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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________________________

FORM 10-Q

______________________________________________________


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended 9/30/2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from to

Commission file number 001-18298

______________________________________________________

Kemper Corporation

(Exact name of registrant as specified in its charter)

______________________________________________________


DE		95-4255452
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

200 E. Randolph Street
Suite 3300
Chicago	IL	60601
(Address of principal executive offices)		(Zip Code)

(312) 661-4600

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	KMPR	NYSE
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062	KMPB	NYSE

______________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “ accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

58,546,860 shares of common stock, $0.10 par value, were outstanding as of November 3, 2025.

KEMPER CORPORATION

INDEX


		Page
Caution Regarding Forward-Looking Statements		1

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Statements of (Loss) Income for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	5

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited)	6

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	8

	Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	10

	Notes to the Condensed Consolidated Financial Statements (Unaudited)	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73

Item 4.	Controls and Procedures	73

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	73

Item 1A.	Risk Factors	73

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities	73

Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	74

Item 6.	Exhibits	75

Exhibit Index		75

Signatures		76

Caution Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, including, but not limited to, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), Risk Factors and the accompanying unaudited Condensed Consolidated Financial Statements (including the notes thereto) of Kemper Corporation (“Kemper”) and its subsidiaries (individually and collectively referred to herein as the “Company”), as well as a variable interest entity (“VIE”) in which the Company is considered the primary beneficiary, 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 Act of 1995.

Forward-looking statements give expectations or forecasts of future events. The reader can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “believe(s),” “goal(s),” “target(s),” “estimate(s),” “anticipate(s),” “forecast(s),” “project(s),” “plan(s),” “intend(s),” “expect(s),” “might,” “may,” “could” and other terms of similar meaning. Forward-looking statements, in particular, include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong, and, accordingly, Kemper cautions readers not to place undue reliance on such statements. Kemper bases these statements on current expectations and the current economic environment as of the date of this Quarterly Report on Form 10-Q. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance, and actual results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties that may be important in determining the Company’s actual future results and financial condition.

In addition to the factors discussed under Item 1A., “Risk Factors,” of Part I of Kemper’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”), for the year ended December 31, 2024 (the “2024 Annual Report”), the reader should consider the following list of factors that, among others, could cause the Company’s actual results and financial condition to differ materially from estimated results and financial condition.

Factors related to the legal and regulatory environment in which Kemper and its subsidiaries operate

•Evolving policies, practices and interpretations by regulators and courts that increase operating costs and potential liabilities, particularly any that involve retroactive application of new requirements;

•Adverse outcomes in litigation, investigations or other legal or regulatory proceedings involving Kemper or its subsidiaries or affiliates, including proceedings related to its business practices or business practices in the insurance industry;

•Governmental actions, including, but not limited to, implementation of new laws and regulations, and court decisions interpreting existing and future laws and regulations or policy provisions;

•Uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, business withdrawals, dividends from insurance subsidiaries, reinsurance arrangements, acquisitions of businesses or strategic initiatives and other matters within the purview of insurance regulators;

•Increased costs required to address new legal and regulatory requirements; liabilities, costs and other impacts arising from investigations or developments related to cybersecurity, privacy and data governance, including, without limitation, cyber incidents that have occurred or may occur;

Factors relating to insurance claims and related reserves in the Company’s insurance businesses

•The incidence, frequency and severity of catastrophes occurring in any particular reporting period or geographic area, including natural disasters, pandemics and terrorist attacks or other man-made events;

•The frequency and severity of insurance claims (including those associated with catastrophe losses and pandemics);

•The interest rate environment, including recently enacted and proposed rate changes by the U.S. Federal Reserve, which may cause material fluctuations in our life policyholder benefit reserves;

•Changes in facts and circumstances affecting assumptions used in determining loss and loss adjustment expenses (“LAE”) reserves, including, but not limited to, the frequency and severity of insurance claims, changes in claims handling procedures and closure patterns, development patterns and the impacts of technological and other environmental conditions;

•The impact of inflation on insurance claims, including, but not limited to, the effects on material costs, the effects on personal injury claims of increasing medical costs and the effects on severity of claims resulting from a catastrophe;

•The effects on property claims attributed to supply chain disruption, in part potentially as a result of the impact of tariffs and scarcity of resources available to rebuild damaged structures and repair damaged property, including labor and materials and the amount of salvage value recovered for damaged property;

•The rising costs of insurance claims from increased and more targeted litigation, higher jury awards, broader definitions of liability, and other effects of legal and societal trends referred to as legal system abuse or social inflation;

•Developments related to insurance policy claims and coverage issues, including, but not limited to, interpretations, pronouncements or decisions by courts or regulators that may govern or influence losses incurred in connection with hurricanes and other catastrophes;

•Orders, interpretations or other actions by regulators that impact the reporting, adjustment and payment of claims;

•Changes in the pricing or availability of reinsurance, or in the financial condition of reinsurers and amounts recoverable therefrom;

Factors related to the Company’s ability to compete

•Changes in the ratings of Kemper and/or its insurance company subsidiaries by rating agencies with regard to credit, financial strength, claims paying ability and other areas on which the Company is rated;

•The level of success and costs incurred in realizing or maintaining economies of scale, integrating acquired businesses and implementing significant business initiatives and the timing of the occurrence or completion of such events, including, but not limited to, those related to expense and claims savings, the operation of Kemper Reciprocal, consolidations, reorganizations and technology;

•Absolute and relative performance of the Company’s products and services, including, but not limited to, the level of success achieved in designing and introducing new insurance products and services;

•Difficulties with technology, data and network security (including as a result of cyber attacks that have occurred or may occur), outsourcing relationships or cloud-based technology that could negatively impact the Company’s ability to conduct business;

•The ability of the Company and its third-party service providers to maintain the availability and required performance of critical systems and manage technology initiatives cost-effectively to address insurance industry developments and regulatory requirements;

•Heightened competition, including, with respect to pricing, consolidations of existing competitors or entry of new competitors and alternate distribution channels, introduction of new technologies, use and enhancements of telematics, refinements of existing products and development of new products by current or future competitors;

•Expected benefits and synergies from mergers, acquisitions, divestitures and/or strategic initiatives that may not be realized to the extent anticipated, within expected time frames or at all, due to a number of factors including, but not limited to, the loss of key agents/brokers, customers or employees, increased costs, fees, expenses and related charges and delays caused by unanticipated developments or factors outside of the Company’s control;

•The successful formulation and execution of the Company’s plan with regard to corporate strategy and significant operational changes;

•Increase in competition as a result of new competitors to the property and casualty insurance industry or existence of competitors that receive substantial infusion of capital or access to third-party capital;

Factors related to the business environment in which Kemper and its subsidiaries operate

•Changes in general economic conditions, including those related to, without limitation, performance of financial markets, increased volatilities in market conditions, interest rates, inflation, unemployment rates, significant global catastrophes and/or pandemics, tariffs and international trade policies, such as the implementation of tariffs recently imposed by the US government pursuant to the International Emergency Economic Powers Act, and fluctuating values of particular investments held by the Company;

•Absolute and relative performance of investments made by the Company;

•Changes in insurance industry trends and significant industry developments;

•Changes in consumer trends, including changes in number of miles driven by automobile insurance policyholders, and significant consumer or product developments;

•Changes in capital requirements, including the calculations thereof, used by regulators and rating agencies;

•Regulatory, accounting or tax changes that may affect the Company’s earnings, the cost of, or demand for, the Company’s products or services or after-tax returns from the Company’s investments;

•The impact of required participation in state windpools and joint underwriting associations, residual market assessments and assessments for insurance industry insolvencies;

•Changes in distribution channels, methods or costs resulting from changes in laws or regulations, legal proceedings or market forces;

•Increasing competition and higher costs for executive talent and employees with necessary skills and industry experience;

•Increased costs and risks related to cybersecurity that could materially affect the Company’s operations including, but not limited to, data breaches, cyber attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability and performance, and actions taken to minimize and remediate the risks of such events that have occurred or could occur;

Other risks and uncertainties described from time to time in Kemper’s filings with the U.S. Securities and Exchange Commission (“SEC”)

Kemper cannot provide any assurances that the results and outcomes contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable or that future events or developments will not cause such statements to be inaccurate. Kemper assumes no obligation to correct or update any forward-looking statements publicly for any changes in events or developments or in the Company’s expectations or results subsequent to the date of this Quarterly Report on Form 10-Q. Kemper advises the reader, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(Dollars in millions, except per share amounts)

(Unaudited)


