Second Quarter 2018 Earnings July 30, 2018
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. 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 presentation. 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 Corporation with the 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 presentation. The reader is advised, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC. 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. Earnings Call Presentation –2Q 2018 2
Kemper Is a Leading Multi‐Line Insurer • Multi‐line national insurance company Key Metrics –Post Infinity Acquisition –Provide specialty auto and preferred personal insurance (auto, home & umbrella) Market Cap (7/26/18) $4.9 Billion –Provide basic life, accident & health products Debt‐to‐Capital Ratio ~27% – Founded in 1990 and headquartered in Chicago, A.M. Best Ratings (Kemper/Infinity)1 A‐/A with subsidiaries writing policies since 1911 Excess Capital >$100 MM • Multi‐channel distribution network Employees >7,800 – 2,200 career agents In‐force policies ~7MM – Approximately 30,000 independent agents • Strong balance sheet – Insurance subsidiaries highly rated¹ by A.M. Best 2017 Pro Forma2 Business Mix – ~90% of Kemper’s fixed maturity portfolio is investment grade • Successful execution by proven leadership Preferred, 20% team L&H, 16% –Kemper results have exceeded analysts’ expectations Specialty for last 9 quarters Auto, 64% –Kemper closed acquisition of Infinity P&C in July 2018 2017 Earned Premium: $3.7bn ¹ Alliance United is not rated Earnings Call Presentation –2Q 2018 2 Pro forma for the acquisition of Infinity 3
Create Long‐Term Shareholder Value Diversified sources of earnings; Sustainable competitive Growing returns Strong capital/liquidity advantages and build and book value per positions; core capabilities share over time Disciplined approach to capital mgmt Strategic focus: Consumer‐related businesses with opportunities that: • Target niche markets • Have limited, weak or unfocused competition • Require unique expertise (underwriting, claim, distribution, other) Deliver low double‐digit ROE¹ over time 1 Return on Equity Earnings Call Presentation –2Q 2018 4
Second Quarter 2018 Highlights • Net Income increased from $36.6 million to $37.6 million resulting in EPS of $0.71 and $0.73, respectively 2Q18 • Adj Consolidated Net Operating EPS increased from $0.41 to $0.70 vs • Earned Premiums increased $76 million, or 13 percent; improvements continue to be driven by 2Q17 policies‐in‐force growth in the Nonstandard Auto business • Nonstandard Auto increased earned premium by 32 percent and policies in force by 29 percent Operating while improving the Underlying Combined Ratio by 2.0 percentage points Results • Life & Health net operating income increased $6 million • Net Investment Income of $78 million continues to provide a consistent income stream • Ample liquidity at holding company post Infinity acquisition ‐ Approximately $500 million of available and contingent liquidity Balance Sheet ‐ More than $100 million of excess capital ‐ Debt‐to‐capital ratio of approximately 27 percent • Amended and extended credit agreement on June 8, 2018 ‐ Increased revolver capacity to $300 million Other • Closed acquisition of Infinity P&C on July 2, 2018 • Teresa A. Canida elected to Board of Directors effective upon Infinity close Earnings Call Presentation –2Q 2018 5
Second Quarter & YTD 2018 Highlights – Strong Results Three Months Ended Six Months Ended (Dollars in millions, except per share amounts) Jun. 30, Jun. 30, Variance Jun. 30, Jun. 30, Variance 2018 2017 2018 2017 Net Income$ 37.6 $ 36.6 $ 1.0 $ 91.4 $ 36.3 $ 55.1 Net Income Per Share ‐ Diluted$ 0.73 $ 0.71 $ 0.02 $ 1.76 $ 0.70 $ 1.06 Adj. Consolidated Net Operating Income Per Share ‐ Diluted¹ $ 0.70 $ 0.41 $ 0.29 $ 1.80 $ 0.34 $ 1.46 Earned Premiums$ 658.1 $ 582.5 $ 75.6 $ 1,267.9 $ 1,145.9 $ 122.0 Net Investment Income 78.4 77.1 1.3 157.6 158.7 (1.1) Net Realized Gains & Other Income 5.4 24.8 (19.4) 9.4 31.2 (21.8) Total Revenues$ 741.9 $ 684.4 $ 57.5 $ 1,434.9 $ 1,335.8 $ 99.1 Book Value Per Share$ 39.68 $ 