KEMPER Corp: Form 10-Q for the period ended Sep 30, 2025

Non-GAAP Financial Measures

In this report, the Company presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for the Company and our investors of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

Adjusted Consolidated Net Operating Income

The Company believes that the non-GAAP financial measure of Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation.

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 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

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three and nine months ended September 30, 2025 or 2024.

Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains and Impairment Losses related to investments included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction Costs, Integration Costs, and Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under GAAP. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends.

Non-GAAP Financial Measures (Continued)

Underlying Losses and Loss Adjustment Expenses (“LAE”) and Underlying Combined Ratio

The following discussion uses the non-GAAP financial measures of (i) Underlying Losses and LAE and (ii) Underlying Combined Ratio. Underlying Losses and LAE (also referred to in the discussion as “Current Year Non-catastrophe Losses and LAE”) exclude the impact of catastrophe losses and loss and LAE reserve development from prior years from the Company’s Incurred Losses and LAE, which is the most directly comparable GAAP financial measure.

The Underlying Combined Ratio is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.

The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.

The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the overall profitability of the Company’s businesses.

Summary of Results

Net Loss Attributable to Kemper Corporation was $21.0 million ($(0.34) per unrestricted common share) for the three months ended September 30, 2025, compared to Net Income Attributable to Kemper Corporation of $73.7 million ($1.15 per unrestricted common share) for the same period in 2024.

Net Income attributable to Kemper Corporation was $151.3 million ($2.40 per unrestricted common share) for the nine months ended September 30, 2025, compared to Net Income attributable to Kemper Corporation of $220.4 million ($3.43 per unrestricted common share) for the same period in 2024.

Summary of Results (Continued)

A reconciliation of Net (Loss) Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income (a non-GAAP financial measure) for the three and nine months ended September 30, 2025 and 2024 is presented below.

(Dollars in Millions)

Net (Loss) Income attributable to Kemper Corporation

Net Income (Loss) attributable to Kemper Corporation decreased by $94.7 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to lower Adjusted Consolidated Net Operating Income.

Adjusted Consolidated Net Operating Income decreased by $84.6 million for the three months ended September 30, 2025, compared to the same period in 2024, mostly driven by our Specialty Property & Casualty Insurance segment due primarily to a higher Underlying Combined Ratio and higher adverse prior year development on bodily injury coverages within commercial automobile insurance, partially offset by higher average earned premiums per exposure resulting from rate increases.

The loss from Non-Core Operations increased by $3.3 million for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to $21.7 million of impairment losses recognized on Internal-Use Software assets reported as Other Assets on the Condensed Consolidated Balance Sheets as the business continues run-off, partially offset by lower catastrophe losses and lower adverse prior year development. Additionally, on August 1, 2025, certain Company subsidiaries entered into a renewal rights agreement with a third party and certain of its affiliates (collectively, the “Third Party”) whereby the Third Party will offer replacement policies for certain policies written by the Company’s subsidiaries in New York after the expiration of their current term. Execution of the terms of the agreement is contingent upon the granting of regulatory approvals by the New York Department of Financial Services.

Corporate and Other Adjusted Net Operating Loss decreased by $6.1 million for the three months ended September 30, 2025 compared to the same period in 2024, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes.

Net Income (Loss) attributable to Kemper Corporation decreased by $69.1 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to lower Adjusted Consolidated Net Operating Income.

Adjusted Consolidated Net Operating Income decreased by $55.5 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to a deterioration in the Specialty Property & Casualty Insurance segment’s

Summary of Results (Continued)

Underlying Combined Ratio and higher adverse prior year development on bodily injury coverages within commercial automobile insurance, partially offset by higher average earned premiums per exposure resulting from rate increases. This was partially offset by increased Life Insurance segment earnings driven by higher net investment income and a reduction in policyholders’ benefits and insurance expenses. Life Insurance segment results for the nine months ended September 30, 2024 included an $11.9 million after-tax loss from an investment valuation adjustment on one real estate investment from our alternative investment portfolio.

The loss from Non-Core Operations increased by $3.2 million for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to $21.7 million of impairment losses on Internal-Use Software assets reported as Other Assets on the Condensed Consolidated Balance Sheets, partially offset by lower adverse prior year development as the business continues to run-off.

Corporate and Other Adjusted Net Operating Loss decreased by $8.3 million for the nine months ended September 30, 2025 compared to the same period in 2024, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes.

Revenues

Total Revenues increased by $60.8 million to $1,239.7 million for the three months ended September 30, 2025, compared to $1,178.9 million for the same period in 2024. The increase was primarily driven by higher earned premiums.

Earned Premiums increased by $64.8 million to $1,133.3 million for the three months ended September 30, 2025 compared to $1,068.5 for the same period in 2024, primarily driven by a $98.3 million increase from the Specialty Property & Casualty Insurance segment due to higher average earned premiums per exposure resulting from rate increases. This was partially offset by a $32.7 million reduction in premiums from our Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business.

Net Investment Income decreased by $6.3 million for the three months ended September 30, 2025, compared to the same period in 2024, mostly driven by decreased earnings on alternative investments and lower levels and yields from Short-term investments, partially offset by higher earnings on Company Owned Life Insurance.

