KANSAS CITY, Mo., Nov. 1, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $1.3 million or $0.14 per share in the third quarter of 2024, down from net income of $4.6 million or $0.47 per share in the third quarter of 2023. Net income totaled $7.6 million or $0.79 per share in the first nine months of 2024, up from $5.8 million or $0.60 per share in the first nine months of 2023.
The results for the third quarter of 2024 reflected lower insurance revenues and higher policyholder benefits, specifically from death benefits, and interest credited to policyholder account balances versus the prior year. Improvements for the quarter included increases in net investment income and net investment gains.
The improvement in the first nine months of 2024 compared to the prior year largely resulted from increases in net investment income and net investment gains and a decrease in policyholder benefits. Partially offsetting these were a decrease in insurance revenues and increases in operating expenses and interest credited to policyholder account balances.
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 | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Revenues | $ | 125,147 | $ | 122,626 | $ | 374,967 | $ | 372,547 | |||
Net income | $ | 1,321 | $ | 4,599 | $ | 7,610 | $ | 5,821 | |||
Net income per share, basic and diluted | $ | 0.14 | $ | 0.47 | $ | 0.79 | $ | 0.60 | |||
Dividends paid | $ | 0.14 | $ | 0.14 | $ | 0.42 | $ | 0.42 | |||
Average number of shares outstanding | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
SOURCE Kansas City Life Insurance Company
