EX-99.2 3 kmpr202403312024ex992suppl.htm EX-99.2
Investor Supplement
First Quarter 2024
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;
•changes in the interest rate environment;
•supply chain disruption;
•product demand and pricing;
•effects of governmental and regulatory actions;
•litigation outcomes and trends;
•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”).
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 28-31.

Kemper Corporation
Investor Supplement
First Quarter 2024
Table of Contents

| Page
Consolidated Financial Highlights | 3-4
Consolidated Statements of Income (Loss) | 5
Consolidated Balance Sheets | 6-7
Consolidated Statements of Cash Flows | 8-9
Capital Metrics | 10
Debt Outstanding, Federal Home Loan Bank Advances and Ratings | 11
Adjusted Segment Summary Results: |
Revenues | 12
Adjusted Operating Income (Loss) | 13
Adjusted Net Operating Income (Loss) | 13
Catastrophe Frequency and Severity | 14
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information | 15-16
Personal Automobile Insurance | 17
Commercial Automobile Insurance | 18
Life Insurance Segment - Results of Operations and Selected Financial Information | 19-20
Expenses | 21
Details of Investment Performance | 22
Details of Invested Assets | 23-24
Investment Concentration | 25
Municipal Bond Securities | 26
Investments in Limited Liability Companies and Limited Partnerships | 27
Definitions of Non-GAAP Financial Measures | 28-31

Kemper Corporation Consolidated Financial Highlights (Dollars in Millions, Except Per Share Amounts) (Unaudited)
|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
For Period Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 1,031.9 |  |  | $ | 1,063.8 |  |  | $ | 1,117.8 |  |  | $ | 1,166.9 |  |  | $ | 1,180.9 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 100.4 |  |  | 104.6 |  |  | 107.0 |  |  | 106.3 |  |  | 101.8 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | 0.4 |  |  | 0.6 |  |  | 0.8 |  |  | 0.8 |  |  | 0.7 |  |  |  |  |
Other Income |  |  |  |  |  |  |  | 1.8 |  |  | 1.9 |  |  | 2.4 |  |  | 1.7 |  |  | 1.2 |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | 3.4 |  |  | (2.2) |  |  | 2.8 |  |  | 2.4 |  |  | 1.7 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  | 5.1 |  |  | 18.5 |  |  | (31.4) |  |  | (15.3) |  |  | 8.5 |  |  |  |  |
Investment and Other Income |  |  |  |  |  |  |  | 111.1 |  |  | 123.4 |  |  | 81.6 |  |  | 95.9 |  |  | 113.9 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | $ | 1,143.0 |  |  | $ | 1,187.2 |  |  | $ | 1,199.4 |  |  | $ | 1,262.8 |  |  | $ | 1,294.8 |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | $ | 70.2 |  |  | $ | 51.3 |  |  | $ | (146.4) |  |  | $ | (97.1) |  |  | $ | (80.1) |  |  |  |  |
Less: Net Loss attributable to Noncontrolling Interest |  |  |  |  |  |  |  | (1.1) |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Net Income (Loss) attributable to Kemper Corporation |  |  |  |  |  |  |  | $ | 71.3 |  |  | $ | 51.4 |  |  | $ | (146.3) |  |  | $ | (97.1) |  |  | $ | (80.1) |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss)1 |  |  |  |  |  |  |  | $ | 69.7 |  |  | $ | 50.5 |  |  | $ | (27.8) |  |  | $ | (14.2) |  |  | $ | (55.7) |  |  |  |  |
Per Unrestricted Common Share Amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share: |  |  |  |  |  |  |  | $ | 1.11 |  |  | $ | 0.80 |  |  | $ | (2.28) |  |  | $ | (1.52) |  |  | $ | (1.25) |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss)1 |  |  |  |  |  |  |  | $ | 1.08 |  |  | $ | 0.79 |  |  | $ | (0.44) |  |  | $ | (0.22) |  |  | $ | (0.87) |  |  |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share: |  |  |  |  |  |  |  | $ | 1.10 |  |  | $ | 0.80 |  |  | $ | (2.28) |  |  | $ | (1.52) |  |  | $ | (1.25) |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss)1 |  |  |  |  |  |  |  | $ | 1.07 |  |  | $ | 0.78 |  |  | $ | (0.44) |  |  | $ | (0.22) |  |  | $ | (0.87) |  |  |  |  |
Dividends Paid to Shareholders Per Share |  |  |  |  |  |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  |  |  |
Return on Shareholders' Equity |  |  |  |  |  |  |  | 11.2 | % |  | 8.4 | % |  | (24.0) | % |  | (15.1) | % |  | (12.1) | % |  |  |  |
Return on Tangible Shareholders' Equity 1 |  |  |  |  |  |  |  | 17.2 | % |  | 12.7 | % |  | (35.4) | % |  | (22.4) | % |  | (17.7) | % |  |  |  |

3

Kemper Corporation Consolidated Financial Highlights (Dollars in Millions, Except Per Share Amounts) (Unaudited)
|  |  |  |  |  |  |  | As of |  |  |  |
|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
At Period End |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  |  |  |  |  |  |  | $ | 12,625.9 |  |  | $ | 12,742.7 |  |  | $ | 12,549.3 |  |  | $ | 13,096.3 |  |  | $ | 13,403.7 |  |  |  |  |
Insurance Reserves |  |  |  |  |  |  |  | $ | 5,891.5 |  |  | $ | 6,102.9 |  |  | $ | 5,822.6 |  |  | $ | 6,043.9 |  |  | $ | 6,120.7 |  |  |  |  |
Debt |  |  |  |  |  |  |  | $ | 1,389.8 |  |  | $ | 1,389.2 |  |  | $ | 1,388.6 |  |  | $ | 1,388.1 |  |  | $ | 1,387.5 |  |  |  |  |
Kemper Corporation Shareholders’ Equity |  |  |  |  |  |  |  | $ | 2,589.8 |  |  | $ | 2,505.2 |  |  | $ | 2,361.3 |  |  | $ | 2,512.2 |  |  | $ | 2,646.9 |  |  |  |  |
Book Value Per Share 2 |  |  |  |  |  |  |  | $ | 40.24 |  |  | $ | 39.08 |  |  | $ | 36.85 |  |  | $ | 39.22 |  |  | $ | 41.37 |  |  |  |  |
Tangible Book Value Per Share 1,2 |  |  |  |  |  |  |  | $ | 26.19 |  |  | $ | 25.39 |  |  | $ | 24.94 |  |  | $ | 26.66 |  |  | $ | 27.61 |  |  |  |  |
Debt to Total Capitalization 2 |  |  |  |  |  |  |  | 34.9 | % |  | 35.7 | % |  | 37.0 | % |  | 35.6 | % |  | 34.4 | % |  |  |  |
1 Non-GAAP Financial Measure. See pages 28-31 for definition. |  |  |  |
2 See Capital Metrics on page 10 for detail calculations. |  |  |  |

4

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

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  | $ | 1,031.9 |  |  | $ | 1,063.8 |  |  | $ | 1,117.8 |  |  | $ | 1,166.9 |  |  | $ | 1,180.9 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  | 100.4 |  |  | 104.6 |  |  | 107.0 |  |  | 106.3 |  |  | 101.8 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  | 0.4 |  |  | 0.6 |  |  | 0.8 |  |  | 0.8 |  |  | 0.7 |  |  |  |  |
Other Income |  |  |  |  |  |  |  | 1.8 |  |  | 1.9 |  |  | 2.4 |  |  | 1.7 |  |  | 1.2 |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | 3.4 |  |  | (2.2) |  |  | 2.8 |  |  | 2.4 |  |  | 1.7 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  | 6.6 |  |  | 19.7 |  |  | (30.3) |  |  | (14.4) |  |  | 6.4 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (1.5) |  |  | (1.2) |  |  | (1.1) |  |  | (0.9) |  |  | 2.1 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  | 1,143.0 |  |  | 1,187.2 |  |  | 1,199.4 |  |  | 1,262.8 |  |  | 1,294.8 |  |  |  |  |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses |  |  |  |  |  |  |  | 756.0 |  |  | 808.1 |  |  | 975.2 |  |  | 984.7 |  |  | 1,052.0 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  | 240.7 |  |  | 258.0 |  |  | 259.0 |  |  | 266.1 |  |  | 269.3 |  |  |  |  |
Interest and Other Expenses |  |  |  |  |  |  |  | 59.7 |  |  | 57.6 |  |  | 156.0 |  |  | 78.3 |  |  | 77.4 |  |  |  |  |
Goodwill Impairment |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 49.6 |  |  | — |  |  |  |  |
Total Expenses |  |  |  |  |  |  |  | 1,056.4 |  |  | 1,123.7 |  |  | 1,390.2 |  |  | 1,378.7 |  |  | 1,398.7 |  |  |  |  |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  | 86.6 |  |  | 63.5 |  |  | (190.8) |  |  | (115.9) |  |  | (103.9) |  |  |  |  |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  | (16.4) |  |  | (12.2) |  |  | 44.4 |  |  | 18.8 |  |  | 23.8 |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  | 70.2 |  |  | 51.3 |  |  | (146.4) |  |  | (97.1) |  |  | (80.1) |  |  |  |  |
Less: Net (Loss) Income attributable to Noncontrolling Interest |  |  |  |  |  |  |  | (1.1) |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Net Income (Loss) attributable to Kemper Corporation |  |  |  |  |  |  |  | $ | 71.3 |  |  | $ | 51.4 |  |  | $ | (146.3) |  |  | $ | (97.1) |  |  | $ | (80.1) |  |  |  |  |
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  | $ | 1.11 |  |  | $ | 0.80 |  |  | $ | (2.28) |  |  | $ | (1.52) |  |  | $ | (1.25) |  |  |  |  |
Diluted |  |  |  |  |  |  |  | $ | 1.10 |  |  | $ | 0.80 |  |  | $ | (2.28) |  |  | $ | (1.52) |  |  | $ | (1.25) |  |  |  |  |
Dividends Paid to Shareholders Per Share |  |  |  |  |  |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  |  |  |
Weighted Average Unrestricted Common Shares Outstanding (in Millions) |  |  |  |  |  |  |  | 64.255 |  |  | 64.088 |  |  | 64.057 |  |  | 64.009 |  |  | 63.947 |  |  |  |  |
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions) |  |  |  |  |  |  |  | 64.773 |  |  | 64.566 |  |  | 64.057 |  |  | 64.009 |  |  | 63.947 |  |  |  |  |

