SECURITIES AND EXCHANGE COMMISSION

 

Washington, D. C. 20549

 

FORM 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13	OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

FOR THE FISCAL YEAR ENDED DECEMBER 31,	2007

 

COMMISSION FILE NUMBER 0-1999

 

**KENTUCKY INVESTORS, INC.**

 

(Exact name of registrant as specified	in its Charter)

 

 

| KENTUCKY
61-6030333
(State or Other				Jurisdiction of
(IRS Employer
Incorporation or				Organization)
Identification Number)
 

 

200 Capital Avenue,	Frankfort, Kentucky 40601

(Address of Principal Executive	Offices)

 

 

Registrant's telephone number,	including area code 502-223-2361

 

 

Securities registered pursuant to	Section 12(g) of the Act:

 

 

Title of Each Class

Common $1 Par Value

 

 

Name of Each Exchange on Which	Registered

OTC BULLETIN BOARD

 

 

Securities registered pursuant to	Section 12(g) of the Act:

 

 

Common Capital Stock Par Value $1.00	Per Share

 

Indicate by check	mark if the registrant is a well-known seasoned issuer, as defined in Rule	405 of the Securities Act.  YES  (  )    NO  (X)

 

Indicate by check	mark if the registrant is not required to file reports pursuant to Section	13 or Section 15(d) of the Act.  YES  (  )    NO  (X)

 

Indicate by check mark whether the	registrant (1) has filed all reports required to be filed by Section 13 or	15(d) of the Securities Exchange Act of 1934 during the preceding 12 months	(or for such shorter period that the registrant was required to file such	reports), and (2) has been subject to such filing requirements for the past	90 days.  YES  (X)         NO  (  )

 

Indicate by check mark if disclosure	of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this	chapter) is not contained herein, and will not be contained, to the best of	registrant's knowledge, in definitive proxy or information statements	incorporated by reference in Part III of this form 10-K or any amendments to	this Form 10-K.  (X)

 

Indicate by check mark whether the	registrant is a large accelerated filer, an accelerated filer, a	non-accelerated filer, or a smaller reporting company.  See the definitions	of "large accelerated filer," "accelerated filer," and "smaller reporting	company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated	filer  (  )               Accelerated filer  (  )            Non-accelerated	filer  ( )(Do not check if a smaller reporting	company)                                   Smaller Reporting Company (X)

 

Indicate by check mark whether the	registrant is a shell company (as defined in Rule 12b-2 of the	Act).  YES  (  )    NO  (X)

 

State the aggregate market value of	the voting stock held by nonaffiliates of the registrant computed by	reference to the average bid and asked price of such common equity as of	June 30, 2007.     $28,558,787

 

Indicate the number of shares	outstanding of each of the registrant's classes of common stock, as of the	latest practicable date.

 

Class

Common Capital Stock

 

Outstanding at March 17, 2008

1,113,050.720

 

Documents	Incorporated by Reference:

 

(1) Portions of	the Annual Report to the Stockholders for the year ended December 31, 2007	(Form 10-K, Items 1, 7, 8 and 15)

 

(2) Portions of	the Proxy Statement dated April 4, 2008, for the Annual Meeting of	Stockholders to be held May 8, 2008 (Form 10-K, Items 10, 11, 12, 13 and	14.)

 

 

CONTENTS
 
PART I
 
 
				Page
Item				1.
				Business
4
Item				2.
				Properties
11
Item				3.
Legal				Proceedings
11
Item				4.
				Submission of Matters to a Vote of Security Holders
11
 

 

Part II   
Item				5.
				Market For Registrant's Common Equity, Related Stockholder				Matters and Issuer Purchases of Equity Securities
 

12
Item				7.
				Management's Discussion and Analysis of Financial

				Condition And Results of Operations
 

13
Item				8.
				Financial Statements and Supplementary Data
13
Item				9.
				Changes in And Disagreements with Accountants

on				Accounting and Financial Disclosure
 

13
Item				9A(T)
				Controls and Procedures
13
Item				9B.
Other				Information
14
 

 

 

Part III
 
  
Item				10.
				Directors, Executive Officers and Corporate Governance
15
Item				11.
				Executive Compensation
16
Item				12.
				Security Ownership of Certain Beneficial Owners

and				Management and Related Stockholder Matters
 

16
Item				13.
				Certain Relationships and Related Transactions, and Director				Independence
16
Item				14.
				Principal Accountant Fees and Services
16
 

 

Part IV
 
  
Item				15.
				Exhibits
17
Index				To Exhibits
 
18
				Signatures
 
19    
 

 

PART I

 

Item 1. Business

 

(a) Business Overview

 

Kentucky Investors, Inc. is the holder of100% of the outstanding common stock of a life insurance company, a printingcompany and an insurance marketing company and is the sole member of twoKentucky limited liability companies.

