# EDGAR Filing Document

**Accession Number:** 0000860748
**File Stem:** 0000860748-26-000006
**Filing Date:** 2026-2
**Character Count:** 225523
**Document Hash:** 7b21f9f7bbee05993288155e3b4445a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000860748-26-000006.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0000860748-26-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20260204

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEMPER Corp
- **CENTRAL INDEX KEY:** 0000860748
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 954255452
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-18298
- **FILM NUMBER:** 26598261

**BUSINESS ADDRESS:**
- **STREET 1:** 200 E. RANDOLPH ST.
- **STREET 2:** SUITE 3300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** 3126614600

**MAIL ADDRESS:**
- **STREET 1:** 200 E. RANDOLPH ST.
- **STREET 2:** SUITE 3300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITRIN INC
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? kmpr-20260204

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 4, 2026** 

**Kemper Corporation** 

**(Exact name of registrant as specified in its charter)**

**Commission File Number: 001-18298** 

---

| | |
|:---|:---|
| **DE** | **95-4255452** |
| **(State or other jurisdiction<br>of incorporation)** | **(IRS Employer<br>Identification No.)** |

---

**200 E. Randolph Street, Suite 3300, Chicago, IL 60601** 

**(Address of principal executive offices, including zip code)**

**312-661-4600** 

**(Registrant's telephone number, including area code)**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2.below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.10 per share | KMPR | NYSE |
| 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | KMPB | NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of

the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;◻

------

**Section 2. – Financial Information**

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 4, 2026, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the fourth quarter of 2025 and the availability of Kemper's fourth quarter investor supplement and earnings call presentation on its website, kemper.com. The press release, the investor supplement and the earnings call presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this report.

**Section 9. – Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) Exhibits

<u>[99.1 Registrant's press release dated February 4, 2026](kmpr202512312025ex991relea.htm)</u>.

<u>[99.2 Fourth Quarter 2025 Investor Supplement of Kemper Corporation](kmpr202512312025ex992suppl.htm)</u>.

<u>[99.3 Fourth Quarter 2025 Earnings Call Presentation.](kmpr-12312025xearningsxp.htm)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | Kemper Corporation |
| Date: | &nbsp;&nbsp;February 4, 2026 | /s/ BRADLEY T. CAMDEN |
| | | **Bradley T. Camden** |
| | | **Executive Vice President and Chief Financial Officer (Principal Financial Officer)** |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | | |
|:---|:---|:---|
| ![kemperlogocolorwebfinala05.jpg](kemperlogocolorwebfinala05.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com |  |
| ![kemperlogocolorwebfinala05.jpg](kemperlogocolorwebfinala05.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com | Press Release |
| ![kemperlogocolorwebfinala05.jpg](kemperlogocolorwebfinala05.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com |  |
| ![kemperlogocolorwebfinala05.jpg](kemperlogocolorwebfinala05.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com |  |

---

**Kemper Reports Fourth Quarter 2025 Operating Results\*** 

CHICAGO, February 4, 2026 **—** Kemper Corporation (NYSE: KMPR) reported a net loss of $8.0 million, or $(0.13) per share, for the fourth quarter of 2025, compared to net income of $97.4 million, or $1.51 per diluted share, for the fourth quarter of 2024.

Adjusted Consolidated Net Operating Income<sup>1</sup> was $14.6 million, or $0.25 per share, for the fourth quarter of 2025, compared to Adjusted Consolidated Net Operating Income<sup>1</sup> of $115.1 million, or $1.78 per diluted share, for the fourth quarter of 2024.

*Summary of quarterly performance:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Adjusted Consolidated Net Operating Income*<sup>1</sup> *of $14.6 million or $0.25 per share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Specialty P&C operating results pressured by bodily injury severity; actions underway to improve profitability* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Life business generated solid results driven by expense management* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Trailing 12-month operating cash flow of ~$585 million remained near all-time high*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Generated 5.1% ROE and 7.8% Adjusted ROE*<sup>1</sup> *for FY'25; BVPS increased 4.6% YoY*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Parent liquidity remains strong at over $1.0 billion*

"We are focused on taking deliberate actions to address the specific factors affecting our recent performance," said C. Thomas Evans, Jr., Interim CEO. "We're strengthening execution across pricing, claims and expenses while working with renewed focus to diversify our portfolio geographically. These actions are intended to improve consistency, reduce volatility, and position Kemper for long-term value creation."

\*Unless otherwise specified, discussion of our fourth quarter 2025 results is focused on net income attributable to Kemper Corporation common shareholders, which does not include financial results from Kemper Reciprocal that are presented within the condensed consolidated financial results in this release. The results of Kemper Reciprocal are consolidated under US GAAP.

<sup>1</sup>Non-GAAP financial measure. All Non-GAAP financial measures are denoted with footnote 1 throughout this release. See "Use of Non-GAAP Financial Measures" for additional information.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions, Except Per Share Amounts) (Unaudited) | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| Net (Loss) Income | $(8.0) | $97.4 | $143.3 | $317.8 |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | $14.6 | $115.1 | $225.5 | $381.5 |
| *Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net (Loss) Income* | $*(1.5)* | $*(4.3)* | $*(13.8)* | $*(51.6)* |
| Diluted Net (Loss) Income Per Share From: |  |  |  |  |
| Net (Loss) Income | $(0.13) | $1.51 | $2.29 | $4.91 |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | $0.25 | $1.78 | $3.60 | $5.89 |
| *Impact of Catastrophe Losses and Related LAE on Net (Loss) Income Per Share* | $*(0.02)* | $*(0.07)* | $*(0.22)* | $*(0.80)* |

---

**Revenues** 

Total revenues for the fourth quarter of 2025 decreased $55.4 million to $1,131.4 million compared to the fourth quarter of 2024. The decline was primarily due to a $35.0 million Florida Statutory Profit Limit Refund in the Specialty Property & Casualty Insurance segment, lower Specialty Personal Automobile volumes, and a $16.3 million reduction in earned premium from Non-Core Operations due to lower volumes resulting from the exit and run-off of the Preferred Insurance business.

------

**Segment Results**

Unless otherwise noted, (i) the segment results discussed below are presented on an after-tax basis, (ii) prior-year development includes both catastrophe and non-catastrophe losses and LAE, (iii) catastrophe losses and LAE exclude the impact of prior-year development, (iv) loss ratio includes loss and LAE, and (v) all comparisons are made to the prior year quarter unless otherwise stated.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) (Unaudited) | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| Segment Adjusted Net Operating Income (Loss): |  |  |  |  |
| &nbsp;&nbsp;Specialty Property & Casualty Insurance | $2.6 | $101.2 | $187.1 | $376.3 |
| &nbsp;&nbsp;Life Insurance | 20.1 | 23.5 | 68.5 | 50.2 |
| Total Segment Adjusted Net Operating Income | 22.7 | 124.7 | 255.6 | 426.5 |
| Corporate and Other Adjusted Net Operating Loss | (10.1) | (11.3) | (40.8) | (50.3) |
| Less: Net Loss attributable to Noncontrolling Interest | (2.0) | (1.7) | (10.7) | (5.3) |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | 14.6 | 115.1 | 225.5 | 381.5 |
| Net (Loss) Income From: |  |  |  |  |
| &nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (1.4) | (2.0) | (3.4) | (2.1) |
| &nbsp;&nbsp;Net Realized Investment Gains | 0.6 | 3.1 | 4.3 | 10.4 |
| &nbsp;&nbsp;Impairment Losses | (3.4) | (1.6) | (8.5) | (4.6) |
| &nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (15.5) | (7.5) | (43.1) | (31.8) |
| &nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | (7.3) | 0.4 | (7.4) |
| &nbsp;&nbsp;Non-Core Operations | (2.9) | (2.4) | (31.9) | (28.2) |
| Net (Loss) Income attributable to Kemper Corporation | $(8.0) | $97.4 | $143.3 | $317.8 |

---

The Specialty Property and Casualty Insurance segment reported adjusted net operating income of $2.6 million in the fourth quarter of 2025, compared to adjusted net operating income of $101.2 million in the fourth quarter of 2024. This decrease was due primarily to an increase in our Specialty Personal Automobile Underlying Combined Ratio<sup>1</sup>. Specialty Personal Automobile's Underlying Combined Ratio<sup>1</sup> was 110.0 percent, compared to 91.4 percent in the fourth quarter of 2024. The increase was primarily driven by higher claim severity, a $35.0 million Florida Statutory Profit Limit Refund, and elevated frequency, partially offset by higher average earned premiums per exposure resulting from rate increases.

The Life Insurance segment reported adjusted net operating income of $20.1 million for the fourth quarter of 2025, compared to adjusted net operating income of $23.5 million in the fourth quarter of 2024, primarily driven by unfavorable mortality experience from life insurance products, partially offset by lower Insurance Expenses.

------

**Capital**

Total Kemper Corporation Shareholders' Equity as of December 31, 2025 was $2,681.4 million, a decrease of $107.0 million, or 4 percent, since year-end 2024 primarily driven by common stock repurchases and dividend payments, partially offset by comprehensive income for the year. Kemper and its direct non-insurance subsidiaries ended the year with cash and investments of $145.4 million, and $600.0 million of available borrowing capacity under the revolving credit agreement.

On November 5, 2025, Kemper announced that its Board of Directors declared a quarterly dividend of $0.32 per share, or $18.9 million. The dividend was paid on December 3, 2025, to its shareholders of record as of November 17, 2025.

Kemper ended the year with a book value per share of $45.71, an increase of 5 percent from $43.68 at the end of 2024. Adjusted book value per share<sup>1</sup> was $28.06 at the end of 2025, compared to $29.04 at the end of 2024.

------

**Unaudited Condensed Consolidated Statements of (Loss) Income for the three months and year ended December 31, 2025 and 2024 are presented below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions, Except Per Share Amounts) | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums<sup>2</sup> | $1044.3 | $1081.8 | $4396.3 | $4215.9 |
| &nbsp;&nbsp;Net Investment Income | 103.1 | 103.0 | 405.0 | 407.5 |
| &nbsp;&nbsp;Other (Loss) Income | (10.6) | 2.6 | (2.0) | 10.5 |
| &nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (1.8) | (2.6) | (4.3) | (2.7) |
| &nbsp;&nbsp;Net Realized Investment Gains | 0.8 | 4.0 | 5.5 | 13.2 |
| &nbsp;&nbsp;Impairment Losses | (4.4) | (2.0) | (10.8) | (5.8) |
| **Total Revenues** | 1131.4 | 1186.8 | 4789.7 | 4638.6 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Policyholders' Benefits and Incurred Losses and Loss Adjustment Expenses<sup>3</sup> | 854.5 | 743.4 | 3375.5 | 3013.1 |
| &nbsp;&nbsp;Insurance and Other Expenses | 281.4 | 309.5 | 1215.0 | 1180.1 |
| &nbsp;&nbsp;Interest Expense | 9.0 | 14.6 | 38.5 | 56.9 |
| **Total Expenses** | 1144.9 | 1067.5 | 4629.0 | 4250.1 |
| (Loss) Income before Income Taxes | (13.5) | 119.3 | 160.7 | 388.5 |
| Income Tax (Benefit) Expense | (3.5) | 23.6 | 28.1 | 76.0 |
| Net (Loss) Income | (10.0) | 95.7 | 132.6 | 312.5 |
| Less: Net Loss attributable to Noncontrolling Interest | (2.0) | (1.7) | (10.7) | (5.3) |
| Net (Loss) Income attributable to Kemper Corporation | $(8.0) | $97.4 | $143.3 | $317.8 |
| **Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $(0.13) | $1.52 | $2.31 | $4.95 |
| &nbsp;&nbsp;Diluted | $(0.13) | $1.51 | $2.29 | $4.91 |
| **Weighted-average Outstanding (Shares in Thousands):** |  |  |  |  |
| &nbsp;&nbsp;Unrestricted Shares - Basic | 58801.4 | 63858.6 | 62010.7 | 64179.5 |
| &nbsp;&nbsp;Unrestricted Shares and Equivalent Shares - Diluted | 58801.4 | 64631.8 | 62606.2 | 64776.0 |
| **Dividends Paid to Shareholders per Share** | $0.32 | $0.31 | $1.28 | $1.24 |
| <sup>2</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $7.1 million and $6.0 million for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement loss of $8.7 million and $7.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>2</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $7.1 million and $6.0 million for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement loss of $8.7 million and $7.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>2</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $7.1 million and $6.0 million for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement loss of $8.7 million and $7.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>2</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $7.1 million and $6.0 million for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement loss of $8.7 million and $7.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>2</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $7.1 million and $6.0 million for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement loss of $8.7 million and $7.2 million for the year ended December 31, 2025 and 2024, respectively. |
| <sup>3</sup> Includes a remeasurement gain of $12.5 million and $16.5 million related to the liability for future policyholder benefits within the Life insurance business for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement gain of $14.3 million and $19.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>3</sup> Includes a remeasurement gain of $12.5 million and $16.5 million related to the liability for future policyholder benefits within the Life insurance business for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement gain of $14.3 million and $19.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>3</sup> Includes a remeasurement gain of $12.5 million and $16.5 million related to the liability for future policyholder benefits within the Life insurance business for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement gain of $14.3 million and $19.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>3</sup> Includes a remeasurement gain of $12.5 million and $16.5 million related to the liability for future policyholder benefits within the Life insurance business for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement gain of $14.3 million and $19.2 million for the year ended December 31, 2025 and 2024, respectively. | <sup>3</sup> Includes a remeasurement gain of $12.5 million and $16.5 million related to the liability for future policyholder benefits within the Life insurance business for the three months ended December 31, 2025 and 2024, respectively, and a remeasurement gain of $14.3 million and $19.2 million for the year ended December 31, 2025 and 2024, respectively. |

---

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**Unaudited business segment revenues for the three months and year ended December 31, 2025 and 2024 are presented below.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **REVENUES:** |  |  |  |  |
| **Specialty Property & Casualty Insurance:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $696.8 | $753.3 | $3024.9 | $2851.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 238.6 | 201.5 | 900.8 | 725.0 |
| &nbsp;&nbsp;Total Earned Premiums | 935.4 | 954.8 | 3925.7 | 3576.4 |
| &nbsp;&nbsp;Net Investment Income | 57.3 | 49.9 | 211.2 | 189.6 |
| &nbsp;&nbsp;Other Income | 2.4 | 1.5 | 8.9 | 6.1 |
| Total Specialty Property & Casualty Insurance Revenues | 995.1 | 1006.2 | 4145.8 | 3772.1 |
| **Life Insurance:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | 78.0 | 78.9 | 330.6 | 328.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident & Health | 5.4 | 5.5 | 21.8 | 22.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property | 10.0 | 10.8 | 41.0 | 43.5 |
| &nbsp;&nbsp;Total Earned Premiums | 93.4 | 95.2 | 393.4 | 393.9 |
| &nbsp;&nbsp;Net Investment Income | 47.1 | 45.5 | 188.2 | 170.6 |
| &nbsp;&nbsp;Other Income | 0.2 | 0.4 | 1.6 | 1.1 |
| Total Life Insurance Revenues | 140.7 | 141.1 | 583.2 | 565.6 |
| **Total Segment Revenues** | 1135.8 | 1147.3 | 4729.0 | 4337.7 |
| Change in Fair Value of Equity and Convertible Securities | (1.8) | (2.6) | (4.3) | (2.7) |
| Non-Core Operations | 17.5 | 37.6 | 84.9 | 282.4 |
| Net Realized Investment Gains (Losses), Impairment Losses, and Other<sup>2</sup> | (20.1) | 4.5 | (19.9) | 21.2 |
| **Total Revenues** | $1131.4 | $1186.8 | $4789.7 | $4638.6 |
| <sup>2</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>2</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>2</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>2</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>2</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. |