	Three Months Ended				Nine Months Ended
	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Revenues:
Earned Premiums1	$	1,133.3	$	1,068.5	$	3,352.0	$	3,134.1
Net Investment Income	104.8		111.1		301.9		304.5
Other Income	2.9		2.7		8.6		7.9
Change in Fair Value of Equity and Convertible Securities	(2.1)		(2.3)		(2.5)		(0.1)
Net Realized Investment Gains	3.9		1.1		4.7		9.2
Impairment Losses	(3.1)		(2.2)		(6.4)		(3.8)
Total Revenues	1,239.7		1,178.9		3,658.3		3,451.8
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses2	924.6		769.3		2,521.0		2,269.7
Insurance and Other Expenses	339.1		304.5		933.6		870.6

Interest Expense	9.1		14.4		29.5		42.3

Total Expenses	1,272.8		1,088.2		3,484.1		3,182.6
(Loss) Income before Income Taxes	(33.1)		90.7		174.2		269.2
Income Tax (Benefit) Expense	(8.9)		18.5		31.6		52.4
Net (Loss) Income	(24.2)		72.2		142.6		216.8
Less: Net Loss attributable to Noncontrolling Interest	(3.2)		(1.5)		(8.7)		(3.6)
Net (Loss) Income attributable to Kemper Corporation	$	(21.0)	$	73.7	$	151.3	$	220.4

Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share:
Basic	$	(0.34)	$	1.15	$	2.40	$	3.43
Diluted	$	(0.34)	$	1.14	$	2.37	$	3.40
1 Includes a remeasurement loss related to the deferred profit liability within the Life insurance business of $0.9 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and a remeasurement loss of $1.6 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively.
2 Includes a remeasurement gain of $1.8 million and $1.2 million related to the liability for future policyholder benefits within the Life insurance business for the three months ended September 30, 2025 and 2024, respectively, and a remeasurement gain of $1.8 million and $2.7 million for the nine months ended September 30, 2025 and 2024, respectively.

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)

(Unaudited)


	Three Months Ended				Nine Months Ended
	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Net (Loss) Income	$	(24.2)	$	72.2	$	142.6	$	216.8

Other Comprehensive Income Before Income Taxes
Changes in Unrealized Gains (Losses) on Investment Securities with:
No Credit Losses Recognized in Condensed Consolidated Statements of (Loss) Income	107.9		286.6		179.2		98.4
Credit Losses Recognized in Condensed Consolidated Statements of (Loss) Income	(1.0)		—		0.3		(1.7)
Change in Unrecognized Postretirement Benefit Costs	(0.5)		(0.7)		(1.6)		(2.4)
Gain on Cash Flow Hedges	0.7		4.9		1.1		1.3
Change in Discount Rate on Future Life Policyholder Benefits	(68.4)		(209.1)		(81.4)		40.8
Other Comprehensive Income Before Income Taxes	38.7		81.7		97.6		136.4
Other Comprehensive Income Tax Expense	8.0		16.9		19.9		28.1
Other Comprehensive Income, Net of Taxes	30.7		64.8		77.7		108.3
Total Comprehensive Income	6.5		137.0		220.3		325.1

Less: Net Loss attributable to Noncontrolling Interest	(3.2)		(1.5)		(8.7)		(3.6)
Less: Other Comprehensive Income attributable to Noncontrolling Interest	0.1		—		0.3		—
Less: Total Comprehensive Loss attributable to Noncontrolling Interest	(3.1)		(1.5)		(8.4)		(3.6)

Comprehensive Income attributable to Kemper Corporation	$	9.6	$	138.5	$	228.7	$	328.7

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except per share amounts)

(Unaudited)


	Sep 30, 2025		Dec 31, 2024
Assets:
Investments:
Fixed Maturities at Fair Value (Amortized Cost: 2025 - $7,331.7; 2024 - $7,295.0 Allowance for Credit Losses: 2025 - $15.7; 2024 - $10.7)	$	6,620.3	$	6,409.6
Equity Securities at Fair Value (Cost: 2025 - $282.1; 2024 - $197.1)	302.0		218.5
Equity Method Limited Liability Investments	174.9		186.3
Short-term Investments at Cost which Approximates Fair Value	371.2		1,037.1
Company-Owned Life Insurance	567.9		539.2
Loans to Policyholders	279.3		280.7
Other Investments	287.0		217.1
Total Investments	8,602.6		8,888.5
Cash	107.4		64.4
Receivables from Policyholders (Allowance for Credit Losses: 2025 - $2.4; 2024 - $2.9)	1,022.9		977.9
Other Receivables	185.0		185.7
Deferred Policy Acquisition Costs	658.9		628.9
Goodwill	1,250.7		1,250.7
Current Income Tax Assets	57.4		63.4
Deferred Income Tax Assets	66.3		93.3
Other Assets	422.2		436.1
Assets of Consolidated Variable Interest Entity
Fixed Maturities at Fair Value (Amortized Cost: 2025 - $36.0; 2024 - $1.7)	36.3		1.7
Short-term Investments at Cost which Approximates Fair Value	17.5		28.0
Cash	—		1.0
Receivables from Policyholders	10.7		8.2
Other Receivables	0.4		—
Deferred Policy Acquisition Costs	1.4		1.1

Deferred Income Tax Assets	3.7		1.5

Total Assets	$	12,443.4	$	12,630.4

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in millions, except per share amounts)

(Unaudited)


	Sep 30, 2025		Dec 31, 2024
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health	$	3,317.6	$	3,199.7
Property and Casualty	2,806.0		2,611.9
Total Insurance Reserves	6,123.6		5,811.6
Unearned Premiums	1,310.6		1,264.1

Policyholder Obligations	620.0		637.7
Deferred Income Tax Liabilities	13.5		14.8
Accrued Expenses and Other Liabilities	669.5		705.2
Long-term Debt, Current, at Amortized Cost	—		449.9
Long-term Debt, Non-Current, at Amortized Cost	943.1		941.7
Liabilities of Consolidated Variable Interest Entity
Insurance Reserves	26.3		9.4
Unearned Premiums	13.6		11.2
Accrued Expenses and Other Liabilities	1.6		0.5
Total Liabilities	9,721.8		9,846.1
Kemper Corporation Shareholders’ Equity:
Common Stock, $0.10 Par Value, 100,000,000 Shares Authorized; 60,201,675 Shares Issued and Outstanding at September 30, 2025 and 63,840,442 Shares Issued and Outstanding at December 31, 2024	6.0		6.4
Paid-in Capital	1,737.2		1,854.9
Retained Earnings	1,216.0		1,231.6
Accumulated Other Comprehensive Loss	(227.1)		(304.5)
Total Kemper Corporation Shareholders’ Equity	2,732.1		2,788.4
Noncontrolling Interest	(10.5)		(4.1)
Total Shareholders’ Equity	2,721.6		2,784.3
Total Liabilities and Shareholders’ Equity	$	12,443.4	$	12,630.4

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

(Unaudited)


	Nine Months Ended
	Sep 30, 2025		Sep 30, 2024
Cash Flows from Operating Activities:
Net Income	$	142.6	$	216.8
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Investment Gains	(4.7)		(9.2)
Impairment Losses	6.4		3.8
Depreciation, Amortization, and Impairments of Property, Equipment, Software and Intangible Assets Acquired	61.2		40.8
Settlement Related to Defined Benefit Pension Plan	—		(2.6)
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments	6.0		24.7
Change in Fair Value of Equity and Convertible Securities	2.5		0.1

Changes in:
Receivables from Policyholders	(47.5)		(28.4)
Reinsurance Recoverables	2.6		4.6
Deferred Policy Acquisition Costs	(30.3)		(30.3)
Insurance Reserves	251.1		(43.1)
Unearned Premiums	48.9		(2.9)
Income Taxes	9.5		42.5
Other	(38.8)		(9.0)
Net Cash Provided by Operating Activities	409.5		207.8
Cash Flows from Investing Activities:
Proceeds from the Sales, Calls and Maturities of Fixed Maturities	902.3		929.2
Proceeds from the Sales or Paydowns of Investments:
Equity Securities	19.3		15.8
Real Estate Investments	5.5		—
Mortgage Loans	83.4		96.5
Other Investments	18.1		10.9
Purchases of Investments:
Fixed Maturities	(980.7)		(792.2)
Equity Securities	(104.3)		(12.1)
Real Estate Investments	(2.1)		(0.9)

Mortgage Loans	(156.2)		(87.8)
Other Investments	(42.6)		(40.7)
Net Sales (Purchases) of Short-term Investments	685.4		(184.1)

Acquisition of Software and Long-lived Assets	(21.8)		(43.5)
Settlement Proceeds from Company-Owned Life Insurance	2.9		6.2
Other	4.2		13.1
Net Cash Provided by (Used in) Investing Activities	413.4		(89.6)

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in millions)

(Unaudited)


	Nine Months Ended
	Sep 30, 2025		Sep 30, 2024
Net Cash Provided by (Used in) Investing Activities (Carryforward from page 8)	413.4		(89.6)
Cash Flows from Financing Activities:
Repayment of Long-term Debt	(450.0)		—
Proceeds from Policyholder Contract Obligations	30.3		62.8
Repayment of Policyholder Contract Obligations	(51.0)		(100.6)
Proceeds from Shares Issued under Employee Stock Purchase Plan	2.7		2.9
Common Stock Repurchases	(251.3)		(25.0)
Dividends Paid	(60.7)		(60.1)
Other	(0.9)		(5.4)
Net Cash Used in Financing Activities	(780.9)		(125.4)

Net increase (decrease) in cash1	42.0		(7.2)
Cash, Beginning of Year1	65.4		64.1
Cash, End of Period1	$	107.4	$	56.9
1Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest.

