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Section 1: 8-K (8-K)

Document
false0000860748 0000860748 2019-08-05 2019-08-05


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): August 5, 2019 
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)
(Former name or former address, if changed since last report)
 
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

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 August 5, 2019, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the second quarter of 2019 and the availability of Kemper’s second 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 August 5, 2019.
99.2 Second Quarter 2019 Investor Supplement of Kemper Corporation.
99.3 Second Quarter 2019 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:
August 5, 2019
 
 
/S/    JAMES J. MCKINNEY
 
 
 
 
James J. McKinney
 
 
 
 
Executive Vice President and Chief Financial Officer (principal financial officer)



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1 PRESS RELEASE)

Exhibit
Exhibit 99.1
 


 
399044502_kemperlogocolorwebfinala04.jpg
Kemper Corporation
200 East Randolph Street
Suite 3300
Chicago, IL 60601
kemper.com

 
 
 
 
Press Release
 
Kemper Reports Strong Second Quarter 2019 Operating Results
CHICAGO, August 5, 2019 Kemper Corporation (NYSE: KMPR) reported net income of $122.1 million, or $1.84 per diluted share, for the second quarter of 2019, compared to $37.6 million, or $0.73 per diluted share, for the second quarter of 2018. In the second quarter of 2019, net income included a $20.1 million after-tax gain, or $0.30 per diluted share, attributable to the change in fair value of equity and convertible securities. As adjusted for the acquisition of Infinity Property and Casualty Corporation (“as adjusted”)1, net income was $126.3 million, or $1.90 per diluted share, for the second quarter of 2019, compared to $65.4 million, or $1.00 per diluted share, for the second quarter of 2018.
Adjusted consolidated net operating income1 was $91.5 million, or $1.38 per diluted share, for the second quarter of 2019, compared to $36.5 million, or $0.70 per diluted share, for the second quarter of 2018. These results increased primarily from the continued profitable growth in the Specialty Property & Casualty Insurance segment.
Highlights of the quarter include:
Consolidated earned premiums increased by 70 percent, or $458.5 million in the quarter, as reported, 8 percent, or $84.2 million, as adjusted 1 
Specialty Property & Casualty Insurance segment’s earned premiums increased by 139 percent, or $446.0 million in the quarter, as reported, 10 percent, or $71.7 million, as adjusted 1 

“Our results this quarter demonstrate meaningful gains in specialty auto, and continued stability in our life and health segment,” said Joseph P. Lacher, Jr., President and CEO. “The consistent strength of our balance sheet and disciplined approach to strategy execution again produced revenue growth, solid earnings, and shareholder returns. Our strategy and business model continues to perform, expanding Kemper’s reach to specialty markets with easy-to-use, affordable and appropriate insurance and financial solutions.”

 
 
Three Months Ended
 
Six Months Ended
(Dollars in Millions, Except Per Share Amounts) (Unaudited)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Net Income
 
$
122.1

 
$
37.6

 
$
277.4

 
$
91.4

Income from Continuing Operations
 
$
122.1

 
$
37.5

 
$
277.4

 
$
91.1

Adjusted Consolidated Net Operating Income1
 
$
91.5

 
$
36.5

 
$
190.4

 
$
94.0

 
 
 
 
 
 
 
 
 
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income
 
$
(22.8
)
 
$
(34.3
)
 
$
(36.6
)
 
$
(40.4
)
 
 
 
 
 
 
 
 
 
Diluted Net Income Per Share From:
 
 
 
 
 
 
 
 
Net Income
 
$
1.84

 
$
0.73

 
$
4.20

 
$
1.76

Income from Continuing Operations
 
$
1.84

 
$
0.73

 
$
4.20

 
$
1.75

Adjusted Consolidated Net Operating Income1
 
$
1.38

 
$
0.70

 
$
2.88

 
$
1.80

 
 
 
 
 
 
 
 
 
Impact of Catastrophe Losses and Related LAE on Net Income Per Share
 
$
0.34

 
$
(0.66
)
 
$
(0.56
)
 
$
(0.78
)

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.


Capital
Total Shareholders’ Equity at the end of the quarter was $3,683.7 million, an increase of $633.6 million, or 21 percent, since year-end 2018 driven by net income, unrealized gains on the fixed maturity portfolio and proceeds from the issuance of stock partially offset by dividends paid to shareholders. Kemper ended the quarter with cash and investments at the holding company of $312.7 million, and the $400 million revolving credit agreement was undrawn.
During the second quarter of 2019, Kemper paid dividends of $16.4 million.
Kemper ended the quarter with a book value per share of $55.34, an increase of 17 percent from $47.10 at the end of 2018. Book value per share excluding net unrealized gains on fixed maturities1 was $49.82, up 10 percent from $45.40 at the end of 2018, driven by net income partially offset by dividends paid to shareholders.
Revenues
Total revenues for the second quarter of 2019 increased $533.5 million, or 72 percent, to $1,275.4 million, compared to the second quarter of 2018, driven by $446.0 million of higher Specialty P&C earned premiums and $25.1 million of higher revenues from the increase in the fair values of equity and convertible securities. Net investment income increased $17.6 million to $96.0 million in the second quarter of 2019, primarily from a $11.2 million increase in interest on fixed income securities primarily from the addition of Infinity’s investment portfolio. Net realized investment gains were $21.3 million in the second quarter of 2019, compared to $3.8 million last year. Other income increased from $1.2 million to $22.7 million in the second quarter of 2019.
On an as adjusted basis1, Specialty P&C earned premiums for the second quarter of 2019 increased $71.7 million, or 10 percent, to $766.0, compared to the second quarter of 2018, primarily from higher policies in-force.

