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Kemper Corporation Reports Second Quarter 2012 Results

Kemper Corporation (NYSE: KMPR) reported today net income of $2.3 million ($0.04 per share) for the second quarter of 2012, compared to a net loss of $3.3 million ($0.06 per share) for the second quarter of 2011. Consolidated net operating loss 1 was $0.8 million ($0.01 per share) for the second quarter of 2012, compared to consolidated net operating loss of $20.2 million ($0.33 per share) for the second quarter of 2011.
  Three Months Ended   Six Months Ended
(Dollars in millions, except per share amounts) (Unaudited) Jun 30,2012   Jun 30,2011 Jun 30,2012   Jun 30,2011
Consolidated Net Operating Income (Loss) 1 $ (0.8 ) $ (20.2 ) $ 32.6 $ 15.9
Income (Loss) from Continuing Operations 1.6 (9.4 ) 37.9 35.6
Net Income (Loss) 2.3 (3.3 ) 45.9 48.2
 
Impact of Catastrophe Losses and Loss Adjustment Expense (LAE) on Net Income $ (36.3 ) $ (67.8 ) $ (43.7 ) $ (74.1 )
 
Basic Net Income (Loss) Per Share From:
Consolidated Net Operating Income (Loss) 1 $ (0.01 ) $ (0.33 ) $ 0.54 $ 0.26
Continuing Operations 0.03 (0.16 ) 0.63 0.58
Net Income (Loss) 0.04 (0.06 ) 0.77 0.79
 
Impact of Catastrophe Losses and LAE on Net Income Per Share $ (0.61 ) $ (1.12 ) $ (0.73 ) $ (1.22 )

1 Consolidated net operating income (loss) is an after-tax, non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” for additional information.

“As recently announced, we decided to cease direct marketing efforts and are moving forward with a full strategic analysis of Kemper Direct to maximize value for our shareholders,” commented Donald G. Southwell, Kemper's Chairman, President and Chief Executive Officer. “Although our overall property and casualty results improved over 2011, we had a difficult second quarter, experiencing catastrophe losses totaling $36 million after-tax and increased loss trends. Accordingly, we continue to file for rate increases and take underwriting actions to improve our P&C profitability.”

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