Kansas City Life Insurance Co. reported a $15.2 million third-quarter loss and a 28 percent revenue decrease compared with the same period last year, which it attributed to “the broad and deep economic downturn” and the “recent default and regulatory takeover of high-profile federal agencies and financial institutions.”
In a release late Thursday, the Kansas City-based company (Nasdaq: KCLI) reported a per-share loss of $1.30 for the quarter. Last year, the company reported earnings of $9.1 million, or 77 cents a share.
Revenue for the quarter was $78.1 million, down from $108.8 million last year.
The company said it wrote down $32.5 million in securities during the quarter, resulting in a net impact of $20 million on earnings after taxes and the effect on deferred acquisition costs.
Total new premiums increased 21 percent for the quarter, including a 9 percent increase in individual life sales, a 41 percent increase in immediate annuity premiums, a 19 percent increase in group life insurance sales and a 22 percent increase in new group accident and health premiums.
New deposits for universal life and variable universal life products increased 4 percent. Deposits from fixed deferred annuities decreased 25 percent, and variable annuities decreased 15 percent.
Kansas City Life Insurance ranks No. 21 on the Kansas City Business Journal’s list of area public companies.
Source:http://www.bizjournals.com/kansascity
No comments:
Post a Comment