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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 the Quarterly Period Ended 9/30/2022
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
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062KMPBNYSE
______________________________________________________
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 “large accelerated filer,” “ accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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
63,885,142 shares of common stock, $0.10 par value, were outstanding as of October 31, 2022.



KEMPER CORPORATION
INDEX

  Page
PART I.
Item 1.
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (Unaudited)
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, 2021 (the “2021 Annual Report”), 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, 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;
Liabilities, costs and other impacts arising from developments related to cybersecurity, privacy and data governance, including, without limitation, cyber incidents that have occurred or could occur;

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 and associated governmental responses;
1


The impact of inflation on insurance claims, including, but not limited to, the effects on material costs and personal injury claims of increasing medical costs;
The effects on property claims attributed to supply chain disruption and scarcity of resources available to rebuild damaged structures, including labor and materials and the amount of salvage value recovered for damaged property;
The rising costs of insurance claims from increased and more targeted litigation, higher jury awards, broader definitions of liability, 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;
Difficulties with technology, data and network security (including as a result of cyber attacks that have occurred or could occur), outsourcing relationships or cloud-based technology that could negatively impact the Company’s ability to conduct business, a heightened risk when substantial numbers of employees shift to work from home arrangements, such as the arrangements implemented for a vast majority of the Company’s employees and some business partners during the COVID-19 pandemic;
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, geopolitical events, significant global catastrophes such as the COVID-19 outbreak and subsequent global pandemic, 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;
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


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;
Increasing competition and higher costs for executive talent and employees with necessary skills and industry experience;
Increased costs and risks related to cybersecurity that could materially affect the Company’s operations including, but not limited to, data breaches, cyber attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability and performance, and actions taken to minimize and remediate the risks of such events that have occurred or could occur;
Other risks and uncertainties described from time to time in Kemper’s filings with the U.S. Securities and Exchange Commission (“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. 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 (LOSS)
(Dollars in millions, except per share amounts)
(Unaudited)
 Nine Months EndedThree Months Ended
 Sep 30,
2022
Sep 30, 2021Sep 30, 2022Sep 30, 2021
Revenues:
Earned Premiums
$3,999.3 $3,894.6 $1,307.0 $1,356.1 
Net Investment Income316.3 318.9 97.8 101.9 
Change in Value of Alternative Energy Partnership Investments(21.2)(46.9)0.4 (23.8)
Other Income (Loss)7.3 20.8 4.0 12.3 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities
(79.9)92.4 (11.2)(0.6)
Net Realized Investment Gains (Losses)0.4 43.1 (12.1)10.1 
Impairment Losses(22.1)(7.8)(8.3)(0.6)
Total Revenues
4,200.1 4,315.1 1,377.6 1,455.4 
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses
3,426.1 3,324.8 1,102.4 1,211.2 
Insurance Expenses
913.0 909.0 301.3 311.3 
Loss from Early Extinguishment of Debt3.7    
Interest and Other Expenses
171.1 179.2 63.5 62.7 
Total Expenses
4,513.9 4,413.0 1,467.2 1,585.2 
Income (Loss) before Income Taxes(313.8)(97.9)(89.6)(129.8)
Income Tax Benefit (Expense)68.1 83.2 13.4 54.5 
Net Income (Loss)$(245.7)$(14.7)$(76.2)$(75.3)
Net Income (Loss) Per Unrestricted Share:
Basic
$(3.85)$(0.23)$(1.19)$(1.18)
Diluted$(3.85)$(0.23)$(1.19)$(1.18)

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 (LOSS)
(Dollars in millions)
(Unaudited)
Nine Months EndedThree Months Ended
Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Net Income (Loss)$(245.7)$(14.7)$(76.2)$(75.3)
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 Income (Loss)(1,643.2)(254.0)(411.5)(80.8)
Credit Losses Recognized in Condensed Consolidated Statements of Income (Loss)(1.3)(1.9)(0.8)0.5 
Decrease (Increase) in Net Unrecognized Postretirement Benefit Costs(0.3)0.3 (0.2)(0.1)
Gain (Loss) on Cash Flow Hedges5.9 0.3  0.1 
Other Comprehensive Income (Loss) Before Income Taxes(1,638.9)(255.3)(412.5)(80.3)
Other Comprehensive Income Tax Benefit (Expense)344.2 54.2 86.7 16.7 
Other Comprehensive Income (Loss), Net of Taxes(1,294.7)(201.1)(325.8)(63.6)
Total Comprehensive Income (Loss)$(1,540.4)$(215.8)$(402.0)$(138.9)