Net Realized Investment Gains increased by $2.8 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to increased gains on sales of fixed maturity investments.

Impairment losses increased by $0.9 million for the three months ended September 30, 2025, compared to the same period in 2024.

Total Revenues increased by $206.5 million to $3,658.3 million for the nine months ended September 30, 2025, compared to $3,451.8 million for the same period in 2024. The increase was primarily driven by higher earned premiums.

Earned Premiums increased by $217.9 million to $3,352.0 million for the nine months ended September 30, 2025 compared to $3,134.1 for the same period in 2024, primarily driven by a $368.7 million increase from the Specialty Property & Casualty Insurance segment due to higher average earned premiums per exposure resulting from rate increases, partially offset by a $152.1 million reduction in premiums from our Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business.

Net Investment Income decreased by $2.6 million for the nine months ended September 30, 2025, compared to the same period in 2024, mostly driven by lower levels and yields from fixed maturity securities and lower yields from Short-term investments, partially offset by higher earnings on Company-Owned Life Insurance and increased earnings on alternative investments.

Net Realized Investment Gains decreased by $4.5 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to decreased gains on sales of fixed maturity and equity securities, partially offset by the absence of net realized losses on ultra-long treasury future derivatives transactions that did not qualify for hedge accounting.

Impairment losses increased by $2.6 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily driven by an increase in the allowance for credit losses on fixed maturity securities.

Specialty Property & Casualty Insurance

Selected financial information for the Specialty Property & Casualty Insurance segment is presented below.

(Dollars in Millions)

53

Insurance Reserves

(Dollars in Millions)

See MD&A, “Critical Accounting Estimates,” of the 2024 Annual Report for additional information pertaining to the Company’s process of estimating property and casualty insurance reserves for losses and LAE, development of property and casualty insurance losses and LAE from prior accident years, also referred to as “reserve development” in the discussion of segment results, estimated variability of property and casualty insurance reserves for losses and LAE, and a discussion of some of the variables that may impact development of property and casualty insurance losses and LAE and the estimated variability of property and casualty insurance reserves for losses and LAE.

Overall

Three Months Ended September 30, 2025 Compared to the Same Period in 2024

The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $7.6 million for the three months ended September 30, 2025, compared to Total Segment Adjusted Net Operating Income of $103.6 million for the same period in 2024. Segment adjusted net operating results decreased by $96.0 million that included a $69.9 million and $26.1 million decrease from personal automobile and commercial automobile insurance, respectively, due primarily to an increase in the Underlying Combined Ratio for personal automobile insurance and higher adverse prior year development in commercial automobile insurance, partially offset by growth from rate increases.

Earned Premiums in the Specialty Property & Casualty Insurance segment increased by $98.3 million for the three months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases and higher commercial automobile volumes.

Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $1.8 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to higher levels of invested assets resulting from growth.

Incurred Loss and LAE were $851.1 million or 83.7% of earned premiums for the three months ended September 30, 2025 compared to $647.9 million or 70.5% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to deterioration in the underlying loss and LAE ratio and increased adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 78.5% for the three months ended September 30, 2025, a deterioration of 8.4 percentage points, compared to the same period in 2024 driven by higher loss costs primarily resulting from higher claim severity and frequency in bodily injury and property damage coverages within personal automobile insurance, that were partially offset by higher average earned premiums per exposure (10.3% increase year over year). Underlying losses and LAE exclude the impact of catastrophes and prior year loss and LAE reserve development. Adverse prior year loss and LAE reserve development (including catastrophe reserve development) was $51.4 million for the three months ended September 30, 2025, compared to adverse development of $0.1 million for the same period in 2024, a deterioration of $51.3 million due primarily to evolving loss patterns within bodily injury coverages within our Commercial Automobile product line. Catastrophe losses and LAE (excluding reserve development) were $1.0 million for the three months ended September 30, 2025 compared to $3.6 million for the same period in 2024, an improvement of $2.6 million due to fewer catastrophe events and lower severity per event in the current period.

Insurance Expenses were $214.6 million, or 21.1% of earned premiums, for the three months ended September 30, 2025, compared to $194.9 million, or 21.2% of earned premiums for the same period in 2024. Insurance Expenses increased $19.7 million primarily due to higher expenses associated with increased business volumes.

The Specialty Property & Casualty Insurance segment’s three months ended September 30, 2025 effective tax rate was 3.1% compared to 20.3% for the same period in 2024. The effective income tax rate for the third quarters of 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible expenses. The change in the effective tax rate from the third quarter of 2024 is due to a decrease in pre-tax income while the net favorable tax adjustments have remained consistent.

Nine Months Ended September 30, 2025 Compared to the Same Period in 2024

The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $184.5 million for the nine months ended September 30, 2025, compared to Total Segment Adjusted Net Operating Income of $275.1 million for the same period in 2024. Segment adjusted net operating results decreased by $90.6 million which included a $58.3 million decrease from personal automobile insurance and a $32.3 million decrease from commercial automobile insurance. The decrease in personal automobile Adjusted Net Operating Income was primarily driven by higher underlying losses. The decrease in commercial automobile insurance Adjusted Net Operating Income was primarily driven by higher adverse prior year development.

