Kansas City Life Announces Fourth Quarter 2019 Results

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Mar 12, 2020, 15:02 ET

KANSAS CITY, Mo., March 12, 2020 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $10.6 million or $1.09 per share in the fourth quarter of 2019, an increase of $6.8 million or $0.69 per share compared to the fourth quarter of 2018. This improvement reflected increased net realized investment gains and decreases in policyholder benefits, amortization of deferred acquisition costs, and operating expenses. These were partially offset by a decrease in premiums, net of reinsurance.

Net income totaled $24.4 million or $2.52 per share for the year ended December 31, 2019, up from $15.7 million or $1.62 per share for the year ended December 31, 2018. This improvement primarily resulted from increases in insurance and investment revenues and a decrease in the amortization of deferred acquisition costs. These were partially offset by increases in policyholder benefits and operating expenses.

Grange Life Insurance Company, which was acquired in the fourth quarter of 2018, contributed $14.4 million of total revenues and $5.6 million in total benefits and expenses to the consolidated results for the fourth quarter of 2019. Grange Life contributed $60.8 million of total revenues and $49.7 million in total benefits and expenses to the consolidated results for the year ended December 31, 2019.

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 December 31				Year Ended December 31
	2019		2018		2019		2018
Revenues	$	126,265	$	123,818	$	512,693	$	461,032
Net income	$	10,589	$	3,827	$	24,427	$	15,672
Net income per share, basic and diluted	$	1.09	$	0.40	$	2.52	$	1.62
Dividends paid	$	0.27	$	0.27	$	1.08	$	1.08
Average number of shares outstanding		9,683,414		9,683,414		9,683,414		9,683,414