KEMPER Corp
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
KMPR$33.39-5.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000860748-25-000184
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000860748-25-000214
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 175 previous paragraphs and 179 current paragraphs.
78 unchanged; 74 reworded; 22 added; 17 removed; 6 previous and 5 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
(ii) Net Realized Investment Gains;
Current report
Net (Loss) Income attributable to Kemper Corporation
Current report
The loss from Non-Core Operations increased by $3.3 million for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to $21.7 million of impairment losses recognized on Internal-Use Software assets reported as Other Assets on the Condensed Consolidated Balance Sheets as the business continues run-off, partially offset by lower catastrophe losses and lower adverse prior year development. Additionally, on August 1, 2025, certain Company subsidiaries entered into a renewal rights agreement with a third party and certain of its affiliates (collectively, the “Third Party”) whereby the Third Party will offer replacement policies for certain policies written by the Company’s subsidiaries in New York after the expiration of their current term. Execution of the terms of the agreement is contingent upon the granting of regulatory approvals by the New York Department of Financial Services.
Current report
Net Income (Loss) attributable to Kemper Corporation decreased by $69.1 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to lower Adjusted Consolidated Net Operating Income.
Current report
Adjusted Consolidated Net Operating Income decreased by $55.5 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to a deterioration in the Specialty Property & Casualty Insurance segment’s
Current report
Net Investment Income decreased by $6.3 million for the three months ended September 30, 2025, compared to the same period in 2024, mostly driven by decreased earnings on alternative investments and lower levels and yields from Short-term investments, partially offset by higher earnings on Company Owned Life Insurance.
Current report
Net Realized Investment Gains increased by $2.8 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to increased gains on sales of fixed maturity investments.
Current report
Net Investment Income decreased by $2.6 million for the nine months ended September 30, 2025, compared to the same period in 2024, mostly driven by lower levels and yields from fixed maturity securities and lower yields from Short-term investments, partially offset by higher earnings on Company-Owned Life Insurance and increased earnings on alternative investments.
Current report
Earned Premiums in the Specialty Property & Casualty Insurance segment increased by $98.3 million for the three months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases and higher commercial automobile volumes.
Current report
Earned Premiums in the Specialty Property & Casualty Insurance segment increased by $368.7 million for the nine months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases and higher commercial automobile volumes.
Current report
Earned Premiums in personal automobile insurance increased by $53.8 million for the three months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases. Incurred losses and LAE were $637.7 million, or 81.2% of earned premiums for the three months ended September 30, 2025, compared to $507.3 million, or 69.4% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to a deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of related earned premiums were 80.1% for the three months ended September 30, 2025, compared to 69.5% for the same period in 2024, a deterioration of 10.6 percentage points driven by higher claim severity and frequency primarily related to bodily injury and property damage coverages that were partially offset by higher average earned premiums per exposure (9.9% increase year over year). Prior year adverse loss and LAE reserve development was $7.9 million for the three months ended September 30, 2025, compared to favorable development of $2.6 million for the same period in 2024, a deterioration of $10.5 million due primarily to less favorable development on property damage and personal injury protection coverages, partially offset by favorable development on bodily injury coverages. Catastrophe losses and LAE (excluding reserve development) were $0.6 million for the three months ended September 30, 2025, compared to $2.1 million for the same period in 2024, an improvement of $1.5 million due to fewer catastrophe events and lower severity per event in the current period.
Current report
Net investment income decreased by $2.3 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to decreased earnings on alternative investments, partially offset by higher earnings on Company Owned Life Insurance.
Current report
Net Investment Income for the three and nine months ended September 30, 2025 and 2024 is presented below:
Current report
Net Realized Gains on Sales of Investments
Current report
Other Expenses increased by $6.4 million for the three months ended September 30, 2025 compared to the same period in 2024, due primarily to higher Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs, partially offset by lower Other Corporate Costs from a reduction in legal expenses. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs for the three months ended September 30, 2025 included $18.5 million of restructuring charges to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. These expenses for three months ended September 30, 2024 included $7.8 million of integration expenses due to continued investments in information technology and $3.8 million of accrued severance.
Current report
Other Expenses decreased by $3.9 million for the nine months ended September 30, 2025 compared to the same period in 2024, due to lower Other Corporate Costs from a reduction in legal expenses partially offset by higher Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs. These expenses for the nine months ended September 30, 2025 included $18.5 million of restructuring charges to achieve operational and organizational efficiencies and $14.5 million of integration expenses due to continued investments in information technology. These expenses for the nine months ended September 30, 2024 included $29.1 million of integration expenses due to continued investments in information technology.
Current report
Liquidity and Capital Resources (Continued)
Current report
On August 13, 2025, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase an aggregate of $150.0 million of shares of the Company’s common stock. Under the terms of the ASR Agreement, the Company made a payment of $150.0 million to Goldman Sachs, and on August 14, 2025, received and retired initial deliveries of 2,279,000 shares of the Company’s common stock, or approximately 80% of the total shares that are expected to be repurchased under the ASR Agreement, based on the closing price on August 13, 2025 of $52.65 per share.
Current report
On October 13, 2025, as final settlement of the share repurchase transaction under the ASR Agreement, the Company received from Goldman Sachs approximately 615,000 shares of the Company’s common stock. In total, the Company repurchased 2,894,000 shares of its Common Stock under the ASR Agreement at $51.84 per share, which represents the volume-weighted average market price of the Company’s common stock during the term of the ASR Agreement less a customary discount. The shares delivered were immediately retired.
