Kansas City Life Insurance Company reported a net income of $4.7 million, or $0.49 per share, for the second quarter of 2024, compared to $4.5 million, or $0.46 per share, in the same period in 2023.
For the first six months of 2024, the company recorded a net income of $6.3 million, or $0.65 per share, an increase from $1.2 million, or $0.13 per share, in the first half of 2023.
The second quarter results for 2024 reflected higher investment revenues and lower policyholder benefits and operating expenses compared to the second quarter of 2023.
However, these improvements were partially offset by a decline in insurance revenues and an increase in interest credited to policyholder account balances.
The improvement in the first six months of 2024 compared to the prior year was driven by an increase in investment revenues and a decrease in policyholder benefits. These gains were partially offset by a decrease in insurance revenues and increases in operating expenses and interest credited to policyholder account balances.
Kansas City Life Insurance Company's financial highlights for the second quarter and first six months of 2024 include revenues of $122.5 million for the quarter, compared to $124 million in the same period in 2023, and revenues of $249.8 million for the first half of 2024, compared to $249.9 million in the first half of 2023.
The company paid dividends of $0.14 per share in the second quarter of both 2024 and 2023, and $0.28 per share in the first six months of both years. The average number of shares outstanding was 9,683,414 in both periods.
Kansas City Life Insurance Company, established in 1895 and based in Kansas City, Missouri, provides financial protection through the sale of life insurance and annuities. The company operates in 49 states and the District of Columbia.
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