---

------

**KEMPER CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Assets:** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | $6743.3 | $6409.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities at Fair Value | 306.4 | 218.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | 176.0 | 186.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 313.5 | 1037.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Life Insurance | 579.2 | 539.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans to Policyholders  | 279.9 | 280.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 271.3 | 217.1 |
| Total Investments | 8669.6 | 8888.5 |
| Cash | 124.3 | 64.4 |
| Receivables from Policyholders | 965.2 | 977.9 |
| Other Receivables | 184.7 | 185.7 |
| Deferred Policy Acquisition Costs | 655.4 | 628.9 |
| Goodwill | 1250.7 | 1250.7 |
| Current Income Tax Assets | 40.7 | 63.4 |
| Deferred Income Tax Assets | 96.9 | 93.3 |
| Other Assets | 410.7 | 436.1 |
| Assets of Consolidated Variable Interest Entity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | 42.1 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 1.7 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 14.4 | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | 10.4 | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Receivables | 0.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | 1.3 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Assets | 4.2 | 1.5 |
| **Total Assets** | $12472.7 | $12630.4 |

---

------

**KEMPER CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)**

**(Dollars in Millions)**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Liabilities and Shareholders' Equity:** |  |  |
| Insurance Reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life & Health | $3287.5 | $3199.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property & Casualty | 2910.8 | 2611.9 |
| Total Insurance Reserves | 6198.3 | 5811.6 |
| Unearned Premiums | 1233.1 | 1264.1 |
| Policyholder Obligations | 608.0 | 637.7 |
| Deferred Income Tax Liabilities | 14.8 | 14.8 |
| Accrued Expenses and Other Liabilities | 762.6 | 705.2 |
| Long-term Debt, Current, at Amortized Cost |  | 449.9 |
| Long-term Debt, Non-current, at Amortized Cost | 943.5 | 941.7 |
| Liabilities of Consolidated Variable Interest Entity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves | 29.4 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | 12.1 | 11.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 1.5 | 0.5 |
| **Total Liabilities** | 9803.3 | 9846.1 |
| **Kemper Corporation Shareholders' Equity:** |  |  |
| Common Stock | 5.9 | 6.4 |
| Paid-in Capital | 1723.9 | 1854.9 |
| Retained Earnings | 1157.8 | 1231.6 |
| Accumulated Other Comprehensive Loss | (206.2) | (304.5) |
| **Total Kemper Corporation Shareholders' Equity** | 2681.4 | 2788.4 |
| Noncontrolling Interest | (12.0) | (4.1) |
| **Total Shareholders' Equity** | 2669.4 | 2784.3 |
| **Total Liabilities and Shareholders' Equity** | $12472.7 | $12630.4 |

---

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**Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.**

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) | Dec 31,<br>2025 | Dec 31, 2024 | Dec 31,<br>2025 | Dec 31, 2024 |
| **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** |
| Net Premiums Written | $860.3 | $948.9 | $3912.8 | $3685.4 |
| Earned Premiums | $935.4 | $954.8 | $3925.7 | $3576.4 |
| Net Investment Income | 57.3 | 49.9 | 211.2 | 189.6 |
| Other Income | 2.4 | 1.5 | 8.9 | 6.1 |
| Total Revenues | 995.1 | 1006.2 | 4145.8 | 3772.1 |
| Incurred Losses and LAE related to: |  |  |  |  |
| &nbsp;&nbsp;Current Year: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 780.0 | 668.8 | 2991.1 | 2514.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 1.4 | 1.9 | 11.5 | 19.9 |
| &nbsp;&nbsp;Prior Years: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 9.3 | 1.9 | 74.8 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.8) | (0.1) | (0.2) | 0.7 |
| Total Incurred Losses and LAE | 789.9 | 672.5 | 3077.2 | 2541.7 |
| Insurance Expenses | 202.1 | 207.0 | 836.6 | 759.5 |
| Segment Adjusted Operating Income | 3.1 | 126.7 | 232.0 | 470.9 |
| Income Tax Expense | 0.5 | 25.5 | 44.9 | 94.6 |
| Total Segment Adjusted Net Operating Income | $2.6 | $101.2 | $187.1 | $376.3 |
| **<u>Ratios Based On Earned Premiums</u>** | **<u>Ratios Based On Earned Premiums</u>** | **<u>Ratios Based On Earned Premiums</u>** | **<u>Ratios Based On Earned Premiums</u>** | **<u>Ratios Based On Earned Premiums</u>** |
| Current Year Non-catastrophe Losses and LAE Ratio | 83.4% | 70.0% | 76.2% | 70.3% |
| Current Year Catastrophe Losses and LAE Ratio | 0.1 | 0.2 | 0.3 | 0.6 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | 0.2 | 1.9 | 0.2 |
| Prior Years Catastrophe Losses and LAE Ratio | (0.1) |  |  |  |
| Total Incurred Loss and LAE Ratio | 84.4 | 70.4 | 78.4 | 71.1 |
| Insurance Expense Ratio | 21.6 | 21.7 | 21.3 | 21.2 |
| Combined Ratio | 106.0% | 92.1% | 99.7% | 92.3% |
| **<u>Underlying Combined Ratio</u>**<sup>1</sup> | **<u>Underlying Combined Ratio</u>**<sup>1</sup> | **<u>Underlying Combined Ratio</u>**<sup>1</sup> | **<u>Underlying Combined Ratio</u>**<sup>1</sup> | **<u>Underlying Combined Ratio</u>**<sup>1</sup> |
| Current Year Non-catastrophe Losses and LAE Ratio | 83.4% | 70.0% | 76.2% | 70.3% |
| Insurance Expense Ratio | 21.6 | 21.7 | 21.3 | 21.2 |
| Underlying Combined Ratio<sup>1</sup> | 105.0% | 91.7% | 97.5% | 91.5% |
| **<u>Non-GAAP Measure Reconciliation</u>** | **<u>Non-GAAP Measure Reconciliation</u>** | **<u>Non-GAAP Measure Reconciliation</u>** | **<u>Non-GAAP Measure Reconciliation</u>** | **<u>Non-GAAP Measure Reconciliation</u>** |
| Combined Ratio | 106.0% | 92.1% | 99.7% | 92.3% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.1 | 0.2 | 0.3 | 0.6 |
| &nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | 0.2 | 1.9 | 0.2 |
| &nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (0.1) |  |  |  |
| Underlying Combined Ratio<sup>1</sup> | 105.0% | 91.7% | 97.5% | 91.5% |

---

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**Unaudited selected financial information for the Life Insurance segment follows.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** |
| Earned Premiums | $93.4 | $95.2 | $393.4 | $393.9 |
| Net Investment Income | 47.1 | 45.5 | 188.2 | 170.6 |
| Other Income | 0.2 | 0.4 | 1.6 | 1.1 |
| Total Revenues | 140.7 | 141.1 | 583.2 | 565.6 |
| Policyholders' Benefits and Incurred Losses and LAE | 52.5 | 43.5 | 238.7 | 234.5 |
| Insurance Expenses | 64.7 | 69.2 | 264.4 | 272.1 |
| Segment Adjusted Operating Income | 23.5 | 28.4 | 80.1 | 59.0 |
| Income Tax Expense | 3.4 | 4.9 | 11.6 | 8.8 |
| Total Segment Adjusted Net Operating Income | $20.1 | $23.5 | $68.5 | $50.2 |

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**Use of Non-GAAP Financial Measures**

<u>Adjusted Consolidated Net Operating Income</u><sup>1</sup> is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income attributable to Kemper Corporation the after-tax impact of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Change in Fair Value of Equity and Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Net Realized Investment Gains (Losses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Impairment Losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Debt Extinguishment, Pension Settlement and Other Charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Goodwill Impairment Charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Non-Core Operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (Loss) Income attributable to Kemper Corporation. There were no applicable significant non-recurring items that Kemper excluded from the calculation of Adjusted Consolidated Net Operating Income<sup>1</sup> for the three months and year ended December 31, 2025 or 2024.

Kemper believes that Adjusted Consolidated Net Operating Income<sup>1</sup> 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 and Impairment Losses related to investments included in Kemper'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 Kemper'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. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by Kemper'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 Kemper, 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

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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 Kemper'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 Kemper's businesses.

A reconciliation of Net (Loss) Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income<sup>1</sup> for the three months and year ended December 31, 2025 and 2024 is presented below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) (Unaudited) | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| Net (Loss) Income attributable to Kemper Corporation | $(8.0) | $97.4 | $143.3 | $317.8 |
| Less Net (Loss) Income From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (1.4) | (2.0) | (3.4) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains | 0.6 | 3.1 | 4.3 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (3.4) | (1.6) | (8.5) | (4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (15.5) | (7.5) | (43.1) | (31.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | (7.3) | 0.4 | (7.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (2.9) | (2.4) | (31.9) | (28.2) |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | $14.6 | $115.1 | $225.5 | $381.5 |

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<u>Diluted Adjusted Net Operating Income per Unrestricted Share</u><sup>1</sup> is a non-GAAP financial measure computed by dividing Adjusted Net Operating Income<sup>1</sup> by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net (Loss) Income per Unrestricted Share.

A reconciliation of Diluted Net (Loss) Income per Unrestricted Share to Diluted Adjusted Net Operating Income per Unrestricted Share<sup>1</sup> for the three months and year ended December 31, 2025 and 2024 is presented below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Unaudited) | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| Diluted Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share | $(0.13) | $1.51 | $2.29 | $4.91 |
| Less Net (Loss) Income per Unrestricted Share From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.02) | (0.03) | (0.05) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains | 0.01 | 0.06 | 0.07 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (0.06) | (0.03) | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.26) | (0.12) | (0.69) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | (0.11) | 0.01 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (0.05) | (0.04) | (0.51) | (0.44) |
| Diluted Adjusted Net Operating Income per Unrestricted Share<sup>1</sup> | $0.25 | $1.78 | $3.60 | $5.89 |

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<u>Return on Adjusted Shareholders' Equity</u><sup>1</sup> is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period's annualized 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. Kemper 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. Kemper 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 Adjusted Shareholders' Equity<sup>1</sup> is presented below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| (Dollars in Millions) (Unaudited) | Dec 31,<br>2025 | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2024 |
| **<u>Numerator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Annualized Net (Loss) Income attributable to Kemper Corporation | $| (32.0) | $| 389.6 | $| 143.3 | $| 317.8 |
| **<u>Denominator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Average Shareholders' Equity<sup>2</sup> | $| 2706.8 | $| 2780.9 | $| 2814.6 | $| 2665.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average Net Unrealized Losses on Fixed Maturities | 559.8 | 559.8 | 576.1 | 576.1 | 618.6 | 618.6 | 598.1 | 598.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average Change in Discount Rate on Future Life Policyholder Benefits | (333.4) | (333.4) | (286.6) | (286.6) | (356.6) | (356.6) | (272.8) | (272.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average Goodwill | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) |
| &nbsp;&nbsp;Average Adjusted Shareholders' Equity<sup>2</sup> | $| 1682.5 | $| 1819.7 | $| 1825.9 | $| 1740.2 |
| **<u>Return on Shareholders' Equity</u>**<u>:</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Return on Shareholders' Equity | (1.2)% | (1.2)% | 14.0% | 14.0% | 5.1% | 5.1% | 11.9% | 11.9% |
| &nbsp;&nbsp;Return on Adjusted Shareholders' Equity<sup>1</sup> | (1.9)% | (1.9)% | 21.4% | 21.4% | 7.8% | 7.8% | 18.3% | 18.3% |
| <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (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. |

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<u>Underlying Combined Ratio</u><sup>1</sup> 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.

Kemper believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in Kemper's Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause Kemper'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 Kemper's insurance products in the current period. Kemper believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing Kemper's underwriting performance.

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<u>Adjusted Book Value Per Share</u><sup>1</sup> 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. Kemper 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. Kemper 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. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

A reconciliation of Book Value Per Share to Adjusted Book Value Per Share<sup>1</sup> is presented below:

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| | | |
|:---|:---|:---|
| | As of | As of |
| (Dollars and Shares in Millions Except Per Share Amounts) (Unaudited) | Dec 31,<br>2025 | Dec 31, 2024 |
| **<u>Numerator:</u>** |  |  |
| &nbsp;&nbsp;Kemper Corporation Shareholders' Equity | $2681.4 | $2788.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net Unrealized Losses on Fixed Maturities | 566.2 | 696.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Change in Discount Rate on Future Life Policyholder Benefits | (350.8) | (380.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (1250.7) | (1250.7) |
| &nbsp;&nbsp;Adjusted Shareholders' Equity | $1646.1 | $1853.9 |
| **<u>Denominator:</u>** |  |  |
| &nbsp;&nbsp;Common Shares Issued and Outstanding | 58.667 | 63.840 |
| **<u>Book Value Per Share:</u>** |  |  |
| &nbsp;&nbsp;Book Value Per Share | $45.71 | $43.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net Unrealized Losses on Fixed Maturities | 9.65 | 10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Change in Discount Rate on Future Life Policyholder Benefits | (5.98) | (5.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (21.31) | (19.59) |
| &nbsp;&nbsp;Adjusted Book Value Per Share<sup>1</sup> | $28.07 | $29.04 |

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**Conference Call**

Kemper will host its conference call to discuss fourth quarter 2025 results on Wednesday, February 4, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at **800.549.8228, Conference ID 50950**. To listen via webcast, register online at the investor section of kemper.com at least 15 minutes prior to the webcast to download and install any necessary software. A replay of the call will be available online at the investor section of kemper.com.

More detailed financial information can be found in Kemper's Investor Financial Supplement and Earnings Call Presentation for the fourth quarter of 2025, which is available at the investor section of kemper.com.

**About Kemper**

The Kemper family of companies is one of the nation's leading specialized insurers. With approximately $12 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves

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over 4.5 million policies, is represented by approximately 24,100 agents and brokers, and has approximately 7,400 associates dedicated to meeting the ever-changing needs of its customers.

Learn more about Kemper at kemper.com.

**Caution Regarding Forward-Looking Statements**

This press release 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the frequency and severity of insurance claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claim development and the process of estimating claim reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impacts of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply chain disruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product demand and pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effects of governmental and regulatory actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heightened competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation outcomes and trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity risks or incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of catastrophes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties detailed in Kemper's Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission ("SEC").

Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this press release.

###

---

| | |
|:---|:---|
| <br>**Contacts** | |
| <br>Investors: Michael Marinaccio | <br>312.661.4930 or <u>investors@kemper.com</u> |
| Media: Barbara Ciesemier | 312.661.4521 or <u>bciesemier@kemper.com</u> |

---

## Exhibit 99.2

![kemperlogocolorwebfinala051.jpg](kemperlogocolorwebfinala051.jpg)

**Investor Supplement**

**Fourth Quarter 2025**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the frequency and severity of insurance claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claim development and the process of estimating claim reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impacts of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply chain disruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product demand and pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effects of governmental and regulatory actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heightened competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation outcomes and trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity risks or incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of catastrophes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 29-32.