5

Kemper Corporation Consolidated Balance Sheets (Dollars in Millions) (Unaudited)
|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities at Fair Value |  |  |  |  |  |  |  | $ | 6,771.6 |  |  | $ | 6,881.9 |  |  | $ | 6,474.5 |  |  | $ | 6,943.8 |  |  | $ | 7,189.4 |  |  |
Equity Securities at Fair Value |  |  |  |  |  |  |  | 230.1 |  |  | 225.8 |  |  | 233.4 |  |  | 247.0 |  |  | 243.6 |  |  |
Equity Method Limited Liability Investments |  |  |  |  |  |  |  | 215.2 |  |  | 221.7 |  |  | 224.1 |  |  | 225.1 |  |  | 218.7 |  |  |
Alternative Energy Partnerships |  |  |  |  |  |  |  | 17.2 |  |  | 17.3 |  |  | 17.2 |  |  | 16.8 |  |  | 17.0 |  |  |
Short-term Investments at Cost which Approximates Fair Value |  |  |  |  |  |  |  | 520.7 |  |  | 520.9 |  |  | 418.5 |  |  | 406.3 |  |  | 278.4 |  |  |
Company-Owned Life Insurance |  |  |  |  |  |  |  | 515.7 |  |  | 513.5 |  |  | 506.9 |  |  | 500.5 |  |  | 595.3 |  |  |
Loans to Policyholders |  |  |  |  |  |  |  | 280.5 |  |  | 281.2 |  |  | 281.8 |  |  | 281.6 |  |  | 283.1 |  |  |
Other Investments |  |  |  |  |  |  |  | 213.6 |  |  | 241.9 |  |  | 273.1 |  |  | 275.6 |  |  | 271.8 |  |  |
Total Investments |  |  |  |  |  |  |  | 8,764.6 |  |  | 8,904.2 |  |  | 8,429.5 |  |  | 8,896.7 |  |  | 9,097.3 |  |  |
Cash |  |  |  |  |  |  |  | 125.9 |  |  | 64.1 |  |  | 110.0 |  |  | 73.6 |  |  | 60.6 |  |  |
Receivables from Policyholders |  |  |  |  |  |  |  | 953.1 |  |  | 959.5 |  |  | 1,102.6 |  |  | 1,246.3 |  |  | 1,344.0 |  |  |
Other Receivables |  |  |  |  |  |  |  | 195.4 |  |  | 200.5 |  |  | 223.4 |  |  | 262.0 |  |  | 249.4 |  |  |
Deferred Policy Acquisition Costs |  |  |  |  |  |  |  | 595.3 |  |  | 591.6 |  |  | 622.2 |  |  | 646.2 |  |  | 651.5 |  |  |
Goodwill |  |  |  |  |  |  |  | 1,250.7 |  |  | 1,250.7 |  |  | 1,250.7 |  |  | 1,250.7 |  |  | 1,300.3 |  |  |
Current Income Tax Assets |  |  |  |  |  |  |  | 52.6 |  |  | 64.5 |  |  | 59.5 |  |  | 9.0 |  |  | 15.0 |  |  |
Deferred Income Tax Assets |  |  |  |  |  |  |  | 199.1 |  |  | 210.4 |  |  | 258.5 |  |  | 208.0 |  |  | 166.0 |  |  |
Other Assets |  |  |  |  |  |  |  | 479.1 |  |  | 492.6 |  |  | 488.7 |  |  | 503.8 |  |  | 519.6 |  |  |
Assets of Consolidated Variable Interest Entity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities at Fair Value |  |  |  |  |  |  |  | 1.7 |  |  | 1.7 |  |  | 1.6 |  |  | — |  |  | — |  |  |
Cash |  |  |  |  |  |  |  | 0.8 |  |  | — |  |  | 2.4 |  |  | — |  |  | — |  |  |
Short-term Investments at Cost which Approximates Fair Value |  |  |  |  |  |  |  | 4.0 |  |  | 2.0 |  |  | — |  |  | — |  |  | — |  |  |
Receivables from Policyholders |  |  |  |  |  |  |  | 2.7 |  |  | 0.7 |  |  | 0.1 |  |  | — |  |  | — |  |  |
Deferred Policy Acquisition Costs |  |  |  |  |  |  |  | 0.6 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  |
Other Assets |  |  |  |  |  |  |  | 0.3 |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  |
Total Assets |  |  |  |  |  |  |  | $ | 12,625.9 |  |  | $ | 12,742.7 |  |  | $ | 12,549.3 |  |  | $ | 13,096.3 |  |  | $ | 13,403.7 |  |  |

6

Kemper Corporation Consolidated Balance Sheets (Dollars in Millions) (Unaudited)
|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |
Liabilities and Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life and Health |  |  |  |  |  |  |  | $ | 3,294.3 |  |  | $ | 3,422.4 |  |  | $ | 3,098.1 |  |  | $ | 3,363.8 |  |  | $ | 3,399.6 |  |  |
Property and Casualty |  |  |  |  |  |  |  | 2,597.2 |  |  | 2,680.5 |  |  | 2,724.5 |  |  | 2,680.1 |  |  | 2,721.1 |  |  |
Total Insurance Reserves |  |  |  |  |  |  |  | 5,891.5 |  |  | 6,102.9 |  |  | 5,822.6 |  |  | 6,043.9 |  |  | 6,120.7 |  |  |
Unearned Premiums |  |  |  |  |  |  |  | 1,274.1 |  |  | 1,300.8 |  |  | 1,485.1 |  |  | 1,665.2 |  |  | 1,778.0 |  |  |
Policyholder Obligations |  |  |  |  |  |  |  | 660.9 |  |  | 655.7 |  |  | 656.3 |  |  | 700.2 |  |  | 700.6 |  |  |
Deferred Income Tax Liabilities |  |  |  |  |  |  |  | 61.7 |  |  | 50.6 |  |  | 57.8 |  |  | — |  |  | — |  |  |
Accrued Expenses and Other Liabilities |  |  |  |  |  |  |  | 754.8 |  |  | 737.7 |  |  | 777.6 |  |  | 786.7 |  |  | 770.0 |  |  |
Long-term Debt, Current, at Amortized Cost |  |  |  |  |  |  |  | 449.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Long-term Debt, Non-Current, at Amortized Cost |  |  |  |  |  |  |  | 940.1 |  |  | 1,389.2 |  |  | 1,388.6 |  |  | 1,388.1 |  |  | 1,387.5 |  |  |
Liabilities of Consolidated Variable Interest Entity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Reserves |  |  |  |  |  |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Unearned Premiums |  |  |  |  |  |  |  | 3.1 |  |  | 0.5 |  |  | 0.1 |  |  | — |  |  | — |  |  |
Accrued Expenses and Other Liabilities |  |  |  |  |  |  |  | 0.6 |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  |
Total Liabilities |  |  |  |  |  |  |  | 10,037.2 |  |  | 10,237.7 |  |  | 10,188.1 |  |  | 10,584.1 |  |  | 10,756.8 |  |  |
Kemper Corporation Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  |  |  |  |  |  | 6.4 |  |  | 6.4 |  |  | 6.4 |  |  | 6.4 |  |  | 6.4 |  |  |
Paid-in Capital |  |  |  |  |  |  |  | 1,852.3 |  |  | 1,845.3 |  |  | 1,845.9 |  |  | 1,837.6 |  |  | 1,828.9 |  |  |
Retained Earnings |  |  |  |  |  |  |  | 1,066.1 |  |  | 1,014.3 |  |  | 982.4 |  |  | 1,149.0 |  |  | 1,266.3 |  |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  | (335.0) |  |  | (360.8) |  |  | (473.4) |  |  | (480.8) |  |  | (454.7) |  |  |
Total Kemper Corporation Shareholders’ Equity |  |  |  |  |  |  |  | 2,589.8 |  |  | 2,505.2 |  |  | 2,361.3 |  |  | 2,512.2 |  |  | 2,646.9 |  |  |
Noncontrolling Interest |  |  |  |  |  |  |  | (1.1) |  |  | (0.2) |  |  | (0.1) |  |  | — |  |  | — |  |  |
Total Shareholders’ Equity |  |  |  |  |  |  |  | $ | 2,588.7 |  |  | $ | 2,505.0 |  |  | $ | 2,361.2 |  |  | $ | 2,512.2 |  |  | $ | 2,646.9 |  |  |
Total Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  | $ | 12,625.9 |  |  | $ | 12,742.7 |  |  | $ | 12,549.3 |  |  | $ | 13,096.3 |  |  | $ | 13,403.7 |  |  |

7

Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
| Three Months Ended
| Mar 31, 2024 |  |  | Mar 31, 2023
Cash Flows from Operating Activities: |  |  |  |
Net Income (Loss) | $ | 70.2 |  |  |  | $ | (80.1) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities |  |  |  |
Net Realized Investment Gains | (6.6) |  |  |  | (6.4) |
Impairment Losses | 1.5 |  |  |  | (2.1) |
Depreciation and Amortization of Property, Equipment and Software | 11.4 |  |  |  | 11.9 |
Amortization of Intangible Assets Acquired | 3.2 |  |  |  | 4.3 |
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments | 6.0 |  |  |  | 0.8 |
Income from Change in Value of Alternative Energy Partnership Investments | (0.4) |  |  |  | (0.7) |
Income from Change in Value of Equity and Convertible Securities | (3.4) |  |  |  | (1.7) |
Changes in: |  |  |  |
Receivables from Policyholders | 4.4 |  |  |  | (57.4) |
Reinsurance Recoverables | 1.8 |  |  |  | 4.1 |
Deferred Policy Acquisition Costs | (4.2) |  |  |  | (15.9) |
Insurance Reserves | (69.0) |  |  |  | (21.8) |
Unearned Premiums | (24.1) |  |  |  | 73.6 |
Income Taxes | 26.9 |  |  |  | 106.2 |
Other Assets and Liabilities | 25.3 |  |  |  | (9.6) |
Net Cash Provided by Operating Activities | 43.0 |  |  |  | 5.2 |
Cash Flows from Investing Activities: |  |  |  |
Proceeds from the Sales, Calls and Maturities of Fixed Maturities | 323.2 |  |  |  | 154.0 |
Proceeds from the Sales or Paydowns of Investments: |  |  |  |
Equity Securities | 13.4 |  |  |  | 19.5 |
Mortgage Loans | 34.1 |  |  |  | 18.6 |
Other Investments | 3.5 |  |  |  | 2.6 |
Purchases of Investments: |  |  |  |
Fixed Maturities | (286.9) |  |  |  | (293.3) |
Equity Securities | (3.1) |  |  |  | (13.2) |
Real Estate Investments | (0.2) |  |  |  | (0.2) |
Company-Owned Life Insurance | — |  |  |  | — |
Mortgage Loans | (27.4) |  |  |  | (13.3) |
Other Investments | (9.6) |  |  |  | (4.7) |
Net Sales of Short-term Investments | 2.4 |  |  |  | 0.7 |
Acquisition of Software and Long-lived Assets | (15.3) |  |  |  | (10.0) |
Settlement Proceeds from Company-Owned Life Insurance | 4.9 |  |  |  | — |
Other | 0.3 |  |  |  | 1.1 |
Net Cash Provided by (Used in) Investing Activities | 39.3 |  |  |  | (138.2) |

8

Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
| Three Months Ended
| Mar 31, 2024 |  |  | Mar 31, 2023
Net Cash Provided by (Used in) Investing Activities (Carryforward from page 8) ) | $ | 39.3 |  |  |  | $ | (138.2) |
Cash Flows from Financing Activities: |  |  |  |
Proceeds from Policyholder Contract Obligations | 25.5 |  |  |  | 89.3 |
Repayment of Policyholder Contract Obligations | (20.6) |  |  |  | (90.0) |
Proceeds from Shares Issued under Employee Stock Purchase Plan | 0.9 |  |  |  | 1.0 |
Dividends Paid | (19.5) |  |  |  | (19.4) |
Other | (6.0) |  |  |  | 0.3 |
Net Cash Used in Financing Activities | (19.7) |  |  |  | (18.8) |
Net increase (decrease) in cash 1 | 62.6 |  |  |  | (151.8) |
Cash, Beginning of Year 1 | 64.1 |  |  |  | 212.4 |
Cash, End of Period 1 | $ | 126.7 |  |  |  | $ | 60.6 |
1 Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest. |  |  |  |

