Analogy 1: A diversified personal insurance provider, similar to a national Farmers Insurance or a smaller State Farm.

Analogy 2: Like Progressive or GEICO, but with a strong emphasis on auto insurance for a diverse range of drivers, including specialized policies.

Analogy 3: An insurance company focused on personal lines, akin to Allstate or Travelers, offering coverage for auto, home, and life.

• Auto Insurance: Provides various levels of coverage for automobiles and drivers, often specializing in non-standard policies.
• Homeowners Insurance: Offers protection for residential properties and personal belongings against specified perils.
• Life Insurance: Provides financial security to beneficiaries upon the death of the insured, offered in various forms such as term and whole life.
• Health Insurance: Delivers supplemental health coverage, including fixed indemnity, critical illness, accident, and cancer insurance plans.

Kemper (KMPR) - Major Customers

• Individuals Seeking Specialty Property & Casualty Insurance: This category primarily includes drivers who may have difficulty obtaining auto insurance from standard carriers due to factors such as past driving infractions, credit history, or other risk profiles. Kemper is a significant provider in the non-standard auto insurance market, catering to these individuals. It also includes individuals seeking preferred auto and homeowners insurance.
• Individuals Seeking Life and Health Insurance: This segment consists of individuals and families looking for financial protection through life insurance policies, as well as those seeking health insurance coverage.
• Individuals Seeking Standard Property & Casualty Insurance: This category encompasses individuals and families seeking more traditional, preferred auto and homeowners insurance policies.

• Guidewire Software (GWRE)
• Verisk Analytics (VRSK)

C. Thomas Evans, Jr. Interim CEO, Executive Vice President, Secretary, and General Counsel

Mr. Evans was appointed Interim CEO of Kemper Corporation on October 15, 2025, after Joseph P. Lacher, Jr. stepped down. He also serves as Executive Vice President, Secretary, and General Counsel. Mr. Evans joined Kemper in 1992 and has held multiple leadership roles within the company, demonstrating deep knowledge of Kemper's business. Prior to joining Kemper, he was in private practice at Winston & Strawn, focusing on corporate and commercial litigation.

Bradley T. Camden Executive Vice President and Chief Financial Officer

Mr. Camden was named Executive Vice President and Chief Financial Officer of Kemper Corporation in February 2024, after serving as Interim CFO since September 2023. He joined Kemper in 2020 as Senior Vice President and Treasurer, where he was responsible for critical strategic initiatives, capital market management, and risk management. Before joining Kemper, Mr. Camden spent 15 years at Northern Trust Asset Management, holding various finance leadership positions, including Head of Long Duration Fixed Income, Head of Active and Quantitative Strategies, and Director of Fixed Income Strategy.

John M. Boschelli Executive Vice President and Chief Investment Officer

Mr. Boschelli serves as Executive Vice President and Chief Investment Officer at Kemper Corporation.

Matthew A. Hunton Executive Vice President and President, Kemper Auto

Mr. Hunton holds the position of Executive Vice President and President of Kemper Auto.

The key risks to Kemper's business (KMPR) include:

1. Regulatory Changes and Intense Competition: Kemper operates in a highly regulated industry, where changes in laws, regulations, or policy interpretations can significantly impact its business operations, increase operating costs, and lead to potential liabilities. The company faces intense competition, particularly in the non-standard personal auto market in states like Florida, which can lead to pricing pressure, reduced market share, and compressed margins. Its concentration in personal automobile insurance in California and Florida further exposes it to specific regulatory and economic risks within these states.
2. Catastrophe Losses and Reinsurance Risks: As an insurance company, Kemper is highly vulnerable to claims from natural and man-made catastrophes, such as hurricanes, earthquakes, wildfires, and floods. These events are unpredictable and can materially affect its operations and financial condition. There is also a risk that climate change could increase the frequency and severity of such events. Furthermore, changes in the availability and cost of reinsurance, or the inability of reinsurers to meet their obligations, could force Kemper to retain more risk, adversely affecting its financial results.
3. Underwriting Performance and Profitability Challenges: Kemper has experienced weaknesses in its profitability, including reported net losses and increased expenses due to higher policyholders' benefits, incurred losses, and loss adjustment expenses. The company has faced challenges such as declining net premiums earned and a downward trend in earnings per share (EPS) over several years, indicating an impact on its core operations and profitable growth. Underperformance in segments like commercial auto and lower than expected net investment income have also been identified as weaknesses, contributing to its return on equity (ROE) lagging behind peers.

