Kansas City Life Announces Third Quarter 2024 Results

Rhea-AI Summary

Kansas City Life Insurance Company (KCLI) reported Q3 2024 net income of $1.3 million ($0.14 per share), down from $4.6 million ($0.47 per share) in Q3 2023. However, nine-month results improved with net income of $7.6 million ($0.79 per share) compared to $5.8 million ($0.60 per share) in 2023. Q3 performance was impacted by lower insurance revenues and higher policyholder benefits, while benefiting from increased net investment income and gains. The company maintained quarterly dividends at $0.14 per share.

Positive

• Nine-month net income increased to $7.6M from $5.8M year-over-year
• Improved net investment income and gains in Q3 2024
• Total revenues increased to $375M for nine months from $372.5M year-over-year

Negative

• Q3 2024 net income decreased 71% to $1.3M from $4.6M year-over-year
• Lower insurance revenues in Q3 2024
• Higher policyholder benefits and death benefits in Q3 2024
• Increased operating expenses in nine-month period

KANSAS CITY, Mo., Nov. 1, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $1.3 million or $0.14 per share in the third quarter of 2024, down from net income of $4.6 million or $0.47 per share in the third quarter of 2023.  Net income totaled $7.6 million or $0.79 per share in the first nine months of 2024, up from $5.8 million or $0.60 per share in the first nine months of 2023.

The results for the third quarter of 2024 reflected lower insurance revenues and higher policyholder benefits, specifically from death benefits, and interest credited to policyholder account balances versus the prior year.  Improvements for the quarter included increases in net investment income and net  investment gains.

The improvement in the first nine months of 2024 compared to the prior year largely resulted from increases in net investment income and net investment gains 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 September 30						Nine Months Ended September 30
	2024			2023			2024			2023
Revenues	$	125,147		$	122,626		$	374,967		$	372,547
Net income	$	1,321		$	4,599		$	7,610		$	5,821
Net income per share, basic and diluted	$	0.14		$	0.47		$	0.79		$	0.60
Dividends paid	$	0.14		$	0.14		$	0.42		$	0.42
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-third-quarter-2024-results-302294335.html

SOURCE Kansas City Life Insurance Company

FAQ

What was KCLI's net income for Q3 2024?

Kansas City Life Insurance Company (KCLI) reported net income of $1.3 million or $0.14 per share in Q3 2024.

How did KCLI's Q3 2024 results compare to Q3 2023?

KCLI's Q3 2024 net income of $1.3 million ($0.14 per share) decreased from $4.6 million ($0.47 per share) in Q3 2023.

What dividend did KCLI pay in Q3 2024?

KCLI paid a quarterly dividend of $0.14 per share in Q3 2024, unchanged from the previous year.

What were KCLI's total revenues for the first nine months of 2024?

KCLI's total revenues for the first nine months of 2024 were $374.97 million, compared to $372.55 million in the same period of 2023.