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

    November 11, 2020 by National Western Life Group, Inc.

    AUSTIN, TexasNov. 6, 2020 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today third quarter 2020 consolidated net earnings of $10.8 million, or $3.06 per diluted Class A common share, compared with consolidated net earnings of $20.0 million, or $5.65 per diluted Class A common share, for the third quarter of 2019. For the nine months ended September 30, 2020, the Company reported consolidated net earnings of $57.2 million, or $16.17 per diluted Class A common share, compared with $93.9 million, or $26.55 per diluted Class A common share, a year ago. The Company’s book value per share as of September 30, 2020 increased to $609.25.

    Total revenues for the quarter ended September 30, 2020 increased to $202.7 million from $173.2 million in the third quarter of 2019 reflecting the continuing recovery of investment asset unrealized losses which occurred during the first quarter of 2020. Despite the disruption in financial credit markets as a result of the COVID-19 pandemic, the Company reported that in excess of 97% of its fixed income investment portfolio remained in investment grade categories as of September 30, 2020. Mr. Moody noted, “While encountering an unprecedented set of circumstances we are continuing to move forward. Our annuity sales for the first nine months increased 29% over last year. Life insurance sales, which are much more dependent upon person-to-person interaction, have increased over 9% so far this year compared to 2019. These sales successes illustrate the entrepreneurial spirit of our independent distribution partners and the resiliency of our home office team in continuing to support their sales and marketing efforts.” 

    Consolidated net earnings in the quarter and nine months ended September 30, 2020 incorporate adjustments emanating from the Company’s annual review of actuarial assumptions associated with its in force life insurance and annuity books of business. Commenting on the results, Mr. Moody indicated, “Each year in the third quarter, our actuarial professionals conduct detailed studies and analysis regarding the performance of our business identifying changes in trends and factors that may have deviated from what was originally assumed when we priced our products. Given what has progressively occurred in recent times with low interest rates and investment yields, the need for policyholders to increasingly access the liquidity features of our products, and volatility in financial markets, we updated our assumptions during the quarter to more closely align with current experience which in some cases caused additional reserves to be established and in other cases necessitated amortizing deferred costs of business more rapidly. The alignment should allow more consistent reporting of future financial results.”

    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 September 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 $22.2 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

     

    Nine Months Ended

       

    September 30,

     

    September 30,

       

    2020

     

    2019

     

    2020

     

    2019

    Revenues:

                   

    Revenues, excluding investment and index option

    $

    165,132

       

    170,372

       

    493,410

       

    516,931

     

    gains (losses)

                   

    Realized and unrealized gains (losses) on index options

     

    31,520

       

    3,296

       

    (34,865)

       

    63,127

     

    Realized gains (losses) on investments

     

    6,050

       

    (502)

       

    12,660

       

    3,702

     

    Total revenues

     

    202,702

       

    173,166

       

    471,205

       

    583,760

     
                     

    Benefits and expenses:

                   

    Life and other policy benefits

     

    26,940

       

    39,918

       

    94,005

       

    101,764

     

    Amortization of deferred acquisition costs and value of business acquired

     

    50,800

       

    22,998

       

    111,937

       

    86,573

     

    Universal life and annuity contract interest

     

    85,879

       

    59,445

       

    119,625

       

    200,500

     

    Other operating expenses

     

    25,754

       

    25,813

       

    74,730

       

    77,196

     

    Total benefits and expenses

     

    189,373

       

    148,174

       

    400,297

       

    466,033

     
                     

    Earnings before income taxes

     

    13,329

       

    24,992

       

    70,908

       

    117,727

     

    Income tax expense

     

    2,504

       

    5,003

       

    13,732

       

    23,844

     

    Net earnings

    $

    10,825

       

    19,989

       

    57,176

       

    93,883

     
                     

    Net earnings attributable to Class A shares

    $

    10,519

       

    19,424

       

    55,560

       

    91,228

     
                     

    Diluted Earnings Per Class A Share

    $

    3.06

       

    5.65

       

    16.17

       

    26.55

     
                     

    Diluted Weighted Average Class A Shares

     

    3,436

       

    3,436

       

    3,436

       

    3,436

     
                     
               

    September 30,

     

    December 31,

               

    2020

     

    2019

                     

    Book value per share

           

    $

    609.25

       

    585.32

     

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

     

    28.81

       

    16.53

     

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

    $

    580.44

       

    568.79

     
       

    *

    Book value per share excluding accumulated other comprehensive income (loss) is a non-GAAP financial measure. Accumulated other comprehensive income (loss) totaled $104.8 million at September 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.

    Originally Posted at CISION PR Newswire on November 6, 2020 by National Western Life Group, Inc..

    Categories: Industry Articles
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