Current report
Liquidity and Capital Resources (Continued)
Current report
Net Cash Provided by (Used in) Investing Activities
Current report
Critical Accounting Estimates (Continued)
Removed paragraphs (17)
Previous report
(ii) Net Realized Investment (Losses) Gains;
Previous report
Net Income attributable to Kemper Corporation increased by $25.6 million for the six months ended June 30, 2025, compared to the same period in 2024, due primarily to higher Adjusted Consolidated Net Operating Income.
Previous report
Adjusted Consolidated Net Operating Income increased by $29.1 million for the six months ended June 30, 2025, compared to the same period in 2024, due primarily to an improvement in the Life Insurance segment driven by higher net investment income driven by a reduction in losses from alternative investments. Additionally, the Specialty Property & Casualty Insurance
Previous report
segment had an increase in Segment Adjusted Net Operating Income driven by growth from rate increases and higher business volumes, partially offset by higher underlying claims severity and higher adverse prior year reserve development.
Previous report
The loss from Non-Core Operations decreased by $0.1 million for the six months ended June 30, 2025 compared to the same period in 2024.
Previous report
Net Investment Income increased by $2.9 million for the three months ended June 30, 2025, compared to the same period in 2024, mostly driven by a reduction in losses from alternative investments, partially offset by lower yields from Fixed Maturities.
Previous report
Net Investment Income increased by $3.7 million for the six months ended June 30, 2025, compared to the same period in 2024, mostly driven by increased earnings on alternative investments, partially offset by lower yields from Fixed Maturities.
Previous report
Earned Premiums in the Specialty Property & Casualty Insurance segment increased by $148.2 million for the three months ended June 30, 2025, compared to the same period in 2024, due to higher average earned premium per exposure resulting from rate increases and higher business volumes.
Previous report
$10.3 million for the same period in 2024, an improvement of $5.0 million due to fewer catastrophe events and lower severity per event in the current period.
Previous report
Earned Premiums in the Specialty Property & Casualty Insurance segment increased by $270.4 million for the six months ended June 30, 2025, compared to the same period in 2024, due to higher average earned premium per exposure resulting from rate increases and higher business volumes.
Previous report
Earned Premiums in personal automobile insurance increased by $97.8 million for the three months ended June 30, 2025, compared to the same period in 2024, due to higher average earned premium per exposure resulting from rate increases and higher business volumes. Incurred losses and LAE were $571.3 million, or 72.4% of earned premiums for the three months ended June 30, 2025, compared to $480.1 million, or 69.4% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to a deterioration in the underlying loss and LAE ratio, partially offset by favorable prior year development and lower catastrophe Loss and LAE. Underlying losses and LAE as a percentage of related earned premiums were 72.5% for the three months ended June 30, 2025, compared to 68.2% for the same period in 2024, a deterioration of 4.3 percentage points driven by increased loss costs, particularly claim severity, that were offset by higher average earned premium per exposure (12.1% increase year over year) as we optimized pricing to support sustainable long-term policy growth. Prior year favorable loss and LAE reserve development was $4.7 million for the three months ended June 30, 2025, compared to adverse development of $0.6 million for the same period in 2024, an improvement of
Previous report
$5.3 million due primarily to favorable loss emergence patterns on policies with personal injury protection coverage that were partially offset by unfavorable development on litigated matters. Catastrophe losses and LAE (excluding reserve development) were $4.3 million for the three months ended June 30, 2025, compared to $7.9 million for the same period in 2024, an improvement of $3.6 million due to fewer catastrophe events and lower severity per event in the current period.
Previous report
Net investment income increased by $18.3 million for the six months ended June 30, 2025, compared to the same period in 2024, due primarily to lower losses on alternative investments.
Previous report
Net Investment Income for the three and six months ended June 30, 2025 and 2024 is presented below:
Previous report
Net Realized (Losses) Gains on Sales of Investments
Previous report
Other Expenses decreased by $0.3 million and $10.3 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, due primarily to lower Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs from the completion of certain strategic initiatives and lower costs in connection with investments in information technology.
Previous report
Income Taxes (Continued)
Reworded paragraphs (74)
Previous wording
The Company believes that the non-GAAP financial measure of Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. The most directly comparable GAAP financial measure is Net Income attributable to Kemper Corporation.
Current wording
The Company believes that the non-GAAP financial measure of Adjusted Consolidated Net Operating Income provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. The most directly comparable GAAP financial measure is Net (Loss) Income attributable to Kemper Corporation.
Previous wording
Adjusted Consolidated Net Operating Income is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income attributable to Kemper Corporation the after-tax impact of:
Current wording
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:
Previous wording
Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three and six months ended June 30, 2025 or 2024.
Current wording
Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income for the three and nine months ended September 30, 2025 or 2024.
Previous wording
Change in Fair Value of Equity and Convertible Securities, Net Realized Investment (Losses) Gains and Impairment Losses related to investments included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction Costs, Integration Costs, and Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under GAAP. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends.
Current wording
Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains and Impairment Losses related to investments included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction Costs, Integration Costs, and Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. In the third quarter of 2025, a restructuring program was launched to achieve operational and organizational efficiencies. The Company will continue to evaluate additional efficiency opportunities through 2027. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under GAAP. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends.