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

(Dollars in millions)

(Unaudited)


	Nine Months Ended
	Sep 30, 2025		Sep 30, 2024
Cash (paid) received during the year for:
Interest	$	(41.9)	$	(52.0)
Taxes	(22.2)		(10.5)
Operating Leases	(14.2)		(16.4)

Non-Cash Activities:
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities	$	24.8	$	8.5

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In millions, except per share amounts)

(Unaudited)


	Three Months Ended September 30, 2025
	Number of Shares	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Noncontrolling Interest		Total Shareholders’ Equity
Balance, June 30, 2025	63.6	$	6.4	$	1,859.3	$	1,345.4	$	(257.7)	$	(7.9)	$	2,945.5
Net Loss	—	—		—		(21.0)		—		(3.2)		(24.2)
Other Comprehensive Income, Net of Taxes (Note 12)	—	—		—		—		30.6		0.1		30.7
Cash Dividends and Dividend Equivalents to Shareholders ($0.32 per share)	—	—		—		(19.7)		—		—		(19.7)
Repurchases of Common Stock (Note 13)	(3.4)	(0.3)		(129.8)		(88.7)		—		—		(218.8)
Shares Issued Under Employee Stock Purchase Plan (Note 13)	—	(0.1)		0.9		—		—		—		0.8
Equity-based Compensation Cost	—	—		7.3		—		—		—		7.3
Equity-based Awards, Net of Shares Exchanged	—	—		(0.5)		—		—		—		(0.5)
Other Changes in Non-Controlling Interest	—	—		—		—		—		0.5		0.5
Balance, September 30, 2025	60.2	$	6.0	$	1,737.2	$	1,216.0	$	(227.1)	$	(10.5)	$	2,721.6


	Three Months Ended September 30, 2024
	Number of Shares	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Noncontrolling Interest		Total Shareholders’ Equity
Balance, June 30, 2024	64.4	$	6.4	$	1,860.9	$	1,121.2	$	(317.3)	$	(1.9)	$	2,669.3
Net Income	—	—		—		73.7		—		(1.5)		72.2
Other Comprehensive Income, Net of Taxes (Note 12)	—	—		—		—		64.8		—		64.8
Cash Dividends and Dividend Equivalents to Shareholders ($0.31 per share)	—	—		—		(20.3)		—		—		(20.3)
Repurchases of Common Stock (Note 13)	(0.4)	—		(11.8)		(13.2)		—		—		(25.0)
Shares Issued Under Employee Stock Purchase Plan (Note 13)	—	—		0.9		—		—		—		0.9
Equity-based Compensation Cost	—	—		7.6		—		—		—		7.6
Equity-based Awards, Net of Shares Exchanged	—	—		0.4		—		—		—		0.4
Other Changes in Non-Controlling Interest	—	—		—		—		—		0.5		0.5
Balance, September 30, 2024	64.0	$	6.4	$	1,858.0	$	1,161.4	$	(252.5)	$	(2.9)	$	2,770.4

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)

(In millions, except per share amounts)

(Unaudited)


	Nine Months Ended September 30, 2025
	Number of Shares	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Noncontrolling Interest		Total Shareholders’ Equity
Balance, December 31, 2024	63.9	$	6.4	$	1,854.9	$	1,231.6	$	(304.5)	$	(4.1)	$	2,784.3
Net Income	—	—		—		151.3		—		(8.7)		142.6
Other Comprehensive Income, Net of Taxes (Note 12)	—	—		—		—		77.4		0.3		77.7
Cash Dividends and Dividend Equivalents to Shareholders ($0.96 per share)	—	—		—		(60.7)		—		—		(60.7)
Repurchases of Common Stock (Note 13)	(3.9)	(0.4)		(144.7)		(106.2)		—		—		(251.3)
Shares Issued Under Employee Stock Purchase Plan (Note 13)	—	—		2.7		—		—		—		2.7
Equity-based Compensation Cost	—	—		27.2		—		—		—		27.2
Equity-based Awards, Net of Shares Exchanged	0.2	—		(2.9)		—		—		—		(2.9)
Other Changes in Non-Controlling Interest	—	—		—		—		—		2.0		2.0
Balance, September 30, 2025	60.2	$	6.0	$	1,737.2	$	1,216.0	$	(227.1)	$	(10.5)	$	2,721.6


	Nine Months Ended September 30, 2024
	Number of Shares	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Noncontrolling Interest		Total Shareholders’ Equity
Balance, December 31, 2023	64.1	$	6.4	$	1,845.3	$	1,014.3	$	(360.8)	$	(0.2)	$	2,505.0
Net Income	—	—		—		220.4		—		(3.6)		216.8
Other Comprehensive Income, Net of Taxes (Note 12)	—	—		—		—		108.3		—		108.3
Cash Dividends and Dividend Equivalents to Shareholders ($0.93 per share)	—	—		—		(60.1)		—		—		(60.1)
Repurchases of Common Stock (Note 13)	(0.4)	—		(11.8)		(13.2)		—		—		(25.0)
Shares Issued Under Employee Stock Purchase Plan (Note 13)	—	—		2.9		—		—		—		2.9
Equity-based Compensation Cost	—	—		27.1		—		—		—		27.1
Equity-based Awards, Net of Shares Exchanged	0.3	—		(5.5)		—		—		—		(5.5)
Other Changes in Non-Controlling Interest	—	—		—		—		—		0.9		0.9
Balance, September 30, 2024	64.0	$	6.4	$	1,858.0	$	1,161.4	$	(252.5)	$	(2.9)	$	2,770.4

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 - Basis of Presentation and Accounting Policies

The unaudited Condensed Consolidated Financial Statements include the accounts of Kemper Corporation (“Kemper”) and its subsidiaries which include property and casualty insurance subsidiaries, life insurance subsidiaries (collectively referred to herein as the “Company”), and a variable interest entity (“VIE”) in which the Company is considered the primary beneficiary.

The unaudited Condensed Consolidated Financial Statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) on a basis consistent with reporting interim financial information pursuant to the rules and regulations for Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and include the accounts of Kemper Corporation, its subsidiaries, and a VIE in which the Company is considered the primary beneficiary. All intercompany accounts and transactions have been eliminated.

Certain financial information that is included in the annual financial statements, including certain financial statement footnote disclosures prepared in accordance with GAAP, is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements include all adjustments necessary to fairly present the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements requires significant management estimates. Due to this factor and other factors, such as the seasonal nature of some portions of the insurance business, annualizing the results of operations for the nine months ended September 30, 2025 would not necessarily be indicative of the results expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in Kemper’s Annual Report for the year ended December 31, 2024.

Adoption of New Accounting Guidance

The Company has adopted all recently issued accounting pronouncements with effective dates prior to October 1, 2025. There were no adoptions of such accounting pronouncements during the nine months ended September 30, 2025 that had a material impact on the Company’s interim Condensed Consolidated Financial Statements.

Guidance Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. For SEC registrants, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s Condensed Consolidated Financial Statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring companies to use consistent categories and greater disaggregation of information in the tax rate reconciliation as well as requiring disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Disaggregation of Income Statement Expenses, which requires companies to disclose, within the financial statement footnotes, the amount of inventory purchases, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities that contribute to each income statement expense line item, as well as the amount of selling expenses incurred during each reporting period. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06 Targeted Improvements to the Accounting for Internal-Use Software, which replaces the existing project stage model with a principles-based approach. Software costs are capitalized when management

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 1 - Basis of Presentation and Accounting Policies (Continued)

commits funding, and it is probable the project will be completed and used as intended. ASU 2025-06 also aligns disclosure requirements with those for property, plant, and equipment, eliminates separate intangible asset disclosures, and supersedes guidance on website development costs. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Note 2 - Net (Loss) Income Per Unrestricted Share

A reconciliation of the numerator and denominator used in the calculation of Basic Net (Loss) Income Per Unrestricted Share and Diluted Net (Loss) Income Per Unrestricted Share for the three and nine months ended September 30, 2025 and 2024 is presented below.


