Kansas City Life Insurance Company posted a lower net income in the third quarter of 2024.
According to the life insurance firm, its net income in Q3 amounted to $1.3 million, a decrease from the $4.6 million recorded in the same three-month period last year. For the first nine months, though, the company’s interim financial results improved from $5.8 million in 2023 to this year’s nine-month net income worth $7.6 million.
Lifting the lid on the figures, Kansas City Life said: “The results for the third quarter of 2024 reflected lower insurance revenues and higher policyholder benefits, specifically from death benefits, and interest credited to policyholder account balances versus the prior year. Improvements for the quarter included increases in net investment income and net investment gains.
“The improvement in the first nine months of 2024 compared to the prior year largely resulted from increases in net investment income and net investment gains and a decrease in policyholder benefits. Partially offsetting these were a decrease in insurance revenues and increases in operating expenses and interest credited to policyholder account balances.”
According to its earnings report, Kansas City Life’s revenues in the three and nine months ended September 30 were both higher compared to the corresponding amounts in 2023.
Set up in 1895 in Missouri, the life insurance and annuities business operates in 49 states and the District of Columbia.
What do you think about this story? Share your thoughts in the comments below.