9

Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |
Book Value Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Book Value Per Share |  |  |  |  |  |  |  | $ | 40.24 |  |  | $ | 39.08 |  |  | $ | 36.85 |  |  | $ | 39.22 |  |  | $ | 41.37 |  |  |
Tangible Book Value Per Share 1 |  |  |  |  |  |  |  | $ | 26.19 |  |  | $ | 25.39 |  |  | $ | 24.94 |  |  | $ | 26.66 |  |  | $ | 27.61 |  |  |
Debt and Total Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  |  |  |  |  |  |  | $ | 1,389.8 |  |  | $ | 1,389.2 |  |  | $ | 1,388.6 |  |  | $ | 1,388.1 |  |  | $ | 1,387.5 |  |  |
Kemper Corporation Shareholders’ Equity |  |  |  |  |  |  |  | 2,589.8 |  |  | 2,505.2 |  |  | 2,361.3 |  |  | 2,512.2 |  |  | 2,646.9 |  |  |
Total Capitalization |  |  |  |  |  |  |  | $ | 3,979.6 |  |  | $ | 3,894.4 |  |  | $ | 3,749.9 |  |  | $ | 3,900.3 |  |  | $ | 4,034.4 |  |  |
Ratio of Debt to Kemper Corporation Shareholders’ Equity |  |  |  |  |  |  |  | 53.7 | % |  | 55.5 | % |  | 58.8 | % |  | 55.3 | % |  | 52.4 | % |  |
Ratio of Debt to Total Capitalization |  |  |  |  |  |  |  | 34.9 | % |  | 35.7 | % |  | 37.0 | % |  | 35.6 | % |  | 34.4 | % |  |
Debt |  |  |  |  |  |  |  | $ | 1,389.8 |  |  | $ | 1,389.2 |  |  | $ | 1,388.6 |  |  | $ | 1,388.1 |  |  | $ | 1,387.5 |  |  |
Kemper Corporation Shareholders’ Equity |  |  |  |  |  |  |  | $ | 2,589.8 |  |  | $ | 2,505.2 |  |  | $ | 2,361.3 |  |  | $ | 2,512.2 |  |  | $ | 2,646.9 |  |  |
Less: Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  | (335.0) |  |  | (360.8) |  |  | (473.4) |  |  | (480.8) |  |  | (454.7) |  |  |
Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  | $ | 2,924.8 |  |  | $ | 2,866.0 |  |  | $ | 2,834.7 |  |  | $ | 2,993.0 |  |  | $ | 3,101.6 |  |  |
Total Capitalization Excluding Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  | $ | 4,314.6 |  |  | $ | 4,255.2 |  |  | $ | 4,223.3 |  |  | $ | 4,381.1 |  |  | $ | 4,489.1 |  |  |
Ratio of Debt to Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  | 47.5 | % |  | 48.5 | % |  | 49.0 | % |  | 46.4 | % |  | 44.7 | % |  |
Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  | 32.2 | % |  | 32.6 | % |  | 32.9 | % |  | 31.7 | % |  | 30.9 | % |  |
Parent Company Liquidity 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Holding Company Cash and Investments 3 |  |  |  |  |  |  |  | $ | 395.6 |  |  | $ | 464.5 |  |  | $ | 153.9 |  |  | $ | 220.3 |  |  | $ | 240.6 |  |  |
Borrowings Available Under Credit Agreement |  |  |  |  |  |  |  | 424.0 |  |  | 393.0 |  |  | 376.0 |  |  | 460.0 |  |  | 520.0 |  |  |
Parent Company Liquidity |  |  |  |  |  |  |  | $ | 819.6 |  |  | $ | 857.5 |  |  | $ | 529.9 |  |  | $ | 680.3 |  |  | $ | 760.6 |  |  |
Capital Returned to Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Dividends Paid 4 |  |  |  |  |  |  |  | $ | 19.5 |  |  | $ | 20.2 |  |  | $ | 20.2 |  |  | $ | 20.2 |  |  | $ | 19.4 |  |  |
1 Non-GAAP Financial Measure. See pages 28-31 for definition. |  |
2 Excludes borrowings available from subsidiaries |  |
3 Includes Kemper's direct non-insurance subsidiaries |  |
4 Three Months Ended |  |

10

Kemper Corporation
Debt Outstanding, Federal Home Loan Bank Advances and Ratings
(Dollars in Millions)(Unaudited)

|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023
Kemper Corporation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes at Amortized Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.350% Senior Notes due February 15, 2025 |  |  |  |  |  |  |  | $ | 449.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Non-Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.350% Senior Notes due February 15, 2025 |  |  |  |  |  |  |  | $ | — |  |  | $ | 449.6 |  |  | $ | 449.6 |  |  | $ | 449.5 |  |  | $ | 449.4 |
2.400% Senior Notes due September 30, 2030 |  |  |  |  |  |  |  | 397.1 |  |  | 397.0 |  |  | 396.9 |  |  | 396.8 |  |  | 396.7 |
3.800% Senior Notes due 2032 |  |  |  |  |  |  |  | 396.1 |  |  | 396.0 |  |  | 395.8 |  |  | 395.7 |  |  | 395.6 |
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost |  |  |  |  |  |  |  | 146.9 |  |  | 146.6 |  |  | 146.3 |  |  | 146.1 |  |  | 145.8 |
Long-term Debt Outstanding |  |  |  |  |  |  |  | $ | 1,389.8 |  |  | $ | 1,389.2 |  |  | $ | 1,388.6 |  |  | $ | 1,388.1 |  |  | $ | 1,387.5 |
Federal Home Loan Bank Advances to Insurance Subsidiaries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported as Policyholder Contract Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank of Chicago |  |  |  |  |  |  |  | $ | 563.2 |  |  | $ | 557.4 |  |  | $ | 557.4 |  |  | $ | 601.0 |  |  | $ | 601.0 |
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- |  |

11

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

|  |  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal Automobile |  |  |  |  |  |  |  |  | $ | 675.3 |  |  | $ | 699.3 |  |  | $ | 724.0 |  |  | $ | 766.6 |  |  | $ | 787.9 |  |  |  |  |
Commercial Automobile |  |  |  |  |  |  |  |  | 164.7 |  |  | 166.3 |  |  | 166.4 |  |  | 165.7 |  |  | 156.3 |  |  |  |  |
Total Specialty Property & Casualty Insurance Earned Premiums |  |  |  |  |  |  |  |  | 840.0 |  |  | 865.6 |  |  | 890.4 |  |  | 932.3 |  |  | 944.2 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  | 41.1 |  |  | 42.6 |  |  | 42.7 |  |  | 44.5 |  |  | 38.5 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  |  | 0.3 |  |  | 0.3 |  |  | 0.5 |  |  | 0.4 |  |  | 0.4 |  |  |  |  |
Other Income |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.3 |  |  | 1.6 |  |  | 0.7 |  |  | 0.9 |  |  |  |  |
Total Specialty Property & Casualty Insurance Revenues |  |  |  |  |  |  |  |  | 882.5 |  |  | 909.8 |  |  | 935.2 |  |  | 977.9 |  |  | 984.0 |  |  |  |  |
Life Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  |  |  | 80.6 |  |  | 67.3 |  |  | 84.9 |  |  | 84.8 |  |  | 82.2 |  |  |  |  |
Accident and Health |  |  |  |  |  |  |  |  | 5.6 |  |  | 5.6 |  |  | 5.8 |  |  | 5.8 |  |  | 5.9 |  |  |  |  |
Property |  |  |  |  |  |  |  |  | 11.1 |  |  | 11.1 |  |  | 11.4 |  |  | 11.6 |  |  | 11.2 |  |  |  |  |
Total Life Insurance Earned Premiums |  |  |  |  |  |  |  |  | 97.3 |  |  | 84.0 |  |  | 102.1 |  |  | 102.2 |  |  | 99.3 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  | 44.3 |  |  | 47.1 |  |  | 49.4 |  |  | 47.1 |  |  | 49.8 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  |  |  |
Other Income (Loss) |  |  |  |  |  |  |  |  | 0.2 |  |  | 0.2 |  |  | (0.1) |  |  | 0.1 |  |  | (0.4) |  |  |  |  |
Total Life Insurance Revenues |  |  |  |  |  |  |  |  | 141.9 |  |  | 131.4 |  |  | 151.6 |  |  | 149.6 |  |  | 148.9 |  |  |  |  |
Total Segment Revenues |  |  |  |  |  |  |  |  | 1,024.4 |  |  | 1,041.2 |  |  | 1,086.8 |  |  | 1,127.5 |  |  | 1,132.9 |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  |  | 3.4 |  |  | (2.2) |  |  | 2.8 |  |  | 2.4 |  |  | 1.7 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  |  | 6.6 |  |  | 19.7 |  |  | (30.3) |  |  | (14.4) |  |  | 6.4 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  |  | (1.5) |  |  | (1.2) |  |  | (1.1) |  |  | (0.9) |  |  | 2.1 |  |  |  |  |
Non-Core Operations |  |  |  |  |  |  |  |  | 106.2 |  |  | 126.7 |  |  | 138.0 |  |  | 145.7 |  |  | 148.0 |  |  |  |  |
Other |  |  |  |  |  |  |  |  | 3.9 |  |  | 3.0 |  |  | 3.2 |  |  | 2.5 |  |  | 3.7 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  |  | $ | 1,143.0 |  |  | $ | 1,187.2 |  |  | $ | 1,199.4 |  |  | $ | 1,262.8 |  |  | $ | 1,294.8 |  |  |  |  |