	Three Months Ended				Nine Months Ended
(Dollars in Millions, except per share amounts)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Net (Loss) Income attributable to Kemper Corporation	$	(21.0)	$	73.7	$	151.3	$	220.4
Shares in Thousands
Weighted-average Unrestricted Shares Outstanding	61,477.4		64,216.5		63,092.2		64,288.4
Equity-based Compensation Equivalent Shares	—		681.5		628.2		575.4
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution	61,477.4		64,898.0		63,720.4		64,863.8

Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share:
(Per Unrestricted Share in Whole Dollars)
Basic Net (Loss) Income Per Unrestricted Share	$	(0.34)	$	1.15	$	2.40	$	3.43
Diluted Net (Loss) Income Per Unrestricted Share	$	(0.34)	$	1.14	$	2.37	$	3.40

The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution because the effect of inclusion would be anti-dilutive was 2.0 million and 1.0 million for the three months ended September 30, 2025 and 2024, respectively.

The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution because the effect of inclusion would be anti-dilutive was 1.4 million and 1.5 million for the nine months ended September 30, 2025 and 2024, respectively.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 3 - Business Segments

The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through two operating segments: Specialty Property & Casualty Insurance and Life Insurance.

The Specialty Property & Casualty Insurance segment’s principal products are specialty personal automobile and commercial automobile insurance. These products are distributed primarily through independent agents and brokers. The Life Insurance segment’s principal products are individual life, accident, supplemental health and property insurance. Career agents employed by the Company distribute these products. Corporate and Other operations include interest expense, board of directors’ fees, and general corporate expenses incurred by the Company which are not allocated to other businesses. Non-Core Operations includes the results of the Preferred Insurance business which the Company expects to fully exit.

Segment Adjusted Net Operating Income

The Company analyzes the operating performance of each segment using segment adjusted net operating income. Segment adjusted net operating income does not equate to “net (loss) income” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s Chief Operating Decision Maker (“CODM”) to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Segment adjusted net operating income is calculated by adjusting each segment’s income after income taxes for the following items:

(i) Change in Fair Value of Equity and Convertible Securities;

(ii) Net Realized Investment Gains;

(iii) Impairment Losses;

(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;

(v) Debt Extinguishment, Pension Settlement and Other Charges;

(vi) Goodwill Impairment Charges;

(vii) Non-Core Operations; and

(viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations

These items are important to an understanding of overall results of operations. Segment adjusted net operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of segment adjusted net operating income may differ from that used by other companies. The Company, however, believes that the presentation of segment adjusted net operating income, as measured for management purposes, enhances the understanding of results of operations by highlighting the underlying profitability factors of its businesses.

Total Segment, Non-Core Operations, and Corporate and Other assets at September 30, 2025 and December 31, 2024 were:


(Dollars in Millions)	Sep 30, 2025		Dec 31, 2024
Segment Assets:
Specialty Property & Casualty Insurance1	$	6,642.1	$	6,352.9
Life Insurance	4,879.0		4,731.7
Total Segment Assets	11,521.1		11,084.6
Corporate and Other	262.9		774.7
Non-Core Operations	659.4		771.1
Total Assets1	$	12,443.4	$	12,630.4
1Includes $70.0 million and $41.5 million attributable to Kemper Reciprocal as of September 30, 2025 and December 31, 2024, respectively, which is reported as a consolidated variable interest entity.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 3 - Business Segments (Continued)

Earned Premiums by product line, including a reconciliation to Total Earned Premiums, for the three and nine months ended September 30, 2025 and 2024 were:


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Specialty Property & Casualty Insurance:
Personal Automobile	$	785.1	$	731.3	$	2,328.1	$	2,098.1
Commercial Automobile	232.2		187.7		662.2		523.5
Total Specialty Property & Casualty Insurance	1,017.3		919.0		2,990.3		2,621.6
Life Insurance:
Life	84.1		84.2		252.6		249.2
Accident and Health	5.5		5.6		16.4		16.8
Property	10.2		10.8		31.0		32.7
Total Life Insurance	99.8		100.6		300.0		298.7
Total Segment Earned Premiums	1,117.1		1,019.6		3,290.3		2,920.3
Non-Core Operations	16.2		48.9		61.7		213.8
Total Earned Premiums	$	1,133.3	$	1,068.5	$	3,352.0	$	3,134.1

Segment Revenues, including a reconciliation to Total Revenues, for the three and nine months ended September 30, 2025 and 2024 were:


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums	$	1,017.3	$	919.0	$	2,990.3	$	2,621.6
Net Investment Income	53.8		52.0		153.9		139.7
Other Income	2.5		1.6		6.5		4.6
Total Specialty Property & Casualty Insurance	1,073.6		972.6		3,150.7		2,765.9
Life Insurance:
Earned Premiums	99.8		100.6		300.0		298.7
Net Investment Income	48.0		50.3		141.1		125.1
Other Income	0.4		0.2		1.4		0.7
Total Life Insurance	148.2		151.1		442.5		424.5
Total Segment Revenues	1,221.8		1,123.7		3,593.2		3,190.4
Change in Fair Value of Equity and Convertible Securities	(2.1)		(2.3)		(2.5)		(0.1)
Net Realized Investment Gains	3.9		1.1		4.7		9.2
Impairment Losses	(3.1)		(2.2)		(6.4)		(3.8)
Non-Core Operations	18.2		54.8		67.4		244.8
Other	1.0		3.8		1.9		11.3
Total Revenues	$	1,239.7	$	1,178.9	$	3,658.3	$	3,451.8

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 3 - Business Segments (Continued)

Significant Segment Expenses that were regularly provided to the CODM for the three and nine months ended September 30, 2025 and 2024 were:


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Segment Expenses:
Specialty Property & Casualty Insurance:
Current Year
Non-catastrophe Losses and LAE	$	798.7	$	644.2	$	2,211.1	$	1,846.0
Catastrophe Losses and LAE	1.0		3.6		10.1		18.0
Prior Years
Non-catastrophe Losses and LAE	51.4		(0.1)		65.5		4.4
Catastrophe Losses and LAE	—		0.2		0.6		0.8
Total Incurred Losses and LAE	851.1		647.9		2,287.3		1,869.2
Policy Acquisition Costs1	137.0		119.6		409.4		349.0
Business Unit Operating Costs2	44.2		40.5		122.6		101.4
Corporate Overhead Costs3	33.4		34.8		102.5		102.1
Total Insurance Expenses	214.6		194.9		634.5		552.5
Income Tax Expense	0.3		26.2		44.4		69.1
Total Specialty Property & Casualty Insurance	1,066.0		869.0		2,966.2		2,490.8
Life Insurance:
Policyholders’ Benefits and Incurred Losses and LAE	60.5		64.1		186.2		191.0
Policy Acquisition Costs1	32.8		34.9		97.7		100.3
Business Unit Operating Costs2	24.6		24.1		76.1		71.6
Corporate Overhead Costs3	8.2		10.0		25.9		31.0
Total Insurance Expenses	65.6		69.0		199.7		202.9
Income Tax Expense	3.5		3.0		8.2		3.9
Total Life Insurance	129.6		136.1		394.1		397.8
Total Segment Expenses	$	1,195.6	$	1,005.1	$	3,360.3	$	2,888.6
1Policy acquisition costs primarily represents commissions and premium taxes that are incurred by the Company as a result of underwriting insurance policies and reflect the impacts of deferral and amortization of certain of these costs in accordance with the Company’s accounting policies.
2Business unit operating costs are general expenses incurred by the Company's segments as part of ongoing operations and includes employee, IT, and facilities expenses.
3Corporate overhead costs represents general expenses and other shared service expenses which are allocated across the Company.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 3 - Business Segments (Continued)

Total Segment Adjusted Net Operating Income, including a reconciliation to Net (Loss) Income attributable to Kemper Corporation, for the three and nine months ended September 30, 2025 and 2024 was:


