Kansas City Life Announces Second Quarter 2016 Results

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Jul 29, 2016, 01:18 ET

KANSAS CITY, Mo., July 28, 2016 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $5.2 million or $0.54 per share in the second quarter of 2016, a decrease of $5.7 million or $0.47 per share relative to the same quarter in the prior year. Net income totaled $9.5 million or $0.98 per share in the first six months of 2016, a decrease of $8.2 million or $0.66 per share relative to the first six months of 2015. The decrease in net income for the periods ending June 30, 2016 resulted from increased policyholder benefits and lower net investment income, both of which were impacted by the challenging interest rate environment. Partially offsetting these items were increases in premiums, net of reinsurance. The growth in net premiums was largely due to increased sales of traditional life insurance, mainly from Old American Insurance Company. In addition, net realized investment gains increased in the six months, resulting from gains on real estate and bonds.

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)
(Unaudited)


	Quarter Ended		Six Months Ended
	June 30		June 30
	2016	2015	2016	2015
Revenues	$ 108,524	$ 108,873	$ 221,078	$ 219,678

Net income	$ 5,242	$ 10,899	$ 9,499	$ 17,677

Net income per share, basic and diluted	$ 0.54	$ 1.01	$ 0.98	$ 1.64

Dividends paid	$ 0.27	$ 0.27	$ 0.54	$ 0.54

Average number of shares outstanding	9,683,414	10,707,363	9,683,414	10,754,922