# EDGAR Filing Document

**Accession Number:** 0000860748
**File Stem:** 0000860748-23-000042
**Filing Date:** 2023-2
**Character Count:** 279898
**Document Hash:** 29171d9d39b39d33066cc98dec68d2b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000860748-23-000042.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000860748-23-000042

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20230202

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEMPER Corp
- **CENTRAL INDEX KEY:** 0000860748
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 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:** 23581457

**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" ? kmpr-20230202

**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 2, 2023** 

**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 2, 2023, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the fourth quarter of 2022 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 2, 2023](kmpr202212312022ex991relea.htm)</u>.

<u>[99.2 Fourth Quarter 2022 Investor Supplement of Kemper Corporation](kmpr202212312022ex992suppl.htm)</u>.

<u>[99.3 Fourth Quarter 2022 Earnings Call Presentation](kmpr20221231ex993.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 2, 2023 | /s/&nbsp;&nbsp;&nbsp;&nbsp;JAMES J. MCKINNEY |
| | | **James J. McKinney** |
| | | **Executive Vice President and Chief Financial Officer (Principal Financial Officer)** |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | | |
|:---|:---|:---|
| ![kemperlogocolorwebfinala05a.jpg](kemperlogocolorwebfinala05a.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com |  |
| ![kemperlogocolorwebfinala05a.jpg](kemperlogocolorwebfinala05a.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com | Press Release |
| ![kemperlogocolorwebfinala05a.jpg](kemperlogocolorwebfinala05a.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com |  |
| ![kemperlogocolorwebfinala05a.jpg](kemperlogocolorwebfinala05a.jpg) | **Kemper Corporation**<br>200 East Randolph Street<br>Suite 3300<br>Chicago, IL 60601<br>kemper.com |  |

---

**Kemper Reports Fourth Quarter 2022 Operating Results** 

CHICAGO, February 2, 2023 **—** Kemper Corporation (NYSE: KMPR) reported a net loss of $55.5 million, or $(0.87) per diluted share, for the fourth quarter of 2022, compared to a net loss of $105.8 million, or $(1.66) per diluted share, for the fourth quarter of 2021. As Adjusted for Acquisitions<sup>1</sup> of American Access Casualty Company ("AAC") and Infinity Property and Casualty Corporation, the net loss was $52.5 million, or $(0.82) per diluted share, for the fourth quarter of 2022, compared to a net loss of $101.3 million, or $(1.59) per diluted share, for the fourth quarter of 2021.

Adjusted Consolidated Net Operating Loss<sup>1</sup> was $26.6 million, or $(0.41) per diluted share, for the fourth quarter of 2022, compared to Adjusted Consolidated Net Operating Loss<sup>1</sup> of $130.8 million, or $(2.05) per diluted share, for the fourth quarter of 2021.

*Key themes of the quarter include:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Focus remains on restoring profitability; actions taken earning in at an accelerated rate*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Higher seasonality and modest current year prior quarter reserve development impacted results*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Rate-taking activities continue ahead of schedule:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Specialty P&C Personal Auto - Filed an additional 20% increase on 58% of the book*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Preferred P&C Personal Auto - Filed an additional 16% increase on 15% of the book*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Continued strong profitable growth momentum in Commercial Vehicle, net written premiums grew 33% year-over-year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Improving Life profitability as mortality continues to moderate*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Strategic initiatives announced to reduce costs and enhance our capabilities are on track*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Submitted initial filing with the Illinois Department of Insurance with respect to reciprocal's formation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Restructuring program run rate savings of $61 million to date*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Completed the divestiture of Reserve National Insurance Company and its subsidiaries—otherwise known as Kemper Health*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Declared dividend of $0.31 per share*

"In the fourth quarter we demonstrated continuing improvement in the underlying profitability of our core businesses masked by a few infrequent items that impacted financial results. I am confident in the accelerating path of our return to profitability," said Joseph P. Lacher, Jr., President, CEO and Chairman. "Our rate and non-rate actions, cost structure measures, and improving profitability in our Life business are each earning in at an accelerating rate. The strength of Kemper's differentiated capabilities, market focus, and enhancement initiatives position the company to provide attractive near- and long-term returns to shareholders."

1 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>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Net Income (Loss)** | $(55.5) | $(105.8) | $(301.2) | $(120.5) |
| Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> | $(26.6) | $(130.8) | $(156.9) | $(218.8) |
| *Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income* | $*(6.4)* | $*(10.2)* | $*(62.6)* | $*(85.2)* |
| Diluted Net Income (Loss) Per Share From: |  |  |  |  |
| **Net Income (Loss)** | $(0.87) | $(1.66) | $(4.72) | $(1.87) |
| Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> | $(0.41) | $(2.05) | $(2.46) | $(3.40) |
| *Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share* | $*(0.10)* | $*(0.16)* | $*(0.98)* | $*(1.33)* |

---

**Revenues** 

Total revenues for the fourth quarter of 2022 decreased $117.2 million, or 8 percent, to $1,376.7 million, compared to the fourth quarter of 2021, driven by $50.7 million of lower Specialty P&C earned premiums, $22.2 million decrease in the change in fair value of equity and convertible securities, $21.9 million of lower Preferred P&C earned premiums, $19.5 million of lower Life & Health earned premiums, and a $17.8 million decrease in net realized investment gains. Net investment income decreased $2.1 million to $106.3 million in the fourth quarter of 2022 compared to the fourth quarter of 2021 due primarily to lower returns from Alternative Investments and level of investment in Equity Securities, partially offset by higher levels and yields on Fixed Income securities and level of investment in Company-Owned Life Insurance.

------

**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>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| Segment Net Operating Income (Loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance | $(35.1) | $(125.2) | $(147.4) | $(196.1) |
| &nbsp;&nbsp;&nbsp;Preferred Property & Casualty Insurance | (0.9) | (7.4) | (25.9) | (12.5) |
| &nbsp;&nbsp;&nbsp;Life & Health Insurance | 20.8 | 5.1 | 54.2 | 28.2 |
| Total Segment Net Operating Income (Loss) | (15.2) | (127.5) | (119.1) | (180.4) |
| Corporate and Other Net Operating Income (Loss) | (11.4) | (3.3) | (37.8) | (38.4) |
| Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> | (26.6) | (130.8) | (156.9) | (218.8) |
| Net Income (Loss) From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities |  | 17.5 | (63.1) | 90.5 |
| &nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 3.1 | 17.2 | 3.4 | 51.2 |
| &nbsp;&nbsp;&nbsp;Impairment Losses | (2.9) | (2.5) | (20.4) | (8.7) |
| &nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (29.1) | (7.2) | (61.3) | (34.7) |
| &nbsp;&nbsp;&nbsp;Loss from Early Extinguishment of Debt |  |  | (2.9) |  |
| **Net Income (Loss)** | $(55.5) | $(105.8) | $(301.2) | $(120.5) |

---

The Specialty Property and Casualty Insurance segment reported net operating loss of $35.1 million for the fourth quarter of 2022, compared to net operating loss of $125.2 million in the fourth quarter of 2021. Results improved due primarily to a lower underlying loss ratio. The segment's Underlying Combined Ratio<sup>1</sup> was 107.8 percent, compared to 119.4 percent in the fourth quarter of 2021. This decrease is driven primarily by higher earned premiums per exposure and lower frequency trends as a result of ongoing profit improvement initiatives.

The Preferred Property and Casualty Insurance segment reported net operating loss of $0.9 million for the fourth quarter of 2022, compared to a net operating loss of $7.4 million in the fourth quarter of 2021. Results improved due primarily to lower prior year development. The segment's Underlying Combined Ratio<sup>1</sup> was 106.6 percent, compared to 106.9 percent in the fourth quarter of 2021. This decrease is driven primarily by higher than expected non-CAT weather in Homeowners.

The Life and Health Insurance segment reported net operating income of $20.8 million for the fourth quarter of 2022, compared to a net operating income of $5.1 million in the fourth quarter of 2021. This increase is primarily driven by lower mortality in life insurance products.

------

**Capital**

Total Shareholders' Equity at the end of the quarter was $2,443.2 million, a decrease of $1,564.5 million, or 39 percent, since year-end 2021 primarily driven by a decrease in the fair value of the Company's fixed income bond portfolio, a net operating loss, and cash dividends to shareholders. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $417.6 million, and the $600.0 million revolving credit agreement was undrawn.

On November 2, 2022, Kemper announced that its Board of Directors declared a quarterly dividend of $0.31 per share, or $20.1 million. The dividend was paid on December 1, 2022 to its shareholders of record as of November 15, 2022.

Kemper ended the quarter with a book value per share of $38.23, a decrease of 39 percent from $62.93 at the end of 2021. Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities<sup>1</sup> was $49.44, compared to $55.04 at the end of 2021.

------

**Unaudited condensed consolidated statements of income (loss) for the three and twelve months ended December 31, 2022 and 2021 are presented below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions, Except Per Share Amounts) | Dec 31,<br>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums | $1267.0 | $1359.1 | $5266.3 | $5253.7 |
| &nbsp;&nbsp;Net Investment Income | 106.3 | 108.4 | 422.6 | 427.3 |
| &nbsp;&nbsp;Change in Value of Alternative Energy Partnership Investments<sup>2</sup> | 1.3 | (14.3) | (19.9) | (61.2) |
| &nbsp;&nbsp;Other Income | 1.9 |  | 9.2 | 4.8 |
| &nbsp;&nbsp;Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | 22.2 | (79.9) | 114.6 |
| &nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 3.9 | 21.7 | 4.3 | 64.8 |
| &nbsp;&nbsp;&nbsp;Impairment Losses | (3.7) | (3.2) | (25.8) | (11.0) |
| **Total Revenues** | 1376.7 | 1493.9 | 5576.8 | 5793.0 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Policyholders' Benefits and Incurred Losses and Loss Adjustment Expenses | 1078.3 | 1276.0 | 4504.4 | 4600.8 |
| &nbsp;&nbsp;Insurance Expenses | 287.6 | 309.1 | 1200.6 | 1218.1 |
| &nbsp;&nbsp;&nbsp;Loss from Early Extinguishment of Debt |  |  | 3.7 |  |
| &nbsp;&nbsp;Interest and Other Expenses | 86.5 | 56.2 | 257.6 | 219.4 |
| **Total Expenses** | 1452.4 | 1641.3 | 5966.3 | 6038.3 |
| Income (Loss) before Income Taxes | (75.7) | (147.4) | (389.5) | (245.3) |
| Income Tax Benefit (Expense) | 20.2 | 41.6 | 88.3 | 124.8 |
| **Net Income (Loss)** | $(55.5) | $(105.8) | $(301.2) | $(120.5) |
| **Net Income (Loss) Per Unrestricted Share:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $(0.87) | $(1.66) | $(4.72) | $(1.87) |
| &nbsp;&nbsp;Diluted | $(0.87) | $(1.66) | $(4.72) | $(1.87) |
| **Weighted-average Outstanding (Shares in Thousands):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrestricted Shares - Basic | 63888.1 | 63654.6 | 63825.5 | 64264.4 |
| &nbsp;&nbsp;&nbsp;Unrestricted Shares and Equivalent Shares - Diluted | 63888.1 | 63654.6 | 63825.5 | 64264.4 |
| **Dividends Paid to Shareholders Per Share** | $0.31 | $0.31 | $1.24 | $1.24 |

---

<sup>2</sup>Income related to Changes in Value of Alternative Energy Partnership Investments was $1.3 million for the three months ended December 31, 2022, compared to a loss of $14.3 million for the same period in 2021. Tax expense related to the Alternative Energy Partnership Investments were $0.0 million for the three months ended December 31, 2022, compared to tax benefits of $11.2 million for the same period in 2021. This resulted in a net income of $1.3 million and a net loss of $3.1 million attributable to Alternative Energy Partnership Investments for the three months ended December 31, 2022 and 2021, respectively.

<sup>2</sup>Loss related to Changes in Value of Alternative Energy Partnership Investments was $19.9 million for the year ended December 31, 2022, compared to loss of $61.2 million for the same period in 2021. Tax benefits related to the Alternative Energy Partnership Investments were $8.0 million, compared to tax benefits of $79.0 million for the year ended December 31, 2022 and 2021, respectively. This resulted in a net loss of $11.9 million and a net income of $17.8 million attributable to Alternative Energy Partnership Investments for the year ended December 31, 2022 and 2021, respectively.

------

**Unaudited business segment revenues for the three and twelve months ended December 31, 2022 and 2021 are presented below.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) | Dec 31,<br>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **REVENUES:** |  |  |  |  |
| **Specialty Property & Casualty Insurance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Premiums: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $830.4 | $918.1 | $3496.7 | $3533.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 151.2 | 114.2 | 549.7 | 414.8 |
| &nbsp;&nbsp;&nbsp;Total Earned Premiums | 981.6 | 1032.3 | 4046.4 | 3948.5 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 37.9 | 37.8 | 140.7 | 152.5 |
| &nbsp;&nbsp;&nbsp;Change in Value of Alternative Energy Partnership Investments | 0.7 | (6.7) | (9.9) | (29.0) |
| &nbsp;&nbsp;&nbsp;Other Income | 1.0 | 1.0 | 6.0 | 4.1 |
| Total Specialty Property & Casualty Insurance Revenues | 1021.2 | 1064.4 | 4183.2 | 4076.1 |
| **Preferred Property & Casualty Insurance:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | 84.2 | 101.4 | 363.7 | 410.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 49.1 | 52.7 | 200.0 | 207.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Personal | 7.4 | 8.5 | 31.8 | 33.9 |
| &nbsp;&nbsp;&nbsp;Total Earned Premiums | 140.7 | 162.6 | 595.5 | 651.7 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 13.5 | 17.1 | 49.7 | 68.6 |
| &nbsp;&nbsp;&nbsp;Change in Value of Alternative Energy Partnership Investments | 0.3 | (3.8) | (4.7) | (16.3) |
| Total Preferred Property & Casualty Insurance Revenues | 154.5 | 175.9 | 640.5 | 704.0 |
| **Life & Health Insurance:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life | 101.1 | 101.5 | 405.7 | 401.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident & Health | 31.4 | 47.6 | 168.2 | 189.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property | 12.2 | 15.1 | 50.5 | 61.9 |
| &nbsp;&nbsp;&nbsp;Total Earned Premiums | 144.7 | 164.2 | 624.4 | 653.5 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 52.6 | 50.8 | 216.5 | 202.7 |
| &nbsp;&nbsp;&nbsp;Change in Value of Alternative Energy Partnership Investments | 0.3 | (3.7) | (5.3) | (15.8) |
| &nbsp;&nbsp;&nbsp;Other Income | 0.2 | (1.6) | (0.6) | (1.3) |
| Total Life & Health Insurance Revenues | 197.8 | 209.7 | 835.0 | 839.1 |
| **Total Segment Revenues** | 1373.5 | 1450.0 | 5658.7 | 5619.2 |
| Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | 22.2 | (79.9) | 114.6 |
| Net Realized Investment Gains (Losses) | 3.9 | 21.7 | 4.3 | 64.8 |
| Impairment Losses | (3.7) | (3.2) | (25.8) | (11.0) |
| Other | 3.0 | 3.2 | 19.5 | 5.4 |
| **Total Revenues** | $1376.7 | $1493.9 | $5576.8 | $5793.0 |

---

------

**KEMPER CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Assets:** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | $6894.8 | $7986.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities at Fair Value | 243.2 | 830.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | 217.0 | 241.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Energy Partnership Investments | 16.3 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 278.4 | 284.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Life Insurance | 586.5 | 448.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans to Policyholders  | 283.4 | 286.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 269.9 | 270.0 |
| Total Investments | 8789.5 | 10387.4 |
| Cash | 212.4 | 148.2 |
| Receivables from Policyholders | 1286.6 | 1418.7 |
| Other Receivables | 262.6 | 207.3 |
| Deferred Policy Acquisition Costs | 625.6 | 677.6 |
| Goodwill | 1300.3 | 1312.0 |
| Current Income Tax Assets | 167.6 | 173.1 |
| Deferred Income Tax Assets | 189.4 |  |
| Other Assets | 530.0 | 592.2 |
| Total Assets | $13364.0 | $14916.5 |
| **Liabilities and Shareholders' Equity:** |  |  |
| Insurance Reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life & Health | $3554.0 | $3540.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property & Casualty | 2756.9 | 2772.7 |
| Total Insurance Reserves | 6310.9 | 6313.6 |
| Unearned Premiums | 1704.4 | 1898.7 |
| Policyholder Contract Liabilities | 701.3 | 504.0 |
| Deferred Income Tax Liabilities |  | 227.0 |
| Accrued Expenses and Other Liabilities | 817.3 | 843.6 |
| Long-term Debt, Current and Non-current, at Amortized Cost | 1386.9 | 1121.9 |
| Total Liabilities | 10920.8 | 10908.8 |
| **Shareholders' Equity:** |  |  |
| Common Stock | 6.4 | 6.4 |
| Paid-in Capital | 1812.7 | 1790.7 |
| Retained Earnings | 1380.1 | 1762.5 |
| Accumulated Other Comprehensive (Loss) Income | (756.0) | 448.1 |
| Total Shareholders' Equity | 2443.2 | 4007.7 |
| Total Liabilities and Shareholders' Equity | $13364.0 | $14916.5 |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) | Dec 31,<br>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<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 | $922.3 | $979 | $3934.4 | $4057.3 |
| Earned Premiums | $981.6 | $1032.3 | $4046.4 | $3948.5 |
| Net Investment Income | 37.9 | 37.8 | 140.7 | 152.5 |
| Change in Value of Alternative Energy Partnership Investments | 0.7 | (6.7) | (9.9) | (29.0) |
| Other Income | 1.0 | 1.0 | 6.0 | 4.1 |
| Total Revenues | 1021.2 | 1064.4 | 4183.2 | 4076.1 |
| Incurred Losses and LAE related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 859.3 | 1028.5 | 3569.2 | 3480.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.1) | 2.5 | 23.0 | 15.7 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 10.2 | (7.6) | (14.6) | 97.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.1) |  | 0.6 | 0.3 |
| Total Incurred Losses and LAE | 869.3 | 1023.4 | 3578.2 | 3593.7 |
| Insurance Expenses | 198.4 | 204.4 | 801.9 | 774.5 |
| Operating Income (Loss) | (46.5) | (163.4) | (196.9) | (292.1) |
| Income Tax Benefit (Expense) | 11.4 | 38.2 | 49.5 | 96.0 |
| Segment Net Operating Income (Loss) | $(35.1) | $(125.2) | $(147.4) | $(196.1) |
| **<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 | 87.6% | 99.6% | 88.2% | 88.1% |
| Current Year Catastrophe Losses and LAE Ratio |  | 0.2 | 0.6 | 0.4 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | (0.7) | (0.4) | 2.5 |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |
| Total Incurred Loss and LAE Ratio | 88.6 | 99.1 | 88.4 | 91.0 |
| Insurance Expense Ratio | 20.2 | 19.8 | 19.8 | 19.6 |
| Combined Ratio | 108.8% | 118.9% | 108.2% | 110.6% |
| **<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 | 87.6% | 99.6% | 88.2% | 88.1% |
| Insurance Expense Ratio | 20.2 | 19.8 | 19.8 | 19.6 |
| Underlying Combined Ratio<sup>1</sup> | 107.8% | 119.4% | 108.0% | 107.7% |
| **<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 | 108.8% | 118.9% | 108.2% | 110.6% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio |  | 0.2 | 0.6 | 0.4 |
| &nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | (0.7) | (0.4) | 2.5 |
| &nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |
| Underlying Combined Ratio<sup>1</sup> | 107.8% | 119.4% | 108.0% | 107.7% |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) | Dec 31,<br>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<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 | $115.1 | $153.2 | $527.1 | $642.0 |
| Earned Premiums | $140.7 | $162.6 | $595.5 | $651.7 |
| Net Investment Income | 13.5 | 17.1 | 49.7 | 68.6 |
| Change in Value of Alternative Energy Partnership Investments | 0.3 | (3.8) | (4.7) | (16.3) |
| Total Revenues | 154.5 | 175.9 | 640.5 | 704.0 |
| Incurred Losses and LAE related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 108.9 | 122.4 | 442.3 | 450.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 8.8 | 7.5 | 54.5 | 79.1 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | (0.8) | 8.4 | 2.8 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (1.5) | (2.0) | (6.2) | (5.6) |
| Total Incurred Losses and LAE | 115.4 | 136.3 | 493.4 | 537.4 |
| Insurance Expenses | 41.1 | 51.6 | 183.5 | 206.4 |
| Operating Income (Loss) | (2.0) | (12.0) | (36.4) | (39.8) |
| Income Tax Benefit (Expense) | 1.1 | 4.6 | 10.5 | 27.3 |
| Segment Net Operating Income (Loss) | $(0.9) | $(7.4) | $(25.9) | $(12.5) |
| **<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 | 77.4% | 75.2% | 74.2% | 69.2% |
| Current Year Catastrophe Losses and LAE Ratio | 6.3 | 4.6 | 9.2 | 12.1 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) | 5.2 | 0.5 | 2.1 |
| Prior Years Catastrophe Losses and LAE Ratio | (1.1) | (1.2) | (1.0) | (0.9) |
| Total Incurred Loss and LAE Ratio | 82.0 | 83.8 | 82.9 | 82.5 |
| Insurance Expense Ratio | 29.2 | 31.7 | 30.8 | 31.7 |
| Combined Ratio | 111.2% | 115.5% | 113.7% | 114.2% |
| **<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 | 77.4% | 75.2% | 74.2% | 69.2% |
| Insurance Expense Ratio | 29.2 | 31.7 | 30.8 | 31.7 |
| Underlying Combined Ratio<sup>1</sup> | 106.6% | 106.9% | 105.0% | 100.9% |
| **<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 | 111.2% | 115.5% | 113.7% | 114.2% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 6.3 | 4.6 | 9.2 | 12.1 |
| &nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) | 5.2 | 0.5 | 2.1 |
| &nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (1.1) | (1.2) | (1.0) | (0.9) |
| Underlying Combined Ratio<sup>1</sup> | 106.6% | 106.9% | 105.0% | 100.9% |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) | Dec 31,<br>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<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 | $144.7 | $164.2 | $624.4 | $653.5 |
| Net Investment Income | 52.6 | 50.8 | 216.5 | 202.7 |
| Change in Value of Alternative Energy Partnership Investments | 0.3 | (3.7) | (5.3) | (15.8) |
| Other Income (Loss) | 0.2 | (1.6) | (0.6) | (1.3) |
| Total Revenues | 197.8 | 209.7 | 835.0 | 839.1 |
| Policyholders' Benefits and Incurred Losses and LAE | 93.4 | 116.2 | 432.6 | 469.7 |
| Insurance Expenses | 80.7 | 89.5 | 342.9 | 358.9 |
| Operating Income (Loss) | 23.7 | 4.0 | 59.5 | 10.5 |
| Income Tax Benefit (Expense) | (2.9) | 1.1 | (5.3) | 17.7 |
| Segment Net Operating Income (Loss) | $20.8 | $5.1 | $54.2 | $28.2 |

---

**Use of Non-GAAP Financial Measures**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Income (Loss) from 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 and Other Charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Significant non-recurring or infrequent items that may not be indicative of ongoing operations

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss). There were no applicable significant non-recurring items that Kemper excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss)<sup>1</sup> for the three and twelve months ended December 31, 2022 or 2021.

