KMPR 10-K & 10-Q changes, risk factors and insider trading
KEMPER Corp (also KMPB) · NYSE · Fire, Marine & Casualty Insurance · CIK 860748 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “The Company’s recognized value of goodwill could become impaired which would adversely impact the Company’s results of operations and financial condition.”
Largest changes
“The Company’s recognized value of goodwill could become impaired which would adversely impact the Company’s results of operations and financial condition.”see in full comparison
“Goodwill represents the excess of amounts paid for acquiring businesses over the fair value of the net assets acquired. Goodwill is evaluated for impairment annually, or more frequently if conditions warrant, by comparing the carrying value, attributed equity, of a reporting unit to its estimated fair value. Market declines or other events impacting the fair value of a reporting unit could result in a goodwill impairment, resulting in a charge to income. Such a charge could have an adverse effect on our results of operations or financial condition.”see in full comparison
Kemper has a significant concentration of personal automobile insurance business in California and Florida, andsee in full comparisonnegative developments inthe regulatory,legallegal, competitive, or economic conditions in these states (as well as negative developments in any of these conditions) may adversely affect the Company’s profitability.
California and Florida representedsee in full comparison80%82% of the Company’s total personal automobile insurance gross written premiums in2024.2025. Consequently, the dynamic nature of regulatory, legal, competitive and economic conditions in these states affects Kemper’s revenues and profitability. Significant legislative changes relating to Florida PIP coverage that became effective in 2023 haverecently become effective, but it is too earlycontributed todeterminelowerthelossultimatecostsimpactonofcertainthesepersonalchanges.autoFurther,accidentbothclaims and increased underwriting profitability in Kemper’s Florida personal auto business. Both California and Florida have regulations that limit the after-tax return on underwriting profit allowed for an insurer. Changes in any of these conditions could negatively impact the Company's results of operations.
The Company’s insurance businesses face significant competition, and their ability to compete is affected by a variety of issues relative to others in the industry, such as management effectiveness, product pricing, service quality, ease of doing business, innovation, financial strength and name recognition. Additionally, in recent years, various types of investors have increasingly sought to participate in the insurance industry. Well-capitalized new entrants to the property and casualty insurance industry,see in full comparisonorexisting competitors in the specialty property and casualty insurance industry that receive substantial infusions of capital or access to third-party capital, or established property and casualty insurance companies that expand their product offerings to compete in the specialty automobile insurance market provide increasing competition, which may adversely impact our business and profitability. Competitive success is based on many factors, including, but not limited to, the following:
Kemper maintains insurance coverage to limit its risk exposure to certain perils, including cybersecurity, errors and omissions, directors and officers liability insurance, fiduciary, insurance company professional liability and other financial indemnity coverages.see in full comparisonThe market for certain of these coverages has tightened over recent periods and the availability of these coverages could be significantly reduced in the future.There is no guarantee that if coverage is available it will be in an amount sufficient to cover the losses of one or more covered incidents or on terms that Kemper finds acceptable. An insurer’s insolvency or inability to make payments under the insurance coverage it provides to Kemper could also result in Kemper being exposed to significant losses.
Full comparison: every changed paragraph (16)
Kemper’s property and casualty insurance subsidiaries are subject to claims arising out of catastrophes that may have a significant effect on their results of operations, liquidity and financial condition. Catastrophes can be caused by various events, including, but not limited to, hurricanes, tornadoes, windstorms, earthquakes, hailstorms, explosions, severe winter weather, wildfires and pandemics, and may also include man-made events, such as cyber events, terrorist attacks, and hazardous material spills. The incidence, frequency and severity of catastrophes are inherently unpredictable and may be impacted by the uncertain effects of climate change, which could cause increases in hurricanes, floods, wildfires, and other risks that could produce losses affecting our business. The extent of the Company’s losses from a catastrophe is a function of both the total amount of its insured exposure in the geographic area affected by the event and the severity of the event. In recent periods, the Company has experienced significant catastrophe losses primarily relating to tropical storm activity as well as rain and hail events. The effects of inflation could increase the severity of claims resulting from a catastrophe. For example, in recent periods, the effects of inflation, including as a result of post-event damage surge, have increased catastrophe losses, and this could continue in the future. Furthermore, the Company could experience more than one severe catastrophic event in any given period.
The insurance industry is highly competitive, making it difficult to grow profitability andwithin withinthe expectations of investors.
The Company’s insurance businesses face significant competition, and their ability to compete is affected by a variety of issues relative to others in the industry, such as management effectiveness, product pricing, service quality, ease of doing business, innovation, financial strength and name recognition. Additionally, in recent years, various types of investors have increasingly sought to participate in the insurance industry. Well-capitalized new entrants to the property and casualty insurance industry, or existing competitors in the specialty property and casualty insurance industry that receive substantial infusions of capital or access to third-party capital, or established property and casualty insurance companies that expand their product offerings to compete in the specialty automobile insurance market provide increasing competition, which may adversely impact our business and profitability. Competitive success is based on many factors, including, but not limited to, the following:
•Ability to manage potential additional costs or losses that may be associated with writing new business;
•Ability to attract and retain experienced industry talenttalent, including for senior executive leadership positions;
•Quality of services provided to, and ease of doing business with, career agents, independent agents, brokers, or policyholders.
These laws and regulations, and their application by regulators and courts, are subject to continuous interpretation and revision. The legal and regulatory landscape within which Kemper’s insurance subsidiaries conduct their businesses is often unpredictable. As industry practices and regulatory, judicial, political, social and other conditions change, new issues may emerge. These changes and emerging issues could adversely affect Kemper’s business in a variety of ways, including, for example, by expanding coverages beyond the underwriting intent, increasing the number or size of claimsclaims, increasing the likelihood of class-action suits and other legislative and judicial actions, accelerating the payment of claims, repealing or weakening tort reforms or otherwise adding to operational and compliance costs or adversely affecting the Company’s competitive advantages. Practices in the industry or within the Company that were once considered approved, compliant and reasonable may suddenly be deemed unacceptable by virtue of a court or regulatory ruling or changes in regulatory enforcement policies and practices. It is not possible for the Company to predict such shifts in legal or regulatory enforcement or to accurately estimate the impact they may have on the Company and its operations.
Kemper has a significant concentration of personal automobile insurance business in California and Florida, and negative developments in the regulatory, legallegal, competitive, or economic conditions in these states (as well as negative developments in any of these conditions) may adversely affect the Company’s profitability.
California and Florida represented 80%82% of the Company’s total personal automobile insurance gross written premiums in 2024.2025. Consequently, the dynamic nature of regulatory, legal, competitive and economic conditions in these states affects Kemper’s revenues and profitability. Significant legislative changes relating to Florida PIP coverage that became effective in 2023 have recently become effective, but it is too earlycontributed to determinelower theloss ultimatecosts impacton ofcertain thesepersonal changes.auto Further,accident bothclaims and increased underwriting profitability in Kemper’s Florida personal auto business. Both California and Florida have regulations that limit the after-tax return on underwriting profit allowed for an insurer. Changes in any of these conditions could negatively impact the Company's results of operations.
Kemper maintains insurance coverage to limit its risk exposure to certain perils, including cybersecurity, errors and omissions, directors and officers liability insurance, fiduciary, insurance company professional liability and other financial indemnity coverages. The market for certain of these coverages has tightened over recent periods and the availability of these coverages could be significantly reduced in the future. There is no guarantee that if coverage is available it will be in an amount sufficient to cover the losses of one or more covered incidents or on terms that Kemper finds acceptable. An insurer’s insolvency or inability to make payments under the insurance coverage it provides to Kemper could also result in Kemper being exposed to significant losses.
