Company Quick10K Filing
Kemper
Price78.06 EPS6
Shares67 P/E13
MCap5,246 P/FCF14
Net Debt683 EBIT563
TEV5,930 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-02
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-13
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-03
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-01
8-K 2020-11-02 Earnings, Exhibits
8-K 2020-09-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-09-22 Enter Agreement, Other Events, Exhibits
8-K 2020-08-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-08-03 Earnings, Exhibits
8-K 2020-06-03
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-02-24
8-K 2020-02-10
8-K 2020-02-05
8-K 2020-01-13
8-K 2019-11-04
8-K 2019-09-19
8-K 2019-08-07
8-K 2019-08-05
8-K 2019-06-04
8-K 2019-04-30
8-K 2019-04-29
8-K 2019-02-11
8-K 2019-02-06
8-K 2019-01-25
8-K 2019-01-14
8-K 2018-11-30
8-K 2018-11-05
8-K 2018-10-22
8-K 2018-09-26
8-K 2018-07-30
8-K 2018-06-28
8-K 2018-06-27
8-K 2018-06-13
8-K 2018-06-08
8-K 2018-06-01
8-K 2018-05-22
8-K 2018-05-01
8-K 2018-04-30
8-K 2018-03-13
8-K 2018-02-13
8-K 2018-02-13
8-K 2018-02-13
8-K 2018-02-13
8-K 2018-02-06

KMPR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Accounting Policies
Note 2 - Investments
Note 3 - Property and Casualty Insurance Reserves
Note 4 - Policyholder Contract Liabilities
Note 5 - Debt
Note 6 - Leases
Note 7 - Net Income per Unrestricted Share
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income
Note 9 - Shareholders' Equity
Note 10 - Income Taxes
Note 11 - Pension Benefits and Postretirement Benefits Other Than Pensions
Note 12 - Business Segments
Note 13 - Fair Value Measurements
Note 14 - Contingencies
Note 15 - Related Parties
Note 16 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 kmpr202009302020ex311.htm
EX-31.2 kmpr202009302020ex312.htm
EX-32.1 kmpr202009302020ex321.htm
EX-32.2 kmpr202009302020ex322.htm

Kemper Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.31.00.70.50.2-0.12012201420172020
Rev, G Profit, Net Income
0.40.20.0-0.2-0.4-0.62012201420172020
Ops, Inv, Fin

kmpr-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________
FORM 10-Q
______________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For Quarterly Period Ended 09/30/2020
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from              to             
Commission file number 001-18298
______________________________________________________
 Kemper Corporation
(Exact name of registrant as specified in its charter)
______________________________________________________
DE95-4255452
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
200 E. Randolph Street
Suite 3300
ChicagoIL60601
(Address of principal executive offices)(Zip Code)
(312) 661-4600
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareKMPRNYSE
______________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x      No ¨ 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x   No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “accelerated filer, large accelerated filer, smaller reporting company and emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller Reporting CompanyEmerging 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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No  x
65,408,416 shares of common stock, $0.10 par value, were outstanding as of October 29, 2020.



KEMPER CORPORATION
INDEX
 
  Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.



