Kemper Prices Public Offering of Common Stock

Kemper Corporation (NYSE: KMPR)
announced today the pricing of its previously announced underwritten
public offering of 1,350,000 shares of its common stock. Kemper has also
granted the underwriter a 30-day option to purchase up to 202,500
additional shares of its common stock. Credit Suisse is acting as sole
underwriter for the offering.

Kemper expects gross proceeds from this offering of approximately $112.1
million (or approximately $128.9 million if the option to purchase
additional shares of common stock is exercised in full). Kemper intends
to use the net proceeds from this offering together with other funds to
redeem all $150.0 million aggregate principal amount of its 7.375%
Subordinated Debentures due 2054.

This offering is expected to close on June 7, 2019, subject to customary
closing conditions.

The offering is being made pursuant to an effective shelf registration
statement previously filed by Kemper on May 8, 2017 with the Securities
and Exchange Commission (the “SEC”). The offering of these securities is
being made only by means of a prospectus supplement and accompanying
prospectus, copies of which may be obtained on the website of the SEC at www.sec.gov
or by contacting Credit Suisse Securities (USA) LLC, Attn: Prospectus
Department, Eleven Madison Avenue, 3rd floor, New York, NY 10010,
Telephone: 1-800-221-1037, Email: [email protected].

This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor does it constitute
an offer, solicitation or sale in any state or other jurisdiction in
which such offer, solicitation or sale is unlawful. In addition, this
press release does not constitute a notice of redemption with respect to
Kemper’s 7.375% Subordinated Debentures due 2054.

About Kemper

Kemper Corporation (NYSE: KMPR) is
one of the nation’s leading specialized insurers. With over $12 billion
in assets, Kemper is improving the world of insurance by providing
affordable and easy-to-use personalized solutions to individuals,
families and businesses through its Auto, Personal Insurance, Life and
Health brands. Kemper serves over 6.4 million policies, is represented
by more than 30,000 agents and brokers, and has over 8,000 associates
dedicated to meeting the ever-changing needs of its customers.

Cautionary Statements Regarding Forward-Looking Information

This press release may contain information that includes or is based on
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future
events and can be identified by the fact that they relate to future
actions, performance or results rather than strictly to historical or
current facts.

Any or all forward-looking statements may turn out to be wrong, and,
accordingly, readers are cautioned not to place undue reliance on such
statements, which speak only as of the date of this press release.
Forward-looking statements involve a number of risks and uncertainties
that are difficult to predict and are not guarantees of future
performance. No assurances can be given that the results and financial
condition contemplated in any forward-looking statements will be
achieved or will be achieved in any particular timetable. Kemper assumes
no obligation to publicly correct or update any forward-looking
statements as a result of events or developments subsequent to the date
of this press release. The reader is advised, however, to consult any
further disclosures Kemper makes on related subjects in its filings with
the SEC.

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