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Kansas City Life Insurance Company reports developments tied to its life insurance and annuity business. The company, established in 1895, provides financial protection through life insurance and annuity products and operates in 49 states and the District of Columbia. Recurring updates include quarterly operating results, dividend declarations, insurance revenue, investment revenue, policyholder benefits, death and annuity benefit trends, reinsurance effects, policyholder account reserves, and legal accruals or settlements affecting reported earnings.
Kansas City Life Insurance Company reported a net loss of $0.8 million or $0.07 per share in Q4 2020, a decline from $10.6 million or $1.09 per share in Q4 2019. For the full year 2020, net income was $15.2 million or $1.57 per share, down from $24.4 million or $2.52 per share in 2019. This decline was primarily due to increased policyholder benefits and lower insurance revenues. However, net realized investment gains increased, partially offsetting losses. The COVID-19 pandemic contributed to higher policyholder benefits and increased market volatility.