The following is a summary of the Kemper Corporation (KMPR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kemper Corporation reported $71 million of net income with an annualized return on equity of over 11%, and a tangible return on equity of over 17% for Q1 2024.

• The specialty P&C business generated a 93.6% underlying combined ratio, an improvement of 14.4 points year-over-year.

• The company posted an investment income of $100 million for the quarter with a pre-tax equivalent annualized book yield of 4.3%.

Business Progress:

• Kemper is focused on new business expansion activities and aims to return to more typical new business rates by midyear.

• The company is on track to stabilize policy in force (PIF) by midyear, with expected growth following traditional seasonality patterns.

• The life business continues to show stable earnings despite a slight decrease in new business levels compared to the first quarter of the previous year.

• Kemper Corporation is expecting to meet or exceed their target combined ratio of 96% throughout the year, with a loss trend that will allow them to earn an outstanding rate of 24%.

• The company is reopening new businesses with potential variation in geographical distribution and is further exploring diverse geographical opportunities.

• The reciprocal insurance company is expected to show gradual growth as the company populates it with new business.

More details: Kemper IR

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