Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings May 6, 2026 Earnings Call Presentation – 1Q 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 Financial performance challenged by California Personal Auto and Florida Statutory 1 Profit Limit Refunds Strong performance in other parts of the business – Florida1/Texas Personal Auto, 2 Commercial Auto and Life are profitable and growing Initiatives underway to impr
Slide 5: First Quarter 2026 Financial Summary
First Quarter 2026 Financial Summary Personal Auto performance reflected increasing loss costs in CA and statutory refunds in FL • Combined Ratio of 110.9%; normalized ULCR1 of 106.5% • Performance was strong in FL1/TX with PIF up 4.9% QoQ and an ULCR2 of 93.7% Business Commercial Auto delivered rec
Slide 6: Taking Actions to Improve Profitability and Deliver Shareholder Value
Taking Actions to Improve Profitability and Deliver Shareholder Value Focused on disciplined execution, operational improvements and efficiency Taking rate and non-rate actions to improve underwriting performance Pricing and • California Personal Auto rate increases approved, effective 2Q’26 Underwr
Slide 7: Improving Execution and Operating Efficiency
Improving Execution and Operating Efficiency Continuing to identify and execute on savings opportunities Phase 1 Phase 2 Phase 3 (3Q’25) (1Q’26) (Medium Term) $33M in run-rate savings already $30M+ in additional run-rate <20% expense ratio target delivered savings identified • Working with advisors
Slide 8: Specialty Property & Casualty Insurance Segment
Specialty Property & Casualty Insurance Segment California PPA liability trends and Florida statutory refunds negatively impacted financial performance; Florida3/Texas PPA and Commercial Auto performance remained strong HIGHLIGHTS PRODUCTION AND PIF2 • Performance reflected losses in CA and $28 mill
Slide 9: Specialty P&C Insurance – PPA Key State Metrics
Specialty Property & Casualty Insurance – PPA Key State Metrics Portfolio and geographic diversification in Personal Auto expected to reduce earnings volatility CALIFORNIA FLORIDA + TEXAS • Represents ~69% of Earned Premiums1 in 1Q’26 • Represents ~22% of Earned Premiums1 in 1Q’26 – Deemphasizing gr
Slide 10: Specialty P&C Insurance – Commercial Auto
Specialty Property & Casualty Insurance – Commercial Auto Record production with strong underlying combined ratio performance HIGHLIGHTS DIRECT WRITTEN PREMIUMS ($M) • Record production with growth in multiple geographies – PIF increased 10.0% YoY – DWP CAGR of ~23% since 2019 $979 $1,009 • Strong U
Slide 11: Life Insurance Segment
Life Insurance Segment Continues to deliver stable Net Operating Income with steady YoY in-force premiums HIGHLIGHTS • Net Operating Income improvement driven by expense management and favorable lapse and mortality • Product repricing and tighter underwriting improving mix and margin • Modernizing L
Slide 12: Appendix
Appendix Earnings Call Presentation – 1Q 2026 12
Slide 13: 1Q'26 Sources of Volatility
1Q’26 Sources of Volatility Operating earnings volatility primarily related to Florida statutory refunds 1Q’26 ($ in millions, except per share amounts) Per $ Includes $3.1 million after-tax Share 1 restructuring charge to generate $30+ Net Loss attributable to Kemper Corporation $(1.7) $(0.03) mil
Slide 14: Diversified Investment Portfolio with Consistent Returns
Diversified Investment Portfolio with Consistent Returns NET INVESTMENT INCOME ($M)1 HIGHLIGHTS $105 $103 $107 • High-quality portfolio provides consistent net $101 $96 $4 $2 $8 investment income; approximately 70% of fixed income $3 portfolio rated A or higher • 4.6% pre-tax equivalent (PTE) annual
Slide 15: Well-Capitalized Insurance Subsidiaries
Well-Capitalized Insurance Subsidiaries Balance sheet continues to provide financial flexibility to support core businesses PARENT COMPANY LIQUIDITY ($M) RISK-BASED CAPITAL RATIOS (%)¹ HoldCo Cash & Investments Life2 Borrowings Available Under Credit Returned $752M P&C3 Agreement & from Subs of capi
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 $50 m
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net R
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Return on Adjusted Shareholders’ Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized Net (Loss) Income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains an
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income attributable to Kemper Corporation Three Months Ended ($ in millions) Mar 31, 2026 Mar 31, 2025 Net (Loss) Income attributable to Kemper Corporation $(1.7) $99.7 Less Net (Loss) Income From: Change in Fair Value of Equity and Co
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Return on Adjusted Shareholders’ Equity Three Months Ended ($ in millions) Mar 31, 2026 Mar 31, 2025 Annualized Net (Loss) Income attributable to Kemper Corporation $(6.8) $398.8 Average Shareholders’ Equity1 $2,665.5 $2,853.0 Less: Average Net Unrealized Losses on Fixe
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Book Value Per Share As of ($ and shares in millions except per share amounts) Mar 31, 2026 Mar 31, 2025 Kemper Corporation Shareholders’ Equity $2,649.6 $2,917.6 Less: Net Unrealized Losses on Fixed Maturities 636.7 638.6 Less: Change in Discount Rate on Futur
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio Three Months Ended 1Q’26 4Q’25 3Q’25 2Q’25 1Q’25 Specialty P&C Insurance Combined Ratio as Reported 106.7% 106.0% 104.8% 95.4% 92.7% Current Year Catastrophe Losses and LAE Ratio (0.1) (0.1) (0.1) (0.5) (0.4) Prior Years Non-Catastrophe Losses an
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Underlying Combined Ratio Three Months Ended 1Q’26 4Q’25 Specialty P&C Insurance – California PPA Combined Ratio 110.6% 108.1% Current Year Catastrophe Losses and LAE Ratio (0.1) - Prior Years Non-Catastrophe Losses and LAE Ratio (1.2) - Prior Years Catastrophe Losses and