KMPR - Earnings call 4 2023 | Kemper Corporation

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Operator

Good afternoon, ladies and gentlemen, and welcome to Kemper's Fourth Quarter 2023 Earnings Conference Call. My name is Ludi, and I will be your coordinator today. [Operator Instructions] As a reminder, this conference call is being recorded for replay purposes.

I would now like to introduce your host for today's conference call, Karen Guerra, Kemper's Vice President of Investor Relations. Ms. begin. may you Guerra,

Karen Guerra

Officer Good and fourth and afternoon, quarter Lacher, President Interim of Chief from operator. Senior President Camden, discussion President and Hunton, Vice you'll to Kemper's of Joe and Executive and President our XXXX Financial Kemper's Auto. Chairman; afternoon, you, Brad welcome Kemper's Officer; everyone, Chief Kemper's hear and Matt Thank Kemper results. Vice This Executive

results, followed make around quarter We'll few our to opening a context provide by a remarks session. Q&A fourth

portion the and will Officer; P&C Investment Vice During of President President Vice call, be Executive joined of Chief President the interactive our President and Kemper Life. our Chris by division; of Executive Kemper's and presenters John Flint, Boschelli, Duane Kemper's Sanders, President Vice and Executive

today, published After supplement. earnings issued we presentation earnings the and our markets our financial release closed and

Form to next file expect within SEC We the our with week. XX-K the

in find our can of these documents the Investors section You kemper.com. website,

within the but its are may of to, Litigation XXXX. financial results include, contain statements Our the and provisions company's outlook These the Reform condition. Act meaning operations Securities safe the forward-looking not discussion Private of future harbor of today statements and of limited

differ materially actual and condition these financial Our statements. results from may

risks release. these XXXX refer to ] For that our may information earnings forward-looking on [ fourth our Form additional impact statements, quarter please XX-K and

rules. our non-GAAP financial also SEC to discussion all release, includes in where measures measures, accordance investors. reconciled financial presentation supplement, defined earnings with GAAP we meaningful and In financial afternoon's non-GAAP This and are we've believe, to the required earnings

All be otherwise the Investors in section corresponding each 'XX find of comparative stated. our documents can unless You kemper.com. to website, period, these will references the of

the call to will now I Joe. turn over

Joseph Lacher

jump to Good Karen. we our time on call. I going some comments overall results spend today. Thank environment. want for the obviously about But make thank on us before the in, to afternoon, quarterly you We're joining you, and

ago, rate referenced It looked pandemic with at frequency inflation, pressured, and zero, underwriting were quarters where and over earned was in we lower of and where loss by driving; loss impact. increases where period a and the balance; to early that negative, loss dropped rate and were rate from A period number period, time. trend needed inflation pre-pandemic rate recovery slide showed lagged profitability non-rate a lag significant rate combat inflation to in earned driven and actions less

now. next now and a has Cumulative exceeded We're increases phase earned the inflation, a profitability loss exiting rebalancing cumulative this moving underwriting into journey, in phase We're phase. restored. reliably this recovery to from have rate been recovery

actions will recovery continue non-rate period but key X during maintenance and match rate Two, This to changes, the characterized be will. phase back significant will increases underwriting one, items: will thoughtfully inflation, rate to largely you will by if the removed. be implemented

that Recall were rate when profitability these improve changes actions lagging. to were taken

As non-rate will residual effectively impacts. rate reversed, increases in, trading their actions be earn

be We're be the to new this retention components PIF levels. rebalanced will and phase. traditional to growth, to three, And next excited business shifting more of

several the run we'll about and talk today it will future. quarters. period rebalancing I'm in this expect We sure more

business Life rebalancing the Our through and already both has phases. recovery moved

flow consistent to business. cash expect continue distributable from this and We earnings

priority going let's done and First, topics: to that few profitability, previously restore we've X been shift our performance. as quarterly to We're has I'll points into that. Now our group communicate key to a communicated,

several years. actions it's in the been clear that in we've This the effective quarter, our severity last have elevated offsetting experienced cumulative

confident in business rate, returning the combination date, underwriting Specialty approved significant in highly XXXX. important actions unearned milestone our taken improvements target from to in we P&C benefits to combined underlying P&C our the achieving consecutive have margins quarters, and but generated Specialty ratio profit. X with of an The for Results in make us reached

we of number strategic to initiatives. through advance a capabilities Second, continue differentiated our