Kemper’s insurance subsidiaries obtain, process and store large amounts of data, including personal data, for various business purposes, including marketing, policy origination, claims and payment processing, and competitive differentiation. The data has significant value and Kemper is regularly targeted by cyber attacks seeking to misappropriate the information. Cyber attacks feature increasing sophistication and frequency and include the use of viruses, ransomware, spyware and other malware and infiltration methods. In addition, the Company has exposure through equipment and system failure and as a result of the conduct of our employees and contractors (through inadvertent error, negligence or intentional misconduct). These exposures can create or increase the Company’s vulnerability to the loss or misuse of data. The Company uses an array of security measures, with policies and procedures designed to secure this information and the Company’s data systems. Notwithstanding these efforts, the Company’s data systems,systems have been breached or otherwise exposed in the past and remain vulnerable to future security breaches or other exposures. Successful breaches or other exposures could result in data loss, business interruption, reputational damage, ransom demands, investigations and litigation. The Company has been and willmay continue to be exposed to damages, regulatory penalties and other liabilities, reputational risk and significant increases in compliance and litigation costs as a result of these occurrences, which could have a material adverse impact on our financial condition and results of operations.
Kemper relies on third parties to provide services that are essential to business operations, such as policy origination, claims processing, procurement, payments, back-office functions, and IT hosting. The software, systems and services provided by our third-party providers (including offshore service providers) may not meet our expectations, contain errors or weaknesses, become compromised or experience breaches or outages. The Company’s ability to prevent or remediate such an occurrence is limited. A failure of such third-party providers or their software or systems to perform effectively, maintain information security, or provide uninterrupted service and access to those systems, could materially and adversely affect Kemper’s business. For example, the Company could be prevented from conducting business functions, including the timely payment and/or processing of claims, or the information of the Company or its customers could be compromised. Any such failures could adversely impact the ability to serve existing customers and attract new business, and could create regulatory and litigation exposure.
We are subject to extensive cybersecurity and privacy regulation through policies and requirements imposed by state and federal authorities. These policies and regulations are complex, difficult to implement and sometimes contradictory. A finding that the Company has breached these regulations could result in litigation, fines, and expenses that materially and adversely impact financial condition or results of operations.
The Company holds a significant amount of assets without readily available, active, quoted market prices or for which fair value cannot be measured from actively quoted prices. These assets are generally deemed to require a higher degree of judgment in measuring fair value. The assumptions used by management to measure fair values could turn out to be different than the actual amounts that may be realized in an orderly transaction with a willing market participant could be either lower or higher than the Company’s estimates of fair value.participant.
The Company’s recognized value of goodwill could become impaired which would adversely impact the Company’s results of operations and financial condition.
Goodwill represents the excess of amounts paid for acquiring businesses over the fair value of the net assets acquired. Goodwill is evaluated for impairment annually, or more frequently if conditions warrant, by comparing the carrying value, attributed equity, of a reporting unit to its estimated fair value. Market declines or other events impacting the fair value of a reporting unit could result in a goodwill impairment, resulting in a charge to income. Such a charge could have an adverse effect on our results of operations or financial condition.
Management's Discussion & Analysis (MD&A)
New heading “NON-GAAP FINANCIAL MEASURES (Continued)”
New heading “LIQUIDITY AND CAPITAL RESOURCES (Continued)”
Removed heading “INVESTMENT RESULTS (Continued)”
Removed heading “Equity Securities”
Removed heading “Fixed Maturities”
Removed heading “Equity Securities”
Removed heading “INVESTMENT RESULTS (Continued)”
Largest changes
“Net Income (Loss) attributable to Kemper Corporation increased by $589.9 million in 2024, compared to 2023, due primarily to higher Adjusted Consolidated Net Operating Income and lower Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs from the completion of certain strategic initiatives and lower costs in connection with the 2023 cost structure optimization initiatives. …”see in full comparison
Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) 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.see in full comparisonGoodwill 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 NON-GAAP FINANCIAL MEASURES (Continued) 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.
“The Company tests goodwill for recoverability at the reporting unit level on an annual basis, or whenever events or circumstances indicate the fair value of a reporting unit may have declined below its carrying value. The Company performed a quantitative goodwill impairment assessment for all reporting units with goodwill as of October 1, 2025. The quantitative assessment compares the estimated fair value of a reporting unit to its carrying value to determine if there is an impairment of goodwill. …”see in full comparison
“The Company performed a qualitative goodwill impairment assessment for all remaining reporting units with goodwill as of October 1, 2024. The qualitative assessment takes into consideration changes in the macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, events impacting reporting units, and changes in Kemper’s stock price since the last quantitative assessment, which was performed on October 1, 2022.”see in full comparison
“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.”see in full comparison
Full comparison: every changed paragraph (106)
Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) 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 NON-GAAP FINANCIAL MEASURES (Continued) 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)
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.
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 nominimal 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.
Net Income attributable to Kemper Corporation was $143.3 million ($2.31 per unrestricted common share) for the year ended December 31, 2025, compared to Net Income attributable to Kemper Corporation of $317.8 million ($4.95 per unrestricted common share) for the year ended December 31, 2024.
Net Income attributable to Kemper Corporation was $317.8 million ($4.95 per unrestricted common share) for the year ended December 31, 2024, compared to Net Loss attributable to Kemper Corporation of $272.1 million ($(4.25) per unrestricted common share) for the year ended December 31, 2023.
Net Income (Loss) attributable to Kemper Corporation increased by $589.9 million in 2024, compared to 2023, due primarily to higher Adjusted Consolidated Net Operating Income and lower Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs from the completion of certain strategic initiatives and lower costs in connection with the 2023 cost structure optimization initiatives. The increase was also due to the absence of a $55.5 million after-tax noncash charge related to the settlement of the Company’s pension obligations recorded in 2023, and the absence of a $45.5 million after-tax charge from the impairment of the goodwill asset related to the Preferred Property & Casualty Insurance business that was also recorded in 2023.
Adjusted Consolidated Net Operating Income (Loss) increased by $428.7 million in 2024, compared to 2023, due primarily to an improvement in the Specialty Property & Casualty Insurance segment profitability driven by higher average earned premiums per exposure resulting from rate increases, lower underlying claim frequency, and lower adverse prior year development.
The loss from Non-Core Operations increased by $11.2 million in 2024, compared to 2023, primarily due to reduced earned premiums during the run-off period and increasing claim severity, partially offset by reduced claim frequency and increased average earned premium as a result of rate increases.
Corporate and Other Adjusted Net OperatingIncome (Loss) increasedattributable $8.2to Kemper Corporation decreased by $174.5 million in 2024,2025, compared to 2023,2024, due primarily to increasedlower overheadAdjusted expenses,Consolidated partiallyNet offsetOperating by increased investment income.Income.
Adjusted Consolidated Net Operating Income (Loss) decreased by $156.0 million in 2025, compared to 2024, due primarily to a deterioration in the Specialty Property & Casualty Insurance segment’s 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 insurance expenses. Life Insurance segment results for the year December 31, 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 $3.7 million in 2025, compared to 2024, primarily due to reduced net investment income and earned premiums outpacing reduced expenses as the business continues to run off. Additionally, the Company recognized $21.7 million of impairment losses in 2025 on Internal-Use Software assets reported as Other Assets on the Consolidated Balance Sheets. These were partially offset by a reduction in catastrophe losses and lower adverse prior year development. Separately, on August 1, 2025, certain Non-Core Operations 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 these 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 $9.5 million in 2025, compared to 2024, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes.
Total Revenues decreasedincreased by $305.6$151.1 million to $4,789.7 million in 2025, compared to $4,638.6 million in 2024, compared to $4,944.2 million in 2023.2024. The decreaseincrease was primarily driven by a reduction inhigher earned premiums.
