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x
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
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95-4255452
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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One East Wacker Drive, Chicago, Illinois
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60601
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller Reporting Company
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¨
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Page
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PART I.
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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PART II.
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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Three Months Ended
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||||||
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Mar 31,
2012 |
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Mar 31,
2011 |
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Revenues:
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||||
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Earned Premiums
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$
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529.2
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$
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546.0
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Net Investment Income
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77.4
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81.2
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Other Income
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0.2
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0.2
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Net Realized Gains on Sales of Investments
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4.9
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14.2
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Other-than-temporary Impairment Losses:
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||||
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Total Other-than-temporary Impairment Losses
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(0.5
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)
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(0.4
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)
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Portion of Losses Recognized in Other Comprehensive (Income) Loss
|
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—
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—
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Net Impairment Losses Recognized in Earnings
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(0.5
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)
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(0.4
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)
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Total Revenues
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611.2
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641.2
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Expenses:
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Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses
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376.6
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392.3
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Insurance Expenses
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162.4
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166.1
|
|
||
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Interest and Other Expenses
|
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21.8
|
|
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19.7
|
|
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Total Expenses
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560.8
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578.1
|
|
||
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Income from Continuing Operations before Income Taxes
|
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50.4
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|
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63.1
|
|
||
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Income Tax Expense
|
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(14.1
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)
|
|
(18.1
|
)
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Income from Continuing Operations
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36.3
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45.0
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Income from Discontinued Operations
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7.3
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6.5
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Net Income
|
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$
|
43.6
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$
|
51.5
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Income from Continuing Operations Per Unrestricted Share:
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Basic
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$
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0.61
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$
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0.74
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Diluted
|
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$
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0.60
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$
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0.73
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Net Income Per Unrestricted Share:
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Basic
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$
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0.73
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$
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0.85
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Diluted
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$
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0.72
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$
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0.84
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Dividends Paid to Shareholders Per Share
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$
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0.24
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$
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0.24
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Three Months Ended
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||||||
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Mar 31,
2012 |
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Mar 31,
2011 |
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Net Income
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$
|
43.6
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$
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51.5
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||||
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Other Comprehensive Income Before Income Taxes:
|
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||||
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Unrealized Holding Gains (Losses)
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1.3
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(26.6
|
)
|
||
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Foreign Currency Translation Adjustments
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0.7
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0.4
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Amortization of Unrecognized Postretirement Benefit Costs
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4.4
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1.9
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Other Comprehensive Income (Loss) Before Income Taxes
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6.4
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(24.3
|
)
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Other Comprehensive Income Tax Benefit (Expense)
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(2.3
|
)
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8.5
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Other Comprehensive Income (Loss)
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4.1
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(15.8
|
)
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Total Comprehensive Income
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$
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47.7
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$
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35.7
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Mar 31,
2012 |
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Dec 31,
2011 |
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Assets:
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Investments:
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Fixed Maturities at Fair Value (Amortized Cost: 2012 - $4,297.6; 2011 - $4,266.1)
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$
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4,787.7
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$
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4,773.4
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Equity Securities at Fair Value (Cost: 2012 - $380.4; 2011 - $367.3)
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429.6
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397.3
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Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings
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311.7
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306.3
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Short-term Investments at Cost which Approximates Fair Value
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364.2
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247.4
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Other Investments
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499.0
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498.3
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Total Investments
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6,392.2
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6,222.7
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Cash
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128.7
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251.2
|
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||
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Receivables from Policyholders
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378.4
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379.2
|
|
||
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Other Receivables
|
210.5
|
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218.7
|
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Deferred Policy Acquisition Costs
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297.9
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294.0
|
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Goodwill
|
311.8
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|
|
311.8
|
|
||
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Current and Deferred Income Tax Assets
|
—
|
|
|
6.4
|
|
||
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Other Assets
|
250.9
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|
250.7
|
|
||
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Total Assets
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$
|
7,970.4
|
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$
|
7,934.7
|
|
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Liabilities and Shareholders’ Equity:
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|
||||
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Insurance Reserves:
|
|
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|
||||
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Life and Health
|
$
|
3,117.8
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$
|
3,102.7
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|
|
Property and Casualty
|
1,001.4
|
|
|
1,029.1
|
|
||
|
Total Insurance Reserves
|
4,119.2
|
|
|
4,131.8
|
|
||
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Unearned Premiums
|
668.3
|
|
|
666.2
|
|
||
|
Liabilities for Income Taxes
|
18.2
|
|
|
6.2
|
|
||
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Notes Payable at Amortized Cost (Fair Value: 2012 - $657.1; 2011 - $638.7)
|
610.8
|
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|
610.6
|
|
||
|
Accrued Expenses and Other Liabilities
|
422.1
|
|
|
403.3
|
|
||
|
Total Liabilities
|
5,838.6
|
|
|
5,818.1
|
|
||
|
Shareholders’ Equity:
|
|
|
|
||||
|
Common Stock, $0.10 Par Value, 100 Million Shares Authorized; 59,723,362 Shares Issued and Outstanding at March 31, 2012 and 60,248,582 Shares Issued and Outstanding at December 31, 2011
|
6.0
|
|
|
6.0
|
|
||
|
Paid-in Capital
|
737.5
|
|
|
743.9
|
|
||
|
Retained Earnings
|
1,126.2
|
|
|
1,108.7
|
|
||
|
Accumulated Other Comprehensive Income
|
262.1
|
|
|
258.0
|
|
||
|
Total Shareholders’ Equity
|
2,131.8
|
|
|
2,116.6
|
|
||
|
Total Liabilities and Shareholders’ Equity
|
$
|
7,970.4
|
|
|
$
|
7,934.7
|
|
|
|
Three Months Ended
|
||||||
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Operating Activities:
|
|
|
|
||||
|
Net Income
|
$
|
43.6
|
|
|
$
|
51.5
|
|
|
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:
|
|
|
|
||||
|
Increase in Deferred Policy Acquisition Costs
|
(3.9
|
)
|
|
(3.5
|
)
|
||
|
Amortization of Life Insurance in Force Acquired and Customer Relationships Acquired
|
2.0
|
|
|
2.7
|
|
||
|
Equity in Earnings of Equity Method Limited Liability Investments
|
(6.7
|
)
|
|
(10.0
|
)
|
||
|
Amortization of Investment Securities and Depreciation of Investment Real Estate
|
4.1
|
|
|
4.6
|
|
||
|
Net Realized Gains on Sales of Investments
|
(4.9
|
)
|
|
(14.5
|
)
|
||
|
Net Impairment Losses Recognized in Earnings
|
0.5
|
|
|
0.4
|
|
||
|
Net Gain on Sale of Portfolio of Charged-off Automobile Loan Receivables
|
(11.3
|
)
|
|
—
|
|
||
|
Benefit for Loan Losses
|
(2.0
|
)
|
|
(13.8
|
)
|
||
|
Depreciation of Property and Equipment
|
3.3
|
|
|
3.4
|
|
||
|
Decrease (Increase) in Other Receivables
|
7.5
|
|
|
(13.4
|
)
|
||
|
Decrease in Insurance Reserves
|
(13.1
|
)
|
|
(13.4
|
)
|
||
