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KANSAS CITY, Mo., Oct. 27, 2016 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $7.2 million or $0.74 per share in the third quarter of 2016, an increase of $1.8 million or $0.22 per share relative to the same quarter in the prior year. Net income totaled $16.7 million or $1.72 per share in the first nine months of 2016, a decrease of $6.4 million or $0.44 per share relative to the same period one year earlier.
The improvement in the third quarter of 2016 primarily resulted from an increase in premiums from life and immediate annuity sales compared to the prior year. In addition, policyholder benefits and amortization of deferred acquisition costs were lower than the prior year. Partially offsetting these were decreases in net investment income and net realized investment gains.
The decline in the nine months of 2016 reflected increased policyholder benefits, lower net realized investment gains, and lower net investment income, primarily reflecting the low interest-rate environment. Partially offsetting these were increases in premiums, as life, immediate annuity, and accident and health premiums increased versus the prior year. Other favorable factors were decreases in interest credited to policyholder account balances and operating expenses.
On October 24, 2016, the Kansas City Life Board of Directors declared a quarterly dividend of $0.27 per share that will be paid on November 9, 2016 to stockholders of record on November 3, 2016.
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) (Unaudited) | |||||||||||
Quarter Ended | Nine Months Ended | ||||||||||
September 30 | September 30 | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Revenues | $ | 112,209 | $ | 112,261 | $ | 333,287 | $ | 331,939 | |||
Net income | $ | 7,193 | $ | 5,435 | $ | 16,692 | $ | 23,112 | |||
Net income per share, basic and diluted | $ | 0.74 | $ | 0.52 | $ | 1.72 | $ | 2.16 | |||
Dividends paid | $ | 0.27 | $ | 0.27 | $ | 0.81 | $ | 0.81 | |||
Average number of shares outstanding | 9,683,414 | 10,615,142 | 9,683,414 | 10,711,102 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kansas-city-life-announces-third-quarter-2016-results-300353067.html
SOURCE Kansas City Life Insurance Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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