KANSAS CITY, Mo., March 4, 2025 /PRNewswire/ -- Kansas City Life Insurance Company recorded a net loss of $12.6 million or $1.30 per share in the fourth quarter of 2024, down from net income of $49.1 million or $5.07 per share in the fourth quarter of 2023. The significant factors in the decrease in net income include lower insurance revenues and net investment gains and higher operating expenses compared to one year earlier. The increase in operating expenses reflected a $21.1 million pretax legal reserve established in the fourth quarter of 2024 related to class action lawsuits. Net investment gains were higher in 2023, largely due to real estate sales that generated large gains, and realized losses in 2024 due to portfolio repositioning. Partially offsetting these factors, net investment income increased and policyholder benefits decreased versus the prior year.
We recorded a net loss of $5.0 million or $0.51 per share for the year ended December 31, 2024, compared to net income of $54.9 million or $5.67 per share for the year ended December 31, 2023. This decline reflected the lower realized gains and increased operating expenses mentioned previously. In addition, insurance revenues decreased and interest credited on policyholder account balances increased. Partially offsetting these, net investment income increased and policyholder benefits declined.
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 December 31 | Year Ended December 31 | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Revenues | $ | 115,820 | $ | 186,373 | $ | 490,787 | $ | 558,920 | |||
Net income (loss) | $ | (12,575) | $ | 49,099 | $ | (4,965) | $ | 54,920 | |||
Net income (loss) per share, basic and diluted | $ | (1.30) | $ | 5.07 | $ | (0.51) | $ | 5.67 | |||
Dividends paid | $ | 0.14 | $ | 0.14 | $ | 0.56 | $ | 0.56 | |||
Average number of shares outstanding | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
SOURCE Kansas City Life Insurance Company