Kemper believes that Adjusted Consolidated Net Operating Income (Loss)<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. Income (Loss) from Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) 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 the 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. Debt Extinguishment, Pension 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 to the insurance underwriting process. Significant non-recurring items are excluded because, by their nature, they are not indicative of the 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 overall profitability of the Kemper's businesses.

------

A reconciliation of **Net Income (Loss)** to Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> for the three and twelve months ended December 31, 2022 and 2021 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Dollars in Millions) (Unaudited) | Dec 31,<br>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Net Income (Loss)** | $(55.5) | $(105.8) | $(301.2) | $(120.5) |
| Less Net Income (Loss) From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities |  | 17.5 | (63.1) | 90.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 3.1 | 17.2 | 3.4 | 51.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (2.9) | (2.5) | (20.4) | (8.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (29.1) | (7.2) | (61.3) | (34.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension and Other Charges |  |  | (2.9) |  |
| Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> | $(26.6) | $(130.8) | $(156.9) | $(218.8) |

---

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

A reconciliation of Diluted Net Income (Loss) Per Unrestricted Share to Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share<sup>1</sup> for the three and twelve months ended December 31, 2022 and 2021 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| (Unaudited) | Dec 31,<br>2022 | Dec 31,<br>2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| Diluted Net Income (Loss) Per Unrestricted Share | $(0.87) | $(1.66) | $(4.72) | $(1.87) |
| Less Net Income (Loss) Per Unrestricted Share From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities |  | 0.27 | (0.99) | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 0.05 | 0.27 | 0.05 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (0.05) | (0.04) | (0.32) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.46) | (0.11) | (0.95) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension and Other Charges |  |  | (0.05) |  |
| Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share<sup>1</sup> | $(0.41) | $(2.05) | $(2.46) | $(3.40) |

---

<u>Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities</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) losses on fixed income securities 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) losses on fixed income securities, in conjunction with book value per share to identify and analyze the change in net worth attributable to management efforts between periods. 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 the numerator used in the computation of Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities<sup>1</sup> and Book Value Per Share at December 31, 2022 and December 31, 2021 is presented below.

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| | | |
|:---|:---|:---|
| (Dollars in Millions) (Unaudited) | Dec 31,<br>2022 | Dec 31,<br>2021 |
| Shareholders' Equity | $2443.2 | $4007.7 |
| Less: Net Unrealized Gains (Losses) on Fixed Maturities | (716.8) | 502.6 |
| Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities<sup>1</sup> | $3160.0 | $3505.1 |

---

<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 the 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 the 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 the Kemper's underwriting performance.

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<u>As Adjusted for Acquisitions</u><sup>1</sup> amounts are non-GAAP financial measures. Subsequent to the applicable acquisitions, the As Adjusted for Acquisitions<sup>1</sup> amounts are computed by subtracting the impact of purchase accounting adjustments from the comparable consolidated GAAP financial measure reported by Kemper. Kemper believes computing and presenting results on an adjusted basis are useful to investors and are used by management to provide meaningful and comparable year-over-year comparisons.

A reconciliation of the As Adjusted for Acquisitions<sup>1</sup> non-GAAP financial measures used in this press release to the comparable GAAP financial measure for the three months ended December 31, 2022 is presented below.

---

| | | | |
|:---|:---|:---|:---|
| (Dollars in Millions, Except Per Share Amounts) (Unaudited) | Kemper Consolidated GAAP Financial Measure | Less Impact of Purchase Accounting Adjustments | As Adjusted for Acquisitions<sup>1</sup> |
| Net Income (Loss) | $(55.5) | $(3.0) | $(52.5) |
| Net Income (Loss) Per Share - Diluted | $(0.87) | $(0.05) | $(0.82) |
| Specialty Property & Casualty Insurance Segment: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned Premiums | $981.6 | $— | $981.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Net Operating Income (Loss) | $(35.1) | $(3.0) | $(32.1) |
| Specialty Personal Automobile Insurance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned Premiums | $830.4 | $— | $830.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Net Operating Income (Loss) | $(49.5) | $(2.7) | $(46.8) |

---

A reconciliation of the As Adjusted for Acquisitions<sup>1</sup> non-GAAP financial measures used in this press release to the comparable GAAP financial measure for the three months ended December 31, 2021 is presented below.

---

| | | | |
|:---|:---|:---|:---|
| (Dollars in Millions, Except Per Share Amounts) (Unaudited) | Kemper Consolidated GAAP Financial Measure | Less Impact of Purchase Accounting Adjustments | As Adjusted for Acquisitions<sup>1</sup> |
| Net Income (Loss) | $(105.8) | $(4.5) | $(101.3) |
| Net Income (Loss) Per Share - Diluted | $(1.66) | $(0.07) | $(1.59) |
| Specialty Property & Casualty Insurance Segment: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned Premiums | $1032.3 | $— | $1032.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Net Operating Income (Loss) | $(125.2) | $(4.8) | $(120.4) |
| Specialty Personal Automobile Insurance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned Premiums | $918.1 | $— | $918.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Net Operating Income (Loss) | $(129.7) | $(4.5) | $(125.2) |

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------

**Conference Call**

Kemper will host its conference call to discuss fourth quarter 2022 results on Thursday, February 2nd, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at **844.200.6205, access code 906245**. 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 2022, 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 $13 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 Auto, Personal Insurance, and Life brands. Kemper serves over 5.3 million policies, is represented by approximately 29,000 agents and brokers, and has approximately 9,500 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;• 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;• litigation outcomes;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity risks;

&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").

The COVID-19 outbreak and subsequent global pandemic ("Pandemic") is an extraordinary catastrophe that creates unique uncertainties and risks. Kemper cannot provide any assurances as to the impacts of the Pandemic and related economic conditions on Kemper's operating and financial results.

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

###

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

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## Exhibit 99.2

Exhibit 99.2

![kemperlogocolorwebfinala051a.jpg](kemperlogocolorwebfinala051a.jpg)

**Investor Supplement**

**Fourth Quarter 2022** 

The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission (the "SEC"). The results of operations for interim periods should not be considered indicative of results to be expected for the full year.

**Caution Regarding Forward-Looking Statements**

This Investor Supplement may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:

&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;• 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;• litigation outcomes;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity risks;

&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").

The COVID-19 outbreak and subsequent global pandemic ("Pandemic") is an extraordinary catastrophe that creates unique uncertainties and risks. Kemper cannot provide any assurances as to the impacts of the Pandemic and related economic conditions on Kemper's operating and financial results.

Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this Investor Supplement, including any such statements related to the Pandemic.

------

Exhibit 99.2

**Non-GAAP Financial Measures**

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

------

**Kemper Corporation**

**Investor Supplement**

**Fourth Quarter 2022**

**Table of Contents**

---

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

---

------

**Kemper Corporation**

**Consolidated Financial Highlights**

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

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>For Period Ended</u>** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $1267 | $1307 | $1353.7 | $1338.6 | $1359.1 | $1356.1 | $1337.7 | $1200.8 | $5266.3 | $5253.7 |
| Net Investment Income | 106.3 | 97.8 | 118.5 | 100.0 | 108.4 | 101.9 | 113.9 | 103.1 | 422.6 | 427.3 |
| Change in Value of Alternative Energy Partnership Investments | 1.3 | 0.4 | (4.9) | (16.7) | (14.3) | (23.8) | (7.7) | (15.4) | (19.9) | (61.2) |
| Other Income | 1.9 | 4.0 | 0.9 | 2.4 |  | 1.5 | 1.8 | 1.5 | 9.2 | 4.8 |
| Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (11.2) | (40.5) | (28.2) | 22.2 | (0.6) | 40.8 | 52.2 | (79.9) | 114.6 |
| Net Realized Investment Gains (Losses) | 0.2 | (20.4) | 6.1 | (7.4) | 18.5 | 9.5 | 16.0 | 9.8 | (21.5) | 53.8 |
| Total Revenues | $1376.7 | $1377.6 | $1433.8 | $1388.7 | $1493.9 | $1444.6 | $1502.5 | $1352.0 | $5576.8 | $5793.0 |
| Net Income (Loss) | $(55.5) | $(76.2) | $(74.7) | $(94.8) | $(105.8) | $(75.3) | $(62.6) | $123.2 | $(301.2) | $(120.5) |
| Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> | $(26.6) | $(30.5) | $(39.7) | $(60.1) | $(130.8) | $(75.8) | $(99.4) | $87.2 | $(156.9) | $(218.8) |
| Per Unrestricted Common Share Amounts: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<u>Basic:</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income (Loss) | $(0.87) | $(1.19) | $(1.17) | $(1.49) | $(1.66) | $(1.18) | $(0.97) | $1.88 | $(4.72) | $(1.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> | $(0.41) | $(0.48) | $(0.62) | $(0.94) | $(2.05) | $(1.19) | $(1.54) | $1.33 | $(2.46) | $(3.40) |
| &nbsp;&nbsp;<u>Diluted:</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income (Loss) | $(0.87) | $(1.19) | $(1.17) | $(1.49) | $(1.66) | $(1.18) | $(0.97) | $1.85 | $(4.72) | $(1.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income (Loss) <sup>1</sup> | $(0.41) | $(0.48) | $(0.62) | $(0.94) | $(2.05) | $(1.19) | $(1.54) | $1.31 | $(2.46) | $(3.40) |
| Dividends Paid to Shareholders Per Share | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $1.24 | $1.24 |
| **<u>At Period End</u>** |  |  |  |  |  |  |  |  |  |  |
| Total Assets | $13364 | $13457.8 | $13953 | $14614.7 | $14916.5 | $14977.2 | $14950.7 | $14203.7 |  |  |
| Insurance Reserves | $6310.9 | $6254.9 | $6326.4 | $6316.4 | $6313.6 | $6120.3 | $5982.4 | $5541.1 |  |  |
| Debt | $1386.9 | $1386.4 | $1385.8 | $1385.2 | $1121.9 | $1122.1 | $1122.3 | $1122.6 |  |  |
| Shareholders' Equity | $2443.2 | $2437.6 | $2850 | $3394.5 | $4007.7 | $4151.2 | $4306.2 | $4339.1 |  |  |
| Shareholders' Equity Excluding Goodwill<sup>1,2</sup> | $1142.9 | $1138.8 | $1538 | $2082.5 | $2695.7 | $2839.2 | $2994.3 | $3225.1 |  |  |
| Common Shares Issued and Outstanding (In Millions) | 63.913 | 63.884 | 63.850 | 63.800 | 63.685 | 63.652 | 63.636 | 65.016 |  |  |
| Book Value Per Share<sup>2</sup> | $38.23 | $38.16 | $44.64 | $53.21 | $62.93 | $65.22 | $67.67 | $66.74 |  |  |
| Book Value Per Share Excluding Goodwill<sup>1,2</sup> | $17.88 | $17.83 | $24.09 | $32.64 | $42.33 | $44.61 | $47.05 | $49.60 |  |  |
| Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities<sup>1,2</sup> | $49.44 | $50.41 | $52.03 | $53.42 | $55.04 | $56.94 | $58.39 | $60.00 |  |  |
| Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill<sup>1,2</sup> | $29.10 | $30.08 | $31.48 | $32.86 | $34.44 | $36.33 | $37.77 | $42.87 |  |  |
| Debt to Total Capitalization<sup>2</sup> | 36.2% | 36.3% | 32.7% | 29.0% | 21.9% | 21.3% | 20.7% | 20.6% |  |  |
| Rolling 12 Months Return on 5-point Average Shareholders Equity<sup>2,3</sup> | (10.0)% | (10.4)% | (9.4)% | (8.4)% | (2.8)% | 1.9% | 6.4% | 11.1% |  |  |
| <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. | <sup>1</sup> Non-GAAP Financial Measure. See page 34 for definition. |  |  |
| <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. | <sup>2</sup> See Capital Metrics on pages 8-9 for detail calculations. |  |  |
| <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. | <sup>3</sup> Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders' Equity. The 5-point Average Shareholders' Equity is calculated by using a 5-point quarter average of Shareholders' Equity for the 12 month period. |

---

------

**Kemper Corporation**

**Consolidated Statements of Income (Loss)**

**(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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $1267.0 | $1307.0 | $1353.7 | $1338.6 | $1359.1 | $1356.1 | $1337.7 | $1200.8 | $5266.3 | $5253.7 |
| Net Investment Income | 106.3 | 97.8 | 118.5 | 100.0 | 108.4 | 101.9 | 113.9 | 103.1 | 422.6 | 427.3 |
| Change in Value of Alternative Energy Partnership Investments | 1.3 | 0.4 | (4.9) | (16.7) | (14.3) | (23.8) | (7.7) | (15.4) | (19.9) | (61.2) |
| Other Income | 1.9 | 4.0 | 0.9 | 2.4 |  | 1.5 | 1.8 | 1.5 | 9.2 | 4.8 |
| Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (11.2) | (40.5) | (28.2) | 22.2 | (0.6) | 40.8 | 52.2 | (79.9) | 114.6 |
| Net Realized Investment Gains (Losses) | 3.9 | (12.1) | 11.0 | 1.5 | 21.7 | 10.1 | 19.2 | 13.8 | 4.3 | 64.8 |
| Impairment Losses | (3.7) | (8.3) | (4.9) | (8.9) | (3.2) | (0.6) | (3.2) | (4.0) | (25.8) | (11.0) |
| Total Revenues | 1376.7 | 1377.6 | 1433.8 | 1388.7 | 1493.9 | 1444.6 | 1502.5 | 1352.0 | 5576.8 | 5793.0 |
| **Expenses:** |  |  |  |  |  |  |  |  |  |  |
| Policyholders' Benefits and Incurred Losses and Loss Adjustment Expenses | 1078.3 | 1102.4 | 1170.3 | 1153.4 | 1276.0 | 1211.2 | 1224.1 | 889.5 | 4504.4 | 4600.8 |
| Insurance Expenses | 287.6 | 301.3 | 307.7 | 304.0 | 309.1 | 311.3 | 314.0 | 283.7 | 1200.6 | 1218.1 |
| Loss from Early Extinguishment of Debt |  |  |  | 3.7 |  |  |  |  | 3.7 |  |
| Interest and Other Expenses | 86.5 | 63.5 | 53.5 | 54.1 | 56.2 | 51.9 | 54.1 | 57.2 | 257.6 | 219.4 |
| Total Expenses | 1452.4 | 1467.2 | 1531.5 | 1515.2 | 1641.3 | 1574.4 | 1592.2 | 1230.4 | 5966.3 | 6038.3 |
| **Income (Loss) before Income Taxes** | (75.7) | (89.6) | (97.7) | (126.5) | (147.4) | (129.8) | (89.7) | 121.6 | (389.5) | (245.3) |
| Income Tax Benefit (Expense) | 20.2 | 13.4 | 23.0 | 31.7 | 41.6 | 54.5 | 27.1 | 1.6 | 88.3 | 124.8 |
| **Net Income (Loss)** | $(55.5) | $(76.2) | $(74.7) | $(94.8) | $(105.8) | $(75.3) | $(62.6) | $123.2 | $(301.2) | $(120.5) |
| **Income (Loss) Per Unrestricted Share:** |  |  |  |  |  |  |  |  |  |  |
| Basic | $(0.87) | $(1.19) | $(1.17) | $(1.49) | $(1.66) | $(1.18) | $(0.97) | $1.88 | $(4.72) | $(1.87) |
| Diluted | $(0.87) | $(1.19) | $(1.17) | $(1.49) | $(1.66) | $(1.18) | $(0.97) | $1.85 | $(4.72) | $(1.87) |
| **Net Income (Loss) Per Unrestricted Share:** |  |  |  |  |  |  |  |  |  |  |
| Basic | $(0.87) | $(1.19) | $(1.17) | $(1.49) | $(1.66) | $(1.18) | $(0.97) | $1.88 | $(4.72) | $(1.87) |
| Diluted | $(0.87) | $(1.19) | $(1.17) | $(1.49) | $(1.66) | $(1.18) | $(0.97) | $1.85 | $(4.72) | $(1.87) |
| **Dividends Paid to Shareholders Per Share** | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $1.24 | $1.24 |
| **Weighted Average Unrestricted Common Shares Outstanding (in Millions)** | 63.888 | 63.853 | 63.816 | 63.744 | 63.655 | 63.628 | 64.377 | 65.425 | 63.826 | 64.264 |

---

------

**Kemper Corporation**

**Consolidated Balance Sheets**

**(Dollars in Millions)**

 **(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | $6894.8 | $6577.1 | $7218.8 | $7783.9 | $7986.9 | $7885.1 | $7835.0 | $7479.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities at Fair Value | 243.2 | 322.7 | 395.0 | 571.5 | 830.6 | 969.6 | 957.7 | 897.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | 217.0 | 226.0 | 228.9 | 230.0 | 241.9 | 255.1 | 245.5 | 219.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative Energy Partnerships | 16.3 | 16.9 | 17.0 | 22.4 | 39.6 | 54.2 | 46.6 | 54.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 278.4 | 357.2 | 230.2 | 243.8 | 284.1 | 259.7 | 370.6 | 196.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Life Insurance | 586.5 | 578.6 | 566.2 | 556.4 | 448.1 | 440.7 | 433.5 | 429.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to Policyholders  | 283.4 | 283.2 | 282.3 | 284.7 | 286.2 | 289.6 | 291.7 | 295.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 269.9 | 274.2 | 276.9 | 275.4 | 270.0 | 268.3 | 261.7 | 250.8 |
| **Total Investments** | 8789.5 | 8635.9 | 9215.3 | 9968.1 | 10387.4 | 10422.3 | 10442.3 | 9822.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 212.4 | 249.2 | 348.6 | 297.3 | 148.2 | 119.8 | 105.1 | 547.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | 1286.6 | 1345.8 | 1375.1 | 1404.5 | 1418.7 | 1481.2 | 1479.9 | 1260.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Receivables | 262.6 | 228.7 | 206.5 | 203.4 | 207.3 | 207.3 | 214.9 | 225.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | 625.6 | 634.7 | 680.5 | 680.0 | 677.6 | 676.6 | 652.7 | 611.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1300.3 | 1298.8 | 1312.0 | 1312.0 | 1312.0 | 1312.0 | 1311.9 | 1114.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Income Tax Assets | 167.6 | 165.1 | 200.8 | 183.0 | 173.1 | 138.7 | 94.2 | 65.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Assets | 189.4 | 182.0 | 57.1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets Held-for-Sale |  | 172.8 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets | 530.0 | 544.8 | 557.1 | 566.4 | 592.2 | 619.3 | 649.7 | 556.0 |
| **Total Assets** | $13364.0 | $13457.8 | $13953.0 | $14614.7 | $14916.5 | $14977.2 | $14950.7 | $14203.7 |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Health | $3554.0 | $3534.6 | $3568.0 | $3556.3 | $3540.9 | $3524.1 | $3551.6 | $3541.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and Casualty | 2756.9 | 2720.3 | 2758.4 | 2760.1 | 2772.7 | 2596.2 | 2430.8 | 1999.5 |
| **Total Insurance Reserves** | 6310.9 | 6254.9 | 6326.4 | 6316.4 | 6313.6 | 6120.3 | 5982.4 | 5541.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | 1704.4 | 1794.8 | 1854.4 | 1890.5 | 1898.7 | 1965.7 | 1968.1 | 1713.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder Contract Liabilities | 701.3 | 704.0 | 704.5 | 655.0 | 504.0 | 481.8 | 442.7 | 466.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Liabilities |  |  |  | 69.6 | 227.0 | 242.4 | 269.6 | 227.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities Held-for-Sale |  | 84.8 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 817.3 | 795.3 | 831.9 | 903.5 | 843.6 | 893.7 | 859.4 | 793.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Debt, Current and Non-current, at Amortized Cost | 1386.9 | 1386.4 | 1385.8 | 1385.2 | 1121.9 | 1122.1 | 1122.3 | 1122.6 |
| **Total Liabilities** | 10920.8 | 11020.2 | 11103.0 | 11220.2 | 10908.8 | 10826.0 | 10644.5 | 9864.6 |
| **Shareholders' Equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 6.4 | 6.4 | 6.4 | 6.4 | 6.4 | 6.4 | 6.4 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | 1812.7 | 1822.2 | 1812.5 | 1803.1 | 1790.7 | 1777.0 | 1770.9 | 1802.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | 1380.1 | 1455.6 | 1551.9 | 1647.3 | 1762.5 | 1888.4 | 1985.9 | 2140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Other Comprehensive (Loss) Income | (756.0) | (846.6) | (520.8) | (62.3) | 448.1 | 479.4 | 543.0 | 390.5 |
| **Total Shareholders' Equity** | 2443.2 | 2437.6 | 2850.0 | 3394.5 | 4007.7 | 4151.2 | 4306.2 | 4339.1 |
| **Total Liabilities and Shareholders' Equity** | $13364.0 | $13457.8 | $13953.0 | $14614.7 | $14916.5 | $14977.2 | $14950.7 | $14203.7 |

---

------

---

| | | |
|:---|:---|:---|
| **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>2022 | Dec 31,<br>2021 |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net (Losses) Income | $(301.2) | $(120.5) |
| &nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by (Used in) Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains | (4.3) | (64.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | 25.8 | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization of Property, Equipment and Software | 50.5 | 46.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible Assets Acquired | 20.4 | 53.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from Early Extinguishment of Debt | 3.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments | (9.5) | (33.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from Change in Value of Alternative Energy Partnership Investments | 19.9 | 61.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (Increase) in Value of Equity and Convertible Securities | 79.9 | (114.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | 129.4 | (75.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Recoverables | (1.9) | 20.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | 13.8 | (88.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves | 45.4 | 623.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | (183.5) | 105.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | (87.5) | (163.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets and Liabilities | (21.3) | 89.1 |
| **Net Cash (Used) Provided by Operating Activities** | (220.4) | 350.7 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the Sales, Calls and Maturities of Fixed Maturities | 1308.7 | 1388.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the Sales or Paydowns of Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 536.8 | 316.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investments |  | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | 91.3 | 70.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 52.1 | 47.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities | (1818.9) | (1825.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | (59.7) | (124.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investments | (3.1) | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate-Owned Life Insurance | (110.0) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | (81.1) | (119.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | (13.0) | (104.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Sales (Purchases) of Short-term Investments | 6.1 | 687.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Business, Net of Cash Acquired |  | (316.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Infinity Security, Net of Cash Disposed | 4.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of Reserve National, Net of Cash Disposed | 9.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Software and Long-lived Assets | (30.8) | (57.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 8.5 | 16.8 |
| **Net Cash Used by Investing Activities** | (98.3) | (118.2) |

