# EDGAR Filing Document

**Accession Number:** 0000860748
**File Stem:** 0000860748-25-000182
**Filing Date:** 2025-8
**Character Count:** 191935
**Document Hash:** afb15bfcff16955cb81f01daebb0d95d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000860748-25-000182.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000860748-25-000182

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250805

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-18298
- **FILM NUMBER:** 251184991

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

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

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

?xml version='1.0' encoding='ASCII'? kmpr-20250805

**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): August 5, 2025** 

**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 August 5, 2025, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the second quarter of 2025 and the availability of Kemper's second 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](kmpr202506302025ex991relea.htm)[August 5](kmpr202506302025ex991relea.htm)[, 2025](kmpr202506302025ex991relea.htm)</u>.

<u>[99.2](kmpr202506302025ex992suppl.htm)[Second](kmpr202506302025ex992suppl.htm)[Quarter 2025 Investor Supplement of Kemper Corporation](kmpr202506302025ex992suppl.htm)</u>.

<u>[99.3](kmpr-6302025xearningsxpr.htm)[Second](kmpr-6302025xearningsxpr.htm)[Quarter 2025 Earnings Call Presentation.](kmpr-6302025xearningsxpr.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;August 5, 2025 | /s/ BRADLEY T. CAMDEN |
| | | **Bradley T. Camden** |
| | | **Executive Vice President and Chief Financial Officer (Principal Financial Officer)** |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

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

---

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

CHICAGO, August 5, 2025 **—** Kemper Corporation (NYSE: KMPR) reported net income of $72.6 million, or $1.12 per diluted share, for the second quarter of 2025, compared to net income of $75.4 million, or $1.16 per diluted share, for the second quarter of 2024.

Adjusted Consolidated Net Operating Income<sup>1</sup> was $84.1 million, or $1.30 per diluted share, for the second quarter of 2025, compared to Adjusted Consolidated Net Operating Income<sup>1</sup> of $91.7 million, or $1.42 per diluted share, for the second quarter of 2024.

*Key themes of the quarter include:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Delivered another quarter of solid operating and financial results; trailing 12-month operating cash flow hit a new high of ~$590 million* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Generated 10% ROE and 15% Adjusted ROE*<sup>1</sup>*; BVPS and Adjusted BVPS*<sup>1</sup> *increased 12.0% and 14.3% YoY, respectively*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Specialty P&C achieved 8% PIF growth YoY and 93.6% underlying combined ratio*<sup>1</sup> *for the quarter*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Life business continued to generate strong return on capital and distributable cash flows*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Parent liquidity remains strong at approximately $1.1 billion; repurchased $80 million of stock between April 1 - July 31*

"We're pleased that we delivered another quarter of strong operating performance," said President and CEO Joseph P. Lacher, Jr. "This was led by our Specialty Auto business which produced a solid underlying combined ratio and meaningful year-over-year growth of policies-in-force. Our balance sheet is strong and our capital and liquidity position provides significant financial flexibility. We're confident that our competitive advantages will drive attractive, sustained profitable growth. We remain committed to delivering value for our shareholders."

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions, Except Per Share Amounts) (Unaudited) | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| Net Income | $72.6 | $75.4 | $172.3 | $146.7 |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | $84.1 | $91.7 | $190.5 | $161.4 |
| *Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income* | $*(6.1)* | $*(22.4)* | $*(11.7)* | $*(35.0)* |
| Diluted Net Income Per Share From: |  |  |  |  |
| Net Income | $1.12 | $1.16 | $2.66 | $2.26 |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | $1.30 | $1.42 | $2.95 | $2.49 |
| *Impact of Catastrophe Losses and Related LAE on Net Income Per Share* | $*(0.09)* | $*(0.35)* | $*(0.18)* | $*(0.54)* |

---

**Revenues** 

Total revenues for the second quarter of 2025 increased $95.7 million to $1,225.6 million compared to the second quarter of 2024, primarily driven by a $148.2 million increase in Specialty Property & Casualty Insurance earned premiums resulting from higher average earned premium per exposure from rate increases and higher business volumes, which was partially offset by a $50.8 million reduction in earned premium from our Non-Core Operations due to lower volumes resulting from the exit and run-off of the Preferred Insurance business.

------

**Segment Results**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions) (Unaudited) | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| Segment Adjusted Net Operating Income (Loss): |  |  |  |  |
| &nbsp;&nbsp;Specialty Property & Casualty Insurance | $79.0 | $102.3 | $176.9 | $171.5 |
| &nbsp;&nbsp;Life Insurance | 12.6 | (0.2) | 29.8 | 11.7 |
| Total Segment Adjusted Net Operating Income | 91.6 | 102.1 | 206.7 | 183.2 |
| Corporate and Other Adjusted Net Operating Loss | (10.3) | (11.4) | (21.7) | (23.9) |
| Less: Net Loss attributable to Noncontrolling Interest | (2.8) | (1.0) | (5.5) | (2.1) |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | 84.1 | 91.7 | 190.5 | 161.4 |
| Net Income (Loss) From: |  |  |  |  |
| &nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.4) | (1.0) | (0.3) | 1.7 |
| &nbsp;&nbsp;Net Realized Investment (Losses) Gains | (0.1) | 1.2 | 0.6 | 6.4 |
| &nbsp;&nbsp;Impairment Losses | (2.8) | (0.1) | (2.6) | (1.3) |
| &nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (3.8) | (5.1) | (8.0) | (15.2) |
| &nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | 2.1 | 0.4 | 2.1 |
| &nbsp;&nbsp;Non-Core Operations | (4.4) | (13.4) | (8.3) | (8.4) |
| Net Income attributable to Kemper Corporation | $72.6 | $75.4 | $172.3 | $146.7 |

---

The Specialty Property and Casualty Insurance segment reported adjusted net operating income of $79.0 million in the second quarter of 2025, compared to adjusted net operating income of $102.3 million in the second quarter of 2024. This decrease was due primarily to a higher Underlying Combined Ratio<sup>1</sup> and higher adverse prior year development, partially offset by growth from rate increases and business volumes. The segment's Underlying Combined Ratio<sup>1</sup> was 93.6 percent compared to 89.6 percent in the second quarter of 2024. The increase was primarily driven by higher claim severity, partially offset by higher average earned premiums per exposure resulting from rate increases.

The Life Insurance segment reported adjusted net operating income of $12.6 million for the second quarter of 2025, compared to adjusted net operating loss of $0.2 million in the second quarter of 2024, primarily driven by an increase in net investment income. Results for the second quarter of 2024 included an $11.9 million after-tax loss from an investment valuation adjustment on one real estate investment from our alternative investment portfolio.

------

**Capital**

Total Kemper Corporation Shareholders' Equity as of June 30, 2025 was $2,953.4 million, an increase of $165.0 million, or 6 percent, since year-end 2024 primarily driven by net income for the year. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $223.2 million, and $600.0 million of available borrowing capacity under the revolving credit agreement.

On May 7, 2025, Kemper announced that its Board of Directors declared a quarterly dividend of $0.32 per share, or $20.8 million. The dividend was paid on June 3, 2025, to its shareholders of record as of May 19, 2025.

Kemper ended the quarter with a book value per share of $46.45, an increase of 6 percent from $43.68 at the end of 2024. Adjusted book value per share<sup>1</sup> was $31.01 at the end of the quarter, compared to $29.04 at the end of 2024.

------

**Unaudited Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 are presented below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions, Except Per Share Amounts) | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums<sup>1</sup> | $1130.8 | $1033.7 | $2218.7 | $2065.6 |
| &nbsp;&nbsp;Net Investment Income | 95.9 | 93.0 | 197.1 | 193.4 |
| &nbsp;&nbsp;Other Income | 3.1 | 3.0 | 5.7 | 5.2 |
| &nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.5) | (1.2) | (0.4) | 2.2 |
| &nbsp;&nbsp;Net Realized Investment (Losses) Gains | (0.1) | 1.5 | 0.8 | 8.1 |
| &nbsp;&nbsp;Impairment Losses | (3.6) | (0.1) | (3.3) | (1.6) |
| **Total Revenues** | 1225.6 | 1129.9 | 2418.6 | 2272.9 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Policyholders' Benefits and Incurred Losses and Loss Adjustment Expenses<sup>2</sup> | 829.1 | 744.4 | 1596.4 | 1500.4 |
| &nbsp;&nbsp;Insurance and Other Expenses | 300.0 | 279.7 | 594.5 | 566.1 |
| &nbsp;&nbsp;Interest Expense | 9.0 | 13.9 | 20.4 | 27.9 |
| **Total Expenses** | 1138.1 | 1038.0 | 2211.3 | 2094.4 |
| Income before Income Taxes | 87.5 | 91.9 | 207.3 | 178.5 |
| Income Tax Expense | 17.7 | 17.5 | 40.5 | 33.9 |
| Net Income | 69.8 | 74.4 | 166.8 | 144.6 |
| Less: Net Loss attributable to Noncontrolling Interest | (2.8) | (1.0) | (5.5) | (2.1) |
| Net Income attributable to Kemper Corporation | $72.6 | $75.4 | $172.3 | $146.7 |
| **Net Income attributable to Kemper Corporation per Unrestricted Share:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $1.13 | $1.17 | $2.69 | $2.28 |
| &nbsp;&nbsp;Diluted | $1.12 | $1.16 | $2.66 | $2.26 |
| **Weighted-average Outstanding (Shares in Thousands):** |  |  |  |  |
| &nbsp;&nbsp;Unrestricted Shares - Basic | 63938.9 | 64395.0 | 63912.9 | 64324.7 |
| &nbsp;&nbsp;Unrestricted Shares and Equivalent Shares - Diluted | 64600.1 | 64891.6 | 64626.5 | 64832.1 |
| **Dividends Paid to Shareholders per Share** | $0.32 | $0.31 | $0.64 | $0.62 |
| <sup>1</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $0.9 million for the three months ended June 30, 2025 and 2024, and a remeasurement loss of $0.7 million for the six months ended June 30, 2025 and 2024. | <sup>1</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $0.9 million for the three months ended June 30, 2025 and 2024, and a remeasurement loss of $0.7 million for the six months ended June 30, 2025 and 2024. | <sup>1</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $0.9 million for the three months ended June 30, 2025 and 2024, and a remeasurement loss of $0.7 million for the six months ended June 30, 2025 and 2024. | <sup>1</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $0.9 million for the three months ended June 30, 2025 and 2024, and a remeasurement loss of $0.7 million for the six months ended June 30, 2025 and 2024. | <sup>1</sup> Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $0.9 million for the three months ended June 30, 2025 and 2024, and a remeasurement loss of $0.7 million for the six months ended June 30, 2025 and 2024. |
| <sup>2</sup> Includes a remeasurement gain related to the liability for future policyholder benefits within the Life insurance business of $0.2 million and $1.7 million for the three months ended June 30, 2025 and 2024, respectively, and a remeasurement gain of $1.5 million for the six months ended June 30, 2024. There was no remeasurement gain or loss for the six months ended June 30, 2025. | <sup>2</sup> Includes a remeasurement gain related to the liability for future policyholder benefits within the Life insurance business of $0.2 million and $1.7 million for the three months ended June 30, 2025 and 2024, respectively, and a remeasurement gain of $1.5 million for the six months ended June 30, 2024. There was no remeasurement gain or loss for the six months ended June 30, 2025. | <sup>2</sup> Includes a remeasurement gain related to the liability for future policyholder benefits within the Life insurance business of $0.2 million and $1.7 million for the three months ended June 30, 2025 and 2024, respectively, and a remeasurement gain of $1.5 million for the six months ended June 30, 2024. There was no remeasurement gain or loss for the six months ended June 30, 2025. | <sup>2</sup> Includes a remeasurement gain related to the liability for future policyholder benefits within the Life insurance business of $0.2 million and $1.7 million for the three months ended June 30, 2025 and 2024, respectively, and a remeasurement gain of $1.5 million for the six months ended June 30, 2024. There was no remeasurement gain or loss for the six months ended June 30, 2025. | <sup>2</sup> Includes a remeasurement gain related to the liability for future policyholder benefits within the Life insurance business of $0.2 million and $1.7 million for the three months ended June 30, 2025 and 2024, respectively, and a remeasurement gain of $1.5 million for the six months ended June 30, 2024. There was no remeasurement gain or loss for the six months ended June 30, 2025. |

