Kansas City Life Announces Fourth Quarter 2023 Results
KANSAS CITY LIFE INS NEW (KCLI)
US:NASDAQ Investor Relations:
kclife.com/company/financials.aspx
Company Research
Source: PR Newswire
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 include
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