home strengthen that successful operating focus enhancements the going mentioned we'd that competitive projects, and improvement forward. challenging I company initiatives and long-term our time been phase, would model pandemic advantages, to position have both recovery for These profitable During on the navigate enable that growth. us

our our stable, ability completed by earnings. further X competitive distributable capital our liquidity our major cash long-term remain optimization and Bermuda this flow We quarter, initiatives exceeded advantages We focused reduction risk, projected improving long-term our reducing enhancing to on our and generate Both program. cost benefits. sustainable and and strengthening systematic,

we're laser third, success And on focused rebalancing beyond. and period this in

profit all and aspects by achieving healthy further maintaining rebalancing year. of to business growth. defined our and We coming margins anticipate over this be will returning success on long-term Here, progress the

with of Page XX% XX-point are details quarters. generated the fourth pleased results. material ratio, combined the move to the quarter. last making underlying over the a point benefit X been improvement P&C Specialty in X.X X with Let's consistent and We've progress incremental a

we to so restrictions, pivot restoring ease including and restrictions, plan growth. we trend, new loss surpassed policy actions underwriting rate can premium to As business

to here progress Expectations trend, lastly, long-term growth. be to phase. increase what to permit and actions, margins earned to a rate loss long-term of this restore for normal increases an Maintenance impacts non-rate described rate reversal rebalancing with consistent new should restore and balance in I to more business continue

the this while the through November various in going positioning valuation of priority, company be an we to long-term will enhanced restore briskly initiatives balance profitable towards of strategic forward, introduced XXXX. growth Our

Exchange we [ and and goals this optimization exceeded related with initiatives, projects improvement execution advantages and the these position. Each structure Reflecting our P&C ] remain the to on financial exit. of completed home our strengthens initiative. those Bermuda and increases project track multiyear competitive the cost long-term We on preferred the of successfully Reciprocal quarter, the

Brad now turn And I'll call with additional you to over the to provide color.

Bradley Camden

Page X our with you, Thank I'll financial begin consolidated Joe. on results.

we had of an sequential highlighted, improvement underlying generated both profit. operating Joe quarter and As another underwriting

to initiatives, and this non-rate positive strategic outcome. with rate combined the led several Our completion actions taken, of

the the Specialty results returning enter intently on We're Auto after excited achieving keeping target to and business to solid XXXX focused margins. momentum and are

For income share. or income of operating of $XX adjusted had per million consolidated diluted the quarter, we net per or $X.XX $XX diluted and net million share $X.XX

I'd like we in development. integration million to prior-year investment partially and million realized by income reserve in Additionally, gains, restructuring no that $XX costs. had $XX included offset highlight Net

preferred P&C line below the reported The $X business $X generated as operations, in of approximately losses. noncore including million, income catastrophe net million

and initiatives, we've Turning our to an Pages categories: which provide ongoing. on X and into update X, we grouped completed X strategic

the the start projects with completed Let's quarter. during

we and the strengthen estimate $XXX of ecosystem. First, million parent $XXX in approximately the in to This XXXX bolstered our exceeding liquidity our the Bermuda quarter, in prior project enabled parent launched dividends million.

we'll expense our our we in pace first target achieved to accomplished exceeded structure. we reduction no ourselves cost longer and low-cost This margin of related our on preserve for this and optimize expense efforts, report target up We set After Next, profit our year. allow but the us quarter, improvements. program's $XXX this million competitive them. and dollar multiyear the in future to savings initiative, continue a which to will we'll further advantages growth

projects. ongoing P&C exit to is track. on business Moving preferred the The of

return XXXX anticipate initiatives be that meet XXXX. $XXX million freed million 'XX, up by targets. end and million in second our will of of or half our another and This exceed end capital of $XX of the up additional $XXX by freeing businesses capital During and redeployed we an approximately the the core

Reciprocal approval track. is premium will And but up mentioned, receive states. as finally, population Joe as expected on is initially into expand slow, to the new Growth ramp be we to

this We milestones key will for provide details initiative. as we hit

to X. Page Turning

approximately have $XXX and billion, sources the well capitalized significant capacity, the company lending are Our of capacity to insurance million and holding companies $X.X of end liquidity. increased At investments. liquidity consisting and by revolver of cash intercompany quarter,

and payments subsidiaries pay and as to allows healthy company holding us Our needed. support operating interest liquidity dividends balance to our

yield our Moving to was annualized Net X. was $XXX equivalent and million, the for X.X%. investment quarter pretax Page book income

investment portfolio income We continue maintain support businesses operating liabilities. to our generates our aligned a to and stable is with that high-quality