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Segment Adjusted Net Operating Income:
Specialty Property & Casualty Insurance
Revenues	$	1,073.6	$	972.6	$	3,150.7	$	2,765.9
Expenses	(1,066.0)		(869.0)		(2,966.2)		(2,490.8)
Specialty Property & Casualty Insurance Adjusted Net Operating Income	7.6		103.6		184.5		275.1
Life Insurance
Revenues	148.2		151.1		442.5		424.5
Expenses	(129.6)		(136.1)		(394.1)		(397.8)
Life Insurance Adjusted Net Operating Income	18.6		15.0		48.4		26.7
Total Segment Adjusted Net Operating Income	26.2		118.6		232.9		301.8
Corporate and Other Adjusted Net Operating Loss	(9.0)		(15.1)		(30.7)		(39.0)
Less: Net Loss attributable to Noncontrolling Interest	(3.2)		(1.5)		(8.7)		(3.6)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	(1.7)		(1.8)		(2.0)		(0.1)
Net Realized Investment Gains	3.1		0.9		3.7		7.3
Impairment Losses	(2.5)		(1.7)		(5.1)		(3.0)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(19.6)		(9.1)		(27.6)		(24.3)
Debt Extinguishment, Pension Settlement and Other Charges	—		(2.2)		0.4		(0.1)
Non-Core Operations	(20.7)		(17.4)		(29.0)		(25.8)
Net (Loss) Income attributable to Kemper Corporation	$	(21.0)	$	73.7	$	151.3	$	220.4

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 4 - Property and Casualty Insurance Reserves

Property and Casualty Insurance Reserve activity for the nine months ended September 30, 2025 and 2024 was:


	Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024
Property and Casualty Insurance Reserves:
Gross of Reinsurance at Beginning of Year	$	2,611.9	$	2,680.5
Less: Reinsurance Recoverables at Beginning of Year	24.3		27.8
Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year	2,587.6		2,652.7
Incurred Losses and LAE related to:
Current Year	2,242.2		2,053.0
Prior Years	66.2		27.4
Total Incurred Losses and LAE	2,308.4		2,080.4
Paid Losses and LAE related to:
Current Year	945.0		945.0
Prior Years	1,167.7		1,227.6
Total Paid Losses and LAE	2,112.7		2,172.6
Property and Casualty Insurance Reserves, Net of Reinsurance at End of Period	2,783.3		2,560.5
Plus: Reinsurance Recoverables at End of Period	22.7		26.4
Property and Casualty Insurance Reserves, Gross of Reinsurance at End of Period	$	2,806.0	$	2,586.9

Property and Casualty Insurance Reserves are estimated based on historical experience patterns and current economic trends. Actual loss experience and loss trends may differ from these historical experience patterns and economic conditions. Loss experience and loss trends emerge over several years from the dates of loss inception. The Company monitors such emerging loss trends on a quarterly basis. Changes in such estimates are included in the Condensed Consolidated Statements of (Loss) Income in the period of change. Additionally, the Company reviews if any premium revisions are appropriate as a result of any incurred losses and loss adjustment expenses (“LAE”) related to prior years recorded in the current period. For the nine months ended September 30, 2025 and 2024, no additional premiums or return premiums were recorded.

For the nine months ended September 30, 2025, the net adverse prior year development of $66.2 million included $67.5 million of adverse development on prior accident years attributable to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages in the Commercial Automobile product line.

For the nine months ended September 30, 2024, the net adverse prior year development of $27.4 million included $22.1 million of adverse development within Non-Core Operations due primarily to higher than expected loss emergence related to homeowners, umbrella, and bodily injury coverages. In addition, the Company experienced adverse development of $5.1 million within the Specialty Personal Automobile product line, primarily driven by higher than expected settlements for extra-contractual demands related to prior year claims.

The Company cannot predict whether loss and LAE reserves will develop favorably or unfavorably from the amounts reported in the Condensed Consolidated Financial Statements. The Company believes that any such development will not have a material effect on the Company’s Shareholders’ Equity, but could have a material effect on the Company’s consolidated financial results for a given period.

Note 5 - Liability for Future Policyholder Benefits

The Company’s Life Insurance Reserves are reported using the Company’s estimate of its liability for future policyholder benefits. The liability for future policyholder benefits is grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Significant assumption inputs to the calculation of the liability for future

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 5 - Liability for Future Policyholder Benefits (Continued)

policyholder benefits include mortality, lapses, and discount rates (both accretion and current). The liability is adjusted for differences between actual and expected experience.

The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the three and nine months ended September 30, 2025 and 2024:


		Three Months Ended				Nine Months Ended
(Dollars in Millions)		Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Present Value of Expected Net Premiums	Balance, Beginning of Period	$	683.1	$	692.6	$	646.1	$	675.4

	Beginning Balance at Original Discount Rate	$	705.6	$	733.2	$	681.0	$	694.7
	Effect of Changes in Cash Flow Assumptions	—		—		—		—
	Effect of Actual Variances from Expected Experience	1.1		(1.4)		17.8		4.3
	Adjusted Beginning of Period Balance	706.7		731.8		698.8		699.0
	Issuances	21.2		29.4		61.9		92.9
	Interest Accrual	7.6		8.0		22.4		23.5
	Net Premiums Collected	(24.2)		(24.0)		(71.8)		(70.2)
	Ending Balance at Original Discount Rate	711.3		745.2		711.3		745.2
	Effect of Changes in Discount Rate Assumptions	(14.4)		(12.0)		(14.4)		(12.0)
	Balance, End of Period	$	696.9	$	733.2	$	696.9	$	733.2
Present Value of Expected Future Policyholder Benefits	Balance, Beginning of Period	$	3,343.4	$	3,380.1	$	3,295.9	$	3,613.2

	Beginning Balance at Original Discount Rate	$	3,834.3	$	3,874.5	$	3,812.1	$	3,835.9
	Effect of Changes in Cash Flow Assumptions	—		—		—		—
	Effect of Actual Variances From Expected Experience	(0.7)		(2.6)		16.0		1.6
	Adjusted Beginning of Period Balance	3,833.6		3,871.9		3,828.1		3,837.5
	Issuances	21.3		29.5		62.4		92.9
	Interest Accrual	42.1		43.0		126.1		128.2
	Benefit Payments	(55.0)		(57.6)		(174.6)		(171.8)
	Ending Balance at Original Discount Rate	3,842.0		3,886.8		3,842.0		3,886.8
	Effect of Changes in Discount Rate Assumptions	(414.3)		(256.1)		(414.3)		(256.1)
	Balance, End of Period	$	3,427.7	$	3,630.7	$	3,427.7	$	3,630.7
	Net Liability for Future Policyholder Benefits, pre-flooring	$	2,730.8	$	2,897.5	$	2,730.8	$	2,897.5
	Cumulative impact of flooring the future Policyholder Benefits Reserve	—		—		—		—
	Net Liability for Future Policyholder Benefits, post-flooring	2,730.8		2,897.5		2,730.8		2,897.5
	Less: Reinsurance Recoverable	—		—		—		—
	Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable	$	2,730.8	$	2,897.5	$	2,730.8	$	2,897.5

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 5 - Liability for Future Policyholder Benefits (Continued)

The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:


	Sep 30, 2025	Sep 30, 2024
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years)	14.0	14.8

The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Condensed Consolidated Balance Sheets is as follows:


(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024



Net Liability for Future Policyholder Benefits, post-flooring	$	2,730.8	$	2,897.5
Deferred Profit Liability	460.4		390.6
Other1	126.4		137.7
Total Life and Health Insurance Reserves	$	3,317.6	$	3,425.8
1Other primarily consists of Accident and Health and Universal Life reserves

The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, are as follows:


(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024
Expected Future Benefit Payments, undiscounted	$	10,167.1	$	10,274.0
Expected Future Gross Premiums, undiscounted	$	4,010.9	$	4,159.0
Expected Future Gross Premiums, discounted	$	2,718.2	$	2,853.8

The amount of revenue and interest recognized on life insurance products in the Condensed Consolidated Statements of (Loss) Income is as follows:


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Gross Premiums or Assessments	$	99.2	$	99.8	$	299.7	$	300.3
Interest Expense	$	34.6	$	35.0	$	103.7	$	104.7

The weighted-average interest rate is as follows:


	Sep 30, 2025		Sep 30, 2024
Interest Accretion Rate	4.53	%	4.54	%
Current Discount Rate	5.57	%	5.17	%

Significant assumption inputs to the calculation of the liability for future policyholder benefits include mortality, lapses, and discount rates (both accretion and current). The Company did not make any changes to mortality and lapse assumptions during the nine months ended September 30, 2025 and 2024. Market data that underlies current discount rates was updated as of September 30, 2025.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 5 - Liability for Future Policyholder Benefits (Continued)