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,
2022
Dec 31,
2021
Assets:
Investments:
Fixed Maturities at Fair Value (Amortized Cost: 2022 - $7,575.3; 2021 - $7,358.2
   Allowance for Credit Losses: 2022 - $7.5; 2021 - $7.5)
$6,577.1 $7,986.9 
Equity Securities at Fair Value (Cost: 2022 - $302.4; 2021 - $618.7)
322.7 830.6 
Equity Method Limited Liability Investments226.0 241.9 
Alternative Energy Partnership Investments16.9 39.6 
Short-term Investments at Cost which Approximates Fair Value357.2 284.1 
Company-Owned Life Insurance
578.6 448.1 
Loans to Policyholders
283.2 286.2 
Other Investments274.2 270.0 
Total Investments8,635.9 10,387.4 
Cash249.2 148.2 
Receivables from Policyholders (Allowance for Credit Losses: 2022 - $12.5; 2021 - $13.6)
1,345.8 1,418.7 
Other Receivables228.7 207.3 
Deferred Policy Acquisition Costs634.7 677.6 
Goodwill1,298.8 1,312.0 
Current Income Tax Assets165.1 173.1 
Deferred Income Tax Assets182.0  
Assets Held-for-Sale172.8  
Other Assets544.8 592.2 
Total Assets$13,457.8 $14,916.5 
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health$3,534.6 $3,540.9 
Property and Casualty2,720.3 2,772.7 
Total Insurance Reserves6,254.9 6,313.6 
Unearned Premiums1,794.8 1,898.7 
Policyholder Obligations704.0 504.0 
Deferred Income Tax Liabilities 227.0 
Liabilities Held-for-Sale84.8  
Accrued Expenses and Other Liabilities795.3 843.6 
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2022 - $1,204.1; 2021 - $1,152.1)
1,386.4 1,121.9 
Total Liabilities11,020.2 10,908.8 
Shareholders’ Equity:
Common Stock, $0.10 Par Value, 100,000,000 Shares Authorized; 63,884,152 Shares Issued and Outstanding at September 30, 2022 and 63,684,628 Shares Issued and Outstanding at December 31, 2021
6.4 6.4 
Paid-in Capital1,822.2 1,790.7 
Retained Earnings1,455.6 1,762.5 
Accumulated Other Comprehensive Income (Loss)(846.6)448.1 
Total Shareholders’ Equity2,437.6 4,007.7 
Total Liabilities and Shareholders’ Equity$13,457.8 $14,916.5 
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,
2022
Sep 30,
2021
Cash Flows from Operating Activities:
Net Income (Loss)$(245.7)$(14.7)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Net Realized Investment (Gains) Losses(0.4)(43.1)
Impairment Losses22.1 7.8 
Depreciation and Amortization of Property, Equipment and Software38.9 32.8 
Amortization of Intangibles Assets Acquired16.0 46.4 
Loss from Early Extinguishment of Debt3.7  
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments(13.7)(50.9)
(Income) Loss from Change in Value of Alternative Energy Partnership Investments21.2 46.9 
(Increase) Decrease in Value of Equity and Convertible Securities79.9 (92.4)
Changes in:
Receivables from Policyholders69.6 (137.7)
Reinsurance Recoverables(1.8)24.4 
Deferred Policy Acquisition Costs4.2 (87.3)
Insurance Reserves(9.3)429.8 
Unearned Premiums(93.4)172.9 
Income Taxes(66.2)(121.5)
Other Assets and Liabilities4.8 94.2 
Net Cash Provided by (Used in) Operating Activities(170.1)307.6 
Cash Flows from Investing Activities:
Proceeds from Sales, Calls and Maturities of Fixed Maturities1,019.4 1,015.6 
Proceeds from the Sales or Paydowns of Investments:
Equity Securities458.3 139.7 
Real Estate Investments 6.2 
Mortgage Loans69.9 53.1 
Other Investments41.9 39.7 
Purchases of Investments:
Fixed Maturities(1,386.7)(1,322.2)
Equity Securities(55.3)(106.0)
Real Estate Investments(2.9)(3.6)
Company-Owned Life Insurance(110.0)(100.0)
Mortgage Loans(67.3)(94.0)
Other Investments(9.7)(92.1)
Net Sales (Purchases) of Short-term Investments(73.6)715.1 
Acquisition of Business, Net of Cash Acquired (316.6)
Sale of Infinity Security, Net of Cash Acquired4.9  
Acquisition of Software and Long-lived Assets(27.1)(43.9)
Other8.6 10.0 
Net Cash Provided by (Used in) Investing Activities(129.6)(99.0)

