Kansas City Life Announces Fourth Quarter 2023 Results
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.