Caution Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q, including, but not limited to, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), Risk Factors and the accompanying unaudited Condensed Consolidated Financial Statements (including the notes thereto) of Kemper Corporation (“Kemper”) and its subsidiaries (individually and collectively referred to herein as the “Company”) 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. The reader can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “believe(s),” “goal(s),” “target(s),” “estimate(s),” “anticipate(s),” “forecast(s),” “project(s),” “plan(s),” “intend(s),” “expect(s),” “might,” “may,” “could” and other terms of similar meaning. Forward-looking statements, in particular, include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong, and, accordingly, Kemper cautions readers not to place undue reliance on such statements. Kemper bases these statements on current expectations and the current economic environment as of the date of this Quarterly Report on Form 10-Q. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance and actual results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties that may be important in determining the Company’s actual future results and financial condition.
In addition to those factors discussed under Item 1A., “Risk Factors,” of Part I of Kemper’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”), for the year ended December 31, 2019 (the “2019 Annual Report”) as updated by Item 1A. of Part II of this Quarterly Report on Form 10-Q, the reader should consider the following list of general factors that, among others, could cause the Company’s actual results and financial condition to differ materially from estimated results and financial condition.
Factors related to the legal and regulatory environment in which Kemper and its subsidiaries operate
Evolving policies, practices and interpretations by regulators and courts that increase operating costs and potential liabilities, particularly any that involve retroactive application of new requirements, including, but not limited to, state initiatives related to unclaimed property laws or claims handling practices with respect to life insurance policies and the proactive use of death verification databases, and developments related to the novel coronavirus COVID-19 (“COVID-19”);
Adverse outcomes in litigation or other legal or regulatory proceedings involving Kemper or its subsidiaries or affiliates;
Governmental actions, including, but not limited to, implementation of new laws and regulations, and court decisions interpreting existing and future laws and regulations or policy provisions;
Uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, dividends from insurance subsidiaries, acquisitions of businesses and other matters within the purview of state insurance regulators;
Increased costs and initiatives required to address new legal and regulatory requirements and developments related to cybersecurity, privacy and data governance;

Factors relating to insurance claims and related reserves in the Company’s insurance businesses
The incidence, frequency and severity of catastrophes occurring in any particular reporting period or geographic area, including natural disasters, pandemics (including COVID-19) and terrorist attacks or other man-made events;
The frequency and severity of insurance claims (including those associated with catastrophe losses and pandemics);
Changes in facts and circumstances affecting assumptions used in determining loss and loss adjustment expenses (“LAE”) reserves, including, but not limited to, the frequency and severity of insurance claims, changes in claims handling procedures and closure patterns, development patterns and the impacts of COVID-19;

1


Caution Regarding Forward-Looking Statements (continued)
The impact of inflation on insurance claims, including, but not limited to, the effects on personal injury claims of increasing medical costs and the effects on property claims attributed to scarcity of resources available to rebuild damaged structures, including labor and materials and the amount of salvage value recovered for damaged property, and the rising costs of insurance claims from increased litigation, higher jury awards, the impact of process change and staffing levels and other effects of societal trends referred to as social inflation;
Developments related to insurance policy claims and coverage issues, including, but not limited to, interpretations, pronouncements or decisions by courts or regulators that may govern or influence losses incurred in connection with hurricanes and other catastrophes, including COVID-19;
Orders, interpretations or other actions by regulators that impact the reporting, adjustment and payment of claims;
Changes in the pricing or availability of reinsurance, or in the financial condition of reinsurers and amounts recoverable therefrom;
Factors related to the Company’s ability to compete
Changes in the ratings of Kemper and/or its insurance company subsidiaries by rating agencies with regard to credit, financial strength, claims paying ability and other areas on which the Company is rated;
The level of success and costs incurred in realizing or maintaining economies of scale, integrating acquired businesses and implementing significant business initiatives and the timing of the occurrence or completion of such events, including, but not limited to, those related to expense and claims savings, consolidations, reorganizations and technology;
Absolute and relative performance of the Company’s products and services, including, but not limited to, the level of success achieved in designing and introducing new insurance products and services;
Potential difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships or cloud-based technology could negatively impact the Company’s ability to conduct business. This risk is heightened in the current environment where a vast majority of the Company's employees have shifted to a work from home arrangement;
The ability of the Company to maintain the availability and required performance of critical systems and manage technology initiatives cost-effectively to address insurance industry developments and regulatory requirements;
Heightened competition, including, with respect to pricing, consolidations of existing competitors or entry of new competitors and alternate distribution channels, introduction of new technologies, use and enhancements of telematics, refinements of existing products and development of new products by current or future competitors;
Expected benefits and synergies from mergers, acquisitions and/or divestitures that may not be realized to the extent anticipated, within expected time frames or at all, due to a number of factors including, but not limited to, the loss of key agents/brokers, customers or employees, increased costs, fees, expenses and related charges and delays caused by unanticipated developments or factors outside of the Company’s control;
The successful formulation and execution of the Company’s plan with regard to corporate strategy and significant operational changes;
Factors relating to the business environment in which Kemper and its subsidiaries operate
Changes in general economic conditions, including those related to, without limitation, performance of financial markets, interest rates, inflation, unemployment rates, significant global events such as the global pandemic related to COVID-19, and fluctuating values of particular investments held by the Company;
Absolute and relative performance of investments held by the Company;
Changes in insurance industry trends and significant industry developments;
Changes in consumer trends, including changes in number of miles driven by automobile insurance policyholders, and significant consumer or product developments;
Changes in capital requirements, including the calculations thereof, used by regulators and rating agencies;
Changes related to the expectation that London Interbank Offered Rate (“LIBOR”) reference rates will no longer be available after 2021;
Regulatory, accounting or tax changes that may affect the cost of, or demand for, the Company’s products or services or after-tax returns from the Company’s investments;

