At a glance
Kemper Corporation is worth $1.74B, about 13 times its fiscal 2025 earnings. Revenue grew 3.3% to $4.79B in fiscal 2025, with 3.0% kept as profit; over 5 years it has grown 1.7% a year. It pays a 4.34% dividend yield, and returned $902.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −33.4% over the past year with dividends reinvested and −13.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.9% in the 2020 crash (S&P 500: 33.7%) and 34.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The business in plain English
Kemper, called Unitrin until 2011, is an insurance holding company. That means it is a parent company that owns insurers rather than writing policies itself. Through its Kemper Auto and Kemper Life brands, it sells car insurance and basic life insurance, and it operates only in the United States. In its annual report for the year ended December 31, 2025, it reported about $12.5 billion in assets, more than 4.5 million policies and more than 24,100 agents and brokers.
Kemper makes money in two ways. It collects premiums (what customers pay for coverage) and tries to pay out less than that in claims and costs. It also invests the cash it holds until claims come due. Its Specialty Property & Casualty segment (business unit) produced 86.6% of revenue in fiscal 2025. Its main product is auto insurance for drivers who struggle to get standard coverage because of their driving record, claims history or payment history. It also insures work vehicles for contractors, short-haul delivery firms and service businesses. About 17,800 independent agents and brokers sell most of these policies.
This segment operates in 22 states. Even so, California (63%), Florida (16%) and Texas (11%) supplied 90% of its premiums in 2025. The Life Insurance segment, 12.2% of revenue, sells basic life policies through its own career agents. These agents also sell fire and contents cover for personal belongings.
Price history
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KMPR -33.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Specialty Property & Casualty Insurance | $4.15B | 86.6% |
| Life Insurance | $583.2M | 12.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.09B, down 10.8% from a year earlier, and net income was $-464.8M (-740.2%).
- For fiscal 2025, revenue was $4.79B (+3.3% year over year; -1.7% a year from FY2020 to FY2025) with a 3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -1.7% weak |
|---|---|
| Free cash flow margin | 11.6% good |
| Return on equity (FY2025) | 5.3% weak |
| Return on assets (FY2025) | 1.1% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.21B | $409.9M | $394.6M |
| FY2021 | $5.72B | $-123.7M | $292.9M |
| FY2022 | $5.52B | $-286.6M | $-241.1M |
| FY2023 | $4.94B | $-272.1M | $-188.0M |
| FY2024 | $4.64B | $317.8M | $329.7M |
| FY2025 | $4.79B | $143.3M | $553.9M |
Valuation snapshot
| Market value | $1.74B |
|---|---|
| P/E ratio | 12.9 |
| Dividend yield | 4.34% |
Rank among 1514 US companies
Market value at each year end
Kemper’s market value went from $2.27B at the end of 2016 to $1.74B on Oct 28, 2026, down 23%; since the end of 2025 it is down 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.74B | -26.8% |
| 2025 | $2.37B | -44.2% |
| 2024 | $4.26B | +36.4% |
| 2023 | $3.12B | -0.8% |
| 2022 | $3.14B | -16.0% |
| 2021 | $3.74B | -25.5% |
| 2020 | $5.03B | -2.7% |
| 2019 | $5.17B | +20.2% |
| 2018 | $4.30B | +21.2% |
| 2017 | $3.54B | +56.3% |
| 2016 | $2.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KMPR price data to Oct 28, 2026 | -24.9% | -33.4% | -8.1% | -13.8% | -0.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -24.9% |
| 2025 | -37.5% |
| 2024 | +39.2% |
| 2023 | +1.5% |
| 2022 | -14.2% |
| 2021 | -22.1% |
| 2020 | +0.8% |
| 2019 | +18.3% |
| 2018 | -2.3% |
| 2017 | +58.7% |
| 2016 | +22.6% |
| 2015 | +5.8% |
| 2014 | -9.3% |
| 2013 | +42.5% |
| 2012 | +4.3% |
| 2011 | +23.3% |
| 2010 | +15.3% |
| 2009 | +48.0% |
| 2008 | -64.3% |
| 2007 | -0.3% |
| 2006 | +15.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 82.5% over that stretch · deepest drop along the way 82.5%, back to its old high 56.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.9% over that stretch · deepest drop along the way 28.9%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.8% over that stretch · deepest drop along the way 34.3%, back to its old high 4.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 5 open-market purchases ($368K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | Jason N Gorevic Director | buy | $130K |
| Aug 11, 2026 | Gerald Laderman Director | buy | $106K |
| Aug 13, 2026 | Stephen J McAnena President and CEO | buy | $80K |
| Aug 11, 2026 | Carl Thomas Jr. Evans EVP, Sec. & General Counsel | buy | $27K |
| Aug 11, 2026 | Bradley T Camden EVP and CFO | buy | $26K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.8% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.68% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.64% | Jun 30, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
ETFs with the most weight in KMPR
| KBWP Invesco KBW Property & Casualty Insurance ETF | 3.57% |
| OSCV Opus Small Cap Value ETF | 1.11% |
| GDIV Harbor Dividend Growth Leaders ETF | 0.99% |
| FXO First Trust Financials AlphaDEX Fund | 0.64% |
| MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.48% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.43% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.4% |
| LST Leuthold Select Industries ETF | 0.4% |
What could go wrong
- Heavy reliance on California and Florida. California supplied 63% and Florida 16% of auto segment premiums in 2025. Bad turns in either state's rules, courts, competition or economy could hurt profits more than at a more spread-out insurer.
