Form 8-K

8-K — KEMPER Corp

Accession: 0000860748-26-000043

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0000860748

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — kmpr-20260506.htm (Primary)

EX-99.1 (kmpr202603312026ex991relea.htm)

EX-99.2 (kmpr202603312026ex992suppl.htm)

EX-99.3 (kmpr03312026earningspres.htm)

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8-K

8-K (Primary)

Filename: kmpr-20260506.htm · Sequence: 1

kmpr-20260506

0000860748false00008607482026-05-062026-05-060000860748us-gaap:CommonStockMember2026-05-062026-05-060000860748kmpr:A5875FixedRateResetJuniorSubordinatedDebenturesDue2062Member2026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

Kemper Corporation

(Exact name of registrant as specified in its charter)

Commission File Number: 001-18298

DE 95-4255452

(State or other jurisdiction

of incorporation) (IRS Employer

Identification No.)

200 E. Randolph Street, Suite 3300, Chicago, IL 60601

(Address of principal executive offices, including zip code)

312-661-4600

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2.below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.10 per share KMPR NYSE

5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 KMPB NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of

the Exchange Act. ¨

Section 2. – Financial Information

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the first quarter of 2026 and the availability of Kemper’s first quarter investor supplement and earnings call presentation on its website, kemper.com. The press release, the investor supplement and the earnings call presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this report.

Section 9. – Financial Statements and Exhibits.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Registrant’s press release dated May 6, 2026.

99.2 First Quarter 2026 Investor Supplement of Kemper Corporation.

99.3 First Quarter 2026 Earnings Call Presentation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Kemper Corporation

Date: May 6, 2026 /s/ BRADLEY T. CAMDEN

Bradley T. Camden

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-99.1

Filename: kmpr202603312026ex991relea.htm · Sequence: 2

Document

Exhibit 99.1

Kemper Corporation

200 East Randolph Street

Suite 3300

Chicago, IL 60601

kemper.com

Press Release

Kemper Reports First Quarter 2026 Operating Results*

CHICAGO, May 6, 2026 — Kemper Corporation (NYSE: KMPR) reported a net loss of $1.7 million, or $(0.03) per share, for the first quarter of 2026, compared to net income of $99.7 million, or $1.54 per diluted share, for the first quarter of 2025.

Adjusted Consolidated Net Operating Income1 was $12.5 million, or $0.21 per share, for the first quarter of 2026, compared to Adjusted Consolidated Net Operating Income1 of $106.4 million, or $1.65 per diluted share, for the first quarter of 2025.

Summary of quarterly performance:

•Adjusted Consolidated Net Operating Income1 of $12.5 million or $0.21 per share

•Specialty Personal Automobile’s operating results impacted by losses in California; taking rate and non-rate actions to improve profitability

•Specialty Commercial Automobile grew PIF at 10% YoY while producing an Underlying Combined Ratio1 of 92.4%

•Life business generated solid results driven by underwriting performance and management actions

•Restructuring initiatives well underway with $60 million run-rate savings identified and $50 million already actioned

“Our results this quarter reflect continued pressure in parts of the business, particularly California personal auto, while other areas of the portfolio are performing well and contributing positively,” said C. Thomas Evans, Jr., Interim CEO. “This includes strong results in our commercial auto business and continued personal auto diversification into key markets like Florida and Texas. We are taking decisive actions across underwriting, claims, and expense to return the business to profitability and drive more consistent performance over time.”

*Unless otherwise specified, discussion of our first quarter 2026 results is focused on net income attributable to Kemper Corporation common shareholders, which does not include financial results from Kemper Reciprocal that are presented within the condensed consolidated financial results in this release. The results of Kemper Reciprocal are consolidated under US GAAP.

1 Non-GAAP financial measure. All Non-GAAP financial measures are denoted with footnote 1 throughout this release. See “Use of Non-GAAP Financial Measures” for additional information.

Three Months Ended

(Dollars in Millions, Except Per Share Amounts) (Unaudited) Mar 31,

2026 Mar 31,

2025

Net (Loss) Income $ (1.7) $ 99.7

Adjusted Consolidated Net Operating Income1

$ 12.5 $ 106.4

Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net (Loss) Income

$ (3.0) $ (5.6)

Diluted Net (Loss) Income Per Share From:

Net (Loss) Income $ (0.03) $ 1.54

Adjusted Consolidated Net Operating Income1

$ 0.21 $ 1.65

Impact of Catastrophe Losses and Related LAE on Net (Loss) Income Per Share

$ (0.05) $ (0.09)

Revenues

Total revenues for the first quarter of 2026 decreased $85.8 million to $1,107.2 million compared to the first quarter of 2025. The decline was primarily due to lower Specialty Personal Automobile volumes, a $28.0 million Florida Statutory Profit Limit Refund in the Specialty Property & Casualty Insurance segment, and a $12.7 million reduction in earned premiums from Non-Core Operations given the run-off of the Preferred Insurance business.

Segment Results

Unless otherwise noted, (i) the segment results discussed below are presented on an after-tax basis, (ii) prior-year development includes both catastrophe and non-catastrophe losses and LAE, (iii) catastrophe losses and LAE exclude the impact of prior-year development, (iv) loss ratio includes loss and LAE, and (v) all comparisons are made to the prior year quarter unless otherwise stated.

Three Months Ended

(Dollars in Millions) (Unaudited) Mar 31,

2026 Mar 31,

2025

Segment Adjusted Net Operating Income:

Specialty Property & Casualty Insurance $ 0.1 $ 97.9

Life Insurance 18.0 17.2

Total Segment Adjusted Net Operating Income 18.1 115.1

Corporate and Other Adjusted Net Operating Loss (8.3) (11.4)

Less: Net Loss attributable to Noncontrolling Interest (2.7) (2.7)

Adjusted Consolidated Net Operating Income1

12.5 106.4

Net (Loss) Income From:

Change in Fair Value of Equity and Convertible Securities

(1.0) 0.1

Net Realized Investment Gains 0.3 0.7

Impairment Losses (1.3) 0.2

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (5.0) (4.2)

Debt Extinguishment, Pension Settlement and Other Charges

— 0.4

Non-Core Operations (7.2) (3.9)

Net (Loss) Income attributable to Kemper Corporation

$ (1.7) $ 99.7

The Specialty Property and Casualty Insurance segment reported adjusted net operating income of $0.1 million in the first quarter of 2026, compared to adjusted net operating income of $97.9 million in the first quarter of 2025. This decrease was due primarily to an increase in our Specialty Personal Automobile Underlying loss and LAE ratio1. Specialty Personal Automobile’s Underlying loss and LAE ratio1 was 87.7 percent, compared to 70.1 percent in the first quarter of 2025. The increase was primarily driven by higher claim severity and frequency in California, 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.

The Life Insurance segment reported adjusted net operating income of $18.0 million for the first quarter of 2026, compared to adjusted net operating income of $17.2 million in the first quarter of 2025. The improvement was primarily driven by lower Insurance Expenses and higher Earned Premiums, partially offset by higher Policyholders’ Benefits from life insurance products.

Capital

Total Kemper Corporation Shareholders’ Equity as of March 31, 2026 was $2,649.6 million, a decrease of $31.8 million, or 1 percent, since year-end 2025 primarily driven by comprehensive losses and dividend payments. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $80.2 million, and $600.0 million of available borrowing capacity under the revolving credit agreement.

On February 4, 2026, Kemper announced that its Board of Directors declared a quarterly dividend of $0.32 per share, or $18.3 million. The dividend was paid on March 3, 2026, to its shareholders of record as of February 17, 2026.

Kemper ended the quarter with a book value per share of $45.05, a decrease of 1 percent from $45.71 at the end of 2025. Adjusted book value per share1 was $27.79 at the end of the quarter, compared to $28.06 at the end of 2025.

Unaudited Condensed Consolidated Statements of (Loss) Income for the three months ended March 31, 2026 and 2025 are presented below.

Three Months Ended

(Dollars in Millions, Except Per Share Amounts) Mar 31,

2026 Mar 31,

2025

Revenues:

Earned Premiums2

$ 999.3 $ 1,087.9

Net Investment Income 107.1 101.2

Other Income 3.4 2.6

Change in Fair Value of Equity and Convertible Securities

(1.3) 0.1

Net Realized Investment Gains 0.4 0.9

Impairment Losses (1.7) 0.3

Total Revenues 1,107.2 1,193.0

Expenses:

Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses3

828.8 767.3

Insurance and Other Expenses 277.0 294.5

Interest Expense 9.3 11.4

Total Expenses 1,115.1 1,073.2

(Loss) Income before Income Taxes (7.9) 119.8

Income Tax (Benefit) Expense (3.5) 22.8

Net (Loss) Income (4.4) 97.0

Less: Net Loss attributable to Noncontrolling Interest (2.7) (2.7)

Net (Loss) Income attributable to Kemper Corporation

$ (1.7) $ 99.7

Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share:

Basic $ (0.03) $ 1.56

Diluted $ (0.03) $ 1.54

Weighted-average Outstanding (Shares in Thousands):

Unrestricted Shares - Basic 58,742.8 63,886.7

Unrestricted Shares and Equivalent Shares - Diluted 58,742.8 64,652.8

Dividends Paid to Shareholders per Share $ 0.32 $ 0.32

2 Includes a remeasurement gain related to the deferred profit liability within the Life insurance business of $0.9 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

3 Includes a remeasurement gain of $0.4 million and a remeasurement loss of $0.2 million related to the liability for future policyholder benefits within the Life insurance business for the three months ended March 31, 2026 and 2025, respectively.

Unaudited business segment revenues for the three months ended March 31, 2026 and 2025 are presented below.

Three Months Ended

(Dollars in Millions) Mar 31,

2026 Mar 31,

2025

REVENUES:

Specialty Property & Casualty Insurance:

Earned Premiums:

Personal Automobile $ 647.0 $ 753.7

Commercial Automobile 238.2 208.5

Total Earned Premiums 885.2 962.2

Net Investment Income 55.3 50.5

Other Income 2.7 1.3

Total Specialty Property & Casualty Insurance Revenues 943.2 1,014.0

Life Insurance:

Earned Premiums:

Life

85.6 83.7

Accident & Health 5.3 5.5

Property 9.9 10.5

Total Earned Premiums 100.8 99.7

Net Investment Income 48.7 48.4

Other Income 0.3 0.7

Total Life Insurance Revenues 149.8 148.8

Total Segment Revenues 1,093.0 1,162.8

Change in Fair Value of Equity and Convertible Securities

(1.3) 0.1

Non-Core Operations 15.4 27.9

Net Realized Investment Gains, Impairment Losses, and Other2

0.1 2.2

Total Revenues $ 1,107.2 $ 1,193.0

2 In 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.

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)

(Unaudited)

Mar 31,

2026 Dec 31,

2025

Assets:

Investments:

Fixed Maturities at Fair Value

$ 6,672.2 $ 6,743.3

Equity Securities at Fair Value

308.4 306.4

Equity Method Limited Liability Investments 176.1 176.0

Short-term Investments at Cost which Approximates Fair Value 296.6 313.5

Company-Owned Life Insurance

586.2 579.2

Loans to Policyholders

279.6 279.9

Other Investments 283.9 271.3

Total Investments

8,603.0 8,669.6

Cash

92.1 124.3

Receivables from Policyholders

997.1 965.2

Other Receivables

185.3 184.7

Deferred Policy Acquisition Costs

669.6 655.4

Goodwill

1,250.7 1,250.7

Current Income Tax Assets

40.2 40.7

Deferred Income Tax Assets 95.2 96.9

Other Assets

406.2 410.7

Assets of Consolidated Variable Interest Entity

Fixed Maturities at Fair Value 47.2 42.1

Short-term Investments at Cost which Approximates Fair Value 9.2 14.4

Cash 0.5 1.7

Receivables from Policyholders 7.7 10.4

Other Receivables

0.5 0.4

Deferred Policy Acquisition Costs 1.0 1.3

Deferred Income Tax Assets 5.0 4.2

Total Assets $ 12,410.5 $ 12,472.7

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in Millions)

(Unaudited)

Mar 31,

2026 Dec 31,

2025

Liabilities and Shareholders’ Equity:

Insurance Reserves:

Life & Health $ 3,238.9 $ 3,287.5

Property & Casualty

2,999.5 2,910.8

Total Insurance Reserves

6,238.4 6,198.3

Unearned Premiums

1,274.1 1,233.1

Policyholder Obligations 568.2 608.0

Deferred Income Tax Liabilities

4.3 14.8

Accrued Expenses and Other Liabilities

702.4 762.6

Long-term Debt, Non-current, at Amortized Cost 944.0 943.5

Liabilities of Consolidated Variable Interest Entity

Insurance Reserves 31.8 29.4

Unearned Premiums 9.9 12.1

Accrued Expenses and Other Liabilities 2.3 1.5

Total Liabilities 9,775.4 9,803.3

Kemper Corporation Shareholders’ Equity:

Common Stock

5.9 5.9

Paid-in Capital

1,732.6 1,723.9

Retained Earnings

1,137.8 1,157.8

Accumulated Other Comprehensive Loss (226.7) (206.2)

Total Kemper Corporation Shareholders’ Equity 2,649.6 2,681.4

Noncontrolling Interest (14.5) (12.0)

Total Shareholders’ Equity 2,635.1 2,669.4

Total Liabilities and Shareholders’ Equity $ 12,410.5 $ 12,472.7

Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.