2


Caution Regarding Forward-Looking Statements (continued)
The impact of required participation in state windpools and joint underwriting associations, residual market assessments and assessments for insurance industry insolvencies including the impact of COVID-19;
Changes in distribution channels, methods or costs resulting from changes in laws or regulations, legal proceedings, or market forces;
Increased costs and risks related to cybersecurity that could materially affect the Company’s operations, including, but not limited to, data breaches, cyber-incidents, virus or malware attacks or other system hazards or infiltrations affecting system integrity, availability and performance, and actions taken to minimize and remediate the risks thereof;
Other risks and uncertainties described from time to time in Kemper’s filings with the SEC
Kemper cannot provide any assurances that the results and outcomes contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable or that future events or developments will not cause such statements to be inaccurate including impacts related to COVID-19. Kemper assumes no obligation to correct or update any forward-looking statements publicly for any changes in events or developments or in the Company’s expectations or results subsequent to the date of this Quarterly Report on Form 10-Q. Kemper advises the reader, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.
3


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share amounts)
(Unaudited)
 Nine Months EndedThree Months Ended
 Sep 30,
2020
Sep 30,
2019
Sep 30,
2020
Sep 30,
2019
Revenues:
Earned Premiums
$3,458.2 $3,326.6 $1,206.5 $1,135.2 
Net Investment Income
245.5 270.4 92.1 91.7 
Other Income
92.7 31.8 0.9 7.2 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities
(1.0)99.7 45.2 9.8 
Net Realized Gains on Sales of Investments
38.2 39.1 10.0 1.7 
Impairment Losses(20.0)(12.1)(1.0)(1.8)
Total Revenues
3,813.6 3,755.5 1,353.7 1,243.8 
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses
2,460.2 2,373.4 877.5 782.6 
Insurance Expenses
821.2 754.3 276.9 256.0 
Loss from Early Extinguishment of Debt
 5.8  5.8 
Interest and Other Expenses
142.7 117.3 47.2 37.9 
Total Expenses
3,424.1 3,250.8 1,201.6 1,082.3 
Income before Income Taxes
389.5 504.7 152.1 161.5 
Income Tax Expense
(77.1)(98.3)(29.8)(32.5)
Net Income
$312.4 $406.4 $122.3 $129.0 
Net Income Per Unrestricted Share:
Basic
$4.75 $6.17 $1.87 $1.93 
Diluted
$4.67 $6.10 $1.83 $1.91 

