KCLI - Kansas City Life Announces First Quarter 2019 Results
KANSAS CITY, Mo., May 1, 2019 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.0 million or $0.42 per share in the first quarter of 2019, an increase of $2.6 million or $0.27 per share relative to the first quarter of 2018.
The improvement in net income in the first quarter reflected increases in insurance revenues and investment revenues and a decrease in amortization of deferred acquisition costs. These were partially offset by increases in policyholder benefits and operating expenses.
Grange Life, which was acquired in the fourth quarter of 2018, contributed $15.2 million of total revenues, $14.8 million in benefits and expenses, and $0.3 million in net income to the consolidated results. Excluding Grange Life from the consolidated results, net income increased $2.3 million or $0.24 per share in the first quarter of 2019 compared to the first quarter of 2018. This improvement reflected increases of premiums, net of reinsurance, higher net realized investment gains, and a decrease in amortization of deferred acquisition costs. These were partially offset by decreases in contract charges and net investment income and an increase in policyholder benefits.
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.
Kansas City Life Insurance Company |
Condensed Consolidated Income Statement |
(amounts in thousands, except share data) |
Quarter Ended |
March 31 |
2019 |
2018 |
Revenues |
$ |
130,103 |
$ |
109,511 |
Net income |
$ |
4,035 |
$ |
1,462 |
Net income per share, basic and diluted |
$ |
0.42 |
$ |
0.15 |
Dividends paid |
$ |
0.27 |
$ |
0.27 |
Average number of shares outstanding |
9,683,414 |
9,683,414 |
SOURCE Kansas City Life Insurance