<div id="readability-page-1"><div>Fitch Ratings-Chicago-11 December 2025:Fitch Ratings has affirmed the Insurer Financial Strength (IFS) ratings for Kemper Corporation's property and casualty (P/C) lead operating subsidiary, Trinity Universal Insurance Company at 'A-' (Strong). Fitch has also affirmed the ratings for Kemper's holding company, and Kemper's Long-Term Issuer Default Rating (IDR) at 'BBB' and senior debt ratings at 'BBB-'. The Rating Outlooks for Trinity and Kemper's IDRs are Stable. The ratings for Kemper's life insurance subsidiaries were also affirmed at 'A-' (Strong) with a Stable Outlook.Key Rating DriversModerate Company Profile: Kemper is a mid-tier P/C underwriter, ranked the 16th-largest personal auto writer in the United States by net written premiums in 2024. The company has a strong presence in nonstandard auto insurance, operating in 16 states under the Kemper Auto brand. Its strategic review of its personal insurance segment led to an ongoing runoff of the business, which modestly impacts current-period scale and gradually reduces property exposure to catastrophes.Adequate Capitalization: In 2024, combined statutory capital and surplus for Kemper's insurance subsidiaries increased by around 15%, reflecting strong operating performance and capital generation. Fitch's Prism capital model score for the P/C group remained 'Adequate' at YE 2024. Overall enterprise capital benefits from capital diversity provided by the Kemper's life operations, which scored 'Extremely Strong'. Fitch expects Kemper to maintain strong capital levels and flexibility to contribute to subsidiaries from the holding company when prudent.Financial leverage improved significantly to 24.2% at Sept. 30, 2025, primarily driven by the redemption of $450 million in senior notes during the first quarter. Fitch expects financial leverage to remain well below 30% over the near term.Executive Leadership Changes: Kemper's board initiated a CEO transition in 4Q25, appointing Tom Evans as Interim CEO and commencing a search for a permanent leader. Additional leadership changes in claims and information technology are intended to support the company's broader execution and profitability initiatives.Underwriting Pressured: Kemper's underwriting results through 9M25 were challenged by elevated loss trends, in part due to mandatory increase to state minimum auto limits in California, and adverse development in its commercial auto segment. The calendar-year combined ratio increased to 97.7% in 9M25, up from 92.4% in the prior year. The company responded with rate and non-rate actions during the year and Fitch expects Kemper to maintain underwriting profitability and remain within rating sensitivities in 2026.Coverage and Financial Flexibility: GAAP fixed-charge coverage was 7.0x through 9M25 and is expected to remain near this level going forward in the near term. Holding company cash and invested assets declined to $157 million at Sept. 30, 2025, primarily as a result of the repayment of senior notes earlier in the year. Despite this reduction, Fitch continues to view Kemper's financial flexibility and liquidity as strong, citing the various levers management can utilize if needed.Life/Health Segment: The ratings for Kemper's life/health segment, United Insurance Company of America (A-/Stable) and its subsidiaries, reflect stable underlying earnings and an effective niche in the slow-growth home service market. The group has been a steady source of earnings for Kemper, with dividend capacity to support parent objectives, with capital and earnings diversification provided to the enterprise. Fitch considers the life/health subsidiaries crucial to the group rating approach, with subsidiary ratings reflecting the life segment standalone assessment.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeTrinity Universal Insurance Co. and Kemper's Holding Company--Combined ratios consistently above 105%;--Financial leverage sustained above 32%;--Capital adequacy maintained below 'Adequate';--Fixed-charge coverage consistently below 5x.United Insurance Co. and its Subsidiaries--Deterioration in Kemper's life/health capitalization metrics, measured by a Prism capital model outcome below 'Extremely Strong';--Consistent degradation in financial performance caused by outsized investment losses or poor underwriting performance, measured by a return on total capital below 10% and a ROA below 1%;--Widening of the ALM mismatch, coupled with deterioration in cash flow testing results.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeTrinity Universal Insurance Co. and Kemper's Holding Company--Returning to consistent underwriting profitability;--Capital adequacy viewed as 'Strong' or better;--Financial leverage returning to low-20% range;--Fixed-charge coverage returning to high single digits or better.United Insurance Co. and its Subsidiaries--Growth across the life/health operations with increased penetration in its market niche;--Sustained ROEs above 8%;--An improved asset/liability management (ALM) mismatch to within three years or less.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Union National Life Insurance Company; Long Term Insurer Financial Strength; Affirmed; A-; Rating Outlook StableKemper Corporation; Long Term Issuer Default Rating; Affirmed; BBB; Rating Outlook Stable----senior unsecured; Long Term Rating; Affirmed; BBB-----junior subordinated; Long Term Rating; Affirmed; BBUnited Insurance Company of America; Long Term Insurer Financial Strength; Affirmed; A-; Rating Outlook StableTrinity Universal Insurance Company; Long Term Insurer Financial Strength; Affirmed; A-; Rating Outlook StableThe Reliable Life Insurance Company; Long Term Insurer Financial Strength; Affirmed; A-; Rating Outlook StableContacts:Primary Rating AnalystEoin McGinley,Associate Director+1 312 606 2335eoin.mcginley@fitchratings.comFitch Ratings, Inc.One North Wacker DriveChicago, IL 60606Secondary Rating AnalystTimothy Willey, CFAAssociate Director+1 646 943 6281timothy.willey@fitchratings.comCommittee ChairpersonJeffrey Mohrenweiser, CFA, FSASenior Director+1 312 368 3182jeff.mohrenweiser@fitchratings.comMEDIA RELATIONS: Cristina Bermudez, New York, Tel: +1 212 612 7892, Email: cristina.bermudez@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Prism U.S. Life Insurance Capital Model, v1.3.5-2024 (1)Prism U.S. Non-Life Insurance Capital Model, v1.4.7 (1)Reserve Adequacy and Volatility Estimator Model, v1.4.1 (1)Third-party Model(04 March 2024)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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KMPR

Fitch Ratings has affirmed Kemper Corporation's ratings, including its Insurer Financial Strength (IFS) at 'A-' and Long-Term Issuer Default Rating (IDR) at 'BBB'. The outlook remains stable. Key factors include Kemper's moderate company profile, adequate capitalization, improved financial leverage, and executive leadership changes. Challenges include pressured underwriting results and reduced holding company cash. The life/health segment remains stable with strong earnings. Potential rating changes depend on underwriting profitability, capital adequacy, financial leverage, and fixed-charge coverage.

Fitch Affirms Kemper's Ratings; Outlook Stable