Exhibit

Any or all forward-looking statements may turn out to be wrong, and, accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of November 4, 2019, the date this Investor Supplement was included as an exhibit to the Company's Current Report on Form 8-K. Forward-looking statements involve a number of risks and uncertainties that are difficult to predict, and are not guarantees of future performance. Among the general factors that could cause actual results and financial condition to differ materially from estimated results and financial condition are those listed in periodic reports filed by Kemper with the SEC. No assurances can be given that the results and financial condition contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable. Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this Investor Supplement. The reader is advised, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.




	Page
Consolidated Financial Highlights	3
Consolidated Statements of Operations	4
Consolidated Balance Sheets	5
Consolidated Statements of Cash Flows	6-7
Capital Metrics	8-9
Debt Outstanding and Ratings	10
Segment Summary Results:
Revenues	11
Operating Profit (Loss)	12
Net Operating Income (Loss)	12
Catastrophe Frequency and Severity	13
Preferred Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information	14 - 15
Preferred Personal Automobile Insurance	16
Homeowners and Other Personal Insurance	17
Homeowners Insurance	18
Other Personal Insurance	19
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information	20
Specialty Personal Automobile Insurance	21
Commercial Automobile Insurance	22
Life & Health Insurance Segment - Results of Operations and Selected Financial Information	23
Life Insurance	24
Accident and Health Insurance	24
Property Insurance	25
Insurance Expenses and Interest and Other Expenses	26
Details of Investment Performance	27
Details of Invested Assets	28 - 29
Investment Concentration	30
Municipal Bond Securities	31
Investments in Limited Liability Companies and Limited Partnerships	32
Definitions of Non-GAAP Financial Measures	33 - 34
As Adjusted for Acquisition	35
As Adjusted - Selected Consolidated Financial Information	36
As Adjusted - Specialty Property & Casualty Insurance Segment Selected Financial Information	37
As Adjusted - Specialty Personal Automobile Insurance Selected Financial Information	38

Kemper Corporation Consolidated Financial Highlights (Dollars in Millions, Except Per Share Amounts) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019		Sep 30, 2018
For Period Ended
Earned Premiums		$	1,135.2		1,116.6			$	1,074.8		$	1,063.6		$	1,052.9		$	658.1		$	609.8		$	3,326.6	$	2,320.8
Net Investment Income		91.7			96.0			82.7			91.3			92.0			78.4			79.2			270.4		249.6
Other Income		7.2			22.7			1.9			2.0			37.8			1.2			1.2			31.8		40.2
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		9.8			25.5			64.4			(76.4		)	11.0			0.4			0.7			99.7		12.1
Net Investment Gains		(0.1		)	14.6			12.5			14.2			1.8			3.8			2.1			27.0		7.7
Total Revenues		$	1,243.8		$	1,275.4		$	1,236.3		$	1,094.7		$	1,195.5		$	741.9		$	693.0		$	3,755.5	$	2,630.4

Net Income		$	129.0		$	122.1		$	155.3		$	6.5		$	92.2		$	37.6		$	53.8		$	406.4	$	183.6
Income from Continuing Operations		$	129.0		$	122.1		$	155.3		$	5.0		$	92.3		$	37.5		$	53.6		$	406.4	$	183.4
Adjusted Consolidated Net Operating Income ¹		$	130.0		$	91.5		$	98.9		$	59.9		$	104.5		$	36.5		$	57.5		$	320.4	$	198.5

Per Unrestricted Common Share Amounts:
Basic:
Net Income		$	1.93		$	1.87		$	2.38		$	0.10		$	1.42		$	0.73		$	1.03		$	6.17	$	3.26
Income from Continuing Operations		$	1.93		$	1.87		$	2.38		$	0.08		$	1.42		$	0.73		$	1.03		$	6.17	$	3.26
Adjusted Consolidated Net Operating Income ¹		$	1.95		$	1.39		$	1.52		$	0.92		$	1.61		$	0.70		$	1.11		$	4.86	$	3.53
Diluted:
Net Income		$	1.91		$	1.84		$	2.35		$	0.10		$	1.40		$	0.73		$	1.02		$	6.10	$	3.23
Income from Continuing Operations		$	1.91		$	1.84		$	2.35		$	0.08		$	1.40		$	0.73		$	1.02		$	6.10	$	3.23
Adjusted Consolidated Net Operating Income ¹		$	1.93		$	1.38		$	1.50		$	0.91		$	1.59		$	0.70		$	1.10		$	4.81	$	3.49

Dividends Paid to Shareholders Per Share		$	0.25		$	0.25		$	0.25		$	0.24		$	0.24		$	0.24		$	0.24		$	0.75	$	0.72

At Period End
Total Assets		$	12,819.9		$	12,616.5		$	12,182.2		$	11,544.9		$	11,772.6		$	8,840.5		$	8,371.0
Insurance Reserves		$	5,507.8		$	5,492.9		$	5,437.2		$	5,433.6		$	5,370.5		$	4,603.2		$	4,539.4
Debt		$	778.7		$	873.3		$	908.5		$	909.0		$	1,123.7		$	951.8		$	592.3
Shareholders’ Equity		$	3,894.2		$	3,683.7		$	3,320.1		$	3,050.1		$	3,063.8		$	2,045.7		$	2,063.8
Shareholders’ Equity Excluding Goodwill^1,2		$	2,780.2		$	2,569.7		$	2,208.6		$	1,937.7		$	1,972.6		$	1,722.7		$	1,740.8
Common Shares Issued and Outstanding (In Millions)		66.642			66.564			64.931			64.757			64.738			51.559			51.533
Book Value Per Share²		$	58.43		$	55.34		$	51.13		$	47.10		$	47.33		$	39.68		$	40.05
Book Value Per Share Excluding Goodwill^1,2		$	41.72		$	38.60		$	34.01		$	29.92		$	30.47		$	33.41		$	33.78
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities^1,2		$	51.51		$	49.82		$	47.41		$	45.40		$	45.66		$	36.85		36.35
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities and Goodwill^1,2		$	34.80		$	33.08		$	30.29		$	28.22		$	28.81		$	30.59		30.08
Debt to Total Capitalization²		16.7		%	19.2		%	21.5		%	23.0		%	26.8		%	31.8		%	22.3		%
Rolling 12 Months Return on 5-point Average Shareholders Equity^2,3		12.1		%	12.4		%	10.8		%	7.7		%	9.7		%	8.5		%	8.5		%

¹ Non-GAAP Financial Measure. See page 33 for definition.
²See Capital Metrics on pages 8-9 for detail calculations.
³ Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders’ Equity. The 5-point Average Shareholders’ Equity is calculated by using a 5-point quarter average of Shareholders’ Equity for the 12 month period.

Kemper Corporation Consolidated Statements of Operations (Dollars in Millions, Except Per Share Amounts) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Revenues:
Earned Premiums		$	1,135.2		$	1,116.6		$	1,074.8		$	1,063.6		$	1,052.9		$	658.1		$	609.8		$	3,326.6		$	2,320.8
Net Investment Income		91.7			96.0			82.7			91.3			92.0			78.4			79.2			270.4			249.6
Other Income		7.2			22.7			1.9			2.0			37.8			1.2			1.2			31.8			40.2
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		9.8			25.5			64.4			(76.4		)	11.0			0.4			0.7			99.7			12.1
Net Realized Gains on Sales of Investments		1.7			21.3			16.1			16.4			3.6			3.8			2.6			39.1			10.0
Other-than-temporary Impairment Losses:
Total Other-than-temporary Impairment Losses		(1.8		)	(6.7		)	(3.5		)	(2.2		)	(1.8		)	—			(0.5		)	(12.0		)	(2.3		)
Portion of Losses Recognized in Other Comprehensive Income		—			—			(0.1		)	—			—			—			—			(0.1		)	—
Net Impairment Losses Recognized in Earnings		(1.8		)	(6.7		)	(3.6		)	(2.2		)	(1.8		)	—			(0.5		)	(12.1		)	(2.3		)
Total Revenues		1,243.8			1,275.4			1,236.3			1,094.7			1,195.5			741.9			693.0			3,755.5			2,630.4
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses		782.6			825.4			765.4			772.8			757.3			499.5			436.9			2,373.4			1,693.7
Insurance Expenses		256.0			263.5			234.8			273.2			296.0			171.2			160.1			754.3			627.3
Loss from Early Extinguishment of Debt		5.8			—			—			—			—			—			—			5.8			—
Interest and Other Expenses		37.9			38.0			41.4			42.6			61.7			25.7			29.0			117.3			116.4
Total Expenses		1,082.3			1,126.9			1,041.6			1,088.6			1,115.0			696.4			626.0			3,250.8			2,437.4
Income from Continuing Operations before Income Taxes		161.5			148.5			194.7			6.1			80.5			45.5			67.0			504.7			193.0
Income Tax Benefit (Expense)		(32.5		)	(26.4		)	(39.4		)	(1.1		)	11.8			(8.0		)	(13.4		)	(98.3		)	(9.6		)
Income from Continuing Operations		129.0			122.1			155.3			5.0			92.3			37.5			53.6			406.4			183.4
Discontinued Operations:
Income (Loss) from Discontinued Operations before Income Taxes		—			—			—			2.1			(0.2		)	0.1			0.3			—			0.2
Income Tax Expense		—			—			—			(0.6		)	0.1			—			(0.1		)	—			—
Income (Loss) from Discontinued Operations		—			—			—			1.5			(0.1		)	0.1			0.2			—			0.2
Net Income		$	129.0		$	122.1		$	155.3		$	6.5		$	92.2		$	37.6		$	53.8		$	406.4		$	183.6
Income from Continuing Operations Per Unrestricted Share:
Basic		$	1.93		$	1.87		$	2.38		$	0.08		$	1.42		$	0.73		$	1.03		$	6.17		$	3.26
Diluted		$	1.91		$	1.84		$	2.35		$	0.08		$	1.40		$	0.73		$	1.02		$	6.10		$	3.23
Net Income Per Unrestricted Share:
Basic		$	1.93		$	1.87		$	2.38		$	0.10		$	1.42		$	0.73		$	1.03		$	6.17		$	3.26
Diluted		$	1.91		$	1.84		$	2.35		$	0.10		$	1.40		$	0.73		$	1.02		$	6.10		$	3.23
Dividends Paid to Shareholders Per Share		$	0.25		$	0.25		$	0.25		$	0.24		$	0.24		$	0.24		$	0.24		$	0.75		$	0.72
Weighted Average Unrestricted Common Shares Outstanding (in Millions)		66.622			65.408			64.815			64.748			64.580			51.550			51.503			65.622			55.926

Kemper Corporation Consolidated Balance Sheets (Dollars in Millions) (Unaudited)

	Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018
Assets:
Investments:
Fixed Maturities at Fair Value	$	6,883.6	$	6,540.2	$	6,573.1	$	6,424.2	$	6,108.6	$	5,260.3	$	5,301.2
Equity Securities at Fair Value	928.7		923.3		916.9		684.4		815.8		514.9		568.2
Equity Securities at Modified Cost	41.2		38.1		39.2		41.5		50.9		54.1		59.3
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings	213.4		219.7		197.8		187.0		170.0		170.9		168.8
Convertible Securities at Fair Value	35.6		34.3		33.8		31.5		—		—		—
Short-term Investments at Cost which Approximates Fair Value	424.2		642.5		350.4		286.1		688.5		169.0		188.8
Other Investments	447.4		442.8		425.6		414.8		412.8		411.7		413.0
Total Investments	8,974.1		8,840.9		8,536.8		8,069.5		8,246.6		6,580.9		6,699.3
Cash	133.6		104.4		107.0		75.1		92.8		649.9		115.4
Receivables from Policyholders	1,139.8		1,095.2		1,048.6		1,007.1		1,029.9		407.5		386.0
Other Receivables	217.1		248.1		254.6		245.4		243.1		189.2		187.9
Deferred Policy Acquisition Costs	536.5		521.0		499.2		470.0		447.4		388.9		378.0
Goodwill	1,114.0		1,114.0		1,111.5		1,112.4		1,091.2		323.0		323.0
Current Income Tax Assets	44.1		41.0		19.7		38.9		58.1		0.9		—
Deferred Income Tax Assets	—		—		—		—		—		10.6		—
Other Assets	660.7		651.9		604.8		526.5		563.5		289.6		281.4
Total Assets	$	12,819.9	$	12,616.5	$	12,182.2	$	11,544.9	$	11,772.6	$	8,840.5	$	8,371.0
Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health	$	3,566.2	$	3,581.0	$	3,568.5	$	3,558.7	$	3,551.4	$	3,543.5	$	3,534.3
Property and Casualty	1,941.6		1,911.9		1,868.7		1,874.9		1,819.1		1,059.7		1,005.1
Total Insurance Reserves	5,507.8		5,492.9		5,437.2		5,433.6		5,370.5		4,603.2		4,539.4
Unearned Premiums	1,574.9		1,545.6		1,499.5		1,424.3		1,470.9		723.8		690.2
Current Income Tax Liabilities	—		—		—		—		—		—		0.2
Deferred Income Tax Liabilities	175.3		124.1		82.6		26.2		40.4		—		1.1
Liability for Unrecognized Tax Benefits	—		—		3.9		4.4		4.5		9.2		8.1
Collateralized Investment Borrowings	137.6		155.0		187.7		10.0		10.0		10.0		10.0
Long-term Debt, Current and Non-current, at Amortized Cost	778.7		873.3		908.5		909.0		1,123.7		951.8		592.3
Accrued Expenses and Other Liabilities	751.4		741.9		742.7		687.3		688.8		496.8		465.9
Total Liabilities	8,925.7		8,932.8		8,862.1		8,494.8		8,708.8		6,794.8		6,307.2
Shareholders’ Equity:
Common Stock	6.7		6.7		6.5		6.5		6.5		5.2		5.1
Paid-in Capital	1,812.9		1,806.4		1,673.0		1,666.3		1,661.3		681.5		676.9
Retained Earnings	1,704.5		1,593.7		1,489.7		1,355.5		1,365.1		1,289.4		1,264.9
Accumulated Other Comprehensive Income	370.1		276.9		150.9		21.8		30.9		69.6		116.9
Total Shareholders’ Equity	3,894.2		3,683.7		3,320.1		3,050.1		3,063.8		2,045.7		2,063.8
Total Liabilities and Shareholders’ Equity	$	12,819.9	$	12,616.5	$	12,182.2	$	11,544.9	$	11,772.6	$	8,840.5	$	8,371.0

Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)

	Nine Months Ended
	Sep 30, 2019			Sep 30, 2018
Operating Activities:
Net Income	$	406.4		$	183.6
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Amortization of Intangible Assets Acquired	24.3			106.1
Equity in Earnings of Equity Method Limited Liability Investments	0.5			(8.1		)
Distribution of Accumulated Earnings of Equity Method Limited Liability Investments	9.2			9.2
Payment for Pension Contribution	(55.3		)	(5.1		)
Decrease (Increase) in Value of Fair Value Option Investments Reported in Net Investment Income	—			—
Increase in Value of Equity Securities at Fair Value	(99.7		)	(12.1		)
Amortization of Investment Securities and Depreciation of Investment Real Estate	1.2			6.9
Net Realized Gains on Sales of Investments	(39.1		)	(10.0		)
Net Impairment Losses Recognized in Earnings	12.1			2.3
Loss from Early Extinguishment of Debt	5.8			—
Depreciation of Property and Equipment	21.7			12.2
Increase in Receivables	(104.4		)	(102.3		)
Increase in Deferred Policy Acquisition Costs	(66.5		)	(82.1		)
Increase in Insurance Reserves	71.5			131.8
Increase in Unearned Premiums	150.7			102.3
Change in Income Taxes	46.1			4.6
Change in Accrued Expenses and Other Liabilities	(22.8		)	(5.4		)
Other, Net	4.8			11.4
Net Cash Provided by Operating Activities (Carryforward to page 7)	366.5			345.3

Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)

	Nine Months Ended
	Sep 30, 2019			Sep 30, 2018
Net Cash Provided by Operating Activities (Carryforward from page 6)	366.5			345.3
Investing Activities:
Sales, Paydowns and Maturities of Fixed Maturities	1,067.9			2,133.7
Purchases of Fixed Maturities	(1,013.7		)	(1,520.7		)
Sales of Equity Securities	99.7			186.6
Purchases of Equity Securities	(248.2		)	(344.3		)
Return of Investment of Equity Method Limited Liability Investments	25.7			7.3
Acquisitions of Equity Method Limited Liability Investments	(61.8		)	(17.4		)
Decrease (Increase) in Short-term Investments	(111.5		)	(351.6		)
Improvements of Investment Real Estate	(1.2		)	(1.0		)
Acquisition of Business, Net of Cash Acquired	—			(560.6		)
Increase (Decrease) in Other Investments	(32.3		)	0.6
Purchase of Corporate-owned Life Insurance	(50.0		)	—
Acquisition of Software and Long-lived Assets	(53.8		)	(53.9		)
Other, Net	(2.0		)	4.6
Net Cash Provided (Used) by Investing Activities	(381.2		)	(516.7		)
Financing Activities:
Net Proceeds from Issuances of Long-term Debt	49.9			249.0
Repayments of Long-term Debt	(185.0		)	—
Dividends and Dividend Equivalents Paid	(49.1		)	(40.7		)
Proceeds from Collateralized Investment Borrowings	385.6			10.0
Repayment of Collateralized Investment Borrowing	(258.0		)	—
Proceeds from Issuance of Common Stock, Net of Transaction Costs	127.5			—
Proceeds from Shares Issued under Employee Stock Purchase Plan	1.0			—
Cash Exercise of Stock Options	2.2			0.7
Other, Net	(0.9		)	(0.5		)
Net Cash Provided by Financing Activities	73.2			218.5
Increase in Cash	58.5			47.1
Cash, Beginning of Year	75.1			45.7
Cash, End of Period	$	133.6		$	92.8

Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)

	Three Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018
Book Value Per Share
Numerator
Shareholders’ Equity		$	3,894.2		$	3,683.7		$	3,320.1		$	3,050.1		$	3,063.8		$	2,045.7		$	2,063.8
Less: Goodwill		(1,114.0		)	(1,114.0		)	(1,111.5		)	(1,112.4		)	(1,091.2		)	(323.0		)	(323.0		)
Shareholders’ Equity Excluding Goodwill¹		$	2,780.2		$	2,569.7		$	2,208.6		$	1,937.7		$	1,972.6		$	1,722.7		$	1,740.8
Shareholders’ Equity		$	3,894.2		$	3,683.7		$	3,320.1		$	3,050.1		$	3,063.8		$	2,045.7		$	2,063.8
Less: Net Unrealized Gains on Fixed Maturities		(461.3		)	(367.8		)	(241.9		)	(110.4		)	(107.6		)	(145.6		)	(190.5		)
Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities¹		$	3,432.9		$	3,315.9		$	3,078.2		$	2,939.7		$	2,956.2		$	1,900.1		$	1,873.3
Less: Goodwill		(1,114.0		)	(1,114.0		)	(1,111.5		)	(1,112.4		)	(1,091.2		)	(323.0		)	(323.0		)
Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill¹		$	2,318.9		$	2,201.9		$	1,966.7		$	1,827.3		$	1,865.0		$	1,577.1		$	1,550.3
Denominator
Common Shares Issued and Outstanding		66.642			66.564			64.931			64.757			64.738			51.559			51.533
Book Value Per Share		$	58.43		$	55.34		$	51.13		$	47.10		$	47.33		$	39.68		$	40.05
Book Value Per Share Excluding Goodwill¹		$	41.72		$	38.60		$	34.01		$	29.92		$	30.47		$	33.41		$	33.78
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities¹		$	51.51		$	49.82		$	47.41		$	45.40		$	45.66		$	36.85		$	36.35
Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities and Goodwill¹		$	34.80		$	33.08		$	30.29		$	28.22		$	28.81		$	30.59		$	30.08

Return on Shareholders’ Equity
Numerator
Rolling 12 Months Net Income		$	412.9		$	376.1		$	291.6		$	190.1		$	220.5		$	176.0		$	175.0
Denominator (5-point Average)
5-point Average Shareholders’ Equity		$	3,402.4		$	3,032.7		$	2,708.7		$	2,467.8		$	2,274.3		$	2,068.2		$	2,055.8
Rolling 12 Months Return on Average Shareholders' Equity (5-point Average)		12.1		%	12.4		%	10.8		%	7.7		%	9.7		%	8.5		%	8.5		%

Return on Shareholders’ Equity Excluding Goodwill¹
Denominator (5-point Average)
5-point Average Shareholders’ Equity Excluding Goodwill¹		$	2,293.8		$	2,082.3		$	1,916.5		$	1,833.3		$	1,797.6		$	1,745.2		$	1,732.8
Rolling 12 Months Return on Average Shareholders' Equity Excluding Goodwill (5-point Average)¹		18.0		%	18.1		%	15.2		%	10.4		%	12.3		%	10.1		%	10.1		%

Return on Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities¹
Denominator (5-point Average)
5-point Average Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities¹		$	3,144.6		$	2,838.0		$	2,549.5		$	2,299.9		$	2,081.0		$	1,850.2		$	1,827.3
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized Gains on Fixed Maturities (5-point Average)¹		13.1		%	13.3		%	11.4		%	8.3		%	10.6		%	9.5		%	9.6		%

Return on Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill¹
Denominator (5-point Average)
5-point Average Shareholders’ Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill¹		$	2,036.0		$	1,887.6		$	1,757.3		$	1,665.4		$	1,604.4		$	1,527.2		$	1,504.3
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized Gains on Fixed Maturities and Goodwill (5-point Average)¹		20.3		%	19.9		%	16.6		%	11.4		%	13.7		%	11.5		%	11.6		%
¹Non-GAAP financial measure. See definitions beginning on page 33.

Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)

	Three Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018
Debt and Total Capitalization
Debt		$	778.7		$	873.3		$	908.5		$	909.0		$	1,123.7		$	951.8		$	592.3
Shareholders’ Equity		3,894.2			3,683.7			3,320.1			3,050.1			3,063.8			2,045.7			2,063.8
Total Capitalization		$	4,672.9		$	4,557.0		$	4,228.6		$	3,959.1		$	4,187.5		$	2,997.5		$	2,656.1
Ratio of Debt to Shareholders’ Equity		20.0		%	23.7		%	27.4		%	29.8		%	36.7		%	46.5		%	28.7		%
Ratio of Debt to Total Capitalization		16.7		%	19.2		%	21.5		%	23.0		%	26.8		%	31.8		%	22.3		%

Parent Company Liquidity
Kemper Holding Company Cash and Investments		$	169.1		$	312.7		$	118.6		$	100.6		$	91.3		$	708.6		$	184.4
Borrowings Available Under Credit Agreement		400.0			400.0			300.0			300.0			300.0			300.0			225.0
Parent Company Liquidity		$	569.1		$	712.7		$	418.6		$	400.6		$	391.3		$	1,008.6		$	409.4

Capital Returned to Shareholders
Cash Dividends Paid		16.7			16.2			16.2			15.6			15.6			12.4			12.5

Kemper Corporation Debt Outstanding and Ratings (Dollars in Millions) (Unaudited)

	Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018
Kemper Corporation:
Term Loan due June 29, 2020	$	—	$	—	$	34.9	$	34.9	$	249.4	$	249.4	$	—
Term Loan due July 5, 2023	49.9		—		—		—		—		$	—	$	—
Senior Notes at Amortized Cost:
5.0% Senior Notes due September 19, 2022	280.3		280.6		281.0		281.5		281.7		—		—
4.35% Senior Notes due February 15, 2025	448.5		448.5		448.4		448.4		448.4		448.2		448.1
7.375% Subordinated Debentures due February 27, 2054 at Amortized Cost	—		144.2		144.2		144.2		144.2		144.2		144.2
Debt Outstanding	$	778.7	$	873.3	$	908.5	$	909.0	$	1,123.7	$	841.8	$	592.3

Federal Home Loan Bank Advances to Insurance Subsidiaries:
Reported as Collateralized Investment Borrowings:
Federal Home Loan Bank of Chicago	$	137.6	$	155.0	$	187.7	$	10.0	$	10.0	$	10.0	$	10.0
Reported as Debt Outstanding:
Federal Home Loan Bank of Dallas	$	—	$	—	$	—	$	—	$	—	$	55.0	$	—
Federal Home Loan Bank of Chicago	—		—		—		—		—		55.0		—

	A.M. Best		Moody’s		S&P		Fitch
As of Date of Financial Supplement
Kemper Debt Ratings:
5.0% Senior Notes due September 19, 2022	bbb-		Baa3		BBB-		—
4.35% Senior Notes due February 15, 2025	bbb-		Baa3		BBB-		BBB-
7.375% Subordinated Debentures due February 27, 2054 at Amortized Cost	bb+		Ba1		BB		BB
Insurance Company Financial Strength Ratings:
Trinity Universal Insurance Company	A-		A3		A-		A-
United Insurance Company of America	A-		A3		A-		A-
Reserve National Insurance Company	A-		NR		NR		NR
Infinity Insurance Company	A-		A3		A-		NR

