KANSAS CITY, Mo., April 25, 2022 /PRNewswire/ -- The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.14 per share on April 25, 2022. The dividend will be payable on May 11, 2022, to stockholders of record on May 5, 2022.
This amount of the dividend represents a significant reduction in the quarterly dividend that has been paid by the Company since the start of 2001. The Board elected to reduce the dividend based on operating losses and increased capital strain that has arisen over the last few years due to a significant increase in death claims related to the COVID 19 pandemic coupled with the longer-term impact from the extremely low interest rate environment.
Newly elected President and Chief Executive Officer, Walter E. Bixby, stated that: "We have been consistent in making dividend distributions during the last few years despite ongoing operating losses and capital strain. The decision to reduce dividends was not taken lightly. We remain committed to providing Security Assured to our policyholders by maintaining a strong capital position, while we also work to meet shareholder expectations and to ensure the long-term success of the company. We are confident about what is ahead for Kansas City Life."
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company's primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in 49 states and the District of Columbia. For more information, please visit www.kclife.com.
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SOURCE Kansas City Life Insurance Company
