– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
CHICAGO--(BUSINESS WIRE)--Kemper Corporation (NYSE: KMPR) reported net loss of $94.8 million, or $(1.49) per diluted share, for the first quarter of 2022, compared to net income of $123.2 million, or $1.85 per diluted share, for the first quarter of 2021. As Adjusted for Acquisitions1 of American Access Casualty Company (“AAC”) and Infinity Property and Casualty Corporation, net loss was $91.3 million, or $(1.43) per diluted share, for the first quarter of 2022, compared to net income of $131.1 million, or $1.97 per diluted share, for the first quarter of 2021. In the first quarter of 2022, net loss included a $22.3 million after-tax gain, or $(0.35) per diluted share, attributable to the change in fair value of equity and convertible securities.
Adjusted Consolidated Net Operating Loss1 was $60.1 million, or $(0.94) per diluted share, for the first quarter of 2022, compared to Adjusted Consolidated Net Operating Income1 of $87.2 million, or $1.31 per diluted share, for the first quarter of 2021.
Key themes of the quarter include:
“Our first quarter results showed a marked improvement in our performance from the prior quarter, and we’re pleased that our profit restoration actions are beginning to offset the pandemic-related reopening challenges,” said Joseph P. Lacher, Jr. President, CEO and Chairman. “Our P&C auto businesses continue to face significant incremental inflation-driven loss severity pressure. Despite industry headwinds, our pricing sophistication capabilities and profit restoration activities more than offset these challenges. As a result, we delivered an underlying combined ratio improvement of 11 points in our auto books compared to last quarter. In our Life and Health segment, we continue to see strong demand for our products, while our near-term results continue to be hampered by the pandemic and excess benefit costs.
“Amid these ongoing environmental challenges, our balance sheet remains strong. We have over $1.2 billion of liquidity and our insurance entities are well-capitalized. We remain focused and committed in our approach to combat this environment, with continued swift execution to enable a return to target profitability and position us for long-term profitable growth.”
1 Non-GAAP financial measure. All Non-GAAP financial measures are denoted with footnote 1 throughout this release. See “Use of Non-GAAP Financial Measures” for additional information. |
|
|
Three Months Ended |
||||||
(Dollars in Millions, Except Per Share Amounts) (Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
$ |
(60.1 |
) |
|
$ |
87.2 |
|
|
|
|
|
|
||||
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income |
|
$ |
(11.0 |
) |
|
$ |
(21.8 |
) |
|
|
|
|
|
||||
Diluted Net Income (Loss) Per Share From: |
|
|
|
|
||||
Net Income (Loss) |
|
$ |
(1.49 |
) |
|
$ |
1.85 |
|
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
$ |
(0.94 |
) |
|
$ |
1.31 |
|
|
|
|
|
|
||||
Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share. |
|
$ |
(0.17 |
) |
|
$ |
(0.33 |
) |
Total revenues for the first quarter of 2022 increased $36.7 million, or 3 percent, to $1,388.7 million, compared to the first quarter of 2021, driven by $144.0 million of higher Specialty P&C earned premiums, partially offset by a $80.4 million decrease attributable to the change in fair value of equity and convertible securities. Specialty P&C earned premiums increased due primarily to the acquisition of AAC. Net investment income decreased $3.1 million to $100.0 million in the first quarter of 2022 compared to the first quarter of 2021 due primarily to lower return from Alternative Investments and lower yields on fixed income securities, partially offset by higher levels of investments and rate on Company-Owned Life Insurance. Net realized investment gains were $1.5 million in the first quarter of 2022, compared to a $13.8 million in the first quarter of 2021.
Segment Results
Unless otherwise noted, (i) the segment results discussed below are presented on an after-tax basis, (ii) prior-year development includes both catastrophe and non-catastrophe losses and LAE, (iii) catastrophe losses and LAE exclude the impact of prior-year development, (iv) loss ratio includes loss and LAE, and (v) all comparisons are made to the prior year quarter unless otherwise stated.
|
|
Three Months Ended |
||||||
(Dollars in Millions) (Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Segment Net Operating Income (Loss): |
|
|
|
|
||||
Specialty Property & Casualty Insurance |
|
$ |
(44.7 |
) |
|
$ |
80.1 |
|
Preferred Property & Casualty Insurance |
|
|
(6.1 |
) |
|
|
9.6 |
|
Life & Health Insurance |
|
|
3.1 |
|
|
|
7.3 |
|
Total Segment Net Operating Income (Loss) |
|
|
(47.7 |
) |
|
|
97.0 |
|
Corporate and Other Net Operating Income (Loss) |
|
|
(12.4 |
) |
|
|
(9.8 |
) |
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
|
(60.1 |
) |
|
|
87.2 |
|
Net Income (Loss) From: |
|
|
|
|
||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(22.3 |
) |
|
|
41.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.2 |
|
|
|
10.9 |
|
Impairment Losses |
|
|
(7.0 |
) |
|
|
(3.2 |
) |
Acquisition Related Transaction, Integration and Other Costs |
|
|
(3.7 |
) |
|
|
(12.9 |
) |
Loss from Early Extinguishment of Debt |
|
|
(2.9 |
) |
|
|
— |
|
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
The Specialty Property & Casualty Insurance segment reported net operating loss of $44.7 million for the first quarter of 2022, compared to net operating income of $80.1 million in the first quarter of 2021. Results decreased due primarily to a higher Underlying Combined Ratio1. The segment’s Underlying Combined Ratio1 was 108.7 percent, compared to 93.5 percent in the first quarter of 2021. This increase is driven primarily by ongoing inflation and supply chain constraints.
The Preferred Property & Casualty Insurance segment reported net operating loss of $6.1 million for the first quarter of 2022, compared to net operating income of $9.6 million in the first quarter of 2021. Results deteriorated due primarily to a higher Underlying Combined Ratio1, partially offset by lower catastrophe losses and LAE. The segment’s Underlying Combined Ratio1 was 105.1 percent, compared to 90.7 percent in the first quarter of 2021. This increase is driven primarily by ongoing inflation and supply chain constraints.
The Life & Health Insurance segment reported net operating income of $3.1 million for the first quarter of 2022, compared to $7.3 million in the first quarter of 2021.
Total Shareholders’ Equity at the end of the quarter was $3,394.5 million, a decrease of $613.2 million, or 15 percent, since year-end 2021 primarily driven by a decrease in the fair value of the Company’s fixed income bond portfolio, a net operating loss, and cash dividends to shareholders. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $318.3 million, and the $600.0 million revolving credit agreement was undrawn.
On February 2, 2022, Kemper announced that its Board of Directors declared a quarterly dividend of $0.31 per share, or $19.6 million. The dividend was paid on March 1, 2022 to its shareholders of record as of February 14, 2022.
Kemper ended the quarter with a book value per share of $53.21, a decrease of 15 percent from $62.93 at the end of 2021. Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities1 was $53.42, compared to $55.04 at the end of 2021.
Unaudited condensed consolidated statements of income for the three months ended March 31, 2022 and 2021 are presented below.
