The holding company Kemper Corp. has demonstrated improved underwriting performance in a market-leading nonstandard auto book of business and reduced its potential for earnings volatility from catastrophic events. We are raising our issuer credit rating on Kemper Corp. to 'BBB' from 'BBB-' and our issuer credit and financial strength ratings on the core subsidiaries (collectively, Kemper) to 'A' from 'A-'. The upgrade reflects the company's success in expanding and improving its nonstandard auto business, very strong capital base, and stable earnings contribution from the life segment. The outlook is stable, reflecting Kemper's strong capital adequacy and underwriting performance. On Feb. 18, 2020, S&P Global Ratings raised its issuer credit rating on holding company Kemper Corp. to 'BBB' from 'BBB-' and
