Kemper Corporation · NYSE:KMPR
Kemper — Investor Day (March 2023)
81 slides from Kemper's investor day presentation, Mar 9, 2023
Slide 1: 2023 Investor Day
Investor Day ‐ 2023 2023 Investor Day March 9, 2023
Slide 2: Welcome and Introduction
Investor Day ‐ 2023 Welcome and Introduction 2 Karen Guerra, VP of Investor Relations
Slide 3: Cautionary Statements Regarding Forward-Looking Information
Investor Day ‐ 2023 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 A
Slide 4: Today's Presenters
Investor Day ‐ 2023 Today’s Presenters 4 • 25+ years of insurance industry experience • Joined Kemper in 2015 • Previous experience: Allstate, Travelers Joe Lacher President, CEO & Chairman • 20+ years of finance experience • Joined Kemper in 2016 • Previous experience: Banc of California, AerCap, R
Slide 5: Today's Agenda
Investor Day ‐ 2023 Topic Presenter Welcome and Introduction Karen Guerra Vision and Value Creation Framework Joe Lacher Reaffirming and Refining Our Model Jim McKinney Q&A Joe Lacher / Jim McKinney Serving Our Markets: Kemper Auto Matt Hunton Serving Our Markets: Kemper Life Tim Stonehocker Evolvin
Slide 6: Vision and Value Creation Framework
Investor Day ‐ 2023 Vision and Value Creation Framework 6 Joe Lacher
Slide 7: Business on track to realize target returns in 2024
Investor Day ‐ 2023 Business on track to realize target returns in 2024 7 State of the Union Focused actions to achieve profitability targets and deliver long‐term value creation The strategic initiatives announced in the third quarter remain on track • Sharpening of our business focus ̶ Strategic r
Slide 8: Key Highlights for Today's Meeting
Investor Day ‐ 2023 Key Highlights for Today’s Meeting 8 Significant valuation upside Strong corporate purpose Investing in differentiated capabilities which provide competitive advantages Broad universe of market opportunities that align with our Strategic Intent and differentiated capabilities Pri
Slide 9: Leading Insurer Empowering Specialty and Underserved Markets
Investor Day ‐ 2023 Target top quartile value creation for customers, employees and shareholders Leading Insurer Empowering Specialty and Underserved Markets Enabled by a dynamic, diverse, and innovative team who act like owners 9 Distribution Have Limited or Unfocused Competition Require Unique Exp
Slide 10: Serve Growing Specialty Markets With Easy-to-Use Affordable Solutions
Investor Day ‐ 2023 Core businesses foundational to Kemper’s success Serve Growing Specialty Markets With Easy‐to‐Use Affordable Solutions Focus enables optimal value creation 10 • Personal and commercial auto insurance products • Targets underrepresented demographics • Simplified product offerings
Slide 11: Consistent Strategic Framework Highlights Attractive Businesses
Investor Day ‐ 2023 Proven, repeatable approach enables long‐term execution success Consistent Strategic Framework Highlights Attractive Businesses Focus on target market criteria and Kemper’s success formula 11 Success Formula Enablers Differentiated capabilities Systematic, Sustainable Compe
Slide 12: Operating Model Provides Foundation for Competitive Advantages
Investor Day ‐ 2023 Strategic framework and strong operating model accelerate value creation for all stakeholders Operating Model Provides Foundation for Competitive Advantages Differentiated enablers and capabilities provide an enterprise SSCA 12 Critical Enablers Talent Analytic Superiority Financ
Slide 13: Core businesses possess attractive market characteristics and differentiated capabilities
Investor Day ‐ 2023 Core businesses possess attractive market characteristics and differentiated capabilities Core Businesses Ta rg et M ar ke t M ar ke t Ch ar ac te ris tic s Sizable Market Require Unique Expertise ~ Have Limited or Unfocused Competition D iff er en tia te d
Slide 14: Key Highlights for Today's Meeting
Investor Day ‐ 2023 Key Highlights for Today’s Meeting Significant valuation upside Strong corporate purpose Investing in differentiated capabilities which provide competitive advantages Broad universe of market opportunities that align with our Strategic Intent and differentiated capabilities Prior
Slide 15: Reaffirming and Refining Our Model
Investor Day ‐ 2023 Reaffirming and Refining Our Model 15 Jim McKinney
Slide 16: Reaffirming and Refining Our Model
Investor Day ‐ 2023 Reaffirming and Refining Our Model 16 Topics • Operating principles • Path to target profitability • Execution is driven by sustainable operating model and business practices • High confidence in achieving: ̶ Positive adjusted consolidated net operating profit during the first ha
Slide 17: Commitment to Continual Success for Our Stakeholders
Investor Day ‐ 2023 Enables leading businesses with consistent market share gains through the cycle 17 Commitment to Continual Success for Our Stakeholders Enterprise aligned to perpetual operating principles • Develop specialized offerings • Aligned distribution • Ease of use • Affordable • Continu
Slide 18: Value Creation Driven by Customer-Centric Franchises
Investor Day ‐ 2023 Continuous investment and innovation deliver differentiated outcomes for all stakeholders 18 Value Creation Driven by Customer‐Centric Franchises Formula enables enduring systematic success Profitable Growth Identify Customers Understand Needs Develop Specialized Offerings Align
Slide 19: Strong Risk and Control Management are Non-Negotiable
Investor Day ‐ 2023 Governance ecosystem ensures we are a source of strength for all our stakeholders Strong Risk and Control Management are Non‐Negotiable Size and scale enable us to efficiently execute on our governance responsibilities 19 • Deliver on our customer promises • Provide operational r
Slide 20: Quick and Accurate Information Drives Superior Outcomes
Investor Day ‐ 2023 Permits analytic superiority, improves customer experience, and grows competitive advantages 20 Quick and Accurate Information Drives Superior Outcomes Supported by pervasive intellectual curiosity and a leading information platform Event‐based data architecture Proprietary and h
Slide 21: ESG Remains a Priority
Investor Day ‐ 2023 Integral in providing appropriate and affordable insurance and financial solutions for specialty and underserved markets ESG Remains a Priority Integrating environmental sustainability into business and operating decisions 21 • LEED Certified office locations • Recycling of over
Slide 22: Continuously Changing Operating Environment
Investor Day ‐ 2023 Continuous investment and innovation enables competitive outcomes for all stakeholders • Competing with traditional insurance companies • InsurTechs continue to penetrate select markets • MGAs trying to disintermediate insurance companies • Accelerating pace of innovation • Need
Slide 23: Committed to Delivering on Through-the-Cycle Targets
Investor Day ‐ 2023 Growing the number of customers served with leading and affordable solutions Committed to Delivering on Through‐the‐Cycle Targets 23 Return on Equity (ROE) 10% – 12% Return on Average Tangible Common Equity (ROATCE) 14% – 16% Premium Growth Market or Higher Leveraging advantages
Slide 24: Executing Plan to Achieve Target Returns
Investor Day ‐ 2023 Expect positive adjusted consolidated net operating profit in 1H’23 with underwriting income by 2H’23 Benefit Driven By Actions Taken Specialty P&C Profit Actions • Rate and non‐rate actions earning in • Since 2Q'21, Kemper Auto has filed for 43 points of rate Cost Structure Opti
Slide 25: Specialty P&C Path to Target Returns
Investor Day ‐ 2023 Overcoming loss cost pressures through rate, non‐rate, and expense actions Specialty P&C Path to Target Returns Comprehensive approach underway 25 Underlying AssumptionsThemes • Net loss trend (loss trend in excess of underwriting actions) stabilizes in 2023 – Underwriting action
Slide 26: Clear path to underwriting profit by end of 2023
Investor Day ‐ 2023 Clear path to underwriting profit by end of 2023; potential upside driven by macro factors and California actions 108 % 96 % 98 % 100 % 102 % 104 % 106 % 108 % 110 % FY 2022 YE 2023 U nd er ly in g Co m bi ne d Ra tio Downside Base Upside CA Upside Specialty P&C Path to Target Re
Slide 27: Cost Structure Optimization Accelerates Path to Target Returns
Investor Day ‐ 2023 Significant run‐rate savings have been realized; additional savings expected throughout 2023 Cost Structure Optimization Accelerates Path to Target Returns Opportunities to optimize cost structure and capture cost efficiencies have been identified and actioned 27 Restructuring an
Slide 28: Macro Tailwinds Benefiting Path to Target Returns
Investor Day ‐ 2023 Improving macro environment supports path to profitability Macro Tailwinds Benefiting Path to Target Returns Enhanced fixed income yields and moderating severity inflation stabilizing operating environment 28 Impact to Kemper Rising Interest Rates • Increased Net Investment Incom
Slide 29: Committed to Delivering on Through-the-Cycle Targets
Investor Day ‐ 2023 Achieve through‐the‐cycle targets in 2024 Committed to Delivering on Through‐the‐Cycle Targets Initiatives provide comprehensive approach to enhanced profitability 29 1 ROE defined as rolling 12 months return on average shareholders’ equity excluding net unrealized gains on fixed
Slide 30: Key Takeaways
Investor Day ‐ 2023 30 Key Takeaways • Execution is driven by sustainable operating model and business practices • High confidence in achieving: ̶ Positive adjusted consolidated net operating profit during the first half of 2023 ̶ Underwriting profits during the second half of the year ̶ Achieve thr
Slide 31: Q&A
Investor Day ‐ 2023 Q&A 31 Joe Lacher & Jim McKinney
Slide 32: Serving Our Markets: Kemper Auto
Investor Day ‐ 2023 Serving Our Markets: Kemper Auto 32 Matt Hunton
Slide 33: Serving Our Markets: Kemper Auto
Investor Day ‐ 2023 • Specialty auto market is large and growing more rapidly than the broader market with customers that have unique and complex needs • Kemper Auto has developed core capabilities that provide competitive differentiators • Intensely focused on achieving target returns 33 Serving Ou
Slide 34: Overview of Kemper Auto Today
Investor Day ‐ 2023 Specialized business model drives focused execution to ensure customer needs are met Overview of Kemper Auto Today Target market includes both Specialty PPA and CV segments 34 2022 FY Earned Premiums Earned Premium Evolution PPA CV 14% 86% 5% 95% Mix 2017Y 2022Y Commercial Auto $
Slide 35: Kemper Auto has Built a Leading Specialty Auto Franchise
Investor Day ‐ 2023 Favorable competitive dynamics and operating environment present opportunity to further expand our SSCA Kemper Auto has Built a Leading Specialty Auto Franchise ~$110B market that requires distinctive capabilities to meet customer needs 35 Customer Traits Market Attributes Specia
Slide 36: Specialty Auto is a High-Growth Market
Investor Day ‐ 2023 Strong growth of Specialty Auto market provides meaningful attainable headroom in our existing markets Specialty Auto is a High‐Growth Market Significant portion of Specialty customers reside in urban areas 36 • Market has grown ~$40B – $45B (~6% annually) over last 10 years ̶ Hi
Slide 37: Focused on Serving the Specialty Auto Market
Investor Day ‐ 2023 Focused on Serving the Specialty Auto Market Unique capabilities enable us to deliver a value proposition that aligns with customer needs 37 Prioritization of customer characteristics and needs inform execution and business solutions Specialty Customer Characteristics Business Mo
Slide 38: Leveraging Business Model to Drive Consistent Value Creation
Investor Day ‐ 2023 Leveraging Business Model to Drive Consistent Value Creation Building balanced and increasingly diverse presence 38 Framework drives balanced growth while meeting our long‐term targets • Written premium has grown ~30% annually since 2017 • Scaling our model across new products an
Slide 39: Differentiation Enables Improved Ability to Fulfill Customer Needs
Investor Day ‐ 2023 Differentiation Enables Improved Ability to Fulfill Customer Needs Execution is empowered by core capabilities and critical enablers 39 Analytic Superiority Product Sophistication Specialized Distribution Large distribution force serving customers across multiple states Strong ag
Slide 40: Preserving and Strengthening Core Capabilities
Investor Day ‐ 2023 Preserving and Strengthening Core Capabilities Continuous investment sustains competitive advantages 40 Platform Agility Data and Analytics Expanded Partnerships Better Distribution Competitive Pricing Evolved Product Managers Speed to Market Efficient Claims Management New Produ
Slide 41: Product Sophistication Core to Sustaining Target Market Advantages
Investor Day ‐ 2023 Product Sophistication Core to Sustaining Target Market Advantages Investing in Next Generation Products and Analytical Capabilities 41 • Enhanced product sophistication ̶ Offerings aligned to specific risks ̶ Advanced data science ̶ Improved pricing segmentation • Speed‐to‐marke
Slide 42: Becoming the Indispensable Agency Partner
Investor Day ‐ 2023 Becoming the Indispensable Agency Partner Allows for increased shelf‐space and outsized returns 42 Distribution approach a key driver to efficiently serve target customers Broad and diverse distribution channel and relationships • Distribution channels to meet customers’ purchasi
Slide 43: Management Insights Optimize Distribution Management
Investor Day ‐ 2023 Management Insights Optimize Distribution Management Relentless focus on optimizing relationships and achieving appropriate returns on investment 43 Data Driven Training & Development Performance Management & Support Continuing Education Holistic sales process that influences, sh
Slide 44: Expanding Commercial Auto Market Presence
Investor Day ‐ 2023 Expanding Commercial Auto Market Presence $50B+ market that requires specialized capabilities to be successful 44 Growth strategy focused on leveraging personal auto market access to efficiently deploy specialized distribution, product and underwriting capabilities Strategic Focu
Slide 45: Market Leading Underwriting Capabilities
Investor Day ‐ 2023 Capabilities driving top‐decile profitable growth Market Leading Underwriting Capabilities Evolving commercial line capabilities 45 TelematicsAppetite Articulation
Slide 46: Seamless Digital Experience Provides Leading Ease of Use
Investor Day ‐ 2023 Seamless Digital Experience Provides Leading Ease of Use Additional enhancements forthcoming to further expand differentiation 46 Current Quote & Bind Experience New Agency Quote & Bind Experience Simple and easy‐to‐use experience reduces sales friction delivers a preferred solut
Slide 47: Key Takeaways
Investor Day ‐ 2023 47 Key Takeaways • Specialty auto market is large and growing more rapidly than the broader market with customers that have unique and complex needs • Kemper Auto has developed core capabilities that provide competitive differentiators • Intensely focused on achieving target retu
Slide 48: Serving Our Markets: Kemper Life
Investor Day ‐ 2023 Serving Our Markets: Kemper Life 48 Tim Stonehocker
Slide 49: Serving Our Markets: Kemper Life
Investor Day ‐ 2023 49 Serving Our Markets: Kemper Life Topics Key Takeaways • Low‐to‐Moderate Income Market (“LMI”) • Kemper Life Capabilities • Distribution Ecosystem • Growth Opportunities • Limited competition and high barriers to entry • Significant growth opportunity (2% – 3% existing market s
Slide 50: Leading Provider of Easy-to-Use Life Products for LMI Market
Investor Day ‐ 2023 Households with cultural, social and/or faith‐based attributes that create a desire for proper end of life Rest of Market¹ 66M LMI² 57M 50 Leading Provider of Easy‐to‐Use Life Products for LMI Market Customers have unique needs and servicing requirements Large, high‐touch employe
Slide 51: Life Insurance Market has Five Primary Segments
Investor Day ‐ 2023 51 Life Insurance Market has Five Primary Segments Needs for life insurance vary based on income, assets and cultural factors Kemper serves the LMI customer focused on funding end‐of‐life expenses Individual Life Insurance Market Segments Below Poverty Line Low‐to‐ Moderate Incom
Slide 52: Significant Growth Opportunity in the LMI Market
Investor Day ‐ 2023 Existing footprint allows for meaningful growth before expanding to new geographies 52 Significant Growth Opportunity in the LMI Market Near‐term focus is on ~10M of the 57M total LMI households Low‐to‐ moderate income (LMI) (~57M HHs) Cultural, ethnic and/or faith‐ based affinit
Slide 53: Existing District Offices Can Reach ~10M LMI Households
Investor Day ‐ 2023 Sizable opportunity to expand business within existing footprint 53 Existing District Offices Can Reach ~10M LMI Households Diverse geographic presence with large market opportunity Untapped LMI Households Customers in DE, KS, KY, OK, and WI are serviced by districts in adjacent
Slide 54: Life Ecosystem enables sustainable delivery of product and services
Investor Day ‐ 2023 Life Ecosystem enables sustainable delivery of product and services at affordable prices 54 LMI Market Requires Specialization Requires high‐touch distribution, easy to understand products, and flexible payment structures • Financial discipline to keep current with premiums • Pea
Slide 55: Ecosystem creates hard to replicate business proposition
Investor Day ‐ 2023 Ecosystem creates hard to replicate business proposition 55 LMI Market Requires Tailored Capabilities Needs integrated distribution, ease of use, and specialized underwriting delivered at an affordable cost Integrated distribution and service ecosystem Service model that is diffi
Slide 56: High touch sales and service model delivers stakeholder value creation
Investor Day ‐ 2023 High touch sales and service model delivers stakeholder value creation 56 Market Requires Easy‐to‐Understand & Use Products Offer a range of policies based on customer need and budget • Permanent death benefits • As premium is paid policy builds cash / loan value • Coverage conti
Slide 57: Capabilities Create an Ecosystem Benefitting Customers & Shareholders
Investor Day ‐ 2023 Advancing processes and technology to further enhance business model 57 Capabilities Create an Ecosystem Benefitting Customers & Shareholders Consists of three strategic key components • Distribution organization designed to serve and grow our customer base • Easy and straightfor
Slide 58: Distribution Ecosystem Drives Competitive Advantage
Investor Day ‐ 2023 The District Manager is the key role in creating and maintaining this ecosystem 58 Distribution Ecosystem Drives Competitive Advantage Designed to deliver high‐touch service to customers District Manager Enabling Processes Recruit Train Retain Agents & Agent Support Provides high
Slide 59: Optimizing Our Ecosystem to Accelerate Growth
Investor Day ‐ 2023 Standardized procedures and processes will enable franchise‐like expansion and growth 59 Optimizing Our Ecosystem to Accelerate Growth Evolving to a more efficient operating model • Systematized recruiting, training and sales processes • Replicable operating model that can be “fr
Slide 60: Foundation capabilities built for Phase 1 growth will be utilized in Phases 2 and 3
Investor Day ‐ 2023 Foundation capabilities built for Phase 1 growth will be utilized in Phases 2 and 3 60 Market Penetration Expansion Ongoing Improved operating model enables profitable expansion Phase 1: Existing District Footprint • Focused on growing within our current footprint; roughly 10M ta
Slide 61: Key Takeaways
Investor Day ‐ 2023 61 Key Takeaways • Limited competition and high barriers to entry • Significant growth opportunity (2% – 3% market share) • Distribution and Life ecosystem enhancements accelerate growth
Slide 62: Evolving for the Future
Investor Day ‐ 2023 Evolving for the Future 62 Jim McKinney
Slide 63: Evolving For the Future
Investor Day ‐ 2023 Evolving For the Future 63 Topics Key Takeaways • Key initiatives unlock meaningful shareholder value ̶ Bermuda Captive ̶ Reciprocal Exchange • Valuation • Initiative execution is largely within management's control • Unlocks significant capital and moves PPA business to a fee‐ba
Slide 64: Majority of Life Business Ceded to Kemper Bermuda Ltd.
Investor Day ‐ 2023 Business has increased liquidity and capital flexibility Majority of Life Business Ceded to Kemper Bermuda Ltd. Reinsuring to regulatory framework aligned to Solvency II capital and risk model 64 Actions Established Bermuda captive as a wholly‐owned subsidiary; reinsured 80% of
Slide 65: Bermuda initiative expected to provide additional $100M capital release in 2023
Investor Day ‐ 2023 Bermuda initiative expected to provide additional $100M capital release in 2023 Bermuda Initiative Includes Review of Life Reserve Standards Previously‐set mortality reserve standards were more stringent than required 65 Ca pt iv e Se t‐ up Li fe R es er ve R ev ie w 1 2 Initiati
Slide 66: Reciprocal Model Provides Opportunity to Enhance Cost Advantages
Investor Day ‐ 2023 Structure transformation benefits all stakeholders and furthers our strategic intent Reciprocal Model Provides Opportunity to Enhance Cost Advantages Structure reduces cash flow volatility, lowers WACC and enables tax efficiencies 66 Current Opportunities Broader Insurance Market
Slide 67: Carriers Traditionally Structured as Stock or Mutual Companies