---

------

**Unaudited business segment revenues for the three and six months ended June 30, 2025 and 2024 are presented below.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions) | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **REVENUES:** |  |  |  |  |
| **Specialty Property & Casualty Insurance:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $789.3 | $691.5 | $1543 | $1366.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 221.5 | 171.1 | 430.0 | 335.8 |
| &nbsp;&nbsp;Total Earned Premiums | 1010.8 | 862.6 | 1973.0 | 1702.6 |
| &nbsp;&nbsp;Net Investment Income | 49.6 | 46.6 | 100.1 | 87.7 |
| &nbsp;&nbsp;Other Income | 2.7 | 1.6 | 4.0 | 3.0 |
| Total Specialty Property & Casualty Insurance Revenues | 1063.1 | 910.8 | 2077.1 | 1793.3 |
| **Life Insurance:** |  |  |  |  |
| &nbsp;&nbsp;Earned Premiums: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | 84.8 | 84.4 | 168.5 | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident & Health | 5.4 | 5.6 | 10.9 | 11.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property | 10.3 | 10.8 | 20.8 | 21.9 |
| &nbsp;&nbsp;Total Earned Premiums | 100.5 | 100.8 | 200.2 | 198.1 |
| &nbsp;&nbsp;Net Investment Income | 44.7 | 30.5 | 93.1 | 74.8 |
| &nbsp;&nbsp;Other Income | 0.3 | 0.2 | 1.0 | 0.5 |
| Total Life Insurance Revenues | 145.5 | 131.5 | 294.3 | 273.4 |
| **Total Segment Revenues** | 1208.6 | 1042.3 | 2371.4 | 2066.7 |
| Change in Fair Value of Equity and Convertible Securities | (0.5) | (1.2) | (0.4) | 2.2 |
| Net Realized Investment (Losses) Gains | (0.1) | 1.5 | 0.8 | 8.1 |
| Impairment Losses | (3.6) | (0.1) | (3.3) | (1.6) |
| Non-Core Operations | 21.3 | 83.8 | 49.2 | 190.0 |
| Other | (0.1) | 3.6 | 0.9 | 7.5 |
| **Total Revenues** | $1225.6 | $1129.9 | $2418.6 | $2272.9 |

---

------

**KEMPER CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | Jun 30,<br>2025 | Dec 31,<br>2024 |
| **Assets:** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | $6669.1 | $6409.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities at Fair Value | 284.1 | 218.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | 176.2 | 186.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 407.6 | 1037.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Life Insurance | 557.1 | 539.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans to Policyholders  | 278.6 | 280.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 272.8 | 217.1 |
| Total Investments | 8645.5 | 8888.5 |
| Cash | 175.5 | 64.4 |
| Receivables from Policyholders | 1038.7 | 977.9 |
| Other Receivables | 192.9 | 185.7 |
| Deferred Policy Acquisition Costs | 658.2 | 628.9 |
| Goodwill | 1250.7 | 1250.7 |
| Current Income Tax Assets | 57.5 | 63.4 |
| Deferred Income Tax Assets | 67.6 | 93.3 |
| Other Assets | 448.5 | 436.1 |
| Assets of Consolidated Variable Interest Entity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities at Fair Value | 33.3 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 1.5 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments at Cost which Approximates Fair Value | 14.9 | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | 11.6 | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Receivables | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | 1.6 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Tax Assets | 2.9 | 1.5 |
| **Total Assets** | $12601.1 | $12630.4 |

---

------

**KEMPER CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | Jun 30,<br>2025 | Dec 31,<br>2024 |
| **Liabilities and Shareholders' Equity:** |  |  |
| Insurance Reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life & Health | $3235.3 | $3199.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property & Casualty | 2664.7 | 2611.9 |
| Total Insurance Reserves | 5900.0 | 5811.6 |
| Unearned Premiums | 1345.0 | 1264.1 |
| Policyholder Obligations | 641.3 | 637.7 |
| Deferred Income Tax Liabilities | 14.7 | 14.8 |
| Accrued Expenses and Other Liabilities | 775.4 | 705.2 |
| Long-term Debt, Current, at Amortized Cost |  | 449.9 |
| Long-term Debt, Non-current, at Amortized Cost | 942.6 | 941.7 |
| Liabilities of Consolidated Variable Interest Entity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves | 20.9 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | 14.5 | 11.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 1.2 | 0.5 |
| **Total Liabilities** | 9655.6 | 9846.1 |
| **Kemper Corporation Shareholders' Equity:** |  |  |
| Common Stock | 6.4 | 6.4 |
| Paid-in Capital | 1859.3 | 1854.9 |
| Retained Earnings | 1345.4 | 1231.6 |
| Accumulated Other Comprehensive Loss | (257.7) | (304.5) |
| **Total Kemper Corporation Shareholders' Equity** | 2953.4 | 2788.4 |
| Noncontrolling Interest | (7.9) | (4.1) |
| **Total Shareholders' Equity** | 2945.5 | 2784.3 |
| **Total Liabilities and Shareholders' Equity** | $12601.1 | $12630.4 |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions) | Jun 30,<br>2025 | Jun 30, 2024 | Jun 30,<br>2025 | Jun 30, 2024 |
| **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** |
| Net Premiums Written | $1001.5 | $933.9 | $2070.3 | $1798.5 |
| Earned Premiums | $1010.8 | $862.6 | $1973.0 | $1702.6 |
| Net Investment Income | 49.6 | 46.6 | 100.1 | 87.7 |
| Other Income | 2.7 | 1.6 | 4.0 | 3.0 |
| Total Revenues | 1063.1 | 910.8 | 2077.1 | 1793.3 |
| Incurred Losses and LAE related to: |  |  |  |  |
| &nbsp;&nbsp;Current Year: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 730.1 | 592.8 | 1412.4 | 1201.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 5.3 | 10.3 | 9.1 | 14.4 |
| &nbsp;&nbsp;Prior Years: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 13.6 | (0.8) | 14.1 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 0.4 | (0.1) | 0.6 | 0.6 |
| Total Incurred Losses and LAE | 749.4 | 602.2 | 1436.2 | 1221.3 |
| Insurance Expenses | 214.8 | 180.7 | 419.9 | 357.6 |
| Segment Adjusted Operating Income | 98.9 | 127.9 | 221.0 | 214.4 |
| Income Tax Expense | 19.9 | 25.6 | 44.1 | 42.9 |
| Total Segment Adjusted Net Operating Income | $79.0 | $102.3 | $176.9 | $171.5 |
| **<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 | 72.3% | 68.7% | 71.6% | 70.6% |
| Current Year Catastrophe Losses and LAE Ratio | 0.5 | 1.2 | 0.5 | 0.8 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 1.3 | (0.1) | 0.7 | 0.3 |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |
| Total Incurred Loss and LAE Ratio | 74.1 | 69.8 | 72.8 | 71.7 |
| Insurance Expense Ratio | 21.3 | 20.9 | 21.3 | 21.0 |
| Combined Ratio | 95.4% | 90.7% | 94.1% | 92.7% |
| **<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 | 72.3% | 68.7% | 71.6% | 70.6% |
| Insurance Expense Ratio | 21.3 | 20.9 | 21.3 | 21.0 |
| Underlying Combined Ratio<sup>1</sup> | 93.6% | 89.6% | 92.9% | 91.6% |
| **<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 | 95.4% | 90.7% | 94.1% | 92.7% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.5 | 1.2 | 0.5 | 0.8 |
| &nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 1.3 | (0.1) | 0.7 | 0.3 |
| &nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |
| Underlying Combined Ratio<sup>1</sup> | 93.6% | 89.6% | 92.9% | 91.6% |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions) | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** | **<u>Results of Operations</u>** |
| Earned Premiums | $100.5 | $100.8 | $200.2 | $198.1 |
| Net Investment Income | 44.7 | 30.5 | 93.1 | 74.8 |
| Other Income | 0.3 | 0.2 | 1.0 | 0.5 |
| Total Revenues | 145.5 | 131.5 | 294.3 | 273.4 |
| Policyholders' Benefits and Incurred Losses and LAE | 63.5 | 63.9 | 125.7 | 126.9 |
| Insurance Expenses | 67.7 | 69.0 | 134.1 | 133.9 |
| Segment Adjusted Operating Income (Loss) | 14.3 | (1.4) | 34.5 | 12.6 |
| Income Tax Expense (Benefit) | 1.7 | (1.2) | 4.7 | 0.9 |
| Total Segment Adjusted Net Operating Income (Loss) | $12.6 | $(0.2) | $29.8 | $11.7 |

---

**Use of Non-GAAP Financial Measures**

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

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

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

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

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

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

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

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

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

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income attributable to Kemper Corporation. There were no applicable significant non-recurring items that Kemper excluded from the calculation of Adjusted Consolidated Net Operating Income<sup>1</sup> for the three and six months ended June 30, 2025 or 2024.

Kemper believes that Adjusted Consolidated Net Operating Income<sup>1</sup> provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment (Losses) Gains and Impairment Losses related to investments included in Kemper's results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of Kemper's investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by Kemper's financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by Kemper, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of

------

our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of Kemper's business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of Kemper's businesses.

A reconciliation of Net Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income<sup>1</sup> for the three and six months ended June 30, 2025 and 2024 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions) (Unaudited) | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| Net Income attributable to Kemper Corporation | $72.6 | $75.4 | $172.3 | $146.7 |
| Less Net (Loss) Income From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.4) | (1.0) | (0.3) | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment (Losses) Gains | (0.1) | 1.2 | 0.6 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (2.8) | (0.1) | (2.6) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (3.8) | (5.1) | (8.0) | (15.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | 2.1 | 0.4 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (4.4) | (13.4) | (8.3) | (8.4) |
| Adjusted Consolidated Net Operating Income<sup>1</sup> | $84.1 | $91.7 | $190.5 | $161.4 |

---

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

A reconciliation of Diluted Net Income per Unrestricted Share to Diluted Adjusted Net Operating Income per Unrestricted Share<sup>1</sup> for the three and six months ended June 30, 2025 and 2024 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| (Unaudited) | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| Diluted Net Income attributable to Kemper Corporation per Unrestricted Share | $1.12 | $1.16 | $2.66 | $2.26 |
| Less Net Income (Loss) per Unrestricted Share From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities |  | (0.02) |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains |  | 0.02 | 0.01 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (0.04) |  | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.07) | (0.08) | (0.14) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | 0.03 | 0.01 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (0.07) | (0.21) | (0.13) | (0.13) |
| Diluted Adjusted Net Operating Income per Unrestricted Share<sup>1</sup> | $1.30 | $1.42 | $2.95 | $2.49 |

---

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<u>Return on Adjusted Shareholders' Equity</u><sup>1</sup> is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period's annualized net income attributable to Kemper Corporation by the average shareholders' equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders' Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. Kemper believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The "Return on Adjusted Shareholders' Equity" metric was referred to as "Return on Tangible Shareholders' Equity" in prior periods.

A reconciliation of Return on Shareholders' Equity to Return on Adjusted Shareholders' Equity<sup>1</sup> is presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended |
| (Dollars in Millions) (Unaudited) | Jun 30,<br>2025 | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2025 | Jun 30,<br>2024 | Jun 30,<br>2024 |
| **<u>Numerator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Annualized Net Income attributable to Kemper Corporation | $| 290.4 | $| 301.6 | $| 344.6 | $| 293.4 |
| **<u>Denominator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Average Shareholders' Equity<sup>2</sup> | $| 2935.5 | $| 2630.5 | $| 2886.5 | $| 2588.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average Net Unrealized Losses on Fixed Maturities | 638.6 | 638.6 | 652.2 | 652.2 | 657.9 | 657.9 | 612.7 | 612.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average Change in Discount Rate on Future Life Policyholder Benefits | (368.0) | (368.0) | (315.1) | (315.1) | (372.1) | (372.1) | (263.5) | (263.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average Goodwill | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) |
| &nbsp;&nbsp;Average Adjusted Shareholders' Equity<sup>2</sup> | $| 1955.4 | $| 1716.9 | $| 1921.6 | $| 1687.2 |
| **<u>Return on Shareholders' Equity</u>**<u>:</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Return on Shareholders' Equity | 9.9% | 9.9% | 11.5% | 11.5% | 11.9% | 11.9% | 11.3% | 11.3% |
| &nbsp;&nbsp;Return on Adjusted Shareholders' Equity<sup>1</sup> | 14.9% | 14.9% | 17.6% | 17.6% | 17.9% | 17.9% | 17.4% | 17.4% |
| <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>2</sup> Average shareholders' equity and average adjusted shareholders' equity is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. |

---

<u>Underlying Combined Ratio</u><sup>1</sup> is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.

Kemper believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in Kemper's Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause Kemper's loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of Kemper's insurance products in the current period. Kemper believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing Kemper's underwriting performance.

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<u>Adjusted Book Value Per Share</u><sup>1</sup> is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders' equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. Kemper uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. Kemper believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The "Adjusted Book Value Per Share" metric was referred to as "Tangible Book Value Per Share" in prior periods.

