Kansas City Life Announces Second Quarter 2022 Results
Kansas City Life Insurance Company reported a net income of $4.5 million or $0.46 per share for Q2 2022, up $0.2 million from Q2 2021.
Sentiment and the balance of points
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Rhea-AI Summary
Kansas City Life Insurance Company reported a net income of $4.5 million or $0.46 per share for Q2 2022, up $0.2 million from Q2 2021. However, for the first half of 2022, the company faced a net loss of $3.2 million or $0.33 per share, contrasting with $3.6 million in net income in the same period of 2021. Total investment revenues declined in both periods, but there was a decline in policyholder benefits and operating expenses which somewhat offset this negative trend. The company's financial health remains imperative as it operates in 49 states and D.C.
Positive
- Net income increased by $0.2 million or $0.02 per share in Q2 2022 compared to Q2 2021.
- Operating expenses declined compared to the prior year, which may positively impact future profitability.
Negative
- Net loss of $3.2 million or $0.33 per share for the first half of 2022, compared to net income of $3.6 million in H1 2021.
- Total investment revenues declined in both Q2 and the first six months of 2022, affecting overall performance.
AI-generated analysis. How Rhea-AI works. Not financial advice.
KANSAS CITY, Mo., July 29, 2022 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of
Total investment revenues declined in both the second quarter and first six months of 2022 compared to the same periods in the prior year. Partially offsetting this, policyholder benefits, interest credited to policyholder account balances, and operating expenses declined in both periods 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.
Please refer to our Quarterly Report for the period ended June 30, 2022, for additional information, which is available at www.kclife.com.
Kansas City Life Insurance Company | |||||||||||
Quarter Ended | Six Months Ended | ||||||||||
June 30 | June 30 | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Revenues | $ | 114,579 | $ | 124,804 | $ | 233,810 | $ | 247,135 | |||
Net income (loss) | $ | 4,485 | $ | 4,286 | $ | (3,191) | $ | 3,618 | |||
Net income (loss) per share, basic and diluted | $ | 0.46 | $ | 0.44 | $ | (0.33) | $ | 0.37 | |||
Dividends paid | $ | 0.14 | $ | 0.27 | $ | 0.41 | $ | 0.54 | |||
Average number of shares outstanding | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
View original content:https://www.prnewswire.com/news-releases/kansas-city-life-announces-second-quarter-2022-results-301596185.html
SOURCE Kansas City Life Insurance Company
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