|
|
Three Months Ended |
||||||
(Dollars in Millions, Except Per Share Amounts) |
|
Mar 31,
|
|
Mar 31,
|
||||
Revenues: |
|
|
|
|
||||
Earned Premiums |
|
$ |
1,338.6 |
|
|
$ |
1,200.8 |
|
Net Investment Income |
|
|
100.0 |
|
|
|
103.1 |
|
Change in Value of Alternative Energy Partnership Investments2 |
|
|
(16.7 |
) |
|
|
(15.4 |
) |
Other Income |
|
|
2.4 |
|
|
|
1.5 |
|
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |
|
|
(28.2 |
) |
|
|
52.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.5 |
|
|
|
13.8 |
|
Impairment Losses |
|
|
(8.9 |
) |
|
|
(4.0 |
) |
Total Revenues |
|
|
1,388.7 |
|
|
|
1,352.0 |
|
Expenses: |
|
|
|
|
||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses |
|
|
1,153.4 |
|
|
|
889.5 |
|
Insurance Expenses |
|
|
304.0 |
|
|
|
283.7 |
|
Loss from Early Extinguishment of Debt |
|
|
3.7 |
|
|
|
— |
|
Interest and Other Expenses |
|
|
54.1 |
|
|
|
57.2 |
|
Total Expenses |
|
|
1,515.2 |
|
|
|
1,230.4 |
|
Income (Loss) before Income Taxes |
|
|
(126.5 |
) |
|
|
121.6 |
|
Income Tax Benefit (Expense) |
|
|
31.7 |
|
|
|
1.6 |
|
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
|
|
|
|
|
||||
Net Income (Loss) Per Unrestricted Share: |
|
|
|
|
||||
Basic |
|
$ |
(1.49 |
) |
|
$ |
1.88 |
|
Diluted |
|
$ |
(1.49 |
) |
|
$ |
1.85 |
|
|
|
|
|
|
||||
Weighted-average Outstanding (Shares in Thousands): |
|
|
|
|
||||
Unrestricted Shares - Basic |
|
|
63,743.7 |
|
|
|
65,424.6 |
|
Unrestricted Shares and Equivalent Shares - Diluted |
|
|
63,743.7 |
|
|
|
66,552.8 |
|
|
|
|
|
|
||||
Dividends Paid to Shareholders Per Share |
|
$ |
0.31 |
|
|
$ |
0.31 |
|
2Loss related to Change in Value of Alternative Energy Partnership Investments was $16.7 million for the three months ended March 31, 2022, compared to $15.4 million for the same period in 2021. Tax benefits related to the Alternative Energy Partnership Investments were $7.0 million and $28.6 million for the three months ended March 31, 2022 and 2021, respectively. This resulted in a net loss of $9.7 million and net income of $13.2 million attributable to Alternative Energy Partnership Investments for the three months ended March 31, 2022 and 2021, respectively. |
Unaudited business segment revenues for the three months ended March 31, 2022 and 2021 are presented below.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
REVENUES: |
|
|
|
|
||||
Specialty Property & Casualty Insurance: |
|
|
|
|
||||
Earned Premiums: |
|
|
|
|
||||
Personal Automobile |
|
$ |
901.7 |
|
|
$ |
785.4 |
|
Commercial Automobile |
|
|
119.9 |
|
|
|
92.2 |
|
Total Earned Premiums |
|
|
1,021.6 |
|
|
|
877.6 |
|
Net Investment Income |
|
|
34.9 |
|
|
|
35.0 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(8.4 |
) |
|
|
(7.3 |
) |
Other Income |
|
|
1.7 |
|
|
|
0.9 |
|
Total Specialty Property & Casualty Insurance Revenues |
|
|
1,049.8 |
|
|
|
906.2 |
|
Preferred Property & Casualty Insurance: |
|
|
|
|
||||
Earned Premiums: |
|
|
|
|
||||
Personal Automobile |
|
|
96.0 |
|
|
|
103.0 |
|
Homeowners |
|
|
51.3 |
|
|
|
50.8 |
|
Other Personal |
|
|
8.3 |
|
|
|
8.4 |
|
Total Earned Premiums |
|
|
155.6 |
|
|
|
162.2 |
|
Net Investment Income |
|
|
12.5 |
|
|
|
15.9 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(3.9 |
) |
|
|
(4.1 |
) |
Other Income |
|
|
— |
|
|
|
— |
|
Total Preferred Property & Casualty Insurance Revenues |
|
|
164.2 |
|
|
|
174.0 |
|
Life & Health Insurance: |
|
|
|
|
||||
Earned Premiums: |
|
|
|
|
||||
Life |
|
|
101.3 |
|
|
|
98.1 |
|
Accident & Health |
|
|
45.8 |
|
|
|
47.4 |
|
Property |
|
|
14.3 |
|
|
|
15.5 |
|
Total Earned Premiums |
|
|
161.4 |
|
|
|
161.0 |
|
Net Investment Income |
|
|
49.4 |
|
|
|
51.1 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(4.4 |
) |
|
|
(4.0 |
) |
Other Income |
|
|
— |
|
|
|
0.1 |
|
Total Life & Health Insurance Revenues |
|
|
206.4 |
|
|
|
208.2 |
|
Total Segment Revenues |
|
|
1,420.4 |
|
|
|
1,288.4 |
|
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |
|
|
(28.2 |
) |
|
|
52.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.5 |
|
|
|
13.8 |
|
Impairment Losses |
|
|
(8.9 |
) |
|
|
(4.0 |
) |
Other |
|
|
3.9 |
|
|
|
1.6 |
|
Total Revenues |
|
$ |
1,388.7 |
|
|
$ |
1,352.0 |
|
KEMPER CORPORATION AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(Dollars in Millions) |
|||||||
(Unaudited) |
|||||||
|
Mar 31,
|
|
Dec 31,
|
||||
Assets: |
|
|
|
||||
Investments: |
|
|
|
||||
Fixed Maturities at Fair Value |
$ |
7,783.9 |
|
|
$ |
7,986.9 |
|
Equity Securities at Fair Value |
|
571.5 |
|
|
|
830.6 |
|
Equity Securities at Modified Cost |
|
35.2 |
|
|
|
32.3 |
|
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings |
|
230.0 |
|
|
|
241.9 |
|
Alternative Energy Partnership Investments |
|
22.4 |
|
|
|
39.6 |
|
Convertible Securities at Fair Value |
|
46.1 |
|
|
|
46.4 |
|
Short-term Investments at Cost which Approximates Fair Value |
|
243.8 |
|
|
|
284.1 |
|
Other Investments |
|
1,035.2 |
|
|
|
925.6 |
|
Total Investments |
|
9,968.1 |
|
|
|
10,387.4 |
|
Cash |
|
297.3 |
|
|
|
148.2 |
|
Receivables from Policyholders |
|
1,404.5 |
|
|
|
1,418.7 |
|
Other Receivables |
|
203.4 |
|
|
|
207.3 |
|
Deferred Policy Acquisition Costs |
|
680.0 |
|
|
|
677.6 |
|
Goodwill |
|
1,312.0 |
|
|
|
1,312.0 |
|
Current Income Tax Assets |
|
183.0 |
|
|
|
173.1 |
|
Other Assets |
|
566.4 |
|
|
|
592.2 |
|
Total Assets |
$ |
14,614.7 |
|
|
$ |
14,916.5 |
|
Liabilities and Shareholders’ Equity: |
|
|
|
||||
Insurance Reserves: |
|
|
|
||||
Life & Health |
$ |
3,556.3 |
|
|
$ |
3,540.9 |
|
Property & Casualty |
|
2,760.1 |
|
|
|
2,772.7 |
|
Total Insurance Reserves |
|
6,316.4 |
|
|
|
6,313.6 |
|
Unearned Premiums |
|
1,890.5 |
|
|
|
1,898.7 |
|
Policyholder Contract Liabilities |
|
655.0 |
|
|
|
504.0 |
|
Deferred Income Tax Liabilities |
|
69.6 |
|
|
|
227.0 |
|
Accrued Expenses and Other Liabilities |
|
903.5 |
|
|
|
843.6 |
|
Debt at Amortized Cost |
|
1,385.2 |
|
|
|
1,121.9 |
|
Total Liabilities |
|
11,220.2 |
|
|
|
10,908.8 |
|
Shareholders’ Equity: |
|
|
|
||||
Common Stock |
|
6.4 |
|
|
|
6.4 |
|
Paid-in Capital |
|
1,803.1 |
|
|
|
1,790.7 |
|
Retained Earnings |
|
1,647.3 |
|
|
|
1,762.5 |
|
Accumulated Other Comprehensive Income |
|
(62.3 |
) |
|
|
448.1 |
|
Total Shareholders’ Equity |
|
3,394.5 |
|
|
|
4,007.7 |
|
Total Liabilities and Shareholders’ Equity |
$ |
14,614.7 |
|
|
$ |
14,916.5 |
|
Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
|
|
|
|
|
||||
Results of Operations |
||||||||
Net Premiums Written |
|
$ |
1,023.7 |
|
|
$ |
972.0 |
|
|
|
|
|
|
||||
Earned Premiums |
|
$ |
1,021.6 |
|
|
$ |
877.6 |
|
Net Investment Income |
|
|
34.9 |
|
|
|
35.0 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(8.4 |
) |
|
|
(7.3 |
) |
Other Income |
|
|
1.7 |
|
|
|
0.9 |
|
Total Revenues |
|
|
1,049.8 |
|
|
|
906.2 |
|
Incurred Losses and LAE related to: |
|
|
|
|
||||
Current Year: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
911.7 |
|
|
|
650.0 |
|
Catastrophe Losses and LAE |
|
|
2.1 |
|
|
|
1.7 |
|
Prior Years: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
(3.8 |
) |
|
|
(1.4 |
) |
Catastrophe Losses and LAE |
|
|
0.7 |
|
|
|
0.4 |
|
Total Incurred Losses and LAE |
|
|
910.7 |
|
|
|
650.7 |
|
Insurance Expenses |
|
|
199.3 |
|
|
|
170.3 |
|
Operating Income (Loss) |
|
|
(60.2 |
) |
|
|
85.2 |
|
Income Tax Benefit (Expense) |
|
|
15.5 |
|
|
|
(5.1 |
) |
Segment Net Operating Income (Loss) |
|
$ |
(44.7 |
) |
|
$ |
80.1 |
|
|
|
|
|
|
||||
Ratios Based On Earned Premiums |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
89.2 |
% |
|
|
74.1 |
% |
Current Year Catastrophe Losses and LAE Ratio |
|
|
0.2 |
|
|
|
0.2 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
Prior Years Catastrophe Losses and LAE Ratio |
|
|
0.1 |
|
|
|
— |
|
Total Incurred Loss and LAE Ratio |
|
|
89.1 |
|
|
|
74.1 |
|
Insurance Expense Ratio |
|
|
19.5 |
|
|
|
19.4 |
|
Combined Ratio |
|
|
108.6 |
% |
|
|
93.5 |
% |
|
|
|
|
|
||||
Underlying Combined Ratio1 |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
89.2 |
% |
|
|
74.1 |
% |
Insurance Expense Ratio |
|
|
19.5 |
|
|
|
19.4 |
|
Underlying Combined Ratio1 |
|
|
108.7 |
% |
|
|
93.5 |
% |
|
|
|
|
|
||||
Non-GAAP Measure Reconciliation |
||||||||
Combined Ratio |
|
|
108.6 |
% |
|
|
93.5 |
% |
Less: |
|
|
|
|
||||
Current Year Catastrophe Losses and LAE Ratio |
|
|
0.2 |
|
|
|
0.2 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
Prior Years Catastrophe Losses and LAE Ratio |
|
|
0.1 |
|
|
|
— |
|
Underlying Combined Ratio1 |
|
|
108.7 |
% |
|
|