------

**Kemper Corporation**

**Investor Supplement**

**Fourth Quarter 2025**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| Consolidated Financial Highlights | 3-4 |
| Consolidated Statements of (Loss) Income | 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: |  |
| &nbsp;&nbsp;&nbsp;Revenues | 12 |
| &nbsp;&nbsp;&nbsp;Adjusted Operating (Loss) Income | 13 |
| &nbsp;&nbsp;&nbsp;Adjusted Net Operating Income | 13 |
| &nbsp;&nbsp;&nbsp;Catastrophe Frequency and Severity | 14-15 |
| Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information | 16-17 |
| &nbsp;&nbsp;&nbsp;Personal Automobile Insurance | 18 |
| &nbsp;&nbsp;&nbsp;Commercial Automobile Insurance | 19 |
| Life Insurance Segment - Results of Operations and Selected Financial Information | 20-21 |
| Expenses | 22 |
| Details of Investment Performance | 23 |
| Details of Invested Assets | 24-25 |
| Investment Concentration | 26 |
| Municipal Bond Securities | 27 |
| Investments in Limited Liability Companies and Limited Partnerships | 28 |
| Definitions of Non-GAAP Financial Measures | 29-32 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
|  | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>For Period Ended</u>** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $1044.3 | $1133.3 | $1130.8 | $1087.9 | $1081.8 | $1068.5 | $1033.7 | $1031.9 | $4396.3 | $4215.9 |
| Net Investment Income | 103.1 | 104.8 | 95.9 | 101.2 | 103.0 | 111.1 | 93.0 | 100.4 | 405.0 | 407.5 |
| Other (Loss) Income | (10.6) | 2.9 | 3.1 | 2.6 | 2.6 | 2.7 | 3.0 | 2.2 | (2.0) | 10.5 |
| Change in Fair Value of Equity and Convertible Securities | (1.8) | (2.1) | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (4.3) | (2.7) |
| Net Realized Investment Gains (Losses) | (3.6) | 0.8 | (3.7) | 1.2 | 2.0 | (1.1) | 1.4 | 5.1 | (5.3) | 7.4 |
| Investment and Other Income | 87.1 | 106.4 | 94.8 | 105.1 | 105.0 | 110.4 | 96.2 | 111.1 | 393.4 | 422.7 |
| Total Revenues | $1131.4 | $1239.7 | $1225.6 | $1193.0 | $1186.8 | $1178.9 | $1129.9 | $1143.0 | $4789.7 | $4638.6 |
| Net (Loss) Income | $(10.0) | $(24.2) | $69.8 | $97 | $95.7 | $72.2 | $74.4 | $70.2 | $132.6 | $312.5 |
| Less: Net Loss attributable to Noncontrolling Interest | (2.0) | (3.2) | (2.8) | (2.7) | (1.7) | (1.5) | (1.0) | (1.1) | (10.7) | (5.3) |
| Net (Loss) Income attributable to Kemper Corporation | $(8.0) | $(21.0) | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $143.3 | $317.8 |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | $14.6 | $20.4 | $84.1 | $106.4 | $115.1 | $105 | $91.7 | $69.7 | $225.5 | $381.5 |
| Per Unrestricted Common Share Amounts: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<u>Basic:</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share: | $(0.13) | $(0.34) | $1.13 | $1.56 | $1.52 | $1.15 | $1.17 | $1.11 | $2.31 | $4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income<sup>1</sup> | $0.25 | $0.33 | $1.31 | $1.67 | $1.81 | $1.63 | $1.43 | $1.08 | $3.64 | $5.95 |
| &nbsp;&nbsp;<u>Diluted:</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share<sup>1</sup>: | $(0.13) | $(0.34) | $1.12 | $1.54 | $1.51 | $1.14 | $1.16 | $1.10 | $2.29 | $4.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income<sup>1</sup> | $0.25 | $0.33 | $1.30 | $1.65 | $1.78 | $1.62 | $1.42 | $1.07 | $3.60 | $5.89 |
| Dividends Paid to Shareholders Per Share | $0.32 | $0.32 | $0.32 | $0.32 | $0.31 | $0.31 | $0.31 | $0.31 | $1.28 | $1.24 |
| Return on Shareholders' Equity | (1.2)% | (3.0)% | 9.9% | 14.0% | 14.0% | 10.8% | 11.5% | 11.2% | 5.1% | 11.9% |
| Return on Adjusted Shareholders' Equity<sup>1</sup> | (1.9)% | (4.6)% | 14.9% | 21.0% | 21.4% | 16.7% | 17.6% | 17.2% | 7.8% | 18.3% |
| <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** |
|  | As of | As of | As of | As of | As of | As of | As of | As of |
|  | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **<u>At Period End</u>** |  |  |  |  |  |  |  |  |
| Total Assets | $12472.7 | $12443.4 | $12601.1 | $12467.3 | $12630.4 | $12873.0 | $12544.3 | $12625.9 |
| Insurance Reserves | $6198.3 | $6123.6 | $5900.0 | $5867.1 | $5811.6 | $6012.7 | $5769.2 | $5891.5 |
| Debt | $943.5 | $943.1 | $942.6 | $942.1 | $1391.6 | $1390.9 | $1390.4 | $1389.8 |
| Kemper Corporation Shareholders' Equity | $2681.4 | $2732.1 | $2953.4 | $2917.6 | $2788.4 | $2773.3 | $2671.2 | $2589.8 |
| Book Value Per Share<sup>2</sup> | $45.71 | $45.38 | $46.45 | $45.60 | $43.68 | $43.30 | $41.46 | $40.24 |
| Adjusted Book Value Per Share<sup>1,2</sup> | $28.06 | $28.55 | $31.01 | $30.31 | $29.04 | &nbsp;&nbsp;&nbsp;$27.88 | $27.14 | $26.19 |
| Debt to Total Capitalization<sup>2</sup> | 26.0% | 25.7% | 24.2% | 24.4% | 33.3% | 33.4% | 34.2% | 34.9% |
| <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. |
| <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. |

---

------

**Kemper Corporation**

**Consolidated Statements of (Loss) Income**

**(Dollars in Millions, Except Per Share Amounts)**

 **(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $1044.3 | $1133.3 | $1130.8 | $1087.9 | $1081.8 | $1068.5 | $1033.7 | $1031.9 | $4396.3 | $4215.9 |
| Net Investment Income | 103.1 | 104.8 | 95.9 | 101.2 | 103.0 | 111.1 | 93.0 | 100.4 | 405.0 | 407.5 |
| Other (Loss) Income | (10.6) | 2.9 | 3.1 | 2.6 | 2.6 | 2.7 | 3.0 | 2.2 | (2.0) | 10.5 |
| Change in Fair Value of Equity and Convertible Securities | (1.8) | (2.1) | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (4.3) | (2.7) |
| Net Realized Investment Gains (Losses) | 0.8 | 3.9 | (0.1) | 0.9 | 4.0 | 1.1 | 1.5 | 6.6 | 5.5 | 13.2 |
| Impairment Losses | (4.4) | (3.1) | (3.6) | 0.3 | (2.0) | (2.2) | (0.1) | (1.5) | (10.8) | (5.8) |
| Total Revenues | 1131.4 | 1239.7 | 1225.6 | 1193.0 | 1186.8 | 1178.9 | 1129.9 | 1143.0 | 4789.7 | 4638.6 |
| **Expenses:** |  |  |  |  |  |  |  |  |  |  |
| Policyholders' Benefits and Incurred Losses and Loss Adjustment Expenses | 854.5 | 924.6 | 829.1 | 767.3 | 743.4 | 769.3 | 744.4 | 756.0 | 3375.5 | 3013.1 |
| Insurance and Other Expenses | 281.4 | 339.1 | 300.0 | 294.5 | 309.5 | 304.5 | 279.7 | 286.4 | 1215.0 | 1180.1 |
| Interest Expense | 9.0 | 9.1 | 9.0 | 11.4 | 14.6 | 14.4 | 13.9 | 14.0 | 38.5 | 56.9 |
| Total Expenses | 1144.9 | 1272.8 | 1138.1 | 1073.2 | 1067.5 | 1088.2 | 1038.0 | 1056.4 | 4629.0 | 4250.1 |
| **(Loss) Income before Income Taxes** | (13.5) | (33.1) | 87.5 | 119.8 | 119.3 | 90.7 | 91.9 | 86.6 | 160.7 | 388.5 |
| Income Tax (Benefit) Expense | (3.5) | (8.9) | 17.7 | 22.8 | 23.6 | 18.5 | 17.5 | 16.4 | 28.1 | 76.0 |
| Net (Loss) Income | (10.0) | (24.2) | 69.8 | 97.0 | 95.7 | 72.2 | 74.4 | 70.2 | 132.6 | 312.5 |
| Less: Net Loss attributable to Noncontrolling Interest | (2.0) | (3.2) | (2.8) | (2.7) | (1.7) | (1.5) | (1.0) | (1.1) | (10.7) | (5.3) |
| Net (Loss) Income attributable to Kemper Corporation | $(8.0) | $(21.0) | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $143.3 | $317.8 |
| Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share: |  |  |  |  |  |  |  |  |  |  |
| Basic | $(0.13) | $(0.34) | $1.13 | $1.56 | $1.52 | $1.15 | $1.17 | $1.11 | $2.31 | $4.95 |
| Diluted | $(0.13) | $(0.34) | $1.12 | $1.54 | $1.51 | $1.14 | $1.16 | $1.10 | $2.29 | $4.91 |
| **Dividends Paid to Shareholders Per Share** | $0.32 | $0.32 | $0.32 | $0.32 | $0.31 | $0.31 | $0.31 | $0.31 | $1.28 | $1.24 |
| **Weighted Average Unrestricted Common Shares Outstanding (in Millions)** | 58.801 | 61.477 | 63.939 | 63.887 | 63.859 | 64.217 | 64.395 | 64.255 | 62.011 | 64.180 |
| **Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions)** | 58.801 | 61.477 | 64.600 | 64.653 | 64.632 | 64.898 | 64.892 | 64.773 | 62.606 | 64.776 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** |
|  | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | $6743.3 | $6620.3 | $6669.1 | $6558.6 | $6409.6 | $6872 | $6674.7 | $6771.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities at Fair Value | 306.4 | 302.0 | 284.1 | 232.3 | 218.5 | 228.3 | 226.6 | 230.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | 176.0 | 174.9 | 176.2 | 185.1 | 186.3 | 202.6 | 205.1 | 215.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 313.5 | 371.2 | 407.6 | 545.3 | 1037.1 | 696.9 | 539.1 | 520.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Life Insurance | 579.2 | 567.9 | 557.1 | 546.5 | 539.2 | 533.0 | 523.3 | 515.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to Policyholders  | 279.9 | 279.3 | 278.6 | 279.8 | 280.7 | 280.3 | 279.8 | 280.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 271.3 | 287.0 | 272.8 | 244.5 | 217.1 | 223.9 | 219.7 | 230.8 |
| **Total Investments** | 8669.6 | 8602.6 | 8645.5 | 8592.1 | 8888.5 | 9037.0 | 8668.3 | 8764.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 124.3 | 107.4 | 175.5 | 115.4 | 64.4 | 56.9 | 107.4 | 125.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | 965.2 | 1022.9 | 1038.7 | 1052.7 | 977.9 | 982.8 | 988.0 | 953.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Receivables | 184.7 | 185.0 | 192.9 | 189.2 | 185.7 | 202.1 | 191.5 | 195.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | 655.4 | 658.9 | 658.2 | 649.7 | 628.9 | 621.3 | 608.0 | 595.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1250.7 | 1250.7 | 1250.7 | 1250.7 | 1250.7 | 1250.7 | 1250.7 | 1250.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Income Tax Assets | 40.7 | 57.4 | 57.5 | 40.9 | 63.4 | 68.8 | 56.5 | 52.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Assets | 96.9 | 66.3 | 67.6 | 73.4 | 93.3 | 150.5 | 185.0 | 199.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets | 410.7 | 422.2 | 448.5 | 442.2 | 436.1 | 468.9 | 476.4 | 479.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets of Consolidated Variable Interest Entity: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | 42.1 | 36.3 | 33.3 | 13.7 | 1.7 | 1.7 | 1.6 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 14.4 | 17.5 | 14.9 | 31.6 | 28.0 | 24.0 | 4.8 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 1.7 |  | 1.5 |  | 1.0 |  |  | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | 10.4 | 10.7 | 11.6 | 11.9 | 8.2 | 6.6 | 5.2 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Receivables | 0.4 | 0.4 | 0.2 | 0.1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | 1.3 | 1.4 | 1.6 | 1.5 | 1.1 | 0.7 | 0.3 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Assets | 4.2 | 3.7 | 2.9 | 2.2 | 1.5 | 1.0 | 0.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets |  |  |  |  |  |  |  | 0.3 |
| **Total Assets** | $12472.7 | $12443.4 | $12601.1 | $12467.3 | $12630.4 | $12873.0 | $12544.3 | $12625.9 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Balance Sheets**<br>**(Dollars in Millions)**<br> **(Unaudited)** |
|  | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Health | $3287.5 | $3317.6 | $3235.3 | $3229.5 | $3199.7 | $3425.8 | $3202.0 | $3294.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and Casualty | 2910.8 | 2806.0 | 2664.7 | 2637.6 | 2611.9 | 2586.9 | 2567.2 | 2597.2 |
| **Total Insurance Reserves** | 6198.3 | 6123.6 | 5900.0 | 5867.1 | 5811.6 | 6012.7 | 5769.2 | 5891.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | 1233.1 | 1310.6 | 1345.0 | 1361.6 | 1264.1 | 1290.3 | 1301.5 | 1274.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder Obligations | 608.0 | 620.0 | 641.3 | 632.0 | 637.7 | 618.3 | 644.4 | 660.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Liabilities | 14.8 | 13.5 | 14.7 | 6.6 | 14.8 | 67.1 | 68.3 | 61.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 762.6 | 669.5 | 775.4 | 715.5 | 705.2 | 709.5 | 693.8 | 754.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Debt, Current, at Amortized Cost |  |  |  |  | 449.9 | 449.9 | 449.8 | 449.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Debt, Non-Current, at Amortized Cost | 943.5 | 943.1 | 942.6 | 942.1 | 941.7 | 941.0 | 940.6 | 940.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities of Consolidated Variable Interest Entity: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves | 29.4 | 26.3 | 20.9 | 14.7 | 9.4 | 5.3 | 2.4 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | 12.1 | 13.6 | 14.5 | 14.5 | 11.2 | 8.1 | 4.9 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 1.5 | 1.6 | 1.2 | 1.7 | 0.5 | 0.4 | 0.1 | 0.6 |
| **Total Liabilities** | 9803.3 | 9721.8 | 9655.6 | 9555.8 | 9846.1 | 10102.6 | 9875.0 | 10037.2 |
| **Kemper Corporation Shareholders' Equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 5.9 | 6.0 | 6.4 | 6.4 | 6.4 | 6.4 | 6.4 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | 1723.9 | 1737.2 | 1859.3 | 1863.6 | 1854.9 | 1858.0 | 1860.9 | 1852.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | 1157.8 | 1216.0 | 1345.4 | 1308.9 | 1231.6 | 1161.4 | 1121.2 | 1066.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Other Comprehensive Loss | (206.2) | (227.1) | (257.7) | (261.3) | (304.5) | (252.5) | (317.3) | (335.0) |
| **Total Kemper Corporation Shareholders' Equity** | 2681.4 | 2732.1 | 2953.4 | 2917.6 | 2788.4 | 2773.3 | 2671.2 | 2589.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling Interest | (12.0) | (10.5) | (7.9) | (6.1) | (4.1) | (2.9) | (1.9) | (1.1) |
| **Total Shareholders' Equity** | $2669.4 | $2721.6 | $2945.5 | $2911.5 | $2784.3 | $2770.4 | $2669.3 | $2588.7 |
| **Total Liabilities and Shareholders' Equity** | $12472.7 | $12443.4 | $12601.1 | $12467.3 | $12630.4 | $12873.0 | $12544.3 | $12625.9 |

---

------

---

| | | |
|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** |
|  | Year Ended | Year Ended |
|  | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Cash Flows from Operating Activities:** |  |  |
| Net Income (Loss) | $132.6 | $312.5 |
| &nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment (Gains) Losses | (5.5) | (13.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | 10.8 | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization of Property, Equipment, Software and Intangible Assets Acquired | 74.3 | 53.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement Related to Defined Benefit Pension Plan |  | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments | 7.0 | 31.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Value of Equity and Convertible Securities | 4.3 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension Plan assets reverted to the Company |  | 13.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | 10.5 | (25.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Recoverables | (0.5) | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | (26.7) | (38.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves | 375.4 | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | (30.1) | (26.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | (7.0) | 65.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 39.4 |  |
| **Net Cash Provided by (Used in) Operating Activities** | 584.5 | 382.9 |

