NU Online News Service, Aug. 16, 2004, 4:41 p.m. EDT
The investment market rebound helped second quarter earnings at Kansas City Life Insurance Company, Kansas City, Mo.[@@]
The life insurer is reporting $7.5 million in net income for the latest quarter on $113 million in revenue, up from $1.5 million in net income on $107 million in revenue for the second quarter of 2003.
Sales of immediate annuities were lower, but sales of ordinary life insurance products were higher, and the company gained $700,000 on investments sold during the quarter. During the comparable quarter of 2003, Kansas City Life reported $9.2 million in losses on investments sold, written down or written off.