Earned Premiums in the Specialty Property & Casualty Insurance segment increased by $368.7 million for the nine months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases and higher commercial automobile volumes.

Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $14.2 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to higher levels of invested assets resulting from growth.

Incurred Loss and LAE were $2,287.3 million or 76.5% of earned premiums for the nine months ended September 30, 2025 compared to $1,869.2 million or 71.3% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to a deterioration in the underlying loss and LAE ratio and adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 74.0% for the nine months ended September 30, 2025, a deterioration of 3.6 percentage point, compared to the same period in 2024 due to increased claim severity and frequency in personal automobile primarily related to bodily injury and property damage coverages, partially offset by higher average earned premiums per exposure (11.8% increase year over year). Underlying losses and LAE exclude the impact of catastrophes and loss and LAE reserve development. Adverse loss and LAE reserve development (including catastrophe reserve development) was $66.1 million for the nine months ended September 30, 2025, compared to adverse development of $5.2 million for the same period in 2024, an increase of $60.9 million due primarily to evolving loss patterns on bodily injury coverages in commercial automobile and higher than expected development on litigated matters. Catastrophe losses and LAE (excluding reserve development) were $10.1 million for the nine months ended September 30, 2025 compared to $18.0 million for the same period in 2024, a decrease of $7.9 million due to fewer catastrophe events and lower severity per event in the current period.

Insurance Expenses were $634.5 million, or 21.2% of earned premiums, for the nine months ended September 30, 2025, compared to $552.5 million, or 21.1% of earned premiums for the same period in 2024. Insurance Expenses increased $82.0 million due to higher expenses associated with increased business volumes.

The Specialty Property & Casualty Insurance segment’s nine months ended September 30, 2025 effective tax rate was 19.5% compared to 20.1% for the same period in 2024. The effective income tax rate for the nine months ended September 30, 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible expenses.

Specialty Personal Automobile Insurance

Selected financial information for the specialty personal automobile insurance product line is presented below.

(Dollars in Millions)

Three Months Ended September 30, 2025 Compared to the Same Period in 2024

Earned Premiums in personal automobile insurance increased by $53.8 million for the three months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases. Incurred losses and LAE were $637.7 million, or 81.2% of earned premiums for the three months ended September 30, 2025, compared to $507.3 million, or 69.4% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to a deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of related earned premiums were 80.1% for the three months ended September 30, 2025, compared to 69.5% for the same period in 2024, a deterioration of 10.6 percentage points driven by higher claim severity and frequency primarily related to bodily injury and property damage coverages that were partially offset by higher average earned premiums per exposure (9.9% increase year over year). Prior year adverse loss and LAE reserve development was $7.9 million for the three months ended September 30, 2025, compared to favorable development of $2.6 million for the same period in 2024, a deterioration of $10.5 million due primarily to less favorable development on property damage and personal injury protection coverages, partially offset by favorable development on bodily injury coverages. Catastrophe losses and LAE (excluding reserve development) were $0.6 million for the three months ended September 30, 2025, compared to $2.1 million for the same period in 2024, an improvement of $1.5 million due to fewer catastrophe events and lower severity per event in the current period.

Nine Months Ended September 30, 2025 Compared to the Same Period in 2024

Earned Premiums on personal automobile insurance increased by $230.0 million for the nine months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases. Incurred losses and LAE were $1,735.5 million, or 74.5% of earned premiums for the nine months ended September 30, 2025, compared to $1,483.7 million, or 70.7% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of related earned premiums were 74.3% for the nine months ended September 30, 2025, compared to 69.9% for the same period in 2024, a deterioration of 4.4 percentage points driven by higher claim severity and frequency primarily related to bodily injury and property damage coverages that were offset by higher average earned premiums per exposure (11.2% increase year over year). Favorable loss and LAE reserve development was $1.4 million for the nine months ended September 30, 2025, compared to adverse development of $5.1 million for the same period in 2024, an improvement of $6.5 million due primarily to the stabilization of loss patterns in bodily injury coverages and improving settlement patterns on policies with personal injury protection coverage, partially offset by higher losses associated with litigated matters. Catastrophe losses and LAE (excluding reserve development) were $7.6 million for the nine months ended September 30, 2025, compared to $13.5 million for the same period in 2024, an improvement of $5.9 million due to fewer catastrophe events and lower severity per event in the current period.

Commercial Automobile Insurance

Selected financial information for the commercial automobile insurance product line is presented below.

(Dollars in Millions)

Three Months Ended September 30, 2025 Compared to the Same Period in 2024

Earned Premiums in commercial automobile insurance increased by $44.5 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to higher average earned premiums per exposure resulting from rate increases, targeted mix shifts, and higher business volumes. Incurred losses and LAE were $213.4 million, or 91.9% of earned premiums in 2025, compared to $140.6 million, or 74.9% of earned premiums in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 73.0% in the three months ended September 30, 2025, compared to 72.6% during the same period in 2024, a deterioration of 0.4 percentage points driven by increased claim severity that was partially offset by higher average earned premiums per exposure (7.0% increase year over year). Adverse loss and LAE reserve development was $43.5 million for the three months ended September 30, 2025, compared to adverse development of $2.7 million for the same period in 2024, an increase of $40.8 million due to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages. Catastrophe losses and LAE (excluding reserve development) were $0.4 million for the three months ended September 30, 2025, compared to $1.5 million for the same period in 2024, an improvement of $1.1 million due to fewer catastrophe events and lower severity per event in the current period.