---

------

---

| | | |
|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** |
|  | Year Ended | Year Ended |
|  | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Net Cash Provided by (Used in) Operating Activities (Carryforward from page 8)** | 584.5 | 382.9 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the Sales, Calls and Maturities of Fixed Maturities | 1166.3 | 1316.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the Sales or Paydowns of Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 24.7 | 37.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investments | 5.5 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | 124.2 | 121.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 42.5 | 21.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities | (1354.0) | (1012.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | (115.1) | (19.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investments | (2.5) | (1.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Life Insurance | (1.5) | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | (198.6) | (109.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | (80.0) | (51.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Sales (Purchases) of Short-term Investments | 746.9 | (521.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Software and Long-lived Assets | (30.6) | (53.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement Proceeds from Company-Owned Life Insurance | 4.3 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4.1 | 12.8 |
| **Net Cash Provided by (Used in) Investing Activities** | 336.2 | (244.4) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Long-term Debt | (450.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Policyholder Contract Obligations | 30.9 | 102.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Policyholder Contract Obligations | (65.5) | (120.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued under Employee Stock Purchase Plan | 3.7 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock Repurchases | (301.9) | (38.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Paid | (79.6) | (80.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2.3 | (3.6) |
| **Net Cash Used in Financing Activities** | (860.1) | (137.2) |
| **Net increase (decrease) in cash**<sup>1</sup> | 60.6 | 1.3 |
| **Cash, Beginning of Year**<sup>1</sup> | 65.4 | 64.1 |
| **Cash, End of Period**<sup>1</sup> | $126.0 | $65.4 |
| <sup>1</sup>Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest. | <sup>1</sup>Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest. | <sup>1</sup>Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest. |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | **Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** |
|  | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **<u>Book Value Per Share</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Book Value Per Share | $45.71 | $45.38 | $46.45 | $45.60 | $43.68 | $43.30 | $41.46 | $40.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Book Value Per Share<sup>1</sup> | $28.06 | $28.55 | $31.01 | $30.31 | $29.04 | $27.88 | $27.14 | $26.19 |
| **<u>Debt and Total Capitalization</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | $943.5 | $943.1 | $942.6 | $942.1 | $1391.6 | $1390.9 | $1390.4 | $1389.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Corporation Shareholders' Equity | 2681.4 | 2732.1 | 2953.4 | 2917.6 | 2788.4 | 2773.3 | 2671.2 | 2589.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capitalization | $3624.9 | $3675.2 | $3896.0 | $3859.7 | $4180.0 | $4164.2 | $4061.6 | $3979.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Kemper Corporation Shareholders' Equity | 35.2% | 34.5% | 31.9% | 32.3% | 49.9% | 50.2% | 52.1% | 53.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Total Capitalization | 26.0% | 25.7% | 24.2% | 24.4% | 33.3% | 33.4% | 34.2% | 34.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | $943.5 | $943.1 | $942.6 | $942.1 | $1391.6 | $1390.9 | $1390.4 | $1389.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Corporation Shareholders' Equity | $2681.4 | $2732.1 | $2953.4 | $2917.6 | $2788.4 | $2773.3 | $2671.2 | $2589.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated Other Comprehensive Loss | (206.2) | (227.1) | (257.7) | (261.3) | (304.5) | (252.5) | (317.3) | (335.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Corporation Shareholders' Equity Excluding Accumulated Other Comprehensive Loss | $2887.6 | $2959.2 | $3211.1 | $3178.9 | $3092.9 | $3025.8 | $2988.5 | $2924.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capitalization Excluding Accumulated Other Comprehensive Loss | $3831.1 | $3902.3 | $4153.7 | $4121.0 | $4484.5 | $4416.7 | $4378.9 | $4314.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Kemper Corporation Shareholders' Equity Excluding Accumulated Other Comprehensive Loss | 32.7% | 31.9% | 29.4% | 29.6% | 45.0% | 46.0% | 46.5% | 47.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Loss | 24.6% | 24.2% | 22.7% | 22.9% | 31.0% | 31.5% | 31.8% | 32.2% |
| **<u>Parent Company Liquidity</u>**<sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Holding Company Cash and Investments<sup>3</sup> | $145.4 | $156.8 | $223.2 | $161.3 | $547.6 | $503.7 | $376.5 | $395.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings Available Under Credit Agreement | 600.0 | 600.0 | 600.0 | 600.0 | 512.0 | 477.0 | 458.0 | 424.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company Liquidity | $745.4 | $756.8 | $823.2 | $761.3 | $1059.6 | $980.7 | $834.5 | $819.6 |
| **<u>Capital Returned to Shareholders</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Dividends Paid<sup>4</sup> | $18.9 | $19.7 | $20.8 | $20.2 | $20.0 | $20.3 | $20.3 | $19.5 |
| <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. |
| <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries | <sup>2</sup>Excludes borrowings available from subsidiaries |
| <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries | <sup>3</sup>Includes Kemper's direct non-insurance subsidiaries |
| <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended | <sup>4</sup>Three Months Ended |

---

------

**Kemper Corporation**

**Debt Outstanding, Federal Home Loan Bank Advances and Ratings**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| Kemper Corporation: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior Notes at Amortized Cost: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350% Senior Notes due February 15, 2025 | $— | $— | $— | $— | $449.9 | $449.9 | $449.8 | $449.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Current: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400% Senior Notes due September 30, 2030 | 397.9 | 397.8 | 397.7 | 397.6 | 397.5 | 397.4 | 397.3 | 397.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% Senior Notes due 2032 | 396.9 | 396.8 | 396.7 | 396.6 | 396.5 | 396.3 | 396.2 | 396.1 |
| &nbsp;&nbsp;&nbsp;5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost | 148.7 | 148.5 | 148.2 | 147.9 | 147.7 | 147.3 | 147.1 | 146.9 |
| &nbsp;&nbsp;&nbsp;Long-term Debt Outstanding | $943.5 | $943.1 | $942.6 | $942.1 | $1391.6 | $1390.9 | $1390.4 | $1389.8 |
| Federal Home Loan Bank Advances to Insurance Subsidiaries: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reported as Policyholder Contract Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Chicago | $513.8 | $525.2 | $546.2 | $536.2 | $541.3 | $521.3 | $547.0 | $563.2 |
|  | A.M. Best | Moody's | S&P | Fitch |  |  |  |  |
| **<u>As of Date of Financial Supplement</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kemper Debt Ratings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Debt | bbb- | Baa3 | BBB- | BBB- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Junior Unsecured Debt | bb | Ba1 | BB | BB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Company Financial Strength Ratings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Universal Insurance Company | A- | A3 | A- | A- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Insurance Company of America | A- | A3 | A- | A- |  |  |  |  |

---

------

**Kemper Corporation**

**Segment Revenues**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Revenues:</u>** |  |  |  |  |  |  |  |  |  |  |
| Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Premiums: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $696.8 | $785.1 | $789.3 | $753.7 | $753.3 | $731.3 | $691.5 | $675.3 | $3024.9 | $2851.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 238.6 | 232.2 | 221.5 | 208.5 | 201.5 | 187.7 | 171.1 | 164.7 | 900.8 | 725.0 |
| &nbsp;&nbsp;&nbsp;Total Specialty Property & Casualty Insurance Earned Premiums | 935.4 | 1017.3 | 1010.8 | 962.2 | 954.8 | 919.0 | 862.6 | 840.0 | 3925.7 | 3576.4 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 57.3 | 53.8 | 49.6 | 50.5 | 49.9 | 52.0 | 46.6 | 41.1 | 211.2 | 189.6 |
| &nbsp;&nbsp;&nbsp;Other Income | 2.4 | 2.5 | 2.7 | 1.3 | 1.5 | 1.6 | 1.6 | 1.4 | 8.9 | 6.1 |
| Total Specialty Property & Casualty Insurance Revenues | 995.1 | 1073.6 | 1063.1 | 1014.0 | 1006.2 | 972.6 | 910.8 | 882.5 | 4145.8 | 3772.1 |
| Life Insurance: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Premium | 93.4 | 99.8 | 100.5 | 99.7 | 95.2 | 100.6 | 100.8 | 97.3 | 393.4 | 393.9 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 47.1 | 48.0 | 44.7 | 48.4 | 45.5 | 50.3 | 30.5 | 44.3 | 188.2 | 170.6 |
| &nbsp;&nbsp;&nbsp;Other Income | 0.2 | 0.4 | 0.3 | 0.7 | 0.4 | 0.2 | 0.2 | 0.3 | 1.6 | 1.1 |
| Total Life Insurance Revenues | 140.7 | 148.2 | 145.5 | 148.8 | 141.1 | 151.1 | 131.5 | 141.9 | 583.2 | 565.6 |
| Total Segment Revenues | 1135.8 | 1221.8 | 1208.6 | 1162.8 | 1147.3 | 1123.7 | 1042.3 | 1024.4 | 4729.0 | 4337.7 |
| Change in Fair Value of Equity and Convertible Securities | (1.8) | (2.1) | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (4.3) | (2.7) |
| Non-Core Operations | 17.5 | 18.2 | 21.3 | 27.9 | 37.6 | 54.8 | 83.8 | 106.2 | 84.9 | 282.4 |
| Net Realized Investment Gains (Losses), Impairment Losses, and Other<sup>1</sup> | (20.1) | 1.8 | (3.8) | 2.2 | 4.5 | 2.7 | 5.0 | 9.0 | (19.9) | 21.2 |
| Total Revenues | $1131.4 | $1239.7 | $1225.6 | $1193.0 | $1186.8 | $1178.9 | $1129.9 | $1143.0 | $4789.7 | $4638.6 |
| <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation. |

---

------

**Kemper Corporation**

**Segment Adjusted Operating Results**

**(Dollars in Millions)**

 **(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Segment Adjusted Operating Income:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance | $3.1 | $7.9 | $98.9 | $122.1 | $126.7 | $129.8 | $127.9 | $86.5 | $232 | $470.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | 23.5 | 22.1 | 14.3 | 20.2 | 28.4 | 18.0 | (1.4) | 14.0 | 80.1 | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Segment Adjusted Operating Income | 26.6 | 30.0 | 113.2 | 142.3 | 155.1 | 147.8 | 126.5 | 100.5 | 312.1 | 529.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other Adjusted Operating Loss | (12.5) | (12.3) | (11.3) | (14.1) | (15.2) | (17.2) | (13.7) | (15.6) | (50.2) | (61.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Loss before Income Taxes attributable to Noncontrolling Interest | (2.6) | (4.1) | (3.4) | (3.5) | (2.2) | (1.8) | (1.3) | (1.4) | (13.6) | (6.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Operating Income | 16.7 | 21.8 | 105.3 | 131.7 | 142.1 | 132.4 | 114.1 | 86.3 | 275.5 | 474.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) Income From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (1.8) | (2.1) | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (4.3) | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 0.8 | 3.9 | (0.1) | 0.9 | 4.0 | 1.1 | 1.5 | 6.6 | 5.5 | 13.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (4.4) | (3.1) | (3.6) | 0.3 | (2.0) | (2.2) | (0.1) | (1.5) | (10.8) | (5.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (18.3) | (22.9) | (4.8) | (5.3) | (9.5) | (11.5) | (6.5) | (12.8) | (51.3) | (40.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  |  |  | 0.5 | (7.3) | (2.8) | 2.7 |  | 0.5 | (7.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (3.9) | (26.6) | (5.4) | (4.9) | (3.2) | (22.2) | (17.3) | 6.0 | (40.8) | (36.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) Income before Income Taxes attributable to Kemper Corporation | $(10.9) | $(29.0) | $90.9 | $123.3 | $121.5 | $92.5 | $93.2 | $88.0 | $174.3 | $395.2 |
| **<u>Segment Adjusted Net Operating Income (Loss):</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance | $2.6 | $7.6 | $79 | $97.9 | $101.2 | $103.6 | $102.3 | $69.2 | $187.1 | $376.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | 20.1 | 18.6 | 12.6 | 17.2 | 23.5 | 15.0 | (0.2) | 11.9 | 68.5 | 50.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Segment Adjusted Net Operating Income | 22.7 | 26.2 | 91.6 | 115.1 | 124.7 | 118.6 | 102.1 | 81.1 | 255.6 | 426.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other Adjusted Net Operating Loss | (10.1) | (9.0) | (10.3) | (11.4) | (11.3) | (15.1) | (11.4) | (12.5) | (40.8) | (50.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net Loss attributable to Noncontrolling Interest | (2.0) | (3.2) | (2.8) | (2.7) | (1.7) | (1.5) | (1.0) | (1.1) | (10.7) | (5.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income<sup>1</sup> | 14.6 | 20.4 | 84.1 | 106.4 | 115.1 | 105.0 | 91.7 | 69.7 | 225.5 | 381.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (Loss) Income From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (1.4) | (1.7) | (0.4) | 0.1 | (2.0) | (1.8) | (1.0) | 2.7 | (3.4) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 0.6 | 3.1 | (0.1) | 0.7 | 3.1 | 0.9 | 1.2 | 5.2 | 4.3 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (3.4) | (2.5) | (2.8) | 0.2 | (1.6) | (1.7) | (0.1) | (1.2) | (8.5) | (4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (15.5) | (19.6) | (3.8) | (4.2) | (7.5) | (9.1) | (5.1) | (10.1) | (43.1) | (31.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  |  |  | 0.4 | (7.3) | (2.2) | 2.1 |  | 0.4 | (7.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (2.9) | (20.7) | (4.4) | (3.9) | (2.4) | (17.4) | (13.4) | 5.0 | (31.9) | (28.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (Loss) Income attributable to Kemper Corporation | $(8.0) | $(21.0) | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $143.3 | $317.8 |
| <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. |  |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Kemper Corporation**

**Catastrophe Frequency and Severity**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 |
| | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | 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<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 43 | $1.4 | 28 | $0.2 | 31 | $0.3 | 47 | $1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 43 | $1.4 | 28 | $0.2 | 31 | $0.3 | 47 | $1.9 |
|  | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 |
|  | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | 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<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 6 | $1.9 | 4 | $0.4 | 3 | $3.1 | 7 | $5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 6 | $1.9 | 4 | $0.4 | 3 | $3.1 | 7 | $5.4 |
| <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. |

---

------

**Kemper Corporation**

**Catastrophe Frequency and Severity (continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | 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<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 53 | $11.5 | 36 | $1.2 | 34 | $4.8 | 55 | $17.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 53 | $11.5 | 36 | $1.2 | 34 | $4.8 | 55 | $17.5 |
|  | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 |
|  | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | 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<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 63 | $19.9 | 55 | $2.2 | 60 | $43.2 | 69 | $47.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  | 3 | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 63 | $19.9 | 55 | $2.2 | 60 | $43.2 | 72 | $65.3 |
| <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. |

