KANSAS CITY, Mo., March 4, 2022 /PRNewswire/ — Kansas Metropolis Life Insurance coverage Firm recorded web earnings of $13.1 million or $1.36 per share within the fourth quarter of 2021 in comparison with a web lack of $0.8 million or $0.07 per share within the fourth quarter of 2020. Web earnings totaled $10.7 million or $1.11 per share for the 12 months ended December 31, 2021, down from $15.2 million or $1.57 per share for the 12 months ended December 31, 2020.
The biggest issue within the improve in web earnings within the fourth quarter of 2021 in comparison with the fourth quarter of 2020 was a rise in web funding beneficial properties, reflecting the sale of an industrial actual property property. As well as, we accomplished the sale of our subsidiary Sundown Life Insurance coverage Firm within the fourth quarter of 2021, which generated a achieve. Additionally, policyholder advantages decreased in comparison with one 12 months earlier. Partially offsetting these have been declines in insurance coverage revenues and web funding earnings.
The lower in web earnings for the 12 months ended December 31, 2021, in comparison with the prior 12 months mirrored declines in insurance coverage revenues and web funding earnings. Partially offsetting these have been a rise in web funding beneficial properties, largely from the sale of an actual property property, and the achieve on the sale of Sundown Life Insurance coverage Firm. As well as, the amortization of deferred acquisition prices and working bills decreased in comparison with the prior 12 months.
The COVID-19 pandemic and associated results proceed to have a unfavourable influence on our monetary outcomes. The first impacts are a sizeable improve in extra mortality, largely ensuing from the impacts of the pandemic, and the continued low rate of interest atmosphere.
Kansas Metropolis Life Insurance coverage Firm (OTCQX: KCLI) was established in 1895 and relies in Kansas Metropolis, Missouri. The Firm’s main enterprise is offering monetary safety by means of the sale of life insurance coverage and annuities. The Firm operates in 49 states and the District of Columbia.
Please confer with our 2021 Annual Report for added data, which is out there at www.kclife.com.
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Kansas Metropolis Life Insurance coverage Firm |
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Condensed Consolidated Earnings Assertion |
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(quantities in hundreds, besides share information) |
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Quarter Ended |
12 months Ended |
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December 31 |
December 31 |
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2021 |
2020 |
2021 |
2020 |
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Revenues |
$ |
142,895 |
$ |
126,098 |
$ |
511,312 |
$ |
523,910 |
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|
Web earnings (loss) |
$ |
13,092 |
$ |
(750) |
$ |
10,704 |
$ |
15,170 |
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|
Web earnings (loss) per share, |
$ |
1.36 |
$ |
(0.07) |
$ |
1.11 |
$ |
1.57 |
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|
Dividends paid |
$ |
0.27 |
$ |
0.27 |
$ |
1.08 |
$ |
1.08 |
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|
Common variety of shares |
9,683,414 |
9,683,414 |
9,683,414 |
9,683,414 |
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SOURCE Kansas Metropolis Life Insurance coverage