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 CASH FLOWS (continued)
(Dollars in millions)
(Unaudited)
Nine Months Ended
Sep 30,
2022
Sep 30,
2021
Net Cash Provided by (Used in) Investing Activities (Carryforward from page 7)(129.6)(99.0)
Cash Flows from Financing Activities:
Repayment of Long-term Debt(280.0)(50.0)
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032
396.3  
Issuance Fees on 3.800% Senior Notes due February 23, 2032
(1.2) 
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062
145.6  
Issuance Fees on 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062
(0.9) 
Proceeds from Policyholder Obligations319.9 298.1 
Repayment of Policyholder Obligations(120.1)(328.1)
Proceeds from Shares Issued under Employee Stock Purchase Plan3.8 3.9 
Common Stock Repurchases (161.7)
Dividends and Dividend Equivalents Paid(59.9)(60.8)
Other0.3 3.7 
Net Cash Provided by (Used in) Financing Activities403.8 (294.9)
Net increase (decrease) in cash, Including Held-for-Sale104.1 (86.3)
Cash at beginning of year, Including Held-for-Sale148.2 206.1 
Cash at end of period, Including Held-for-Sale252.3 119.8 
Net increase (decrease) in cash, Held-for-Sale3.1  
Cash at beginning of year, Held-for-Sale  
Cash at end of period, Held-for-Sale
3.1  
Net increase (decrease) in cash, Net of Held-for-Sale101.0 (86.3)
Cash at beginning of year, Net of Held-for-Sale148.2 206.1 
Cash at end of period, Net of Held-for-Sale$249.2 $119.8 

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








8


KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per share amounts)
(Unaudited)
Nine Months Ended September 30, 2022
Number of
Shares
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance, December 31, 2021
63.7 $6.4 $1,790.7 $1,762.5 $448.1 $4,007.7 
Net Income (Loss)— — — (245.7)— (245.7)
Other Comprehensive Income (Loss), Net of Taxes (Note 11)
— — — — (1,294.7)(1,294.7)
Cash Dividends and Dividend Equivalents to Shareholders ($0.93 per share)
— — — (60.3)— (60.3)
Shares Issued Under Employee Stock Purchase Plan (Note 12)
0.1 — 3.8 — — 3.8 
Equity-based Compensation Cost— — 28.5 — — 28.5 
Equity-based Awards, Net of Shares Exchanged0.1  (0.8)(0.9)— (1.7)
Balance, September 30, 2022
63.9 $6.4 $1,822.2 $1,455.6 $(846.6)$2,437.6 
Nine Months Ended September 30, 2021
Number of
Shares
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance, December 31, 2020
65.4 $6.5 $1,805.2 $2,071.2 $680.5 $4,563.4 
Net Income (Loss)— — — (14.7)— (14.7)
Other Comprehensive Income (Loss), Net of Taxes (Note 11)
— — — — (201.1)(201.1)
Cash Dividends and Dividend Equivalents to Shareholders ($0.93 per share)
— — — (61.1)— (61.1)
Repurchases of Common Stock (Note 12)
(2.1)(0.2)(57.8)(103.7)— (161.7)
Shares Issued Under Employee Stock Purchase Plan (Note 12)
0.1 — 3.9 — — 3.9 
Equity-based Compensation Cost— — 24.6 — — 24.6 
Equity-based Awards, Net of Shares Exchanged0.3 0.1 1.1 (3.3)— (2.1)
Balance, September 30, 2021
63.7 $6.4 $1,777.0 $1,888.4 $479.4 $4,151.2 