|
Increase in Unearned Premiums
|
2.1
|
|
|
1.8
|
|
||
|
Change in Income Taxes
|
16.2
|
|
|
37.9
|
|
||
|
Increase in Accrued Expenses and Other Liabilities
|
6.8
|
|
|
28.7
|
|
||
|
Other, Net
|
11.4
|
|
|
10.8
|
|
||
|
Net Cash Provided by Operating Activities
|
55.6
|
|
|
73.2
|
|
||
|
Investing Activities:
|
|
|
|
||||
|
Sales and Maturities of Fixed Maturities
|
103.7
|
|
|
176.6
|
|
||
|
Purchases of Fixed Maturities
|
(136.1
|
)
|
|
(197.7
|
)
|
||
|
Sales of Equity Securities
|
7.7
|
|
|
37.3
|
|
||
|
Purchases of Equity Securities
|
(17.4
|
)
|
|
(8.8
|
)
|
||
|
Improvements of Investment Real Estate
|
(1.1
|
)
|
|
(1.9
|
)
|
||
|
Sales of Investment Real Estate
|
—
|
|
|
0.2
|
|
||
|
Return of Investment of Equity Method Limited Liability Investments
|
10.6
|
|
|
14.2
|
|
||
|
Acquisitions of Equity Method Limited Liability Investments
|
(9.3
|
)
|
|
(2.3
|
)
|
||
|
Increase in Short-term Investments
|
(116.7
|
)
|
|
(12.9
|
)
|
||
|
Net Proceeds from Sale of Portfolio of Charged-off Automobile Loan Receivables
|
20.1
|
|
|
—
|
|
||
|
Receipts from Automobile Loan Receivables
|
2.0
|
|
|
73.6
|
|
||
|
Increase in Other Investments
|
(1.8
|
)
|
|
(2.4
|
)
|
||
|
Other, Net
|
(8.4
|
)
|
|
(7.3
|
)
|
||
|
Net Cash Provided (Used) by Investing Activities
|
(146.7
|
)
|
|
68.6
|
|
||
|
Financing Activities:
|
|
|
|
||||
|
Repayments of Certificates of Deposits
|
—
|
|
|
(149.1
|
)
|
||
|
Common Stock Repurchases
|
(17.9
|
)
|
|
(18.3
|
)
|
||
|
Cash Dividends Paid to Shareholders
|
(14.5
|
)
|
|
(14.7
|
)
|
||
|
Cash Exercise of Stock Options
|
—
|
|
|
0.1
|
|
||
|
Excess Tax Benefits from Share-based Awards
|
0.5
|
|
|
0.1
|
|
||
|
Other, Net
|
0.5
|
|
|
0.4
|
|
||
|
Net Cash Used by Financing Activities
|
(31.4
|
)
|
|
(181.5
|
)
|
||
|
Decrease in Cash
|
(122.5
|
)
|
|
(39.7
|
)
|
||
|
Cash, Beginning of Year
|
251.2
|
|
|
117.2
|
|
||
|
Cash, End of Period
|
$
|
128.7
|
|
|
$
|
77.5
|
|
|
(Dollars in Millions)
|
|
As Computed without Change in Accounting
|
|
As Reported with Change in Accounting
|
|
Effect of Change
|
||||||
|
Impact on Assets:
|
|
|
|
|
|
|
||||||
|
Deferred Policy Acquisition Costs
|
|
$
|
455.8
|
|
|
$
|
297.9
|
|
|
$
|
(157.9
|
)
|
|
Total Assets
|
|
8,128.3
|
|
|
7,970.4
|
|
|
(157.9
|
)
|
|||
|
Impact on Liabilities and Shareholders’ Equity:
|
|
|
|
|
|
|
||||||
|
Liabilities for Income Taxes
|
|
$
|
74.4
|
|
|
$
|
18.2
|
|
|
$
|
(56.2
|
)
|
|
Total Liabilities
|
|
5,894.8
|
|
|
5,838.6
|
|
|
(56.2
|
)
|
|||
|
Retained Earnings
|
|
1,227.9
|
|
|
1,126.2
|
|
|
(101.7
|
)
|
|||
|
Total Shareholders’ Equity
|
|
2,233.5
|
|
|
2,131.8
|
|
|
(101.7
|
)
|
|||
|
Total Liabilities and Shareholders’ Equity
|
|
8,128.3
|
|
|
7,970.4
|
|
|
(157.9
|
)
|
|||
|
(Dollars in Millions)
|
|
As Originally Reported
|
|
As Adjusted
|
|
Effect of Change
|
||||||
|
Impact on Assets:
|
|
|
|
|
|
|
||||||
|
Deferred Policy Acquisition Costs
|
|
$
|
448.5
|
|
|
$
|
294.0
|
|
|
$
|
(154.5
|
)
|
|
Current and Deferred Income Taxes
|
|
3.1
|
|
|
6.4
|
|
|
3.3
|
|
|||
|
Total Assets
|
|
8,085.9
|
|
|
7,934.7
|
|
|
(151.2
|
)
|
|||
|
Impact on Liabilities and Shareholders’ Equity:
|
|
|
|
|
|
|
||||||
|
Liabilities for Income Taxes
|
|
$
|
57.9
|
|
|
$
|
6.2
|
|
|
$
|
(51.7
|
)
|
|
Total Liabilities
|
|
5,869.8
|
|
|
5,818.1
|
|
|
(51.7
|
)
|
|||
|
Retained Earnings
|
|
1,208.2
|
|
|
1,108.7
|
|
|
(99.5
|
)
|
|||
|
Total Shareholders’ Equity
|
|
2,216.1
|
|
|
2,116.6
|
|
|
(99.5
|
)
|
|||
|
Total Liabilities and Shareholders’ Equity
|
|
8,085.9
|
|
|
7,934.7
|
|
|
(151.2
|
)
|
|||
|
|
|
Three Months Ended March 31, 2012
|
||||||||||
|
(Dollars in Millions, Except Per Share Amounts)
|
|
As Computed without Change in Accounting
|
|
As Reported with Change in Accounting
|
|
Effect of Change
|
||||||
|
Total Revenues
|
|
$
|
611.2
|
|
|
$
|
611.2
|
|
|
$
|
—
|
|
|
Expenses:
|
|
|
|
|
|
|
||||||
|
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses
|
|
376.6
|
|
|
376.6
|
|
|
—
|
|
|||
|
Insurance Expenses
|
|
159.0
|
|
|
162.4
|
|
|
3.4
|
|
|||
|
Interest and Other Expenses
|
|
21.8
|
|
|
21.8
|
|
|
—
|
|
|||
|
Total Expenses
|
|
557.4
|
|
|
560.8
|
|
|
3.4
|
|
|||
|
Income from Continuing Operations before Income Taxes
|
|
53.8
|
|
|
50.4
|
|
|
(3.4
|
)
|
|||
|
Income Tax Expense
|
|
(15.3
|
)
|
|
(14.1
|
)
|
|
1.2
|
|
|||
|
Income from Continuing Operations
|
|
38.5
|
|
|
36.3
|
|
|
(2.2
|
)
|
|||
|
Income from Discontinued Operations
|
|
7.3
|
|
|
7.3
|
|
|
—
|
|
|||
|
Net Income
|
|
$
|
45.8
|
|
|
$
|
43.6
|
|
|
$
|
(2.2
|
)
|
|
Income from Continuing Operations per Unrestricted Share:
|
|
|
|
|
|
|
||||||
|
Basic
|
|
$
|
0.64
|
|
|
$
|
0.61
|
|
|
$
|
(0.03
|
)
|
|
Diluted
|
|
$
|
0.64
|
|
|
$
|
0.60
|
|
|
$
|
(0.04
|
)
|
|
Net Income Per Unrestricted Share:
|
|
|
|
|
|
|
||||||
|
Basic
|
|
$
|
0.76
|
|
|
$
|
0.73
|
|
|
$
|
(0.03
|
)
|
|
Diluted
|
|
$
|
0.76
|
|
|
$
|
0.72
|
|
|
$
|
(0.04
|
)
|
|
|
|
Three Months Ended March 31, 2011
|
||||||||||
|
(Dollars in Millions, Except Per Share Amounts)
|
|
As Originally Reported
|
|
As Adjusted
|
|
Effect of Change
|
||||||
|
Total Revenues
|
|
$
|
641.2
|
|
|
$
|
641.2
|
|
|
$
|
—
|
|
|
Expenses:
|
|
|
|
|
|
|
||||||
|
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses
|
|
392.3
|
|
|
392.3
|
|
|
—
|
|
|||
|
Insurance Expenses
|
|
161.9
|
|
|
166.1
|
|
|
4.2
|
|
|||
|
Interest and Other Expenses
|
|
19.7
|
|
|
19.7
|
|
|
—
|
|
|||
|
Total Expenses
|
|
573.9
|
|
|
578.1
|
|
|
4.2
|
|
|||
|
Income from Continuing Operations before Income Taxes
|
|
67.3
|
|
|
63.1
|
|
|
(4.2
|
)
|
|||
|
Income Tax Expense
|
|
(19.7
|
)
|
|
(18.1
|
)
|
|
1.6
|
|
|||
|
Income from Continuing Operations
|
|
47.6
|
|
|
45.0
|
|
|
(2.6
|
)
|
|||
|
Income from Discontinued Operations
|
|
6.5
|
|
|
6.5
|
|
|
—
|
|
|||
|
Net Income
|
|
$
|
54.1
|
|
|
$
|
51.5
|
|
|
$
|
(2.6
|
)
|
|
Income from Continuing Operations per Unrestricted Share:
|
|
|
|
|
|
|
||||||
|
Basic
|
|
$
|
0.78
|
|
|
$
|
0.74
|
|
|
$
|
(0.04
|
)
|
|
Diluted
|
|
$
|
0.78
|
|
|
$
|
0.73
|
|
|
$
|
(0.05
|
)
|
|
Net Income Per Unrestricted Share:
|
|
|
|
|
|
|
||||||
|
Basic
|
|
$
|
0.89
|
|
|
$
|
0.85
|
|
|
$
|
(0.04
|
)
|
|
Diluted
|
|
$
|
0.89
|
|
|
$
|
0.84
|
|
|
$
|
(0.05
|
)
|
|
|
|
Three Months Ended March 31, 2012
|
||||||||||
|
(Dollars in Millions)
|
|
As Computed without Change in Accounting
|
|
As Reported with Change in Accounting
|
|
Effect of Change
|
||||||
|
Net Income
|
|
$
|
45.8
|
|
|
$
|
43.6
|
|
|
$
|
(2.2
|
)
|
|
Total Comprehensive Income
|
|
49.9
|
|
|
47.7
|
|
|
(2.2
|
)
|
|||
|
|
|
Three Months Ended March 31, 2011
|
||||||||||
|
(Dollars in Millions)
|
|
As Originally Reported
|
|
As Adjusted
|
|
Effect of Change
|
||||||
|
Net Income
|
|
$
|
54.1
|
|
|
$
|
51.5
|
|
|
$
|
(2.6
|
)
|
|
Total Comprehensive Income
|
|
38.3
|
|
|
35.7
|
|
|
(2.6
|
)
|
|||
|
|
|
Three Months Ended March 31, 2012
|
||||||||||
|
(Dollars in Millions)
|
|
As Computed without Change in Accounting
|
|
As Reported with Change in Accounting
|
|
Effect of Change
|
||||||
|
Impact on Operating Activities:
|
|
|
|
|
|
|
||||||
|
Net Income
|
|
$
|
45.8
|
|
|
$
|
43.6
|
|
|
$
|
(2.2
|
)
|
|
Increase in Deferred Policy Acquisition Costs
|
|
(7.3
|
)
|
|
(3.9
|
)
|
|
3.4
|
|
|||
|
Change in Income Taxes
|
|
17.4
|
|
|
16.2
|
|
|
(1.2
|
)
|
|||
|
|
|
Three Months Ended March 31, 2011
|
||||||||||
|
(Dollars in Millions)
|
|
As Originally Reported
|
|
As Adjusted
|
|
Effect of Change
|
||||||
|
Impact on Operating Activities:
|
|
|
|
|
|
|
||||||
|
Net Income
|
|
$
|
54.1
|
|
|
$
|
51.5
|
|
|
$
|
(2.6
|
)
|
|
Increase in Deferred Policy Acquisition Costs
|
|
(7.7
|
)
|
|
(3.5
|
)
|
|
4.2
|
|
|||
|
Change in Income Taxes
|
|
39.5
|
|
|
37.9
|
|
|
(1.6
|
)
|
|||
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions, Except Per Share Amounts)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Interest, Loan Fees and Earned Discounts
|
|
$
|
—
|
|
|
$
|
15.4
|
|
|
Other Income
|
|
—
|
|
|
0.1
|
|
||
|
Net Gain on Sale of Loans in Inactive Portfolio
|
|
11.3
|
|
|
—
|
|
||
|
Net Investment Income
|
|
—
|
|
|
0.4
|
|
||
|
Net Realized Gains on Sales of Investments
|
|
—
|
|
|
0.3
|
|
||
|
Total Revenues Included in Discontinued Operations
|
|
$
|
11.3
|
|
|
$
|
16.2
|
|
|
|
|
|
|
|
||||
|
Income (Loss) from Discontinued Operations before Income Taxes:
|
|
|
|
|
||||
|
Fireside:
|
|
|
|
|
||||
|
Results of Operations
|
|
$
|
(0.2
|
)
|
|
$
|
12.0
|
|
|
Net Gain on Sale of Loans in Inactive Portfolio
|
|
11.3
|
|
|
—
|
|
||
|
Unitrin Business Insurance:
|
|
|
|
|
||||
|
Change in Estimate of Retained Liabilities Arising from Discontinued Operations
|
|
1.2
|
|
|
(2.6
|
)
|
||
|
Income from Discontinued Operations before Income Taxes
|
|
12.3
|
|
|
9.4
|
|
||
|
Income Tax Expense
|
|
(5.0
|
)
|
|
(2.9
|
)
|
||
|
Income from Discontinued Operations
|
|
$
|
7.3
|
|
|
$
|
6.5
|
|
|
|
|
|
|
|
||||
|
Income from Discontinued Operations Per Unrestricted Share:
|
|
|
|
|
||||
|
Basic
|
|
$
|
0.12
|
|
|
$
|
0.11
|
|
|
Diluted
|
|
$
|
0.12
|
|
|
$
|
0.11
|
|
|
|
|
Amortized
Cost
|
|
Gross Unrealized
|
|
Fair Value
|
||||||||||
|
(Dollars in Millions)
|
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. Government and Government Agencies and Authorities
|
|
$
|
429.1
|
|
|
$
|
45.9
|
|
|
$
|
(0.6
|
)
|
|
$
|
474.4
|
|
|
States and Political Subdivisions
|
|
1,666.6
|
|
|
159.3
|
|
|
(0.5
|
)
|
|
1,825.4
|
|
||||
|
Corporate Securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Bonds and Notes
|
|
2,120.4
|
|
|
288.6
|
|
|
(7.5
|
)
|
|
2,401.5
|
|
||||
|
Redeemable Preferred Stocks
|
|
76.8
|
|
|
4.8
|
|
|
(0.2
|
)
|
|
81.4
|
|
||||
|
Mortgage and Asset-backed
|
|
4.7
|
|
|
1.0
|
|
|
(0.7
|
)
|
|
5.0
|
|
||||
|
Investments in Fixed Maturities
|
|
$
|
4,297.6
|
|
|
$
|
499.6
|
|
|
$
|
(9.5
|
)
|
|
$
|
4,787.7
|
|
|
|
|
Amortized
Cost
|
|
Gross Unrealized
|
|
Fair Value
|
||||||||||
|
(Dollars in Millions)
|
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. Government and Government Agencies and Authorities
|
|
$
|
439.4
|
|
|
$
|
52.3
|
|
|
$
|
—
|
|
|
$
|
491.7
|
|
|
States and Political Subdivisions
|
|
1,705.0
|
|
|
148.4
|
|
|
(0.8
|
)
|
|
1,852.6
|
|
||||
|
Corporate Securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Bonds and Notes
|
|
2,040.1
|
|
|
311.6
|
|
|
(9.4
|
)
|
|
2,342.3
|
|
||||
|
Redeemable Preferred Stocks
|
|
76.7
|
|
|
5.1
|
|
|
(0.1
|
)
|
|
81.7
|
|
||||
|
Mortgage and Asset-backed
|
|
4.9
|
|
|
1.0
|
|
|
(0.8
|
)
|
|
5.1
|
|
||||
|
Investments in Fixed Maturities
|
|
$
|
4,266.1
|
|
|
$
|
518.4
|
|
|
$
|
(11.1
|
)
|
|
$
|
4,773.4
|
|
|
(Dollars in Millions)
|
|
|
||
|
Due in One Year or Less
|
|
$
|
75.1
|
|
|
Due after One Year to Five Years
|
|
505.7
|
|
|
|
Due after Five Years to Ten Years
|
|
966.6
|
|
|
|
Due after Ten Years
|
|
2,966.9
|
|
|
|
Asset-backed Securities Not Due at a Single Maturity Date
|
|
273.4
|
|
|
|
Investments in Fixed Maturities
|
|
$
|
4,787.7
|
|
|
|
|
|
|
Gross Unrealized
|
|
|
||||||||||
|
(Dollars in Millions)
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
|
Preferred Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Finance, Insurance and Real Estate
|
|
$
|
94.4
|
|
|
$
|
3.3
|
|
|
$
|
(0.3
|
)
|
|
$
|
97.4
|
|
|
Other Industries
|
|
18.1
|
|
|
3.4
|
|
|
(0.3
|
)
|
|
21.2
|
|
||||
|
Common Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Manufacturing
|
|
65.3
|
|
|
21.9
|
|
|
(0.1
|
)
|
|
87.1
|
|
||||
|
Other Industries
|
|
41.4
|
|
|
8.9
|
|
|
(0.6
|
)
|
|
49.7
|
|
||||
|
Other Equity Interests:
|
|
|
|
|
|
|
|
|
||||||||
|
Exchange Traded Funds
|
|
66.0
|
|
|
1.7
|
|
|
—
|
|
|
67.7
|
|
||||
|
Limited Liability Companies and Limited Partnerships
|
|
95.2
|
|
|
13.4
|
|
|
(2.1
|
)
|
|
106.5
|
|
||||
|
Investments in Equity Securities
|
|
$
|
380.4
|
|
|
$
|
52.6
|
|
|
$
|
(3.4
|
)
|
|
$
|
429.6
|
|
|
|
|
|
|
Gross Unrealized
|
|
|
||||||||||
|
(Dollars in Millions)
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
|
Preferred Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Finance, Insurance and Real Estate
|
|
$
|
94.4
|
|
|
$
|
1.0
|
|
|
$
|
(8.7
|
)
|
|
$
|
86.7
|
|
|
Other Industries
|
|
18.0
|
|
|
2.6
|
|
|
(0.1
|
)
|
|
20.5
|
|
||||
|
Common Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Manufacturing
|
|
64.6
|
|
|
18.9
|
|
|
(0.1
|
)
|
|
83.4
|
|
||||
|
Other Industries
|
|
41.4
|
|
|
7.4
|
|
|
(1.8
|
)
|
|
47.0
|
|
||||
|
Other Equity Interests:
|
|
|
|
|
|
|
|
|
||||||||
|
Exchange Traded Funds
|
|
66.0
|
|
|
0.6
|
|
|
—
|
|
|
66.6
|
|
||||
|
Limited Liability Companies and Limited Partnerships
|
|
82.9
|
|
|
11.7
|
|
|
(1.5
|
)
|
|
93.1
|
|
||||
|
Investments in Equity Securities
|
|
$
|
367.3
|
|
|
$
|
42.2
|
|
|
$
|
(12.2
|
)
|
|
$
|
397.3
|
|
|
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
(Dollars in Millions)
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
Fixed Maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
U.S. Government and Government Agencies and Authorities
|
|
$
|
19.7
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19.7
|
|
|
$
|
(0.6
|
)
|
|
States and Political Subdivisions
|
|
—
|
|
|
—
|
|
|
12.3
|
|
|
(0.5
|
)
|
|
12.3
|
|
|
(0.5
|
)
|
||||||
|
Corporate Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Bonds and Notes
|
|
170.2
|
|
|
(4.2
|
)
|
|
51.3
|
|
|
(3.3
|
)
|
|
221.5
|
|
|
(7.5
|
)
|
||||||
|
Redeemable Preferred Stocks
|
|
0.5
|
|
|
(0.2
|
)
|
|
0.1
|
|
|
—
|
|
|
0.6
|
|
|
(0.2
|
)
|
||||||
|
Mortgage and Asset-backed
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
(0.7
|
)
|
|
2.6
|
|
|
(0.7
|
)
|
||||||
|
Total Fixed Maturities
|
|
190.4
|
|
|
(5.0
|
)
|
|
66.3
|
|
|
(4.5
|
)
|
|
256.7
|
|
|
(9.5
|
)
|
||||||
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Preferred Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance, Insurance and Real Estate
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|
(0.3
|
)
|
|
2.4
|
|
|
(0.3
|
)
|
||||||
|
Other Industries
|
|
1.8
|
|
|
(0.2
|
)
|
|
2.8
|
|
|
(0.1
|
)
|
|
4.6
|
|
|
(0.3
|
)
|
||||||
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Manufacturing
|
|
1.2
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
(0.1
|
)
|
||||||
|
Other Industries
|
|
5.4
|
|
|
(0.6
|
)
|
|
0.1
|
|
|
—
|
|
|
5.5
|
|
|
(0.6
|
)
|
||||||
|
Other Equity Interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Limited Liability Companies and Limited Partnerships
|
|
16.0
|
|
|
(2.1
|
)
|
|
—
|
|
|
—
|
|
|
16.0
|
|
|
(2.1
|
)
|
||||||
|
Total Equity Securities
|
|
24.4
|
|
|
(3.0
|
)
|
|
5.3
|
|
|
(0.4
|
)
|
|
29.7
|
|
|
(3.4
|
)
|
||||||
|
Total
|
|
$
|
214.8
|
|
|
$
|
(8.0
|
)
|
|
$
|
71.6
|
|
|
$
|
(4.9
|
)
|
|
$
|
286.4
|
|
|
$
|
(12.9
|
)
|
|
•
|
The financial condition and prospects of the issuer;
|
|
•
|
The length of time and magnitude of the unrealized loss;
|
|
•
|
The volatility of the investment;
|
|
•
|
Analyst recommendations and near term price targets;
|
|
•
|
Opinions of the Company’s external investment managers;
|
|
•
|
Market liquidity;
|
|
•
|
Debt-like characteristics of perpetual preferred stocks and issuer ratings; and
|
|
•
|
The Company’s intentions to sell or ability to hold the investments until recovery.