Earned Premiums increased by $180.4 million to $4,396.3 million in 2025, compared to $4,215.9 million in 2024, primarily driven by a $349.3 million increase from the Specialty Property & Casualty Insurance segment due to higher average earned premiums per exposure resulting from rate increases and higher commercial automobile volumes, partially offset by a $168.4 million reduction 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. Additionally, since Florida insurance reform was enacted in 2023, Kemper has experienced lower loss costs within its personal auto business, and this has led to ongoing favorable loss reserve development and expected profits on the current accident year. During the fourth quarter, the Company concluded that it is probable Florida personal auto underwriting profit for the three most recent years ended December 31, 2025, will exceed the profit limit imposed by a Florida insurance statute. During the fourth quarter of 2025 Kemper recorded a $35.0 million reduction to earned premiums, which represents a current estimate of the Florida personal auto profit that will be earned during the three-year period in excess of the permitted profit limit. This estimate will be updated through the first quarter of 2026 for development related to the three most recent years ended December 31, 2025. The statute requires that excess profits be returned to policyholders active as of December 31, 2025. The Company expects to fund credits to eligible policyholders in 2026.
Net Investment Income decreased by $2.5 million in 2025, compared to 2024, primarily driven by lower average Short-term invested assets, partially offset by higher earnings on common stock, Company-Owned Life Insurance, and mortgage loan assets.
Other (Loss) Income decreased by $12.5 million in 2025, compared to 2024, primarily driven by a $13.3 million loss from the fair market value adjustment of a tax credit equity investment.
Earned Premiums decreased by $313.5 million to $4,215.9 million in 2024, compared to $4,529.4 million in 2023, primarily driven by a $263.7 million reduction from our Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the Preferred Insurance business. The decrease was also due to $56.1 million lower earned premiums from the Specialty Property & Casualty Insurance segment due to lower average business volumes resulting from targeted actions to improve profitability, partially offset by higher average earned premium per exposure resulting from rate increases.
Net Investment Income decreased by $12.2 million in 2024, compared to 2023, mostly driven by lower earnings from equity method investments, which included a $15.1 million loss from an investment valuation adjustment of one real estate investment in our alternative investment portfolio, and lower levels of fixed income securities, partially offset by higher levels of Short-term Investments.
Net Realized Investment Gains (Losses) increaseddecreased by $31.8$7.7 million in 2024,2025, compared to 2023,2024, 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 derivativederivatives transactions recordedthat indid 2023not andqualify increasedfor gainshedge on sales of fixed maturity investments.accounting.
Impairment losses increased by $5.0 million in 2025, compared to 2024, primarily driven by an increase in the allowance for credit losses on fixed maturity securities.
The Company primarily manages its exposure to catastrophes and other natural disasters through a combination of geographical diversification, restrictions on the amount and location of new business production in such regions, modifications of, and/or limitations to coverages and deductibles for certain perils in such regions and a catastrophe reinsurance program for the Company’s Property & Casualty Insurance business. Coverage under the catastrophe reinsurance program is provided in various contracts and layers. The Company’s Property & Casualty Insurance business also purchasepurchases reinsurance from the FHCF for hurricane losses in Florida at retentions lower than its catastrophe reinsurance program.
The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $376.3$187.1 million for the year ended December 31, 2024,2025, compared to Total Segment Adjusted Net Operating LossIncome of $57.1$376.3 million in 2023.2024. Segment adjusted net operating results improveddecreased by $433.4$189.2 million thatwhich included a $375.5$166.2 million and $57.9 million increasedecrease from personal automobile insurance and a $23.0 million decrease from commercial vehicleautomobile insurance,insurance. respectively,The duedecrease in personal automobile Adjusted Net Operating Income was primarily todriven by higher average earned premiums per exposure resulting from rate increases, lower underlying claimlosses. frequency,The anddecrease lowerin 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 decreasedincreased by $56.1$349.3 million in 2024,2025, compared to 2023,2024, due to lower average business volumes resulting from targeted actions to improve profitability, partially offset by higher average earned premiumpremiums per exposure resulting from rate increases.increases and higher commercial automobile volumes.
Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $21.3$21.6 million in 2024,2025, compared to 2023,2024, due primarily to higher levels of Fixedinvested Incomeassets Securities,resulting higherfrom rates earned on and level of Short-term investments and Company-Owned Life Insurance.growth.
Incurred Loss and LAE were $2,541.7$3,077.2 million or 71.1%78.4% of earned premiums for the year ended December 31, 20242025, compared to $3,141.9$2,541.7 million or 86.5%71.1% of earned premiums, in 2023.2024. Incurred losses and LAE as a percentage of earned premiums decreasedincreased primarily due to ana improvementdeterioration in the underlying loss and LAE ratio,ratio lowerand adverse prior year development andin lowercommercial catastrophe losses.automobile. Underlying losses and LAE as a percentage of earned premiums were 70.3%76.2% in 2024,2025, ana improvementdeterioration of 11.75.9 percentage points, compared to 2023,2024, drivendue to higher claim severity primarily related to bodily injury and property damage coverages, partially offset by higher average earned premiumpremiums per exposure (21.7%10.8% increase year over year) resulting from rate increases and lower underlying claims frequency, partially offset by higher claims average severity.. 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 $7.0$74.6 million for 20242025 compared to adverse development of $132.9$7.0 million for 20232024 an increase of $67.6 million due primarily to normalization inevolving loss patterns within personal injury protection, physical damage, andon bodily injury coverages.coverages in commercial automobile and higher than expected development on litigated matters. Catastrophe losses and LAE (excluding reserve development) were $11.5 million for 2025 compared to $19.9 million for 2024 compared to $34.5 million for 2023,2024, a decrease of $14.6$8.4 million due to fewer catastrophe events and lower average severity per catastropheevent event.in 2025.
Insurance Expenses were $759.5$836.6 million, or 21.2%21.3% of earned premiums, for the year ended December 31, 2024,2025, compared to $741.3$759.5 million, or 20.4%21.2% of earned premiums in 2023.2024. Insurance Expenses increased $18.2$77.1 million due to higher volume-related expenses associated with increased new business volumes. As a percentage of earned premiums, Insurance Expenses increased 0.8% as expense increases outpaced earned premium growth.
The Specialty Property & Casualty Insurance segment’s 20242025 effective tax rate was 20.1%,19.4%, compared to 25.3%20.1% in 2023.2024. The effective income tax rate for 20242025 and 20232024 differs from the federal statutory income tax rate primarily due to investments in Company-Owned Life Insurance, Tax-Exempttax-exempt Investmentinvestment Incomeincome and Dividendsan Received Deductions. The changeincrease in thenondeductible effectiveexecutive tax rate from 2023 is driven by an increased benefit from Company-Owned Life Insurance.compensation.
Earned Premiums in personal automobile insurance decreasedincreased by $126.4$173.5 million in 2024,2025, compared to 2023,2024, primarily due to lower average business volumes driven by targeted pricing and underwriting actions to improve profitability, partially offset by higher average earned premiumpremiums per exposure resulting from rate increases. Incurred losses and LAE were $2,343.7 million, or 77.5% of earned premiums, in 2025, compared to $1,999.0 million, or 70.1% of earned premiums, in 2024, compared to $2,602.3 million, or 87.4% of earned premiums, in 2023.2024. Incurred losses and LAE as a percentage of earned premiums decreased primarilyincreased due to an improvementdeterioration in the underlying loss and LAE ratio, lower adverse prior year development, and lower catastrophe losses.ratio. Underlying losses and LAE as a percentage of related earned premiums were 77.2% in 2025, compared to 69.6% in 2024, compareda to 82.8% in 2023, an improvementdeterioration of 13.27.6 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 resulting(10.1% fromincrease rateyear increasesover and a lower frequency of claims, partially offset by higher claims average severity trends.year). Favorable loss and LAE reserve development was $0.2$1.9 million in 2024,2025, compared to adversefavorable loss and LAE reserve developmentsdevelopment of $108.7$0.2 million in 2023,2024, an improvement of $108.9$1.7 million due primarily to stabilization of loss patterns.patterns in bodily injury coverages, partially offset by less favorable development on personal injury protection and collision coverages and higher losses associated with litigated matters. Catastrophe losses and LAE (excluding reserve development) were $8.7 million in 2025 compared to $14.5 million in 2024 compared to $29.6 million in 2023,2024, an improvement of $15.1$5.8 million mainly due to fewer catastrophe events and lower average severity perin catastrophe event.2025.
