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Business Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Reconciliation of Assets from Segment to Consolidated

Total Segment, Non-Core Operations, and Corporate and Other assets at September 30, 2025 and December 31, 2024 were:

(Dollars in Millions)						Sep 30, 2025						Dec 31, 2024
Segment Assets:
Specialty Property & Casualty Insurance1						$	6,642.1					$	6,352.9
Life Insurance						4,879.0						4,731.7
Total Segment Assets						11,521.1						11,084.6
Corporate and Other						262.9						774.7
Non-Core Operations						659.4						771.1
Total Assets1						$	12,443.4					$	12,630.4
1Includes $70.0 million and $41.5 million attributable to Kemper Reciprocal as of September 30, 2025 and December 31, 2024, respectively, which is reported as a consolidated variable interest entity.

Revenue from External Customers by Products and Services

Earned Premiums by product line, including a reconciliation to Total Earned Premiums, for the three and nine months ended September 30, 2025 and 2024 were:

						Three Months Ended												Nine Months Ended
(Dollars in Millions)						Sep 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Specialty Property & Casualty Insurance:
Personal Automobile						$	785.1					$	731.3					$	2,328.1					$	2,098.1
Commercial Automobile						232.2						187.7						662.2						523.5
Total Specialty Property & Casualty Insurance						1,017.3						919.0						2,990.3						2,621.6
Life Insurance:
Life						84.1						84.2						252.6						249.2
Accident and Health						5.5						5.6						16.4						16.8
Property						10.2						10.8						31.0						32.7
Total Life Insurance						99.8						100.6						300.0						298.7
Total Segment Earned Premiums						1,117.1						1,019.6						3,290.3						2,920.3
Non-Core Operations						16.2						48.9						61.7						213.8
Total Earned Premiums						$	1,133.3					$	1,068.5					$	3,352.0					$	3,134.1

Reconciliation of Revenue from Segments to Consolidated

Segment Revenues, including a reconciliation to Total Revenues, for the three and nine months ended September 30, 2025 and 2024 were:

						Three Months Ended												Nine Months Ended
(Dollars in Millions)						Sep 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums						$	1,017.3					$	919.0					$	2,990.3					$	2,621.6
Net Investment Income						53.8						52.0						153.9						139.7
Other Income						2.5						1.6						6.5						4.6
Total Specialty Property & Casualty Insurance						1,073.6						972.6						3,150.7						2,765.9
Life Insurance:
Earned Premiums						99.8						100.6						300.0						298.7
Net Investment Income						48.0						50.3						141.1						125.1
Other Income						0.4						0.2						1.4						0.7
Total Life Insurance						148.2						151.1						442.5						424.5
Total Segment Revenues						1,221.8						1,123.7						3,593.2						3,190.4
Change in Fair Value of Equity and Convertible Securities						(2.1)						(2.3)						(2.5)						(0.1)
Net Realized Investment Gains						3.9						1.1						4.7						9.2
Impairment Losses						(3.1)						(2.2)						(6.4)						(3.8)
Non-Core Operations						18.2						54.8						67.4						244.8
Other						1.0						3.8						1.9						11.3
Total Revenues						$	1,239.7					$	1,178.9					$	3,658.3					$	3,451.8

Reconciliation of Expenses from Segments to Consolidated

Significant Segment Expenses that were regularly provided to the CODM for the three and nine months ended September 30, 2025 and 2024 were:

						Three Months Ended												Nine Months Ended
(Dollars in Millions)						Sep 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Segment Expenses:
Specialty Property & Casualty Insurance:
Current Year
Non-catastrophe Losses and LAE						$	798.7					$	644.2					$	2,211.1					$	1,846.0
Catastrophe Losses and LAE						1.0						3.6						10.1						18.0
Prior Years
Non-catastrophe Losses and LAE						51.4						(0.1)						65.5						4.4
Catastrophe Losses and LAE						—						0.2						0.6						0.8
Total Incurred Losses and LAE						851.1						647.9						2,287.3						1,869.2
Policy Acquisition Costs1						137.0						119.6						409.4						349.0
Business Unit Operating Costs2						44.2						40.5						122.6						101.4
Corporate Overhead Costs3						33.4						34.8						102.5						102.1
Total Insurance Expenses						214.6						194.9						634.5						552.5
Income Tax Expense						0.3						26.2						44.4						69.1
Total Specialty Property & Casualty Insurance						1,066.0						869.0						2,966.2						2,490.8
Life Insurance:
Policyholders’ Benefits and Incurred Losses and LAE						60.5						64.1						186.2						191.0
Policy Acquisition Costs1						32.8						34.9						97.7						100.3
Business Unit Operating Costs2						24.6						24.1						76.1						71.6
Corporate Overhead Costs3						8.2						10.0						25.9						31.0
Total Insurance Expenses						65.6						69.0						199.7						202.9
Income Tax Expense						3.5						3.0						8.2						3.9
Total Life Insurance						129.6						136.1						394.1						397.8
Total Segment Expenses						$	1,195.6					$	1,005.1					$	3,360.3					$	2,888.6
1Policy acquisition costs primarily represents commissions and premium taxes that are incurred by the Company as a result of underwriting insurance policies and reflect the impacts of deferral and amortization of certain of these costs in accordance with the Company’s accounting policies.
2Business unit operating costs are general expenses incurred by the Company's segments as part of ongoing operations and includes employee, IT, and facilities expenses.
3Corporate overhead costs represents general expenses and other shared service expenses which are allocated across the Company.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Total Segment Adjusted Net Operating Income, including a reconciliation to Net (Loss) Income attributable to Kemper Corporation, for the three and nine months ended September 30, 2025 and 2024 was:

						Three Months Ended												Nine Months Ended
(Dollars in Millions)						Sep 30, 2025						Sep 30, 2024						Sep 30, 2025						Sep 30, 2024
Segment Adjusted Net Operating Income:
Specialty Property & Casualty Insurance
Revenues						$	1,073.6					$	972.6					$	3,150.7					$	2,765.9
Expenses						(1,066.0)						(869.0)						(2,966.2)						(2,490.8)
Specialty Property & Casualty Insurance Adjusted Net Operating Income						7.6						103.6						184.5						275.1
Life Insurance
Revenues						148.2						151.1						442.5						424.5
Expenses						(129.6)						(136.1)						(394.1)						(397.8)
Life Insurance Adjusted Net Operating Income						18.6						15.0						48.4						26.7
Total Segment Adjusted Net Operating Income						26.2						118.6						232.9						301.8
Corporate and Other Adjusted Net Operating Loss						(9.0)						(15.1)						(30.7)						(39.0)
Less: Net Loss attributable to Noncontrolling Interest						(3.2)						(1.5)						(8.7)						(3.6)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities						(1.7)						(1.8)						(2.0)						(0.1)
Net Realized Investment Gains						3.1						0.9						3.7						7.3
Impairment Losses						(2.5)						(1.7)						(5.1)						(3.0)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs						(19.6)						(9.1)						(27.6)						(24.3)
Debt Extinguishment, Pension Settlement and Other Charges						—						(2.2)						0.4						(0.1)
Non-Core Operations						(20.7)						(17.4)						(29.0)						(25.8)
Net (Loss) Income attributable to Kemper Corporation						$	(21.0)					$	73.7					$	151.3					$	220.4

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