KANSAS CITY, Missouri., March 6, 2024 /PRNewswire/ — Kansas City Life Insurance Company reported net income of $49.1 million either $5.07 per share in the fourth quarter of 2023, compared to a net loss of 17.3 million dollars either $1.79 per share in the fourth quarter of 2022. The most important factor in this improvement was a 61.7 million dollars increase in realized investment gains, largely due to real estate sales that generated a pre-tax net profit of 63.9 million dollars in the fourth quarter of 2023. Additionally, net investment income increased 1.8 million dollars and operating expenses decreased 19.6 million dollars compared to the previous year. The decrease in operating expenses was primarily due to the establishment of a $28.4 million Legal reserve accumulation in the fourth quarter of 2022 related to a class action lawsuit.
Totalized net income $54.9 million either $5.67 per share for the year ended December 31, 2023compared to a net loss of 16.2 million dollars either $1.67 per share for the year ended December 312022. This improvement included a 78.7 million dollars increase in net profits from investments made, reflecting the sales mentioned above. Also contributing to the increase in net income was 3.8 million dollars increase in net investment income, a 6.2 million dollars decrease in the amortization of deferred acquisition costs, and a 10.3 million dollars decrease in operating expenses. The decrease in operating expenses was largely due to higher expenses in 2022 due to the legal reserve mentioned above. Partially offsetting these revenue improvements, policyholder benefits increased 7.4 million dollars in 2023 compared to 2022.
Kansas City Life Insurance Company KCLI was founded in 1895 and is headquartered 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 D.C..
Please see our 2023 Annual Report for additional information, which is available at www.kclife.com.
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Kansas City Life Insurance Company |
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Condensed Consolidated Income Statement |
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(figures in thousands, except stock data) |
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Finished room December 31 |
Ended year December 31 |
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2023 |
2022 |
2023 |
2022 |
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Income |
$ |
186,373 |
$ |
122,834 |
$ |
558,920 |
$ |
476,642 |
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Net income (loss) |
$ |
49,099 |
$ |
(17,342) |
$ |
54,920 |
$ |
(16,218) |
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Net income (loss) per share, basic and diluted |
$ |
5.07 |
$ |
(1.79) |
$ |
5.67 |
$ |
(1.67) |
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Dividends paid |
$ |
0.14 |
$ |
0.14 |
$ |
0.56 |
$ |
0.69 |
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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