Three Months Ended

(Dollars in Millions) Mar 31,

2026 Mar 31,

2025

Results of Operations

Net Premiums Written $ 925.0 $ 1,068.8

Earned Premiums $ 885.2 $ 962.2

Net Investment Income 55.3 50.5

Other Income 2.7 1.3

Total Revenues 943.2 1,014.0

Incurred Losses and LAE related to:

Current Year:

Non-catastrophe Losses and LAE 742.8 682.3

Catastrophe Losses and LAE 1.3 3.8

Prior Years:

Non-catastrophe Losses and LAE 3.2 0.5

Catastrophe Losses and LAE 0.4 0.2

Total Incurred Losses and LAE 747.7 686.8

Insurance Expenses 196.2 205.1

Segment Adjusted Operating (Loss) Income (0.7) 122.1

Income Tax (Benefit) Expense (0.8) 24.2

Total Segment Adjusted Net Operating Income $ 0.1 $ 97.9

Ratios Based On Earned Premiums

Current Year Non-catastrophe Losses and LAE Ratio 84.0 % 70.9 %

Current Year Catastrophe Losses and LAE Ratio 0.1 0.4

Prior Years Non-catastrophe Losses and LAE Ratio 0.4 0.1

Prior Years Catastrophe Losses and LAE Ratio — —

Total Incurred Loss and LAE Ratio 84.5 71.4

Insurance Expense Ratio 22.2 21.3

Combined Ratio 106.7 % 92.7 %

Underlying Combined Ratio1

Current Year Non-catastrophe Losses and LAE Ratio 84.0 % 70.9 %

Insurance Expense Ratio 22.2 21.3

Underlying Combined Ratio1

106.2 % 92.2 %

Non-GAAP Measure Reconciliation

Combined Ratio 106.7 % 92.7 %

Less:

Current Year Catastrophe Losses and LAE Ratio 0.1 0.4

Prior Years Non-catastrophe Losses and LAE Ratio 0.4 0.1

Prior Years Catastrophe Losses and LAE Ratio — —

Underlying Combined Ratio1

106.2 % 92.2 %

Unaudited selected financial information for the Life Insurance segment follows.

Three Months Ended

(Dollars in Millions) Mar 31,

2026 Mar 31,

2025

Results of Operations

Earned Premiums $ 100.8 $ 99.7

Net Investment Income 48.7 48.4

Other Income 0.3 0.7

Total Revenues 149.8 148.8

Policyholders’ Benefits and Incurred Losses and LAE 64.0 62.2

Insurance Expenses 64.6 66.4

Segment Adjusted Operating Income 21.2 20.2

Income Tax Expense 3.2 3.0

Total Segment Adjusted Net Operating Income $ 18.0 $ 17.2

Use of Non-GAAP Financial Measures

Adjusted Consolidated Net Operating Income1 is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income attributable to Kemper Corporation the after-tax impact of:

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

(ii) Net Realized Investment Gains;

(iii) Impairment Losses;

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

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

(vi) Goodwill Impairment Charges;

(vii) Non-Core Operations; and

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

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation. There were no applicable significant non-recurring items that Kemper excluded from the calculation of Adjusted Consolidated Net Operating Income1 for the three months ended March 31, 2026 or 2025.

Kemper believes that Adjusted Consolidated Net Operating Income1 provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains and Impairment Losses related to investments included in Kemper’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 Kemper’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, 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 Kemper’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 Kemper, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of Kemper’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of Kemper’s businesses.

A reconciliation of Net (Loss) Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income1 for the three months ended March 31, 2026 and 2025 is presented below.

Three Months Ended

(Dollars in Millions) (Unaudited) Mar 31,

2026 Mar 31,

2025

Net (Loss) Income attributable to Kemper Corporation

$ (1.7) $ 99.7

Less Net (Loss) Income From:

Change in Fair Value of Equity and Convertible Securities (1.0) 0.1

Net Realized Investment Gains 0.3 0.7

Impairment Losses (1.3) 0.2

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (5.0) (4.2)

Debt Extinguishment, Pension Settlement and Other Charges — 0.4

Non-Core Operations (7.2) (3.9)

Adjusted Consolidated Net Operating Income1

$ 12.5 $ 106.4

Diluted Adjusted Net Operating Income per Unrestricted Share1 is a non-GAAP financial measure computed by dividing Adjusted Net Operating Income1 by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net (Loss) Income per Unrestricted Share.

A reconciliation of Diluted Net Operating (Loss) Income per Unrestricted Share to Diluted Adjusted Net Operating Income per Unrestricted Share1 for the three months ended March 31, 2026 and 2025 is presented below.

Three Months Ended

(Unaudited) Mar 31,

2026 Mar 31,

2025

Diluted Net Operating (Loss) Income attributable to Kemper Corporation per Unrestricted Share

$ (0.03) $ 1.54

Less Net (Loss) Income per Unrestricted Share From:

Change in Fair Value of Equity and Convertible Securities

(0.02) —

Net Realized Investment Gains 0.01 0.01

Impairment Losses (0.02) —

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.09) (0.07)

Debt Extinguishment, Pension Settlement and Other Charges — 0.01

Non-Core Operations (0.12) (0.06)

Diluted Adjusted Net Operating Income per Unrestricted Share1

$ 0.21 $ 1.65

Return on Adjusted Shareholders' Equity1 is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized net income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders’ Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. Kemper believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

A reconciliation of Return on Shareholders’ Equity to Return on Adjusted Shareholders’ Equity1 is presented below:

Three Months Ended

(Dollars in Millions) (Unaudited) Mar 31,

2026 Mar 31,

2025

Numerator:

Annualized Net (Loss) Income attributable to Kemper Corporation

$ (6.8) $ 398.8

Denominator:

Average Shareholders' Equity2

$ 2,665.5 $ 2,853.0

Less: Average Net Unrealized Losses on Fixed Maturities

601.5 667.6

Less: Average Change in Discount Rate on Future Life Policyholder Benefits

(376.0) (373.2)

Less: Average Goodwill

(1,250.7) (1,250.7)

Average Adjusted Shareholders' Equity2

$ 1,640.3 $ 1,896.7

Return on Shareholders' Equity:

Return on Shareholders' Equity (0.3)% 14.0%

Return on Adjusted Shareholders' Equity1

(0.4)% 21.0%

2 Average shareholders' equity and average adjusted shareholders’ equity is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average adjusted shareholders’ equity on a year-to-date basis is (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one.

Underlying Combined Ratio1 is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.

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

Adjusted Book Value Per Share1 is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. Kemper uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. Kemper believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

A reconciliation of Book Value Per Share to Adjusted Book Value Per Share1 is presented below:

As of

(Dollars and Shares in Millions Except Per Share Amounts) (Unaudited) Mar 31,

2026 Dec 31, 2025

Numerator:

Kemper Corporation Shareholders’ Equity $ 2,649.6 $ 2,681.4

Less: Net Unrealized Losses on Fixed Maturities

636.7 566.2

Less: Change in Discount Rate on Future Life Policyholder Benefits (401.1) (350.8)

Less: Goodwill (1,250.7) (1,250.7)

Adjusted Shareholders’ Equity $ 1,634.5 $ 1,646.1

Denominator:

Common Shares Issued and Outstanding 58.821 58.667

Book Value Per Share:

Book Value Per Share $ 45.05 $ 45.71

Less: Net Unrealized Losses on Fixed Maturities

10.82 9.65

Less: Change in Discount Rate on Future Life Policyholder Benefits (6.82) (5.98)

Less: Goodwill (21.26) (21.32)

Adjusted Book Value Per Share1

$ 27.79 $ 28.06

Conference Call

Kemper will host its conference call to discuss first quarter 2026 results on Wednesday, May 6, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at 833.461.5787, Conference ID 496484973. To listen via webcast, register online at the investor section of kemper.com at least 15 minutes prior to the webcast to download and install any necessary software. A replay of the call will be available online at the investor section of kemper.com.

More detailed financial information can be found in Kemper’s Investor Financial Supplement and Earnings Call Presentation for the first quarter of 2026, which is available at the investor section of kemper.com.

About Kemper

The Kemper family of companies is one of the nation’s leading specialized insurers. With approximately $12 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves over 4.5 million policies, is represented by approximately 24,000 agents and brokers, and has approximately 7,300 associates dedicated to meeting the ever-changing needs of its customers.

Learn more about Kemper at kemper.com.

Caution Regarding Forward-Looking Statements

This press release may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:

•changes in the frequency and severity of insurance claims;

•claim development and the process of estimating claim reserves;

•the impacts of inflation;

•changes in interest rate environment;

•supply chain disruption;

•product demand and pricing;

•effects of legislative, governmental and regulatory actions;

•heightened competition;

•litigation outcomes and trends;

•investment risks;

•cybersecurity risks or incidents;

•impact of catastrophes; and

•other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).

Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this press release.

###

Contacts

Investors: Michael Marinaccio

312.661.4930 or investors@kemper.com

Media: Barbara Ciesemier

312.661.4521 or bciesemier@kemper.com

EX-99.2

Filename: kmpr202603312026ex992suppl.htm · Sequence: 3

Document

Investor Supplement

First Quarter 2026

Caution Regarding Forward-Looking Statements

This Investor Supplement may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:

•changes in the frequency and severity of insurance claims;

•claim development and the process of estimating claim reserves;

•the impacts of inflation;

•changes in interest rate environment;

•supply chain disruption;

•product demand and pricing;

•effects of legislative, governmental and regulatory actions;

•heightened competition;

•litigation outcomes and trends;

•investment risks;

•cybersecurity risks or incidents;

•impact of catastrophes; and

•other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).

Non-GAAP Financial Measures

This document contains non-GAAP financial measures to analyze the Company’s operating performance for the periods presented. Because the Company’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. For detailed disclosures on non-GAAP financial measures please refer to the “Definitions of Non-GAAP Financial Measures” on pages 26-29.