 

Kentucky Investors owns 100% of InvestorsHeritage Life Insurance Company, Investors Heritage Printing, Inc. and InvestorsHeritage Financial Services Group, Inc. Kentucky Investors is the sole member ofAt Need Funding, LLC, and Heritage Funding, LLC, both Kentucky limited liabilitycorporations. We will be referring to Investors Heritage Printing, InvestorsHeritage Financial, At Need Funding and Heritage Funding as the "Non-insuranceSubsidiaries". We will be referring to Investors Heritage Life, InvestorsHeritage Printing, Investors Heritage Financial and At Need Funding as the"Subsidiaries". We will also be referring to Kentucky Investors and itssubsidiaries "we", "us", "our" and as the "Company".

 

Investors Heritage Life owns 96% ofInvestors Underwriters, Inc., an investment holding company. While theNon-insurance Subsidiaries continue to expand, approximately 1% of KentuckyInvestors' total consolidated revenues were generated by the Non-insuranceSubsidiaries for the year ended December 31, 2007. The Non-insuranceSubsidiaries' total assets and stockholders' equity comprised less than 1% inthe aggregate of Kentucky Investors' reported total assets and stockholders'equity as of December 31, 2007.

 

(b) Financial Information AboutBusiness Segments

 

Investors Heritage Life

 

The business segments of InvestorsHeritage Life are identified and discussed on pages 36-37 of the Annual Reportto Stockholders for the year ended December 31, 2007 and are incorporated hereinby reference. We offer a portfolio of the standard forms of participating andnon-participating whole life, limited pay, endowments, split-funding,interest-sensitive whole life, guaranteed issue whole life, universal life, termand group life. In addition, we write credit life and credit accident and healthinsurance (collectively "Credit Insurance") on a group basis.  The business ofInvestors Heritage Life is not seasonal.

 

Ordinary Production.The business segments for ordinary production are Preneed and Burial products ("Preneed")and Traditional and Universal Life products ("Traditional"). Ordinary in forceaccounts for 35% of total in force business. We continue to work diligently toincrease ordinary product sales. Our primary focus over the last several yearshas been the Preneed sales in the final expense and preneed funeral markets.Final expense sales include the sale of small face amount ordinary lifeinsurance products, the purpose of which is to pay the insured's final expenses.Preneed funeral sales include the sale of modal multiple premium and singlepremium ordinary life policies which are sold to fund a specific prearrangedfuneral contract.

 

Preneed sales decreased 12% during 2007primarily due to competition in the marketplace.  Investors Heritage Lifestrives to continue to improve its marketing capability in this area. Ourefforts and strategy to continue a successful ordinary insurance operation hingeon continuing to provide solid products and outstanding administrative serviceand on the personal relationships developed and fostered each year. In thefourth quarter of 2007, we introduced a new preneed product replacing the LegacyProtector and Legacy Preferred product series.  The Legacy Gold series includesboth single premium as well as multi-pay policies. Initial reaction to the newproduct in our markets has been favorable.  We anticipate performance of thisproduct series to be in line with expectations and to improve productprofitability in this segment.  Our Preneed sales are generated primarilythrough independent funeral homes in fourteen states. 

 

Credit Insurance Products andAdministrative Services ("Credit Insurance").Investors Heritage Life has sold Credit Insurance since 1966. Since 1996,Investors Heritage Financial has marketed Investors Heritage Life's CreditInsurance products. All of the risk on Credit Insurance policies sold byInvestors Heritage Life has been and will continue to be reinsured with larger,highly rated companies. Currently, Investors Heritage Life has reinsuranceagreements with Scottish Re (U.S.), Inc. and ACE Life Insurance Company, whichreplaced RBC Reinsurance (Ireland) Ltd. as one of our reinsurers on new businesseffective June 1, 2007.   During 2005, Investors Heritage Life, with theassistance of Investors Heritage Financial, entered into a joint venturepartnership with the Kentucky Bankers Association ("KBA") to market variousproducts to all of the KBA members throughout the Commonwealth of Kentucky. Investors Heritage Life reinsures credit business sold through KBA members to,and serves in an administrative capacity for, Kenbanc Reinsurance Company, Ltd.,the KBA's reinsurance company.  Investors Heritage Financial  markets InvestorsHeritage Life Credit Insurance products and mortgage redemption products throughthis partnership as well as products for several unaffiliated companies.  Theserelationships allow Investors Heritage Financial to provide more products andbetter serve our existing accounts thereby allowing us to further strengthenthese agency relationships.  