I'll the Specialty to business. to Matt P&C discuss call now turn the over

Matthew Hunton

Brad, good afternoon, everyone. you, and Thank

XX P&C Moving in to Specialty Page our business.

then [ PV shift going overall ], on and both start me the for quarter with forward. some to PPA Let comments I'll and comments,

segment, the the points combined X.X exceeded points our and actions profit For with closed ratio improvement we as of trend. underlying quarter fourth benefit an loss sequentially the cumulative incremental year-over-year X.X of

and expected, an challenged. was as quarter, the continued remained trends as earned passenger the driven majority in improvement, quarter. I'm incremental rate generated improve stable the most this to severity by auto, that was but In we profit underwriting the private elevated. of The line pleased

producing remains ability business of generate vehicle ratio area. of commercial a long-term this strength, in We value our remain underlying an confident XX.X%. source in Our to combined

conditions, last Turning we quarter, to hard in production. continued with especially California. market to Consistent observe

prior remained persistency rates, higher favorable at policies renewed premium in periods, with creating we retention. line As

new amount the selectively as to of cohort business XXXX is XXXX. return to shift amount but a test material quarter, a focus It In rebalancing start the a anticipation for customer phase. underwriting he what mentioned, wasn't of incremental heading towards As Joe into shift, and to good buying new claim a modest wrote us new described allowing to we business, re-expanding our profitability behavior. this

We have in strong compete to and differentiated our tools market segment. and capabilities

enhanced we've these enhance last the Over capabilities. continue to and years, few

confident in we're profitability easing includes the the This pandemic. our place understand the put subsegments. improve in impact of underwriting to business this, the to restrictions Given ability of performance of following the

We'll margins; profitable we restoring optimize profitability our a underwriting growth. with as writings first, growth, long-term to forward, look thoughtful between business and and execute target that look we As on, priorities in order. remain will achieving second, balance new

call I'll the to and cover comments. closing now turn the Life Joe to over business

Joseph Lacher

Matt. Thanks,

$XX Life demand business our were persistent disposable was impact Life income, as stable. our to customers' fourth our slightly issued remain million products for inflation quarter. Turning Page the XX. the was consumer operating policies Net consistent target up for income on Despite persistency on and of

standard LDTI. note, reserve should actuarial this results as assumption quarter's required annual and the accounting new calculation known under include You the updates

quarter. As in distributable capital financial flow. they favorably continues expected, returns earnings impacted Overall, statements. on generate in these aggregate, updates operating our the the underlying In to consistent multiple business for and Life cash lines the appear

Page to Turning XX.

an underlying We underwriting me consecutive and improvement results wrap up, for quarter. generated we the achieved highlights for the operating and As profit sequential let reiterate third our quarter. both

P&C expect and reach Specialty to target profitability and rebalancing We long-term growth. focus to in XXXX shifting are margins our

well initiatives our Our Together, outperforming strengthening enhancing they our and working and organization. expectations. profile, our financial increasing are focus are strategic

and clear a restore foundation financial robust a on higher. or a with year road the XX% return to map equity ended of We

to promises, which We to intrinsic our long-term to with a have our all company on attractive providing value growth shareholders and team a strong dedicated include delivering stakeholders.

into we're ability achieve in ongoing their for pleased to XXXX. dedication the profitability. as look and to We thank our priorities for I'd results beyond. executing move Kemper to XXXX to the with remain team and we like closing, and as optimistic entire our quarter In our we XXXX on

you, Operator, to now take questions. turn I'll it back we so can

Operator

question Peters [Operator of from And James. line your Instructions] comes first the Gregory from Raymond

Charles Peters

getting back also I'm to then of how restoring the and margins go target look to on is rebalancing, going traditional just the growth the back you about growth, when metrics. Reciprocal to to ongoing? comments between And curious, back traditional to to your I'm getting rebalancing profitability, going rollout getting rebalancing have

And the the can does growing how moving year. going Reciprocal the going around other not piece you and pieces to these that maybe piece? course in be be mean over of are this around you're the only to give clarity in Or growing

