Kansas City Life Insurance Co. on Wednesday reported a $1.5 million decline in fourth-quarter earnings and a smaller profit for the year.
The company said it earned $6.4 million in the final three months of 2013. Kansas City Life attributed the smaller profit to increased policyholder benefits, lower investment revenues and increased operating expenses.
For the year, the insurance company reported net income of $29.6 million, down from $39.9 million in 2012. The 2012 results were boosted by investment gains early in the year from the sale of real estate properties, the company said.
Kansas City Life reported fourth-quarter revenue of $119.5 million, up from $109 million in the final quarter of 2012. For the year, revenues were $483.6 million, up from $439.9 million in 2012.