Kemper Corporation reported its financial results for the third quarter and nine months ended September 30, 2024, showing significant recovery in profitability compared to the same periods in 2023. For the three months ended September 30, 2024, Kemper earned premiums totaled $1,068.5 million, a decrease from $1,117.8 million in the prior year. Total revenues also declined to $1,178.9 million from $1,199.4 million. However, total expenses saw a notable reduction, falling to $1,088.2 million from $1,390.2 million, contributing to a substantial turnaround in net income, which reached $72.2 million compared to a loss of $146.4 million in Q3 2023.
For the nine-month period, total revenues decreased to $3,451.8 million from $3,757.0 million, while earned premiums dropped to $3,134.1 million from $3,465.6 million. Despite this, net income for the nine months improved significantly to $220.4 million, recovering from a loss of $323.5 million in the same period last year.
The Specialty Property & Casualty Insurance segment reported earned premiums of $731.3 million for Q3 2024, up from $724.0 million in Q3 2023, while the Life Insurance segment's earned premiums increased slightly to $1,019.6 million from $992.5 million. Adjusted consolidated operating income for Q3 2024 was $132.4 million, a significant increase from a loss of $38.9 million in Q3 2023.
Kemper's total insurance reserves decreased to $6,012.7 million as of September 30, 2024, from $6,102.9 million at the end of 2023. The company also reported a decrease in total liabilities to $10,102.6 million from $10,237.7 million, while total shareholders’ equity rose to $2,770.4 million from $2,505.0 million.
Strategically, Kemper repurchased approximately 400,000 shares of its common stock for $25.0 million during the third quarter, with a remaining share repurchase authorization of $146.6 million. The company also recorded a noncash settlement charge of $70.2 million related to the termination of its defined benefit pension plan in Q3 2023.
Overall, Kemper's financial performance in 2024 reflects a recovery from previous losses, driven by improved operational efficiency and strategic management of expenses, despite challenges in premium income.
About KEMPER Corp
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