Kemper Corporation · NYSE:KMPR
Kemper — Q3 2026 Earnings Presentation
21 slides from Kemper's earnings presentation, Nov 10, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings Earnings Call Presentation – 3Q 2026
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
Slide 3: Kemper at a Glance
Kemper at a Glance Providing affordable, easy-to-use, personalized solutions to individuals, families and businesses Specialty Property & Casualty Insurance Life Insurance • Offers personal and commercial auto insurance tailored • Offers life insurance and supplemental accident and to specialized co
Slide 4: Strengthening Our Leadership Team
Strengthening Our Leadership Team Chris Flint Eric Kappler Jennifer Kopps- Todd Williams Wagner EVP, Chief Distribution & EVP, Head of P&C EVP, Head of Life SVP, Chief Claims Officer Marketing Officer Earnings Call Presentation – 3Q 2026 4
Slide 5: Building a More Productive and Scalable Distribution Model
Building a More Productive and Scalable Distribution Model Aligning distribution capabilities to support disciplined, profitable growth WHY WE BUILT IT NEAR TERM: ESTABLISH AND VALIDATE 6–18 MONTHS: SCALE CAPABILITIES Integrate distribution, Lay the foundation Scale what works marketing and acquisit
Slide 6: Third Quarter 2026 Financial Summary
Third Quarter 2026 Financial Summary Strong sequential earnings improvement, led by Specialty P&C $52.4M • Net Income attributable to Kemper Corporation of $0.88 per diluted share vs. $(7.90) per share in 2Q’26 Net Income attributable to Kemper Corporation • Adjusted Consolidated Net Operating Incom
Slide 7: Specialty Property & Casualty Insurance Segment
Specialty Property & Casualty Insurance Segment COMBINED RATIO 104.8% 106.0% 106.7% 104.0% 99.2% 21.1% 21.6% 22.2% 20.6% 21.0% Expense Ratio Loss & LAE Ratio 83.7% 84.4% 84.5% 83.4% 78.2% CURRENT QUARTER · 3Q'26 COMBINED RATIO 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 99.2% Underlying CR1 METRICS 99.6% 3Q’25 10
Slide 8: Personal Auto Highlights
Personal Auto Highlights COMBINED RATIO 103.2% 110.1% 110.9% 105.0% 99.3% 22.8% 23.3% 21.7% 22.0% 22.5% Expense Ratio 81.2% 87.3% 87.6% 83.3% 76.8% Loss & LAE Ratio CURRENT QUARTER · 3Q'26 COMBINED RATIO 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 99.3% Underlying CR1 METRICS 102.1% 3Q’25 110.0% 4Q’25 111.0% 1Q’2
Slide 9: Personal Auto – Key State Metrics
Personal Auto – Key State Metrics CALIFORNIA FLORIDA + TEXAS Loss & LAE Ratio Expense Ratio 104.4% 108.1% 110.6% 108.1% 98.2% 21.2% 20.6% 21.8% 20.9% 22.4% 83.2% 87.5% 88.8% 87.2% 75.8% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Underlying CR1 104.0% 108.1% 109.2% 107.3% 102.1% METRICS 3Q’25 4Q’25 1Q’26 2Q’26 3Q
Slide 10: Commercial Auto Highlights
Commercial Auto Highlights COMBINED RATIO 110.0% 101.2% 99.0% 18.1% 94.2% 95.1% 17.6% 17.6% 18.0% 19.1% Expense Ratio 91.9% 83.6% 81.4% Loss & LAE Ratio 76.2% 76.0% CURRENT QUARTER · 3Q'26 COMBINED RATIO 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 99.0% Underlying CR1 METRICS 91.1% 3Q’25 90.3% 4Q’25 92.4% 1Q’26 9
Slide 11: Life Insurance Segment
Life Insurance Segment 3Q'26 3Q'26 3Q'26 NORMALIZED REVENUES1 ($M) ADJUSTED NOI ($M) FACE VALUE OF IN-FORCE ($B) $153 $20 $19.8 NORMALIZED REVENUES1 ($M) ADJUSTED NET OPERATING INCOME ($M) Earned Premiums NII $19 $20 $20 $148 $147 $150 $152 $153 $18 $18 $48 $47 $49 $49 $50 $100 $100 $101 $103 $103 3
Slide 12: Improving Execution and Operating Efficiency
Improving Execution and Operating Efficiency Restructuring actions supporting expense ratio stability Actions Implemented Medium-Term Priorities ~$90M Positioned for Annual Run-Rate Savings Greater Efficiency • Simplified organizational structure and reduced operating costs • Sustain benefits from s
Slide 13: Well-Capitalized Insurance Subsidiaries
Well-Capitalized Insurance Subsidiaries LIQUIDITY ($M) RISK-BASED CAPITAL2 DEBT-TO-CAPITAL5 3Q'26 3Q'26 3Q'26 Strong regulatory capital position $727 625% provides financial Life3 flexibility P&C4 230% 28.0% $91M Holdco Cash & Investments Strong regulatory capital position provides Reflects impact o
Slide 14: Diversified Investment Portfolio with Consistent Returns
Diversified Investment Portfolio with Consistent Returns NET INVESTMENT INCOME ($M) PTE ANNUALIZED BOOK YIELD CONTRIBUTION CURRENT QUARTER · 3Q'26 $105 $103 $107 $105 $107 4.6% 4.6% 4.7% 4.6% 4.7% NET INVESTMENT INCOME ($M) $4 $2 $8 $5 $4 0.2% 0.1% 0.3% 0.2% 0.2% $107 $101 $101 $99 $100 $103 4.4% 4.
Slide 15: Appendix
Appendix Earnings Call Presentation – 3Q 2026 15
Slide 16: 2026 Reinsurance Program
2026 Reinsurance Program Catastrophe XoL Reinsurance CATASTROPHE REINSURANCE PROGRAM 1-Year Term HIGHLIGHTS participation Layer 2: 5% co- Placed 1/1/26 Catastrophe Excess of Loss Program (XOL): $60M xs $100M • One year program consists of two layers: 95% Placed – $50 million excess $50 million – $60
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net R
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by addi
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income attributable to Kemper Corporation Three Months Ended ($ in millions) Sep 30, 2026 Jun 30, 2026 Net Income (Loss) attributable to Kemper Corporation $52.4 $(464.8) Less Net Income (Loss) From: Change in Fair Value of Equity and
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio Three Months Ended 3Q’26 2Q’26 1Q’26 4Q’25 3Q’25 Specialty P&C Insurance Combined Ratio 99.2% 104.0% 106.7% 106.0% 104.8% Current Year Catastrophe Losses and LAE Ratio (0.2) (0.7) (0.1) (0.1) (0.1) Prior Years Non-Catastrophe Losses and LAE Ratio
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio Three Months Ended 3Q’26 2Q’26 1Q’26 4Q’25 3Q’25 Specialty P&C Insurance – California PPA Combined Ratio 98.2% 108.1% 110.6% 108.1% 104.4% Current Year Catastrophe Losses and LAE Ratio - - (0.1) - - Prior Years Non-Catastrophe Losses and LAE Rati