Kemper Corporation

Investor Supplement

First Quarter 2026

Table of Contents

Page

Consolidated Financial Highlights 3-4

Consolidated Statements of (Loss) Income

Consolidated Balance Sheets 6-7

Consolidated Statements of Cash Flows

8-9

Capital Metrics

Debt Outstanding, Federal Home Loan Bank Advances and Ratings

Adjusted Segment Summary Results:

Revenues

Adjusted Operating (Loss) Income

Adjusted Net Operating Income

Catastrophe Frequency and Severity 14

Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information 15-16

Personal Automobile Insurance 17

Commercial Automobile Insurance 18

Life Insurance Segment - Results of Operations and Selected Financial Information 19-20

Expenses 21

Details of Investment Performance 22

Details of Invested Assets 23-24

Investments in Limited Liability Companies and Limited Partnerships 25

Definitions of Non-GAAP Financial Measures 26-29

Kemper Corporation

Consolidated Financial Highlights

(Dollars in Millions, Except Per Share Amounts)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

For Period Ended

Earned Premiums

$ 999.3 $ 1,044.3 $ 1,133.3 $ 1,130.8 $ 1,087.9

Net Investment Income

107.1 103.1 104.8 95.9 101.2

Other Income (Loss) 3.4 (10.6) 2.9 3.1 2.6

Change in Fair Value of Equity and Convertible Securities

(1.3) (1.8) (2.1) (0.5) 0.1

Net Investment (Losses) Gains (1.3) (3.6) 0.8 (3.7) 1.2

Investment and Other Income 107.9 87.1 106.4 94.8 105.1

Total Revenues

$ 1,107.2 $ 1,131.4 $ 1,239.7 $ 1,225.6 $ 1,193.0

Net (Loss) Income

$ (4.4) $ (10.0) $ (24.2) $ 69.8 $ 97.0

Less: Net Loss attributable to Noncontrolling Interest (2.7) (2.0) (3.2) (2.8) (2.7)

Net (Loss) Income attributable to Kemper Corporation

$ (1.7) $ (8.0) $ (21.0) $ 72.6 $ 99.7

Adjusted Consolidated Net Operating Income1

$ 12.5 $ 14.6 $ 20.4 $ 84.1 $ 106.4

Per Unrestricted Common Share Amounts:

Basic:

Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share:

$ (0.03) $ (0.13) $ (0.34) $ 1.13 $ 1.56

Adjusted Consolidated Net Operating Income1

$ 0.21 $ 0.25 $ 0.33 $ 1.31 $ 1.67

Diluted:

Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share:

$ (0.03) $ (0.13) $ (0.34) $ 1.12 $ 1.54

Adjusted Consolidated Net Operating Income1

$ 0.21 $ 0.25 $ 0.33 $ 1.30 $ 1.65

Dividends Paid to Shareholders Per Share

$ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32

Return on Shareholders' Equity (0.3) % (1.2) % (3.0) % 9.9 % 14.0 %

Return on Adjusted Shareholders' Equity1

(0.4) % (1.9) % (4.6) % 14.9 % 21.0 %

1Non-GAAP Financial Measure. See pages 26-29 for definition.

Kemper Corporation

Consolidated Financial Highlights (Continued)

(Dollars in Millions, Except Per Share Amounts)

(Unaudited)

As of

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

At Period End

Total Assets

$ 12,410.5 $ 12,472.7 $ 12,443.4 $ 12,601.1 $ 12,467.3

Insurance Reserves

$ 6,238.4 $ 6,198.3 $ 6,123.6 $ 5,900.0 $ 5,867.1

Debt

$ 944.0 $ 943.5 $ 943.1 $ 942.6 $ 942.1

Kemper Corporation Shareholders’ Equity $ 2,649.6 $ 2,681.4 $ 2,732.1 $ 2,953.4 $ 2,917.6

Book Value Per Share2

$ 45.05 $ 45.71 $ 45.38 $ 46.45 $ 45.60

Adjusted Book Value Per Share1, 2

$ 27.79 $ 28.06 $ 28.55 $ 31.01 $ 30.31

Debt to Total Capitalization2

26.3 % 26.0 % 25.7 % 24.2 % 24.4 %

1Non-GAAP Financial Measure. See pages 26-29 for definition.

2See Capital Metrics on page 10 for detail calculations.

Kemper Corporation

Consolidated Statements of (Loss) Income

(Dollars in Millions, Except Per Share Amounts)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Revenues:

Earned Premiums $ 999.3 $ 1,044.3 $ 1,133.3 $ 1,130.8 $ 1,087.9

Net Investment Income 107.1 103.1 104.8 95.9 101.2

Other Income (Loss) 3.4 (10.6) 2.9 3.1 2.6

Change in Fair Value of Equity and Convertible Securities

(1.3) (1.8) (2.1) (0.5) 0.1

Net Realized Investment Gains (Losses) 0.4 0.8 3.9 (0.1) 0.9

Impairment Losses (1.7) (4.4) (3.1) (3.6) 0.3

Total Revenues 1,107.2 1,131.4 1,239.7 1,225.6 1,193.0

Expenses:

Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses 828.8 854.5 924.6 829.1 767.3

Insurance and Other Expenses 277.0 281.4 339.1 300.0 294.5

Interest Expense 9.3 9.0 9.1 9.0 11.4

Total Expenses 1,115.1 1,144.9 1,272.8 1,138.1 1,073.2

(Loss) Income before Income Taxes (7.9) (13.5) (33.1) 87.5 119.8

Income Tax (Benefit) Expense (3.5) (3.5) (8.9) 17.7 22.8

Net (Loss) Income (4.4) (10.0) (24.2) 69.8 97.0

Less: Net Loss attributable to Noncontrolling Interest (2.7) (2.0) (3.2) (2.8) (2.7)

Net (Loss) Income attributable to Kemper Corporation

$ (1.7) $ (8.0) $ (21.0) $ 72.6 $ 99.7

Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share:

Basic $ (0.03) $ (0.13) $ (0.34) $ 1.13 $ 1.56

Diluted $ (0.03) $ (0.13) $ (0.34) $ 1.12 $ 1.54

Dividends Paid to Shareholders Per Share $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32

Weighted Average Unrestricted Common Shares Outstanding (in Millions) 58.743 58.801 61.477 63.939 63.887

Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions) 58.743 58.801 61.477 64.600 64.653

Kemper Corporation

Consolidated Balance Sheets

(Dollars in Millions)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Assets:

Investments:

Fixed Maturities at Fair Value $ 6,672.2 $ 6,743.3 $ 6,620.3 $ 6,669.1 $ 6,558.6

Equity Securities at Fair Value 308.4 306.4 302.0 284.1 232.3

Equity Method Limited Liability Investments 176.1 176.0 174.9 176.2 185.1

Short-term Investments at Cost which Approximates Fair Value 296.6 313.5 371.2 407.6 545.3

Company-Owned Life Insurance

586.2 579.2 567.9 557.1 546.5

Loans to Policyholders

279.6 279.9 279.3 278.6 279.8

Other Investments 283.9 271.3 287.0 272.8 244.5

Total Investments 8,603.0 8,669.6 8,602.6 8,645.5 8,592.1

Cash 92.1 124.3 107.4 175.5 115.4

Receivables from Policyholders 997.1 965.2 1,022.9 1,038.7 1,052.7

Other Receivables 185.3 184.7 185.0 192.9 189.2

Deferred Policy Acquisition Costs 669.6 655.4 658.9 658.2 649.7

Goodwill 1,250.7 1,250.7 1,250.7 1,250.7 1,250.7

Current Income Tax Assets 40.2 40.7 57.4 57.5 40.9

Deferred Income Tax Assets 95.2 96.9 66.3 67.6 73.4

Other Assets 406.2 410.7 422.2 448.5 442.2

Assets of Consolidated Variable Interest Entity:

Fixed Maturities at Fair Value 47.2 42.1 36.3 33.3 13.7

Short-term Investments at Cost which Approximates Fair Value 9.2 14.4 17.5 14.9 31.6

Cash 0.5 1.7 — 1.5 —

Receivables from Policyholders 7.7 10.4 10.7 11.6 11.9

Other Receivables 0.5 0.4 0.4 0.2 0.1

Deferred Policy Acquisition Costs 1.0 1.3 1.4 1.6 1.5

Deferred Income Tax Assets 5.0 4.2 3.7 2.9 2.2

Total Assets $ 12,410.5 $ 12,472.7 $ 12,443.4 $ 12,601.1 $ 12,467.3

Kemper Corporation

Consolidated Balance Sheets

(Dollars in Millions)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Liabilities and Shareholders’ Equity:

Insurance Reserves:

Life and Health $ 3,238.9 $ 3,287.5 $ 3,317.6 $ 3,235.3 $ 3,229.5

Property and Casualty 2,999.5 2,910.8 2,806.0 2,664.7 2,637.6

Total Insurance Reserves 6,238.4 6,198.3 6,123.6 5,900.0 5,867.1

Unearned Premiums 1,274.1 1,233.1 1,310.6 1,345.0 1,361.6

Policyholder Obligations 568.2 608.0 620.0 641.3 632.0

Deferred Income Tax Liabilities 4.3 14.8 13.5 14.7 6.6

Accrued Expenses and Other Liabilities 702.4 762.6 669.5 775.4 715.5

Long-term Debt, Non-Current, at Amortized Cost 944.0 943.5 943.1 942.6 942.1

Liabilities of Consolidated Variable Interest Entity:

Insurance Reserves 31.8 29.4 26.3 20.9 14.7

Unearned Premiums 9.9 12.1 13.6 14.5 14.5

Accrued Expenses and Other Liabilities 2.3 1.5 1.6 1.2 1.7

Total Liabilities 9,775.4 9,803.3 9,721.8 9,655.6 9,555.8

Kemper Corporation Shareholders’ Equity:

Common Stock 5.9 5.9 6.0 6.4 6.4

Paid-in Capital 1,732.6 1,723.9 1,737.2 1,859.3 1,863.6

Retained Earnings 1,137.8 1,157.8 1,216.0 1,345.4 1,308.9

Accumulated Other Comprehensive Loss (226.7) (206.2) (227.1) (257.7) (261.3)

Total Kemper Corporation Shareholders’ Equity 2,649.6 2,681.4 2,732.1 2,953.4 2,917.6

Noncontrolling Interest (14.5) (12.0) (10.5) (7.9) (6.1)

Total Shareholders’ Equity $ 2,635.1 $ 2,669.4 $ 2,721.6 $ 2,945.5 $ 2,911.5

Total Liabilities and Shareholders’ Equity $ 12,410.5 $ 12,472.7 $ 12,443.4 $ 12,601.1 $ 12,467.3

Kemper Corporation

Consolidated Statements of Cash Flows

(Dollars in Millions)

(Unaudited)

Three Months Ended

Mar 31,

2026 Mar 31,

2025

Cash Flows from Operating Activities:

Net (Loss) Income

$ (4.4) $ 97.0

Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:

Net Realized Investment Gains (0.4) (0.9)

Impairment Losses 1.7 (0.3)

Depreciation and Amortization of Property, Equipment, Software and Intangible Assets Acquired

11.6 12.5

Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments (0.6) 0.6

Change in Value of Equity and Convertible Securities

1.3 (0.1)

Changes in:

Receivables from Policyholders (29.2) (78.5)

Reinsurance Recoverables 2.8 (0.9)

Deferred Policy Acquisition Costs (13.9) (21.2)

Insurance Reserves 106.6 43.1

Unearned Premiums 38.8 100.8

Income Taxes (3.5) 22.7

Other

(22.0) 5.2

Net Cash Provided by Operating Activities 88.8 180.0

Kemper Corporation

Consolidated Statements of Cash Flows

(Dollars in Millions)

(Unaudited)

Three Months Ended

Mar 31,

2026 Mar 31,

2025

Net Cash Provided by Operating Activities (Carryforward from page 8) 88.8 180.0

Cash Flows from Investing Activities:

Proceeds from the Sales, Calls and Maturities of Fixed Maturities 309.4 215.1

Proceeds from the Sales or Paydowns of Investments:

Equity Securities 10.2 7.3

Mortgage Loans 29.0 24.1

Other Investments 5.4 5.9

Purchases of Investments:

Fixed Maturities (358.8) (302.5)

Equity Securities (13.3) (20.5)

Real Estate Investments (0.8) (1.1)

Mortgage Loans (41.6) (51.7)

Other Investments (18.0) (15.0)

Net Sales of Short-term Investments 22.7 493.6

Acquisition of Software and Long-lived Assets (10.9) (7.7)

Settlement Proceeds from Company-Owned Life Insurance 4.7 2.9

Other (1.1) 0.7

Net Cash (Used in) Provided by Investing Activities (63.1) 351.1

Cash Flows from Financing Activities:

Repayment of Long-term Debt — (450.0)

Proceeds from Policyholder Contract Obligations — 20.0

Repayment of Policyholder Contract Obligations (39.9) (25.9)

Proceeds from Shares Issued under Employee Stock Purchase Plan 0.8 0.8

Common Stock Repurchases — (4.0)

Dividends Paid (18.3) (20.2)

Other (1.7) (1.8)

Net Cash Used in Financing Activities (59.1) (481.1)

Net (decrease) increase in cash1

(33.4) 50.0

Cash, Beginning of Year1

126.0 65.4

Cash, End of Period1

$ 92.6 $ 115.4

1Includes amounts attributable to Kemper Reciprocal reported as noncontrolling interest.