93.5 |
% |
|
|
|
|
|
||||
Unaudited selected financial information for the Preferred Property & Casualty Insurance segment follows.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
|
|
|
|
|
||||
Results of Operations |
||||||||
Net Premiums Written |
|
$ |
137.4 |
|
|
$ |
154.4 |
|
|
|
|
|
|
||||
Earned Premiums |
|
$ |
155.6 |
|
|
$ |
162.2 |
|
Net Investment Income |
|
|
12.5 |
|
|
|
15.9 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(3.9 |
) |
|
|
(4.1 |
) |
Other Income |
|
|
— |
|
|
|
— |
|
Total Revenues |
|
|
164.2 |
|
|
|
174.0 |
|
Incurred Losses and LAE related to: |
|
|
|
|
||||
Current Year: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
112.2 |
|
|
|
96.2 |
|
Catastrophe Losses and LAE |
|
|
11.4 |
|
|
|
24.0 |
|
Prior Years: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
2.1 |
|
|
|
0.1 |
|
Catastrophe Losses and LAE |
|
|
(3.2 |
) |
|
|
(0.3 |
) |
Total Incurred Losses and LAE |
|
|
122.5 |
|
|
|
120.0 |
|
Insurance Expenses |
|
|
51.2 |
|
|
|
51.0 |
|
Operating Income (Loss) |
|
|
(9.5 |
) |
|
|
3.0 |
|
Income Tax Benefit (Expense) |
|
|
3.4 |
|
|
|
6.6 |
|
Segment Net Operating Income (Loss) |
|
$ |
(6.1 |
) |
|
$ |
9.6 |
|
|
|
|
|
|
||||
Ratios Based On Earned Premiums |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
72.2 |
% |
|
|
59.3 |
% |
Current Year Catastrophe Losses and LAE Ratio |
|
|
7.3 |
|
|
|
14.8 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
1.3 |
|
|
|
0.1 |
|
Prior Years Catastrophe Losses and LAE Ratio |
|
|
(2.1 |
) |
|
|
(0.2 |
) |
Total Incurred Loss and LAE Ratio |
|
|
78.7 |
|
|
|
74.0 |
|
Insurance Expense Ratio |
|
|
32.9 |
|
|
|
31.4 |
|
Combined Ratio |
|
|
111.6 |
% |
|
|
105.4 |
% |
|
|
|
|
|
||||
Underlying Combined Ratio1 |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
72.2 |
% |
|
|
59.3 |
% |
Insurance Expense Ratio |
|
|
32.9 |
|
|
|
31.4 |
|
Underlying Combined Ratio1 |
|
|
105.1 |
% |
|
|
90.7 |
% |
|
|
|
|
|
||||
Non-GAAP Measure Reconciliation |
||||||||
Combined Ratio |
|
|
111.6 |
% |
|
|
105.4 |
% |
Less: |
|
|
|
|
||||
Current Year Catastrophe Losses and LAE Ratio |
|
|
7.3 |
|
|
|
14.8 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
1.3 |
|
|
|
0.1 |
|
Prior Years Catastrophe Losses and LAE Ratio |
|
|
(2.1 |
) |
|
|
(0.2 |
) |
Underlying Combined Ratio1 |
|
|
105.1 |
% |
|
|
90.7 |
% |
|
|
|
|
|
||||
Unaudited selected financial information for the Life & Health Insurance segment follows.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
|
|
|
|
|
||||
Results of Operations |
||||||||
Earned Premiums |
|
$ |
161.4 |
|
|
$ |
161.0 |
|
Net Investment Income |
|
|
49.4 |
|
|
|
51.1 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(4.4 |
) |
|
|
(4.0 |
) |
Other Income (Loss) |
|
|
— |
|
|
|
0.1 |
|
Total Revenues |
|
|
206.4 |
|
|
|
208.2 |
|
Policyholders’ Benefits and Incurred Losses and LAE |
|
|
120.1 |
|
|
|
118.7 |
|
Insurance Expenses |
|
|
85.1 |
|
|
|
90.3 |
|
Operating Income (Loss) |
|
|
1.2 |
|
|
|
(0.8 |
) |
Income Tax Benefit (Expense) |
|
|
1.9 |
|
|
|
8.1 |
|
Segment Net Operating Income (Loss) |
|
$ |
3.1 |
|
|
$ |
7.3 |
|
Use of Non-GAAP Financial Measures
Adjusted Consolidated Net Operating Income (Loss)1 is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) the after-tax impact of:
(i) Income (Loss) from Change in Fair Value of Equity and Convertible Securities; (ii) Net Realized Gains or Losses on Sales of Investments; (iii) Impairment Losses; (iv) Acquisition Related Transaction, Integration and Other Costs; (v) Debt Extinguishment, Pension and Other Charges; and (vi) Significant non-recurring or infrequent items that may not be indicative of ongoing operations
Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss). There were no applicable significant non-recurring items that Kemper excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss)1 for the three months ended March 31, 2022 or 2021.
Kemper believes that Adjusted Consolidated Net Operating Income (Loss)1 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. Income (Loss) from Change in Fair Value of Equity and Convertible Securities, Net Realized Gains or Losses on Sales of Investments and Impairment Losses related to investments included in Kemper’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 Kemper’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition Related Transaction and Integration 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. Debt Extinguishment, Pension and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by Kemper’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; (ii) settlement of pension plan obligations which are business decisions made by Kemper, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Significant non-recurring items are excluded because, by their nature, they are not indicative of the Kemper’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the overall profitability of the Kemper’s businesses.
A reconciliation of Net Income (Loss) to Adjusted Consolidated Net Operating Income (Loss) 1 for the three months ended March 31, 2022 and 2021 is presented below.
|
|
Three Months Ended |
||||||
(Dollars in Millions) (Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
Less Net Income (Loss) From: |
|
|
|
|
||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(22.3 |
) |
|
|
41.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.2 |
|
|
|
10.9 |
|
Impairment Losses |
|
|
(7.0 |
) |
|
|
(3.2 |
) |
Acquisition Related Transaction, Integration and Other Costs |
|
|
(3.7 |
) |
|
|
(12.9 |
) |
Debt Extinguishment, Pension and Other Charges |
|
|
(2.9 |
) |
|
|
— |
|
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
$ |
(60.1 |
) |
|
$ |
87.2 |
|
Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share1 is a non-GAAP financial measure computed by dividing Adjusted Consolidated Net Operating Income (Loss)1 attributed to unrestricted shares by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net Income (Loss) Per Unrestricted Share.
A reconciliation of Diluted Net Income (Loss) Per Unrestricted Share to Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share1 for the three months ended March 31, 2022 and 2021 is presented below.
|
|
Three Months Ended |
||||||
(Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Diluted Net Income (Loss) Per Unrestricted Share |
|
$ |
(1.49 |
) |
|
$ |
1.85 |
|
Less Net Income (Loss) Per Unrestricted Share From: |
|
|
|
|
||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(0.35 |
) |
|
|
0.62 |
|
Net Realized Gains on Sales of Investments |
|
|
0.02 |
|
|
|
0.16 |
|
Impairment Losses |
|
|
(0.11 |
) |
|
|
(0.05 |
) |
Acquisition Related Transaction, Integration and Other Costs |
|
|
(0.06 |
) |
|
|
(0.19 |
) |
Debt Extinguishment, Pension and Other Charges |
|
|
(0.05 |
) |
|
|
— |
|
Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share1 |
|
$ |
(0.94 |
) |
|
$ |
1.31 |
|
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities1 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) losses on fixed income securities by total Common Shares Issued and Outstanding. Book Value Per Share is the most directly comparable GAAP financial measure. Kemper uses the trends in book value per share, excluding the after-tax impact of net unrealized (gains) losses 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. Kemper 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. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.
A reconciliation of the numerator used in the computation of Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities1 and Book Value Per Share at March 31, 2022 and December 31, 2021 is presented below.
(Dollars in Millions) (Unaudited) |
|
Mar 31,
|
|
Dec 31,
|
|||
Shareholders’ Equity |
|
$ |
3,394.5 |
|
|
$ |
4,007.7 |
Less: Net Unrealized Gains (Losses) on Fixed Maturities |
|
|
(13.7 |
) |
|
|
502.6 |
Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities1 |
|
$ |
3,408.2 |
|
|
$ |
3,505.1 |
Underlying Combined Ratio1 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 Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.
Kemper believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in Kemper’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Kemper’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and 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 the Kemper’s insurance products in the current period. Kemper believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Kemper’s underwriting performance.
