Kansas City Life Announces Third Quarter 2017 Results
KANSAS CITY, Mo., Oct. 26, 2017 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $6.6 million or $0.69 per share in the third quarter of 2017, a decrease of $0.5 million or $0.05 per share relative to the third quarter of 2016. Net income totaled $17.4 million or $1.80 per share in the first nine months of 2017, up from $16.7 million or $1.72 per share in the first nine months of 2016.
The results for the third quarter ended September 30, 2017 reflected a decrease in investment revenues and an increase in benefits, net of reinsurance compared to the prior year. Partially offsetting these were increased premiums, largely from individual life products, and lower operating expenses.
The improvement in net income for the nine months ended September 30, 2017 primarily resulted from increased insurance revenues from both premiums and contract charges. In addition, policyholder benefits decreased largely due to the change in liabilities associated with certain products linked to financial markets. Partially offsetting these was a decrease in investment revenues and an increase in the amortization of deferred acquisition costs, both primarily resulting from the low interest rate environment.
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 | Nine Months Ended | ||||||||||
September 30 | September 30 | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Revenues | $ | 112,014 | $ | 112,209 | $ | 338,528 | $ | 333,287 | |||
Net income | $ | 6,648 | $ | 7,193 | $ | 17,428 | $ | 16,692 | |||
Net income per share, basic and diluted | $ | 0.69 | $ | 0.74 | $ | 1.80 | $ | 1.72 | |||
Dividends paid | $ | 0.27 | $ | 0.27 | $ | 0.81 | $ | 0.81 | |||
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
