Kansas City Life Announces Second Quarter 2023 Results

Rhea-AI Summary

Kansas City Life Insurance Company reported net income of $4.5 million or $0.46 per share in the second quarter of 2023, reflecting higher investment revenues and lower amortization of deferred acquisition costs compared to the same period in 2022. However, insurance revenues declined due to an increase in reinsurance ceded premiums, and policyholder benefits and operating expenses increased.

KANSAS CITY, Mo., July 28, 2023 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.5 million or $0.46 per share in the second quarters of both 2023 and 2022.  In the first six months of 2023 we recorded net income of $1.2 million or $0.13 per share compared to a net loss of $3.2 million or $0.33 per share in the first six months of 2022.

The results for the second quarter of 2023 reflected higher investment revenues and lower amortization of deferred acquisition costs compared to the second quarter of 2022.  Partially offsetting these improvements, insurance revenues declined, primarily from an increase in reinsurance ceded premiums, and policyholder benefits and operating expenses increased.

The improvement in the first six months of 2023 compared to the prior year reflected increases in investment and insurance revenues and lower amortization of deferred acquisition costs.  Partially offsetting these, policyholder benefits and operating expenses increased.

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						Six Months Ended
	June 30						June 30
	2023			2022			2023			2022
Revenues	$	123,952		$	114,579		$	249,921		$	233,810
Net income (loss)	$	4,463		$	4,485		$	1,222		$	(3,191)
Net income (loss) per share, basic and diluted	$	0.46		$	0.46		$	0.13		$	(0.33)
Dividends paid	$	0.14		$	0.14		$	0.28		$	0.41
Average number of shares outstanding		9,683,414			9,683,414			9,683,414			9,683,414

 

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SOURCE Kansas City Life Insurance Company

FAQ

What was the net income of Kansas City Life Insurance Company in the second quarter of 2023?

Kansas City Life Insurance Company recorded a net income of $4.5 million or $0.46 per share in the second quarter of 2023.

What factors contributed to the improvement in net income in the second quarter of 2023 compared to the same period in 2022?

The improvement in net income in the second quarter of 2023 was due to higher investment revenues and lower amortization of deferred acquisition costs.

Why did insurance revenues decline in the second quarter of 2023?

Insurance revenues declined in the second quarter of 2023 due to an increase in reinsurance ceded premiums.

What were the policyholder benefits and operating expenses like in the second quarter of 2023?

Policyholder benefits and operating expenses increased in the second quarter of 2023.