Previous wording
The following discussion uses the non-GAAP financial measures of (i) Underlying Losses and LAE and (ii) Underlying Combined Ratio. Underlying Losses and LAE (also referred to in the discussion as “Current Year Non-catastrophe Losses and
Current wording
The following discussion uses the non-GAAP financial measures of (i) Underlying Losses and LAE and (ii) Underlying Combined Ratio. Underlying Losses and LAE (also referred to in the discussion as “Current Year Non-catastrophe Losses and LAE”) exclude the impact of catastrophe losses and loss and LAE reserve development from prior years from the Company’s Incurred Losses and LAE, which is the most directly comparable GAAP financial measure.
Previous wording
Net Income Attributable to Kemper Corporation was $72.6 million ($1.13 per unrestricted common share) for the three months ended June 30, 2025, compared to Net Income Attributable to Kemper Corporation of $75.4 million ($1.17 per unrestricted common share) for the same period in 2024.
Current wording
Net Loss Attributable to Kemper Corporation was $21.0 million ($(0.34) per unrestricted common share) for the three months ended September 30, 2025, compared to Net Income Attributable to Kemper Corporation of $73.7 million ($1.15 per unrestricted common share) for the same period in 2024.
Previous wording
Net Income attributable to Kemper Corporation was $172.3 million ($2.69 per unrestricted common share) for the six months ended June 30, 2025, compared to Net Income attributable to Kemper Corporation of $146.7 million ($2.28 per unrestricted common share) for the same period in 2024.
Current wording
Net Income attributable to Kemper Corporation was $151.3 million ($2.40 per unrestricted common share) for the nine months ended September 30, 2025, compared to Net Income attributable to Kemper Corporation of $220.4 million ($3.43 per unrestricted common share) for the same period in 2024.
Previous wording
A reconciliation of Net Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income (a non-GAAP financial measure) for the three and six months ended June 30, 2025 and 2024 is presented below.
Current wording
A reconciliation of Net (Loss) Income attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income (a non-GAAP financial measure) for the three and nine months ended September 30, 2025 and 2024 is presented below.
Previous wording
Net Income attributable to Kemper Corporation decreased by $2.8 million for the three months ended June 30, 2025, compared to the same period in 2024, due primarily to lower Adjusted Consolidated Net Operating Income and an increase in impairment losses on fixed maturity securities mostly offset by a reduction in losses from Non-Core Operations.
Current wording
Net Income (Loss) attributable to Kemper Corporation decreased by $94.7 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to lower Adjusted Consolidated Net Operating Income.
Previous wording
Corporate and Other Adjusted Net Operating Loss decreased by $1.1 million for the three months ended June 30, 2025 compared to the same period in 2024, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes.
Current wording
Corporate and Other Adjusted Net Operating Loss decreased by $6.1 million for the three months ended September 30, 2025 compared to the same period in 2024, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes.
Previous wording
Adjusted Consolidated Net Operating Income decreased by $7.6 million for the three months ended June 30, 2025, compared to the same period in 2024, mostly driven by our Specialty Property & Casualty Insurance segment due primarily to a higher Underlying Combined Ratio and higher adverse prior year development that was partially offset by growth from an increase in rates and business volumes. The decrease was partially offset by higher earnings from our Life Insurance segment mostly due to an increase in net investment income. Life insurance segment results for the second quarter of 2024 included an $11.9 million after-tax loss from an investment valuation adjustment on one real estate investment from our alternative investment portfolio.
Current wording
Underlying Combined Ratio and higher adverse prior year development on bodily injury coverages within commercial automobile insurance, partially offset by higher average earned premiums per exposure resulting from rate increases. This was partially offset by increased Life Insurance segment earnings driven by higher net investment income and a reduction in policyholders’ benefits and insurance expenses. Life Insurance segment results for the nine months ended September 30, 2024 included an $11.9 million after-tax loss from an investment valuation adjustment on one real estate investment from our alternative investment portfolio.
Previous wording
The loss from Non-Core Operations decreased by $9.0 million for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to the reduction in catastrophe losses and lower adverse prior year development as we continue to run-off of the business.
Current wording
The loss from Non-Core Operations increased by $3.2 million for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to $21.7 million of impairment losses on Internal-Use Software assets reported as Other Assets on the Condensed Consolidated Balance Sheets, partially offset by lower adverse prior year development as the business continues to run-off.
Previous wording
Corporate and Other Adjusted Net Operating Loss decreased by $2.2 million for the six months ended June 30, 2025 compared to the same period in 2024, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes.
Current wording
Corporate and Other Adjusted Net Operating Loss decreased by $8.3 million for the nine months ended September 30, 2025 compared to the same period in 2024, primarily driven by lower interest expense due to the redemption of $450 million of 4.350% senior notes.
Previous wording
Total Revenues increased by $95.7 million to $1,225.6 million for the three months ended June 30, 2025, compared to $1,129.9 million for the same period in 2024. The increase was primarily driven by higher earned premiums.
Current wording
Total Revenues increased by $60.8 million to $1,239.7 million for the three months ended September 30, 2025, compared to $1,178.9 million for the same period in 2024. The increase was primarily driven by higher earned premiums.