|
|
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
(Dollars in Millions)
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
Fixed Maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
U.S. Government and Government Agencies and Authorities
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
States and Political Subdivisions
|
|
2.0
|
|
|
—
|
|
|
12.0
|
|
|
(0.8
|
)
|
|
14.0
|
|
|
(0.8
|
)
|
||||||
|
Corporate Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Bonds and Notes
|
|
169.6
|
|
|
(5.1
|
)
|
|
74.7
|
|
|
(4.3
|
)
|
|
244.3
|
|
|
(9.4
|
)
|
||||||
|
Redeemable Preferred Stocks
|
|
0.6
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
—
|
|
|
0.7
|
|
|
(0.1
|
)
|
||||||
|
Mortgage and Asset-backed
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
(0.8
|
)
|
|
2.7
|
|
|
(0.8
|
)
|
||||||
|
Total Fixed Maturities
|
|
173.5
|
|
|
(5.2
|
)
|
|
89.5
|
|
|
(5.9
|
)
|
|
263.0
|
|
|
(11.1
|
)
|
||||||
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Preferred Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance, Insurance and Real Estate
|
|
54.9
|
|
|
(8.1
|
)
|
|
2.2
|
|
|
(0.6
|
)
|
|
57.1
|
|
|
(8.7
|
)
|
||||||
|
Other Industries
|
|
1.8
|
|
|
—
|
|
|
2.8
|
|
|
(0.1
|
)
|
|
4.6
|
|
|
(0.1
|
)
|
||||||
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Manufacturing
|
|
1.5
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
—
|
|
|
1.6
|
|
|
(0.1
|
)
|
||||||
|
Other Industries
|
|
10.7
|
|
|
(1.8
|
)
|
|
—
|
|
|
—
|
|
|
10.7
|
|
|
(1.8
|
)
|
||||||
|
Other Equity Interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Limited Liability Companies and Limited Partnerships
|
|
17.1
|
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
17.1
|
|
|
(1.5
|
)
|
||||||
|
Total Equity Securities
|
|
86.0
|
|
|
(11.5
|
)
|
|
5.1
|
|
|
(0.7
|
)
|
|
91.1
|
|
|
(12.2
|
)
|
||||||
|
Total
|
|
$
|
259.5
|
|
|
$
|
(16.7
|
)
|
|
$
|
94.6
|
|
|
$
|
(6.6
|
)
|
|
$
|
354.1
|
|
|
$
|
(23.3
|
)
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Balance at Beginning of Period
|
|
$
|
3.9
|
|
|
$
|
2.4
|
|
|
Reductions to Previously Recognized OTTI Credit Losses
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||
|
Balance at End of Period
|
|
$
|
3.8
|
|
|
$
|
2.3
|
|
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Loans to Policyholders at Unpaid Principal
|
|
$
|
255.6
|
|
|
$
|
253.9
|
|
|
Real Estate at Depreciated Cost
|
|
238.2
|
|
|
239.4
|
|
||
|
Trading Securities at Fair Value
|
|
4.6
|
|
|
4.4
|
|
||
|
Other
|
|
0.6
|
|
|
0.6
|
|
||
|
Total
|
|
$
|
499.0
|
|
|
$
|
498.3
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Property and Casualty Insurance Reserves:
|
|
|
|
|
||||
|
Gross of Reinsurance and Indemnification at Beginning of Year
|
|
$
|
1,029.1
|
|
|
$
|
1,118.7
|
|
|
Less Reinsurance and Indemnification Recoverables at Beginning of Year
|
|
74.5
|
|
|
78.1
|
|
||
|
Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at Beginning of Year
|
|
954.6
|
|
|
1,040.6
|
|
||
|
Incurred Losses and LAE Related to:
|
|
|
|
|
||||
|
Current Year:
|
|
|
|
|
||||
|
Continuing Operations
|
|
291.1
|
|
|
309.0
|
|
||
|
Prior Years:
|
|
|
|
|
||||
|
Continuing Operations
|
|
(5.7
|
)
|
|
(3.9
|
)
|
||
|
Discontinued Operations
|
|
(1.2
|
)
|
|
2.2
|
|
||
|
Total Incurred Losses and LAE Related to Prior Years
|
|
(6.9
|
)
|
|
(1.7
|
)
|
||
|
Total Incurred Losses and LAE
|
|
284.2
|
|
|
307.3
|
|
||
|
Paid Losses and LAE Related to:
|
|
|
|
|
||||
|
Current Year:
|
|
|
|
|
||||
|
Continuing Operations
|
|
122.2
|
|
|
134.0
|
|
||
|
Prior Years:
|
|
|
|
|
||||
|
Continuing Operations
|
|
179.0
|
|
|
189.4
|
|
||
|
Discontinued Operations
|
|
6.2
|
|
|
12.3
|
|
||
|
Total Paid Losses and LAE Related to Prior Years
|
|
185.2
|
|
|
201.7
|
|
||
|
Total Paid Losses and LAE
|
|
307.4
|
|
|
335.7
|
|
||
|
Property and Casualty Insurance Reserves - Net of Reinsurance and Indemnification at End of Period
|
|
931.4
|
|
|
1,012.2
|
|
||
|
Plus Reinsurance and Indemnification Recoverable at End of Period
|
|
70.0
|
|
|
83.6
|
|
||
|
Property and Casualty Insurance Reserves - Gross of Reinsurance and Indemnification at End of Period
|
|
$
|
1,001.4
|
|
|
$
|
1,095.8
|
|
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Senior Notes at Amortized Cost:
|
|
|
|
|
||||
|
6.00% Senior Notes due May 15, 2017
|
|
$
|
356.9
|
|
|
$
|
356.8
|
|
|
6.00% Senior Notes due November 30, 2015
|
|
248.3
|
|
|
248.2
|
|
||
|
Mortgage Note Payable at Amortized Cost
|
|
5.6
|
|
|
5.6
|
|
||
|
Notes Payable at Amortized Cost
|
|
$
|
610.8
|
|
|
$
|
610.6
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Notes Payable under Revolving Credit Agreements
|
|
$
|
1.0
|
|
|
$
|
0.5
|
|
|
Senior Notes Payable:
|
|
|
|
|
||||
|
6.00% Senior Notes due May 15, 2017
|
|
5.5
|
|
|
5.5
|
|
||
|
6.00% Senior Notes due November 30, 2015
|
|
3.9
|
|
|
3.8
|
|
||
|
Mortgage Note Payable
|
|
0.1
|
|
|
0.1
|
|
||
|
Interest Expense before Capitalization of Interest
|
|
10.5
|
|
|
9.9
|
|
||
|
Capitalization of Interest
|
|
(0.8
|
)
|
|
(0.5
|
)
|
||
|
Total Interest Expense
|
|
$
|
9.7
|
|
|
$
|
9.4
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Notes Payable under Revolving Credit Agreements
|
|
$
|
1.7
|
|
|
$
|
0.2
|
|
|
Mortgage Note Payable
|
|
0.1
|
|
|
0.1
|
|
||
|
Total Interest Paid
|
|
$
|
1.8
|
|
|
$
|
0.3
|
|
|
|
Three Months Ended
|
||||||||||
|
|
Mar 31, 2012
|
|
Mar 31, 2011
|
||||||||
|
Range of Valuation Assumptions
|
|
|
|
|
|
|
|
||||
|
Expected Volatility
|
29.36
|
%
|
-
|
53.84
|
%
|
|
41.34
|
%
|
-
|
55.16
|
%
|
|
Risk-free Interest Rate
|
0.16
|
|
-
|
1.26
|
|
|
1.30
|
|
-
|
2.87
|
|
|
Expected Dividend Yield
|
3.17
|
|
-
|
3.26
|
|
|
3.38
|
|
-
|
3.38
|
|
|
Weighted-Average Expected Life in Years
|
|
|
|
|
|
|
|
|
|
||
|
Employee Grants
|
1.0
|
|
-
|
7.0
|
|
|
3.5
|
|
-
|
7.0
|
|
|
|
Shares Subject
to Options
|
|
Weighted-
Average
Exercise Price
Per Share ($)
|
|
Weighted-
Average
Remaining
Contractual Life
(in Years)
|
|
Aggregate
Intrinsic Value
($ in Millions)
|
||||||
|
Outstanding at Beginning of the Year
|
3,632,398
|
|
|
$
|
40.70
|
|
|
|
|
|
|||
|
Granted
|
229,451
|
|
|
29.77
|
|
|
|
|
|
||||
|
Exercised
|
(6,250
|
)
|
|
17.36
|
|
|
|
|
|
||||
|
Forfeited or Expired
|
(20,500
|
)
|
|
43.64
|
|
|
|
|
|
||||
|
Outstanding at March 31, 2012
|
3,835,099
|
|
|
$
|
40.07
|
|
|
4.33
|
|
|
$
|
6.7
|
|
|
Vested and Expected to Vest at March 31, 2012
|
3,790,666
|
|
|
$
|
40.22
|
|
|
4.28
|
|
|
$
|
6.6
|
|
|
Exercisable at March 31, 2012
|
3,119,209
|
|
|
$
|
43.20
|
|
|
3.30
|
|
|
$
|
3.9
|
|
|
|
|
|
|
Outstanding
|
|
Exercisable
|
|||||||||||||||||
|
Range of Exercise Prices
|
|
Shares
Subject to
Options
|
|
Weighted-
Average
Exercise Price
Per Share ($)
|
|
Weighted-
Average
Remaining
Contractual
Life (in Years)
|
|
Shares
Subject to
Options
|
|
Weighted-
Average
Exercise Price
Per Share ($)
|
|||||||||||||
|
$
|
10.00
|
|
-
|
$
|
15.00
|
|
|
204,500
|
|
|
$
|
13.55
|
|
|
6.85
|
|
|
152,249
|
|
|
$
|
13.55
|
|
|
15.01
|
|
-
|
20.00
|
|
|
8,000
|
|
|
16.48
|
|
|
7.10
|
|
|
8,000
|
|
|
16.48
|
|
||||
|
20.01
|
|
-
|
25.00
|
|
|
313,750
|
|
|
23.74
|
|
|
8.02
|
|
|
118,875
|
|
|
23.63
|
|
||||
|
25.01
|
|
-
|
30.00
|
|
|
612,949
|
|
|
28.45
|
|
|
8.61
|
|
|
144,636
|
|
|
26.82
|
|
||||
|
30.01
|
|
-
|
35.00
|
|
|
2,614
|
|
|
31.18
|
|
|
0.85
|
|
|
2,163
|
|
|
31.34
|
|
||||
|
35.01
|
|
-
|
40.00
|
|
|
341,577
|
|
|
37.25
|
|
|
5.70
|
|
|
341,577
|
|
|
37.25
|
|
||||
|
40.01
|
|
-
|
45.00
|
|
|
489,363
|
|
|
43.33
|
|
|
1.92
|
|
|
489,363
|
|
|
43.33
|
|
||||
|
45.01
|
|
-
|
50.00
|
|
|
1,369,021
|
|
|
48.68
|
|
|
2.82
|
|
|
1,369,021
|
|
|
48.68
|
|
||||
|
50.01
|
|
-
|
55.00
|
|
|
493,325
|
|
|
51.12
|
|
|
1.25
|
|
|
493,325
|
|
|
51.12
|
|
||||
|
10.00
|
|
-
|
55.00
|
|
|
3,835,099
|
|
|
40.07
|
|
|
4.33
|
|
|
3,119,209
|
|
|
43.20
|
|
||||
|
|
Time-Based Restricted
Shares
|
|
Weighted-
Average
Grant-Date
Fair Value
Per Share
|
|||
|
Nonvested Balance at Beginning of the Year
|
116,784
|
|
|
$
|
23.33
|
|
|
Granted
|
57,625
|
|
|
29.71
|
|
|
|
Vested
|
(6,500
|
)
|
|
25.12
|
|
|
|
Forfeited
|
(12,371
|
)
|
|
25.74
|
|
|
|
Nonvested Balance at End of Period
|
155,538
|
|
|
$
|
25.43
|
|
|
•
|
exceeds the “target” performance level, additional shares of stock will be issued to the award recipient;
|
|
•
|
is below the “target” performance level, only a portion of the shares of performance-based restricted stock originally issued to the award recipient will vest; or
|
|
•
|
is below a “minimum” performance level, none of the shares of performance-based restricted stock originally issued to the award recipient will vest.
