Diverse earnings from property/casualty (P/C) and life/health segments Favorable market share in nonstandard auto Steady earnings from the life segment and investment income Integration risks with the Infinity transaction Geographic concentration in California Susceptible to earnings volatility on the P/C side S&P Global Ratings' rating on Kemper Corp. and its core operating subsidiaries (collectively, Kemper) reflects the group's strong presence in the nonstandard auto market, diversified earnings stream, and very strong financial position, offset by the company's historical operating performance lagging its peers', and geographic concentration in California. We view Kemper's purchase of Infinity Property&Casualty Corp. for approximately $1.6 billion in cash and stock as favorable to the business risk profile given Infinity's track record of strong performance
