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Kemper Corporation Reports Strong Third Quarter 2013 Earnings

Kemper Corporation (NYSE: KMPR) reported today net income of $70.1 million, or $1.23 per diluted share, for the third quarter of 2013, compared to $55.6 million, or $0.95 per diluted share, for the third quarter of 2012. Consolidated net operating income 1 was $38.9 million, or $0.69 per diluted share, for the third quarter of 2013, compared to $24.6 million, or $0.42 per diluted share, for the third quarter of 2012. Net operating income per diluted share increased for the third quarter of 2013, compared to 2012, primarily from improved underlying property and casualty results (excludes prior year reserve development and catastrophe losses), higher net investment income and the impact of share repurchases.
  Three Months Ended   Nine Months Ended
(Dollars in Millions, Except Per Share Amounts) (Unaudited) Sep 30,2013   Sep 30,2012 Sep 30,2013   Sep 30,2012
Consolidated Net Operating Income 1 $ 38.9 $ 24.6 $ 112.9 $ 57.2
Income from Continuing Operations 68.6 55.6 159.7 93.5
Net Income 70.1 55.6 162.5 101.5
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income $ (6.7 ) $ (8.0 ) $ (31.5 ) $ (51.7 )
Diluted Net Income Per Share From:
Consolidated Net Operating Income 1 $ 0.69 $ 0.42 $ 1.95 $ 0.96
Continuing Operations 1.21 0.95 2.76 1.56
Net Income 1.23 0.95 2.81 1.70
Impact of Catastrophe Losses and Related LAE on Net Income Per Share $ (0.12 ) $ (0.14 ) $ (0.55 ) $ (0.87 )

1 Consolidated net operating income 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 quarter, as net operating income per diluted share increased 64 percent year-over-year,” said Donald G. Southwell, Kemper's Chairman, President and Chief Executive Officer. “The overall property and casualty group's combined ratio and underlying combined ratio improved roughly 4 percentage points, primarily from our strategic actions to implement rate increases and tighten underwriting.”

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