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

---

| | | |
|:---|:---|:---|
| | As of | As of |
| (Dollars and Shares in Millions Except Per Share Amounts) (Unaudited) | Jun 30,<br>2025 | Dec 31, 2024 |
| **<u>Numerator:</u>** |  |  |
| &nbsp;&nbsp;Kemper Corporation Shareholders' Equity | $2953.4 | $2788.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net Unrealized Losses on Fixed Maturities | 638.6 | 696.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Change in Discount Rate on Future Life Policyholder Benefits | (370.0) | (380.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (1250.7) | (1250.7) |
| &nbsp;&nbsp;Adjusted Shareholders' Equity | $1971.3 | $1853.9 |
| **<u>Denominator:</u>** |  |  |
| &nbsp;&nbsp;Common Shares Issued and Outstanding | 63.576 | 63.840 |
| **<u>Book Value Per Share:</u>** |  |  |
| &nbsp;&nbsp;Book Value Per Share | $46.45 | $43.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net Unrealized Losses on Fixed Maturities | 10.04 | 10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Change in Discount Rate on Future Life Policyholder Benefits | (5.82) | (5.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (19.66) | (19.59) |
| &nbsp;&nbsp;Adjusted Book Value Per Share<sup>1</sup> | $31.01 | $29.04 |

---

**Conference Call**

Kemper will host its conference call to discuss second quarter 2025 results on Tuesday, August 5, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at **800.549.8228, Conference ID 56442**. 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 second quarter of 2025, which is available at the investor section of kemper.com.

**About Kemper**

The Kemper family of companies is one of the nation's leading specialized insurers. With approximately $13 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized

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solutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves over 4.7 million policies, is represented by approximately 24,000 agents and brokers, and has approximately 7,500 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;• changes in the interest rate environment;

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

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

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

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

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

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

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

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

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

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

###

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

---

## Exhibit 99.2

![kemperlogocolorwebfinala05a.jpg](kemperlogocolorwebfinala05a.jpg)

**Investor Supplement**

**Second Quarter 2025**

**Caution Regarding Forward-Looking Statements**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures to analyze the Company's operating performance for the periods presented. Because the Company's calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company's non-GAAP financial measures to those of other companies. For detailed disclosures on non-GAAP financial measures please refer to the "Definitions of Non-GAAP Financial Measures" on pages 29-32.

------

**Kemper Corporation**

**Investor Supplement**

**Second Quarter 2025**

**Table of Contents**

---

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

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | Jun 30,<br>2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>For Period Ended</u>** |  |  |  |  |  |  |  |  |
| Earned Premiums | $1130.8 | $1087.9 | $1081.8 | $1068.5 | $1033.7 | $1031.9 | $2218.7 | $2065.6 |
| Net Investment Income | 95.9 | 101.2 | 103.0 | 111.1 | 93.0 | 100.4 | 197.1 | 193.4 |
| Other Income | 3.1 | 2.6 | 2.6 | 2.7 | 3.0 | 2.2 | 5.7 | 5.2 |
| Change in Fair Value of Equity and Convertible Securities | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (0.4) | 2.2 |
| Net Realized Investment (Losses) Gains | (3.7) | 1.2 | 2.0 | (1.1) | 1.4 | 5.1 | (2.5) | 6.5 |
| Investment and Other Income | 94.8 | 105.1 | 105.0 | 110.4 | 96.2 | 111.1 | 199.9 | 207.3 |
| Total Revenues | $1225.6 | $1193.0 | $1186.8 | $1178.9 | $1129.9 | $1143.0 | $2418.6 | $2272.9 |
| Net Income | $69.8 | $97 | $95.7 | $72.2 | $74.4 | $70.2 | $166.8 | $144.6 |
| Less: Net Loss attributable to Noncontrolling Interest | (2.8) | (2.7) | (1.7) | (1.5) | (1.0) | (1.1) | (5.5) | (2.1) |
| Net Income attributable to Kemper Corporation | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $172.3 | $146.7 |
| Adjusted Consolidated Net Operating Income (Loss)<sup>1</sup> | $84.1 | $106.4 | $115.1 | $105 | $91.7 | $69.7 | $190.5 | $161.4 |
| Per Unrestricted Common Share Amounts: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<u>Basic:</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income attributable to Kemper Corporation per Unrestricted Share: | $1.13 | $1.56 | $1.52 | $1.15 | $1.17 | $1.11 | $2.69 | $2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income<sup>1</sup> | $1.31 | $1.67 | $1.81 | $1.63 | $1.43 | $1.08 | $2.98 | $2.51 |
| &nbsp;&nbsp;<u>Diluted:</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income attributable to Kemper Corporation per Unrestricted Share: | $1.12 | $1.54 | $1.51 | $1.14 | $1.16 | $1.10 | $2.66 | $2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income<sup>1</sup> | $1.30 | $1.65 | $1.78 | $1.62 | $1.42 | $1.07 | $2.95 | $2.49 |
| Dividends Paid to Shareholders Per Share | $0.32 | $0.32 | $0.31 | $0.31 | $0.31 | $0.31 | $0.64 | $0.62 |
| Return on Shareholders' Equity | 9.9% | 14.0% | 14.0% | 10.8% | 11.5% | 11.2% | 11.9% | 11.3% |
| Return on Adjusted Shareholders' Equity<sup>1</sup> | 14.9% | 21.0% | 21.4% | 16.7% | 17.6% | 17.2% | 17.9% | 17.4% |
| <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** | **Kemper Corporation**<br>**Consolidated Financial Highlights**<br>**(Dollars in Millions, Except Per Share Amounts)**<br>**(Unaudited)** |
|  | As of | As of | As of | As of | As of | As of |
|  | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
| **<u>At Period End</u>** |  |  |  |  |  |  |
| Total Assets | $12601.1 | $12467.3 | $12630.4 | $12873 | $12544.3 | $12625.9 |
| Insurance Reserves | $5900 | $5867.1 | $5811.6 | $6012.7 | $5769.2 | $5891.5 |
| Debt | $942.6 | $942.1 | $1391.6 | $1390.9 | $1390.4 | $1389.8 |
| Kemper Corporation Shareholders' Equity | $2953.4 | $2917.6 | $2788.4 | $2773.3 | $2671.2 | $2589.8 |
| Book Value Per Share<sup>2</sup> | $46.45 | $45.60 | $43.68 | $43.30 | $41.46 | $40.24 |
| Adjusted Book Value Per Share<sup>1,2</sup> | $31.01 | $30.31 | $29.04 | $27.88 | $27.14 | $26.19 |
| Debt to Total Capitalization<sup>2</sup> | 24.2% | 24.4% | 33.3% | 33.4% | 34.2% | 34.9% |
| <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. | <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. |
| <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. | <sup>2</sup>See Capital Metrics on page 10 for detail calculations. |

---

------

**Kemper Corporation**

**Consolidated Statements of Income**

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

 **(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **Revenues:** |  |  |  |  |  |  |  |  |
| Earned Premiums | $1130.8 | $1087.9 | $1081.8 | $1068.5 | $1033.7 | $1031.9 | $2218.7 | $2065.6 |
| Net Investment Income | 95.9 | 101.2 | 103.0 | 111.1 | 93.0 | 100.4 | 197.1 | 193.4 |
| Other Income | 3.1 | 2.6 | 2.6 | 2.7 | 3.0 | 2.2 | 5.7 | 5.2 |
| Change in Fair Value of Equity and Convertible Securities | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (0.4) | 2.2 |
| Net Realized Investment (Losses) Gains | (0.1) | 0.9 | 4.0 | 1.1 | 1.5 | 6.6 | 0.8 | 8.1 |
| Impairment Losses | (3.6) | 0.3 | (2.0) | (2.2) | (0.1) | (1.5) | (3.3) | (1.6) |
| Total Revenues | 1225.6 | 1193.0 | 1186.8 | 1178.9 | 1129.9 | 1143.0 | 2418.6 | 2272.9 |
| **Expenses:** |  |  |  |  |  |  |  |  |
| Policyholders' Benefits and Incurred Losses and Loss Adjustment Expenses | 829.1 | 767.3 | 743.4 | 769.3 | 744.4 | 756.0 | 1596.4 | 1500.4 |
| Insurance and Other Expenses | 300.0 | 294.5 | 309.5 | 304.5 | 279.7 | 286.4 | 594.5 | 566.1 |
| Interest Expense | 9.0 | 11.4 | 14.6 | 14.4 | 13.9 | 14.0 | 20.4 | 27.9 |
| Total Expenses | 1138.1 | 1073.2 | 1067.5 | 1088.2 | 1038.0 | 1056.4 | 2211.3 | 2094.4 |
| **Income before Income Taxes** | 87.5 | 119.8 | 119.3 | 90.7 | 91.9 | 86.6 | 207.3 | 178.5 |
| Income Tax Expense | 17.7 | 22.8 | 23.6 | 18.5 | 17.5 | 16.4 | 40.5 | 33.9 |
| Net Income | 69.8 | 97.0 | 95.7 | 72.2 | 74.4 | 70.2 | 166.8 | 144.6 |
| Less: Net Loss attributable to Noncontrolling Interest | (2.8) | (2.7) | (1.7) | (1.5) | (1.0) | (1.1) | (5.5) | (2.1) |
| Net Income attributable to Kemper Corporation | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $172.3 | $146.7 |
| Net Income attributable to Kemper Corporation per Unrestricted Share: |  |  |  |  |  |  |  |  |
| Basic | $1.13 | $1.56 | $1.52 | $1.15 | $1.17 | $1.11 | $2.69 | $2.28 |
| Diluted | $1.12 | $1.54 | $1.51 | $1.14 | $1.16 | $1.10 | $2.66 | $2.26 |
| **Dividends Paid to Shareholders Per Share** | $0.32 | $0.32 | $0.31 | $0.31 | $0.31 | $0.31 | $0.64 | $0.62 |
| **Weighted Average Unrestricted Common Shares Outstanding (in Millions)** | 63.939 | 63.887 | 63.859 | 64.217 | 64.395 | 64.255 | 63.913 | 64.325 |
| **Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions)** | 64.600 | 64.653 | 64.632 | 64.898 | 64.892 | 64.773 | 64.627 | 64.832 |

---

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

---

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---

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

---

------

---

| | | |
|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** |
|  | Six Months Ended | Six Months Ended |
|  | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **Cash Flows from Operating Activities:** |  |  |
| Net Income | $166.8 | $144.6 |
| &nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains | (0.8) | (8.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | 3.3 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization of Property, Equipment, Software and Intangible Assets Acquired | 25.5 | 27.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement Related to Defined Benefit Pension Plan |  | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments | 6.0 | 23.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Value of Equity and Convertible Securities | 0.4 | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from Policyholders | (64.2) | (32.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Recoverables | 1.8 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs | (29.8) | (16.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Reserves | 87.3 | (80.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned Premiums | 84.2 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | 18.4 | 38.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (29.3) | (36.2) |
| **Net Cash Provided by Operating Activities** | 269.6 | 65.9 |

---

------

---

| | | |
|:---|:---|:---|
| **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** | **Kemper Corporation**<br>**Consolidated Statements of Cash Flows**<br>**(Dollars in Millions)**<br> **(Unaudited)** |
|  | Six Months Ended | Six Months Ended |
|  | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **Net Cash Provided by (Used in) Operating Activities (Carryforward from page 8)** | 269.6 | 65.9 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the Sales, Calls and Maturities of Fixed Maturities | 525.4 | 629.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the Sales or Paydowns of Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 12.0 | 19.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | 53.5 | 71.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 12.6 | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturities | (668.8) | (578.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | (77.4) | (6.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investments | (1.0) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | (108.3) | (55.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | (28.1) | (30.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Sales (Purchases) of Short-term Investments | 650.6 | (12.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Software and Long-lived Assets | (15.3) | (33.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement Proceeds from Company-Owned Life Insurance | 2.9 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3.3 | 13.8 |
| **Net Cash Provided by Investing Activities** | 361.4 | 32.6 |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Long-term Debt | (450.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Policyholder Contract Obligations | 30.0 | 59.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Policyholder Contract Obligations | (26.7) | (70.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued under Employee Stock Purchase Plan | 1.8 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock Repurchases | (32.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Paid | (41.0) | (39.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1.0) | (5.8) |
| **Net Cash Used in Financing Activities** | (519.4) | (55.2) |
| **Net increase (decrease) in cash**<sup>1</sup> | 111.6 | 43.3 |
| **Cash, Beginning of Year**<sup>1</sup> | 65.4 | 64.1 |
| **Cash, End of Period**<sup>1</sup> | $177.0 | $107.4 |
| <sup>1</sup>Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest. | <sup>1</sup>Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest. | <sup>1</sup>Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest. |