The emergence and growth of direct-to-consumer insurtech companies in the auto and home insurance sectors represent a clear emerging threat. These digital-first competitors, such as Lemonade and Root Insurance, leverage advanced technology, AI, and data analytics to offer a streamlined, often lower-cost, and more convenient insurance experience. This model bypasses traditional agency distribution channels and directly targets customer segments that Kemper serves, putting pressure on its market share and profitability by redefining customer expectations for insurance purchasing and service.

Kemper Corporation operates primarily within the United States, focusing on specialized insurance products. The company's main products and services and their addressable market sizes are as follows:

• Specialty Personal Automobile Insurance (U.S.): Kemper is a significant provider in the non-standard auto insurance market. In 2022, Kemper's property and casualty group was the 12th largest writer among all personal lines automobile insurance writers in the United States. The broader U.S. auto insurance market is substantial, with direct premiums written by property and casualty insurance companies in the U.S. totaling over $2.9 billion in 2024 for Kemper Corp Group specifically. However, a precise overall addressable market size for just the "specialty" segment of personal auto insurance in the U.S. was not readily available as a single figure.
• Commercial Automobile Insurance (U.S.): Kemper offers commercial automobile insurance. While Kemper's Specialty Property & Casualty Insurance segment, which includes commercial auto, accounted for 85% of the company's consolidated insurance premiums in 2024, a specific addressable market size for commercial automobile insurance in the U.S. was not identified in the search results.
• Individual Life Insurance (U.S.): Kemper's Life Insurance segment primarily provides individual life insurance, alongside accident and supplemental health insurance products. This segment focuses on customers of modest incomes seeking basic protection. Earned premiums from the life insurance segment accounted for 8% of Kemper's consolidated insurance premiums earned in 2024. A specific addressable market size for individual life insurance in the U.S. was not found.
• Accident and Supplemental Health Insurance (U.S.): Kemper's Life Insurance segment also includes supplemental accident and health insurance products. The focus is on providing basic protection to customers of modest incomes. A specific addressable market size for accident and supplemental health insurance in the U.S. was not identified.

Due to the specialized nature of Kemper's offerings and the lack of readily available, specific market size data for these niche segments within the provided search results, it is challenging to provide precise addressable market sizes for each product in the requested format.

Kemper Corporation (KMPR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Specialty Property & Casualty (P&C) Segment Expansion: Kemper's Specialty P&C segment has been a significant growth area, demonstrating strong profitable growth. The company reported a 24% year-over-year increase in earned premiums and 14% growth in policies in force (PIF) in the first quarter of 2025 for this segment. Management continues to focus on expanding in underserved and non-standard auto insurance markets.
2. Strategic Rate Increases: The company has been implementing rate increases across its insurance products, particularly in the Specialty P&C segment. These higher average earned premiums per exposure have directly contributed to revenue growth.
3. Geographic Market Penetration: Kemper has specifically identified expanding its presence in Florida and Texas as a focus area for growth. This targeted geographic expansion aims to capture more market share in these states.
4. Growth in Policies in Force (PIF): Increasing the number of policies in force is a direct driver of premium revenue. Kemper's Specialty P&C segment achieved 4.5% sequential PIF growth in Q3 2024 and 5.1% year-over-year PIF growth in Q4 2024. The company anticipates mid-single-digit growth in total insurance in force for 2026.
5. Leveraging Digital Transformation and Product Innovation: Kemper sees opportunities in leveraging technological advancements to enhance operational efficiency and customer experience. Investing in digital transformation initiatives, such as online policy management and mobile applications, can streamline processes, improve customer engagement, and enable the development of innovative insurance products tailored to individual needs, thereby supporting revenue growth.

Share Repurchases

• Kemper authorized a new share repurchase program of up to $500 million in August 2025.
• The company entered into a $150 million accelerated share repurchase (ASR) agreement in August 2025, which was completed by mid-October 2025, resulting in the repurchase of 5.1 million shares for a total cost of $266 million between July and October 2025.
• In the fourth quarter of 2024, Kemper repurchased approximately $14 million of its stock.

Outbound Investments

• In November 2020, Kemper announced a definitive agreement to acquire American Access Casualty Company (AAC) and its related agencies in a cash transaction valued at $370 million, with the transaction expected to close in the first quarter of 2021. This acquisition was intended to expand Kemper's specialty auto franchise and geographic footprint.

Capital Expenditures

• In 2022, Kemper invested $42.3 million in compliance infrastructure.
• The third quarter of 2025 saw a $22 million write-off related to internally developed software in the preferred business runoff expense, indicating prior capital expenditure in software development.