Kemper Corporation (KMPR) saw its loss narrow to $0.30 million, or $0.01 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.10 million, or $0.04 a share. Revenue during the quarter grew 6.56 percent to $651.40 million from $611.30 million in the previous year period. Net premium earned for the quarter increased 3.19 percent or $17.40 million to $563.40 million.
Total expenses move up
Operating loss for the quarter was $3.50 million, compared with an operating loss of $6.50 million in the previous year period. The company has recorded a gain on investments of $5.50 million in the quarter compared with a loss of $2.50 million for the previous year period.
“Results in the quarter were mixed as elevated catastrophe losses and adverse prior year reserve development overshadowed significant improvements in our nonstandard auto line and improved investment income results,” commented Joseph P. Lacher, Jr., Kemper’s president and chief executive officer. “Our preferred auto line continues to be challenged. It will take several quarters before the claims, rate and underwriting actions we are taking in this line enable us to improve our underlying results.
Liabilities outpace assets growth
Total assets increased 1.68 percent or $137.10 million to $8,306.80 million on Mar. 31, 2017. On the other hand, total liabilities were at $6,323.20 million as on Mar. 31, 2017, up 3.18 percent or $194.60 million from year-ago. Return on assets stood at 0.23 percent in the quarter, down 0.02 from 0.25 percent in the last year period. Return on equity for the quarter stood at negative 0.02 percent as compared to a negative 0.10 percent for the previous year period.
Investments move up marginally
Investments stood at $6,667.90 million as on Mar. 31, 2017, up 1.30 percent or $85.60 million from year-ago. Total debt was almost stable over the past one year at $751.80 million on Mar. 31, 2017. Shareholders equity stood at $1,983.60 million as on Mar. 31, 2017, down 2.82 percent or $57.50 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 0.38 percent in the quarter from 0.37 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
