KANSAS CITY, Mo., May 1, 2026 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $9.6 million or $0.99 per share in the first quarter of 2026, up from net income of $4.2 million or $0.43 per share in the first quarter of 2025.
The increase in net income in the first quarter of 2026 largely resulted from a $3.0 million or 5% decrease in policyholder benefits and an increase in investment revenues of $1.8 million or 5%. Lower death benefits and reduced annuity benefits drove the decrease in policyholder benefits. In addition, realized losses were lower in the current year versus the prior year, largely due to the change in the fair value of certain investments. Partially offsetting these improvements, insurance revenues declined $2.1 million or 3% versus the prior year, largely reflecting lower premiums, net of reinsurance, and reserves on policyholder account balances increased. In addition, the Company had income tax benefits of $5.5 million in the first quarter of 2026 and $3.6 million in the first quarter of 2025. These tax benefits primarily resulted from payments to settle legal matters.
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 | |||||
March 31 | |||||
2026 | 2025 1 | ||||
Revenues | $ | 117,811 | $ | 117,990 | |
Net income | $ | 9,571 | $ | 4,160 | |
Net income per share, basic and diluted | $ | 0.99 | $ | 0.43 | |
Dividends paid | $ | 0.18 | $ | 0.14 | |
Average number of shares outstanding | 9,683,414 | 9,683,414 | |||
1 Certain prior period amounts have been recast as a result of our adoption of Accounting Standards | |||||
SOURCE Kansas City Life Insurance Company
