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  • National Western Life Group, Inc. Announces 2022 Third Quarter Earnings

    November 15, 2022 by National Western Life Group, Inc.

    AUSTIN, TexasNov. 9, 2022 /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 2022 consolidated net earnings of $21.8 million, or $6.15 per diluted Class A common share, compared with consolidated net earnings of $39.8 million, or $11.27 per diluted Class A common share, for the third quarter of 2021. For the nine months ended September 30, 2022, the Company reported consolidated net earnings of $88.7 million, or $25.09 per diluted Class A common share, compared with $151.9 million, or $42.95 per diluted Class A common share, a year ago. The Company’s book value per share as of September 30, 2022 was $532.84.

    In the quarter ended September 30, 2022, the Company reported pretax earnings of $27.9 million representing a $22.3 million decline from pretax earnings reported in the third quarter of 2021. Commenting on the results, Mr. Moody noted that the variance was due to the Company practice of annually updating actuarial assumptions in the third quarter of the year. “For financial reporting purposes, life insurance companies are required to periodically update assumptions regarding policy performance with actual experience for factors such as mortality, policy persistency, withdrawal activity, expenses, and investment performance. We conduct this exercise each year in the third quarter, and last year’s outcome resulted in a positive pretax adjustment of $23.1 million, which was higher than what we typically report. This year’s positive adjustment to pretax earnings of $1.2 million was more in line with past assumption updates,” Mr. Moody indicated.

    Investment results reflect the impact of market conditions, most notably rising interest rates. For the quarter and nine months ended September 30, 2022, reported net investment income was $79.5 million and $204.7 million, respectively, compared to $89.0 million and $411.6 million for the comparable periods in 2021. Mr. Moody observed, “The ten-year U.S. Treasury Bond rate has increased over 230 basis points since the beginning of the year and over 80 basis points in the third quarter alone. Interest rate increases serve to decrease market values of fixed income securities. As a result, similar to what other insurance carriers have been reporting, the market value of our debt securities portfolio declined $425.0 million in the third quarter and $1.6 billion year-to-date. Most of these unrealized losses are recorded directly in stockholders’ equity, but a portion flows through the income statement, depressing reported net investment income. In addition, the negative performance of equity markets during these periods similarly causes the market value of our index options to incur unrealized market losses, further depressing reported net investment income. However, since we generally hold both our debt security investments and index options to their maturity dates, these unrealized losses eventually unwind and reverse in future reporting periods.”

    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, 2022, the Company maintained consolidated total assets of $13.2 billion, consolidated stockholders’ equity of $1.9 billion, and combined life insurance in force of $20.0 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

     

    Nine Months Ended

       

    September 30,

     

    September 30,

       

    2022

     

    2021

     

    2022

     

    2021

    Revenues:

                   

    Revenues, excluding investment and index option gains (losses)

    $

    155,678

     

    147,586

     

    478,197

     

    527,108

    Realized and unrealized gains (losses) on index options

     

    (12,550)

     

    2,284

     

    (89,173)

     

    70,474

    Realized gains on investments

     

    745

     

    5,011

     

    6,305

     

    9,842

    Total revenues

     

    143,873

     

    154,881

     

    395,329

     

    607,424

                     

    Benefits and expenses:

                   

    Life and other policy benefits

     

    37,356

     

    70,633

     

    114,432

     

    144,426

    Amortization of deferred transaction costs

     

    31,679

     

    (8,389)

     

    88,451

     

    46,723

    Universal life and annuity contract interest

     

    17,548

     

    11,663

     

    (11,058)

     

    134,481

    Other operating expenses

     

    29,387

     

    30,793

     

    92,290

     

    90,596

    Total benefits and expenses

     

    115,970

     

    104,700

     

    284,115

     

    416,226

                     

    Earnings before income taxes

     

    27,903

     

    50,181

     

    111,214

     

    191,198

    Income tax expense

     

    6,142

     

    10,341

     

    22,504

     

    39,329

    Net earnings

    $

    21,761

     

    39,840

     

    88,710

     

    151,869

                     

    Net earnings attributable to Class A shares

    $

    21,146

     

    38,713

     

    86,201

     

    147,574

                     

    Diluted Earnings Per Class A Share

    $

    6.15

     

    11.27

     

    25.09

     

    42.95

                     

    Diluted Weighted Average Class A Shares

     

    3,436

     

    3,436

     

    3,436

     

    3,436

                     
               

    September 30,

     

    December 31,

               

    2022

     

    2021

                     

    Book value per share

           

    $

    532.84

     

    698.48

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

             

    (130.65)

     

    59.39

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

           

    $

    663.49

     

    639.09

    *

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

    comprehensive income (loss) totaled $(475.0) million at September 30, 2022 and $216.0 million at December 31, 2021. 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@nwlic.com

    www.nwlgi.com

    SOURCE National Western Life Group, Inc.

    Originally Posted at CISION PRNewswire on November 9, 2022 by National Western Life Group, Inc..

    Categories: Industry Articles
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