We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (17,472)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Moore on the Market (191)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (650)
  • Wink's Articles (257)
  • Wink's Inside Story (230)
  • Wink's Press Releases (97)
  • Blog Archives

  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • National Western Life Group, Inc. Announces 2021 Second Quarter Earnings

    August 10, 2021 by National Western Life Group, Inc.

    AUSTIN, TexasAug. 6, 2021 /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 2021 consolidated net earnings of $49.9 million, or $14.11 per diluted Class A common share, compared with consolidated net earnings of $48.4 million, or $13.69 per diluted Class A common share, for the second quarter of 2020. For the six months ended June 30, 2021, the Company reported consolidated net earnings of $112.0 million, or $31.68 per diluted Class A common share, compared with $46.4 million, or $13.11 per diluted Class A common share, a year ago. The Company’s book value per share as of June 30, 2021 was $698.52.

    The Company reported total revenues, excluding realized and unrealized gains on index options and investments, of $178.6 million in the quarter ended June 30, 2021 compared to $172.6 million in the second quarter of 2020, and $379.5 million in the six months ended June 30, 2021 versus $328.3 million in the comparable period in 2020. Commenting on the Company’s revenues, Mr. Moody pointed to successful sales results in combination with benefits realized from risk management initiatives as factors producing favorable results: “We continue to see recovery from 2020 sales levels which were negatively impacted by the COVID-19 pandemic and are now, in fact, achieving sales results that surpass our pre-pandemic sales amounts. Life insurance sales were up 43% in the second quarter over last year, including the sales results of Ozark National whose reliance on a face-to-face sales model significantly hampered their production in 2020. Annuity sales increased 49% in the second quarter compared to 2020, and we are excited about new product launches scheduled for the third quarter that were delayed by the challenges which came with the pandemic.” Mr. Moody added, “Our risk management processes lead to the funds withheld reinsurance transaction executed at the end of last year. It has accomplished precisely what we were targeting, namely stabilization of our cash flows and relief from compressed interest rate margins on legacy blocks of fixed rate annuity business.”

    The Company’s net earnings for the first six months increased 142% over the net earnings reported in the first six months of 2020. Mr. Moody observed, “In addition to sales growth and the strategic use of reinsurance, we are beginning to see traction in various investment initiatives undertaken in the past year. Net investment income has benefited from incremental yield with the introduction of a disciplined alternative investment strategy and expanded commercial mortgage lending, and we have successfully reduced index option costs used to hedge our fixed-index life and annuity products.” 

    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, 2021, the Company maintained consolidated total assets of $14.5 billion, consolidated stockholders’ equity of $2.5 billion, and combined life insurance in force of $21.4 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,

       

    2021

     

    2020

     

    2021

     

    2020

    Revenues:

                   

    Revenues, excluding investment and index option

    $

    178,584

       

    172,647

       

    379,522

       

    328,278

     

    gains (losses)

                   

    Realized and unrealized gains (losses) on index options

     

    40,166

       

    40,243

       

    68,190

       

    (66,385)

     

    Realized gains on investments

     

    3,415

       

    3,125

       

    4,831

       

    6,610

     

    Total revenues

     

    222,165

       

    216,015

       

    452,543

       

    268,503

     
                     

    Benefits and expenses:

                   

    Life and other policy benefits

     

    35,904

       

    33,431

       

    73,793

       

    67,065

     

    Amortization of deferred transaction costs

     

    25,123

       

    31,100

       

    55,112

       

    61,137

     

    Universal life and annuity contract interest

     

    69,973

       

    61,772

       

    122,818

       

    33,746

     

    Other operating expenses

     

    28,468

       

    29,154

       

    59,803

       

    48,976

     

    Total benefits and expenses

     

    159,468

       

    155,457

       

    311,526

       

    210,924

     
                     

    Earnings before income taxes

     

    62,697

       

    60,558

       

    141,017

       

    57,579

     

    Income tax expense

     

    12,798

       

    12,145

       

    28,989

       

    11,228

     

    Net earnings

    $

    49,899

       

    48,413

       

    112,028

       

    46,351

     
                     

    Net earnings attributable to Class A shares

    $

    48,488

       

    47,044

       

    108,860

       

    45,040

     
                     

    Diluted Earnings Per Class A Share

    $

    14.11

       

    13.69

       

    31.68

       

    13.11

     
                     

    Diluted Weighted Average Class A Shares

     

    3,436

       

    3,436

       

    3,436

       

    3,436

     
                     
               

    June 30,

     

    December 31,

               

    2021

     

    2020

                     

    Book value per share

           

    $

    698.52

       

    698.50

     

    Less: Per share impact of accumulated other comprehensive income

             

    77.97

       

    108.75

     

    Book value per share, excluding accumulated other comprehensive income *

           

    $

    620.55

       

    589.75

     
       

    *

    Book value per share excluding accumulated other comprehensive income is a non-GAAP financial measure. Accumulated other comprehensive income totaled $283.5 million at June 30, 2021 and $395.4 million at December 31, 2020. 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

    https://www.nwlgi.com

    Originally Posted at CISION PR Newswire on August 6, 2021 by National Western Life Group, Inc..

    Categories: Industry Articles
    currency