Item 1. BUSINESS
Kansas City Life Insurance Company (KCL) was incorporated under the assessment laws of Missouri in 1895 as the Bankers Life Association. In 1900, its present corporate title was adopted and it was reorganized as a legal reserve company in 1903. The Company operates nationwide, being licensed in 48 states and the District of Columbia.
The Company primarily operates in a single business segment: individual life insurance and annuity products. A general agency distribution system is employed. Nearly 82% of statutory premiums are derived from individual life insurance and annuities on a consolidated basis. Interest sensitive products, universal life and flexible annuities, comprise the vast majority of these premiums. Individual life insurance and annuities accounted for 81% of new statutory premiums in 1996. KCL introduced its first variable annuity in late 1995 and its first variable universal life product in January, 1996. Together these products totaled 13% of new statutory premiums in 1996.
KCL has two wholly owned life insurance subsidiaries, Sunset Life Insurance Company of America (Sunset) and Old American Insurance Company (OAIC). Sunset was acquired in 1974. Headquartered in Olympia, Washington, Sunset operates in 21 states, principally west of the Mississippi. California provides one-third of its statutory premiums. The Company offers products similar to KCL's and sells through personal producing general agents. OAIC was acquired in 1991 and its operations, excluding marketing, have been merged into KCL's home office and administrative and accounting systems. OAIC operates in 46 states, primarily selling relatively small policies to the senior market to cover funeral and other final expenses.
KCL and its subsidiaries are subject to state regulations in their states of domicile and in the states in which they do business. Although the federal government generally does not regulate the business of insurance, federal initiatives often have an impact on the business in a variety of ways including the taxation of insurance companies and the tax treatment of insurance products.
KCL and OAIC respectively have 467 and 89 full time employees who are located in KCL's home office. Sunset has 113 full time employees located in Olympia, Washington.
The Company is engaged in a crowded, competitive industry, competing with 1,500 to 2,000 other life insurance companies in the United States. The industry is highly competitive with respect to pricing, selection of products and quality of service. No single competitor nor any small group of competitors dominates any of the markets in which the Company operates.
Item 2.
Item 2. PROPERTIES
Kansas City Life's home office is located at 3520 Broadway in Kansas City, Missouri. The Company owns and wholly occupies two five story buildings on an eight acre site.
Sunset owns and wholly occupies a two story office building at 3200 Capitol Boulevard in Olympia, Washington. The building is situated on four acres of land.
Kansas City Life owns various other properties held for investment.
Item 3.
Item 3. LEGAL PROCEEDINGS
In January, 1996, a division of the Oklahoma Appellate Court issued an opinion reducing a prior $10.7 million judgment against the Company to $1.3 million which the Company has accrued. The case, Nita Charlene Pelter Cox and Verna Leanne Pelter Graybill, Personal Representatives of the Estate of Leora Pearl Pelter, Deceased, Plaintiffs, vs. Kansas City Life Insurance Company and Billy D. Stearman, Defendants, arose out of certain alleged actions by Stearman, one of the Company's agents. In November, 1996, an Oklahoma District Court judge ruled that the Company was also responsible for $2.5 million of a judgment rendered against the agent in the same case. The Company believes that the court's ruling violates the Company's rights and guarantees under the Oklahoma and Federal Constitutions as well as Oklahoma common and statutory law. The Oklahoma Supreme Court has agreed to hear the Company's appeal. Management believes that damages, if any, related to this matter would not have a material effect on the Company's consolidated results of operations and financial position.
In addition to the above case, the Company and certain of its subsidiaries are Defendants in lawsuits involving claims and disputes with policyowners that may include claims seeking punitive damages. Some of these lawsuits arise in jurisdictions such as Alabama where juries sometimes award punitive damages grossly disproportionate to the actual damages. Although no assurances can be given and no determinations can be made at this time as to the outcome of any particular lawsuit or proceeding, the Company and its subsidiaries believe that there are meritorious defenses for these claims and are defending them vigorously. Management believes that the amounts that would ultimately be paid, if any, would have no material effect on the Company's consolidated results of operations and financial position.
Item 4.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
Item 5.
Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Incorporated by Reference.
Item 6.
Item 6. SELECTED FINANCIAL DATA
Incorporated by Reference.
