AUSTIN, Texas, Aug. 6, 2015 /PRNewswire/ -- Ross R. Moody,
President and Interim Chief Executive Officer of National Western
Life Insurance Company (Nasdaq: NWLI), announced today second
quarter 2015 consolidated net earnings of $28.9 million, or $8.16 per diluted Class A common share, compared
with consolidated net earnings of $29.2
million, or $8.25 per diluted
Class A common share, for the second quarter of 2014. For the
six months ended June 30, 2015, the
Company reported consolidated net earnings of $50.2 million, or $14.19 per diluted Class A common stock, compared
with $49.0 million, or $13.86 per diluted Class A common shares a year
ago. The Company's book value per share increased to $437.86 as of June 30,
2015 from $436.35 at
March 31, 2015.
The Company reported earnings from operations, excluding net
realized gains and losses on investments, of $26.1 million for the three months ended
June 30, 2015, or $7.38 per diluted Class A common share, compared
to $27.2 million, or $7.69 per diluted Class A common share, in the
same period for 2014. Mr. Moody commented on the earnings results
saying, "Operating results were very solid for the quarter. We
continue to maintain expense control discipline in keeping costs
down and our policy benefits returned to expected levels after
running higher than normal in the first quarter." Earnings from
operations for the six months ended June 30,
2015 of $46.8 million, or
$13.23 per diluted Class A common
share, were slightly higher than the $46.0
million, or $13.02 per diluted
Class A common share, recorded during the same period in 2014. Mr.
Moody observed, "We are in a very competitive market and in the
midst of exceptionally low interest rates. Given that the majority
of our products are interest-sensitive, being able to maintain our
profitability levels in this environment is very gratifying."
Revenues for the quarter ended June 30,
2015, excluding realized and unrealized gains and losses on
index options and investments, increased to $159.7 million from $158.5
million in the second quarter of 2014 principally due to
gains in universal life contract revenues and net investment
income. Mr. Moody noted, "Our focus is on building a growing block
of profitable life insurance business. Domestic life insurance
sales have lead the way so far this year with placed policies up
20% in the first six months over last year. Investment of premium
payments into a highly diversified portfolio of investment grade
fixed income securities is producing consistent investment income
growth."
Founded in 1956, National Western Life is a stock life insurance
company offering a broad portfolio of individual universal life,
whole life and term insurance plans, annuity products, and
investment contracts meeting the financial needs of its customers
in 49 states as well as residents of various countries in Central
and South America, the
Caribbean, Eastern Europe, Asia, and the Pacific Rim. The Company has 268 employees and
approximately 22,240 contracted independent agents, brokers, and
consultants, and at June 30, 2015,
maintained total assets of $11.5
billion, stockholders' equity of $1.6
billion, and life insurance in force of $22.9 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 Operating Results (Unaudited)
|
(In thousands
except per share data)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
Revenues, excluding
investment and index option gains (losses)
|
159,742
|
|
158,525
|
|
314,941
|
|
314,467
|
Realized and
unrealized gains (losses) on index options
|
(8,782)
|
|
45,251
|
|
(17,069)
|
|
45,799
|
Realized gains on
investments
|
4,258
|
|
3,065
|
|
5,236
|
|
4,578
|
Total
revenues
|
155,218
|
|
206,841
|
|
303,108
|
|
364,844
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
Earnings from
operations
|
26,091
|
|
27,191
|
|
46,781
|
|
46,033
|
Net realized gains on
investments
|
2,767
|
|
1,992
|
|
3,403
|
|
2,976
|
Net
earnings
|
28,858
|
|
29,183
|
|
50,184
|
|
49,009
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Class A shares
|
28,042
|
|
28,358
|
|
48,765
|
|
47,623
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Class A Share:
|
|
|
|
|
|
|
|
Earnings from
operations
|
7.38
|
|
7.70
|
|
13.23
|
|
13.02
|
Net realized gains on
investments
|
0.78
|
|
0.56
|
|
0.96
|
|
0.84
|
Net
earnings
|
8.16
|
|
8.26
|
|
14.19
|
|
13.86
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Class A Shares
|
3,436
|
|
3,435
|
|
3,436
|
|
3,435
|
|
|
|
|
|
|
|
|
Diluted
Earnings Per Class A Share:
|
|
|
|
|
|
|
|
Earnings from
operations
|
7.38
|
|
7.69
|
|
13.23
|
|
13.02
|
Net realized gains on
investments
|
0.78
|
|
0.56
|
|
0.96
|
|
0.84
|
Net
earnings
|
8.16
|
|
8.25
|
|
14.19
|
|
13.86
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Class A Shares
|
3,437
|
|
3,437
|
|
3,437
|
|
3,437
|
Investor Relations Contact:
Brian M. Pribyl - Senior Vice President, Chief
Financial Officer and Treasurer
(512) 836-1010
bpribyl@nationalwesternlife.com
www.nationalwesternlife.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/national-western-life-announces-2015-second-quarter-earnings-300125031.html
SOURCE National Western Life Insurance Company