Nine Months Ended September 30, 2025 Compared to the Same Period in 2024

Earned Premiums in commercial automobile insurance increased by $138.7 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to higher average earned premiums per exposure resulting from rate increases, targeted mix shifts, and higher business volumes. Incurred losses and LAE were $551.8 million, or 83.3% of earned premiums in 2025, compared to $385.5 million, or 73.6% of earned premiums in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 72.8% for the nine months ended September 30, 2025, compared to 72.7% during the same period in 2024, a deterioration of 0.1 percentage points driven by increased claim severity that was partially offset by higher average earned premiums per exposure (9.7% increase year over year). Adverse loss and LAE reserve development was $67.5 million for the nine months ended September 30, 2025, compared to adverse development of $0.1 million for the same period in 2024, an increase of $67.4 million due primarily to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages. Catastrophe losses and LAE (excluding reserve development) were $2.5 million for the nine months ended September 30, 2025, compared to $4.5 million for the same period in 2024, an improvement of $2.0 million due to fewer catastrophe events and lower severity per event in the current period.

Life Insurance

Selected financial information for the Life Insurance segment is presented below.

(Dollars in Millions)

INSURANCE RESERVES

(Dollars in Millions)

Overall

Three Months Ended September 30, 2025 Compared to the Same Period in 2024

The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $18.6 million for the three months ended September 30, 2025, compared to Net Operating Income of $15.0 million for the same period in 2024. The increase in segment net operating results was primarily due to favorable changes in mortality experience from life insurance products, lower incurred losses and LAE on property insurance products, and lower insurance expenses, partially offset by a decrease in net investment income.

Earned Premiums decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024.

Net investment income decreased by $2.3 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to decreased earnings on alternative investments, partially offset by higher earnings on Company Owned Life Insurance.

The Life Insurance segment’s three months ended September 30, 2025 effective income tax rate was 15.3% compared to 16.5% for the same period in 2024. The effective income tax rate for the third quarter of 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance and Tax-Exempt Investment Income. The change in the effective tax rate from the three months ended September 30, 2024 is due to increased investments in Company-Owned Life Insurance and Tax-Exempt Investment Income.

Life Insurance (Continued)

Nine Months Ended September 30, 2025 Compared to the Same Period in 2024

The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $48.4 million for the nine months ended September 30, 2025, compared to $26.7 million for the same period in 2024. The increase in segment net operating results was primarily due to an increase in net investment income, favorable changes in mortality experience from life insurance products, and lower incurred losses and LAE on property insurance products.

Earned Premiums increased by $1.3 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to higher average premiums per policy on life insurance products.

Net investment income increased by $16.0 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to lower losses on alternative investments and higher earnings on Company-Owned Life Insurance. The nine months ended September 30, 2024 included a $15.1 million pre-tax loss from an investment valuation adjustment of a real estate investment in our alternative investment portfolio.

The Life Insurance segment’s nine months ended September 30, 2025 effective income tax rate was 14.5% compared to 12.8% for the same period in 2024. The effective income tax rate for the nine months ended September 30, 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance and Tax-Exempt Investment Income. The increase in the effective tax rate from the nine months ended September 30, 2024 is driven by an increase in pre-tax income, partially offset by an increase in investments in Company-Owned Life Insurance and Tax-Exempt Investment Income.

Investment Results

Net Investment Income

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

(Dollars in Millions)

61

Investment Results (Continued)

Net Investment Income was $104.8 million and $111.1 million for the three months ended September 30, 2025 and 2024, respectively. Net Investment Income decreased by $6.3 million in 2025, mostly driven by decreased earnings on alternative investments and lower levels and yields from Short-term investments, partially offset by higher earnings on Company Owned Life Insurance.

Net Investment Income was $301.9 million and $304.5 million for the nine months ended September 30, 2025 and 2024, respectively. Net Investment Income decreased by $2.6 million in 2025, mostly driven by lower levels and yields from fixed maturity securities and lower yields from Short-term investments, partially offset by higher earnings on Company-Owned Life Insurance and increased earnings on alternative investments.

Change in Unrealized Gains and Losses on Investments

Unrealized losses on investments decreased $106.9 million and $179.5 million for the three and nine months ended September 30, 2025, respectively, primarily attributable to decreases in interest rates.

