jun 30, 2023
Segment Adjusted Net Operating Income (Loss): |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | 102.3 |  |  | $ | (10.8) |  |  | $ | 171.5 |  |  | $ | (69.2) |
Life Insurance |  | (0.2) |  |  | 8.9 |  |  | 11.7 |  |  | 22.1 |
Total Segment Adjusted Net Operating Income (Loss) |  | 102.1 |  |  | (1.9) |  |  | 183.2 |  |  | (47.1) |
Corporate and Other Adjusted Net Operating Loss |  | (11.4) |  |  | (12.3) |  |  | (23.9) |  |  | (22.8) |
Less: Net Loss attributable to Noncontrolling Interest |  | (1.0) |  |  | — |  |  | (2.1) |  |  | — |
Adjusted Consolidated Net Operating Income (Loss) |  | 91.7 |  |  | (14.2) |  |  | 161.4 |  |  | (69.9) |
Net Income (Loss) From: |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  | (1.0) |  |  | 1.9 |  |  | 1.7 |  |  | 3.2 |
Net Realized Investment Gains (Losses) |  | 1.2 |  |  | (12.5) |  |  | 6.4 |  |  | (7.4) |
Impairment Losses |  | (0.1) |  |  | (0.8) |  |  | (1.3) |  |  | 0.9 |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  | (5.1) |  |  | (23.3) |  |  | (15.2) |  |  | (46.3) |
Debt Extinguishment, Pension Settlement and Other Charges |  | 2.1 |  |  | — |  |  | 2.1 |  |  | — |
Goodwill Impairment Charge |  | — |  |  | (45.5) |  |  | — |  |  | (45.5) |
Non-Core Operations |  | (13.4) |  |  | (2.7) |  |  | (8.4) |  |  | (12.2) |
Net Income (Loss) attributable to Kemper Corporation |  | $ | 75.4 |  |  | $ | (97.1) |  |  | $ | 146.7 |  |  | $ | (177.2) |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration