Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings August 5, 2025 Earnings Call Presentation – 2Q 2025
Slide 2: Preliminary Matters
Preliminary Matters 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 3: Leading Insurer Empowering Specialty and Underserved Markets
Leading Insurer Empowering Specialty and Underserved Markets Enabled by a dynamic, innovative team with broad expertise who act like owners Delivering appropriate and affordable insurance and financial solutions Specialty auto insurance1 for Life insurance2 for underserved markets; Latino, low/moder
Slide 4: Second Quarter 2025 Summary
Second Quarter 2025 Summary Strong underlying operating results continued as auto market competition increased Strong Return on Adjusted Equity1 and Adjusted BVPS1 accretion • 2Q’25 Net Income attributable to Kemper Corporation of $72.6 million or $1.12 per diluted share Shareholder • 2Q’25 Adjusted
Slide 5: Second Quarter 2025 Financial Summary
Second Quarter 2025 Financial Summary Delivered another quarter of solid financial results Quarter Ended ($ in millions, except per share amounts) Jun 30, 2025 Jun 30, 2024 Net Income Per Diluted Share attributable to Kemper Corporation $1.12 $1.16 Adj. Consolidated Net Operating Income – Per Dilute
Slide 6: Diversified Investment Portfolio with Consistent Returns
Diversified Investment Portfolio with Consistent Returns Net Investment Income1 Highlights • High-quality portfolio provides consistent ($ in millions) $111 $93 $103 $101 $96 net investment income; 71% of fixed income $10 $4 $3 portfolio rated A or higher • 4.5% pre-tax equivalent (PTE) annualized b
Slide 7: Well-Capitalized Insurance Subsidiaries
Well-Capitalized Insurance Subsidiaries Strong balance sheet with significant financial flexibility Parent Company Liquidity Risk-Based Capital Ratios¹ HoldCo Cash & Investments Life2 Borrowings Available Under Credit P&C3 Agreement & from Subs $1,433 $1,348 $1,336 (%) $1,148 $1,111 ($ in millions)
Slide 8: Specialty Property & Casualty Insurance Segment
Specialty Property & Casualty Insurance Segment Delivered strong margins and YoY PIF growth Highlights Year-Over-Year Growth2 • Underlying Combined Ratio1 of 93.6% 2Q'25 TTM % of YoY – Private Passenger Auto: 94.5% DWP DWP PIF Growth – Commercial Auto: 90.1% Private Passenger Auto California $2,081
Slide 9: Life Insurance Segment
Life Insurance Segment Business trends remained stable Highlights • Earned premiums remain stable; face value of in-force relatively flat to prior year • Lapse performance in-line with historical trends • Mortality in-line with historical experience1 Normalized Revenues3 ($ in millions) Metrics $151
Slide 10: Key Takeaways
Key Takeaways 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 c
Slide 11: Appendix
Appendix Earnings Call Presentation – 2Q 2025 11
Slide 12: 2025 Reinsurance Program
2025 Reinsurance Program Catastrophe XoL Reinsurance Catastrophe Reinsurance Program Highlights Catastrophe Excess of Loss Program (XOL): 5% co-participation 1-Year Term • One year program consists of two layers: Layer 2: Placed 1/1/25 – $60 million excess $50 million $65M xs $110M 95% Placed – $65
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net Realized
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Return on Adjusted Shareholders’ Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized Net Income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losse
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income attributable to Kemper Corporation Three Months Ended ($ in millions) Jun 30, 2025 Jun 30, 2024 Net Income attributable to Kemper Corporation $72.6 $75.4 Less Net (Loss) Income From: Change in Fair Value of Equity and Convertibl
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Return on Adjusted Shareholders’ Equity Three Months Ended ($ 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 $2,630.5 Less: Average Net Unrealized Losses on Fixed Matur
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Book Value Per Share As of ($ 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 Futur
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio 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 L