Kemper Corporation (NYSE:KMPR) Files An 8-K Results of Operations and Financial ConditionItem 2.02.
Results of Operations and Financial Condition.
The registrant, Kemper Corporation (“Kemper”), announced on October 22, 2018 that it anticipates its third quarter 2018 results will include the following items, several of which are one-time in nature:
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A tax benefit of $20 million to $30 million as a result of an updated analysis of certain provisional amounts recorded for the effect of the Tax Cuts and Jobs Act on Kemper’s deferred income tax assets and liabilities; |
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Pre-tax catastrophe losses of $20 million to $25 million, mainly related to one wildfire and Hurricane Florence. The company does not expect to recover any of the losses under its reinsurance programs; |
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Transaction and integration expenses of $15 million to $20 million pre-tax in connection with the acquisition of Infinity Property and Casualty Corporation on July 2, 2018. Kemper’s results for the third quarter will include Infinity’s results from the date of acquisition and forward; and |
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Pre-tax charge of approximately $9 million for lease termination and other costs associated with the September 2018 relocation of Kemper’s corporate headquarters to the Aon Center in Chicago. |
Previously, Kemper announced third quarter 2018 results will also include a pre-tax gain of $35.7 million related to the partial satisfaction of a judgment in its favor and against Computer Sciences Corporation and its parent, DXC Technology Company.
Cautionary Statements Regarding Forward-Looking Information
This Current Report on Form 8-K 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. Forward-looking statements give expectations or forecasts of future events, and can be identified by the fact that they relate to future actions, performance or results rather than strictly to historical or current facts.
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 the date of this report. 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 U.S. Securities and Exchange Commission (“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 report. The reader is advised, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.
About Kemper Corporation (NYSE:KMPR)
Kemper Corporation is a diversified insurance holding company. The Company, through the subsidiaries, provides automobile, homeowners, life, health and other insurance products to individuals and businesses. The Company, through its subsidiaries, is engaged in the property and casualty insurance and life and health insurance businesses. The Company operates in two segments: Property & Casualty Insurance, and Life & Health Insurance. Its Property & Casualty Insurance segment’s products include personal automobile insurance, both standard and non-standard risks, homeowners insurance, other personal insurance and commercial automobile insurance. Its Property & Casualty Insurance segment distributes its products through independent agents and brokers. Its Life & Health Insurance segment’s products include individual life, accident, health and property insurance. Its Kemper Home Service companies focus on providing individual life and supplemental accident and health insurance products.
