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Kemper Corporation Reports Third Quarter 2012 Results

Stocks in this article: KMPR

Kemper Corporation (NYSE: KMPR) reported today net income of $55.6 million ($0.95 per share) for the third quarter of 2012, compared to net income of $2.0 million ($0.03 per share) for the third quarter of 2011. Consolidated net operating income 1 was $24.6 million ($0.42 per share) for the third quarter of 2012, compared to consolidated net operating income of $7.1 million ($0.12 per share) for the third quarter of 2011.

Three Months Ended Nine Months Ended
Sep 30,   Sep 30, Sep 30,   Sep 30,
(Dollars in millions, except per share amounts) (Unaudited) 2012 2011 2012 2011
Consolidated Net Operating Income 1 $ 24.6 $ 7.1 $ 57.2 $ 23.0
Income from Continuing Operations 55.6 1.1 93.5 36.7
Net Income 55.6 2.0 101.5 50.2
Impact of Catastrophe Losses and Loss Adjustment Expense (LAE) on Net Income $ (8.0 ) $ (27.8 ) $ (51.7 ) $ (101.9 )
Basic Net Income Per Share From:
Consolidated Net Operating Income 1 $ 0.42 $ 0.12 $ 0.96 $ 0.38
Continuing Operations 0.95 0.01 1.57 0.61
Net Income 0.95 0.03 1.71 0.83
Impact of Catastrophe Losses and LAE on Net Income Per Share $ (0.14 ) $ (0.46 ) $ (0.87 ) $ (1.68 )

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

“Our results in the third quarter improved significantly over last year, as we benefited from lower catastrophes,” commented Donald G. Southwell, Kemper's Chairman, President and Chief Executive Officer. “We continued to implement planned price increases across our Property & Casualty businesses and selectively reduced exposure, especially in homeowners.”

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