National Western Life Group, Inc. Announces 2022 Third Quarter Earnings
AUSTIN, Texas, Nov. 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
In the quarter ended September 30, 2022, the Company reported pretax earnings of
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
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
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 |
Investor Relations Contact:
Brian M. Pribyl - Senior Vice President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nwlic.com
www.nwlgi.com
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SOURCE National Western Life Group, Inc.