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  • National Western Life Group, Inc. Announces 2022 Full Year and Fourth Quarter Earnings

    March 14, 2023 by National Western Life Group, Inc.


    AUSTIN, TexasMarch 10, 2023 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2022 consolidated net earnings of $101.1 million, or $28.60 per diluted Class A common share, compared with consolidated net earnings of $180.7 million, or $51.10 per diluted Class A common share, for 2021. The Company’s book value per share as of December 31, 2022 was $552.04.

    For the year ended December 31, 2022, the Company reported total revenues of $558.4 million compared to $824.1 million reported in 2021. Commenting on the results, Mr. Moody noted, “Our premiums and contract revenues were higher in 2022 at $226.9 million versus $224.3 million last year and death claims and other policy benefits paid decreased to $113.0 million from $126.5 million in 2021. As a result, our organization experienced a better outcome from a policy performance standpoint when measuring policy revenues in excess policy benefits.” Mr. Moody added that, similar to industry year-end earnings released thus far, the Company’s financial statements incurred declines due to the impact of higher interest rate levels and the negative impact higher rates impose when recording investment balances at fair market value. “Our investment revenues declined $219.1 million due to unrealized losses from recording trading debt securities and equity securities at fair market value. Despite the unrealized losses, over 98% of our bond portfolio remains investment grade,” Mr. Moody observed.

    For the three months ended December 31, 2022, the Company reported consolidated net earnings of $12.4 million, or $3.52 per diluted Class A common share, compared with $28.8 million, or $8.15 per diluted Class A common share, a year ago. Mr. Moody stated, “The rise in interest rates also greatly diminished the number of bond issuers calling their securities, which is the primary source of our realized investment gains.” Mr. Moody further indicated that the increase in the Company’s publicly traded common share price also influenced reported earnings. “The price per share of our stock increased 31% during 2022. This had a significant impact on liabilities we record based upon the market price of our stock. Pretax earnings were charged $15.2 million for the increase in these liabilities with nearly all of the increase occurring in the fourth quarter,” according to Mr. Moody.

    The Company’s book value per share, excluding accumulated other comprehensive income (loss) which includes fluctuations from changes in fair value adjustments, grew from $639.09 at December 31, 2021 to $666.56 at December 31, 2022. Although considered a non-GAAP financial measure, the Company reports this metric to eliminate volatility caused primarily by interest rate level changes.

    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, 2022, the Company maintained consolidated total assets of $13.1 billion, consolidated stockholders’ equity of $2.0 billion, and combined life insurance in force of $19.7 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,

       

    2022

     

    2021

     

    2022

     

    2021

    Revenues:

                   

    Revenues, excluding investment and index

    option gains (losses)

    $

    160,711

     

    161,316

     

    638,908

     

    688,423

    Realized and unrealized gains (losses) on index

    options

     

    2,307

     

    50,244

     

    (86,866)

     

    120,718

    Realized gains on investments

     

    50

     

    5,107

     

    6,355

     

    14,950

    Total revenues

     

    163,068

     

    216,667

     

    558,397

     

    824,091

                     

    Benefits and expenses:

                   

    Life and other policy benefits

     

    45,038

     

    43,152

     

    159,470

     

    187,577

    Amortization of deferred transaction costs

     

    32,947

     

    22,739

     

    121,398

     

    69,462

    Universal life and annuity contract interest

     

    26,736

     

    78,703

     

    15,678

     

    213,185

    Other operating expenses

     

    43,526

     

    36,014

     

    135,817

     

    126,610

    Total benefits and expenses

     

    148,247

     

    180,608

     

    432,363

     

    596,834

                     

    Earnings before income taxes

     

    14,821

     

    36,059

     

    126,034

     

    227,257

    Income tax expense

     

    2,387

     

    7,247

     

    24,890

     

    46,576

    Net earnings

    $

    12,434

     

    28,812

     

    101,144

     

    180,681

                     

    Net earnings attributable to Class A shares

    $

    12,082

     

    27,998

     

    98,283

     

    175,571

                     

    Diluted Earnings Per Class A Share

    $

    3.52

     

    8.15

     

    28.60

     

    51.10

                     

    Diluted Weighted Average Class A Shares

     

    3,436

     

    3,436

     

    3,436

     

    3,436

                     
               

    December 31,

     

    December 31,

               

    2022

     

    2021

                     

    Book value per share

           

    $

    552.04

     

    698.48

    Less: Per share impact of accumulated other

    comprehensive income (loss)

             

    (114.52)

     

    59.39

    Book value per share, excluding accumulated

    other comprehensive income (loss) *

           

    $

    666.56

     

    639.09

       

    *

    Book value per share excluding accumulated other comprehensive income (loss) is a non-GAAP financial measure. Accumulated other comprehensive income (loss) totaled $(416.4) million at December 31, 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 https://www.prnewswire.com/news-releases/national-western-life-group-inc-announces-2022-full-year-and-fourth-quarter-earnings-301769373.html on https://www.prnewswire.com/news-releases/national-western-life-group-inc-announces-2022-full-year-and-fourth-quarter-earnings-301769373.html by National Western Life Group, Inc..

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