2


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
 
Six Months Ended
(Dollars in Millions) (Unaudited)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Segment Net Operating Income (Loss):
 
 
 
 
 
 
 
 
Preferred Property & Casualty Insurance
 
$
5.2

 
$
(6.0
)
 
$
8.0

 
$
7.5

Specialty Property & Casualty Insurance
 
62.7

 
22.4

 
142.3

 
45.8

Life & Health Insurance
 
13.3

 
26.7

 
36.4

 
50.8

Total Segment Net Operating Income
 
81.2

 
43.1

 
186.7

 
104.1

Corporate and Other Net Operating Income (Loss)
 
10.3

 
(6.6
)
 
3.7

 
(10.1
)
Adjusted Consolidated Net Operating Income1
 
91.5

 
36.5

 
190.4

 
94.0

Net Income (Loss) From:
 
 
 
 
 
 
 
 
Change in Fair Value of Equity and Convertible Securities
 
20.1

 
0.3

 
71.0

 
0.9

Net Realized Gains on Sales of Investments
 
16.8

 
3.0

 
29.5

 
5.1

Net Impairment Losses Recognized in Earnings
 
(5.3
)
 

 
(8.1
)
 
(0.4
)
Acquisition Related Transaction, Integration and Other Costs
 
(1.0
)
 
(2.3
)
 
(5.4
)
 
(8.5
)
Income from Continuing Operations
 
$
122.1

 
$
37.5

 
$
277.4

 
$
91.1

The Preferred Property & Casualty Insurance segment reported net operating income of $5.2 million for the second quarter of 2019, compared to a loss of $6.0 million in 2018. Improved results were primarily due to lower incurred catastrophe losses and LAE and a favorable change in loss and LAE reserve development, partially offset by higher underlying losses and LAE as a percentage of earned premiums. The Preferred Property & Casualty Insurance segment’s combined ratio decreased 9.4 percent points to 103.1 percent, while the underlying combined ratio1 increased 3.0 percent points to 93.9 percent in the second quarter of 2019, driven by an increase in the underlying loss ratio1, primarily resulting from adverse intra-year development of Q1 non-catastrophe large losses in Homeowners.
The Specialty Property & Casualty Insurance segment reported net operating income of $62.7 million for the second quarter of 2019, compared to $22.4 million in 2018. Results improved primarily from strong organic and inorganic Personal Automobile growth and profitability. On an as adjusted basis1, the segment’s net operating income was $67.1 million in the second quarter of 2019, compared to $54.8 million in 2018. The segment’s underlying combined ratio1 was 94.0 percent, largely consistent with the second quarter of 2018.
The Life & Health Insurance segment reported net operating income of $13.3 million for the second quarter of 2019, compared to $26.7 million in 2018. Results decreased primarily from an increase in policyholders’ benefits and incurred losses and insurance expenses, partially offset by an increase in earned premiums. The increase in policyholders’ benefits and incurred losses was due to an increase in benefits on life insurance products and higher than expected severity on accident and health insurance claims. Insurance expenses increase was primarily driven by investments in the business.

3


Unaudited condensed consolidated statements of income for the three and six months ended June 30, 2019 and 2018 are presented below.
 
 
Three Months Ended
 
Six Months Ended
(Dollars in Millions, Except Per Share Amounts)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Revenues:
 
 
 
 
 
 
 
 
Earned Premiums
 
$
1,116.6

 
$
658.1

 
$
2,191.4

 
$
1,267.9

Net Investment Income
 
96.0

 
78.4

 
178.7

 
157.6

Other Income
 
22.7

 
1.2

 
24.6

 
2.4

Income from Change in Fair Value of Equity and Convertible Securities
 
25.5

 
0.4

 
89.9

 
1.1

Net Realized Gains on Sales of Investments
 
21.3

 
3.8

 
37.4

 
6.4

Other-than-temporary Impairment Losses:
 
 
 
 
 
 
 
 
Total Other-than-temporary Impairment Losses
 
(6.7
)
 

 
(10.2
)
 
(0.5
)
Portion of Losses Recognized in Other Comprehensive Income
 

 

 
(0.1
)
 

Net Impairment Losses Recognized in Earnings
 
(6.7
)
 

 
(10.3
)
 
(0.5
)
Total Revenues
 
1,275.4

 
741.9

 
2,511.7

 
1,434.9

Expenses:
 
 
 
 
 
 
 
