Kansas City Life Insurance Co. on Monday reported smaller profits for both its fourth quarter and all of 2016.
The company earned $5.6 million in the final quarter of 2016, down about $500,000 from the fourth quarter of the previous year. Revenue for the quarter amounted to $111.7 million, up from $108.9 million in the year earlier period.
For the year, Kansas City Life earned $22.3 million on revenue of $445 million, compared with a 2015 profit of $29.2 million on revenue of $440.9 million.
Kansas City Life said the decline in earnings stemmed primarily from an increase in operating expenses and a decrease in net investment income.