KANSAS CITY, Mo., July 26, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.7 million or $0.49 per share in the second quarter of 2024 compared to net income of $4.5 million or $0.46 per share in the second quarter of 2023. Net income totaled $6.3 million or $0.65 per share in the first six months of 2024, up from $1.2 million or $0.13 per share in the first six months of 2023.
The results for the second quarter of 2024 reflected higher investment revenues and lower policyholder benefits and operating expenses compared to the second quarter of 2023. Partially offsetting these improvements, insurance revenues declined and interest credited to policyholder account balances increased.
The improvement in the first six months of 2024 compared to the prior year resulted from an increase in investment revenues and a decrease in policyholder benefits. Partially offsetting these were a decrease in insurance revenues and increases in operating expenses and interest credited to policyholder account balances.
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 | Six Months Ended | ||||||||||
June 30 | June 30 | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Revenues | $ | 122,512 | $ | 123,952 | $ | 249,820 | $ | 249,921 | |||
Net income | $ | 4,735 | $ | 4,463 | $ | 6,289 | $ | 1,222 | |||
Net income per share, basic and | $ | 0.49 | $ | 0.46 | $ | 0.65 | $ | 0.13 | |||
Dividends paid | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.28 | |||
Average number of shares | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
SOURCE Kansas City Life Insurance Company
