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  • National Western Life Group, Inc. Announces 2020 Full Year and Fourth Quarter Earnings

    March 15, 2021 by Northwestern Mutual

    AUSTIN, TexasMarch 15, 2021 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2020 consolidated net earnings of $92.3 million, or $26.11 per diluted Class A common share, compared with consolidated net earnings of $131.6 million, or $37.22 per diluted Class A common share, for 2019. The Company’s book value per share increased to $698.50 as of December 31, 2020 from $582.07 as of December 31, 2019. For the quarter ended December 31, 2020, the Company reported consolidated net earnings of $35.1 million, or $9.94 per diluted Class A common share, compared with $37.7 million, or $10.67 per diluted Class A common share, in the fourth quarter of 2019.

    The Company reported total revenues for the year, excluding realized and unrealized gains on index options and investments, of $658.9 million in 2020 compared to $689.7 million in 2019. Mr. Moody noted that the decline was due to lower net investment income as a consequence of the substantial decrease in interest rates during 2020 caused by the COVID-19 pandemic. Net investment income for the year ended December 31, 2020 was $402.4 million compared to $432.3 million a year earlier.

    Addressing the impact of lower yielding investments, Mr. Moody highlighted the execution of a reinsurance transaction the Company completed at the end of 2020. “In the past year, the life insurance industry has experienced a heightened level of merger and acquisition activity as well as consummations of reinsurance deals, particularly involving life insurers such as National Western with large legacy blocks of in force business with fixed interest rate guarantees. These types of products have come under pressure as traditional investment yields continue an unprecedented decline. As previously reported, we successfully completed a reinsurance agreement at December 31, 2020 that transferred financial responsibility for approximately $1.7 billion of these fixed interest rate policy obligations, which relieved us of the associated interest rate spread compression and allows us to redeploy our capital resources.”

    Mr. Moody indicated that the pandemic crisis presented challenges but did not prevent the Company from achieving successful operating results. “In terms of COVID-19 mortality experience, we were fortunate that National Western and Ozark National in the aggregate incurred only $7.9 million in net death claims, which was balanced out by favorable mortality experienced with the remainder of our business. From a new business standpoint, we had a very successful sales year as our annuity sales were up 38% and our life insurance sales increased over 6%.”

    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 December 31, 2020, the Company maintained consolidated total assets of $14.6 billion, consolidated stockholders’ equity of $2.5 billion, and combined life insurance in force of $22.0 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

     

    Twelve Months Ended

       

    December 31,

     

    December 31,

       

    2020

     

    2019

     

    2020

     

    2019

    Revenues:

                   

    Revenues, excluding investment and index option

    $

    165,507

       

    172,808

       

    658,917

       

    689,740

     

    gains

                   

    Realized and unrealized gains on index options

     

    49,619

       

    60,081

       

    14,754

       

    123,207

     

    Realized gains on investments

     

    8,411

       

    2,539

       

    21,071

       

    6,241

     

    Total revenues

     

    223,537

       

    235,428

       

    694,742

       

    819,188

     
                     

    Benefits and expenses:

                   

    Life and other policy benefits

     

    37,331

       

    35,578

       

    131,337

       

    137,342

     

    Amortization of deferred acquisition costs and

                   

    value of business acquired

     

    28,568

       

    30,229

       

    140,503

       

    116,802

     

    Universal life and annuity contract interest

     

    86,625

       

    94,830

       

    206,250

       

    295,330

     

    Other operating expenses

     

    29,854

       

    27,363

       

    104,584

       

    104,558

     

    Total benefits and expenses

     

    182,378

       

    188,000

       

    582,674

       

    654,032

     
                     

    Earnings before income taxes

     

    41,159

       

    47,428

       

    112,068

       

    165,156

     

    Income tax expense

     

    6,024

       

    9,695

       

    19,756

       

    33,540

     

    Net earnings

    $

    35,135

       

    37,733

       

    92,312

       

    131,616

     
                     

    Net earnings attributable to Class A shares

    $

    34,142

       

    36,666

       

    89,701

       

    127,894

     
                     

    Diluted Earnings Per Class A Share

    $

    9.94

       

    10.67

       

    26.11

       

    37.22

     
                     

    Diluted Weighted Average Class A Shares

     

    3,436

       

    3,436

       

    3,436

       

    3,436

     
                     
               

    December 31,

     

    December 31,

               

    2020

     

    2019

                     

    Book value per share

           

    $

    698.50

       

    582.07

     

    Less: Per share impact of accumulated other comprehensive income

     

    108.75

       

    16.53

     

    Book value per share, excluding accumulated other comprehensive income *

    $

    589.75

       

    565.54

     

    *

    Book value per share excluding accumulated other comprehensive income is a non-GAAP financial measure. Accumulated other comprehensive income totaled $395.4 million at December 31, 2020 and $60.1 million at December 31, 2019. Since accumulated other comprehensive income 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 March 15, 2021 by Northwestern Mutual.

    Categories: Industry Articles
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