Kansas City Life Announces Third Quarter 2024 Results
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.
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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
Details
News Market Reaction – KCLI
The recorded move for KCLI in the trading session of this news was +1.28%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 Life Insurance Company Condensed Consolidated Income Statement (amounts in thousands, except share data) | |||||||||||
Quarter Ended | Nine Months Ended | ||||||||||
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
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