39.64 $ 0.04 $ 39.68 $ 39.64 $ 0.04 Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities¹ $ 36.85 $ 35.13 $ 1.72 $ 36.85 $ 35.13 $ 1.72 P&C Policies In Force (in thousands) 1,365 1,197 168 1,365 1,197 168 P&C Underlying Loss & LAE Ratio 70.9% 72.1% (1.2%) 71.3% 72.9% (1.6%) P&C Expense Ratio 21.1% 22.1% (1.0%) 21.7% 22.6% (0.9%) Life Policies In Force (in thousands) 3,581 3,660 (79) 3,581 3,660 (79) Life Face Value of In‐Force (in millions)$ 19,412 $ 19,848 $ (436) $ 19,412 $ 19,848 $ (436) Solid 2Q18 results led by strong performance in Nonstandard Auto ¹ Non‐GAAP financial measure; Please see reconciliation in the appendix Earnings Call Presentation –2Q 2018 6
Improving Underlying Operating Performance Three Months Ended Dollars per Unrestricted Share ‐ Diluted Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Variance 2018 2018 2017 2017 2017 QoQ Income from Continuing Operations$ 0.73 $ 1.02 $ 0.69 $ 0.92 $ 0.71 0.02 Investment Related (Gains)/Losses1 (0.07) (0.04) (0.09) (0.07) (0.30) 0.23 Acquisition Related Transaction and Integration Costs 0.04 0.12 ‐ ‐ ‐ 0.04 Adj. Consolidated Net Operating Income¹ 0.70 1.10 0.60 0.85 0.41 0.29 Sources of Volatility: Catastrophes 0.66 0.12 0.64 0.41 0.44 0.22 Prior‐year Reserve Development 0.05 (0.02) 0.01 0.01 0.10 (0.05) Alternative Investment Income (0.10) (0.17) (0.16) (0.21) (0.12) 0.02 Tax Reform ‐ ‐ (0.14) ‐ ‐ ‐ Total from Sources of Volatility$ 0.61 $ (0.07) $ 0.35 $ 0.21 $ 0.42 $ 0.19 Underlying Operating Performance2 $ 1.31 $ 1.03 $ 0.95 $ 1.06 $ 0.83 $ 0.48 Accelerated growth of underlying operating performance; Up 58 percent compared to 2Q17 ¹ Includes Income from change in fair value of equity securities, net realized gains on sales of investments and net impairment losses Earnings Call Presentation –2Q 2018 recognized in earnings 7 2Non‐GAAP financial measure; see reconciliation in the appendix
Stable Life & Health Earnings Revenues1 (MM) Revenues $208 $211 $211 $208 $211 • Earned premiums grew at a modest pace, $55 $56 $58 $53 $54 driven by an 11 percent increase in A&H • Portfolio composition led to continued stable investment income; a 5.5 percent to $153 $155 $153 $155 $157 5.1 percent decrease in yield was offset by 3 percent increase in the portfolio size 2Q17 3Q17 4Q17 1Q18 2Q18 Earned Premiums Net Investment Income Net Operating Income Net Operating Income (MM) • L&H continues to provide stable and diversified cash flows • Both the Life and the A&H businesses produced higher operating profits $26 $24 $25 $24 compared to 2Q17 due to lower income $21 tax rates, lower net commissions and higher earned premiums 2Q17 3Q17 4Q17 1Q18 2Q18 ¹ Excludes other income Earnings Call Presentation –2Q 2018 8
Profitably Growing Nonstandard Auto Earned Premiums Revenues • Direct written premiums grew $88 million or 37 percent; Access accounted for roughly $30 million; results highlight our $308 strong NSA market positioning $234 $247 $258 $266 • 2Q18 to 2Q17, earned premiums increased $74 million, or 32 percent, driven primarily by a 29 percent increase 2Q17 3Q17 4Q17 1Q18 2Q18 in volume; Access accounted for approximately $20 million (%)Underlying Combined (MM) Ratio¹ Underwriting Results • Underlying combined ratio improved 2.0 percentage points in 2Q18 compared to 2Q17, driven by rate actions, scale benefits and moderating market loss 94.5 92.5 trends 91.3 95.4 93.2 • Underwriting margin exceeded target profitability ranges; focusing on continued 2Q17 3Q17 4Q17 1Q18 2Q18 profitable growth ¹ Non‐GAAP financial measure; see reconciliation in the appendix. Strong Nonstandard Auto franchise continuing to demonstrate profitable growth Earnings Call Presentation –2Q 2018 9
