2Q 2024 Earnings Call Presentation

Second Quarter 2024 Earnings

August 5, 2024

Earnings Call Presentation - 2Q 2024

Preliminary Matters

Cautionary Statements Regarding Forward-Looking Information

This presentation may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:

• changes in the frequency and severity of insurance claims;
• claim development and the process of estimating claim reserves;
• the impacts of inflation;
• changes in interest rate environment;
• supply chain disruption;
• product demand and pricing;
• effects of governmental and regulatory actions;
• litigation outcomes and trends;
• investment risks;
• cybersecurity risks or incidents;
• impact of catastrophes; and
• other risks and uncertainties detailed in Kemper's Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission ("SEC").

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 presentation.

Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures that the company believes are meaningful to investors. Non-GAAP financial measures have been reconciled to the most comparable GAAP financial measure.

Leading Insurer Empowering Specialty and Underserved Markets

Enabled by a dynamic, diverse and innovative team who act like owners

Target top quartile value creation for customers, employees and shareholders

Second Quarter 2024 Summary

Specialty P&C underwriting profit further improved; sequential quarterly PIF grew 4.6%

Shareholder

Value

Creation

2nd Quarter

Operating

Performance

Balance

Sheet

Strength

Achieved retuon equity within low double digit target range

• ROE of 11.5% and Adjusted ROE1 of 17.6%
• Net Income attributable to Kemper Corporation of $75.4 million or $1.16 per diluted share
• Adjusted Consolidated Net Operating Income1 of $91.7 million or $1.42 per diluted share
• Book Value Per Share increased sequentially by $1.22 to $41.46
• • Adjusted Book Value Per Share1 increased sequentially by $0.95 to $27.14

Specialty P&C profitability continued to improve; focused on new business expansion

• Underlying combined ratio1 improved 4.0 pts sequentially to 89.6%; 12.4 pts year-over-year
• Specialty P&C new business accelerated; achieving 4.6% sequential quarter PIF growth
• Underlying business fundamentals in Life business remain stable
• • Quarterly results impacted by lower NII driven by valuation adjustment on real estate investment
• Exit of preferred P&C business slightly ahead of schedule
• • Released over $44 million of capital during 2Q'24; anticipate additional $50+ million by YE'24

Strong capital position provides financial flexibility

• Parent company liquidity of approximately $1.1 billion
• Insurance companies are well capitalized
• Focus on returning to target long-termdebt-to-capital ratio; anticipate mid-20% by year-end 2025

1 Non-GAAP financial measure; please see reconciliation in appendix on pages 17-22

Earnings Call Presentation - 2Q 2024

4

Second Quarter 2024 Financial Summary

Specialty P&C PIF grew 4.6% sequentially; delivered an overall 11.5% ROE in 2Q'24

Well-Capitalized Insurance Subsidiaries

Strong capital and liquidity position; actions underway to improve leverage metrics

Diversified Investment Portfolio with Consistent Returns

Specialty Property & Casualty Insurance Segment

Underlying combined ratio1 improved 4 pts sequentially and PIF grew 4.6% sequentially

Focused on long-term profitable growth