---

------

---

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

---

------

**Kemper Corporation**

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

**(Dollars in Millions)**

**(Unaudited)**

---

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

---

------

**Kemper Corporation**

**Segment Revenues**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Revenues:</u>** |  |  |  |  |  |  |  |  |
| Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Premiums: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $789.3 | $753.7 | $753.3 | $731.3 | $691.5 | $675.3 | $1543 | $1366.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 221.5 | 208.5 | 201.5 | 187.7 | 171.1 | 164.7 | 430.0 | 335.8 |
| &nbsp;&nbsp;&nbsp;Total Specialty Property & Casualty Insurance Earned Premiums | 1010.8 | 962.2 | 954.8 | 919.0 | 862.6 | 840.0 | 1973.0 | 1702.6 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 49.6 | 50.5 | 49.9 | 52.0 | 46.6 | 41.1 | 100.1 | 87.7 |
| &nbsp;&nbsp;&nbsp;Other Income | 2.7 | 1.3 | 1.5 | 1.6 | 1.6 | 1.4 | 4.0 | 3.0 |
| Total Specialty Property & Casualty Insurance Revenues | 1063.1 | 1014.0 | 1006.2 | 972.6 | 910.8 | 882.5 | 2077.1 | 1793.3 |
| Life Insurance: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Premium | 100.5 | 99.7 | 95.2 | 100.6 | 100.8 | 97.3 | 200.2 | 198.1 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 44.7 | 48.4 | 45.5 | 50.3 | 30.5 | 44.3 | 93.1 | 74.8 |
| &nbsp;&nbsp;&nbsp;Other Income | 0.3 | 0.7 | 0.4 | 0.2 | 0.2 | 0.3 | 1.0 | 0.5 |
| Total Life Insurance Revenues | 145.5 | 148.8 | 141.1 | 151.1 | 131.5 | 141.9 | 294.3 | 273.4 |
| Total Segment Revenues | 1208.6 | 1162.8 | 1147.3 | 1123.7 | 1042.3 | 1024.4 | 2371.4 | 2066.7 |
| Change in Fair Value of Equity and Convertible Securities | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (0.4) | 2.2 |
| Net Realized Investment (Losses) Gains | (0.1) | 0.9 | 4.0 | 1.1 | 1.5 | 6.6 | 0.8 | 8.1 |
| Impairment Losses | (3.6) | 0.3 | (2.0) | (2.2) | (0.1) | (1.5) | (3.3) | (1.6) |
| Non-Core Operations | 21.3 | 27.9 | 37.6 | 54.8 | 83.8 | 106.2 | 49.2 | 190.0 |
| Other | (0.1) | 1.0 | 2.5 | 3.8 | 3.6 | 3.9 | 0.9 | 7.5 |
| Total Revenues | $1225.6 | $1193.0 | $1186.8 | $1178.9 | $1129.9 | $1143.0 | $2418.6 | $2272.9 |

---

------

**Kemper Corporation**

**Segment Adjusted Operating Results**

**(Dollars in Millions)**

 **(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Segment Adjusted Operating Income:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance | $98.9 | $122.1 | $126.7 | $129.8 | $127.9 | $86.5 | $221 | $214.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | 14.3 | 20.2 | 28.4 | 18.0 | (1.4) | 14.0 | 34.5 | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Segment Adjusted Operating Income | 113.2 | 142.3 | 155.1 | 147.8 | 126.5 | 100.5 | 255.5 | 227.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other Adjusted Operating Loss | (11.3) | (14.1) | (15.2) | (17.2) | (13.7) | (15.6) | (25.4) | (29.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Loss before Income Taxes attributable to Noncontrolling Interest | (3.4) | (3.5) | (2.2) | (1.8) | (1.3) | (1.4) | (6.9) | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Operating Income | 105.3 | 131.7 | 142.1 | 132.4 | 114.1 | 86.3 | 237.0 | 200.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) Income From: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.5) | 0.1 | (2.6) | (2.3) | (1.2) | 3.4 | (0.4) | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment (Losses) Gains | (0.1) | 0.9 | 4.0 | 1.1 | 1.5 | 6.6 | 0.8 | 8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (3.6) | 0.3 | (2.0) | (2.2) | (0.1) | (1.5) | (3.3) | (1.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (4.8) | (5.3) | (9.5) | (11.5) | (6.5) | (12.8) | (10.1) | (19.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | 0.5 | (7.3) | (2.8) | 2.7 |  | 0.5 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (5.4) | (4.9) | (3.2) | (22.2) | (17.3) | 6.0 | (10.3) | (11.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before Income Taxes attributable to Kemper Corporation | $90.9 | $123.3 | $121.5 | $92.5 | $93.2 | $88.0 | $214.2 | $181.2 |
| **<u>Segment Adjusted Net Operating Income (Loss):</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Property & Casualty Insurance | $79 | $97.9 | $101.2 | $103.6 | $102.3 | $69.2 | $176.9 | $171.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | 12.6 | 17.2 | 23.5 | 15.0 | (0.2) | 11.9 | 29.8 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Segment Adjusted Net Operating Income | 91.6 | 115.1 | 124.7 | 118.6 | 102.1 | 81.1 | 206.7 | 183.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other Adjusted Net Operating Loss | (10.3) | (11.4) | (11.3) | (15.1) | (11.4) | (12.5) | (21.7) | (23.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net Loss attributable to Noncontrolling Interest | (2.8) | (2.7) | (1.7) | (1.5) | (1.0) | (1.1) | (5.5) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Consolidated Net Operating Income<sup>1</sup> | 84.1 | 106.4 | 115.1 | 105.0 | 91.7 | 69.7 | 190.5 | 161.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (Loss) Income From: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.4) | 0.1 | (2.0) | (1.8) | (1.0) | 2.7 | (0.3) | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment (Losses) Gains | (0.1) | 0.7 | 3.1 | 0.9 | 1.2 | 5.2 | 0.6 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (2.8) | 0.2 | (1.6) | (1.7) | (0.1) | (1.2) | (2.6) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (3.8) | (4.2) | (7.5) | (9.1) | (5.1) | (10.1) | (8.0) | (15.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | 0.4 | (7.3) | (2.2) | 2.1 |  | 0.4 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (4.4) | (3.9) | (2.4) | (17.4) | (13.4) | 5.0 | (8.3) | (8.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income attributable to Kemper Corporation | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $172.3 | $146.7 |
| <sup>1</sup>Non-GAAP Financial Measure. See pages 29-32 for definition. |  |  |  |  |  |  |  |  |

---

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

------

**Kemper Corporation**

**Catastrophe Frequency and Severity**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
| | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | Consolidated |
| | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE |
| Range of Losses and LAE Per Event<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 18 | $5.3 | 15 | $0.7 | 14 | $1.7 | 19 | $7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 18 | $5.3 | 15 | $0.7 | 14 | $1.7 | 19 | $7.7 |
|  | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
|  | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | Consolidated |
|  | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE |
| Range of Losses and LAE Per Event<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 23 | $10.3 | 24 | $0.4 | 24 | $17.6 | 27 | $28.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 23 | $10.3 | 24 | $0.4 | 24 | $17.6 | 27 | $28.3 |
| <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. |

---

------

**Kemper Corporation**

**Catastrophe Frequency and Severity (continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
| | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | Consolidated |
| | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE |
| Range of Losses and LAE Per Event<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 33 | $9.1 | 26 | $1.0 | 25 | $4.7 | 34 | $14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 33 | $9.1 | 26 | $1.0 | 25 | $4.7 | 34 | $14.8 |
|  | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
|  | Specialty Property & Casualty Insurance Segment | Specialty Property & Casualty Insurance Segment | Life Insurance Segment | Life Insurance Segment | Non-Core Operations | Non-Core Operations | Consolidated | Consolidated |
|  | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE |
| Range of Losses and LAE Per Event<sup>1</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below $5 | 42 | $14.4 | 36 | $0.6 | 42 | $29.3 | 46 | $44.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;$5 - $10 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$10 - $15 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$15 - $20 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$20 - $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater Than $25 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 42 | $14.4 | 36 | $0.6 | 42 | $29.3 | 46 | $44.3 |
| <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. | <sup>1</sup>Current accident year net incurred catastrophe Losses and LAE only. |

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

**Results of Operations and Selected Financial Information**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |
| Net Premiums Written | $1001.5 | $1068.8 | $948.9 | $938.0 | $933.9 | $864.6 | $2070.3 | $1798.5 |
| Total Specialty P&C: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Automobile | $789.3 | $753.7 | $753.3 | $731.3 | $691.5 | $675.3 | $1543.0 | $1366.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Automobile | 221.5 | 208.5 | 201.5 | 187.7 | 171.1 | 164.7 | 430.0 | 335.8 |
| Earned Premiums | 1010.8 | 962.2 | 954.8 | 919.0 | 862.6 | 840.0 | 1973.0 | 1702.6 |
| Net Investment Income | 49.6 | 50.5 | 49.9 | 52.0 | 46.6 | 41.1 | 100.1 | 87.7 |
| Other Income | 2.7 | 1.3 | 1.5 | 1.6 | 1.6 | 1.4 | 4.0 | 3.0 |
| Total Revenues | 1063.1 | 1014.0 | 1006.2 | 972.6 | 910.8 | 882.5 | 2077.1 | 1793.3 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 730.1 | 682.3 | 668.8 | 644.2 | 592.8 | 609.0 | 1412.4 | 1201.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 5.3 | 3.8 | 1.9 | 3.6 | 10.3 | 4.1 | 9.1 | 14.4 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 13.6 | 0.5 | 1.9 | (0.1) | (0.8) | 5.3 | 14.1 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 0.4 | 0.2 | (0.1) | 0.2 | (0.1) | 0.7 | 0.6 | 0.6 |
| Total Incurred Losses and LAE | 749.4 | 686.8 | 672.5 | 647.9 | 602.2 | 619.1 | 1436.2 | 1221.3 |
| Insurance Expenses | 214.8 | 205.1 | 207.0 | 194.9 | 180.7 | 176.9 | 419.9 | 357.6 |
| Segment Adjusted Operating Income | 98.9 | 122.1 | 126.7 | 129.8 | 127.9 | 86.5 | 221.0 | 214.4 |
| Income Tax Expense | 19.9 | 24.2 | 25.5 | 26.2 | 25.6 | 17.3 | 44.1 | 42.9 |
| Total Segment Adjusted Net Operating Income | $79.0 | $97.9 | $101.2 | $103.6 | $102.3 | $69.2 | $176.9 | $171.5 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 72.3% | 70.9% | 70.0% | 70.1% | 68.7% | 72.5% | 71.6% | 70.6% |
| Current Year Catastrophe Losses and LAE Ratio | 0.5 | 0.4 | 0.2 | 0.4 | 1.2 | 0.5 | 0.5 | 0.8 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 1.3 | 0.1 | 0.2 |  | (0.1) | 0.6 | 0.7 | 0.3 |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 74.1 | 71.4 | 70.4 | 70.5 | 69.8 | 73.7 | 72.8 | 71.7 |
| Insurance Expense Ratio | 21.3 | 21.3 | 21.7 | 21.2 | 20.9 | 21.1 | 21.3 | 21.0 |
| Combined Ratio | 95.4% | 92.7% | 92.1% | 91.7% | 90.7% | 94.8% | 94.1% | 92.7% |
| **<u>Underlying Combined Ratio</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 72.3% | 70.9% | 70.0% | 70.1% | 68.7% | 72.5% | 71.6% | 70.6% |
| Insurance Expense Ratio | 21.3 | 21.3 | 21.7 | 21.2 | 20.9 | 21.1 | 21.3 | 21.0 |
| Underlying Combined Ratio | 93.6% | 92.2% | 91.7% | 91.3% | 89.6% | 93.6% | 92.9% | 91.6% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |
| Combined Ratio as Reported | 95.4% | 92.7% | 92.1% | 91.7% | 90.7% | 94.8% | 94.1% | 92.7% |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.5 | 0.4 | 0.2 | 0.4 | 1.2 | 0.5 | 0.5 | 0.8 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 1.3 | 0.1 | 0.2 |  | (0.1) | 0.6 | 0.7 | 0.3 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  | 0.1 |  |  |
| Underlying Combined Ratio | 93.6% | 92.2% | 91.7% | 91.3% | 89.6% | 93.6% | 92.9% | 91.6% |
| <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

