Kansas City Life Announces Third Quarter 2018 Results

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Oct 25, 2018, 12:13 ET

KANSAS CITY, Mo., Oct. 25, 2018 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $6.3 million or $0.64 per share in the third quarter of 2018, a decrease of $0.4 million or $0.05 per share compared to the third quarter of 2017. Net income totaled $11.8 million or $1.22 per share in the first nine months of 2018, down from $17.4 million or $1.80 per share in the first nine months of 2017.

The results for the third quarter and first nine months of 2018 compared to the same periods in the prior year reflected increases in insurance revenues and net realized investment gains. Offsetting these favorable results were increases in policyholder benefits, amortization of deferred acquisition costs, and operating expenses. In addition, net investment income declined, primarily reflecting reduced reinvestment rates available in the marketplace.

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				Nine Months Ended
	September 30				September 30
	2018		2017		2018		2017
Revenues	$	115,426	$	112,014	$	337,241	$	338,528
Net income	$	6,275	$	6,648	$	11,845	$	17,428
Net income per share, basic and diluted	$	0.64	$	0.69	$	1.22	$	1.80
Dividends paid	$	0.27	$	0.27	$	0.81	$	0.81
Average number of shares outstanding		9,683,414		9,683,414		9,683,414		9,683,414