Kansas City Life Announces Second Quarter 2019 Results

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Aug 01, 2019, 13:56 ET

KANSAS CITY, Mo., Aug. 1, 2019 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $5.3 million or $0.54 per share in the second quarter of 2019, an increase of $1.2 million or $0.11 per share compared to the second quarter of 2018. Net income totaled $9.3 million or $0.96 per share in the first six months of 2019, up from $5.6 million or $0.58 per share in the first six months of 2018.

The improvement in net income in the second quarter and first six months of 2019 compared to the same periods in the prior year reflected increases in insurance and investment revenues and decreased 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 $15.9 million of total revenues, $15.2 million in benefits and expenses, and $0.6 million in net income to the consolidated results for the second quarter of 2019. Grange Life contributed $31.1 million of total revenues, $30.0 million in benefits and expenses, and $0.9 million in net income to the consolidated results for the first six months of 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 June 30				Six Months Ended June 30
	2019		2018		2019		2018
Revenues	$	129,884	$	112,331	$	259,987	$	221,842
Net income	$	5,281	$	4,108	$	9,316	$	5,570
Net income per share, basic and diluted	$	0.54	$	0.43	$	0.96	$	0.58
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