 

During 2007, the third year of ourrelationship with the KBA, we were successful in increasing our market sharethrough the Kentucky financial institutions although sales lagged primarily dueto economic conditions.  We anticipate sales of our Credit Insurance andmortgage redemption products to increase during 2008 as well as fee income fromthe sale of other products.

 

(c) Narrative Description of Business

 

Preneed and Burial Products ("Preneed").   Approximately52% of total ordinary insurance in force is Preneed. Sales for this segment areunder the direct supervision of the home office using a regionally supervisedagency system. The method of field operation involves independent contractualagents working with district and regional managers. These managers contract withand train agents who work under them. The regional managers may have severaldistrict managers under their supervision. As a result of our growth in thePreneed area, agency relationships have also been entered into directly withnumerous funeral home owners. Management anticipates this trend to continue and,depending on the size of the funeral home and state law, preneed counselors mayalso become part of the agency force. 

 

During the fourth quarter 2007, weintroduced the "Legacy Gold Series", our sixth generation of life productsdesigned for the preneed funeral market. These products provide an underwrittenand a guaranteed issue single premium policy as well as underwritten andguaranteed issue multi-pay policies. All of the products provide for increasingdeath benefits on a non-guaranteed basis with a guaranteed minimum increase andfor a lengthened reduced benefit period on the guaranteed issue multi-payproduct. 

 

We also market a series of final expensewhole life insurance policies known as the "Heritage Final Expense Products".These products are non-participating whole life insurance issued with simplifiedunderwriting. These products are offered outside of the preneed market and areperforming in line with expectations.

 

Traditional and Universal Life Products("Traditional"). Sales for this segmentare under the direct supervision of the home office using a regionallysupervised agency system. The method of field operation involves independentcontractual agents working with district and regional managers. These managerscontract with and train agents who work under them. The regional managers mayhave several district managers under their supervision. We also sell businessthrough general agents or brokers who may represent one or more companies.

 

Approximately 48% of total ordinaryinsurance in force is Traditional. These sales are built around a standardportfolio of life insurance policies with some of the contributions to in-forcebusiness being a participating ordinary life insurance policy, a guaranteedissue whole life policy and non-participating life policies. In addition, weoffer term insurance products.

 

As anticipated, ordinary premiumproduction from financial institutions increased by $193,941 to $1,587,345 in2007. This 13.9% increase over 2006 was primarily due to our increase in marketshare and recent legislation that favorably amended the predatory lending lawfor the state chartered banks in Kentucky and that provides a level playingfield for state and national banks.

 

Group life accounts for 54% of totalin-force business.  In addition to the group business discussed above, InvestorsHeritage Life participates in the Federal Employee Group Life Insurance ("FEGLI")Program, which is administered by Metropolitan Life Insurance Company, and inthe Servicemen's Group Life Insurance ("SEGLI") Program, which is administeredby Prudential Insurance Company of America. As of year-end 2007, the totalamount of insurance in force from the FEGLI and SEGLI programs wereapproximately $424,912,000 and $1,203,231,000, respectively.

 

Credit Insurance.Credit Insurance, which accounts for 12% of total in-force business, isgenerally sold through banks, finance companies and automobile dealerships andis offered in connection with the extension of credit. The amount of theinsurance is designed to cover the amount of the loan with the financialinstitution being the beneficiary of the insurance policy to the extent of theunpaid balance of the loan. Credit Insurance production is dependent on consumerdebt. In times of low unemployment, reasonable interest rates and a steadilyimproving economy, consumer debt increases; therefore, Credit Insurance salesincrease. When the economy slows, consumer debt slows and therefore CreditInsurance sales decrease.

 

Investors Heritage Financial initiatesdiscussions with unaffiliated companies regarding a transaction where CreditInsurance business would be written by Investors Heritage Life and all of therisk insured would be immediately reinsured to the unaffiliated company. Inaddition to receiving an initiation fee, Investors Heritage Life also receives afee for administration and claims processing services as part of suchtransactions. Investors Heritage Financial generates revenues in the form ofcommissions from the sale of Investors Heritage Life's Credit Insuranceproducts. Management believes there will continue to be opportunities toadminister Credit Insurance business in Kentucky for non-domestic insurers.

 

Investors Heritage Life has reinsuranceagreements with six unaffiliated companies, Life Investors Insurance Company ofAmerica, Universal Guaranty Life Insurance Company, Madison National LifeInsurance Company, Minnesota Life Insurance Company, Kenbanc ReinsuranceCompany, Ltd. and Plateau Insurance Company.  Pursuant to those agreements, ourCredit Insurance products sold by each company's agents are then reinsured toeach company, respectively. Investors Heritage Life and Investors HeritageFinancial are paid an initiation fee and an administration fee for servicesprovided. Investors Heritage Financial will continue to seek contracts tooperate as an administrator for other companies that sell Credit Insurance.