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








9


KEMPER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30, 2022
Number of
Shares
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance, June 30, 2022
63.8 $6.4 $1,812.5 $1,551.9 $(520.8)$2,850.0 
Net Income (Loss)— — — (76.2)— (76.2)
Other Comprehensive Income (Loss), Net of Taxes (Note 11)
— — — — (325.8)(325.8)
Cash Dividends and Dividend Equivalents to Shareholders ($0.31 per share)
— — — (20.1)— (20.1)
Shares Issued Under Employee Stock Purchase Plan (Note 12)
0.1 — 1.3 — — 1.3 
Equity-based Compensation Cost— — 8.3 — — 8.3 
Equity-based Awards, Net of Shares Exchanged  0.1  — 0.1 
Balance, September 30, 2022
63.9 $6.4 $1,822.2 $1,455.6 $(846.6)$2,437.6 
Three Months Ended September 30, 2021
Number of
Shares
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance, June 30, 2021
63.6 $6.4 $1,770.9 $1,985.9 $543.0 $4,306.2 
Net Income (Loss)— — — (75.3)— (75.3)
Other Comprehensive Income (Loss), Net of Taxes (Note 11)
— — — — (63.6)(63.6)
Cash Dividends and Dividend Equivalents to Shareholders ($0.31 per share)
— — — (19.7)— (19.7)
Repurchases of Common Stock (Note 11)
(0.1) (1.1)(1.9)— (3.0)
Shares Issued Under Employee Stock Purchase Plan (Note 12)
0.1 — 1.4 — — 1.4 
Equity-based Compensation Cost— — 6.1 — — 6.1 
Equity-based Awards, Net of Shares Exchanged0.1  (0.3)(0.6)— (0.9)
Balance, September 30, 2021
63.7 $6.4 $1,777.0 $1,888.4 $479.4 $4,151.2 

The Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.
10

KEMPER CORPORATION AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 - Basis of Presentation and Accounting Policies
The unaudited interim Condensed Consolidated Financial Statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) on a basis consistent with reporting interim financial information pursuant to the rules and regulations for Form 10-Q and Article 10 of Regulation S-X of the SEC and include the accounts of Kemper Corporation and its subsidiaries. All intercompany accounts and transactions have been eliminated.
Certain financial information that is included in annual financial statements, including certain financial statement footnote disclosures, prepared in accordance with GAAP is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements include all adjustments necessary to fairly present the financial position, results of operations and cash flows for the interim periods presented. The preparation of interim financial statements requires significant management estimates. Due to this factor and other factors, such as the seasonal nature of some portions of the insurance business, as well as market conditions and the impacts of COVID-19, annualizing the results of operations for the nine months ended September 30, 2022 would not necessarily be indicative of the results expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in Kemper’s Annual Report for the year ended December 31, 2021.
Premium Deficiency

During the first quarter of 2022, the Company began including anticipated net investment income in the premium deficiency analysis performed at the Specialty Property & Casualty Insurance and Preferred Property & Casualty Insurance segments. The Company believes the accounting principle change is preferable as it best reflects the ultimate profitability of an insurance contract in using all cash flows from the in-force policies, inclusive of related investment income, and provides improved comparability with industry peers. This accounting principle change had no impact on the results of the premium deficiency analysis in the first quarter of 2022 or prior periods presented.

Company-Owned Life Insurance

As of June 30, 2022, the Company has elected to separately display its investments in Company-Owned Life Insurance and Loans to Policyholders in the Condensed Consolidated Balance Sheets. These were previously reported in Other Investments on the Condensed Consolidated Balance Sheets. Additionally, the Company has elected to include Equity Securities at Modified Cost and Convertible Securities at Fair Value within Other Investments on the Condensed Consolidated Balance Sheets.