Item 7.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Incorporated by Reference.
Item 8.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Incorporated by Reference.
Item 9.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not Applicable. PART III
Item 10.
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The following information, as of December 31, 1996, is provided with respect to each Director:
Term as Director Served as Expires Other Positions Director Director Age in April with the Company From
J. R. Bixby (1)(2)(3) 71 1997 Chairman of the Board 1957
Robert Philip Bixby 43 1997 Executive Vice President 1985 (1)(2)(3)
Richard L. Finn 55 1997 Senior Vice President, 1983 (1)(2)(3) Finance
Warren J. Hunzicker, M.D. 76 1997 None 1989 (3)(6)
Larry Winn, Jr. 77 1997 None 1985 (2)(3)(4)(5)(6)
W. E. Bixby (1)(2) 64 1998 Vice Chairman of the 1966 Board and President
Jack D. Hayes (1) 56 1998 Senior Vice President, 1995 Marketing
Francis P. Lemery 57 1998 Senior Vice President 1985 (1)(2) and Actuary
Michael J. Ross 55 1998 None 1972 (2)(4)(5)(6)
W. E. Bixby, III (6) 38 1999 None 1996
Webb R. Gilmore 52 1999 None 1990 (2)(4)(5)(6)
Nancy Bixby Hudson (6) 44 1999 None 1996
Daryl D. Jensen (6) 57 1999 None 1978
C. John Malacarne 55 1999 Vice President, 1991 (1)(2) General Counsel and Secretary
(1) See below with respect to the business experience of executive officers of the Company.
(2) Member of Executive Committee.
(3) Subject to the approval of the shareholders at the annual meeting of shareholders to be held on April 24, 1997, will be elected for a three year term ending in 2000.
(4) Member of Audit Committee.
(5) Member of Compensation Committee.
(6) W. E. Bixby, III was elected Assistant Vice President of the Company in 1985, Vice President, Marketing in 1990, Vice President, Marketing Operations in 1992, and President of Old American, a subsidiary, in 1996. He also serves as a Director of Sunset Life and Old American, subsidiaries. Mr. Gilmore is a partner in the law firm of Gilmore & Bell. Nancy Bixby Hudson has served as a Director of Sunset Life, a subsidiary, since 1986. Dr. Hunzicker was elected by the Board of Directors to an unexpired term in 1989. Dr. Hunzicker served as the Company's Medical Director from 1987 to 1989; he formerly served as a member of the Company's Board of Directors from 1977 to 1980. Mr. Jensen has been President of Sunset Life Insurance Company of America, a subsidiary of Registrant, since 1973. Mr. Ross has been President of Jefferson Bank and Trust Company, St. Louis, Missouri, since 1971 and was elected Chairman of the Board in 1983. Mr. Winn is retired as the Kansas Third District Representative to the U.S. Congress.
Name, Age and Business Experience Position During Past 5 Years
J. R. Bixby, 71 Chairman since 1972; President from 1964 until he Chairman of the Board retired in April, 1990. Responsible for overall corporate policy. Director of Sunset Life, a subsidiary.
W. E. Bixby, 64 Vice Chairman of the Board since 1974; elected Vice Chairman of the Executive Vice President in January, 1987; and Board, President and CEO and CEO in April, 1990. Primarily responsible for the operation of the Company. Chairman of the of Sunset Life and Old American, subsidiaries.
Robert Philip Bixby, 43 Elected Assistant Secretary in 1979; Assistant Executive Vice President President in 1982; Vice President in 1984; Senior Vice President, Operations in 1990; and to present position in 1996.
Richard L. Finn, 55 Elected Vice President in 1976; Financial Vice Senior Vice President, President in 1983; and to present position in Finance 1984. Chief financial officer and responsible for investment of the Company's funds, accounting and taxes. Director of Sunset Life and Director, Vice President and Chief Financial Officer of Old American, subsidiaries.
Jack D. Hayes, 56 Elected Senior Vice President, Marketing in Senior Vice President, February 1994. Responsible for Marketing, Marketing Marketing Administration, Communications and Public Relations. Served as Executive Vice President and Chief Marketing Officer of Fidelity Union Life, Dallas, Texas, from June, 1981 to January, 1994.