 

Investors Heritage Financial continues tocall on banks, finance companies and selected automobile dealerships to marketCredit Insurance products for Investors Heritage Life. As anticipated, 9.4% ofInvestors Heritage Financial revenues for 2007 were derived from the sale ofInvestors Heritage Life's Credit Insurance products. Credit Insurance grosswritten premiums were lower than anticipated in 2007 due primarily to lower loandemand related to the sluggish economy and to the fact that the market has notfully adjusted to the favorable amendments to the predatory lending law inKentucky that controls the sale of Credit Insurance products in conjunction withlending on real estate and secured loans.  

 

In addition to selling Credit Insurance,Investors Heritage Life bank agents may obtain an ordinary life license enablingthem to sell mortgage life insurance that might be required in excess of thestatutory credit life limitation enacted by each state where our CreditInsurance products are sold. The mortgage life insurance sales operations willcontinue to be conducted through Investors Heritage Financial. Further,Investors Heritage Financial is licensed with other unaffiliated insurancecompanies to provide products that Investors Heritage Life does not offer to thefinancial institutions and other agents. These products include cancer,accident, second-to-die, large face amount term insurance, short term and longterm disability and annuities. These relationships generated additional feeincome in the amount of $469,633 during 2007 and management anticipatescontinued fee income from this area.

 

Reinsurance. Investors Heritage Life utilizes a combination of yearly renewable termreinsurance and coinsurance to cede life insurance coverage in excess of itsretention limit, which is $25,000 per life. This retention level was achieved bykeeping current reinsurance treaties in place and adding additional yearlyrenewable term treaties for the difference with Scottish Re (U.S.) (inforce asof December 31, 2003) and Munich American Reassurance Company (business issuedin 2004 and later). As anticipated, this retention level has stabilized earningsfluctuations in the Traditional segment. Excess coverages are reinsuredexternally to unaffiliated reinsurers.

 

Investors Heritage Life has a reinsuranceagreement with Munich, which reinsures the Heritage Final Expense products on an80/20 quota share basis with Investors Heritage Life retaining 20% of the riskon each life. We also have a reinsurance agreement with Lincoln National LifeInsurance Company, which reinsures the Term to 95 product on an 80/20 quotashare basis with Investors Heritage Life retaining 20% of the risk on each life.

 

As of December 31, 2007, approximately$803,468,000 or 24% of total life insurance in force was reinsured withnon-affiliated well-established insurance companies. Investors Heritage Life isparty to reinsurance and coinsurance agreements with twenty-four non-affiliatedcompanies. The reinsurers for Investors Heritage Life and amounts of insurancein force that are reinsured are as follows:

 

 

Company
Reinsurance
Percent
 
Amount
Of Total
 
  
ACE Life Insurance Company
$  27,234,000
3.39%
Canada Life Assurance Company
12,928,000
1.61%
Central States Health & Life			Co. of Omaha
1,305,000
0.16%
Connecticut General Life			Insurance Company
159,000
0.02%
KenBanc Reinsurance Company			LTD
12,307,000
1.53%
Key Life Insurance Company
1,665,000
0.21%
Life Investors Insurance			Company of America
15,653,000
1.95%
Lincoln National Life			Insurance Company
77,735,000
9.67%
Madison National Life			Insurance Company
6,267,000
0.78%
Minnesota Life Insurance			Company
90,708,000
11.29%
Munich American Reassurance			Company
110,918,000
13.79%
Optimum Re Insurance Company
9,370,000
1.17%
Plateau Insurance Company
1,235,000
0.15%
RBC Reinsurance (Ireland) Ltd.
98,555,000
12.26%
ReliaStar Life Insurance			Company
3,176,000
0.40%
Scottish Annuity and Life			Insurance Company
40,458,000
5.04%
Scottish RE (US)
267,798,000
33.33%
Swiss Re Life & Health America			Inc.
16,515,000
2.06%
Universal Guaranty Life			Insurance Company
2,134,000
0.27%
Vernon General Insurance			Company
7,047,000
0.88%
Other Companies (4)
         301,000
    0.04%
 
$803,468,000
100.00%
 

Investors Heritage Life reinsures all ofthe risk on the Credit Insurance products sold by its agents.  Currently, thisbusiness is being reinsured with Scottish Re (U.S.) and ACE Life InsuranceCompany, which replaced RBC Reinsurance effective June 1, 2007 on new sales ofour credit products.  As explained above, some of these credit insurance risksare reinsured to Life Investors, Universal Guaranty, Madison National, MinnesotaLife, Kenbanc and Plateau.