Kemper Corporation

Capital Metrics

(Dollars and Shares in Millions, Except Per Share Amounts)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Book Value Per Share

Book Value Per Share $ 45.05 $ 45.71 $ 45.38 $ 46.45 $ 45.60

Adjusted Book Value Per Share1

$ 27.79 $ 28.06 $ 28.55 $ 31.01 $ 30.31

Debt and Total Capitalization

Debt $ 944.0 $ 943.5 $ 943.1 $ 942.6 $ 942.1

Kemper Corporation Shareholders’ Equity 2,649.6 2,681.4 2,732.1 2,953.4 2,917.6

Total Capitalization $ 3,593.6 $ 3,624.9 $ 3,675.2 $ 3,896.0 $ 3,859.7

Ratio of Debt to Kemper Corporation Shareholders’ Equity 35.6 % 35.2 % 34.5 % 31.9 % 32.3 %

Ratio of Debt to Total Capitalization 26.3 % 26.0 % 25.7 % 24.2 % 24.4 %

Debt $ 944.0 $ 943.5 $ 943.1 $ 942.6 $ 942.1

Kemper Corporation Shareholders’ Equity $ 2,649.6 $ 2,681.4 $ 2,732.1 $ 2,953.4 $ 2,917.6

Less: Accumulated Other Comprehensive Loss

(226.7) (206.2) (227.1) (257.7) (261.3)

Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss

$ 2,876.3 $ 2,887.6 $ 2,959.2 $ 3,211.1 $ 3,178.9

Total Capitalization Excluding Accumulated Other Comprehensive Loss

$ 3,820.3 $ 3,831.1 $ 3,902.3 $ 4,153.7 $ 4,121.0

Ratio of Debt to Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss

32.8 % 32.7 % 31.9 % 29.4 % 29.6 %

Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Loss

24.7 % 24.6 % 24.2 % 22.7 % 22.9 %

Parent Company Liquidity2

Kemper Holding Company Cash and Investments3

$ 80.2 $ 145.4 $ 156.8 $ 223.2 $ 161.3

Borrowings Available Under Credit Agreement 600.0 600.0 600.0 600.0 600.0

Parent Company Liquidity $ 680.2 $ 745.4 $ 756.8 $ 823.2 $ 761.3

Capital Returned to Shareholders

Cash Dividends Paid4

$ 18.3 $ 18.9 $ 19.7 $ 20.8 $ 20.2

1Non-GAAP Financial Measure. See pages 26-29 for definition.

2Excludes borrowings available from subsidiaries

3Includes Kemper's direct non-insurance subsidiaries

4Three Months Ended

Kemper Corporation

Debt Outstanding, Federal Home Loan Bank Advances and Ratings

(Dollars in Millions)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Kemper Corporation:

Non-Current:

2.400% Senior Notes due September 30, 2030 398.0 397.9 397.8 397.7 397.6

3.800% Senior Notes due 2032 397.1 396.9 396.8 396.7 396.6

5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 148.9 148.7 148.5 148.2 147.9

Long-term Debt Outstanding at Amortized Cost $ 944.0 $ 943.5 $ 943.1 $ 942.6 $ 942.1

Federal Home Loan Bank Advances to Insurance Subsidiaries:

Reported as Policyholder Contract Liabilities:

Federal Home Loan Bank of Chicago $ 475.0 $ 513.8 $ 525.2 $ 546.2 $ 536.2

A.M. Best Moody’s S&P Fitch

As of Date of Financial Supplement

Kemper Debt Ratings:

Senior Unsecured Debt bbb- Baa3 BBB- BBB-

Junior Unsecured Debt bb Ba1 BB BB

Insurance Company Financial Strength Ratings:

Trinity Universal Insurance Company A- A3 A- A-

United Insurance Company of America A- A3 A- A-

Kemper Corporation

Segment Revenues

(Dollars in Millions)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Revenues:

Specialty Property & Casualty Insurance:

Earned Premiums:

Personal Automobile $ 647.0 $ 696.8 $ 785.1 $ 789.3 $ 753.7

Commercial Automobile 238.2 238.6 232.2 221.5 208.5

Total Specialty Property & Casualty Insurance Earned Premiums 885.2 935.4 1,017.3 1,010.8 962.2

Net Investment Income 55.3 57.3 53.8 49.6 50.5

Other Income 2.7 2.4 2.5 2.7 1.3

Total Specialty Property & Casualty Insurance Revenues 943.2 995.1 1,073.6 1,063.1 1,014.0

Life Insurance:

Earned Premiums 100.8 93.4 99.8 100.5 99.7

Net Investment Income 48.7 47.1 48.0 44.7 48.4

Other Income 0.3 0.2 0.4 0.3 0.7

Total Life Insurance Revenues 149.8 140.7 148.2 145.5 148.8

Total Segment Revenues 1,093.0 1,135.8 1,221.8 1,208.6 1,162.8

Change in Fair Value of Equity and Convertible Securities

(1.3) (1.8) (2.1) (0.5) 0.1

Non-Core Operations

15.4 17.5 18.2 21.3 27.9

Net Realized Investment Gains (Losses), Impairment Losses, and Other 0.1 (20.1) 1.8 (3.8) 2.2

Total Revenues $ 1,107.2 $ 1,131.4 $ 1,239.7 $ 1,225.6 $ 1,193.0

Kemper Corporation

Segment Adjusted Operating Results

(Dollars in Millions)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Segment Adjusted Operating Income (Loss):

Specialty Property & Casualty Insurance $ (0.7) $ 3.1 $ 7.9 $ 98.9 $ 122.1

Life Insurance 21.2 23.5 22.1 14.3 20.2

Total Segment Adjusted Operating Income

20.5 26.6 30.0 113.2 142.3

Corporate and Other Adjusted Operating Loss (10.3) (12.5) (12.3) (11.3) (14.1)

Less: Loss before Income Taxes attributable to Noncontrolling Interest (3.4) (2.6) (4.1) (3.4) (3.5)

Adjusted Consolidated Operating Income 13.6 16.7 21.8 105.3 131.7

(Loss) Income From:

Change in Fair Value of Equity and Convertible Securities

(1.3) (1.8) (2.1) (0.5) 0.1

Net Realized Investment Gains (Losses) 0.4 0.8 3.9 (0.1) 0.9

Impairment Losses (1.7) (4.4) (3.1) (3.6) 0.3

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (6.3) (18.3) (22.9) (4.8) (5.3)

Debt Extinguishment, Pension Settlement and Other Charges

— — — — 0.5

Non-Core Operations

(9.2) (3.9) (26.6) (5.4) (4.9)

(Loss) Income before Income Taxes attributable to Kemper Corporation

$ (4.5) $ (10.9) $ (29.0) $ 90.9 $ 123.3

Segment Adjusted Net Operating Income:

Specialty Property & Casualty Insurance $ 0.1 $ 2.6 $ 7.6 $ 79.0 $ 97.9

Life Insurance 18.0 20.1 18.6 12.6 17.2

Total Segment Adjusted Net Operating Income 18.1 22.7 26.2 91.6 115.1

Corporate and Other Adjusted Net Operating Loss (8.3) (10.1) (9.0) (10.3) (11.4)

Less: Net Loss attributable to Noncontrolling Interest (2.7) (2.0) (3.2) (2.8) (2.7)

Adjusted Consolidated Net Operating Income1

12.5 14.6 20.4 84.1 106.4

Net (Loss) Income From:

Change in Fair Value of Equity and Convertible Securities

(1.0) (1.4) (1.7) (0.4) 0.1

Net Realized Investment Gains (Losses) 0.3 0.6 3.1 (0.1) 0.7

Impairment Losses (1.3) (3.4) (2.5) (2.8) 0.2

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (5.0) (15.5) (19.6) (3.8) (4.2)

Debt Extinguishment, Pension Settlement and Other Charges

— — — — 0.4

Non-Core Operations

(7.2) (2.9) (20.7) (4.4) (3.9)

Net (Loss) Income attributable to Kemper Corporation

$ (1.7) $ (8.0) $ (21.0) $ 72.6 $ 99.7

1Non-GAAP Financial Measure. See pages 26-29 for definition.

Kemper Corporation

Catastrophe Frequency and Severity

(Dollars in Millions)

(Unaudited)

Three Months Ended March 31, 2026

Specialty Property & Casualty Insurance Segment Life Insurance Segment Non-Core Operations Consolidated

Number of Events Losses and LAE Number of Events Losses and LAE Number of Events Losses and LAE Number of Events Losses and LAE

Range of Losses and LAE Per Event1:

Below $5 12 $ 1.3 2 $ 0.1 9 $ 2.4 16 $ 3.8

$5 - $10 — — — — — — — —

$10 - $15 — — — — — — — —

$15 - $20 — — — — — — — —

$20 - $25 — — — — — — — —

Greater Than $25 — — — — — — — —

Total 12 $ 1.3 2 $ 0.1 9 $ 2.4 16 $ 3.8

Three Months Ended March 31, 2025

Specialty Property & Casualty Insurance Segment Life Insurance Segment Non-Core Operations Consolidated

Number of Events Losses and LAE Number of Events Losses and LAE Number of Events Losses and LAE Number of Events Losses and LAE

Range of Losses and LAE Per Event1:

Below $5 15 $ 3.8 6 $ 0.3 11 $ 3.1 16 $ 7.2

$5 - $10 — — — — — — — —

$10 - $15 — — — — — — — —

$15 - $20 — — — — — — — —

$20 - $25 — — — — — — — —

Greater Than $25 — — — — — — — —

Total 15 $ 3.8 6 $ 0.3 11 $ 3.1 16 $ 7.2

1Current accident year net incurred catastrophe Losses and LAE only.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Results of Operations

Net Premiums Written $ 925.0 $ 860.3 $ 982.2 $ 1,001.5 $ 1,068.8

Total Specialty P&C:

Personal Automobile $ 647.0 $ 696.8 $ 785.1 $ 789.3 $ 753.7

Commercial Automobile 238.2 238.6 232.2 221.5 208.5

Earned Premiums 885.2 935.4 1,017.3 1,010.8 962.2

Net Investment Income 55.3 57.3 53.8 49.6 50.5

Other Income 2.7 2.4 2.5 2.7 1.3

Total Revenues 943.2 995.1 1,073.6 1,063.1 1,014.0

Incurred Losses and LAE related to:

Current Year:

Non-catastrophe Losses and LAE 742.8 780.0 798.7 730.1 682.3

Catastrophe Losses and LAE 1.3 1.4 1.0 5.3 3.8

Prior Years:

Non-catastrophe Losses and LAE 3.2 9.3 51.4 13.6 0.5

Catastrophe Losses and LAE 0.4 (0.8) — 0.4 0.2

Total Incurred Losses and LAE 747.7 789.9 851.1 749.4 686.8

Insurance Expenses 196.2 202.1 214.6 214.8 205.1

Segment Adjusted Operating (Loss) Income (0.7) 3.1 7.9 98.9 122.1

Income Tax (Benefit) Expense (0.8) 0.5 0.3 19.9 24.2

Total Segment Adjusted Net Operating Income $ 0.1 $ 2.6 $ 7.6 $ 79.0 $ 97.9

Ratios Based On Earned Premiums

Current Year Non-catastrophe Losses and LAE Ratio 84.0 % 83.4 % 78.5 % 72.3 % 70.9 %