 
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses
 
825.4

 
499.5

 
1,590.8

 
936.4

Insurance Expenses
 
263.5

 
171.2

 
498.3

 
331.3

Interest and Other Expenses
 
38.0

 
25.7

 
79.4

 
54.7

Total Expenses
 
1,126.9

 
696.4

 
2,168.5

 
1,322.4

Income from Continuing Operations before Income Taxes
 
148.5

 
45.5

 
343.2

 
112.5

Income Tax Expense
 
(26.4
)
 
(8.0
)
 
(65.8
)
 
(21.4
)
Income from Continuing Operations
 
122.1

 
37.5

 
277.4

 
91.1

Income from Discontinued Operations
 

 
0.1

 

 
0.3

Net Income
 
$
122.1

 
$
37.6

 
$
277.4

 
$
91.4

 
 
 
 
 
 
 
 
 
Income from Continuing Operations Per Unrestricted Share:
 
 
 
 
 
 
 
 
Basic
 
$
1.87

 
$
0.73

 
$
4.25

 
$
1.76

Diluted
 
$
1.84

 
$
0.73

 
$
4.20

 
$
1.75

 
 
 
 
 
 
 
 
 
Net Income Per Unrestricted Share:
 
 
 
 
 
 
 
 
Basic
 
$
1.87

 
$
0.73

 
$
4.25

 
$
1.77

Diluted
 
$
1.84

 
$
0.73

 
$
4.20

 
$
1.76

 
 
 
 
 
 
 
 
 
Weighted-average Outstanding (Shares in Thousands):
 
 
 
 
 
 
 
 
Unrestricted Shares - Basic
 
65,408.1

 
51,549.9

 
65,113.2

 
51,526.6

Unrestricted Shares and Equivalent Shares - Diluted
 
66,189.9

 
52,076.4

 
65,899.6

 
51,996.7



4


Unaudited business segment revenues for the three and six months ended June 30, 2019 and 2018 are presented below.
 
 
Three Months Ended
 
Six Months Ended
(Dollars in Millions)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
REVENUES:
 
 
 
 
 
 
 
 
Preferred Property & Casualty Insurance:
 
 
 
 
 
 
 
 
Earned Premiums:
 
 
 
 
 
 
 
 
Preferred Automobile
 
$
117.9

 
$
108.7

 
$
233.3

 
$
213.6

Homeowners
 
60.8

 
62.2

 
121.1

 
124.0

Other Personal
 
9.8

 
10.2

 
19.7

 
20.3

Total Earned Premiums
 
188.5

 
181.1

 
374.1

 
357.9

Net Investment Income
 
12.3

 
14.0

 
20.6

 
27.7

Total Preferred Property & Casualty Insurance Revenues
 
200.8


195.1


394.7


385.6

Specialty Property & Casualty Insurance:
 
 
 
 
 
 
 
 
Earned Premiums:
 
 
 
 
 
 
 
 
Specialty Personal Automobile
 
703.7

 
307.5

 
1,373.3

 
573.7

Commercial Automobile Insurance
 
62.3

 
12.5

 
122.0

 
24.7

Total Earned Premiums
 
766.0

 
320.0

 
1,495.3

 
598.4

Net Investment Income
 
28.9

 
10.2

 
50.4

 
20.1

Other Income
 
1.0

 
0.4

 
1.8

 
0.7

Total Specialty Property & Casualty Insurance Revenues
 
795.9

 
330.6

 
1,547.5

 
619.2

Life & Health Insurance:
 
 
 
 
 
 
 
 
Earned Premiums:
 
 
 
 
 
 
 
 
Life
 
97.0

 
95.4

 
192.8

 
189.1

Accident & Health
 
47.9

 
43.8

 
94.8

 
87.1

Property
 
17.2

 
17.8

 
34.4

 
35.4

Total Earned Premiums
 
162.1

 
157.0

 
322.0

 
311.6

Net Investment Income
 
53.0

 
54.5

 
104.7

 
108.2

Other Income
 
1.6

 
0.9

 
2.7

 
1.7

Total Life & Health Insurance Revenues
 
216.7

 
212.4

 
429.4

 
421.5

Total Segment Revenues
 
1,213.4

 
738.1

 
2,371.6

 
1,426.3

Income from Change in Fair Value of Equity and Convertible Securities
 
25.5

 
0.4

 
89.9

 
1.1

Net Realized Gains on Sales of Investments
 
21.3

 
3.8

 
37.4

 
6.4

Net Impairment Losses Recognized in Earnings
 
(6.7
)
 

 
(10.3
)
 
(0.5
)
Other
 
21.9

 
(0.4
)
 
23.1

 
1.6

Total Revenues
 
$
1,275.4

 
$
741.9

 
$
2,511.7

 
$
1,434.9


5


KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
(Unaudited)



 
Jun 30,
2019
 
Dec 31,
2018
Assets:
 
 
 
Investments:
 
 
 