|
|
|
Performance-Based Restricted
Shares
|
|
Weighted-
Average
Grant-Date
Fair Value
Per Share
|
|||
|
Nonvested Balance at Beginning of the Year
|
172,875
|
|
|
$
|
29.86
|
|
|
Granted
|
68,575
|
|
|
36.65
|
|
|
|
Vested
|
(51,596
|
)
|
|
14.04
|
|
|
|
Forfeited
|
(1,054
|
)
|
|
26.79
|
|
|
|
Nonvested Balance at End of Period
|
188,800
|
|
|
$
|
36.67
|
|
|
|
|
Three Months Ended
|
||||||
|
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
(Dollars in Millions)
|
|
|
|
|
||||
|
Income from Continuing Operations
|
|
$
|
36.3
|
|
|
$
|
45.0
|
|
|
Less Income from Continuing Operations Attributed to Restricted Shares
|
|
0.2
|
|
|
0.2
|
|
||
|
Income from Continuing Operations Attributed to Unrestricted Shares
|
|
36.1
|
|
|
44.8
|
|
||
|
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares
|
|
—
|
|
|
—
|
|
||
|
Diluted Income from Continuing Operations Attributed to Unrestricted Shares
|
|
$
|
36.1
|
|
|
$
|
44.8
|
|
|
(Shares in Thousands)
|
|
|
|
|
||||
|
Weighted-Average Unrestricted Shares Outstanding
|
|
59,865.7
|
|
|
60,677.5
|
|
||
|
Equity-based Compensation Equivalent Shares
|
|
130.4
|
|
|
104.4
|
|
||
|
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution
|
|
59,996.1
|
|
|
60,781.9
|
|
||
|
(Per Unrestricted Share in Whole Dollars)
|
|
|
|
|
||||
|
Basic Income from Continuing Operations Per Unrestricted Share
|
|
$
|
0.61
|
|
|
$
|
0.74
|
|
|
Diluted Income from Continuing Operations Per Unrestricted Share
|
|
$
|
0.60
|
|
|
$
|
0.73
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Other Comprehensive Income (Loss) Before Income Taxes:
|
|
|
|
|
||||
|
Unrealized Holding Gains (Losses) Arising During the Period Before Reclassification Adjustment
|
|
$
|
5.2
|
|
|
$
|
(12.9
|
)
|
|
Reclassification Adjustment for Amounts Included in Net Income
|
|
(3.9
|
)
|
|
(13.7
|
)
|
||
|
Unrealized Holding Gains (Losses)
|
|
1.3
|
|
|
(26.6
|
)
|
||
|
Foreign Currency Translation Adjustments Arising During the Period Before Reclassification Adjustment
|
|
0.7
|
|
|
0.4
|
|
||
|
Reclassification Adjustment for Amounts Included in Net Income
|
|
—
|
|
|
—
|
|
||
|
Foreign Currency Translation Adjustments
|
|
0.7
|
|
|
0.4
|
|
||
|
Amortization of Unrecognized Postretirement Benefit Costs
|
|
4.4
|
|
|
1.9
|
|
||
|
Other Comprehensive Income (Loss) Before Income Taxes
|
|
$
|
6.4
|
|
|
$
|
(24.3
|
)
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Income Tax Benefit (Expense):
|
|
|
|
|
||||
|
Unrealized Holding (Gains) Losses Arising During the Period Before Reclassification Adjustment
|
|
$
|
(1.8
|
)
|
|
$
|
4.5
|
|
|
Reclassification Adjustment for Amounts Included in Net Income
|
|
1.4
|
|
|
4.8
|
|
||
|
Unrealized Holding (Gains) Losses
|
|
(0.4
|
)
|
|
9.3
|
|
||
|
Foreign Currency Translation Adjustments Arising During the Period Before Reclassification Adjustment
|
|
(0.3
|
)
|
|
(0.1
|
)
|
||
|
Reclassification Adjustment for Amounts Included in Net Income
|
|
—
|
|
|
—
|
|
||
|
Foreign Currency Translation Adjustment
|
|
(0.3
|
)
|
|
(0.1
|
)
|
||
|
Amortization of Unrecognized Postretirement Benefit Costs
|
|
(1.6
|
)
|
|
(0.7
|
)
|
||
|
Other Comprehensive Income Tax Benefit (Expense)
|
|
$
|
(2.3
|
)
|
|
$
|
8.5
|
|
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Unrealized Gains on Investments, Net of Income Taxes:
|
|
|
|
|
||||
|
Available for Sale Fixed Maturities with Portion of OTTI Recognized in Earnings
|
|
$
|
1.7
|
|
|
$
|
1.5
|
|
|
Other Unrealized Gains on Investments
|
|
346.4
|
|
|
345.7
|
|
||
|
Foreign Currency Translation Adjustments, Net of Income Taxes
|
|
0.1
|
|
|
(0.3
|
)
|
||
|
Net Unrecognized Postretirement Benefit Costs, Net of Income Taxes
|
|
(86.1
|
)
|
|
(88.9
|
)
|
||
|
Accumulated Other Comprehensive Income
|
|
$
|
262.1
|
|
|
$
|
258.0
|
|
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Current Income Tax Assets
|
|
$
|
—
|
|
|
$
|
2.5
|
|
|
Deferred Income Tax Assets
|
|
6.7
|
|
|
10.7
|
|
||
|
Valuation Allowance for State Income Taxes
|
|
(6.7
|
)
|
|
(6.8
|
)
|
||
|
Current and Deferred Income Tax Assets
|
|
$
|
—
|
|
|
$
|
6.4
|
|
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Current Income Tax Liabilities
|
|
$
|
9.8
|
|
|
$
|
—
|
|
|
Deferred Income Tax Liabilities
|
|
2.3
|
|
|
—
|
|
||
|
Unrecognized Tax Benefits
|
|
6.1
|
|
|
6.2
|
|
||
|
Liabilities for Income Taxes
|
|
$
|
18.2
|
|
|
$
|
6.2
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Service Cost Earned
|
|
$
|
3.0
|
|
|
$
|
2.6
|
|
|
Interest Cost on Projected Benefit Obligation
|
|
5.6
|
|
|
5.7
|
|
||
|
Expected Return on Plan Assets
|
|
(7.4
|
)
|
|
(6.1
|
)
|
||
|
Amortization of Accumulated Unrecognized Actuarial Loss
|
|
4.5
|
|
|
2.1
|
|
||
|
Total Pension Expense Recognized
|
|
$
|
5.7
|
|
|
$
|
4.3
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Service Cost on Benefits Earned
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
Interest Cost on Projected Benefit Obligation
|
|
0.4
|
|
|
0.5
|
|
||
|
Amortization of Accumulated Unrecognized Actuarial Gain
|
|
(0.1
|
)
|
|
(0.2
|
)
|
||
|
Total Postretirement Benefits Other than Pensions Expense
|
|
$
|
0.4
|
|
|
$
|
0.3
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Revenues:
|
|
|
|
|
||||
|
Kemper Preferred:
|
|
|
|
|
||||
|
Earned Premiums
|
|
$
|
215.0
|
|
|
$
|
211.9
|
|
|
Net Investment Income
|
|
10.9
|
|
|
14.2
|
|
||
|
Other Income
|
|
0.1
|
|
|
0.1
|
|
||
|
Total Kemper Preferred
|
|
226.0
|
|
|
226.2
|
|
||
|
Kemper Specialty:
|
|
|
|
|
||||
|
Earned Premiums
|
|
106.8
|
|
|
112.4
|
|
||
|
Net Investment Income
|
|
5.2
|
|
|
6.6
|
|
||
|
Other Income
|
|
—
|
|
|
0.1
|
|
||
|
Total Kemper Specialty
|
|
112.0
|
|
|
119.1
|
|
||
|
Kemper Direct:
|
|
|
|
|
||||
|
Earned Premiums
|
|
47.0
|
|
|
59.9
|
|
||
|
Net Investment Income
|
|
3.6
|
|
|
5.3
|
|
||
|
Total Kemper Direct
|
|
50.6
|
|
|
65.2
|
|
||
|
Life and Health Insurance:
|
|
|
|
|
||||
|
Earned Premiums
|
|
160.4
|
|
|
161.8
|
|
||
|
Net Investment Income
|
|
55.7
|
|
|
52.7
|
|
||
|
Other Income
|
|
0.1
|
|
|
—
|
|
||
|
Total Life and Health Insurance
|
|
216.2
|
|
|
214.5
|
|
||
|
Total Segment Revenues
|
|
604.8
|
|
|
625.0
|
|
||
|
Net Realized Gains on Sales of Investments
|
|
4.9
|
|
|
14.2
|
|
||
|
Net Impairment Losses Recognized in Earnings
|
|
(0.5
|
)
|
|
(0.4
|
)
|
||
|
Other
|
|
2.0
|
|
|
2.4
|
|
||
|
Total Revenues
|
|
$
|
611.2
|
|
|
$
|
641.2
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Segment Operating Profit (Loss):
|
|
|
|
|
||||
|
Kemper Preferred
|
|
$
|
13.1
|
|
|
$
|
14.1
|
|
|
Kemper Specialty
|
|
4.9
|
|
|
5.4
|
|
||
|
Kemper Direct
|
|
(3.0
|
)
|
|
(7.5
|
)
|
||
|
Life and Health Insurance
|
|
43.0
|
|
|
46.5
|
|
||
|
Total Segment Operating Profit
|
|
58.0
|
|
|
58.5
|
|
||
|
Corporate and Other Operating Loss
|
|
(12.0
|
)
|
|
(9.2
|
)
|
||
|
Total Operating Profit
|
|
46.0
|
|
|
49.3
|
|
||
|
Net Realized Gains on Sales of Investments
|
|
4.9
|
|
|
14.2
|
|
||
|
Net Impairment Losses Recognized in Earnings
|
|
(0.5
|
)
|
|
(0.4
|
)
|
||
|
Income from Continuing Operations before Income Taxes
|
|
$
|
50.4
|
|
|
$
|
63.1
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Segment Net Operating Income (Loss):
|
|
|
|
|
||||
|
Kemper Preferred
|
|
$
|
10.4
|
|
|
$
|
11.3
|
|
|
Kemper Specialty
|
|
4.1
|
|
|
4.4
|
|
||
|
Kemper Direct
|
|
(1.3
|
)
|
|
(3.9
|
)
|
||
|
Life and Health Insurance
|
|
27.8
|
|
|
30.0
|
|
||
|
Total Segment Net Operating Income
|
|
41.0
|
|
|
41.8
|
|
||
|
Corporate and Other Net Operating Loss
|
|
(7.6
|
)
|
|
(5.7
|
)
|
||
|
Consolidated Net Operating Income
|
|
33.4
|
|
|
36.1
|
|
||
|
Unallocated Net Income (Loss) From:
|
|
|
|
|
||||
|
Net Realized Gains on Sales of Investments
|
|
3.2
|
|
|
9.2
|
|
||
|
Net Impairment Losses Recognized in Earnings
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||
|
Income from Continuing Operations
|
|
$
|
36.3
|
|
|
$
|
45.0
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Life
|
|
$
|
98.5
|
|
|
$
|
99.4
|
|
|
Accident and Health
|
|
41.5
|
|
|
41.2
|
|
||
|
Property and Casualty:
|
|
|
|
|
||||
|
Personal Lines:
|
|
|
|
|
||||
|
Automobile
|
|
267.7
|
|
|
287.1
|
|
||
|
Homeowners
|
|
77.1
|
|
|
74.1
|
|
||
|
Other Personal
|
|
34.2
|
|
|
34.4
|
|
||
|
Total Personal Lines
|
|
379.0
|
|
|
395.6
|
|
||
|
Commercial Automobile
|
|
10.2
|
|
|
9.8
|
|
||
|
Total Earned Premiums
|
|
$
|
529.2
|
|
|
$
|
546.0
|
|
|
|
|
Fair Value Measurements
|
|
|
||||||||||||
|
(Dollars in Millions)
|
|
Quoted Prices
in Active Markets
for Identical Assets
(Level 1)
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total Fair Value
|
||||||||
|
Fixed Maturities:
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. Government and Government Agencies and Authorities
|
|
$
|
133.1
|
|
|
$
|
341.3
|
|
|
$
|
—
|
|
|
$
|
474.4
|
|
|
States and Political Subdivisions
|
|
—
|
|
|