Earned premiums from commercial automobile insurance increased by $70.3$175.8 million in 2024,2025, compared to 2023,2024, due primarily to higher average earned premiumpremiums per exposure resulting from rate increases and targeted mix shifts.shifts, and higher business volumes. Incurred losses and LAE were $733.5 million, or 81.4% of earned premiums, in 2025, compared to $542.7 million, or 74.9% of earned premiums, in 2024, compared to $539.6 million, or 82.4% of earned premiums, in 2023.2024. Incurred losses and LAE as a percentage of earned premiums decreasedincreased primarily due to an improvement in the underlying loss ratio and lower adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 72.6% in 2025, compared to 73.2% in 2024, compared to 78.0% in 2023, an improvement of 4.80.6 percentage points duedriven primarilyby tolower claim frequency and higher average earned premiumspremium per(8.2% exposureincrease resultingyear fromover rate increases and mix shifts and a lower frequency of claims,year), partially offset by higherincreased claimsclaim averageseverity, severityprimarily trends.related to bodily injury coverages. Adverse loss and LAE reserve development was $7.2$76.5 million in 2024,2025, compared to adverse development of $24.2$7.2 million in 2023,2024, an improvementincrease of $17.0$69.3 million due primarily to stabilizationevolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages. Catastrophe losses and LAE (excluding reserve development) were $2.8 million for the year ended December 31, 2025, compared to $5.4 million for the same period in 2024 a decrease of loss$2.6 patterns.million due to few catastrophe events and lower severity per event in 2025.
The Life Insurance Segment reported Total Segment Adjusted Net Operating Income of $68.5 million in 2025, compared to $50.2 million in 2024, compared to $51.8 million in 2023.2024. The decreaseincrease in segment net operating results was primarily due to aan reductionincrease in net investment income, partiallylower offsetInsurance byExpenses, favorableand mortalitylower experienceincurred fromlosses lifeand LAE on property insurance products.
Earned Premiums increaseddecreased by $6.3$0.5 million for the year ended December 31, 2024,2025, compared to 2023,2024, due primarily to changes in assumptions as part of the annual assumption update for Deferred Profit Liability in 20242025 ($4.8$6.3 million reduction in Earned Premiums) as compared to 20232024 ($15.0$4.8 million reduction in Earned Premiums). Excluding this impact, Earned Premiums decreasedincreased by $3.9$1.0 million due primarily to lowerhigher volumeaverage premiums per policy on life andinsurance property insurance.products.
Net Investment Income decreasedincreased by $22.8$17.6 million in 2024,2025, compared to 2023,2024, due primarily to lower earningslosses fromon alternative investments,investments whichand higher earnings on Company-Owned Life Insurance. The year ended December 31, 2024 included a $15.1 million pre-tax loss fromon an investment valuation adjustment of onea real estate investment,investment andin lowerour levelsalternative ofinvestment fixed income securities.portfolio.
Policyholders’ Benefits and Incurred Losses and LAE decreasedincreased by $8.9$4.2 million in 2024,2025, compared to 2023.2024. Changes in assumptions from the annual assumption update reduced policyholders’Policyholders’ benefitsBenefits and incurredIncurred lossesLosses and LAE by $11.9$9.3 million LIFE INSURANCE (Continued) and $23.3$11.9 million in 20242025 and 2023,2024, respectively. Excluding this impact, Policyholders’ Benefits and Incurred Losses and LAE LIFEincreased INSURANCE$1.6 (Continued) decreased $20.3 million due primarily to improved mortality experience in life insurance products and lower Policyholders’ Benefits in accident and health products.million.
Insurance Expenses decreased by $7.7 million in 2025, compared to 2024, due primarily to lower commission expense.
The Life Insurance segment’s 20242025 effective income tax rate was 14.9%14.6% compared to 16.9%14.9% in 2023.2024. The effective income tax rate for 20242025 and 20232024 differs from the federal statutory income tax rate primarily due to investments in Company-Owned Life Insurance and Tax-Exempt Investment Income. The decrease in the effective tax rate from 20232024 iswas driven by an increasedincrease benefitin income from Company-Owned Life Insurance.Insurance, partially offset by an increase in pre-tax income.
Net Investment Income was $407.5$405.0 million and $419.7$407.5 million for the years ended December 31, 20242025 and 2023,2024, respectively. Net Investment Income decreased by $12.2$2.5 million in 20242025, mostly driven by lower earningslevels and yields from equityShort-term method securities, which included a $15.1 million loss from an investment valuation adjustment of one real estate investment in our alternative investment portfolio,investments and lower levels of fixed incomematurity securities, partially offset by higher levelsearnings ofon Short-termCompany-Owned Investments.Life Insurance and dividends on equity securities.
Income and distributions on alternative investments can fluctuate significantly between periods as they are influenced by operating performance of the underlying investments, changes in market or economic conditions or the timing of asset sales.
The change in unrealizedUnrealized losses on investments decreased $163.0 million for the year ended December 31, 2024 was an increase of $200.0 million,2025, primarily attributabledue to increasesdecreases in interest rates.
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 Consolidated Statements of Income (Loss) in the period that the declines are evaluated. Conversely, an increase in the fair value INVESTMENT RESULTS (Continued) or disposal of an investment with a previously established credit allowance will result in the reversal of impairment losses reported in the Consolidated Statements of Income (Loss) in the period.
The components of Impairment Losses in the Consolidated Statements of Income (Loss) for the year ended December 31, 2025, 2024, 2023 were:
I Includes losses from intent-to-sell securities and direct write-down securities of $1.1 million, $3.3 million and $2.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
INVESTMENT RESULTS (Continued)
Net realized gains and losses on sales of fixed maturities for the year ended December 31, 2024 primarily relate to normal portfolio management. The net realized losses on hedging activity for the year ended December 31, 2024 related to treasury futures that did not qualify for hedge accounting treatment.
Net realized gains and losses on sales of fixed maturities for the year ended December 31, 2023 primarily relate to normal portfolio management.
Equity Securities
Net realized gains and losses on sales of equity securities for the year ended December 31, 2024 primarily related to disposals of equity securities and preferred stock.
Net realized gains and losses on sales of equity securities for the year ended December 31, 2023 primarily related to disposals of equity securities and preferred stock.
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 Consolidated Statements of Income (Loss) 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 Consolidated Statements of Income (Loss) in the period.
The components of Impairment Losses recognized in the Consolidated Statements of Income (Loss) for the year ended December 31, 2024,2025 2023,related 2022primarily were:to investments in securities with direct write-downs and in Fixed Maturities where the Company established an allowance for expected credit losses.
I Includes losses from intent-to-sell securities and direct write-down securities of $3.3 million, $2.0 million and $23.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Fixed Maturities
Impairment Losses recognized in the Consolidated Statements of Income (Loss) for the year ended December 31, 2023 related primarily to investments in Intent-to-Sell securities.
Equity Securities
The Company recognized Impairment Losses in the Consolidated Statements of Income (Loss) for the year ended December 31, 2024 primarily related to investments in Equity Securities at Modified Cost where the Company has the intent or requirement to sell.
The Company recognized Impairment Losses in the Consolidated Statements of Income (Loss) for the year ended December 31, 2023 primarily related to investments in Equity Securities at Modified Cost where the Company has the intent or requirement to sell.
INVESTMENT RESULTS (Continued)
Real Estate
The Company recognized Impairment Losses on Real Estate Held for Investment in the Consolidated Statements of Income (Loss) for the year ended December 31, 2024 related to properties held with the intent to sell.
The Company did not recognize any Impairment Losses on Real Estate Held for Investment in the Consolidated Statements of Income (Loss) for the year ended December 31, 2023.
