Kansas City Life Announces Second Quarter 2024 Results

Rhea-AI Summary

Kansas City Life Insurance Company (OTCQX: KCLI) reported net income of $4.7 million or $0.49 per share in Q2 2024, up from $4.5 million or $0.46 per share in Q2 2023. For the first six months of 2024, net income was $6.3 million or $0.65 per share, a significant increase from $1.2 million or $0.13 per share in the same period of 2023. The improved results were driven by higher investment revenues and lower policyholder benefits and operating expenses. However, these gains were partially offset by declining insurance revenues and increased interest credited to policyholder account balances. The company, established in 1895, operates in 49 states and the District of Columbia, focusing on life insurance and annuities.

Positive

• Net income increased to $4.7 million in Q2 2024, up from $4.5 million in Q2 2023
• Earnings per share rose to $0.49 in Q2 2024, compared to $0.46 in Q2 2023
• First half 2024 net income significantly improved to $6.3 million from $1.2 million in 2023
• Higher investment revenues reported for both Q2 and first half of 2024
• Lower policyholder benefits and operating expenses in Q2 2024

Negative

• Insurance revenues declined in Q2 2024 compared to Q2 2023
• Increased interest credited to policyholder account balances in Q2 2024
• Operating expenses increased for the first six months of 2024

KANSAS CITY, Mo., July 26, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.7 million or $0.49 per share in the second quarter of 2024 compared to net income of $4.5 million or $0.46 per share in the second quarter of 2023.  Net income totaled $6.3 million or $0.65 per share in the first six months of 2024, up from $1.2 million or $0.13 per share in the first six months of 2023.

The results for the second quarter of 2024 reflected higher investment revenues and lower policyholder benefits and operating expenses compared to the second quarter of 2023.  Partially offsetting these improvements, insurance revenues declined and interest credited to policyholder account balances increased.

The improvement in the first six months of 2024 compared to the prior year resulted from an increase in investment revenues and a decrease in policyholder benefits.  Partially offsetting these were a decrease in insurance revenues and increases in operating expenses and interest credited to policyholder account balances.

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						Six Months Ended
	June 30						June 30
	2024			2023			2024			2023
Revenues	$	122,512		$	123,952		$	249,820		$	249,921
Net income	$	4,735		$	4,463		$	6,289		$	1,222
Net income per share, basic and diluted	$	0.49		$	0.46		$	0.65		$	0.13
Dividends paid	$	0.14		$	0.14		$	0.28		$	0.28
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

FAQ

What was Kansas City Life's (KCLI) net income for Q2 2024?

Kansas City Life (KCLI) reported a net income of $4.7 million or $0.49 per share for the second quarter of 2024.

How did KCLI's Q2 2024 results compare to Q2 2023?

KCLI's Q2 2024 net income of $4.7 million ($0.49 per share) was higher than Q2 2023's $4.5 million ($0.46 per share).

What factors contributed to KCLI's improved performance in Q2 2024?

KCLI's improved Q2 2024 performance was due to higher investment revenues, lower policyholder benefits, and reduced operating expenses.

Did KCLI face any challenges in Q2 2024?

Yes, KCLI experienced declining insurance revenues and increased interest credited to policyholder account balances in Q2 2024.

How did KCLI perform in the first six months of 2024 compared to 2023?

KCLI's net income for the first six months of 2024 was $6.3 million ($0.65 per share), up significantly from $1.2 million ($0.13 per share) in 2023.