Kansas City Life Announces Second Quarter 2018 Results

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Jul 26, 2018, 10:42 ET

KANSAS CITY, Mo., July 26, 2018 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.1 million or $0.43 per share in the second quarter of 2018, a decrease of $1.5 million or $0.15 per share compared to the second quarter of 2017. Net income totaled $5.6 million or $0.58 per share in the first six months of 2018, down from $10.8 million or $1.11 per share in the first six months of 2017.

The declines in the second quarter and first six months of 2018 reflected lower investment revenues that largely resulted from reduced reinvestment rates available in the marketplace. Additionally, increased policyholder benefits and amortization of deferred acquisition costs contributed to the declines. Partially offsetting these, operating expenses decreased. In addition, lower contract charges contributed to the decline in the second quarter of 2018.

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 June 30				Six Months Ended June 30
	2018		2017		2018		2017
Revenues	$	112,311	$	115,277	$	221,815	$	226,514
Net income	$	4,108	$	5,612	$	5,570	$	10,780
Net income per share, basic and diluted	$	0.43	$	0.58	$	0.58	$	1.11
Dividends paid	$	0.27	$	0.27	$	0.54	$	0.54
Average number of shares outstanding		9,683,414		9,683,414		9,683,414		9,683,414