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Kemper Corporation 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 (KMPB+0.21%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing indicates that the company's total revenues for 2024 were $4,638.6 million, a decrease from $4,944.2 million in 2023. This decline was primarily due to a reduction in earned premiums.
Net income attributable to Kemper Corporation was $317.8 million for the year ended December 31, 2024, compared to a net loss of $272.1 million in 2023. The improvement was driven by higher adjusted consolidated net operating income and lower acquisition and restructuring costs.
The Specialty Property & Casualty Insurance segment reported total segment adjusted net operating income of $376.3 million in 2024, compared to a loss of $57.1 million in 2023. This improvement was due to higher average earned premiums per exposure and lower claim frequency.
The Life Insurance segment reported total segment adjusted net operating income of $50.2 million in 2024, slightly down from $51.8 million in 2023. This was primarily due to a reduction in net investment income.
Net investment income for 2024 was $407.5 million, a decrease from $419.7 million in 2023, largely due to lower earnings from equity method investments.
The company's effective income tax rate for 2024 was 19.6%, compared to 21.6% in 2023. This decrease was primarily due to increased benefits from company-owned life insurance.
Kemper's total assets as of December 31, 2024, were $12,630.4 million, slightly down from $12,742.7 million at the end of 2023.
The filing also discusses the company's exposure to various risks, including market risk, interest rate risk, and equity price risk. The company manages these risks through a diversified investment portfolio and other strategies.
The report outlines the company's commitment to maintaining adequate reserves for insurance losses and loss adjustment expenses, which totaled $2,621.3 million as of December 31, 2024.
Kemper continues to focus on its core insurance operations and strategic initiatives, while managing regulatory and competitive challenges in the insurance industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kemper Corporation 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.