Preferred Lines Showing Improvement Earned Premiums by Line Preferred Auto (MM) $184 $181 $185 $183 $177 • Underlying combined ratio improved 4.9 $11 $11 $11 $10 $10 percentage points over 2Q17 due to $67 $67 $65 $62 $62 increased rate and moderating market loss trends $106 $107 $107 $105 $109 • Underwriting results are below target profitability objectives 2Q17 3Q17 4Q17 1Q18 2Q18 • Focusing on improving profitability through Auto Home Other claims, rate and underwriting actions Homeowners (%) Underlying Combined Ratio¹ 104.3 103.1 99.3 100.3 98.2 • Underlying combined ratio increased by 2.0 percentage points primarily as a result of the 88.1 79.6 85.8 81.6 aggregate catastrophe treaty 69.0 • Financial results are below target margins • Continued focus on profitability with claims, rate and underwriting actions �� Results include, one‐time TWIA assessment 2Q17 3Q17 4Q17 1Q18 2Q18 related to Hurricane Harvey contributing approximately 3 percentage points to Auto Home Total Preferred Lines elevated Q2 expense ratio Continued progress on improving underlying profitability in Auto ¹Non‐GAAP financial measure; Please see reconciliation in the appendix Earnings Call Presentation –2Q 2018 10
Consistent Portfolio Returns: High Quality, Moderate Risk Strong Investment Income Despite Low Rates Overview • Investment portfolio produced a pre‐tax $77$86 $83 $79 $78 equivalent annualized book yield of 5.0 (MM) $18 percent in 2Q18 compared to 5.2 percent $9 $13 $11 $7 in 2Q17 • After‐tax yield increased from 3.4 percent $68 $68 $70 $68 $71 to 3.9 percent due primarily to the tax law change. This resulted in an increase of $10.5 million after‐tax net income 2Q17 3Q17 4Q17 1Q18 2Q18 • Alternative investment portfolio, which is Alternative Investments Portfolio Core Portfolio designed to provide enhanced returns over time, produced investment income of $7 Diversified & Highly‐Rated Portfolio million in 2Q18 Portfolio Composition Fixed Maturity Ratings • Core portfolio continues to provide Other ≤ CCC consistent and predictable cash flows; $3 Short‐term Corporates B / BB 3% 6% 4% million increase was driven by higher Alternatives¹ 7% 7% investment base generated by growth in Equity¹ 5% the Life and Specialty books 47% U.S. 26% 64% • More than 80 percent of the total Gov’t 10% BBB A or Higher investment portfolio remains comprised of fixed maturity and short‐term securities, of States/ 23% Munis which 90 percent is rated investment grade $6.6 Billion $5.3 Billion 1 Equity Securities excludes $260 million of Other Equity Interests of LP/LLC’s that have been reclassified into Alternative Investments Earnings Call Presentation –2Q 2018 11
Strong Current Capital Position with Ample Liquidity Strong Parent Company Liquidity Risk‐Based Capital Ratios (%) Life & Health Legacy P&C¹ (MM) $1,059 $734 $741 $350 $684 $582 $494 $404 $400 $385 415 335 430 $385 $709 330 310 $350 375 290 360 $330 $341 $299 $197 $144 2014 2015 2016 2017 2Q181 Today Borrowings available under credit agreement & from subs 2015 2016 2017 2018E HoldCo Cash & Investments ¹Excludes Alliance United Cash Flow from Operating Activities Debt‐to‐Capital Historically <30% 31.8% 27.4% 27.6% (MM) 26.5% ~ 27% Debt 21.9% $241 $241 $215 $202 $122 $134 2014 2015 2016 2017 2Q18 Today 2013 2014 2015 2016 2017 6M18 Total Capitalization $2.8B $2.7B $2.7B $2.7B $3.0B ~ $4.1B Capital position and liquidity resources provide significant financial flexibility 1 Holdco cash resulted from pre‐funding $564.6 million of cash for the Infinity acquisition Earnings Call Presentation –2Q 2018 12
Acquisition of Infinity Consummation of Transaction • Acquisition of Infinity ‐ July 2, 2018, completed acquisition of Infinity o Issued 13.2 million shares of Kemper Stock o Paid $564.6 million in cash consideration, partially funded by . $250 million 2‐year term loan . $110 million of FHLB borrowings; repaid in full on July 13, 2018 Transaction Economics Announcement Date February 13, 2018 Aggregate Purchase Price Announced (based on 20‐Day VWAP of $64.40 per share) $1.4 billion Closing Date July 2, 2018 Consideration Paid Cash $0.6 billion Stock (based on $74.525 per share) $1.0 billion Total Consideration Paid $1.6 billion Transaction closed on July 2, 2018; is not included in Kemper 2Q18 results Earnings Call Presentation –2Q 2018 13
