Kansas City Life Announces First Quarter 2017 Results
KANSAS CITY, Mo., April 27, 2017 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $5.2 million or $0.53 per share in the first quarter of 2017, an increase of $0.9 million or $0.09 per share relative to the first quarter of 2016. The improvement in 2017 primarily resulted from increased premiums, reduced amortization of deferred acquisition costs, and lower operating expenses. Partially offsetting these were decreases in net investment income and realized investment gains compared to the prior year. In addition, increases in benefits paid to policyholders were mostly offset by the change in liabilities associated with certain products linked to financial markets.
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 |
|||||
| 2017 |
2016 |
||||
| Revenues |
$ |
111,237 |
$ |
112,554 |
|
| Net income |
$ |
5,168 |
$ |
4,257 |
|
| Net income per share, basic and diluted |
$ |
0.53 |
$ |
0.44 |
|
| Dividends paid |
$ |
0.27 |
$ |
0.27 |
|
| Average number of shares outstanding |
9,683,414 |
9,683,414 |
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SOURCE Kansas City Life Insurance Company
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