Previous wording
Earned Premiums increased by $97.1 million to $1,130.8 million for the three months ended June 30, 2025 compared to $1,033.7 for the same period in 2024, primarily driven by a $148.2 million increase from the Specialty Property & Casualty Insurance segment due to higher average earned premium per exposure resulting from rate increases and higher business volumes. This was partially offset by a $50.8 million reduction in premiums from our Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business.
Current wording
Earned Premiums increased by $64.8 million to $1,133.3 million for the three months ended September 30, 2025 compared to $1,068.5 for the same period in 2024, primarily driven by a $98.3 million increase from the Specialty Property & Casualty Insurance segment due to higher average earned premiums per exposure resulting from rate increases. This was partially offset by a $32.7 million reduction in premiums from our Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business.
Previous wording
Total Revenues increased by $145.7 million to $2,418.6 million for the six months ended June 30, 2025, compared to $2,272.9 million for the same period in 2024. The increase was primarily driven by higher earned premiums.
Current wording
Total Revenues increased by $206.5 million to $3,658.3 million for the nine months ended September 30, 2025, compared to $3,451.8 million for the same period in 2024. The increase was primarily driven by higher earned premiums.
Previous wording
Earned Premiums increased by $153.1 million to $2,218.7 million for the six months ended June 30, 2025 compared to $2,065.6 for the same period in 2024, primarily driven by a $270.4 million increase from the Specialty Property & Casualty Insurance segment due to higher average earned premium per exposure resulting from rate increases and higher business volumes. This was partially offset by a $119.4 million reduction in premiums from our Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business.
Current wording
Earned Premiums increased by $217.9 million to $3,352.0 million for the nine months ended September 30, 2025 compared to $3,134.1 for the same period in 2024, primarily driven by a $368.7 million increase from the Specialty Property & Casualty Insurance segment due to higher average earned premiums per exposure resulting from rate increases, partially offset by a $152.1 million reduction in premiums from our Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the exit and run-off of the business.
Previous wording
Net Realized Investment (Losses) Gains decreased by $7.3 million for the six months ended June 30, 2025, compared to the same period in 2024, due primarily to decreased gains on sales of fixed maturity investments, partially offset by the absence of net realized losses on ultra-long treasury future derivatives transactions that did not qualify for hedge accounting.
Current wording
Net Realized Investment Gains decreased by $4.5 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to decreased gains on sales of fixed maturity and equity securities, partially offset by the absence of net realized losses on ultra-long treasury future derivatives transactions that did not qualify for hedge accounting.
Previous wording
Impairment losses increased by $3.5 million for the three months ended June 30, 2025, compared to the same period in 2024, due primarily to an increase in the allowance for credit losses on fixed maturity securities.
Current wording
Impairment losses increased by $2.6 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily driven by an increase in the allowance for credit losses on fixed maturity securities.
Previous wording
The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $79.0 million for the three months ended June 30, 2025, compared to Total Segment Adjusted Net Operating Income of $102.3 million for the same period in 2024. Segment adjusted net operating results decreased by $23.3 million that included a $13.8 million and $9.5 million decrease from personal automobile and commercial automobile insurance, respectively, due primarily to an increase in the Underlying Combined Ratio for personal automobile insurance and higher adverse prior year development in commercial automobile insurance, partially offset by growth from rate increases and business volumes.
Current wording
The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $7.6 million for the three months ended September 30, 2025, compared to Total Segment Adjusted Net Operating Income of $103.6 million for the same period in 2024. Segment adjusted net operating results decreased by $96.0 million that included a $69.9 million and $26.1 million decrease from personal automobile and commercial automobile insurance, respectively, due primarily to an increase in the Underlying Combined Ratio for personal automobile insurance and higher adverse prior year development in commercial automobile insurance, partially offset by growth from rate increases.
Previous wording
Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $3.0 million for the three months ended June 30, 2025, compared to the same period in 2024, due primarily to higher levels of invested assets resulting from growth.
Current wording
Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $1.8 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to higher levels of invested assets resulting from growth.
Previous wording
Incurred Loss and LAE were $749.4 million or 74.1% of earned premiums for the three months ended June 30, 2025 compared to $602.2 million or 69.8% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of earned premiums were 72.3% for the three months ended June 30, 2025, a deterioration of 3.6 percentage points, compared to the same period in 2024 driven by higher loss costs in personal automobile insurance, particularly claim severity, that were partially offset by higher average earned premium per exposure (12.6% increase year over year) as we optimize pricing to support sustainable long-term policy growth. Underlying losses and LAE exclude the impact of catastrophes and prior year loss and LAE reserve development. Adverse prior year loss and LAE reserve development (including catastrophe reserve development) was $14.0 million for the three months ended June 30, 2025, compared to favorable development of $0.9 million for the same period in 2024, a deterioration of $14.9 million due primarily to emerging loss patterns within bodily injury coverages, particularly within our Commercial Automobile product line and higher adverse development on litigated matters, that was partially offset by favorable development on policies with personal injury protection coverage. Catastrophe losses and LAE (excluding reserve development) were $5.3 million for the three months ended June 30, 2025 compared to
Current wording
Incurred Loss and LAE were $851.1 million or 83.7% of earned premiums for the three months ended September 30, 2025 compared to $647.9 million or 70.5% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to deterioration in the underlying loss and LAE ratio and increased adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 78.5% for the three months ended September 30, 2025, a deterioration of 8.4 percentage points, compared to the same period in 2024 driven by higher loss costs primarily resulting from higher claim severity and frequency in bodily injury and property damage coverages within personal automobile insurance, that were partially offset by higher average earned premiums per exposure (10.3% increase year over year). Underlying losses and LAE exclude the impact of catastrophes and prior year loss and LAE reserve development. Adverse prior year loss and LAE reserve development (including catastrophe reserve development) was $51.4 million for the three months ended September 30, 2025, compared to adverse development of $0.1 million for the same period in 2024, a deterioration of $51.3 million due primarily to evolving loss patterns within bodily injury coverages within our Commercial Automobile product line. Catastrophe losses and LAE (excluding reserve development) were $1.0 million for the three months ended September 30, 2025 compared to $3.6 million for the same period in 2024, an improvement of $2.6 million due to fewer catastrophe events and lower severity per event in the current period.
