submits year-end 2003 financials
FOR IMMEDIATE RELEASE
LONG GROVE, Ill., March 8, 2004– Kemper filed its
year-end 2003 financial statements (2003
LMC financial statement – 2003
AMM financial statement) on Monday, March 1, 2004. The company
posted a combined statutory surplus of $212 million. Of this amount,
$202 million represents Lumbermens Mutual Casualty Company’s
(LMC) surplus, which takes into account a reinsurance transaction
completed in 2003 with its affiliate, American Manufacturers Mutual
Insurance Company (AMM). The $10 million balance of the combined
surplus was posted by AMM. Absent accounting allowances approved
by the Illinois Department of Insurance, year-end 2003 surplus would
have been negative. Further detail about the accounting allowances
can be found in the footnotes to the financial statements.
Combined surplus at year-end 2002 was $745 million after recognition
of certain adjustments made by KPMG as part of their annual audit.
On an operating basis, Kemper lost approximately $674 million in
2003, compared to a loss of approximately $312 million in 2002.
Total assets for the organization were approximately $5.3 billion
at year-end 2003, compared to approximately $8.0 billion one year
The company is expected to submit a run-off plan to the Ill. Department
of Insurance later this month.