The Kemper Insurance Companies announced yesterday that it posted a year-end 2002 net loss of $312 million, compared with net income of $121 million in 2001. Year-end consolidated surplus fell to $1.0 billion, a reduction of approximately $475 million from Kemper's 2001 year-end surplus of $1.5 billion.
"Three main factors contributed to our surplus decline," said David B. Mathis, Kemper chairman and CEO. "One was substantial adverse prior year loss development on past business, principally from 1999 and earlier. Another was a reduction in our surplus that we were required to record during 20...
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