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.
4


KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(Unaudited)
Nine Months EndedThree Months Ended
Sep 30,
2020
Sep 30,
2019
Sep 30,
2020
Sep 30,
2019
Net Income$312.4 $406.4 $122.3 $129.0 
Other Comprehensive Income (Loss) Before Income Taxes:
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities with:
No Credit Losses Recognized in Condensed Consolidated Statements of Income269.3 440.4 63.1 118.3 
Credit Losses Recognized in Condensed Consolidated Statements of Income(2.4) 1.3  
Decrease (Increase) in Net Unrecognized Postretirement Benefit Costs2.3 0.2 0.9 (0.4)
Gain on Cash Flow Hedges0.3 0.3 0.2 0.2 
Other Comprehensive Income (Loss) Before Income Taxes269.5 440.9 65.5 118.1 
Other Comprehensive Income Tax Benefit (Expense)(56.6)(92.6)(13.8)(24.9)
Other Comprehensive Income (Loss), Net of Taxes212.9 348.3 51.7 93.2 
Total Comprehensive Income (Loss)$525.3 $754.7 $174.0 $222.2 

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.

5


KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except per share amounts)
(Unaudited)
Sep 30,
2020
Dec 31,
2019
Assets:
Investments:
Fixed Maturities at Fair Value (Amortized Cost: 2020 - $6,694.8; 2019 - $6,372.7,
Allowance for Credit Losses: 2020 - $4.8)
$7,504.8 $6,922.1 
Equity Securities at Fair Value (Cost: 2020 - $680.5; 2019 - $818.8)788.2 907.3 
Equity Securities at Modified Cost
48.4 41.9 
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings
206.2 220.4 
Convertible Securities at Fair Value36.3 37.3 
Short-term Investments at Cost which Approximates Fair Value628.8 470.9 
Other Investments762.8 661.5 
Total Investments9,975.5 9,261.4 
Cash352.2 136.8 
Receivables from Policyholders (Allowance for Credit Losses: 2020 - $20.4; 2019 - $22.3)1,249.3 1,117.1 
Other Receivables214.0 219.7 
Deferred Policy Acquisition Costs578.2 537.7 
Goodwill1,114.0 1,114.0 
Current Income Tax Assets33.1 44.7 
Other Assets574.1 557.7 
Total Assets$14,090.4 $12,989.1 
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health$3,511.5 $3,502.0 
Property and Casualty1,950.0 1,969.8 
Total Insurance Reserves5,461.5 5,471.8 
Unearned Premiums1,681.6 1,545.5 
Policyholder Contract Liabilities503.7 309.8 
Deferred Income Tax Liabilities245.5 178.2 
Accrued Expenses and Other Liabilities677.6 733.1 
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2020 - $1,233.3; 2019 - $820.2)1,173.0 778.4 
Total Liabilities9,742.9 9,016.8 
Shareholders’ Equity:
Common Stock, $0.10 Par Value, 100 Million Shares Authorized; 65,406,442 Shares Issued and Outstanding at September 30, 2020 and 66,665,888 Shares Issued and Outstanding at December 31, 20196.5 6.7 
Paid-in Capital1,798.5 1,819.2 
Retained Earnings1,993.5 1,810.3 
Accumulated Other Comprehensive Income549.0 336.1 
Total Shareholders’ Equity4,347.5 3,972.3 
Total Liabilities and Shareholders’ Equity$14,090.4 $12,989.1 
The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.
6


KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(Unaudited)
 Nine Months Ended
 Sep 30,
2020
Sep 30,
2019
Cash Flows from Operating Activities:
Net Income$312.4 $406.4 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net Realized Investment (Gains) Losses(38.2)(39.1)
Impairment Losses20.0 12.1 
Depreciation and Amortization of Property, Equipment and Software26.6 21.7 
Amortization of Intangibles Assets Acquired14.1 24.3 
Contribution to Defined Benefit Pension Plan (55.3)
Loss from Early Extinguishment of Debt 5.8 
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments5.6 9.7 
Decrease (Increase) in Value of Equity and Convertible Securities at Fair Value1.0 (99.7)
Changes in:
Receivables from Policyholders(132.2)(132.8)
Reinsurance Recoverables13.8 39.8 
Deferred Policy Acquisition Costs(40.5)(66.5)
Insurance Reserves(10.3)71.5 
Unearned Premiums136.1 150.7 
Income Taxes22.0 46.1 
Other Assets and Liabilities(79.1)(28.2)
Net Cash Provided by Operating Activities251.3 366.5 
Cash Flows from Investing Activities:
Proceeds from Sales, Calls and Maturities of Fixed Maturities707.0 1,067.9 
Proceeds from the Sales or Paydowns of Investments:
Equity Securities436.5 99.7 
Real Estate Investments5.4  
Mortgage Loans18.6  
Other Investments26.5 25.7 
Purchases of Investments:
Fixed Maturities(1,009.7)(1,013.7)
Equity Securities(324.4)(248.2)
Real Estate Investments(0.5)(1.2)
Corporate-owned Life Insurance(100.0)(50.0)
Mortgage Loans(22.7) 
Other Investments(17.9)(94.1)
Net Sales (Purchases) of Short-term Investments(147.9)(111.5)
Acquisition of Software and Long-lived Assets(46.2)(53.8)
Other6.0 (2.0)
Net Cash Provided (Used In) by Investing Activities(469.3)(381.2)
Cash Flows from Financing Activities:
Net Proceeds from Issuance of Long-term Debt395.6 49.9 
Repayment of Long-term Debt (185.0)
Proceeds from Policyholder Contract Liabilities391.8 385.6 
Repayment of Policyholder Contract Liabilities(192.4)(258.0)
Proceeds from Issuance of Common Stock, Net of Transaction Costs 127.5 
Proceeds from Shares Issued under Employee Stock Purchase Plan3.1 1.0 
Common Stock Repurchases(110.4) 
Dividends and Dividend Equivalents Paid(59.3)(49.1)
Other5.0 1.3 
Net Cash Provided by Financing Activities433.4 73.2 
Increase in Cash215.4 58.5 
Cash, Beginning of Year136.8 75.1 
Cash, End of Period$352.2 $133.6 
The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.
7


KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollars in millions)
(Unaudited)
Nine Months Ended September 30, 2020
(Dollars and Shares in Millions,
Except Per Share Amounts)
Number of
Shares
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Shareholders’
Equity
Balance, December 31, 201966.7 $6.7 $1,819.2 $1,810.3 $336.1 $3,972.3 
Net Income— — — 312.4 — 312.4 
Other Comprehensive Income, Net of Taxes
     (Note 8)
— — — — 212.9 212.9 
Cash Dividends and Dividend Equivalents to Shareholders ($0.90 per share)— — — (59.6)— (59.6)
Repurchases of Common Stock (Note 9)(1.6)(0.2)(44.2)(66.0)— (110.4)
Shares Issued Under Employee Stock Purchase Plan— — 3.1 — — 3.1 
Equity-based Compensation Cost— — 19.7 — — 19.7 
Equity-based Awards, Net of Shares Exchanged0.3 — 0.7 (3.6)— (2.9)
Balance, September 30, 202065.4 $6.5 $1,798.5 $1,993.5 $549.0 $4,347.5 
Nine Months Ended September 30, 2019
(Dollars and Shares in Millions,
Except Per Share Amounts)
Number of
Shares
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Shareholders’
Equity
Balance, December 31, 201864.7 $6.5 $1,666.3 $1,355.5 $21.8 $3,050.1 
Net Income— — — 406.4 — 406.4 
Other Comprehensive Income, Net of Taxes
     (Note 8)
— — — — 348.3 348.3 
Cash Dividends and Dividend Equivalents to Shareholders ($0.75 per share)— — — (49.5)— (49.5)
Issuance of Common Stock, Net of Transaction Costs (Note 9)1.6 0.2 127.0 — — 127.2 
Shares Issued Under Employee Stock Purchase Plan— — 1.0 — — 1.0 
Equity-based Compensation Cost— — 20.0 — — 20.0 
Equity-based Awards, Net of Shares Exchanged0.3 — (1.4)(7.9)— (9.3)
Balance, September 30, 201966.6 $6.7 $1,812.9 $1,704.5 $370.1