Kemper Corporation Segment Revenues (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Revenues:
Preferred Property & Casualty Insurance:
Earned Premiums:
Preferred Automobile		$	119.7		$	117.9		$	115.4		$	115.2		$	111.4		$	108.7		$	104.9		$	353.0		$	325.0
Homeowners		61.5			60.8			60.3			63.6			62.5			62.2			61.8			182.6			186.5
Other Personal		9.8			9.8			9.9			10.0			10.1			10.2			10.1			29.5			30.4
Total Preferred Property & Casualty Insurance Earned Premium		191.0			188.5			185.6			188.8			184.0			181.1			176.8			565.1			541.9
Net Investment Income		12.0			12.3			8.3			14.0			20.1			14.0			13.7			32.6			47.8
Total Preferred Property & Casualty Insurance Revenues		203.0			200.8			193.9			202.8			204.1			195.1			190.5			597.7			589.7
Specialty Property & Casualty Insurance:
Earned Premiums:
Specialty Automobile		719.2			703.7			669.6			660.5			655.3			307.5			266.2			2,092.5			1,229.0
Commercial Automobile		64.2			62.3			59.7			57.3			55.9			12.5			12.2			186.2			80.6
Total Specialty Property & Casualty Insurance Earned Premium		783.4			766.0			729.3			717.8			711.2			320.0			278.4			2,278.7			1,309.6
Net Investment Income		28.8			28.9			21.5			22.6			20.7			10.2			9.9			79.2			40.8
Other Income		4.4			1.0			0.8			0.8			0.9			0.4			0.3			6.2			1.6
Total Specialty Property & Casualty Insurance Revenues		816.6			795.9			751.6			741.2			732.8			330.6			288.6			2,364.1			1,352.0
Life & Health Insurance:
Earned Premiums:
Life		96.2			97.0			95.8			94.1			95.2			95.4			93.7			289.0			284.3
Accident and Health		47.6			47.9			46.9			45.5			44.9			43.8			43.3			142.4			132.0
Property		17.0			17.2			17.2			17.4			17.6			17.8			17.6			51.4			53.0
Total Life & Health Insurance Earned Premiums		160.8			162.1			159.9			157.0			157.7			157.0			154.6			482.8			469.3
Net Investment Income		49.7			53.0			51.7			51.7			51.0			54.5			53.7			154.4			159.2
Other Income		2.9			1.6			1.1			1.1			1.2			0.9			0.8			5.6			2.9
Total Life & Health Insurance Revenues		213.4			216.7			212.7			209.8			209.9			212.4			209.1			642.8			631.4
Total Segment Revenues		1,233.0			1,213.4			1,158.2			1,153.8			1,146.8			738.1			688.2			3,604.6			2,573.1
Income (Loss) from Change in Fair Value of Equity and Convertible Securities		9.8			25.5			64.4			(76.4		)	11.0			0.4			0.7			99.7			12.1
Net Realized Gains on Sales of Investments		1.7			21.3			16.1			16.4			3.6			3.8			2.6			39.1			10.0
Net Impairment Losses Recognized in Earnings		(1.8		)	(6.7		)	(3.6		)	(2.2		)	(1.8		)	—			(0.5		)	(12.1		)	(2.3		)
Other		1.1			21.9			1.2			3.1			35.9			(0.4		)	2.0			24.2			37.5
Total Revenues		$	1,243.8		$	1,275.4		$	1,236.3		$	1,094.7		$	1,195.5		$	741.9		$	693.0		$	3,755.5		$	2,630.4

Kemper Corporation Segment Operating Results (Dollars in Millions) (Unaudited)

	Three Months Ended																							Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018				Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Segment Operating Profit:
Preferred Property & Casualty Insurance		$	26.5		$	6.4		$	3.3		$	6.6		$	14.1		$	(8.7	)		$	16.6		$	36.2		$	22.0
Specialty Property & Casualty Insurance		98.6			79.4			99.4			61.5			26.9			28.2				29.0			277.4			84.1
Life & Health Insurance		41.0			16.1			29.3			18.3			33.5			33.8				30.3			86.4			97.6
Total Segment Operating Profit		166.1			101.9			132.0			86.4			74.5			53.3				75.9			400.0			203.7
Corporate and Other Operating Income(Loss)		(3.1		)	7.7			(8.6		)	(11.4		)	21.4			(8.4		)		(5.5		)	(4.0		)	7.5
Total Operating Profit		163.0			109.6			123.4			75.0			95.9			44.9				70.4			396.0			211.2
Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities		9.8			25.5			64.4			(76.4		)	11.0			0.4				0.7			99.7			12.1
Net Realized Gains on Sales of Investments		1.7			21.3			16.1			16.4			3.6			3.8				2.6			39.1			10.0
Net Impairment Losses Recognized in Earnings		(1.8		)	(6.7		)	(3.6		)	(2.2		)	(1.8		)	—				(0.5		)	(12.1		)	(2.3		)
Acquisition Related Transaction Integration and Other Costs		(5.4		)	(1.2		)	(5.6		)	(6.7		)	(28.2		)	(3.6		)		(6.2		)	(12.2		)	(38.0		)
Loss from Early Extinguishment of Debt		(5.8		)	—			—			—			—			—			—	—			(5.8		)	—
Income from Continuing Operations before Income Taxes		$	161.5		$	148.5		$	194.7		$	6.1		$	80.5		$	45.5			$	67.0		$	504.7		$	193.0
Segment Net Operating Income:
Preferred Property & Casualty Insurance		$	21.1		$	5.2		$	2.8		$	6.0		$	12.2		$	(6.0	)		$	13.5		$	29.1		$	19.7
Specialty Property & Casualty Insurance		78.5			62.7			79.6			48.5			21.5			22.4				23.4			220.8			67.3
Life & Health Insurance		33.4			13.3			23.1			13.6			27.1			26.7				24.1			69.8			77.9
Total Segment Net Operating Income		133.0			81.2			105.5			68.1			60.8			43.1				61.0			319.7			164.9
Corporate and Other Net Operating Income (Loss) From:
Effects of Tax Law Changes		—			—			—			0.4			26.0			—				—			—			26.0
Partial Satisfaction of Legal Judgment		—			15.9			—			—			28.2			—				—			15.9			28.2
Other		(3.0		)	(5.6		)	(6.6		)	(8.6		)	(10.5		)	(6.6		)		(3.5		)	(15.2		)	(20.6		)
Corporate and Other Net Operating Income (Loss)		(3.0		)	10.3			(6.6		)	(8.2		)	43.7			(6.6		)		(3.5		)	0.7			33.6
Adjusted Consolidated Net Operating Income		130.0			91.5			98.9			59.9			104.5			36.5				57.5			320.4			198.5
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities		7.8			20.1			50.9			(60.4		)	8.7			0.3				0.6			78.8			9.6
Net Realized Gains on Sales of Investments		1.4			16.8			12.7			13.0			2.8			3.0				2.1			30.9			7.9
Net Impairment Losses Recognized in Earnings		(1.5		)	(5.3		)	(2.8		)	(1.8		)	(1.4		)	—				(0.4		)	(9.6		)	(1.8		)
Acquisition Related Transaction, Integration and Other Costs		(4.1		)	(1.0		)	(4.4		)	(5.7		)	(22.3		)	(2.3		)		(6.2		)	(9.5		)	(30.8		)
Loss from Early Extinguishment of Debt		(4.6		)	—			—			—			—			—				—			(4.6		)	—
Income from Continuing Operations		$	129.0		$	122.1		$	155.3		$	5.0		$	92.3		$	37.5			$	53.6		$	406.4		$	183.4

Kemper Corporation Catastrophe Frequency and Severity (Dollars in Millions) (Unaudited)

	Nine Months Ended Sep 30, 2019
	Preferred Property & Casualty Insurance Segment			Specialty Property & Casualty Insurance Segment				Life & Health Insurance Segment			Consolidated
	Number of Events	Losses and LAE		Number of Events		Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event:
Below $5	41	$	25.8	31		$	7.3	19	$	2.6	43	$	33.8
$5 - $10	2	12.0		—		—		—	—		2	13.0
$10 - $15	1	13.3		—		—		—	—		1	14.2
$15 - $20	—	—		—		—		—	—		—	—
$20 - $25	—	—		—		—		—	—		—	—
Greater Than $25	—	—		—		—		—	—		—	—
Total	44	$	51.1	31		$	7.3	19	$	2.6	46	$	61.0

	Nine Months Ended Sep 30, 2018
	Preferred Property & Casualty Insurance Segment			Specialty Property & Casualty Insurance Segment				Life & Health Insurance Segment			Consolidated
	Number of Events	Losses and LAE		Number of Events		Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event:
Below $5	37	$	27.5	$	30	$	3.7	23	$	1.7	37	$	27.0
$5 - $10	2	15.4		—		—		—	—		3	21.6
$10 - $15	2	22.3		—		—		—	—		2	22.7
$15 - $20	—	—		—		—		—	—		—	—
$20 - $25	—	—		—		—		—	—		—	—
Greater Than $25	—	—		—		—		—	—		—	—
Total	41	$	65.2	30		$	3.7	23	$	1.7	42	$	71.3

Kemper Corporation Preferred Property & Casualty Insurance Segment Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																					Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written	$	189.6		$	197.5		$	179.6		$	184.7		$	195.6		$	198.0		$	170.5		$	566.7		$	564.1

Earned Premiums	$	191.0		$	188.5		$	185.6		$	188.8		$	184.0		$	181.1		$	176.8		$	565.1		$	541.9
Net Investment Income	12.0			12.3			8.3			14.0			20.1			14.0			13.7			32.6			47.8
Total Revenues	203.0			200.8			193.9			202.8			204.1			195.1			190.5			597.7			589.7
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	121.7			119.1			120.8			120.8			116.6			107.8			114.2			361.6			338.6
Catastrophe Losses and LAE	11.9			22.6			16.6			21.4			18.3			40.3			7.3			51.1			65.9
Prior Years:
Non-catastrophe Losses and LAE	(1.1		)	(4.3		)	(5.1		)	(3.0		)	(1.9		)	0.6			4.2			(10.5		)	2.9
Catastrophe Losses and LAE	(15.4		)	(0.9		)	1.0			(0.8		)	(0.2		)	(1.8		)	(5.4		)	(15.3		)	(7.4		)
Total Incurred Losses and LAE	117.1			136.5			133.3			138.4			132.8			146.9			120.3			386.9			400.0
Insurance Expenses	59.4			57.9			57.3			57.8			57.2			56.9			53.6			174.6			167.7
Operating Profit (Loss)	26.5			6.4			3.3			6.6			14.1			(8.7		)	16.6			36.2			22.0
Income Tax Benefit (Expense)	(5.4		)	(1.2		)	(0.5		)	(0.6		)	(1.9		)	2.7			(3.1		)	(7.1		)	(2.3		)
Segment Net Operating Income (Loss)	$	21.1		$	5.2		$	2.8		$	6.0		$	12.2		$	(6.0	)	$	13.5		$	29.1		$	19.7
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	63.8		%	63.2		%	65.1		%	64.0		%	63.4		%	59.5		%	64.6		%	64.1		%	62.5		%
Current Year Catastrophe Losses and LAE Ratio	6.2			12.0			8.9			11.3			9.9			22.3			4.1			9.0			12.2
Prior Years Non-catastrophe Losses and LAE Ratio	(0.6		)	(2.3		)	(2.7		)	(1.6		)	(1.0		)	0.3			2.4			(1.9		)	0.5
Prior Years Catastrophe Losses and LAE Ratio	(8.1		)	(0.5		)	0.5			(0.4		)	(0.1		)	(1.0		)	(3.1		)	(2.7		)	(1.4		)
Total Incurred Loss and LAE Ratio	61.3			72.4			71.8			73.3			72.2			81.1			68.0			68.5			73.8
Insurance Expense Ratio	31.1			30.7			30.9			30.6			31.1			31.4			30.3			30.9			30.9
Combined Ratio	92.4		%	103.1		%	102.7		%	103.9		%	103.3		%	112.5		%	98.3		%	99.4		%	104.7		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio	63.8		%	63.2		%	65.1		%	64.0		%	63.4		%	59.5		%	64.6		%	64.1		%	62.5		%
Insurance Expense Ratio	31.1			30.7			30.9			30.6			31.1			31.4			30.3			30.9			30.9
Underlying Combined Ratio	94.9		%	93.9		%	96.0		%	94.6		%	94.5		%	90.9		%	94.9		%	95.0		%	93.4		%
Non-GAAP Measure Reconciliation
Combined Ratio as Reported	92.4		%	103.1		%	102.7		%	103.9		%	103.3		%	112.5		%	98.3		%	99.4		%	104.7		%
Less:
Current Year Catastrophe Losses and LAE Ratio	6.2			12.0			8.9			11.3			9.9			22.3			4.1			9.0			12.2
Prior Years Non-catastrophe Losses and LAE Ratio	(0.6		)	(2.3		)	(2.7		)	(1.6		)	(1.0		)	0.3			2.4			(1.9		)	0.5
Prior Years Catastrophe Losses and LAE Ratio	(8.1		)	(0.5		)	0.5			(0.4		)	(0.1		)	(1.0		)	(3.1		)	(2.7		)	(1.4		)
Underlying Combined Ratio	94.9		%	93.9		%	96.0		%	94.6		%	94.5		%	90.9		%	94.9		%	95.0		%	93.4		%


¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Preferred Property & Casualty Insurance Segment Results of Operations and Selected Financial Information (continued) (Dollars in Millions) (Unaudited)

	Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018
Insurance Reserves:
Preferred Automobile	$	267.3	$	264.5	$	268.0	$	270.0	$	272.3	$	276.3	$	278.8
Homeowners	108.8		131.6		133.5		147.9		139.4		137.2		124.6
Other Personal	32.2		34.0		34.3		35.0		32.6		34.8		35.3
Insurance Reserves	$	408.3	$	430.1	$	435.8	$	452.9	$	444.3	$	448.3	$	438.7
Insurance Reserves:
Loss and Allocated LAE Reserves:
Case and Allocated LAE	$	277.8	$	278.5	$	290.2	$	312.5	$	304.4	$	307.7	$	313.6
Incurred but Not Reported	100.4		120.2		113.0		110.0		109.0		109.6		95.5
Total Loss Reserves	378.2		398.7		403.2		422.5		413.4		417.3		409.1
Unallocated LAE Reserves	30.1		31.4		32.6		30.4		30.9		31.0		29.6
Insurance Reserves	$	408.3	$	430.1	$	435.8	$	452.9	$	444.3	$	448.3	$	438.7

