Kansas City Life Insurance Stock Price, News & Analysis

Kansas City Life Insurance Company reported a net loss of $7.7 million or $0.79 per share for Q1 2022, compared to a net loss of $0.7 million or $0.07 per share in Q1 2021. The increase in net loss was primarily due to a rise in policyholder benefits, especially death benefits affected by the COVID-19 pandemic. Additionally, amortization of deferred acquisition costs and operating expenses increased, while net investment income and gains declined. However, income tax expense decreased due to a higher pretax loss.

Kansas City Life Insurance Company has announced the election of Walter E. Bixby as President and CEO, succeeding his brother, Philip Bixby, who recently retired. Walter Bixby brings over 40 years of experience within the company, having held several key positions, including Vice Chairman and President of Old American Insurance Company. Kansas City Life, established in 1895, operates in 49 states and the District of Columbia, providing financial protection through life insurance and annuities.

Kansas City Life Insurance Company announces the retirement of R. Philip Bixby as President and CEO, effective April 25, 2022. Bixby, who has been with the company since 1977 and has served as CEO since 1998, will remain as Chairman of the Board. Under his leadership, the company has celebrated 125 years in business and has successfully grown its life insurance and annuity offerings. Bixby expressed pride in the company’s achievements and confidence in its future amid industry challenges.

Kansas City Life Insurance Company reported a net income of $13.1 million or $1.36 per share for Q4 2021, compared to a net loss of $0.8 million or $(0.07) per share in Q4 2020. Annually, net income was $10.7 million, down from $15.2 million in 2020. Key drivers for Q4's improvement included increased net investment gains from real estate sales. However, insurance revenues and net investment income declined, compounded by the pandemic's negative impacts on mortality rates and low interest rates.

Kansas City Life Insurance Company (KCLI) announced the retirement of Senior Vice President, Finance, Philip A. Williams effective February 4, 2022. Williams, who joined the company in 2002, has played a crucial role in managing investments and leading the Finance Department. David A. Laird will succeed him as Senior Vice President, Finance, having been with the company since 1982. Elishia P. Sibbing is promoted to Vice President and Controller. The company, established in 1895, provides life insurance and annuities across 49 states and the District of Columbia.

Kansas City Life Insurance Company announced the sale of its wholly-owned subsidiary, Sunset Life Insurance Company of America, to Bona Holdings, effective November 1, 2021. The company expects to record a net gain of approximately $5.5 million from this transaction. Sunset Life, operational since 1937, ceased writing new business in the early 2000s and was reinsured by Kansas City Life as of December 31, 2020. The sale allows Kansas City Life to consolidate resources and enhance focus on growth and customer service while maintaining existing customer relationships.

Kansas City Life Insurance Company reported a net loss of $6.0 million or $0.62 per share in Q3 2021, a significant increase from a net loss of $1.2 million or $0.13 per share in Q3 2020. For the first nine months of 2021, the net loss was $2.4 million compared to a net income of $15.9 million in 2020. The primary reasons for these losses include increased death benefits and a decrease in insurance revenues, compounded by a decline in net investment gains due to prior substantial gains from real estate sales. COVID-19 continues to impact financial results negatively.

Kansas City Life Insurance Company reported a net income of $4.3 million or $0.44 per share for Q2 2021, marking a decrease of $12.7 million or $1.31 per share from Q2 2020. For the first half of 2021, net income was $3.6 million or $0.37 per share, down from $17.1 million or $1.77 per share year-over-year. Decreased net investment gains, insurance revenues, and increased policyholder benefits contributed to this decline. The company continues to face challenges posed by the COVID-19 pandemic, affecting mortality experience and market volatility.

Kansas City Life Insurance Company (OTCQX: KCLI) announced a quarterly dividend of $0.27 per share on July 26, 2021. The payment date is set for August 11, 2021, with shareholders of record on August 5, 2021. Established in 1895 and headquartered in Kansas City, Missouri, the company primarily offers life insurance and annuity products across 49 states and the District of Columbia. For additional information, visit www.kclife.com.