Subject: ERN
Kansas City Life Announces Fourth Quarter 2023 Results
KANSAS CITY, Mo., March 6, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $49.1 million or $5.07 per share in the fourth quarter of 2023, compared to a net loss of $17.3 million or $1.79 per share in the fourth quarter of 2022. The largest factor in this improvement was a $61.7 million increase in realized investment gains, largely due to real estate sales that generated a net pretax gain of $63.9 million in the fourth quarter of 2023. In addition, net investment income increased $1.8 million and operating expenses decreased $19.6 million compared to the prior year. The decrease in operating expenses was primarily due to the establishment of a $28.4 million legal reserve accrual in the fourth quarter of 2022 related to a class action lawsuit.
Net income totaled $54.9 million or $5.67 per share for the year ended December 31, 2023, compared to a net loss of $16.2 million or $1.67 per share for the year ended December 31, 2022. This improvement included a $78.7 million increase in net realized investment gains, reflecting the sales mentioned previously. Also contributing to the increase in net income was a $3.8 million increase in net investment income, a $6.2 million decrease in the amortization of deferred acquisition costs, and a $10.3 million decrease in operating expenses. The decrease in operating expenses largely resulted from higher expenses in 2022 due to the legal reserve mentioned above. Partially offsetting these improvements in income, policyholder benefits increased $7.4 million in 2023 compared to 2022.
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.
Please refer to our 2023 Annual Report for additional information, which is available at www.kclife.com.
Kansas City Life Insurance Company | |||||||||||
Condensed Consolidated Income Statement | |||||||||||
(amounts in thousands, except share data) | |||||||||||
Quarter Ended December 31 |
Year Ended December 31 | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Revenues | $ | 186,373 | $ | 122,834 | $ | 558,920 | $ | 476,642 | |||
Net income (loss) | $ | 49,099 | $ | (17,342) | $ | 54,920 | $ | (16,218) | |||
Net income (loss) per share, basic and diluted | $ | 5.07 | $ | (1.79) | $ | 5.67 | $ | (1.67) | |||
Dividends paid | $ | 0.14 | $ | 0.14 | $ | 0.56 | $ | 0.69 | |||
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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