The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:


	Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024
Balance, Beginning of Year	$	412.1	$	337.8
Profits Deferred	118.4		121.1
Interest Accrual	14.9		12.5
Amortization	(86.6)		(82.0)
Effect of Actual Variances from Expected Experience and Other Changes	1.6		1.2
Balance, End of Period	$	460.4	$	390.6

Note 6 - Investments

Fixed Maturities

The amortized cost and fair values of the Company’s Investments in Fixed Maturities at September 30, 2025 were:


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	673.4	$	3.2	$	(84.7)	$	—	$	591.9
States and Political Subdivisions	1,435.6		2.2		(194.5)		(0.1)		1,243.2
Foreign Governments	12.1		0.2		(0.3)		—		12.0
Corporate Securities:
Bonds and Notes	3,982.7		22.1		(417.2)		(13.4)		3,574.2
Redeemable Preferred Stocks	9.8		0.5		—		—		10.3
Collateralized Loan Obligations	823.8		2.8		(6.5)		(2.2)		817.9
Other Mortgage- and Asset-backed	394.3		1.3		(24.8)		—		370.8
Investments in Fixed Maturities	$	7,331.7	$	32.3	$	(728.0)	$	(15.7)	$	6,620.3

The amortized cost and fair values of the Company’s Investments in Fixed Maturities at December 31, 2024 were:


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	588.6	$	0.6	$	(102.4)	$	—	$	486.8
States and Political Subdivisions	1,457.3		1.6		(225.4)		(0.3)		1,233.2
Foreign Governments	6.5		0.3		(0.2)		—		6.6
Corporate Securities:
Bonds and Notes	4,038.3		8.9		(518.8)		(8.8)		3,519.6
Redeemable Preferred Stocks	9.8		0.1		(1.0)		—		8.9
Collateralized Loan Obligations	747.8		2.5		(7.2)		(1.6)		741.5
Other Mortgage- and Asset-backed	446.7		0.8		(34.5)		—		413.0
Investments in Fixed Maturities	$	7,295.0	$	14.8	$	(889.5)	$	(10.7)	$	6,409.6

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 6 - Investments (Continued)

Other Receivables included $4.2 million and $1.8 million of unsettled sales of Investments in Fixed Maturities at September 30, 2025 and December 31, 2024, respectively. There were $7.8 million and $11.6 million of unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of September 30, 2025 and December 31, 2024, respectively.

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2025 by contractual maturity were:


(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	228.2	$	225.8
Due after One Year to Five Years	925.2		894.4
Due after Five Years to Ten Years	920.7		839.7
Due after Ten Years	3,497.9		3,001.5
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,759.7		1,658.9
Investments in Fixed Maturities	$	7,331.7	$	6,620.3

The expected maturities of the Company’s Investments in Fixed Maturities may differ from the contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at September 30, 2025 consisted of securities issued by the Government National Mortgage Association with a fair value of $326.1 million, securities issued by the Federal National Mortgage Association with a fair value of $85.4 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $58.7 million and securities of other non-governmental issuers with a fair value of $1,188.7 million.

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2025 is presented below.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	3.2	$	—	$	382.4	$	(84.7)	$	385.6	$	(84.7)
States and Political Subdivisions	178.5		(6.6)		971.5		(187.9)		1,150.0		(194.5)
Foreign Governments	3.7		(0.1)		0.4		(0.2)		4.1		(0.3)
Corporate Securities:
Bonds and Notes	538.0		(21.3)		2,472.6		(395.9)		3,010.6		(417.2)
Redeemable Preferred Stocks	—		—		2.0		—		2.0		—
Collateralized Loan Obligations	57.0		(0.5)		68.8		(6.0)		125.8		(6.5)
Other Mortgage- and Asset-backed	13.4		—		247.6		(24.8)		261.0		(24.8)
Total Fixed Maturities	$	793.8	$	(28.5)	$	4,145.3	$	(699.5)	$	4,939.1	$	(728.0)

Investment-grade fixed maturity investments comprised $708.0 million and below-investment-grade fixed maturity investments comprised $20.0 million of the unrealized losses on investments in fixed maturities at September 30, 2025. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4.4% of the amortized cost basis of the investment.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 6 - Investments (Continued)

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2024 is presented below.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	41.7	$	(0.5)	$	383.6	$	(101.9)	$	425.3	$	(102.4)
States and Political Subdivisions	242.7		(10.3)		933.4		(215.1)		1,176.1		(225.4)
Foreign Governments	—		—		1.4		(0.2)		1.4		(0.2)
Corporate Securities:
Bonds and Notes	674.3		(40.9)		2,605.7		(477.9)		3,280.0		(518.8)
Redeemable Preferred Stocks	2.0		—		6.6		(1.0)		8.6		(1.0)
Collateralized Loan Obligations	34.2		(0.1)		89.5		(7.1)		123.7		(7.2)
Other Mortgage- and Asset-backed	12.0		(0.1)		261.7		(34.4)		273.7		(34.5)
Total Fixed Maturities	$	1,006.9	$	(51.9)	$	4,281.9	$	(837.6)	$	5,288.8	$	(889.5)

Investment-grade fixed maturity investments comprised $875.3 million and below-investment-grade fixed maturity investments comprised $14.2 million of the unrealized losses on investments in fixed maturities at December 31, 2024. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4.9% of the amortized cost basis of the investment.

Fixed Maturities - Expected Credit Losses

The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for nine months ended September 30, 2025. Accrued interest excluded from the amortized cost of fixed maturities total $73.5 million and $70.9 million as of September 30, 2025 and December 31, 2024, respectively, and is reported within the Other Receivables line of the Condensed Consolidated Balance Sheets. The Company monitors accrued interest and writes off amounts when they are not expected to be received.


	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.3	$	10.4	$	10.7
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		2.1		2.1
Reductions Due to Sales	—		(0.4)		(0.4)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.2)		4.7		4.5
Write-Offs Charged Against Allowance	—		(1.2)		(1.2)
Balance, End of Period	$	0.1	$	15.6	$	15.7

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 6 - Investments (Continued)

The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the nine months ended September 30, 2024.


	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.5	$	7.7	$	8.2
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		2.0		2.0
Reductions Due to Sales	—		(0.8)		(0.8)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.3)		0.4		0.1

Balance, End of Period	$	0.2	$	9.3	$	9.5

Equity Securities

Investments in Equity Securities at Fair Value were $302.0 million and $218.5 million at September 30, 2025 and December 31, 2024, respectively. Net unrealized losses arising during the nine months ended September 30, 2025 and 2024 and recognized in earnings, related to such investments still held as of September 30, 2025 and September 30, 2024, were $2.3 million and $2.3 million, respectively.

There were no unsettled purchases or sales of Investments in Equity Securities at Fair Value at September 30, 2025. As of December 31, 2024, there were no unsettled purchases and $0.3 million in unsettled sales of Investments in Equity Securities at Fair Value.

Equity Method Limited Liability Investments

Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.

The Company’s maximum exposure to loss at September 30, 2025 is limited to the total carrying value of $174.9 million. In addition, the Company had outstanding commitments totaling approximately $102.6 million to fund Equity Method Limited Liability Investments at September 30, 2025. At September 30, 2025, 3.0% of Equity Method Limited Liability Investments were reported without a reporting lag, 2.0% of the total carrying value were reported with a one-month lag, and the remainder were reported with a greater than one-month but less than or equal to three-month lag.

There were no unsettled purchases or sales of Equity Method Limited Liability Investments as of September 30, 2025 or December 31, 2024. Unsettled purchases and sales of Equity Method Limited Liability Investments are carried within Accrued Expenses and Other Liabilities and Other Receivables, respectively, on the Condensed Consolidated Balance Sheets.

Loans to Policyholders

Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

The carrying values of the Company’s Loans to Policyholders at Unpaid Principal investment at September 30, 2025 and December 31, 2024 were $279.3 million and $280.7 million, respectively.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 6 - Investments (Continued)

Other Investments

The carrying values of the Company’s Other Investments at September 30, 2025 and December 31, 2024 were:


(Dollars in Millions)	Sep 30, 2025		Dec 31, 2024
Equity Securities at Modified Cost	$	22.2	$	22.5
Real Estate at Depreciated Cost	93.3		99.5
Mortgage Loans	148.2		75.3
Alternative Energy Partnership Investments	17.4		17.6
Other	5.9		2.2
Total Other Investments	$	287.0	$	217.1

Investments in Equity Securities at Modified Cost were $22.2 million and $22.5 million at September 30, 2025 and December 31, 2024, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Condensed Consolidated Statements of (Loss) Income to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the nine months ended September 30, 2025 and 2024. The Company did not recognize any impairment on Equity Securities at Modified Cost for the nine months ended September 30, 2025 as a result of the Company’s impairment analysis. The Company recognized an impairment of $0.4 million on Equity Securities at Modified Cost for nine months ended September 30, 2024 as a result of the Company’s impairment analysis. As of September 30, 2025 and December 31, 2024, the Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $3.2 million of cumulative impairments on Equity Securities at Modified Cost.

Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The Hypothetical Liquidation Book Value (“HLBV”) equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments. The Company’s maximum exposure to loss at September 30, 2025 is limited to the total carrying value of $17.4 million. The Company has no outstanding commitments to fund Alternative Energy Partnership Investments as of September 30, 2025. Alternative Energy Partnership Investments are reported on a three-month lag.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 6 - Investments (Continued)

Net Investment Income

Net Investment Income for the three and nine months ended September 30, 2025 and 2024 was:


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Investment Income:
Interest on Fixed Maturities1	$	79.1	$	79.0	$	232.4	$	239.0
Dividends on Equity Securities Excluding Alternative Investments	2.1		0.9		3.6		4.6
Alternative Investments:
Equity Method Limited Liability Investments	—		0.9		(6.0)		(15.9)
Limited Liability Investments Included in Equity Securities	4.0		9.1		10.8		18.7
Total Alternative Investments	4.0		10.0		4.8		2.8
Short-term Investments	4.2		8.4		18.8		23.0
Loans to Policyholders	5.2		5.5		15.6		15.8
Real Estate	2.5		2.2		7.0		6.7
Company-Owned Life Insurance	10.8		9.7		31.5		25.7
Other	3.1		2.2		8.4		7.3
Total Investment Income	111.0		117.9		322.1		324.9
Investment Expenses:
Real Estate	2.0		1.8		6.3		6.1
Other Investment Expenses	4.2		5.0		13.9		14.3
Total Investment Expenses	6.2		6.8		20.2		20.4
Net Investment Income	$	104.8	$	111.1	$	301.9	$	304.5

1Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.7 million and $4.8 million for the three months ended September 30, 2025 and 2024, respectively, and $14.3 million and $15.4 million for the nine months ended September 30, 2025 and 2024, respectively.

The components of Net Realized Investment Gains for the three and nine months ended September 30, 2025 and 2024 are presented below:


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Fixed Maturities:
Gains on Sales	$	3.7	$	0.9	$	5.4	$	15.9
Losses on Sales	(0.5)		—		(1.5)		(2.6)
Losses on Hedging Activity1	—		—		—		(7.9)
Equity Securities:
Gains on Sales	0.5		—		0.5		4.1
Losses on Sales	—		—		—		(0.1)
Other Investments:
Gains on Sales	0.2		1.8		0.3		3.3
Losses on Sales	—		(1.6)		—		(3.5)
Net Realized Investment Gains	$	3.9	$	1.1	$	4.7	$	9.2
1 Includes Ultra-Long Treasury Future derivative securities which do not qualify for hedge accounting treatment.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 7 - Derivatives

The Company’s earnings, cash flows, and financial position are subject to fluctuations due to changes in prevailing interest rates.

The Company entered into derivative agreements with maturity dates throughout 2025. Derivative instruments are carried at fair value on the Condensed Consolidated Balance Sheets. Derivative instruments in a gain position are presented within Other Investments and those in a loss position are included in Accrued Expenses and Other Liabilities. Changes in the fair values of derivatives which do not qualify for hedge accounting treatment are recorded on the Condensed Consolidated Statements of (Loss) Income within Net Realized Investment Gains. Changes in the fair values of derivatives which qualify for hedge accounting treatment are recorded within Accumulated Other Comprehensive Loss along with the corresponding change in the designated hedge assets.

Interest Rate Risk

The Company’s debt securities valuations utilize the Treasury designated benchmark rate, exposing the Company to variability due to changes in interest rates.

Ultra-Long Treasury Futures

The Company enters into exchange-traded ultra-long Treasury futures (“Treasury Futures”) in order to manage exposure to upcoming changes in the benchmark (Treasury) interest rate of forecasted transactions. These derivatives expire quarterly. As of September 30, 2025, all Treasury Futures held by the Company qualified for hedge accounting as a cash flow hedge. The Company utilizes a rollover hedging strategy that involves continuously establishing short-term derivatives in consecutive contract months to hedge the underlying risk exposure. Under this strategy, the complete set of derivatives are not acquired at hedge inception; rather, short-term derivatives are acquired throughout the hedging period such that maturing derivatives are replaced with new short-term derivatives.

The following table presents the Company’s Ultra-Long Treasury Futures derivatives, primary underlying risk exposure, gross notional amount, and estimated fair value of these derivatives:


		September 30, 2025						December 31, 2024
(Dollars in Millions)				Estimated Fair Value						Estimated Fair Value
Derivative Instrument	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities

Derivatives Designated as Hedging Instruments:
Treasury Futures	Interest Rate Risk	$	75.0	$	2.7	$	—	$	75.0	$	—	$	(3.7)

The below table reflects the amounts of Gains (Losses) deferred into AOCI before taxes, net changes in amounts in AOCI associated with current hedging transactions, and amounts subsequently reclassified into Net (Loss) Income through Net Investment Income for Ultra-Long Treasury Futures qualifying as cash flow hedges for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Beginning of Period	$	(5.7)	$	(3.6)	$	(6.3)	$	—
Gains (Losses) Deferred in AOCI	0.2		—		(1.7)		(4.0)
Net Change in AOCI with Current Period Hedging Transactions	0.6		3.9		2.9		4.3
Losses Reclassified into Income	—		0.5		0.2		0.5
Net Comprehensive (Losses) Gains from Cash Flow Hedges	$	(4.9)	$	0.8	$	(4.9)	$	0.8

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 7 - Derivatives (Continued)

Treasury Locks

During the fourth quarter of 2016 and the first quarter of 2022, in anticipation of debt issuances shortly thereafter and for risk management purposes, the Company entered into derivative transactions (the “2016 Treasury Lock” and “2022 Treasury Lock,” together the “Treasury Locks”) to hedge the risk of changes in the debt cash flows attributable to changes in the benchmark U.S. Treasury interest rate during the period leading up to the debt issuance.

The Treasury Locks have no remaining gross notional amount or fair value as the hedging relationships have been previously discontinued with the issuance of the associated debt (Senior Notes due February 15, 2025 for the 2016 Treasury Lock and Senior Notes due February 23, 2032 for the 2022 Treasury Lock). The effective portion of the gain or loss before taxes on the derivative instruments upon discontinuance was a $4.5 million loss for the 2016 Treasury Lock and a $5.9 million gain on the 2022 Treasury Lock. The gain or loss upon discontinuance is reported as a component of Accumulated Other Comprehensive Loss. Beginning with the issuance of the associated debt, such gain or loss is amortized into earnings and reported in Interest Expense in the same periods that the hedged items affect earnings.

During the first quarter of 2025, in conjunction with the redemption of the Senior Notes due February 15, 2025, the Company amortized the remaining $0.1 million of pre-tax derivative loss on the 2016 Treasury Lock into earnings. Pre-tax amortization on the 2022 Treasury Lock was $0.1 million and $0.4 million for the three and nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the remaining amount of pre-tax derivative gain on the 2022 Treasury Lock within AOCI to be amortized into earnings was $3.8 million.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 8 - Fair Value Measurements

The Company classifies its Investments in Fixed Maturities as available-for-sale and reports these investments at fair value. The Company reports equity investments with readily determinable fair values as Equity Securities at Fair Value. Certain investments that are measured at fair value using the net asset value (“NAV”) practical expedient are not required to be classified using the fair value hierarchy, but are presented in the following two tables to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Balance Sheets.

The valuation of assets and liabilities measured at fair value in Company’s Condensed Consolidated Balance Sheets at September 30, 2025 is summarized below. The Company had no material liabilities that are measured and reported at fair values.