As Adjusted for Acquisitions1 amounts are non-GAAP financial measures. Subsequent to the applicable acquisitions, the As Adjusted for Acquisitions1 amounts are computed by subtracting the impact of purchase accounting adjustments from the comparable consolidated GAAP financial measure reported by Kemper. Kemper 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.
A reconciliation of the As Adjusted for Acquisitions1 non-GAAP financial measures used in this press release to the comparable GAAP financial measure for the three months ended March 31, 2022 is presented below.
|
|
|
|
|
|
|
||||||
(Dollars in Millions, Except Per Share Amounts) (Unaudited) |
|
Kemper
|
|
Less Impact
|
|
As Adjusted
|
||||||
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
(3.5 |
) |
|
$ |
(91.3 |
) |
Net Income (Loss) Per Share - Diluted |
|
$ |
(1.49 |
) |
|
$ |
(0.06 |
) |
|
$ |
(1.43 |
) |
Specialty Property & Casualty Insurance Segment: |
|
|
|
|
|
|
||||||
Earned Premiums |
|
$ |
1,021.6 |
|
|
$ |
— |
|
|
$ |
1,021.6 |
|
Segment Net Operating Income (Loss) |
|
$ |
(44.7 |
) |
|
$ |
(4.0 |
) |
|
$ |
(40.7 |
) |
Specialty Personal Automobile Insurance: |
|
|
|
|
|
|
||||||
Earned Premiums |
|
$ |
901.7 |
|
|
$ |
— |
|
|
$ |
901.7 |
|
Segment Net Operating Income (Loss) |
|
$ |
(56.4 |
) |
|
$ |
(3.6 |
) |
|
$ |
(52.8 |
) |
A reconciliation of the As Adjusted for Acquisitions1 non-GAAP financial measures used in this press release to the comparable GAAP financial measure for the three months ended March 31, 2021 is presented below.
|
|
|
|
|
|
|
|
|
(Dollars in Millions, Except Per Share Amounts) (Unaudited) |
|
Kemper
|
|
AAC
|
|
Less Impact of
|
|
As Adjusted
|
Net Income (Loss) |
|
$ 123.2 |
|
$ 6.1 |
|
$ (1.8) |
|
$ 131.1 |
Net Income (Loss) Per Share - Diluted |
|
$ 1.85 |
|
$ 0.09 |
|
$ (0.03) |
|
$ 1.97 |
Specialty Property & Casualty Insurance Segment: |
|
|
|
|
|
|
|
|
Earned Premiums |
|
$ 877.6 |
|
$ 87.9 |
|
$ — |
|
$ 965.5 |
Segment Net Operating Income (Loss) |
|
$ 80.1 |
|
$ 12.3 |
|
$ (2.1) |
|
$ 94.5 |
Specialty Personal Automobile Insurance: |
|
|
|
|
|
|
|
|
Earned Premiums |
|
$ 785.4 |
|
$ 87.9 |
|
$ — |
|
$ 873.3 |
Segment Net Operating Income (Loss) |
|
$ 65.7 |
|
$ 12.3 |
|
$ (1.7) |
|
$ 79.7 |
Conference Call
Kemper will host its conference call to discuss first quarter 2022 results on Monday, May 2nd, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at 844.200.6205, access code 339522. To listen via webcast, register online at the investor section of kemper.com at least 15 minutes prior to the webcast to download and install any necessary software.
A replay of the call will be available online at the investor section of kemper.com.
More detailed financial information can be found in Kemper’s Investor Financial Supplement and Earnings Call Presentation for the first quarter of 2022, which is available at the investor section of kemper.com.
The Kemper family of companies is one of the nation’s leading specialized insurers. With approximately $15 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Auto, Personal Insurance, Life and Health brands. Kemper serves over 6.4 million policies, is represented by approximately 35,500 agents and brokers, and has approximately 10,400 associates dedicated to meeting the ever-changing needs of its customers.
Learn more about Kemper at kemper.com.
Caution Regarding Forward-Looking Statements
This press release 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:
The COVID-19 outbreak and subsequent global pandemic (“Pandemic”) is an extraordinary catastrophe that creates unique uncertainties and risks. Kemper cannot provide any assurances as to the impacts of the Pandemic and related economic conditions on Kemper’s operating and financial results.
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 press release, including any such statements related to the Pandemic.
ЧИКАГО --(BUSINESS WIRE)--Корпорация Kemper (NYSE: KMPR) сообщила о чистом убытке в размере 94,8 млн долларов, или 1,49 доллара на разводненную акцию, за первый квартал 2022 года по сравнению с чистой прибылью в размере 123,2 млн долларов, или 1,85 доллара на разводненную акцию, за первый квартал 2021 года. С поправкой на приобретения1 American Access Casualty Company (“AAC”) и Infinity Property and Casualty Corporation чистый убыток за первый квартал 2022 года составил 91,3 миллиона долларов, или 1,43 доллара на разводненную акцию, по сравнению с чистой прибылью в размере 131,1 миллиона долларов, или 1,97 доллара на разводненную акцию, на первый квартал 2021 года. В первом квартале 2022 года чистый убыток включал прибыль после налогообложения в размере 22,3 млн долларов США, или 0,35 доллара США на разводненную акцию, обусловленную изменением справедливой стоимости акций и конвертируемых ценных бумаг.
Скорректированный Консолидированный Чистый операционный убыток 1 за первый квартал 2022 года составил $60,1 млн, или $(0,94) на разводненную акцию, по сравнению с Скорректированным Консолидированным Чистым операционным доходом1 в размере $87,2 млн, или $1,31 на разводненную акцию, за первый квартал 2021 года.
Ключевые темы квартала включают:
“Наши результаты за первый квартал показали заметное улучшение наших показателей по сравнению с предыдущим кварталом, и мы рады, что наши действия по восстановлению прибыли начинают компенсировать проблемы, связанные с возобновлением работы в связи с пандемией”, - сказал Джозеф П. Лачер-младший, президент, генеральный директор и председатель правления. “Наши автобизнесы P&C продолжают сталкиваться со значительным дополнительным давлением на потери, вызванным инфляцией. Несмотря на встречные ветры в отрасли, наши возможности по совершенствованию ценообразования и мероприятия по восстановлению прибыли с лихвой компенсируют эти проблемы. В результате мы добились улучшения базового совокупного коэффициента в наших автомобильных книгах на 11 пунктов по сравнению с прошлым кварталом. В нашем сегменте "Жизнь и здоровье" мы по-прежнему наблюдаем высокий спрос на наши продукты, в то время как нашим краткосрочным результатам по-прежнему препятствуют пандемия и чрезмерные затраты на пособия.
“На фоне этих продолжающихся экологических проблем наш баланс остается сильным. У нас есть ликвидность на сумму более 1,2 миллиарда долларов, и наши страховые компании хорошо капитализированы. Мы по-прежнему сосредоточены и привержены нашему подходу к борьбе с этой средой, продолжая быстрое выполнение, чтобы обеспечить возврат к целевой прибыльности и позиционировать нас для долгосрочного прибыльного роста ”.
1 Non-GAAP financial measure. All Non-GAAP financial measures are denoted with footnote 1 throughout this release. See “Use of Non-GAAP Financial Measures” for additional information. |
|
|
Three Months Ended |
||||||
(Dollars in Millions, Except Per Share Amounts) (Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
$ |
(60.1 |
) |
|
$ |
87.2 |
|
|
|
|
|
|
||||
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income |
|
$ |
(11.0 |
) |
|
$ |
(21.8 |
) |
|
|
|
|
|
||||
Diluted Net Income (Loss) Per Share From: |
|
|
|
|
||||
Net Income (Loss) |
|
$ |
(1.49 |
) |
|
$ |
1.85 |
|
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
$ |
(0.94 |
) |
|
$ |
1.31 |
|
|
|
|
|
|
||||
Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share. |
|
$ |
(0.17 |
) |
|
$ |
(0.33 |
) |
Общая выручка за первый квартал 2022 года увеличилась на 36,7 млн долларов, или на 3 процента, до 1 388,7 млн долларов по сравнению с первым кварталом 2021 года, что обусловлено увеличением премий по специальным P&C на 144,0 млн долларов, частично компенсированным снижением на 80,4 млн долларов, связанным с изменением справедливой стоимости стоимость акций и конвертируемых ценных бумаг. Заработанные премии по специальности P&C увеличились в основном за счет приобретения AAC. Чистый инвестиционный доход снизился на 3,1 млн долларов до 100,0 млн долларов в первом квартале 2022 года по сравнению с первым кварталом 2021 года в основном из-за более низкой доходности от альтернативных инвестиций и более низкой доходности по ценным бумагам с фиксированным доходом, что частично компенсируется более высокими уровнями инвестиций и ставками по страхованию жизни, принадлежащему Компании. Чистая реализованная прибыль от инвестиций составила 1,5 миллиона долларов в первом квартале 2022 года по сравнению с 13,8 миллионами долларов в первом квартале 2021 года.
