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.
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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.