KC Life’s Quarterly Income Drops

Kansas City Life Insurance Co. reported a net income of $150,000 during its second quarter, down from a gain of just more than $4 million over the prior financial period.

Year over year during the second quarter, net investments were down 223 percent, resulting in a $3.3-million loss.

“The decline in net income in 2020 was primarily due to the COVID-19 pandemic that has dramatically impacted both financial markets and the overall economy,” according to a company statement. “The allowance for mortgage loan losses was increased in the first quarter of 2020 due to the worsening economic outlook.”

Read the full financial report here.