Kansas City Life Announces Third Quarter 2023 Results

Rhea-AI Summary

Kansas City Life Insurance Company recorded net income of $4.6 million or $0.47 per share in the third quarter of 2023 compared to net income of $4.3 million or $0.45 per share in the third quarter of 2022. Net income totaled $5.8 million or $0.60 per share in the first nine months of 2023, up from $1.1 million or $0.12 per share in the first nine months of 2022. The results for the third quarter of 2023 reflected higher insurance and investment revenues compared to the third quarter of 2022. In addition, policyholder benefits and amortization of deferred acquisition costs were lower compared to the prior year. Partially offsetting these improvements were increases in interest credited to policyholder account balances and operating expenses.

Positive

• Kansas City Life Insurance Company recorded higher net income in Q3 2023 compared to Q3 2022, with $4.6 million or $0.47 per share, up from $4.3 million or $0.45 per share. Net income for the first nine months of 2023 was $5.8 million or $0.60 per share, up from $1.1 million or $0.12 per share in the same period last year. The company saw increases in insurance and investment revenues and lower amortization of deferred acquisition costs, contributing to the improved results.

Negative

• None.

KANSAS CITY, Mo., Oct. 27, 2023 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.6 million or $0.47 per share in the third quarter of 2023 compared to net income of $4.3 million or $0.45 per share in the third quarter of 2022. Net income totaled $5.8 million or $0.60 per share in the first nine months of 2023, up from $1.1 million or $0.12 per share in the first nine months of 2022.

The results for the third quarter of 2023 reflected higher insurance and investment revenues compared to the third quarter of 2022. In addition, policyholder benefits and amortization of deferred acquisition costs were lower compared to the prior year. Partially offsetting these improvements were increases in interest credited to policyholder account balances and operating expenses.

The improvement in the first nine months of 2023 compared to one year earlier was largely due to increases in insurance and investment revenues and lower amortization of deferred acquisition costs. Partially offsetting these were increases in policyholder benefits and operating expenses.

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 September 30						Nine Months Ended September 30
		2023			2022			2023			2022
Revenues		$	122,626		$	119,998		$	372,547		$	353,808
Net income		$	4,599		$	4,315		$	5,821		$	1,124
Net income per share, basic and diluted		$	0.47		$	0.45		$	0.60		$	0.12
Dividends paid		$	0.14		$	0.14		$	0.42		$	0.55
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 Kansas City Life Insurance Company's net income in Q3 2023?

Kansas City Life Insurance Company recorded net income of $4.6 million or $0.47 per share in Q3 2023.

How does the net income in Q3 2023 compare to Q3 2022?

The net income in Q3 2023 was higher compared to Q3 2022, with an increase from $4.3 million to $4.6 million.

What were the net income and earnings per share for the first nine months of 2023?

The net income for the first nine months of 2023 was $5.8 million or $0.60 per share.

What factors contributed to the improved results in Q3 2023?

The improved results in Q3 2023 were due to higher insurance and investment revenues and lower amortization of deferred acquisition costs.