	Fair Value Measurements
(Dollars in Millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at Net Asset Value		Total Fair Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	103.9	$	488.0	$	—	$	—	$	591.9
States and Political Subdivisions	—		1,241.4		1.8		—		1,243.2
Foreign Governments	—		9.5		2.5		—		12.0
Corporate Securities:
Bonds and Notes	—		3,293.5		280.7		—		3,574.2
Redeemable Preferred Stock	—		5.9		4.4		—		10.3
Collateralized Loan Obligations	—		812.2		5.7		—		817.9
Other Mortgage and Asset-backed	—		335.9		34.9		—		370.8
Total Investments in Fixed Maturities	103.9		6,186.4		330.0		—		6,620.3
Equity Securities at Fair Value:
Preferred Stocks:
Finance, Insurance and Real Estate	—		11.6		2.6		—		14.2
Other Industries	—		5.6		—		—		5.6
Common Stocks:
Finance, Insurance and Real Estate	—		—		—		—		—
Other Industries	0.2		—		1.4		—		1.6
Other Equity Interests:
Exchange Traded Funds	76.6		—		—		—		76.6
Limited Liability Companies and Limited Partnerships	—		—		—		204.0		204.0
Total Investments in Equity Securities at Fair Value	76.8		17.2		4.0		204.0		302.0
Other Investments:

Derivative Instrument Classified as Cash Flow Hedge	—		2.7		—		—		2.7
Total Assets	$	180.7	$	6,206.3	$	334.0	$	204.0	$	6,925.0

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 8 - Fair Value Measurements (Continued)

The valuation of assets and liabilities measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2024 is summarized below.


	Fair Value Measurements
(Dollars in Millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at Net Asset Value		Total Fair Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	86.8	$	400.0	$	—	$	—	$	486.8
States and Political Subdivisions	—		1,231.4		1.8		—		1,233.2
Foreign Governments	—		6.6		—		—		6.6
Corporate Securities:
Bonds and Notes	—		3,325.4		194.2		—		3,519.6
Redeemable Preferred Stocks	—		4.7		4.2		—		8.9
Collateralized Loan Obligations	—		741.5		—		—		741.5
Other Mortgage and Asset-backed	—		408.0		5.0		—		413.0
Total Investments in Fixed Maturities	86.8		6,117.6		205.2		—		6,409.6
Equity Securities at Fair Value:
Preferred Stocks:
Finance, Insurance and Real Estate	—		13.1		—		—		13.1
Other Industries	—		6.7		2.8		—		9.5
Common Stocks:
Finance, Insurance and Real Estate	0.3		—		—		—		0.3
Other Industries	0.1		—		1.0		—		1.1
Other Equity Interests:
Exchange Traded Funds	10.9		—		—		—		10.9
Limited Liability Companies and Limited Partnerships	—		—		—		183.6		183.6
Total Investments in Equity Securities at Fair Value	11.3		19.8		3.8		183.6		218.5
Total Assets	$	98.1	$	6,137.4	$	209.0	$	183.6	$	6,628.1
Liabilities:
Accrued Expenses and Other Liabilities:
Derivative Instruments Designated as Cash Flow Hedges	$	—	$	(3.7)	$	—	$	—	$	(3.7)
Total Liabilities	$	—	$	(3.7)	$	—	$	—	$	(3.7)

The Company’s investments in Fixed Maturities that are classified as Level 1 primarily consist of U.S. Treasury Bonds and Notes. The Company’s investments in Equity Securities at Fair Value that are classified as Level 1 consist of either investments in mutual funds or exchange traded funds. The Company’s investments in Fixed Maturities that are classified as Level 2 primarily consist of investments in corporate bonds, obligations of states and political subdivisions, collateralized loan obligations, and mortgage-backed securities of U.S. government agencies. The Company’s investments in Equity Securities at Fair Value that are classified as Level 2 primarily consist of investments in preferred stocks. The Company’s

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 8 - Fair Value Measurements (Continued)

Derivative Instruments Designated as Cash Flow Hedges that are classified as Level 2 primarily consist of hedges to manage exposure to upcoming changes in the benchmark (Treasury) interest rate of forecasted transactions. The Company uses a leading, nationally recognized provider of market data and analytics to price the vast majority of the Company’s Level 2 measurements. The provider utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information. Because many fixed maturity securities do not trade on a daily basis, the provider’s evaluated pricing applications apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, the provider uses model processes to develop prepayment and interest rate scenarios. The pricing provider’s models and processes also take into account market convention. For each asset class, teams of its evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The Company generally validates the measurements obtained from its primary pricing provider by comparing them with measurements obtained from one additional pricing provider that provides either prices from recent market transactions, quotes in inactive markets or evaluations based on its own proprietary models.

The Company investigates significant differences related to the values provided. On completion of its investigation, management exercises judgment to determine the price selected and whether adjustments, if any, to the price obtained from the Company’s primary pricing provider would warrant classification of the price as Level 3. In instances where a measurement cannot be obtained from either pricing provider, the Company generally will evaluate bid prices from one or more binding quotes obtained from market makers to value investments in inactive markets and classified by the Company as Level 2. The Company generally classifies securities when it receives non-binding quotes or indications as Level 3 securities unless the Company can validate the quote or indication against recent transactions in the market.

The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at September 30, 2025. Valuations for assets presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average yield is calculated based on fair value.


(Dollars in Millions)	Unobservable Input	Total Fair Value		Range of Unobservable Inputs					Weighted-average Yield
Investment-grade	Market Yield	$	91.6	1.6	%	-	10.5	%	7.3	%
Non-investment-grade:
Senior Debt	Market Yield	116.7		6.6		-	26.1		10.1
Junior Debt	Market Yield	27.1		8.5		-	26.0		13.0
Other	Various	94.6
Total Level 3 Fixed Maturity Investments		$	330.0

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 8 - Fair Value Measurements (Continued)

The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2024. Valuations for assets presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average yield is calculated based on fair value.


(Dollars in Millions)	Unobservable Input	Total Fair Value		Range of Unobservable Inputs					Weighted-average Yield
Investment-grade	Market Yield	$	59.9	3.4	%	-	11.6	%	7.9	%
Non-investment-grade:
Senior Debt	Market Yield	42.7		7.0		-	24.1		10.0
Junior Debt	Market Yield	35.7		9.5		-	31.0		13.2
Other	Various	66.9
Total Level 3 Fixed Maturity Investments		$	205.2

For an investment in a fixed maturity security, an increase in the yield used to determine the fair value of the security will decrease the fair value of the security. A decrease in the yield used to determine fair value will increase the fair value of the security, but for callable securities the fair value increase is generally limited to par, unless security is currently callable at a premium.

Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2025 is presented below.


	Fixed Maturities												Equity Securities
(Dollars in Millions)	Corporate Bonds and Notes		Foreign Governments		States and Political Sub- divisions		Redeemable Preferred Stocks		Collateralized Loan Obligations		Other Mortgage- and Asset- backed		Preferred and Common Stocks		Total
Balance, Beginning of Period	$	261.6	$	—	$	0.2	$	4.3	$	52.8	$	22.5	$	4.8	$	346.2
Total Gains (Losses):
Included in Condensed Consolidated Statements of (Loss) Income	0.4		—		—		—		—		—		(1.9)		(1.5)
Included in Other Comprehensive Income	(4.8)		—		(0.1)		0.1		—		0.8		0.4		(3.6)
Purchases	87.6		5.0		—		—		5.7		13.1		(0.5)		110.9
Sales	(64.1)		(2.5)		—		—		—		—		1.2		(65.4)
Transfers into Level 3	—		—		1.7		—		—		—		—		1.7
Transfers out of Level 3	—		—		—		—		(52.8)		(1.5)		—		(54.3)
Balance, End of Period	$	280.7	$	2.5	$	1.8	$	4.4	$	5.7	$	34.9	$	4.0	$	334.0

The transfers into and out of Level 3 were due to changes in the availability of market observable inputs.

KEMPER CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 8 - Fair Value Measurements (Continued)

Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended September 30, 2024 is presented below.


	Fixed Maturities										Equity Securities
(Dollars in Millions)	Corporate Bonds and Notes		States and Political Sub- divisions		Redeemable Preferred Stocks		Collateralized Loan Obligations		Other Mortgage- and Asset- backed		Preferred and Common Stocks		Total
Balance, Beginning of Period	$	227.3	$	0.1	$	4.1	$	6.8	$	5.0	$	3.4	$	246.7
Total Gains (Losses):
Included in Condensed Consolidated Statements of (Loss) Income	0.3		—		—		—		—		(0.2)		0.1
Included in Other Comprehensive Income	1.7		(0.2)		0.2		—		0.3		—		2.0
Purchases	30.9		—		—		—		—		—		30.9
Sales	(31.8)		—		—		—		—		—		(31.8)
Transfers into Level 3	3.9		1.8		—		—		—		—		5.7
Transfers out of Level 3	(1.9)		—		—		(6.8)		—		—		(8.7)
Balance, End of Period	$	230.4

KEMPER Corp 10-Q