Francis P. Lemery, 57 Elected Vice President in 1979; Vice President and Senior Vice President Actuary in 1980; and to present position in 1984. Actuary Responsible for Group Insurance Department, Actuarial Services, State Compliance, New Business and underwriting. Director of Sunset Life and Old American, subsidiaries.
Robert C. Miller, 50 Elected Assistant Auditor in 1972; Auditor in Senior Vice President, 1973; Vice President and Auditor in 1987; and to Administrative Services present position in 1991. Responsible for Human Resources and Home Office building and maintenance. Business Experience
Charles R. Duffy, Jr., 49 Elected Vice President, Computer Information Senior Vice President, Services in 1989; Vice President, Insurance Operations Administration in 1992; and to present position in 1996. Responsible for the Company's Computer Operations, Customer Services, Claims, Premium Collection and Agency Administration. Director of Sunset Life and Old American, subsidiaries.
John K. Koetting, 51 Elected Assistant Controller in 1975; and to Vice President and position in 1980. Chief accounting officer Controller responsible for all corporate accounting reports. Director of Old American, a subsidiary.
C. John Malacarne, 55 Elected Associate General Counsel in 1976; General Vice President, General Counsel in 1980; Vice President and General Counsel and Secretary Counsel in 1981; and to present position in 1991. Responsible for Legal Department, Office of the Secretary, Stock Transfer Department and Market Compliance. Director and Secretary of Sunset Life and Old American, subsidiaries.
(d) J. R. Bixby, Chairman of the Board, and W. E. Bixby, Vice Chairman of the Board and President, are brothers. Nancy Bixby Hudson is the daughter of J. R. Bixby; Robert Philip Bixby and W. E. Bixby, III are the sons of W. E. Bixby.
(e) See Business Experience During Past 5 Years above.
(f) There have been no events under any bankruptcy act, no criminal pro- ceedings and no judgments or injunctions material to the evaluation of the ability and integrity of any Director, nominee or executive officer during the past five years.
Item 11.
Item 11. EXECUTIVE COMPENSATION
(a) Compensation
The following table sets forth information concerning cash compensation paid or accrued by the Company and its subsidiaries to the Chief Executive Officer and the other four most highly paid executive officers as of December 31, 1996 for the fiscal years ending December 31, 1996, 1995 and 1994.
SUMMARY COMPENSATION TABLE
ALL OTHER COMPENSATION INCLUDES THE FOLLOWING:
J. D. Hayes began employment with the Company on February 1, 1994. Per- quisites and other personal benefits including $49,895 for moving expenses are included in all other compensation for 1994.
The Company has a contributory Internal Revenue Code Section 401(k) savings and investment plan. Directors and officers who are full time employees of the Registrant or its subsidiaries participate in the plan on the same basis as all other employees. Employees may contribute from 1% to 10% of their monthly base salary. Highly compensated employees are limited to contributions of 6%. The Company contributes an amount equal to the employee contributions in the form of capital stock of the Company. The Company contributed $9,000 to the plan for the account of J. D. Hayes in 1995 and 1996, and $9,000 for the accounts of the named individuals in 1994, 1995 and 1996.
The Company has adopted a nonqualified deferred compensation plan for approximately 62 highly compensated officers and employees. It is similar to the Company's 401(k) plan. Participants contribute amounts to this plan that they cannot contribute to the 401(k) plan up to a total of 10% of their monthly salary and the Company contributes an equal amount. The amount contributed to the plan for fiscal years 1994, 1995 and 1996 respectively for the accounts of the named individuals are as follows: W. E. Bixby, $28,788, $30,678, $32,664; R. L. Finn, $9,414, $10,338, $11,208; F. P. Lemery, $9,414, $10,338, $11,208; D. D. Jensen, $7,875, $8,619, $9,400; J. D. Hayes, $0, $6,549, $8,724.
The Company provides yearly renewable term insurance to its employees in the amount of 2 1/2 times their annual salary. Directors and officers who are full time employees participate in the program on the same basis as all other employees. Premiums paid for the named individuals for fiscal years 1994, 1995 and 1996 respectively are as follows: W. E. Bixby, $12,562, $13,225, $13,922; R. L. Finn, $2,364, $2,497, $4,097; F. P. Lemery, $4,038, $3,901, $4,097; D. D. Jensen, $3,069, $3,514, $3,690; J. D. Hayes, $2,046, $3,666, $3,718.