Joseph Lacher

a Sure. some Happy pieces. and then and I'll take and Joe, is This Brad add it, at may to, Matt Greg. shot

the couple in made quarter. underwriting in thing Reciprocal I'd significant a to We the big is There's moving. We've process. which The almost will suggest first to some begin took rate reversing unearned an thought the the improve we of profit got in, target you things unearned And non-rate of we that highly rate. consume us margins. has coming we'll hit some that of our will profitability confident actions ignore

rates those included tightening business of new those underwriting -- Some actions restrictions. non-rate

and re-expand reversal going us more those and will to will is new were, of maintenance back allow growing. we rate. they that really items if rebalancing, And that put move to So business that those the process to normal on, of towards the back will, where you

or ] overwork dealing all across on a occur day, won't Regardless entire [ or geographies, else, the briskly whether a going of possible. going exchange but distribution paper It ecosystem it lines, anything Kemper will to the on as way that. on minute, it reasonably We're won't we're occur do all that to take little we're time through. bit of and doing start as in it with its a

and As approved cases itself in entities subsidiaries are What in. rolling a in filed item, to those products the little the new in in that that business process will exchange we move do to out in and order distinct get is Reciprocal, go and we separate have in on working bit a individual of slower. states, its or

reinsurance pace in measured restoring states fronts Kemper and cases, use in. that underwriting some approvals of some occur really, might, have We criteria. But that's us those a will individual where more activity the and to from on be function our less rebalancing for that moved a by

So I should them can you occur that think think differently, briskly. more mentally, about rebalancing

-- it the significantly the nature The first that the quarter -- pace Does bit slower and necessarily be significantly more quarter. occur of over You'll over see help? second Reciprocal approvals. regulatory a population will because of those over

Charles Peters

program, and right does. cost I that correlated, there guess base settle investor focus policy and When talk numbers words, limited I haven't -- assume growing deployed. saves what I'm you grow, around is. to you've opportunity at your getting you are these is your forward-facing cost-saving count back that cost about the savings. out Yes, by what is where that are the office, start you to not other going forward, haven't those In those cut

Joseph Lacher

were The acquisition, Correct. savings, forward them related none cost business like. items the to and of

way, office more grow. in All infrastructure They not, to ability write form, any impair back new business our related. or or to shape of them or were do

Charles Peters

that And largest question approved you've how policy state then on -- Because you do your you just point and adequacy rate was did is where got -- was year. markets increase -- filed. additional there rate view rate -- been substantial you the that the the last California in and the for final your count, do some time? that's at How filed view highlight across this rate you

So the position just curious, relative market? your where you see to

Joseph Lacher

precise. view, that rates in. a rate bit is as earned So margins. be Broadly, that to is I'm the going to view we make we a forward-looking as our move hit a not adequate broad that's And comment recognizing these to of

at as we have nature, maintenance forward By you to we're where going to rates. inflation, look go back

rate means of take file an sort for to rate if course. there's So think perspective, additional an we we that's need that that need we ordinary maintenance it,

So there's way through. that maintenance modest a works perpetual, if will, need rate its you

cells the into the combination are factors, local adequate. or always mix, mix, less go you of individual where the there's the some and geographies, ] a more underwriting When [ geography, things rating individual line

cells than more with the some that so there's And always [ think satisfied some that we're ] of we part rating or we're not satisfied with.

those. of mix a got we've So

new get I us levels think restored that of several traditional growth as more There's underwriting there's over we've new our target traditional to ample confidence and to margins. profitability opportunity hitting and opportunity ample business back for quarters. more business to re-expand our levels get

Charles Peters

the 'XX, end last said that? help Okay. is P&C it relates last have on you timing for the going to forward. by year? question. full any you Is that The me That's year? in I Specialty frame just, detail appreciate the of Do of my question the sort target margins PIF,

Joseph Lacher

full year. it both, think for the as hit Greg. could of We'll You it

Operator

And line Andrew Thank from the Kligerman your you. from of next TD Cowen. question comes

Andrew Kligerman

really question My XX prior rate corner And think about the that were slide, around earned into discussions of -- change. around first is actually. Slide the you to I first solid rate My coming maybe could I look ], the on [ if results. gap XX% -- And right there's go rate, XX is question Congrats XXXX. the around in points. upper of the at

a rate quarter, think in? So about should about give I earning increase X-ish that as take, points or

Joseph Lacher

looking you little X will QX, at -- think about That's accelerate QX from points, I it a slide look bit. deck, transitioning QX correct. When at you're back to

will level enter it we As off. XXXX, then

the the half expect back help year. that kind the of does half first leveling here year you're you And modeling? in in the of of with you're So off how and curve thinking, what steeper a

Andrew Kligerman

like Absolutely. which kind And yes, at XX-ish good little that is talked in, that, out maybe to I'm been a number sounds hear. than lower it of you're about. But coming all that's

to... want I that's And then So just great.

