Kansas City Life reports a small increase in quarterly profits

Kansas City Life Insurance Co. on Wednesday reported a dip in first-quarter revenue but a small increase in profits.

The company said it generated revenue of $115.1 million in the three months that ended March 31, down from $123.7 million in the first quarter of 2013.

Profits of $5.5 million in the first quarter were about $300,000 higher than in the year-earlier period.

Kansas City Life said an increase in contract charges, reduced interest credited to policyholder accounts and lower policyholder benefits were offset by a decline in net investment income and lower annuity premiums.

This story was originally published April 30, 2014 at 4:29 PM with the headline "Kansas City Life reports a small increase in quarterly profits."