Kemper Corporation has reported that its net income for the first quarter of current fiscal declined by 17.6% to $43.6m, or $0.73 per share, compared to a net income of $51.5m, or $0.85 per share during the same quarter a year ago.
Consolidated net operating income for the latest quarter was $33.4m, or $0.56 per share, against consolidated net operating income of $36.1m, or $0.59 per share during the same period last fiscal.
According to Kemper's president and chief executive officer Don Southwell, the company repurchased nearly $20 million of common stock on the capital front.
For the quarter ended on 31 March 2012, the insurer total revenues were $611.2m, down almost 5% from $641.2m during the corresponding quarter last year.
The company witnessed negative tendency in earned premiums, which stood $529.2m for the first quarter of current fiscal against $546m during the same quarter a year ago.
Kemper Preferred segment reported net operating income of $10.4m for the first quarter of 2012, compared to $11.3m during the year ago quarter, backed by $2.4m lower net investment income, offset by a $1.5m improvement in underwriting results on an underlying basis.
Kemper Specialty segment net operating income was $4.1m, compared to $4.4 m during the same quarter of 2011 whereas its Direct segment net operating loss stood at $1.3m during the current quarter of 2012, against $3.9m during the same period last year.
For the first quarter of current fiscal, its Life and Health Insurance segment net operating income was $27.8m against $30m during the same quarter last year.
