KANSAS CITY, Mo., Aug. 1, 2025 /PRNewswire/ -- Kansas City Life Insurance Company recorded a net loss of $28.1 million or $2.90 per share in the second quarter of 2025 compared to net income of $4.7 million or $0.49 per share in the second quarter of 2024. The primary factor in the decrease in net income in the second quarter of 2025 was the establishment of a legal settlement accrual of $35.5 million, net of tax, related to a potential settlement of class action lawsuits.
Excluding this legal settlement accrual, net income would have been $7.5 million or $0.77 per share in the second quarter of 2025. After excluding the legal settlement accrual, the improvement over the second quarter of 2024 included higher investment revenues and lower policyholder benefits, partially offset by a decline in insurance revenues.
We recorded a net loss of $26.2 million or $2.71 per share in the first six months of 2025 compared to net income of $6.3 million or $0.65 per share in the first six months of 2024. The primary factor in the decrease in net income in the first six months of 2025 was the establishment of a legal settlement accrual, as mentioned above.
Excluding this legal settlement accrual, net income would have been $9.3 million or $0.96 per share in the first six months of 2025. After excluding the legal settlement accrual, the increase over the first six months of 2024 was primarily due to lower policyholder benefits. Partially offsetting this were decreases in insurance revenues and investment revenues.
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 | Six Months Ended June 30 | ||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||
Revenues | $ | 122,299 | $ | 122,512 | $ | 241,274 | $ | 249,820 | |||
Net income (loss) | $ | (28,073) | $ | 4,735 | $ | (26,197) | $ | 6,289 | |||
Net income (loss) per share, basic and diluted | $ | (2.90) | $ | 0.49 | $ | (2.71) | $ | 0.65 | |||
Dividends paid | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.28 | |||
Average number of shares outstanding | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
SOURCE Kansas City Life Insurance Company