12

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

|  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Segment Adjusted Operating Income (Loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  |  |  |  |  |  |  | $ | 86.5 |  |  | $ | 56.6 |  |  | $ | (43.2) |  |  | $ | (15.0) |  |  | $ | (74.7) |  |  |  |  |
Life Insurance |  |  |  |  |  |  |  | 14.0 |  |  | 19.9 |  |  | 17.5 |  |  | 10.1 |  |  | 14.8 |  |  |  |  |
Total Segment Adjusted Operating Income (Loss) |  |  |  |  |  |  |  | 100.5 |  |  | 76.5 |  |  | (25.7) |  |  | (4.9) |  |  | (59.9) |  |  |  |  |
Corporate and Other Adjusted Operating Loss |  |  |  |  |  |  |  | (15.6) |  |  | (13.7) |  |  | (13.3) |  |  | (15.3) |  |  | (12.9) |  |  |  |  |
Less: Loss before Income Taxes attributable to Noncontrolling Interest |  |  |  |  |  |  |  | (1.4) |  |  | (0.2) |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Adjusted Consolidated Operating Income (Loss) |  |  |  |  |  |  |  | 86.3 |  |  | 63.0 |  |  | (38.9) |  |  | (20.2) |  |  | (72.8) |  |  |  |  |
Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | 3.4 |  |  | (2.2) |  |  | 2.8 |  |  | 2.4 |  |  | 1.7 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  | 6.6 |  |  | 19.7 |  |  | (30.3) |  |  | (14.4) |  |  | 6.4 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (1.5) |  |  | (1.2) |  |  | (1.1) |  |  | (0.9) |  |  | 2.1 |  |  |  |  |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  |  |  |  |  |  |  | (12.8) |  |  | (18.3) |  |  | (43.4) |  |  | (29.5) |  |  | (29.1) |  |  |  |  |
Debt Extinguishment, Pension Settlement and Other Charges |  |  |  |  |  |  |  | — |  |  | — |  |  | (70.2) |  |  | — |  |  | — |  |  |  |  |
Goodwill Impairment Charge |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (49.6) |  |  | — |  |  |  |  |
Non-Core Operations |  |  |  |  |  |  |  | 6.0 |  |  | 2.7 |  |  | (9.6) |  |  | (3.7) |  |  | (12.2) |  |  |  |  |
Income (Loss) before Income Taxes attributable to Kemper Corporation |  |  |  |  |  |  |  | $ | 88.0 |  |  | $ | 63.7 |  |  | $ | (190.7) |  |  | $ | (115.9) |  |  | $ | (103.9) |  |  |  |  |
Segment Adjusted Net Operating Income (Loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  |  |  |  |  |  |  | $ | 69.2 |  |  | $ | 45.3 |  |  | $ | (33.2) |  |  | $ | (10.8) |  |  | $ | (58.4) |  |  |  |  |
Life Insurance |  |  |  |  |  |  |  | 11.9 |  |  | 15.0 |  |  | 14.7 |  |  | 8.9 |  |  | 13.2 |  |  |  |  |
Total Segment Adjusted Net Operating Income (Loss) |  |  |  |  |  |  |  | 81.1 |  |  | 60.3 |  |  | (18.5) |  |  | (1.9) |  |  | (45.2) |  |  |  |  |
Corporate and Other Adjusted Net Operating Loss |  |  |  |  |  |  |  | (12.5) |  |  | (9.9) |  |  | (9.4) |  |  | (12.3) |  |  | (10.5) |  |  |  |  |
Less: Net Loss attributable to Noncontrolling Interest |  |  |  |  |  |  |  | (1.1) |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) |  |  |  |  |  |  |  | 69.7 |  |  | 50.5 |  |  | (27.8) |  |  | (14.2) |  |  | (55.7) |  |  |  |  |
Net Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | 2.7 |  |  | (1.8) |  |  | 2.3 |  |  | 1.9 |  |  | 1.3 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  | 5.2 |  |  | 15.6 |  |  | (22.9) |  |  | (12.5) |  |  | 5.1 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (1.2) |  |  | (1.0) |  |  | (0.8) |  |  | (0.8) |  |  | 1.7 |  |  |  |  |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  |  |  |  |  |  |  | (10.1) |  |  | (14.4) |  |  | (34.3) |  |  | (23.3) |  |  | (23.0) |  |  |  |  |
Debt Extinguishment, Pension Settlement and Other Charges |  |  |  |  |  |  |  | — |  |  | — |  |  | (55.5) |  |  | — |  |  | — |  |  |  |  |
Goodwill Impairment Charge |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (45.5) |  |  | — |  |  |  |  |
Non-Core Operations |  |  |  |  |  |  |  | 5.0 |  |  | 2.5 |  |  | (7.3) |  |  | (2.7) |  |  | (9.5) |  |  |  |  |
Net Income (Loss) attributable to Kemper Corporation |  |  |  |  |  |  |  | $ | 71.3 |  |  | $ | 51.4 |  |  | $ | (146.3) |  |  | $ | (97.1) |  |  | $ | (80.1) |  |  |  |  |

13

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

|  | Three Months Ended March 31, 2024
|  | Specialty Property & Casualty Insurance Segment |  | Life Insurance Segment |  | Non-Core Operations |  | 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 |  | 19 |  |  | $ | 4.1 |  |  | 11 |  |  | $ | 0.2 |  |  | 18 |  |  | $ | 11.7 |  |  | 19 |  |  | $ | 16.0 |
$5 - $10 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$10 - $15 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$15 - $20 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$20 - $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater Than $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 19 |  |  | $ | 4.1 |  |  | 11 |  |  | $ | 0.2 |  |  | 18 |  |  | $ | 11.7 |  |  | 19 |  |  | $ | 16.0 |
|  | Three Months Ended March 31, 2023
|  | Specialty Property & Casualty Insurance Segment |  | Life Insurance Segment |  | Non-Core Operations |  | 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 |  | 20 |  |  | $ | 8.3 |  |  | 12 |  |  | $ | 0.6 |  |  | 24 |  |  | $ | 17.0 |  |  | 24 |  |  | $ | 25.9 |
$5 - $10 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$10 - $15 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$15 - $20 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$20 - $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater Than $25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 20 |  |  | $ | 8.3 |  |  | 12 |  |  | $ | 0.6 |  |  | 24 |  |  | $ | 17.0 |  |  | 24 |  |  | $ | 25.9 |
1 Current accident year net incurred catastrophe Losses and LAE only.

14

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

|  |  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  |  | $ | 864.6 |  |  | $ | 719.7 |  |  | $ | 733.0 |  |  | $ | 830.6 |  |  | $ | 1,022.1 |  |  |  |  |
Total Specialty P&C: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal Automobile |  |  |  |  |  |  |  |  | $ | 675.3 |  |  | $ | 699.3 |  |  | $ | 724.0 |  |  | $ | 766.6 |  |  | $ | 787.9 |  |  |  |  |
Commercial Automobile |  |  |  |  |  |  |  |  | 164.7 |  |  | 166.3 |  |  | 166.4 |  |  | 165.7 |  |  | 156.3 |  |  |  |  |
Earned Premium |  |  |  |  |  |  |  |  | 840.0 |  |  | 865.6 |  |  | 890.4 |  |  | 932.3 |  |  | 944.2 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  | 41.1 |  |  | 42.6 |  |  | 42.7 |  |  | 44.5 |  |  | 38.5 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  |  | 0.3 |  |  | 0.3 |  |  | 0.5 |  |  | 0.4 |  |  | 0.4 |  |  |  |  |
Other Income |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.3 |  |  | 1.6 |  |  | 0.7 |  |  | 0.9 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  |  | 882.5 |  |  | 909.8 |  |  | 935.2 |  |  | 977.9 |  |  | 984.0 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 609.0 |  |  | 673.1 |  |  | 712.1 |  |  | 763.9 |  |  | 825.4 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 4.1 |  |  | 2.5 |  |  | 6.2 |  |  | 17.4 |  |  | 8.4 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 5.3 |  |  | (0.2) |  |  | 78.8 |  |  | 25.0 |  |  | 31.6 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 0.7 |  |  | 0.1 |  |  | (1.0) |  |  | (0.9) |  |  | (0.5) |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  |  | 619.1 |  |  | 675.5 |  |  | 796.1 |  |  | 805.4 |  |  | 864.9 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  |  | 176.9 |  |  | 177.7 |  |  | 182.3 |  |  | 187.5 |  |  | 193.8 |  |  |  |  |
Segment Adjusted Operating Income (Loss) |  |  |  |  |  |  |  |  | 86.5 |  |  | 56.6 |  |  | (43.2) |  |  | (15.0) |  |  | (74.7) |  |  |  |  |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  | (17.3) |  |  | (11.3) |  |  | 10.0 |  |  | 4.2 |  |  | 16.3 |  |  |  |  |
Total Segment Adjusted Net Operating Income (Loss) |  |  |  |  |  |  |  |  | $ | 69.2 |  |  | $ | 45.3 |  |  | $ | (33.2) |  |  | $ | (10.8) |  |  | $ | (58.4) |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 72.5 | % |  | 77.7 | % |  | 80.0 | % |  | 81.9 | % |  | 87.5 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.3 |  |  | 0.7 |  |  | 1.9 |  |  | 0.9 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.6 |  |  | — |  |  | 8.8 |  |  | 2.7 |  |  | 3.3 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  |  | 73.7 |  |  | 78.0 |  |  | 89.4 |  |  | 86.4 |  |  | 91.6 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  |  | 21.1 |  |  | 20.5 |  |  | 20.5 |  |  | 20.1 |  |  | 20.5 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  |  | 94.8 | % |  | 98.5 | % |  | 109.9 | % |  | 106.5 | % |  | 112.1 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 72.5 | % |  | 77.7 | % |  | 80.0 | % |  | 81.9 | % |  | 87.5 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  |  | 21.1 |  |  | 20.5 |  |  | 20.5 |  |  | 20.1 |  |  | 20.5 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  |  | 93.6 | % |  | 98.2 | % |  | 100.5 | % |  | 102.0 | % |  | 108.0 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio as Reported |  |  |  |  |  |  |  |  | 94.8 | % |  | 98.5 | % |  | 109.9 | % |  | 106.5 | % |  | 112.1 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.3 |  |  | 0.7 |  |  | 1.9 |  |  | 0.9 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.6 |  |  | — |  |  | 8.8 |  |  | 2.7 |  |  | 3.3 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  |  | 93.6 | % |  | 98.2 | % |  | 100.5 | % |  | 102.0 | % |  | 108.0 | % |  |  |  |
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.

15

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

|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Standard Automobile |  |  |  |  |  |  |  | $ | 1,633.1 |  |  | $ | 1,711.9 |  |  | $ | 1,761.6 |  |  | $ | 1,741.4 |  |  | $ | 1,805.6 |
Commercial Automobile |  |  |  |  |  |  |  | 618.1 |  |  | 596.8 |  |  | 570.3 |  |  | 530.8 |  |  | 491.4 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 2,251.2 |  |  | $ | 2,308.7 |  |  | $ | 2,331.9 |  |  | $ | 2,272.2 |  |  | $ | 2,297.0 |
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and Allocated LAE Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Case and Allocated LAE |  |  |  |  |  |  |  | $ | 965.7 |  |  | $ | 999.9 |  |  | $ | 1,048.0 |  |  | $ | 1,061.7 |  |  | $ | 1,094.8 |
Incurred but Not Reported |  |  |  |  |  |  |  | 1,114.8 |  |  | 1,132.8 |  |  | 1,107.7 |  |  | 1,036.7 |  |  | 1,027.0 |
Total Loss Reserves |  |  |  |  |  |  |  | 2,080.5 |  |  | 2,132.7 |  |  | 2,155.7 |  |  | 2,098.4 |  |  | 2,121.8 |
Unallocated LAE Reserves |  |  |  |  |  |  |  | 170.7 |  |  | 176.0 |  |  | 176.2 |  |  | 173.8 |  |  | 175.2 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 2,251.2 |  |  | $ | 2,308.7 |  |  | $ | 2,331.9 |  |  | $ | 2,272.2 |  |  | $ | 2,297.0 |