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

**Results of Operations and Selected Financial Information**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $860.3 | $982.2 | $1001.5 | $1068.8 | $948.9 | $938 | $933.9 | $864.6 | $3912.8 | $3685.4 |
| Total Specialty P&C: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $696.8 | $785.1 | $789.3 | $753.7 | $753.3 | $731.3 | $691.5 | $675.3 | $3024.9 | $2851.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 238.6 | 232.2 | 221.5 | 208.5 | 201.5 | 187.7 | 171.1 | 164.7 | 900.8 | 725.0 |
| Earned Premiums | 935.4 | 1017.3 | 1010.8 | 962.2 | 954.8 | 919.0 | 862.6 | 840.0 | 3925.7 | 3576.4 |
| Net Investment Income | 57.3 | 53.8 | 49.6 | 50.5 | 49.9 | 52.0 | 46.6 | 41.1 | 211.2 | 189.6 |
| Other Income | 2.4 | 2.5 | 2.7 | 1.3 | 1.5 | 1.6 | 1.6 | 1.4 | 8.9 | 6.1 |
| Total Revenues | 995.1 | 1073.6 | 1063.1 | 1014.0 | 1006.2 | 972.6 | 910.8 | 882.5 | 4145.8 | 3772.1 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 780.0 | 798.7 | 730.1 | 682.3 | 668.8 | 644.2 | 592.8 | 609.0 | 2991.1 | 2514.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 1.4 | 1.0 | 5.3 | 3.8 | 1.9 | 3.6 | 10.3 | 4.1 | 11.5 | 19.9 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 9.3 | 51.4 | 13.6 | 0.5 | 1.9 | (0.1) | (0.8) | 5.3 | 74.8 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.8) |  | 0.4 | 0.2 | (0.1) | 0.2 | (0.1) | 0.7 | (0.2) | 0.7 |
| Total Incurred Losses and LAE | 789.9 | 851.1 | 749.4 | 686.8 | 672.5 | 647.9 | 602.2 | 619.1 | 3077.2 | 2541.7 |
| Insurance Expenses | 202.1 | 214.6 | 214.8 | 205.1 | 207.0 | 194.9 | 180.7 | 176.9 | 836.6 | 759.5 |
| Segment Adjusted Operating Income | 3.1 | 7.9 | 98.9 | 122.1 | 126.7 | 129.8 | 127.9 | 86.5 | 232.0 | 470.9 |
| Income Tax Expense | 0.5 | 0.3 | 19.9 | 24.2 | 25.5 | 26.2 | 25.6 | 17.3 | 44.9 | 94.6 |
| Total Segment Adjusted Net Operating Income | $2.6 | $7.6 | $79.0 | $97.9 | $101.2 | $103.6 | $102.3 | $69.2 | $187.1 | $376.3 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 83.4% | 78.5% | 72.3% | 70.9% | 70.0% | 70.1% | 68.7% | 72.5% | 76.2% | 70.3% |
| Current Year Catastrophe Losses and LAE Ratio | 0.1 | 0.1 | 0.5 | 0.4 | 0.2 | 0.4 | 1.2 | 0.5 | 0.3 | 0.6 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | 5.1 | 1.3 | 0.1 | 0.2 |  | (0.1) | 0.6 | 1.9 | 0.2 |
| Prior Years Catastrophe Losses and LAE Ratio | (0.1) |  |  |  |  |  |  | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 84.4 | 83.7 | 74.1 | 71.4 | 70.4 | 70.5 | 69.8 | 73.7 | 78.4 | 71.1 |
| Insurance Expense Ratio | 21.6 | 21.1 | 21.3 | 21.3 | 21.7 | 21.2 | 20.9 | 21.1 | 21.3 | 21.2 |
| Combined Ratio | 106.0% | 104.8% | 95.4% | 92.7% | 92.1% | 91.7% | 90.7% | 94.8% | 99.7% | 92.3% |
| **<u>Underlying Combined Ratio</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 83.4% | 78.5% | 72.3% | 70.9% | 70.0% | 70.1% | 68.7% | 72.5% | 76.2% | 70.3% |
| Insurance Expense Ratio | 21.6 | 21.1 | 21.3 | 21.3 | 21.7 | 21.2 | 20.9 | 21.1 | 21.3 | 21.2 |
| Underlying Combined Ratio | 105.0% | 99.6% | 93.6% | 92.2% | 91.7% | 91.3% | 89.6% | 93.6% | 97.5% | 91.5% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio as Reported | 106.0% | 104.8% | 95.4% | 92.7% | 92.1% | 91.7% | 90.7% | 94.8% | 99.7% | 92.3% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.1 | 0.1 | 0.5 | 0.4 | 0.2 | 0.4 | 1.2 | 0.5 | 0.3 | 0.6 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | 5.1 | 1.3 | 0.1 | 0.2 |  | (0.1) | 0.6 | 1.9 | 0.2 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (0.1) |  |  |  |  |  |  | 0.1 |  |  |
| Underlying Combined Ratio | 105.0% | 99.6% | 93.6% | 92.2% | 91.7% | 91.3% | 89.6% | 93.6% | 97.5% | 91.5% |
| <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

**Results of Operations and Selected Financial Information (continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Standard Automobile | $1826.8 | $1752.1 | $1661.2 | $1640.3 | $1626.0 | $1605.3 | $1597.1 | $1633.1 |
| &nbsp;&nbsp;&nbsp;Commercial Automobile | 942.6 | 894.2 | 813.0 | 771.5 | 721.9 | 677.5 | 640.5 | 618.1 |
| Insurance Reserves | $2769.4 | $2646.3 | $2474.2 | $2411.8 | $2347.9 | $2282.8 | $2237.6 | $2251.2 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss and Allocated LAE Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Case and Allocated LAE | $960.4 | $932.7 | $906.1 | $930.1 | $921.8 | $932.5 | $952.8 | $965.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred but Not Reported | 1610.9 | 1518.7 | 1378.8 | 1300.5 | 1250.6 | 1177.5 | 1113.1 | 1114.8 |
| &nbsp;&nbsp;&nbsp;Total Loss Reserves | 2571.3 | 2451.4 | 2284.9 | 2230.6 | 2172.4 | 2110.0 | 2065.9 | 2080.5 |
| &nbsp;&nbsp;&nbsp;Unallocated LAE Reserves | 198.1 | 194.9 | 189.3 | 181.2 | 175.5 | 172.8 | 171.7 | 170.7 |
| Insurance Reserves | $2769.4 | $2646.3 | $2474.2 | $2411.8 | $2347.9 | $2282.8 | $2237.6 | $2251.2 |

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

**Personal Automobile Insurance - Results of Operations and Selected Financial Information**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $615.6 | $727.6 | $767 | $823.9 | $740.6 | $735.1 | $739.5 | $672.5 | $2934.1 | $2887.7 |
| Earned Premiums | $696.8 | $785.1 | $789.3 | $753.7 | $753.3 | $731.3 | $691.5 | $675.3 | $3024.9 | $2851.4 |
| Net Investment Income | 35.7 | 33.8 | 31.3 | 31.8 | 31.6 | 33.0 | 30.3 | 26.9 | 132.6 | 121.8 |
| Other Income | 2.3 | 2.3 | 2.6 | 1.2 | 1.3 | 1.5 | 1.5 | 1.3 | 8.4 | 5.6 |
| Total Revenues | 734.8 | 821.2 | 823.2 | 786.7 | 786.2 | 765.8 | 723.3 | 703.5 | 3165.9 | 2978.8 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 607.6 | 629.2 | 571.7 | 528.4 | 519.6 | 507.8 | 471.6 | 485.7 | 2336.9 | 1984.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 1.1 | 0.6 | 4.3 | 2.7 | 1.0 | 2.1 | 7.9 | 3.5 | 8.7 | 14.5 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 0.3 | 8.0 | (5.0) | (4.7) | (5.3) | (2.7) | 0.6 | 6.5 | (1.4) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.8) | (0.1) | 0.3 | 0.1 |  | 0.1 |  | 0.6 | (0.5) | 0.7 |
| Total Incurred Losses and LAE | 608.2 | 637.7 | 571.3 | 526.5 | 515.3 | 507.3 | 480.1 | 496.3 | 2343.7 | 1999.0 |
| Insurance Expenses | 159.1 | 172.5 | 173.7 | 166.8 | 168.8 | 158.8 | 148.0 | 145.6 | 672.1 | 621.2 |
| Adjusted Operating (Loss) Income | (32.5) | 11.0 | 78.2 | 93.4 | 102.1 | 99.7 | 95.2 | 61.6 | 150.1 | 358.6 |
| Income Tax (Benefit) Expense | (6.0) | 1.4 | 16.1 | 18.7 | 20.7 | 20.2 | 19.3 | 12.3 | 30.2 | 72.5 |
| Total Product Line Adjusted Net Operating (Loss) Income | $(26.5) | $9.6 | $62.1 | $74.7 | $81.4 | $79.5 | $75.9 | $49.3 | $119.9 | $286.1 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 87.2% | 80.1% | 72.5% | 70.1% | 69.0% | 69.5% | 68.2% | 71.9% | 77.2% | 69.6% |
| Current Year Catastrophe Losses and LAE Ratio | 0.2 | 0.1 | 0.5 | 0.4 | 0.1 | 0.3 | 1.1 | 0.5 | 0.3 | 0.5 |
| Prior Years Non-catastrophe Losses and LAE Ratio |  | 1.0 | (0.6) | (0.6) | (0.7) | (0.4) | 0.1 | 1.0 |  |  |
| Prior Years Catastrophe Losses and LAE Ratio | (0.1) |  |  |  |  |  |  | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 87.3 | 81.2 | 72.4 | 69.9 | 68.4 | 69.4 | 69.4 | 73.5 | 77.5 | 70.1 |
| Insurance Expense Ratio | 22.8 | 22.0 | 22.0 | 22.1 | 22.4 | 21.7 | 21.4 | 21.6 | 22.2 | 21.8 |
| Combined Ratio | 110.1% | 103.2% | 94.4% | 92.0% | 90.8% | 91.1% | 90.8% | 95.1% | 99.7% | 91.9% |
| **<u>Underlying Combined Ratio</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 87.2% | 80.1% | 72.5% | 70.1% | 69.0% | 69.5% | 68.2% | 71.9% | 77.2% | 69.6% |
| Insurance Expense Ratio | 22.8 | 22.0 | 22.0 | 22.1 | 22.4 | 21.7 | 21.4 | 21.6 | 22.2 | 21.8 |
| Underlying Combined Ratio | 110.0% | 102.1% | 94.5% | 92.2% | 91.4% | 91.2% | 89.6% | 93.5% | 99.4% | 91.4% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 110.1% | 103.2% | 94.4% | 92.0% | 90.8% | 91.1% | 90.8% | 95.1% | 99.7% | 91.9% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.2 | 0.1 | 0.5 | 0.4 | 0.1 | 0.3 | 1.1 | 0.5 | 0.3 | 0.5 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio |  | 1.0 | (0.6) | (0.6) | (0.7) | (0.4) | 0.1 | 1.0 |  |  |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (0.1) |  |  |  |  |  |  | 0.1 |  |  |
| Underlying Combined Ratio | 110.0% | 102.1% | 94.5% | 92.2% | 91.4% | 91.2% | 89.6% | 93.5% | 99.4% | 91.4% |
| <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

**Commercial Automobile Insurance - Results of Operations and Selected Financial Information**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $244.7 | $254.6 | $234.5 | $244.9 | $208.3 | $202.9 | $194.4 | $192.1 | $978.7 | $797.7 |
| Earned Premiums | $238.6 | $232.2 | $221.5 | $208.5 | $201.5 | $187.7 | $171.1 | $164.7 | $900.8 | $725 |
| Net Investment Income | 21.6 | 20.0 | 18.3 | 18.7 | 18.3 | 19.0 | 16.3 | 14.2 | 78.6 | 67.8 |
| Other Income | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.5 | 0.5 |
| Total Revenues | 260.3 | 252.4 | 239.9 | 227.3 | 220.0 | 206.8 | 187.5 | 179.0 | 979.9 | 793.3 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 172.4 | 169.5 | 158.4 | 153.9 | 149.2 | 136.4 | 121.2 | 123.3 | 654.2 | 530.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 0.3 | 0.4 | 1.0 | 1.1 | 0.9 | 1.5 | 2.4 | 0.6 | 2.8 | 5.4 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 9.0 | 43.4 | 18.6 | 5.2 | 7.2 | 2.6 | (1.4) | (1.2) | 76.2 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE |  | 0.1 | 0.1 | 0.1 | (0.1) | 0.1 | (0.1) | 0.1 | 0.3 |  |
| Total Incurred Losses and LAE | 181.7 | 213.4 | 178.1 | 160.3 | 157.2 | 140.6 | 122.1 | 122.8 | 733.5 | 542.7 |
| Insurance Expenses | 43.0 | 42.1 | 41.1 | 38.3 | 38.2 | 36.1 | 32.7 | 31.3 | 164.5 | 138.3 |
| Adjusted Operating Income (Loss) | 35.6 | (3.1) | 20.7 | 28.7 | 24.6 | 30.1 | 32.7 | 24.9 | 81.9 | 112.3 |
| Income Tax Expense (Benefit) | 6.5 | (1.1) | 3.8 | 5.5 | 4.8 | 6.0 | 6.3 | 5.0 | 14.7 | 22.1 |
| Total Product Line Adjusted Net Operating Income (Loss) | $29.1 | $(2.0) | $16.9 | $23.2 | $19.8 | $24.1 | $26.4 | $19.9 | $67.2 | $90.2 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 72.3% | 73.0% | 71.5% | 73.9% | 74.0% | 72.6% | 70.9% | 74.8% | 72.6% | 73.2% |
| Current Year Catastrophe Losses and LAE Ratio | 0.1 | 0.2 | 0.5 | 0.5 | 0.4 | 0.8 | 1.4 | 0.4 | 0.3 | 0.7 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 3.8 | 18.7 | 8.4 | 2.5 | 3.6 | 1.4 | (0.8) | (0.7) | 8.5 | 1.0 |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  | 0.1 | (0.1) | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 76.2 | 91.9 | 80.4 | 76.9 | 78.0 | 74.9 | 71.4 | 74.6 | 81.4 | 74.9 |
| Insurance Expense Ratio | 18.0 | 18.1 | 18.6 | 18.4 | 19.0 | 19.2 | 19.1 | 19.0 | 18.3 | 19.1 |
| Combined Ratio | 94.2% | 110.0% | 99.0% | 95.3% | 97.0% | 94.1% | 90.5% | 93.6% | 99.7% | 94.0% |
| **<u>Underlying Combined Ratio</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 72.3% | 73.0% | 71.5% | 73.9% | 74.0% | 72.6% | 70.9% | 74.8% | 72.6% | 73.2% |
| Insurance Expense Ratio | 18.0 | 18.1 | 18.6 | 18.4 | 19.0 | 19.2 | 19.1 | 19.0 | 18.3 | 19.1 |
| Underlying Combined Ratio | 90.3% | 91.1% | 90.1% | 92.3% | 93.0% | 91.8% | 90.0% | 93.8% | 90.9% | 92.3% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 94.2% | 110.0% | 99.0% | 95.3% | 97.0% | 94.1% | 90.5% | 93.6% | 99.7% | 94.0% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.1 | 0.2 | 0.5 | 0.5 | 0.4 | 0.8 | 1.4 | 0.4 | 0.3 | 0.7 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 3.8 | 18.7 | 8.4 | 2.5 | 3.6 | 1.4 | (0.8) | (0.7) | 8.5 | 1.0 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  | 0.1 | (0.1) | 0.1 |  |  |
| Underlying Combined Ratio | 90.3% | 91.1% | 90.1% | 92.3% | 93.0% | 91.8% | 90.0% | 93.8% | 90.9% | 92.3% |
| <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**Kemper Corporation**

**Life Insurance Segment**

**Results of Operations and Selected Financial Information**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums<sup>1</sup> | $93.4 | $99.8 | $100.5 | $99.7 | $95.2 | $100.6 | $100.8 | $97.3 | $393.4 | $393.9 |
| Net Investment Income | 47.1 | 48.0 | 44.7 | 48.4 | 45.5 | 50.3 | 30.5 | 44.3 | 188.2 | 170.6 |
| Other Income | 0.2 | 0.4 | 0.3 | 0.7 | 0.4 | 0.2 | 0.2 | 0.3 | 1.6 | 1.1 |
| Total Revenues | 140.7 | 148.2 | 145.5 | 148.8 | 141.1 | 151.1 | 131.5 | 141.9 | 583.2 | 565.6 |
| Policyholders' Benefits and Incurred Losses and LAE<sup>2</sup> | 52.5 | 60.5 | 63.5 | 62.2 | 43.5 | 64.1 | 63.9 | 63.0 | 238.7 | 234.5 |
| Insurance Expenses | 64.7 | 65.6 | 67.7 | 66.4 | 69.2 | 69.0 | 69.0 | 64.9 | 264.4 | 272.1 |
| Segment Adjusted Operating Income (Loss) | 23.5 | 22.1 | 14.3 | 20.2 | 28.4 | 18.0 | (1.4) | 14.0 | 80.1 | 59.0 |
| Income Tax Expense (Benefit) | 3.4 | 3.5 | 1.7 | 3.0 | 4.9 | 3.0 | (1.2) | 2.1 | 11.6 | 8.8 |
| Total Segment Adjusted Net Operating Income (Loss) | $20.1 | $18.6 | $12.6 | $17.2 | $23.5 | $15.0 | $(0.2) | $11.9 | $68.5 | $50.2 |
| <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. | <sup>1</sup> Earned Premiums were impacted by changes in deferred profit liability related to the annual review and assumptions update under LDTI that decreased earned premiums by $6.3 million in fourth quarter and full year 2025 and $4.8 million in fourth quarter and full year 2024. |
| <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. | <sup>2</sup> Policyholders' Benefits and Incurred Losses and LAE was impacted by changes in the annual assumptions update under LDTI that resulted in a $9.3 million decrease in policyholders' benefits for fourth quarter and full year 2025 and a $11.9 million decrease in policyholders' benefits for fourth quarter and full year 2024. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**Kemper Corporation**

