Kansas City Life Announces Sale of Real Estate

Rhea-AI Summary

Kansas City Life Insurance Company (KCLI) Completes Sale of Real Estate Assets, Expects $9.1 Million Gain

Positive

• The sale of real estate assets is expected to result in an after-tax gain of approximately $9.1 million for Kansas City Life Insurance Company, enhancing its financial position.

Negative

• None.

KANSAS CITY, Mo., Nov. 10, 2023 /PRNewswire/ -- Kansas City Life Insurance Company (the "Company") has completed the sale of certain real estate assets effective November 8, 2023.

In connection with the sale of the assets, which are located in the Tulsa metropolitan area, the Company expects to record an after-tax gain of approximately $9.1 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.

View original content:https://www.prnewswire.com/news-releases/kansas-city-life-announces-sale-of-real-estate-301985101.html

SOURCE Kansas City Life Insurance Company

FAQ

What did Kansas City Life Insurance Company sell?

The company completed the sale of certain real estate assets located in the Tulsa metropolitan area.

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

The sale was effective on November 8, 2023.

What gain does the company expect from the sale?

Kansas City Life Insurance Company expects to record an after-tax gain of approximately $9.1 million during the fourth quarter of 2023.

Where is Kansas City Life Insurance Company based?

The 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 Kansas City Life Insurance Company operate?

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