Результаты сегмента
Если не указано иное, (i) результаты сегмента, обсуждаемые ниже, представлены на основе после налогообложения, (ii) динамика за предыдущий год включает как убытки от катастроф, так и убытки, не связанные с катастрофами, и LAE, (iii) убытки от катастроф и LAE исключают влияние развития за предыдущий год, (iv) коэффициент потерь включает убыток и LAE, и (v) все сравнения производятся с кварталом предыдущего года, если не указано иное.
|
|
Three Months Ended |
||||||
(Dollars in Millions) (Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Segment Net Operating Income (Loss): |
|
|
|
|
||||
Specialty Property & Casualty Insurance |
|
$ |
(44.7 |
) |
|
$ |
80.1 |
|
Preferred Property & Casualty Insurance |
|
|
(6.1 |
) |
|
|
9.6 |
|
Life & Health Insurance |
|
|
3.1 |
|
|
|
7.3 |
|
Total Segment Net Operating Income (Loss) |
|
|
(47.7 |
) |
|
|
97.0 |
|
Corporate and Other Net Operating Income (Loss) |
|
|
(12.4 |
) |
|
|
(9.8 |
) |
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
|
(60.1 |
) |
|
|
87.2 |
|
Net Income (Loss) From: |
|
|
|
|
||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(22.3 |
) |
|
|
41.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.2 |
|
|
|
10.9 |
|
Impairment Losses |
|
|
(7.0 |
) |
|
|
(3.2 |
) |
Acquisition Related Transaction, Integration and Other Costs |
|
|
(3.7 |
) |
|
|
(12.9 |
) |
Loss from Early Extinguishment of Debt |
|
|
(2.9 |
) |
|
|
— |
|
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
Сегмент специального страхования имущества и несчастных случаев сообщил о чистом операционном убытке в размере 44,7 млн долларов США за первый квартал 2022 года по сравнению с чистым операционным доходом в размере 80,1 млн долларов США в первом квартале 2021 года. Результаты снизились в первую очередь из-за более высокого Базового Комбинированного коэффициента1. Базовый комбинированный коэффициент сегмента1 составил 108,7 процента по сравнению с 93,5 процента в первом квартале 2021 года. Этот рост обусловлен в первую очередь продолжающейся инфляцией и ограничениями в цепочке поставок.
Сегмент привилегированного страхования имущества и несчастных случаев сообщил о чистом операционном убытке в размере 6,1 миллиона долларов за первый квартал 2022 года по сравнению с чистым операционным доходом в размере 9,6 миллиона долларов в первом квартале 2021 года. Результаты ухудшились в первую очередь из-за более высокого базового комбинированного коэффициента1, частично компенсируемого более низкими потерями в результате катастроф и LAE. Базовый комбинированный коэффициент сегмента1 составил 105,1 процента по сравнению с 90,7 процента в первом квартале 2021 года. Этот рост обусловлен в первую очередь продолжающейся инфляцией и ограничениями в цепочке поставок.
Сегмент страхования жизни и здоровья сообщил о чистом операционном доходе в размере 3,1 миллиона долларов за первый квартал 2022 года по сравнению с 7,3 миллионами долларов в первом квартале 2021 года.
Общий акционерный капитал на конец квартала составил 3 394,5 млн долларов, что на 613,2 млн долларов, или на 15 процентов, меньше, чем на конец 2021 года, что в основном обусловлено снижением справедливой стоимости портфеля облигаций Компании с фиксированным доходом, чистым операционным убытком и денежными дивидендами на акционеры. Kemper и ее прямые нестраховые дочерние компании завершили квартал с денежными средствами и инвестициями в размере 318,3 миллиона долларов, а возобновляемое кредитное соглашение на сумму 600,0 миллиона долларов не было использовано.
2 февраля 2022 года Kemper объявила, что ее Совет директоров объявил ежеквартальные дивиденды в размере 0,31 доллара на акцию, или 19,6 миллиона долларов. Дивиденды были выплачены 1 марта 2022 года ее акционерам, зарегистрированным по состоянию на 14 февраля 2022 года.
Kemper завершил квартал с балансовой стоимостью на акцию в 53,21 доллара, что на 15 процентов меньше, чем 62,93 доллара на конец 2021 года. Балансовая стоимость на акцию Без учета Чистых Нереализованных (Прибылей) Убытков по срочным срокам1 составила 53,42 доллара США по сравнению с 55,04 доллара США на конец 2021 года.
Неаудированные сокращенные консолидированные отчеты о прибылях и убытках за три месяца, закончившихся 31 марта 2022 и 2021 годов, представлены ниже.
|
|
Three Months Ended |
||||||
(Dollars in Millions, Except Per Share Amounts) |
|
Mar 31,
|
|
Mar 31,
|
||||
Revenues: |
|
|
|
|
||||
Earned Premiums |
|
$ |
1,338.6 |
|
|
$ |
1,200.8 |
|
Net Investment Income |
|
|
100.0 |
|
|
|
103.1 |
|
Change in Value of Alternative Energy Partnership Investments2 |
|
|
(16.7 |
) |
|
|
(15.4 |
) |
Other Income |
|
|
2.4 |
|
|
|
1.5 |
|
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |
|
|
(28.2 |
) |
|
|
52.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.5 |
|
|
|
13.8 |
|
Impairment Losses |
|
|
(8.9 |
) |
|
|
(4.0 |
) |
Total Revenues |
|
|
1,388.7 |
|
|
|
1,352.0 |
|
Expenses: |
|
|
|
|
||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses |
|
|
1,153.4 |
|
|
|
889.5 |
|
Insurance Expenses |
|
|
304.0 |
|
|
|
283.7 |
|
Loss from Early Extinguishment of Debt |
|
|
3.7 |
|
|
|
— |
|
Interest and Other Expenses |
|
|
54.1 |
|
|
|
57.2 |
|
Total Expenses |
|
|
1,515.2 |
|
|
|
1,230.4 |
|
Income (Loss) before Income Taxes |
|
|
(126.5 |
) |
|
|
121.6 |
|
Income Tax Benefit (Expense) |
|
|
31.7 |
|
|
|
1.6 |
|
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
|
|
|
|
|
||||
Net Income (Loss) Per Unrestricted Share: |
|
|
|
|
||||
Basic |
|
$ |
(1.49 |
) |
|
$ |
1.88 |
|
Diluted |
|
$ |
(1.49 |
) |
|
$ |
1.85 |
|
|
|
|
|
|
||||
Weighted-average Outstanding (Shares in Thousands): |
|
|
|
|
||||
Unrestricted Shares - Basic |
|
|
63,743.7 |
|
|
|
65,424.6 |
|
Unrestricted Shares and Equivalent Shares - Diluted |
|
|
63,743.7 |
|
|
|
66,552.8 |
|
|
|
|
|
|
||||
Dividends Paid to Shareholders Per Share |
|
$ |
0.31 |
|
|
$ |
0.31 |
|
2Loss related to Change in Value of Alternative Energy Partnership Investments was $16.7 million for the three months ended March 31, 2022, compared to $15.4 million for the same period in 2021. Tax benefits related to the Alternative Energy Partnership Investments were $7.0 million and $28.6 million for the three months ended March 31, 2022 and 2021, respectively. This resulted in a net loss of $9.7 million and net income of $13.2 million attributable to Alternative Energy Partnership Investments for the three months ended March 31, 2022 and 2021, respectively. |
Неаудированные доходы бизнес-сегмента за три месяца, закончившихся 31 марта 2022 и 2021 годов, представлены ниже.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
REVENUES: |
|
|
|
|
||||
Specialty Property & Casualty Insurance: |
|
|
|
|
||||
Earned Premiums: |
|
|
|
|
||||
Personal Automobile |
|
$ |
901.7 |
|
|
$ |
785.4 |
|
Commercial Automobile |
|
|
119.9 |
|
|
|
92.2 |
|
Total Earned Premiums |
|
|
1,021.6 |
|
|
|
877.6 |
|
Net Investment Income |
|
|
34.9 |
|
|
|
35.0 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(8.4 |
) |
|
|
(7.3 |
) |
Other Income |
|
|
1.7 |
|
|
|
0.9 |
|
Total Specialty Property & Casualty Insurance Revenues |
|
|
1,049.8 |
|
|
|
906.2 |
|
Preferred Property & Casualty Insurance: |
|
|
|
|
||||
Earned Premiums: |
|
|
|
|
||||
Personal Automobile |
|
|
96.0 |
|
|
|
103.0 |
|
Homeowners |
|
|
51.3 |
|
|
|
50.8 |
|
Other Personal |
|
|
8.3 |
|
|
|
8.4 |
|
Total Earned Premiums |
|
|
155.6 |
|
|
|
162.2 |
|
Net Investment Income |
|
|
12.5 |
|
|
|
15.9 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(3.9 |
) |
|
|
(4.1 |
) |
Other Income |
|
|
— |
|
|
|
— |
|
Total Preferred Property & Casualty Insurance Revenues |
|
|
164.2 |
|
|
|
174.0 |
|
Life & Health Insurance: |
|
|
|
|
||||
Earned Premiums: |
