Kemper Corporation reported net income of $123.2 million for the first quarter of 2021, compared to $64.0 million for the first quarter of 2020. Other key highlights for the quarter include:
In the first quarter of 2021, net income included a $41.2 million after-tax gain, attributable to the change in fair value of equity and convertible securities.
Adjusted consolidated net operating income was $87.2 million down compared to $162.9 million for the first quarter of 2020.
Total revenues for the first quarter of 2021 increased $123.0 million (10%) to $1,352.0 million, compared to the first quarter of 2020, driven by $55.1 million of higher Specialty P&C earned premiums and a $170.0 million increase attributable to the change in fair value of equity and convertible securities.
Net investment income increased $17.5 million to $103.1 million in the first quarter of 2021 due primarily to the continued recovery of Alternative Investments and higher levels of investments in fixed income securities, partially offset by lower yields on fixed income securities.
Net operating income in Specialty Property & Casualty Insurance grew from $60.1 million to $80.1 million. Preferred Property & Casualty Insurance dropped from $18.4 million to $19.6 million.