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.
The 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.”