|
|
|
|
||||
Life |
|
|
101.3 |
|
|
|
98.1 |
|
Accident & Health |
|
|
45.8 |
|
|
|
47.4 |
|
Property |
|
|
14.3 |
|
|
|
15.5 |
|
Total Earned Premiums |
|
|
161.4 |
|
|
|
161.0 |
|
Net Investment Income |
|
|
49.4 |
|
|
|
51.1 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(4.4 |
) |
|
|
(4.0 |
) |
Other Income |
|
|
— |
|
|
|
0.1 |
|
Total Life & Health Insurance Revenues |
|
|
206.4 |
|
|
|
208.2 |
|
Total Segment Revenues |
|
|
1,420.4 |
|
|
|
1,288.4 |
|
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |
|
|
(28.2 |
) |
|
|
52.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.5 |
|
|
|
13.8 |
|
Impairment Losses |
|
|
(8.9 |
) |
|
|
(4.0 |
) |
Other |
|
|
3.9 |
|
|
|
1.6 |
|
Total Revenues |
|
$ |
1,388.7 |
|
|
$ |
1,352.0 |
|
Kemper CORPORATION AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(Dollars in Millions) |
|||||||
(Unaudited) |
|||||||
|
Mar 31,
|
|
Dec 31,
|
||||
Assets: |
|
|
|
||||
Investments: |
|
|
|
||||
Fixed Maturities at Fair Value |
$ |
7,783.9 |
|
|
$ |
7,986.9 |
|
Equity Securities at Fair Value |
|
571.5 |
|
|
|
830.6 |
|
Equity Securities at Modified Cost |
|
35.2 |
|
|
|
32.3 |
|
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings |
|
230.0 |
|
|
|
241.9 |
|
Alternative Energy Partnership Investments |
|
22.4 |
|
|
|
39.6 |
|
Convertible Securities at Fair Value |
|
46.1 |
|
|
|
46.4 |
|
Short-term Investments at Cost which Approximates Fair Value |
|
243.8 |
|
|
|
284.1 |
|
Other Investments |
|
1,035.2 |
|
|
|
925.6 |
|
Total Investments |
|
9,968.1 |
|
|
|
10,387.4 |
|
Cash |
|
297.3 |
|
|
|
148.2 |
|
Receivables from Policyholders |
|
1,404.5 |
|
|
|
1,418.7 |
|
Other Receivables |
|
203.4 |
|
|
|
207.3 |
|
Deferred Policy Acquisition Costs |
|
680.0 |
|
|
|
677.6 |
|
Goodwill |
|
1,312.0 |
|
|
|
1,312.0 |
|
Current Income Tax Assets |
|
183.0 |
|
|
|
173.1 |
|
Other Assets |
|
566.4 |
|
|
|
592.2 |
|
Total Assets |
$ |
14,614.7 |
|
|
$ |
14,916.5 |
|
Liabilities and Shareholders’ Equity: |
|
|
|
||||
Insurance Reserves: |
|
|
|
||||
Life & Health |
$ |
3,556.3 |
|
|
$ |
3,540.9 |
|
Property & Casualty |
|
2,760.1 |
|
|
|
2,772.7 |
|
Total Insurance Reserves |
|
6,316.4 |
|
|
|
6,313.6 |
|
Unearned Premiums |
|
1,890.5 |
|
|
|
1,898.7 |
|
Policyholder Contract Liabilities |
|
655.0 |
|
|
|
504.0 |
|
Deferred Income Tax Liabilities |
|
69.6 |
|
|
|
227.0 |
|
Accrued Expenses and Other Liabilities |
|
903.5 |
|
|
|
843.6 |
|
Debt at Amortized Cost |
|
1,385.2 |
|
|
|
1,121.9 |
|
Total Liabilities |
|
11,220.2 |
|
|
|
10,908.8 |
|
Shareholders’ Equity: |
|
|
|
||||
Common Stock |
|
6.4 |
|
|
|
6.4 |
|
Paid-in Capital |
|
1,803.1 |
|
|
|
1,790.7 |
|
Retained Earnings |
|
1,647.3 |
|
|
|
1,762.5 |
|
Accumulated Other Comprehensive Income |
|
(62.3 |
) |
|
|
448.1 |
|
Total Shareholders’ Equity |
|
3,394.5 |
|
|
|
4,007.7 |
|
Total Liabilities and Shareholders’ Equity |
$ |
14,614.7 |
|
|
$ |
14,916.5 |
|
Ниже приводится неаудированная выборочная финансовая информация по Специализированному сегменту страхования имущества и несчастных случаев.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
|
|
|
|
|
||||
Results of Operations |
||||||||
Net Premiums Written |
|
$ |
1,023.7 |
|
|
$ |
972.0 |
|
|
|
|
|
|
||||
Earned Premiums |
|
$ |
1,021.6 |
|
|
$ |
877.6 |
|
Net Investment Income |
|
|
34.9 |
|
|
|
35.0 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(8.4 |
) |
|
|
(7.3 |
) |
Other Income |
|
|
1.7 |
|
|
|
0.9 |
|
Total Revenues |
|
|
1,049.8 |
|
|
|
906.2 |
|
Incurred Losses and LAE related to: |
|
|
|
|
||||
Current Year: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
911.7 |
|
|
|
650.0 |
|
Catastrophe Losses and LAE |
|
|
2.1 |
|
|
|
1.7 |
|
Prior Years: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
(3.8 |
) |
|
|
(1.4 |
) |
Catastrophe Losses and LAE |
|
|
0.7 |
|
|
|
0.4 |
|
Total Incurred Losses and LAE |
|
|
910.7 |
|
|
|
650.7 |
|
Insurance Expenses |
|
|
199.3 |
|
|
|
170.3 |
|
Operating Income (Loss) |
|
|
(60.2 |
) |
|
|
85.2 |
|
Income Tax Benefit (Expense) |
|
|
15.5 |
|
|
|
(5.1 |
) |
Segment Net Operating Income (Loss) |
|
$ |
(44.7 |
) |
|
$ |
80.1 |
|
|
|
|
|
|
||||
Ratios Based On Earned Premiums |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
89.2 |
% |
|
|
74.1 |
% |
Current Year Catastrophe Losses and LAE Ratio |
|
|
0.2 |
|
|
|
0.2 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
Prior Years Catastrophe Losses and LAE Ratio |
|
|
0.1 |
|
|
|
— |
|
Total Incurred Loss and LAE Ratio |
|
|
89.1 |
|
|
|
74.1 |
|
Insurance Expense Ratio |
|
|
19.5 |
|
|
|
19.4 |
|
Combined Ratio |
|
|
108.6 |
% |
|
|
93.5 |
% |
|
|
|
|
|
||||
Underlying Combined Ratio1 |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
89.2 |
% |
|
|
74.1 |
% |
Insurance Expense Ratio |
|
|
19.5 |
|
|
|
19.4 |
|
Underlying Combined Ratio1 |
|
|
108.7 |
% |
|
|
93.5 |
% |
|
|
|
|
|
||||
Non-GAAP Measure Reconciliation |
||||||||
Combined Ratio |
|
|
108.6 |
% |
|
|
93.5 |
% |
Less: |
|
|
|
|
||||
Current Year Catastrophe Losses and LAE Ratio |
|
|
0.2 |
|
|
|
0.2 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
Prior Years Catastrophe Losses and LAE Ratio |
|
|
0.1 |
|
|
|
— |
|
Underlying Combined Ratio1 |
|
|
108.7 |
% |
|
|
93.5 |
% |
|
|
|
|
|
||||
Ниже приводится неаудированная выборочная финансовая информация для Предпочтительного сегмента Страхования имущества и несчастных случаев.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
|
|
|
|
|
||||
Results of Operations |
||||||||
Net Premiums Written |
|
$ |
137.4 |
|
|
$ |
154.4 |
|
|
|
|
|
|
||||
Earned Premiums |
|
$ |
155.6 |
|
|
$ |
162.2 |
|
Net Investment Income |
|
|
12.5 |
|
|
|
15.9 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(3.9 |
) |
|
|
(4.1 |
) |
Other Income |
|
|
— |
|
|
|
— |
|
Total Revenues |
|
|
164.2 |
|
|
|
174.0 |
|
Incurred Losses and LAE related to: |
|
|
|
|
||||
Current Year: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
112.2 |
|
|
|
96.2 |
|
Catastrophe Losses and LAE |
|
|
11.4 |
|
|
|
24.0 |
|
Prior Years: |
|
|
|
|
||||
Non-catastrophe Losses and LAE |
|
|
2.1 |
|
|
|
0.1 |
|
Catastrophe Losses and LAE |
|
|
(3.2 |
) |
|
|
(0.3 |
) |
Total Incurred Losses and LAE |
|
|
122.5 |
|
|
|
120.0 |
|
Insurance Expenses |
|
|
51.2 |
|
|
|
51.0 |
|
Operating Income (Loss) |
|
|
(9.5 |
) |
|
|
3.0 |
|
Income Tax Benefit (Expense) |
|
|
3.4 |
|
|
|
6.6 |
|
Segment Net Operating Income (Loss) |
|
$ |
(6.1 |
) |
|
$ |
9.6 |
|
|
|
|
|
|
||||
Ratios Based On Earned Premiums |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
72.2 |
% |
|
|
59.3 |
% |
Current Year Catastrophe Losses and LAE Ratio |
|
|
7.3 |
|
|
|
14.8 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
1.3 |
|
|
|
0.1 |
|
Prior Years Catastrophe Losses and LAE Ratio |
|
|
(2.1 |
) |
|
|
(0.2 |
) |
Total Incurred Loss and LAE Ratio |
|
|
78.7 |
|
|
|
74.0 |
|
Insurance Expense Ratio |
|
|
32.9 |
|
|
|
31.4 |
|
Combined Ratio |
|
|
111.6 |
% |
|
|
105.4 |
% |
|
|
|
|
|
||||
Underlying Combined Ratio1 |
||||||||
Current Year Non-catastrophe Losses and LAE Ratio |
|
|
72.2 |
% |
|
|
59.3 |
% |
Insurance Expense Ratio |
|
|
32.9 |
|
|
|
31.4 |
|
Underlying Combined Ratio1 |
|
|
105.1 |
% |
|
|
90.7 |
% |
|
|
|
|
|
||||
Non-GAAP Measure Reconciliation |
||||||||
Combined Ratio |
|
|
111.6 |
% |
|
|
105.4 |
% |
Less: |
|
|
|
|
||||
Current Year Catastrophe Losses and LAE Ratio |
|
|
7.3 |
|
|
|
14.8 |
|
Prior Years Non-catastrophe Losses and LAE Ratio |
|
|
1.3 |
|
|
|
0.1 |
|
Prior Years Catastrophe Losses and LAE Ratio |
|
|
(2.1 |
) |
|
|
(0.2 |
) |
Underlying Combined Ratio1 |
|
|
105.1 |
% |
|
|
90.7 |
% |
|
|
|
|
|
||||
Ниже приводится неаудированная выборочная финансовая информация по сегменту страхования жизни и здоровья.
