Kansas City Life Announces First Quarter 2016 Results

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Apr 28, 2016, 06:16 ET

KANSAS CITY, Mo., April 28, 2016 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.3 million or $0.44 per share in the first quarter of 2016, a decrease of $2.5 million or $0.19 per share relative to the same quarter in the prior year. This decrease was largely due to increased policyholder benefits and lower net investment income, both of which were negatively impacted by the challenging market rate environment. Partially offsetting these items were increases in net realized investment gains and insurance revenues. The improvement in insurance revenues largely resulted from increased sales of traditional life insurance, primarily from Old American Insurance Company.

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
	March 31
	2016	2015
Revenues	$ 112,554	$ 110,805

Net income	$ 4,257	$ 6,778

Net income per share, basic and diluted	$ 0.44	$ 0.63

Dividends paid	$ 0.27	$ 0.27

Average number of shares outstanding	9,683,414	10,808,570