 

Administrative Services. During 2007 we continued to market our third party administrative services tonon-affiliated companies and hired a new employee whose primary responsibilityis to promote this aspect of our organization.  This additional marketing focushas and is expected to generate increased fee income associated with providingthese services. Our overall revenue will be further enhanced by the fact that weexpect to incur minimal expense increases associated with the third partyadministrative services, which will decrease our overall unit costs.  

 

We have the capacity within ourorganization to handle the additional load and we have been successful inproviding services without the need to add new employees.  During 2007, weprovided third party administrative services for four companies.  One of theagreements is with an established company opening a new line of life insuranceproducts.  A second agreement is with a startup company that raised in excess of$14,000,000 and commenced marketing their life insurance products in the secondquarter of 2007.  The remaining agreements are with start-up companies that havenot commenced insurance sales but need administrative assistance with accountingand financial reporting.  

 

Other Subsidiaries.Investors Heritage Printing does job printing for Investors Heritage Life aswell as numerous unaffiliated sources. This includes the printing of theapplication forms and other office forms required by Investors Heritage Life.While the income from Investors Heritage Printing is not a significant factor inour overall business, Investors Heritage Printing continues to work to improveprofitability. Revenues from Investors Heritage Printing were approximately$477,000 in 2007, up $37,000 compared to 2006.

 

The formation and operation of InvestorsHeritage Financial generates additional revenue to Kentucky Investors. Althoughthis additional revenue is not a significant factor in our overall business,Investors Heritage Financial remains steady in its operations with revenues ofapproximately $522,000 in 2007 compared to $343,000 in 2006. 

 

At Need Funding is a single member,limited liability company organized under the laws of the Commonwealth ofKentucky. Kentucky Investors is the sole member of the LLC. Funding provided byAt Need Funding is secured by assignments of verified incontestable lifeinsurance policies issued by unaffiliated companies. The funds are advanced tofuneral homes for services provided for the insured. Upon receipt of deathbenefits from the unaffiliated insurance company, the principal balance of thedebt is reduced and interest and fees are recorded. This service is marketedprimarily to funeral homes that do not have the manpower to timely completenecessary paperwork to process the insurance claim.  Revenues from At NeedFunding were approximately $156,000 in 2007, down $117,000 compared to 2006,primarily due to the  volume of current year lending activity as a result of theacquisition of a key customer.

 

Dividends and distributions from theNon-insurance Subsidiaries for 2007 and 2006 amounted to $494,000 and $427,000,respectively.

 

Additionally, we earn fees for otherservices performed for our subsidiaries. The fees pay for the necessarysupervision and coordination required to provide a common policy for all thecompanies. The supervision results in a coordination of contracts with thevarious independent agents, common sales brochures, and a savings to eachcompany in the area of printing and purchasing. We purchase director and officerliability coverage, employment practices liability insurance coverage and errorsand omissions coverage blanket fidelity bonds.  All policies provide coveragefor each of the subsidiaries and provide a cost savings when compared topurchases made by individual companies. We also administer the group life andthe retirement programs for the various companies.  These fees are notsignificant to our total revenue. Kentucky Investors also has revenue from otherinvestments, but it is not a significant factor in our business.

 

Employees.Kentucky Investors does not have any employees. While Kentucky Investors'officers perform various functions, they are not paid a salary by KentuckyInvestors for performing such functions. There are 86 people employed byInvestors Heritage Life and three people employed by Investors HeritagePrinting. The number of active independent contractual agents of InvestorsHeritage Life is 2,196. There are no unions organized nor are there anycollective bargaining agreements with the employees or agents.  Management ofInvestors Heritage Life considers its relationship with the employees and agentsto be satisfactory.

 

(d) Financial Information aboutGeographic Areas

 

The principal markets for InvestorsHeritage Life's products are in the Commonwealths of Kentucky and Virginia, andthe States of North Carolina, South Carolina, Georgia, Ohio, Indiana, Florida,Tennessee and Michigan. Investors Heritage Life has licensed ordinary agents andregional managers throughout these states and credit life agents in 292 banksand automobile dealerships.

 

Investors Heritage Life is also licensedin twenty other states: Alabama, Arizona, Arkansas,  Illinois, Louisiana,Mississippi and West Virginia in the South and Southeast; Colorado, Missouri,New Mexico, North Dakota, South Dakota, Oklahoma, Montana, Nebraska, Kansas,Texas and Utah in the West; and Maryland and Pennsylvania in the North. Thebusiness in these states is written mostly through general agents.