16

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, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  |  | $ | 672.5 |  |  | $ | 563.8 |  |  | $ | 583.9 |  |  | $ | 687.4 |  |  | $ | 842.4 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  |  | $ | 675.3 |  |  | $ | 699.3 |  |  | $ | 724.0 |  |  | $ | 766.6 |  |  | $ | 787.9 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  | 26.9 |  |  | 32.3 |  |  | 32.5 |  |  | 33.8 |  |  | 29.9 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  |  | 0.2 |  |  | 0.2 |  |  | 0.4 |  |  | 0.3 |  |  | 0.3 |  |  |  |  |
Other Income |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.3 |  |  | 1.6 |  |  | 0.7 |  |  | 0.9 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  |  | 703.5 |  |  | 733.1 |  |  | 758.5 |  |  | 801.4 |  |  | 819.0 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 485.7 |  |  | 544.2 |  |  | 583.5 |  |  | 638.7 |  |  | 697.6 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 3.5 |  |  | 1.9 |  |  | 5.0 |  |  | 15.0 |  |  | 7.7 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 6.5 |  |  | (2.2) |  |  | 71.8 |  |  | 18.0 |  |  | 23.4 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 0.6 |  |  | — |  |  | (0.9) |  |  | (0.9) |  |  | (0.5) |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  |  | 496.3 |  |  | 543.9 |  |  | 659.4 |  |  | 670.8 |  |  | 728.2 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  |  | 145.6 |  |  | 151.4 |  |  | 155.3 |  |  | 157.1 |  |  | 162.0 |  |  |  |  |
Adjusted Operating Income (Loss) |  |  |  |  |  |  |  |  | 61.6 |  |  | 37.8 |  |  | (56.2) |  |  | (26.5) |  |  | (71.2) |  |  |  |  |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  | (12.3) |  |  | (7.5) |  |  | 12.4 |  |  | 6.3 |  |  | 15.5 |  |  |  |  |
Total Product Line Adjusted Net Operating Income (Loss) |  |  |  |  |  |  |  |  | $ | 49.3 |  |  | $ | 30.3 |  |  | $ | (43.8) |  |  | $ | (20.2) |  |  | $ | (55.7) |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 71.9 | % |  | 77.8 | % |  | 80.6 | % |  | 83.3 | % |  | 88.5 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.3 |  |  | 0.7 |  |  | 2.0 |  |  | 1.0 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 1.0 |  |  | (0.3) |  |  | 9.9 |  |  | 2.3 |  |  | 3.0 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  |  | 73.5 |  |  | 77.8 |  |  | 91.1 |  |  | 87.5 |  |  | 92.4 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  |  | 21.6 |  |  | 21.7 |  |  | 21.5 |  |  | 20.5 |  |  | 20.6 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  |  | 95.1 | % |  | 99.5 | % |  | 112.6 | % |  | 108.0 | % |  | 113.0 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 71.9 | % |  | 77.8 | % |  | 80.6 | % |  | 83.3 | % |  | 88.5 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  |  | 21.6 |  |  | 21.7 |  |  | 21.5 |  |  | 20.5 |  |  | 20.6 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  |  | 93.5 | % |  | 99.5 | % |  | 102.1 | % |  | 103.8 | % |  | 109.1 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  |  | 95.1 | % |  | 99.5 | % |  | 112.6 | % |  | 108.0 | % |  | 113.0 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.3 |  |  | 0.7 |  |  | 2.0 |  |  | 1.0 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 1.0 |  |  | (0.3) |  |  | 9.9 |  |  | 2.3 |  |  | 3.0 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.1 |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  |  | 93.5 | % |  | 99.5 | % |  | 102.1 | % |  | 103.8 | % |  | 109.1 | % |  |  |  |
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
Specialty Property & Casualty Insurance Segment
Commercial Automobile Insurance - Results of Operations and Selected Financial Information
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Premiums Written |  |  |  |  |  |  |  |  | $ | 192.1 |  |  | $ | 155.9 |  |  | $ | 149.1 |  |  | $ | 143.2 |  |  | $ | 179.7 |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  |  | $ | 164.7 |  |  | $ | 166.3 |  |  | $ | 166.4 |  |  | $ | 165.7 |  |  | $ | 156.3 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  | 14.2 |  |  | 10.3 |  |  | 10.2 |  |  | 10.7 |  |  | 8.6 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  |  | 179.0 |  |  | 176.7 |  |  | 176.7 |  |  | 176.5 |  |  | 165.0 |  |  |  |  |
Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 123.3 |  |  | 128.9 |  |  | 128.6 |  |  | 125.2 |  |  | 127.8 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 0.6 |  |  | 0.6 |  |  | 1.2 |  |  | 2.4 |  |  | 0.7 |  |  |  |  |
Prior Years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-catastrophe Losses and LAE |  |  |  |  |  |  |  |  | (1.2) |  |  | 2.0 |  |  | 7.0 |  |  | 7.0 |  |  | 8.2 |  |  |  |  |
Catastrophe Losses and LAE |  |  |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Total Incurred Losses and LAE |  |  |  |  |  |  |  |  | 122.8 |  |  | 131.6 |  |  | 136.7 |  |  | 134.6 |  |  | 136.7 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  |  | 31.3 |  |  | 26.3 |  |  | 27.0 |  |  | 30.4 |  |  | 31.8 |  |  |  |  |
Adjusted Operating Income (Loss) |  |  |  |  |  |  |  |  | 24.9 |  |  | 18.8 |  |  | 13.0 |  |  | 11.5 |  |  | (3.5) |  |  |  |  |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  | (5.0) |  |  | (3.8) |  |  | (2.4) |  |  | (2.1) |  |  | 0.8 |  |  |  |  |
Total Product Line Adjusted Net Operating Income (Loss) |  |  |  |  |  |  |  |  | $ | 19.9 |  |  | $ | 15.0 |  |  | $ | 10.6 |  |  | $ | 9.4 |  |  | $ | (2.7) |  |  |  |  |
Ratios Based On Earned Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 74.8 | % |  | 77.4 | % |  | 77.4 | % |  | 75.6 | % |  | 81.9 | % |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.4 |  |  | 0.4 |  |  | 0.7 |  |  | 1.4 |  |  | 0.4 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | (0.7) |  |  | 1.2 |  |  | 4.2 |  |  | 4.2 |  |  | 5.2 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Total Incurred Loss and LAE Ratio |  |  |  |  |  |  |  |  | 74.6 |  |  | 79.1 |  |  | 82.2 |  |  | 81.2 |  |  | 87.5 |  |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  |  | 19.0 |  |  | 15.8 |  |  | 16.2 |  |  | 18.3 |  |  | 20.3 |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  |  | 93.6 | % |  | 94.9 | % |  | 98.4 | % |  | 99.5 | % |  | 107.8 | % |  |  |  |
Underlying Combined Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 74.8 | % |  | 77.4 | % |  | 77.4 | % |  | 75.6 | % |  | 81.9 | % |  |  |  |
Insurance Expense Ratio |  |  |  |  |  |  |  |  | 19.0 |  |  | 15.8 |  |  | 16.2 |  |  | 18.3 |  |  | 20.3 |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  |  | 93.8 | % |  | 93.2 | % |  | 93.6 | % |  | 93.9 | % |  | 102.2 | % |  |  |  |
Non-GAAP Measure Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Ratio |  |  |  |  |  |  |  |  | 93.6 | % |  | 94.9 | % |  | 98.4 | % |  | 99.5 | % |  | 107.8 | % |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Year Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.4 |  |  | 0.4 |  |  | 0.7 |  |  | 1.4 |  |  | 0.4 |  |  |  |  |
Prior Years Non-catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | (0.7) |  |  | 1.2 |  |  | 4.2 |  |  | 4.2 |  |  | 5.2 |  |  |  |  |
Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |
Underlying Combined Ratio |  |  |  |  |  |  |  |  | 93.8 | % |  | 93.2 | % |  | 93.6 | % |  | 93.9 | % |  | 102.2 | % |  |  |  |
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.

18

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

|  |  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned Premiums |  |  |  |  |  |  |  |  | $ | 97.3 |  |  | $ | 84.0 |  |  | $ | 102.1 |  |  | $ | 102.2 |  |  | $ | 99.3 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  | 44.3 |  |  | 47.1 |  |  | 49.4 |  |  | 47.1 |  |  | 49.8 |  |  |  |  |
Change in Value of Alternative Energy Partnership Investments |  |  |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  |  |  |
Other Income (Loss) |  |  |  |  |  |  |  |  | 0.2 |  |  | 0.2 |  |  | (0.1) |  |  | 0.1 |  |  | (0.4) |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  |  | 141.9 |  |  | 131.4 |  |  | 151.6 |  |  | 149.6 |  |  | 148.9 |  |  |  |  |
Policyholders’ Benefits and Incurred Losses and LAE |  |  |  |  |  |  |  |  | 63.0 |  |  | 40.5 |  |  | 64.7 |  |  | 68.3 |  |  | 69.9 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  |  | 64.9 |  |  | 71.0 |  |  | 69.4 |  |  | 71.2 |  |  | 64.2 |  |  |  |  |
Segment Adjusted Operating Income |  |  |  |  |  |  |  |  | 14.0 |  |  | 19.9 |  |  | 17.5 |  |  | 10.1 |  |  | 14.8 |  |  |  |  |
Income Tax Expense |  |  |  |  |  |  |  |  | (2.1) |  |  | (4.9) |  |  | (2.8) |  |  | (1.2) |  |  | (1.6) |  |  |  |  |
Total Segment Adjusted Net Operating Income |  |  |  |  |  |  |  |  | $ | 11.9 |  |  | $ | 15.0 |  |  | $ | 14.7 |  |  | $ | 8.9 |  |  | $ | 13.2 |  |  |  |  |

19

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

|  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023
Insurance Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Future Policyholder Benefits |  |  |  |  |  |  |  | $ | 3,248.8 |  |  | $ | 3,375.6 |  |  | $ | 3,048.7 |  |  | $ | 3,315.2 |  |  | $ | 3,346.9 |
Incurred Losses and LAE Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  |  | 40.7 |  |  | 42.1 |  |  | 44.6 |  |  | 44.2 |  |  | 48.3 |
Accident and Health |  |  |  |  |  |  |  | 4.7 |  |  | 4.7 |  |  | 4.8 |  |  | 4.4 |  |  | 4.4 |
Property |  |  |  |  |  |  |  | 2.5 |  |  | 2.9 |  |  | 2.7 |  |  | 2.6 |  |  | 2.7 |
Total Incurred Losses and LAE Reserves |  |  |  |  |  |  |  | 47.9 |  |  | 49.7 |  |  | 52.1 |  |  | 51.2 |  |  | 55.4 |
Insurance Reserves |  |  |  |  |  |  |  | $ | 3,296.7 |  |  | $ | 3,425.3 |  |  | $ | 3,100.8 |  |  | $ | 3,366.4 |  |  | $ | 3,402.3 |

