August 11, 2003 at 08:00 PM
NU Online News Service, Aug. 11, 2003, 12:24 p.m. EDT – Kansas City Life Insurance Company, Kansas City, Mo., says it continues to feel the effects of low interest rates and bond credit problems.
The life insurer is reporting $1.5 million in net income for the second quarter on $107 million in revenue, compared with $9.7 million in net income on $106 million in revenue for the second quarter of 2002.
The cost of providing policyholder benefits increased, but reduced investment revenue also played a role in the decline in earnings, Kansas City Life says.
Net investment income fell 7% during the second quarter, and net losses realized on securities sold, written down or written off during the quarter increased to $9.2 million, from $7.2 million, Kansas City Life says.
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