What changed in the latest 10-Q
Risk Factors
For a discussion of the Company’s significant risk factors, see Item 1A. of Part I of the 2025 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 2025 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 2025 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.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Life Insurance (Continued)”
New heading “Net Realized Gains (Losses) on Sales of Investments”
Removed heading “Net Realized Gains on Sales of Investments”
Removed heading “Income Taxes (Continued)”
Largest changes
“Net Loss attributable to Kemper Corporation was $464.8 million, or $(7.90) per unrestricted common share, for the three months ended June 30, 2026, compared to Net Income attributable to Kemper Corporation of $72.6 million, or $1.13 per unrestricted common share, for the same period in 2025. Net (Loss) Income attributable to Kemper Corporation decreased by $537.4 million due primarily to a $460.0 million goodwill impairment related to the Specialty Property & Casualty Insurance segment, lower Adjusted Consolidated Net Operating Income and higher impairment losses.”see in full comparison
“Net Loss attributable to Kemper Corporation was $466.5 million, or $(7.93) per unrestricted common share, for the six months ended June 30, 2026, compared to Net Income attributable to Kemper Corporation of $172.3 million, or $2.69 per unrestricted common share, for the same period in 2025. Net (Loss) Income attributable to Kemper Corporation decreased by $638.8 million due primarily to a $460.0 million goodwill impairment related to the Specialty Property & Casualty Insurance segment, lower Adjusted Consolidated Net Operating Income and higher impairment losses.”see in full comparison
The federal corporate statutory income tax rate was 21% for thesee in full comparisonthreesix months endedMarchJune31,30, 2026 andMarchJune31,30, 2025. The Company’s effective income tax rate, which was44.6%0.2% and19.1%20.2% for the three months endedMarchJune31,30, 2026 and 2025, respectively, and 1.0% and 19.6% for the six months ended June 30, 2026 and 2025, respectively, differs from the federal corporate income tax rate due primarily to (1)thenondeductibleeffectsgoodwillofimpairment, (2) tax-exempt investment income, (23) nontaxable income associated with the change in cash surrender value on Company-Owned Life Insurance, (34) general business tax credits, (45) a permanent difference between the amount of long-term equity-based compensation expense recognized under GAAP and the amount deductible for Federal tax purposes, (56)a permanent difference associated withnondeductible executive compensation, (67) impact of deferred taxes in foreign jurisdictions, and (78) a change in valuation allowance related to foreign deferred tax assets.
“Goodwill Impairment increased by $460.0 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, due to the impairment of goodwill related to the Specialty & Property Casualty Insurance segment. See Note 3, "Goodwill" to the Condensed Consolidated Financial Statements for more information.”see in full comparison
“Earned Premiums on personal automobile insurance decreased by $248.6 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to lower volumes and a $30.0 million Florida Statutory Profit Limit Refund in the first half of 2026. Incurred losses and LAE were $1,106.3 million, or 85.5% of earned premiums for the six months ended June 30, 2026, compared to $1,097.8 million, or 71.1% of earned premiums, for the same period in 2025. …”see in full comparison
“Incurred Loss and LAE were $1,495.7 million or 83.9% of earned premiums for the six months ended June 30, 2026 compared to $1,436.2 million or 72.8% of earned premiums, for the same period in 2025. Incurred losses and LAE as a percentage of earned premiums increased primarily due to a deterioration in the underlying loss and LAE ratio. …”see in full comparison
Full comparison: every changed paragraph (122)
(ii) Net Realized Investment Gains (Losses);
(v) Debt Extinguishment, Pension SettlementExtinguishment 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 six months ended MarchJune 31,30, 2026 or 2025.
Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) 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 second quarter of 2026, the Company completed the sale of Newins and recorded a gain in connection with the transaction. 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 SettlementExtinguishment 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 (iiiii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment ChargesImpairments 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.
Net Loss attributable to Kemper Corporation was $1.7 million ($(0.03) per unrestricted common share) for the three months ended March 31, 2026, compared to Net Income attributable to Kemper Corporation of $99.7 million ($1.56 per unrestricted common share) for the same period in 2025.
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 six months ended MarchJune 31,30, 2026 and 2025 is presented below.
Net Loss attributable to Kemper Corporation was $464.8 million, or $(7.90) per unrestricted common share, for the three months ended June 30, 2026, compared to Net Income attributable to Kemper Corporation of $72.6 million, or $1.13 per unrestricted common share, for the same period in 2025. Net (Loss) Income attributable to Kemper Corporation decreased by $537.4 million due primarily to a $460.0 million goodwill impairment related to the Specialty Property & Casualty Insurance segment, lower Adjusted Consolidated Net Operating Income and higher impairment losses.
Net (Loss) Income attributable to Kemper Corporation decreased by $101.4 million for the three months ended March 31, 2026, compared to the same period in 2025, due primarily to lower Adjusted Consolidated Net Operating Income.
Adjusted Consolidated Net Operating Income decreased by $93.9$57.8 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, due primarily to a deterioration in Specialty Personal Automobile’s Underlying loss and LAE ratio driven by higher claim severity and frequency on bodily injury and property damage coverages in California,California and lower business volumes, and a Florida Statutory Profit Limit Refund (as further discussed below), partially offset by higher average earned premium per exposure resulting from rate increases.volumes.
Following the enactment of Florida insurance reform in 2023, the Company has experienced lower loss costs within its personal auto business, resulting in favorable loss reserve development and improved expected profitability for recent accident years. As of December 31, 2025, the Company concluded that it is probable Florida personal auto underwriting profit for the three most recent accident years ended December 31, 2025 will exceed the profit limitation established under Florida statute, and recorded a reduction to earned premiums representing its estimate of profits expected to be returned to policyholders. During the first quarter of 2026, the Company increased its estimate of profits expected to be returned to policyholders for the three most recent accident years ended December 31, 2025 by $11.0 million given favorable development through March 31, 2026. During the first quarter of 2026, the Company also concluded that it is probable underwriting profit for the subsequent three-year accident period (2024 through 2026) will exceed the applicable profit limitation and recorded a reduction to earned premiums of $17.0 million representing its estimate of profits expected to be returned to policyholders for that period. These actions resulted in a total reduction to earned premiums of $28.0 million for the quarter. The estimate for accident years 2024 through 2026 remains subject to changes based on future development through March 31, 2027. The statute requires that excess profits for accident years 2023 through 2025 be returned to policyholders active as of December 31, 2025, and the Company expects to do so.
The lossIncome from Non-Core Operations increased by $3.3$4.6 million for the three months ended MarchJune 31,30, 2026,2026 compared to the same period in 2025, primarily due to reducedlower earnedlosses premiumsdriven outpacing expense reductions asby the businesscontinued continuesrun-off toof runthe off, as well as higher adverse prior year development.business. Separately, on August 1, 2025, certain Non-Core Operations 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 these subsidiaries in New York in accordance with the state’s non-renewal rules. During the firstsecond quarter of 2026, these subsidiaries and the Third Party began execution of the agreement, based on having received regulatory approval from the New York Department of Financial Services for their withdrawal plans fromduring the state.first quarter of 2026.
Corporate and Other Adjusted Net Operating Loss decreased by $3.1$1.3 million for the three months ended MarchJune 31,30, 2026,2026 compared to the same period in 2025, primarily driven by lowerhigher interestnet expenseinvestment due to the redemption of $450 million of 4.350% senior notes in the first quarter of 2025.income.
Net Loss attributable to Kemper Corporation was $466.5 million, or $(7.93) per unrestricted common share, for the six months ended June 30, 2026, compared to Net Income attributable to Kemper Corporation of $172.3 million, or $2.69 per unrestricted common share, for the same period in 2025. Net (Loss) Income attributable to Kemper Corporation decreased by $638.8 million due primarily to a $460.0 million goodwill impairment related to the Specialty Property & Casualty Insurance segment, lower Adjusted Consolidated Net Operating Income and higher impairment losses.
