KANSAS CITY, Mo., April 28, 2023 /PRNewswire/ — Kansas City Life Insurance Company recorded a net loss of $3.2 million or $0.33 per share in the first quarter of 2023 compared to a net loss of $7.7 million or $0.79 per share in the first quarter of 2022.
These results included improvements in premiums, net of reinsurance, and contract charges in the first quarter of 2023 compared to the first quarter of 2022. In addition, investment revenues increased over the prior year, reflecting increases in yields earned on certain investments and higher realized investment gains. In addition, operating expenses and interest credited to policyholder account balances were lower than one year earlier. Conversely, policyholder benefits were higher in the first quarter of 2023 than in the first quarter of 2022. A decrease in death benefits, net of reinsurance, was more than offset by an increase in benefit and contract reserves compared to the prior year.
Kansas City Life Insurance Company 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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2023 |
2022 |
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Revenues |
$ |
125,969 |
$ |
119,231 |
|
|
Net loss |
$ |
(3,241) |
$ |
(7,676) |
|
|
Net loss per share, basic and diluted |
$ |
(0.33) |
$ |
(0.79) |
|
|
Dividends paid |
$ |
0.14 |
$ |
0.27 |
|
|
Average number of shares outstanding |
9,683,414 |
9,683,414 |
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SOURCE Kansas City Life Insurance Company