Kemper Corporation Preferred Property & Casualty Insurance Segment Preferred Personal Automobile Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written		$	117.5		$	123.4		$	116.5		$	115.7		$	119.3		$	120.9		$	106.2		$	357.4		$	346.4

Earned Premiums		$	119.7		$	117.9		$	115.4		$	115.2		$	111.4		$	108.7		$	104.9		$	353.0		$	325.0
Net Investment Income		5.6			5.8			3.9			6.5			9.3			6.5			6.3			15.3			22.1
Total Revenues		125.3			123.7			119.3			121.7			120.7			115.2			111.2			368.3			347.1
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		83.2			82.9			80.2			85.6			74.9			74.7			73.6			246.3			223.2
Catastrophe Losses and LAE		2.1			1.7			2.5			0.4			2.3			3.9			0.6			6.3			6.8
Prior Years:
Non-catastrophe Losses and LAE		(0.5		)	(3.7		)	(1.2		)	(2.2		)	(2.6		)	(1.4		)	0.5			(5.4		)	(3.5		)
Catastrophe Losses and LAE		(0.1		)	—			(0.1		)	—			—			(0.1		)	—			(0.2		)	(0.1		)
Total Incurred Losses and LAE		84.7			80.9			81.4			83.8			74.6			77.1			74.7			247.0			226.4
Insurance Expenses		36.8			35.5			35.0			34.9			34.0			32.1			31.7			107.3			97.8
Operating Profit		3.8			7.3			2.9			3.0			12.1			6.0			4.8			14.0			22.9
Income Tax Expense		(0.7		)	(1.5		)	(0.5		)	(0.3		)	(2.0		)	(1.0		)	(0.8		)	(2.7		)	(3.8		)
Total Product Line Net Operating Income (Loss)		$	3.1		$	5.8		$	2.4		$	2.7		$	10.1		$	5.0		$	4.0		$	11.3		$	19.1
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		69.5		%	70.3		%	69.4		%	74.3		%	67.2		%	68.7		%	70.1		%	69.8		%	68.7		%
Current Year Catastrophe Losses and LAE Ratio		1.8			1.4			2.2			0.3			2.1			3.6			0.6			1.8			2.1
Prior Years Non-catastrophe Losses and LAE Ratio		(0.4		)	(3.1		)	(1.0		)	(1.9		)	(2.3		)	(1.3		)	0.5			(1.5		)	(1.1		)
Prior Years Catastrophe Losses and LAE Ratio		(0.1		)	—			(0.1		)	—			—			(0.1		)	—			(0.1		)	—
Total Incurred Loss and LAE Ratio		70.8			68.6			70.5			72.7			67.0			70.9			71.2			70.0			69.7
Insurance Expense Ratio		30.7			30.1			30.3			30.3			30.5			29.5			30.2			30.4			30.1
Combined Ratio		101.5		%	98.7		%	100.8		%	103.0		%	97.5		%	100.4		%	101.4		%	100.4		%	99.8		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		69.5		%	70.3		%	69.4		%	74.3		%	67.2		%	68.7		%	70.1		%	69.8		%	68.7		%
Insurance Expense Ratio		30.7			30.1			30.3			30.3			30.5			29.5			30.2			30.4			30.1
Underlying Combined Ratio		100.2		%	100.4		%	99.7		%	104.6		%	97.7		%	98.2		%	100.3		%	100.2		%	98.8		%
Non-GAAP Measure Reconciliation
Combined Ratio		101.5		%	98.7		%	100.8		%	103.0		%	97.5		%	100.4		%	101.4		%	100.4		%	99.8		%
Less:
Current Year Catastrophe Losses and LAE Ratio		1.8			1.4			2.2			0.3			2.1			3.6			0.6			1.8			2.1
Prior Years Non-catastrophe Losses and LAE Ratio		(0.4		)	(3.1		)	(1.0		)	(1.9		)	(2.3		)	(1.3		)	0.5			(1.5		)	(1.1		)
Prior Years Catastrophe Losses and LAE Ratio		(0.1		)	—			(0.1		)	—			—			(0.1		)	—			(0.1		)	—
Underlying Combined Ratio		100.2		%	100.4		%	99.7		%	104.6		%	97.7		%	98.2		%	100.3		%	100.2		%	98.8		%

¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Preferred Property & Casualty Insurance Segment Homeowners and Other Personal Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written		$	72.1		$	74.1		$	63.1		$	69.0		$	76.3		$	77.1		$	64.3		$	209.3		$	217.7

Earned Premiums		$	71.3		$	70.6		$	70.2		$	73.6		$	72.6		$	72.4		$	71.9		$	212.1		$	216.9
Net Investment Income		6.4			6.5			4.4			7.5			10.8			7.5			7.4			17.3			25.7
Total Revenues		77.7			77.1			74.6			81.1			83.4			79.9			79.3			229.4			242.6
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		38.5			36.2			40.6			35.2			41.7			33.1			40.6			115.3			115.4
Catastrophe Losses and LAE		9.8			20.9			14.1			21.0			16.0			36.4			6.7			44.8			59.1
Prior Years:
Non-catastrophe Losses and LAE		(0.6		)	(0.6		)	(3.9		)	(0.8		)	0.7			2.0			3.7			(5.1		)	6.4
Catastrophe Losses and LAE		(15.3		)	(0.9		)	1.1			(0.8		)	(0.2		)	(1.7		)	(5.4		)	(15.1		)	(7.3		)
Total Incurred Losses and LAE		32.4			55.6			51.9			54.6			58.2			69.8			45.6			139.9			173.6
Insurance Expenses		22.6			22.4			22.3			22.9			23.2			24.8			21.9			67.3			69.9
Operating Profit (Loss)		22.7			(0.9		)	0.4			3.6			2.0			(14.7		)	11.8			22.2			(0.9		)
Income Tax Benefit (Expense)		(4.7		)	0.3			—			(0.3		)	0.1			3.7			(2.3		)	(4.4		)	1.5
Total Product Line Net Operating Income (Loss)		$	18.0		$	(0.6	)	$	0.4		$	3.3		$	2.1		$	(11.0	)	$	9.5		$	17.8		$	0.6
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		54.0		%	51.3		%	57.8		%	47.9		%	57.5		%	45.6		%	56.5		%	54.4		%	53.2		%
Current Year Catastrophe Losses and LAE Ratio		13.7			29.6			20.1			28.5			22.0			50.3			9.3			21.1			27.2
Prior Years Non-catastrophe Losses and LAE Ratio		(0.8		)	(0.8		)	(5.6		)	(1.1		)	1.0			2.8			5.1			(2.4		)	3.0
Prior Years Catastrophe Losses and LAE Ratio		(21.5		)	(1.3		)	1.6			(1.1		)	(0.3		)	(2.3		)	(7.5		)	(7.1		)	(3.4		)
Total Incurred Loss and LAE Ratio		45.4			78.8			73.9			74.2			80.2			96.4			63.4			66.0			80.0
Insurance Expense Ratio		31.7			31.7			31.8			31.1			32.0			34.3			30.5			31.7			32.2
Combined Ratio		77.1		%	110.5		%	105.7		%	105.3		%	112.2		%	130.7		%	93.9		%	97.7		%	112.2		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		54.0		%	51.3		%	57.8		%	47.9		%	57.5		%	45.6		%	56.5		%	54.4		%	53.2		%
Insurance Expense Ratio		31.7			31.7			31.8			31.1			32.0			34.3			30.5			31.7			32.2
Underlying Combined Ratio		85.7		%	83.0		%	89.6		%	79.0		%	89.5		%	79.9		%	87.0		%	86.1		%	85.4		%
Non-GAAP Measure Reconciliation
Combined Ratio		77.1		%	110.5		%	105.7		%	105.3		%	112.2		%	130.7		%	93.9		%	97.7		%	112.2		%
Less:
Current Year Catastrophe Losses and LAE Ratio		13.7			29.6			20.1			28.5			22.0			50.3			9.3			21.1			27.2
Prior Years Non-catastrophe Losses and LAE Ratio		(0.8		)	(0.8		)	(5.6		)	(1.1		)	1.0			2.8			5.1			(2.4		)	3.0
Prior Years Catastrophe Losses and LAE Ratio		(21.5		)	(1.3		)	1.6			(1.1		)	(0.3		)	(2.3		)	(7.5		)	(7.1		)	(3.4		)
Underlying Combined Ratio		85.7		%	83.0		%	89.6		%	79.0		%	89.5		%	79.9		%	87.0		%	86.1		%	85.4		%

¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Preferred Property & Casualty Insurance Segment Homeowners Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written		$	62.3		$	64.2		$	54.1		$	59.6		$	66.0		$	66.6		$	55.1		$	180.6		$	187.7

Earned Premiums		$	61.5		$	60.8		$	60.3		$	63.6		$	62.5		$	62.2		$	61.8		$	182.6		$	186.5
Net Investment Income		5.5			5.6			3.8			6.7			9.3			6.5			6.3			14.9			22.1
Total Revenues		67.0			66.4			64.1			70.3			71.8			68.7			68.1			197.5			208.6
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		34.2			31.6			35.8			30.7			36.8			28.8			35.2			101.6			100.8
Catastrophe Losses and LAE		9.3			20.6			13.8			16.8			16.0			35.9			6.5			43.7			58.4
Prior Years:
Non-catastrophe Losses and LAE		0.2			0.9			(1.1		)	0.3			1.8			2.7			5.6			—			10.1
Catastrophe Losses and LAE		(13.6		)	(1.0		)	1.0			(0.7		)	(0.1		)	(1.3		)	(5.1		)	(13.6		)	(6.5		)
Total Incurred Losses and LAE		30.1			52.1			49.5			47.1			54.5			66.1			42.2			131.7			162.8
Insurance Expenses		19.8			19.7			19.6			20.0			20.5			21.9			19.2			59.1			61.6
Operating Profit (Loss)		17.1			(5.4		)	(5.0		)	3.2			(3.2		)	(19.3		)	6.7			6.7			(15.8		)
Income Tax Benefit (Expense)		(3.5		)	1.2			1.1			(0.3		)	1.4			4.4			(1.3		)	(1.2		)	4.5
Total Product Line Net Operating Income (Loss)		$	13.6		$	(4.2	)	$	(3.9	)	$	2.9		$	(1.8	)	$	(14.9	)	$	5.4		$	5.5		$	(11.3	)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		55.6		%	51.9		%	59.3		%	48.3		%	58.9		%	46.4		%	57.0		%	55.6		%	54.1		%
Current Year Catastrophe Losses and LAE Ratio		15.1			33.9			22.9			26.4			25.6			57.7			10.5			23.9			31.3
Prior Years Non-catastrophe Losses and LAE Ratio		0.3			1.5			(1.8		)	0.5			2.9			4.3			9.1			—			5.4
Prior Years Catastrophe Losses and LAE Ratio		(22.1		)	(1.6		)	1.7			(1.1		)	(0.2		)	(2.1		)	(8.3		)	(7.4		)	(3.5		)
Total Incurred Loss and LAE Ratio		48.9			85.7			82.1			74.1			87.2			106.3			68.3			72.1			87.3
Insurance Expense Ratio		32.2			32.4			32.5			31.4			32.8			35.2			31.1			32.4			33.0
Combined Ratio		81.1		%	118.1		%	114.6		%	105.5		%	120.0		%	141.5		%	99.4		%	104.5		%	120.3		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		55.6		%	51.9		%	59.3		%	48.3		%	58.9		%	46.4		%	57.0		%	55.6		%	54.1		%
Insurance Expense Ratio		32.2			32.4			32.5			31.4			32.8			35.2			31.1			32.4			33.0
Underlying Combined Ratio		87.8		%	84.3		%	91.8		%	79.7		%	91.7		%	81.6		%	88.1		%	88.0		%	87.1		%
Non-GAAP Measure Reconciliation
Combined Ratio		81.1		%	118.1		%	114.6		%	105.5		%	120.0		%	141.5		%	99.4		%	104.5		%	120.3		%
Less:
Current Year Catastrophe Losses and LAE Ratio		15.1			33.9			22.9			26.4			25.6			57.7			10.5			23.9			31.3
Prior Years Non-catastrophe Losses and LAE Ratio		0.3			1.5			(1.8		)	0.5			2.9			4.3			9.1			—			5.4
Prior Years Catastrophe Losses and LAE Ratio		(22.1		)	(1.6		)	1.7			(1.1		)	(0.2		)	(2.1		)	(8.3		)	(7.4		)	(3.5		)
Underlying Combined Ratio		87.8		%	84.3		%	91.8		%	79.7		%	91.7		%	81.6		%	88.1		%	88.0		%	87.1		%
¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Preferred Property & Casualty Insurance Segment Other Personal Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written		$	9.8		$	9.9		$	9.0		$	9.4		$	10.3		$	10.5		$	9.2		$	28.7		$	30.0