Joseph Lacher

from that through to the Andrew, 'XX. remember about fourth think quarter

so remaining some have that, what's you we've in And 'XX. now earned already of

Andrew Kligerman

I'm you And also said talk stable. just on What sure remains and I just on inflation. And what want loss go it's it. slides. maybe to it XX, those if Slides those. make if look at Got then cost about of clear you just you're elevated? You elevated seeing? could kind to the is But XX said of I'll kind you

as have the in So you look I are And what kind what elevated? these how of slides, think What you're month? cost first at terms into XXXX? should seeing about it in I early stays loss you inflation expecting, if seen of

Matthew Hunton

When talking loss remains on the right, I mid-single severity. This in is somewhere digits, inflation really side. I range. is into range to say two the subcomponents, guess severity X that points, cost elevated, X and we break sort end, apart on the Matt. And frequency would that the about higher of we're

[ varies, And flattened have as off. out a on view. obviously, texture side seen some varies but injury, generally pressures it geography, run the your bodily And which by the single-digit medical a bit lower the inflationary we've of the by bit ] of coverages,

period-over-period And the a by drive of to re-expand that really frequency that And the that's and mix underwriting on remove to underwriting put number some actions influenced restrictions, start book. we'll favorably bit. in some see the into right, underwriting the as frequency those frequency business is on by front, we that the new start a of actions the some of we place. But heavily are basis, influenced earning

Joseph Lacher

about going We're that we're of a will and to completely perspective. function on if would of are environmental from up in agree to actuals some side move think think our And see mix we way down. that Matt. a can things our with seasonal I I add of frequency seeing I underlying that's was think what low the it, the the to that, Matt,

most the expected, think and it's that's -- our pricing. in I it's and normal,

within I but least of of think was question. we really seasonal, saw the the the looking our what you're underlying low quarter it the And fourth version end for is seasonal at expectation. at

Bradley Camden

then up mid- alluded to, last where elevated X% means or to it you. X%. from Andrew, was to comment historically X%, to to Matt And just wrap this, single on for Elevated, as one maybe digits high X%

is stable done we and We can us. elevated that, price remember, have Now and for so. to fine

So to highlight you you. from that to just that modeling a worry shouldn't a standpoint. for I be want

Andrew Kligerman

the very are because of on sounds I manageable safe some guess, rate mean, there sounds the kind like for it the frequency XXXX? single would into low you're I the be factors for context that No, just on. Yes. offsetting in getting, modeling of frequency that to going be digits I very

Joseph Lacher

other, each question to in Andrew. at your I'm looking We're answer ways. going two

I think to be would think that way a it. about reasonable

will I then doing in I and stop my profit in that's I rate and looked that If were than significant "Okay, generate go, earn frequency at two those severity offset I increase." coming think if margin be very to very, inflation. I'd more a the head, projecting There's items, only I it. loss there's modeling, would

those business, there you fact if underwriting. we off pandemic recovery, said also some were new at of we we're of restrict the that you profitability, would and on at or they And the looked but they improve tightened restricted the put the They taking to miss growth. phase that only actions items, early the nonrate during that

of why earned on them them. rate because had an a -- take earlier. the positive earned As That's to is rate there we cost isn't is those off, put there effect we they

As them P&L. the earned running see through the the off, of full we you rate will impact take not

margins. off is. you're again, PIF non-rate some guidance to give of to and growing those get little trying you have that PIF And move in we're the to To to put more the in. going model we let So have take target towards a what

go earned So rate of that there. some will

will about and the your trees You worried through frequency, -- focus, reversing. X get miss that of non-rate are X forest you're the X, because or you primary of if points actions that's will the

Andrew Kligerman

think to achieved with sense. lastly, maybe another That another million your there your $XX program, Is the but looks per $XXX going $XX about, it then of $XX makes versus there. budget. million $XX that mean, it X you've million I we savings looked forward? got LAE, lot something a of should might And be million million like at it. that Slide plus, as like to Got you've looked I

