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  • National Western Life Group, Inc. Announces 2020 Second Quarter Earnings

    August 12, 2020 by National Western Life Group, Inc.

    AUSTIN, TexasAug. 7, 2020 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today second quarter 2020 consolidated net earnings of $48.4 million, or $13.69 per diluted Class A common share, compared with consolidated net earnings of $33.7 million, or $9.53 per diluted Class A common share, for the second quarter of 2019. For the six months ended June 30, 2020, the Company reported consolidated net earnings of $46.4 million, or $13.11 per diluted Class A common share, compared with $73.9 million, or $20.90 per diluted Class A common share, a year ago. The Company’s book value per share as of June 30, 2020 was $600.31.

    Total revenues increased in the second quarter of 2020 to $216.0 million from $192.7 million in the second quarter of 2019 reflecting recovery of a portion of the investment asset unrealized losses which occurred during the first quarter of 2020. Net realized and unrealized gains on investments and index options were $43.4 million in the second quarter of 2020 compared to net realized and unrealized losses of $103.1 million in the first quarter. Mr. Moody observed, “We were hopeful that the market disruption caused by the COVID-19 pandemic upon the first quarter results would be a temporary aberration and our second quarter results validated that outlook to a certain degree. I am extremely proud of how quickly our management teams adapted to the situation and put our staff in a position to continue business operations without interruption.”  The Company announced that life insurance sales increased 10% in the first half of 2020 over the same time frame last year while annuity sales increased 26% over the same period.

    Consolidated net earnings in the quarter ended June 30, 2020 increased 44% from the amount reported in the second quarter of 2019, elevating the Company’s book value per share over $600 for the first time. Mr. Moody commented on the results saying, “Our emphasis on creating a solid financial foundation is validated during challenging times and allows us to take on obstacles like the pandemic and continue forward in executing our strategic initiatives.” Mr. Moody noted that the second quarter results included consolidated life insurance claims of $1.1 million due to COVID-19. “Claim experience thus far has been well within our pricing assumptions as we continue to monitor and track this activity,” he added.

    National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company, both stock life insurance companies in aggregate offering a broad portfolio of individual universal life, whole life and term insurance plans, as well as annuity products. At June 30, 2020, the Company maintained consolidated total assets of $12.4 billion, consolidated stockholders’ equity of $2.2 billion, and combined life insurance inforce of $22.5 billion.

    Caution Regarding Forward-Looking Statements:

    This press release contains statements which are or may be viewed as forward-looking within the meaning of The Private Securities Litigation Reform Act of 2005. Forward-looking statements relate to future operations, strategies, financial results or other developments, and are subject to assumptions, risks, and uncertainties. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements can be found in the Company’s Form 10-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

    Summary of Consolidated Financial Results (Unaudited)

    (In thousands except per share data)

               
       

    Three Months Ended

     

    Six Months Ended

     
       

    June 30,

     

    June 30,

     
       

    2020

     

    2019

     

    2020

     

    2019

     

    Revenues:

                     

    Revenues, excluding investment and index option

    $

    172,647

       

    175,282

       

    328,278

       

    346,560

       

    gains (losses)

                     

    Realized and unrealized gains (losses) on index options

     

    40,243

       

    17,828

       

    (66,385)

       

    59,830

       

    Realized gains (losses) on investments

     

    3,125

       

    (425)

       

    6,610

       

    4,204

       

    Total revenues

     

    216,015

       

    192,685

       

    268,503

       

    410,594

       
                       

    Benefits and expenses:

                     

    Life and other policy benefits

     

    33,431

       

    33,657

       

    67,065

       

    61,846

       

    Amortization of deferred acquisition costs and

     

    31,100

       

    31,411

       

    61,137

       

    63,575

       

    value of business acquired

                     

    Universal life and annuity contract interest

     

    61,772

       

    60,139

       

    33,746

       

    141,055

       

    Other operating expenses

     

    29,154

       

    25,334

       

    48,976

       

    51,383

       

    Total benefits and expenses

     

    155,457

       

    150,541

       

    210,924

       

    317,859

       
                       

    Earnings before income taxes

     

    60,558

       

    42,144

       

    57,579

       

    92,735

       

    Income tax expense

     

    12,145

       

    8,448

       

    11,228

       

    18,841

       

    Net earnings

    $

    48,413

       

    33,696

       

    46,351

       

    73,894

       
                       

    Net earnings attributable to Class A shares

    $

    47,044

       

    32,743

       

    45,040

       

    71,804

       
                       

    Diluted Earnings Per Class A Share

    $

    13.69

       

    9.53

       

    13.11

       

    20.90

       
                       

    Diluted Weighted Average Class A Shares

     

    3,436

       

    3,436

       

    3,436

       

    3,436

       
                       
               

    June 30,

     

    December 31,

     
               

    2020

     

    2019

     
                       

    Book value per share

           

    $

    600.31

       

    585.32

       

    Less: Per share impact of accumulated other comprehensive income (loss)

     

    22.85

       

    16.53

     

    Book value per share, excluding accumulated other comprehensive income (loss) *

    $

    577.46

     

    568.79

     

    *

    Book value per share excluding accumulated other comprehensive income (loss) is a non-GAAP financial measure. Accumulated other comprehensive income (loss) totaled $83.1 million at June 30, 2020 and $60.1 million at December 31, 2019. Since accumulated other comprehensive income (loss) fluctuates from quarter to quarter due to unrealized changes in the fair value of investments caused primarily by changes in market interest rates, National Western Life Group, Inc. believes this financial measure provides useful supplemental information.

                                 

    Investor Relations Contact:

    Brian M. Pribyl – Senior Vice President, Chief Financial Officer and Treasurer

    (512) 836-1010

    bpribyl@nationalwesternlife.com

    www.nwlgi.com

    SOURCE National Western Life Group, Inc.

    Related Links

    http://www.nwlgi.com

    Originally Posted at CISION PR Newswire on August 7, 2020 by National Western Life Group, Inc..

    Categories: Industry Articles
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