 

Forward Looking Information.We caution readers regarding certain forward-looking statements contained inthis report and in any other statements made by, or on behalf of, the Company,whether or not in future filings with the Securities and Exchange Commission(the "SEC"). Forward-looking statements are statements not based on historicalinformation and which relate to future operations, strategies, financialresults, or other developments. Statements using verbs such as "expect,""anticipate," "believe" or words of similar import generally involveforward-looking statements. Without limiting the foregoing, forward-lookingstatements include statements which represent our beliefs concerning futurelevels of sales and redemptions of our products, investment spreads and yields,or the earnings and profitability of our activities.

 

Forward looking statements are necessarilybased on estimates and assumptions that are inherently subject to significantbusiness, economic and competitive uncertainties and contingencies, many ofwhich are beyond our control and many of which are subject to change. Theseuncertainties and contingencies could cause actual results to differ materiallyfrom those expressed in any forward-looking statements made by, or on behalf of,the Company. Whether or not actual results differ materially fromforward-looking statements may depend on numerous foreseeable and unforeseeablefactors and developments. Some of these may be national in scope, such asgeneral economic conditions, changes in tax law and changes in interest rates.Some may be related to the insurance industry generally, such as pricingcompetition, regulatory developments, industry consolidation and the effects ofcompetition in the insurance business from other insurance companies and otherfinancial institutions operating in our market area and elsewhere. Others mayrelate to the Company specifically, such as credit, volatility and other risksassociated with our investment portfolio. We caution that such factors are notexclusive. We disclaim any obligation to update forward-looking information.

 

Item 2. Properties

 

The physical property of the Companyconsists of the home office building and grounds, owned in fee, at 200 CapitalAvenue, Frankfort, Kentucky. Adjacent to the home office, the Company ownsadditional property on Second Street and on Shelby Street in Frankfort,Kentucky. One building is used for agency and company meetings; one building isa print shop used by Investors Heritage Printing, one building is used forsupplies and additional storage; one building is leased to a commercial tenantand one building is a residential apartment building.  All of the properties arein good condition.

 

Item 3. Legal Proceedings

 

There are no legal proceedings to whichKentucky Investors is a party. There are no legal proceedings to which InvestorsHeritage Life is a party that are material to the overall financial condition orresults of operations of Kentucky Investors.

 

Item 4. Submission of Matters to a Vote ofSecurity Holders

 

None.

 

 

PART II

 

 

 

Item 5. Market for Registrant's CommonEquity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

(a)   The stock of Kentucky Investors,Inc. is quoted on the OTC Bulletin Board.  The quotations reflect inter-dealerprices, without retail mark-up, mark-down, or commission, and may not representactual transactions.  The symbol for Kentucky Investors is KINV.  The followingtable shows the range of high and low closing sales prices of our shares on theOTC Bulletin Board market quotations.  

 

 
 
HIGH
LOW   
YEAR			ENDED DECEMBER 31, 2007:  
First			Quarter
$29.50
$25.80
Second			Quarter
  27.25
  24.55
Third			Quarter
  28.95
  25.00
Fourth			Quarter
  28.75
  26.80			 			 			 
YEAR ENDED DECEMBER 31, 2006:			 			 
First Quarter
$24.00
$23.25
Second Quarter
  26.75
  23.40
Third Quarter
  26.50
  24.25
Fourth Quarter
  29.99
  23.25
 

 
 

 

(b)   Approximate Number of EquitySecurity Holders

 

(A)

Title of Class

Common Stock

 

(B)

Number of Holders of Record 12-31-2007

3,130

 

(c)   Dividends

 

Kentucky Investors, Inc. paid dividendstotaling $423,062 to stockholders in 2007, representing $.38 per share. The 2007cash dividend to be paid April 7, 2008, to stockholders of record March 21,2008, is $.38 per share.

 

(d)   Equity Compensation Plan Information

 

 

Plan Category
Number of securities to be			issued upon exercise of outstanding options, warrants and rights
Weighted-average exercise			price of outstanding options, warrants and rights
Number of securities remaining			available for future issuance under equity compensation plans
Equity			compensation plans approved by security holders
61,125
$23.00
188,875
Equity			compensation plans not approved by security holders
-
-
-
Total
61,125
$23.00
188,875
 

Item 7. Management's Discussion andAnalysis of Financial Condition and Results of Operations

 

Management's Discussion and Analysis offinancial condition and results of operations appears on pages 5-14 in theAnnual Report to the Stockholders for the year ended December 31, 2007, and isincorporated herein by reference.

 

Item 8. Financial Statements

 

The financial statements and notes appearon pages 16-38 in the Annual Report to the Stockholders for the year endedDecember 31, 2007 and are incorporated herein by reference. See Part IV, Item15.

 

Item 9. Changes in and Disagreements withAccountants on Accounting and Financial Disclosure

 

None.

 

Item 9A(T). Controlsand Procedures (This report shall not be deemed to be filed for purposes ofSection 18 of the Exchange Act or otherwise subject to the liabilities of thatsection).