Fixed Maturities at Fair Value
$
6,540.2

 
$
6,424.2

Equity Securities at Fair Value
923.3

 
684.4

Equity Securities at Modified Cost
38.1

 
41.5

Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings
219.7

 
187.0

Convertible Securities at Fair Value
34.3

 
31.5

Short-term Investments at Cost which Approximates Fair Value
642.5

 
286.1

Other Investments
442.8

 
414.8

Total Investments
8,840.9

 
8,069.5

Cash
104.4

 
75.1

Receivables from Policyholders
1,095.2

 
1,007.1

Other Receivables
248.1

 
245.4

Deferred Policy Acquisition Costs
521.0

 
470.0

Goodwill
1,114.0

 
1,112.4

Current Income Tax Assets
41.0

 
38.9

Other Assets
651.9

 
526.5

Total Assets
$
12,616.5

 
$
11,544.9

Liabilities and Shareholders’ Equity:
 
 
 
Insurance Reserves:
 
 
 
Life & Health
$
3,581.0

 
$
3,558.7

Property & Casualty
1,911.9

 
1,874.9

Total Insurance Reserves
5,492.9

 
5,433.6

Unearned Premiums
1,545.6

 
1,424.3

Deferred Income Tax Liabilities
124.1

 
26.2

Liabilities for Unrecognized Tax Benefits

 
4.4

Collateralized Investment Borrowings at Cost
155.0

 
10.0

Debt at Amortized Cost
873.3

 
909.0

Accrued Expenses and Other Liabilities
741.9

 
687.3

Total Liabilities
8,932.8

 
8,494.8

Shareholders’ Equity:
 
 
 
Common Stock
6.7

 
6.5

Paid-in Capital
1,806.4

 
1,666.3

Retained Earnings
1,593.7

 
1,355.5

Accumulated Other Comprehensive Income
276.9

 
21.8

Total Shareholders’ Equity
3,683.7

 
3,050.1

Total Liabilities and Shareholders’ Equity
$
12,616.5

 
$
11,544.9



6


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

 
Three Months Ended
 
Six Months Ended
(Dollars in Millions)

Jun 30,
2019

Jun 30,
2018

Jun 30,
2019

Jun 30,
2018









Results of Operations
Net Premiums Written

$
197.5


$
198.0


$
377.1


$
368.5


 
 
 
 
 
 
 
 
Earned Premiums
 
$
188.5

 
$
181.1

 
$
374.1

 
$
357.9

Net Investment Income
 
12.3

 
14.0

 
20.6

 
27.7

Total Revenues
 
200.8

 
195.1

 
394.7

 
385.6

Incurred Losses and LAE related to:
 
 
 
 
 
 
 
 
Current Year:
 
 
 
 
 
 
 
 
Non-catastrophe Losses and LAE
 
119.1

 
107.8

 
239.9

 
222.0

Catastrophe Losses and LAE
 
22.6

 
40.3

 
39.2

 
47.6

Prior Years:
 
 
 
 
 
 
 
 
Non-catastrophe Losses and LAE
 
(4.3
)
 
0.6

 
(9.4
)
 
4.8

Catastrophe Losses and LAE
 
(0.9
)
 
(1.8
)
 
0.1

 
(7.2
)
Total Incurred Losses and LAE
 
136.5

 
146.9

 
269.8

 
267.2

Insurance Expenses
 
57.9

 
56.9

 
115.2

 
110.5

Operating Income (Loss)
 
6.4

 
(8.7
)
 
9.7

 
7.9

Income Tax Expense
 
(1.2
)
 
2.7

 
(1.7
)
 
(0.4
)
Segment Net Operating Income
 
$
5.2

 
$
(6.0
)
 
$
8.0

 
$
7.5


 
 
 
 
 
 
 
 
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio
 
63.2
 %
 
59.5
 %
 
64.1
 %
 
62.1
 %
Current Year Catastrophe Losses and LAE Ratio
 
12.0

 
22.3

 
10.5

 
13.3

Prior Years Non-catastrophe Losses and LAE Ratio
 
(2.3
)
 
0.3

 
(2.5
)
 
1.3

Prior Years Catastrophe Losses and LAE Ratio
 
(0.5
)
 
(1.0
)
 

 
(2.0
)
Total Incurred Loss and LAE Ratio
 
72.4

 
81.1

 
72.1

 
74.7

Insurance Expense Ratio
 
30.7

 
31.4

 
30.8

 
30.9

Combined Ratio
 
103.1
 %
 
112.5
 %
 
102.9
 %
 
105.6
 %

 
 
 
 
 
 
 
 
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio
 
63.2
 %
 
59.5
 %
 
64.1
 %
 
62.1
 %
Insurance Expense Ratio
 
30.7

 
31.4

 
30.8

 
30.9

Underlying Combined Ratio1
 
93.9
 %
 
90.9
 %
 
94.9
 %
 
93.0
 %

 
 
 
 
 
 
 
 
Non-GAAP Measure Reconciliation
Combined Ratio
 
103.1
 %
 
112.5
 %
 
102.9
 %
 
105.6
 %
Current Year Catastrophe Losses and LAE Ratio
 
12.0

 
22.3

 
10.5

 
13.3

Prior Years Non-catastrophe Losses and LAE Ratio
 
(2.3
)
 
0.3

 
(2.5
)
 
1.3

Prior Years Catastrophe Losses and LAE Ratio
 
(0.5
)
 
(1.0
)
 

 
(2.0
)
Underlying Combined Ratio1
 
93.9
 %
 
90.9
 %
 
94.9
 %
 
93.0
 %

 
 
 
 
 
 
 
 

7


Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.
 