Current Year Catastrophe Losses and LAE Ratio 0.1 0.1 0.1 0.5 0.4

Prior Years Non-catastrophe Losses and LAE Ratio 0.4 1.0 5.1 1.3 0.1

Prior Years Catastrophe Losses and LAE Ratio — (0.1) — — —

Total Incurred Loss and LAE Ratio 84.5 84.4 83.7 74.1 71.4

Insurance Expense Ratio 22.2 21.6 21.1 21.3 21.3

Combined Ratio 106.7 % 106.0 % 104.8 % 95.4 % 92.7 %

Underlying Combined Ratio1

Current Year Non-catastrophe Losses and LAE Ratio 84.0 % 83.4 % 78.5 % 72.3 % 70.9 %

Insurance Expense Ratio 22.2 21.6 21.1 21.3 21.3

Underlying Combined Ratio 106.2 % 105.0 % 99.6 % 93.6 % 92.2 %

Non-GAAP Measure Reconciliation

Combined Ratio as Reported 106.7 % 106.0 % 104.8 % 95.4 % 92.7 %

Less:

Current Year Catastrophe Losses and LAE Ratio 0.1 0.1 0.1 0.5 0.4

Prior Years Non-catastrophe Losses and LAE Ratio 0.4 1.0 5.1 1.3 0.1

Prior Years Catastrophe Losses and LAE Ratio — (0.1) — — —

Underlying Combined Ratio 106.2 % 105.0 % 99.6 % 93.6 % 92.2 %

1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Results of Operations and Selected Financial Information (continued)

(Dollars in Millions)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Insurance Reserves:

Non-Standard Automobile $ 1,880.0 $ 1,826.8 $ 1,752.1 $ 1,661.2 $ 1,640.3

Commercial Automobile 996.1 942.6 894.2 813.0 771.5

Insurance Reserves $ 2,876.1 $ 2,769.4 $ 2,646.3 $ 2,474.2 $ 2,411.8

Insurance Reserves:

Loss and Allocated LAE Reserves:

Case and Allocated LAE $ 1,027.9 $ 960.4 $ 932.7 $ 906.1 $ 930.1

Incurred but Not Reported 1,651.8 1,610.9 1,518.7 1,378.8 1,300.5

Total Loss Reserves 2,679.7 2,571.3 2,451.4 2,284.9 2,230.6

Unallocated LAE Reserves 196.4 198.1 194.9 189.3 181.2

Insurance Reserves $ 2,876.1 $ 2,769.4 $ 2,646.3 $ 2,474.2 $ 2,411.8

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Personal Automobile Insurance - Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Results of Operations

Net Premiums Written $ 650.4 $ 615.6 $ 727.6 $ 767.0 $ 823.9

Earned Premiums $ 647.0 $ 696.8 $ 785.1 $ 789.3 $ 753.7

Net Investment Income 34.0 35.7 33.8 31.3 31.8

Other Income 2.7 2.3 2.3 2.6 1.2

Total Revenues 683.7 734.8 821.2 823.2 786.7

Incurred Losses and LAE related to:

Current Year:

Non-catastrophe Losses and LAE 568.1 607.6 629.2 571.7 528.4

Catastrophe Losses and LAE 1.1 1.1 0.6 4.3 2.7

Prior Years:

Non-catastrophe Losses and LAE (2.9) 0.3 8.0 (5.0) (4.7)

Catastrophe Losses and LAE 0.4 (0.8) (0.1) 0.3 0.1

Total Incurred Losses and LAE 566.7 608.2 637.7 571.3 526.5

Insurance Expenses 150.6 159.1 172.5 173.7 166.8

Adjusted Operating (Loss) Income (33.6) (32.5) 11.0 78.2 93.4

Income Tax (Benefit) Expense (7.4) (6.0) 1.4 16.1 18.7

Total Product Line Adjusted Net Operating (Loss) Income $ (26.2) $ (26.5) $ 9.6 $ 62.1 $ 74.7

Ratios Based On Earned Premiums

Current Year Non-catastrophe Losses and LAE Ratio 87.7 % 87.2 % 80.1 % 72.5 % 70.1 %

Current Year Catastrophe Losses and LAE Ratio 0.2 0.2 0.1 0.5 0.4

Prior Years Non-catastrophe Losses and LAE Ratio (0.4) — 1.0 (0.6) (0.6)

Prior Years Catastrophe Losses and LAE Ratio 0.1 (0.1) — — —

Total Incurred Loss and LAE Ratio 87.6 87.3 81.2 72.4 69.9

Insurance Expense Ratio 23.3 22.8 22.0 22.0 22.1

Combined Ratio 110.9 % 110.1 % 103.2 % 94.4 % 92.0 %

Underlying Combined Ratio1

Current Year Non-catastrophe Losses and LAE Ratio 87.7 % 87.2 % 80.1 % 72.5 % 70.1 %

Insurance Expense Ratio 23.3 22.8 22.0 22.0 22.1

Underlying Combined Ratio 111.0 % 110.0 % 102.1 % 94.5 % 92.2 %

Non-GAAP Measure Reconciliation

Combined Ratio 110.9 % 110.1 % 103.2 % 94.4 % 92.0 %

Less:

Current Year Catastrophe Losses and LAE Ratio 0.2 0.2 0.1 0.5 0.4

Prior Years Non-catastrophe Losses and LAE Ratio (0.4) — 1.0 (0.6) (0.6)

Prior Years Catastrophe Losses and LAE Ratio 0.1 (0.1) — — —

Underlying Combined Ratio 111.0 % 110.0 % 102.1 % 94.5 % 92.2 %

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Commercial Automobile Insurance - Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Results of Operations

Net Premiums Written $ 274.6 $ 244.7 $ 254.6 $ 234.5 $ 244.9

Earned Premiums $ 238.2 $ 238.6 $ 232.2 $ 221.5 $ 208.5

Net Investment Income 21.3 21.6 20.0 18.3 18.7

Other Income — 0.1 0.2 0.1 0.1

Total Revenues 259.5 260.3 252.4 239.9 227.3

Incurred Losses and LAE related to:

Current Year:

Non-catastrophe Losses and LAE 174.7 172.4 169.5 158.4 153.9

Catastrophe Losses and LAE 0.2 0.3 0.4 1.0 1.1

Prior Years:

Non-catastrophe Losses and LAE 6.1 9.0 43.4 18.6 5.2

Catastrophe Losses and LAE — — 0.1 0.1 0.1

Total Incurred Losses and LAE 181.0 181.7 213.4 178.1 160.3

Insurance Expenses 45.6 43.0 42.1 41.1 38.3

Adjusted Operating Income (Loss) 32.9 35.6 (3.1) 20.7 28.7

Income Tax Expense (Benefit) 6.6 6.5 (1.1) 3.8 5.5

Total Product Line Adjusted Net Operating Income (Loss) $ 26.3 $ 29.1 $ (2.0) $ 16.9 $ 23.2

Ratios Based On Earned Premiums

Current Year Non-catastrophe Losses and LAE Ratio 73.3 % 72.3 % 73.0 % 71.5 % 73.9 %

Current Year Catastrophe Losses and LAE Ratio 0.1 0.1 0.2 0.5 0.5

Prior Years Non-catastrophe Losses and LAE Ratio 2.6 3.8 18.7 8.4 2.5

Prior Years Catastrophe Losses and LAE Ratio — — — — —

Total Incurred Loss and LAE Ratio 76.0 76.2 91.9 80.4 76.9

Insurance Expense Ratio 19.1 18.0 18.1 18.6 18.4

Combined Ratio 95.1 % 94.2 % 110.0 % 99.0 % 95.3 %

Underlying Combined Ratio1

Current Year Non-catastrophe Losses and LAE Ratio 73.3 % 72.3 % 73.0 % 71.5 % 73.9 %

Insurance Expense Ratio 19.1 18.0 18.1 18.6 18.4

Underlying Combined Ratio 92.4 % 90.3 % 91.1 % 90.1 % 92.3 %

Non-GAAP Measure Reconciliation

Combined Ratio 95.1 % 94.2 % 110.0 % 99.0 % 95.3 %

Less:

Current Year Catastrophe Losses and LAE Ratio 0.1 0.1 0.2 0.5 0.5

Prior Years Non-catastrophe Losses and LAE Ratio 2.6 3.8 18.7 8.4 2.5

Prior Years Catastrophe Losses and LAE Ratio — — — — —

Underlying Combined Ratio 92.4 % 90.3 % 91.1 % 90.1 % 92.3 %

Kemper Corporation

Life Insurance Segment

Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)

Quarter To Date Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Results of Operations

Earned Premiums $ 100.8 $ 93.4 $ 99.8 $ 100.5 $ 99.7

Net Investment Income 48.7 47.1 48.0 44.7 48.4

Other Income 0.3 0.2 0.4 0.3 0.7

Total Revenues 149.8 140.7 148.2 145.5 148.8

Policyholders’ Benefits and Incurred Losses and LAE 64.0 52.5 60.5 63.5 62.2

Insurance Expenses 64.6 64.7 65.6 67.7 66.4

Segment Adjusted Operating Income 21.2 23.5 22.1 14.3 20.2

Income Tax Expense 3.2 3.4 3.5 1.7 3.0

Total Segment Adjusted Net Operating Income $ 18.0 $ 20.1 $ 18.6 $ 12.6 $ 17.2

Kemper Corporation

Life Insurance Segment

Results of Operations and Selected Financial Information (continued)

(Dollars in Millions)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Insurance Reserves:

Future Policyholder Benefits $ 3,199.9 $ 3,248.1 $ 3,282.2 $ 3,196.5 $ 3,186.0

Incurred Losses and LAE Reserves:

Life 34.4 35.0 31.1 34.3 39.0

Accident and Health 4.6 4.4 4.3 4.5 4.5

Property 1.8 1.9 2.0 2.1 2.1

Total Incurred Losses and LAE Reserves 40.8 41.3 37.4 40.9 45.6

Insurance Reserves $ 3,240.7 $ 3,289.4 $ 3,319.6 $ 3,237.4 $ 3,231.6

Kemper Corporation

Expenses

(Dollars in Millions)

(Unaudited)

Three Months Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Insurance and Other Expenses:

Insurance Expenses:

Policy Acquisition Costs, Net of Amortization

$ 152.7 $ 162.9 $ 173.8 $ 177.1 $ 164.3

Business Unit Operating Costs 69.2 70.0 94.2 71.4 75.1

Corporate Overhead Costs

46.4 43.5 43.7 44.6 46.7

Insurance Expenses 268.3 276.4 311.7 293.1 286.1

Other Expenses:

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs 6.3 5.0 22.9 4.8 5.3

Other Corporate Costs

2.4 — 4.5 2.1 3.1

Other Expenses 8.7 5.0 27.4 6.9 8.4

Insurance and Other Expenses 277.0 281.4 339.1 300.0 294.5

Interest Expense 9.3 9.0 9.1 9.0 11.4

Total Insurance, Interest, and Other Expenses

$ 286.3 $ 290.4 $ 348.2 $ 309.0 $ 305.9

Kemper Corporation

Details of Investment Performance

(Dollars in Millions)

(Unaudited)

Three Months Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Net Investment Income

Interest on Fixed Income Securities1

$ 79.4 $ 77.0 $ 79.1 $ 76.9 $ 76.4

Dividends on Equity Securities Excluding Alternative Investments 0.7 4.4 2.1 0.7 0.8

Alternative Investments:

Equity Method Limited Liability Investments 0.6 (1.0) — (5.3) (0.7)

Limited Liability Investments Included in Equity Securities 7.1 2.9 4.0 3.1 3.7

Total Alternative Investments 7.7 1.9 4.0 (2.2) 3.0

Short-term Investments 3.1 4.0 4.2 6.0 8.6

Loans to Policyholders 5.3 5.2 5.2 5.1 5.3

Real Estate 2.3 2.4 2.5 2.3 2.2

Company-Owned Life Insurance

11.5 11.4 10.8 10.5 10.2

Other 4.0 3.1 3.1 3.3 2.0

Total Investment Income 114.0 109.4 111.0 102.6 108.5

Investment Expenses:

Real Estate 1.8 2.7 2.0 2.2 2.1

Other Investment Expenses1

5.1 3.6 4.2 4.5 5.2

Total Investment Expenses 6.9 6.3 6.2 6.7 7.3

Net Investment Income $ 107.1 $ 103.1 $ 104.8 $ 95.9 $ 101.2

Net Realized Investment Gains (Losses)

Fixed Maturities:

Gains on Sales $ 2.6 $ 0.9 $ 3.7 $ 0.4 $ 1.3

Losses on Sales (2.4) (0.6) (0.5) (0.5) (0.5)

Equity Securities:

Gains on Sales 0.2 0.4 0.5 — —

Losses on Sales — — — — —

Other Investments:

Gains on Sales — 0.1 0.2 — 0.1

Losses on Sales — — — — —

Net Realized Investment Gains (Losses) $ 0.4 $ 0.8 $ 3.9 $ (0.1) $ 0.9

Net Impairment Losses Recognized in Earnings

Fixed Maturities $ (0.8) $ (4.6) $ (2.9) $ (3.6) $ 0.3

Real Estate (0.2) 0.2 (0.1) — —

Other (0.7) — (0.1) — —

Net Impairment Losses Recognized in Earnings $ (1.7) $ (4.4) $ (3.1) $ (3.6) $ 0.3

1Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $3.9 million, $4.4 million, $4.7 million, $4.8 million, $4.8 million, for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

Kemper Corporation

Details of Invested Assets

(Dollars in Millions)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Dec 31, 2024

Carrying

Value Percent

of Total Carrying

Value Percent

of Total Carrying

Value Percent

of Total

Fixed Maturities Reported at Fair Value:

U.S. Government and Government Agencies and Authorities $ 627.4 7.3 % $ 622.4 7.2 % $ 486.8 5.5 %

States and Political Subdivisions 1,233.3 14.3 1,253.2 14.5 1,233.2 13.9

Foreign Governments 14.5 0.2 11.0 0.1 6.6 0.1

Corporate Securities:

Bonds and Notes 3,642.3 42.4 3,650.3 42.2 3,519.6 39.6

Redeemable Preferred Stocks 9.7 0.1 10.2 0.1 8.9 0.1

Collateralized Loan Obligations 794.5 9.2 843.0 9.7 741.5 8.3

Other Mortgage- and Asset-backed 350.5 4.1 353.2 4.1 413.0 4.6

Total Fixed Maturities Reported at Fair Value 6,672.2 77.6 6,743.3 77.9 6,409.6 72.1

Equity Securities Reported at Fair Value:

Preferred Stocks 19.1 0.2 19.2 0.2 22.6 0.3

Common Stocks 61.0 0.7 65.0 0.7 1.4 —

Other Equity Interests:

Exchange Traded Funds 10.6 0.1 11.9 0.1 10.9 0.1

Limited Liability Companies and Limited Partnerships 217.7 2.5 210.3 2.4 183.6 2.1

Total Equity Securities Reported at Fair Value 308.4 3.5 306.4 3.4 218.5 2.5

Equity Method Limited Liability Investments 176.1 2.0 176.0 2.0 186.3 2.1

Short-term Investments at Cost which Approximates Fair Value 296.6 3.4 313.5 3.6 1,037.1 11.7

Company Owned Life Insurance 586.2 6.8 579.2 6.7 539.2 6.1

Loans to Policyholders 279.6 3.3 279.9 3.2 280.7 3.2

Other Investments:

Equity Securities Reported at Modified Cost 21.2 0.3 21.7 0.3 22.5 0.2

Real Estate at Depreciated Cost 92.9 1.1 92.7 1.1 99.5 1.1

Mortgage Loans 161.4 1.9 149.8 1.7 75.3 0.8

Other 8.4 0.1 7.1 0.1 19.8 0.2

Total Other Investments 283.9 3.4 271.3 3.2 217.1 2.3

Total Investments $ 8,603.0 100.0 % $ 8,669.6 100.0 % $ 8,888.5 100.0 %

Kemper Corporation

Details of Invested Assets (continued)

(Dollars in Millions)

(Unaudited)

Mar 31, 2026 Dec 31, 2025 Dec 31, 2024

Carrying

Value Percent

of Total Carrying

Value Percent

of Total Carrying

Value Percent

of Total

S&P Equivalent Rating for Fixed Maturities

AAA, AA, A

$ 4,651.8 69.7 % $ 4,750.5 70.5 % $ 4,576.4 71.4 %

BBB

1,589.2 23.8 1,574.4 23.3 1,557.6 24.3

BB, B

393.1 5.9 375.1 5.6 221.7 3.5

CCC or Lower

38.1 0.6 43.3 0.6 53.9 0.8

Total Investments in Fixed Maturities

$ 6,672.2 100.0 % $ 6,743.3 100.0 % $ 6,409.6 100.0 %

Duration (in Years)

Total Investments in Fixed Maturities

7.4 7.4 7.7

Kemper Corporation

Investments in Limited Liability

Companies and Limited Partnerships

(Dollars in Millions)

(Unaudited)

Unfunded

Commitment Reported Value

Asset Class Mar 31,

2026 Mar 31,

2026 Dec 31,

2025

Reported as Equity Method Limited Liability Investments:

Senior Debt $ 54.8 $ 19.4 $ 21.1

Mezzanine Debt 43.5 117.1 115.5

Secondary Transactions 1.6 1.2 1.9

Leveraged Buyout 8.1 6.3 6.5

Real Estate — 24.1 24.1

Distressed Debt — 1.4 1.4

Other 0.2 6.6 5.5

Total Equity Method Limited Liability Investments 108.2 176.1 176.0

Reported as Other Equity Interests at Fair Value:

Mezzanine Debt 84.1 117.0 115.8

Leveraged Buyout 41.6 44.0 40.5

Distressed Debt 17.2 9.6 10.8

Senior Debt 7.4 25.6 25.5

Growth Equity 5.2 11.3 10.7

Secondary Transactions 1.0 1.0 1.3

Real Estate 0.2 0.1 0.1

Other 2.7 9.1 5.6

Total Reported as Other Equity Interests at Fair Value 159.4 217.7 210.3

Other Equity Investments — 5.8 5.9

Total Investments in Limited Liability Companies and Limited Partnerships $ 267.6 $ 399.6 $ 392.2

Kemper Corporation

Definitions of Non-GAAP Financial Measures

The Company believes that investors’ understanding of Kemper’s performance is enhanced by the disclosure of the following non-GAAP financial measures. The methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income attributable to Kemper Corporation the after-tax impact of:

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

(ii) Net Realized Investment Gains (Losses);

(iii) Impairment Losses;

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

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

(vi) Goodwill Impairment Charges;

(vii) Non-Core Operations; and

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

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three months ended March 31, 2026 or 2025.

The Company believes that Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. 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, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of the Company’s businesses.

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

A reconciliation of Net (Loss) Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income is presented below:

Three Months Ended

Dollars in Millions (Unaudited) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Net (Loss) Income attributable to Kemper Corporation

$ (1.7) $ (8.0) $ (21.0) $ 72.6 $ 99.7

Less Net (Loss) Income From:

Change in Fair Value of Equity and Convertible Securities

(1.0) (1.4) (1.7) (0.4) 0.1

Net Realized Investment Gains (Losses) 0.3 0.6 3.1 (0.1) 0.7

Impairment Losses (1.3) (3.4) (2.5) (2.8) 0.2

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (5.0) (15.5) (19.6) (3.8) (4.2)

Debt Extinguishment, Pension Settlement and Other Charges — — — — 0.4

Non-Core Operations (7.2) (2.9) (20.7) (4.4) (3.9)

Adjusted Consolidated Net Operating Income $ 12.5 $ 14.6 $ 20.4 $ 84.1 $ 106.4

Adjusted Consolidated Net Operating Income Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share ‐ basic. A reconciliation of Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share - basic to Adjusted Consolidated Net Operating Income per Unrestricted Share is presented below:

Three Months Ended

Dollars in Millions (Unaudited) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share

$ (0.03) $ (0.13) $ (0.34) $ 1.13 $ 1.56

Less Net (Loss) Income per Unrestricted Share From:

Change in Fair Value of Equity and Convertible Securities

(0.02) (0.02) (0.03) — —

Net Realized Investment Gains 0.01 0.01 0.05 — 0.01

Impairment Losses (0.02) (0.06) (0.04) (0.04) —

Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.09) (0.26) (0.32) (0.07) (0.07)

Debt Extinguishment, Pension Settlement and Other Charges — — — — 0.01

Non-Core Operations (0.12) (0.05) (0.33) (0.07) (0.06)

Adjusted Consolidated Net Operating Income per Unrestricted Share $ 0.21 $ 0.25 $ 0.33 $ 1.31 $ 1.67

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

Return on Adjusted Shareholders' Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized Net (Loss) Income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders' Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. The Company believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Return on Adjusted Shareholders’ Equity” metric was referred to as “Return on Tangible Shareholders’ Equity” in prior periods.

A reconciliation of Return on Shareholders’ Equity to Return on Adjusted Shareholders' Equity is presented below:

Three Months Ended

Dollars in Millions (Unaudited) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Numerator:

Annualized Net (Loss) Income attributable to Kemper Corporation $ (6.8) $ (32.0) $ (84.0) $ 290.4 $ 398.8

Denominator:

Average Shareholders' Equity1

$ 2,665.5 $ 2,706.8 $ 2,842.8 $ 2,935.5 $ 2,853.0

Less: Average Net Unrealized Losses on Fixed Maturities

601.5 559.8 595.9 638.6 667.6

Less: Average Change in Discount Rate on Future Life Policyholder Benefits

(376.0) (333.4) (343.0) (368.0) (373.2)

Less: Average Goodwill

(1,250.7) (1,250.7) (1,250.7) (1,250.7) (1,250.7)

Average Adjusted Shareholders' Equity1

$ 1,640.3 $ 1,682.5 $ 1,845.0 $ 1,955.4 $ 1,896.7

Return on Shareholders' Equity:

Return on Shareholders' Equity (0.3) % (1.2) % (3.0) % 9.9 % 14.0 %

Return on Adjusted Shareholders' Equity (0.4) % (1.9) % (4.6) % 14.9 % 21.0 %

1Average shareholders' equity and average adjusted shareholders’ equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average adjusted shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one.

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

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

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

Adjusted Book Value Per Share is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Adjusted Book Value Per Share” metric was referred to as “Tangible Book Value Per Share” in prior periods.

A reconciliation of Book Value Per Share to Adjusted Book Value Per Share is presented below:

As of

Dollars and Shares in Millions Except Per Share Amounts (Unaudited) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Numerator:

Kemper Corporation Shareholders’ Equity $ 2,649.6 $ 2,681.4 $ 2,732.1 $ 2,953.4 $ 2,917.6

Less: Net Unrealized Losses on Fixed Maturities

636.7 566.2 553.4 638.6 638.6

Less: Change in Discount Rate on Future Life Policyholder Benefits

(401.1) (350.8) (316.0) (370.0) (366.0)

Less: Goodwill

(1,250.7) (1,250.7) (1,250.7) (1,250.7) (1,250.7)

Adjusted Shareholders' Equity

$ 1,634.5 $ 1,646.1 $ 1,718.8 $ 1,971.3 $ 1,939.5

Denominator:

Common Shares Issued and Outstanding 58.821 58.667 60.202 63.576 63.979

Book Value Per Share:

Book Value Per Share

$ 45.05 $ 45.71 $ 45.38 $ 46.45 $ 45.60

Less: Net Unrealized Losses on Fixed Maturities

10.82 9.65 9.19 10.04 9.98

Less: Change in Discount Rate on Future Life Policyholder Benefits

(6.82) (5.98) (5.25) (5.82) (5.72)

Less: Goodwill

(21.26) (21.32) (20.77) (19.66) (19.55)

Adjusted Book Value Per Share

$ 27.79 $ 28.06 $ 28.55 $ 31.01 $ 30.31

EX-99.3

Filename: kmpr03312026earningspres.htm · Sequence: 4

kmpr03312026earningspres

Earnings Call Presentation – 1Q 2026 First Quarter 2026 Earnings May 6, 2026

Earnings Call Presentation – 1Q 2026 Preliminary Matters 2 Cautionary Statements Regarding Forward-Looking Information This presentation may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to: Non-GAAP Financial Measures This presentation contains non-GAAP financial measures that the company believes are meaningful to investors. Non- GAAP financial measures have been reconciled to the most comparable GAAP financial measure. • changes in the frequency and severity of insurance claims • claim development and the process of estimating claim reserves • the impacts of inflation • changes in interest rate environment • supply chain disruption • product demand and pricing • effects of legislative, governmental and regulatory actions • heightened competition • litigation outcomes and trends • investment risks • cybersecurity risks or incidents • impact of catastrophes • other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”) Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this presentation.