Earned Premiums		$	9.8		$	9.8		$	9.9		$	10.0		$	10.1		$	10.2		$	10.1		$	29.5		$	30.4
Net Investment Income		0.9			0.9			0.6			0.8			1.5			1.0			1.1			2.4			3.6
Total Revenues		10.7			10.7			10.5			10.8			11.6			11.2			11.2			31.9			34.0
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		4.3			4.6			4.8			4.5			4.9			4.3			5.4			13.7			14.6
Catastrophe Losses and LAE		0.5			0.3			0.3			4.2			—			0.5			0.2			1.1			0.7
Prior Years:
Non-catastrophe Losses and LAE		(0.8		)	(1.5		)	(2.8		)	(1.1		)	(1.1		)	(0.7		)	(1.9		)	(5.1		)	(3.7		)
Catastrophe Losses and LAE		(1.7		)	0.1			0.1			(0.1		)	(0.1		)	(0.4		)	(0.3		)	(1.5		)	(0.8		)
Total Incurred Losses and LAE		2.3			3.5			2.4			7.5			3.7			3.7			3.4			8.2			10.8
Insurance Expenses		2.8			2.7			2.7			2.9			2.7			2.9			2.7			8.2			8.3
Operating Profit		5.6			4.5			5.4			0.4			5.2			4.6			5.1			15.5			14.9
Income Tax Expense		(1.2		)	(0.9		)	(1.1		)	—			(1.3		)	(0.7		)	(1.0		)	(3.2		)	(3.0		)
Total Product Line Net Operating Income		$	4.4		$	3.6		$	4.3		$	0.4		$	3.9		$	3.9		$	4.1		$	12.3		$	11.9
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		43.9		%	46.9		%	48.5		%	45.0		%	48.5		%	42.2		%	53.5		%	46.5		%	48.0		%
Current Year Catastrophe Losses and LAE Ratio		5.1			3.1			3.0			42.0			—			4.9			2.0			3.7			2.3
Prior Years Non-catastrophe Losses and LAE Ratio		(8.2		)	(15.3		)	(28.3		)	(11.0		)	(10.9		)	(6.9		)	(18.8		)	(17.3		)	(12.2		)
Prior Years Catastrophe Losses and LAE Ratio		(17.3		)	1.0			1.0			(1.0		)	(1.0		)	(3.9		)	(3.0		)	(5.1		)	(2.6		)
Total Incurred Loss and LAE Ratio		23.5			35.7			24.2			75.0			36.6			36.3			33.7			27.8			35.5
Insurance Expense Ratio		28.6			27.6			27.3			29.0			26.7			28.4			26.7			27.8			27.3
Combined Ratio		52.1		%	63.3		%	51.5		%	104.0		%	63.3		%	64.7		%	60.4		%	55.6		%	62.8		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		43.9		%	46.9		%	48.5		%	45.0		%	48.5		%	42.2		%	53.5		%	46.5		%	48.0		%
Insurance Expense Ratio		28.6			27.6			27.3			29.0			26.7			28.4			26.7			27.8			27.3
Underlying Combined Ratio		72.5		%	74.5		%	75.8		%	74.0		%	75.2		%	70.6		%	80.2		%	74.3		%	75.3		%
Non-GAAP Measure Reconciliation
Combined Ratio		52.1		%	63.3		%	51.5		%	104.0		%	63.3		%	64.7		%	60.4		%	55.6		%	62.8		%
Less:
Current Year Catastrophe Losses and LAE Ratio		5.1			3.1			3.0			42.0			—			4.9			2.0			3.7			2.3
Prior Years Non-catastrophe Losses and LAE Ratio		(8.2		)	(15.3		)	(28.3		)	(11.0		)	(10.9		)	(6.9		)	(18.8		)	(17.3		)	(12.2		)
Prior Years Catastrophe Losses and LAE Ratio		(17.3		)	1.0			1.0			(1.0		)	(1.0		)	(3.9		)	(3.0		)	(5.1		)	(2.6		)
Underlying Combined Ratio		72.5		%	74.5		%	75.8		%	74.0		%	75.2		%	70.6		%	80.2		%	74.3		%	75.3		%
¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Specialty Property & Casualty Insurance Segment Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written		$	815.0		$	804.7		$	809.1		$	674.7		$	735.4		$	338.9		$	318.4		$	2,428.8		$	1,392.7

Earned Premiums		$	783.4		$	766.0		$	729.3		$	717.8		$	711.2		$	320.0		$	278.4		$	2,278.7		$	1,309.6
Net Investment Income		28.8			28.9			21.5			22.6			20.7			10.2			9.9			79.2			40.8
Other Income		4.4			1.0			0.8			0.8			0.9			0.4			0.3			6.2			1.6
Total Revenues		816.6			795.9			751.6			741.2			732.8			330.6			288.6			2,364.1			1,352.0
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		579.4			579.2			544.3			530.3			527.6			247.2			212.3			1,702.9			987.1
Catastrophe Losses and LAE		2.3			4.4			0.6			1.0			1.4			2.1			0.2			7.3			3.7
Prior Years:
Non-catastrophe Losses and LAE		(4.1		)	(8.6		)	(18.3		)	—			(1.6		)	4.1			(0.5		)	(31.0		)	2.0
Catastrophe Losses and LAE		0.2			(0.1		)	0.2			—			—			—			(0.3		)	0.3			(0.3		)
Total Incurred Losses and LAE		577.8			574.9			526.8			531.3			527.4			253.4			211.7			1,679.5			992.5
Insurance Expenses		139.2			140.9			124.8			148.0			176.8			49.0			47.9			404.9			273.7
Other Expenses		1.0			0.7			0.6			0.4			1.7			—			—			2.3			1.7
Operating Profit		98.6			79.4			99.4			61.5			26.9			28.2			29.0			277.4			84.1
Income Tax Expense		(20.1		)	(16.7		)	(19.8		)	(13.0		)	(5.4		)	(5.8		)	(5.6		)	(56.6		)	(16.8		)
Segment Net Operating Income		$	78.5		$	62.7		$	79.6		$	48.5		$	21.5		$	22.4		$	23.4		$	220.8		$	67.3
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		74.0		%	75.6		%	74.6		%	73.9		%	74.2		%	77.2		%	76.2		%	74.8		%	75.3		%
Current Year Catastrophe Losses and LAE Ratio		0.3			0.6			0.1			0.1			0.2			0.7			0.1			0.3			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		(0.5		)	(1.1		)	(2.5		)	—			(0.2		)	1.3			(0.2		)	(1.4		)	0.2
Prior Years Catastrophe Losses and LAE Ratio		—			—			—			—			—			—			(0.1		)	—			—
Total Incurred Loss and LAE Ratio		73.8			75.1			72.2			74.0			74.2			79.2			76.0			73.7			75.8
Insurance Expense Ratio		17.8			18.4			17.1			20.6			24.9			15.3			17.2			17.8			20.9
Combined Ratio		91.6		%	93.5		%	89.3		%	94.6		%	99.1		%	94.5		%	93.2		%	91.5		%	96.7		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		74.0		%	75.6		%	74.6		%	73.9		%	74.2		%	77.2		%	76.2		%	74.8		%	75.3		%
Insurance Expense Ratio		17.8			18.4			17.1			20.6			24.9			15.3			17.2			17.8			20.9
Underlying Combined Ratio		91.8		%	94.0		%	91.7		%	94.5		%	99.1		%	92.5		%	93.4		%	92.6		%	96.2		%
Non-GAAP Measure Reconciliation
Combined Ratio as Reported		91.6		%	93.5		%	89.3		%	94.6		%	99.1		%	94.5		%	93.2		%	91.5		%	96.7		%
Less:
Current Year Catastrophe Losses and LAE Ratio		0.3			0.6			0.1			0.1			0.2			0.7			0.1			0.3			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		(0.5		)	(1.1		)	(2.5		)	—			(0.2		)	1.3			(0.2		)	(1.4		)	0.2
Prior Years Catastrophe Losses and LAE Ratio		—			—			—			—			—			—			(0.1		)	—			—
Underlying Combined Ratio		91.8		%	94.0		%	91.7		%	94.5		%	99.1		%	92.5		%	93.4		%	92.6		%	96.2		%
¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Specialty Property & Casualty Insurance Segment Specialty Personal Automobile Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written		$	749.5		$	734.5		$	742.2		$	618.5		$	679.1		$	325.4		$	304.9		$	2,226.2		$	1,309.4

Earned Premiums		$	719.2		$	703.7		$	669.6		$	660.5		$	655.3		$	307.5		$	266.2		$	2,092.5		$	1,229.0
Net Investment Income		24.9			24.6			18.4			19.1			17.2			8.8			8.4			67.9			34.4
Other Income		4.3			0.9			0.8			0.7			0.9			0.3			0.3			6.0			1.5
Total Revenues		748.4			729.2			688.8			680.3			673.4			316.6			274.9			2,166.4			1,264.9
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		538.2			537.0			498.8			492.0			485.6			237.8			202.8			1,574.0			926.2
Catastrophe Losses and LAE		2.0			4.1			0.5			0.7			1.3			1.7			0.2			6.6			3.2
Prior Years:
Non-catastrophe Losses and LAE		(1.8		)	(3.7		)	(14.4		)	2.4			(1.1		)	4.2			0.2			(19.9		)	3.3
Catastrophe Losses and LAE		0.2			—			0.1			—			—			—			(0.2		)	0.3			(0.2		)
Total Incurred Losses and LAE		538.6			537.4			485.0			495.1			485.8			243.7			203.0			1,561.0			932.5
Insurance Expenses		128.4			128.9			114.7			132.5			160.8			46.7			45.2			372.0			252.7
Other Expenses		1.0			0.7			0.6			0.4			1.6			—			—			2.3			1.6
Operating Profit		80.4			62.2			88.5			52.3			25.2			26.2			26.7			231.1			78.1
Income Tax Expense		(18.4		)	(13.0		)	(17.8		)	(10.9		)	(4.8		)	(5.4		)	(5.2		)	(49.2		)	(15.4		)
Total Product Line Net Operating Income		$	62.0		$	49.2		$	70.7		$	41.4		$	20.4		$	20.8		$	21.5		$	181.9		$	62.7
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		74.9		%	76.3		%	74.5		%	74.5		%	74.1		%	77.3		%	76.2		%	75.3		%	75.3		%
Current Year Catastrophe Losses and LAE Ratio		0.3			0.6			0.1			0.1			0.2			0.6			0.1			0.3			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		(0.3		)	(0.5		)	(2.2		)	0.4			(0.2		)	1.4			0.1			(1.0		)	0.3
Prior Years Catastrophe Losses and LAE Ratio		—			—			—			—			—			—			(0.1		)	—			—
Total Incurred Loss and LAE Ratio		74.9			76.4			72.4			75.0			74.1			79.3			76.3			74.6			75.9
Insurance Expense Ratio		17.9			18.3			17.1			20.1			24.5			15.2			17.0			17.8			20.6
Combined Ratio		92.8		%	94.7		%	89.5		%	95.1		%	98.6		%	94.5		%	93.3		%	92.4		%	96.5		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		74.9		%	76.3		%	74.5		%	74.5		%	74.1		%	77.3		%	76.2		%	75.3		%	75.3		%
Insurance Expense Ratio		17.9			18.3			17.1			20.1			24.5			15.2			17.0			17.8			20.6
Underlying Combined Ratio		92.8		%	94.6		%	91.6		%	94.6		%	98.6		%	92.5		%	93.2		%	93.1		%	95.9		%
Non-GAAP Measure Reconciliation
Combined Ratio		92.8		%	94.7		%	89.5		%	95.1		%	98.6		%	94.5		%	93.3		%	92.4		%	96.5		%
Less:
Current Year Catastrophe Losses and LAE Ratio		0.3			0.6			0.1			0.1			0.2			0.6			0.1			0.3			0.3
Prior Years Non-catastrophe Losses and LAE Ratio		(0.3		)	(0.5		)	(2.2		)	0.4			(0.2		)	1.4			0.1			(1.0		)	0.3
Prior Years Catastrophe Losses and LAE Ratio		—			—			—			—			—			—			(0.1		)	—			—
Underlying Combined Ratio		92.8		%	94.6		%	91.6		%	94.6		%	98.6		%	92.5		%	93.2		%	93.1		%	95.9		%

¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Specialty Property & Casualty Insurance Segment Commercial Automobile Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Net Premiums Written		$	65.5		$	70.2		$	66.9		$	56.2		$	56.3		$	13.5		$	13.5		$	202.6		$	83.3

