KANSAS CITY, Mo., April 26, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $1.6 million or $0.16 per share in the first quarter of 2024 compared to a net loss of $3.2 million or $0.33 per share in the first quarter of 2023.
The largest factor in the improvement in 2024 over 2023 was a $9.4 million decrease in policyholder benefits, net of reinsurance. In addition, investment revenues increased $2.8 million and contract charges increased $0.9 million compared to one year earlier. Partially offsetting these improvements, premiums, net of reinsurance, decreased $2.3 million, interest credited to policyholder account balances increased $2.1 million, and operating expenses increased $2.6 million versus the prior year.
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 | |||||
March 31 | |||||
2024 | 2023 | ||||
Revenues | $ | 127,308 | $ | 125,969 | |
Net income (loss) | $ | 1,554 | $ | (3,241) | |
Net income (loss) per share, basic and diluted | $ | 0.16 | $ | (0.33) | |
Dividends paid | $ | 0.14 | $ | 0.14 | |
Average number of shares outstanding | 9,683,414 | 9,683,414 | |||
SOURCE Kansas City Life Insurance Company