Earnings Call Presentation – 1Q 2026 Leading Insurer Empowering Specialty Markets 3 Auto insurance for specialty markets, including Latino, Hispanic and urban areas Life insurance and supplemental accident and health insurance products for low/moderate income customers Specialty Property & Casualty Insurance Segment • Targets demographics and markets with unmet needs • Focused on specialized markets where deep customer insight enables differentiated underwriting and service • Personal and Commercial Lines product offerings across geographies • Disciplined underwriting and pricing tailored to unique customer and risk profiles • Broad independent agent and broker distribution Life Insurance Segment • Focused on demographics and income segments with unmet protection needs • Specializes in niches where proprietary insights inform product structure and customer experience • Provides simple Life and supplemental protection products enabled by underwriting and customer perspectives • Distributed through a dedicated career agency model with high-touch customer engagement Providing affordable, easy-to-use personalized solutions to individuals, families and businesses

Earnings Call Presentation – 1Q 2026 1 5 3 2 4 Key Takeaways for the Quarter 4 Financial performance challenged by California Personal Auto and Florida Statutory Profit Limit Refunds Strong performance in other parts of the business – Florida1/Texas Personal Auto, Commercial Auto and Life are profitable and growing Initiatives underway to improve Specialty Auto performance in California, including rate and non-rate actions Implementing further expense and efficiency initiatives with additional $30+ million of run-rate savings identified, totaling $60+ million since inception Investment portfolio continues to deliver solid results while the balance sheet provides financial flexibility to support core businesses 1 Excluding $28 million impact of FL Statutory Profit Limit Refunds

Earnings Call Presentation – 1Q 2026 First Quarter 2026 Financial Summary 5 Company-wide financial performance was dampened by CA PPA and FL statutory refunds • Net Loss attributable to Kemper Corporation of $(1.7) million or $(0.03) per share • Adjusted Consolidated Net Operating Income2 of $12.5 million or $0.21 per share • Normalized Adj. Consol. Net Operating Income3 of $34.6 million or $0.59 per share • Trailing twelve-month Operating Cash Flow of $493 million • Net Investment Income increased $4 million QoQ to $107 million Financial Results Personal Auto performance reflected increasing loss costs in CA and statutory refunds in FL • Combined Ratio of 110.9%; normalized ULCR1 of 106.5% • Performance was strong in FL1/TX with PIF up 4.9% QoQ and an ULCR2 of 93.7% Commercial Auto delivered record production with continued strong U/W performance • PIF increased 3.2% QoQ; ULCR2 of 92.4% Life Insurance continued to generate stable profitability • Life produced $18 million of Net Operating Income driven by lower insurance expenses Business Performance 1 Excluding $28 million impact of FL Statutory Profit Limit Refunds 2 Non-GAAP financial measure; please see reconciliation in appendix on pages 17-23 3 Adjusted Consolidated NOI normalized to exclude impact of FL Statutory Profit Limit Refunds; see page 13

Earnings Call Presentation – 1Q 2026 Taking Actions to Improve Profitability and Deliver Shareholder Value 6 Focused on disciplined execution, operational improvements and efficiency Taking rate and non-rate actions to improve underwriting performance • California Personal Auto rate increases approved, effective 2Q’26 • Expanding production in profitable markets and repositioning new business in unprofitable markets • Life pricing and underwriting actions driving improved new business margins Pricing and Underwriting Actions Initiatives underway to support geographic diversification and growth • Pricing adjustments in Florida and Texas supported sequential quarter PIF growth of 4.3% and 5.6%, respectively • New auto product expansion went live in Florida and approved for rollout in Texas • Modernizing Life distribution to grow new business and improve persistency Growth Initiatives Executing restructuring program to support profitability and growth • Identified cumulative run-rate savings of $60+ million since inception • Focused on creating efficiencies in organizational design and process improvements • Investing in new technology and digital capabilities to enhance scale and profitability Expense and Other Initiatives

Earnings Call Presentation – 1Q 2026 Improving Execution and Operating Efficiency 7 $33M in run-rate savings already delivered • Implemented restructuring actions to simplify operations and reduce costs • Outlined actions to support expansion plan in Florida, Texas and other regions with strong growth potential $30M+ in additional run-rate savings identified • Focused on creating efficiencies in organizational design and process improvements • Improving claims management processes, with focus on third- party liability management <20% expense ratio target • Working with advisors to identify, evaluate and execute additional actions to improve cost structure and processes • Opportunities include further efficiencies in organizational structure, claims management and operational processes • Initiative expected to improve both the expense ratio and the Loss and LAE ratio Phase 1 (3Q’25) Phase 2 (1Q’26) Phase 3 (Medium Term) 19% 21% 22% <20% 2019 - 2021 Average 2022 - 2025 Average 1Q'26 Medium Term Target SPECIALTY AUTO EXPENSE RATIO – TAKING ACTION TO RETURN EFFICIENCY TO HISTORICAL LEVELS Continuing to identify and execute on savings opportunities

Earnings Call Presentation – 1Q 2026 Specialty Property & Casualty Insurance Segment California PPA liability trends and Florida statutory refunds negatively impacted financial performance; Florida3/Texas PPA and Commercial Auto performance remained strong 8 1 Non-GAAP financial measure; see reconciliation in appendix on pages 17-23 2 Excluding Classic Car 3 Adjusted for $35 and $28 million reduction to earned premium in 4Q’25 and 1Q’26, respectively, for estimated FL Statutory Profit Limit Refunds 3 • Performance reflected losses in CA and $28 million of FL Statutory Profit Limit Refunds – ULCR1 of 106.2%; normalized ULCR3 of 102.8% • CA profit actions underway; PIF declined 4.6% QoQ • FL3/TX PPA remains strong; PIF growth of 4.9% QoQ and ULCR¹ of 93.7% • Commercial Auto PIF growth of 3.2% QoQ and ULCR¹ of 92.4% HIGHLIGHTS PRODUCTION AND PIF2 METRICS ($M) 1Q’26 1Q’25 VARIANCE Earned Premiums $885 $962 (8.0)% Underlying Loss & LAE Ratio1 84.0% 70.9% 13.1 pts Expense Ratio 22.2% 21.3% 0.9 pts Policies In-Force (000s) 1,158 1,304 (11.2)% 92.2 93.6 99.6 105.0 106.2 101.2 102.8 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 3 3 UNDERLYING COMBINED RATIO1 (%) 1Q’26 TTM % of PIF Growth DWP DWP YoY QoQ Personal Auto California $1,973 51.4% (14.7)% (4.6)% Florida3/Texas 622 16.2 (4.9) 4.9 Other 232 6.1 (24.8) (8.1) Total PPA $2,827 73.7% (13.9)% (3.0)% CV 1,009 26.3 10.0 3.2 Total KA $3,836 100.0% (11.2)% (2.2)%

Earnings Call Presentation – 1Q 2026 • Represents ~22% of Earned Premiums1 in 1Q’26 – Geographic diversification gaining momentum with strong new business DWP growth – Sequential quarter PIF growth in FL and TX of 4.3% and 5.6%, respectively • ULCR2 of 93.7% • New auto product expansion live in FL (already in AZ/OR) – Received approval for TX rollout in 2Q’26 • $28 million in FL Statutory Profit Limit Refunds • Represents ~69% of Earned Premiums1 in 1Q’26 – Deemphasizing growth in CA – reduced PIF by 4.6% – California only represents ~35% of PPA new business • ULCR2 of 109.2% • CA rate increases effective in April and June; will begin supporting financial results in 2Q’26 Specialty Property & Casualty Insurance – PPA Key State Metrics Portfolio and geographic diversification in Personal Auto expected to reduce earnings volatility 9 CALIFORNIA FLORIDA + TEXAS 1 Adjusted for $35 and $28 million reduction to earned premium in 4Q’25 and 1Q’26, respectively, for estimated FL Statutory Profit Limit Refunds 2 Non-GAAP financial measure; see reconciliation in appendix on pages 17-23 METRICS ($M) 1Q’26 4Q’25 VARIANCE Earned Premiums $467 $510 (8.4)% Underlying Loss & LAE Ratio2 87.4% 87.5% (0.1) pts Underlying Combined Ratio2 109.2% 108.1% 1.1 pts Policies In-Force (000s) 662 693 (4.6)% METRICS ($M) 1Q’261 4Q’251 VARIANCE Earned Premiums $151 $160 (5.6)% Underlying Loss & LAE Ratio2 71.2% 70.8% 0.4 pts Underlying Combined Ratio2 93.7% 93.5% 0.2 pts Policies In-Force (000s) 224 213 4.9%

Earnings Call Presentation – 1Q 2026 Specialty Property & Casualty Insurance – Commercial Auto Record production with strong underlying combined ratio performance 10 • Record production with growth in multiple geographies – PIF increased 10.0% YoY – DWP CAGR of ~23% since 2019 • Strong ULCR performance – Average ULCR1 of 90.2% from 2019 – 1Q’26 TTM • Opportunistically increasing rates where justified – California rate increase effective in July • Focused on expanding with existing small-business customer base and disciplined underwriting HIGHLIGHTS DIRECT WRITTEN PREMIUMS ($M) 1 Non-GAAP financial measure; see reconciliation in appendix on pages 17-23 85.6 81.4 91.1 93.8 95.6 92.3 90.9 91.0 81.8 77.4 94.4 94.8 100.0 94.0 99.7 99.5 2019 2020 2021 2022 2023 2024 2025 1Q'26 TTM UL Combined Ratio Combined Ratio $271 $349 $471 $631 $629 $799 $979 $1,009 2019 2020 2021 2022 2023 2024 2025 1Q'26 TTM 1 Avg. ULCR1: 90.2% | Avg. CR: 92.7% COMBINED RATIO (%)METRICS ($M) 1Q’26 1Q’25 VARIANCE Earned Premiums $238 $209 13.9% Underlying Loss & LAE Ratio1 73.3% 73.9% (0.6) pts Expense Ratio 19.1% 18.4% 0.7 pts Underlying Combined Ratio1 92.4% 92.3% 0.1 pts Policies In-Force (000s) 165 150 10.0%

Earnings Call Presentation – 1Q 2026 Life Insurance Segment Continues to deliver stable Net Operating Income with steady YoY in-force premiums 11 $100 $100 $100 $100 $101 $48 $45 $48 $47 $49 $148 $145 $148 $147 $150 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Earned Premiums Net Investment Income METRICS ($M, except per policy) 1Q’26 1Q’25 VARIANCE Adjusted Net Operating Income $18 $17 5.9% Face Value of In-Force $19,698 $19,799 (0.5)% Avg. Face Value per Policy $6,603 $6,489 1.8% Avg. Premium per Policy Issued1 $697 $654 6.6% • Net Operating Income improvement driven by expense management and favorable lapse and mortality • Product repricing and tighter underwriting improving mix and margin • Modernizing Life distribution to grow new business and improve persistency HIGHLIGHTS 1 Annual basis 2 Normalized for annual assumption update for Deferred Profit Liability (4Q'25: -$6 million) NORMALIZED REVENUES2 ($M)