20

Kemper Corporation
Expenses
(Dollars in Millions)
(Unaudited)

|  |  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Insurance Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  |  |  |  |  |  |  |  | $ | 139.9 |  |  | $ | 121.2 |  |  | $ | 130.8 |  |  | $ | 165.3 |  |  | $ | 166.9 |  |  |  |  |
General Expenses |  |  |  |  |  |  |  |  | 85.3 |  |  | 88.2 |  |  | 85.9 |  |  | 74.5 |  |  | 94.2 |  |  |  |  |
Premium Taxes |  |  |  |  |  |  |  |  | 19.1 |  |  | 17.7 |  |  | 17.8 |  |  | 20.5 |  |  | 23.6 |  |  |  |  |
Total Costs Incurred |  |  |  |  |  |  |  |  | 244.3 |  |  | 227.1 |  |  | 234.5 |  |  | 260.3 |  |  | 284.7 |  |  |  |  |
Net Policy Acquisition Costs (Deferred) Amortized |  |  |  |  |  |  |  |  | (4.1) |  |  | 30.4 |  |  | 24.0 |  |  | 5.3 |  |  | (15.9) |  |  |  |  |
Amortization of Valuation of Business Acquired ("VOBA") |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  |  |  |  |
Insurance Expenses |  |  |  |  |  |  |  |  | $ | 240.7 |  |  | $ | 258.0 |  |  | $ | 259.0 |  |  | $ | 266.1 |  |  | $ | 269.3 |  |  |  |  |
Interest and Other Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  |  |  |  |  |  |  | $ | 14.0 |  |  | $ | 13.9 |  |  | $ | 14.1 |  |  | $ | 14.0 |  |  | $ | 14.1 |  |  |  |  |
Other Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  |  |  |  |  |  |  |  | 12.8 |  |  | 18.4 |  |  | 43.3 |  |  | 29.5 |  |  | 29.1 |  |  |  |  |
Pension Settlement Expense |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 70.2 |  |  | — |  |  | — |  |  |  |  |
Other |  |  |  |  |  |  |  |  | 32.9 |  |  | 25.3 |  |  | 28.4 |  |  | 34.8 |  |  | 34.2 |  |  |  |  |
Other Expenses |  |  |  |  |  |  |  |  | 45.7 |  |  | 43.7 |  |  | 141.9 |  |  | 64.3 |  |  | 63.3 |  |  |  |  |
Interest and Other Expenses |  |  |  |  |  |  |  |  | 59.7 |  |  | 57.6 |  |  | 156.0 |  |  | 78.3 |  |  | 77.4 |  |  |  |  |
Goodwill Impairment |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 49.6 |  |  | — |  |  |  |  |
Total Expenses |  |  |  |  |  |  |  |  | $ | 300.4 |  |  | $ | 315.6 |  |  | $ | 415.0 |  |  | $ | 394.0 |  |  | $ | 346.7 |  |  |  |  |

21

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

|  |  |  |  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on Fixed Income Securities 1,2 |  |  |  |  |  |  |  |  | $ | 79.8 |  |  | $ | 81.0 |  |  | $ | 81.2 |  |  | $ | 79.6 |  |  | $ | 81.5 |  |  |  |  |
Dividends on Equity Securities Excluding Alternative Investments |  |  |  |  |  |  |  |  | 2.8 |  |  | 1.0 |  |  | 1.2 |  |  | 1.2 |  |  | 1.0 |  |  |  |  |
Alternative Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Method Limited Liability Investments |  |  |  |  |  |  |  |  | (2.1) |  |  | 2.3 |  |  | 4.3 |  |  | 2.8 |  |  | 1.1 |  |  |  |  |
Limited Liability Investments Included in Equity Securities |  |  |  |  |  |  |  |  | 3.4 |  |  | 4.7 |  |  | 5.4 |  |  | 6.3 |  |  | 2.6 |  |  |  |  |
Total Alternative Investments |  |  |  |  |  |  |  |  | 1.3 |  |  | 7.0 |  |  | 9.7 |  |  | 9.1 |  |  | 3.7 |  |  |  |  |
Short-term Investments |  |  |  |  |  |  |  |  | 7.3 |  |  | 6.1 |  |  | 6.0 |  |  | 3.6 |  |  | 2.3 |  |  |  |  |
Loans to Policyholders |  |  |  |  |  |  |  |  | 5.2 |  |  | 5.3 |  |  | 5.1 |  |  | 5.1 |  |  | 5.4 |  |  |  |  |
Real Estate |  |  |  |  |  |  |  |  | 2.3 |  |  | 2.3 |  |  | 2.3 |  |  | 1.9 |  |  | 2.4 |  |  |  |  |
Company-Owned Life Insurance |  |  |  |  |  |  |  |  | 7.1 |  |  | 6.6 |  |  | 6.4 |  |  | 7.4 |  |  | 8.8 |  |  |  |  |
Other |  |  |  |  |  |  |  |  | 2.5 |  |  | 2.8 |  |  | 1.8 |  |  | 5.3 |  |  | 3.0 |  |  |  |  |
Total Investment Income |  |  |  |  |  |  |  |  | 108.3 |  |  | 112.1 |  |  | 113.7 |  |  | 113.2 |  |  | 108.1 |  |  |  |  |
Investment Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  |  |  |  |  |  |  |  | 2.2 |  |  | 2.8 |  |  | 1.7 |  |  | 2.2 |  |  | 2.1 |  |  |  |  |
Other Investment Expenses 1,2 |  |  |  |  |  |  |  |  | 5.7 |  |  | 4.7 |  |  | 5.0 |  |  | 4.7 |  |  | 4.2 |  |  |  |  |
Total Investment Expenses |  |  |  |  |  |  |  |  | 7.9 |  |  | 7.5 |  |  | 6.7 |  |  | 6.9 |  |  | 6.3 |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |  | $ | 100.4 |  |  | $ | 104.6 |  |  | $ | 107.0 |  |  | $ | 106.3 |  |  | $ | 101.8 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on Sales |  |  |  |  |  |  |  |  | $ | 12.8 |  |  | $ | 3.6 |  |  | $ | 0.8 |  |  | $ | 0.4 |  |  | $ | 1.1 |  |  |  |  |
Losses on Sales |  |  |  |  |  |  |  |  | (2.3) |  |  | (0.4) |  |  | (1.2) |  |  | (6.0) |  |  | (3.3) |  |  |  |  |
(Losses) Gains on Hedging Activity |  |  |  |  |  |  |  |  | (7.9) |  |  | 17.8 |  |  | (29.4) |  |  | (8.7) |  |  | 8.4 |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on Sales |  |  |  |  |  |  |  |  | 4.1 |  |  | — |  |  | 0.5 |  |  | 0.1 |  |  | — |  |  |  |  |
Losses on Sales |  |  |  |  |  |  |  |  | (0.1) |  |  | (1.3) |  |  | (1.1) |  |  | (0.1) |  |  | — |  |  |  |  |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on Sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  |  |  |
Losses on Sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  |  | $ | 6.6 |  |  | $ | 19.7 |  |  | $ | (30.3) |  |  | $ | (14.4) |  |  | $ | 6.4 |  |  |  |  |
Net Impairment Losses Recognized in Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities |  |  |  |  |  |  |  |  | $ | (1.0) |  |  | $ | (0.7) |  |  | $ | (2.0) |  |  | $ | — |  |  | $ | 2.1 |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  | (0.4) |  |  | (0.5) |  |  | — |  |  | — |  |  | — |  |  |  |  |
Other |  |  |  |  |  |  |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Net Impairment Losses Recognized in Earnings |  |  |  |  |  |  |  |  | $ | (1.5) |  |  | $ | (1.2) |  |  | $ | (2.0) |  |  | $ | — |  |  | $ | 2.1 |  |  |  |  |
1 In the first quarter of 2024, the Company changed its presentation of the details of investment performance to report interest expense incurred on Federal Home Loan Bank ("FHLB") borrowings as an offset to interest on fixed income securities since FHLB borrowings are used for spread lending purposes. The interest expense incurred on FHLB borrowings was previously reported within Other Investment Expenses. The prior period amounts presented above have been updated to reflect this change in presentation. |  |  |  |
2 Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $5.2 million, $5.2 million, $5.3 million, $7.5 million, $4.7 million, for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively. |  |  |  |

22

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

|  | Mar 31, 2024 |  | Dec 31, 2023 |  | Dec 31, 2022
|  | 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 |  | $ | 488.4 |  |  | 5.6 | % |  | $ | 511.5 |  |  | 5.7 | % |  | $ | 528.0 |  |  | 6.0 | %
States and Political Subdivisions |  | 1,355.9 |  |  | 15.4 |  |  | 1,401.9 |  |  | 15.7 |  |  | 1,568.9 |  |  | 17.8 |
Foreign Governments |  | 4.6 |  |  | 0.1 |  |  | 3.8 |  |  | — |  |  | 4.1 |  |  | — |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,635.6 |  |  | 41.4 |  |  | 3,690.8 |  |  | 41.4 |  |  | 3,539.4 |  |  | 40.4 |
Redeemable Preferred Stocks |  | 8.0 |  |  | 0.1 |  |  | 8.3 |  |  | 0.1 |  |  | 8.0 |  |  | 0.1 |
Collateralized Loan Obligations |  | 938.2 |  |  | 10.7 |  |  | 949.8 |  |  | 10.7 |  |  | 953.9 |  |  | 10.9 |
Other Mortgage- and Asset-backed |  | 340.9 |  |  | 3.9 |  |  | 315.8 |  |  | 3.5 |  |  | 292.5 |  |  | 3.3 |
Total Fixed Maturities Reported at Fair Value |  | 6,771.6 |  |  | 77.2 |  |  | 6,881.9 |  |  | 77.1 |  |  | 6,894.8 |  |  | 78.5 |
Equity Securities Reported at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  | 25.9 |  |  | 0.3 |  |  | 25.5 |  |  | 0.3 |  |  | 39.8 |  |  | 0.5 |
Common Stocks |  | 1.4 |  |  | — |  |  | 1.2 |  |  | — |  |  | 2.1 |  |  | — |
Other Equity Interests: |  |  |  |  |  |  |  |  |  |  |  |
Exchange Traded Funds |  | 8.7 |  |  | 0.1 |  |  | 7.7 |  |  | 0.1 |  |  | 12.2 |  |  | 0.1 |
Limited Liability Companies and Limited Partnerships |  | 194.1 |  |  | 2.2 |  |  | 191.4 |  |  | 2.1 |  |  | 189.1 |  |  | 2.2 |
Total Equity Securities Reported at Fair Value |  | 230.1 |  |  | 2.6 |  |  | 225.8 |  |  | 2.5 |  |  | 243.2 |  |  | 2.8 |
Equity Method Limited Liability Investments |  | 215.2 |  |  | 2.5 |  |  | 221.7 |  |  | 2.5 |  |  | 217.0 |  |  | 2.5 |
Alternative Energy Partnership Investments |  | 17.2 |  |  | 0.2 |  |  | 17.3 |  |  | 0.2 |  |  | 16.3 |  |  | 0.2 |
Short-term Investments at Cost which Approximates Fair Value |  | 520.7 |  |  | 5.9 |  |  | 520.9 |  |  | 5.9 |  |  | 278.4 |  |  | 3.2 |
Company Owned Life Insurance |  | 515.7 |  |  | 5.9 |  |  | 513.5 |  |  | 5.8 |  |  | 586.5 |  |  | 6.7 |
Loans to Policyholders |  | 280.5 |  |  | 3.2 |  |  | 281.2 |  |  | 3.2 |  |  | 283.4 |  |  | 3.2 |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities Reported at Modified Cost |  | 24.7 |  |  | 0.3 |  |  | 32.6 |  |  | 0.4 |  |  | 38.4 |  |  | 0.4 |
Convertible Securities at Fair Value |  | — |  |  | — |  |  | — |  |  | — |  |  | 43.3 |  |  | 0.5 |
Real Estate at Depreciated Cost |  | 93.9 |  |  | 1.1 |  |  | 94.7 |  |  | 1.1 |  |  | 93.6 |  |  | 1.1 |
Mortgage Loans |  | 93.1 |  |  | 1.1 |  |  | 99.8 |  |  | 1.1 |  |  | 91.1 |  |  | 1.0 |
Other |  | 1.9 |  |  | — |  |  | 14.8 |  |  | 0.2 |  |  | 3.5 |  |  | — |
Total Other Investments |  | 213.6 |  |  | 2.5 |  |  | 241.9 |  |  | 2.8 |  |  | 269.9 |  |  | 3.0 |
Total Investments |  | $ | 8,764.6 |  |  | 100.0 | % |  | $ | 8,904.2 |  |  | 100.0 | % |  | $ | 8,789.5 |  |  | 100.0 | %

23

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

|  | Mar 31, 2024 |  | Dec 31, 2023 |  | Dec 31, 2022
|  | 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 |  | $ | 4,884.1 |  |  | 72.1 | % |  | $ | 4,962.0 |  |  | 72.1 | % |  | $ | 4,896.4 |  |  | 71.0 | %
BBB |  | 1,604.4 |  |  | 23.7 |  |  | 1,657.3 |  |  | 24.1 |  |  | 1,687.4 |  |  | 24.5 |
BB, B |  | 225.5 |  |  | 3.3 |  |  | 204.4 |  |  | 3.0 |  |  | 239.7 |  |  | 3.5 |
CCC or Lower |  | 57.6 |  |  | 0.9 |  |  | 58.2 |  |  | 0.8 |  |  | 71.3 |  |  | 1.0 |
Total Investments in Fixed Maturities |  | $ | 6,771.6 |  |  | 100.0 | % |  | $ | 6,881.9 |  |  | 100.0 | % |  | $ | 6,894.8 |  |  | 100.0 | %
Duration (in Years) |  |  |  |  |  |  |  |  |  |  |  |
Total Investments in Fixed Maturities |  | 7.9 |  |  |  |  | 8.1 |  |  |  |  | 8.2 |  |  |
1 Sum of percentages for individual lines may not equal subtotals and grand total due to rounding.

