KANSAS CITY, Oct. 31, 2025 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $3.2 million or $0.33 per share in the third quarter of 2025, up from net income of $1.3 million or $0.14 per share in the third quarter of 2024. The improvement in net income in the third quarter of 2025 reflected higher investment revenues and lower policyholder benefits, which was largely driven by a decline in death benefits, net of reinsurance. These improvements were partially offset by a decrease in insurance revenues.
We recorded a net loss of $23.0 million or $2.38 per share in the first nine months of 2025 compared to net income of $7.6 million or $0.79 per share in the first nine months of 2024. The primary factor in the decrease in net income in the first nine months of 2025 was the establishment of a legal settlement accrual of $35.5 million, net of tax, in the second quarter related to a potential settlement of class action lawsuits. Excluding this legal settlement accrual, net income would have been $12.5 million or $1.29 per share in the first nine months of 2025. After excluding the legal settlement accrual, the increase over the first nine months of 2024 was primarily due to lower policyholder benefits. Partially offsetting this was a decrease in insurance 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.
A Condensed Consolidated Income Statement appears on the next page.
| Kansas City Life Insurance Company Condensed Consolidated Income Statement (amounts in thousands, except share data)
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| | Quarter Ended September 30 | | Nine Months Ended September 30 | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
| Revenues | $ | 123,781 | | $ | 125,147 | | $ | 365,055 | | $ | 374,967 |
| Net income (loss) | $ | 3,152 | | $ | 1,321 | | $ | (23,045) | | $ | 7,610 |
| Net income (loss) per share, basic and diluted | $ | 0.33 | | $ | 0.14 | | $ | (2.38) | | $ | 0.79 |
| 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 |
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SOURCE Kansas City Life Insurance Company