Adjusted Consolidated Net Operating Income decreased by $151.7 million for the six months ended June 30, 2026, compared to the same period in 2025, due primarily to a deterioration in Specialty Personal Automobile’s Underlying loss and LAE ratio driven by higher claim severity and frequency on bodily injury coverages in California, lower business volumes, and a Florida Statutory Profit Limit Refund (as further discussed below).
Following the enactment of Florida insurance reform in 2023, the Company has experienced lower loss costs within its personal auto business, resulting in favorable loss reserve development and improved expected profitability for recent accident years. As of December 31, 2025, the Company concluded that it is probable Florida personal auto underwriting profit for the three most recent accident years ended December 31, 2025 will exceed the profit limitation established under Florida statute, and recorded a reduction to earned premiums representing its estimate of profits expected to be returned to policyholders. During the first quarter of 2026, the Company increased its estimate of profits expected to be returned to policyholders for the three most recent accident years ended December 31, 2025 by $11.0 million given favorable development through March 31, 2026. During the first quarter of 2026, the Company also concluded that it is probable underwriting profit for the subsequent three-year accident period (2024 through 2026) will exceed the applicable profit limitation and recorded a reduction to earned premiums of $17.0 million representing its estimate of profits expected to be returned to policyholders for that period. These actions resulted in a total reduction to earned premiums of $28.0 million for the first quarter of 2026. During the second quarter of 2026, the Company increased its estimate of profits expected to be returned to policyholders for accident years 2024 through 2026 and recorded a $2.0 million reduction to earned premiums. The estimate for accident years 2024 through 2026 remains subject to changes based on future development through March 31, 2027. The statute requires that excess profits for accident years 2023 through 2025 be returned to policyholders active as of December 31, 2025, and the Company expects to do so.
The loss from Non-Core Operations decreased by $1.3 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to lower catastrophe losses, partially offset by higher adverse prior year development.
Corporate and Other Adjusted Net Operating Loss decreased by $4.4 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes in the first quarter of 2025 and higher net investment income.
Total Revenues decreased by $85.8$132.9 million to $1,107.2$1,092.7 million for the three months ended MarchJune 31,30, 2026, compared to $1,193.0$1,225.6 million for the same period in 2025. The decrease was primarily driven by lower earned premiums.premiums and higher impairment losses, partially offset by higher net investment income.
Earned Premiums decreased by $88.6$119.2 million to $999.3$1,011.6 million for the three months ended MarchJune 31,30, 2026, compared to $1,087.9 million$1,130.8 for the same period in 2025. This was2025, primarily driven by a $77.0$114.2 million decrease from the Specialty Property & Casualty Insurance segment, mainly attributable to lower personal automobile volumes, a $28.0 million Florida Statutory Profit Limit Refund, and further impacted by a $12.7$7.2 million reduction from ourthe Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business. These decreases were partially offset by higher commercial automobile volumes within the Specialty Property & Casualty Insurance segment.
Net Investment Income increased by $5.9$9.5 million to $107.1$105.4 million for the three months ended MarchJune 31,30, 2026, compared to $101.2$95.9 million for the same period in 2025, mostlyprimarily driven by increased earnings on alternative investments,investments and higher levels and yields of fixed maturity securities and mortgage loans,securities, partially offset by lower average Short-term invested assets.
Net Realized Investment Gains decreased by $0.5 million to $0.4 million for the three months ended March 31, 2026, compared to $0.9 million for the same period in 2025, 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 derivative transactions that did not qualify for hedge accounting.
Impairment lossesLosses increased by $2.0$20.1 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, primarily driven by ana increase$21.0 inmillion credit loss allowance recognized on the allowanceReciprocal forExchange creditsurplus losses on fixed maturity securities.notes.
Total Revenues decreased by $218.7 million to $2,199.9 million for the six months ended June 30, 2026, compared to $2,418.6 million for the same period in 2025. The decrease was primarily driven by lower earned premiums and higher impairment losses, partially offset by higher net investment income.
Earned Premiums decreased by $207.8 million to $2,010.9 million for the six months ended June 30, 2026, compared to $2,218.7 for the same period in 2025, primarily driven by a $191.2 million decrease from the Specialty Property & Casualty Insurance segment, mainly attributable to lower personal automobile volumes, a $30.0 million Florida Statutory Profit Limit Refund in the first half of 2026, and further impacted by a $19.9 million reduction from the Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business. These decreases were partially offset by higher commercial automobile volumes within the Specialty Property & Casualty Insurance segment.
Net Investment Income increased by $15.4 million to $212.5 million for the six months ended June 30, 2026, compared to $197.1 million for the same period in 2025, primarily driven by increased earnings on alternative investments and higher levels and yields of fixed maturity securities, partially offset by lower average Short-term invested assets.
Impairment Losses increased by $22.1 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily driven by a $21.0 million credit loss allowance recognized on the Reciprocal Exchange surplus notes.
The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $0.1$15.8 million for the three months ended MarchJune 31,30, 2026, compared to Total Segment Adjusted Net Operating Income of $97.9$79.0 million for the same period in 2025. Segment adjusted net operating results decreased by $97.8$63.2 million, which included a $100.9$60.6 million decrease from personal automobile insurance and a $3.1$2.6 million increasedecrease from commercial vehicleautomobile insurance. The decrease in personal automobile Adjusted Net Operating Income was primarily driven by higher underlying losses resulting from higher claim severity and frequency in California,California and lower business volumes, as well as a $28.0 million Florida Statutory Profit Limit Refund, partially offset by higher average earned premiums per exposure resulting from rate increases.volumes. The increasedecrease in commercial automobile insurance Adjusted Net Operating Income was primarily driven by higher earnedunderlying premiumlosses perresulting exposure,from higher claim severity and frequency, partially offset by higher underlyingbusiness losses and adverse prior year development.volumes.
Earned Premiums in the Specialty Property & Casualty Insurance segment decreased by $77.0$114.2 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, primarily due to lower personal automobile volumes and a $28.0 million Florida Statutory Profit Limit Refund,volumes, partially offset by higher commercial automobile volumes.
Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $4.8$4.1 million for the three months ended MarchJune 31,30, 2026,2026 compared to the same period in 2025, due primarily to higher levels and yields from fixed maturity securities and increased earnings on alternative investments, partially offset by lower average short-term investments.
Incurred lossesLoss and LAE were $747.7$748.0 million,million or 84.5%83.4% of earned premiums for the three months ended MarchJune 31,30, 2026,2026 compared to $686.8$749.4 million,million or 71.4%74.1% of earned premiums, for the same period in 2025. 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 in commercial automobile, partially offset by favorable prior year development in personal automobile.ratio. Underlying losses and LAE as a percentage of earned premiums were 84.0%81.7% for the three months ended MarchJune 31,30, 2026, a deterioration of 13.19.4 percentage points, compared to the same period in 2025, due to higher claim severity and frequency primarily related to bodily injury and property damage coverages in California, partially offset by higher average earned premium per exposure (4.7% increase year over year).California. 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 $3.6$9.2 million for the three months ended MarchJune 31,30, 2026, compared to adverse development of $0.7$14.0 million for the same period in 2025, an improvement of $4.8 million, due primarily to favorable development on personal injury protection and collision coverages in personal automobile, partially offset by adverse loss patterns in bodily injury and higher losses associated with litigation matters. Catastrophe losses and LAE (excluding reserve development) were $6.1 million for the three months ended June 30, 2026 compared to $5.3 million for the same period in 2025, a deterioration of $2.9 million due primarily to evolving loss patterns on bodily injury coverages in commercial automobile. Catastrophe losses and LAE (excluding reserve development) were $1.3 million for the three months ended March 31, 2026 compared to $3.8 million for the same period in 2025, an improvement of $2.5$0.8 million due to fewerincreased severity of catastrophe events in 2026.