---

------

---

| | | |
|:---|:---|:---|
| **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>2022 | Dec 31,<br>2021 |
| **Net Cash Provided (Used) by Investing Activities (Carryforward from page 6)** | $(98.3) | $(118.2) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Long-term Debt | (280.0) | (50.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Issuance of 3.80% Senior Notes due February 23, 2032 | 396.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance Fees on 3.80% Senior Notes due February 23, 2032 | (1.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 | 145.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance Fees on 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 | (0.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Policyholder Contract Obligations | 416.5 | 386.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Policyholder Contract Obligations | (219.2) | (394.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued under Employee Stock Purchase Plan | 4.9 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock Repurchases |  | (161.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Dividend Equivalents Paid | (79.7) | (80.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.6 | 3.7 |
| **Net Cash Provided (Used) by Financing Activities** | 382.9 | (290.4) |
| **Net increase (decrease) in cash** | 64.2 | (57.9) |
| **Cash, Beginning of Year** | 148.2 | 206.1 |
| **Cash, End of Period** | $212.4 | $148.2 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** |
|  | Dec 31,<br>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
| **<u>Book Value Per Share</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Numerator</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity | $2443.2 | $2437.6 | $2850 | $3394.5 | $4007.7 | $4151.2 | $4306.2 | $4339.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (1300.3) | (1298.8) | (1312.0) | (1312.0) | (1312.0) | (1312.0) | (1311.9) | (1114.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity Excluding Goodwill<sup>1</sup> | $1142.9 | $1138.8 | $1538.0 | $2082.5 | $2695.7 | $2839.2 | $2994.3 | $3225.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity | $2443.2 | $2437.6 | $2850 | $3394.5 | $4007.7 | $4151.2 | $4306.2 | $4339.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net Unrealized (Gains) Losses on Fixed Maturities | 716.8 | 782.7 | 472.2 | 13.7 | (502.6) | (526.9) | (590.5) | (438.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities<sup>1</sup> | $3160.0 | $3220.3 | $3322.2 | $3408.2 | $3505.1 | $3624.3 | $3715.7 | $3901.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (1300.3) | (1298.8) | (1312.0) | (1312.0) | (1312.0) | (1312.0) | (1311.9) | (1114.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill<sup>1</sup> | $1859.7 | $1921.5 | $2010.2 | $2096.2 | $2193.1 | $2312.3 | $2403.8 | $2787.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Denominator</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shares Issued and Outstanding | 63.913 | 63.884 | 63.850 | 63.800 | 63.685 | 63.652 | 63.636 | 65.016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book Value Per Share | $38.23 | $38.16 | $44.64 | $53.21 | $62.93 | $65.22 | $67.67 | $66.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book Value Per Share Excluding Goodwill<sup>1</sup> | $17.88 | $17.83 | $24.09 | $32.64 | $42.33 | $44.61 | $47.05 | $49.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities<sup>1</sup> | $49.44 | $50.41 | $52.03 | $53.42 | $55.04 | $56.94 | $58.39 | $60.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill<sup>1</sup> | $29.10 | $30.08 | $31.48 | $32.86 | $34.44 | $36.33 | $37.77 | $42.87 |
| **<u>Return on Shareholders' Equity</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Numerator</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolling 12 Months Net Income | $(301.2) | $(351.5) | $(350.6) | $(338.5) | $(120.5) | $82.8 | $280.4 | $469.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Denominator (5-point Average)</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-point Average Shareholders' Equity | $3026.6 | $3368.2 | $3741.9 | $4039.7 | $4273.5 | $4341.5 | $4348.8 | $4239.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolling 12 Months Return on Average Shareholders' Equity (5-point Average) | (10.0)% | (10.4)% | (9.4)% | (8.4)% | (2.8)% | 1.9% | 6.4% | 11.1% |
| **<u>Return on Shareholders' Equity Excluding Goodwill</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Denominator (5-point Average)</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5-point Average Shareholders' Equity Excluding Goodwill<sup>1</sup> | $1719.6 | $2058.8 | $2429.9 | $2767.4 | $3040.7 | $3148.3 | $3195.2 | $3125.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolling 12 Months Return on Average Shareholders' Equity Excluding Goodwill (5-point Average)<sup>1</sup> | (17.5)% | (17.1)% | (14.4)% | (12.2)% | (4.0)% | 2.6% | 8.8% | 15.0% |
| **<u>Return on Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Denominator (5-point Average)</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5-point Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities<sup>1</sup> | $3323.2 | $3416 | $3515.1 | $3630.9 | $3717.1 | $3756.8 | $3751.8 | $3708.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities (5-point Average)<sup>1</sup> | (9.1)% | (10.3)% | (10.0)% | (9.3)% | (3.2)% | 2.2% | 7.5% | 12.6% |
| **<u>Return on Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Denominator (5-point Average)</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5-point Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill<sup>1</sup> | $2016.1 | $2106.7 | $2203.1 | $2358.5 | $2484.3 | $2563.7 | $2598.3 | $2594.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill (5-point Average)<sup>1</sup> | (14.9)% | (16.7)% | (15.9)% | (14.4)% | (4.9)% | 3.2% | 10.8% | 18.1% |
| <sup>1</sup> Non-GAAP financial measure. See definitions beginning on page 34. |  |  |  |  |  |  |  |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** | <br>**Kemper Corporation**<br>**Capital Metrics**<br>**(Dollars and Shares in Millions, Except Per Share Amounts)** <br>**(Unaudited)** |
|  | Dec 31,<br>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
| **<u>Debt and Total Capitalization</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | $1386.9 | $1386.4 | $1385.8 | $1385.2 | $1121.9 | $1122.1 | $1122.3 | $1122.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity | 2443.2 | 2437.6 | 2850.0 | 3394.5 | 4007.7 | 4151.2 | 4306.2 | 4339.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capitalization | $3830.1 | $3824.0 | $4235.8 | $4779.7 | $5129.6 | $5273.3 | $5428.5 | $5461.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Shareholders' Equity | 56.8% | 56.9% | 48.6% | 40.8% | 28.0% | 27.0% | 26.1% | 25.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Total Capitalization | 36.2% | 36.3% | 32.7% | 29.0% | 21.9% | 21.3% | 20.7% | 20.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | $1386.9 | $1386.4 | $1385.8 | $1385.2 | $1121.9 | $1122.1 | $1122.3 | $1122.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity | 2443.2 | 2437.6 | 2850.0 | 3394.5 | 4007.7 | 4151.2 | 4306.2 | 4339.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated Other Comprehensive Income (Loss) | (756.0) | (846.6) | (520.8) | (62.3) | 448.1 | 479.4 | 543.0 | 390.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity Excluding Accumulated Other Comprehensive Income (Loss) | $3199.2 | $3284.2 | $3370.8 | $3456.8 | $3559.6 | $3671.8 | $3763.2 | $3948.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capitalization Excluding Accumulated Other Comprehensive Income (Loss) | $4586.1 | $4670.6 | $4756.6 | $4842.0 | $4681.5 | $4793.9 | $4885.5 | $5071.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Shareholders' Equity Excluding Accumulated Other Comprehensive Income (Loss) | 43.4% | 42.2% | 41.1% | 40.1% | 31.5% | 30.6% | 29.8% | 28.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Income (Loss) | 30.2% | 29.7% | 29.1% | 28.6% | 24.0% | 23.4% | 23.0% | 22.1% |
| **<u>Parent Company Liquidity</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Holding Company Cash and Investments<sup>1</sup> | $417.6 | $449.8 | $275.9 | $318.3 | $233.9 | $330.6 | $214.8 | $607.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings Available Under Credit Agreement | 600.0 | 600.0 | 600.0 | 600.0 | 400.0 | 400.0 | 400.0 | 400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent Company Liquidity | $1017.6 | $1049.8 | $875.9 | $918.3 | $633.9 | $730.6 | $614.8 | $1007.1 |
| **<u>Capital Returned to Shareholders</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Dividends Paid <sup>2</sup> | $20.1 | $20.1 | $20.6 | $19.6 | $19.9 | $19.7 | $20.4 | $21.0 |
| <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries | <sup>1</sup> Includes Kemper's direct non-insurance subsidiaries |
| <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended | <sup>2</sup> Three Months Ended |

---

------

**Kemper Corporation**

**Debt Outstanding, FHLB Advances and Ratings**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
| Kemper Corporation: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior Notes at Amortized Cost: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% Senior Notes due September 19, 2022 |  | $— | $— | $— | $276.7 | $277.1 | $277.6 | $277.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350% Senior Notes due February 15, 2025 | 449.3 | 449.3 | 449.2 | 449.1 | 449.0 | 448.9 | 448.8 | 448.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400% Senior Notes due September 30, 2030 | 396.6 | 396.5 | 396.4 | 396.3 | 396.2 | 396.1 | 395.9 | 395.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% Senior Notes due 2032 | 395.5 | 395.3 | 395.2 | 395.1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost | $145.5 | 145.3 | 145.0 | 144.7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term Debt Outstanding | $1386.9 | $1386.4 | $1385.8 | $1385.2 | $1121.9 | $1122.1 | $1122.3 | $1122.6 |
| 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 | $601.0 | $602.6 | $602.8 | $553.1 | $401.9 | $378.9 | $382.8 | $407.5 |
| &nbsp;&nbsp;&nbsp;Reported as Debt Outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Dallas | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Chicago | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of San Francisco | $— | $— | $— | $— | $— | $— | $— | $— |
|  | A.M. Best | Moody's | S&P | Fitch |  |  |  |  |
| **<u>As of Date of Financial Supplement</u>** |  |  |  |  |  |  |  |  |
| Kemper Debt Ratings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior Unsecured Debt | bbb- | Baa3 | BBB | BBB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Junior Unsecured Debt | bb | Ba1 | BB+ | BB+ |  |  |  |  |
| Insurance Company Financial Strength Ratings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trinity Universal Insurance Company | A- | A3 | A | A |  |  |  |  |
| &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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Revenues:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned Premiums: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $830.4 | $858.8 | $905.8 | $901.7 | $918.1 | $920.6 | $909.6 | $785.4 | $3496.7 | $3533.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 151.2 | 140.7 | 137.9 | 119.9 | 114.2 | 107.7 | 100.7 | 92.2 | 549.7 | 414.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Specialty Property & Casualty Insurance Earned Premiums | 981.6 | 999.5 | 1043.7 | 1021.6 | 1032.3 | 1028.3 | 1010.3 | 877.6 | 4046.4 | 3948.5 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 37.9 | 33.9 | 34.0 | 34.9 | 37.8 | 37.0 | 42.7 | 35.0 | 140.7 | 152.5 |
| &nbsp;&nbsp;&nbsp;Change in Value of Alternative Energy Partnership Investments | 0.7 | 0.3 | (2.5) | (8.4) | (6.7) | (11.3) | (3.7) | (7.3) | (9.9) | (29.0) |
| &nbsp;&nbsp;&nbsp;Other Income | 1.0 | 2.3 | 1.0 | 1.7 | 1.0 | 1.2 | 1.0 | 0.9 | 6.0 | 4.1 |
| Total Specialty Property & Casualty Insurance Revenues | 1021.2 | 1036.0 | 1076.2 | 1049.8 | 1064.4 | 1055.2 | 1050.3 | 906.2 | 4183.2 | 4076.1 |
| &nbsp;&nbsp;&nbsp;Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned Premiums: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | 84.2 | 89.5 | 94.0 | 96.0 | 101.4 | 102.6 | 103.5 | 103.0 | 363.7 | 410.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homeowners | 49.1 | 51.9 | 47.7 | 51.3 | 52.7 | 52.5 | 51.3 | 50.8 | 200.0 | 207.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Personal | 7.4 | 7.9 | 8.2 | 8.3 | 8.5 | 8.6 | 8.4 | 8.4 | 31.8 | 33.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Property & Casualty Insurance Earned Premiums | 140.7 | 149.3 | 149.9 | 155.6 | 162.6 | 163.7 | 163.2 | 162.2 | 595.5 | 651.7 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 13.5 | 11.8 | 11.9 | 12.5 | 17.1 | 16.1 | 19.5 | 15.9 | 49.7 | 68.6 |
| &nbsp;&nbsp;&nbsp;Change in Value of Alternative Energy Partnership Investments | 0.3 |  | (1.1) | (3.9) | (3.8) | (6.4) | (2.0) | (4.1) | (4.7) | (16.3) |
| Total Preferred Property & Casualty Insurance Revenues | 154.5 | 161.1 | 160.7 | 164.2 | 175.9 | 173.4 | 180.7 | 174.0 | 640.5 | 704.0 |
| Life & Health Insurance: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Premiums: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life | 101.1 | 100.4 | 102.9 | 101.3 | 101.5 | 101.5 | 100.6 | 98.1 | 405.7 | 401.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident and Health | 31.4 | 45.9 | 45.1 | 45.8 | 47.6 | 47.0 | 47.9 | 47.4 | 168.2 | 189.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property | 12.2 | 11.9 | 12.1 | 14.3 | 15.1 | 15.6 | 15.7 | 15.5 | 50.5 | 61.9 |
| &nbsp;&nbsp;&nbsp;Total Life & Health Insurance Earned Premiums | 144.7 | 158.2 | 160.1 | 161.4 | 164.2 | 164.1 | 164.2 | 161.0 | 624.4 | 653.5 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 52.6 | 52.6 | 61.9 | 49.4 | 50.8 | 48.4 | 52.4 | 51.1 | 216.5 | 202.7 |
| &nbsp;&nbsp;&nbsp;Change in Value of Alternative Energy Partnership Investments | 0.3 | 0.1 | (1.3) | (4.4) | (3.7) | (6.1) | (2.0) | (4.0) | (5.3) | (15.8) |
| &nbsp;&nbsp;&nbsp;Other Income | 0.2 |  | (0.8) |  | (1.6) | 0.1 | 0.1 | 0.1 | (0.6) | (1.3) |
| Total Life & Health Insurance Revenues | 197.8 | 210.9 | 219.9 | 206.4 | 209.7 | 206.5 | 214.7 | 208.2 | 835.0 | 839.1 |
| Total Segment Revenues | 1373.5 | 1408.0 | 1456.8 | 1420.4 | 1450.0 | 1435.1 | 1445.7 | 1288.4 | 5658.7 | 5619.2 |
| Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (11.2) | (40.5) | (28.2) | 22.2 | (0.6) | 40.8 | 52.2 | (79.9) | 114.6 |
| Net Realized Investment Gains (Losses) | 3.9 | (12.1) | 11.0 | 1.5 | 21.7 | 10.1 | 19.2 | 13.8 | 4.3 | 64.8 |
| Impairment Losses | (3.7) | (8.3) | (4.9) | (8.9) | (3.2) | (0.6) | (3.2) | (4.0) | (25.8) | (11.0) |
| Other | 3.0 | 1.2 | 11.4 | 3.9 | 3.2 | 0.6 |  | 1.6 | 19.5 | 5.4 |
| Total Revenues | $1376.7 | $1377.6 | $1433.8 | $1388.7 | $1493.9 | $1444.6 | $1502.5 | $1352.0 | $5576.8 | $5793.0 |

---

------

**Kemper Corporation**

**Segment 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Segment Operating Income (Loss):</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance | $(46.5) | $(39.2) | $(51.0) | $(60.2) | $(163.4) | $(91.8) | $(122.1) | $85.2 | $(196.9) | $(292.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Property & Casualty Insurance | (2.0) | (3.3) | (21.6) | (9.5) | (12.0) | (17.4) | (13.4) | 3.0 | (36.4) | (39.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life & Health Insurance | 23.7 | 13.8 | 20.8 | 1.2 | 4.0 | (5.9) | 13.2 | (0.8) | 59.5 | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Segment Operating Income (Loss) | (24.8) | (28.7) | (51.8) | (68.5) | (171.4) | (115.1) | (122.3) | 87.4 | (173.8) | (321.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (15.5) | (16.6) | (1.6) | (14.0) | (7.6) | (15.5) | (13.8) | (11.5) | (47.7) | (48.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other Operating Income (Loss) | (15.5) | (16.6) | (1.6) | (14.0) | (7.6) | (15.5) | (13.8) | (11.5) | (47.7) | (48.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Income (Loss) | (40.3) | (45.3) | (53.4) | (82.5) | (179.0) | (130.6) | (136.1) | 75.9 | (221.5) | (369.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities |  | (11.2) | (40.5) | (28.2) | 22.2 | (0.6) | 40.8 | 52.2 | (79.9) | 114.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 3.9 | (12.1) | 11.0 | 1.5 | 21.7 | 10.1 | 19.2 | 13.8 | 4.3 | 64.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (3.7) | (8.3) | (4.9) | (8.9) | (3.2) | (0.6) | (3.2) | (4.0) | (25.8) | (11.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (35.6) | (12.7) | (9.9) | (4.7) | (9.1) | (8.1) | (10.4) | (16.3) | (62.9) | (43.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from Early Extinguishment of Debt |  |  |  | (3.7) |  |  |  |  | (3.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (Loss) before Income Taxes | $(75.7) | $(89.6) | $(97.7) | $(126.5) | $(147.4) | $(129.8) | $(89.7) | $121.6 | $(389.5) | $(245.3) |
| **<u>Segment Net Operating Income (Loss):</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance | $(35.1) | $(28.7) | $(38.9) | $(44.7) | $(125.2) | $(59.3) | $(91.7) | $80.1 | $(147.4) | $(196.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Property & Casualty Insurance | (0.9) | (2.1) | (16.8) | (6.1) | (7.4) | (6.4) | (8.3) | 9.6 | (25.9) | (12.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life & Health Insurance | 20.8 | 12.6 | 17.7 | 3.1 | 5.1 | 2.8 | 13.0 | 7.3 | 54.2 | 28.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Segment Net Operating Income (Loss) | (15.2) | (18.2) | (38.0) | (47.7) | (127.5) | (62.9) | (87.0) | 97.0 | (119.1) | (180.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other Net Operating Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (11.4) | (12.3) | (1.7) | (12.4) | (3.3) | (12.9) | (12.4) | (9.8) | (37.8) | (38.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other Net Operating Income (Loss) | (11.4) | (12.3) | (1.7) | (12.4) | (3.3) | (12.9) | (12.4) | (9.8) | (37.8) | (38.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income (Loss) | (26.6) | (30.5) | (39.7) | (60.1) | (130.8) | (75.8) | (99.4) | 87.2 | (156.9) | (218.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities |  | (8.8) | (32.0) | (22.3) | 17.5 | (0.5) | 32.3 | 41.2 | (63.1) | 90.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 3.1 | (9.6) | 8.7 | 1.2 | 17.2 | 7.9 | 15.2 | 10.9 | 3.4 | 51.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (2.9) | (6.6) | (3.9) | (7.0) | (2.5) | (0.5) | (2.5) | (3.2) | (20.4) | (8.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (29.1) | (20.7) | (7.8) | (3.7) | (7.2) | (6.4) | (8.2) | (12.9) | (61.3) | (34.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from Early Extinguishment of Debt |  |  |  | (2.9) |  |  |  |  | (2.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income (Loss) | $(55.5) | $(76.2) | $(74.7) | $(94.8) | $(105.8) | $(75.3) | $(62.6) | $123.2 | $(301.2) | $(120.5) |

