Kansas City Life Insurance Company reported a slight decline in net income for the third quarter of 2010 ending September 30, 2010. Management attributed the decline to lower investment income, higher income tax expense and increased amortization of certain intangible accounts.
Kansas City Life Insurance Company reported net income of $4.5 million, or $0.39 per share, in the third quarter of 2010. The company reported net income of $5.2 million, or $0.45 per share, in the same quarter of 2009.
Kansas City Life Insurance Company said that investment income declined due to the persistent low interest rate environment, which reduced yields significantly in the quarter. The company has a net unrealized gain of $183.5 million in its investment portfolio.
Kansas City Life Insurance Company said that the amortization of deferred acquisition costs and value of business acquired increased by $400,000, or $0.03 per share, in the third quarter of 2010.
Kansas City Life Insurance Company also announced that the company would pay a quarterly dividend of $0.27 per share on November 10, 2010. The dividend has a record date of November 4, 2010.
Kansas City Life Insurance Company is a financial services company that offers life insurance and annuities to customers in the United States. The company has $4.2 billion in assets as of 12/31/2009.
For more information on the company, go to www.kclife.com
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