Kansas City Life Insurance reported October 30 that third-quarter net income declined to $1.7 million, or 18 cents per share, from $2.8 million, or 29 cents, a year earlier.
Quarterly revenue fell to $121.9 million from $123.5 million, according to the company’s condensed consolidated income statement. The figures cover the three months ended September 30.
The insurer attributed the profit decline to lower insurance and investment revenues, partly offset by reduced operating expenses.
Insurance revenue decreased $1.1 million, or 1%, from a year earlier. Investment revenue fell $600,000, also approximately 1%. Operating expenses declined $800,000, or 3%.
The statement reports the same average share count in both quarters, approximately 9.68 million. The per-share decline therefore accompanies a reduction in total quarterly profit rather than a larger share base.
Dividends paid during the quarter were 18 cents per share, compared with 14 cents a year earlier. That line describes distributions paid in the reported period, rather than a new forecast of future dividends.
The company sells life insurance and annuities and operates in 49 states and the District of Columbia. This report summarizes the quarterly financial record and does not evaluate an individual insurance contract or recommend a financial product.
Sources: Kansas City Life Insurance Company’s October 30 results announcement.