|Kansas City, MO. Kansas City Life Insurance Company recorded a net loss of $3.2 million or $0.33 per share in the first quarter of 2023 compared to net loss of $7.7 million or $0.79 per share in the first quarter of 2022.
These results included improvements in premiums, net of reinsurance, and contract charges in the first quarter of 2023 compared to the first quarter of 2022. In addition, investment revenues increased over the prior year, reflecting increases in yields earned on certain investments and higher realized investment gains. In addition, operating expenses and interest credited to policyholder account balances were lower than one year earlier. Conversely, policyholder benefits were higher in the first quarter of 2023 than in the first quarter of 2022. A decrease in death benefits, net of reinsurance, was more than offset by an increase in benefit and contract reserves compared to the prior year.
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 2022 Annual Report for additional information, which is available at www.kclife.com.
View the Condensed Consolidated Income Statement