Change in Fair Value of Equity and Convertible Securities

The components of Change in Fair Value of Equity and Convertible Securities for the three and nine months ended September 30, 2025 and 2024 are presented below:

(Dollars in Millions)

62

Investment Results (Continued)

Net Realized Gains on Sales of Investments

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

(Dollars in Millions)

Impairment Losses

The Company regularly reviews its investment portfolio to determine whether a decline in the fair value of an investment has occurred from credit or other, non-credit related factors. If the decline in fair value is due to credit factors and the Company does not expect to receive cash flows sufficient to support the entire amortized cost basis, the credit loss is reported in the Condensed Consolidated Statements of (Loss) Income in the period that the declines are evaluated. Conversely, an increase in the fair value or disposal of an investment with a previously established credit allowance will result in the reversal of impairment losses reported in the Condensed Consolidated Statements of (Loss) Income in the period.

The components of Impairment Losses in the Condensed Consolidated Statements of (Loss) Income for the three and nine months ended September 30, 2025 and 2024 were:

(Dollars in Millions)

1 Includes losses from intent-to-sell securities and direct write-down securities of $0.1 million and $1.4 million for the three and nine months ended September 30, 2025, respectively, and $0.3 million and $2.0 million for the three and nine months ended September 30, 2024, respectively.

Investment Quality and Concentrations

The Company’s fixed maturity investment portfolio is comprised primarily of high-grade corporate, municipal and agency bonds. At September 30, 2025, approximately 94.1% of the Company’s fixed maturity investment portfolio was rated investment-grade, which the Company defines as a security issued by a high quality obligor with at least a relatively stable credit profile and where it is highly likely that all contractual payments of principal and interest will timely occur and carry a rating from the National Association of Insurance Commissioners (“NAIC”) of 1 or 2. Securities with a rating of 1 or 2 from the NAIC typically are rated by one or more Nationally Recognized Statistical Rating Organizations and either have a rating of AAA, AA, A or BBB from Standard & Poor’s (“S&P”); a rating of Aaa, Aa, A or Baa from Moody’s Investors Service (“Moody’s”); or a rating of AAA, AA, A or BBB from Fitch Ratings.

The following table summarizes the credit quality of the Company’s fixed maturity investment portfolio at September 30, 2025 and December 31, 2024:

(Dollars in Millions)

Gross unrealized losses on the Company’s investments in below-investment-grade fixed maturities were $20.0 million and $14.2 million at September 30, 2025 and December 31, 2024, respectively.

The following table summarizes the fair value of the Company’s investments in governmental fixed maturities at September 30, 2025 and December 31, 2024:

(Dollars in Millions)

64

Investment Quality and Concentrations (Continued)

The following table summarizes the fair value of the Company’s investments in non-governmental fixed maturities by industry at September 30, 2025 and December 31, 2024.

(Dollars in Millions)

The following table summarizes the fair value of the Company’s investments in non-governmental fixed maturities by range of amounts invested at September 30, 2025.

(Dollars in Millions)

The Company’s short-term investments primarily consist of U.S. Treasury bills, short-term bonds and money market funds . At September 30, 2025, the Company had $98.8 million invested in U.S. Treasury bills and short-term bonds and $272.5 million invested in money market funds, which primarily invest in U.S. Treasury securities.

Investment Quality and Concentrations (Continued)

The following table summarizes the fair value of the Company’s ten largest investment exposures in a single issuer, excluding investments in U.S. Government and Government Agencies and Authorities and Short-term Investment, at September 30, 2025:

(Dollars in Millions)

66

Investments in Limited Liability Companies and Limited Partnerships

The Company owns investments in various limited liability investment companies and limited partnerships that primarily invest in mezzanine debt, senior debt, and leveraged buyouts. Investments in limited liability investment companies and limited partnerships are reported either as Equity Method Limited Liability Investments, Other Equity Interests included in Equity Securities at Fair Value, or Other Investments, depending on the accounting method used to report the investment. Additional information pertaining to these investments at September 30, 2025 and December 31, 2024 is presented below.

(Dollars in Millions)

The Company expects that it will be required to fund its commitments over the next several years. The Company expects that the proceeds from distributions from these investments will be the primary source of funding of such commitments.

Insurance, Interest, and Other Expenses

Expenses for the three and nine months ended September 30, 2025 and 2024 were:

(Dollars in Millions)

Insurance and Other Expenses

Insurance Expenses were $311.7 million and $890.9 million for the three and nine months ended September 30, 2025, compared to $283.4 million and $823.9 million for the same periods in 2024. Policy acquisition costs increased $12.4 million and $39.8 million compared to the same periods in 2024, primarily due to growth in the Specialty Property & Casualty Insurance segment from higher business volumes, partially offset by reductions due to lower volumes resulting from the exit and run-off of the Preferred Insurance business. Business unit operating costs increased $21.4 million and $39.6 million compared to the same periods in 2024, primarily due to impairment losses recognized on Internal-Use Software assets related to the run-off of Preferred Insurance business.

Other Expenses increased by $6.4 million for the three months ended September 30, 2025 compared to the same period in 2024, due primarily to higher Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs, partially offset by lower Other Corporate Costs from a reduction in legal expenses. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs for the three months ended September 30, 2025 included $18.5 million of restructuring charges to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. These expenses for three months ended September 30, 2024 included $7.8 million of integration expenses due to continued investments in information technology and $3.8 million of accrued severance.