---

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

------

**Kemper Corporation**

**Catastrophe Frequency and Severity**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 |
| | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Preferred Property & Casualty Insurance Segment | Preferred Property & Casualty Insurance Segment | Life & Health Insurance Segment | Life & Health Insurance Segment | 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 | 50 | $10.8 | 60 | $49.4 | 40 | $1.8 | 59 | $54.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  | 1 | 5.1 |  |  | 2 | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 | 1 | 12.2 |  |  |  |  | 1 | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 51 | $23.0 | 61 | $54.5 | 40 | $1.8 | 62 | $79.3 |
|  | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 |
|  | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Preferred Property & Casualty Insurance Segment | Preferred Property & Casualty Insurance Segment | Life & Health Insurance Segment | Life & Health Insurance Segment | 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 | 52 | $15.7 | 58 | $42.6 | 47 | $5.0 | 65 | $56.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  | 3 | 21.5 | 1 | 8.0 | 2 | 16.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  | 1 | 15.0 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  | 2 | 35.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 52 | $15.7 | 62 | $79.1 | 48 | $13.0 | 69 | $107.8 |
| <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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $922.3 | $968.5 | $1019.9 | $1023.7 | $979 | $1024.3 | $1082 | $972 | $3934.4 | $4057.3 |
| Total Specialty P&C |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | 830.4 | 858.8 | 905.8 | 901.7 | 918.1 | 920.6 | 909.6 | 785.4 | 3496.7 | 3533.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 151.2 | 140.7 | 137.9 | 119.9 | 114.2 | 107.7 | 100.7 | 92.2 | 549.7 | 414.8 |
| Earned Premium | $981.6 | $999.5 | $1043.7 | $1021.6 | $1032.3 | $1028.3 | $1010.3 | $877.6 | $4046.4 | $3948.5 |
| Net Investment Income | 37.9 | 33.9 | 34.0 | 34.9 | 37.8 | 37.0 | 42.7 | 35.0 | 140.7 | 152.5 |
| Change in Value of Alternative Energy Partnership Investments | 0.7 | 0.3 | (2.5) | (8.4) | (6.7) | (11.3) | (3.7) | (7.3) | (9.9) | (29.0) |
| Other Income | 1.0 | 2.3 | 1.0 | 1.7 | 1.0 | 1.2 | 1.0 | 0.9 | 6.0 | 4.1 |
| Total Revenues | 1021.2 | 1036.0 | 1076.2 | 1049.8 | 1064.4 | 1055.2 | 1050.3 | 906.2 | 4183.2 | 4076.1 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 859.3 | 868.0 | 930.2 | 911.7 | 1028.5 | 924.4 | 877.4 | 650.0 | 3569.2 | 3480.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.1) | 14.8 | 6.2 | 2.1 | 2.5 | 3.4 | 8.1 | 1.7 | 23.0 | 15.7 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 10.2 | (6.6) | (14.4) | (3.8) | (7.6) | 25.1 | 81.3 | (1.4) | (14.6) | 97.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.1) | 0.2 | (0.2) | 0.7 |  | (0.1) |  | 0.4 | 0.6 | 0.3 |
| Total Incurred Losses and LAE | 869.3 | 876.4 | 921.8 | 910.7 | 1023.4 | 952.8 | 966.8 | 650.7 | 3578.2 | 3593.7 |
| Insurance Expenses | 198.4 | 198.8 | 205.4 | 199.3 | 204.4 | 194.2 | 205.6 | 170.3 | 801.9 | 774.5 |
| Operating Income (Loss) | (46.5) | (39.2) | (51.0) | (60.2) | (163.4) | (91.8) | (122.1) | 85.2 | (196.9) | (292.1) |
| Income Tax Benefit (Expense) | 11.4 | 10.5 | 12.1 | 15.5 | 38.2 | 32.5 | 30.4 | (5.1) | 49.5 | 96.0 |
| Segment Net Operating Income (Loss) | $(35.1) | $(28.7) | $(38.9) | $(44.7) | $(125.2) | $(59.3) | $(91.7) | $80.1 | $(147.4) | $(196.1) |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 87.6% | 86.9% | 89.1% | 89.2% | 99.6% | 90.0% | 86.9% | 74.1% | 88.2% | 88.1% |
| Current Year Catastrophe Losses and LAE Ratio |  | 1.5 | 0.6 | 0.2 | 0.2 | 0.3 | 0.8 | 0.2 | 0.6 | 0.4 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | (0.7) | (1.4) | (0.4) | (0.7) | 2.4 | 8.0 | (0.2) | (0.4) | 2.5 |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  | 0.1 |  |  |  |  |  |  |
| Total Incurred Loss and LAE Ratio | 88.6 | 87.7 | 88.3 | 89.1 | 99.1 | 92.7 | 95.7 | 74.1 | 88.4 | 91.0 |
| Insurance Expense Ratio | 20.2 | 19.9 | 19.7 | 19.5 | 19.8 | 18.9 | 20.4 | 19.4 | 19.8 | 19.6 |
| Combined Ratio | 108.8% | 107.6% | 108.0% | 108.6% | 118.9% | 111.6% | 116.1% | 93.5% | 108.2% | 110.6% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 87.6% | 86.9% | 89.1% | 89.2% | 99.6% | 90.0% | 86.9% | 74.1% | 88.2% | 88.1% |
| Insurance Expense Ratio | 20.2 | 19.9 | 19.7 | 19.5 | 19.8 | 18.9 | 20.4 | 19.4 | 19.8 | 19.6 |
| Underlying Combined Ratio | 107.8% | 106.8% | 108.8% | 108.7% | 119.4% | 108.9% | 107.3% | 93.5% | 108.0% | 107.7% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio as Reported | 108.8% | 107.6% | 108.0% | 108.6% | 118.9% | 111.6% | 116.1% | 93.5% | 108.2% | 110.6% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio |  | 1.5 | 0.6 | 0.2 | 0.2 | 0.3 | 0.8 | 0.2 | 0.6 | 0.4 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 1.0 | (0.7) | (1.4) | (0.4) | (0.7) | 2.4 | 8.0 | (0.2) | (0.4) | 2.5 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  | 0.1 |  |  |  |  |  |  |
| Underlying Combined Ratio | 107.8% | 106.8% | 108.8% | 108.7% | 119.4% | 108.9% | 107.3% | 93.5% | 108.0% | 107.7% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Standard Automobile | $1875.8 | $1857.0 | $1915.2 | $1952.3 | $1985.8 | $1841.1 | $1703.1 | $1304.7 |
| &nbsp;&nbsp;&nbsp;Commercial Automobile | 445.3 | 417.8 | 385.9 | 356.5 | 333.9 | 302.4 | 281.6 | 257.2 |
| Insurance Reserves | $2321.1 | $2274.8 | $2301.1 | $2308.8 | $2319.7 | $2143.5 | $1984.7 | $1561.9 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss and Allocated LAE Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Case and Allocated LAE | $1099.9 | $1110.7 | $1151.0 | $1166.0 | $1157.9 | $1071.1 | $1005.8 | $799.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred but Not Reported | 1041.2 | 968.2 | 940.4 | 934.0 | 953.0 | 881.6 | 810.2 | 614.1 |
| &nbsp;&nbsp;&nbsp;Total Loss Reserves | 2141.1 | 2078.9 | 2091.4 | 2100.0 | 2110.9 | 1952.7 | 1816.0 | 1413.8 |
| &nbsp;&nbsp;&nbsp;Unallocated LAE Reserves | 180.0 | 195.9 | 209.7 | 208.8 | 208.8 | 190.8 | 168.7 | 148.1 |
| Insurance Reserves | $2321.1 | $2274.8 | $2301.1 | $2308.8 | $2319.7 | $2143.5 | $1984.7 | $1561.9 |

---

------

**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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $762.8 | $805.2 | $852.3 | $884.8 | $858.7 | $902.7 | $964.3 | $861.5 | $3305.1 | $3587.2 |
| Earned Premiums | $830.4 | $858.8 | $905.8 | $901.7 | $918.1 | $920.6 | $909.6 | $785.4 | $3496.7 | $3533.7 |
| Net Investment Income | 29.7 | 26.5 | 26.6 | 27.2 | 31.5 | 30.9 | 35.4 | 29.1 | 110.0 | 126.9 |
| Change in Value of Alternative Energy Partnership Investments | 0.5 | 0.3 | (1.8) | (6.0) | (5.3) | (8.9) | (2.9) | (5.8) | (7.0) | (22.9) |
| Other Income | 1.0 | 2.3 | 1.0 | 1.7 | 1.0 | 1.2 | 1.0 | 0.9 | 6.0 | 4.1 |
| Total Revenues | 861.6 | 887.9 | 931.6 | 924.6 | 945.3 | 943.8 | 943.1 | 809.6 | 3605.7 | 3641.8 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 739.8 | 757.8 | 828.6 | 827.7 | 938.5 | 843.9 | 805.1 | 586.4 | 3153.9 | 3173.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.2) | 13.1 | 5.8 | 2.0 | 2.3 | 3.1 | 7.4 | 1.6 | 20.7 | 14.4 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 14.1 | (6.7) | (16.5) | (9.0) | (11.7) | 25.1 | 76.0 | (4.4) | (18.1) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.1) | 0.1 | (0.2) | 0.7 |  | (0.1) |  | 0.4 | 0.5 | 0.3 |
| Total Incurred Losses and LAE | 753.6 | 764.3 | 817.7 | 821.4 | 929.1 | 872.0 | 888.5 | 584.0 | 3157.0 | 3273.6 |
| Insurance Expenses | 172.2 | 172.9 | 179.7 | 177.3 | 184.3 | 176.0 | 187.7 | 155.3 | 702.1 | 703.3 |
| Operating Income (Loss) | (64.2) | (49.3) | (65.8) | (74.1) | (168.1) | (104.2) | (133.1) | 70.3 | (253.4) | (335.1) |
| Income Benefit (Expense) | 14.7 | 12.3 | 14.9 | 17.7 | 38.4 | 32.4 | 31.8 | (4.6) | 59.6 | 98.0 |
| Total Product Line Net Operating Income (Loss) | $(49.5) | $(37.0) | $(50.9) | $(56.4) | $(129.7) | $(71.8) | $(101.3) | $65.7 | $(193.8) | $(237.1) |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 89.1% | 88.3% | 91.5% | 91.8% | 102.2% | 91.7% | 88.5% | 74.7% | 90.2% | 89.8% |
| Current Year Catastrophe Losses and LAE Ratio |  | 1.5 | 0.6 | 0.2 | 0.3 | 0.3 | 0.8 | 0.2 | 0.6 | 0.4 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 1.7 | (0.8) | (1.8) | (1.0) | (1.3) | 2.7 | 8.4 | (0.6) | (0.5) | 2.4 |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  | 0.1 |  |  |  | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 90.8 | 89.0 | 90.3 | 91.1 | 101.2 | 94.7 | 97.7 | 74.4 | 90.3 | 92.6 |
| Insurance Expense Ratio | 20.7 | 20.1 | 19.8 | 19.7 | 20.1 | 19.1 | 20.6 | 19.8 | 20.1 | 19.9 |
| Combined Ratio | 111.5% | 109.1% | 110.1% | 110.8% | 121.3% | 113.8% | 118.3% | 94.2% | 110.4% | 112.5% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 89.1% | 88.3% | 91.5% | 91.8% | 102.2% | 91.7% | 88.5% | 74.7% | 90.2% | 89.8% |
| Insurance Expense Ratio | 20.7 | 20.1 | 19.8 | 19.7 | 20.1 | 19.1 | 20.6 | 19.8 | 20.1 | 19.9 |
| Underlying Combined Ratio | 109.8% | 108.4% | 111.3% | 111.5% | 122.3% | 110.8% | 109.1% | 94.5% | 110.3% | 109.7% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 111.5% | 109.1% | 110.1% | 110.8% | 121.3% | 113.8% | 118.3% | 94.2% | 110.4% | 112.5% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio |  | 1.5 | 0.6 | 0.2 | 0.3 | 0.3 | 0.8 | 0.2 | 0.6 | 0.4 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 1.7 | (0.8) | (1.8) | (1.0) | (1.3) | 2.7 | 8.4 | (0.6) | (0.5) | 2.4 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  | 0.1 |  |  |  | 0.1 |  |  |
| Underlying Combined Ratio | 109.8% | 108.4% | 111.3% | 111.5% | 122.3% | 110.8% | 109.1% | 94.5% | 110.3% | 109.7% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $159.5 | $163.3 | $167.6 | $138.9 | $120.3 | $121.6 | $117.7 | $110.5 | $629.3 | $470.1 |
| Earned Premiums | $151.2 | $140.7 | $137.9 | $119.9 | $114.2 | $107.7 | $100.7 | $92.2 | $549.7 | $414.8 |
| Net Investment Income | 8.2 | 7.4 | 7.4 | 7.7 | 6.3 | 6.1 | 7.3 | 5.9 | 30.7 | 25.6 |
| Change in Value of Alternative Energy Partnership Investments | 0.2 |  | (0.7) | (2.4) | (1.4) | (2.4) | (0.8) | (1.5) | (2.9) | (6.1) |
| Total Revenues | 159.6 | 148.1 | 144.6 | 125.2 | 119.1 | 111.4 | 107.2 | 96.6 | 577.5 | 434.3 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 119.5 | 110.2 | 101.6 | 84.0 | 90.0 | 80.5 | 72.3 | 63.6 | 415.3 | 306.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 0.1 | 1.7 | 0.4 | 0.1 | 0.2 | 0.3 | 0.7 | 0.1 | 2.3 | 1.3 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | (3.9) | 0.1 | 2.1 | 5.2 | 4.1 |  | 5.3 | 3.0 | 3.5 | 12.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE |  | 0.1 |  |  |  |  |  |  | 0.1 |  |
| Total Incurred Losses and LAE | 115.7 | 112.1 | 104.1 | 89.3 | 94.3 | 80.8 | 78.3 | 66.7 | 421.2 | 320.1 |
| Insurance Expenses | 26.2 | 25.9 | 25.7 | 22.0 | 20.1 | 18.2 | 17.9 | 15.0 | 99.8 | 71.2 |
| Operating Income (Loss) | 17.7 | 10.1 | 14.8 | 13.9 | 4.7 | 12.4 | 11.0 | 14.9 | 56.5 | 43.0 |
| Income Tax Benefit (Expense) | (3.3) | (1.8) | (2.8) | (2.2) | (0.2) | 0.1 | (1.4) | (0.5) | (10.1) | (2.0) |
| Total Product Line Net Operating Income (Loss) | $14.4 | $8.3 | $12.0 | $11.7 | $4.5 | $12.5 | $9.6 | $14.4 | $46.4 | $41.0 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 79.0% | 78.3% | 73.7% | 70.1% | 78.8% | 74.7% | 71.8% | 68.9% | 75.6% | 73.9% |
| Current Year Catastrophe Losses and LAE Ratio | 0.1 | 1.2 | 0.3 | 0.1 | 0.2 | 0.3 | 0.7 | 0.1 | 0.4 | 0.3 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (2.6) | 0.1 | 1.5 | 4.3 | 3.6 |  | 5.3 | 3.3 | 0.6 | 3.0 |
| Prior Years Catastrophe Losses and LAE Ratio |  | 0.1 |  |  |  |  |  |  |  |  |
| Total Incurred Loss and LAE Ratio | 76.5 | 79.7 | 75.5 | 74.5 | 82.6 | 75.0 | 77.8 | 72.3 | 76.6 | 77.2 |
| Insurance Expense Ratio | 17.3 | 18.4 | 18.6 | 18.3 | 17.6 | 16.9 | 17.8 | 16.3 | 18.2 | 17.2 |
| Combined Ratio | 93.8% | 98.1% | 94.1% | 92.8% | 100.2% | 91.9% | 95.6% | 88.6% | 94.8% | 94.4% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 79.0% | 78.3% | 73.7% | 70.1% | 78.8% | 74.7% | 71.8% | 68.9% | 75.6% | 73.9% |
| Insurance Expense Ratio | 17.3 | 18.4 | 18.6 | 18.3 | 17.6 | 16.9 | 17.8 | 16.3 | 18.2 | 17.2 |
| Underlying Combined Ratio | 96.3% | 96.7% | 92.3% | 88.4% | 96.4% | 91.6% | 89.6% | 85.2% | 93.8% | 91.1% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 93.8% | 98.1% | 94.1% | 92.8% | 100.2% | 91.9% | 95.6% | 88.6% | 94.8% | 94.4% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| Current Year Catastrophe Losses and LAE Ratio | 0.1 | 1.2 | 0.3 | 0.1 | 0.2 | 0.3 | 0.7 | 0.1 | 0.4 | 0.3 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (2.6) | 0.1 | 1.5 | 4.3 | 3.6 |  | 5.3 | 3.3 | 0.6 | 3.0 |
| Prior Years Catastrophe Losses and LAE Ratio |  | 0.1 |  |  |  |  |  |  |  |  |
| Underlying Combined Ratio | 96.3% | 96.7% | 92.3% | 88.4% | 96.4% | 91.6% | 89.6% | 85.2% | 93.8% | 91.1% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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**

**Preferred 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $115.1 | $133.3 | $141.3 | $137.4 | $153.2 | $164.8 | $169.6 | $154.4 | $527.1 | $642.0 |
| Earned Premiums | $140.7 | $149.3 | $149.9 | $155.6 | $162.6 | $163.7 | $163.2 | $162.2 | $595.5 | $651.7 |
| Net Investment Income | 13.5 | 11.8 | 11.9 | 12.5 | 17.1 | 16.1 | 19.5 | 15.9 | 49.7 | 68.6 |
| Change in Value of Alternative Energy Partnership Investments | 0.3 |  | (1.1) | (3.9) | (3.8) | (6.4) | (2.0) | (4.1) | (4.7) | (16.3) |
| Total Revenues | 154.5 | 161.1 | 160.7 | 164.2 | 175.9 | 173.4 | 180.7 | 174.0 | 640.5 | 704.0 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 108.9 | 110.7 | 110.5 | 112.2 | 122.4 | 115.6 | 116.2 | 96.2 | 442.3 | 450.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 8.8 | 10.8 | 23.5 | 11.4 | 7.5 | 23.4 | 24.2 | 24.0 | 54.5 | 79.1 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | (0.8) | (0.3) | 1.8 | 2.1 | 8.4 |  | 5.0 | 0.1 | 2.8 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (1.5) | (0.7) | (0.8) | (3.2) | (2.0) | 0.1 | (3.4) | (0.3) | (6.2) | (5.6) |
| Total Incurred Losses and LAE | 115.4 | 120.5 | 135.0 | 122.5 | 136.3 | 139.1 | 142.0 | 120.0 | 493.4 | 537.4 |
| Insurance Expenses | 41.1 | 43.9 | 47.3 | 51.2 | 51.6 | 51.7 | 52.1 | 51.0 | 183.5 | 206.4 |
| Operating Income (Loss) | (2.0) | (3.3) | (21.6) | (9.5) | (12.0) | (17.4) | (13.4) | 3.0 | (36.4) | (39.8) |
| Income Tax Benefit (Expense) | 1.1 | 1.2 | 4.8 | 3.4 | 4.6 | 11.0 | 5.1 | 6.6 | 10.5 | 27.3 |
| Segment Net Operating Income (Loss) | $(0.9) | $(2.1) | $(16.8) | $(6.1) | $(7.4) | $(6.4) | $(8.3) | $9.6 | $(25.9) | $(12.5) |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 77.4% | 74.2% | 73.7% | 72.2% | 75.2% | 70.6% | 71.2% | 59.3% | 74.2% | 69.2% |
| Current Year Catastrophe Losses and LAE Ratio | 6.3 | 7.2 | 15.7 | 7.3 | 4.6 | 14.3 | 14.8 | 14.8 | 9.2 | 12.1 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) | (0.2) | 1.2 | 1.3 | 5.2 |  | 3.1 | 0.1 | 0.5 | 2.1 |
| Prior Years Catastrophe Losses and LAE Ratio | (1.1) | (0.5) | (0.5) | (2.1) | (1.2) | 0.1 | (2.1) | (0.2) | (1.0) | (0.9) |
| Total Incurred Loss and LAE Ratio | 82.0 | 80.7 | 90.1 | 78.7 | 83.8 | 85.0 | 87.0 | 74.0 | 82.9 | 82.5 |
| Insurance Expense Ratio | 29.2 | 29.4 | 31.6 | 32.9 | 31.7 | 31.6 | 31.9 | 31.4 | 30.8 | 31.7 |
| Combined Ratio | 111.2% | 110.1% | 121.7% | 111.6% | 115.5% | 116.6% | 118.9% | 105.4% | 113.7% | 114.2% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 77.4% | 74.2% | 73.7% | 72.2% | 75.2% | 70.6% | 71.2% | 59.3% | 74.2% | 69.2% |
| Insurance Expense Ratio | 29.2 | 29.4 | 31.6 | 32.9 | 31.7 | 31.6 | 31.9 | 31.4 | 30.8 | 31.7 |
| Underlying Combined Ratio | 106.6% | 103.6% | 105.3% | 105.1% | 106.9% | 102.2% | 103.1% | 90.7% | 105.0% | 100.9% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio as Reported | 111.2% | 110.1% | 121.7% | 111.6% | 115.5% | 116.6% | 118.9% | 105.4% | 113.7% | 114.2% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 6.3 | 7.2 | 15.7 | 7.3 | 4.6 | 14.3 | 14.8 | 14.8 | 9.2 | 12.1 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) | (0.2) | 1.2 | 1.3 | 5.2 |  | 3.1 | 0.1 | 0.5 | 2.1 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (1.1) | (0.5) | (0.5) | (2.1) | (1.2) | 0.1 | (2.1) | (0.2) | (1.0) | (0.9) |
| &nbsp;&nbsp;&nbsp;Underlying Combined Ratio | 106.6% | 103.6% | 105.3% | 105.1% | 106.9% | 102.2% | 103.1% | 90.7% | 105.0% | 100.9% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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**

**Preferred Property & Casualty Insurance Segment**

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

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Personal Automobile | $298.4 | $303.6 | $306.8 | $307.9 | $308.6 | $290.0 | $282.9 | $275.9 |
| &nbsp;&nbsp;&nbsp;Homeowners | 91.8 | 93.7 | 100.6 | 93.1 | 95.4 | 108.5 | 110.7 | 107.6 |
| &nbsp;&nbsp;&nbsp;Other Personal | 28.9 | 29.7 | 31.6 | 30.6 | 29.2 | 30.1 | 31.0 | 30.7 |
| Insurance Reserves | $419.1 | $427.0 | $439.0 | $431.6 | $433.2 | $428.6 | $424.6 | $414.2 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss and Allocated LAE Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Case and Allocated LAE | $251.6 | $259.6 | $270.0 | $271.1 | $272.5 | $280.8 | $282.3 | $282.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred but Not Reported | 139.0 | 138.1 | 139.9 | 131.8 | 131.9 | 120.4 | 116.1 | 105.6 |
| &nbsp;&nbsp;&nbsp;Total Loss Reserves | 390.6 | 397.7 | 409.9 | 402.9 | 404.4 | 401.2 | 398.4 | 387.6 |
| &nbsp;&nbsp;&nbsp;Unallocated LAE Reserves | 28.5 | 29.3 | 29.1 | 28.7 | 28.8 | 27.4 | 26.2 | 26.6 |
| Insurance Reserves | $419.1 | $427.0 | $439.0 | $431.6 | $433.2 | $428.6 | $424.6 | $414.2 |

---

------

**Kemper Corporation**

**Preferred 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $66.1 | $73.3 | $84.6 | $84.2 | $95.2 | $99.9 | $104.4 | $100.4 | $308.2 | $399.9 |
| Earned Premiums | $84.2 | $89.5 | $94 | $96 | $101.4 | $102.6 | $103.5 | $103 | $363.7 | $410.5 |
| Net Investment Income | 6.5 | 5.7 | 5.8 | 6.0 | 7.9 | 7.4 | 9.0 | 7.3 | 24.0 | 31.6 |
| Change in Value of Alternative Energy Partnership Investments | 0.1 |  | (0.5) | (1.9) | (1.7) | (3.0) | (0.9) | (1.9) | (2.3) | (7.5) |
| Total Revenues | 90.8 | 95.2 | 99.3 | 100.1 | 107.6 | 107.0 | 111.6 | 108.4 | 385.4 | 434.6 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 75.7 | 76.7 | 77.8 | 80.5 | 96.2 | 84.8 | 81.6 | 67.8 | 310.7 | 330.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 0.6 | 1.1 | 1.6 | 0.5 | 1.3 | 2.7 | 2.8 | 0.6 | 3.8 | 7.4 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 0.1 | 0.2 |  | 1.5 | 7.3 | 0.1 | 3.6 | 1.2 | 1.8 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.2) | 0.1 |  | 0.1 | (0.1) | 0.1 | (0.2) | 0.1 |  | (0.1) |
| Total Incurred Losses and LAE | 76.2 | 78.1 | 79.4 | 82.6 | 104.7 | 87.7 | 87.8 | 69.7 | 316.3 | 349.9 |
| Insurance Expenses | 23.9 | 26.5 | 28.4 | 31.2 | 32.7 | 32.7 | 33.6 | 32.8 | 110.0 | 131.8 |
| Operating Income (Loss) | (9.3) | (9.4) | (8.5) | (13.7) | (29.8) | (13.4) | (9.8) | 5.9 | (40.9) | (47.1) |
| Income Tax Benefit (Expense) | 2.3 | 2.2 | 1.9 | 3.6 | 7.2 | 6.2 | 3.1 | 2.1 | 10.0 | 18.6 |
| Total Product Line Net Operating Income (Loss) | $(7.0) | $(7.2) | $(6.6) | $(10.1) | $(22.6) | $(7.2) | $(6.7) | $8.0 | $(30.9) | $(28.5) |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 89.9% | 85.8% | 82.8% | 83.8% | 94.9% | 82.7% | 78.8% | 65.8% | 85.5% | 80.4% |
| Current Year Catastrophe Losses and LAE Ratio | 0.7 | 1.2 | 1.7 | 0.5 | 1.3 | 2.6 | 2.7 | 0.6 | 1.0 | 1.8 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 0.1 | 0.2 |  | 1.6 | 7.2 | 0.1 | 3.5 | 1.2 | 0.5 | 3.0 |
| Prior Years Catastrophe Losses and LAE Ratio | (0.2) | 0.1 |  | 0.1 | (0.1) | 0.1 | (0.2) | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 90.5 | 87.3 | 84.5 | 86.0 | 103.3 | 85.5 | 84.8 | 67.7 | 87.0 | 85.2 |
| Insurance Expense Ratio | 28.4 | 29.6 | 30.2 | 32.5 | 32.2 | 31.9 | 32.5 | 31.8 | 30.2 | 32.1 |
| Combined Ratio | 118.9% | 116.9% | 114.7% | 118.5% | 135.5% | 117.4% | 117.3% | 99.5% | 117.2% | 117.3% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 89.9% | 85.8% | 82.8% | 83.8% | 94.9% | 82.7% | 78.8% | 65.8% | 85.5% | 80.4% |
| Insurance Expense Ratio | 28.4 | 29.6 | 30.2 | 32.5 | 32.2 | 31.9 | 32.5 | 31.8 | 30.2 | 32.1 |
| Underlying Combined Ratio | 118.3% | 115.4% | 113.0% | 116.3% | 127.1% | 114.6% | 111.3% | 97.6% | 115.7% | 112.5% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 118.9% | 116.9% | 114.7% | 118.5% | 135.5% | 117.4% | 117.3% | 99.5% | 117.2% | 117.3% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.7 | 1.2 | 1.7 | 0.5 | 1.3 | 2.6 | 2.7 | 0.6 | 1.0 | 1.8 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 0.1 | 0.2 |  | 1.6 | 7.2 | 0.1 | 3.5 | 1.2 | 0.5 | 3.0 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (0.2) | 0.1 |  | 0.1 | (0.1) | 0.1 | (0.2) | 0.1 |  |  |
| Underlying Combined Ratio | 118.3% | 115.4% | 113.0% | 116.3% | 127.1% | 114.6% | 111.3% | 97.6% | 115.7% | 112.5% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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**

