Kansas City Life Insurance Company reported a spike in profits for its latest fiscal year. Net income hit $24.4 million, up from $15.7 million the prior-year period. Management says the improvement was due to “net realized investment gains and decreases in policyholder benefits,” among other factors.
For its fourth quarter, net income was at $10.6 million, up from $6.8 million in the prior-year period.
Also during the fourth quarter, KC Life saw year-over-year revenue spikes from its 2018 acquisition of Grange Mutual Casualty Company for a reported $77 million.