Other Expenses decreased by $3.9 million for the nine months ended September 30, 2025 compared to the same period in 2024, due to lower Other Corporate Costs from a reduction in legal expenses partially offset by higher Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs. These expenses for the nine months ended September 30, 2025 included $18.5 million of restructuring charges to achieve operational and organizational efficiencies and $14.5 million of integration expenses due to continued investments in information technology. These expenses for the nine months ended September 30, 2024 included $29.1 million of integration expenses due to continued investments in information technology.

Interest Expense

Interest expense decreased by $5.3 million and $12.8 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024 primarily due to redemption of $450 million of 4.350% senior notes.

Income Taxes

The federal corporate statutory income tax rate was 21% for the nine months ended September 30, 2025 and September 30, 2024. The Company’s effective income tax rate, which was 27.3% and 20.4% for the three months ended September 30, 2025 and 2024, respectively, and 18.3% and 19.5% for the nine months ended September 30, 2025 and 2024, respectively, differs from the federal corporate income tax rate due primarily to (1) the effects of tax-exempt investment income, (2) nontaxable income associated with the change in cash surrender value on Company-Owned Life Insurance, (3) general business tax credits, (4) a permanent difference between the amount of long-term equity-based compensation expense recognized under GAAP and the amount deductible for Federal tax purposes, (5) a permanent difference associated with nondeductible executive compensation, (6) impact of deferred taxes in foreign jurisdictions, and (7) a change in valuation allowance related to foreign deferred tax assets.

Tax-exempt investment income and dividends received deductions were $3.6 million for the three months ended September 30, 2025, compared to $3.9 million for the same period in 2024. Tax-exempt investment income and dividends received deductions were $11.3 million for the nine months ended September 30, 2025, compared to $12.1 million for the same period in 2024.

The nontaxable increase in cash surrender value on Company-Owned Life Insurance was $10.8 million for the three months ended September 30, 2025, compared to $9.5 million for the same period in 2024. The nontaxable increase in cash surrender value on Company-Owned Life Insurance was $31.5 million for the nine months ended September 30, 2025, compared to $25.6 million for the same period in 2024.

The Company realized investment tax credits and other federal income tax credits of $0.3 million for the three months ended September 30, 2025, compared to realized investment tax credits and other federal income tax credits of $0.3 million for the same period in 2024. The Company realized investment tax credits and other federal income tax credits of $0.9 million for the nine months ended September 30, 2025, compared to realized investment tax credits and other federal income tax credits of $0.9 million for the same period in 2024.

The amount of expense recognized for long-term equity-based compensation expense was $0.1 million lower than the amount that would be deductible under the IRC for the three months ended September 30, 2025, compared to $0.9 million higher for the same period in 2024. The amount of expense recognized for long-term equity-based compensation expense was $2.3 million lower than the amount that would be deductible under the IRC for the nine months ended September 30, 2025, compared to $0.6 million lower for the same period in 2024.

The amount of nondeductible executive compensation was $12.7 million for the three months ended September 30, 2025, compared to $4.2 million for the same period in 2024. The amount of nondeductible executive compensation was $23.2 million for the nine months ended September 30, 2025, compared to $12.6 million for the same period in 2024.

Tax benefits of $9.9 million were recorded for the three months ended September 30, 2025, compared to a tax benefit of $6.6 million for the same period in 2024 related to income taxes imposed in the foreign jurisdiction in which the Company operates. Tax benefits of $5.5 million were recorded for the nine months ended September 30, 2025, compared to a tax benefit of $17.1 million for the same period in 2024 related to income taxes imposed in the foreign jurisdiction in which the Company operates..

The Company recorded a decrease in valuation allowance of $10.0 million for the three months ended September 30, 2025, compared to $6.6 million for the same period in 2024 for those foreign deferred tax assets it determined were not more-likely-than-not to be realized. The Company recorded a decrease in valuation allowance of $5.6 million for the nine months ended September 30, 2025, compared to $17.1 million for the same period in 2024 for those foreign deferred tax assets it determined were not more-likely-than-not to be realized.

Recently Issued Accounting Pronouncements

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 Condensed Consolidated Financial Statements.

Liquidity and Capital Resources

Amended and Extended Credit Agreement

On March 15, 2022, the Company entered into an amended and extended credit agreement. The amended and extended credit agreement increased the borrowing capacity of the existing unsecured credit agreement to $600.0 million and extended the maturity date to March 15, 2027. Furthermore, the amended and extended credit agreement provides for an accordion feature whereby the Company can increase the revolving credit borrowing capacity by an additional $200.0 million for a total of maximum capacity of $800.0 million. There were no outstanding borrowings under the credit agreement on either September 30, 2025 or December 31, 2024.

Long-term Debt

The Company designates debt obligations as either short-term or long-term based on maturity date at issuance. Total amortized cost of Long-term Debt, Current and Non-Current, outstanding on September 30, 2025 and December 31, 2024 was:

(Dollars in Millions)

See Note 16, “Debt,” to the Condensed Consolidated Financial Statements for more information regarding the Company’s long-term debt.

