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  • National Western Life Group, Inc. Announces 2021 Third Quarter Earnings

    November 9, 2021 by National Western Life Group, Inc.

    AUSTIN, TexasNov. 8, 2021 /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 2021 consolidated net earnings of $39.8 million, or $11.27 per diluted Class A common share, compared with consolidated net earnings of $10.8 million, or $3.06 per diluted Class A common share, for the third quarter of 2020. For the nine months ended September 30, 2021, the Company reported consolidated net earnings of $151.9 million, or $42.95 per diluted Class A common share, compared with $57.2 million, or $16.17 per diluted Class A common share, a year ago. The Company’s book value per share as of September 30, 2021 was $703.03.

    Mr. Moody indicated that the Company’s sales continue to rebound from the pandemic affected results of 2020. The Company reported total life and annuity sales increased 18% in the quarter ended September 30, 2021 compared to the third quarter of 2020, and 35% in the nine months ended September 30, 2021 versus the comparable period in 2020. Commenting on the Company’s sales, Mr. Moody stated, “Revenues from product sales in 2021 continue to outperform compared to last year. Both of our segments, life insurance and annuities, are exhibiting solid growth with new product offerings slated for release in the coming quarters.” Mr. Moody added, “Our total revenues are subject to period-to-period variability due to fair market value accounting adjustments on investments and certain policy liabilities, but core product generated revenues remain steady.”

    The Company’s net earnings for the first nine months increased 166% over the net earnings reported in the first nine months of 2020. Mr. Moody observed, “We have reported in prior quarters the beneficial impact of our use of reinsurance and changes made in our product hedging strategies to bottom line results. In the current quarter, our annual review of actual product performance versus pricing and other actuarial assumptions yielded favorable adjustments to reported policy benefits and expenses which was not the outcome in the third quarter last year.” Mr. Moody noted that incremental death claim benefits continue to be incurred due to the pandemic. “Death claims due to COVID-19 are offsets to the otherwise positive experience of our book of business and it is difficult to estimate what the tail of reported COVID claims will end up looking like.”  

    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, 2021, the Company maintained consolidated total assets of $14.4 billion, consolidated stockholders’ equity of $2.6 billion, and combined life insurance in force of $21.1 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

       

    2021

     

    2020

     

    2021

     

    2020

    Revenues:

                   

    Revenues, excluding investment and index option

    $

    147,586

       

    165,132

       

    527,108

       

    493,410

     

    gains (losses)

                   

    Realized and unrealized gains (losses) on index options

     

    2,284

       

    31,520

       

    70,474

       

    (34,865)

     

    Realized gains on investments

     

    5,011

       

    6,050

       

    9,842

       

    12,660

     

    Total revenues

     

    154,881

       

    202,702

       

    607,424

       

    471,205

     
                     

    Benefits and expenses:

                   

    Life and other policy benefits

     

    70,633

       

    26,940

       

    144,426

       

    94,005

     

    Amortization of deferred transaction costs

     

    (8,389)

       

    50,800

       

    46,723

       

    111,937

     

    Universal life and annuity contract interest

     

    11,663

       

    85,879

       

    134,481

       

    119,625

     

    Other operating expenses

     

    30,793

       

    25,754

       

    90,596

       

    74,730

     

    Total benefits and expenses

     

    104,700

       

    189,373

       

    416,226

       

    400,297

     
                     

    Earnings before income taxes

     

    50,181

       

    13,329

       

    191,198

       

    70,908

     

    Income tax expense

     

    10,341

       

    2,504

       

    39,329

       

    13,732

     

    Net earnings

    $

    39,840

       

    10,825

       

    151,869

       

    57,176

     
                     

    Net earnings attributable to Class A shares

    $

    38,713

       

    10,519

       

    147,574

       

    55,560

     
                     

    Diluted Earnings Per Class A Share

    $

    11.27

       

    3.06

       

    42.95

       

    16.17

     
                     

    Diluted Weighted Average Class A Shares

     

    3,436

       

    3,436

       

    3,436

       

    3,436

     
                     
               

    September 30,

     

    December 31,

               

    2021

     

    2020

                     

    Book value per share

           

    $

    703.03

       

    698.50

     

    Less: Per share impact of accumulated other c

    omprehensive income

             

    71.52

       

    108.75

     

    Book value per share, excluding accumulated other

    comprehensive income *

           

    $

    631.51

       

    589.75

     
       

    *

    Book value per share excluding accumulated other comprehensive income is a non-GAAP financial measure. Accumulated other comprehensive

    income totaled $260.0 million at September 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.

    Originally Posted at CISION PR Newswire on November 8, 2021 by National Western Life Group, Inc..

    Categories: Industry Articles
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