Business Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting, Reconciliation of Asset by Segment to Consolidated

Total Segment, Corporate and Other, and Non-Core Operations assets at June 30, 2026 and December 31, 2025 were:


(Dollars in Millions)	Jun 30, 2026		Dec 31, 2025
Segment Assets:
Specialty Property & Casualty Insurance1, 2	$	6,525.1	$	6,932.8
Life Insurance	4,780.2		4,839.5
Total Segment Assets	11,305.3		11,772.3
Corporate and Other	265.9		332.3
Non-Core Operations	355.1		368.1
Total Assets1	$	11,926.3	$	12,472.7
1 Includes $66.6 million and $74.5 million attributable to Kemper Reciprocal as of June 30, 2026 and December 31, 2025, respectively, which is reported as a consolidated VIE.
2 During the second quarter of 2026, the Company recorded goodwill impairment of $460.0 million related to the Specialty Property & Casualty Insurance segment. See Note 3, "Goodwill" to the Condensed Consolidated Financial Statements for more information.

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue

Earned Premiums by product line, including a reconciliation to Total Earned Premiums, for the three and six months ended June 30, 2026 and 2025 were:


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2026		Jun 30, 2025		Jun 30, 2026		Jun 30, 2025
Specialty Property & Casualty Insurance:
Personal Automobile	$	647.4	$	789.3	$	1,294.4	$	1,543.0
Commercial Automobile	249.2		221.5		487.4		430.0
Total Specialty Property & Casualty Insurance	896.6		1,010.8		1,781.8		1,973.0
Life Insurance:
Life	87.5		84.8		173.1		168.5
Accident and Health	5.4		5.4		10.7		10.9
Property	9.8		10.3		19.7		20.8
Total Life Insurance	102.7		100.5		203.5		200.2
Total Segment Earned Premiums	999.3		1,111.3		1,985.3		2,173.2
Non-Core Operations	12.3		19.5		25.6		45.5
Total Earned Premiums	$	1,011.6	$	1,130.8	$	2,010.9	$	2,218.7

Segment Reporting, Reconciliation of Revenue by Segment to Consolidated

Segment Revenues, including a reconciliation to Total Revenues, for the three and six months ended June 30, 2026 and 2025 were:


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2026		Jun 30, 2025		Jun 30, 2026		Jun 30, 2025
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums	$	896.6	$	1,010.8	$	1,781.8	$	1,973.0
Net Investment Income	53.7		49.6		109.0		100.1
Other Income	1.3		2.7		4.0		4.0
Total Specialty Property & Casualty Insurance	951.6		1,063.1		1,894.8		2,077.1
Life Insurance:
Earned Premiums	102.7		100.5		203.5		200.2
Net Investment Income	49.3		44.7		98.0		93.1
Other Income	0.4		0.3		0.7		1.0
Total Life Insurance	152.4		145.5		302.2		294.3
Total Segment Revenues	1,104.0		1,208.6		2,197.0		2,371.4
Change in Fair Value of Equity and Convertible Securities	(1.7)		(0.5)		(3.0)		(0.4)
Non-Core Operations	14.4		21.3		29.8		49.2
Net Realized Investment Gains (Losses), Impairment Losses, and Other1	(24.0)		(3.8)		(23.9)		(1.6)
Total Revenues	$	1,092.7	$	1,225.6	$	2,199.9	$	2,418.6
1 During the fourth quarter of 2025, the Company elected to change the presentation of Net Realized Investment Gains (Losses), Impairment Losses, and Other by combining them into a single line item. Prior-period amounts have been recast to conform to the current-period presentation.

Reconciliation of Expenses from Segments to Consolidated

Significant Segment Expenses that were regularly provided to the CODM for the three and six months ended June 30, 2026 and 2025 were:


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2026		Jun 30, 2025		Jun 30, 2026		Jun 30, 2025
Segment Expenses:
Specialty Property & Casualty Insurance:
Current Year
Non-catastrophe Losses and LAE	$	732.7	$	730.1	$	1,475.5	$	1,412.4
Catastrophe Losses and LAE	6.1		5.3		7.4		9.1
Prior Years
Non-catastrophe Losses and LAE	9.1		13.6		12.3		14.1
Catastrophe Losses and LAE	0.1		0.4		0.5		0.6
Total Incurred Losses and LAE	748.0		749.4		1,495.7		1,436.2

Policy Acquisition Costs1	122.5		140.1		245.4		272.4
Business Unit Operating Costs2	29.1		40.7		67.1		78.4
Corporate Overhead Costs3	32.7		34.0		68.0		69.1
Total Insurance Expenses	184.3		214.8		380.5		419.9
Income Tax Expense	3.5		19.9		2.7		44.1
Total Specialty Property & Casualty Insurance	935.8		984.1		1,878.9		1,900.2
Life Insurance:
Policyholders’ Benefits and Incurred Losses and LAE	63.5		63.5		127.5		125.7

Policy Acquisition Costs1	34.0		35.2		63.3		64.9
Business Unit Operating Costs2	24.9		24.0		51.2		51.5
Corporate Overhead Costs3	8.4		8.5		17.4		17.7
Total Insurance Expenses	67.3		67.7		131.9		134.1
Income Tax Expense	3.3		1.7		6.5		4.7
Total Life Insurance	134.1		132.9		265.9		264.5
Total Segment Expenses	$	1,069.9	$	1,117.0	$	2,144.8	$	2,164.7
1 Policy acquisition costs primarily represents commissions and premium taxes that are incurred by the Company as a result of underwriting insurance policies and reflect the impacts of deferral and amortization of certain of these costs in accordance with the Company’s accounting policies.
2 Business unit operating costs are general expenses incurred by the Company's segments as part of ongoing operations and includes employee, IT, and facilities expenses.
3 Corporate overhead costs represents general expenses and other shared service expenses which are allocated across the Company.

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

Total Segment Adjusted Net Operating Income, including a reconciliation to Net (Loss) Income attributable to Kemper Corporation, for the three and six months ended June 30, 2026 and 2025 was:


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2026		Jun 30, 2025		Jun 30, 2026		Jun 30, 2025
Segment Adjusted Net Operating Income:
Specialty Property & Casualty Insurance
Revenues	$	951.6	$	1,063.1	$	1,894.8	$	2,077.1
Expenses	(935.8)		(984.1)		(1,878.9)		(1,900.2)
Specialty Property & Casualty Insurance Adjusted Net Operating Income	15.8		79.0		15.9		176.9
Life Insurance
Revenues	152.4		145.5		302.2		294.3
Expenses	(134.1)		(132.9)		(265.9)		(264.5)
Life Insurance Adjusted Net Operating Income	18.3		12.6		36.3		29.8
Total Segment Adjusted Net Operating Income	34.1		91.6		52.2		206.7
Corporate and Other Adjusted Net Operating Loss	(9.0)		(10.3)		(17.3)		(21.7)
Less: Net Loss attributable to Noncontrolling Interest	(1.2)		(2.8)		(3.9)		(5.5)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	(1.4)		(0.4)		(2.4)		(0.3)
Net Realized Investment Gains (Losses)	0.5		(0.1)		0.8		0.6
Impairment Losses	(18.8)		(2.8)		(20.1)		(2.6)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(11.6)		(3.8)		(16.6)		(8.0)
Debt Extinguishment and Other Charges	—		—		—		0.4
Goodwill Impairment	(460.0)		—		(460.0)		—
Non-Core Operations	0.2		(4.4)		(7.0)		(8.3)
Net (Loss) Income attributable to Kemper Corporation	$	(464.8)	$	72.6	$	(466.5)	$	172.3