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

**(Dollars in Millions)**

**(Unaudited)**

---

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

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

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

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |
| Net Premiums Written | $767 | $823.9 | $740.6 | $735.1 | $739.5 | $672.5 | $1590.9 | $1412 |
| Earned Premiums | $789.3 | $753.7 | $753.3 | $731.3 | $691.5 | $675.3 | $1543 | $1366.8 |
| Net Investment Income | 31.3 | 31.8 | 31.6 | 33.0 | 30.3 | 26.9 | 63.1 | 57.2 |
| Other Income | 2.6 | 1.2 | 1.3 | 1.5 | 1.5 | 1.3 | 3.8 | 2.8 |
| Total Revenues | 823.2 | 786.7 | 786.2 | 765.8 | 723.3 | 703.5 | 1609.9 | 1426.8 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 571.7 | 528.4 | 519.6 | 507.8 | 471.6 | 485.7 | 1100.1 | 957.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 4.3 | 2.7 | 1.0 | 2.1 | 7.9 | 3.5 | 7.0 | 11.4 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | (5.0) | (4.7) | (5.3) | (2.7) | 0.6 | 6.5 | (9.7) | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 0.3 | 0.1 |  | 0.1 |  | 0.6 | 0.4 | 0.6 |
| Total Incurred Losses and LAE | 571.3 | 526.5 | 515.3 | 507.3 | 480.1 | 496.3 | 1097.8 | 976.4 |
| Insurance Expenses | 173.7 | 166.8 | 168.8 | 158.8 | 148.0 | 145.6 | 340.5 | 293.6 |
| Adjusted Operating Income | 78.2 | 93.4 | 102.1 | 99.7 | 95.2 | 61.6 | 171.6 | 156.8 |
| Income Tax Expense | 16.1 | 18.7 | 20.7 | 20.2 | 19.3 | 12.3 | 34.8 | 31.6 |
| Total Product Line Adjusted Net Operating Income | $62.1 | $74.7 | $81.4 | $79.5 | $75.9 | $49.3 | $136.8 | $125.2 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 72.5% | 70.1% | 69.0% | 69.5% | 68.2% | 71.9% | 71.2% | 70.1% |
| Current Year Catastrophe Losses and LAE Ratio | 0.5 | 0.4 | 0.1 | 0.3 | 1.1 | 0.5 | 0.5 | 0.8 |
| Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) | (0.6) | (0.7) | (0.4) | 0.1 | 1.0 | (0.6) | 0.5 |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 72.4 | 69.9 | 68.4 | 69.4 | 69.4 | 73.5 | 71.1 | 71.4 |
| Insurance Expense Ratio | 22.0 | 22.1 | 22.4 | 21.7 | 21.4 | 21.6 | 22.1 | 21.5 |
| Combined Ratio | 94.4% | 92.0% | 90.8% | 91.1% | 90.8% | 95.1% | 93.2% | 92.9% |
| **<u>Underlying Combined Ratio</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 72.5% | 70.1% | 69.0% | 69.5% | 68.2% | 71.9% | 71.2% | 70.1% |
| Insurance Expense Ratio | 22.0 | 22.1 | 22.4 | 21.7 | 21.4 | 21.6 | 22.1 | 21.5 |
| Underlying Combined Ratio | 94.5% | 92.2% | 91.4% | 91.2% | 89.6% | 93.5% | 93.3% | 91.6% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |
| Combined Ratio | 94.4% | 92.0% | 90.8% | 91.1% | 90.8% | 95.1% | 93.2% | 92.9% |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.5 | 0.4 | 0.1 | 0.3 | 1.1 | 0.5 | 0.5 | 0.8 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | (0.6) | (0.6) | (0.7) | (0.4) | 0.1 | 1.0 | (0.6) | 0.5 |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  |  |  | 0.1 |  |  |
| Underlying Combined Ratio | 94.5% | 92.2% | 91.4% | 91.2% | 89.6% | 93.5% | 93.3% | 91.6% |
| <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |

---

------

**Kemper Corporation**

**Specialty Property & Casualty Insurance Segment**

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

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |
| Net Premiums Written | $234.5 | $244.9 | $208.3 | $202.9 | $194.4 | $192.1 | $479.4 | $386.5 |
| Earned Premiums | $221.5 | $208.5 | $201.5 | $187.7 | $171.1 | $164.7 | $430 | $335.8 |
| Net Investment Income | 18.3 | 18.7 | 18.3 | 19.0 | 16.3 | 14.2 | 37.0 | 30.5 |
| Other Income | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
| Total Revenues | 239.9 | 227.3 | 220.0 | 206.8 | 187.5 | 179.0 | 467.2 | 366.5 |
| Incurred Losses and LAE related to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 158.4 | 153.9 | 149.2 | 136.4 | 121.2 | 123.3 | 312.3 | 244.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 1.0 | 1.1 | 0.9 | 1.5 | 2.4 | 0.6 | 2.1 | 3.0 |
| &nbsp;&nbsp;&nbsp;Prior Years: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe Losses and LAE | 18.6 | 5.2 | 7.2 | 2.6 | (1.4) | (1.2) | 23.8 | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe Losses and LAE | 0.1 | 0.1 | (0.1) | 0.1 | (0.1) | 0.1 | 0.2 |  |
| Total Incurred Losses and LAE | 178.1 | 160.3 | 157.2 | 140.6 | 122.1 | 122.8 | 338.4 | 244.9 |
| Insurance Expenses | 41.1 | 38.3 | 38.2 | 36.1 | 32.7 | 31.3 | 79.4 | 64.0 |
| Adjusted Operating Income | 20.7 | 28.7 | 24.6 | 30.1 | 32.7 | 24.9 | 49.4 | 57.6 |
| Income Tax Expense | 3.8 | 5.5 | 4.8 | 6.0 | 6.3 | 5.0 | 9.3 | 11.3 |
| Total Product Line Adjusted Net Operating Income | $16.9 | $23.2 | $19.8 | $24.1 | $26.4 | $19.9 | $40.1 | $46.3 |
| **<u>Ratios Based On Earned Premiums</u>** |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 71.5% | 73.9% | 74.0% | 72.6% | 70.9% | 74.8% | 72.7% | 72.8% |
| Current Year Catastrophe Losses and LAE Ratio | 0.5 | 0.5 | 0.4 | 0.8 | 1.4 | 0.4 | 0.5 | 0.9 |
| Prior Years Non-catastrophe Losses and LAE Ratio | 8.4 | 2.5 | 3.6 | 1.4 | (0.8) | (0.7) | 5.5 | (0.8) |
| Prior Years Catastrophe Losses and LAE Ratio |  |  |  | 0.1 | (0.1) | 0.1 |  |  |
| Total Incurred Loss and LAE Ratio | 80.4 | 76.9 | 78.0 | 74.9 | 71.4 | 74.6 | 78.7 | 72.9 |
| Insurance Expense Ratio | 18.6 | 18.4 | 19.0 | 19.2 | 19.1 | 19.0 | 18.5 | 19.1 |
| Combined Ratio | 99.0% | 95.3% | 97.0% | 94.1% | 90.5% | 93.6% | 97.2% | 92.0% |
| **<u>Underlying Combined Ratio</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |
| Current Year Non-catastrophe Losses and LAE Ratio | 71.5% | 73.9% | 74.0% | 72.6% | 70.9% | 74.8% | 72.7% | 72.8% |
| Insurance Expense Ratio | 18.6 | 18.4 | 19.0 | 19.2 | 19.1 | 19.0 | 18.5 | 19.1 |
| Underlying Combined Ratio | 90.1% | 92.3% | 93.0% | 91.8% | 90.0% | 93.8% | 91.2% | 91.9% |
| **<u>Non-GAAP Measure Reconciliation</u>** |  |  |  |  |  |  |  |  |
| Combined Ratio | 99.0% | 95.3% | 97.0% | 94.1% | 90.5% | 93.6% | 97.2% | 92.0% |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Year Catastrophe Losses and LAE Ratio | 0.5 | 0.5 | 0.4 | 0.8 | 1.4 | 0.4 | 0.5 | 0.9 |
| &nbsp;&nbsp;&nbsp;Prior Years Non-catastrophe Losses and LAE Ratio | 8.4 | 2.5 | 3.6 | 1.4 | (0.8) | (0.7) | 5.5 | (0.8) |
| &nbsp;&nbsp;&nbsp;Prior Years Catastrophe Losses and LAE Ratio |  |  |  | 0.1 | (0.1) | 0.1 |  |  |
| Underlying Combined Ratio | 90.1% | 92.3% | 93.0% | 91.8% | 90.0% | 93.8% | 91.2% | 91.9% |
| <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | <sup>1</sup>Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |

---

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

------

**Kemper Corporation**

**Life Insurance Segment**

**Results of Operations and Selected Financial Information**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Results of Operations</u>** |  |  |  |  |  |  |  |  |
| Earned Premiums | $100.5 | $99.7 | $95.2 | $100.6 | $100.8 | $97.3 | $200.2 | $198.1 |
| Net Investment Income | 44.7 | 48.4 | 45.5 | 50.3 | 30.5 | 44.3 | 93.1 | 74.8 |
| Other Income | 0.3 | 0.7 | 0.4 | 0.2 | 0.2 | 0.3 | 1.0 | 0.5 |
| Total Revenues | 145.5 | 148.8 | 141.1 | 151.1 | 131.5 | 141.9 | 294.3 | 273.4 |
| Policyholders' Benefits and Incurred Losses and LAE | 63.5 | 62.2 | 43.5 | 64.1 | 63.9 | 63.0 | 125.7 | 126.9 |
| Insurance Expenses | 67.7 | 66.4 | 69.2 | 69.0 | 69.0 | 64.9 | 134.1 | 133.9 |
| Segment Adjusted Operating Income (Loss) | 14.3 | 20.2 | 28.4 | 18.0 | (1.4) | 14.0 | 34.5 | 12.6 |
| Income Tax Expense (Benefit) | 1.7 | 3.0 | 4.9 | 3.0 | (1.2) | 2.1 | 4.7 | 0.9 |
| Total Segment Adjusted Net Operating Income (Loss) | $12.6 | $17.2 | $23.5 | $15.0 | $(0.2) | $11.9 | $29.8 | $11.7 |

---

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

------

**Kemper Corporation**

**Life Insurance Segment**

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

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31,<br>2024 | Sep 30, 2023 | Jun 30, 2024 | Mar 31, 2024 |
| **<u>Insurance Reserves:</u>** |  |  |  |  |  |  |
| Future Policyholder Benefits | $3196.5 | $3186.0 | $3154.3 | $3380.8 | $3155.3 | $3248.8 |
| Incurred Losses and LAE Reserves: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life | 34.3 | 39.0 | 40.8 | 40.4 | 42.1 | 40.7 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 4.5 | 4.5 | 4.6 | 4.6 | 4.6 | 4.7 |
| &nbsp;&nbsp;&nbsp;Property | 2.1 | 2.1 | 2.7 | 3.0 | 2.6 | 2.5 |
| Total Incurred Losses and LAE Reserves | 40.9 | 45.6 | 48.1 | 48.0 | 49.3 | 47.9 |
| Insurance Reserves | $3237.4 | $3231.6 | $3202.4 | $3428.8 | $3204.6 | $3296.7 |

---

------

**Kemper Corporation**

**Expenses**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Insurance and Other Expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy Acquisition Costs, Net of Amortization | $177.1 | $164.3 | $166.2 | $161.4 | $159.1 | $154.9 | $341.4 | $314.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Unit Operating Costs | 71.4 | 75.1 | 76.3 | 72.8 | 64.0 | 64.3 | 146.5 | 128.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Overhead Costs | 44.6 | 46.7 | 47.4 | 49.3 | 49.4 | 48.8 | 91.3 | 98.2 |
| &nbsp;&nbsp;&nbsp;Insurance Expenses | 293.1 | 286.1 | 289.9 | 283.5 | 272.5 | 268.0 | 579.2 | 540.5 |
| &nbsp;&nbsp;&nbsp;Other Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | 4.8 | 5.3 | 9.5 | 11.5 | 6.5 | 12.8 | 10.1 | 19.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension Settlement |  |  |  | 0.1 | (2.7) |  |  | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Corporate Costs | 2.1 | 3.1 | 10.1 | 9.4 | 3.4 | 5.6 | 5.2 | 9.0 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 6.9 | 8.4 | 19.6 | 21.0 | 7.2 | 18.4 | 15.3 | 25.6 |
| Insurance and Other Expenses | 300.0 | 294.5 | 309.5 | 304.5 | 279.7 | 286.4 | 594.5 | 566.1 |
| Interest Expense | 9.0 | 11.4 | 14.6 | 14.4 | 13.9 | 14.0 | 20.4 | 27.9 |
| Total Insurance, Interest, and Other Expenses | $309.0 | $305.9 | $324.1 | $318.9 | $293.6 | $300.4 | $614.9 | $594.0 |

