Kansas City Life Announces First Quarter 2022 Results

PR Newswire

KANSAS CITY, Mo., April 29, 2022 /PRNewswire/ -- Kansas City Life Insurance Company recorded a net loss of $7.7 million or $0.79 per share in the first quarter of 2022 compared to a net loss of $0.7 million or $0.07 per share in the first quarter of 2021.

The largest factor in the decline in net income in the first quarter of 2022 compared to the first quarter of 2021 was an increase in policyholder benefits, largely from death benefits, net of reinsurance. Policyholder benefits have been heavily affected by the COVID-19 pandemic and its related impacts. In addition, the amortization of deferred acquisition costs and operating expenses increased compared to the prior year. Also, net investment income and net investment gains declined verses one year earlier. Partially offsetting these, income tax expense decreased compared to the prior year, reflecting a higher pretax loss.

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
	2022		2021
Revenues	$	119,231	$	122,331
Net loss	$	(7,676)	$	(668)
Net loss per share, basic and diluted	$	(0.79)	$	(0.07)
Dividends paid	$	0.27	$	0.27
Average number of shares outstanding		9,683,414		9,683,414