Kansas City Life Announces Second Quarter 2022 Results

Rhea-AI Summary

Kansas City Life Insurance Company reported a net income of $4.5 million or $0.46 per share for Q2 2022, up $0.2 million from Q2 2021. However, for the first half of 2022, the company faced a net loss of $3.2 million or $0.33 per share, contrasting with $3.6 million in net income in the same period of 2021. Total investment revenues declined in both periods, but there was a decline in policyholder benefits and operating expenses which somewhat offset this negative trend. The company's financial health remains imperative as it operates in 49 states and D.C.

Positive

• Net income increased by $0.2 million or $0.02 per share in Q2 2022 compared to Q2 2021.
• Operating expenses declined compared to the prior year, which may positively impact future profitability.

Negative

• Net loss of $3.2 million or $0.33 per share for the first half of 2022, compared to net income of $3.6 million in H1 2021.
• Total investment revenues declined in both Q2 and the first six months of 2022, affecting overall performance.

KANSAS CITY, Mo., July 29, 2022 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.5 million or $0.46 per share in the second quarter of 2022, an increase of $0.2 million or $0.02 per share relative to the second quarter of 2021.  In the first six months of 2022 we recorded a net loss of $3.2 million or $0.33 per share, compared to net income of $3.6 million or $0.37 per share in the first six months of 2021.

Total investment revenues declined in both the second quarter and first six months of 2022 compared to the same periods in the prior year.  Partially offsetting this, policyholder benefits, interest credited to policyholder account balances, and operating expenses declined in both periods compared to 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.

Please refer to our Quarterly Report for the period ended June 30, 2022, for additional information, which is available at www.kclife.com.

 

Kansas City Life Insurance Company Condensed Consolidated Income Statement (amounts in thousands, except share data)
	Quarter Ended						Six Months Ended
	June 30						June 30
	2022			2021			2022			2021
Revenues	$	114,579		$	124,804		$	233,810		$	247,135
Net income (loss)	$	4,485		$	4,286		$	(3,191)		$	3,618
Net income (loss) per share, basic and diluted	$	0.46		$	0.44		$	(0.33)		$	0.37
Dividends paid	$	0.14		$	0.27		$	0.41		$	0.54
Average number of shares outstanding		9,683,414			9,683,414			9,683,414			9,683,414

 

View original content:https://www.prnewswire.com/news-releases/kansas-city-life-announces-second-quarter-2022-results-301596185.html

SOURCE Kansas City Life Insurance Company

FAQ

What were Kansas City Life's net income results for Q2 2022?

Kansas City Life reported a net income of $4.5 million or $0.46 per share for Q2 2022.

How did Kansas City Life perform in the first six months of 2022?

The company recorded a net loss of $3.2 million or $0.33 per share in the first half of 2022.

Did Kansas City Life see changes in investment revenues in 2022?

Yes, total investment revenues declined in both the second quarter and the first six months of 2022 compared to the same periods in 2021.

How have operating expenses changed for Kansas City Life?

Operating expenses declined in both the second quarter and first six months of 2022 compared to the prior year.