Kemper projects net profit of $70-$80 million for Q2

Kemper projects net profit of $70-$80 million for Q2 | Insurance Business America

Life & Health

Kemper projects net profit of $70-$80 million for Q2

Company exiting its preferred home and auto lines

Life & Health

By
Grant Funtila

Kemper Corp. projects a net profit of $70-$80 million for the second quarter of 2024 and adjusted consolidated net operating income between $85-$95 million, compared to a $97.1 million net loss a year earlier.

The loss was partly due to a $45.5 million post-tax goodwill impairment and catastrophe losses during what Kemper president, CEO, and Chairman Joe Lacker Jr. called a very productive quarter.

The company is exiting its preferred home and automobile lines as part of a strategic review. Kemper’s underwriting units currently have an AM Best Financial Strength Rating of A- (Excellent), and its shares were trading at $63.93, up 2.95% from the previous close.

Kemper is an American insurance provider headquartered in Chicago, Illinois. It has approximately $13 billion in assets, serves over 4.8 million policies, and is represented by about 22,000 agents and brokers, and approximately 7,000 associates.

The company was recently in the news when SG Americas Securities LLC purchased 1,391 of its shares. This increased SG Americas’ shares of Kemper by 56.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. After the purchase, SG Americas now owns 3,841 shares of the insurance provider’s stock.

Kemper will host its conference call on Aug. 5. The call is accessible via the internet and telephone at 888.259.6580, Conference ID 19792463. Anyone interested in listening via webcast is required to register online at the investor section of kemper.com at least 15 minutes before the webcast to install the necessary software. One can also view the webcast’s replay in the investor section of the company’s website.