(f) Defined Benefit or Actuarial Plan Disclosure
PENSION PLAN TABLE
The following table illustrates the possible annual pension benefits upon completion of the indicated years of service with the five year average salary for all officers and employees. Benefits are calculated on a straight life annuity basis. The Social Security offset and benefit has been estimated.
*Maximum pension based on an estimate of Social Security. **Estimated annual Social Security benefit at age 65.
The Company has a noncontributory defined benefit pension plan which covers all full time employees age 21 and over. A participant's retirement benefit is determined by multiplying his or her highest average annual salary for five consecutive years, from the last ten years of his or her employment, by a percentage determined from the participant's total years of service from that participant's 21st birthdate. The participant's percentage is determined by multiplying 2 1/2% for each of the participant's years of service up to the first twenty years, 2% for each year of service for the next ten years, and 1% for each year of the next ten. A participant's benefit may not exceed 80% of such average salary reduced by 1/2 of his or her Social Security benefit. Early retirement benefits are available after age 55, depending upon years of service and age. Benefits are fully vested after five years of service following a participant's 18th birthdate.
A participant's base salary not to exceed $150,000 (as adjusted for cost of living) commencing January 1, 1994, was used to determine compensation under the plan. For the individuals named in the Cash Compensation Table, the years of service covered by the plan for the year ended December 31, 1996, were: W. E. Bixby, 39 years; R. L. Finn, 22 years; F. P. Lemery, 36 years; D. D. Jensen, 30 years; J. D. Hayes, 3 years.
The Company has adopted an unfunded excess benefit plan which covers any employee who is an active participant in the noncontributory defined benefit pension plan and whose pension benefit under that plan would exceed the maximum benefit limited under Internal Revenue Code Section 415. A participant under this plan is entitled to a monthly benefit of the difference between the maxi- mum monthly normal, early, or deferred vested retirement benefit determined without regard to the Internal Revenue Code Section 415 limitation and the monthly equivalent of the maximum benefit permitted by Internal Revenue Code Section 415.
(g) Compensation of Directors
Outside Directors are paid $4,000 quarterly; $2,000 if they attend Special Board Meetings; $1,000 if they attend Executive Committee Meetings; $500 if they attend all other Committee Meetings. Inside Directors are paid $1,000 quarterly and $400 if they attend Special Board Meetings. J. R. Bixby, Chairman of the Board, is paid $30,000 quarterly. Directors of Sunset Life, a subsidiary, are paid $500 quarterly and Directors of Old American are paid $250 quarterly. Director fees are included in the Compensation Table.
(h) Employment Contracts and Termination of Employment and Change in Control Arrangements
There are no employment contracts between the Company and its executive officers. The Company's benefit plans contain typical provisions applicable to all employees for termination of employment.
(j) Additional Information with Respect to Compensation Committee
The members of the Compensation Committee: Ilus W. Davis (January 1, 1996 to April 22, 1996), Webb R. Gilmore (from April 22, 1996), Michael J. Ross and Larry Winn, Jr.
Item 12.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
(a) Security Ownership of Certain Beneficial Owners
The following sets forth information as of February 28, 1997, concerning holding of voting securities of the Company's $2.50 par value capital stock, which is the Company's only class of voting stock.
Name and Address of Beneficial Owners:
John K. Koetting, Robert C. Miller and Ronald E. Hiatt, Trustees of the Kansas City Life Insurance Company Savings and Investment Plan 3520 Broadway, Kansas City, MO 64111-2565
Amount and Nature of Ownership* Percent of Class
443,991 shares 7.2
John K. Koetting, Robert C. Miller and Ronald E. Hiatt, Trustees of the Kansas City Life Employee Stock Plan 3520 Broadway, Kansas City, MO 64111-2565
Amount and Nature of Ownership* Percent of Class
41,748 shares .7
*Trustees have the power to sell plan assets. Participants may instruct the Trustees how to vote their shares.
Angeline I. O'Connor c/o William A. Hirsch, Esq. Morrison & Hecker 2600 Grand Avenue, Kansas City, MO 64108
Amount and Nature of Ownership** Percent of Class
347,649 shares 5.6
**Includes 171,035 shares in the Walter E. Bixby Descendants Trust. Angeline I. O'Connor, Robert Philip Bixby and W. E. Bixby, III are Co- Trustees. The Trustees share voting and investment power. The terms of the Trust restrict the transfer of the shares.
