Kansas City Life Announces Second Quarter 2021 Results

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Jul 30, 2021, 12:05 ET

KANSAS CITY, Mo., July 30, 2021 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.3 million or $0.44 per share in the second quarter of 2021, a decrease of $12.7 million or $1.31 per share relative to the second quarter of 2020. Net income totaled $3.6 million or $0.37 per share in the first six months of 2021, down from $17.1 million or $1.77 per share in the first six months of 2020.

The largest factor in the decrease in net income in the second quarter and first six months of 2021 compared to the same periods in the prior year was a decrease in net investment gains. The sale of an industrial real estate property generated a large investment gain in the second quarter of 2020. Also contributing to the decrease in both periods were a decline in insurance revenues and an increase in policyholder benefits. Partially offsetting these were decreases in amortization of deferred acquisition costs and operating expenses.

The COVID-19 pandemic continued to have negative impacts in both the second quarters and first six months of 2021 and 2020. The primary impacts were a negative effect on mortality experience and increased financial market volatility.

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.

Please refer to our Quarterly Report for the period ended June 30, 2021 for additional information, which is available at 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
	2021		2020		2021		2020
Revenues	$	124,804	$	146,772	$	247,135	$	269,807
Net income	$	4,286	$	16,969	$	3,618	$	17,119
Net income per share, basic and diluted	$	0.44	$	1.75	$	0.37	$	1.77
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