COVID-19-related economic turmoil chilled earnings at Kansas City Life Insurance Company in the first quarter.
The Kansas City, Missouri-based life insurer is reporting $150,000 in net income for the quarter on $123 million in revenue, compared with $4 million in net income on $130 million for the first quarter of 2019.
- A copy of Kansas City Life’s latest earnings release is available here.
- An article about Kansas City Life’s leadership is available here.
The company is keeping its dividend on common stock at 27 cents per share.
The COVID-19 pandemic “has dramatically impacted both financial markets and the overall economy,” the company said in a comment included in the earnings announcement.
Kansas City Life recorded a drop in the fair market value of stocks, and it increased the allowance for losses on its investments in mortgage loans.
The turmoil has also increased expenses associated with an annuity guaranteed minimum withdrawal benefits rider, the company said.
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