**Preferred Property & Casualty Insurance Segment**

**Homeowners and Other Personal 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $49 | $60 | $56.7 | $53.2 | $58 | $64.9 | $65.2 | $54 | $218.9 | $242.1 |
| Earned Premiums | $56.5 | $59.8 | $55.9 | $59.6 | $61.2 | $61.1 | $59.7 | $59.2 | $231.8 | $241.2 |
| Net Investment Income | 7.0 | 6.1 | 6.1 | 6.5 | 9.2 | 8.7 | 10.5 | 8.6 | 25.7 | 37.0 |
| Change in Value of Alternative Energy Partnership Investments | 0.2 |  | (0.6) | (2.0) | (2.1) | (3.4) | (1.1) | (2.2) | (2.4) | (8.8) |
| Total Revenues | 63.7 | 65.9 | 61.4 | 64.1 | 68.3 | 66.4 | 69.1 | 65.6 | 255.1 | 269.4 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 33.2 | 34.0 | 32.7 | 31.7 | 26.2 | 30.8 | 34.6 | 28.4 | 131.6 | 120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 8.2 | 9.7 | 21.9 | 10.9 | 6.2 | 20.7 | 21.4 | 23.4 | 50.7 | 71.7 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | (0.9) | (0.5) | 1.8 | 0.6 | 1.1 | (0.1) | 1.4 | (1.1) | 1.0 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (1.3) | (0.8) | (0.8) | (3.3) | (1.9) |  | (3.2) | (0.4) | (6.2) | (5.5) |
| Total Incurred Losses and LAE | 39.2 | 42.4 | 55.6 | 39.9 | 31.6 | 51.4 | 54.2 | 50.3 | 177.1 | 187.5 |
| Insurance Expenses | 17.2 | 17.4 | 18.9 | 20.0 | 18.9 | 19.0 | 18.5 | 18.2 | 73.5 | 74.6 |
| Operating Income (Loss) | 7.3 | 6.1 | (13.1) | 4.2 | 17.8 | (4.0) | (3.6) | (2.9) | 4.5 | 7.3 |
| Income Tax Benefit (Expense) | (1.2) | (1.0) | 2.9 | (0.2) | (2.6) | 4.8 | 2.0 | 4.5 | 0.5 | 8.7 |
| Total Product Line Net Operating Income (Loss) | $6.1 | $5.1 | $(10.2) | $4.0 | $15.2 | $0.8 | $(1.6) | $1.6 | $5.0 | $16.0 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 58.8% | 56.8% | 58.5% | 53.1% | 42.8% | 50.4% | 58.1% | 48.1% | 56.8% | 49.8% |
| Current Year Catastrophe Losses and LAE Ratio | 14.5 | 16.2 | 39.2 | 18.3 | 10.1 | 33.9 | 35.8 | 39.5 | 21.9 | 29.7 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (1.6) | (0.8) | 3.2 | 1.0 | 1.8 | (0.2) | 2.3 | (1.9) | 0.4 | 0.5 |
| Prior Years Catastrophe Losses and LAE Ratio | (2.3) | (1.3) | (1.4) | (5.5) | (3.1) |  | (5.4) | (0.7) | (2.7) | (2.3) |
| Total Incurred Loss and LAE Ratio | 69.4 | 70.9 | 99.5 | 66.9 | 51.6 | 84.1 | 90.8 | 85.0 | 76.4 | 77.7 |
| Insurance Expense Ratio | 30.4 | 29.1 | 33.8 | 33.6 | 30.9 | 31.1 | 31.0 | 30.7 | 31.7 | 30.9 |
| Combined Ratio | 99.8% | 100.0% | 133.3% | 100.5% | 82.5% | 115.2% | 121.8% | 115.7% | 108.1% | 108.6% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 58.8% | 56.8% | 58.5% | 53.1% | 42.8% | 50.4% | 58.1% | 48.1% | 56.8% | 49.8% |
| Insurance Expense Ratio | 30.4 | 29.1 | 33.8 | 33.6 | 30.9 | 31.1 | 31.0 | 30.7 | 31.7 | 30.9 |
| Underlying Combined Ratio | 89.2% | 85.9% | 92.3% | 86.7% | 73.7% | 81.5% | 89.1% | 78.8% | 88.5% | 80.7% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 99.8% | 100.0% | 133.3% | 100.5% | 82.5% | 115.2% | 121.8% | 115.7% | 108.1% | 108.6% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 14.5 | 16.2 | 39.2 | 18.3 | 10.1 | 33.9 | 35.8 | 39.5 | 21.9 | 29.7 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | (1.6) | (0.8) | 3.2 | 1.0 | 1.8 | (0.2) | 2.3 | (1.9) | 0.4 | 0.5 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (2.3) | (1.3) | (1.4) | (5.5) | (3.1) |  | (5.4) | (0.7) | (2.7) | (2.3) |
| Underlying Combined Ratio | 89.2% | 85.9% | 92.3% | 86.7% | 73.7% | 81.5% | 89.1% | 78.8% | 88.5% | 80.7% |
| <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**

**Preferred Property & Casualty Insurance Segment**

**Homeowners 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $42.4 | $52.8 | $49.2 | $45.5 | $49.9 | $56.1 | $56.3 | $46.1 | $189.9 | $208.4 |
| Earned Premiums | $49.1 | $51.9 | $47.7 | $51.3 | $52.7 | $52.5 | $51.3 | $50.8 | $200.0 | $207.3 |
| Net Investment Income | 5.8 | 5.1 | 5.1 | 5.4 | 8.3 | 7.9 | 9.6 | 7.8 | 21.4 | 33.6 |
| Change in Value of Alternative Energy Partnership Investments | 0.1 | 0.1 | (0.5) | (1.7) | (1.9) | (3.1) | (1.0) | (2.0) | (2.0) | (8.0) |
| Total Revenues | 55.0 | 57.1 | 52.3 | 55.0 | 59.1 | 57.3 | 59.9 | 56.6 | 219.4 | 232.9 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 30.1 | 28.8 | 28.6 | 27.5 | 22.8 | 26.6 | 30.5 | 24.2 | 115.0 | 104.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 8.3 | 9.4 | 21.3 | 10.8 | 6.0 | 20.4 | 21.8 | 22.0 | 49.8 | 70.2 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | (0.3) |  | (0.1) | (1.6) | (0.1) | (0.2) | 0.2 | (2.5) | (2.0) | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (1.2) | (0.8) | (0.8) | (2.8) | (2.1) | 0.1 | (1.8) | (0.1) | (5.6) | (3.9) |
| Total Incurred Losses and LAE | 36.9 | 37.4 | 49.0 | 33.9 | 26.6 | 46.9 | 50.7 | 43.6 | 157.2 | 167.8 |
| Insurance Expenses | 14.9 | 15.2 | 16.3 | 17.5 | 16.3 | 16.3 | 16.1 | 15.7 | 63.9 | 64.4 |
| Operating Income (Loss) | 3.2 | 4.5 | (13.0) | 3.6 | 16.2 | (5.9) | (6.9) | (2.7) | (1.7) | 0.7 |
| Income Tax Benefit (Expense) | (0.4) | (0.7) | 2.9 | (0.2) | (2.4) | 4.8 | 2.6 | 4.1 | 1.6 | 9.1 |
| Total Product Line Net Operating Income (Loss) | $2.8 | $3.8 | $(10.1) | $3.4 | $13.8 | $(1.1) | $(4.3) | $1.4 | $(0.1) | $9.8 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 61.3% | 55.5% | 59.9% | 53.6% | 43.3% | 50.6% | 59.4% | 47.6% | 57.5% | 50.2% |
| Current Year Catastrophe Losses and LAE Ratio | 16.9 | 18.1 | 44.7 | 21.1 | 11.4 | 38.9 | 42.5 | 43.3 | 24.9 | 33.9 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) |  | (0.2) | (3.1) | (0.2) | (0.4) | 0.4 | (4.9) | (1.0) | (1.3) |
| Prior Years Catastrophe Losses and LAE Ratio | (2.4) | (1.5) | (1.7) | (5.5) | (4.0) | 0.2 | (3.5) | (0.2) | (2.8) | (1.9) |
| Total Incurred Loss and LAE Ratio | 75.2 | 72.1 | 102.7 | 66.1 | 50.5 | 89.3 | 98.8 | 85.8 | 78.6 | 80.9 |
| Insurance Expense Ratio | 30.3 | 29.3 | 34.2 | 34.1 | 30.9 | 31.0 | 31.4 | 30.9 | 32.0 | 31.1 |
| Combined Ratio | 105.5% | 101.4% | 136.9% | 100.2% | 81.4% | 120.3% | 130.2% | 116.7% | 110.6% | 112.0% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 61.3% | 55.5% | 59.9% | 53.6% | 43.3% | 50.6% | 59.4% | 47.6% | 57.5% | 50.2% |
| Insurance Expense Ratio | 30.3 | 29.3 | 34.2 | 34.1 | 30.9 | 31.0 | 31.4 | 30.9 | 32.0 | 31.1 |
| Underlying Combined Ratio | 91.6% | 84.8% | 94.1% | 87.7% | 74.2% | 81.6% | 90.8% | 78.5% | 89.5% | 81.3% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 105.5% | 101.4% | 136.9% | 100.2% | 81.4% | 120.3% | 130.2% | 116.7% | 110.6% | 112.0% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 16.9 | 18.1 | 44.7 | 21.1 | 11.4 | 38.9 | 42.5 | 43.3 | 24.9 | 33.9 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) |  | (0.2) | (3.1) | (0.2) | (0.4) | 0.4 | (4.9) | (1.0) | (1.3) |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (2.4) | (1.5) | (1.7) | (5.5) | (4.0) | 0.2 | (3.5) | (0.2) | (2.8) | (1.9) |
| Underlying Combined Ratio | 91.6% | 84.8% | 94.1% | 87.7% | 74.2% | 81.6% | 90.8% | 78.5% | 89.5% | 81.3% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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**

**Preferred Property & Casualty Insurance Segment**

**Other Personal 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Net Premiums Written | $6.6 | $7.2 | $7.5 | $7.7 | $8.1 | $8.8 | $8.9 | $7.9 | $29 | $33.7 |
| Earned Premiums | $7.4 | $7.9 | $8.2 | $8.3 | $8.5 | $8.6 | $8.4 | $8.4 | $31.8 | $33.9 |
| Net Investment Income | 1.2 | 1.0 | 1.0 | 1.1 | 0.9 | 0.8 | 0.9 | 0.8 | 4.3 | 3.4 |
| Change in Value of Alternative Energy Partnership Investments | 0.1 | (0.1) | (0.1) | (0.3) | (0.2) | (0.3) | (0.1) | (0.2) | (0.4) | (0.8) |
| Total Revenues | 8.7 | 8.8 | 9.1 | 9.1 | 9.2 | 9.1 | 9.2 | 9.0 | 35.7 | 36.5 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 3.1 | 5.2 | 4.1 | 4.2 | 3.4 | 4.2 | 4.1 | 4.2 | 16.6 | 15.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.1) | 0.3 | 0.6 | 0.1 | 0.2 | 0.3 | (0.4) | 1.4 | 0.9 | 1.5 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | (0.6) | (0.5) | 1.9 | 2.2 | 1.2 | 0.1 | 1.2 | 1.4 | 3.0 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.1) |  |  | (0.5) | 0.2 | (0.1) | (1.4) | (0.3) | (0.6) | (1.6) |
| Total Incurred Losses and LAE | 2.3 | 5.0 | 6.6 | 6.0 | 5.0 | 4.5 | 3.5 | 6.7 | 19.9 | 19.7 |
| Insurance Expenses | 2.3 | 2.2 | 2.6 | 2.5 | 2.6 | 2.7 | 2.4 | 2.5 | 9.6 | 10.2 |
| Operating Income (Loss) | 4.1 | 1.6 | (0.1) | 0.6 | 1.6 | 1.9 | 3.3 | (0.2) | 6.2 | 6.6 |
| Income Tax Benefit (Expense) | (0.8) | (0.3) |  |  | (0.2) |  | (0.6) | 0.4 | (1.1) | (0.4) |
| Total Product Line Net Operating Income (Loss) | $3.3 | $1.3 | $(0.1) | $0.6 | $1.4 | $1.9 | $2.7 | $0.2 | $5.1 | $6.2 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 42.0% | 65.8% | 50.0% | 50.6% | 39.9% | 48.8% | 48.9% | 50.0% | 52.3% | 46.9% |
| Current Year Catastrophe Losses and LAE Ratio | (1.4) | 3.8 | 7.3 | 1.2 | 2.4 | 3.5 | (4.8) | 16.7 | 2.8 | 4.4 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (8.1) | (6.3) | 23.2 | 26.5 | 14.1 | 1.2 | 14.3 | 16.7 | 9.4 | 11.5 |
| Prior Years Catastrophe Losses and LAE Ratio | (1.4) |  |  | (6.0) | 2.4 | (1.2) | (16.7) | (3.6) | (1.9) | (4.7) |
| Total Incurred Loss and LAE Ratio | 31.1 | 63.3 | 80.5 | 72.3 | 58.8 | 52.3 | 41.7 | 79.8 | 62.6 | 58.1 |
| Insurance Expense Ratio | 31.1 | 27.8 | 31.7 | 30.1 | 30.6 | 31.4 | 28.6 | 29.8 | 30.2 | 30.1 |
| Combined Ratio | 62.2% | 91.1% | 112.2% | 102.4% | 89.4% | 83.7% | 70.3% | 109.6% | 92.8% | 88.2% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 42.0% | 65.8% | 50.0% | 50.6% | 39.9% | 48.8% | 48.9% | 50.0% | 52.3% | 46.9% |
| Insurance Expense Ratio | 31.1 | 27.8 | 31.7 | 30.1 | 30.6 | 31.4 | 28.6 | 29.8 | 30.2 | 30.1 |
| Underlying Combined Ratio | 73.1% | 93.6% | 81.7% | 80.7% | 70.5% | 80.2% | 77.5% | 79.8% | 82.5% | 77.0% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 62.2% | 91.1% | 112.2% | 102.4% | 89.4% | 83.7% | 70.3% | 109.6% | 92.8% | 88.2% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | (1.4) | 3.8 | 7.3 | 1.2 | 2.4 | 3.5 | (4.8) | 16.7 | 2.8 | 4.4 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | (8.1) | (6.3) | 23.2 | 26.5 | 14.1 | 1.2 | 14.3 | 16.7 | 9.4 | 11.5 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio | (1.4) |  |  | (6.0) | 2.4 | (1.2) | (16.7) | (3.6) | (1.9) | (4.7) |
| Underlying Combined Ratio | 73.1% | 93.6% | 81.7% | 80.7% | 70.5% | 80.2% | 77.5% | 79.8% | 82.5% | 77.0% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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**

**Life & Health 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $144.7 | $158.2 | $160.1 | $161.4 | $164.2 | $164.1 | $164.2 | $161.0 | $624.4 | $653.5 |
| Net Investment Income | 52.6 | 52.6 | 61.9 | 49.4 | 50.8 | 48.4 | 52.4 | 51.1 | 216.5 | 202.7 |
| Change in Value of Alternative Energy Partnership Investments | 0.3 | 0.1 | (1.3) | (4.4) | (3.7) | (6.1) | (2.0) | (4.0) | (5.3) | (15.8) |
| Other Income | 0.2 |  | (0.8) |  | (1.6) | 0.1 | 0.1 | 0.1 | (0.6) | (1.3) |
| Total Revenues | 197.8 | 210.9 | 219.9 | 206.4 | 209.7 | 206.5 | 214.7 | 208.2 | 835.0 | 839.1 |
| Policyholders' Benefits and Incurred Losses and LAE | 93.4 | 105.6 | 113.5 | 120.1 | 116.2 | 119.5 | 115.3 | 118.7 | 432.6 | 469.7 |
| Insurance Expenses | 80.7 | 91.5 | 85.6 | 85.1 | 89.5 | 92.9 | 86.2 | 90.3 | 342.9 | 358.9 |
| Operating Income (Loss) | 23.7 | 13.8 | 20.8 | 1.2 | 4.0 | (5.9) | 13.2 | (0.8) | 59.5 | 10.5 |
| Income Tax Benefit (Expense) | (2.9) | (1.2) | (3.1) | 1.9 | 1.1 | 8.7 | (0.2) | 8.1 | (5.3) | 17.7 |
| Segment Net Operating Income (Loss) | $20.8 | $12.6 | $17.7 | $3.1 | $5.1 | $2.8 | $13.0 | $7.3 | $54.2 | $28.2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2022 | Sep 30, 2022 <sup>1</sup> | Jun 30, 2022 | Mar 31, 2022 | Dec 31,<br>2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |  |  |
| Future Policyholder Benefits | $3496.4 | $3505.0 | $3486.3 | $3467.5 | $3454.1 | $3436.1 | $3466.4 | $3448.0 |
| Incurred Losses and LAE Reserves: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life | 53.3 | 55.7 | 56.7 | 63.6 | 60.7 | 62.3 | 58.8 | 68.1 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 4.3 | 23.4 | 25.0 | 25.2 | 26.1 | 25.7 | 26.4 | 25.5 |
| &nbsp;&nbsp;&nbsp;Property | 2.3 | 3.6 | 3.1 | 3.1 | 3.6 | 7.4 | 4.4 | 5.4 |
| Total Incurred Losses and LAE Reserves | 59.9 | 82.7 | 84.8 | 91.9 | 90.4 | 95.4 | 89.6 | 99.0 |
| Insurance Reserves | $3556.3 | $3587.7 | $3571.1 | $3559.4 | $3544.5 | $3531.5 | $3556.0 | $3547.0 |
| <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  | <sup>1</sup> Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 5, "Dispositions," for more information.  |

---

------

**Kemper Corporation**

**Life & Health Insurance Segment**

**Life 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $101.1 | $100.4 | $102.9 | $101.3 | $101.5 | $101.5 | $100.6 | $98.1 | $405.7 | $401.7 |
| Net Investment Income | 51.0 | 51.0 | 60.1 | 47.9 | 49.3 | 47.0 | 50.9 | 49.6 | 210.0 | 196.8 |
| Change in Value of Alternative Energy Partnership Investments | 0.3 | 0.1 | (1.3) | (4.0) | (3.5) | (5.8) | (1.9) | (3.8) | (4.9) | (15.0) |
| Other Income | 0.1 | (0.1) | (1.1) |  | (1.6) |  |  |  | (1.1) | (1.6) |
| Total Revenues | 152.5 | 151.4 | 160.6 | 145.2 | 145.7 | 142.7 | 149.6 | 143.9 | 609.7 | 581.9 |
| Policyholders' Benefits and Incurred Losses and LAE | 75.7 | 78.6 | 84.1 | 90.6 | 88.2 | 87.3 | 81.9 | 87.9 | 329.0 | 345.3 |
| Insurance Expenses | 58.5 | 62.5 | 58.9 | 57.4 | 60.5 | 61.5 | 55.6 | 58.0 | 237.3 | 235.6 |
| Operating Income (Loss) | 18.3 | 10.3 | 17.6 | (2.8) | (3.0) | (6.1) | 12.1 | (2.0) | 43.4 | 1.0 |
| Income Tax Benefit (Expense) | (2.0) | (0.5) | (2.4) | 2.6 | 2.4 | 8.4 | (0.1) | 8.0 | (2.3) | 18.7 |
| Total Product Line Operating Income (Loss) | $16.3 | $9.8 | $15.2 | $(0.2) | $(0.6) | $2.3 | $12.0 | $6.0 | $41.1 | $19.7 |

---

**Kemper Corporation**

**Life & Health Insurance Segment**

**Accident & Health 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $31.4 | $45.9 | $45.1 | $45.8 | $47.6 | $47 | $47.9 | $47.4 | $168.2 | $189.9 |
| Net Investment Income | 0.8 | 0.8 | 1.0 | 0.7 | 0.9 | 0.9 | 0.8 | 1.0 | 3.3 | 3.6 |
| Change in Value of Alternative Energy Partnership Investments |  |  |  | (0.1) | (0.1) | (0.1) |  | (0.1) | (0.1) | (0.3) |
| Other Income | 0.1 | 0.1 | 0.3 |  |  | 0.1 | 0.1 | 0.1 | 0.5 | 0.3 |
| Total Revenues | 32.3 | 46.8 | 46.4 | 46.4 | 48.4 | 47.9 | 48.8 | 48.4 | 171.9 | 193.5 |
| Policyholders' Benefits and Incurred Losses and LAE | 16.2 | 22.3 | 24.5 | 23.5 | 21.9 | 22.9 | 26.8 | 24.5 | 86.5 | 96.1 |
| Insurance Expenses | 15.8 | 22.4 | 20.1 | 20.8 | 21.5 | 23.5 | 22.2 | 24.4 | 79.1 | 91.6 |
| Operating Income (Loss) | 0.3 | 2.1 | 1.8 | 2.1 | 5.0 | 1.5 | (0.2) | (0.5) | 6.3 | 5.8 |
| Income Tax Benefit (Expense) | 0.1 | (0.4) | (0.4) | (0.4) | (1.0) | (0.2) | 0.1 | 0.2 | (1.1) | (0.9) |
| Total Product Line Net Operating Income (Loss) | $0.4 | $1.7 | $1.4 | $1.7 | $4.0 | $1.3 | $(0.1) | $(0.3) | $5.2 | $4.9 |

