AUSTIN, Texas, March 10, 2016 /PRNewswire/ -- Ross R.
Moody, President and Interim Chief Executive Officer of National
Western Life Group, Inc. (Nasdaq: NWLI), announced today fourth
quarter 2015 consolidated net earnings of $32.0 million, or $9.04 per diluted Class A common share, compared
with consolidated net earnings of $28.1
million, or $7.94 per diluted
Class A common share, for the fourth quarter of 2014. For the
year ended December 31, 2015, the
Company (formerly National Western Life Insurance Company and
Subsidiaries) reported consolidated net earnings of $98.4 million, or $27.82 per diluted Class A common share, compared
with $105.6 million, or $29.85 per diluted Class A common share a year
ago. The Company's book value per share increased to
$443.32 as of December 31, 2015 from $428.01 at December 31,
2014.
Effective October 1, 2015,
National Western Life Group, Inc. (NWLGI) was established as the
parent organization of National Western Life Insurance Company
(National Western) under a previously announced holding company
reorganization. As a result of the reorganization, NWLGI replaced
National Western as the publicly held corporation. NWLGI continues
to conduct all of the operations previously conducted by National
Western and its subsidiaries and the consolidated assets,
liabilities, operations, and financial condition of NWLGI at the
date of reorganization were the same as those of National Western
immediately prior to the reorganization.
The Company reported earnings from operations, excluding net
realized gains and losses on investments, of $31.2 million for the quarter ended December 31, 2015, or $8.83 per diluted Class A common share, an
increase from $25.0 million, or
$7.05 per diluted Class A common
share, in the same period for 2014. Earnings from operations for
the full year amounted to $93.7
million, or $26.49 per diluted
Class A common share, compared to $98.0
million, or $27.72 per diluted
Class A common share in 2014. Mr. Moody commented on the earnings
results saying, "Our operating results for the year were achieved
in a very challenging environment. Other insurers are releasing
results with sizable declines in profitability from the prior year
and are attributing the decline in their earnings to volatility in
equity markets, a continuing low interest rate environment as well
as other operational and regulatory headwinds. Given that backdrop,
we view 2015 as another successful year in the Company's history."
Mr. Moody further noted that the Company was able to increase its
operating revenues (excluding investment and index option gains and
losses) to $644.3 million from
$628.6 million. "Top line growth in
this industry is becoming a more difficult measure to achieve and
our record of surpassing prior period results year after year is
indicative of our long-term approach to managing the business."
NWLGI is the parent organization of National Western. Founded in
1956, National Western 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 international countries. National Western has
262 employees and approximately 23,600 contracted independent
agents, brokers, and consultants. At December 31, 2015, the Company maintained total
consolidated assets of $11.6 billion,
stockholders' equity of $1.6 billion,
and life insurance in force of $22.0
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 Operating Results (Unaudited)
|
(In thousands
except per share data)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
Revenues, excluding
investment and index option gains (losses)
|
171,289
|
|
|
160,119
|
|
|
644,337
|
|
|
628,559
|
|
Realized and
unrealized gains (losses) on index options
|
8,134
|
|
|
19,338
|
|
|
(61,750)
|
|
|
68,616
|
|
Realized gains on
investments
|
1,160
|
|
|
4,858
|
|
|
7,209
|
|
|
11,605
|
|
Total
revenues
|
180,583
|
|
|
184,315
|
|
|
589,796
|
|
|
708,780
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
Earnings from
operations
|
31,237
|
|
|
24,955
|
|
|
93,710
|
|
|
98,045
|
|
Net realized gains on
investments
|
754
|
|
|
3,158
|
|
|
4,686
|
|
|
7,543
|
|
Net
earnings
|
31,991
|
|
|
28,113
|
|
|
98,396
|
|
|
105,588
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Class A shares
|
31,087
|
|
|
27,318
|
|
|
95,614
|
|
|
102,602
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Class A Share:
|
|
|
|
|
|
|
|
Earnings from
operations
|
8.84
|
|
|
7.06
|
|
|
26.50
|
|
|
27.74
|
|
Net realized gains on
investments
|
0.21
|
|
|
0.89
|
|
|
1.33
|
|
|
2.13
|
|
Net
earnings
|
9.05
|
|
|
7.95
|
|
|
27.83
|
|
|
29.87
|
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Class A Shares
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings Per Class A Share:
|
|
|
|
|
|
|
|
Earnings from
operations
|
8.83
|
|
|
7.05
|
|
|
26.49
|
|
|
27.72
|
|
Net realized gains on
investments
|
0.21
|
|
|
0.89
|
|
|
1.33
|
|
|
2.13
|
|
Net
earnings
|
9.04
|
|
|
7.94
|
|
|
27.82
|
|
|
29.85
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Class A Shares
|
3,438
|
|
|
3,438
|
|
|
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-group-inc-announces-2015-fourth-quarter-and-full-year-earnings-300234192.html
SOURCE National Western Life Group, Inc.