Earned Premiums		$	64.2		$	62.3		$	59.7		$	57.3		$	55.9		$	12.5		$	12.2		$	186.2		$	80.6
Net Investment Income		3.9			4.3			3.1			3.5			3.5			1.4			1.5			11.3			6.4
Other Income		0.1			0.1			—			0.1			—			0.1			—			0.2			0.1
Total Revenues		68.2			66.7			62.8			60.9			59.4			14.0			13.7			197.7			87.1
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		41.2			42.2			45.5			38.3			42.0			9.4			9.5			128.9			60.9
Catastrophe Losses and LAE		0.3			0.3			0.1			0.3			0.1			0.4			—			0.7			0.5
Prior Years:
Non-catastrophe Losses and LAE		(2.3		)	(4.9		)	(3.9		)	(2.4		)	(0.5		)	(0.1		)	(0.7		)	(11.1		)	(1.3		)
Catastrophe Losses and LAE		—			(0.1		)	0.1			—			—			—			(0.1		)	—			(0.1		)
Total Incurred Losses and LAE		39.2			37.5			41.8			36.2			41.6			9.7			8.7			118.5			60.0
Insurance Expenses		10.8			12.0			10.1			15.5			16.0			2.3			2.7			32.9			21.0
Other Expenses		—			—			—			—			0.1			—			—			—			0.1
Operating Profit		18.2			17.2			10.9			9.2			1.7			2.0			2.3			46.3			6.0
Income Tax Expense		(1.7		)	(3.7		)	(2.0		)	(2.1		)	(0.6		)	(0.4		)	(0.4		)	(7.4		)	(1.4		)
Total Product Line Net Operating Income		$	16.5		$	13.5		$	8.9		$	7.1		$	1.1		$	1.6		$	1.9		$	38.9		$	4.6
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		64.2		%	67.7		%	76.1		%	66.9		%	75.1		%	75.2		%	77.8		%	69.2		%	75.5		%
Current Year Catastrophe Losses and LAE Ratio		0.5			0.5			0.2			0.5			0.2			3.2			—			0.4			0.6
Prior Years Non-catastrophe Losses and LAE Ratio		(3.6		)	(7.9		)	(6.5		)	(4.2		)	(0.9		)	(0.8		)	(5.7		)	(6.0		)	(1.6		)
Prior Years Catastrophe Losses and LAE Ratio		—			(0.1		)	0.2			—			—			—			(0.8		)	—			(0.1		)
Total Incurred Loss and LAE Ratio		61.1			60.2			70.0			63.2			74.4			77.6			71.3			63.6			74.4
Insurance Expense Ratio		16.8			19.3			16.9			27.1			28.6			18.4			22.1			17.7			26.1
Combined Ratio		77.9		%	79.5		%	86.9		%	90.3		%	103.0		%	96.0		%	93.4		%	81.3		%	100.5		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		64.2		%	67.7		%	76.1		%	66.9		%	75.1		%	75.2		%	77.8		%	69.2		%	75.5		%
Insurance Expense Ratio		16.8			19.3			16.9			27.1			28.6			18.4			22.1			17.7			26.1
Underlying Combined Ratio		81.0		%	87.0		%	93.0		%	94.0		%	103.7		%	93.6		%	99.9		%	86.9		%	101.6		%
Non-GAAP Measure Reconciliation
Combined Ratio		77.9		%	79.5		%	86.9		%	90.3		%	103.0		%	96.0		%	93.4		%	81.3		%	100.5		%
Less:
Current Year Catastrophe Losses and LAE Ratio		0.5			0.5			0.2			0.5			0.2			3.2			—			0.4			0.6
Prior Years Non-catastrophe Losses and LAE Ratio		(3.6		)	(7.9		)	(6.5		)	(4.2		)	(0.9		)	(0.8		)	(5.7		)	(6.0		)	(1.6		)
Prior Years Catastrophe Losses and LAE Ratio		—			(0.1		)	0.2			—			—			—			(0.8		)	—			(0.1		)
Underlying Combined Ratio		81.0		%	87.0		%	93.0		%	94.0		%	103.7		%	93.6		%	99.9		%	86.9		%	101.6		%

¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Life & Health Insurance Segment Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Earned Premiums:
Life		$	96.2		$	97.0		$	95.8		$	94.1		$	95.2		$	95.4		$	93.7		$	289.0		$	284.3
Accident and Health		47.6			47.9			46.9			45.5			44.9			43.8			43.3			142.4			132.0
Property		17.0			17.2			17.2			17.4			17.6			17.8			17.6			51.4			53.0
Earned Premiums		$	160.8		$	162.1		$	159.9		$	157.0		$	157.7		$	157.0		$	154.6		$	482.8		$	469.3
Net Investment Income		49.7			53.0			51.7			51.7			51.0			54.5			53.7			154.4			159.2
Other Income		2.9			1.6			1.1			1.1			1.2			0.9			0.8			5.6			2.9
Total Revenues		213.4			216.7			212.7			209.8			209.9			212.4			209.1			642.8			631.4
Policyholders’ Benefits and Incurred Losses and LAE		88.8			113.5			105.4			103.1			97.0			99.2			104.9			307.7			301.1
Insurance Expenses		83.6			87.1			78.0			88.4			79.4			79.4			73.9			248.7			232.7
Operating Profit		41.0			16.1			29.3			18.3			33.5			33.8			30.3			86.4			97.6
Income Tax Expense		(7.6		)	(2.8		)	(6.2		)	(4.7		)	(6.4		)	(7.1		)	(6.2		)	(16.6		)	(19.7		)
Segment Net Operating Income		$	33.4		$	13.3		$	23.1		$	13.6		$	27.1		$	26.7		$	24.1		$	69.8		$	77.9

Kemper Corporation Life & Health Insurance Segment Life Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Earned Premiums		$	96.2		$	97.0		$	95.8		$	94.1		$	95.2		$	95.4		$	93.7		$	289.0		$	284.3
Net Investment Income		47.8			51.0			49.9			49.6			48.9			52.4			51.7			148.7			153.0
Other Income		2.8			1.6			1.0			1.0			0.9			0.9			0.7			5.4			2.5
Total Revenues		146.8			149.6			146.7			144.7			145.0			148.7			146.1			443.1			439.8
Policyholders’ Benefits and Incurred Losses and LAE		56.0			75.9			72.8			69.9			66.7			69.4			73.4			204.7			209.5
Insurance Expenses		53.3			56.7			49.9			57.3			51.8			51.2			47.4			159.9			150.4
Operating Profit		37.5			17.0			24.0			17.5			26.5			28.1			25.3			78.5			79.9
Income Tax Expense		(7.0		)	(3.0		)	(5.1		)	(5.1		)	(4.5		)	(6.0		)	(5.1		)	(15.1		)	(15.6		)
Total Product Line Operating Income		$	30.5		$	14.0		$	18.9		$	12.4		$	22.0		$	22.1		$	20.2		$	63.4		$	64.3

Kemper Corporation Life & Health Insurance Segment Accident & Health Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																					Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Earned Premiums	$	47.6		$	47.9		$	46.9		$	45.5		$	44.9		$	43.8		$	43.3		$	142.4		$	132.0
Net Investment Income	1.5			1.5			1.5			1.5			1.5			1.6			1.5			4.5			4.6
Other Income	0.1			—			0.1			0.1			0.3			—			0.1			0.2			0.4
Total Revenues	49.2			49.4			48.5			47.1			46.7			45.4			44.9			147.1			137.0
Policyholders’ Benefits and Incurred Losses and LAE	27.6			30.6			26.3			26.1			23.5			24.1			25.2			84.5			72.8
Insurance Expenses	22.7			22.4			20.8			23.3			19.7			19.7			19.5			65.9			58.9
Operating Profit (Loss)	(1.1		)	(3.6		)	1.4			(2.3		)	3.5			1.6			0.2			(3.3		)	5.3
Income Tax Benefit (Expense)	0.3			0.8			(0.3		)	0.8			(1.0		)	(0.3		)	(0.1		)	0.8			(1.4		)
Total Product Line Net Operating Income (Loss)	$	(0.8	)	$	(2.8	)	$	1.1		$	(1.5	)	$	2.5		$	1.3		$	0.1		$	(2.5	)	$	3.9

Kemper Corporation Life & Health Insurance Segment Property Insurance - Results of Operations and Selected Financial Information (Dollars in Millions) (Unaudited)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Results of Operations
Earned Premiums		$	17.0		$	17.2		$	17.2		$	17.4		$	17.6		$	17.8		$	17.6		$	51.4		$	53.0
Net Investment Income		0.4			0.5			0.3			0.6			0.6			0.5			0.5			1.2			1.6
Total Revenues		17.4			17.7			17.5			18.0			18.2			18.3			18.1			52.6			54.6
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE		4.5			4.7			5.1			5.0			5.9			4.5			5.1			14.3			15.5
Catastrophe Losses and LAE		0.5			1.8			0.3			2.3			0.4			1.1			0.2			2.6			1.7
Prior Years:
Non-catastrophe Losses and LAE		0.1			0.2			0.6			(0.3		)	0.6			0.1			0.9			0.9			1.6
Catastrophe Losses and LAE		0.1			0.3			0.3			0.1			(0.1		)	—			0.1			0.7			—
Total Incurred Losses and LAE		5.2			7.0			6.3			7.1			6.8			5.7			6.3			18.5			18.8
Insurance Expenses		7.6			8.0			7.3			7.8			7.9			8.5			7.0			22.9			23.4
Operating Profit		4.6			2.7			3.9			3.1			3.5			4.1			4.8			11.2			12.4
Income Tax Expense		(0.9		)	(0.6		)	(0.8		)	(0.4		)	(0.9		)	(0.8		)	(1.0		)	(2.3		)	(2.7		)
Total Product Line Net Operating Income		$	3.7		$	2.1		$	3.1		$	2.7		$	2.6		$	3.3		$	3.8		$	8.9		$	9.7
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio		26.5		%	27.3		%	29.7		%	28.7		%	33.5		%	25.2		%	29.0		%	27.7		%	29.3		%
Current Year Catastrophe Losses and LAE Ratio		2.9			10.5			1.7			13.2			2.3			6.2			1.1			5.1			3.2
Prior Years Non-catastrophe Losses and LAE Ratio		0.6			1.2			3.5			(1.7		)	3.4			0.6			5.1			1.8			3.0
Prior Years Catastrophe Losses and LAE Ratio		0.6			1.7			1.7			0.6			(0.6		)	—			0.6			1.4			—
Total Incurred Loss and LAE Ratio		30.6			40.7			36.6			40.8			38.6			32.0			35.8			36.0			35.5
Insurance Expense Ratio		44.7			46.5			42.4			44.8			44.9			47.8			39.8			44.6			44.2
Combined Ratio		75.3		%	87.2		%	79.0		%	85.6		%	83.5		%	79.8		%	75.6		%	80.6		%	79.7		%
Underlying Combined Ratio ¹
Current Year Non-catastrophe Losses and LAE Ratio		26.5		%	27.3		%	29.7		%	28.7		%	33.5		%	25.2		%	29.0		%	27.7		%	29.3		%
Insurance Expense Ratio		44.7			46.5			42.4			44.8			44.9			47.8			39.8			44.6			44.2
Underlying Combined Ratio		71.2		%	73.8		%	72.1		%	73.5		%	78.4		%	73.0		%	68.8		%	72.3		%	73.5		%
Non-GAAP Measure Reconciliation
Combined Ratio		75.3		%	87.2		%	79.0		%	85.6		%	83.5		%	79.8		%	75.6		%	80.6		%	79.7		%
Less:
Current Year Catastrophe Losses and LAE Ratio		2.9			10.5			1.7			13.2			2.3			6.2			1.1			5.1			3.2
Prior Years Non-catastrophe Losses and LAE Ratio		0.6			1.2			3.5			(1.7		)	3.4			0.6			5.1			1.8			3.0
Prior Years Catastrophe Losses and LAE Ratio		0.6			1.7			1.7			0.6			(0.6		)	—			0.6			1.4			—
Underlying Combined Ratio		71.2		%	73.8		%	72.1		%	73.5		%	78.4		%	73.0		%	68.8		%	72.3		%	73.5		%

¹Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation Insurance Expenses and Interest and Other Expenses (Dollars in Millions)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Insurance Expenses:
Commissions		$	178.3		$	183.8		$	174.0		$	158.7		$	166.6		$	123.1		$	110.3		$	536.1		$	400.0
General Expenses		68.4			75.4			62.4			74.4			66.7			42.9			45.7			206.2			155.3
Taxes, Licenses and Fees		23.2			24.5			25.2			19.8			22.8			16.1			14.5			72.9			53.4
Total Costs Incurred		269.9			283.7			261.6			252.9			256.1			182.1			170.5			815.2			608.7
Policy Acquisition Costs:
Deferred		(119.9		)	(120.9		)	(128.8		)	(122.8		)	(156.1		)	(106.1		)	(96.5		)	(369.6		)	(358.7		)
Amortized		104.7			99.2			99.8			99.4			98.2			93.7			85.8			303.7			277.7
Net Policy Acquisition Costs Deferred		(15.2		)	(21.7		)	(29.0		)	(23.4		)	(57.9		)	(12.4		)	(10.7		)	(65.9		)	(81.0		)
Amortization of Valuation of Business Acquired ("VOBA")		1.3			1.5			2.2			43.7			97.8			1.5			0.3			5.0			99.6
Insurance Expenses		256.0			263.5			234.8			273.2			296.0			171.2			160.1			754.3			627.3
Interest and Other Expenses:
Interest Expense		9.2			11.8			11.5			14.1			13.4			8.0			7.9			32.5			29.3
Other Expenses:
Loss (Gain) on Cash Flow Hedge		—			—			—			—			(0.2		)	—			0.2			—			—
Acquisition Related Transaction, Integration and Other Costs		5.4			1.2			5.6			6.7			28.2			3.6			6.2			12.2			38.0
Other		23.3			25.0			24.3			21.8			20.3			14.1			14.7			72.6			49.1
Other Expenses		28.7			26.2			29.9			28.5			48.3			17.7			21.1			84.8			87.1
Interest and Other Expenses		37.9			38.0			41.4			42.6			61.7			25.7			29.0			117.3			116.4
Total Expenses		$	293.9		$	301.5		$	276.2		$	315.8		$	357.7		$	196.9		$	189.1		$	871.6		$	743.7