1,825.4
|
|
|
—
|
|
|
1,825.4
|
|
||||
|
Corporate Securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Bonds and Notes
|
|
—
|
|
|
2,142.3
|
|
|
259.2
|
|
|
2,401.5
|
|
||||
|
Redeemable Preferred Stocks
|
|
—
|
|
|
75.1
|
|
|
6.3
|
|
|
81.4
|
|
||||
|
Mortgage and Asset-backed
|
|
—
|
|
|
4.7
|
|
|
0.3
|
|
|
5.0
|
|
||||
|
Total Investments in Fixed Maturities
|
|
133.1
|
|
|
4,388.8
|
|
|
265.8
|
|
|
4,787.7
|
|
||||
|
Equity Securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Finance, Insurance and Real Estate
|
|
—
|
|
|
97.4
|
|
|
—
|
|
|
97.4
|
|
||||
|
Other Industries
|
|
—
|
|
|
15.2
|
|
|
6.0
|
|
|
21.2
|
|
||||
|
Common Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Manufacturing
|
|
80.2
|
|
|
5.2
|
|
|
1.7
|
|
|
87.1
|
|
||||
|
Other Industries
|
|
45.1
|
|
|
—
|
|
|
4.6
|
|
|
49.7
|
|
||||
|
Other Equity Interests:
|
|
|
|
|
|
|
|
|
||||||||
|
Exchange Traded Funds
|
|
67.7
|
|
|
—
|
|
|
—
|
|
|
67.7
|
|
||||
|
Limited Liability Companies and Limited Partnerships
|
|
—
|
|
|
—
|
|
|
106.5
|
|
|
106.5
|
|
||||
|
Total Investments in Equity Securities
|
|
193.0
|
|
|
117.8
|
|
|
118.8
|
|
|
429.6
|
|
||||
|
Other Investments:
|
|
|
|
|
|
|
|
|
||||||||
|
Trading Securities
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
||||
|
Total
|
|
$
|
330.7
|
|
|
$
|
4,506.6
|
|
|
$
|
384.6
|
|
|
$
|
5,221.9
|
|
|
|
|
Fair Value Measurements
|
|
|
||||||||||||
|
(Dollars in Millions)
|
|
Quoted Prices
in Active Markets
for Identical Assets
(Level 1)
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total Fair Value
|
||||||||
|
Fixed Maturities:
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. Government and Government Agencies and Authorities
|
|
$
|
153.6
|
|
|
$
|
338.1
|
|
|
$
|
—
|
|
|
$
|
491.7
|
|
|
States and Political Subdivisions
|
|
—
|
|
|
1,852.6
|
|
|
—
|
|
|
1,852.6
|
|
||||
|
Corporate Securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Bonds and Notes
|
|
—
|
|
|
2,107.2
|
|
|
235.1
|
|
|
2,342.3
|
|
||||
|
Redeemable Preferred Stocks
|
|
—
|
|
|
75.6
|
|
|
6.1
|
|
|
81.7
|
|
||||
|
Mortgage and Asset-backed
|
|
—
|
|
|
4.8
|
|
|
0.3
|
|
|
5.1
|
|
||||
|
Total Investments in Fixed Maturities
|
|
153.6
|
|
|
4,378.3
|
|
|
241.5
|
|
|
4,773.4
|
|
||||
|
Equity Securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Finance, Insurance and Real Estate
|
|
—
|
|
|
86.7
|
|
|
—
|
|
|
86.7
|
|
||||
|
Other Industries
|
|
—
|
|
|
14.9
|
|
|
5.6
|
|
|
20.5
|
|
||||
|
Common Stocks:
|
|
|
|
|
|
|
|
|
||||||||
|
Manufacturing
|
|
74.7
|
|
|
5.0
|
|
|
3.7
|
|
|
83.4
|
|
||||
|
Other Industries
|
|
42.8
|
|
|
—
|
|
|
4.2
|
|
|
47.0
|
|
||||
|
Other Equity Interests:
|
|
|
|
|
|
|
|
|
||||||||
|
Exchange Traded Funds
|
|
66.6
|
|
|
—
|
|
|
—
|
|
|
66.6
|
|
||||
|
Limited Liability Companies and Limited Partnerships
|
|
—
|
|
|
—
|
|
|
93.1
|
|
|
93.1
|
|
||||
|
Total Investments in Equity Securities
|
|
184.1
|
|
|
106.6
|
|
|
106.6
|
|
|
397.3
|
|
||||
|
Other Investments:
|
|
|
|
|
|
|
|
|
||||||||
|
Trading Securities
|
|
4.4
|
|
|
—
|
|
|
—
|
|
|
4.4
|
|
||||
|
Total
|
|
$
|
342.1
|
|
|
$
|
4,484.9
|
|
|
$
|
348.1
|
|
|
$
|
5,175.1
|
|
|
(Dollars in Millions)
|
|
Unobservable Input
|
|
Total Fair Value
|
|
Range of Unobservable Inputs
|
|
Weighted Average Market Yield
|
|||||
|
Senior Debt
|
|
Market Yield
|
|
$
|
104.2
|
|
|
1.3%
|
-
|
15.0%
|
|
6.6
|
%
|
|
Junior Debt
|
|
Market Yield
|
|
$
|
132.6
|
|
|
8.6%
|
-
|
21.5%
|
|
14.5
|
%
|
|
|
|
Fixed Maturities
|
|
Equity Securities
|
|
|
||||||||||||||||||
|
(Dollars in Millions)
|
|
Corporate
Bonds
and Notes
|
|
Redeemable
Preferred
Stocks
|
|
Mortgage
and Asset-
backed
|
|
Preferred
and Common
Stocks
|
|
Other
Equity
Interests
|
|
Total
|
||||||||||||
|
Balance at Beginning of Period
|
|
$
|
235.1
|
|
|
$
|
6.1
|
|
|
$
|
0.3
|
|
|
$
|
13.5
|
|
|
$
|
93.1
|
|
|
$
|
348.1
|
|
|
Total Gains (Losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Included in Condensed Consolidated Statement of Income
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
3.2
|
|
|
0.3
|
|
|
3.6
|
|
||||||
|
Included in Other Comprehensive Income
|
|
0.9
|
|
|
0.2
|
|
|
—
|
|
|
(1.2
|
)
|
|
1.1
|
|
|
1.0
|
|
||||||
|
Purchases
|
|
44.8
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
16.0
|
|
|
61.3
|
|
||||||
|
Settlements
|
|
(16.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.0
|
)
|
|
(20.2
|
)
|
||||||
|
Sales
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(3.7
|
)
|
|
—
|
|
|
(4.0
|
)
|
||||||
|
Transfers into Level 3 from Level 2
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
||||||
|
Transfers out of Level 3 into Level 2
|
|
(6.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
||||||
|
Balance at End of Period
|
|
$
|
259.2
|
|
|
$
|
6.3
|
|
|
$
|
0.3
|
|
|
$
|
12.3
|
|
|
$
|
106.5
|
|
|
$
|
384.6
|
|
|
|
|
Fixed Maturities
|
|
Equity Securities
|
|
|
||||||||||||||||||
|
(Dollars in Millions)
|
|
Corporate
Bonds
and Notes
|
|
Redeemable
Preferred
Stocks
|
|
Mortgage
and Asset-
backed
|
|
Preferred
and Common
Stocks
|
|
Other
Equity
Interests
|
|
Total
|
||||||||||||
|
Balance at Beginning of Period
|
|
$
|
146.2
|
|
|
$
|
4.5
|
|
|
$
|
0.4
|
|
|
$
|
14.7
|
|
|
$
|
75.2
|
|
|
$
|
241.0
|
|
|
Total Gains (Losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Included in Condensed Consolidated Statement of Income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
||||||
|
Included in Other Comprehensive Income
|
|
1.2
|
|
|
0.9
|
|
|
—
|
|
|
(2.3
|
)
|
|
(2.3
|
)
|
|
(2.5
|
)
|
||||||
|
Purchases
|
|
32.4
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
7.5
|
|
|
40.2
|
|
||||||
|
Settlements
|
|
(11.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.8
|
)
|
|
(16.9
|
)
|
||||||
|
Sales
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
|
—
|
|
|
(2.9
|
)
|
||||||
|
Balance at End of Period
|
|
$
|
168.2
|
|
|
$
|
5.4
|
|
|
$
|
0.4
|
|
|
$
|
11.8
|
|
|
$
|
74.6
|
|
|
$
|
260.4
|
|
|
|
|
Three Months Ended
|
||||||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
|
Increase
(Decrease)
|
||||||
|
Segment Net Operating Income (Loss):
|
|
|
|
|
|
|
||||||
|
Kemper Preferred
|
|
$
|
10.4
|
|
|
$
|
11.3
|
|
|
$
|
(0.9
|
)
|
|
Kemper Specialty
|
|
4.1
|
|
|
4.4
|
|
|
(0.3
|
)
|
|||
|
Kemper Direct
|
|
(1.3
|
)
|
|
(3.9
|
)
|
|
2.6
|
|
|||
|
Life and Health Insurance
|
|
27.8
|
|
|
30.0
|
|
|
(2.2
|
)
|
|||
|
Total Segment Net Operating Income
|
|
41.0
|
|
|
41.8
|
|
|
(0.8
|
)
|
|||
|
Unallocated Net Operating Loss
|
|
(7.6
|
)
|
|
(5.7
|
)
|
|
(1.9
|
)
|
|||
|
Consolidated Net Operating Income
|
|
33.4
|
|
|
36.1
|
|
|
(2.7
|
)
|
|||
|
Net Income (Loss) From:
|
|
|
|
|
|
|
||||||
|
Net Realized Gains on Sales of Investments
|
|
3.2
|
|
|
9.2
|
|
|
(6.0
|
)
|
|||
|
Net Impairment Losses Recognized in Earnings
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|
—
|
|
|||
|
Income from Continuing Operations
|
|
36.3
|
|
|
45.0
|
|
|
(8.7
|
)
|
|||
|
Income from Discontinued Operations
|
|
7.3
|
|
|
6.5
|
|
|
0.8
|
|
|||
|
Net Income
|
|
$
|
43.6
|
|
|
$
|
51.5
|
|
|
$
|
(7.9
|
)
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Kemper Preferred
|
|
$
|
8.5
|
|
|
$
|
9.0
|
|
|
Kemper Specialty
|
|
0.1
|
|
|
0.1
|
|
||
|
Kemper Direct
|
|
2.1
|
|
|
0.1
|
|
||
|
Life and Health Insurance
|
|
0.7
|
|
|
0.5
|
|
||
|
Total Catastrophe Losses and LAE
|
|
$
|
11.4
|
|
|
$
|
9.7
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Kemper Preferred:
|
|
|
|
|
||||
|
Non-catastrophe
|
|
$
|
(0.6
|
)
|
|
$
|
(1.1
|
)
|
|
Catastrophe
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||
|
Total
|
|
(0.9
|
)
|
|
(1.4
|
)
|
||
|
Kemper Specialty:
|
|
|
|
|
||||
|
Non-catastrophe
|
|
(1.0
|
)
|
|
(1.9
|
)
|
||
|
Catastrophe
|
|
0.1
|
|
|
0.1
|
|
||
|
Total
|
|
(0.9
|
)
|
|
(1.8
|
)
|
||
|
Kemper Direct:
|
|
|
|
|
||||
|
Non-catastrophe
|
|
(3.9
|
)
|
|
(0.1
|
)
|
||
|
Catastrophe
|
|
—
|
|
|
0.3
|
|
||
|
Total
|
|
(3.9
|
)
|
|
0.2
|
|
||
|
Life and Health Insurance:
|
|
|
|
|
||||
|
Non-catastrophe
|
|
(0.3
|
)
|
|
(0.7
|
)
|
||
|
Catastrophe
|
|
0.3
|
|
|
(0.2
|
)
|
||
|
Total
|
|
—
|
|
|
(0.9
|
)
|
||
|
Increase (Decrease) in Total Loss and LAE Reserves Related to Prior Years:
|
|
|
|
|
||||
|
Non-catastrophe
|
|
(5.8
|
)
|
|
(3.8
|
)
|
||
|
Catastrophe
|
|
0.1
|
|
|
(0.1
|
)
|
||
|
Decrease in Total Loss and LAE Reserve Related to Prior Years
|
|
$
|
(5.7
|
)
|
|
$
|
(3.9
|
)
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31, 2012
|
|
Mar 31, 2011
|
|
|||
|
Consolidated Net Operating Income
|
|
$
|
33.4
|
|
|
$
|
36.1
|
|
|
Net Income (Loss) From:
|
|
|
|
|
||||
|
Net Realized Gains on Sales of Investments
|
|
3.2
|
|
|
9.2
|
|
||
|
Net Impairment Losses Recognized in Earnings
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||
|
Income from Continuing Operations
|
|
$
|
36.3
|
|
|
$
|
45.0
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Net Premiums Written