 

(a)  Management is responsible forestablishing and maintaining adequate internal control over the Company'sfinancial reporting. As of the end of the period covered by this annual report,the Company carried out an evaluation, under the supervision and with theparticipation of the Company's management, including the Company's ChiefExecutive Officer and Chief Financial Officer, of the effectiveness of thedesign and operation of the Company's internal controls over financial reportingas defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of1934.  The standard measures adopted by management in making its evaluation arethe measures in the Internal-Control Integrated Framework published by theCommittee of Sponsoring Organizations of the Treadway Commission. 

 

Based upon that evaluation, the ChiefExecutive Officer and Chief Financial Officer concluded that the Company'sdisclosure controls and procedures are effective in timely alerting them tomaterial information relating to the Company (including its consolidatedsubsidiaries) required to be included in this Annual Report on Form 10-K. Therehave been no significant changes in the Company's internal controls or in otherfactors during our last fiscal quarter that have materially affected, or arereasonably likely to materially affect, our internal controls over financialreporting.  This annual report does not include an attestation report of theCompany's registered public accounting firm regarding internal control overfinancial reporting.  Management's report was not subject to attestation by theCompany's registered public accounting firm pursuant to temporary rules of theSecurities and Exchange Commission that permit the Company to provide onlymanagement's report in this annual report.

 

(b)  Changes to Internal Control OverFinancial Reporting

 

There were no changes in the Company'sinternal control over financial reporting during the three months ended December31, 2007 that have materially affected, or are reasonable likely to materiallyaffect, the Company's internal control over financial reporting.

 

Item 9B.  Other Information

 

None.

 

 

PART III

 

Item 10. Directors,Executive Officers and Corporate Governance

 

(a)   The Executive officers and directorsof the Company are:

 

**Name,			Position & Year Became**
**Age**
**Officer/Director** 
**Family			Relationship**   
Harry Lee			Waterfield II
64
Chairman			of the Board, President/1963 
  
Jimmy R.			McIver, Treasurer/2000
56
  
Robert M.			Hardy, Jr.
50
Director,			Vice President and General  
			Counsel/1988 
Nephew of			Harry Lee Waterfield II   
Raymond			L. Carr, Chief Financial
59
Officer,			Vice President/2002   
Jane S.			Jackson, Secretary/2003
53  
Helen S.			Wagner, Director/1986
71  
Gordon C.			Duke, Director/1991
62  
Harold G.			Doran, Jr. Director/2001
54  
Howard L.			Graham, Director/2002
73  
Jerry F.			Howell, Jr., Director/1983
66  
David W.			Reed, Director/1982
53  
Michael			F. Dudgeon, Jr., Director/2004			Nephew of Harry Lee Waterfield II
46
 

(b)  Each of the Directors has occupiedthe position indicated for a period of more than five years.

 

There have been no events under anybankruptcy act, no criminal proceedings and no judgments or injunctions materialto the evaluation of the ability and integrity of any Director or ExecutiveOfficer during the past five years.

 

Officers are appointed annually by theBoard of Directors at the Board meeting immediately following the Annual Meetingof Shareholders. There are no arrangements or any understandings between anyofficer and any other person pursuant to which the office was selected.

 

The Board of Directors has determined thatAudit Committee members Harold G. Doran, Jr. and Gordon C. Duke are auditcommittee financial experts as defined by Item 407(d)(5) of Regulation S-K ofthe Exchange Act and are independent as that term is used in Item 7(d) ofSchedule 14A under the Exchange Act.  The Company has a designated AuditCommittee established in accordance with Section 3(a)(58)(A) of the ExchangeAct.  The members of the Audit Committee are Harold G. Doran, Jr., Gordon C.Duke, Jerry F. Howell, Jr. and David W. Reed. All members of the Audit Committeeare independent.

 

The Company has adopted a written code ofethics that applies to the Company's President and Chief Executive Officer, theChief Financial Officer and all other corporate officers designated by the ChiefExecutive Officer.  The Company has posted a copy of the code on the Company'sinternet website at the internet address: http://www.InvestorsHeritage.com.Copies of the code may be obtained free of charge from the Company's website atthe above internet address.

 

Item 11. Executive Compensation

 

Information regarding compensation ofexecutive officers and transactions with executive officers and directors isshown on pages 7-11 of the Proxy Statement for the Annual Meeting ofShareholders to be held May 8, 2008, and is incorporated herein by reference.

 

Item 12. Security Ownership of CertainBeneficial Owners and Management and Related Stockholder Matters

 

Security ownership by Officers, Directors,and management is shown on pages 4-5 of the Proxy Statement for the AnnualMeeting of Shareholders to be held May 8, 2008, and is incorporated herein byreference.

