Kansas City Life Announces Third Quarter 2022 Results

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Oct 28, 2022, 11:42 ET

KANSAS CITY, Mo., Oct. 28, 2022 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.3 million or $0.45 per share in the third quarter of 2022 compared to a net loss of $6.0 million or $0.62 per share in the third quarter of 2021. Net income totaled $1.1 million or $0.12 per share in the first nine months of 2022 compared to a net loss of $2.4 million or $0.25 per share in the first nine months of 2021.

The largest factors in the improvement in the third quarter of 2022 compared to the third quarter of 2021 were decreases in policyholder benefits, interest credited to policyholder account balances, and operating expenses. These were partially offset by a decline in premiums, net of reinsurance.

The improvement in the first nine months of 2022 compared to one year earlier reflected decreases in policyholder benefits, interest credited to policyholder account balances, and operating expenses. These were partially offset by decreases in premiums, net of reinsurance, and investment revenues, as well as an increase in the amortization of deferred acquisition costs.

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 September 30, 2022, 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				Nine Months Ended
	September 30				September 30
	2022		2021		2022		2021
Revenues	$	119,998	$	121,282	$	353,808	$	368,417
Net income (loss)	$	4,315	$	(6,006)	$	1,124	$	(2,388)
Net income (loss) per share, basic and diluted	$	0.45	$	(0.62)	$	0.12	$	(0.25)
Dividends paid	$	0.14	$	0.27	$	0.55	$	0.81
Average number of shares outstanding		9,683,414		9,683,414		9,683,414		9,683,414