 
Three Months Ended
 
Six Months Ended
(Dollars in Millions)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
 
 
 
 
 
 
 
 
 
Results of Operations
Net Premiums Written
 
$
804.7

 
$
338.9

 
$
1,613.8

 
$
657.3

 
 
 
 
 
 
 
 
 
Earned Premiums
 
$
766.0

 
$
320.0

 
$
1,495.3

 
$
598.4

Net Investment Income
 
28.9

 
10.2

 
50.4

 
20.1

Other Income
 
1.0

 
0.4

 
1.8

 
0.7

Total Revenues
 
795.9

 
330.6

 
1,547.5

 
619.2

Incurred Losses and LAE related to:
 
 
 
 
 
 
 
 
Current Year:
 
 
 
 
 
 
 
 
Non-catastrophe Losses and LAE
 
579.2

 
247.2

 
1,123.5

 
459.5

Catastrophe Losses and LAE
 
4.4

 
2.1

 
5.0

 
2.3

Prior Years:
 
 
 
 
 
 
 
 
Non-catastrophe Losses and LAE
 
(8.6
)
 
4.1

 
(26.9
)
 
3.6

Catastrophe Losses and LAE
 
(0.1
)
 

 
0.1

 
(0.3
)
Total Incurred Losses and LAE
 
574.9

 
253.4

 
1,101.7

 
465.1

Insurance Expenses
 
140.9

 
49.0

 
265.7

 
96.9

Other Expenses
 
0.7

 

 
1.3

 

Operating Income
 
79.4

 
28.2

 
178.8

 
57.2

Income Tax Benefit
 
(16.7
)
 
(5.8
)
 
(36.5
)
 
(11.4
)
Segment Net Operating Income
 
$
62.7

 
$
22.4

 
$
142.3

 
$
45.8

 
 
 
 
 
 
 
 
 
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio
 
75.6
 %
 
77.2
%
 
75.2
 %
 
76.8
 %
Current Year Catastrophe Losses and LAE Ratio
 
0.6

 
0.7

 
0.3

 
0.4

Prior Years Non-catastrophe Losses and LAE Ratio
 
(1.1
)
 
1.3

 
(1.8
)
 
0.6

Prior Years Catastrophe Losses and LAE Ratio
 

 

 

 
(0.1
)
Total Incurred Loss and LAE Ratio
 
75.1

 
79.2

 
73.7

 
77.7

Insurance Expense Ratio
 
18.4

 
15.3

 
17.8

 
16.2

Combined Ratio
 
93.5
 %
 
94.5
%
 
91.5
 %
 
93.9
 %
 
 
 
 
 
 
 
 
 
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio
 
75.6
 %
 
77.2
%
 
75.2
 %
 
76.8
 %
Insurance Expense Ratio
 
18.4

 
15.3

 
17.8

 
16.2

Underlying Combined Ratio1
 
94.0
 %
 
92.5
%
 
93.0
 %
 
93.0
 %
 
 
 
 
 
 
 
 
 
Non-GAAP Measure Reconciliation
Combined Ratio
 
93.5
 %
 
94.5
%
 
91.5
 %
 
93.9
 %
Current Year Catastrophe Losses and LAE Ratio
 
0.6

 
0.7

 
0.3

 
0.4

Prior Years Non-catastrophe Losses and LAE Ratio
 
(1.1
)
 
1.3

 
(1.8
)
 
0.6

Prior Years Catastrophe Losses and LAE Ratio
 

 

 

 
(0.1
)
Underlying Combined Ratio1
 
94.0
 %
 
92.5
%
 
93.0
 %
 
93.0
 %
 
 
 
 
 
 
 
 
 

8


Unaudited selected financial information for the Life & Health Insurance segment follows.
 
 
Three Months Ended
 
Six Months Ended
(Dollars in Millions)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
 
 
 
 
 
 
 
 
 
Results of Operations
 
 
 
 
 
 
 
 
 
Earned Premiums
 
$
162.1

 
$
157.0

 
$
322.0

 
$
311.6

Net Investment Income
 
53.0

 
54.5

 
104.7

 
108.2

Other Income
 
1.6

 
0.9

 
2.7

 
1.7

Total Revenues
 
216.7

 
212.4

 
429.4

 
421.5

Policyholders’ Benefits and Incurred Losses and LAE
 
113.5

 
99.2

 
218.9

 
204.1

Insurance Expenses
 
87.1

 
79.4

 
165.1

 
153.3

Operating Profit
 
16.1

 
33.8

 
45.4

 
64.1

Income Tax Expense
 
(2.8
)
 
(7.1
)
 
(9.0
)
 
(13.3
)
Segment Net Operating Income
 
$
13.3

 
$
26.7

 
$
36.4

 
$
50.8

Use of Non-GAAP Financial Measures
Adjusted Consolidated Net Operating Income1 
Adjusted Consolidated Net Operating Income1 is an after-tax, non-GAAP financial measure computed by excluding from Income from Continuing Operations the after-tax impact of 1) loss from change in fair value of equity and convertible securities, 2) net realized gains on sales of investments, 3) net impairment losses recognized in earnings related to investments, 4) acquisition related transaction, integration and other costs, 5) loss from early extinguishment of debt and 6) 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 Income from Continuing Operations.
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. Loss from Change in Fair Value of Equity and Convertible Securities, Net Realized Gains on Sales of Investments and Net Impairment Losses Recognized in Earnings 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. Loss from Early Extinguishment of Debt 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. Acquisition Related Transaction, Integration 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. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends.