---

------

**Kemper Corporation**

**Life & Health Insurance Segment**

**Property 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |  |  |
| Earned Premiums | $12.2 | $11.9 | $12.1 | $14.3 | $15.1 | $15.6 | $15.7 | $15.5 | $50.5 | $61.9 |
| Net Investment Income | 0.8 | 0.8 | 0.8 | 0.8 | 0.6 | 0.5 | 0.7 | 0.5 | 3.2 | 2.3 |
| Change in Value of Alternative Energy Partnership Investments |  |  |  | (0.3) | (0.1) | (0.2) | (0.1) | (0.1) | (0.3) | (0.5) |
| Total Revenues | 13.0 | 12.7 | 12.9 | 14.8 | 15.6 | 15.9 | 16.3 | 15.9 | 53.4 | 63.7 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 2.0 | 2.8 | 3.6 | 4.1 | 3.2 | 3.6 | 4.2 | 3.2 | 12.5 | 14.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | (0.6) | 1.4 | 0.6 | 0.4 | 2.9 | 5.7 | 2.5 | 1.9 | 1.8 | 13.0 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 0.1 | 0.1 | 0.5 | 0.6 |  | 0.4 | 0.1 | 0.7 | 1.3 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE |  | 0.4 | 0.2 | 0.9 |  | (0.4) | (0.2) | 0.5 | 1.5 | (0.1) |
| Total Incurred Losses and LAE | 1.5 | 4.7 | 4.9 | 6.0 | 6.1 | 9.3 | 6.6 | 6.3 | 17.1 | 28.3 |
| Insurance Expenses | 6.4 | 6.6 | 6.6 | 6.9 | 7.5 | 7.9 | 8.4 | 7.9 | 26.5 | 31.7 |
| Operating Income (Loss) | 5.1 | 1.4 | 1.4 | 1.9 | 2.0 | (1.3) | 1.3 | 1.7 | 9.8 | 3.7 |
| Income Tax Benefit (Expense) | (1.0) | (0.3) | (0.3) | (0.3) | (0.3) | 0.5 | (0.2) | (0.1) | (1.9) | (0.1) |
| Total Product Line Net Operating Income (Loss) | $4.1 | $1.1 | $1.1 | $1.6 | $1.7 | $(0.8) | $1.1 | $1.6 | $7.9 | $3.6 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 16.4% | 23.5% | 29.7% | 28.7% | 21.2% | 23.1% | 26.8% | 20.6% | 24.7% | 23.0% |
| Current Year Catastrophe Losses and LAE Ratio | (4.9) | 11.8 | 5.0 | 2.8 | 19.2 | 36.5 | 15.9 | 12.3 | 3.6 | 21.0 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 0.8 | 0.8 | 4.1 | 4.2 |  | 2.6 | 0.6 | 4.5 | 2.6 | 1.9 |
| Prior Years Catastrophe Losses and LAE Ratio |  | 3.4 | 1.7 | 6.3 |  | (2.6) | (1.3) | 3.2 | 3.0 | (0.2) |
| Total Incurred Loss and LAE Ratio | 12.3 | 39.5 | 40.5 | 42.0 | 40.4 | 59.6 | 42.0 | 40.6 | 33.9 | 45.7 |
| Insurance Expense Ratio | 52.5 | 55.5 | 54.5 | 48.3 | 49.7 | 50.6 | 53.5 | 51.0 | 52.5 | 51.2 |
| Combined Ratio | 64.8% | 95.0% | 95.0% | 90.3% | 90.1% | 110.2% | 95.5% | 91.6% | 86.4% | 96.9% |
| **<u>Underlying Combined Ratio</u>** <sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 16.4% | 23.5% | 29.7% | 28.7% | 21.2% | 23.1% | 26.8% | 20.6% | 24.7% | 23.0% |
| Insurance Expense Ratio | 52.5 | 55.5 | 54.5 | 48.3 | 49.7 | 50.6 | 53.5 | 51.0 | 52.5 | 51.2 |
| Underlying Combined Ratio | 68.9% | 79.0% | 84.2% | 77.0% | 70.9% | 73.7% | 80.3% | 71.6% | 77.2% | 74.2% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |  |  |
| Combined Ratio | 64.8% | 95.0% | 95.0% | 90.3% | 90.1% | 110.2% | 95.5% | 91.6% | 86.4% | 96.9% |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | (4.9) | 11.8 | 5.0 | 2.8 | 19.2 | 36.5 | 15.9 | 12.3 | 3.6 | 21.0 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 0.8 | 0.8 | 4.1 | 4.2 |  | 2.6 | 0.6 | 4.5 | 2.6 | 1.9 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  | 3.4 | 1.7 | 6.3 |  | (2.6) | (1.3) | 3.2 | 3.0 | (0.2) |
| Underlying Combined Ratio | 68.9% | 79.0% | 84.2% | 77.0% | 70.9% | 73.7% | 80.3% | 71.6% | 77.2% | 74.2% |
| &nbsp;&nbsp;&nbsp;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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;<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**

**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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Insurance Expenses:</u>** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commissions | $165.7 | $176.3 | $190.9 | $191.9 | $192.3 | $210.0 | $220.1 | $195.2 | $724.8 | $817.6 |
| &nbsp;&nbsp;&nbsp;General Expenses | 86.4 | 93.5 | 91.4 | 87.1 | 87.5 | 85.1 | 82.3 | 84.6 | 358.4 | 339.5 |
| &nbsp;&nbsp;&nbsp;Premium Taxes | 25.3 | 23.6 | 25.2 | 25.4 | 25.2 | 26.5 | 27.2 | 25.4 | 99.5 | 104.3 |
| &nbsp;&nbsp;&nbsp;Total Costs Incurred | 277.4 | 293.4 | 307.5 | 304.4 | 305.0 | 321.6 | 329.6 | 305.2 | 1182.7 | 1261.4 |
| &nbsp;&nbsp;&nbsp;Net Policy Acquisition Costs Deferred | 9.5 | 7.3 | (0.5) | (2.5) | (1.0) | (23.8) | (41.1) | (22.4) | 13.8 | (88.3) |
| &nbsp;&nbsp;&nbsp;Amortization of Valuation of Business Acquired ("VOBA") | 0.7 | 0.6 | 0.7 | 2.1 | 5.1 | 13.5 | 25.5 | 0.9 | 4.1 | 45.0 |
| Insurance Expenses | 287.6 | 301.3 | 307.7 | 304.0 | 309.1 | 311.3 | 314.0 | 283.7 | 1200.6 | 1218.1 |
| Loss from Early Extinguishment of Debt |  |  |  | 3.7 |  |  |  |  | 3.7 |  |
| **<u>Interest and Other Expenses:</u>** |  |  |  |  |  |  |  |  |  |  |
| Interest Expense | 13.7 | 14.3 | 14.0 | 12.7 | 10.6 | 10.7 | 11.2 | 11.1 | 54.7 | 43.6 |
| Other Expenses: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | 35.6 | 12.7 | 9.9 | 4.7 | 9.2 | 8.0 | 10.4 | 16.3 | 62.9 | 43.9 |
| &nbsp;&nbsp;&nbsp;Other | 37.2 | 36.5 | 29.6 | 36.7 | 36.4 | 33.2 | 32.5 | 29.8 | 140.0 | 131.9 |
| Other Expenses | 72.8 | 49.2 | 39.5 | 41.4 | 45.6 | 41.2 | 42.9 | 46.1 | 202.9 | 175.8 |
| Interest and Other Expenses | 86.5 | 63.5 | 53.5 | 54.1 | 56.2 | 51.9 | 54.1 | 57.2 | 257.6 | 219.4 |
| Total Expenses | $374.1 | $364.8 | $361.2 | $361.8 | $365.3 | $363.2 | $368.1 | $340.9 | $1461.9 | $1437.5 |

---

------

**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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **<u>Net Investment Income</u>** |  |  |  |  |  |  |  |  |  |  |
| Interest on Fixed Income Securities | $81.7 | $76.9 | $72.8 | $68.7 | $70.6 | $68.4 | $69.7 | $69 | $300.1 | $277.7 |
| Dividends on Equity Securities Excluding Alternative Investments | 2.0 | 1.1 | 1.7 | 1.5 | 6.1 | 2.9 | 4.8 | 2.1 | 6.3 | 15.9 |
| Alternative Investments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | 3.3 | (0.6) | 15.3 | 13.3 | 5.8 | 12.0 | 16.4 | 22.5 | 31.3 | 56.7 |
| &nbsp;&nbsp;&nbsp;Limited Liability Investments Included in Equity Securities | 7.2 | 8.8 | 18.5 | 7.6 | 17.6 | 9.5 | 15.3 | 4.5 | 42.1 | 46.9 |
| Total Alternative Investments | 10.5 | 8.2 | 33.8 | 20.9 | 23.4 | 21.5 | 31.7 | 27.0 | 73.4 | 103.6 |
| Short-term Investments | 2.3 | 1.1 | 0.2 | 0.1 | 0.4 | 0.2 | (0.8) | 1.2 | 3.7 | 1.0 |
| Loans to Policyholders | 5.2 | 5.5 | 5.3 | 5.5 | 5.4 | 5.4 | 5.4 | 5.5 | 21.5 | 21.7 |
| Real Estate | 2.5 | 3.1 | 2.3 | 2.2 | 2.2 | 2.3 | 2.4 | 2.4 | 10.1 | 9.3 |
| Company-Owned Life Insurance | 9.9 | 9.9 | 9.8 | 8.3 | 7.4 | 7.2 | 6.5 | 4.6 | 37.9 | 25.7 |
| Other | 2.6 | 1.7 | 1.7 | 1.7 | 1.9 | 1.9 | 2.8 | 0.1 | 7.7 | 6.7 |
| Total Investment Income | 116.7 | 107.5 | 127.6 | 108.9 | 117.4 | 109.8 | 122.5 | 111.9 | 460.7 | 461.6 |
| Investment Expenses: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.1 | 2.3 | 1.0 | 2.5 | 2.9 | 2.6 | 2.1 | 2.1 | 7.9 | 9.7 |
| &nbsp;&nbsp;&nbsp;Other Investment Expenses | 8.3 | 7.4 | 8.1 | 6.4 | 6.1 | 5.3 | 6.5 | 6.7 | 30.2 | 24.6 |
| Total Investment Expenses | 10.4 | 9.7 | 9.1 | 8.9 | 9.0 | 7.9 | 8.6 | 8.8 | 38.1 | 34.3 |
| Net Investment Income | $106.3 | $97.8 | $118.5 | $100.0 | $108.4 | $101.9 | $113.9 | $103.1 | $422.6 | $427.3 |
| **<u>Net Realized Investment Gains (Losses)</u>** |  |  |  |  |  |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales | 3.6 | $14.2 | $13.4 | $0.4 | 20.7 | $10.3 | $19.2 | $13.2 | $31.6 | $63.4 |
| &nbsp;&nbsp;&nbsp;Losses on Sales | (4.4) | (23.9) | (2.8) | (0.8) | (0.4) | (0.4) | (0.2) | (1.1) | (31.9) | (2.1) |
| &nbsp;&nbsp;&nbsp;Gains (Losses) on Hedging Activity | 1.7 | (0.3) | 0.3 |  |  |  |  |  | 1.7 |  |
| Equity Securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales | 3.1 | 4.5 | 0.1 | 2.0 | 2.3 | 0.1 |  | 1.7 | 9.7 | 4.1 |
| &nbsp;&nbsp;&nbsp;Losses on Sales | (0.1) | (6.6) |  | (0.1) | (0.5) | (0.2) |  |  | (6.8) | (0.7) |
| Equity Method Limited Liability Investments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales |  |  |  |  |  | 0.4 |  |  |  | 0.4 |
| &nbsp;&nbsp;&nbsp;Losses on Sales |  |  |  |  |  |  |  |  |  |  |
| Real Estate: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales |  |  |  |  |  | (0.1) | 0.2 |  |  | 0.1 |
| &nbsp;&nbsp;&nbsp;Losses on Sales |  |  |  |  | (0.4) |  |  |  |  | (0.4) |
| Net Realized Investment Gains (Losses) | $3.9 | $(12.1) | $11.0 | $1.5 | $21.7 | $10.1 | $19.2 | $13.8 | $4.3 | $64.8 |
| **<u>Net Impairment Losses Recognized in Earnings</u>** |  |  |  |  |  |  |  |  |  |  |
| Fixed Maturities | $(3.7) | $(8.3) | $(4.9) | $(8.9) | $(3.1) | $0.5 | $(0.6) | $(3.2) | $(25.8) | $(6.4) |
| Equity Securities |  |  |  |  | (0.1) | (0.7) | (2.6) | (0.8) |  | (4.2) |
| Real Estate |  |  |  |  |  | (0.4) |  |  |  | (0.4) |
| Net Impairment Losses Recognized in Earnings | $(3.7) | $(8.3) | $(4.9) | $(8.9) | $(3.2) | $(0.6) | $(3.2) | $(4.0) | $(25.8) | $(11.0) |

---

------

**Kemper Corporation**

**Details of Invested Assets**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2022 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2020 |
| | Carrying<br>Value | Percent<br>of Total<sup>1</sup> | Carrying<br>Value | Percent<br>of Total<sup>1</sup> | Carrying<br>Value | Percent<br>of Total<sup>1</sup> |
| Fixed Maturities Reported at Fair Value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Government Agencies and Authorities | $528 | 6.0% | $637.4 | 6.1% | $585.3 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;States and Political Subdivisions | 1568.9 | 17.8 | 1890.1 | 18.2 | 1589.5 | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Governments  | 4.1 |  | 5.5 | 0.1 | 5.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds and Notes | 3539.4 | 40.4 | 4386.9 | 42.2 | 4425.4 | 42.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable Preferred Stocks | 8.0 | 0.1 | 7.4 | 0.1 | 7.5 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | 953.9 | 10.9 | 752.1 | 7.2 | 767.7 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Mortgage- and Asset-backed | 292.5 | 3.3 | 307.5 | 3.0 | 225.3 | 2.2 |
| Total Fixed Maturities Reported at Fair Value | 6894.8 | 78.5 | 7986.9 | 76.9 | 7605.9 | 73.0 |
| Equity Securities Reported at Fair Value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 39.8 | 0.5 | 51.8 | 0.5 | 59.1 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 2.1 |  | 21.8 | 0.2 | 10.8 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Equity Interests: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 12.2 | 0.1 | 432.0 | 4.2 | 496.6 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Liability Companies and Limited Partnerships | 189.1 | 2.2 | 325.0 | 3.1 | 292.0 | 2.8 |
| Total Equity Securities Reported at Fair Value | 243.2 | 2.8 | 830.6 | 8.0 | 858.5 | 8.2 |
| Equity Method Limited Liability Investments | 217.0 | 2.5 | 241.9 | 2.3 | 204.0 | 2.0 |
| Alternative Energy Partnership Investments | 16.3 | 0.2 | 39.6 | 0.4 | 21.3 | 0.2 |
| Short-term Investments at Cost which Approximates Fair Value | 278.4 | 3.2 | 284.1 | 2.7 | 875.4 | 8.4 |
| Company Owned Life Insurance | 586.5 | 6.7 | 448.1 | 4.3 | 327.4 | 3.1 |
| Loans to Policyholders | 283.4 | 3.2 | 286.2 | 2.8 | 297.9 | 2.9 |
| Other Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities Reported at Modified Cost | 38.4 | 0.4 | 32.3 | 0.3 | 40.1 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Securities at Fair Value | 43.3 | 0.5 | 46.4 | 0.5 | 39.9 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate at Depreciated Cost | 93.6 | 1.1 | 94.0 | 0.9 | 98.7 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | 91.1 | 1.0 | 96.8 | 0.9 | 54.6 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3.5 |  | 0.5 |  | 0.4 |  |
| Total Other Investments | 269.9 | 3.0 | 270.0 | 2.6 | 233.7 | 2.2 |
| Total Investments | $8789.5 | 100.0% | $10387.4 | 100.0% | $10424.1 | 100.0% |
| <sup>1</sup> Sum of percentages for individual lines may not equal subtotals and grand total due to rounding. | <sup>1</sup> Sum of percentages for individual lines may not equal subtotals and grand total due to rounding. | <sup>1</sup> Sum of percentages for individual lines may not equal subtotals and grand total due to rounding. | <sup>1</sup> Sum of percentages for individual lines may not equal subtotals and grand total due to rounding. |  |  |  |

---

------

**Kemper Corporation**

**Details of Invested Assets (continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2022 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2020 |
| | Carrying<br>Value | Percent<br>of Total<sup>1</sup> | Carrying<br>Value | Percent<br>of Total<sup>1</sup> | Carrying<br>Value | Percent<br>of Total<sup>1</sup> |
| **<u>S&P Equivalent Rating for Fixed Maturities</u>** |  |  |  |  |  |  |
| AAA, AA, A | $4896.4 | 71.0% | $5351.6 | 67.0% | $4759.9 | 62.6% |
| BBB | 1687.4 | 24.5 | 2215.1 | 27.7 | 2355.6 | 31.0 |
| BB, B | 239.7 | 3.5 | 331.0 | 4.2 | 353.1 | 4.6 |
| CCC or Lower | 71.3 | 1.0 | 89.2 | 1.1 | 137.3 | 1.8 |
| Total Investments in Fixed Maturities | $6894.8 | 100.0% | $7986.9 | 100.0% | $7605.9 | 100.0% |
| **<u>Duration (in Years)</u>** |  |  |  |  |  |  |
| Total Investments in Fixed Maturities | 8.2 |  | 8.5 |  | 7.8 |  |

---

------

**Kemper Corporation**

**Investment Concentration**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2022 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2020 |
| **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 | $2007.5 | 22.8% | $1996.7 | 19.2% | $1916.3 | 18.4% |
| Manufacturing | 1085.9 | 12.4 | 1571.0 | 15.1 | 1633.5 | 15.7 |
| Transportation, Communication and Utilities | 733.7 | 8.3 | 815.8 | 7.9 | 825.5 | 7.9 |
| Services | 602.4 | 6.9 | 617.5 | 5.9 | 581.3 | 5.6 |
| Mining | 173.3 | 2.0 | 254.3 | 2.4 | 285.7 | 2.7 |
| Retail Trade | 165.1 | 1.9 | 171.4 | 1.7 | 172.6 | 1.7 |
| Construction | 11.7 | 0.1 | 13.1 | 0.1 |  |  |
| Other | 14.2 | 0.2 | 14.1 | 0.1 | 11.0 | 0.1 |
| Total Fair Value of Non-governmental Fixed Maturities | $4793.8 | 54.6% | $5453.9 | 52.4% | $5425.9 | 52.1% |

---

---

| | | |
|:---|:---|:---|
| | Dec 31, 2022 | Dec 31, 2022 |
| **Ten Largest Investment Exposures** <sup>1</sup> | Fair<br>Value | Percent<br>of Total<br>Investments |
| Fixed Maturities: |  |  |
| &nbsp;&nbsp;&nbsp;States including their Political Subdivisions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas | $139 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;California | 126.7 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | 85.8 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Michigan | 83.9 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Georgia | 78.5 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana | 64.3 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 60.9 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | 57.1 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Colorado | 50.5 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts | 47.9 | 0.5 |
| Total | $794.6 | 9.0% |

---

<sup>1</sup>Excluding Investments in U.S. Government and Government Agencies and Authorities at December 31, 2022.

------

**Kemper Corporation**

**Municipal Bond Securities**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31, 2022 | Dec 31, 2022 | Dec 31, 2022 | Dec 31, 2022 | Dec 31, 2022 | Dec 31, 2022 |
| | State<br>General<br>Obligation | Political<br>Subdivision<br>General<br>Obligation | Revenue | Total Fair<br>Value | Percent<br>of Total<br>Muni Bond<sup>1</sup> | Percent<br>of Total<br>Investments<sup>1</sup> |
| Texas | $20.3 | $113.4 | $5.3 | $139 | 8.9% | 1.6% |
| California | 10.5 | 116.2 |  | 126.7 | 8.1 | 1.4 |
| New York | 17.9 | 67.9 |  | 85.8 | 5.5 | 1.0 |
| Michigan |  | 73.0 | 10.9 | 83.9 | 5.3 | 1.0 |
| Georgia | 5.9 | 68.4 | 4.2 | 78.5 | 5.0 | 0.9 |
| Louisiana | 5.1 | 27.0 | 32.2 | 64.3 | 4.1 | 0.7 |
| Pennsylvania | 2.7 | 58.2 |  | 60.9 | 3.9 | 0.7 |
| Florida |  | 57.1 |  | 57.1 | 3.6 | 0.6 |
| Colorado |  | 50.5 |  | 50.5 | 3.2 | 0.6 |
| Massachusetts | 1.3 | 39.2 | 7.4 | 47.9 | 3.1 | 0.5 |
| Oregon | 2.2 | 20.8 | 24.7 | 47.7 | 3.0 | 0.5 |
| Missouri | 1.1 | 41.0 |  | 42.1 | 2.7 | 0.5 |
| Washington | 1.3 | 30.3 | 7.7 | 39.3 | 2.5 | 0.4 |
| Ohio |  | 38.5 |  | 38.5 | 2.5 | 0.4 |
| New Mexico |  | 38.5 |  | 38.5 | 2.5 | 0.4 |
| Illinois | 0.5 | 36.3 |  | 36.8 | 2.3 | 0.4 |
| Virginia |  | 28.9 | 6.3 | 35.2 | 2.2 | 0.4 |
| Minnesota | 2.1 | 32.9 |  | 35.0 | 2.2 | 0.4 |
| Indiana |  | 33.7 |  | 33.7 | 2.1 | 0.4 |
| Maryland | 2.4 | 27.7 | 2.0 | 32.1 | 2.0 | 0.4 |
| Connecticut |  | 16.4 | 13.2 | 29.6 | 1.9 | 0.3 |
| Tennessee | 4.2 | 19.0 | 3.2 | 26.4 | 1.7 | 0.3 |
| District of Columbia |  | 20.1 | 6.3 | 26.4 | 1.7 | 0.3 |
| Mississippi |  | 10.5 | 12.2 | 22.7 | 1.4 | 0.3 |
| Rhode Island | 1.6 | 20.4 |  | 22.0 | 1.4 | 0.3 |
| Oklahoma |  | 21.9 |  | 21.9 | 1.4 | 0.2 |
| Arizona | 0.8 | 20.2 |  | 21.0 | 1.3 | 0.2 |
| North Carolina | 1.7 | 18.3 |  | 20.0 | 1.3 | 0.2 |
| New Hampshire | 0.4 | 17.7 |  | 18.1 | 1.2 | 0.2 |
| Utah |  | 16.7 |  | 16.7 | 1.1 | 0.2 |
| South Carolina |  | 15.6 |  | 15.6 | 1.0 | 0.2 |
| Nebraska | 5.9 | 9.3 |  | 15.2 | 1.0 | 0.2 |
| North Dakota |  | 14.9 |  | 14.9 | 0.9 | 0.2 |
| Alabama |  | 14.1 |  | 14.1 | 0.9 | 0.2 |
| Kentucky |  | 13.3 |  | 13.3 | 0.8 | 0.2 |
| Iowa |  | 11.4 |  | 11.4 | 0.7 | 0.1 |
| Montana |  | 10.6 |  | 10.6 | 0.7 | 0.1 |
| Alaska | 2.7 | 5.9 | 1.6 | 10.2 | 0.6 | 0.1 |
| Idaho |  | 9.7 |  | 9.7 | 0.6 | 0.1 |
| All Other States | 10.4 | 40.2 | 6.5 | 57.1 | 3.6 | 0.6 |
| Total | $101.0 | $1325.7 | $143.7 | $1570.4 | 100.0% | 17.9% |
| <sup>1</sup> Sum of percentages for individual lines may not equal total due to rounding. | <sup>1</sup> Sum of percentages for individual lines may not equal total due to rounding. | <sup>1</sup> Sum of percentages for individual lines may not equal total due to rounding. | <sup>1</sup> Sum of percentages for individual lines may not equal total due to rounding. |  |  |  |

---

------

**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>2022 | Dec 31,<br>2022 | Dec 31, 2021 |
| **Reported as Equity Method Limited Liability Investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine Debt | $51.6 | $114.3 | $120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Debt | 42.0 | 21.6 | 27.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distressed Debt |  | 9.4 | 21.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secondary Transactions | 1.7 | 9.3 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leveraged Buyout | 0.6 | 8.9 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Equity |  | 1.2 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  | 43.3 | 29.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge Fund |  | 0.5 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 8.5 | 13.0 |
| Total Equity Method Limited Liability Investments | 95.9 | 217.0 | 241.9 |
| Alternative Energy Partnership Investments |  | 16.3 | 39.6 |
| **Reported as Other Equity Interests at Fair Value:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine Debt | 56.0 | 106.0 | 129.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Debt | 6.0 | 21.9 | 29.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distressed Debt | 13.0 | 12.5 | 44.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secondary Transactions | 4.2 | 3.5 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge Funds |  | 18.1 | 82.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leveraged Buyout | 9.0 | 21.6 | 32.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Equity | 7.9 | 5.4 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.2 | 0.1 |  |
| Total Reported as Other Equity Interests at Fair Value | 96.3 | 189.1 | 325.0 |
| **Reported as Other Equity Interests at Modified Cost:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 8.3 | 7.7 |
| Total Reported as Other Equity Interests at Modified Cost |  | 8.3 | 7.7 |
| Total Investments in Limited Liability Companies and Limited Partnerships | $192.2 | $430.7 | $614.2 |

---

------

**Kemper Corporation**

**Definitions of Non-GAAP Financial Measures**

The Company believes that investors' understanding of Kemper's performance is enhanced by the disclosure of the following non-GAAP financial measures. The methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

**Book Value Per Share Excluding Goodwill** is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders' equity excluding goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. Book Value Per Share Excluding Goodwill is a common measure used by analysts and investors to compare similar companies.

**Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities** is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders' equity after excluding the after-tax impact of net unrealized (gains) losses on fixed income securities by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized (gains) losses on fixed income securities in conjunction with book value per share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

**Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill** is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders' equity after excluding the after-tax impact of net unrealized (gains) losses on fixed income securities and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized (gains) losses on fixed income securities and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

**Adjusted Consolidated Net Operating Income (Loss)** is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) the after-tax impact of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Income (Loss) from 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 and Other Charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Significant non-recurring or infrequent items that may not be indicative of ongoing operations

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss). There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the year ended December 31, 2022 or 2021.

The Company believes that Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Income (Loss) from Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) and Impairment Losses related to investments included in the Company's results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company's investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company's financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company's business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the overall profitability of the Company's businesses.

------

**Kemper Corporation**

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | 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>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| Net Income (Loss) | $(55.5) | $(76.2) | $(74.7) | $(94.8) | $(105.8) | $(75.3) | $(62.6) | $123.2 | $(301.2) | $(120.5) |
| Less Net Income (Loss) From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (8.8) | (32.0) | (22.3) | 17.5 | (0.5) | 32.3 | 41.2 | (63.1) | 90.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 3.1 | (9.6) | 8.7 | 1.2 | 17.2 | 7.9 | 15.2 | 10.9 | 3.4 | 51.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (2.9) | (6.6) | (3.9) | (7.0) | (2.5) | (0.5) | (2.5) | (3.2) | (20.4) | (8.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (29.1) | (20.7) | (7.8) | (3.7) | (7.2) | (6.4) | (8.2) | (12.9) | (61.3) | (34.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension and Other Charges |  |  |  | (2.9) |  |  |  |  | (2.9) |  |
| Adjusted Consolidated Net Operating Income (Loss) | $(26.6) | $(30.5) | $(39.7) | $(60.1) | $(130.8) | $(75.8) | $(99.4) | $87.2 | $(156.9) | $(218.8) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | 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 |
| *(Unaudited)* | Dec 31,<br>2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| Net Income (Loss) Per Unrestricted Share | $(0.87) | $(1.19) | $(1.17) | $(1.49) | $(1.66) | $(1.18) | $(0.97) | $1.88 | $(4.72) | $(1.87) |
| Less Net Income (Loss) Per Unrestricted Share From: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (0.14) | (0.50) | (0.35) | 0.27 | (0.01) | 0.50 | 0.63 | (0.99) | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains (Losses) | 0.05 | (0.15) | 0.13 | 0.02 | 0.27 | 0.13 | 0.24 | 0.17 | 0.05 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (0.05) | (0.10) | (0.06) | (0.11) | (0.04) | (0.01) | (0.04) | (0.05) | (0.32) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.46) | (0.32) | (0.12) | (0.06) | (0.11) | (0.10) | (0.13) | (0.20) | (0.95) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension and Other Charges |  |  |  | (0.05) |  |  |  |  | (0.05) |  |
| Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share | $(0.41) | $(0.48) | $(0.62) | $(0.94) | $(2.05) | $(1.19) | $(1.54) | $1.33 | $(2.46) | $(3.40) |

---

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

**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.

------

**Kemper Corporation**

**As Adjusted for Acquisitions Non-GAAP Financial Measure**

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

------

 **Kemper Corporation**

 **As Adjusted for Acquisitions - Consolidated Financial Highlights**

**(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, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Earned Premiums** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper - GAAP As Reported | $1267 | $1307 | $1353.7 | $1338.6 | $1359.1 | $1356.1 | $1337.7 | $1200.8 | $5266.3 | $5253.7 |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 87.9 |  | 87.9 |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $1267 | $1307 | $1353.7 | $1338.6 | $1359.1 | $1356.1 | $1337.7 | $1288.7 | $5266.3 | $5341.6 |
| **Adjusted Consolidated Net Operating Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper | $(26.6) | $(30.5) | $(39.7) | $(60.1) | $(130.8) | $(75.8) | $(99.4) | $87.2 | $(156.9) | $(218.8) |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 12.3 |  | 12.3 |
| &nbsp;&nbsp;&nbsp;Less: Impact of Purchase Accounting | (3.0) | (3.5) | (3.4) | (3.5) | (4.5) | (6.7) | (10.1) | (1.8) | (13.4) | (23.1) |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $(23.6) | $(27.0) | $(36.3) | $(56.6) | $(126.3) | $(69.1) | $(89.3) | $101.3 | $(143.5) | $(183.4) |
| <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. |

---

------

 **Kemper Corporation**

**Selected Financial Information**

**As Adjusted for Acquisitions - Specialty Property & Casualty Insurance Segment**

**(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, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Earned Premiums** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty P&C - GAAP As Reported | $981.6 | $999.5 | $1043.7 | $1021.6 | $1032.3 | $1028.3 | $1010.3 | $877.6 | $4046.4 | $3948.5 |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 87.9 |  | 87.9 |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $981.6 | $999.5 | $1043.7 | $1021.6 | $1032.3 | $1028.3 | $1010.3 | $965.5 | $4046.4 | $4036.4 |
| **Current Year Non-CAT Losses and LAE** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty P&C - GAAP As Reported | $859.3 | $868 | $930.2 | $911.7 | $1028.5 | $924.4 | $877.4 | $650 | $3569.2 | $3480.3 |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 62.0 |  | 62.0 |
| &nbsp;&nbsp;&nbsp;Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Fair Value Adjustment to Unpaid Loss and LAE |  | 0.1 | 0.1 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 1.2 |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $859.3 | $867.9 | $930.1 | $911.4 | $1028.3 | $924.1 | $877.1 | $711.6 | $3568.7 | $3541.1 |
| **Insurance Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty P&C - GAAP As Reported | $198.4 | $198.8 | $205.4 | $199.3 | $204.4 | $194.2 | $205.6 | $170.3 | $801.9 | $774.5 |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 13.1 |  | 13.1 |
| &nbsp;&nbsp;&nbsp;Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of VOBA | 0.1 | 0.1 | 0.1 | 1.4 | 4.5 | 12.8 | 24.8 | 0.3 | 1.7 | 42.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Estimated Legacy AAC Deferred Policy Acquisition Costs ("DPAC") |  |  |  | (0.8) | (2.8) | (8.4) | (16.0) |  | (0.8) | (27.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of VOBA, Net of Legacy DPAC | 0.1 | 0.1 | 0.1 | 0.6 | 1.7 | 4.4 | 8.8 | 0.3 | 0.9 | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Finite Life Intangible Assets Acquired | 2.5 | 3.2 | 2.9 | 3.1 | 3.1 | 3.1 | 3.0 | 0.9 | 11.7 | 10.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1.2 | 1.0 | 1.2 | 1.0 | 1.1 | 1.1 | 1.1 | 1.1 | 4.4 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Purchase Accounting Adjustments | 3.8 | 4.3 | 4.2 | 4.7 | 5.9 | 8.6 | 12.9 | 2.3 | 17.0 | 29.7 |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $194.6 | $194.5 | $201.2 | $194.6 | $198.5 | $185.6 | $192.7 | $181.1 | $784.9 | $757.9 |
| **Underlying Combined Ratio**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty P&C Segment - GAAP As Reported | 107.8% | 106.8% | 108.8% | 108.7% | 119.4% | 108.9% | 107.3% | 93.5% | 108.0% | 107.7% |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | 107.4% | 106.3% | 108.4% | 108.3% | 118.8% | 107.9% | 105.9% | 92.5% | 107.6% | 106.5% |
| <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. |

---

------

**Kemper Corporation**

**Selected Financial Information**

**As Adjusted for Acquisitions - Specialty Personal Automobile Insurance**

**(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, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Earned Premiums** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty Personal Automobile Insurance - GAAP As Reported | $830.4 | $858.8 | $905.8 | $901.7 | $918.1 | $920.6 | $909.6 | $785.4 | $3496.7 | $3533.7 |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 87.9 |  | 87.9 |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $830.4 | $858.8 | $905.8 | $901.7 | $918.1 | $920.6 | $909.6 | $873.3 | $3496.7 | $3621.6 |
| **Current Year Non-CAT Losses and LAE** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty Personal Automobile Insurance - GAAP As Reported | $739.8 | $757.8 | $828.6 | $827.7 | $938.5 | $843.9 | $805.1 | $586.4 | $3153.9 | $3173.9 |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 62.0 |  | 62.0 |
| &nbsp;&nbsp;&nbsp;Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Fair Value Adjustment to Unpaid Loss and LAE |  | 0.1 |  | 0.3 | 0.2 | 0.3 | 0.2 | 0.3 | 0.4 | 1.0 |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $739.8 | $757.7 | $828.6 | $827.4 | $938.3 | $843.6 | $804.9 | $648.1 | $3153.5 | $3234.9 |
| **Insurance Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty Personal Automobile Insurance - GAAP As Reported | $172.2 | $172.9 | $179.7 | $177.3 | $184.3 | $176 | $187.7 | $155.3 | $702.1 | $703.3 |
| &nbsp;&nbsp;&nbsp;AAC - Prior to Acquisition |  |  |  |  |  |  |  | 13.1 |  | 13.1 |
| &nbsp;&nbsp;&nbsp;Less: Impact of Purchase Accounting |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of VOBA | 0.1 |  | 0.1 | 1.4 | 4.4 | 12.8 | 24.7 | 0.2 | 1.6 | 42.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Estimated Legacy AAC Deferred Policy Acquisition Costs ("DPAC") |  |  |  | (0.8) | (2.8) | (8.4) | (16.0) |  | (0.8) | (27.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of VOBA, Net of Legacy DPAC | 0.1 |  | 0.1 | 0.6 | 1.6 | 4.4 | 8.7 | 0.2 | 0.8 | 14.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Finite Life Intangible Assets Acquired | 2.4 | 3.0 | 2.7 | 2.9 | 3.0 | 2.9 | 2.8 | 0.7 | 11.0 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 0.9 | 0.8 | 1.0 | 0.8 | 0.9 | 0.8 | 0.9 | 0.9 | 3.5 | 3.5 |
| &nbsp;&nbsp;&nbsp;Total Purchase Accounting Adjustments | 3.4 | 3.8 | 3.8 | 4.3 | 5.5 | 8.1 | 12.4 | 1.8 | 15.3 | 27.8 |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | $168.8 | $169.1 | $175.9 | $173 | $178.8 | $167.9 | $175.3 | $166.6 | $686.8 | $688.6 |
| **Underlying Combined Ratio**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kemper Specialty Personal Automobile Insurance - GAAP As Reported | 109.8% | 108.4% | 111.3% | 111.5% | 122.3% | 110.8% | 109.1% | 94.5% | 110.3% | 109.7% |
| &nbsp;&nbsp;&nbsp;As Adjusted for Acquisitions<sup>1</sup> | 109.4% | 107.9% | 110.9% | 110.9% | 121.7% | 109.9% | 107.8% | 93.3% | 109.8% | 108.3% |
| <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. | <sup>1</sup> As Adjusted for Acquisitions is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting. See page 36. |

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## Exhibit 99.3

![](kmpr20221231ex993001.jpg)

Earnings Call Presentation – 4Q 2022 Fourth Quarter 2022 Earnings February 2, 2023

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![](kmpr20221231ex993002.jpg)

Earnings Call Presentation – 4Q 2022 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; • supply chain disruption; • product demand and pricing; • effects of governmental and regulatory actions; • litigation outcomes; • investment risks; • cybersecurity risks; • impact of catastrophes; and • other risks and uncertainties detailed in Kemper's Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission ("SEC"). The COVID-19 outbreak and subsequent global pandemic ("Pandemic") is an extraordinary catastrophe that creates unique uncertainties and risks. Kemper cannot provide any assurances as to the impacts of the Pandemic and related economic conditions on Kemper's operating and financial results. Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this presentation, including any such statements related to the Pandemic. 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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![](kmpr20221231ex993003.jpg)

Earnings Call Presentation – 4Q 2022 Leading Insurer Empowering Specialty and Underserved Markets 3 Enabled by a dynamic, diverse and innovative team who act like owners 1 Kemper Auto is equivalent to the Specialty Property & Casualty Insurance Segment Target top quartile value creation for customers, employees and shareholders Require unique expertise Have limited or unfocused competition Enable systematic, sustainable competitive advantages Delivering appropriate and affordable insurance and financial solutions Specialty auto insurance for underserved markets; Latino, Hispanic and urban areas Life insurance for low/modest income customers Target Markets Differentiated Capabilities Product sophisticationEase of useLow-cost management 1 Distribution

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![](kmpr20221231ex993004.jpg)

Earnings Call Presentation – 4Q 2022 Fourth Quarter 2022 Highlights 1 As adjusted for acquisition; see reconciliation on pages 26-28 2 Non-GAAP financial measure; please see reconciliation in appendix on pages 20-25 3 Return on average shareholders' equity (5-point average) 4 Normalized profitability improving; results impacted by seasonality and modest adverse development Inflation pressures continued to impact the insurance sector • Elevated severity continues to impact auto insurers, but sequential increases continue to moderate • Economic slowdown beginning to reduce used car prices and salvage values; albeit at different rates Macroeconomic Environment Profit restoration ongoing; aggressively pursuing all improvement opportunities • Rate-taking activities exceeded forecast: • Specialty P&C Personal Auto – Filed an additional 20% increase on 58% of the book • Preferred P&C Personal Auto – Filed an additional 16% increase on 15% of the book • Cumulative written rate benefits will continue to earn in at an accelerated rate • Specialty P&C Personal Auto – 49 points of rate on 43% of the book since Q2'21 • Preferred P&C Personal Auto – 18 points of rate on 75% of the book since Q2'21 • LAE, Expense, and Real Estate initiatives ahead of planned targets Actions Taken Underlying profitability improvement offset by seasonality and modest prior quarter development • Net loss of $56M (-$0.87/sh), as reported, or $53M (-$0.82/sh), as adjusted1 • Adjusted consolidated net operating loss2 of $27M (-$0.41/sh), as reported, or $24M (-$0.37/sh), as adjusted1 • -10% ROAE2,3, -15% ROAE2,3 excluding net unrealized (gain)/loss on fixed maturities and goodwill1 4th Quarter Results Capital and liquidity positions enable the company to continue to invest in core capability enhancements and navigate environmental challenges • Holding company remains a source of strength for subsidiaries with nearly $1.3B of liquidity • Focused on deleveraging to return to our long-term target of 17–22% debt-to-capital range Balance Sheet Strength

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![](kmpr20221231ex993005.jpg)

Earnings Call Presentation – 4Q 2022 Fourth Quarter 2022 Financial Highlights 5 Focus remains on restoring business to profitability Actions continue to take hold and earn into financial results Quarter Ended Year Ended ($ in millions, except per share amounts) Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Net Income (Loss) – Per Diluted Share $(0.87) $(1.66) $(4.72) $(1.87) Adj. Consolidated Net Op. Income (Loss) – Per Diluted Share1 $(0.41) $(2.05) $(2.46) $(3.40) Tangible BV Per Common Share excluding unrealized gains1 $29.10 $34.44 $29.10 $34.44 Return on Avg. Tangible Common Equity1 (14.9)% (4.9)% (14.9)% (4.9)% Dividend Paid to Shareholders Per Share $0.31 $0.31 $1.24 $1.24 Life Face Value of In-Force Growth / (Decline) (2.0)% 3.0% (2.0)% 3.0% Specialty P&C Earned Premium Growth2 / (Decline) (4.8)% 6.0% 0.2% 9.1% Specialty P&C PIF Growth / (Decline) (19.2)% 4.5% (19.2)% 4.5% As Adjusted2 Net Income (Loss) – Per Diluted Share $(0.82) $(1.59) $(4.51) $(1.42) Adj. Consolidated Net Op. Income (Loss) – Per Diluted Share1 $(0.37) $(1.98) $(2.25) $(2.85) 1 Non-GAAP financial measure; see reconciliation in appendix on pages 20-25; excludes impact of purchase accounting 2 As adjusted for acquisition; see reconciliation on pages 26-28

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![](kmpr20221231ex993006.jpg)

Earnings Call Presentation – 4Q 2022 Fourth Quarter Normalizing Adjustments 6 Results impacted by seasonality and modest development 1 Non-GAAP financial measure; see reconciliation in appendix on pages 20-25 Optimistic on underwriting improvement in 2023 given normalized results Fourth Quarter 2022 Ratios Specialty P&C (%) Preferred P&C (%) Pre-tax Impact ($M) P&C Underlying Combined Ratios1 107.8 106.6 - Adjustments Estimated Seasonality Impact (Range Mid-point) (1.7) (1.6) 19.0 Net Intra-year Development Recognized in the Qtr. (0.9) (2.0) 11.3 P&C Other 0.8 - (8.1) Normalized P&C Underlying Combined Ratios 106.0 103.0 $22.2

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![](kmpr20221231ex993007.jpg)

Earnings Call Presentation – 4Q 2022 Kemper P&C Business Reserve Update 7 Strong data and analytics enable efficient reserving practice that appropriately reflects environment 1 Specialty P&C is represented by the Kemper Auto Brand 2 Preferred P&C is equivalent to Kemper Personal Insurance Full Year Prior Year Development Favorable, Inclusive of Modest Adverse Q4 Development • Kemper P&C insurance businesses favorable $17.4M YTD, adverse $7.8M this quarter • Specialty P&C1 favorable $14.0M YTD, adverse $10.1M this quarter • Preferred P&C2 favorable $3.4M YTD, favorable $2.3M this quarter Current Year Prior Quarter Loss and Legal Cost Development this Quarter • Specialty P&C1 adverse of $7.2M • Preferred P&C2 adverse of $2.7M • Driven by: • Elongated settlement timelines for third party claims • Additional defense costs driven by an increased ratio of litigated PIP claims • Salvage values increasing, but less than total loss values The quality and speed with which we generate information continues to allow us to identify and quickly address loss pattern developments

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![](kmpr20221231ex993008.jpg)

Earnings Call Presentation – 4Q 2022 Streamlining Our Cost Structure 8 Advancing differentiated capabilities to strengthen systematic, sustainable competitive advantages Initiatives accelerate return to profitability and enhance long-term value creation 61 150 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 FY'24-FY'25 Proj. Prog. Total Program Savings ($ millions)• Restructuring and integration pre-tax charges of $150M - $200M will produce an annualized savings of $150M or greater • Since its inception, this program has driven total run rate savings of $61M, and we have incurred total pre-tax charges of $36M (Pre-tax, $ in millions) 4Q'22 Run Rate Total Program % Reached Ru n Ra te S av in gs Loss Adjustment Expense (LAE) Improvements $34 $80-$120 28-43% Enterprise Expense Initiatives (ex-Real Estate & LAE) $18 $60-$70 26-30% Real Estate Optimization $9 $10 90% Total Run Rate Program Savings $61 $150+ 42-60% Total Earned on Run Rate Savings $14 Associated Charges $36 $150-$200 18%-24%

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![](kmpr20221231ex993009.jpg)

Earnings Call Presentation – 4Q 2022 Strong Balance Sheet with Well-Funded Insurance Entities 9 Significant capital and liquidity positions Initiatives accelerate return to profitability and enhance long-term value creation 1 The 4Q'22 Risk-Based Capital Ratios are calculated at the Company Action Level and are estimated. Actual RBC levels are likely to differ materially from these estimates, as they will be affected by numerous market inputs, none of which will be known prior to February 2, 2023 2 Excludes AOCI: closely aligns with rating agencies and post LDTI implementation 29.0% 23.6% 23.1% 17.6% 23.2% 24.0% 30.2% 2016 2017 2018 2019 2020 2021 2022 Debt-to-Capital2 Parent Company Liquidity Risk-Based Capital Ratios¹ $299 $197 $101 $207 $733 $234 $418 $385 $385 $540 $660 $700 $704 $918 2016 2017 2018 2019 2020 2021 2022 Borrowings Available Under Credit Agreement & from Subs HoldCo Cash & Investments ($ M) 415 430 410 355 340 355 645 335 290 285 365 330 220 250 2016 2017 2018 2019 2020 2021 2022 Life P&C (ex. AU & AACC) (%) $684 $867 $641$582 $1,433 $938 $1,336 Debt Cash Flow from Operating Activities ($ M) $241 $241 $539 $534 $448 $351 $(220) 2016 2017 2018 2019 2020 2021 2022

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![](kmpr20221231ex993010.jpg)

Earnings Call Presentation – 4Q 2022 Diversified Investment Portfolio with Consistent Returns 10 1Other category includes Equity Securities, which excludes $197M of Other Equity Interests of LP/LLC's that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance; 2 Bloomberg single-A rated corporate credit index, December 31 2022 4.6% 4.2% 5.0% 4.2% 4.6% 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 55% 18% 6% 6% 5% 7% 3% Other States/ Munis COLI 71% 24% 4% 1% Diversified & Highly-Rated Portfolio Fixed Maturity Ratings $6.9 Billion A or Higher ≤ CCCB / BB BBB • High quality and liquid portfolio provides safety and opportunity in volatile markets • New investment yields up 250-3002 bps over prior- year • 4.6% PTE annualized book yield, increase in core portfolio investment income reflective of the higher rate environment $85 $79 $85 $90 $95 $23 $21 $34 $8 $11 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 Core Portfolio Alternative Inv. Portfolio Net Investment Income ($ M) $119 $100 $108 Highlights Corporates Alternatives U.S Gov't Portfolio Composition¹ Pre-Tax Equiv. Annualized Book Yield $8.8 Billion $98 Short Term $106

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![](kmpr20221231ex993011.jpg)

Earnings Call Presentation – 4Q 2022 Fourth Quarter 2022 – Strategic Updates 11 Reciprocal set-up is underway; review of Kemper Personal Insurance ongoing Initiatives focused on creating long-term shareholder value 1. Establishment of Reciprocal Exchange Structure: • Submitted initial filing with the Illinois Department of Insurance with respect to reciprocal's formation • Formed Kemper Management LLC to serve as the reciprocal's attorney-in-fact • Anticipate writing auto business in the structure during 3Q'23 • Deconsolidation of the exchange is expected within 5 to 7 years 2. Completed the sale of Reserve National Insurance Company (Kemper Health) • Transaction closed on December 1, 2022 3. Strategic review of Kemper Personal Insurance¹ • Business assessment continues; expect additional updates when available 1 Property & Casualty Insurance Segment is represented by our Kemper Personal Insurance brand.