 

Item 13. Certain Relationships and RelatedTransactions, and Director Independence

 

Certain relationships and relatedtransactions are shown on page 12 of the Proxy Statement for the Annual Meetingof Shareholders to be held May 8, 2008, and are incorporated herein byreference.

 

Item 14. Principal Accountant Fees andServices

 

Information regarding accounting fees andservices is shown on pages 11-12 of the Proxy Statement for the Annual Meeting ofShareholders to be held May 8, 2008, and is incorporated herein by reference.

 

 

PART IV

 

Item 15. Exhibits

 

(a)1. The following financial statementsincorporated herein by reference in Item 8 to the Company's Annual Report toStockholders for the year ended December 31, 2007 (pages 16-38) are filed asExhibit 1 thereto:

 

   Report ofIndependent Registered Public Accounting Firm

 

   ConsolidatedBalance Sheets as of December 31, 2007 and 2006

 

   For each of thetwo years in the period ended December 31, 2007:

 

      ConsolidatedStatements of Income

 

      ConsolidatedStatements of Stockholders' Equity

 

      ConsolidatedStatements of Cash Flows

 

      Notes toConsolidated Financial Statements

 

 

**INDEX TO EXHIBITS**
 
(a)3.			Listing of Exhibits  
Exhibit 
Number
Description of Exhibits  
3.1
Articles of Incorporation of			the Company, as amended, is incorporated by reference as Exhibit 3.1			to the Company's registration statement on Form S-4 filed on			10-7-1999 (File No. 333-87947).  
3.2
By-Laws of the Company, as			amended, are incorporated by reference as Exhibit 3.2 to the			Company's registration statement on Form S-4 filed on 10-7-1999			(File No. 333-87947).  
11
Statements re: computation of			Per Share Earnings is contained in Note A to the Consolidated			Financial Statements, "Common Stock and Earnings per Share", on			page 24 of the Annual Report to the Stockholders for the year			ended December 31, 2007, and is incorporated herein by reference.  
13
Annual Report to the			Stockholders for the year ended December 31, 2007 is attached hereto			as Exhibit 1 and is incorporated herein by reference.  
23
Consent of Independent			Registered Public Accounting Firm.

31.1 &			31.2
Certifications pursuant to			Securities and Exchange Act Rule 13a-14(a)/15d-14(a), as adopted			pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 
Certifications Pursuant to 18			U.S.C. Section 1350, as adopted pursuant to Section 906 of the			Sarbanes-Oxley Act of 2002.
 

 

*The material included in this Reportshall not be deemed to be "filed" with the Commission or otherwise subject tothe liabilities of Section 18 of the Act, except to the extent that thisregistrant specifically incorporates it in its Annual Report on this Form 10-Kby reference.

 

 

(b) See Item 15(a)3 above.

 

 

SIGNATURES

 

 

Pursuant to the requirements of Section 13or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly causedthis Form 10-K to be signed on its behalf by the undersigned, thereunto dulyauthorized.

 

 
 
KENTUCKY			INVESTORS, INC. 
 
March 13,			2008
 
DATE
/s/Harry			Lee Waterfield II 
BY: Harry			Lee Waterfield II 
ITS:			Chairman of the Board and President
 

Pursuant to the requirements of theSecurities Exchange Act of 1934, this report is signed below by the followingpersons on behalf of the Registrant and in the capacities and on the datesindicated.

 

/s/Harry LeeWaterfield II

Harry Lee WaterfieldII

Chairman of the Boardand President

Principal ExecutiveOfficer

March 13, 2008

 

 

/s/Robert M. Hardy,Jr.

Robert M. Hardy, Jr.

Vice President,General Counsel and Director

March 13, 2008

 

 

/s/Jimmy R. McIver

Jimmy R. McIver

Treasurer

March 13, 2008

 

 

/s/Raymond L. Carr

Raymond L. Carr

Chief FinancialOfficer

Vice President

March 13, 2008

 

 

/s/Gordon C. Duke

Gordon C. Duke

Director

March 13, 2008

 

 

/s/Helen S. Wagner

Helen S. Wagner

Director

March 13, 2008

 

 

/s/Harold G. Doran

Harold G. Doran

Director

March 13, 2008

 

 

/s/David W. Reed

David W. Reed

Director

March 13, 2008

 

 

/s/Jerry F. Howell,Jr.

Jerry F. Howell, Jr.

Director

March 13, 2008

 

 

/s/ Howard L. Graham

Howard L. Graham

Director

March 13, 2008

 

 

/s/Michael F.Dudgeon, Jr.

Michael F. Dudgeon,Jr.

Director

March 13, 2008

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