In its preliminary results for Q3 of 2023, Kemper has announced an estimated net loss between $140 million and $150 million and an estimated adjusted consolidated net operating loss between $25 million and $35 million.
According to the firm, net loss for Q3 includes an estimated $56 million after-tax non-cash charge related to the termination of Kemper’s remaining pension plan obligations, which was previously included within accumulated other comprehensive income.
The net loss also includes approximately $25 million of after-tax net realised losses on investments.
As per Kemper, pre-tax catastrophe losses for Q3 were approximately $7 million, driven by tropical storms and Midwest hail/wind activity.
In Kemper Life, after-tax income in Q3 was approximately $15 million. Meanwhile, the preliminary Q3 recorded combined ratio for Kemper Auto (Specialty P&C) is estimated at 109.9%
Kemper said that after the markets close on Monday, October 30, it will issue its Q3 2023 earnings release and financial supplement.
