CHICAGO--(BUSINESS WIRE)--Kemper Corporation (NYSE:KMPR) announced today that its subsidiary, Kemper Corporate Services, Inc., has received $89.4 million as satisfaction of the remaining balance due on a judgment related to a 2017 arbitration award against Computer Sciences Corporation (“CSC”). In January, the United States Court of Appeals for the Fifth Circuit affirmed a district court ruling that confirmed the arbitration award in favor of Kemper Corporate Services.
The remaining balance at December 31, 2019 was treated as a gain contingency for accounting purposes in Kemper’s 2019 consolidated financial statements. Accordingly, Kemper will recognize a gain of $89.4 million in its first quarter 2020 consolidated financial statements related to the final payment. CSC and its parent, DXC Technology Company (“DXC”), previously paid Kemper a total of $55.8 million in partial satisfaction of the final judgment. Kemper recognized $20.1 million and $35.7 million of such payments in other income in its consolidated statements of income for the years ended December 31, 2019 and 2018, respectively.
The Kemper family of companies is one of the nation’s leading specialized insurers. With nearly $13 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 8,900 associates dedicated to meeting the ever-changing needs of its customers.
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