Insurance Expenses were $196.2$184.3 million, or 22.2%20.6% of earned premiums, for the three months ended MarchJune 31,30, 2026, compared to $205.1$214.8 million, or 21.3% of earned premiums for the same period in 2025. Insurance Expenses decreased $8.9$30.5 million due to lower expenses associated with decreased business volumes.
The Specialty Property & Casualty Insurance segment’s firstthree quartermonths ofended June 30, 2026 effective income tax rate was 114.3%18.9% compared to 19.8%20.3% for the same period in 2025. The effective income tax rate for the firstsecond quarters of 2026 and 2025 differs from the federal statutory income tax rate primarily due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible stock and executive compensation. The difference in effective tax rates between the firstsecond quarters of 2026 and 2025 is primarily due to changes in pretax income.
The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $15.9 million for the six months ended June 30, 2026, compared to Total Segment Adjusted Net Operating Income of $176.9 million for the same period in 2025. Segment adjusted net operating results decreased by $161.0 million, which included a $161.5 million decrease from personal automobile insurance and a $0.5 million increase from commercial automobile insurance. The decrease in personal automobile Adjusted Net Operating Income was primarily driven by higher underlying losses resulting from higher claim severity and frequency in California, lower business volumes, as well as a $30.0 million Florida Statutory Profit Limit Refund in the first half of 2026. The increase in commercial automobile insurance Adjusted Net Operating Income was primarily driven by higher earned premium per exposure, partially offset by higher underlying losses.
Earned Premiums in the Specialty Property & Casualty Insurance segment decreased by $191.2 million for the six months ended June 30, 2026, compared to the same period in 2025, due to lower personal automobile volumes and a $30.0 million Florida Statutory Profit Limit Refund in the first half of 2026, partially offset by higher commercial automobile volumes.
Net Investment Income increased by $8.9 million for the six months ended June 30, 2026 compared to the same period in 2025, due primarily to higher levels and yields of fixed maturity securities and increased earnings on alternative investments, partially offset by lower average short-term investments.
Incurred Loss and LAE were $1,495.7 million or 83.9% of earned premiums for the six months ended June 30, 2026 compared to $1,436.2 million or 72.8% of earned premiums, for the same period in 2025. 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 earned premiums were 82.8% for the six months ended June 30, 2026, a deterioration of 11.2 percentage points, compared to the same period in 2025 due to higher claim severity and frequency primarily related to bodily injury coverages in California, partially offset by higher average earned premium per exposure (3.0% 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 $12.8 million for the six months ended June 30, 2026, compared to adverse development of $14.7 million for the same period in 2025, an improvement of $1.9 million due primarily to development on personal injury protection and collision coverages in personal automobile, partially offset by loss patterns in bodily injury and higher losses associated with litigation matters. Catastrophe losses and LAE (excluding reserve development) were $7.4 million for the six months ended June 30, 2026 compared to $9.1 million for the same period in 2025, a decrease of $1.7 million due to fewer catastrophe events in 2026.
Insurance Expenses were $380.5 million, or 21.4% of earned premiums, for the six months ended June 30, 2026, compared to $419.9 million, or 21.3% of earned premiums for the same period in 2025. Insurance Expenses decreased $39.4 million due to lower expenses associated with decreased business volumes.
The Specialty Property & Casualty Insurance segment’s six months ended June 30, 2026 effective tax rate was 15.5% compared to 20.3% for the same period in 2025. The effective income tax rate for the six months ended June 30, 2026 and 2025 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible stock and executive compensation. The difference in effective tax rates between the six months ended 2026 and 2025 is primarily due to changes in pretax income.
Earned Premiums on personal automobile insurance decreased by $106.7$141.9 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, primarily due to lower volumes and a $28.0 million Florida Statutory Profit Limit Refund.volumes. Incurred losses and LAE were $566.7$539.6 million, or 87.6%83.3% of earned premiums for the three months ended MarchJune 31,30, 2026, compared to $526.5$571.3 million, or 69.9%72.4% of earned premiums, for the same period in 2025. Incurred losses and LAE as a percentage of earned premiums increased due to a deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of related earned premiums were 87.7%83.8% for the three months ended MarchJune 31,30, 2026, compared to 70.1%72.5% for the same period in 2025, a deterioration of 17.611.3 percentage points. The deterioration was driven by higher claim severity and frequency, primarily related to bodily injury and property damage coverages in California,California. and the Florida Statutory Profit Limit Refund, partially offset by higher average earned premium per exposure (3.3% increasePrior year over year). Favorablefavorable loss and LAE reserve development was $2.5$8.6 million for the three months ended MarchJune 31,30, 2026, compared to favorable development of $4.6$4.7 million for the same period in 2025, aan deteriorationimprovement of $2.1$3.9 million due primarily to development on personal injury protection and collision coverages, partially offset by loss patterns in bodily injury and higher losses associated with litigation matters, partially offset by development on personal injury protection and collision coverages.matters. Catastrophe losses and LAE (excluding reserve development) were $1.1$5.1 million for the three months ended MarchJune 31,30, 2026, compared to $2.7$4.3 million for the same period in 2025, ana improvementdeterioration of $1.6$0.8 million due to fewerincreased severity of catastrophe events in 2026.
Earned Premiums on personal automobile insurance decreased by $248.6 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to lower volumes and a $30.0 million Florida Statutory Profit Limit Refund in the first half of 2026. Incurred losses and LAE were $1,106.3 million, or 85.5% of earned premiums for the six months ended June 30, 2026, compared to $1,097.8 million, or 71.1% of earned premiums, for the same period in 2025. Incurred losses and LAE as a percentage of earned premiums increased due to a deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of related earned premiums were 85.9% for the six months ended June 30, 2026, compared to 71.2% for the same period in 2025, a deterioration of 14.7 percentage points. The deterioration was driven by higher claim severity and frequency, primarily related to bodily injury coverages in California, and the Florida Statutory Profit Limit Refund in the first half of 2026. Favorable loss and LAE reserve development was $11.1 million for the six months ended June 30, 2026, compared to $9.3 million for the same period in 2025, an improvement of $1.8 million due primarily to development on personal injury protection and collision coverages, partially offset by loss patterns in bodily injury and higher losses associated with litigation matters. Catastrophe losses and LAE (excluding reserve development) were $6.2 million for the six months ended June 30, 2026, compared to $7.0 million for the same period in 2025, an improvement of $0.8 million due to fewer catastrophe events in 2026.
Earned Premiums fromon commercial automobile insurance increased by $29.7$27.7 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, due primarily to higher average earned premium per exposure, targeted mix shifts, and higher business volumes. Incurred losses and LAE were $181.0$208.4 million, or 76.0%83.6% of earned premiums in 2026, compared to $160.3$178.1 million, or 76.9%80.4% of earned premiums in 2025. Incurred losses and LAE as a percentage of earned premiums decreasedincreased primarily due to ana improvementdeterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of earned premiums were 73.3%76.1% forin the three months ended MarchJune 31,30, 2026, compared to 73.9%71.5% during the same time period in 2025, an improvement of 0.6 percentage points driven by higher average earned premium per exposure (2.5% increase year over year), partially offset by higher claim frequency and severity, primarily related to bodily injury coverages. Adverse loss and LAE reserve development was $6.1 million for the three months ended March 31, 2026, compared to adverse development of $5.3 million for the same period in 2025, a deterioration of $0.84.6 millionpercentage duepoints driven by higher claim severity and frequency, primarily related to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages.coverages, Catastrophepartially lossesoffset by higher average earned premium per exposure (1.6% increase year over year). Adverse loss and LAE (excluding reserve development) werewas $0.2$17.8 million for the three months ended MarchJune 31,30, 20262026, compared to $1.1adverse development of $18.7 million for the same period in 2025, a decrease of $0.9 million. Catastrophe losses and LAE (excluding reserve development) were $1.0 million duefor tothe fewerthree catastrophicmonths eventsended inJune 2026.30, 2026 and 2025, respectively.