- Price increases can lag rising claim costs. Raising prices needs regulators' approval and takes time to show up in results. Limits in states such as California can keep prices too low for long periods, and this has already hurt earnings.
- Claim reserves may prove too low. Reserves (money set aside for claims not yet paid) are estimates. More lawsuits, bigger jury awards and inflation from tariffs could push costs higher. Raising the estimates cuts earnings in that period.
- Disasters and costlier reinsurance. Hurricanes, hailstorms, wildfires and other disasters can cause large, unpredictable claims. Kemper buys reinsurance (insurance for insurers) to limit the damage, but that cover can become pricier or harder to get.
- A ratings downgrade below A-. Agents and customers pay attention to an insurer's financial-strength rating. Kemper warns that a downgrade of the company or its insurance subsidiaries below A- could do serious harm to its business.
- Parent depends on cash from subsidiaries. As a holding company, Kemper relies on dividends from its insurance subsidiaries to pay its debt and its own shareholder dividend. If those payments fall short or arrive late, both could be squeezed.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change
For income and retirement investors
Kemper's dividend has survived lean years but grown slowly. Dividends per share went from $1.20 in 2020 to $1.24 in 2021, held there through 2024 despite net losses from 2021 to 2023, then rose to $1.28 in 2025: a one-year streak of increases and 1.3% yearly growth over five years. In 2025, dividends used 55.5% of earnings and 14.4% of free cash flow (cash left after running the business). The yield was 4.34% as of October 28, 2026. Buybacks totaled $502.5 million from 2021 to 2025, and the share count fell 7.4% from October 2021 to August 2026.
The stock fell 82.5% in the 2008 financial crisis, taking about 57 months to recover. It dropped 28.9% in the 2020 COVID crash and 34.3% in the 2022 bear market, recovering in 3.7 and 4.3 months. Kemper also posted a $464.8 million net loss in the quarter ended June 30, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Kemper make money?
Kemper makes most of its money from car insurance. Its Specialty Property & Casualty Insurance segment produced 86.6% of 2025 revenue, mainly from personal auto policies for drivers who have trouble getting standard coverage, plus commercial auto policies for contractors and delivery and service businesses. The Life Insurance segment added 12.2%. Like other insurers, Kemper profits when premiums exceed claims and expenses, and it earns investment income on premiums it holds before paying claims.
Does Kemper raise its dividend every year?
No. Kemper held its dividend at $1.24 per share from 2021 through 2024, then raised it to $1.28 in 2025, so its streak of increases is one year. Regular dividends grew about 1.3% a year from 2020 to 2025. Kemper kept paying $1.24 even while it posted net losses from 2021 to 2023. The dividend yield was 4.34% as of October 28, 2026.
Why has Kemper stock fallen so much?
The slide has come alongside weaker results. Net income fell 54.9% in 2025 to $143.3 million, and Kemper reported a $464.8 million net loss for the quarter ended June 30, 2026. The shares fell 37.5% in 2025 and another 24.9% in 2026 through October 28. The 10-K also says limits on raising rates, especially in California, have at times left prices too low, materially hurting results.
Is Kemper the same company as Unitrin?
Yes. Kemper Corporation was known as Unitrin, Inc. and traded on the New York Stock Exchange under the ticker UTR until August 25, 2011, when it adopted the Kemper name and switched to KMPR. The holding company was incorporated in Delaware in 1990. Its business is split into two segments, Specialty Property & Casualty Insurance and Life Insurance, operating under the Kemper Auto and Kemper Life brands.
Have Kemper insiders been purchasing shares?
Yes. Form 4 filings, which insiders submit when they trade, show at least five purchases worth $367,880 combined between October 29, 2025 and October 29, 2026. All came in August 2026, days after Kemper released quarterly results on August 5. Director Jason N Gorevic purchased $129,550 of stock and President and CEO Stephen J McAnena $79,500; the CFO, general counsel and another director also made purchases. Insider purchases can signal confidence, but they do not guarantee results.