**Life Insurance Segment**

**Results of Operations and Selected Financial Information (continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31,<br>2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| Future Policyholder Benefits | $3248.1 | $3282.2 | $3196.5 | $3186.0 | $3154.3 | $3380.8 | $3155.3 | $3248.8 |
| Incurred Losses and LAE Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life | 35.0 | 31.1 | 34.3 | 39.0 | 40.8 | 40.4 | 42.1 | 40.7 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 4.4 | 4.3 | 4.5 | 4.5 | 4.6 | 4.6 | 4.6 | 4.7 |
| &nbsp;&nbsp;&nbsp;Property | 1.9 | 2.0 | 2.1 | 2.1 | 2.7 | 3.0 | 2.6 | 2.5 |
| Total Incurred Losses and LAE Reserves | 41.3 | 37.4 | 40.9 | 45.6 | 48.1 | 48.0 | 49.3 | 47.9 |
| Insurance Reserves | $3289.4 | $3319.6 | $3237.4 | $3231.6 | $3202.4 | $3428.8 | $3204.6 | $3296.7 |

---

------

**Kemper Corporation**

**Expenses**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Insurance and Other Expenses:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance Expenses: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Acquisition Costs, Net of Amortization | $162.9 | $173.8 | $177.1 | $164.3 | $166.2 | $161.4 | $159.1 | $154.9 | $678.1 | $641.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Unit Operating Costs | 70.0 | 94.2 | 71.4 | 75.1 | 76.3 | 72.8 | 64.0 | 64.3 | 310.7 | 277.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Overhead Costs | 43.5 | 43.7 | 44.6 | 46.7 | 47.5 | 49.3 | 49.4 | 48.8 | 178.5 | 195.0 |
| &nbsp;&nbsp;&nbsp;Insurance Expenses | 276.4 | 311.7 | 293.1 | 286.1 | 290.0 | 283.5 | 272.5 | 268.0 | 1167.3 | 1114.0 |
| &nbsp;&nbsp;&nbsp;Other Expenses: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | 5.0 | 22.9 | 4.8 | 5.3 | 9.5 | 11.5 | 6.5 | 12.8 | 38.0 | 40.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension Settlement |  |  |  |  |  | 0.1 | (2.7) |  |  | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Corporate Costs |  | 4.5 | 2.1 | 3.1 | 10.1 | 9.4 | 3.4 | 5.6 | 9.7 | 28.5 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 5.0 | 27.4 | 6.9 | 8.4 | 19.6 | 21.0 | 7.2 | 18.4 | 47.7 | 66.2 |
| Insurance and Other Expenses | 281.4 | 339.1 | 300.0 | 294.5 | 309.6 | 304.5 | 279.7 | 286.4 | 1215.0 | 1180.2 |
| Interest Expense | 9.0 | 9.1 | 9.0 | 11.4 | 14.6 | 14.4 | 13.9 | 14.0 | 38.5 | 56.9 |
| Total Insurance, Interest, and Other Expenses | $290.4 | $348.2 | $309.0 | $305.9 | $324.2 | $318.9 | $293.6 | $300.4 | $1253.5 | $1237.1 |

---

------

**Kemper Corporation**

**Details of Investment Performance**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Net Investment Income</u>** |  |  |  |  |  |  |  |  |  |  |
| Interest on Fixed Income Securities<sup>1</sup> | $77.0 | $79.1 | $76.9 | $76.4 | $76.3 | $79.0 | $80.2 | $79.8 | $309.4 | $315.3 |
| Dividends on Equity Securities Excluding Alternative Investments | 4.4 | 2.1 | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | 2.8 | 8.0 | 5.4 |
| Alternative Investments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | (1.0) |  | (5.3) | (0.7) | (2.3) | 0.9 | (14.7) | (2.1) | (7.0) | (18.2) |
| &nbsp;&nbsp;&nbsp;Limited Liability Investments Included in Equity Securities | 2.9 | 4.0 | 3.1 | 3.7 | 5.8 | 9.1 | 6.2 | 3.4 | 13.7 | 24.5 |
| Total Alternative Investments | 1.9 | 4.0 | (2.2) | 3.0 | 3.5 | 10.0 | (8.5) | 1.3 | 6.7 | 6.3 |
| Short-term Investments | 4.0 | 4.2 | 6.0 | 8.6 | 10.5 | 8.4 | 7.3 | 7.3 | 22.8 | 33.5 |
| Loans to Policyholders | 5.2 | 5.2 | 5.1 | 5.3 | 5.2 | 5.5 | 5.1 | 5.2 | 20.8 | 21.0 |
| Real Estate | 2.4 | 2.5 | 2.3 | 2.2 | 2.1 | 2.2 | 2.2 | 2.3 | 9.4 | 8.8 |
| Company-Owned Life Insurance | 11.4 | 10.8 | 10.5 | 10.2 | 10.0 | 9.7 | 8.9 | 7.1 | 42.9 | 35.7 |
| Other | 3.1 | 3.1 | 3.3 | 2.0 | 0.9 | 2.2 | 2.6 | 2.5 | 11.5 | 8.2 |
| Total Investment Income | 109.4 | 111.0 | 102.6 | 108.5 | 109.3 | 117.9 | 98.7 | 108.3 | 431.5 | 434.2 |
| Investment Expenses: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.7 | 2.0 | 2.2 | 2.1 | 2.6 | 1.8 | 2.1 | 2.2 | 9.0 | 8.7 |
| &nbsp;&nbsp;&nbsp;Other Investment Expenses<sup>1</sup> | 3.6 | 4.2 | 4.5 | 5.2 | 3.7 | 5.0 | 3.6 | 5.7 | 17.5 | 18.0 |
| Total Investment Expenses | 6.3 | 6.2 | 6.7 | 7.3 | 6.3 | 6.8 | 5.7 | 7.9 | 26.5 | 26.7 |
| Net Investment Income | $103.1 | $104.8 | $95.9 | $101.2 | $103.0 | $111.1 | $93.0 | $100.4 | $405.0 | $407.5 |
| **<u>Net Realized Investment Gains (Losses)</u>** |  |  |  |  |  |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales | $0.9 | $3.7 | $0.4 | $1.3 | $4.3 | $0.9 | $2.2 | $12.8 | $6.3 | $20.2 |
| &nbsp;&nbsp;&nbsp;Losses on Sales | (0.6) | (0.5) | (0.5) | (0.5) | (0.6) |  | (0.3) | (2.3) | (2.1) | (3.2) |
| &nbsp;&nbsp;&nbsp;Losses on Hedging Activity |  |  |  |  |  |  |  | (7.9) |  | (7.9) |
| Equity Securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales | 0.4 | 0.5 |  |  | 0.1 |  |  | 4.1 | 0.9 | 4.2 |
| &nbsp;&nbsp;&nbsp;Losses on Sales |  |  |  |  |  |  |  | (0.1) |  | (0.1) |
| Other Investments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales | 0.1 | 0.2 |  | 0.1 | 0.9 | 1.8 | 1.5 |  | 0.4 | 4.2 |
| &nbsp;&nbsp;&nbsp;Losses on Sales |  |  |  |  | (0.7) | (1.6) | (1.9) |  |  | (4.2) |
| Net Realized Investment Gains (Losses) | $0.8 | $3.9 | $(0.1) | $0.9 | $4.0 | $1.1 | $1.5 | $6.6 | $5.5 | $13.2 |
| **<u>Net Impairment Losses Recognized in Earnings</u>** |  |  |  |  |  |  |  |  |  |  |
| Fixed Maturities | $(4.6) | $(2.9) | $(3.6) | $0.3 | $(2.0) | $(2.0) | $0.2 | $(1.0) | $(10.8) | $(4.8) |
| Equity Securities |  |  |  |  |  |  |  | (0.4) |  | (0.4) |
| Real Estate | 0.2 | (0.1) |  |  | (0.1) | (0.2) | (0.1) |  | 0.1 | (0.4) |
| Other |  | (0.1) |  |  | 0.1 |  | (0.2) | (0.1) | (0.1) | (0.2) |
| Net Impairment Losses Recognized in Earnings | $(4.4) | $(3.1) | $(3.6) | $0.3 | $(2.0) | $(2.2) | $(0.1) | $(1.5) | $(10.8) | $(5.8) |
| <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.4 million, $4.7 million, $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended December 31, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. |

---

------

**Kemper Corporation**

**Details of Invested Assets**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2023 |
| | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total |
| Fixed Maturities Reported at Fair Value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government and Government Agencies and Authorities | $622.4 | 7.2% | $486.8 | 5.5% | $511.5 | 5.7% |
| &nbsp;&nbsp;&nbsp;States and Political Subdivisions | 1253.2 | 14.5 | 1233.2 | 13.9 | 1401.9 | 15.7 |
| &nbsp;&nbsp;&nbsp;Foreign Governments | 11.0 | 0.1 | 6.6 | 0.1 | 3.8 |  |
| &nbsp;&nbsp;&nbsp;Corporate Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds and Notes | 3650.3 | 42.2 | 3519.6 | 39.6 | 3690.8 | 41.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable Preferred Stocks | 10.2 | 0.1 | 8.9 | 0.1 | 8.3 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | 843.0 | 9.7 | 741.5 | 8.3 | 949.8 | 10.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Mortgage- and Asset-backed | 353.2 | 4.1 | 413.0 | 4.6 | 315.8 | 3.5 |
| Total Fixed Maturities Reported at Fair Value | 6743.3 | 77.9 | 6409.6 | 72.1 | 6881.9 | 77.1 |
| Equity Securities Reported at Fair Value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 19.2 | 0.2 | 22.6 | 0.3 | 25.5 | 0.3 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 65.0 | 0.7 | 1.4 |  | 1.2 |  |
| &nbsp;&nbsp;&nbsp;Other Equity Interests: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 11.9 | 0.1 | 10.9 | 0.1 | 7.7 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited Liability Companies and Limited Partnerships | 210.3 | 2.4 | 183.6 | 2.1 | 191.4 | 2.1 |
| Total Equity Securities Reported at Fair Value | 306.4 | 3.4 | 218.5 | 2.5 | 225.8 | 2.5 |
| Equity Method Limited Liability Investments | 176.0 | 2.0 | 186.3 | 2.1 | 221.7 | 2.5 |
| Short-term Investments at Cost which Approximates Fair Value | 313.5 | 3.6 | 1037.1 | 11.7 | 520.9 | 5.9 |
| Company Owned Life Insurance | 579.2 | 6.7 | 539.2 | 6.1 | 513.5 | 5.8 |
| Loans to Policyholders | 279.9 | 3.2 | 280.7 | 3.2 | 281.2 | 3.2 |
| Other Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Securities Reported at Modified Cost | 21.7 | 0.3 | 22.5 | 0.2 | 32.6 | 0.4 |
| &nbsp;&nbsp;&nbsp;Real Estate at Depreciated Cost | 92.7 | 1.1 | 99.5 | 1.1 | 94.7 | 1.1 |
| &nbsp;&nbsp;&nbsp;Mortgage Loans | 149.8 | 1.7 | 75.3 | 0.8 | 99.8 | 1.1 |
| &nbsp;&nbsp;Other<sup>1</sup> | 7.1 | 0.1 | 19.8 | 0.2 | 32.1 | 0.4 |
| Total Other Investments | 271.3 | 3.2 | 217.1 | 2.3 | 259.2 | 3.0 |
| Total Investments | $8669.6 | 100.0% | $8888.5 | 100.0% | $8904.2 | 100.0% |
| <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other. Prior-period amounts have been recast to conform to the current-period presentation. |

---

------

**Kemper Corporation**

**Details of Invested Assets (continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2023 |
| | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total |
| **<u>S&P Equivalent Rating for Fixed Maturities</u>** |  |  |  |  |  |  |
| AAA, AA, A | $4750.5 | 70.5% | $4576.4 | 71.4% | $4962.0 | 72.1% |
| BBB | 1574.4 | 23.3 | 1557.6 | 24.3 | 1657.3 | 24.1 |
| BB, B | 375.1 | 5.6 | 221.7 | 3.5 | 204.4 | 3.0 |
| CCC or Lower | 43.3 | 0.6 | 53.9 | 0.8 | 58.2 | 0.8 |
| Total Investments in Fixed Maturities | $6743.3 | 100.0% | $6409.6 | 100.0% | $6881.9 | 100.0% |
| **<u>Duration (in Years)</u>** |  |  |  |  |  |  |
| Total Investments in Fixed Maturities | 7.4 |  | 7.7 |  | 8.1 |  |

---

------

**Kemper Corporation**

**Investment Concentration**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2023 |
| **Fair Value of Non-governmental Fixed Maturities by Industry** | Amount | Percent<br>of Total<br>Investments | Amount | Percent<br>of Total<br>Investments | Amount | Percent<br>of Total<br>Investments |
| Finance, Insurance and Real Estate | $2048.2 | 23.6% | $1969.1 | 22.2% | $2070.5 | 23.3% |
| Manufacturing | 961.1 | 11.1 | 1014.3 | 11.4 | 1077.6 | 12.1 |
| Transportation, Communication and Utilities | 884.6 | 10.2 | 793.0 | 8.9 | 807.3 | 9.1 |
| Services | 648.0 | 7.5 | 582.9 | 6.6 | 639.4 | 7.2 |
| Mining | 177.7 | 2.0 | 153.3 | 1.7 | 174.3 | 2.0 |
| Retail Trade | 110.1 | 1.3 | 125.7 | 1.4 | 156.0 | 1.8 |
| Construction | 10.5 | 0.1 | 11.7 | 0.1 | 4.4 |  |
| Other | 34.4 | 0.4 | 33.0 | 0.4 | 35.2 | 0.4 |
| Total Fair Value of Non-governmental Fixed Maturities | $4874.6 | 56.2% | $4683.0 | 52.7% | $4964.7 | 55.9% |

---

---

| | | |
|:---|:---|:---|
| | Dec 31, 2025 | Dec 31, 2025 |
| **Ten Largest Investment Exposures**<sup>1</sup> | Fair<br>Value | Percent<br>of Total<br>Investments |
| Fixed Maturities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;States including their Political Subdivisions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | $134.8 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 105.4 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | 84.8 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia | 69.4 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 61.2 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida | 54.2 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 47.3 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia | 35.6 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana | 35.6 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado | 34.9 | 0.4 |
| Total | $663.2 | 7.6% |
| <sup>1</sup>Excluding Investments in U.S. Government and Government Agencies and Authorities at December 31, 2025. | <sup>1</sup>Excluding Investments in U.S. Government and Government Agencies and Authorities at December 31, 2025. | <sup>1</sup>Excluding Investments in U.S. Government and Government Agencies and Authorities at December 31, 2025. |