|
|
$
|
207.0
|
|
|
$
|
199.6
|
|
|
Earned Premiums:
|
|
|
|
|
||||
|
Automobile
|
|
$
|
126.6
|
|
|
$
|
126.9
|
|
|
Homeowners
|
|
74.7
|
|
|
71.9
|
|
||
|
Other Personal
|
|
13.7
|
|
|
13.1
|
|
||
|
Total Earned Premiums
|
|
215.0
|
|
|
211.9
|
|
||
|
Net Investment Income
|
|
10.9
|
|
|
14.2
|
|
||
|
Other Income
|
|
0.1
|
|
|
0.1
|
|
||
|
Total Revenues
|
|
226.0
|
|
|
226.2
|
|
||
|
Incurred Losses and LAE related to:
|
|
|
|
|
||||
|
Current Year:
|
|
|
|
|
||||
|
Non-catastrophe Losses and LAE
|
|
145.0
|
|
|
145.5
|
|
||
|
Catastrophe Losses and LAE
|
|
8.5
|
|
|
9.0
|
|
||
|
Prior Years:
|
|
|
|
|
||||
|
Non-catastrophe Losses and LAE
|
|
(0.6
|
)
|
|
(1.1
|
)
|
||
|
Catastrophe Losses and LAE
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||
|
Total Incurred Losses and LAE
|
|
152.6
|
|
|
153.1
|
|
||
|
Insurance Expenses
|
|
60.3
|
|
|
59.0
|
|
||
|
Operating Profit
|
|
13.1
|
|
|
14.1
|
|
||
|
Income Tax Expense
|
|
(2.7
|
)
|
|
(2.8
|
)
|
||
|
Segment Net Operating Income
|
|
$
|
10.4
|
|
|
$
|
11.3
|
|
|
|
|
|
|
|
||||
|
Ratios Based On Earned Premiums
|
|
|
|
|
||||
|
Current Year Non-catastrophe Losses and LAE Ratio
|
|
67.4
|
%
|
|
68.7
|
%
|
||
|
Current Year Catastrophe Losses and LAE Ratio
|
|
4.0
|
|
|
4.2
|
|
||
|
Prior Years Non-catastrophe Losses and LAE Ratio
|
|
(0.3
|
)
|
|
(0.5
|
)
|
||
|
Prior Years Catastrophe Losses and LAE Ratio
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||
|
Total Incurred Loss and LAE Ratio
|
|
71.0
|
|
|
72.3
|
|
||
|
Incurred Expense Ratio
|
|
28.0
|
|
|
27.8
|
|
||
|
Combined Ratio
|
|
99.0
|
%
|
|
100.1
|
%
|
||
|
Underlying Combined Ratio
|
|
|
|
|
||||
|
Current Year Non-catastrophe Losses and LAE Ratio
|
|
67.4
|
%
|
|
68.7
|
%
|
||
|
Incurred Expense Ratio
|
|
28.0
|
|
|
27.8
|
|
||
|
Underlying Combined Ratio
|
|
95.4
|
%
|
|
96.5
|
%
|
||
|
Non-GAAP Measure Reconciliation
|
|
|
|
|
||||
|
Underlying Combined Ratio
|
|
95.4
|
%
|
|
96.5
|
%
|
||
|
Current Year Catastrophe Losses and LAE Ratio
|
|
4.0
|
|
|
4.2
|
|
||
|
Prior Years Non-catastrophe Losses and LAE Ratio
|
|
(0.3
|
)
|
|
(0.5
|
)
|
||
|
Prior Years Catastrophe Losses and LAE Ratio
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||
|
Combined Ratio as Reported
|
|
99.0
|
%
|
|
100.1
|
%
|
||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Insurance Reserves:
|
|
|
|
|
||||
|
Automobile
|
|
$
|
273.2
|
|
|
$
|
274.7
|
|
|
Homeowners
|
|
106.6
|
|
|
106.2
|
|
||
|
Other Personal
|
|
36.0
|
|
|
35.3
|
|
||
|
Insurance Reserves
|
|
$
|
415.8
|
|
|
$
|
416.2
|
|
|
Insurance Reserves:
|
|
|
|
|
||||
|
Loss Reserves:
|
|
|
|
|
||||
|
Case
|
|
$
|
260.3
|
|
|
$
|
259.0
|
|
|
Incurred but Not Reported
|
|
92.7
|
|
|
92.9
|
|
||
|
Total Loss Reserves
|
|
353.0
|
|
|
351.9
|
|
||
|
LAE Reserves
|
|
62.8
|
|
|
64.3
|
|
||
|
Insurance Reserves
|
|
$
|
415.8
|
|
|
$
|
416.2
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Net Premiums Written
|
|
$
|
117.7
|
|
|
$
|
123.1
|
|
|
Earned Premiums:
|
|
|
|
|
||||
|
Personal Automobile
|
|
$
|
96.6
|
|
|
$
|
102.6
|
|
|
Commercial Automobile
|
|
10.2
|
|
|
9.8
|
|
||
|
Total Earned Premiums
|
|
106.8
|
|
|
112.4
|
|
||
|
Net Investment Income
|
|
5.2
|
|
|
6.6
|
|
||
|
Other Income
|
|
—
|
|
|
0.1
|
|
||
|
Total Revenues
|
|
112.0
|
|
|
119.1
|
|
||
|
Incurred Losses and LAE related to:
|
|
|
|
|
||||
|
Current Year:
|
|
|
|
|
||||
|
Non-catastrophe Losses and LAE
|
|
86.2
|
|
|
92.8
|
|
||
|
Catastrophe Losses and LAE
|
|
0.1
|
|
|
0.1
|
|
||
|
Prior Years:
|
|
|
|
|
||||
|
Non-catastrophe Losses and LAE
|
|
(1.0
|
)
|
|
(1.9
|
)
|
||
|
Catastrophe Losses and LAE
|
|
0.1
|
|
|
0.1
|
|
||
|
Total Incurred Losses and LAE
|
|
85.4
|
|
|
91.1
|
|
||
|
Insurance Expenses
|
|
21.7
|
|
|
22.6
|
|
||
|
Operating Profit
|
|
4.9
|
|
|
5.4
|
|
||
|
Income Tax Expense
|
|
(0.8
|
)
|
|
(1.0
|
)
|
||
|
Segment Net Operating Income
|
|
$
|
4.1
|
|
|
$
|
4.4
|
|
|
|
|
|
|
|
||||
|
Ratios Based On Earned Premiums
|
|
|
|
|
||||
|
Current Year Non-catastrophe Losses and LAE Ratio
|
|
80.7
|
%
|
|
82.5
|
%
|
||
|
Current Year Catastrophe Losses and LAE Ratio
|
|
0.1
|
|
|
0.1
|
|
||
|
Prior Years Non-catastrophe Losses and LAE Ratio
|
|
(0.9
|
)
|
|
(1.7
|
)
|
||
|
Prior Years Catastrophe Losses and LAE Ratio
|
|
0.1
|
|
|
0.1
|
|
||
|
Total Incurred Loss and LAE Ratio
|
|
80.0
|
|
|
81.0
|
|
||
|
Incurred Expense Ratio
|
|
20.3
|
|
|
20.1
|
|
||
|
Combined Ratio
|
|
100.3
|
%
|
|
101.1
|
%
|
||
|
Underlying Combined Ratio
|
|
|
|
|
||||
|
Current Year Non-catastrophe Losses and LAE Ratio
|
|
80.7
|
%
|
|
82.5
|
%
|
||
|
Incurred Expense Ratio
|
|
20.3
|
|
|
20.1
|
|
||
|
Underlying Combined Ratio
|
|
101.0
|
%
|
|
102.6
|
%
|
||
|
Non-GAAP Measure Reconciliation
|
|
|
|
|
||||
|
Underlying Combined Ratio
|
|
101.0
|
%
|
|
102.6
|
%
|
||
|
Current Year Catastrophe Losses and LAE Ratio
|
|
0.1
|
|
|
0.1
|
|
||
|
Prior Years Non-catastrophe Losses and LAE Ratio
|
|
(0.9
|
)
|
|
(1.7
|
)
|
||
|
Prior Years Catastrophe Losses and LAE Ratio
|
|
0.1
|
|
|
0.1
|
|
||
|
Combined Ratio as Reported
|
|
100.3
|
%
|
|
101.1
|
%
|
||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Insurance Reserves:
|
|
|
|
|
||||
|
Personal Automobile
|
|
$
|
165.2
|
|
|
$
|
166.6
|
|
|
Commercial Automobile
|
|
46.7
|
|
|
51.5
|
|
||
|
Other
|
|
7.6
|
|
|
7.8
|
|
||
|
Insurance Reserves
|
|
$
|
219.5
|
|
|
$
|
225.9
|
|
|
Insurance Reserves:
|
|
|
|
|
||||
|
Loss Reserves:
|
|
|
|
|
||||
|
Case
|
|
$
|
131.0
|
|
|
$
|
135.1
|
|
|
Incurred but Not Reported
|
|
47.2
|
|
|
47.7
|
|
||
|
Total Loss Reserves
|
|
178.2
|
|
|
182.8
|
|
||
|
LAE Reserves
|
|
41.3
|
|
|
43.1
|
|
||
|
Insurance Reserves
|
|
$
|
219.5
|
|
|
$
|
225.9
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Net Premiums Written
|
|
$
|
43.9
|
|
|
$
|
60.9
|
|
|
Earned Premiums:
|
|
|
|
|
||||
|
Automobile
|
|
$
|
44.5
|
|
|
$
|
57.6
|
|
|
Homeowners
|
|
2.4
|
|
|
2.2
|
|
||
|
Other Personal
|
|
0.1
|
|
|
0.1
|
|
||
|
Total Earned Premiums
|
|
47.0
|
|
|
59.9
|
|
||
|
Net Investment Income
|
|
3.6
|
|
|
5.3
|
|
||
|
Total Revenues
|
|
50.6
|
|
|
65.2
|
|
||
|
Incurred Losses and LAE related to:
|
|
|
|
|
||||
|
Current Year:
|
|
|
|
|
||||
|
Non-catastrophe Losses and LAE
|
|
39.8
|
|
|
52.3
|
|
||
|
Catastrophe Losses and LAE
|
|
2.1
|
|
|
0.1
|
|
||
|
Prior Years:
|
|
|
|
|
||||
|
Non-catastrophe Losses and LAE
|
|
(3.9
|
)
|
|
(0.1
|
)
|
||
|
Catastrophe Losses and LAE
|
|
—
|
|
|
0.3
|
|
||
|
Total Incurred Losses and LAE
|
|
38.0
|
|
|
52.6
|
|
||
|
Insurance Expenses
|
|
15.6
|
|
|
20.1
|
|
||
|
Operating Loss
|
|
(3.0
|
)
|
|
(7.5
|
)
|
||
|
Income Tax Benefit
|
|
1.7
|
|
|
3.6
|
|
||
|
Segment Net Operating Loss
|
|
$
|
(1.3
|
)
|
|
$
|
(3.9
|
)
|
|
|
|
|
|
|
||||
|
Ratios Based On Earned Premiums
|
|
|
|
|
||||
|
Current Year Non-catastrophe Losses and LAE Ratio
|
|
84.7
|
%
|
|
87.3
|
%
|
||
|
Current Year Catastrophe Losses and LAE Ratio
|
|
4.5
|
|
|
0.2
|
|
||
|
Prior Years Non-catastrophe Losses and LAE Ratio
|
|
(8.3
|
)
|
|
(0.2
|
)
|
||
|
Prior Years Catastrophe Losses and LAE Ratio
|
|
—
|
|
|
0.5
|
|
||
|
Total Incurred Loss and LAE Ratio
|
|
80.9
|
|
|
87.8
|
|
||
|
Incurred Expense Ratio
|
|
33.2
|
|
|
33.6
|
|
||
|
Combined Ratio
|
|
114.1
|
%
|
|
121.4
|
%
|
||
|
Underlying Combined Ratio
|
|
|
|
|
||||
|
Current Year Non-catastrophe Losses and LAE Ratio
|
|
84.7
|
%
|
|
87.3
|
%
|
||
|
Incurred Expense Ratio
|
|
33.2
|
|
|
33.6
|
|
||
|
Underlying Combined Ratio
|
|
117.9
|
%
|
|
120.9
|
%
|
||
|
Non-GAAP Measure Reconciliation
|
|
|
|
|
||||
|
Underlying Combined Ratio
|
|
117.9
|
%
|
|
120.9
|
%
|
||
|
Current Year Catastrophe Losses and LAE Ratio
|
|
4.5
|
|
|
0.2
|
|
||
|
Prior Years Non-catastrophe Losses and LAE Ratio
|
|
(8.3
|
)
|
|
(0.2
|
)
|
||
|
Prior Years Catastrophe Losses and LAE Ratio
|
|
—
|
|
|
0.5
|
|
||
|
Combined Ratio as Reported
|
|
114.1
|
%
|
|
121.4
|
%
|
||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Insurance Reserves:
|
|
|
|
|
||||
|
Automobile
|
|
$
|
208.1
|
|
|
$
|
216.5
|
|
|
Homeowners
|
|
5.1
|
|
|
4.8
|
|
||
|
Other
|
|
2.7
|
|
|
2.6
|
|
||
|
Insurance Reserves
|
|
$
|
215.9
|
|
|
$
|
223.9
|
|
|
Insurance Reserves:
|
|
|
|
|
||||
|
Loss Reserves:
|
|
|
|
|
||||
|
Case
|
|
$
|
137.0
|
|
|
$
|
140.9
|
|
|
Incurred but Not Reported
|
|
51.5
|
|
|
54.0
|
|
||
|
Total Loss Reserves
|
|
188.5
|
|
|
194.9
|
|
||
|
LAE Reserves
|
|
27.4
|
|
|
29.0
|
|
||
|
Insurance Reserves
|
|
$
|
215.9
|
|
|
$
|
223.9
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Earned Premiums:
|
|
|
|
|
||||
|
Life
|
|
$
|
98.5
|
|
|
$
|
99.4
|
|
|
Accident and Health
|
|
41.5
|
|
|
41.2
|
|
||
|
Property
|
|
20.4
|
|
|
21.2
|
|
||
|
Total Earned Premiums
|
|
160.4
|
|
|
161.8
|
|
||
|
Net Investment Income
|
|
55.7
|
|
|
52.7
|
|
||
|
Other Income
|
|
0.1
|
|
|
—
|
|
||
|
Total Revenues
|