Previous wording
Insurance Expenses were $214.8 million, or 21.3% of earned premiums, for the three months ended June 30, 2025, compared to $180.7 million, or 20.9% of earned premiums for the same period in 2024. Insurance Expenses increased $34.1 million primarily due to higher volume-related expenses associated with increased business volumes.
Current wording
Insurance Expenses were $214.6 million, or 21.1% of earned premiums, for the three months ended September 30, 2025, compared to $194.9 million, or 21.2% of earned premiums for the same period in 2024. Insurance Expenses increased $19.7 million primarily due to higher expenses associated with increased business volumes.
Previous wording
The Specialty Property & Casualty Insurance segment’s three months ended June 30, 2025 effective tax rate was 20.3% compared to 20.1% for the same period in 2024. The effective income tax rate for the second quarters of 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance, Tax-Exempt Investment Income and nondeductible expenses.
Current wording
The Specialty Property & Casualty Insurance segment’s three months ended September 30, 2025 effective tax rate was 3.1% compared to 20.3% for the same period in 2024. The effective income tax rate for the third quarters of 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible expenses. The change in the effective tax rate from the third quarter of 2024 is due to a decrease in pre-tax income while the net favorable tax adjustments have remained consistent.
Previous wording
The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $176.9 million for the six months ended June 30, 2025, compared to Total Segment Adjusted Net Operating Income of $171.5 million for the same period in 2024. Segment adjusted net operating results improved by $5.4 million which included an $11.6 million increase from personal automobile insurance that was partially offset by a $6.2 million decrease from commercial automobile insurance. The increase in personal automobile Adjusted Net Operating Income was primarily driven by favorable prior year development and lower catastrophe losses, partially offset by a deterioration in the underlying combined ratio mostly driven by higher claim severity. The decrease in commercial automobile insurance Adjusted Net Operating Income was primarily driven by higher adverse prior year development.
Current wording
The Specialty Property & Casualty Insurance segment reported Total Segment Adjusted Net Operating Income of $184.5 million for the nine months ended September 30, 2025, compared to Total Segment Adjusted Net Operating Income of $275.1 million for the same period in 2024. Segment adjusted net operating results decreased by $90.6 million which included a $58.3 million decrease from personal automobile insurance and a $32.3 million decrease from commercial automobile insurance. The decrease in personal automobile Adjusted Net Operating Income was primarily driven by higher underlying losses. The decrease in commercial automobile insurance Adjusted Net Operating Income was primarily driven by higher adverse prior year development.
Previous wording
Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $12.4 million for the six months ended June 30, 2025, compared to the same period in 2024, due primarily to higher levels of invested assets resulting from growth.
Current wording
Net Investment Income in the Specialty Property & Casualty Insurance segment increased by $14.2 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to higher levels of invested assets resulting from growth.
Previous wording
Incurred Loss and LAE were $1,436.2 million or 72.8% of earned premiums for the six months ended June 30, 2025 compared to $1,221.3 million or 71.7% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to a deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of earned premiums were 71.6% for the six months ended June 30, 2025, a deterioration of 1.0 percentage point, compared to the same period in 2024 due to increased claim severity in personal automobile, partially offset by higher average earned premium per exposure (12.6% increase year over year) resulting from rate increases and favorable frequency trends as the Company optimized pricing to support sustained long-term policy growth. Underlying losses and LAE exclude the impact of catastrophes and loss and LAE reserve development. Adverse loss and LAE reserve development (including catastrophe reserve development) was $14.7 million for the six months ended June 30, 2025, compared to adverse development of $5.1 million for the same period in 2024, an increase of $9.6 million due primarily to emerging loss patterns on bodily injury coverages and higher than expected development on litigated matters, partially offset by favorable development on property damage and policies with personal injury protection coverage. Catastrophe losses and LAE (excluding reserve development) were $9.1 million for the six months ended June 30, 2025 compared to $14.4 million for the same period in 2024, a decrease of $5.3 million due to fewer catastrophe events and lower severity per event in the current period.
Current wording
Incurred Loss and LAE were $2,287.3 million or 76.5% of earned premiums for the nine months ended September 30, 2025 compared to $1,869.2 million or 71.3% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to a deterioration in the underlying loss and LAE ratio and adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 74.0% for the nine months ended September 30, 2025, a deterioration of 3.6 percentage point, compared to the same period in 2024 due to increased claim severity and frequency in personal automobile primarily related to bodily injury and property damage coverages, partially offset by higher average earned premiums per exposure (11.8% increase year over year). Underlying losses and LAE exclude the impact of catastrophes and loss and LAE reserve development. Adverse loss and LAE reserve development (including catastrophe reserve development) was $66.1 million for the nine months ended September 30, 2025, compared to adverse development of $5.2 million for the same period in 2024, an increase of $60.9 million due primarily to evolving loss patterns on bodily injury coverages in commercial automobile and higher than expected development on litigated matters. Catastrophe losses and LAE (excluding reserve development) were $10.1 million for the nine months ended September 30, 2025 compared to $18.0 million for the same period in 2024, a decrease of $7.9 million due to fewer catastrophe events and lower severity per event in the current period.
