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Kemper Corporation Reports Strong Second Quarter 2013 Earnings

Stocks in this article: KMPR

Kemper Corporation (NYSE: KMPR) reported today net income of $34.0 million, or $0.59 per share, for the second quarter of 2013, compared to $2.3 million, or $0.04 per share, for the second quarter of 2012. Consolidated net operating income 1 was $31.7 million, or $0.55 per share, for the second quarter of 2013, compared to a consolidated net operating loss of $0.8 million, or $0.01 per share, for the second quarter of 2012.

  Three Months Ended   Six Months Ended
(Dollars in millions, except per share amounts) (Unaudited) Jun 30,2013   Jun 30,2012 Jun 30,2013   Jun 30,2012
Consolidated Net Operating Income (Loss) 1 $ 31.7 $ (0.8 ) $ 74.0 $ 32.6
Income from Continuing Operations 32.5 1.6 91.1 37.9
Net Income 34.0 2.3 92.4 45.9
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income $ (17.6 ) $ (36.3 ) $ (24.8 ) $ (43.7 )
Basic Net Income (Loss) Per Share From:
Consolidated Net Operating Income (Loss) 1 $ 0.55 $ (0.01 ) $ 1.27 $ 0.54
Continuing Operations 0.56 0.03 1.57 0.63
Net Income 0.59 0.04 1.59 0.77
Impact of Catastrophe Losses and Related LAE on Net Income Per Share $ (0.30 ) $ (0.61 ) $ (0.43 ) $ (0.73 )

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

“We are pleased with Kemper's strong performance in the second quarter, as net operating income per share increased $0.56 year-over-year,” said Donald G. Southwell, Kemper's Chairman, President and Chief Executive Officer. “The overall property and casualty group's combined ratio improved nearly 15 percentage points from lower catastrophe losses, improved underlying results and higher favorable reserve development. The underlying combined ratio improved more than 5 percentage points resulting from our strategic actions to implement rate increases and tighten underwriting.”

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