|
216.2
|
|
|
214.5
|
|
||
|
Policyholders’ Benefits and Incurred Losses and LAE
|
|
100.6
|
|
|
95.5
|
|
||
|
Insurance Expenses
|
|
72.6
|
|
|
72.5
|
|
||
|
Operating Profit
|
|
43.0
|
|
|
46.5
|
|
||
|
Income Tax Expense
|
|
(15.2
|
)
|
|
(16.5
|
)
|
||
|
Segment Net Operating Income
|
|
$
|
27.8
|
|
|
$
|
30.0
|
|
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Dec 31,
2011 |
||||
|
Insurance Reserves:
|
|
|
|
|
||||
|
Future Policyholder Benefits
|
|
$
|
3,062.7
|
|
|
$
|
3,046.8
|
|
|
Incurred Losses and LAE Reserves:
|
|
|
|
|
||||
|
Life
|
|
32.7
|
|
|
33.8
|
|
||
|
Accident and Health
|
|
22.4
|
|
|
22.1
|
|
||
|
Property
|
|
8.0
|
|
|
8.3
|
|
||
|
Total Incurred Losses and LAE Reserves
|
|
63.1
|
|
|
64.2
|
|
||
|
Insurance Reserves
|
|
$
|
3,125.8
|
|
|
$
|
3,111.0
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Investment Income:
|
|
|
|
|
||||
|
Interest and Dividends on Fixed Maturities
|
|
$
|
62.2
|
|
|
$
|
60.0
|
|
|
Dividends on Equity Securities
|
|
5.2
|
|
|
7.1
|
|
||
|
Short-term Investments
|
|
—
|
|
|
0.1
|
|
||
|
Loans to Policyholders
|
|
4.7
|
|
|
4.4
|
|
||
|
Real Estate
|
|
6.4
|
|
|
6.4
|
|
||
|
Equity Method Limited Liability Investments
|
|
6.7
|
|
|
10.0
|
|
||
|
Total Investment Income
|
|
85.2
|
|
|
88.0
|
|
||
|
Investment Expenses:
|
|
|
|
|
||||
|
Real Estate
|
|
6.3
|
|
|
6.4
|
|
||
|
Other Investment Expenses
|
|
1.5
|
|
|
0.4
|
|
||
|
Total Investment Expenses
|
|
7.8
|
|
|
6.8
|
|
||
|
Net Investment Income
|
|
$
|
77.4
|
|
|
$
|
81.2
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Realized Gains on Sales:
|
|
|
|
|
||||
|
Fixed Maturities
|
|
$
|
0.4
|
|
|
$
|
2.8
|
|
|
Equity Securities
|
|
4.1
|
|
|
11.2
|
|
||
|
Real Estate
|
|
—
|
|
|
0.1
|
|
||
|
Net Gains on Trading Securities
|
|
0.4
|
|
|
0.1
|
|
||
|
Net Realized Gains on Sales of Investments
|
|
$
|
4.9
|
|
|
$
|
14.2
|
|
|
|
|
Three Months Ended
|
||||||
|
(Dollars in Millions)
|
|
Mar 31,
2012 |
|
Mar 31,
2011 |
||||
|
Fixed Maturities:
|
|
|
|
|
||||
|
Recognized in Condensed Consolidated Statements of Income:
|
|
|
|
|
||||
|
Gains on Sales
|
|
$
|
0.4
|
|
|
$
|
3.1
|
|
|
Recognized in Other Comprehensive Losses
|
|
(17.2
|
)
|
|
(5.3
|
)
|
||
|
Total Comprehensive Investment Losses on Fixed Maturities
|
|
(16.8
|
)
|
|
(2.2
|
)
|
||
|
Equity Securities:
|
|
|
|
|
||||
|
Recognized in Condensed Consolidated Statements of Income:
|
|
|
|
|
||||
|
Gains on Sales
|
|
4.1
|
|
|
11.2
|
|
||
|
Net Impairment Losses Recognized in Earnings
|
|
(0.5
|
)
|
|
(0.4
|
)
|
||
|
Total Recognized in Condensed Consolidated Statements of Income
|
|
3.6
|
|
|
10.8
|
|
||
|
Recognized in Other Comprehensive Gains (Losses)
|
|
19.2
|
|
|
(20.9
|
)
|
||
|
Total Comprehensive Investment Gains (Losses) on Equity Securities
|
|
22.8
|
|
|
(10.1
|
)
|
||
|
Real Estate:
|
|
|
|
|
||||
|
Recognized in Condensed Consolidated Statements of Income:
|
|
|
|
|
||||
|
Gains on Sales
|
|
—
|
|
|
0.1
|
|
||
|
Other Investments:
|
|
|
|
|
||||
|
Recognized in Condensed Consolidated Statements of Income:
|
|
|
|
|
||||
|
Trading Securities Net Gains
|
|
0.4
|
|
|
0.1
|
|
||
|
Total Comprehensive Investment Gains (Losses)
|
|
$
|
6.4
|
|
|
$
|
(12.1
|
)
|
|
Recognized in Condensed Consolidated Statements of Income
|
|
$
|
4.4
|
|
|
$
|
14.1
|
|
|
Recognized in Other Comprehensive Income
|
|
2.0
|
|
|
(26.2
|
)
|
||
|
Total Comprehensive Investment Gains (Losses)
|
|
$
|
6.4
|
|
|
$
|
(12.1
|
)
|
|
|
|
|
|
Mar 31, 2012
|
|
Dec 31, 2011
|
||||||||||
|
NAIC
Rating
|
|
S & P Equivalent Rating
|
|
Fair Value
in Millions
|
|
Percentage
of Total
|
|
Fair Value
in Millions
|
|
Percentage
of Total
|
||||||
|
1
|
|
AAA, AA, A
|
|
$
|
3,582.2
|
|
|
74.8
|
%
|
|
$
|
3,591.8
|
|
|
75.2
|
%
|
|
2
|
|
BBB
|
|
861.5
|
|
|
18.0
|
|
|
839.4
|
|
|
17.6
|
|
||
|
3
|
|
BB
|
|
103.4
|
|
|
2.2
|
|
|
108.6
|
|
|
2.3
|
|
||
|
4
|
|
B
|
|
88.3
|
|
|
1.8
|
|
|
89.1
|
|
|
1.9
|
|
||
|
5
|
|
CCC
|
|
145.4
|
|
|
3.0
|
|
|
127.8
|
|
|
2.7
|
|
||
|
6
|
|
In or Near Default
|
|
6.9
|
|
|
0.2
|
|
|
16.7
|
|
|
0.3
|
|
||
|
Total Investments in Fixed Maturities
|
|
$
|
4,787.7
|
|
|
100.0
|
%
|
|
$
|
4,773.4
|
|
|
100.0
|
%
|
||
|
|
|
Mar 31, 2012
|
|
Dec 31, 2011
|
||||||||||
|
(Dollars in Millions)
|
|
Fair Value
|
|
Percentage
of Total
Investments
|
|
Fair Value
|
|
Percentage
of Total
Investments
|
||||||
|
U.S. Government and Government Agencies and Authorities
|
|
$
|
474.4
|
|
|
7.4
|
%
|
|
$
|
491.7
|
|
|
7.9
|
%
|
|
Pre-refunded with U.S. Government and Government Agencies and Authorities Held in Trust
|
|
320.9
|
|
|
5.0
|
|
|
275.2
|
|
|
4.4
|
|
||
|
States
|
|
866.0
|
|
|
13.5
|
|
|
937.8
|
|
|
15.1
|
|
||
|
Political Subdivisions
|
|
173.3
|
|
|
2.7
|
|
|
178.9
|
|
|
2.9
|
|
||
|
Revenue Bonds
|
|
465.2
|
|
|
7.3
|
|
|
460.7
|
|
|
7.4
|
|
||
|
Total Investments in Governmental Fixed Maturities
|
|
$
|
2,299.8
|
|
|
35.9
|
%
|
|
$
|
2,344.3
|
|
|
37.7
|
%
|
|
|
|
Mar 31, 2012
|
|
Dec 31, 2011
|
||||||||||
|
(Dollars in Millions)
|
|
Fair Value
|
|
Percentage
of Total
Investments
|
|
Fair Value
|
|
Percentage
of Total
Investments
|
||||||
|
Manufacturing
|
|
$
|
1,149.1
|
|
|
18.0
|
%
|
|
$
|
1,153.1
|
|
|
18.5
|
%
|
|
Finance, Insurance and Real Estate
|
|
645.4
|
|
|
10.1
|
|
|
590.4
|
|
|
9.5
|
|
||
|
Services
|
|
245.4
|
|
|
3.8
|
|
|
233.8
|
|
|
3.8
|
|
||
|
Transportation, Communication and Utilities
|
|
244.0
|
|
|
3.8
|
|
|
252.2
|
|
|
4.1
|
|
||
|
Mining
|
|
92.1
|
|
|
1.4
|
|
|
89.6
|
|
|
1.4
|
|
||
|
Wholesale Trade
|
|
49.4
|
|
|
0.8
|
|
|
41.5
|
|
|
0.7
|
|
||
|
Retail Trade
|
|
41.2
|
|
|
0.6
|
|
|
50.1
|
|
|
0.8
|
|
||
|
Agriculture, Forestry and Fishing
|
|
17.8
|
|
|
0.3
|
|
|
17.8
|
|
|
0.3
|
|
||
|
Other
|
|
3.5
|
|
|
0.1
|
|
|
0.6
|
|
|
—
|
|
||
|
Total Investments in Non-governmental Fixed Maturities
|
|
$
|
2,487.9
|
|
|
38.9
|
%
|
|
$
|
2,429.1
|
|
|
39.1
|
%
|
|
(Dollars in Millions)
|
|
Fair
Value
|
|
Percentage
of Total
Investments
|
|||||
|
Fixed Maturities:
|
|
|
|
|
|||||
|
States and Political Subdivisions:
|
|
|
|
|
|||||
|
Texas
|
|
$
|
105.1
|
|
|
1.6
|
%
|
||
|
Washington
|
|
87.4
|
|
|
1.4
|
|
|||
|
Louisiana
|
|
76.8
|
|
|
1.2
|
|
|||
|
Georgia
|
|
75.5
|
|
|
1.2
|
|
|||
|
New York
|
|
65.3
|
|
|
1.0
|
|
|||
|
Colorado
|
|
60.7
|
|
|
0.9
|
|
|||
|
Equity Securities:
|
|
|
|
|
|||||
|
iShares® iBoxx $ Investment Grade Corporate Bond Fund
|
|
67.6
|
|
|
1.1
|
|
|||
|
Equity Method Limited Liability Investments:
|
|
|
|
|
|||||
|
Tennenbaum Opportunities Fund V, LLC
|
|
77.5
|
|
|
1.2
|
|
|||
|
Special Value Opportunity Fund, LLC
|
|
71.2
|
|
|
1.1
|
|
|||
|
Goldman Sachs Vintage Fund IV, L.P.
|
|
61.7
|
|
|
1.0
|
|
|||
|
Total
|
|
$
|
748.8
|
|
|
11.7
|
%
|
||
|
|
|
|
|
Unfunded
Commitment
|
|
Reported Value
|
|
Stated
Fund
|
||||||||
|
(Dollars in Millions)
|
|
Asset Class
|
|
Mar 31,
2012 |
|
Mar 31,
2012 |
|
Dec 31,
2011 |
|
End
Date
|
||||||
|
Reported as Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Tennenbaum Opportunities Fund V, LLC
|
|
Distressed Debt
|
|
$
|
—
|
|
|
$
|
77.5
|
|
|
$
|
75.6
|
|
|
10/10/2016
|
|
Special Value Opportunity Fund, LLC
|
|
Distressed Debt
|
|
—
|
|
|
71.2
|
|
|
67.8
|
|
|
7/13/2014
|
|||
|
Goldman Sachs Vintage Fund IV, L.P.
|
|
Secondary Transactions
|
|
20.0
|
|
|
61.7
|
|
|
64.2
|
|
|
12/31/2016
|
|||
|
Special Value Continuation Fund, LLC
|
|
Distressed Debt
|
|
—
|
|
|
22.7
|
|
|
22.4
|
|
|
6/30/2016
|
|||
|
BNY-Alcentra Mezzanine Partners III, L.P.
|
|
Mezzanine Debt
|
|
18.1
|
|
|
25.9
|
|
|
22.7
|
|
|
2021-2022
|
|||
|
NY Life Investment Management Mezzanine Partners II, LP
|
|
Mezzanine Debt
|
|
4.0
|
|
|
13.4
|
|
|
13.5
|
|
|
7/31/2016
|
|||
|
BNY Mezzanine Partners L.P.
|
|
Mezzanine Debt
|
|
1.3
|
|
|
12.8
|
|
|
12.9
|
|
|
4/17/2016
|
|||
|
Ziegler Meditech Equity Partners, LP
|
|
Growth Equity
|
|
1.8
|
|
|
9.9
|
|
|
13.3
|
|
|
1/31/2016
|
|||
|
Other Funds
|
|
|
|
9.5
|
|
|
16.6
|
|
|
13.9
|
|
|
Various
|
|||
|
Total for Equity Method Limited Liability Investments
|
|
|
|
54.7
|
|
|
311.7
|
|
|
306.3
|
|
|
|
|||
|
Reported as Other Equity Interests and Reported at Fair Value:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Highbridge Principal Strategies Fund L.P.
|
|
Mezzanine Debt
|
|
3.1
|
|
|
22.4
|
|
|
20.8
|
|
|
1/23/2018
|
|||
|
Goldman Sachs Vintage Fund V, L.P.
|
|
Secondary Transactions
|
|
7.8
|
|
|
13.5
|
|
|
13.9
|
|
|
12/31/2018
|
|||
|
Goldman Sachs Mezzanine Partners V, L.P.
|
|
Mezzanine Debt
|
|
15.3
|
|
|
8.6
|
|
|
8.2
|
|
|
12/31/2021
|
|||
|
Other
|
|
|
|
68.0
|
|
|
62.0
|
|
|
50.2
|
|
|
Various
|
|||
|
Total Reported as Other Equity Interests and Reported at Fair Value
|
|
|
|
94.2
|
|
|
106.5
|
|
|
93.1
|
|
|
|
|||
|
Total
|
|
|
|
$
|
148.9
|
|
|
$
|
418.2
|
|
|
$
|
399.4
|
|
|
|
|
1)
|
Investments in Fixed Maturities;
|
|
2)
|
Investments in Equity Securities; and
|
|
3)
|
Notes Payable.