Previous wording
Insurance Expenses were $419.9 million, or 21.3% of earned premiums, for the six months ended June 30, 2025, compared to $357.6 million, or 21.0% of earned premiums for the same period in 2024. Insurance Expenses increased $62.3 million due to higher volume-related expenses associated with increased business volumes.
Current wording
Insurance Expenses were $634.5 million, or 21.2% of earned premiums, for the nine months ended September 30, 2025, compared to $552.5 million, or 21.1% of earned premiums for the same period in 2024. Insurance Expenses increased $82.0 million due to higher expenses associated with increased business volumes.
Previous wording
The Specialty Property & Casualty Insurance segment’s six months ended June 30, 2025 effective tax rate was 20.3% compared to 20.0% for the same period in 2024. The effective income tax rate for the six months ended June 30, 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance, Tax-Exempt Investment Income and nondeductible expenses.
Current wording
The Specialty Property & Casualty Insurance segment’s nine months ended September 30, 2025 effective tax rate was 19.5% compared to 20.1% for the same period in 2024. The effective income tax rate for the nine months ended September 30, 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance, tax-exempt investment income and nondeductible expenses.
Previous wording
Earned Premiums on personal automobile insurance increased by $176.2 million for the six months ended June 30, 2025, compared to the same period in 2024, due to higher average earned premium per exposure resulting from rate increases and higher business volumes. Incurred losses and LAE were $1,097.8 million, or 71.1% of earned premiums for the six months ended June 30, 2025, compared to $976.4 million, or 71.4% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums decreased primarily due to favorable prior year development and lower catastrophe losses and LAE, partially offset by increased underlying losses and LAE. Underlying losses and LAE as a percentage of related earned premiums were 71.2% for the six months ended June 30, 2025, compared to 70.1% for the same period in 2024, a deterioration of 1.1 percentage points as the increase in loss costs, particularly claim severity, that were offset by higher average earned premium per exposure (11.9% increase year over year) as we optimized pricing to support sustained long-term policy growth. Favorable loss and LAE reserve development was $9.3 million for the six months ended June 30, 2025, compared to adverse development of $7.7 million for the same period in 2024, an improvement of $17.0 million due primarily to the improvement of loss patterns in bodily injury and property damage coverages and improving settlement patterns on policies with personal injury protection coverage. Catastrophe losses and LAE (excluding reserve development) were $7.0 million for the six months ended June 30, 2025, compared to $11.4 million for the same period in 2024, an improvement of $4.4 million due to fewer catastrophe events and lower severity per event in the current quarter.
Current wording
Earned Premiums on personal automobile insurance increased by $230.0 million for the nine months ended September 30, 2025, compared to the same period in 2024, due to higher average earned premiums per exposure resulting from rate increases. Incurred losses and LAE were $1,735.5 million, or 74.5% of earned premiums for the nine months ended September 30, 2025, compared to $1,483.7 million, or 70.7% of earned premiums, for the same period in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to deterioration in the underlying loss and LAE ratio. Underlying losses and LAE as a percentage of related earned premiums were 74.3% for the nine months ended September 30, 2025, compared to 69.9% for the same period in 2024, a deterioration of 4.4 percentage points driven by higher claim severity and frequency primarily related to bodily injury and property damage coverages that were offset by higher average earned premiums per exposure (11.2% increase year over year). Favorable loss and LAE reserve development was $1.4 million for the nine months ended September 30, 2025, compared to adverse development of $5.1 million for the same period in 2024, an improvement of $6.5 million due primarily to the stabilization of loss patterns in bodily injury coverages and improving settlement patterns on policies with personal injury protection coverage, partially offset by higher losses associated with litigated matters. Catastrophe losses and LAE (excluding reserve development) were $7.6 million for the nine months ended September 30, 2025, compared to $13.5 million for the same period in 2024, an improvement of $5.9 million due to fewer catastrophe events and lower severity per event in the current period.
