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 Third Quarter 2021 Results

gbafNews28

KANSAS CITY, Mo., Oct. 29, 2021 /PRNewswire/ — Kansas City Life Insurance Company recorded a net loss of $6.0 million or $0.62 per share in the third quarter of 2021 compared to a net loss of $1.2 million or $0.13 per share in the third quarter of 2020.  Net loss totaled $2.4 million or $0.25 per share in the first nine months of 2021 compared to net income of $15.9 million or $1.64 per share in the first nine months of 2020.

The largest factors in the increase in net loss in the third quarter of 2021 compared to the third quarter of 2020 was an increase in death benefits net of reinsurance ceded and a decrease in insurance revenues.  Also contributing to the increased net loss was a decline in net investment gains.    

Factors contributing to the decrease in net income in the first nine months of 2021 compared to the prior year were a decrease in insurance revenues and an increase in policyholder benefits, namely an increase in death benefits net of reinsurance ceded.  In addition, a decline in net investment gains contributed to the decrease in net income, as the sale of an industrial real estate property generated a large investment gain in the second quarter of 2020.  Partially offsetting these were decreases in operating expenses and amortization of deferred acquisition costs.

The COVID-19 pandemic continues to have a negative impact on our financial results.  The primary impacts are a negative effect on mortality experience and the continued low interest rate environment.

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 September 30, 2021 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

Nine Months Ended

September 30

September 30

2021

2020

2021

2020

Revenues

$

121,282

$

128,005

$

368,417

$

397,812

Net income (loss)

$

(6,006)

$

(1,199)

$

(2,388)

$

15,920

Net income (loss) per share,

basic and diluted

$

(0.62)

$

(0.13)

$

(0.25)

$

1.64

Dividends paid

$

0.27

$

0.27

$

0.81

$

0.81

Average number of shares outstanding

9,683,414

9,683,414

9,683,414

9,683,414

 

Cision View original content:https://www.prnewswire.com/news-releases/kansas-city-life-announces-third-quarter-2021-results-301412089.html

SOURCE Kansas City Life Insurance

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.