Infinity 2Q 2018 Performance –Not Included in Kemper’s 2Q18 Results Earned Premiums Revenues • Earned premiums increased 10 percent over the 2Q17, driven by: ‐ 5 percent growth of policy‐in‐force $339 $345 $346 $354 $374 ‐ Higher average premiums • Written premium increased in all states as well as in Commercial Auto 2Q17 3Q17 4Q17 1Q18 2Q18 (%)GAAP Combined (MM) Ratio Underwriting Results • Combined ratio improved by 8.1 percentage points over 2Q17 driven by: ‐ Improving loss cost trends in CA & FL ‐ Higher average premiums as rate 99.4 94.6 90.0 92.6 91.3 increases earned in • 2Q17 artificially high by 3.6 percentage points as a result of premium refunds to 2Q17 3Q17 4Q17 1Q18 2Q18 CA policyholders Infinity’s strong performance validates our thesis for the acquisition Earnings Call Presentation –2Q 2018 14
Appendix
Non‐GAAP Financial Measures Underlying Operating Performance is a non‐GAAP financial measure that is computed by excluding from the Diluted Income (Loss) from Continuing Operations Per Unrestricted Share the after‐tax per unrestricted share impact of 1) income (loss) from change in fair value of equity securities, 2) net realized gains on sales of investments, 3) net impairment losses recognized in earnings related to investments, 4) acquisition related transaction and integration costs, 5) loss from early extinguishment of debt, and 6) significant non‐recurring or infrequent items that may not be indicative of ongoing operations. The most directly comparable GAAP financial measure is Diluted Income (Loss) from Continuing Operations Per Unrestricted Share. Kemper believes Underlying Operating Performance provides investors with a valuable measure of its ongoing performance because it reveals underlying operational trends that otherwise might be less apparent if the items were not excluded. Underlying Operating Performance should not be considered a substitute for the Diluted Income (Loss) from Continuing Operations Per Unrestricted Share and does not reflect the overall profitability of our business. Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities, is a ratio that uses a non‐GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after‐tax impact of net unrealized gains on fixed income securities by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trend in book value per share, excluding the after‐tax impact of net unrealized gains 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. The Company 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 generally not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. For the Periods Ended Jun. 30, 2018 Jun. 30, 2017 Book Value Per Share$ 39.68 $ 39.64 Less: Net Unrealized Gains on Fixed Maturities Per Share (2.83) (4.51) Book Value Per Share Excluding Net Unrealized Gains on Fixed Maturities $ 36.85 $ 35.13 Earnings Call Presentation –2Q 2018 17
Non‐GAAP Financial Measures Adjusted Consolidated Net Operating Income (Loss) is an after‐tax, non‐GAAP financial measure computed by excluding from Income (Loss) from Continuing Operations the after‐tax impact of 1) income (loss) from change in fair value of equity securities, 2) net realized gains on sales of investments, 3) net impairment losses recognized in earnings related to investments, 4) acquisition related transaction and integration costs, 5) loss from early extinguishment of debt and 6) 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 Income (Loss) from Continuing Operations. Kemper believes that Adjusted Consolidated Net Operating Income (Loss) 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 securities, net realized gains on sales of investments and net impairment losses recognized in earnings related to investments included in the Company’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 Company’s investments, the timing of which is unrelated to the insurance underwriting process. Loss from early extinguishment of debt is driven by the Company’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. 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. Significant non‐recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends. Earnings Call Presentation –2Q 2018 18