---

------

**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 | Six Months Ended | Six Months Ended |
| | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Net Investment Income</u>** |  |  |  |  |  |  |  |  |
| Interest on Fixed Income Securities<sup>1</sup> | $76.9 | $76.4 | $76.3 | $79.0 | $80.2 | $79.8 | $153.3 | $160.0 |
| Dividends on Equity Securities Excluding Alternative Investments | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | 2.8 | 1.5 | 3.7 |
| Alternative Investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Method Limited Liability Investments | (5.3) | (0.7) | (2.3) | 0.9 | (14.7) | (2.1) | (6.0) | (16.8) |
| &nbsp;&nbsp;&nbsp;Limited Liability Investments Included in Equity Securities | 3.1 | 3.7 | 5.8 | 9.1 | 6.2 | 3.4 | 6.8 | 9.6 |
| Total Alternative Investments | (2.2) | 3.0 | 3.5 | 10.0 | (8.5) | 1.3 | 0.8 | (7.2) |
| Short-term Investments | 6.0 | 8.6 | 10.5 | 8.4 | 7.3 | 7.3 | 14.6 | 14.6 |
| Loans to Policyholders | 5.1 | 5.3 | 5.2 | 5.5 | 5.1 | 5.2 | 10.4 | 10.3 |
| Real Estate | 2.3 | 2.2 | 2.1 | 2.2 | 2.2 | 2.3 | 4.5 | 4.5 |
| Company-Owned Life Insurance | 10.5 | 10.2 | 10.0 | 9.7 | 8.9 | 7.1 | 20.7 | 16.0 |
| Other | 3.3 | 2.0 | 0.9 | 2.2 | 2.6 | 2.5 | 5.3 | 5.1 |
| Total Investment Income | 102.6 | 108.5 | 109.3 | 117.9 | 98.7 | 108.3 | 211.1 | 207.0 |
| Investment Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.2 | 2.1 | 2.6 | 1.8 | 2.1 | 2.2 | 4.3 | 4.3 |
| &nbsp;&nbsp;&nbsp;Other Investment Expenses<sup>1</sup> | 4.5 | 5.2 | 3.7 | 5.0 | 3.6 | 5.7 | 9.7 | 9.3 |
| Total Investment Expenses | 6.7 | 7.3 | 6.3 | 6.8 | 5.7 | 7.9 | 14.0 | 13.6 |
| Net Investment Income | $95.9 | $101.2 | $103.0 | $111.1 | $93.0 | $100.4 | $197.1 | $193.4 |
| **<u>Net Realized Investment Gains (Losses)</u>** |  |  |  |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales | $0.4 | $1.3 | $4.3 | $0.9 | $2.2 | $12.8 | $1.7 | $15.0 |
| &nbsp;&nbsp;&nbsp;Losses on Sales | (0.5) | (0.5) | (0.6) |  | (0.3) | (2.3) | (1.0) | (2.6) |
| &nbsp;&nbsp;&nbsp;Losses on Hedging Activity |  |  |  |  |  | (7.9) |  | (7.9) |
| Equity Securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales |  |  | 0.1 |  |  | 4.1 |  | 4.1 |
| &nbsp;&nbsp;&nbsp;Losses on Sales |  |  |  |  |  | (0.1) |  | (0.1) |
| Other Investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains on Sales |  | 0.1 | 0.9 | 1.8 | 1.5 |  | 0.1 | 1.5 |
| &nbsp;&nbsp;&nbsp;Losses on Sales |  |  | (0.7) | (1.6) | (1.9) |  |  | (1.9) |
| Net Realized Investment (Losses) Gains | $(0.1) | $0.9 | $4.0 | $1.1 | $1.5 | $6.6 | $0.8 | $8.1 |
| **<u>Net Impairment Losses Recognized in Earnings</u>** |  |  |  |  |  |  |  |  |
| Fixed Maturities | $(3.6) | $0.3 | $(2.0) | $(2.0) | $0.2 | $(1.0) | $(3.3) | $(0.8) |
| Equity Securities |  |  |  |  |  | (0.4) |  | (0.4) |
| Real Estate |  |  | (0.1) | (0.2) | (0.1) |  |  | (0.1) |
| Other |  |  | 0.1 |  | (0.2) | (0.1) |  | (0.3) |
| Net Impairment Losses Recognized in Earnings | $(3.6) | $0.3 | $(2.0) | $(2.2) | $(0.1) | $(1.5) | $(3.3) | $(1.6) |
| <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. | <sup>1</sup>Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $4.8 million, $4.9 million, $4.8 million, $5.4 million, $5.2 million, for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. |

---

------

**Kemper Corporation**

**Details of Invested Assets**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Jun 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2023 |
| | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total |
| Fixed Maturities Reported at Fair Value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government and Government Agencies and Authorities | $593.0 | 6.9% | $486.8 | 5.5% | $511.5 | 5.7% |
| &nbsp;&nbsp;&nbsp;States and Political Subdivisions | 1219.9 | 14.1 | 1233.2 | 13.9 | 1401.9 | 15.7 |
| &nbsp;&nbsp;&nbsp;Foreign Governments | 6.7 | 0.1 | 6.6 | 0.1 | 3.8 |  |
| &nbsp;&nbsp;&nbsp;Corporate Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds and Notes | 3599.6 | 41.6 | 3519.6 | 39.6 | 3690.8 | 41.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable Preferred Stocks | 10.1 | 0.1 | 8.9 | 0.1 | 8.3 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | 868.3 | 10.1 | 741.5 | 8.3 | 949.8 | 10.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Mortgage- and Asset-backed | 371.5 | 4.3 | 413.0 | 4.6 | 315.8 | 3.5 |
| Total Fixed Maturities Reported at Fair Value | 6669.1 | 77.2 | 6409.6 | 72.1 | 6881.9 | 77.1 |
| Equity Securities Reported at Fair Value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 23.2 | 0.3 | 22.6 | 0.3 | 25.5 | 0.3 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 52.3 | 0.6 | 1.4 |  | 1.2 |  |
| &nbsp;&nbsp;&nbsp;Other Equity Interests: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 10.2 | 0.1 | 10.9 | 0.1 | 7.7 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited Liability Companies and Limited Partnerships | 198.4 | 2.3 | 183.6 | 2.1 | 191.4 | 2.1 |
| Total Equity Securities Reported at Fair Value | 284.1 | 3.3 | 218.5 | 2.5 | 225.8 | 2.5 |
| Equity Method Limited Liability Investments | 176.2 | 2.0 | 186.3 | 2.1 | 221.7 | 2.5 |
| Short-term Investments at Cost which Approximates Fair Value | 407.6 | 4.7 | 1037.1 | 11.7 | 520.9 | 5.9 |
| Company Owned Life Insurance | 557.1 | 6.4 | 539.2 | 6.1 | 513.5 | 5.8 |
| Loans to Policyholders | 278.6 | 3.2 | 280.7 | 3.2 | 281.2 | 3.2 |
| Other Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Securities Reported at Modified Cost | 22.2 | 0.3 | 22.5 | 0.2 | 32.6 | 0.4 |
| &nbsp;&nbsp;&nbsp;Real Estate at Depreciated Cost | 97.3 | 1.1 | 99.5 | 1.1 | 94.7 | 1.1 |
| &nbsp;&nbsp;&nbsp;Mortgage Loans | 130.2 | 1.5 | 75.3 | 0.8 | 99.8 | 1.1 |
| &nbsp;&nbsp;Alternative Energy Partnership Investments | 17.4 | 0.2 | 17.6 | 0.2 | 17.3 | 0.2 |
| &nbsp;&nbsp;&nbsp;Other | 5.7 | 0.1 | 2.2 |  | 14.8 | 0.2 |
| Total Other Investments | 272.8 | 3.2 | 217.1 | 2.3 | 259.2 | 3.0 |
| Total Investments | $8645.5 | 100.0% | $8888.5 | 100.0% | $8904.2 | 100.0% |

---

------

**Kemper Corporation**

**Details of Invested Assets (continued)**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Jun 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2023 |
| | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total | Carrying<br>Value | Percent<br>of Total |
| **<u>S&P Equivalent Rating for Fixed Maturities</u>** |  |  |  |  |  |  |
| AAA, AA, A | $4739.9 | 71.1% | $4576.4 | 71.4% | $4962.0 | 72.1% |
| BBB | 1541.1 | 23.1 | 1557.6 | 24.3 | 1657.3 | 24.1 |
| BB, B | 333.1 | 5.0 | 221.7 | 3.5 | 204.4 | 3.0 |
| CCC or Lower | 55.0 | 0.8 | 53.9 | 0.8 | 58.2 | 0.8 |
| Total Investments in Fixed Maturities | $6669.1 | 100.0% | $6409.6 | 100.0% | $6881.9 | 100.0% |
| **<u>Duration (in Years)</u>** |  |  |  |  |  |  |
| Total Investments in Fixed Maturities | 7.4 |  | 7.7 |  | 8.1 |  |

---

------

**Kemper Corporation**

**Investment Concentration**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Jun 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2023 |
| **Fair Value of Non-governmental Fixed Maturities by Industry** | Amount | Percent<br>of Total<br>Investments | Amount | Percent<br>of Total<br>Investments | Amount | Percent<br>of Total<br>Investments |
| Finance, Insurance and Real Estate | $2098.9 | 24.3% | $1969.1 | 22.2% | $2070.5 | 23.3% |
| Manufacturing | 988.0 | 11.4 | 1014.3 | 11.4 | 1077.6 | 12.1 |
| Transportation, Communication and Utilities | 843.5 | 9.8 | 793.0 | 8.9 | 807.3 | 9.1 |
| Services | 608.2 | 7.0 | 582.9 | 6.6 | 639.4 | 7.2 |
| Mining | 167.0 | 1.9 | 153.3 | 1.7 | 174.3 | 2.0 |
| Retail Trade | 121.8 | 1.4 | 125.7 | 1.4 | 156.0 | 1.8 |
| Construction | 9.7 | 0.1 | 11.7 | 0.1 | 4.4 |  |
| Other | 30.2 | 0.4 | 33.0 | 0.4 | 35.2 | 0.4 |
| Total Fair Value of Non-governmental Fixed Maturities | $4867.3 | 56.3% | $4683.0 | 52.7% | $4964.7 | 55.9% |

---

---

| | | |
|:---|:---|:---|
| | Jun 30, 2025 | Jun 30, 2025 |
| **Ten Largest Investment Exposures**<sup>1</sup> | Fair<br>Value | Percent<br>of Total<br>Investments |
| Fixed Maturities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;States including their Political Subdivisions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | $133.3 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 101.6 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan | 82.3 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia | 69.1 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 60.1 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida | 52.4 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 46.6 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia | 36.1 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana | 35.5 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado | 34.7 | 0.4 |
| Total | $651.7 | 7.5% |
| <sup>1</sup>Excluding Investments in U.S. Government and Government Agencies and Authorities at June 30, 2025. | <sup>1</sup>Excluding Investments in U.S. Government and Government Agencies and Authorities at June 30, 2025. | <sup>1</sup>Excluding Investments in U.S. Government and Government Agencies and Authorities at June 30, 2025. |

---

------

**Kemper Corporation**

**Municipal Bond Securities**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Jun 30, 2025 | Jun 30, 2025 | Jun 30, 2025 | Jun 30, 2025 | Jun 30, 2025 | Jun 30, 2025 |
| | Political Subdivision<br>General<br>Obligation | Revenue | State<br>General Obligation | Total Fair<br>Value | Percent<br>of Total<br>Muni Bond | Percent<br>of Total<br>Investments |
| California | $8.9 | $124.5 | $— | $133.4 | 10.9% | 1.5% |
| Texas | 10.5 | 87.6 | 3.5 | 101.6 | 8.3 | 1.2 |
| Michigan |  | 71.9 | 10.4 | 82.3 | 6.8 | 1.0 |
| Georgia | 2.7 | 61.0 | 5.4 | 69.1 | 5.7 | 0.8 |
| New York | 11.3 | 48.8 |  | 60.1 | 4.9 | 0.7 |
| Florida |  | 52.4 |  | 52.4 | 4.3 | 0.6 |
| Pennsylvania | 3.1 | 43.4 |  | 46.5 | 3.8 | 0.5 |
| Virginia |  | 30.0 | 6.1 | 36.1 | 3.0 | 0.4 |
| Louisiana | 1.3 | 21.9 | 12.3 | 35.5 | 3.0 | 0.4 |
| Colorado |  | 34.7 |  | 34.7 | 2.9 | 0.4 |
| Ohio |  | 33.0 |  | 33.0 | 2.7 | 0.4 |
| New Mexico |  | 31.3 |  | 31.3 | 2.6 | 0.4 |
| Puerto Rico | 0.6 | 30.0 |  | 30.6 | 2.5 | 0.4 |
| Massachusetts |  | 23.7 | 5.1 | 28.8 | 2.4 | 0.3 |
| Oregon | 2.4 | 17.5 | 8.0 | 27.9 | 2.3 | 0.3 |
| Missouri | 1.1 | 26.2 |  | 27.3 | 2.2 | 0.3 |
| Minnesota | 1.0 | 25.2 |  | 26.2 | 2.1 | 0.3 |
| Maryland |  | 24.8 |  | 24.8 | 2.0 | 0.3 |
| Tennessee | 3.2 | 19.2 |  | 22.4 | 1.8 | 0.3 |
| Oklahoma |  | 22.3 |  | 22.3 | 1.8 | 0.3 |
| Washington | 1.4 | 18.0 | 2.5 | 21.9 | 1.8 | 0.3 |
| Connecticut |  | 16.2 | 2.5 | 18.7 | 1.5 | 0.2 |
| North Carolina | 1.7 | 16.9 |  | 18.6 | 1.5 | 0.2 |
| Rhode Island | 1.5 | 16.5 |  | 18.0 | 1.5 | 0.2 |
| New Hampshire | 0.4 | 17.1 |  | 17.5 | 1.5 | 0.2 |
| Mississippi |  | 10.0 | 7.5 | 17.5 | 1.5 | 0.2 |
| Indiana |  | 17.3 |  | 17.3 | 1.4 | 0.2 |
| District of Columbia |  | 14.8 | 2.1 | 16.9 | 1.4 | 0.2 |
| Arizona |  | 14.5 |  | 14.5 | 1.2 | 0.2 |
| South Carolina |  | 13.8 |  | 13.8 | 1.1 | 0.2 |
| Alabama |  | 12.6 |  | 12.6 | 1.0 | 0.1 |
| North Dakota |  | 12.4 |  | 12.4 | 1.0 | 0.1 |
| Utah |  | 11.7 |  | 11.7 | 1.0 | 0.1 |
| Iowa |  | 11.4 |  | 11.4 | 0.9 | 0.1 |
| New Jersey |  | 9.4 |  | 9.4 | 0.8 | 0.1 |
| Nebraska |  | 9.0 |  | 9.0 | 0.7 | 0.1 |
| Montana |  | 8.9 |  | 8.9 | 0.7 | 0.1 |
| South Dakota |  | 8.2 |  | 8.2 | 0.7 | 0.1 |
| Hawaii | 2.5 | 2.9 | 2.5 | 7.9 | 0.6 | 0.1 |
| All Other States | 2.5 | 22.5 | 2.4 | 27.4 | 2.2 | 0.3 |
| Total | $56.1 | $1093.5 | $70.3 | $1219.9 | 100.0% | 14.1% |