Federal Home Loan Bank Agreements

Kemper’s subsidiaries, United Insurance, Trinity, and AAC are members of the Federal Home Loan Banks (“FHLBs”) of Chicago, Dallas and Chicago, respectively. AAC became a member of the FHLB of Chicago in May 2022. United Insurance and Trinity became members of the FHLBs of Chicago and Dallas, respectively, in 2013. Under their memberships, United Insurance, Trinity and AAC may borrow through the advance program of their respective FHLB. The Company’s investments in FHLB common stock are reported at cost and included in Other Investments. The carrying value of FHLB of Chicago common stock was $17.7 million and $16.9 million at September 30, 2025 and December 31, 2024, respectively. The carrying value of FHLB of Dallas common stock was $2.6 million and $8.8 million at September 30, 2025 and December 31, 2024, respectively. The Company periodically uses short-term FHLB borrowings for a combination of cash management and risk management purposes, in addition to long-term FHLB borrowings for spread lending purposes.

During the first nine months of 2025, United Insurance received advances of $30.0 million from the FHLB of Chicago and made repayments of $46.1 million. United Insurance had outstanding advances from the FHLB of Chicago totaling $525.2 million at September 30, 2025. These advances were made in connection with the Company’s spread lending program. The proceeds related to these advances were used to purchase fixed maturity securities to earn incremental net investment income.

For these advances, United Insurance held pledged securities in a custodial account with the FHLB of Chicago with a fair value of $658.6 million at September 30, 2025. The fair value of the collateral pledged must be maintained at certain specified levels above the borrowed amount, which can vary depending on the assets pledged. If the fair value of the collateral declines below these specified levels of the amount borrowed, United Insurance would be required to pledge additional collateral or repay outstanding borrowings. See Note 15, “Policyholder Obligations,” to the Condensed Consolidated Financial Statements for additional information about the United Insurance advances and related funding agreements.

Common Stock Repurchases

On May 6, 2020, Kemper’s Board of Directors authorized the repurchase of up to an additional $200.0 million of Kemper common stock, in addition to the $133.3 million remaining under a previous authorization in 2014 (the “2014 Repurchase Program”). Additionally, on August 5, 2025, Kemper’s Board of Directors approved a new share repurchase authorization,

Liquidity and Capital Resources (Continued)

under which the Company can repurchase up to $500.0 million of its common stock (the “2025 Repurchase Program”). In the nine months ended September 30, 2025, the Company repurchased approximately $219.0 million of shares of its common stock. As of September 30, 2025, the 2014 Repurchase Program has been completed and the remaining share repurchase authorization under the 2025 Repurchase Program was $383.8 million. The amount and timing of any future share repurchases under the 2025 Repurchase Program will depend on various factors, including market conditions, the Company’s financial condition, results of operations, available liquidity, particular circumstances and other considerations.

On August 13, 2025, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase an aggregate of $150.0 million of shares of the Company’s common stock. Under the terms of the ASR Agreement, the Company made a payment of $150.0 million to Goldman Sachs, and on August 14, 2025, received and retired initial deliveries of 2,279,000 shares of the Company’s common stock, or approximately 80% of the total shares that are expected to be repurchased under the ASR Agreement, based on the closing price on August 13, 2025 of $52.65 per share.

On October 13, 2025, as final settlement of the share repurchase transaction under the ASR Agreement, the Company received from Goldman Sachs approximately 615,000 shares of the Company’s common stock. In total, the Company repurchased 2,894,000 shares of its Common Stock under the ASR Agreement at $51.84 per share, which represents the volume-weighted average market price of the Company’s common stock during the term of the ASR Agreement less a customary discount. The shares delivered were immediately retired.

In addition to the ASR Agreement repurchases, during the three months ended September 30, 2025, Kemper repurchased and retired approximately 1,126,000 shares of its common stock in open market transactions under its share repurchase authorizations for an aggregate cost of $66.5 million and an average cost per share of $59.00. In addition to the ASR Agreement repurchases, during the nine months ended September 30, 2025, Kemper repurchased and retired approximately 1,636,000 shares of its common stock in open market transactions under its share repurchase authorizations for an aggregate cost of $99.0 million and an average cost per share of $60.52.

During the three and nine months ended September 30, 2024, Kemper repurchased and retired approximately 400,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $25.0 million and an average cost per share of $61.21.

Dividends to Shareholders

Kemper paid a quarterly dividend of $0.32 and $0.31 per common share in the third quarter of 2025 and 2024, respectively. Dividends and dividend equivalents paid were $60.7 million and $60.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Subsidiary Dividends

Various insurance laws restrict the ability of Kemper’s insurance subsidiaries to pay dividends without regulatory approval. Such insurance laws applicable to the Company’s US based insurance subsidiaries generally restrict the amount of dividends paid in an annual period to the greater of statutory net income from the previous year or 10% of statutory capital and surplus. Kemper’s insurance subsidiaries paid $433.9 million of dividends to Kemper during the first nine months of 2025. As of the filing date, Kemper’s US based insurance subsidiaries do not have remaining capacity to pay dividends without prior regulatory approval.

Sources and Uses of Funds

The Company directly held cash and investments totaling $156.8 million at September 30, 2025, compared to $547.6 million at December 31, 2024.