24

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

|  | Mar 31, 2024 |  | Dec 31, 2023 |  | Dec 31, 2022
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 |  | $ | 2,084.8 |  |  | 23.8 | % |  | $ | 2,070.5 |  |  | 23.3 | % |  | $ | 2,007.5 |  |  | 22.8 | %
Manufacturing |  | 1,064.8 |  |  | 12.1 |  |  | 1,077.6 |  |  | 12.1 |  |  | 1,085.9 |  |  | 12.4 |
Transportation, Communication and Utilities |  | 816.5 |  |  | 9.3 |  |  | 807.3 |  |  | 9.1 |  |  | 733.7 |  |  | 8.3 |
Services |  | 620.0 |  |  | 7.1 |  |  | 639.4 |  |  | 7.2 |  |  | 602.4 |  |  | 6.9 |
Mining |  | 165.0 |  |  | 1.9 |  |  | 174.3 |  |  | 2.0 |  |  | 173.3 |  |  | 2.0 |
Retail Trade |  | 131.3 |  |  | 1.5 |  |  | 156.0 |  |  | 1.8 |  |  | 165.1 |  |  | 1.9 |
Construction |  | 6.2 |  |  | 0.1 |  |  | 4.4 |  |  | — |  |  | 11.7 |  |  | 0.1 |
Other |  | 34.1 |  |  | 0.4 |  |  | 35.2 |  |  | 0.4 |  |  | 14.2 |  |  | 0.2 |
Total Fair Value of Non-governmental Fixed Maturities |  | $ | 4,922.7 |  |  | 56.2 | % |  | $ | 4,964.7 |  |  | 55.9 | % |  | $ | 4,793.8 |  |  | 54.6 | %

|  |  |  | Mar 31, 2024
Ten Largest Investment Exposures 1 |  | Fair Value |  | Percent of Total Investments
Fixed Maturities: |  |  |  |
States including their Political Subdivisions: |  |  |  |
California |  | $ | 133.5 |  |  | 1.5 | %
Texas |  | 113.3 |  |  | 1.3 |
Michigan |  | 78.9 |  |  | 0.9 |
New York |  | 76.7 |  |  | 0.9 |
Georgia |  | 72.4 |  |  | 0.8 |
Louisiana |  | 60.0 |  |  | 0.7 |
Pennsylvania |  | 57.5 |  |  | 0.7 |
Florida |  | 55.2 |  |  | 0.6 |
Colorado |  | 48.2 |  |  | 0.5 |
Missouri |  | 39.4 |  |  | 0.4 |
Total |  | $ | 735.1 |  |  | 8.3 | %
1 Excluding Investments in U.S. Government and Government Agencies and Authorities at March 31, 2024.

25

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

|  | Mar 31, 2024
|  | State General Obligation |  | Political Subdivision General Obligation |  | Revenue |  | Total Fair Value |  | Percent of Total Muni Bond 1 |  | Percent of Total Investments 1
California |  | $ | 8.6 |  |  | $ | 124.9 |  |  | $ | — |  |  | $ | 133.5 |  |  | 9.8 | % |  | 1.5 | %
Texas |  | 10.3 |  |  | 99.6 |  |  | 3.4 |  |  | 113.3 |  |  | 8.4 |  |  | 1.3 |
Michigan |  | — |  |  | 68.9 |  |  | 10.0 |  |  | 78.9 |  |  | 5.8 |  |  | 0.9 |
New York |  | 12.3 |  |  | 64.4 |  |  | — |  |  | 76.7 |  |  | 5.7 |  |  | 0.9 |
Georgia |  | 3.5 |  |  | 64.5 |  |  | 4.4 |  |  | 72.4 |  |  | 5.3 |  |  | 0.8 |
Louisiana |  | 4.3 |  |  | 24.4 |  |  | 31.3 |  |  | 60.0 |  |  | 4.4 |  |  | 0.7 |
Pennsylvania |  | 3.0 |  |  | 54.5 |  |  | — |  |  | 57.5 |  |  | 4.2 |  |  | 0.7 |
Florida |  | — |  |  | 55.2 |  |  | — |  |  | 55.2 |  |  | 4.1 |  |  | 0.6 |
Colorado |  | — |  |  | 48.2 |  |  | — |  |  | 48.2 |  |  | 3.6 |  |  | 0.5 |
Missouri |  | 1.1 |  |  | 38.3 |  |  | — |  |  | 39.4 |  |  | 2.9 |  |  | 0.4 |
Washington |  | 1.3 |  |  | 28.0 |  |  | 5.3 |  |  | 34.6 |  |  | 2.6 |  |  | 0.4 |
Virginia |  | — |  |  | 27.1 |  |  | 6.2 |  |  | 33.3 |  |  | 2.5 |  |  | 0.4 |
New Mexico |  | — |  |  | 33.0 |  |  | — |  |  | 33.0 |  |  | 2.4 |  |  | 0.4 |
Massachusetts |  | — |  |  | 27.0 |  |  | 5.2 |  |  | 32.2 |  |  | 2.4 |  |  | 0.4 |
Oregon |  | 2.4 |  |  | 17.9 |  |  | 11.4 |  |  | 31.7 |  |  | 2.3 |  |  | 0.4 |
Illinois |  | 0.6 |  |  | 30.5 |  |  | — |  |  | 31.1 |  |  | 2.3 |  |  | 0.4 |
Minnesota |  | 1.1 |  |  | 27.5 |  |  | — |  |  | 28.6 |  |  | 2.1 |  |  | 0.3 |
Maryland |  | — |  |  | 28.3 |  |  | — |  |  | 28.3 |  |  | 2.1 |  |  | 0.3 |
Tennessee |  | 3.3 |  |  | 19.7 |  |  | — |  |  | 23.0 |  |  | 1.7 |  |  | 0.3 |
Oklahoma |  | — |  |  | 22.9 |  |  | — |  |  | 22.9 |  |  | 1.7 |  |  | 0.3 |
Ohio |  | — |  |  | 21.6 |  |  | — |  |  | 21.6 |  |  | 1.6 |  |  | 0.2 |
Indiana |  | — |  |  | 20.1 |  |  | — |  |  | 20.1 |  |  | 1.5 |  |  | 0.2 |
Rhode Island |  | 1.6 |  |  | 18.3 |  |  | — |  |  | 19.9 |  |  | 1.5 |  |  | 0.2 |
Connecticut |  | — |  |  | 16.4 |  |  | 2.6 |  |  | 19.0 |  |  | 1.4 |  |  | 0.2 |
North Carolina |  | 1.7 |  |  | 17.2 |  |  | — |  |  | 18.9 |  |  | 1.4 |  |  | 0.2 |
Mississippi |  | — |  |  | 10.6 |  |  | 7.6 |  |  | 18.2 |  |  | 1.3 |  |  | 0.2 |
District of Columbia |  | — |  |  | 15.4 |  |  | 2.8 |  |  | 18.2 |  |  | 1.3 |  |  | 0.2 |
New Hampshire |  | 0.4 |  |  | 17.8 |  |  | — |  |  | 18.2 |  |  | 1.3 |  |  | 0.2 |
Nebraska |  | 5.7 |  |  | 9.4 |  |  | — |  |  | 15.1 |  |  | 1.1 |  |  | 0.2 |
Arizona |  | — |  |  | 14.5 |  |  | — |  |  | 14.5 |  |  | 1.1 |  |  | 0.2 |
South Carolina |  | — |  |  | 13.8 |  |  | — |  |  | 13.8 |  |  | 1.0 |  |  | 0.2 |
Kentucky |  | — |  |  | 13.6 |  |  | — |  |  | 13.6 |  |  | 1.0 |  |  | 0.2 |
Utah |  | — |  |  | 13.3 |  |  | — |  |  | 13.3 |  |  | 1.0 |  |  | 0.2 |
North Dakota |  | — |  |  | 12.9 |  |  | — |  |  | 12.9 |  |  | 1.0 |  |  | 0.1 |
Alabama |  | — |  |  | 12.6 |  |  | — |  |  | 12.6 |  |  | 0.9 |  |  | 0.1 |
Iowa |  | — |  |  | 11.7 |  |  | — |  |  | 11.7 |  |  | 0.9 |  |  | 0.1 |
Hawaii |  | 3.4 |  |  | 2.9 |  |  | 2.9 |  |  | 9.2 |  |  | 0.7 |  |  | 0.1 |
Maine |  | — |  |  | 8.4 |  |  | — |  |  | 8.4 |  |  | 0.6 |  |  | 0.1 |
South Dakota |  | — |  |  | 8.4 |  |  | — |  |  | 8.4 |  |  | 0.6 |  |  | 0.1 |
All Other States |  | 2.5 |  |  | 29.6 |  |  | 2.4 |  |  | 34.5 |  |  | 2.5 |  |  | 0.4 |
Total |  | $ | 67.1 |  |  | $ | 1,193.3 |  |  | $ | 95.5 |  |  | $ | 1,355.9 |  |  | 100.0 | % |  | 15.5 | %
1 Sum of percentages for individual lines may not equal total due to rounding. |  |  |  |  |  |