---

------

**Kemper Corporation**

**Investments in Limited Liability** 

**Companies and Limited Partnerships**

**(Dollars in Millions)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | Unfunded<br>Commitment | Reported Value | Reported Value |
| Asset Class | Jun 30,<br>2025 | Jun 30,<br>2025 | Dec 31,<br>2024 |
| **Reported as Equity Method Limited Liability Investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Debt | $47.0 | $19.1 | $19.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine Debt | 39.5 | 115.3 | 116.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secondary Transactions | 1.7 | 3.9 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leveraged Buyout | 0.6 | 7.1 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.1 | 24.3 | 27.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distressed Debt |  | 1.4 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.1 | 5.1 | 5.8 |
| Total Equity Method Limited Liability Investments | 89.0 | 176.2 | 186.3 |
| **Reported as Other Equity Interests at Fair Value:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine Debt | 69.3 | 115.7 | 116.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leveraged Buyout | 39.0 | 32.6 | 19.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distressed Debt | 15.7 | 11.0 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Debt | 6.9 | 27.5 | 26.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Equity | 6.8 | 9.2 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secondary Transactions | 1.6 | 2.0 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.2 | 0.4 | 0.1 |
| Total Reported as Other Equity Interests at Fair Value | 139.5 | 198.4 | 183.6 |
| **Reported as Other Investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Energy Partnership Investments |  | 17.4 | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Interests at Modified Cost | 1.7 | 1.8 | 1.8 |
| Total Reported as Other Equity Investments | 1.7 | 19.2 | 19.4 |
| Total Investments in Limited Liability Companies and Limited Partnerships | $230.2 | $393.8 | $389.3 |

---

------

**Kemper Corporation**

**Definitions of Non-GAAP Financial Measures**

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

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

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

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

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

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

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

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

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

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

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income attributable to Kemper Corporation. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three and six months ended June 30, 2025 or 2024.

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

------

**Kemper Corporation**

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

A reconciliation of Net Income attributable to Kemper Corporation 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 | Six Months Ended | Six Months Ended |
| *Dollars in Millions (Unaudited)* | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| Net Income attributable to Kemper Corporation | $72.6 | $99.7 | $97.4 | $73.7 | $75.4 | $71.3 | $172.3 | $146.7 |
| Less Net (Loss) Income From: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities | (0.4) | 0.1 | (2.0) | (1.8) | (1.0) | 2.7 | (0.3) | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment (Losses) Gains | (0.1) | 0.7 | 3.1 | 0.9 | 1.2 | 5.2 | 0.6 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (2.8) | 0.2 | (1.6) | (1.7) | (0.1) | (1.2) | (2.6) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (3.8) | (4.2) | (7.5) | (9.1) | (5.1) | (10.1) | (8.0) | (15.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | 0.4 | (7.3) | (2.2) | 2.1 |  | 0.4 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (4.4) | (3.9) | (2.4) | (17.4) | (13.4) | 5.0 | (8.3) | (8.4) |
| Adjusted Consolidated Net Operating Income | $84.1 | $106.4 | $115.1 | $105.0 | $91.7 | $69.7 | $190.5 | $161.4 |

---

**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 attributable to Kemper Corporation per Unrestricted Share - basic. A reconciliation of Net Income attributable to Kemper Corporation per Unrestricted Share - basic to Adjusted Consolidated Net Operating Income per Unrestricted Share is presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| *Dollars in Millions (Unaudited)* | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| Net Income attributable to Kemper Corporation per Unrestricted Share | $1.13 | $1.56 | $1.52 | $1.15 | $1.17 | $1.11 | $2.69 | $2.28 |
| Less Net Income (Loss) per Unrestricted Share From: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Fair Value of Equity and Convertible Securities |  |  | (0.03) | (0.02) | (0.02) | 0.04 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Investment Gains |  | 0.01 | 0.04 | 0.01 | 0.02 | 0.09 | 0.01 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment Losses | (0.04) |  | (0.03) | (0.03) |  | (0.02) | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.07) | (0.07) | (0.12) | (0.14) | (0.08) | (0.16) | (0.14) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Extinguishment, Pension Settlement and Other Charges |  | 0.01 | (0.11) | (0.03) | 0.03 |  | 0.01 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Core Operations | (0.07) | (0.06) | (0.04) | (0.27) | (0.21) | 0.08 | (0.13) | (0.13) |
| Adjusted Consolidated Net Operating Income per Unrestricted Share | $1.31 | $1.67 | $1.81 | $1.63 | $1.43 | $1.08 | $2.98 | $2.51 |

---

------

**Kemper Corporation**

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

**Return on Adjusted Shareholders' Equity** is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period's annualized Net Income attributable to Kemper Corporation by the average shareholders' equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders' Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. The Company believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The "Return on Adjusted Shareholders' Equity" metric was referred to as "Return on Tangible Shareholders' Equity" in prior periods.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| *Dollars in Millions (Unaudited)* | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **<u>Numerator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annualized Net Income (Loss) attributable to Kemper Corporation | $290.4 | $398.8 | $389.6 | $294.8 | $301.6 | $285.2 | $344.6 | $293.4 |
| **<u>Denominator:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Average Shareholders' Equity<sup>1</sup> | $2935.5 | $2853.0 | $2780.9 | $2722.3 | $2630.5 | $2547.5 | $2886.5 | $2588.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Average Net Unrealized Losses on Fixed Maturities | 638.6 | 667.6 | 576.1 | 570.8 | 652.2 | 576.1 | 657.9 | 612.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Average Change in Discount Rate on Future Life Policyholder Benefits | (368.0) | (373.2) | (286.6) | (275.4) | (315.1) | (216.3) | (372.1) | (263.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Average Goodwill | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) | (1250.7) |
| &nbsp;&nbsp;Average Adjusted Shareholders' Equity<sup>1</sup> | $1955.4 | $1896.7 | $1819.7 | $1767.0 | $1716.9 | $1656.6 | $1921.6 | $1687.2 |
| **<u>Return on Shareholders' Equity</u>**<u>:</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on Shareholders' Equity | 9.9% | 14.0% | 14.0% | 10.8% | 11.5% | 11.2% | 11.9% | 11.3% |
| &nbsp;&nbsp;&nbsp;Return on Adjusted Shareholders' Equity | 14.9% | 21.0% | 21.4% | 16.7% | 17.6% | 17.2% | 17.9% | 17.4% |
| <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. | <sup>1</sup>Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. |

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**Underlying Combined Ratio** is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.

The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company's Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company's loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company's insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's underwriting performance.

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**Kemper Corporation**

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

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

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

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

---

## Exhibit 99.3

![](kmpr-6302025xearningsxpr001.jpg)

Earnings Call Presentation – 2Q 2025 Second Quarter 2025 Earnings August 5, 2025

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![](kmpr-6302025xearningsxpr002.jpg)

Earnings Call Presentation – 2Q 2025 Preliminary Matters 2 Cautionary Statements Regarding Forward-Looking Information This presentation may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to: • changes in the frequency and severity of insurance claims; • claim development and the process of estimating claim reserves; • the impacts of inflation; • changes in interest rate environment; • supply chain disruption; • product demand and pricing; • effects of governmental and regulatory actions; • heightened competition; • litigation outcomes and trends; • investment risks; • cybersecurity risks or incidents; • impact of catastrophes; and • other risks and uncertainties detailed in Kemper's Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission ("SEC"). Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this presentation. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures that the company believes are meaningful to investors. Non-GAAP financial measures have been reconciled to the most comparable GAAP financial measure.

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![](kmpr-6302025xearningsxpr003.jpg)

Earnings Call Presentation – 2Q 2025 Target top quartile value creation for customers, employees and shareholders Leading Insurer Empowering Specialty and Underserved Markets 3 Distribution Have Limited or Unfocused Competition Require Unique Expertise Sizable Market Delivering appropriate and affordable insurance and financial solutions Specialty auto insurance1 for underserved markets; Latino, Hispanic and urban areas Life insurance2 for low/moderate income customers Market Characteristics Differentiated Capabilities Product SophisticationEase of UseLow-Cost Management Enable Systematic, Sustainable Competitive Advantages (SSCAs) 1 Kemper Auto is equivalent to the Specialty Property & Casualty Insurance Segment 2 Kemper Life is equivalent to the Life Insurance Segment Enabled by a dynamic, innovative team with broad expertise who act like owners

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![](kmpr-6302025xearningsxpr004.jpg)

Earnings Call Presentation – 2Q 2025 4 Continued solid operating performance, notably in Specialty P&C; focus remains on profitable growth • Specialty P&C delivered strong underlying profitability and YoY growth – Underlying Combined Ratio1 of 93.6% for 2Q'25 – PIF grew ~8%, Written Premium grew ~7% and Earned Premium grew ~17% YoY • Life business continued to generate consistent return on capital and distributable cash flows • Net Investment Income of $96 million negatively impacted by alternative investments Operating Performance Highlights Strong Return on Adjusted Equity1 and Adjusted BVPS1 accretion • 2Q'25 Net Income attributable to Kemper Corporation of $72.6 million or $1.12 per diluted share • 2Q'25 Adjusted Consolidated Net Operating Income1 of $84.1 million or $1.30 per diluted share • ROE of 9.9% and Adjusted ROE1 of 14.9% for 2Q'25 • Book Value Per Share and Adjusted BVPS1 increased 12.0% and 14.3% YoY, respectively • All-time high trailing twelve-month Operating Cash Flow of ~$590 million Shareholder Value Creation Capital and liquidity position provides significant financial flexibility • Parent company liquidity of approximately $1.1 billion • Debt-to-Capital2 ratio of 22.7% • Repurchased ~$80 million3 of stock since April 1; new $500 million repurchase authorization Balance Sheet Strength Second Quarter 2025 Summary Strong underlying operating results continued as auto market competition increased 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 13-18 2 Excludes AOCI 3 Includes activity through July 31, 2025

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![](kmpr-6302025xearningsxpr005.jpg)

Earnings Call Presentation – 2Q 2025 Second Quarter 2025 Financial Summary 5 Delivered another quarter of solid financial results 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 13-18 Achieved 14.9% Adjusted ROE1 for 2Q'25; Specialty P&C PIF grew 7.8% YoY Quarter Ended ($ in millions, except per share amounts) Jun 30, 2025 Jun 30, 2024 Net Income Per Diluted Share attributable to Kemper Corporation $1.12 $1.16 Adj. Consolidated Net Operating Income – Per Diluted Share1 $1.30 $1.42 Book Value – Per Diluted Share $46.45 $41.46 Adjusted Book Value – Per Diluted Share1 $31.01 $27.14 Return on Shareholders' Equity 9.9% 11.5% Return on Adjusted Shareholders' Equity1 14.9% 17.6% Trailing Twelve-Month Operating Cash Flow $587 $(2) Life Face Value of In-Force YoY Change (0.8)% (0.6)% Specialty P&C Earned Premium YoY Change 17.2% (7.4)% Specialty P&C PIF YoY Change 7.8% (20.0)%

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![](kmpr-6302025xearningsxpr006.jpg)

Earnings Call Presentation – 2Q 2025 4.4% 4.4% 4.3% 4.3% 4.3% (0.4)% 0.4% 0.1% 0.1% (0.1)% 4.0% 4.8% 4.4% 4.4% 4.2% 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Core Portfolio Alt. Inv. Portfolio (ex. Solar) Diversified Investment Portfolio with Consistent Returns 6 56% 14% 7% 7% 4% 7% 5% Other States/ Munis COLI 71% 23% 5% 1% Diversified and Highly-Rated Portfolio Fixed Maturity Ratings $6.7 Billion A or Higher ≤ CCCB / BB BBB • High-quality portfolio provides consistent net investment income; 71% of fixed income portfolio rated A or higher • 4.5% pre-tax equivalent (PTE) annualized book yield on core portfolio • Average investment grade new money yields approximately 5.9% for the quarter $102 $101 $99 $98 $98 $(9) $10 $4 $3 $(2) $93 $111 $103 $101 $96 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Core Portfolio Alternative Inv. Portfolio Net Investment Income1 Highlights Corporates Alternatives U.S Gov't Portfolio Composition2 PTE Annualized Book Yield Contribution $8.6 Billion Short Term ($ in m ill io n s) 1 Non-Core Operations reflects $13, $6, $6, $2, and $2 million related to Preferred P&C in 2Q'24, 3Q'24, 4Q'24, 1Q'25, and 2Q'25, respectively \| 2 Other category includes Equity Securities, which excludes $198 million of Other Equity Interests of LPs/LLCs that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance

