Kansas City Life Announces Third Quarter 2016 Results

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Oct 27, 2016, 05:12 ET

KANSAS CITY, Mo., Oct. 27, 2016 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $7.2 million or $0.74 per share in the third quarter of 2016, an increase of $1.8 million or $0.22 per share relative to the same quarter in the prior year. Net income totaled $16.7 million or $1.72 per share in the first nine months of 2016, a decrease of $6.4 million or $0.44 per share relative to the same period one year earlier.

The improvement in the third quarter of 2016 primarily resulted from an increase in premiums from life and immediate annuity sales compared to the prior year. In addition, policyholder benefits and amortization of deferred acquisition costs were lower than the prior year. Partially offsetting these were decreases in net investment income and net realized investment gains.

The decline in the nine months of 2016 reflected increased policyholder benefits, lower net realized investment gains, and lower net investment income, primarily reflecting the low interest-rate environment. Partially offsetting these were increases in premiums, as life, immediate annuity, and accident and health premiums increased versus the prior year. Other favorable factors were decreases in interest credited to policyholder account balances and operating expenses.

On October 24, 2016, the Kansas City Life Board of Directors declared a quarterly dividend of $0.27 per share that will be paid on November 9, 2016 to stockholders of record on November 3, 2016.

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				Nine Months Ended
	September 30				September 30
	2016		2015		2016		2015
Revenues	$	112,209	$	112,261	$	333,287	$	331,939
Net income	$	7,193	$	5,435	$	16,692	$	23,112
Net income per share, basic and diluted	$	0.74	$	0.52	$	1.72	$	2.16
Dividends paid	$	0.27	$	0.27	$	0.81	$	0.81
Average number of shares outstanding		9,683,414		10,615,142		9,683,414		10,711,102