Kansas City Life Announces Second Quarter 2022 Results

PR Newswire

KANSAS CITY, Mo., July 29, 2022 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.5 million or $0.46 per share in the second quarter of 2022, an increase of $0.2 million or $0.02 per share relative to the second quarter of 2021. In the first six months of 2022 we recorded a net loss of $3.2 million or $0.33 per share, compared to net income of $3.6 million or $0.37 per share in the first six months of 2021.

Total investment revenues declined in both the second quarter and first six months of 2022 compared to the same periods in the prior year. Partially offsetting this, policyholder benefits, interest credited to policyholder account balances, and operating expenses declined in both periods compared to the prior year.

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.

Please refer to our Quarterly Report for the period ended June 30, 2022, for additional information, which is available at www.kclife.com.

Kansas City Life Insurance Company Condensed Consolidated Income Statement (amounts in thousands, except share data)

	Quarter Ended				Six Months Ended
	June 30				June 30
	2022		2021		2022		2021
Revenues	$	114,579	$	124,804	$	233,810	$	247,135
Net income (loss)	$	4,485	$	4,286	$	(3,191)	$	3,618
Net income (loss) per share, basic and diluted	$	0.46	$	0.44	$	(0.33)	$	0.37
Dividends paid	$	0.14	$	0.27	$	0.41	$	0.54
Average number of shares outstanding		9,683,414		9,683,414		9,683,414		9,683,414