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![](kmpr-6302025xearningsxpr007.jpg)

Earnings Call Presentation – 2Q 2025 Well-Capitalized Insurance Subsidiaries 7 Strong balance sheet with significant financial flexibility Debt-to-Capital ratio returning to target range; Cash Flow from Operations at all-time high 23.2% 24.1% 30.3% 32.6% 31.0% 22.7% 2020 2021 2022 2023 2024 2Q'25 Debt-to-Capital 4 Parent Company Liquidity Risk-Based Capital Ratios¹ $700 $704 $918 $683 $800 $888 $733 $234 $418 $465 $548 $223 $1,433 $938 $1,336 $1,148 $1,348 $1,111 2020 2021 2022 2023 2024 2Q'25 (%) Debt Cash Flow from Operating Activities ($ in m ill io n s) $448 $351 $(210) $(134) $383 $587 2020 2021 2022 2023 2024 2Q'25 TTM HoldCo Cash & Investments Borrowings Available Under Credit Agreement & from Subs P&C3 Life2 ($ in m ill io n s) 340 355 645 465 525 580 330 220 240 275 305 270 2020 2021 2022 2023 2024 2Q'25 1 2Q'25 Risk-Based Capital Ratios shown are estimates calculated at the Company Action Level from aggregate financials of all separate insurance companies within each segment. NAIC annually reported entity-level RBCs will differ \| 2 Excludes business ceded to Kemper Bermuda Ltd. (KBL) \| 3 Excludes AACC and Reciprocal \| 4 Excludes AOCI

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![](kmpr-6302025xearningsxpr008.jpg)

Earnings Call Presentation – 2Q 2025 Specialty Property & Casualty Insurance Segment 8 Delivered strong margins and YoY PIF growth 89.6 91.3 91.7 92.2 93.6 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Underlying Combined Ratio1 (%) Highlights • Underlying Combined Ratio1 of 93.6% – Private Passenger Auto: 94.5% – Commercial Auto: 90.1% • PIF increased 7.8% YoY – Competition normalizing across states • Written Premium increased ~7%; Earned up ~17% Metrics ($ in millions) 2Q'25 2Q'24 Variance Earned Premiums $1,011 $863 17.1% Underlying Loss & LAE Ratio1 72.3% 68.7% 3.6 pts Expense Ratio 21.3% 20.9% 0.4 pts Policies In-Force (000s) 1,295 1,201 7.8% Year-Over-Year Growth2 Profitable growth remains the top priority 1 Non-GAAP financial measure; see reconciliation in appendix on pages 13-18 2 Excluding Classic Car 4.0 pts 2Q'25 TTM % of YoY DWP DWP PIF Growth Private Passenger Auto California $2,081 52.5% 7.9% Florida / Texas 723 18.2 1.9 Other 270 6.8 8.5 Total PPA $3,074 77.5% 6.7% Commercial Auto 891 22.5 17.8 Total Kemper Auto $3,966 100.0% 7.9%

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![](kmpr-6302025xearningsxpr009.jpg)

Earnings Call Presentation – 2Q 2025 Life Insurance Segment 9 Business trends remained stable Business continued to generate consistent return on capital and distributable cash flows $101 $101 $100 $100 $100 $30 $50 $46 $48 $45 $131 $151 $146 $148 $145 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Normalized Revenues3 ($ in millions) Earned Premiums Net Investment Income • Earned premiums remain stable; face value of in-force relatively flat to prior year • Lapse performance in-line with historical trends • Mortality in-line with historical experience1 Highlights Metrics ($ in millions, except per policy amounts) 2Q'25 2Q'24 Variance Adjusted Net Operating Income $13 $(0) N/A Face Value of In-Force $19,777 $19,932 (0.8)% Avg. Face Value per Policy $6,519 $6,419 1.6% Avg. Premium per Policy Issued2 $672 $622 8.0% 1 Historical experience excludes Covid-19 pandemic period (FY'20-1H'22) 2 Annual basis 3 Excludes earned premium impact from annual LDTI actuarial assumption update (4Q'24: -$5 million)

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![](kmpr-6302025xearningsxpr010.jpg)

Earnings Call Presentation – 2Q 2025 Key Takeaways 10 Delivered solid operating results • 14.9% Adjusted ROE1 • Adjusted BVPS1 increased ~14% YoY Specialty Auto produced strong underlying results • Underlying combined ratio1 of 93.6% • Written Premium increased ~7%, Earned Premium up ~17% • PIF grew by ~8% Competitive advantages provide confidence as specialty auto market normalizes Strength of capital and liquidity position provides significant financial flexibility • Trailing twelve-month Operating Cash Flow at an all-time high • Debt-to-Capital2 ratio below 23% • Repurchased ~$80 million3 of stock since April 1; new $500 million repurchase authorization Operating results and competitive advantages position us to deliver attractive returns 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 13-18 2 Excludes AOCI 3 Includes activity through July 31, 2025

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![](kmpr-6302025xearningsxpr011.jpg)

Earnings Call Presentation – 2Q 2025 Appendix 11

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![](kmpr-6302025xearningsxpr012.jpg)

Earnings Call Presentation – 2Q 2025 2025 Reinsurance Program 12 Catastrophe XoL Reinsurance • New policy effective January 1, 2025: ̶ New limit aligned with risk-appetite ̶ New structure improves overall cost of capital for Kemper Catastrophe Excess of Loss Program (XOL): • One year program consists of two layers: – $60 million excess $50 million – $65 million excess $110 million – 5% co-participation of both layers • 2025 purchase limit reflects exposure changes largely due to Preferred P&C exit HighlightsCatastrophe Reinsurance Program 100% Retention of first $50M 1-Year Term Placed 1/1/25 $60M xs $50M 95% Placed 1-Year Term Placed 1/1/25 $65M xs $110M 95% Placed Laye r 1 : 5 % co -p articip atio n Laye r 2 : 5 % co -p articip atio n

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![](kmpr-6302025xearningsxpr013.jpg)

Earnings Call Presentation – 2Q 2025 Non-GAAP Financial Measures 13 Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net Realized Investment (Losses) Gains; (iii) Impairment Losses; (iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs; (v) Debt Extinguishment, Pension Settlement and Other Charges; (vi) Goodwill Impairment Charges; (vii) Non-Core Operations; and (viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations. Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income attributable to Kemper Corporation. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three months ended June 30, 2025 or 2024. The Company believes that Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment (Losses) Gains and Impairment Losses related to investments included in the Company's results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company's investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company's financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company's business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of the Company's businesses. 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 attributable to Kemper Corporation per Unrestricted Share - basic. The Company believes that Adjusted Consolidated Net Operating Income Per Unrestricted Share provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Income from Change in Fair Value of Equity and Convertible Securities, Net Realized Investment (Losses) Gains, Impairment Losses related to investments, Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs, Debt Extinguishment, Pension Settlement and Goodwill Impairment Charges included in the Company's results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the company's investments, the timing of which is unrelated to the insurance underwriting process.

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![](kmpr-6302025xearningsxpr014.jpg)

Earnings Call Presentation – 2Q 2025 Non-GAAP Financial Measures 14 Return on Adjusted Shareholders' Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period's annualized Net Income attributable to Kemper Corporation by the average shareholders' equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders' Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. The Company believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The "Return on Adjusted Shareholders' Equity" metric was referred to as "Return on Tangible Shareholders' Equity" in prior periods. Adjusted Book Value Per Share is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders' equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The "Adjusted Book Value Per Share" metric was referred to as "Tangible Book Value Per Share" in prior periods. Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio. The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company's Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company's loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company's insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's underwriting performance.

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![](kmpr-6302025xearningsxpr015.jpg)

Earnings Call Presentation – 2Q 2025 Non-GAAP Financial Measures 15 Adjusted Consolidated Net Operating Income attributable to Kemper Corporation Three Months Ended ($ per share) Jun 30, 2025 Jun 30, 2024 Net Income attributable to Kemper Corporation Per Unrestricted Share $1.13 $1.17 Less Net Income (Loss) Per Unrestricted Share From: Change in Fair Value of Equity and Convertible Securities - (0.02) Net Realized Investment Gains - 0.02 Impairment Losses (0.04) - Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.07) (0.08) Debt Extinguishment, Pension Settlement and Other Charges - 0.03 Non-Core Operations (0.07) (0.21) Adjusted Consolidated Net Operating Income Per Unrestricted Share $1.31 $1.43 Three Months Ended ($ in millions) Jun 30, 2025 Jun 30, 2024 Net Income attributable to Kemper Corporation $72.6 $75.4 Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (0.4) (1.0) Net Realized Investment (Losses) Gains (0.1) 1.2 Impairment Losses (2.8) (0.1) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (3.8) (5.1) Debt Extinguishment, Pension Settlement and Other Charges - 2.1 Non-Core Operations (4.4) (13.4) Adjusted Consolidated Net Operating Income $84.1 $91.7

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![](kmpr-6302025xearningsxpr016.jpg)

Earnings Call Presentation – 2Q 2025 Non-GAAP Financial Measures 16 Return on Adjusted Shareholders' Equity 1 Average shareholders' equity and average adjusted shareholders' equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders' equity and average Adjusted shareholders' equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. Three Months Ended ($ in millions) Jun 30, 2025 Jun 30, 2024 Annualized Net Income attributable to Kemper Corporation $290.4 $301.6 Average Shareholders' Equity1 $2,935.5 $2,630.5 Less: Average Net Unrealized Losses on Fixed Maturities 638.6 652.2 Less: Average Change in Discount Rate on Future Life Policyholder Benefits (368.0) (315.1) Less: Average Goodwill (1,250.7) (1,250.7) Average Adjusted Shareholders' Equity1 $1,955.4 $1,716.9 Return on Shareholders' Equity 9.9% 11.5% Return on Adjusted Shareholders' Equity 14.9% 17.6%

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Earnings Call Presentation – 2Q 2025 Non-GAAP Financial Measures 17 Adjusted Book Value Per Share As of ($ and shares in millions except per share amounts) Jun 30, 2025 Jun 30, 2024 Kemper Corporation Shareholders' Equity $2,953.4 $2,671.2 Less: Net Unrealized Losses on Fixed Maturities 638.6 685.9 Less: Change in Discount Rate on Future Life Policyholder Benefits (370.0) (358.0) Less: Goodwill (1,250.7) (1,250.7) Adjusted Shareholders' Equity $1,971.3 $1,748.4 Common Shares Issued and Outstanding 63.576 64.427 Book Value Per Share $46.45 $41.46 Less: Net Unrealized Losses on Fixed Maturities 10.04 10.65 Less: Change in Discount Rate on Future Life Policyholder Benefits (5.82) (5.56) Less: Goodwill (19.66) (19.41) Adjusted Book Value Per Share $31.01 $27.14

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Earnings Call Presentation – 2Q 2025 Three Months Ended 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Specialty P&C Insurance Combined Ratio as Reported 95.4% 92.7% 92.1% 91.7% 90.7% Current Year Catastrophe Losses and LAE Ratio (0.5) (0.4) (0.2) (0.4) (1.2) Prior Years Non-Catastrophe Losses and LAE Ratio (1.3) (0.1) (0.2) - 0.1 Prior Years Catastrophe Losses and LAE Ratio - - - - - Underlying Combined Ratio 93.6% 92.2% 91.7% 91.3% 89.6% Personal Auto Insurance Combined Ratio as Reported 94.4% 92.0% 90.8% 91.1% 90.8% Current Year Catastrophe Losses and LAE Ratio (0.5) (0.4) (0.1) (0.3) (1.1) Prior Years Non-Catastrophe Losses and LAE Ratio 0.6 0.6 0.7 0.4 (0.1) Prior Years Catastrophe Losses and LAE Ratio - - - - - Underlying Combined Ratio 94.5% 92.2% 91.4% 91.2% 89.6% Commercial Auto Insurance Combined Ratio as Reported 99.0% 95.3% 97.0% 94.1% 90.5% Current Year Catastrophe Losses and LAE Ratio (0.5) (0.5) (0.4) (0.8) (1.4) Prior Years Non-Catastrophe Losses and LAE Ratio (8.4) (2.5) (3.6) (1.4) 0.8 Prior Years Catastrophe Losses and LAE Ratio - - - (0.1) 0.1 Underlying Combined Ratio 90.1% 92.3% 93.0% 91.8% 90.0% Non-GAAP Financial Measures 18 Underlying Combined Ratio

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