KCLI - Kansas City Life Announces First Quarter 2024 Results
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 .
| Kansas City Life Insurance Company Condensed Consolidated Income Statement (amounts in thousands, except share data) |
| |
| |
| Quarter Ended |
| |
| March 31 |
| |
| 2024 |
| |
| 2023 |
| Revenues |
| $ |
| 127,308 |
| |
| $ |
| 125,969 |
| Net income (loss) |
| $ |
| 1,554 |
| |
| $ |
| (3,241) |
| Net income (loss) per share, basic and diluted |
| $ |
| 0.16 |
| |
| $ |
| (0.33) |
| Dividends paid |
| $ |
| 0.14 |
| |
| $ |
| 0.14 |
| Average number of shares outstanding |
| |
| 9,683,414 |
| |
| |
| 9,683,414 |
| |
| |
| |
| |
| |
| |
SOURCE Kansas City Life Insurance Company
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