{"id":451970,"date":"2021-03-05T14:23:04","date_gmt":"2021-03-05T19:23:04","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451970"},"modified":"2021-03-05T14:23:04","modified_gmt":"2021-03-05T19:23:04","slug":"kansas-city-life-announces-fourth-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kansas-city-life-announces-fourth-quarter-2020-results\/","title":{"rendered":"Kansas City Life Announces Fourth Quarter 2020 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">KANSAS CITY, Mo.<\/span>, <span class=\"xn-chron\">March 5, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Kansas City Life Insurance Company recorded a net loss of <span class=\"xn-money\">$0.8 million<\/span> or <span class=\"xn-money\">$0.07<\/span> per share in the fourth quarter of 2020 compared to net income of <span class=\"xn-money\">$10.6 million<\/span> or <span class=\"xn-money\">$1.09<\/span> per share in the fourth quarter of 2019.\u00a0 Net income totaled <span class=\"xn-money\">$15.2 million<\/span> or <span class=\"xn-money\">$1.57<\/span> per share for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, down from <span class=\"xn-money\">$24.4 million<\/span> or <span class=\"xn-money\">$2.52<\/span> per share for the year ended <span class=\"xn-chron\">December 31<\/span>, 2019.\u00a0\u00a0\u00a0 <\/p>\n<p>The largest contributor to the decrease in net income in the fourth quarter of 2020 compared to the fourth quarter of 2019 was increased policyholder benefits, primarily due to higher death benefits.\u00a0 Also contributing to the decrease in net income was lower insurance revenues compared to the same period in the prior year.\u00a0 Partially offsetting these was an increase in net realized investment gains.<\/p>\n<p>The largest factor in the decline in net income for the year ended <span class=\"xn-chron\">December 31, 2020<\/span> compared to the prior year was increased policyholder benefits, reflecting higher death benefits.\u00a0 Also contributing to the decline in net income was a decrease in net investment income along with an increase in amortization of deferred acquisition costs compared to one year earlier.\u00a0 Partially offsetting these were an increase in insurance revenues and a decrease in operating expenses.\u00a0 In addition, net realized investment gains increased compared to the prior year, largely due to the sale of an industrial real estate property that generated a large investment gain in the second quarter of 2020.\u00a0 \u00a0\u00a0<\/p>\n<p>The COVID-19 pandemic has negatively impacted our financial results for both the fourth quarter and the year ended <span class=\"xn-chron\">December 31<\/span>, 2020.\u00a0 These impacts include a negative impact on mortality experience that has contributed to higher policyholder benefits and increased financial market volatility.<\/p>\n<p>Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in <span class=\"xn-location\">Kansas City, Missouri<\/span>. \u00a0The Company&#8217;s primary business is providing financial protection through the sale of life insurance and annuities. \u00a0The Company operates in 49 states and the <span class=\"xn-location\">District of Columbia<\/span>. <\/p>\n<p>Please refer to our 2020 Annual Report for additional information, which is available at <i><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3088318-1&amp;h=2757262199&amp;u=http%3A%2F%2Fwww.kclife.com%2F&amp;a=www.kclife.com\" rel=\"nofollow noopener noreferrer\">www.kclife.com<\/a><\/i>. <\/p>\n<div>\n<table id=\"convertedTable13b2\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"12\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Kansas City Life Insurance Company<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Income Statement<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(amounts in thousands, except share data)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"prnsbtb0 prnrbrb0 prnsbtb0 prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Quarter Ended<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Year Ended<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,098<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,265<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">523,910<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">512,693<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(750)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,589<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,170<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,427<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income (loss) per share,<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.07)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.09<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.57<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.52<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Dividends paid<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.27<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.27<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.08<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.08<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average number of shares outstanding<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,683,414<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,683,414<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,683,414<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,683,414<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CG00798&amp;sd=2021-03-05\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/kansas-city-life-announces-fourth-quarter-2020-results-301241663.html\">http:\/\/www.prnewswire.com\/news-releases\/kansas-city-life-announces-fourth-quarter-2020-results-301241663.html<\/a><\/p>\n<p>SOURCE  Kansas City Life Insurance Company<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CG00798&amp;Transmission_Id=202103051419PR_NEWS_USPR_____CG00798&amp;DateId=20210305\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire KANSAS CITY, Mo., March 5, 2021 \/PRNewswire\/ &#8212;\u00a0Kansas City Life Insurance Company recorded a net loss of $0.8 million or $0.07 per share in the fourth quarter of 2020 compared to net income of $10.6 million or $1.09 per share in the fourth quarter of 2019.\u00a0 Net income totaled $15.2 million or $1.57 per share for the year ended December 31, 2020, down from $24.4 million or $2.52 per share for the year ended December 31, 2019.\u00a0\u00a0\u00a0 The largest contributor to the decrease in net income in the fourth quarter of 2020 compared to the fourth quarter of 2019 was increased policyholder benefits, primarily due to higher death benefits.\u00a0 Also contributing to the decrease in net income was &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kansas-city-life-announces-fourth-quarter-2020-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Kansas City Life Announces Fourth Quarter 2020 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-451970","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kansas City Life Announces Fourth Quarter 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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December 31, 2019.\u00a0\u00a0\u00a0 The largest contributor to the decrease in net income in the fourth quarter of 2020 compared to the fourth quarter of 2019 was increased policyholder benefits, primarily due to higher death benefits.\u00a0 Also contributing to the decrease in net income was &hellip; Continue reading \"Kansas City Life Announces Fourth Quarter 2020 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/kansas-city-life-announces-fourth-quarter-2020-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-05T19:23:04+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CG00798&amp;sd=2021-03-05","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 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