Earnings Call Presentation – 1Q 2026 Appendix 12

Earnings Call Presentation – 1Q 2026 1Q’26 Sources of Volatility Operating earnings volatility primarily related to Florida statutory refunds 13 1Q’26 ($ in millions, except per share amounts) $ Per Share Net Loss attributable to Kemper Corporation $(1.7) $(0.03) Less Net (Loss) Income From: Investment-Related Items1 (2.0) (0.03) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (5.0) (0.09) Non-Core Operations (7.2) (0.12) Adjusted Consolidated Net Operating Income2 $12.5 $0.21 Additional Sources of Volatility FL Statutory Profit Limit Refunds $22.1 $0.38 Normalized Adj. Consol. Net Op. Income $34.6 $0.59 Includes $3.1 million after-tax restructuring charge to generate $30+ million pre-tax in annual run-rate savings Non-core results impacted by business run-off and winter storms in New York Represents reduction to earned premium due to impact of FL Statutory Profit Limit Refunds • Excluding FL statutory refunds: ULCR2 reduced from 106.2% to 102.8%3 1 2 2 1 3 3 1 Includes Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains and Impairment Losses 2 Non-GAAP financial measure; see reconciliation on pages 17-23 | 3 Underlying Combined Ratio as further adjusted for $28 million reduction to earned premium for estimated FL Statutory Profit Limit Refunds

Earnings Call Presentation – 1Q 2026 Diversified Investment Portfolio with Consistent Returns 14 1 Non-Core Operations reflects $2 million related to Preferred P&C for each period presented 2 Other category includes Equity Securities, which excludes $218 million of Other Equity Interests of LPs/LLCs that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance 4.3% 4.3% 4.4% 4.5% 4.4% 0.1% (0.1)% 0.2% 0.1% 0.3% 4.4% 4.2% 4.6% 4.6% 4.7% 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Core Portfolio Alt. Inv. Portfolio (ex. Solar) 56% 14% 8% 7% 5% 7% 3% Other States/ Munis COLI 70% 24% 6% Fixed Maturity Ratings A or Higher B / BB BBB • High-quality portfolio provides consistent net investment income; approximately 70% of fixed income portfolio rated A or higher • 4.6% pre-tax equivalent (PTE) annualized book yield on core portfolio • Average investment grade new money yields approximately 5.4% for the quarter $98 $98 $101 $101 $99 $3 $(2) $4 $2 $8 $101 $96 $105 $103 $107 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Core Portfolio Alternative Inv. Portfolio Corporates Alternatives U.S Gov’t Portfolio Composition2 Short Term $8.6 Billion $6.7 Billion NET INVESTMENT INCOME ($M)1 HIGHLIGHTS DIVERSIFIED AND HIGHLY-RATED PORTFOLIO PTE ANNUALIZED BOOK YIELD CONTRIBUTION

Earnings Call Presentation – 1Q 2026 Well-Capitalized Insurance Subsidiaries Balance sheet continues to provide financial flexibility to support core businesses 15 1 1Q’26 Risk-Based Capital Ratios shown are estimates calculated at the Company Action Level from aggregate financials of all separate insurance companies within each segment. NAIC annually reported entity-level RBCs will differ | 2 Excludes business ceded to Kemper Bermuda Ltd. (KBL) | 3 Excludes AACC and Reciprocal | 4 Excludes AOCI 24.1% 30.3% 32.6% 31.0% 24.6% 24.7% 2021 2022 2023 2024 2025 1Q'26 DEBT-TO-CAPITAL4 PARENT COMPANY LIQUIDITY ($M) RISK-BASED CAPITAL RATIOS (%)¹ $704 $918 $683 $800 $886 $886 $234 $418 $465 $548 $145 $80 $938 $1,336 $1,148 $1,348 $1,031 $966 2021 2022 2023 2024 2025 1Q'26 Debt CASH FLOW FROM OPERATING ACTIVITIES ($M) $351 $(210) $(134) $383 $585 $493 2021 2022 2023 2024 2025 1Q'26 TTM HoldCo Cash & Investments Borrowings Available Under Credit Agreement & from Subs P&C3 Life2 Returned $752M of capital Retired $450M of Debt 355 645 465 525 515 590 220 240 275 305 230 225 2021 2022 2023 2024 2025 1Q'26

Earnings Call Presentation – 1Q 2026 2026 Reinsurance Program Catastrophe XoL Reinsurance 16 New policy effective January 1, 2026: ̶ New limit aligned with risk-appetite ̶ New structure improves overall cost of capital HIGHLIGHTS Catastrophe Excess of Loss Program (XOL): • One year program consists of two layers: – $50 million excess $50 million – $60 million excess $100 million – 5% co-participation of both layers • 2026 purchase limit reflects exposure changes largely due to Preferred P&C exit 100% Retention of first $50M 1-Year Term Placed 1/1/26 $50M xs $50M 95% Placed 1-Year Term Placed 1/1/26 $60M xs $100M 95% Placed Layer 1 : 5 % co - p articip atio n Laye r 2 : 5 % co - p articip atio n CATASTROPHE REINSURANCE PROGRAM

Earnings Call Presentation – 1Q 2026 Non-GAAP Financial Measures 17 Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net (Loss) Income attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net Realized Investment Gains; (iii) Impairment Losses; (iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs; (v) Debt Extinguishment, Pension Settlement and Other Charges; (vi) Goodwill Impairment Charges; (vii) Non-Core Operations; and (viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations. Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three months ended March 31, 2026 or 2025. The Company believes that Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains and Impairment Losses related to investments included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of the Company’s businesses. Adjusted Consolidated Net Operating Income Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation per Unrestricted Share - basic. The Company believes that Adjusted Consolidated Net Operating Income Per Unrestricted Share provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Income from Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains, Impairment Losses related to investments, Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs, Debt Extinguishment, Pension Settlement and Goodwill Impairment Charges 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.

Earnings Call Presentation – 1Q 2026 Non-GAAP Financial Measures 18 Return on Adjusted Shareholders’ Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s annualized Net (Loss) Income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders’ Equity is the most directly comparable GAAP measure. We use this non- GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. The Company believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. Adjusted Book Value Per Share is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio. The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.

Earnings Call Presentation – 1Q 2026 Non-GAAP Financial Measures Adjusted Consolidated Net Operating Income attributable to Kemper Corporation 19 Three Months Ended ($ per share) Mar 31, 2026 Mar 31, 2025 Net (Loss) Income attributable to Kemper Corporation Per Unrestricted Share $(0.03) $1.56 Less Net (Loss) Income Per Unrestricted Share From: Change in Fair Value of Equity and Convertible Securities (0.02) - Net Realized Investment Gains 0.01 0.01 Impairment Losses (0.02) - Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.09) (0.07) Debt Extinguishment, Pension Settlement and Other Charges - 0.01 Non-Core Operations (0.12) (0.06) Adjusted Consolidated Net Operating Income Per Unrestricted Share $0.21 $1.67 Three Months Ended ($ in millions) Mar 31, 2026 Mar 31, 2025 Net (Loss) Income attributable to Kemper Corporation $(1.7) $99.7 Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (1.0) 0.1 Net Realized Investment Gains 0.3 0.7 Impairment Losses (1.3) 0.2 Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (5.0) (4.2) Debt Extinguishment, Pension Settlement and Other Charges - 0.4 Non-Core Operations (7.2) (3.9) Adjusted Consolidated Net Operating Income $12.5 $106.4

Earnings Call Presentation – 1Q 2026 Non-GAAP Financial Measures Return on Adjusted Shareholders’ Equity 20 1 Average shareholders' equity and average adjusted shareholders’ equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average Adjusted shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one. Three Months Ended ($ in millions) Mar 31, 2026 Mar 31, 2025 Annualized Net (Loss) Income attributable to Kemper Corporation $(6.8) $398.8 Average Shareholders’ Equity1 $2,665.5 $2,853.0 Less: Average Net Unrealized Losses on Fixed Maturities 601.5 667.6 Less: Average Change in Discount Rate on Future Life Policyholder Benefits (376.0) (373.2) Less: Average Goodwill (1,250.7) (1,250.7) Average Adjusted Shareholders’ Equity1 $1,640.3 $1,896.7 Return on Shareholders’ Equity (0.3)% 14.0% Return on Adjusted Shareholders’ Equity (0.4)% 21.0%

Earnings Call Presentation – 1Q 2026 Non-GAAP Financial Measures Adjusted Book Value Per Share 21 As of ($ and shares in millions except per share amounts) Mar 31, 2026 Mar 31, 2025 Kemper Corporation Shareholders’ Equity $2,649.6 $2,917.6 Less: Net Unrealized Losses on Fixed Maturities 636.7 638.6 Less: Change in Discount Rate on Future Life Policyholder Benefits (401.1) (366.0) Less: Goodwill (1,250.7) (1,250.7) Adjusted Shareholders’ Equity $1,634.5 $1,939.5 Common Shares Issued and Outstanding 58.821 63.979 Book Value Per Share $45.05 $45.60 Less: Net Unrealized Losses on Fixed Maturities 10.82 9.98 Less: Change in Discount Rate on Future Life Policyholder Benefits (6.82) (5.72) Less: Goodwill (21.26) (19.55) Adjusted Book Value Per Share $27.79 $30.31

Earnings Call Presentation – 1Q 2026 Non-GAAP Financial Measures Underlying Combined Ratio 22 Three Months Ended 1Q’26 4Q’25 3Q’25 2Q’25 1Q’25 Specialty P&C Insurance Combined Ratio as Reported 106.7% 106.0% 104.8% 95.4% 92.7% Current Year Catastrophe Losses and LAE Ratio (0.1) (0.1) (0.1) (0.5) (0.4) Prior Years Non-Catastrophe Losses and LAE Ratio (0.4) (1.0) (5.1) (1.3) (0.1) Prior Years Catastrophe Losses and LAE Ratio - 0.1 - - - Underlying Combined Ratio 106.2% 105.0% 99.6% 93.6% 92.2% Personal Auto Insurance Combined Ratio as Reported 110.9% 110.1% 103.2% 94.4% 92.0% Current Year Catastrophe Losses and LAE Ratio (0.2) (0.2) (0.1) (0.5) (0.4) Prior Years Non-Catastrophe Losses and LAE Ratio 0.4 - (1.0) 0.6 0.6 Prior Years Catastrophe Losses and LAE Ratio (0.1) 0.1 - - - Underlying Combined Ratio 111.0% 110.0% 102.1% 94.5% 92.2% Commercial Auto Insurance Combined Ratio as Reported 95.1% 94.2% 110.0% 99.0% 95.3% Current Year Catastrophe Losses and LAE Ratio (0.1) (0.1) (0.2) (0.5) (0.5) Prior Years Non-Catastrophe Losses and LAE Ratio (2.6) (3.8) (18.7) (8.4) (2.5) Prior Years Catastrophe Losses and LAE Ratio - - - - Underlying Combined Ratio 92.4% 90.3% 91.1% 90.1% 92.3%

Earnings Call Presentation – 1Q 2026 Non-GAAP Financial Measures Underlying Combined Ratio 23 Three Months Ended 1Q’26 4Q’25 Specialty P&C Insurance – California PPA Combined Ratio 110.6% 108.1% Current Year Catastrophe Losses and LAE Ratio (0.1) - Prior Years Non-Catastrophe Losses and LAE Ratio (1.2) - Prior Years Catastrophe Losses and LAE Ratio (0.1) - Underlying Combined Ratio 109.2% 108.1% Specialty P&C Insurance – Florida1/Texas PPA Combined Ratio 88.6% 95.5% Current Year Catastrophe Losses and LAE Ratio (0.3) (0.5) Prior Years Non-Catastrophe Losses and LAE Ratio 5.4 (1.5) Prior Years Catastrophe Losses and LAE Ratio - - Underlying Combined Ratio 93.7% 93.5% 1 Adjusted for $35 and $28 million reduction to earned premium in 4Q’25 and 1Q’26, respectively, for estimated FL Statutory Profit Limit Refunds

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