KANSAS CITY, Mo., Oct. 30, 2026 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $1.7 million or $0.18 per share in the third quarter of 2026 compared to $2.8 million or $0.29 per share in the third quarter of 2025. The decline in net income in the third quarter of 2026 reflected a $1.1 million or 1% decrease in insurance revenues and a $0.6 million or 1% decrease in investment revenues compared to the prior year. These were partially offset by a $0.8 million or 3% decrease in operating expenses versus the prior year.
Net income totaled $19.1 million or $1.97 per share in the first nine months of 2026 compared to a net loss of $21.7 million or $2.24 per share in the first nine months of 2025. The primary factor for the increase in net income in the first nine months of 2026 was lower operating expenses compared to the prior year. A legal settlement accrual of $35.5 million, net of tax, related to class action lawsuits, was established in the second quarter of 2025. Excluding this legal settlement accrual, net income would have been $13.8 million or $1.43 per share in the first nine months of 2025. After excluding the legal settlement accrual, net income for the nine months of 2026 would have been $5.3 million or 38% higher than the prior year, largely due to a $4.7 million or 4% increase in investment revenues.
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.
A Condensed Consolidated Income Statement appears on the next page.
Kansas City Life Insurance Company Condensed Consolidated Income Statement (amounts in thousands, except share data) | |||||||||||
Quarter Ended | Nine Months Ended | ||||||||||
September 30 | September 30 | ||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||
Revenues | $ | 121,859 | $ | 123,524 | $ | 365,551 | $ | 363,924 | |||
Net income (loss) | $ | 1,738 | $ | 2,833 | $ | 19,077 | $ | (21,733) | |||
Net income (loss) per share, basic and diluted | $ | 0.18 | $ | 0.29 | $ | 1.97 | $ | (2.24) | |||
Dividends paid | $ | 0.18 | $ | 0.14 | $ | 0.54 | $ | 0.42 | |||
Average number of shares outstanding | 9,683,414 | 9,683,414 | 9,683,414 | 9,683,414 | |||||||
SOURCE Kansas City Life Insurance Company