Angeline I. O'Connor (then known as Angeline I. Oxler); J. R. Bixby; Margie Morris Bixby; Kathryn A. Bixby-Haddad; Kathryn A. Bixby-Haddad as Custodian for Kellie S. Curtis; Sorouch Haddad; Nancy Bixby Hudson; Robert Philip Bixby; W. E. Bixby, III; James R. Gammon as Trustee of the Walter E. Bixby Family Trust; Robert Philip Bixby, Angeline I. O'Connor and W. E. Bixby, III as Co- Trustees of the Walter E. Bixby Descendants Trust; W. E. Bixby; W. E. Bixby as Trustee for Trust B created pursuant to the Will of Edwin Bixby and Trust B created pursuant to the Will of Angeline Reynolds Bixby were members of a group that agreed to act together for the purpose of holding common stock, and the common stock ownership of such group was reflected in a Schedule 13D filed with the Commission on November 23, 1988 and subsequently amended. The agreement that documented the various rights and obligations among all of the members of that group expired May 20, 1990.
Nonetheless, Mrs. O'Connor and other former members of the Bixby Group in subsequent filings with the Commission have indicated that they currently share the expectation of many members of their extended family that a majority of the common stock will continue to be beneficially owned by such individuals or be under the control of Trustees under certain testamentary or inter vivos Trusts for the benefit of such individuals.
(b) Security Ownership of Management
The names of the nominees proposed by management for election to three year terms at the annual meeting to be held April 24, 1997 are set forth as follows:
The following Directors were elected April 20, 1995 for a three year term:
The following Directors were elected April 18, 1996 for a three year term:
*Less than 1%.
(1) Includes 900 shares owned by the spouse of J. R. Bixby. Beneficial ownership of these shares is disclaimed.
(2) Approximate vested beneficial interest in shares held by the Trustees of Kansas City Life Insurance Company employee benefit plans. Participants in the plans may instruct the Trustees how to vote those shares held in their account.
(3) Shares in the Walter E. Bixby Descendants Trust. Robert Philip Bixby, W. E. Bixby, III and Angeline I. O'Connor are Co-Trustees. The Trustees share voting and investment power. The terms of the Trust restrict transferring shares.
(4) Shares as to which W. E. Bixby, III is Custodian for his minor niece and nephews under the Missouri Uniform Gifts to Minors law.
(5) Shares as to which Robert Philip Bixby is Custodian for his minor niece and nephews under the Missouri Uniform Gifts to Minors law.
Item 13.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None.
PART IV
Item 14.
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a)(1) Financial Statements
The following financial statements of Kansas City Life Insurance Company are incorporated by reference from the Company's Annual Report to Shareholders for the year ended December 31, 1996 at the following pages:
Page
Consolidated Income Statement - Years ended December 31, 1996, 1995 and 1994 . . . . . . . . . . . . . . . 14 Consolidated Balance Sheet - December 31, 1996 and 1995 . . . . . . . . . . . . . . . . . . 15 Consolidated Statement of Stockholder Equity - Years ended December 31, 1996, 1995 and 1994 . . . . . . . . . 16 Consolidated Statement of Cash Flows - Years ended December 31, 1996, 1995 and 1994 . . . . . . . . . 17 Notes to Consolidated Financial Statements . . . . . . . . . . . 18-26 Report of Independent Auditors . . . . . . . . . . . . . . . . . 27
(a)(2) Supplementary Data and Financial Statement Schedules
Schedules are attached hereto at the following pages:
Page
I - Summary of Investments - Other than Investments in Related Parties, December 31, 1996 . . . . . . . . . 16 II - Condensed Financial Information of Registrant, Years ended December 31, 1996, 1995 and 1994 . . . . . . 17-19 III - Supplementary Insurance Information, Years ended December 31, 1996, 1995 and 1994 . . . . . . . . . . . . 20 V - Valuation and Qualifying Accounts, Years ended December 31, 1996, 1995 and 1994 . . . . . . . . . . . . 20 All other schedules are omitted as the required information is inapplicable or the information is presented in the financial statements or related notes.