Previous wording
Earned Premiums in commercial automobile insurance increased by $50.4 million for the three months ended June 30, 2025, compared to the same period in 2024, due primarily to higher average earned premium per exposure resulting from rate increases and targeted mix shifts, and higher business volumes. Incurred losses and LAE were $178.1 million, or 80.4% of earned premiums in 2025, compared to $122.1 million, or 71.4% of earned premiums in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 71.5% in the three months ended June 30, 2025, compared to 70.9% during the same time period in 2024, a deterioration of 0.6 percentage points driven by increased claim severity that was partially offset by higher average earned premium per exposure (10.3% increase year over year) and favorable frequency trends as we optimized pricing to support sustainable long-term policy growth. Adverse loss and LAE reserve development was $18.7 million for the three months ended June 30, 2025, compared to favorable development of $1.5 million for the same period in 2024, an increase of
Current wording
Earned Premiums in commercial automobile insurance increased by $44.5 million for the three months ended September 30, 2025, compared to the same period in 2024, due primarily to higher average earned premiums per exposure resulting from rate increases, targeted mix shifts, and higher business volumes. Incurred losses and LAE were $213.4 million, or 91.9% of earned premiums in 2025, compared to $140.6 million, or 74.9% of earned premiums in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 73.0% in the three months ended September 30, 2025, compared to 72.6% during the same period in 2024, a deterioration of 0.4 percentage points driven by increased claim severity that was partially offset by higher average earned premiums per exposure (7.0% increase year over year). Adverse loss and LAE reserve development was $43.5 million for the three months ended September 30, 2025, compared to adverse development of $2.7 million for the same period in 2024, an increase of $40.8 million due to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages. Catastrophe losses and LAE (excluding reserve development) were $0.4 million for the three months ended September 30, 2025, compared to $1.5 million for the same period in 2024, an improvement of $1.1 million due to fewer catastrophe events and lower severity per event in the current period.
Previous wording
Earned Premiums in commercial automobile insurance increased by $94.2 million for the six months ended June 30, 2025, compared to the same period in 2024, due primarily to higher average earned premium per exposure resulting from rate increases, targeted mix shifts, and higher business volumes. Incurred losses and LAE were $338.4 million, or 78.7% of earned premiums in 2025, compared to $244.9 million, or 72.9% of earned premiums in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 72.7% for the six months ended June 30, 2025, compared to 72.8% during the same time period in 2024, an improvement of 0.1 percentage points due primarily to higher average earned premiums per exposure resulting from rate increases, mix shifts, and a lower frequency of claims, partially offset by higher claim severity trends. Adverse loss and LAE reserve development was $24.0 million for the six months ended June 30, 2025, compared to favorable development of $2.6 million for the same period in 2024, an increase of $26.6 million due primarily to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages, partially offset by favorable loss development patterns on property damage coverages.
Current wording
Earned Premiums in commercial automobile insurance increased by $138.7 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to higher average earned premiums per exposure resulting from rate increases, targeted mix shifts, and higher business volumes. Incurred losses and LAE were $551.8 million, or 83.3% of earned premiums in 2025, compared to $385.5 million, or 73.6% of earned premiums in 2024. Incurred losses and LAE as a percentage of earned premiums increased primarily due to adverse prior year development. Underlying losses and LAE as a percentage of earned premiums were 72.8% for the nine months ended September 30, 2025, compared to 72.7% during the same period in 2024, a deterioration of 0.1 percentage points driven by increased claim severity that was partially offset by higher average earned premiums per exposure (9.7% increase year over year). Adverse loss and LAE reserve development was $67.5 million for the nine months ended September 30, 2025, compared to adverse development of $0.1 million for the same period in 2024, an increase of $67.4 million due primarily to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages. Catastrophe losses and LAE (excluding reserve development) were $2.5 million for the nine months ended September 30, 2025, compared to $4.5 million for the same period in 2024, an improvement of $2.0 million due to fewer catastrophe events and lower severity per event in the current period.
Previous wording
The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $12.6 million for the three months ended June 30, 2025, compared to Net Operating Loss of $0.2 million for the same period in 2024. The increase in segment net operating results was primarily due to higher net investment income. The three months ended June 30, 2024 included an $11.9 million after-tax loss from an investment valuation adjustment of a real estate investment in our alternative investment portfolio.
Current wording
The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $18.6 million for the three months ended September 30, 2025, compared to Net Operating Income of $15.0 million for the same period in 2024. The increase in segment net operating results was primarily due to favorable changes in mortality experience from life insurance products, lower incurred losses and LAE on property insurance products, and lower insurance expenses, partially offset by a decrease in net investment income.
Previous wording
Earned Premiums decreased by $0.3 million for the three months ended June 30, 2025, compared to the same period in 2024, due primarily to lower volume on property insurance products partially offset by higher average premiums per policy on life insurance products.
Current wording
Earned Premiums decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024.
Previous wording
The Life Insurance segment’s three months ended June 30, 2025 effective income tax rate was 12.7% compared to 85.0% for the same period in 2024. The effective income tax rate for the second quarter of 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance and Tax-Exempt Investment Income. The change in the effective tax rate from the three months ended June 30, 2024 is driven by the segment generating income in the current period versus a net loss in 2024, while recognizing consistent tax benefits related to Company-Owned Life Insurance and Tax-Exempt Investment Income.
Current wording
The Life Insurance segment’s three months ended September 30, 2025 effective income tax rate was 15.3% compared to 16.5% for the same period in 2024. The effective income tax rate for the third quarter of 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance and Tax-Exempt Investment Income. The change in the effective tax rate from the three months ended September 30, 2024 is due to increased investments in Company-Owned Life Insurance and Tax-Exempt Investment Income.
Previous wording
The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $29.8 million for the six months ended June 30, 2025, compared to $11.7 million for the same period in 2024. The increase in segment net operating results was primarily due to higher net investment income mostly driven by a reduction in losses from alternative investments.
Current wording
The Life Insurance segment reported Total Segment Adjusted Net Operating Income of $48.4 million for the nine months ended September 30, 2025, compared to $26.7 million for the same period in 2024. The increase in segment net operating results was primarily due to an increase in net investment income, favorable changes in mortality experience from life insurance products, and lower incurred losses and LAE on property insurance products.
