KANSAS CITY, Mo., March 6, 2023 /PRNewswire/ -- Kansas City Life Insurance Company recorded a net loss of $17.3 million or $1.79 per share in the fourth quarter of 2022 compared to net income of $13.1 million or $1.36 per share in the fourth quarter of 2021. Net loss totaled $16.2 million or $1.67 per share for the year ended December 31, 2022, compared to net income of $10.7 million or $1.11 per share for the year ended December 31, 2021.
The largest factors in the decrease in net income for both the fourth quarter and year ended December 31, 2022, compared to the same periods in the prior year, were an increase in operating expenses and a decrease in net investment gains. The increase in operating expenses was due to the accrual of a $28.4 million pretax legal reserve established in the fourth quarter of 2022 related to a class action lawsuit. In the fourth quarter of 2021, the Company completed the sale of Sunset Life for a $5.5 million pretax gain and the Company also completed the sale of a real estate property for a $16.6 million pretax gain. Partially offsetting these items, insurance revenues and net investment income increased, and policyholder benefits, namely death benefits, interest credited to policyholder account balances, and ongoing operating expenses decreased compared to one year earlier.
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 2022 Annual Report 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
December 31
|
| Year Ended
December 31
|
| 2022
|
| 2021
|
| 2022
|
| 2021
|
Revenues
| $
| 122,834
|
| $
| 142,895
|
| $
| 476,642
|
| $
| 511,312
|
Net income (loss)
| $
| (17,342)
|
| $
| 13,092
|
| $
| (16,218)
|
| $
| 10,704
|
Net income (loss) per share, basic and diluted
| $
| (1.79)
|
| $
| 1.36
|
| $
| (1.67)
|
| $
| 1.11
|
Dividends paid
| $
| 0.14
|
| $
| 0.27
|
| $
| 0.69
|
| $
| 1.08
|
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
