Kemper Corporation (NYSE: KMPR) saw its shares plummet 6.16% in after-hours trading on Tuesday following the release of its second-quarter earnings report, which fell short of analyst expectations. The insurance company's disappointing results overshadowed its announcement of a new share repurchase program and quarterly dividend.

Kemper reported adjusted earnings of $1.30 per share for the second quarter, missing the analyst consensus estimate of $1.52 by 14.3%. This represents an 8.45% decrease from the $1.42 per share earned in the same period last year. Despite the earnings miss, the company's quarterly sales of $1.226 billion exceeded analyst estimates of $1.119 billion by 9.52%, showing an 8.50% increase from the previous year.

While Kemper's revenue growth was solid, investors seemed more focused on the earnings shortfall and potential headwinds in its Specialty Property & Casualty segment. The company's net income for the quarter fell to $72.6 million from $75.4 million year-over-year, with adjusted consolidated net operating income declining to $84.1 million from $91.7 million. In an effort to boost shareholder value, Kemper also announced a new $500 million share repurchase authorization, but this news was not enough to offset concerns about the company's profitability in the current quarter.