Previous wording
Earned Premiums increased by $2.1 million for the six months ended June 30, 2025, compared to the same period in 2024, due primarily to higher average premiums per policy on life insurance products.
Current wording
Earned Premiums increased by $1.3 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to higher average premiums per policy on life insurance products.
Previous wording
Net investment income increased by $14.2 million for the three months ended June 30, 2025, compared to the same period in 2024, due primarily to lower losses on alternative investments. The three months ended June 30, 2024 included a $15.1 million pre-tax loss from an investment valuation adjustment of a real estate investment in our alternative investment portfolio.
Current wording
Net investment income increased by $16.0 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to lower losses on alternative investments and higher earnings on Company-Owned Life Insurance. The nine months ended September 30, 2024 included a $15.1 million pre-tax loss from an investment valuation adjustment of a real estate investment in our alternative investment portfolio.
Previous wording
The Life Insurance segment’s six months ended June 30, 2025 effective income tax rate was 14.0% compared to 7.6% for the same period in 2024. The effective income tax rate for the six months ended June 30, 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance and Tax-Exempt Investment Income. The increase in the effective tax rate from the six months ended June 30, 2024 is driven by the segment generating higher income in the current six-month period compared to the same period in 2024, while recognizing consistent tax benefits related to Company-Owned Life Insurance and Tax-Exempt Investment Income.
Current wording
The Life Insurance segment’s nine months ended September 30, 2025 effective income tax rate was 14.5% compared to 12.8% for the same period in 2024. The effective income tax rate for the nine months ended September 30, 2025 and 2024 differs from the federal statutory income tax rate due to investments in Company-Owned Life Insurance and Tax-Exempt Investment Income. The increase in the effective tax rate from the nine months ended September 30, 2024 is driven by an increase in pre-tax income, partially offset by an increase in investments in Company-Owned Life Insurance and Tax-Exempt Investment Income.
Previous wording
Net Investment Income was $95.9 million and $93.0 million for the three months ended June 30, 2025 and 2024, respectively. Net Investment Income increased by $2.9 million in 2025 mostly driven by reduced losses on alternative investments, partially offset by lower yields from Fixed Maturities.
Current wording
Net Investment Income was $104.8 million and $111.1 million for the three months ended September 30, 2025 and 2024, respectively. Net Investment Income decreased by $6.3 million in 2025, mostly driven by decreased earnings on alternative investments and lower levels and yields from Short-term investments, partially offset by higher earnings on Company Owned Life Insurance.
Showing the first 40 of 74 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Adjusted Consolidated Net Operating Income decreased by $84.6 million for the three months ended September 30, 2025, compared to the same period in 2024, mostly driven by our Specialty Property & Casualty Insurance segment due primarily to a higher Underlying Combined Ratio and higher adverse prior year development on bodily injury coverages within commercial automobile insurance, partially offset by higher average earned premiums per exposure resulting from rate increases.
Current report — wording carried from elsewhere
Impairment losses increased by $0.9 million for the three months ended September 30, 2025, compared to the same period in 2024.
Current report — wording carried from elsewhere
On May 6, 2020, Kemper’s Board of Directors authorized the repurchase of up to an additional $200.0 million of Kemper common stock, in addition to the $133.3 million remaining under a previous authorization in 2014 (the “2014 Repurchase Program”). Additionally, on August 5, 2025, Kemper’s Board of Directors approved a new share repurchase authorization,
Current report — wording carried from elsewhere
In addition to the ASR Agreement repurchases, during the three months ended September 30, 2025, Kemper repurchased and retired approximately 1,126,000 shares of its common stock in open market transactions under its share repurchase authorizations for an aggregate cost of $66.5 million and an average cost per share of $59.00. In addition to the ASR Agreement repurchases, during the nine months ended September 30, 2025, Kemper repurchased and retired approximately 1,636,000 shares of its common stock in open market transactions under its share repurchase authorizations for an aggregate cost of $99.0 million and an average cost per share of $60.52.
Current report — wording carried from elsewhere
casualty insurance contracts and accident and health insurance contracts, the payment of commissions and general expenses, the purchase of investments and repayments of advances from the FHLBs of Chicago and Dallas.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
LAE”) exclude the impact of catastrophe losses and loss and LAE reserve development from prior years from the Company’s Incurred Losses and LAE, which is the most directly comparable GAAP financial measure.
Previous report — wording carried elsewhere
Net Income attributable to Kemper Corporation
Previous report — wording carried elsewhere
$20.2 million due to evolving loss patterns and higher defense costs associated with attorney-represented bodily injury coverages.
Previous report — wording carried elsewhere
Insurance Expenses were $579.2 million for the six months ended June 30, 2025, compared to $540.5 million for the same period in 2024. Policy acquisition costs increased $27.4 million and business unit operating costs increased $18.2 million compared to the same period in 2024, primarily due to growth in the Specialty Property & Casualty Insurance segment from higher business volumes, partially offset by reductions due to lower volumes resulting from the exit and run-off of the Preferred Insurance business.
Previous report — wording carried elsewhere
During the six months ended June 30, 2025, Kemper repurchased and retired approximately 509,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $32.5 million and an average cost per share of $63.90. Kemper did not repurchase any shares during the six months ended June 30, 2024.
Previous report — wording carried elsewhere
Net Cash Provided by Investing Activities