Kemper swings to preliminary Q3 profit as auto underwriting improves
KMPR•Kemper expects preliminary third-quarter net income of about $52 million, reversing a prior-quarter loss, while adjusted consolidated net operating income rose to about $60 million from $26 million. Its Specialty Auto combined ratio improved to 99.2%.
1. Preliminary results
Kemper expects preliminary third-quarter net income attributable to shareholders of $52.4 million, or $0.88 per share. Adjusted consolidated net operating income was about $59.9 million, up from $26 million in the prior quarter.
2. Auto underwriting improves
The Specialty Auto combined ratio improved 4.8 percentage points from the second quarter to 99.2%, including $23 million of favorable prior-year reserve development. Consolidated net investment income rose to $107 million from $105 million.