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![](kmpr20221231ex993012.jpg)

Earnings Call Presentation – 4Q 2022 Specialty Property & Casualty Insurance Segment 12 Normalized underwriting profits improving; quarter noise driven by seasonality and modest loss pattern 1 Non-GAAP financial measure; see reconciliation in appendix on pages 20-25; excludes impact of purchase accounting; 2 Represents the percent of total book impacted in the quarter and the weighted average rate of actual filings; 3 Period rate goes into effect Business expected to be profitable in 1H'23 with underwriting income by 2H'23 119.4 108.7 108.8 106.8 107.8107.7 108.7 108.8 108.1 108.0 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 Underlying Combined Ratio1 QTD YTD (%) Highlights Rate Actions2 Overall Impact Filed Effective3 Written Earned % Prem Impacted Wtd Avg Rate % Prem Impacted Wtd Avg Rate Cumulative Impact on Specialty Personal Auto Book 3Q'22 7% 16% 6% 15% 13.7% 4.7% 4Q'22 58% 20% 31% 12% 15.2% 8.0% 1Q'23 ~34% ~28% ~60% ~7% ~22.0% ~11.8% • Atypical adverse prior-quarter development and seasonality drove underlying combined ratio change • Sequential improvement in normalized underlying combined ratio of ~1 pt driven by accelerated earn-in of rate and underwriting actions • Filed actions continue to outpace projections • PPA earned rate continues to accelerate • Continued strong profitable Commercial Vehicle growth • Net written premium growth of 33% • Quarter and full year combined ratios of 93.8% and 94.8% respectively Metrics ($ in millions) 4Q'22 4Q'21 Change vs. 4Q'21 Earned Premiums $982 $1,032 (4.8%) Underlying Loss & LAE Ratio1 87.6% 99.6% (12.0pts) Expense Ratio 20.2% 19.8% 0.4pts Policies In-Force (000s) 1,779 2,201 (19.2%) Specialty Personal Auto (Rate Activity Since 2Q'21))

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![](kmpr20221231ex993013.jpg)

Earnings Call Presentation – 4Q 2022 Preferred Property & Casualty Insurance Segment [ ] 13 Seasonality, development on prior quarters, and non cat weather impacted results 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 20-25 2 Represents the percent of total book impacted in the quarter and the weighted average rate of actual filings 3 Period rate goes into effect Focus remains on restoring profitability 127.1 116.3 113.0 115.4 118.3 73.7 86.7 92.3 85.9 89.2 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 Underlying Combined Ratio¹ Auto Home & Other Highlights • Underlying loss ratios increased sequentially due to seasonality, non-CAT weather, and development on prior quarters (~$3M) • Filed rate and earned rate activity exceeded expectations • Catastrophe losses of $8.8M are in line with expectations • Business remains under strategic review; will share additional details when available (%) Metrics ($ in millions) 4Q'22 4Q'21 Change vs. 4Q'21 Auto Earned Premiums $84 $101 (16.8)% Policies In-Force (000s) 157 205 (23.4)% Home & Other Earned Premiums $57 $61 (6.6)% Policies In-Force (000s) 170 212 (19.8)% Rate Actions2 Overall Impact Filed Effective3 Written Earned % Prem Impacted Wtd Avg Rate % Prem Impacted Wtd Avg Rate Cumulative Impact on Preferred Personal Auto Book 3Q'22 40% 18% 33% 7% 9.2% 2.5% 4Q'22 15% 16% 31% 14% 12.2% 4.2% 1Q'23 ~28% ~9% ~23% ~18% ~17.3% ~6.3% Preferred Personal Auto (Rate Activity Since 2Q'21)

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![](kmpr20221231ex993014.jpg)

Earnings Call Presentation – 4Q 2022 Life & Health Insurance Segment 14 On path to achieve pre-pandemic profitability during second half of 2023 1 Excludes other income and solar credit impairment 2 Annual basis 3 The Life & Health Insurance Segment includes the results of Reserve National through December 1, 2022, the date it was sold. Profitability improving as mortality normalizes towards pre-pandemic levels $164 $161 $160 $158 $145 $51 $49 $62 $53 $53 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 Revenues1 ($M) Earned Premiums Net Investment Income Note: Chart may not balance, due to rounding • Annualized Life new business sales at pre-pandemic levels • Excess mortality continues to moderate • Pre-tax profitability improvement driven by subsiding pandemic-related headwinds • Completed the divestiture of Reserve National Insurance Company (Kemper Health) in 4Q'22 • New money yields are at or above our spread assumptions • Expected to provide additional information related to LDTI presentation impact during Investor Day Highlights $198 $222$210$215 $211 Metrics ($ in millions, except per policy amounts) 4Q'223 4Q'21 Change vs. 4Q'21 L&H Net Operating Income $21 $5 320% Life Face Value of In-Force $20,022 $20,430 (2.0)% Avg. Face Value per Policy $6,246 $6,192 0.9% Avg. Premium per Policy Issued2 $591 $541 9.2% 3

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![](kmpr20221231ex993015.jpg)

Earnings Call Presentation – 4Q 2022 Fourth Quarter Wrap-Up 15 Business on track to return to profitability during first half of 2023 Remain focused on profit restoration and shareholder value creation Key Takeaways • The financial benefits of strategic initiatives are expected to earn into the book on an accelerated basis • Inputs that underly profitability continue to trend positively • Rate in excess of trend • Mortality improving • Interest rates above pricing assumptions • Restructuring and integration efforts on track to produce targeted expense savings • Reciprocal and Bermuda¹ capital initiatives provide short- and long-term opportunities to further optimize capital and reduce risk 1 In 3Q'22 Kemper completed the cessation of 80% of Kemper's Life business to Kemper Bermuda Ltd.

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![](kmpr20221231ex993016.jpg)

Earnings Call Presentation – 4Q 2022 Appendix 16

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![](kmpr20221231ex993017.jpg)

Earnings Call Presentation – 4Q 2022 Significant, rapid drop in loss trend Actions take time to earn into financials \| illustrative earned rate vs. loss trend comparison 17 Time (not to scale) Ea rn ed R at e an d Lo ss T re nd Δ Earned Rate Loss Trend (frequency & severity) Pre-Pandemic Lockdowns Re-Opening / Future Rate filed Rate to zero Predictable loss trend offset by rate Significant, rapid rise in loss trend Prior to 2020 2Q'20 – 1Q'21 Current+ Rate earning-in ILLUSTRATIVE LOSS TREND vs. RATE CYCLE Rate meeting / exceeding loss trend Implementing Pricing and Underwriting Actions to Combat Trend Target margins return when combination of earned rate and other underwriting actions exceed loss trend

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![](kmpr20221231ex993018.jpg)

Earnings Call Presentation – 4Q 2022 Auto Severity Remains Elevated from Continued Inflationary Pressures 18Source: U.S. Bureau of Labor Statistics • Physical damage severity increased due to higher used car values, replacement parts, and labor costs – Body Work-related costs increased in Q4, growing at approximately double the rate of US Core Inflation – Value of used cars continued to sharply drop in Q4, but has significantly outpaced other severity inputs since the beginning of 2021 • Casualty severity moderated in Q4 but remains elevated due to more severe injuries, medical inflation, and greater attorney representation Price Indices (Indexed to Q4 2018)

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![](kmpr20221231ex993019.jpg)

Earnings Call Presentation – 4Q 2022 2023 Reinsurance Program 19 Renewed Catastrophe XoL Reinsurance; discontinued the Catastrophe Aggregate for 2023 1 Includes year-end 2022 treaty adjustment for 2021 and 2022 treaty years • Policy placed at 01/01/23 - New limit aligned with risk-appetite to cover 1-in-200 occurrence - Minimizes rating agency cost of capital Catastrophe Excess of Loss Program (XOL): • Total coverage: 95% of $275M in excess of $50M • Purchased limit was reduced by $25M versus the prior year due to exposure changes and model enhancements • Total cost increased by $3.7M1 from 2022 Catastrophe Aggregate Program: • Program was discontinued for 2023 HighlightsCatastrophe Reinsurance Program (Multi-Year)

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![](kmpr20221231ex993020.jpg)

Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 20 Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities is a ratio that uses a non-GAAP financial measure. It is calculated by dividing shareholders' equity after excluding the after-tax impact of net unrealized gains on fixed income securities by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trend in book value per share, excluding the after-tax impact of net unrealized gains on fixed income securities in conjunction with book value per share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are generally not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders' equity after excluding the after-tax impact of net unrealized gains on fixed income securities and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains on fixed income securities and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. Kemper believes that Adjusted Consolidated Net Operating Income (Loss) provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Income (Loss) from 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 Related Transaction and Integration Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company's financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions are made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company's business or economic trends.

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![](kmpr20221231ex993021.jpg)

Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 21 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, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio. The Company believes the underlying combined ratio is useful to investors and is used by management to reveal the trends in the Company's property and casualty insurance businesses that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses cause loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on 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 our 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. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business. As Adjusted for Acquisition amounts are non-GAAP financial measures. Subsequent to the applicable acquisitions, the As Adjusted for Acquisitions amounts are computed by subtracting the impact of purchase accounting adjustments from the comparable consolidated GAAP financial measure reported by Kemper. The Company believes computing and presenting results on an adjusted basis are useful to investors and are used by management to provide meaningful and comparable year-over-year comparisons.

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Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 22 Book Value 4Q'22 3Q'22 2Q'22 1Q'22 4Q'21 Book Value Per Share 38.23$38.16$44.64$53.21$62.93$ Less: Net Unrealized (Gains) Losses on Fixed Maturities Per Share 11.21 12.25 7.39 0.21 (7.89) Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities 49.44$50.41$52.03$53.42$55.04$ Less: Goodwill (20.34) (20.33) (20.55) (20.56) (20.60) Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill 29.10$30.08$31.48$32.86$34.44$ For the Periods Ended 2021 2020 2019 2018 2017 Book Value Per Share 62.93$69.74$59.59$47.10$41.11$ Less: Net Unrealized (Gains) Losses on Fixed Maturities Per Share (7.89) (11.07) (6.51) (1.70) (5.54) Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities 55.04$58.67$53.08$45.40$35.57$ Less: Goodwill (20.60) (17.02) (16.72) (17.18) (6.28) Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill 34.44$41.65$36.36$28.22$29.29$ For the Periods Ended

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Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 23 Return on Equity 4Q'22 3Q'22 2Q'22 1Q'22 4Q'21 Rolling 12 Month Return on Average Shareholders' Equity (5 Point Avg) (10.0)% (10.4)% (9.4)% (8.4)% (2.8)% Less: Net Unrealized (Gains) Losses on Fixed Maturities 0.9% 0.1% (0.6)% (0.9)% (0.4)% Rolling 12 Month Return on Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities (5 Point Avg) (9.1)% (10.3)% (10.0)% (9.3)% (3.2)% Excluding: Net Unrealized (Gains) Losses on Fixed Maturities (5 Point Avg) (5.8)% (6.4)% (5.9)% (5.1)% (1.7)% Excluding: Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill (5 Point Avg) (14.9)% (16.7)% (15.9)% (14.4)% (4.9)% For the Periods Ended 2021 2020 2019 2018 2017 Rolling 12 Month Return on Average Shareholders' Equity (5 Point Avg) (2.8)% 9.8% 14.8% 7.7% 5.9% Less: Net Unrealized (Gains) Losses on Fixed Maturities (0.4)% 1.5% 1.5% 0.6% 0.7% Rolling 12 Month Return on Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities (5 Point Avg) (3.2)% 11.3% 16.3% 8.3% 6.6% Excluding: Net Unrealized (Gains) Losses on Fixed Maturities (5 Point Avg) (1.7)% 5.0% 8.4% 3.1% 1.4% Excluding: Net Unrealized (Gains) Losses on Fixed Maturities and Goodwill (5 Point Avg) (4.9)% 16.3% 24.7% 11.4% 8.0% For the Periods Ended

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Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 24 Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share is a non-GAAP financial measure computed by dividing Adjusted Consolidated Net Operating Income (Loss) attributed to unrestricted shares by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net Income (Loss) Per Unrestricted Share. Kemper believes that Diluted Adjusted Consolidated Net Operating Income (Loss) 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 related transaction, integration and other costs and loss from early extinguishment of debt 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 the company's investments, the timing of which is unrelated to the insurance underwriting process. Per Unrestricted Share 4Q22 3Q22 2Q22 1Q22 4Q21 Net Income (Loss) - Diluted (0.87)$(1.19)$(1.17)$(1.49)$(1.66)$ Net (Income) Loss From: Change in Fair Value of Equity & Convertible Securities - 0.14 0.50 0.35 (0.27) Net Realized Investment Gains (Losses) (0.05) 0.15 (0.13) (0.02) (0.27) Impairment Losses 0.05 0.10 0.06 0.11 0.04 Acquisition Related Transaction, Integration and Other Costs 0.46 0.32 0.12 0.06 0.11 Debt Extinguishment, pension and other charges - - - 0.05 - Adj. Consolidated Net Operating Income (Loss) - Diluted (0.41)$(0.48)$(0.62)$(0.94)$(2.05)$ For the Three Months Ended

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Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 25 Underlying Combined Ratio – Continued 4Q22 3Q22 2Q22 1Q22 4Q21 Specialty P&C Insurance Combined Ratio as Reported 108.8% 107.6% 108.0% 108.6% 118.9% Current Year Catastrophe Loss and LAE Ratio 0.0% (1.5)% (0.6)% (0.2)% (0.2)% Prior Years Non-Catastrophe Losses and LAE Ratio (1.0)% 0.7% 1.4% 0.4% 0.7% Prior Years Catastrophe Losses and LAE Ratio 0.0% 0.0% 0.0% (0.1)% 0.0% Underlying Combined Ratio 107.8% 106.8% 108.8% 108.7% 119.4% Preferred P&C Insurance Combined Ratio as Reported 111.2% 110.1% 121.7% 111.6% 115.5% Current Year Catastrophe Loss and LAE Ratio (6.3)% (7.2)% (15.7)% (7.3)% (4.6)% Prior Years Non-Catastrophe Losses and LAE Ratio 0.6% 0.2% (1.2)% (1.3)% (5.2)% Prior Years Catastrophe Losses and LAE Ratio 1.1% 0.5% 0.5% 2.1% 1.2% Underlying Combined Ratio 106.6% 103.6% 105.3% 105.1% 106.9% Preferred Auto Combined Ratio as Reported 118.9% 116.9% 114.7% 118.5% 135.5% Current Year Catastrophe Loss and LAE Ratio (0.7)% (1.2)% (1.7)% (0.5)% (1.3)% Prior Years Non-Catastrophe Losses and LAE Ratio (0.1)% (0.2)% 0.0% (1.6)% (7.2)% Prior Years Catastrophe Losses and LAE Ratio 0.2% (0.1)% 0.0% (0.1)% 0.1% Underlying Combined Ratio 118.3% 115.4% 113.0% 116.3% 127.1% Preferred Home & Other Combined Ratio as Reported 99.8% 100.0% 133.3% 100.5% 82.5% Current Year Catastrophe Loss and LAE Ratio (14.5)% (16.2)% (39.2)% (18.3)% (10.1)% Prior Years Non-Catastrophe Losses and LAE Ratio 1.6% 0.8% (3.2)% (1.0)% (1.8)% Prior Years Catastrophe Losses and LAE Ratio 2.3% 1.3% 1.4% 5.5% 3.1% Underlying Combined Ratio 89.2% 85.9% 92.3% 86.7% 73.7% For the Three Months Ended

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Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 26 As Adjusted for Acquisition – Continued Consolidated Financial Highlights ($ in millions, except per share data) 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 Earned Premiums Kemper - GAAP As Reported 1,267.0$1,307.0$1,353.7$1,338.6$1,359.1$ AAC - Prior to Acquisition - - - - - As Adjusted 1 1,267.0$1,307.0$1,353.7$1,338.6$1,359.1$ Net Income (Loss) Kemper - GAAP As Reported (55.5)$(76.2)$(74.7)$(94.8)$(105.8)$ AAC - Prior to Acquisition - - - - - Less: Impact of Purchase Accounting (3.0) (3.5) (3.4) (3.5) (4.5) As Adjusted 1 (52.5)$(72.7)$(71.3)$(91.3)$(101.3)$ As Adjusted 1 - Per Diluted Share (0.82)$(1.14)$(1.12)$(1.43)$(1.59)$ Adjusted Consolidated Net Operating Income (Loss) Kemper - GAAP As Reported (26.6)$(30.5)$(39.7)$(60.1)$(130.8)$ AAC - Prior to Acquisition - - - - - Less: Impact of Purchase Accounting (3.0) (3.5) (3.4) (3.5) (4.5) As Adjusted 1 (23.6)$(27.0)$(36.3)$(56.6)$(126.3)$ As Adjusted 1 - Per Diluted Share (0.37)$(0.42)$(0.57)$(0.89)$(1.98)$ Three Months Ended 1 As Adjusted is a non-GAAP measure, which is comprised by excluding impact of purchase accounting in 2021 and 2022 and including historical results of Kemper and AAC in periods prior to acquisition date of April 1, 2021

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Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 27 As Adjusted for Acquisition – Continued 1 As Adjusted is a non-GAAP measure, which is comprised by excluding impact of purchase accounting in 2021 and 2022 and including historical results of Kemper and AAC in periods prior to acquisition date of April 1, 2021 Specialty P&C Insurance Segment ($ in millions) 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 Earned Premiums Kemper Specialty P&C - GAAP As Reported 981.6$999.5$1,043.7$1,021.6$1,032.3$ AAC - Prior to Acquisition - - - - - As Adjusted 1 981.6$999.5$1,043.7$1,021.6$1,032.3$ Current Year Non-CAT Losses and LAE Kemper Specialty P&C - GAAP As Reported 859.3$868.0$930.2$911.7$1,028.5$ AAC - Prior to Acquisition - - - - - Less: Impact of Purchase Accounting Amortization of Fair Value Adjustment to Unpaid Loss and LAE - 0.1 0.1 0.3 0.2 As Adjusted 1 859.3$867.9$930.1$911.4$1,028.3$ Insurance Expenses Kemper Specialty P&C - GAAP As Reported 198.4$198.8$205.4$199.3$204.4$ AAC - Prior to Acquisition - - - - - Less: Impact of Purchase Accounting 3.8 4.3 4.2 4.7 5.9 As Adjusted 1 194.6$194.5$201.2$194.6$198.5$ As Adjusted 1 Underlying Combined Ratio As Adjusted 1 Underlying Loss & LAE Ratio 87.5% 86.8% 89.1% 89.2% 99.6% As Adjusted 1 Expense Ratio 19.9% 19.5% 19.3% 19.1% 19.2% As Adjusted 1 Underlying Combined Ratio 107.4% 106.3% 108.4% 108.3% 118.8% Three Months Ended

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![](kmpr20221231ex993028.jpg)

Earnings Call Presentation – 4Q 2022 Non-GAAP Financial Measures 28 As Adjusted for Acquisition – Continued 1 As Adjusted is a non-GAAP measure, which is comprised by excluding impact of purchase accounting in 2021 and 2022 and including historical results of Kemper and AAC in periods prior to acquisition date of April 1, 2021 Specialty Personal Automobile Insurance ($ in millions) 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 Earned Premiums Kemper Specialty P&C - GAAP As Reported 830.4$858.8$905.8$901.7$918.1$ AAC - Prior to Acquisition - - - - - As Adjusted 1 830.4$858.8$905.8$901.7$918.1$ Current Year Non-CAT Losses and LAE Kemper Specialty P&C - GAAP As Reported 739.8$757.8$828.6$827.7$938.5$ AAC - Prior to Acquisition - - - - - Less: Impact of Purchase Accounting Amortization of Fair Value Adjustment to Unpaid Loss and LAE - 0.1 - 0.3 0.2 As Adjusted 1 739.8$757.7$828.6$827.4$938.3$ Insurance Expenses Kemper Specialty P&C - GAAP As Reported 172.2$172.9$179.7$177.3$184.3$ AAC - Prior to Acquisition - - - - - Less: Impact of Purchase Accounting 3.4 3.8 3.8 4.3 5.5 As Adjusted 1 168.8$169.1$175.9$173.0$178.8$ As Adjusted 1 Underlying Combined Ratio As Adjusted 1 Underlying Loss & LAE Ratio 89.1% 88.2% 91.5% 91.8% 102.2% As Adjusted 1 Expense Ratio 20.3% 19.7% 19.4% 19.2% 19.5% As Adjusted 1 Underlying Combined Ratio 109.4% 107.9% 110.9% 110.9% 121.7% Three Months Ended

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