Kansas City Life Announces First Quarter 2018 Results
KANSAS CITY, Mo., April 26, 2018 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $1.5 million or $0.15 per share in the first quarter of 2018, a decrease of $3.7 million or $0.38 per share relative to the first quarter of 2017. The decline in the first quarter of 2018 reflected lower investment revenues, largely related to reduced reinvestment rates available in the marketplace. In addition, operating expenses and amortization of deferred acquisition costs increased. Partially offsetting these, insurance revenues from both premiums and contract charges increased and policyholder benefits decreased.
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 | |||||
2018 | 2017 | ||||
Revenues | $ | 109,504 | $ | 111,237 | |
Net income | $ | 1,462 | $ | 5,168 | |
Net income per share, basic and diluted | $ | 0.15 | $ | 0.53 | |
Dividends paid | $ | 0.27 | $ | 0.27 | |
Average number of shares outstanding | 9,683,414 | 9,683,414 | |||
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SOURCE Kansas City Life Insurance Company
