Kemper Corp. reported a fourth-quarter loss, caused...
From Times Staff and Wire Reports
Kemper Corp. reported a fourth-quarter loss, caused by the Orange County bankruptcy and other investment setbacks.
Kemper said its net loss for the quarter ended Dec. 31 was $3.6 million, or 27 cents a share, compared to earnings of $87.5 million, or $2.21 a share, for the quarter the year before. Revenue fell 28% to $360.5 million from $502.6 million.
Losses on investments in Orange County securities accounted for $19.3 million of Kemper’s decline in the fourth quarter.
The Long Grove, Ill.-based firm’s operating income was $35.2 million, or 84 cents a share, for the recent quarter, down from $39.3 million, or $1.01 a share, a year before.
