Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

Kansas City Life Announces First Quarter 2022 Results

gbafNews28

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

 

Cision View original content:https://www.prnewswire.com/news-releases/kansas-city-life-announces-first-quarter-2022-results-301536413.html

SOURCE Kansas City Life Insurance Company

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.