AUSTIN, Texas, Nov. 7, 2019 /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 2019 consolidated net earnings of $20.0 million, or $5.65 per diluted Class A common share, compared
with consolidated net earnings of $35.6
million, or $10.08 per diluted
Class A common share, for the third quarter of 2018. For the nine
months ended September 30, 2019, the
Company reported consolidated net earnings of $93.9 million, or $26.55 per diluted Class A common share, compared
with $95.0 million, or $26.86 per diluted Class A common share, a year
ago. The Company's book value per share as of September 30, 2019 was $575.26.
Total revenues, excluding gains and losses on investments and
index options, increased over 10% in the first nine months of 2019
to $516.9 million from $468.0 million in the comparable period of 2018.
Operating revenues, excluding investment and index options gains
and losses, increased to $170.4
million in the quarter ended September 30, 2019 from $153.5 million in the third quarter of 2018. Mr.
Moody indicated, "Our strategic initiatives are directed toward
those business objectives that will continue to grow our total
insurance revenues. With the addition of Ozark National to our
organization, we saw domestic life insurance sales grow 49% in the
third quarter of this year compared to last year at this time. We
are hopeful that new sales and marketing programs being developed
will build upon this success and position our companies for
stronger growth heading into the next decade."
The Company reported earnings from operations, excluding net
realized gains and losses on investments, of $91.0 million for the nine months ended
September 30, 2019, or $25.72 per diluted Class A common share, compared
to $90.6 million, or $25.61 per diluted Class A common share in the
same period for 2018. Mr. Moody commented on the earnings results
saying, "The trend back to historically low interest rate levels in
a competitive industry which is highly dependent upon rates
presents challenges to insurers such as ourselves. In our third
quarter results, we made some actuarial adjustments regarding
future elements of profitability of our block of business that,
although dampening financial results for the quarter, put us on
better footing for measuring the returns on our business going
forward." The Company reported earnings from operations for the
quarter ended September 30, 2019 of
$20.4 million, or $5.76 per diluted Class A common share, compared
to $33.8 million, or $9.57 per diluted Class A common share, in the
third quarter of 2018.
National Western Life Group, Inc. is the parent organization of
National Western Life Insurance Company and Ozark National Life
Insurance Company, 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, 2019, the Company
maintained consolidated total assets of $12.6 billion, consolidated stockholders' equity
of approximately $2.1 billion, and
combined life insurance inforce of $23.7
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 Operating Results
(Unaudited)
(In thousands except per share
data)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenues:
|
|
|
|
|
|
|
|
|
Revenues, excluding
investment and index option gains (losses)
|
$
|
170,372
|
|
|
153,477
|
|
|
516,931
|
|
|
467,950
|
|
Realized and
unrealized gains (losses) on index options
|
|
3,296
|
|
|
69,683
|
|
|
63,127
|
|
|
35,581
|
|
Realized gains
(losses) on investments
|
|
(502)
|
|
|
2,275
|
|
|
3,702
|
|
|
5,582
|
|
Total
revenues
|
|
173,166
|
|
|
225,435
|
|
|
583,760
|
|
|
509,113
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
20,385
|
|
|
33,844
|
|
|
90,958
|
|
|
90,572
|
|
Net realized gains
(losses) on investments
|
|
(396)
|
|
|
1,797
|
|
|
2,925
|
|
|
4,410
|
|
Net
earnings
|
|
19,989
|
|
|
35,641
|
|
|
93,883
|
|
|
94,982
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Class A shares
|
|
19,424
|
|
|
34,633
|
|
|
91,228
|
|
|
92,296
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Class A Share:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
5.76
|
|
|
9.57
|
|
|
25.72
|
|
|
25.61
|
|
Net realized gains
(losses) on investments
|
|
(0.11)
|
|
|
0.51
|
|
|
0.83
|
|
|
1.25
|
|
Net
earnings
|
|
5.65
|
|
|
10.08
|
|
|
26.55
|
|
|
26.86
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Class A Shares
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings Per Class A Share:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
5.76
|
|
|
9.57
|
|
|
25.72
|
|
|
25.61
|
|
Net realized gains
(losses) on investments
|
|
(0.11)
|
|
|
0.51
|
|
|
0.83
|
|
|
1.25
|
|
Net
earnings
|
|
5.65
|
|
|
10.08
|
|
|
26.55
|
|
|
26.86
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Class A Shares
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
Investor Relations Contact:
Brian M. Pribyl - Senior Vice President, Chief
Financial Officer and Treasurer
(512) 836-1010
bpribyl@nationalwesternlife.com
www.nwlgi.com
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SOURCE National Western Life Group, Inc.