The primary sources of funds available for repayment of Kemper’s indebtedness, repurchases of common stock, future shareholder dividend payments, and the payment of interest on Kemper’s senior notes, include cash and investments directly held by Kemper, receipt of dividends from Kemper’s insurance subsidiaries and borrowings under the credit agreement and from subsidiaries.

The primary sources of funds for Kemper’s insurance subsidiaries are premiums, investment income, proceeds from the sales and maturity of investments, advances from the FHLBs of Chicago and Dallas, and capital contributions from Kemper. The primary uses of funds are the payment of policyholder benefits under life insurance contracts, claims under property and

Liquidity and Capital Resources (Continued)

casualty insurance contracts and accident and health insurance contracts, the payment of commissions and general expenses, the purchase of investments and repayments of advances from the FHLBs of Chicago and Dallas.

Generally, there is a time lag between when premiums are collected and when policyholder benefits and insurance claims are paid. During periods of growth, property and casualty insurance companies typically experience positive operating cash flows and can invest a portion of their operating cash flows to fund future policyholder benefits and claims. During periods in which premium revenues decline, insurance companies may experience negative cash flows from operations and may need to sell investments to fund payments to policyholders and claimants. In addition, if the Company’s property and casualty insurance subsidiaries experience several significant catastrophic events over a relatively short period of time, investments may be sold to fund payments, which could result in investment gains or losses. Management believes that its property and casualty insurance subsidiaries maintain adequate levels of liquidity in the event that they were to experience several future catastrophic events over a relatively short period of time.

Information about the Company’s cash flows for nine months ended September 30, 2025 and 2024 is presented below.

(Dollars in Millions)

Cash available for investment activities is dependent on cash flow from Operating Activities and Financing Activities and the level of cash the Company elects to maintain.

Net Cash Provided by Operating Activities

Net cash provided by Operating Activities was $409.5 million for the nine months ended September 30, 2025, compared to net cash provided of $207.8 million for the same period in 2024. The increase in cash provided by Operating Activities was primarily driven by growth from our Specialty Property & Casualty business due to higher average earned premiums per exposure resulting from rate increases and timing of claim payments. This was partially offset by lower business volumes and timing of claim payments within Non-Core Operations resulting from the exit and run-off of the Preferred Insurance business.

Net Cash Provided by (Used in) Investing Activities

Net cash provided by Investing Activities for the nine months ended September 30, 2025 was $413.4 million, compared to net cash used of $89.6 million for the same period in 2024. The increase in cash provided by Investing Activities was primarily due to proceeds from sales of short term investments that were primarily used to fund the redemption of the $450.0 million 4.350% Senior Notes due February 15, 2025 (the “2025 Senior Notes”). This was partially offset by an increase in net purchases of Fixed Maturity investments as a result of normal portfolio management.

Net Cash Used in Financing Activities

Net cash used in Financing Activities for the nine months ended September 30, 2025 was $780.9 million, compared to net cash used of $125.4 million for the same period in 2024. This increase in net cash used by Financing Activities was primarily due to the redemption of the 2025 Senior Notes in the first quarter of 2025 and common stock repurchases made during the second and third quarter of 2025.

Critical Accounting Estimates

Kemper’s subsidiaries conduct their operations in two industries: property and casualty insurance and life insurance. Accordingly, the Company is subject to several industry-specific accounting principles under GAAP. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The process of estimation is inherently uncertain. Accordingly, actual results could ultimately differ materially from the estimated amounts reported in a company’s financial statements. Different assumptions are likely to result in different estimates of reported amounts.

Critical Accounting Estimates (Continued)

The Company’s critical accounting policies most sensitive to estimates include the valuation of investments, the valuation of life insurance reserves, the valuation of reserves for property and casualty insurance incurred losses and LAE, the assessment of recoverability of goodwill, and the recoverability of deferred tax assets. The Company’s critical accounting policies are described in the MD&A included in the 2024 Annual Report. There have been no material changes to the information disclosed in the 2024 Annual Report with respect to these critical accounting estimates and the Company’s significant accounting policies.

There have been no material changes to the Company’s disclosures about market risk in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of Part II of the 2024 Annual Report. Accordingly, no disclosures about market risk have been made in Item 3 of this Form 10-Q.

(a) Evaluation of disclosure controls and procedures.

The Company’s management, with the participation of Kemper’s Interim Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Based on such evaluation, Kemper’s Interim Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by Kemper in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC’s rules and forms, and accumulated and communicated to the Company’s management, including Kemper’s Interim Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in internal control over financial reporting.

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Items not listed here have been omitted because they are inapplicable or the answer is negative.

For a discussion of the Company’s significant risk factors, see Item 1A. of Part I of the 2024 Annual Report. Readers are also advised to consider other factors not presently known by, or considered material to, the Company that could materially affect the Company’s business, financial condition and results of operations, along with other information disclosed in the 2024 Annual Report and this Quarterly Report on Form 10-Q, including the factors set forth under the caption “Caution Regarding Forward-Looking Statements” beginning on page 1 of the 2024 Annual Report and on page 1 of this Quarterly Report on Form 10-Q, and to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.