9


A reconciliation of Income from Continuing Operations to Adjusted Consolidated Net Operating Income1 for the three and six months ended June 30, 2019 and 2018 is presented below.
 
 
Three Months Ended
 
Six Months Ended
(Dollars in Millions) (Unaudited)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Income from Continuing Operations
 
$
122.1

 
$
37.5

 
$
277.4

 
$
91.1

Less Net Income (Loss) From:
 
 
 
 
 
 
 
 
Income from Change in Fair Value of Equity and Convertible Securities
 
20.1

 
0.3

 
71.0

 
0.9

Net Realized Gains on Sales of Investments
 
16.8

 
3.0

 
29.5

 
5.1

Net Impairment Losses Recognized in Earnings
 
(5.3
)
 

 
(8.1
)
 
(0.4
)
Acquisition Related Transaction, Integration and Other Costs
 
(1.0
)
 
(2.3
)
 
(5.4
)
 
(8.5
)
Adjusted Consolidated Net Operating Income1
 
$
91.5

 
$
36.5

 
$
190.4

 
$
94.0

Diluted Adjusted Consolidated Net Operating Income Per Unrestricted Share1 
Diluted Adjusted Consolidated Net Operating Income Per Unrestricted Share1 is a non-GAAP financial measure computed by dividing Adjusted Consolidated Net Operating Income1 attributed to unrestricted shares by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Income from Continuing Operations Per Unrestricted Share.
A reconciliation of Diluted Income from Continuing Operations Per Unrestricted Share to Diluted Adjusted Consolidated Net Operating Income Per Unrestricted Share1 for the three and six months ended June 30, 2019 and 2018 is presented below.
 
 
Three Months Ended
 
Six Months Ended
(Unaudited)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Diluted Income from Continuing Operations Per Unrestricted Share
 
$
1.84

 
$
0.73

 
$
4.20

 
$
1.75

Less Net Income (Loss) Per Unrestricted Share From:
 
 
 
 
 
 
 
 
Income from Change in Fair Value of Equity and Convertible Securities
 
0.30

 
0.01

 
1.07

 
0.02

Net Realized Gains on Sales of Investments
 
0.25

 
0.06

 
0.45

 
0.10

Net Impairment Losses Recognized in Earnings
 
(0.08
)
 

 
(0.12
)
 
(0.01
)
Acquisition Related Transaction and Integration Costs
 
(0.01
)
 
(0.04
)
 
(0.08
)
 
(0.16
)
Diluted Adjusted Consolidated Net Operating Income Per Unrestricted Share1
 
$
1.38

 
$
0.70

 
$
2.88

 
$
1.80

Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities1 
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities1 is a ratio that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains on fixed income securities 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 on fixed income securities, in conjunction with book value per share to identify and analyze the change in net worth 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.

10


A reconciliation of the numerator used in the computation of Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities1 and Book Value Per Share at June 30, 2019 and December 31, 2018 is presented below.
(Dollars in Millions) (Unaudited)
 
Jun 30,
2019
 
Dec 31,
2018
Shareholders’ Equity
 
$
3,683.7

 
$
3,050.1

Net Unrealized Gains on Fixed Maturities
 
367.8

 
110.4

Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities1
 
$
3,315.9

 
$
2,939.7

Underlying Combined Ratio1 
Underlying Combined Ratio1 is a non-GAAP financial measure that 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, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the insurance expense ratio. Kemper believes the underlying combined ratio is useful to investors and is used by management to reveal the trends in Kemper’s property and casualty insurance businesses that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause 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 development is 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. Kemper believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing its underwriting performance. The underlying combined ratio1 should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.
As Adjusted for Acquisition1 
As Adjusted for Acquisition1 amounts are non-GAAP financial measures. For three months ended June 30, 2019, as adjusted amounts are computed by subtracting the impact of purchase accounting adjustments from the comparable consolidated GAAP financial measure reported by Kemper. For the three months ended June 30, 2019, as adjusted amounts are computed by adding the historical results of Infinity reported on a GAAP basis to the comparable consolidated GAAP financial measure reported by Kemper. Per share amounts on an acquisition-adjusted basis for the three months ended June 30, 2018 are computed by adjusting the denominator used in the calculation of diluted net income per share by adding the number of shares issued by Kemper on July 2, 2018 in connection with the acquisition to the diluted weighted-average shares outstanding reported by Kemper on a GAAP basis for the three months ended June 30, 2018. The Company believes computing and presenting results on an adjusted basis are useful to investors and are used by management to provide meaningful and comparable year-over-year comparisons.
A reconciliation of the As Adjusted for Acquisition1 non-GAAP financial measures used in this press release to the comparable GAAP financial measure for the three months ended June 30, 2019 is presented below.
(Dollars in Millions, Except Per Share Amounts) (Unaudited)
 