26

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

|  | Unfunded Commitment |  | Reported Value
Asset Class |  | Mar 31, 2024 |  | Mar 31, 2024 |  | Dec 31, 2023
Reported as Equity Method Limited Liability Investments: |  |  |  |  |  |
Mezzanine Debt |  | $ | 42.6 |  |  | $ | 123.2 |  |  | $ | 125.4 |
Real Estate |  | — |  |  | 42.0 |  |  | 41.9 |
Senior Debt |  | 39.5 |  |  | 19.2 |  |  | 19.0 |
Leveraged Buyout |  | 0.6 |  |  | 8.5 |  |  | 8.6 |
Distressed Debt |  | — |  |  | 6.1 |  |  | 7.9 |
Secondary Transactions |  | 1.6 |  |  | 6.8 |  |  | 7.9 |
Growth Equity |  | — |  |  | 0.8 |  |  | 1.2 |
Hedge Fund |  | — |  |  | 0.1 |  |  | 0.1 |
Other |  | 0.2 |  |  | 8.5 |  |  | 9.7 |
Total Equity Method Limited Liability Investments |  | 84.5 |  |  | 215.2 |  |  | 221.7 |
Alternative Energy Partnership Investments |  | — |  |  | 17.2 |  |  | 17.3 |
Reported as Other Equity Interests at Fair Value: |  |  |  |  |  |
Mezzanine Debt |  | 66.3 |  |  | 127.7 |  |  | 124.0 |
Senior Debt |  | 10.8 |  |  | 24.7 |  |  | 24.8 |
Leveraged Buyout |  | 9.5 |  |  | 19.7 |  |  | 19.0 |
Distressed Debt |  | 13.0 |  |  | 12.9 |  |  | 12.4 |
Growth Equity |  | 6.5 |  |  | 6.3 |  |  | 6.4 |
Secondary Transactions |  | 3.1 |  |  | 2.7 |  |  | 2.8 |
Hedge Funds |  | — |  |  | — |  |  | 1.9 |
Real Estate |  | 0.2 |  |  | 0.1 |  |  | 0.1 |
Other |  | — |  |  | — |  |  | — |
Total Reported as Other Equity Interests at Fair Value |  | 109.4 |  |  | 194.1 |  |  | 191.4 |
Reported as Other Equity Interests at Modified Cost: |  |  |  |  |  |
Other |  | — |  |  | 4.6 |  |  | 4.8 |
Total Reported as Other Equity Interests at Modified Cost |  | — |  |  | 4.6 |  |  | 4.8 |
Total Investments in Limited Liability Companies and Limited Partnerships |  | $ | 193.9 |  |  | $ | 431.1 |  |  | $ | 435.2 |

27

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.
Adjusted Consolidated Net Operating Income (Loss) is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) attributable to Kemper Corporation the after-tax impact of:
(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 Charges;
(vii) Non-Core Operations; and
(viii) 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) attributable to Kemper Corporation. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss) for the three months ended March 31, 2024 or 2023.
The Company believes that Adjusted Consolidated Net Operating Income (Loss) 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. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) 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 and Disposition Related Transaction, Integration, Restructuring and Other 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 Settlement 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. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). 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 profitability of the Company’s businesses.
28

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

|  |  |  |  |  |  |  | Three Months Ended |  |
Dollars in Millions (Unaudited) |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Net Income (Loss) attributable to Kemper Corporation |  |  |  |  |  |  |  | $ | 71.3 |  |  | $ | 51.4 |  |  | $ | (146.3) |  |  | $ | (97.1) |  |  | $ | (80.1) |  |  |  |  |
Less Net Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | 2.7 |  |  | (1.8) |  |  | 2.3 |  |  | 1.9 |  |  | 1.3 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  | 5.2 |  |  | 15.6 |  |  | (22.9) |  |  | (12.5) |  |  | 5.1 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (1.2) |  |  | (1.0) |  |  | (0.8) |  |  | (0.8) |  |  | 1.7 |  |  |  |  |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  |  |  |  |  |  |  | (10.1) |  |  | (14.4) |  |  | (34.3) |  |  | (23.3) |  |  | (23.0) |  |  |  |  |
Debt Extinguishment, Pension Settlement and Other Charges |  |  |  |  |  |  |  | — |  |  | — |  |  | (55.5) |  |  | — |  |  | — |  |  |  |  |
Goodwill Impairment Charge |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (45.5) |  |  | — |  |  |  |  |
Non-Core Operations |  |  |  |  |  |  |  | 5.0 |  |  | 2.5 |  |  | (7.3) |  |  | (2.7) |  |  | (9.5) |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) |  |  |  |  |  |  |  | $ | 69.7 |  |  | $ | 50.5 |  |  | $ | (27.8) |  |  | $ | (14.2) |  |  | $ | (55.7) |  |  |  |  |

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

|  |  |  |  |  |  |  | Three Months Ended |  |
Dollars in Millions (Unaudited) |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share |  |  |  |  |  |  |  | $ | 1.11 |  |  | $ | 0.80 |  |  | $ | (2.28) |  |  | $ | (1.52) |  |  | $ | (1.25) |  |  |  |  |
Less Net Income (Loss) per Unrestricted Share From: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  |  |  |  |  |  |  | 0.04 |  |  | (0.03) |  |  | 0.04 |  |  | 0.03 |  |  | 0.02 |  |  |  |  |
Net Realized Investment Gains (Losses) |  |  |  |  |  |  |  | 0.09 |  |  | 0.24 |  |  | (0.35) |  |  | (0.20) |  |  | 0.08 |  |  |  |  |
Impairment Losses |  |  |  |  |  |  |  | (0.02) |  |  | (0.01) |  |  | (0.01) |  |  | (0.02) |  |  | 0.03 |  |  |  |  |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  |  |  |  |  |  |  | (0.16) |  |  | (0.23) |  |  | (0.54) |  |  | (0.36) |  |  | (0.36) |  |  |  |  |
Debt Extinguishment, Pension Settlement and Other Charges |  |  |  |  |  |  |  | — |  |  | — |  |  | (0.87) |  |  | — |  |  | — |  |  |  |  |
Goodwill Impairment Charge |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (0.71) |  |  | — |  |  |  |  |
Non-Core Operations |  |  |  |  |  |  |  | 0.08 |  |  | 0.04 |  |  | (0.11) |  |  | (0.04) |  |  | (0.15) |  |  |  |  |
Adjusted Consolidated Net Operating Income (Loss) per Unrestricted Share |  |  |  |  |  |  |  | $ | 1.08 |  |  | $ | 0.79 |  |  | $ | (0.44) |  |  | $ | (0.22) |  |  | $ | (0.87) |  |  |  |  |

29

Kemper Corporation
Definitions of Non-GAAP Financial Measures (continued)
Return on Tangible Shareholders' Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s net income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders' Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. The Company believes this 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.
A reconciliation of Return on Shareholders’ Equity to Return on Tangible Shareholders' Equity is presented below:

|  |  |  |  |  |  |  | Three Months Ended |  |
Dollars in Millions (Unaudited) |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023 |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annualized Net Income (Loss) attributable to Kemper Corporation |  |  |  |  |  |  |  | $ | 285.2 |  |  | $ | 205.6 |  |  | $ | (585.2) |  |  | $ | (388.4) |  |  | $ | (320.4) |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average Shareholders' Equity 1 |  |  |  |  |  |  |  | $ | 2,547.5 |  |  | $ | 2,433.3 |  |  | $ | 2,436.8 |  |  | $ | 2,579.6 |  |  | $ | 2,658.8 |  |  |  |  |
Less: Average Net Unrealized Gains and Losses on Fixed Maturities |  |  |  |  |  |  |  | 576.1 |  |  | 716.9 |  |  | 770.3 |  |  | 607.3 |  |  | 645.5 |  |  |  |  |
Less: Average Change in Discount Rate on Future Life Policyholder Benefits |  |  |  |  |  |  |  | (216.3) |  |  | (286.7) |  |  | (303.6) |  |  | (174.3) |  |  | (197.7) |  |  |  |  |
Less: Average Goodwill |  |  |  |  |  |  |  | (1,250.7) |  |  | (1,250.7) |  |  | (1,250.7) |  |  | (1,275.5) |  |  | (1,300.3) |  |  |  |  |
Average Tangible Shareholders' Equity 1 |  |  |  |  |  |  |  | $ | 1,656.6 |  |  | $ | 1,612.8 |  |  | $ | 1,652.8 |  |  | $ | 1,737.1 |  |  | $ | 1,806.3 |  |  |  |  |
Return on Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on Shareholders' Equity |  |  |  |  |  |  |  | 11.2 | % |  | 8.4 | % |  | (24.0) | % |  | (15.1) | % |  | (12.1) | % |  |  |  |
Return on Tangible Shareholders' Equity |  |  |  |  |  |  |  | 17.2 | % |  | 12.7 | % |  | (35.4) | % |  | (22.4) | % |  | (17.7) | % |  |  |  |
1 Average shareholders' equity and average tangible shareholders’ equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average tangible shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one.

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.
30

Kemper Corporation
Definitions of Non-GAAP Financial Measures (continued)
Tangible Book Value Per Share 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 and losses on fixed income securities, the change in discount rate on future life policyholder benefits 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 and losses on fixed income securities, the change in discount rate on future life policyholder benefits 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.
A reconciliation of Book Value Per Share to Tangible Book Value Per Share is presented below:

|  |  |  |  |  |  |  | As of
Dollars and Shares in Millions Except Per Share Amounts (Unaudited) |  |  |  |  |  |  |  | Mar 31, 2024 |  | Dec 31, 2023 |  | Sep 30, 2023 |  | Jun 30, 2023 |  | Mar 31, 2023
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kemper Corporation Shareholders’ Equity |  |  |  |  |  |  |  | $ | 2,589.8 |  |  | $ | 2,505.2 |  |  | $ | 2,361.3 |  |  | $ | 2,512.2 |  |  | $ | 2,646.9 |
Less: Net Unrealized Gains and Losses on Fixed Maturities |  |  |  |  |  |  |  | 618.4 |  |  | 533.8 |  |  | 900.1 |  |  | 640.5 |  |  | 574.2 |
Less: Change in Discount Rate on Future Life Policyholder Benefits |  |  |  |  |  |  |  | (272.1) |  |  | (160.6) |  |  | (412.8) |  |  | (194.4) |  |  | (154.2) |
Less: Goodwill |  |  |  |  |  |  |  | (1,250.7) |  |  | (1,250.7) |  |  | (1,250.7) |  |  | (1,250.7) |  |  | (1,300.3) |
Tangible Shareholders' Equity |  |  |  |  |  |  |  | $ | 1,685.4 |  |  | $ | 1,627.7 |  |  | $ | 1,597.9 |  |  | $ | 1,707.6 |  |  | $ | 1,766.6 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Shares Issued and Outstanding |  |  |  |  |  |  |  | 64.358 |  | 64.112 |  | 64.081 |  | 64.054 |  | 63.982
Book Value Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Book Value Per Share |  |  |  |  |  |  |  | $ | 40.24 |  |  | $ | 39.08 |  |  | $ | 36.85 |  |  | $ | 39.22 |  |  | $ | 41.37 |
Less: Net Unrealized Gains and Losses on Fixed Maturities |  |  |  |  |  |  |  | 9.61 |  |  | 8.33 |  |  | 14.05 |  |  | 10.00 |  |  | 8.97 |
Less: Change in Discount Rate on Future Life Policyholder Benefits |  |  |  |  |  |  |  | (4.23) |  |  | (2.51) |  |  | (6.44) |  |  | (3.03) |  |  | (2.41) |
Less: Goodwill |  |  |  |  |  |  |  | (19.43) |  |  | (19.51) |  |  | (19.52) |  |  | (19.53) |  |  | (20.32) |
Tangible Book Value Per Share |  |  |  |  |  |  |  | $ | 26.19 |  |  | $ | 25.39 |  |  | $ | 24.94 |  |  | $ | 26.66 |  |  | $ | 27.61 |

31