Kansas City Life Announces Sale of Real Estate

Rhea-AI Summary

Kansas City Life Insurance Company (KCLI) has completed the sale of a real estate asset in Beaverton, Oregon, expecting to record an after-tax gain of approximately $35.2 million in Q4 2023. Established in 1895, KCLI is based in Kansas City, Missouri, and primarily sells life insurance and annuities in 49 states and the District of Columbia.

KANSAS CITY, Mo., Dec. 15, 2023 /PRNewswire/ -- Kansas City Life Insurance Company (the "Company") has completed the sale of a certain real estate asset effective December 13, 2023.

In connection with the sale of the asset, located in Beaverton, Oregon, the Company expects to record an after-tax gain of approximately $35.2 million during the fourth quarter of 2023.

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.

FORWARD-LOOKING STATEMENTS

This press release includes "forward-looking statements," which are statements, other than statements of historical facts, regarding the Company's plans, financial position and business strategy. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from the Company's expectations include those identified in its filings with the OTC.  The forward-looking statements included herein are made only as of the date of this press release, and the Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

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SOURCE Kansas City Life Insurance Company

FAQ

What real estate asset did Kansas City Life Insurance Company sell?

Kansas City Life Insurance Company completed the sale of a real estate asset in Beaverton, Oregon.

When did the sale of the real estate asset take place?

The sale of the real estate asset was effective on December 13, 2023.

How much after-tax gain does the Company expect to record from the sale?

The Company expects to record an after-tax gain of approximately $35.2 million during the fourth quarter of 2023.

Where is Kansas City Life Insurance Company based?

Kansas City Life Insurance Company is based in Kansas City, Missouri.

What is the primary business of Kansas City Life Insurance Company?

The Company's primary business is providing financial protection through the sale of life insurance and annuities.

In how many states does the Company operate?

The Company operates in 49 states and the District of Columbia.