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27.07.2017 21:30:00
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Kansas City Life Announces Second Quarter 2017 Results
KANSAS CITY, Mo., July 27, 2017 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $5.6 million or $0.58 per share in the second quarter of 2017, an increase of $0.4 million or $0.04 per share relative to the second quarter of 2016. Net income totaled $10.8 million or $1.11 per share in the first six months of 2017, an increase of $1.3 million or $0.13 per share compared to the first six months of 2016.
The improvement in net income for the periods ending June 30, 2017 reflected increased insurance revenues from both premiums and contract charges. In addition, policyholder benefits decreased due to lower death benefits, net of reinsurance, and the change in liabilities associated with certain products linked to financial markets. Partially offsetting these were a decrease in net investment income and an increase in the amortization of deferred acquisition costs, largely due to the low interest rate environment. In addition, operating expenses increased 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. 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 | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Revenues | $ | 115,277 | $ | 108,524 | $ | 226,514 | $ | 221,078 | |||
Net income | $ | 5,612 | $ | 5,242 | $ | 10,780 | $ | 9,499 | |||
Net income per share, basic and diluted | $ | 0.58 | $ | 0.54 | $ | 1.11 | $ | 0.98 | |||
Dividends paid | $ | 0.27 | $ | 0.27 | $ | 0.54 | $ | 0.54 | |||
Average number of shares outstanding | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
View original content:http://www.prnewswire.com/news-releases/kansas-city-life-announces-second-quarter-2017-results-300495625.html
SOURCE Kansas City Life Insurance Company
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