Kemper Corp. Q3 Profit Falls

(RTTNews) - Kemper Corp. (KMPR) reported net income of $4.7 million or $0.09 per share, for the third quarter of 2014, down from $70.1 million, or $1.23 per share, for the third quarter of 2013.

"Kemper's third quarter results included a $35 million after-tax software write-off in the Property & Casualty segment that overshadowed improvements in many areas," said Donald G. Southwell, Kemper's Chairman, President and Chief Executive Officer. "In the Property & Casualty segment, these improvements included a lower underlying loss ratio and increased agent engagement on the new business front.

Consolidated net operating income was $2.1 million, or $0.04 per share, for the third quarter of 2014, compared to $38.9 million, or $0.69 per share, for the third quarter of 2013. Net operating income per share decreased primarily from the write-off of software and lower net investment income, partially offset by improved underlying loss results in the Property & Casualty Insurance segment.

Total revenues were $539.8 million for the third quarter of 2014, compared to $635.7 million in 2013. Revenues decreased primarily from $41.1 million lower net realized gains, a $39.0 million decrease in earned premiums in the Property & Casualty Insurance segment and $10.1 million lower net investment income.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.15 per share and revenues of $541.70 million for the quarter. Analysts' estimates typically exclude special items.