Kemper Corp 2025年度报告

Kemper Corporation 2025 Annual Report Kemper at a Glance The Kemper (NYSE: KMPR) family of companies is one of the nation’s leading specialized insurers. With approximately$12 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalizedsolutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves over4.5 million policies, is represented by 24,100 agents and brokers, and has approximately 7,400 associates who arededicated to meeting the ever-changing needs of its customers. Financial Highlights To Our Shareholders, As we reflect on the past year and look ahead, we do soduring a period of leadership transition for Kemper. During thistime, we are focused on taking clear and deliberate actionsto strengthen execution, enhance profitability, and reinforcesound governance as we position the Company for long-termsuccess. We remain confident in the strength of the Kemperteam at all levels of the organization and in our ability tonavigate the current environment while continuing to serveour customers and shareholders. C. Thomas Evans, Jr.Interim Chief Executive Officer Kemper is one of the nation’s leading specialized insurers,with approximately $12 billion in assets and more than4.5 million policies in force. We operate in specialtyinsurance markets where we see compelling long-termopportunity, sustained demand for our products, anddistinct competitive advantages. While our SpecialtyAuto and Life insurance businesses serve differentcustomer needs, both operate under the same coreprinciples: disciplined underwriting, effective cost and riskmanagement, and a focus on sustainable performance. Gerald LadermanChairman of the Board The Board of Directors is actively conducting a comprehensivesearch for Kemper’s next Chief Executive Officer. We arecommitted to identifying the right leader to guide the Companythrough its next phase of growth and value creation. In theinterim, Tom Evans and the management team have the Board’sfull support as they continue to lead the business, build ourculture, and execute on our strategic and financial priorities. We are focused on takingclear and deliberate actions tostrengthen execution, enhanceprofitability, and reinforce soundgovernance as we position theCompany for long-term success. During 2025, our Specialty Auto business encountereda challenging operating environment, particularly withinseveral of our core markets. Changes in the regulatory andclaims landscape, combined with elevated severity trends,created increased pressure on underwriting performance,particularly in the second half of the year. As is often thecase, shifts in the Specialty Auto segment can emergesooner and with greater intensity than in the broaderauto insurance market. DRIVING IMPROVEDPERFORMANCE In response, we are acting decisively to strengthenexecution and reduce earnings volatility. We launched arestructuring program during the third quarter to enhanceoperating efficiency and streamline our cost structure,identifying meaningful run-rate savings with additionalbenefits expected over time. We also implementedtargeted leadership changes in key operational areasto strengthen accountability and execution discipline. We are advancing initiatives to support profitable growthand geographic diversification, including the rollout ofnew personal auto products in select markets and targetedrate and underwriting actions designed to better alignprice to risk and improve portfolio resilience. 2025 RESULTS While the year began with positive momentum, operatingconditions became increasingly challenging as the yearprogressed. Net income attributable to Kemper Corporationwas $143 million, or $2.29 per diluted share, compared to$318 million, or $4.91 per diluted share, in 2024. Adjustedconsolidated net operating income1 was $226 million, or$3.60 per diluted share, compared to $382 million, or$5.89 per diluted share, in the prior year. We are also enhancing the customer and agent experiencethrough investments in digital acquisition and servicecapabilities, alongside improvements in claims technologyand processes to drive more efficient end-to-end handling. In California, we have taken decisive underwriting andoperational actions to address loss trends and restoreprofitability, including both rate and non-rate measuresto strengthen performance in that market. Despite these pressures, Kemper generated a 5% increasein book value per share and produced a 5% return onshareholders’ equity and an 8% return on adjustedshareholders’ equity1. Our insurance subsidiaries remainwell capitalized and supported by substantial liquidity.As of year-end 2025, holding company liquidity exceeded$1 billion, providing financial flexibility to support ouroperating subsidiaries and meet capital obligations. These challenges also highlighted areas where executionmust improve, and we are addressing those opportunitieswith urgency, f