Kansas City Life Announces Third Quarter 2021 Results
November 2, 2021 by Kansas City Life Insurance Company
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.
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Kansas City Life Insurance Company |
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Condensed Consolidated Income Statement |
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(amounts in thousands, except share data) |
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Quarter Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2021 |
2020 |
2021 |
2020 |
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Revenues |
$ |
121,282 |
$ |
128,005 |
$ |
368,417 |
$ |
397,812 |
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|
Net income (loss) |
$ |
(6,006) |
$ |
(1,199) |
$ |
(2,388) |
$ |
15,920 |
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|
Net income (loss) per share, basic and diluted |
$ |
(0.62) |
$ |
(0.13) |
$ |
(0.25) |
$ |
1.64 |
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Dividends paid |
$ |
0.27 |
$ |
0.27 |
$ |
0.81 |
$ |
0.81 |
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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
