Wednesday, May 06, 2020
KANSAS CITY LIFE REPORTS NET INCOME CRASH DURING CORONAVIRUS QUARTER!!!
The iconic midtown Kansas City Life Insurance Company building has long been a symbol of financial stability and now the biz has suffered a historic setback along with the rest of this town, the nation and the world.
Here's the damage and how the company is dealing with it:
TADV: Kansas City Life Sees COVID-19 Chilling the Economy
A terrifying bit of foreshadowing from the report:
"The insurer says has already increased the allowance for mortgage loan losses."
"The Kansas City, Missouri-based life insurer is reporting $150,000 in net income for the quarter on $123 million in revenue, compared with $4 million in net income on $130 million for the first quarter of 2019."
To wit . . .
KANSAS CITY LIFE SUFFERS HORRIFIC 96.25% COLLAPSE IN NET INCOME THAT SIGNALS THE START OF HARSH TIMES!!!
As Kansas City starts the "soft" reopen there are many theories about economic recovery but almost nobody believes an immediate bounce back is imminent. Instead, the restart looks increasingly complicated, uncertain and not only tied to public health but also increasingly hostile and unproductive partisan bickering.
CNBC: Putting the economy back together again: What the future holds for Americans
BBC: Could the huge shifts in our way of life being introduced as part of the fight against Covid-19 pave the way for a more humane economy?
Vox: Why the Covid-19 economy is particularly devastating to millennials, in 14 charts
Developing . . .