In addition to ANAT and NWLI, I own some shares in Kansas City Life Insurance (KCLI).KCLI has issued a press release on its website regarding its sales of real estate interests in 2012. KCLI will report gains from the sales of property in the first quarter of 2012 and it will have raised a considerable amount of cash.Unlike ANAT and NWLI, KCLI has been buying back small amounts of its stock. I wonder if they are getting ready to do something on a grander scale or are just shifting their investment focus.Anybody else know anything about this situation?
Just like NWLI, ANAT, PLFE, and others. KCLI was $33/sh ten years ago. At least there's a decent dividend. Seem to recall someone offered to buy them out years ago for a nice premium but they declined.
A lot of the book value at KCLI is from AOCI (Accumulated Other Comprehensive Income), so their book valoue is overstated as liabilities are not revalued in the way they have done with their assets.NWLI is much more conservative as they used amortized cost for their assets which better matches their liabilities.The advantage of KCLI is their dividend, but it is not nearly as cheap as NWLI and NWLI should outperform in the long run.