|
|
Three Months Ended |
||||||
(Dollars in Millions) |
|
Mar 31,
|
|
Mar 31,
|
||||
|
|
|
|
|
||||
Results of Operations |
||||||||
Earned Premiums |
|
$ |
161.4 |
|
|
$ |
161.0 |
|
Net Investment Income |
|
|
49.4 |
|
|
|
51.1 |
|
Change in Value of Alternative Energy Partnership Investments |
|
|
(4.4 |
) |
|
|
(4.0 |
) |
Other Income (Loss) |
|
|
— |
|
|
|
0.1 |
|
Total Revenues |
|
|
206.4 |
|
|
|
208.2 |
|
Policyholders’ Benefits and Incurred Losses and LAE |
|
|
120.1 |
|
|
|
118.7 |
|
Insurance Expenses |
|
|
85.1 |
|
|
|
90.3 |
|
Operating Income (Loss) |
|
|
1.2 |
|
|
|
(0.8 |
) |
Income Tax Benefit (Expense) |
|
|
1.9 |
|
|
|
8.1 |
|
Segment Net Operating Income (Loss) |
|
$ |
3.1 |
|
|
$ |
7.3 |
|
Использование финансовых показателей, не относящихся к ОПБУ
Скорректированный консолидированный Чистый операционный доход (убыток)1 представляет собой финансовый показатель после налогообложения, не относящийся к GAAP, и рассчитывается путем исключения из Чистой прибыли (убытка) влияния после налогообложения:
(i) Доход (убыток) от изменения справедливой стоимости Долевых и Конвертируемых ценных бумаг; (ii) Чистые Реализованные Прибыли или убытки от продажи Инвестиций; (iii) Убытки от Обесценения; (iv) Связанные с приобретением Транзакционные, Интеграционные и Другие расходы; (v) Погашение задолженности, Пенсионные и другие платежи; и (vi) значительные разовые или нечастые статьи, которые могут не указывать на текущие операции
Существенные единовременные статьи исключаются, если (а) характер начисления или прибыли таков, что в разумных пределах маловероятно, что они повторятся в течение двух лет, и (б) в течение предыдущих двух лет не было аналогичных начислений или выгод. Наиболее непосредственно сопоставимым финансовым показателем GAAP является Чистая прибыль (убыток). Не было никаких применимых существенных разовых статей, которые Kemper исключал из расчета Скорректированного Консолидированного Чистого Операционного дохода (убытка)1 за три месяца, закончившихся 31 марта 2022 или 2021 года.
Kemper считает, что Скорректированный Консолидированный Чистый операционный доход (убыток)1 предоставляет инвесторам ценный показатель текущей деятельности компании, поскольку он выявляет основные тенденции операционной деятельности, которые в противном случае могли бы быть менее очевидными, если бы статьи не были исключены. Доход (убыток) от изменения справедливой стоимости Акций и Конвертируемых ценных бумаг, Чистая Реализованная Прибыль или Убыток от продажи Инвестиций и Убытки от обесценения, связанные с инвестициями, включенными в результаты Kemper, могут существенно различаться между периодами и, как правило, определяются бизнес-решениями и внешними экономическими событиями, такими как условия на рынке капитала, которые влияют на стоимость из инвестиций Kemper, сроки которых не связаны с процессом страхового андеррайтинга. Затраты на транзакции и интеграцию, связанные с приобретением, могут существенно различаться в разные периоды и, как правило, зависят от сроков приобретения и бизнес-решений, которые не связаны с процессом страхового андеррайтинга. Погашение долга, Пенсионные и другие расходы связаны с (i) убытками от досрочного погашения долга, которые обусловлены решениями Kemper о финансировании и рефинансировании и потребностями в капитале, а также внешними экономическими событиями, такими как условия долгового рынка, сроки которых не связаны с процессом страхового андеррайтинга; (ii) урегулирование обязательств по пенсионному плану, которые являются бизнес-решениями, принятыми Kemper, сроки которых не связаны с процессом андеррайтинга; и (iii) другие расходы, которые являются нестандартными, не являются частью обычного хода бизнеса и не связаны с процессом страхового андеррайтинга. Существенные повторяющиеся элементы исключаются, поскольку по своей природе они не указывают на бизнес или экономические тенденции Kemper. Предыдущие финансовые показатели, не относящиеся к GAAP, не следует рассматривать в качестве замены сопоставимых финансовых показателей GAAP, поскольку они не в полной мере отражают общую прибыльность бизнеса Kemper.
Ниже представлена сверка Чистой прибыли (Убытка) с Скорректированной Консолидированной Чистой операционной прибылью (Убытком)1 за три месяца, закончившихся 31 марта 2022 и 2021 годов.
|
|
Three Months Ended |
||||||
(Dollars in Millions) (Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
123.2 |
|
Less Net Income (Loss) From: |
|
|
|
|
||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(22.3 |
) |
|
|
41.2 |
|
Net Realized Gains on Sales of Investments |
|
|
1.2 |
|
|
|
10.9 |
|
Impairment Losses |
|
|
(7.0 |
) |
|
|
(3.2 |
) |
Acquisition Related Transaction, Integration and Other Costs |
|
|
(3.7 |
) |
|
|
(12.9 |
) |
Debt Extinguishment, Pension and Other Charges |
|
|
(2.9 |
) |
|
|
— |
|
Adjusted Consolidated Net Operating Income (Loss) 1 |
|
$ |
(60.1 |
) |
|
$ |
87.2 |
|
Разводненный Скорректированный Консолидированный Чистый Операционный Доход (Убыток) На Неограниченную акцию 1 представляет собой финансовый показатель, не соответствующий ОПБУ, рассчитанный путем деления Скорректированного Консолидированного Чистого Операционного Дохода (Убытка)1, относящегося к неограниченным акциям, на средневзвешенное количество неограниченных акций и эквивалентных акций в обращении. Наиболее непосредственно сопоставимым финансовым показателем GAAP является Разводненная Чистая Прибыль (Убыток) на Неограниченную Акцию.
Ниже представлена сверка Разводненной Чистой Прибыли (Убытка) на Неограниченную Акцию с Разводненной Скорректированной Консолидированной Чистой Операционной Прибылью (Убытком) На Неограниченную Акцию 1 за три месяца, закончившихся 31 марта 2022 и 2021 годов.
|
|
Three Months Ended |
||||||
(Unaudited) |
|
Mar 31,
|
|
Mar 31,
|
||||
Diluted Net Income (Loss) Per Unrestricted Share |
|
$ |
(1.49 |
) |
|
$ |
1.85 |
|
Less Net Income (Loss) Per Unrestricted Share From: |
|
|
|
|
||||
Change in Fair Value of Equity and Convertible Securities |
|
|
(0.35 |
) |
|
|
0.62 |
|
Net Realized Gains on Sales of Investments |
|
|
0.02 |
|
|
|
0.16 |
|
Impairment Losses |
|
|
(0.11 |
) |
|
|
(0.05 |
) |
Acquisition Related Transaction, Integration and Other Costs |
|
|
(0.06 |
) |
|
|
(0.19 |
) |
Debt Extinguishment, Pension and Other Charges |
|
|
(0.05 |
) |
|
|
— |
|
Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share1 |
|
$ |
(0.94 |
) |
|
$ |
1.31 |
|
Балансовая стоимость на акцию Без учета Чистых Нереализованных (Прибылей) Убытков по Фиксированным срокам1 - это расчет, в котором используется финансовый показатель, не относящийся к ОПБУ. Он рассчитывается путем деления акционерного капитала после исключения влияния чистых нереализованных (прибылей) убытков после налогообложения по ценным бумагам с фиксированным доходом на общее количество Выпущенных и находящихся в обращении обыкновенных акций. Балансовая стоимость на акцию является наиболее непосредственно сопоставимым финансовым показателем по ОПБУ. Kemper использует тенденции балансовой стоимости на акцию, исключая влияние чистых нереализованных (прибылей) убытков после налогообложения по ценным бумагам с фиксированным доходом, в сочетании с балансовой стоимостью на акцию для выявления и анализа изменений в чистой стоимости, связанных с усилиями руководства между периодами. Kemper считает, что финансовый показатель, не относящийся к GAAP, полезен для инвесторов, поскольку он устраняет влияние статей, которые могут значительно колебаться от периода к периоду и, как правило, обусловлены экономическими событиями, в первую очередь условиями на рынке капитала, величина и сроки которых не зависят от руководства. Kemper считает, что это улучшает понимание и сопоставимость результатов, выделяя основные факторы деловой активности и прибыльности.