|
|
|
|
|
|
Pro Forma Increase (Decrease)
|
||||||||||||
|
(Dollars in Millions)
|
|
Fair Value
|
|
Interest
Rate Risk
|
|
Equity
Price Risk
|
|
Total Market
Risk
|
||||||||
|
March 31, 2012
|
|
|
|
|
|
|
|
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Investments in Fixed Maturities
|
|
$
|
4,787.7
|
|
|
$
|
(352.4
|
)
|
|
$
|
—
|
|
|
$
|
(352.4
|
)
|
|
Investments in Equity Securities
|
|
429.6
|
|
|
(11.0
|
)
|
|
(70.3
|
)
|
|
(81.3
|
)
|
||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Notes Payable
|
|
657.1
|
|
|
26.7
|
|
|
—
|
|
|
26.7
|
|
||||
|
December 31, 2011
|
|
|
|
|
|
|
|
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Investments in Fixed Maturities
|
|
$
|
4,773.4
|
|
|
$
|
(348.4
|
)
|
|
$
|
—
|
|
|
$
|
(348.4
|
)
|
|
Investments in Equity Securities
|
|
397.3
|
|
|
(10.4
|
)
|
|
(63.3
|
)
|
|
(73.7
|
)
|
||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Notes Payable
|
|
638.7
|
|
|
26.9
|
|
|
—
|
|
|
26.9
|
|
||||
|
•
|
The incidence, frequency, and severity of catastrophes occurring in any particular reporting period or geographic concentration, including natural disasters, pandemics and terrorist attacks or other man-made events;
|
|
•
|
The number and severity of insurance claims (including those associated with catastrophe losses) and their impact on the adequacy of loss reserves;
|
|
•
|
Changes in facts and circumstances affecting assumptions used in determining loss and LAE reserves;
|
|
•
|
The impact of inflation on insurance claims, including, but not limited to, the effects attributed to scarcity of resources available to rebuild damaged structures, including labor and materials and the amount of salvage value recovered for damaged property;
|
|
•
|
Changes in the pricing or availability of reinsurance, or in the financial condition of reinsurers and amounts recoverable therefrom;
|
|
•
|
Orders, interpretations or other actions by regulators that impact the reporting, adjustment and payment of claims;
|
|
•
|
The impact of residual market assessments and assessments for insurance industry insolvencies;
|
|
•
|
Changes in industry trends and significant industry developments;
|
|
•
|
Uncertainties related to regulatory approval of insurance rates, policy forms, license applications and similar matters;
|
|
•
|
Developments related to insurance policy claims and coverage issues, including, but not limited to, interpretations or decisions by courts or regulators that may govern or influence such issues arising with respect to losses incurred in connection with hurricanes and other catastrophes;
|
|
•
|
Changes in ratings by credit ratings agencies, including A.M. Best Co., Inc.;
|
|
•
|
Adverse outcomes in litigation or other legal or regulatory proceedings involving Kemper or its subsidiaries or affiliates;
|
|
•
|
Regulatory, accounting or tax changes that may affect the cost of, or demand for, the Company’s products or services;
|
|
•
|
Governmental actions, including, but not limited to, implementation of the provisions of the Patient Protection and Affordable Care Act, the Health Care and Education Reconciliation Act of 2010 and the Dodd-Frank Act, new laws or regulations or court decisions interpreting existing laws and regulations or policy provisions;
|
|
•
|
Changes in distribution channels, methods or costs resulting from changes in laws or regulations, lawsuits or market forces;
|
|
•
|
Changes in general economic conditions, including performance of financial markets, interest rates, unemployment rates and fluctuating values of particular investments held by the Company;
|
|
•
|
The level of success and costs expended in realizing economies of scale and implementing significant business consolidations and technology initiatives;
|
|
•
|
Heightened competition, including, with respect to pricing, entry of new competitors and the development of new products by new and existing competitors;
|
|
•
|
Increased costs and risks related to data security;
|
|
•
|
Absolute and relative performance of the Company’s products or services; and
|
|
•
|
Other risks and uncertainties described from time to time in Kemper’s filings with the SEC.
|
|
(a)
|
Evaluation of disclosure controls and procedures.
|
|
(b)
|
Changes in internal controls.
|
|
|
|
|
|
|
|
Total
|
|
Maximum
|
||||||
|
|
|
|
|
|
|
Number of Shares
|
|
Dollar Value of Shares
|
||||||
|
|
|
|
|
Average
|
|
Purchased as Part
|
|
that May Yet Be
|
||||||
|
|
|
Total
|
|
Price
|
|
of Publicly
|
|
Purchased Under
|
||||||
|
|
|
Number of Shares
|
|
Paid per
|
|
Announced Plans
|
|
the Plans or Programs
|
||||||
|
Period
|
|
Purchased (1)
|
|
Share
|
|
or Programs (1)
|
|
(Dollars in Millions)
|
||||||
|
January 1 - January 31, 2012
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
$
|
272.7
|
|
|
|
February 1 - February 29, 2012
|
|
184,458
|
|
|
$
|
28.81
|
|
|
184,458
|
|
|
$
|
267.4
|
|
|
March 1 - March 31, 2012
|
|
464,227
|
|
|
$
|
29.77
|
|
|
464,227
|
|
|
$
|
253.6
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
3.1
|
|
|
Restated Certificate of Incorporation (Incorporated herein by reference to Exhibit 3.1 to Kemper’s Current Report on Form 8-K filed August 29, 2011).
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3.2
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Amended and Restated Bylaws (Incorporated herein by reference to Exhibit 3.2 to Kemper’s Current Report on Form 8-K filed August 29, 2011).
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4.1
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Rights Agreement between Kemper and Computershare Trust Company, N.A. as successor Rights Agent, including the Form of Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock, the Form of Rights Certificate and the Summary of Rights to Purchase Preferred Stock, dated as of August 4, 2004 and amended May 4, 2006 and October 9, 2006. (Incorporated herein by reference to Exhibit 4.1 to Kemper’s Quarterly Report on Form 10-Q filed August 3, 2009).
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4.2
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Indenture dated as of June 26, 2002, by and between Kemper and The Bank of New York Trust Company, N.A., as successor trustee to BNY Midwest Trust Company, as Trustee.
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4.3
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Officers’ Certificate, including form of Senior Note with respect to Kemper’s 6.00% Senior Notes due May 15, 2017.
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4.4
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Officers’ Certificate, including the form of Senior Note with respect to Kemper’s 6.00% Senior Notes due November 30, 2015 (Incorporated herein by reference to Exhibit 4.2 to Kemper’s Current Report on Form 8-K filed November 24, 2010).
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10.1
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Kemper 1995 Non-Employee Director Stock Option Plan, as amended and restated effective February 3, 2009 (Incorporated herein by reference to Exhibit 10.2 to Kemper’s Annual Report on Form 10-K filed February 4, 2009).
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10.2
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Kemper 1997 Stock Option Plan, as amended and restated effective February 1, 2006 (Incorporated herein by reference to Exhibit 10.2 to Kemper’s Quarterly Report on Form 10-Q filed May 4, 2011).
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10.3
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Kemper 2002 Stock Option Plan, as amended and restated effective February 3, 2009 (Incorporated herein by reference to Exhibit 10.4 to Kemper’s Annual Report on Form 10-K filed February 4, 2009).
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10.4
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Kemper 2005 Restricted Stock and Restricted Stock Unit Plan, as amended and restated effective February 3, 2009 (Incorporated herein by reference to Exhibit 10.5 to Kemper’s Annual Report on Form 10-K filed February 4, 2009).
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10.5
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Kemper 2011 Omnibus Equity Plan, as amended and restated effective August 25, 2011 (Incorporated herein by reference to Exhibit 10.5 to Kemper’s Quarterly Report on Form 10-Q filed November 2, 2011).
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10.6
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Form of Stock Option Agreement under the Kemper 1995 Non-Employee Director Stock Option Plan, as of February 1, 2006 (Incorporated herein by reference to Exhibit 10.6 to Kemper’s Quarterly Report on Form 10-Q filed May 4, 2011).
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10.7
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Form of Stock Option Agreement under the Kemper 1995 Non-Employee Director Stock Option Plan, as of February 3, 2009 (Incorporated herein by reference to Exhibit 10.7 to Kemper’s Annual Report on Form 10-K filed February 4, 2009).
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10.8
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Form of Stock Option and SAR Agreement under the Kemper 1997 Stock Option Plan, as of February 1, 2006 (Incorporated herein by reference to Exhibit 10.8 to Kemper’s Quarterly Report on Form 10-Q filed May 4, 2011).
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10.9
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Form of Stock Option and SAR Agreement under the Kemper 2002 Stock Option Plan, as of February 1, 2006 (Incorporated herein by reference to Exhibit 10.9 to Kemper’s Quarterly Report on Form 10-Q filed May 4, 2011).
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10.10
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Form of Stock Option Agreement (including stock appreciation rights) under the Kemper 2002 Stock Option Plan, as of February 1, 2011 (Incorporated herein by reference to Exhibit 10.9 to Kemper’s Annual Report on Form 10-K filed February 3, 2011).
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10.11
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Form of Time-Vested Restricted Stock Award Agreement under the Kemper 2005 Restricted Stock and Restricted Stock Unit Plan, as of February 1, 2011 (Incorporated herein by reference to Exhibit 10.10 to Kemper’s Annual Report on Form 10-K filed February 3, 2011).
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10.12
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Form of Performance-Based Restricted Stock Award Agreement under the Kemper 2005 Restricted Stock and Restricted Stock Unit Plan, as of February 1, 2011 (Incorporated herein by reference to Exhibit 10.11 to Kemper’s Annual Report on Form 10-K filed February 3, 2011).
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10.13
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Form of Stock Option and SAR Agreement for Non-Employee Directors under the Kemper 2011 Omnibus Equity Plan, as of August 25, 2011 (Incorporated herein by reference to Exhibit 10.13 to Kemper’s Annual Report on Form 10-K filed February 17, 2012).
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10.14
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Kemper Pension Equalization Plan, as amended and restated effective August 25, 2011 (Incorporated herein by reference to Exhibit 10.5 to Kemper’s Quarterly Report on Form 10-Q filed November 2, 2011).
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10.15
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Kemper Defined Contribution Supplemental Retirement Plan, as amended and restated effective August 25, 2011 (Incorporated herein by reference to Exhibit 10.5 to Kemper’s Quarterly Report on Form 10-Q filed November 2, 2011).
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10.16
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Kemper Non-Qualified Deferred Compensation Plan, as amended and restated effective August 25, 2011 (Incorporated herein by reference to Exhibit 10.5 to Kemper’s Quarterly Report on Form 10-Q filed November 2, 2011).
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10.17
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Kemper is a party to individual severance agreements (the form of which, as amended and restated effective August 25, 2011, is incorporated by reference to Exhibit 10.17 to Kemper’s Quarterly Report on Form 10-Q filed November 2, 2011) with the following officers:
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Donald G. Southwell (Chairman, President and Chief Executive Officer)
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John M. Boschelli (Vice President and Chief Investment Officer)
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Lisa M. King (Vice President – Human Resources)
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Edward J. Konar (Vice President)
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Christopher L. Moses (Vice President and Treasurer)
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Scott Renwick (Senior Vice President and General Counsel)
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Richard Roeske (Vice President and Chief Accounting Officer)
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Dennis J. Sandelski (Vice President – Tax)
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James A. Schulte (Vice President)
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Frank J. Sodaro (Vice President – Planning and Analysis)
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Dennis R. Vigneau (Senior Vice President and Chief Financial Officer)
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||
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Each of the foregoing agreements is identical except that the severance compensation multiple is 3.0 for Mr. Southwell and 2.0 for the other officers.
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10.18
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Kemper Severance Plan, as amended and restated effective August 25, 2011 (Incorporated herein by reference to Exhibit 10.5 to Kemper’s Quarterly Report on Form 10-Q filed November 2, 2011).
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10.19
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Kemper 2009 Performance Incentive Plan, as amended and restated effective August 25, 2011 (Incorporated herein by reference to Exhibit 10.5 to Kemper’s Quarterly Report on Form 10-Q filed November 2, 2011).
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10.20
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Form of Annual Incentive Award Agreement under the Kemper 2009 Performance Incentive Plan, as of January 31, 2012 (Incorporated herein by reference to Exhibit 10.20 to Kemper’s Annual Report on Form 10-K filed February 17, 2012).
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10.21
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Form of Multi-Year Incentive Award Agreement under the Kemper 2009 Performance Incentive Plan, as of January 31, 2012 (Incorporated herein by reference to Exhibit 10.21 to Kemper’s Annual Report on Form 10-K filed February 17, 2012).
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10.22
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Form of Stock Option and SAR Agreement under the Kemper 2011 Omnibus Equity Plan, as of August 25, 2011 (Incorporated herein by reference to Exhibit 10.22 to Kemper’s Annual Report on Form 10-K filed February 17, 2012).
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10.23
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Time-Vested Restricted Stock Award Agreement under the Kemper 2011 Omnibus Equity Plan, as of August 25, 2011 (Incorporated herein by reference to Exhibit 10.23 to Kemper’s Annual Report on Form 10-K filed February 17, 2012).
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10.24
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Form of Performance-Based Restricted Stock Award Agreement under the Kemper 2011 Omnibus Equity Plan, as of January 31, 2012 (Incorporated herein by reference to Exhibit 10.24 to Kemper’s Annual Report on Form 10-K filed February 17, 2012).
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10.25
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Kemper is a party to individual Indemnification and Expense Advancement Agreements with each of its directors, as amended and restated effective February 1, 2012 (Incorporated herein by reference to Exhibit 10.25 to Kemper’s Current Report on Form 8-K filed February 6, 2012).
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10.26
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Credit Agreement, dated as of March 7, 2012, by and among Kemper, the lenders party thereto, JP Morgan Chase Bank, N.A., as administrative agent, swing line lender and issuing bank, and Wells Fargo Bank, National Association and Fifth Third Bank, as co-syndication agents. (Incorporated by reference to Exhibit 10.1 to Kemper’s Current report on Form 8-K filed March 12, 2012).
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31.1
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Certification of Chief Executive Officer Pursuant to SEC Rule 13a-14(a).
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31.2
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Certification of Chief Financial Officer Pursuant to SEC Rule 13a-14(a).
|
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32.1
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Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished pursuant to Item 601(b)(32) of Regulation S-K).
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32.2
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Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished pursuant to Item 601(b)(32) of Regulation S-K).
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101.1
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XBRL Instance
|
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101.2
|
|
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XBRL Taxonomy Extension Schema Document
|
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101.3
|
|
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XBRL Taxonomy Extension Calculation Linkbase Document
|
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101.4
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|
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XBRL Taxonomy Extension Label Linkbase Document
|
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101.5
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|
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XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
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Kemper Corporation
|
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Date:
|
May 7, 2012
|
/S/ DONALD G. SOUTHWELL
|
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|
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Donald G. Southwell
|
|
|
|
Chairman, President and
Chief Executive Officer
(Principal Executive Officer) |
|
|
|
|
|
Date:
|
May 7, 2012
|
/S/ DENNIS R. VIGNEAU
|
|
|
|
Dennis R. Vigneau
|
|
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
Date:
|
May 7, 2012
|
/S/ RICHARD ROESKE
|
|
|
|
Richard Roeske
|
|
|
|
Vice President and Chief Accounting Officer
(Principal Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| C.H. Robinson Worldwide, Inc. | CHRW |
Suppliers
| Supplier name | Ticker |
|---|---|
| Aon Plc | AON |
| The Hartford Financial Services Group, Inc. | HIG |
| Amgen Inc. | AMGN |
| Bristol-Myers Squibb Company | BMY |
| Fidelity National Information Services, Inc. | FIS |
| AbbVie Inc. | ABBV |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|