Investor Day ‐ 2023 • Shareholders own the company • Structure is exposed to both policy servicing and underwriting risk (e.g., frequency and severity) • Exposure to underwriting risk increases earnings and cash flow volatility • Higher volatility results in greater required returns and higher capit
Slide 68: Reciprocal Model is a Hybrid of a Stock and Mutual Company
Investor Day ‐ 2023 Policy servicing and underwriting risks are split between stockholders and policyholders Reciprocal Model is a Hybrid of a Stock and Mutual Company Structure creates a servicing (AIF) company and an underwriting entity (exchange) 68 Exchange (owned by Policyholders) Policy Servic
Slide 69: A Reciprocal's Hybrid Structure Enables Increased Cost Efficiencies
Investor Day ‐ 2023 In a reciprocal structure, AIF receives servicing fees while exchange retains underwriting results A Reciprocal's Hybrid Structure Enables Increased Cost Efficiencies Reciprocal model splits servicing and policyholder risks between entities 69 Exchange (owned by Policyholders) Po
Slide 70: Deconsolidation Provides Increased Capital Benefits
Investor Day ‐ 2023 Kemper expects deconsolidation within 5‐7 years Deconsolidation Provides Increased Capital Benefits Economic independence and policyholder capital sufficiency drive deconsolidation 70 Deconsolidation Greater diversification, as Surplus grows Premium diversifies, as Surplus grows
Slide 71: Reciprocal Structure Illustrative Financial Profile
Investor Day ‐ 2023 Cash flow and earnings characteristics provide attractive economic profile to equity and debt market participants • Reciprocal Structure provides AIF: ̶ ~33% lower net income volatility ̶ ~30% lower ROAE volatility ̶ Increases ROAE by ~2.3x 71 Reciprocal Structure Illustrative Fi
Slide 72: Kemper Trades at Market Premium Multiple Discount to Peers
Investor Day ‐ 2023 Initiative execution expected to provide meaningful market premium multiple expansion and shareholder upside Kemper Trades at Market Premium Multiple Discount to Peers Initiatives underway to return to profitability and create additional long‐term value 72 Share Price TNBV Per Sh
Slide 73: Key Takeaways
Investor Day ‐ 2023 Key Takeaways 73 • Initiative execution is largely within Management's control • Unlocks significant capital and moves PPA business to a fee‐based service model • Substantial upside for shareholders looking forward
Slide 74: Closing and Q&A
Investor Day ‐ 2023 Closing and Q&A 74 Joe Lacher
Slide 75: Key Highlights From Today's Meeting
Investor Day ‐ 2023 Key Highlights From Today’s Meeting Significant valuation upside Strong corporate purpose Investing in differentiated capabilities which provide competitive advantages Broad universe of market opportunities that align with our Strategic Intent and differentiated capabilities Prio
Slide 76: Appendix
Investor Day ‐ 2023 Appendix 76
Slide 77: Non-GAAP Financial Measures
Investor Day ‐ 2023 Non‐GAAP Financial Measures 77 Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities is a ratio that uses a non‐GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after‐tax impact of net unrealized gains on fix
Slide 78: Non-GAAP Financial Measures
Investor Day ‐ 2023 Non‐GAAP Financial Measures 78 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, wh
Slide 79: Non-GAAP Financial Measures: Book Value
Investor Day ‐ 2023 Non‐GAAP Financial Measures 79 Book Value Three Month Ended December 31, 2022 Book Value Per Share $ 38.23 Less: Net Unrealized (Gains) Losses on Fixed Maturities Per Share 11.21 Book Value Per Share Excluding Net Unrealized (Gain) Losses on Fixed Maturities $49.44 Less: Goodwill
Slide 80: Non-GAAP Financial Measures: Underlying Combined Ratio
Investor Day ‐ 2023 Non‐GAAP Financial Measures 80 Underlying Combined Ratio Three Month Ended December 31, 2022 Combined Ratio as Reported 108.8% Prior Years Non‐Catastrophe Losses and LAE Ratio (1.0)% Underlying Combined Ratio 107.8%
Slide 81: Underlying Combined Ratio – Normalizing Adjustments
Investor Day ‐ 2023 Non‐GAAP Financial Measures 81 Underlying Combined Ratio – Normalizing Adjustments Fourth Quarter 2022 Ratios Specialty P&C (%) P&C Underlying Combined Ratios 107.8 Adjustments Estimated Seasonality Impact (Range Mid‐point) (1.7) Net Intra‐year Development Recognized in the Qtr.