PR Newswire
KANSAS CITY, Mo. , April 26, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $1.6 million or $0.16 per share in the first quarter of 2024 compared to a net loss of $3.2 million or $0.33 per share in the first quarter of 2023.
The largest factor in the improvement in 2024 over 2023 was a $9.4 million decrease in policyholder benefits, net of reinsurance. In addition, investment revenues increased $2.8 million and contract charges increased $0.9 million compared to one year earlier. Partially offsetting these improvements, premiums, net of reinsurance, decreased $2.3 million , interest credited to policyholder account balances increased $2.1 million , and operating expenses increased $2.6 million versus the prior year.
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri . The Company's primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in 49 states and the District of Columbia . For more information, please visit www.kclife.com .
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Kansas City Life Insurance Company Condensed Consolidated Income Statement (amounts in thousands, except share data) |
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Quarter Ended |
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March 31 |
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2024 |
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2023 |
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Revenues |
$ |
127,308 |
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$ |
125,969 |
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Net income (loss) |
$ |
1,554 |
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$ |
(3,241) |
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Net income (loss) per share, basic and diluted |
$ |
0.16 |
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$ |
(0.33) |
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Dividends paid |
$ |
0.14 |
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$ |
0.14 |
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Average number of shares outstanding |
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9,683,414 |
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9,683,414 |
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SOURCE Kansas City Life Insurance Company
