Kansas City Life Announces Fourth Quarter 2016 Results

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Mar 13, 2017, 09:37 ET

KANSAS CITY, Mo., March 13, 2017 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $5.6 million or $0.58 per share in the fourth quarter of 2016, a decrease of $0.5 million or $0.01 per share relative to the fourth quarter of 2015. The decline in 2016 primarily resulted from an increase in operating expenses, largely from higher compensation costs. In addition, net investment income decreased due to the low interest rate environment. Partially offsetting these were increases in premiums from life and immediate annuity sales, along with higher net realized investment gains.

Net income totaled $22.3 million or $2.30 per share for the year ended December 31, 2016, a decrease of $6.9 million or $0.45 per share relative to the year ended December 31, 2015. The decline in 2016 reflected increased policyholder benefits and operating expenses and lower net investment income. Partially offsetting these were increases in premiums, as life, immediate annuity, and accident and health premiums increased versus the prior year. Other favorable factors were an increase in net realized investment gains and a decrease in interest credited to policyholder account balances.

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				Year Ended
	December 31				December 31
	2016		2015		2016		2015
Revenues	$	111,735	$	108,912	$	445,022	$	440,851
Net income	$	5,624	$	6,114	$	22,316	$	29,226
Net income per share, basic and diluted	$	0.58	$	0.59	$	2.30	$	2.75
Dividends paid	$	0.27	$	0.27	$	1.08	$	1.08
Average number of shares outstanding		9,683,414		10,370,191		9,683,414		10,614,068