Slide 1: Second Quarter 2026 Earnings
Second Quarter 2026 Earnings Earnings Call Presentation – 2Q 2026
Slide 2: Preliminary Matters: Cautionary Statements Regarding Forward-Looking Information
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 Markets
Leading Insurer Empowering Specialty Markets Providing affordable, easy-to-use personalized solutions to individuals, families and businesses Auto insurance for specialty markets, including Life insurance and supplemental accident and Latino, Hispanic and urban areas health insurance products for lo
Slide 4: Key Takeaways for the Quarter
Key Takeaways for the Quarter 1 Underlying operating results improved sequentially; reported GAAP results impacted by non-cash goodwill impairment and valuation allowance 2 Personal Auto Combined Ratio improved, driven by underwriting actions and expenses 3 Commercial Auto continued to deliver solid
Slide 5: Second Quarter 2026 Financial Summary
Second Quarter 2026 Financial Summary Underlying operating results improved sequentially; reported GAAP results impacted by non-cash goodwill impairment and valuation allowance Financial • Net Loss attributable to Kemper Corporation of $(464.8) million or $(7.90) per share Results • Adjusted Consoli
Slide 6: 2Q'26 Sources of Volatility
2Q’26 Sources of Volatility Reported GAAP results primarily impacted by goodwill impairment 2Q’26 Per Recent operational challenges and ($ in millions, except per share amounts) $ Share 1 subsequent decline in Kemper's share price triggered a quantitative goodwill Net Loss attributable to Kemper Co
Slide 7: Well-Capitalized Insurance Subsidiaries
Well-Capitalized Insurance Subsidiaries Balance sheet continues to provide financial flexibility to support core businesses PARENT COMPANY LIQUIDITY ($M) RISK-BASED CAPITAL RATIOS (%)¹ HoldCo Cash & Investments Life2 Borrowings Available Under Credit Returned P&C3 Agreement & from Subs $752M of capi
Slide 8: Diversified Investment Portfolio with Consistent Returns
Diversified Investment Portfolio with Consistent Returns NET INVESTMENT INCOME ($M)1 HIGHLIGHTS $105 $103 $107 $105 • High-quality portfolio provides consistent net $96 $5 $4 $2 $8 investment income; approximately 70% of fixed income portfolio rated A or higher • 4.6% pre-tax equivalent (PTE) annual
Slide 9: Specialty Property & Casualty Insurance Segment
Specialty Property & Casualty Insurance Segment Restoring target profitability while improving geographic and product diversification COMMENTARY PRODUCTION AND PIF2 • Implementing rate and non-rate actions to strengthen 2Q’26 underwriting performance TTM % of PIF Growth • Underlying combined ratio i
Slide 10: Specialty Property & Casualty Insurance – Personal Auto
Specialty Property & Casualty Insurance – Personal Auto Actions are stabilizing loss ratio performance while reducing concentration risk COMMENTARY PRODUCTION AND PIF2 • Continuing to focus on reducing geographic concentration 2Q’26 and expanding in targeted markets TTM % of PIF Growth • Underlying
Slide 11: Specialty Property & Casualty Insurance – PPA Key State Metrics
Specialty Property & Casualty Insurance – PPA Key State Metrics Geographic diversification expected to reduce earnings volatility over time CALIFORNIA FLORIDA + TEXAS • 64% of PPA PIF in 2Q’26; 67% in 1Q’26 • 26% of PPA PIF in 2Q’26; 23% in 1Q’26 – Focused on restoring profitability over growth – Ge
Slide 12: Specialty Property & Casualty Insurance – Commercial Auto
Specialty Property & Casualty Insurance – Commercial Auto Delivered solid growth; profitability impacted by adverse prior-year reserve development COMMENTARY • Produced solid underlying performance and growth – Underlying Combined Ratio1 of 93.7%; PIF increased 9.2% YoY and 2.6% QoQ – Combined Ratio
Slide 13: Life Insurance Segment
Life Insurance Segment Produced strong Net Operating Income with emerging premium growth COMMENTARY • Net Operating Income increased, driven by higher net investment income and earned premiums • Mortality and lapse experience remained modestly favorable to expectations • Strategic actions across pri
Slide 14: Improving Execution and Operating Efficiency
Improving Execution and Operating Efficiency Identifying and executing on savings opportunities 3Q’25 – 2Q’26 Medium Term $80M+ in run-rate savings realized <20% expense ratio target • Implemented restructuring actions to simplify • Working to identify, evaluate and execute operations and reduce cos
Slide 15: Appendix
Appendix Earnings Call Presentation – 2Q 2026 15
Slide 16: 2026 Reinsurance Program
2026 Reinsurance Program Catastrophe XoL Reinsurance CATASTROPHE REINSURANCE PROGRAM 1-Year Term HIGHLIGHTS participation Layer 2: Placed 1/1/26 5% co- Catastrophe Excess $60M xs $100M of Loss Program (XOL): 95% Placed • One year program consists of two layers: 1-Year Term – $50 million excess $50 m
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net R
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Return on Adjusted Shareholders’ Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized Net (Loss) Income attributable to Kemper Corporation, excluding the annualization of the after-tax goodwill impairment and
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income attributable to Kemper Corporation Three Months Ended ($ in millions) Jun 30, 2026 Jun 30, 2025 Net (Loss) Income attributable to Kemper Corporation $(464.8) $72.6 Less Net (Loss) Income From: Change in Fair Value of Equity and
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Return on Adjusted Shareholders’ Equity Three Months Ended ($ in millions) Jun 30, 2026 Jun 30, 2025 Annualized Net (Loss) Income attributable to Kemper Corporation1 $(429.4) $290.4 Average Shareholders’ Equity2 $2,421.2 $2,935.5 Less: Average Net Unrealized Losses on F
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Book Value Per Share As of ($ and shares in millions except per share amounts) Jun 30, 2026 Jun 30, 2025 Kemper Corporation Shareholders’ Equity $2,192.8 $2,953.4 Less: Net Unrealized Losses on Fixed Maturities 596.5 638.6 Less: Change in Discount Rate on Futur
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio Three Months Ended 2Q’26 1Q’26 4Q’25 3Q’25 2Q’25 Specialty P&C Insurance Combined Ratio as Reported 104.0% 106.7% 106.0% 104.8% 95.4% Current Year Catastrophe Losses and LAE Ratio (0.7) (0.1) (0.1) (0.1) (0.5) Prior Years Non-Catastrophe Losses a
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio Three Months Ended 2Q’26 1Q’26 Specialty P&C Insurance – California PPA Combined Ratio 108.1% 110.6% Current Year Catastrophe Losses and LAE Ratio - (0.1) Prior Years Non-Catastrophe Losses and LAE Ratio (0.8) (1.2) Prior Years Catastrophe Losses