KANSAS CITY, Mo., May 1, 2025 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $1.9 million or $0.19 per share in the first quarter of 2025 compared to net income of $1.6 million or $0.16 per share in the first quarter of 2024.
This result included a $4.2 million or 6% decrease in policyholder benefits, net of reinsurance, and a $0.9 million or 3% decline in operating expenses in the first quarter of 2025 compared to the first quarter of 2024. In addition, we recorded an income tax benefit of $4.2 million in the first quarter of 2025 compared to an income tax expense of $0.4 million in the first quarter of 2024. The increased tax benefit resulted from a one-time tax benefit recorded in the first quarter of 2025. Partially offsetting these, insurance revenues decreased $3.1 million or 4% and total investment revenues decreased $5.3 million or 13%, largely due to a change in the fair value of certain investments compared to 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 | |||||
Quarter Ended | |||||
March 31 | |||||
2025 | 2024 | ||||
Revenues | $ | 118,975 | $ | 127,308 | |
Net income | $ | 1,876 | $ | 1,554 | |
Net income per share, basic and diluted | $ | 0.19 | $ | 0.16 | |
Dividends paid | $ | 0.14 | $ | 0.14 | |
Average number of shares outstanding | 9,683,414 | 9,683,414 | |||
SOURCE Kansas City Life Insurance Company