Kemper Consolidated GAAP Financial Measure
 
Less Impact of Purchase Accounting Adjustments
 
As Adjusted for Acquisition1
Net Income
 
$
122.1

 
$
(4.2
)
 
$
126.3

Net Income Per Share - Diluted
 
$
1.84

 
$
(0.06
)
 
$
1.90

Specialty Property & Casualty Insurance Segment:
 
 
 
 
 
 
Earned Premiums
 
$
766.0

 
$

 
$
766.0

Segment Net Operating Income
 
$
62.7

 
$
(4.4
)
 
$
67.1


11


A reconciliation of the As Adjusted for Acquisition1 non-GAAP financial measures used in this press release to the comparable GAAP financial measure for the three months ended June 30, 2018 is presented below.
(Dollars in Millions) (Unaudited)
 
Kemper Consolidated GAAP Financial Measure
 
Infinity Prior to Acquisition
 
As Adjusted for Acquisition1
Net Income
 
$
37.6

 
$
27.8

 
$
65.4

Specialty Property & Casualty Insurance Segment:
 
 
 
 
 
 
Earned Premiums
 
$
320.0

 
$
374.3

 
$
694.3

Segment Net Operating Income
 
$
22.4

 
$
32.4

 
$
54.8

A computation of Diluted Net Income Per Share - As Adjusted for Acquisition1 for the three months ended June 30, 2018 is presented below.
(Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
 
As Adjusted for Acquisition1
Dollars in Millions
 
 
Net Income - As Adjusted for Acquisition1
 
$
65.4

Less Income from Continuing Operations Attributed to Participating Awards - As Reported
 
0.1

Diluted Net Income Attributed to Unrestricted Shares - As Adjusted for Acquisition1
 
$
65.3

Shares in Millions
 
 
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution - As Reported
 
52.1

Shares Issued in Connection with Acquisition of Infinity
 
13.2

Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution - As Adjusted for Acquisition1
 
65.3

In Dollars
 
 
Diluted Net Income Per Share - As Adjusted for Acquisition1
 
$
1.00

Conference Call
Kemper will discuss its second quarter 2019 results in a conference call on Monday, August 5, at 4:15 p.m. Eastern (3:15 p.m. Central) Time. Kemper’s conference call will be accessible via the internet and by telephone. The phone number for Kemper’s conference call is 844.826.3041. 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 second quarter of 2019, which is available at the investor section of kemper.com.

12


About Kemper
The Kemper family of companies is one of the nation’s leading specialized insurers. With over $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 Auto, Personal Insurance, Life and Health brands. Kemper serves over 6.4 million policies, is represented by more than 30,000 agents and brokers, and has over 8,300 associates dedicated to meeting the ever-changing needs of its customers.
Learn more about Kemper.

Cautionary Statements Regarding Forward-Looking Information

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. Forward-looking statements give expectations or forecasts of future events, and can be identified by the fact that they relate to future actions, performance or results rather than strictly to historical or current facts.
Any or all forward-looking statements may turn out to be wrong, and, accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Forward-looking statements involve a number of risks and uncertainties that are difficult to predict, and are not guarantees of future performance. Among the general factors that could cause actual results and financial condition to differ materially from estimated results and financial condition are the possibility that the anticipated benefits and synergies from an acquisition may not be fully realized to the extent or within the time frame previously expected and other factors listed in periodic reports filed by Kemper with the Securities and Exchange Commission (the “SEC”). No assurances can be given that the results and financial condition contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable. 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. The reader is advised, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.
###

Contacts
 

Investors: Christine Worley

312.661.4803 or [email protected]
Media: Barbara Ciesemier
312.661.4521 or [email protected]

13
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Section 3: EX-99.2 (EXHIBIT 99.2 INVESTOR SUPPLEMENT)

Exhibit
Exhibit 99.2


399044502_kemperlogocolorwebfinala04.jpg


Investor Supplement
Second Quarter 2019
The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company’s periodic reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”). The results of operations for interim periods should not be considered indicative of results to be expected for the full year.
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 Page 33.
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. Forward-looking statements give expectations or forecasts of future events, and can be identified by the fact that they relate to future actions, performance or results rather than strictly to historical or current facts.
Any or all forward-looking statements may turn out to be wrong, and, accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of August 5, 2019, the date this Investor Supplement was included as an exhibit to the Company's Current Report on Form 8-K. Forward-looking statements involve a number of risks and uncertainties that are difficult to predict, and are not guarantees of future performance. Among the general factors that could cause actual results and financial condition to differ materially from estimated results and financial condition are those listed in periodic reports filed by Kemper with the SEC. No assurances can be given that the results and financial condition contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable. 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 Investor Supplement. The reader is advised, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.
    