Non‐GAAP Financial Measures Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share is a non‐GAAP financial measure computed by dividing Adjusted Consolidated Net Operating Income (Loss) attributed to unrestricted shares by the weighted‐average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Income (Loss) from Continuing Operations Per Unrestricted Share. Kemper believes that Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share 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 from change in fair value of equity securities, net realized gains on sales of investments and net impairment losses recognized in earnings 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 company’s investments, the timing of which is unrelated to the insurance underwriting process. For the Three Months Ended Per Unrestricted Share 2Q18 1Q18 4Q17 3Q17 2Q17 Adj. Consolidated Net Operating Income ‐ Diluted$ 0.70 $ 1.10 $ 0.60 $ 0.85 $ 0.41 Net Income From: Income from Change in Fair Value of Equity Securities 0.01 0.01 ‐ ‐ ‐ Net Realized Gains on Sales of Investments 0.06 0.04 0.14 0.10 0.33 Net Impairment Losses Recognized in Earnings ‐ (0.01) (0.05) (0.03) (0.03) Acquisition Related Transaction and Integration Costs (0.04) (0.12) ‐ ‐ ‐ Income from Continuing Operations ‐ Diluted $ 0.73 $ 1.02 $ 0.69 $ 0.92 $ 0.71 Earnings Call Presentation –2Q 2018 19
Non‐GAAP Financial Measures Diluted Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share ‐ Continued For the Six Months Ended Per Unrestricted Share 2Q18 2Q17 Adj. Consolidated Net Operating Income ‐ Diluted$ 1.80 $ 0.34 Net Income From: Income from Change in Fair Value of Equity Securities 0.02 ‐ Net Realized Gains on Sales of Investments 0.10 0.46 Net Impairment Losses Recognized in Earnings (0.01) (0.10) Acquisition Related Transaction and Integration Costs (0.16) ‐ Income from Continuing Operations ‐ Diluted $ 1.75 $ 0.70 Earnings Call Presentation –2Q 2018 20
Non‐GAAP Financial Measures Underlying Combined Ratio is a non‐GAAP financial measure that is computed by excluding the current year catastrophe and LAE ratio and the prior‐year reserve development ratio (both non‐catastrophe and catastrophes) from the combined ratio. The most directly comparable GAAP financial measure is the combined ratio, which is computed by adding the total incurred loss 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 the underlying combined ratio is useful to investors and is used by management to reveal the trends in Kemper’s property and casualty insurance businesses that may be obscured by catastrophe losses and prior‐year reserve development. These catastrophe losses may cause 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 development is 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 company’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 its underwriting performance. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business. For the Three Months Ended 2Q17 3Q17 4Q17 1Q18 2Q18 Total Nonstandard Personal Automobile Underlying Combined Ratio 94.5% 91.3% 95.4% 93.2% 92.5% Current Year Catastrophe Loss and LAE Ratio 1.0% 0.6% (0.3%) 0.1% 0.6% Prior Years Non‐Catastrophe Losses and LAE Ratio (0.4%) 0.9% 1.1% 0.1% 1.4% Prior Years Catastrophe Losses and LAE Ratio0.0%0.0%0.0%(0.1%) 0.0% Combined Ratio as Reported 95.1% 92.8% 96.2% 93.3% 94.5% Earnings Call Presentation –2Q 2018 21
Non‐GAAP Financial Measures Underlying Combined Ratio ‐ Continued For the Three Months Ended 2Q17 3Q17 4Q17 1Q18 2Q18 Preferred Personal Automobile Underlying Combined Ratio 103.1% 99.3% 104.3% 100.3% 98.2% Current Year Catastrophe Loss and LAE Ratio 3.7% 2.6% (0.1%) 0.6% 3.6% Prior Years Non‐Catastrophe Losses and LAE 6.3% 0.8% 1.2% 0.5% (1.3%) Prior Years Catastrophe Losses and LAE Ratio (0.2%) 0.0% 0.0% 0.0% (0.1%) Combined Ratio as Reported 112.9% 102.7% 105.4% 101.4% 100.4% Homeowners Underlying Combined Ratio 79.6% 85.8% 69.0% 88.1% 81.6% Current Year Catastrophe Loss and LAE Ratio 40.1% 37.2% 75.6% 10.5% 57.7% Prior Years Non‐Catastrophe Losses and LAE 2.3% 1.3% 2.5% 9.1% 4.3% Prior Years Catastrophe Losses and LAE Ratio (2.7%) (1.2%) (0.8%) (8.3%) (2.1%) Combined Ratio as Reported 119.3% 123.1% 146.3% 99.4% 141.5% Earnings Call Presentation –2Q 2018 22
