Kemper Corporation Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
Kemper Corporation Reports Second Quarter 2024 Financial Results
New York, August 1, 2024 — Kemper Corporation (NYSE: KMPR) has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $1,129.9M | $1,262.8M | -$132.9M |
| Earnings Per Share (EPS) | $1.17 | -$1.52 | +$2.69 |
Kemper reported a notable improvement in its financial performance for Q2 2024 compared to Q2 2023. Total revenue decreased by $132.9 million year over year, primarily driven by lower earned premiums. However, the company turned around from a loss in the previous year to a significant profit, reflected in an EPS of $1.17.
Segment Revenue Performance
| Segment | Q2 2024 Revenue |
|---|---|
| Specialty Property & Casualty Insurance | $736.2M |
| Life Insurance | $106.0M |
The Specialty Property & Casualty Insurance segment saw a decrease in earned premiums due to lower new business volumes, partially offset by higher average earned premium per exposure resulting from rate increases. The Life Insurance segment experienced a slight decline in premiums mainly due to lower volumes in property insurance.
Key Operational Data
| Operational Data Point | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Segment Adjusted Operating Income (Loss) - P&C | $102.3M | -$10.8M | +$113.1M |
| Underlying Losses and LAE Ratio | 68.7% | 81.9% | -13.2pp |
Key operational improvements in the Specialty Property & Casualty Insurance segment led to a significant increase in Segment Adjusted Operating Income.
Comments from Company Officers
Although the earnings release provided does not include specific comments from officers, the substantial improvement in financial performance suggests a positive response to the strategic initiatives undertaken by the company.
Dividends or Share Repurchases
- No new share repurchases were announced during the quarter.
- Kemper remains authorized to repurchase up to $171.6 million of its common stock as of June 30, 2024.
Forward Guidance
The report did not provide specific forward guidance.
Stock Price Movement
Post-earnings release, Kemper's stock price experienced a decline of 3.078%, indicating a cautious or mixed reaction from the market despite the improved performance metrics.
This concise summary highlights the key points from Kemper Corporation's earnings release for investors and stakeholders. For additional details and comprehensive financial statements, refer to the full earnings report.