Kemper Corporation
Investor Supplement
Second Quarter 2019
Table of Contents
 
 
 
 
Page
Consolidated Financial Highlights
3
Consolidated Statements of Operations
4
Consolidated Balance Sheets
5
Consolidated Statements of Cash Flows
6-7
Capital Metrics
8-9
Debt Outstanding and Ratings
10
Segment Summary Results:
 
Revenues
11
Operating Profit (Loss)
12
Net Operating Income (Loss)
12
Catastrophe Frequency and Severity
13
Preferred Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information
14 - 15
Preferred Personal Automobile Insurance
16
Homeowners and Other Personal Insurance
17
Homeowners Insurance
18
Other Personal Insurance
19
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information
20
Specialty Personal Automobile Insurance
21
Commercial Automobile Insurance
22
Life & Health Insurance Segment - Results of Operations and Selected Financial Information
23
Life Insurance
24
Accident and Health Insurance
24
Property Insurance
25
Insurance Expenses and Interest and Other Expenses
26
Details of Investment Performance
27
Details of Invested Assets
28 - 29
Investment Concentration
30
Municipal Bond Securities
31
Investments in Limited Liability Companies and Limited Partnerships
32
Definitions of Non-GAAP Financial Measures
33 - 34
As Adjusted for Acquisition
35
As Adjusted - Selected Consolidated Financial Information
36
As Adjusted - Specialty Property & Casualty Insurance Segment Selected Financial Information
37
As Adjusted - Specialty Personal Automobile Insurance Selected Financial Information
38
 




Kemper Corporation
Consolidated Financial Highlights
(Dollars in Millions, Except Per Share Amounts)
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
 
Jun 30,
2018
 
Mar 31,
2018
 
Jun 30,
2019
 
Jun 30,
2018
For Period Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earned Premiums
 
$
1,116.6

 
$
1,074.8

 
$
1,063.6

 
$
1,052.9

 
$
658.1

 
$
609.8

 
$
2,191.4

 
$
1,267.9

Net Investment Income
 
96.0

 
82.7

 
91.3

 
92.0

 
78.4

 
79.2

 
178.7

 
157.6

Other Income
 
22.7

 
1.9

 
2.0

 
37.8

 
1.2

 
1.2

 
24.6

 
2.4

Income (Loss) from Change in Fair Value of Equity and Convertible Securities
 
25.5

 
64.4

 
(76.4
)
 
11.0

 
0.4

 
0.7

 
89.9

 
1.1

Net Investment Gains
 
14.6

 
12.5

 
14.2

 
1.8

 
3.8

 
2.1

 
27.1

 
5.9

Total Revenues
 
$
1,275.4

 
$
1,236.3

 
$
1,094.7

 
$
1,195.5

 
$
741.9

 
$
693.0

 
$
2,511.7

 
$
1,434.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
$
122.1

 
$
155.3

 
$
6.5

 
$
92.2

 
$
37.6

 
$
53.8


$
277.4

 
$
91.4

Income from Continuing Operations
 
$
122.1

 
$
155.3

 
$
5.0

 
$
92.3

 
$
37.5

 
$
53.6

 
$
277.4

 
$
91.1

Adjusted Consolidated Net Operating Income 1
 
$
91.5

 
$
98.9

 
$
59.9

 
$
104.5

 
$
36.5

 
$
57.5

 
$
190.4

 
$
94.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per Unrestricted Common Share Amounts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
$
1.87

 
$
2.38

 
$
0.10

 
$
1.42

 
$
0.73

 
$
1.03

 
$
4.25

 
$
1.77

Income from Continuing Operations
 
$
1.87

 
$
2.38

 
$
0.08

 
$
1.42

 
$
0.73

 
$
1.03

 
$
4.25

 
$
1.76

Adjusted Consolidated Net Operating Income 1
 
$
1.39

 
$
1.52

 
$
0.92

 
$
1.61

 
$
0.70

 
$
1.11

 
$
2.91

 
$
1.81

Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
$
1.84

 
$
2.35

 
$
0.10

 
$
1.40

 
$
0.73

 
$
1.02

 
$
4.20

 
$
1.76

Income from Continuing Operations
 
$
1.84

 
$
2.35

 
$
0.08

 
$
1.40

 
$
0.73

 
$
1.02

 
$
4.20

 
$
1.75

Adjusted Consolidated Net Operating Income 1
 
$
1.38

 
$
1.50

 
$
0.91

 
$
1.59

 
$
0.70

 
$
1.10

 
$
2.88

 
$
1.80

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends Paid to Shareholders Per Share
 
$
0.25

 
$
0.25

 
$
0.24

 
$
0.24

 
$
0.24

 
$
0.24

 
$
0.50

 
$
0.48

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At Period End
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
12,616.5

 
$
12,182.2

 
$
11,544.9

 
$
11,772.6

 
$
8,840.5

 
$
8,371.0

 
 
 
 
Insurance Reserves
 
$
5,492.9

 
$
5,437.2

 
$
5,433.6

 
$
5,370.5

 
$
4,603.2

 
$
4,539.4

 
 
 
 
Debt
 
$
873.3

 
$
908.5

 
$
909.0

 
$
1,123.7

 
$
951.8

 
$
592.3