Reinsurance News

Kemper’s Q3 results show drop in net income

3rd November 2020 - Author: Katie Baker

US insurer Kemper Corporation has announced its Q3 results which show that net income has dropped to $122.3 million, compared to $129mn in the same period last year.

Kemper-Auto-LogoThe company’s adjusted consolidated net operating income was $90.9 million for Q3 2020, compared to $130.0 million for Q3 2019.

However, the insurer’s specialty P&C earned premiums increased by $88 million or 11%, and policies-in-force grew by 8%.

Kemper claims that its operations demonstrated an ability to combine stable sources of cash flow with lower required capital to create a cost advantage that drives higher growth.

President and CEO Joseph P. Lacher, Jr said: “We’re pleased with Kemper’s results in the third quarter, where our specialised and diversified model and disciplined execution again delivered strong performance amid a challenging environment.

“Our ability to understand our customers’ needs is evidenced by industry-leading market share gains in our Specialty Auto business. Kemper’s healthy balance sheet enables us to deliver on our promises and continue to make appropriate investments.

“We have a business that remains resilient and able to consistently deliver strong results. We continue to build on our sustainable competitive advantages to create substantial, long-term value for our stakeholders.”

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