---

------

**Kemper Corporation**

**Municipal Bond Securities**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 |
| | Political Subdivision<br>General<br>Obligation | Revenue | State<br>General Obligation | Total Fair<br>Value | Percent<br>of Total<br>Muni Bond | Percent<br>of Total<br>Investments |
| California | $9.1 | $125.5 | $— | $134.6 | 10.7% | 1.6% |
| Texas | 10.8 | 91.1 | 3.6 | 105.5 | 8.4 | 1.2 |
| Michigan |  | 74.3 | 10.5 | 84.8 | 6.8 | 1.0 |
| Georgia | 1.8 | 62.2 | 5.5 | 69.5 | 5.6 | 0.8 |
| New York | 11.4 | 49.8 |  | 61.2 | 4.9 | 0.7 |
| Florida |  | 54.2 |  | 54.2 | 4.3 | 0.6 |
| Pennsylvania | 3.2 | 44.1 |  | 47.3 | 3.8 | 0.5 |
| Virginia |  | 29.6 | 6.0 | 35.6 | 2.8 | 0.4 |
| Louisiana | 1.3 | 22.0 | 12.3 | 35.6 | 2.8 | 0.4 |
| Colorado |  | 34.9 |  | 34.9 | 2.8 | 0.4 |
| Ohio |  | 33.2 |  | 33.2 | 2.7 | 0.4 |
| Illinois | 0.6 | 31.4 |  | 32.0 | 2.6 | 0.4 |
| Puerto Rico |  | 31.9 |  | 31.9 | 2.6 | 0.4 |
| Massachusetts |  | 24.6 | 5.2 | 29.8 | 2.4 | 0.3 |
| Missouri | 1.1 | 26.5 |  | 27.6 | 2.2 | 0.3 |
| Maryland |  | 26.6 |  | 26.6 | 2.1 | 0.3 |
| Minnesota | 1.0 | 24.9 |  | 25.9 | 2.1 | 0.3 |
| Oregon | 2.5 | 16.4 | 6.6 | 25.5 | 2.0 | 0.3 |
| Tennessee | 3.2 | 20.1 |  | 23.3 | 1.9 | 0.3 |
| Oklahoma |  | 22.7 |  | 22.7 | 1.8 | 0.3 |
| Washington | 1.4 | 18.4 | 2.5 | 22.3 | 1.8 | 0.3 |
| Connecticut |  | 17.0 | 2.5 | 19.5 | 1.6 | 0.2 |
| North Carolina | 1.7 | 17.7 |  | 19.4 | 1.5 | 0.2 |
| New Jersey |  | 19.2 |  | 19.2 | 1.5 | 0.2 |
| Rhode Island | 1.5 | 17.3 |  | 18.8 | 1.5 | 0.2 |
| New Hampshire | 0.4 | 18.0 |  | 18.4 | 1.5 | 0.2 |
| Indiana |  | 17.9 |  | 17.9 | 1.4 | 0.2 |
| Mississippi |  | 10.6 | 7.0 | 17.6 | 1.4 | 0.2 |
| District of Columbia |  | 15.4 | 2.1 | 17.5 | 1.4 | 0.2 |
| Arizona |  | 14.8 |  | 14.8 | 1.2 | 0.2 |
| South Carolina |  | 13.9 |  | 13.9 | 1.1 | 0.2 |
| North Dakota |  | 13.1 |  | 13.1 | 1.0 | 0.2 |
| Alabama |  | 12.9 |  | 12.9 | 1.0 | 0.1 |
| Iowa |  | 12.0 |  | 12.0 | 1.0 | 0.1 |
| Utah |  | 11.8 |  | 11.8 | 0.9 | 0.1 |
| Montana |  | 9.3 |  | 9.3 | 0.7 | 0.1 |
| Nebraska |  | 9.1 |  | 9.1 | 0.7 | 0.1 |
| South Dakota |  | 8.5 |  | 8.5 | 0.7 | 0.1 |
| Maine |  | 8.1 |  | 8.1 | 0.6 | 0.1 |
| All Other States | 5.0 | 17.6 | 4.9 | 27.5 | 2.2 | 0.3 |
| Total | $56.0 | $1128.6 | $68.7 | $1253.3 | 100.0% | 14.4% |

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------

**Kemper Corporation**

**Investments in Limited Liability** 

**Companies and Limited Partnerships**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | Unfunded<br>Commitment | Reported Value | Reported Value |
| Asset Class | Dec 31,<br>2025 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Reported as Equity Method Limited Liability Investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Debt | $56.9 | $21.1 | $19.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine Debt | 38.8 | 115.5 | 116.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secondary Transactions | 1.6 | 1.9 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leveraged Buyout | 0.1 | 6.5 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  | 24.1 | 27.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distressed Debt |  | 1.4 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.1 | 5.5 | 5.8 |
| Total Equity Method Limited Liability Investments | 97.5 | 176.0 | 186.3 |
| **Reported as Other Equity Interests at Fair Value:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine Debt | 82.3 | 115.8 | 116.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leveraged Buyout | 41.0 | 40.5 | 19.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distressed Debt | 16.1 | 10.8 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Debt | 6.1 | 25.5 | 26.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Equity | 5.7 | 10.7 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secondary Transactions | 1.0 | 1.3 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  | 0.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.3 | 5.6 | 0.1 |
| Total Reported as Other Equity Interests at Fair Value | 152.5 | 210.3 | 183.6 |
| Other Equity Investments<sup>1</sup> | 0.1 | 5.9 | 19.4 |
| Total Investments in Limited Liability Companies and Limited Partnerships | $250.1 | $392.2 | $389.3 |
| <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments and Equity Securities at Modified Costs by including them within Other Equity Investments. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments and Equity Securities at Modified Costs by including them within Other Equity Investments. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments and Equity Securities at Modified Costs by including them within Other Equity Investments. Prior-period amounts have been recast to conform to the current-period presentation. | <sup>1</sup>In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments and Equity Securities at Modified Costs by including them within Other Equity Investments. Prior-period amounts have been recast to conform to the current-period presentation. |

---

------

**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** is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income attributable to Kemper Corporation the after-tax impact of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Change in Fair Value of Equity and Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Net Realized Investment Gains (Losses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Impairment Losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Debt Extinguishment, Pension Settlement and Other Charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Goodwill Impairment Charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Non-Core Operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (Loss) Income 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 for the three months and year ended December 31, 2025 or 2024.

The Company believes that Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. 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. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. 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.

------

**Kemper Corporation**

**Definitions of Non-GAAP Financial Measures (continued)**

A reconciliation of Net (Loss) Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income is presented below:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| *Dollars in Millions (Unaudited)* | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| Net (Loss) Income attributable to Kemper Corporation | $(8.0) | $(21.0) | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $143.3 | $317.8 |
| Less Net (Loss) Income From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (1.4) | (1.7) | (0.4) | 0.1 | (2.0) | (1.8) | (1.0) | 2.7 | (3.4) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 0.6 | 3.1 | (0.1) | 0.7 | 3.1 | 0.9 | 1.2 | 5.2 | 4.3 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (3.4) | (2.5) | (2.8) | 0.2 | (1.6) | (1.7) | (0.1) | (1.2) | (8.5) | (4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (15.5) | (19.6) | (3.8) | (4.2) | (7.5) | (9.1) | (5.1) | (10.1) | (43.1) | (31.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  |  |  | 0.4 | (7.3) | (2.2) | 2.1 |  | 0.4 | (7.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (2.9) | (20.7) | (4.4) | (3.9) | (2.4) | (17.4) | (13.4) | 5.0 | (31.9) | (28.2) |
| Adjusted Consolidated Net Operating Income | $14.6 | $20.4 | $84.1 | $106.4 | $115.1 | $105.0 | $91.7 | $69.7 | $225.5 | $381.5 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| *Dollars in Millions (Unaudited)* | Dec 31,<br>2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share | $(0.13) | $(0.34) | $1.13 | $1.56 | $1.52 | $1.15 | $1.17 | $1.11 | $2.31 | $4.95 |
| Less Net (Loss) Income per Unrestricted Share From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.02) | (0.03) |  |  | (0.03) | (0.02) | (0.02) | 0.04 | (0.05) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains | 0.01 | 0.05 |  | 0.01 | 0.04 | 0.01 | 0.02 | 0.09 | 0.07 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (0.06) | (0.04) | (0.04) |  | (0.03) | (0.03) |  | (0.02) | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.26) | (0.32) | (0.07) | (0.07) | (0.12) | (0.14) | (0.08) | (0.16) | (0.70) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  |  |  | 0.01 | (0.11) | (0.03) | 0.03 |  | 0.01 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (0.05) | (0.33) | (0.07) | (0.06) | (0.04) | (0.27) | (0.21) | 0.08 | (0.52) | (0.44) |
| Adjusted Consolidated Net Operating Income per Unrestricted Share | $0.25 | $0.33 | $1.31 | $1.67 | $1.81 | $1.63 | $1.43 | $1.08 | $3.64 | $5.95 |

---

------

**Kemper Corporation**

**Definitions of Non-GAAP Financial Measures (continued)**

**Return on Adjusted Shareholders' Equity** is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period's annualized Net (Loss) 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. The "Return on Adjusted Shareholders' Equity" metric was referred to as "Return on Tangible Shareholders' Equity" in prior periods.

A reconciliation of Return on Shareholders' Equity to Return on Adjusted Shareholders' Equity is presented below:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| *Dollars in Millions (Unaudited)* | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **<u>Numerator:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annualized Net (Loss) Income attributable to Kemper Corporation | $(32.0) | $(84.0) | $290.4 | $398.8 | $389.6 | $294.8 | $301.6 | $285.2 | $143.3 | $317.8 |
| **<u>Denominator:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Average Shareholders' Equity<sup>1</sup> | $2706.8 | $2842.8 | $2935.5 | $2853.0 | $2780.9 | $2722.3 | $2630.5 | $2547.5 | $2814.6 | $2665.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Average Net Unrealized Losses on Fixed Maturities | 559.8 | 595.9 | 638.6 | 667.6 | 576.1 | 570.8 | 652.2 | 576.1 | 618.6 | 598.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Average Change in Discount Rate on Future Life Policyholder Benefits | (333.4) | (343.0) | (368.0) | (373.2) | (286.6) | (275.4) | (315.1) | (216.3) | (356.6) | (272.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Average Goodwill | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) |
| &nbsp;&nbsp;Average Adjusted Shareholders' Equity<sup>1</sup> | $1682.5 | $1845.0 | $1955.4 | $1896.7 | $1819.7 | $1767.0 | $1716.9 | $1656.6 | $1825.9 | $1740.2 |
| **<u>Return on Shareholders' Equity</u>**<u>:</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on Shareholders' Equity | (1.2)% | (3.0)% | 9.9% | 14.0% | 14.0% | 10.8% | 11.5% | 11.2% | 5.1% | 11.9% |
| &nbsp;&nbsp;&nbsp;Return on Adjusted Shareholders' Equity | (1.9)% | (4.6)% | 14.9% | 21.0% | 21.4% | 16.7% | 17.6% | 17.2% | 7.8% | 18.3% |
| <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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. | <sup>1</sup>Average shareholders' equity and average adjusted 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 adjusted 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.

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**Kemper Corporation**

**Definitions of Non-GAAP Financial Measures (continued)**

**Adjusted 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. The "Adjusted Book Value Per Share" metric was referred to as "Tangible Book Value Per Share" in prior periods.

A reconciliation of Book Value Per Share to Adjusted Book Value Per Share is presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | As of | As of | As of | As of | As of | As of | As of | As of |
| *Dollars and Shares in Millions Except Per Share Amounts (Unaudited)* | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **<u>Numerator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Corporation Shareholders' Equity | $2681.4 | $2732.1 | $2953.4 | $2917.6 | $2788.4 | $2773.3 | $2671.2 | $2589.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net Unrealized Losses on Fixed Maturities | 566.2 | 553.4 | 638.6 | 638.6 | 696.5 | 455.8 | 685.9 | 618.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Change in Discount Rate on Future Life Policyholder Benefits | (350.8) | (316.0) | (370.0) | (366.0) | (380.3) | (192.9) | (358.0) | (272.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) |
| &nbsp;&nbsp;Adjusted Shareholders' Equity | $1646.1 | $1718.8 | $1971.3 | $1939.5 | $1853.9 | $1785.5 | $1748.4 | $1685.4 |
| **<u>Denominator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares Issued and Outstanding | 58.667 | 60.202 | 63.576 | 63.979 | 63.840 | 64.044 | 64.427 | 64.358 |
| **<u>Book Value Per Share:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Book Value Per Share | $45.71 | $45.38 | $46.45 | $45.60 | $43.68 | $43.30 | $41.46 | $40.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net Unrealized Losses on Fixed Maturities | 9.65 | 9.19 | 10.04 | 9.98 | 10.91 | 7.12 | 10.65 | 9.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Change in Discount Rate on Future Life Policyholder Benefits | (5.98) | (5.25) | (5.82) | (5.72) | (5.96) | (3.01) | (5.56) | (4.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (21.32) | (20.77) | (19.66) | (19.55) | (19.59) | (19.53) | (19.41) | (19.43) |
| &nbsp;&nbsp;Adjusted Book Value Per Share | $28.06 | $28.55 | $31.01 | $30.31 | $29.04 | $27.88 | $27.14 | $26.19 |

---

## Exhibit 99.3

![](kmpr-12312025xearningsxp001.jpg)

Earnings Call Presentation – 4Q 2025 Fourth Quarter 2025 Earnings February 4, 2026

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![](kmpr-12312025xearningsxp002.jpg)

Earnings Call Presentation – 4Q 2025 Preliminary Matters 2 Cautionary Statements Regarding Forward-Looking Information This presentation 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 interest rate environment; • supply chain disruption; • product demand and pricing; • effects of governmental and regulatory actions; • heightened competition; • litigation outcomes and trends; • investment risks; • cybersecurity risks or incidents; • 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"). Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this presentation. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures that the company believes are meaningful to investors. Non-GAAP financial measures have been reconciled to the most comparable GAAP financial measure.

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![](kmpr-12312025xearningsxp003.jpg)

54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Target top quartile value creation for customers, employees and shareholders Leading Insurer Empowering Specialty and Underserved Markets 3 Distribution Have Limited or Unfocused Competition Require Unique Expertise Sizable Market Delivering appropriate and affordable insurance and financial solutions Specialty auto insurance1 for underserved markets; Latino, Hispanic and urban areas Life insurance2 for low/moderate income customers Market Characteristics Differentiated Capabilities Product SophisticationEase of UseLow-Cost Management Enable Systematic, Sustainable Competitive Advantages (SSCAs) 1 Kemper Auto is equivalent to the Specialty Property & Casualty Insurance Segment 2 Kemper Life is equivalent to the Life Insurance Segment

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![](kmpr-12312025xearningsxp004.jpg)

54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Quarter At a Glance 4 1 Results underperformed expectations driven by continued bodily injury severity and several infrequent items 2 Filed for rate and implemented non-rate actions to restore profitability 3 Implementing efficiency initiatives to reduce costs, optimizing organizational structure, and enhancing claims management processes 4 Piloted new auto products to drive growth 5 Maintaining balance sheet flexibility to support organic growth

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![](kmpr-12312025xearningsxp005.jpg)

54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 5 ✓ Launched CEO search led by the Board and assisted by an executive search firm ✓ Implemented leadership changes in claims and technology to strengthen execution and accountability Leadership Changes Taking Actions to Improve Profitability and Drive Value Focused on disciplined execution, operational excellence, and efficiency across the business Growth Initiatives ✓ Piloted new personal auto product in AZ and OR; filed product in FL and TX ✓ Made disciplined rate adjustments in FL, TX and AZ to improve competitiveness and drive new business ✓ Life business launched an updated product portfolio and expanded distribution of its liability offering Pricing and Underwriting Actions ✓ Filed for rate and took non-rate actions to address liability costs related to impacts of CA minimum limit increases ✓ Accelerated third-party claims evaluation and settlement process, improving end-to-end handling ✓ Enhanced customer and agent experience with launch of new digital acquisition and service capabilities Cost Actions ✓ Implemented restructuring program – cumulative run-rate savings increased to $33 million ✓ Outlined efficiencies to support expansion plan in FL, TX and other regions with strong growth potential Capital Return ✓ Repurchased $50 million shares of common stock during the quarter, bringing 2025 total to ~$300 million ✓ Retired $450 million of debt in 2025

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![](kmpr-12312025xearningsxp006.jpg)