Earned Premiums on commercial automobile insurance increased by $57.4 million for the six months ended June 30, 2026, compared to the same period in 2025, due primarily to higher average earned premium per exposure, targeted mix shifts, and higher business volumes. Incurred losses and LAE were $389.4 million, or 79.9% of earned premiums in 2026, compared to $338.4 million, or 78.7% of earned premiums in 2025. 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 earned premiums were 74.8% for the six months ended June 30, 2026, compared to 72.7% during the same period in 2025, a deterioration of 2.1 percentage points driven by higher claim severity, primarily related to bodily injury coverages, partially offset by higher average earned premium per exposure (2.0% increase year over year). Adverse loss and LAE reserve development was $23.9 million for the six months ended June 30, 2026, compared to adverse development of $24.0 million for the same period in 2025, a decrease of $0.1 million. Catastrophe losses and LAE (excluding reserve development) were $1.2 million for the six months ended June 30, 2026, compared to $2.1 million for the same period in 2025, a decrease of $0.9 million.
Life Insurance (Continued)
The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $18.0$18.3 million for the three months ended MarchJune 31,30, 2026, compared to $17.2$12.6 million for the same period in 2025. The increase in segment net operating results was due primarily to lowerhigher InsuranceNet ExpensesInvestment Income and higher Earned Premiums, partially offset by higher Policyholders’ Benefits from life insurance products.Premiums.
Earned Premiums increased by $2.2 million for the three months ended June 30, 2026, compared to the same period in 2025, due primarily to higher average premiums per policy on life insurance products.
Net Investment Income increased by $4.6 million for the three months ended June 30, 2026, compared to the same period in 2025, due primarily to increased earnings on alternative investments.
Policyholders’ Benefits and Incurred Losses and LAE were flat for the three months ended June 30, 2026, compared to the same period in 2025, due to lower Incurred Losses and LAE on property insurance products offset by an increase in insurance reserves related to favorable changes in mortality experience.
Insurance Expenses decreased by $0.4 million for the three months ended June 30, 2026, compared to the same period in 2025, due to management actions to lower operating expenses and lower commission expense.
The Life Insurance segment’s three months ended June 30, 2026 effective income tax rate was 15.1% compared to 12.7% for the same period in 2025. The effective income tax rate for the second quarters of 2026 and 2025 differs from the federal statutory income tax rate primarily due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible stock and executive compensation. The increase in the effective tax rate from the three months ended June 30, 2025 is primarily due to an increase in pretax income and an increase in tax expense related to nondeductible stock and executive compensation, partially offset by an increase in tax benefits from Company-Owned Life Insurance.
The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $36.3 million for the six months ended June 30, 2026, compared to $29.8 million for the same period in 2025. The increase in segment net operating results was due primarily to higher Net Investment Income, higher Earned Premiums, and lower Insurance Expenses, partially offset by higher Policyholders’ Benefits from life insurance products.
Earned Premiums increased by $3.3 million for the six months ended June 30, 2026, compared to the same period in 2025, due primarily to higher average premiums per policy on life insurance products.
Net Investment Income increased by $4.9 million for the six months ended June 30, 2026, compared to the same period in 2025, due primarily to increased earnings on alternative investments and higher earnings on Company-Owned Life Insurance, partially offset by lower yields on fixed maturities.
Earned Premiums increased $1.1 million for the three months ended March 31, 2026, compared to the same period in 2025, due primarily to higher average premiums per policy on life insurance products.
Net investment income increased by $0.3 million for the three months ended March 31, 2026, compared to the same period in 2025, due primarily to increased earnings on alternative investments and higher earnings on Company-Owned Life Insurance, partially offset by lower yields on fixed maturities.
Policyholders’ Benefits and Incurred Losses and LAE increased by $1.8 million for the threesix months ended MarchJune 31,30, 2026, compared to the same period in 2025, due to an increase in insurance reserves related to favorable changes in mortality experience.
Insurance Expenses decreased by $1.8$2.2 million for the threesix months ended MarchJune 31,30, 2026, compared to the same period in 2025, due to management actions to lower operating expenses and lower commission expense.
The Life Insurance segment’s firstsix quartermonths ended June 30, 2026 effective income tax rate was 15.2%15.1% compared to 15.0%14.0% for the same period in 2025. The effective income tax rate for the firstsix quartersmonths ofended June 30, 2026 and 2025 differs from the federal statutory income tax rate primarily due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible stock and executive compensation. The increase in the effective tax rate from the firstsix quartermonths ofended June 30, 2025 is primarily due to an increase in pretax income,income and an increase in tax expense related to nondeductible stock and executive compensation, partially offset by an increase in tax benefits from Company-Owned Life Insurance.
Net Investment Income for the three and six months ended MarchJune 31,30, 2026 and 2025 is presented below:
Net Investment Income increased by $9.5 million and $15.4 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily driven by increased earnings on alternative investments and higher levels and yields from fixed maturity securities, partially offset by lower average Short-term invested assets.
KMPR insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 5 Form 4 filings (5 insiders, 3 trade dates, 14,000 shares, about $367.9K) and open-market sales in 0 filings. Net open-market shares: 14,000 (purchases minus sales); net value about $367.9K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-01 | Flint Christopher Wade |
Shares withheld for tax | 247 | $27.66 | $6.8K |
| 2026-08-13 | Mcanena Stephen J |
Open-market purchase | 3,000 | $26.50 | $79.5K |
| 2026-08-11 | Evans Carl Thomas Jr. |
Open-market purchase | 1,000 | $26.53 | $26.5K |
| 2026-08-11 | Camden Bradley T |
Open-market purchase | 1,000 | $26.34 | $26.3K |
| 2026-08-11 | Laderman Gerald |
Open-market purchase | 4,000 | $26.49 | $106.0K |
| 2026-08-10 | Gorevic Jason N |
Open-market purchase | 5,000 | $25.91 | $129.6K |
| 2026-08-03 | Kappler Eric E |
Grant/award | 30,738 | $29.28 | $900.0K |
| 2026-06-03 | Rock Laura A |
Shares withheld for tax | 1,196 | $22.90 | $27.4K |
| 2026-06-01 | Mcanena Stephen J |
Grant/award | 27,945 | $25.05 | $700.0K |
| 2026-06-01 | Coomer Kelly L |
Grant/award | 43,913 | $25.05 | $1.1M |
| 2026-06-01 | Desantis Anthony J |
Grant/award | 6,188 | $25.05 | $155.0K |
| 2026-05-07 | Ramamoorthy Anand |
Shares withheld for tax | 579 | $29.40 | $17.0K |
| 2026-05-06 | Mckinney Suzet M |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Johnson Lacy M. |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Cochran George N |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Parker Stuart B. |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Canida Teresa Alvarez |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Gorevic Jason N |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Whiting Susan D |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Paracchini Alberto J |
Grant/award | 4,730 | $32.77 | $155.0K |
| 2026-05-06 | Laderman Gerald |
Grant/award | 4,730 | $32.77 | $155.0K |
Well-known investors holding KMPR (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 3,317,802 | $89.4M | 0.03% | Added 160% |
| D. E. Shaw & Co. | 2026-06-30 | 2,453,742 | $66.2M | 0.04% | Reduced 8% |
| Millennium Management (Israel Englander) | 2026-06-30 | 973,016 | $26.2M | 0.02% | Reduced 12% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 778,809 | $21.0M | 0.03% | Added 14% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 360,444 | $9.7M | 0.01% | Reduced 65% |
| Renaissance Technologies | 2026-06-30 | 332,610 | $9.0M | 0.01% | Reduced 13% |
| Two Sigma Investments | 2026-06-30 | 268,352 | $7.2M | 0.01% | Reduced 64% |
| First Eagle Investment Management | 2026-06-30 | 149,203 | $4.6M | — | Sold out |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 12,287 | $331.3K | 0.0% | Reduced 96% |