KANSAS CITY, Mo., Nov. 12, 2019 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.5 million or $0.47 per share in the third quarter of 2019, a decrease of $1.8 million or $0.17 per share compared to the third quarter of 2018. Net income totaled $13.8 million or $1.43 per share in the first nine months of 2019, up from $11.8 million or $1.22 per share in the first nine months of 2018.
The decline in net income in the third quarter of 2019 compared to the third quarter of 2018 reflected higher policyholder benefits and operating expenses. Partially offsetting these was an increase in insurance revenues.
The improvement in net income in the first nine months of 2019 compared to the first nine months of 2018 primarily resulted from increases in insurance and investment revenues. These were partially offset by increases in policyholder benefits and operating expenses.
Grange Life Insurance Company, which was acquired in the fourth quarter of 2018, contributed $15.3 million of total revenues and $14.1 million in benefits and expenses to the consolidated results for the third quarter of 2019. Grange Life contributed $46.4 million of total revenues and $44.1 million in benefits and expenses to the consolidated results for the first nine months of 2019.
Kansas City Life Insurance Company 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 | Nine Months Ended | ||||||||||
September 30 | September 30 | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Revenues | $ | 126,441 | $ | 115,372 | $ | 386,428 | $ | 337,214 | |||
Net income | $ | 4,522 | $ | 6,275 | $ | 13,838 | $ | 11,845 | |||
Net income per share, basic and diluted | $ | 0.47 | $ | 0.64 | $ | 1.43 | $ | 1.22 | |||
Dividends paid | $ | 0.27 | $ | 0.27 | $ | 0.81 | $ | 0.81 | |||
Average number of shares outstanding | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
SOURCE Kansas City Life Insurance Company
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