KANSAS CITY, Mo., Dec. 13, 2022 /PRNewswire/ -- As previously disclosed in its financial reports, Kansas City Life Insurance Company (the "Company") is a party to a class action lawsuit filed in the 16th Circuit Court for the State of Missouri (Jackson County) styled Karr v. Kansas City Life Insurance Company (the "Karr Action"). On Dec. 9, 2022, the jury in the Karr Action delivered a verdict against the Company in the amount of $28.36 million.
The Karr Action includes a class of Missouri policyholders who purchased one of several different universal life policy forms issued between 1982 and 2008.
The Company believes the facts and the law do not support the jury's verdict and, while we respect the service of the jury, the Company will seek to overturn the verdict in post-trial motions with the Court. If the Court does not grant these motions, the Company intends to vigorously challenge the verdict through an appeal.
President Walter E. Bixby stated that "For more than 125 years, Kansas City Life has placed the trust of our policyholders at the forefront of our business and will continue to do so without exception."
The results of the verdict, if not overturned or reduced by the Court or on appeal, would likely have a material adverse impact on the business and financial condition of the Company.
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.
This press release includes "forward-looking statements," which are statements, other than statements of historical facts, regarding the Company's prospects, plans, financial position and litigation strategy, including the outcome and effects of pending litigation. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "could," "anticipate" or "believe" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from the Company's expectations include those identified in its filings with the OTC as well as risks and uncertainties inherent in litigation. The forward-looking statements included herein are made only as of the date of this press release, and the Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE Kansas City Life Insurance