(b) Reports on Form 8-K
None.
(c) Exhibits
Exhibit Number: Basic Documents:
3(a) 1986 Restatement of Articles of Incorporation. [Filed as Exhibit 3(a) to the Company's 10-K Report for 1986 and incorporated herein by reference]
3(b) Bylaws as amended October 26, 1986. [Filed as Exhibit 3(b)to the Company's 10-K Report for 1986 and incorporated herein by reference]
3(c) Specimen copies of Capital Stock Certificates, (a) less than 100 shares; (b) 100 shares; and (c) unlimited. [Filed as Exhibit 3(d) to the Company's 10-K Report for 1985 and incorporated herein by reference]
10(a) Fourth Amendment, Kansas City Life Deferred Compensation Plan. [Filed as Exhibit 10(a) to the Company's 10-K Report for 1993 and incorporated herein by reference]
10(b) Twenty-first Amendment, Kansas City Life Insurance Company Savings and Investment Plan. [Filed as Exhibit 10(b) to the Company's 10-K Report for 1994 and incorporated herein by reference]
10(c) Ninth Amendment, Kansas City Life Employee Stock Plan. [Filed as Exhibit 10(c) to the Company's 10-K Report for 1994 and incorporated herein by reference]
10(d) Kansas City Life Excess Benefit Plan. [Filed as Exhibit 10(e) to the Company's 10-K Report for 1990 and incorporated herein by reference]
11 Computation of Per Share Earnings.
13 Annual Report to Shareholders for the year ended December 31, 1996.
21 Subsidiaries.
23(a) Consent of Independent Auditors.
23(b) Consent of Independent Auditors.
27 Financial Data Schedule.
99(a) Form 11-K for the Kansas City Life Insurance Company Savings and Investment Plan for the year 1996 and filed as a part hereof and incorporated herein by reference.
99(b) Prospectus for Kansas City Life Insurance Company Savings and Investment Plan. [Filed as Exhibit 99(b) to the Company's 10-K Report for 1995 and incorporated herein by reference]
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
KANSAS CITY LIFE INSURANCE COMPANY
By: /s/ John K. Koetting John K. Koetting Vice President and Controller (Principal Accounting Officer) Date: March 26, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Regis- trant and in the capacities and on the dates indicated.
By: /s/ W. E. Bixby By: /s/ Richard L. Finn W. E. Bixby Richard L. Finn Director; Vice Chairman of the Director; Senior Vice Board and President President, Finance (Principal Executive Officer) (Principal Financial Officer) Date: March 26, 1997 Date: March 26, 1997
By: /s/ J. R. Bixby By: /s/ Francis P. Lemery J. R. Bixby Francis P. Lemery Director; Chairman of Director; Senior Vice the Board President and Actuary Date: March 26, 1997 Date: March 26, 1997
By: /s/ R. Philip Bixby By: /s/ C. John Malacarne R. Philip Bixby C. John Malacarne Director; Executive Director; Vice President, Vice President General Counsel and Secretary Date: March 26, 1997 Date: March 26, 1997
By: /s/ Warren J. Hunzicker By: /s/ Daryl D. Jensen Warren J. Hunzicker, M.D. Daryl D.Jensen Director Director Date: March 26, 1997 Date: March 26, 1997
Schedule I
Schedule II
The above condensed financial statement should be read in conjunction with the consolidated financial statements and notes thereto of Kansas City Life Insurance Company.
Schedule II
The above condensed financial statement should be read in conjunction with the consolidated financial statements and notes thereto of Kansas City Life Insurance Company.
Schedule II (continued)
The above condensed financial statement should be read in conjunction with the consolidated financial statements and notes thereto of Kansas City Life Insurance Company.
Schedule III
KANSAS CITY LIFE INSURANCE COMPANY SUPPLEMENTARY INSURANCE INFORMATION
The Company believes it operates in a single industry segment, that of providing life and accident and health insurance coverage. Therefore, supplementary information for this segment is limited to the following:
December 31
1996 1995
(in thousands)
Unearned premiums (included in $909 925 other policyowners' funds in the accompanying Consolidated Balance Sheet)
All other information required by this Schedule is shown in the accompanying Consolidated Income Statement and Consolidated Balance Sheet.
Schedule V