Ниже представлена сверка числителя, использованного при расчете Балансовой стоимости на Акцию, без учета Чистых Нереализованных (Прибылей) Убытков по Срочным срокам1, и Балансовой стоимости на Акцию по состоянию на 31 марта 2022 года и 31 декабря 2021 года.
(Dollars in Millions) (Unaudited) |
|
Mar 31,
|
|
Dec 31,
|
|||
Shareholders’ Equity |
|
$ |
3,394.5 |
|
|
$ |
4,007.7 |
Less: Net Unrealized Gains (Losses) on Fixed Maturities |
|
|
(13.7 |
) |
|
|
502.6 |
Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities1 |
|
$ |
3,408.2 |
|
|
$ |
3,505.1 |
Лежащий в основе Комбинированный коэффициент1 является финансовым показателем, не относящимся к ОПБУ. Он рассчитывается путем сложения Потерь, не связанных с катастрофами, за текущий год и Коэффициента LAE с Коэффициентом расходов на страхование. Наиболее непосредственно сопоставимым финансовым показателем GAAP является Комбинированный коэффициент, который рассчитывается путем сложения Общих понесенных убытков и Коэффициента LAE, включая влияние потерь от катастроф, а также потерь и накопления резервов LAE за предыдущие годы, с Коэффициентом расходов на страхование.
Kemper считает, что Базовые Убытки и LAE, а также Базовый Комбинированный коэффициент полезны для инвесторов, и использует эти финансовые показатели для выявления тенденций в сегменте страхования имущества и несчастных случаев Kemper, которые могут быть скрыты потерями от катастроф и накоплением резервов за предыдущий год. Эти потери в результате катастроф могут привести к тому, что тенденции потерь Kemper будут значительно различаться между периодами в результате их частоты возникновения и величины, и могут оказать существенное влияние на понесенные убытки и LAE, а также на Совокупный коэффициент. Прирост запасов за предыдущий год вызван неожиданным увеличением потерь по историческим запасам. Поскольку создание резервов связано с переоценкой убытков за предыдущие периоды, это не имеет никакого отношения к эффективности страховых продуктов Kemper в текущем периоде. Kemper считает, что инвесторам полезно оценивать эти компоненты отдельно и в совокупности при анализе эффективности андеррайтинга Kemper.
Скорректированные с учетом приобретений1 суммы являются финансовыми показателями, не относящимися к ОПБУ. После соответствующих приобретений суммы, скорректированные с учетом Приобретений1, рассчитываются путем вычитания влияния корректировок учета покупок из сопоставимого консолидированного финансового показателя GAAP, представленного Kemper. Kemper считает, что вычисления и представление результатов на скорректированной основе полезны для инвесторов и используются руководством для обеспечения значимых и сопоставимых сравнений по сравнению с предыдущим годом.
Ниже представлена сверка финансовых показателей, скорректированных с учетом приобретений1, не относящихся к GAAP, использованных в настоящем пресс-релизе, с сопоставимыми финансовыми показателями GAAP за три месяца, закончившихся 31 марта 2022 года.
|
|
|
|
|
|
|
||||||
(Dollars in Millions, Except Per Share Amounts) (Unaudited) |
|
Kemper
|
|
Less Impact
|
|
As Adjusted
|
||||||
Net Income (Loss) |
|
$ |
(94.8 |
) |
|
$ |
(3.5 |
) |
|
$ |
(91.3 |
) |
Net Income (Loss) Per Share - Diluted |
|
$ |
(1.49 |
) |
|
$ |
(0.06 |
) |
|
$ |
(1.43 |
) |
Specialty Property & Casualty Insurance Segment: |
|
|
|
|
|
|
||||||
Earned Premiums |
|
$ |
1,021.6 |
|
|
$ |
— |
|
|
$ |
1,021.6 |
|
Segment Net Operating Income (Loss) |
|
$ |
(44.7 |
) |
|
$ |
(4.0 |
) |
|
$ |
(40.7 |
) |
Specialty Personal Automobile Insurance: |
|
|
|
|
|
|
||||||
Earned Premiums |
|
$ |
901.7 |
|
|
$ |
— |
|
|
$ |
901.7 |
|
Segment Net Operating Income (Loss) |
|
$ |
(56.4 |
) |
|
$ |
(3.6 |
) |
|
$ |
(52.8 |
) |
Ниже представлена сверка финансовых показателей, скорректированных с учетом приобретений1, не относящихся к GAAP, использованных в настоящем пресс-релизе, с сопоставимыми финансовыми показателями GAAP за три месяца, закончившихся 31 марта 2021 года.
|
|
|
|
|
|
|
|
|
(Dollars in Millions, Except Per Share Amounts) (Unaudited) |
|
Kemper
|
|
AAC
|
|
Less Impact of
|
|
As Adjusted
|
Net Income (Loss) |
|
$ 123.2 |
|
$ 6.1 |
|
$ (1.8) |
|
$ 131.1 |
Net Income (Loss) Per Share - Diluted |
|
$ 1.85 |
|
$ 0.09 |
|
$ (0.03) |
|
$ 1.97 |
Specialty Property & Casualty Insurance Segment: |
|
|
|
|
|
|
|
|
Earned Premiums |
|
$ 877.6 |
|
$ 87.9 |
|
$ — |
|
$ 965.5 |
Segment Net Operating Income (Loss) |
|
$ 80.1 |
|
$ 12.3 |
|
$ (2.1) |
|
$ 94.5 |
Specialty Personal Automobile Insurance: |
|
|
|
|
|
|
|
|
Earned Premiums |
|
$ 785.4 |
|
$ 87.9 |
|
$ — |
|
$ 873.3 |
Segment Net Operating Income (Loss) |
|
$ 65.7 |
|
$ 12.3 |
|
$ (1.7) |
|
$ 79.7 |
Конференц-связь
Kemper проведет селекторное совещание для обсуждения результатов первого квартала 2022 года в понедельник, 2 мая, в 17:00 по восточному времени (16:00 по центральному времени). Конференц-связь будет доступна через Интернет и по телефону 844.200.6205, код доступа 339522. Чтобы прослушать онлайн-трансляцию, зарегистрируйтесь онлайн в разделе для инвесторов на Kemper.com по крайней мере за 15 минут до начала веб-трансляции загрузите и установите любое необходимое программное обеспечение.
Повтор звонка будет доступен онлайн в разделе для инвесторов на сайте Kemper.com .
Более подробную финансовую информацию можно найти в Финансовом приложении для инвесторов Kemper и в презентации о доходах за первый квартал 2022 года, которая доступна в разделе для инвесторов на сайте Kemper.com .
Семейство компаний Kemper является одним из ведущих специализированных страховщиков страны. Располагая активами примерно в 15 миллиардов долларов, Kemper совершенствует мир страхования, предоставляя доступные и простые в использовании персонализированные решения частным лицам, семьям и предприятиям через свои бренды автострахования, личного страхования, Страхования жизни и здоровья. Kemper обслуживает более 6,4 миллионов полисов, представлена примерно 35 500 агентами и брокерами и насчитывает около 10 400 сотрудников, занимающихся удовлетворением постоянно меняющихся потребностей своих клиентов.
Узнайте больше об Kemper на сайте Kemper.com .
Предостережение В Отношении Прогнозных Заявлений
Этот пресс-релиз может содержать или включать справочную информацию, которая включает или основана на прогнозных заявлениях по смыслу положений о безопасной гавани Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Мы предупреждаем инвесторов, что эти прогнозные заявления не являются гарантией будущих результатов, и фактические результаты могут существенно отличаться. Такие заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, включая, но не ограничиваясь ими:
Вспышка COVID-19 и последующая глобальная пандемия (“Пандемия”) - это чрезвычайная катастрофа, которая создает уникальную неопределенность и риски. Kemper не может предоставить никаких гарантий относительно воздействия Пандемии и связанных с ней экономических условий на операционные и финансовые результаты Kemper.
Kemper не берет на себя никаких обязательств по публичному исправлению или обновлению любых прогнозных заявлений в результате событий или событий, произошедших после даты настоящего пресс-релиза, включая любые такие заявления, связанные с Пандемией.
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