|Kansas City, MO. Kansas City, Mo. – As previously disclosed in its financial reports, Kansas City Life Insurance Company (the “Company”) is a party to a class action lawsuit filed in the 16th Circuit Court for the State of Missouri (Jackson County) styled Karr v. Kansas City Life Insurance Company (the “Karr Action”). On Dec. 9, 2022, the jury in the Karr Action delivered a verdict against the Company in the amount of $28.36 million.
The Karr Action includes a class of Missouri policyholders who purchased one of several different universal life policy forms issued between 1982 and 2008.
The Company believes the facts and the law do not support the jury's verdict and, while we respect the service of the jury, the Company will seek to overturn the verdict in post-trial motions with the Court. If the Court does not grant these motions, the Company intends to vigorously challenge the verdict through an appeal.
President Walter E. Bixby stated that “For more than 125 years, Kansas City Life has placed the trust of our policyholders at the forefront of our business and will continue to do so without exception.”
The results of the verdict, if not overturned or reduced by the Court or on appeal, would likely have a material adverse impact on the business and financial condition of the Company.
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. For more information, please visit www.kclife.com.