Kemper Corporation Details of Investment Performance (Dollars in Millions)

	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Net Investment Income
Interest on Fixed Income Securities		$	73.5		$	75.6		$	76.4		$	71.5		$	70.6		$	64.4		$	62.4		$	225.5		$	197.4
Dividends on Equity Securities Excluding Alternative Investments		5.2			6.9			2.5			6.6			2.5			2.6			1.9			14.6			7.0
Alternative Investments:
Equity Method Limited Liability Investments		1.6			2.6			(3.6		)	2.9			(0.4		)	1.4			7.1			0.6			8.1
Limited Liability Investments Included in Equity Securities		5.2			5.1			2.6			3.6			13.7			5.2			3.9			12.9			22.8
Total Alternative Investments		6.8			7.7			(1.0		)	6.5			13.3			6.6			11.0			13.5			30.9
Short-term Investments		2.5			2.6			1.8			2.7			2.3			1.2			0.8			6.9			4.3
Real Estate		2.4			2.2			2.5			2.4			2.4			2.4			2.4			7.1			7.2
Loans to Policyholders		5.9			5.7			5.3			6.0			5.5			5.5			5.5			16.9			16.5
Other		0.6			0.3			—			0.3			0.2			0.4			—			0.9			0.6
Total Investment Income		96.9			101.0			87.5			96.0			96.8			83.1			84.0			285.4			263.9
Investment Expenses:
Real Estate		2.5			2.3			2.4			2.2			2.6			2.6			2.3			7.2			7.5
Other Investment Expenses		2.7			2.7			2.4			2.5			2.2			2.1			2.5			7.8			6.8
Total Investment Expenses		5.2			5.0			4.8			4.7			4.8			4.7			4.8			15.0			14.3
Net Investment Income		$	91.7		$	96.0		$	82.7		$	91.3		$	92.0		$	78.4		$	79.2		$	270.4		$	249.6
Net Realized Gains (Losses) on Sales of Investments
Fixed Maturities:
Gains on Sales		$	1.9		$	22.7		$	15.1		$	14.1		$	5.9		$	1.2		$	4.1		$	39.7		$	11.2
Losses on Sales		(0.3		)	(1.9		)	(2.6		)	(4.6		)	(2.5		)	(1.9		)	(2.1		)	(4.8		)	(6.5		)
Equity Securities:
Gains on Sales		0.2			0.7			3.6			6.9			0.2			4.6			0.6			4.5			5.4
Losses on Sales		(0.1		)	(0.2		)	—			—			—			—			—			(0.3		)	—
Other Investments:
Losses on Sales		—			—			—			—			—			(0.1		)	—			—			(0.1		)
Net Realized Gains on Sales of Investments		$	1.7		$	21.3		$	16.1		$	16.4		$	3.6		$	3.8		$	2.6		$	39.1		$	10.0
Net Impairment Losses Recognized in Earnings
Fixed Maturities		$	(1.7	)	$	(6.3	)	$	(3.6	)	$	(1.5	)	$	(0.2	)	$	—		$	(0.3	)	$	(11.6	)	$	(0.5	)
Equity Securities		(0.1		)	(0.4		)	—			(0.7		)	(1.6		)	—			(0.2		)	(0.5		)	(1.8		)
Net Impairment Losses Recognized in Earnings		$	(1.8	)	$	(6.7	)	$	(3.6	)	$	(2.2	)	$	(1.8	)	$	—		$	(0.5	)	$	(12.1	)	$	(2.3	)

Kemper Corporation Details of Invested Assets (Dollars in Millions) (Unaudited)

	Sep 30, 2019				Dec 31, 2018				Dec 31, 2017
	Carrying Value		Percent of Total¹		Carrying Value		Percent of Total¹		Carrying Value		Percent of Total¹
Fixed Maturities Reported at Fair Value:
U.S. Government and Government Agencies and Authorities	$	838.9	9.3	%	$	865.7	10.7	%	$	556.1	8.2	%
States and Political Subdivisions	1,545.1		17.2		1,619.1		20.1		1,701.8		25.0
Foreign Governments	14.4		0.2		5.9		0.1		3.2		—
Corporate Securities:
Bonds and Notes	3,907.1		43.5		3,393.8		42.1		2,980.6		43.8
Redeemable Preferred Stocks	—		—		—		—		0.1		—
Collaterized Loan Obligations	536.5		6.0		524.0		6.5		139.8		2.1
Other Mortgage- and Asset-backed	41.6		0.5		15.7		0.2		1.1		—
Total Fixed Maturities Reported at Fair Value	6,883.6		76.7		6,424.2		79.6		5,382.7		79.1
Equity Securities Reported at Fair Value:
Preferred Stocks	58.2		0.6		54.2		0.7		78.8		1.2
Common Stocks	12.9		0.1		10.9		0.1		24.8		0.4
Other Equity Interests:
Exchange Traded Funds	659.3		7.3		427.3		5.3		219.5		3.2
Limited Liability Companies and Limited Partnerships	198.3		2.2		192.0		2.4		202.9		3.0
Total Equity Securities Reported at Fair Value	928.7		10.3		684.4		8.5		526.0		7.7
Equity Securities Reported at Modified Cost:
Preferred Stocks	9.0		0.1		9.2		0.1		—		—
Common Stocks	10.9		0.1		8.8		0.1		—		—
Limited Liability Companies and Limited Partnerships	21.3		0.2		23.5		0.3		—		—
Total Equity Securities Reported at Modified Cost	41.2		0.4		41.5		0.5		—		—
Convertible Securities at Fair Value	35.6		0.4		31.5		0.4		—		—
Equity Method Limited Liability Investments	213.4		2.4		187.0		2.3		161.0		2.4
Fair Value Option Investments	—		—		—		—		77.5		1.1
Short-term Investments at Cost which Approximates Fair Value	424.2		4.7		286.1		3.5		235.5		3.5
Other Investments:
Loans to Policyholders at Unpaid Principal	302.7		3.4		300.6		3.7		298.6		4.4
Real Estate at Depreciated Cost	112.3		1.3		114.2		1.4		116.8		1.7
Mortgage Loans	32.4		0.4		—		—		—		—
Trading Securities at Fair Value	—		—		—		—		6.7		0.1
Other	—		—		—		—		0.1		—
Total Other Investments	447.4		5.1		414.8		5.1		422.2		6.2
Total Investments	$	8,974.1	100.0	%	$	8,069.5	100.0	%	$	6,804.9	100.0	%

¹ Sum of percentages for individual lines may not equal subtotals and grand total due to rounding.

Kemper Corporation Details of Invested Assets (continued) (Dollars in Millions) (Unaudited)

	Sep 30, 2019				Dec 31, 2018				Dec 31, 2017
	Carrying Value		Percent of Total¹		Carrying Value		Percent of Total¹		Carrying Value		Percent of Total¹
S&P Equivalent Rating for Fixed Maturities
AAA, AA, A	$	4,328.7	62.9	%	$	4,156.6	64.7	%	$	3,481.8	64.7	%
BBB	2,039.9		29.6		1,752.6		27.3		1,335.2		24.8
BB, B	360.6		5.3		333.7		5.2		357.2		6.6
CCC or Lower	154.4		2.2		181.3		2.8		208.5		3.9
Total Investments in Fixed Maturities	$	6,883.6	100.0	%	$	6,424.2	100.0	%	$	5,382.7	100.0	%
Duration (in Years)
Total Investments in Fixed Maturities	7.3				6.2				6.2

¹ Sum of percentages for individual lines may not equal subtotals and grand total due to rounding.

Kemper Corporation Investment Concentration (Dollars in Millions) (Unaudited)

	Sep 30, 2019				Dec 31, 2018				Dec 31, 2017
Fair Value of Non-governmental Fixed Maturities by Industry	Amount		Percent of Total Investments		Amount		Percent of Total Investments		Amount		Percent of Total Investments
Manufacturing	$	1,373.1	15.3	%	$	1,270.0	15.7	%	$	1,168.8	17.2	%
Finance, Insurance and Real Estate	1,404.1		15.6		1,269.3		15.7		780.2		11.5
Services	615.7		6.9		516.4		6.4		453.3		6.7
Transportation, Communication and Utilities	635.7		7.1		449.0		5.6		353.7		5.2
Retail Trade	189.1		2.1		164.8		2.0		102.6		1.5
Mining	163.6		1.8		158.6		2.0		163.5		2.4
Wholesale Trade	74.4		0.8		78.4		1.0		81.3		1.2
Agriculture, Forestry and Fishing	12.4		0.1		13.7		0.2		14.5		0.2
Other	17.1		0.2		13.3		0.2		3.7		0.1
Total Fair Value of Non-governmental Fixed Maturities	$	4,485.2	49.9	%	$	3,933.5	48.8	%	$	3,121.6	46.0	%

Kemper Corporation Municipal Bond Securities (Dollars in Millions) (Unaudited)

	Sep 30, 2019
	State General Obligation		Political Subdivision General Obligation		Revenue		Total Fair Value		Percent of Total Muni Bond¹		Percent of Total Investments¹
Texas	$	33.3	$	14.1	$	73.1	$	120.5	7.8	%	1.3	%
Georgia	58.8		5.3		30.3		94.4		6.1		1.1
Colorado	—		14.4		72.9		87.3		5.7		1.0
Louisiana	45.8		7.3		18.1		71.2		4.6		0.8
Michigan	39.8		—		30.3		70.1		4.5		0.8
California	13.8		5.1		50.0		68.9		4.5		0.8
New York	6.7		2.7		45.9		55.3		3.6		0.6
Washington	15.4		0.3		39.6		55.3		3.6		0.6
Ohio	6.5		—		48.3		54.8		3.5		0.6
Virginia	8.0		19.9		15.0		42.9		2.8		0.5
Pennsylvania	11.2		2.6		28.1		41.9		2.7		0.5
Utah	5.9		—		34.1		40.0		2.6		0.4
Minnesota	—		—		37.8		37.8		2.4		0.4
Indiana	—		1.6		36.0		37.6		2.4		0.4
Florida	12.8		—		24.2		37.0		2.4		0.4
Massachusetts	2.7		1.5		30.8		35.0		2.3		0.4
New Mexico	—		—		34.8		34.8		2.3		0.4
Oregon	28.8		—		3.5		32.3		2.1		0.4
District Of Columbia	—		4.9		25.9		30.8		2.0		0.3
South Carolina	22.9		1.9		5.7		30.5		2.0		0.3
Maryland	2.1		20.5		6.8		29.4		1.9		0.3
Wisconsin	15.4		7.3		6.7		29.4		1.9		0.3
Nevada	20.1		8.2		—		28.3		1.8		0.3
Connecticut	26.3		—		—		26.3		1.7		0.3
Illinois	—		—		24.4		24.4		1.6		0.3
Tennessee	3.6		8.2		10.8		22.6		1.5		0.3
Missouri	—		—		22.6		22.6		1.5		0.3
Mississippi	19.6		—		2.5		22.1		1.4		0.2
Delaware	10.4		—		10.8		21.2		1.4		0.2
Hawaii	21.1		—		—		21.1		1.4		0.2
Nebraska	—		8.0		12.1		20.1		1.3		0.2
New Jersey	—		—		19.7		19.7		1.3		0.2
Arkansas	19.5		—		—		19.5		1.3		0.2
Kentucky	—		—		17.8		17.8		1.2		0.2
Rhode Island	4.6		—		11.3		15.9		1.0		0.2
Alaska	2.0		3.0		10.2		15.2		1.0		0.2
Iowa	—		—		14.2		14.2		0.9		0.2
Alabama	—		—		14.1		14.1		0.9		0.2
Arizona	—		0.8		12.8		13.6		0.9		0.2
All Other States	5.6		0.3		63.3		69.2		4.5		0.8
Total	$	462.7	$	137.9	$	944.5	$	1,545.1	100.0	%	17.2	%

¹ Sum of percentages for individual lines may not equal total due to rounding.