54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 6 Core businesses continued to deliver mixed results • P&C YoY growth impacted by increased competition and U/W actions; profitability impacted by BI severity – PIF decreased 7.3%, Written Premium decreased 9.3% and Earned Premium decreased 2.0% YoY – Underlying Combined Ratio1 of 105.0 %; 101.2%2 excluding FL Statutory Profit Limit Refunds • Life business produced $20 million of operating income driven by lower expenses • Net Investment Income of $103 million Operating Results Financial results below expectations driven by market dynamics and elevated claims severity • 4Q'25 Net Loss attributable to Kemper Corporation of $(8.0) million or $(0.13) per share • 4Q'25 Adjusted Consolidated Net Operating Income1 of $14.6 million or $0.25 per share • ROE of (1.2)% and Adjusted ROE1 of (1.9)% for 4Q'25; 5.1% and 7.8%, respectively, for FY'25 • Book Value Per Share and Adjusted BVPS1 increased 4.6% and (3.4)% YoY, respectively • Trailing twelve-month Operating Cash Flow of $585 million Financial Results Capital and liquidity position provides financial flexibility • Parent company liquidity remains strong at over $1 billion • Debt-to-Capital3 ratio of 24.6% Balance Sheet Strength Fourth Quarter 2025 Summary Specialty P&C performance impacted by competitive and severity pressures 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 16-21 2 Underlying Combined Ratio as further adjusted for $35 million reduction to earned premium which represents a current estimate of FL Statutory Profit Limit Refunds \| 3 Excludes AOCI

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![](kmpr-12312025xearningsxp007.jpg)

54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 4Q'25 Sources of Volatility 7 • Primarily related to fair market value adjustment of tax credit equity investment – Remainder split between severance and other costs related to restructuring program along with integration • Represents reduction to earned premium – Impact of FL Statutory Profit Limit Refunds – Excluding FL statutory refunds: U/L CR1 reduced from 105.0% to 101.2%2 • Adverse prior year development (PYD) in Commercial Auto primarily driven by latent development on bodily injury known large losses related to 2023 Focused on improved operational execution and expense management to enhance earnings quality and consistency Operating income primarily impacted by Florida statutory refunds 4Q'25 ($ in millions, except per share amounts) $ Per Share Net Loss attributable to Kemper Corporation $(8.0) $(0.13) Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (1.4) (0.02) Net Realized Investment Gains 0.6 0.01 Impairment Losses (3.4) (0.06) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (15.5) (0.26) Non-Core Operations (2.9) (0.05) Adjusted Consolidated Net Operating Income $14.6 $0.25 Additional Sources of Volatility FL Statutory Profit Limit Refunds $27.7 $0.47 Specialty P&C PYD $6.7 $0.11 Normalized Adj. Consol. Net Op. Income $49.0 $0.83 1 2 3 1 2 3 1 Non-GAAP financial measure; see reconciliation in appendix on pages 16-21 2 Underlying Combined Ratio as further adjusted for $35 million reduction to earned premium which represents a current estimate of FL Statutory Profit Limit Refunds

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![](kmpr-12312025xearningsxp008.jpg)

54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Well-Capitalized Insurance Subsidiaries 8 Balance sheet continues to provide financial flexibility Capital and liquidity position enables Kemper to navigate dynamic market environment 23.2% 24.1% 30.3% 32.6% 31.0% 24.6% 2020 2021 2022 2023 2024 2025 Debt-to-Capital 4 Parent Company Liquidity Risk-Based Capital Ratios¹ $700 $704 $918 $683 $800 $886 $733 $234 $418 $465 $548 $145 $1,433 $938 $1,336 $1,148 $1,348 $1,031 2020 2021 2022 2023 2024 2025 (%) Debt Cash Flow from Operating Activities ($ in m ill io n s) $448 $351 $(210) $(134) $383 $585 2020 2021 2022 2023 2024 2025 HoldCo Cash & Investments Borrowings Available Under Credit Agreement & from Subs P&C3 Life2 ($ in m ill io n s) 340 355 645 465 525 520 330 220 240 275 305 230 2020 2021 2022 2023 2024 2025 1 4Q'25 Risk-Based Capital Ratios shown are estimates calculated at the Company Action Level from aggregate financials of all separate insurance companies within each segment. NAIC annually reported entity-level RBCs will differ \| 2 Excludes business ceded to Kemper Bermuda Ltd. (KBL) \| 3 Excludes AACC and Reciprocal \| 4 Excludes AOCI Returned $752 million of capital Retired $450 million of Debt

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![](kmpr-12312025xearningsxp009.jpg)

54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 4.3% 4.3% 4.3% 4.4% 4.5% 0.1% 0.1% (0.1)% 0.2% 0.1% 4.4% 4.4% 4.2% 4.6% 4.6% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Core Portfolio Alt. Inv. Portfolio (ex. Solar) Diversified Investment Portfolio with Consistent Returns 9 56% 14% 7% 7% 5% 7% 4% Other States/ Munis COLI 70% 23% 6% 1% Diversified and Highly-Rated Portfolio Fixed Maturity Ratings $6.7 Billion A or Higher ≤ CCCB / BB BBB • High-quality portfolio provides consistent net investment income; over 70% of fixed income portfolio rated A or higher • 4.7% pre-tax equivalent (PTE) annualized book yield on core portfolio • Average investment grade new money yields approximately 5.6% for the quarter $99 $98 $98 $101 $101 $4 $3 $(2) $4 $2 $103 $101 $96 $105 $103 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Core Portfolio Alternative Inv. Portfolio Net Investment Income1 Highlights Corporates Alternatives U.S Gov't Portfolio Composition2 PTE Annualized Book Yield Contribution $8.7 Billion Short Term ($ in m ill io n s) 1 Non-Core Operations reflects $6, $2, $2, $2, and $2 million related to Preferred P&C in 4Q'24, 1Q'25, 2Q'25, 3Q'25, and 4Q'25, respectively \| 2 Other category includes Equity Securities, which excludes $210 million of Other Equity Interests of LPs/LLCs that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 2026 Reinsurance Program 10 Catastrophe XoL Reinsurance • New policy effective January 1, 2026: ̶ New limit aligned with risk-appetite ̶ New structure improves overall cost of capital Catastrophe Excess of Loss Program (XOL): • One year program consists of two layers: – $50 million excess $50 million – $60 million excess $100 million – 5% co-participation of both layers • 2026 purchase limit reflects exposure changes largely due to Preferred P&C exit HighlightsCatastrophe Reinsurance Program 100% Retention of first $50M 1-Year Term Placed 1/1/26 $50M xs $50M 95% Placed 1-Year Term Placed 1/1/26 $60M xs $100M 95% Placed Laye r 1 : 5 % co -p articip atio n Laye r 2 : 5 % co -p articip atio n

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Specialty Property & Casualty Insurance Segment 11 Competitive pressure, challenging liability dynamics, and FL statutory refunds impacted results (%) Highlights • FL Statutory Profit Limit Refunds of $35 million – Excluding FL stat refunds, Underlying Combined Ratio1 reduced from 105.0% to 101.2%3 – Driven by 2023 FL Insurance Tort Reforms • Taking rate and non-rate actions to restore California PPA profitability • CV U/L CR1 of 90.3% and PIF growth of 10.5% • Expense efficiencies and product enhancements underway to enable geographic diversification Metrics ($ in millions) 4Q'25 4Q'24 Variance Earned Premiums $935 $955 (2.0)% Underlying Loss & LAE Ratio1 83.4% 70.0% 13.4 pts Expense Ratio 21.6% 21.7% (0.1) pts Policies In-Force (000s) 1,184 1,277 (7.3)% Year-Over-Year Growth2 Ongoing rate, non-rate and expense initiatives to improve profitability 1 Non-GAAP financial measure; see reconciliation in appendix on pages 16-21 2 Excluding Classic Car 3 Underlying Combined Ratio as further adjusted for $35 million reduction to earned premium which represents a current estimate of FL Statutory Profit Limit Refunds 4Q'25 TTM % of YoY DWP DWP PIF Growth Private Passenger Auto California $2,078 52.6% (8.5%) Florida / Texas 643 16.3 (9.9) Other 253 6.4 (14.4) Total PPA $2,973 75.2% (9.5%) Commercial Auto 979 24.8 10.5 Total Kemper Auto $3,953 100.0% (7.2%) 91.7 92.2 93.6 99.6 105.0 101.2 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Underlying Combined Ratio1 3

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Specialty Property & Casualty Insurance Segment 12 California steadily climbed to 70% of PPA DWP; focused on reducing to ~50% over long-term Highlights • Private Passenger written premium concentration in California has increased to ~70% – Increase driven by post-Covid hard market, which created a profitable expansion environment • Geographic diversification is a core priority and expected to drive consistency in underwriting performance – Aligns premium distribution with target customer geographic footprint • Expense efficiencies and new product launches will improve competitive position and drive non-CA growth Committed to strategic geographic diversification 2 CA 61% FL/TX 28% Other 11% 2019 CA 70% FL/TX 22% Other 8% 2025 ~45% - 55% CA ~30% - 40% FL/TX ~15% - 25% Other Long-Term Target Private Passenger Auto Trailing Twelve-Month Direct Written Premium

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Earnings Call Presentation – 4Q 2025 Life Insurance Segment 13 Delivering consistent return on capital and distributable cash flow Underwriting performance and management actions driving solid results $100 $100 $100 $100 $100 $46 $48 $45 $48 $47 $146 $148 $145 $148 $147 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Normalized Revenues2 ($ in millions) Earned Premiums Net Investment Income • Earned premiums remain stable; face value of in-force relatively flat to prior year • Mortality and lapse performance in-line with historical experience • Annual actuarial assumption update favorably impacted Adjusted NOI in current and prior-year quarter Highlights Metrics ($ in millions, except per policy amounts) 4Q'25 4Q'24 Variance Adjusted Net Operating Income $20 $24 (16.7)% Face Value of In-Force $19,610 $19,775 (0.8)% Avg. Face Value per Policy $6,550 $6,451 1.5% Avg. Premium per Policy Issued1 $712 $672 6.0% 1 Annual basis 2 Normalized for annual assumption update for Deferred Profit Liability (4Q'24: -$5 million; 4Q'25: -$6 million)

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Quarter At a Glance 14 1 Results underperformed expectations driven by continued bodily injury severity and several infrequent items 2 Filed for rate and implemented non-rate actions to restore profitability 3 Implementing efficiency initiatives to reduce costs, optimizing organizational structure, and enhancing claims management processes 4 Piloted new auto products to drive growth 5 Maintaining balance sheet flexibility to support organic growth

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Earnings Call Presentation – 4Q 2025 Appendix 15

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Earnings Call Presentation – 4Q 2025 Non-GAAP Financial Measures 16 Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income 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 (Loss) Income 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 for the three months and year ended December 31, 2025 or 2024. The Company believes that Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. 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. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. 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. Adjusted Consolidated Net Operating Income Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share - basic. The Company believes that Adjusted Consolidated Net Operating Income Per Unrestricted Share provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Income from Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses), Impairment Losses related to investments, Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs, Debt Extinguishment, Pension Settlement and Goodwill Impairment Charges 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.

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Earnings Call Presentation – 4Q 2025 Non-GAAP Financial Measures 17 Return on Adjusted Shareholders' Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period's annualized Net (Loss) 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. Adjusted 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. 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.

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Non-GAAP Financial Measures 18 Adjusted Consolidated Net Operating Income attributable to Kemper Corporation Three Months Ended Year Ended ($ per unrestricted share) Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net (Loss) Income attributable to Kemper Corporation $(0.13) $1.52 $2.31 $4.95 Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (0.02) (0.03) (0.05) (0.03) Net Realized Investment Gains 0.01 0.04 0.07 0.16 Impairment Losses (0.06) (0.03) (0.14) (0.08) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.26) (0.12) (0.70) (0.50) Debt Extinguishment, Pension Settlement and Other Charges - (0.11) 0.01 (0.11) Non-Core Operations (0.05) (0.04) (0.52) (0.44) Adjusted Consolidated Net Operating Income $0.25 $1.81 $3.64 $5.95 Three Months Ended Year Ended ($ in millions) Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net (Loss) Income attributable to Kemper Corporation $(8.0) $97.4 $143.3 $317.8 Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (1.4) (2.0) (3.4) (2.1) Net Realized Investment Gains 0.6 3.1 4.3 10.4 Impairment Losses (3.4) (1.6) (8.5) (4.6) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (15.5) (7.5) (43.1) (31.8) Debt Extinguishment, Pension Settlement and Other Charges - (7.3) 0.4 (7.4) Non-Core Operations (2.9) (2.4) (31.9) (28.2) Adjusted Consolidated Net Operating Income $14.6 $115.1 $225.5 $381.5

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Non-GAAP Financial Measures 19 Return on Adjusted Shareholders' Equity 1 Average shareholders' equity and average adjusted 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 Adjusted 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. Three Months Ended Year Ended ($ in millions) Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Annualized Net (Loss) Income attributable to Kemper Corporation $(32.0) $389.6 $143.3 $317.8 Average Shareholders' Equity1 $2,706.8 $2,780.9 $2,814.6 $2,665.6 Less: Average Net Unrealized Losses on Fixed Maturities 559.8 576.1 618.6 598.1 Less: Average Change in Discount Rate on Future Life Policyholder Benefits (333.4) (286.6) (356.6) (272.8) Less: Average Goodwill (1,250.7) (1,250.7) (1,250.7) (1,250.7) Average Adjusted Shareholders' Equity1 $1,682.5 $1,819.7 $1,825.9 $1,740.2 Return on Shareholders' Equity (1.2)% 14.0% 5.1% 11.9% Return on Adjusted Shareholders' Equity (1.9)% 21.4% 7.8% 18.3%

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Non-GAAP Financial Measures 20 Adjusted Book Value Per Share As of ($ and shares in millions except per share amounts) Dec 31, 2025 Dec 31, 2024 Kemper Corporation Shareholders' Equity $2,681.4 $2,788.4 Less: Net Unrealized Losses on Fixed Maturities 566.2 696.5 Less: Change in Discount Rate on Future Life Policyholder Benefits (350.8) (380.3) Less: Goodwill (1,250.7) (1,250.7) Adjusted Shareholders' Equity $1,646.1 $1,853.9 Common Shares Issued and Outstanding 58.667 63.840 Book Value Per Share $45.71 $43.68 Less: Net Unrealized Losses on Fixed Maturities 9.65 10.91 Less: Change in Discount Rate on Future Life Policyholder Benefits (5.98) (5.96) Less: Goodwill (21.32) (19.59) Adjusted Book Value Per Share $28.06 $29.04

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54 63 65 218 40 28 0 48 87 141 155 163 218 225 231 239 243 246 Earnings Call Presentation – 4Q 2025 Three Months Ended 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 Specialty P&C Insurance Combined Ratio as Reported 106.0% 104.8% 95.4% 92.7% 92.1% Current Year Catastrophe Losses and LAE Ratio (0.1) (0.1) (0.5) (0.4) (0.2) Prior Years Non-Catastrophe Losses and LAE Ratio (1.0) (5.1) (1.3) (0.1) (0.2) Prior Years Catastrophe Losses and LAE Ratio 0.1 - - - - Underlying Combined Ratio 105.0% 99.6% 93.6% 92.2% 91.7% Personal Auto Insurance Combined Ratio as Reported 110.1% 103.2% 94.4% 92.0% 90.8% Current Year Catastrophe Losses and LAE Ratio (0.2) (0.1) (0.5) (0.4) (0.1) Prior Years Non-Catastrophe Losses and LAE Ratio - (1.0) 0.6 0.6 0.7 Prior Years Catastrophe Losses and LAE Ratio 0.1 - - - - Underlying Combined Ratio 110.0% 102.1% 94.5% 92.2% 91.4% Commercial Auto Insurance Combined Ratio as Reported 94.2% 110.0% 99.0% 95.3% 97.0% Current Year Catastrophe Losses and LAE Ratio (0.1) (0.2) (0.5) (0.5) (0.4) Prior Years Non-Catastrophe Losses and LAE Ratio (3.8) (18.7) (8.4) (2.5) (3.6) Prior Years Catastrophe Losses and LAE Ratio - - - - - Underlying Combined Ratio 90.3% 91.1% 90.1% 92.3% 93.0% Non-GAAP Financial Measures 21 Underlying Combined Ratio

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