So wondering, going kind that, I'm of at look forward? to how

Joseph Lacher

What in life structure. We to sell looking gave going you $XXX we're be a nonstandard We at low-cost industry always our the and would is affordable plus. an space I you cost tell to cost. range, in provider right, optimize be insurance a want million to the

optimize So looking we're to always it.

move what expect to us believe our because additional continue out from But is you're we're to in update we've take not it we're here to comments, not going as we going would forward. on -- to as some to I costs mentioned achieved objective. I going my incremental. see And we

Operator

your next line question of the Meredith comes from UBS. Brian from And

Brian Meredith

kind you of adequacy? get years if it looks how back the PIF of into PIF [ to in I up was that rate competitive easy talk want kind mean you've Maybe of be about and to more. of when growth the it actions, looking force at dive here. little underwriting of what's I you landscape policies PIF can I X a will like and lost kind in worth count, kind not and probably just or on higher going to kind ] your situation difficult the of ramp

then What think is on bit And you this whole now? just dynamics the the and through competitive of challenging little that, will recover relationships talk And maybe be kind how it that? do some a right distribution distribution of thing. about to

Joseph Lacher

clearly had I'm adds an I'll And have two might sure spots. ours issues, then Matt, And Sure. profitability and to we'll comment it some make some. of coming in it. have California I'll delay California and than in that -- in in -- overall we We maybe volume the exacerbated delay because more high business the had some California the of had our rate. been in had that provide

actions. some had did of we what those non-rate So push to we harder on is

in might it is it's effectively any commissions, up cases. be pay might things. It plans, number that lowering means it that be underwriting, is, tightening of some restricting What

market. hard market, choices typically and as And Most is and fewer Where Most result, than less we there a are availability profitability. something are a hard agent historically has have underwriting. characteristic-wise, is tightened offerings competitors right typical trying had. doing they've less to fewer pretty your now availability. is a similar, What their product enhance means

As were briskly, we one we in to come think don't we back don't the and did we ability it do idiosyncratic, have those only distributors a think fairly the come that something broken they're that problem, had to who we for something. happy environment, they're the haven't returning damaged capacity. We a haven't they and have relationship, we capacity that looking into can back because

we degree the of confidence relationships. high in So have a

higher demand. have We a market there's that confidence

Our was inflationary same else did. we into the relative environment. before environment price We went everybody dealt competitiveness this disrupted strong with

we inflation. So comparable the we to applied think responses competitive

think we we'll the And open back side. to be on that's So competitive the expecting as what we market. we're see

Matthew Hunton

about buying nice in this test quarter the we learns, overall, on to about we thing continue in and capabilities add I through customer and fourth the The built X. a happening is that a only trend and sort to we've enhance our loss bit and patterns, bit what's But of baseline would there. learned QX Yes. accelerate a learned

to first in of and mentioned there, as half just so earlier, in us XXXX a the is thoughtful I Joe ability it. way production the And distribution think ready is accelerate for for

opportunity over an terms last the continues enhanced present those for hard couple the time been market the being. of And of to I in relationships. think years has credibility

of So way. a that to we'll advantage look thoughtful take in

Brian Meredith

just Florida, last year? we Great. And one of That's actions yet seeing happened that another just helpful. quickly in here. any from are Joe, then beginning the benefits legislative

Joseph Lacher

in see some of modest here, you, starting to two of in tell cost. answer and we're I'm loss I going pieces see it would impacts some to I what ways, the the

certainty picks degree before, want before higher we we've see it's if it. a to have reflect things loss those continue to in fully actually them and posture reopen, age, As we reflecting that we're will not let adopt fully baked, that of materializing to yet we because said our

and to in helps. tend generally optimistic that me cautiously how I of "prove what if be book we a about environment more seeing we're then terms to it little in it," the

Operator

our And Lacher, it ladies CEO, like turn and Thank gentlemen, Joe Kemper's closing to President you. ended. and I back now to session for remarks. Q&A would has

Joseph Lacher

Again, time a next your rebalancing time and quarters. and we're attention look leveraging excited, a spending advantage forward about Thanks phase, more in And to for your PIF back thank talking We're your you, future about again. candidly, everybody, where couple more of the towards in moving marketplace. growing questions. competitive today, we thoughtful the discussions

Operator

you gentlemen, call. Thank thank and you, this Ladies and concludes presenters. conference you, today's participating. Thank for

now may You disconnect.

Kemper (KMPR) 1 Feb 242023 Q4 Earnings call transcript