Kemper Corporation Investments in Limited Liability Companies and Limited Partnerships (Dollars in Millions) (Unaudited)

	Unfunded Commitment		Reported Value
Asset Class	Sep 30, 2019		Sep 30, 2019		Dec 31, 2018
Reported as Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings:
Mezzanine Debt	$	57.9	$	129.3	$	99.6
Senior Debt	21.2		16.6		15.4
Distressed Debt	—		24.2		34.5
Secondary Transactions	15.2		12.2		21.2
Leveraged Buyout	—		0.1		4.2
Growth Equity	—		5.3		5.4
Real Estate	—		19.9		—
Other	—		5.8		6.7
Total Equity Method Limited Liability Investments	94.3		213.4		187.0
Reported as Other Equity Interests at Fair Value:
Mezzanine Debt	93.1		122.9		111.7
Senior Debt	18.3		39.2		34.3
Distressed Debt	20.2		15.0		14.5
Secondary Transactions	6.7		5.3		6.7
Hedge Funds	—		3.1		14.7
Leveraged Buyout	2.3		4.9		4.2
Other	4.7		7.9		5.9
Total Reported as Other Equity Interests at Fair Value	145.3		198.3		192.0
Reported as Other Equity Interests at Modified Cost:
Mezzanine Debt	—		1.7		1.5
Other	0.1		19.6		22.1
Total Reported as Other Equity Interests at Modified Cost	0.1		21.3		23.6
Total Investments in Limited Liability Companies and Limited Partnerships	$	239.7	$	433.0	$	402.6

Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains on fixed income securities by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains on fixed income securities in conjunction with book value per share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities and Goodwill is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains on fixed income securities and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains on fixed income securities and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.

The Company believes that Adjusted Consolidated Net Operating Income (Loss) provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Net Realized Gains on Sales of Investments, Net Impairment Losses Recognized in Earnings related to investments, and Income (Loss) from Change in Fair Value of Equity and Convertible Securities included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition Related Transaction, Integration and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Loss from Early Extinguishment of Debt is driven by the Company’s financing and refinancing decisions and capital needs, as well as, external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends.

A reconciliation of Income from Continuing Operations to Adjusted Consolidated Net Operating Income is presented below:



	Three Months Ended																					Nine Months Ended
Dollars in Millions (Unaudited)	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Income from Continuing Operations	$	129.0		$	122.1		$	155.3		$	5.0		$	92.3		$	37.5		$	53.6		$	406.4		$	183.4
Less Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities	7.8			20.1			50.9			(60.4		)	8.7			0.3			0.6			78.8			9.6
Net Realized Gains on Sales of Investments	1.4			16.8			12.7			13.0			2.8			3.0			2.1			30.9			7.9
Net Impairment Losses Recognized in Earnings	(1.5		)	(5.3		)	(2.8		)	(1.8		)	(1.4		)	—			(0.4		)	(9.6		)	(1.8		)
Acquisition Related Transaction and Integration Costs	(4.1		)	(1.0		)	(4.4		)	(5.7		)	(22.3		)	(2.3		)	(6.2		)	(9.5		)	(30.8		)
Loss from Early Extinguishment of Debt	(4.6		)	—			—			—			—			—			—			(4.6		)	—
Adjusted Consolidated Net Operating Income	$	130.0		$	91.5		$	98.9		$	59.9		$	104.5		$	36.5		$	57.5		$	320.4		$	198.5



	Three Months Ended																					Nine Months Ended
(Unaudited)	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Income from Continuing Operations Per Unrestricted Share	$	1.93		$	1.87		$	2.38		$	0.08		$	1.42		$	0.73		$	1.03		$	6.17		$	3.26
Less Net Income (Loss) Per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities	0.11			0.31			0.78			(0.93		)	0.13			0.01			0.01			1.20			0.17
Net Realized Gains on Sales of Investments	0.02			0.26			0.19			0.20			0.04			0.06			0.04			0.47			0.14
Net Impairment Losses Recognized in Earnings	(0.02		)	(0.08		)	(0.04		)	(0.02		)	(0.02		)	—			(0.01		)	(0.15		)	(0.03		)
Acquisition Related Transaction and Integration Costs	(0.06		)	(0.01		)	(0.07		)	(0.09		)	(0.34		)	(0.04		)	(0.12		)	(0.14		)	(0.55		)
Loss from Early Extinguishment of Debt	(0.07		)	—			—			—			—			—			—			(0.07		)	—
Adjusted Consolidated Net Operating Income Per Unrestricted Share	$	1.95		$	1.39		$	1.52		$	0.92		$	1.61		$	0.70		$	1.11		$	4.86		$	3.53

Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding total incurred losses and LAE, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio. The Company believes the underlying combined ratio is useful to investors and is used by management to reveal the trends in the Company’s property and casualty insurance businesses that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses cause loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of our insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.

As Adjusted for Acquisition amounts are non-GAAP financial measures. For the periods subsequent to acquisition, the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, the as adjusted amounts are computed by subtracting the impact of purchase accounting adjustments from the comparable consolidated GAAP financial measure reported by Kemper. For the periods prior to the acquisition, the three months ended June 30, 2018 and March 31, 2018, as adjusted amounts are computed by adding the historical results of Infinity to the comparable consolidated GAAP financial measure reported by Kemper. The Company believes computing and presenting results on an adjusted basis are useful to investors and are used by management to provide meaningful and comparable year-over-year comparisons.



	Three Months Ended																			Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019		Dec 31, 2018			Sep 30, 2018			Jun 30, 2018		Mar 31, 2018		Sep 30, 2019			Sep 30, 2018
Earned Premiums
Kemper - GAAP As Reported		$	1,135.2		$	1,116.6		$	1,074.8	$	1,063.6		$	1,052.9		$	658.1	$	609.8	$	3,326.6		$	2,320.8
Infinity - Prior to Acquisition		—			—			—		—			—			374.3		354.0		—			728.3
As Adjusted¹		$	1,135.2		$	1,116.6		$	1,074.8	$	1,063.6		$	1,052.9		$	1,032.4	$	963.8	$	3,326.6		$	3,049.1

Adjusted Consolidated Net Operating Income (Loss)
Kemper		$	130.0		$	91.5		$	98.9	$	59.9		$	104.5		$	36.5	$	57.5	$	320.4		$	198.5
Infinity - Prior to Acquisition		—			—			—		—			—			29.5		23.8		—			53.3
Less: Impact of Purchase Accounting		(6.6		)	(4.2		)	2.1		(20.5		)	(39.5		)	—		—		(8.7		)	(39.5		)
As Adjusted¹		$	136.6		$	95.7		$	96.8	$	80.4		$	144.0		$	66.0	$	81.3	$	329.1		$	291.3

¹As Adjusted is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting and including the historical results of Legacy Kemper and Legacy Infinity in periods prior to the acquisition date of July 2, 2018.



	Three Months Ended																					Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Earned Premiums
Kemper Specialty P&C - GAAP As Reported	$	783.4		$	766.0		$	729.3		$	717.8		$	711.2		$	320.0		$	278.4		$	2,278.7		$	1,309.6
Infinity - Prior to Acquisition	—			—			—			—			—			374.3			354.0			—			728.3
As Adjusted¹	$	783.4		$	766.0		$	729.3		$	717.8		$	711.2		$	694.3		$	632.4		$	2,278.7		$	2,037.9

Current Year Non-CAT Losses and LAE
Kemper Specialty P&C - GAAP As Reported	$	579.4		$	579.2		$	544.3		$	530.3		$	527.6		$	247.2		$	212.3		$	1,702.9		$	987.1
Infinity - Prior to Acquisition	—			—			—			—			—			277.4			273.3			—			550.7
Less: Impact of Purchase Accounting
Amortization of Fair Value Adjustment to Infinity's Unpaid Loss and LAE	0.8			1.2			1.5			1.9			2.5			—			—			3.5			2.5
As Adjusted¹	$	578.6		$	578.0		$	542.8		$	528.4		$	525.1		$	524.6		$	485.6		$	1,699.4		$	1,535.3

Insurance Expenses
Kemper Specialty P&C - GAAP As Reported	$	139.2		$	140.9		$	124.8		$	148.0		$	176.8		$	49.0		$	47.9		$	404.9		$	273.7
Infinity - Prior to Acquisition	—			—			—			—			—			68.1			65.4			—			133.5
Less: Impact of Purchase Accounting
Amortization of VOBA	0.6			0.8			1.5			42.0			97.3			—			—			2.9			97.3
Amortization of Estimated Legacy Infinity Deferred Policy Acquisition Costs ("DPAC")	—			(3.1		)	(12.1		)	(24.2		)	(56.2		)	—			—			(15.2		)	(56.2		)
Amortization of VOBA, Net of Legacy Infinity DPAC	0.6			(2.3		)	(10.6		)	17.8			41.1			—			—			(12.3		)	41.1
Amortization of Finite Life Intangible Assets Acquired	3.3			3.3			3.3			3.3			3.3			—			—			9.9			3.3
Other	3.4			3.4			3.4			3.4			3.4			—			—			10.2			3.4
Total Purchase Accounting Adjustments	7.3			4.4			(3.9		)	24.5			47.8			—			—			7.8			47.8

As Adjusted¹	$	131.9		$	136.5		$	128.7		$	123.5		$	129.0		$	117.1		$	113.3		$	397.1		$	359.4

Underlying Combined Ratio¹
Kemper Specialty P&C Segment	91.8		%	94.0		%	91.7		%	94.5		%	99.1		%	92.5		%	93.4		%	92.6		%	96.2		%
As Adjusted¹	90.7		%	93.3		%	92.1		%	90.8		%	92.0		%	92.4		%	94.7		%	92.0		%	93.0		%

¹As Adjusted is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting in 2018 and including the historical results of Legacy Kemper and Legacy Infinity in periods prior to the acquisition date of July 2, 2018. See page 33.



	Three Months Ended																						Nine Months Ended
		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Sep 30, 2019			Sep 30, 2018
Earned Premiums
Kemper Specialty Personal Automobile Insurance - GAAP As Reported		$	719.2		$	703.7		$	669.6		$	660.5		$	655.3		$	307.5		$	266.2		$	2,092.5		$	1,229.0
Infinity - Prior to Acquisition		—			—			—			—			—			332.6			314.2			—			646.8
As Adjusted¹		$	719.2		$	703.7		$	669.6		$	660.5		$	655.3		$	640.1		$	580.4		$	2,092.5		$	1,875.8

Current Year Non-CAT Losses and LAE
Kemper Specialty Personal Automobile Insurance		$	538.2		$	537.0		$	498.8		$	492.0		485.6			$	237.8		$	202.8		$	1,574.0		$	926.2
Infinity - Prior to Acquisition		—			—			—			—			—			244.5			242.3			—			486.8
Less: Impact of Purchase Accounting
Amortization of Fair Value Adjustment to Infinity's Unpaid Loss and LAE		0.6			0.9			1.3			1.5			2.0			—			—			2.8			2.0
As Adjusted¹		$	537.6		$	536.1		$	497.5		$	490.5		$	483.6		$	482.3		$	445.1		$	1,571.2		$	1,411.0

Insurance Expenses
Kemper Specialty Personal Automobile Insurance - GAAP As Reported		$	128.4		$	128.9		$	114.7		$	132.5		$	160.8		$	46.7		$	45.2		$	372.0		$	252.7
Infinity - Prior to Acquisition		—			—			—			—			—			60.8			58.5			—			119.3
Less: Impact of Purchase Accounting
Amortization of VOBA		0.4			0.7			1.3			37.7			87.8			—			—			2.4			87.8
Amortization of Estimated Legacy Infinity Deferred Policy Acquisition Costs ("DPAC")		—			(2.8		)	(9.8		)	(21.9		)	(48.7		)	—			—			(12.6		)	(48.7		)
Amortization of VOBA, Net of Legacy Infinity DPAC		0.4			(2.1		)	(8.5		)	15.8			39.1			—			—			(10.2		)	39.1
Amortization of Finite Life Intangible Assets Acquired		3.0			3.0			3.0			3.0			3.0			—			—			9.0			3.0
Other		3.0			3.0			3.0			3.0			3.0			—			—			9.0			3.0
Total Purchase Accounting Adjustments		6.4			3.9			(2.5		)	21.8			45.1			—			—			7.8			45.1

As Adjusted¹		$	122.0		$	125.0		$	117.2		$	110.7		$	115.7		$	107.5		$	103.7		$	364.2		$	326.9

Underlying Combined Ratio¹
Kemper Specialty Personal Automobile Insurance		92.8		%	94.6		%	91.6		%	94.6		%	98.6		%	92.5		%	93.2		%	93.1		%	95.9		%
As Adjusted¹		91.7		%	93.9		%	91.8		%	91.0		%	91.5		%	92.1		%	94.6		%	92.5		%	92.6		%

¹As Adjusted is a non-GAAP financial measure, which is computed by excluding the impact of purchase accounting in 2018 and including the historical results of Legacy Kemper and Legacy Infinity in periods prior to the acquisition date of July 2, 2018. See page 33.



	Sep 30, 2019
Ten Largest Investment Exposures ¹	Fair Value		Percent of Total Investments
Fixed Maturities:
States including their Political Subdivisions:
Texas	$	120.6	1.3	%
Georgia	94.4		1.1
Colorado	87.3		1.0
Louisiana	71.2		0.8
Michigan	70.1		0.8
California	68.9		0.8
Equity Securities at Fair Value—Other Equity Interests:
Vanguard Long-Term Corp Bond ETF	105.8		1.2
iShares® Core MSCI Total International Stock ETF	75.8		0.8
iShares Long-Term Corporate Bond ETF	69.6		0.8
Vanguard Total Stock Market ETF	65.5		0.7
Total	$	829.2	9.3	%


¹	Excluding Investments in U.S. Government and Government Agencies and Authorities at September 30, 2019.