Midwest Holding Inc. - MDWT STOCK NEWS

Midwest Holding Inc. (NASDAQ: MDWT) reported strong financial results for Q3 2022, with GAAP net income of $7.4 million and earnings of $1.96 per share, a significant improvement from a loss of $3.1 million in Q3 2021. Total revenue soared to $19.0 million, driven by net investment income of $12.9 million, up from $6.2 million a year prior. Annuity direct written premiums also increased, reaching $255.5 million, a 63.8% rise from Q2 2022. The company continues to focus on expanding distribution and enhancing capital support, positioning itself for a strong finish in 2022.

Midwest Holding Inc. (NASDAQ: MDWT) has announced a conference call to discuss its financial results for Q3 2022 on November 15, 2022, at 8:30 a.m. ET. The results will be posted on its investor relations website after market close on November 14, 2022. Interested participants can register for the call through the provided link. A webcast will also be available, with a replay offered on the company's website post-call. Midwest specializes in designing and distributing annuity products for U.S. retirees, utilizing reinsurance arrangements with third-party investors.

Midwest Holding Inc. (NASDAQ: MDWT) reported a GAAP net income of $9.3 million for Q2 2022, a significant recovery from a $(5.0) million net loss in Q2 2021. Earnings per share improved to $2.47 from $(1.34). Despite a slight total revenue dip to $(122,000), net investment income surged to $10.5 million, bolstered by an increase in invested assets, now at $1.2 billion. Annuity direct written premiums rose 59% year-over-year to $156.0 million, indicating strong market performance. The outlook remains positive with anticipated premiums of $500 million to $600 million for the year.

Midwest Holding Inc. (NASDAQ: MDWT) will host a conference call on August 16, 2022, at 8:30 a.m. Eastern Time, to discuss its second-quarter 2022 financial and operating results. The results will be posted on its investor relations website after market close on August 15, 2022. Interested participants can register for the call through a provided link, and it will also be accessible via a webcast. Midwest is a technology-enabled annuity platform, focusing on designing and distributing annuity products to a growing demographic of U.S. retirees.

Midwest Holding Inc. (NASDAQ: MDWT) reported a GAAP net income of $187,000 for Q1 2022, a substantial recovery from a $(1.6) million loss in Q1 2021. The earnings per share turned positive at 5 cents, contrasting with a loss of 43 cents last year. Total revenue reached $2.6 million, significantly improving from a negative $(614,000) in the prior year, largely due to increased net investment income and service fees. Despite a decline in direct written premiums to $98.1 million from $123.7 million, the company emphasized growth strategies and technology investments. 2022 premium guidance remains at $500-$600 million.

Midwest Holding Inc. (NASDAQ: MDWT) announced a conference call on May 17, 2022, at 8:30 a.m. Eastern Time to discuss its Q1 2022 financial and operating results. The results will be posted on the investor relations section of their website after market close on May 16. Interested participants can register for the call via a provided link. A replay will also be available post-call on the company's website. Midwest specializes in technology-enabled annuity products aimed at U.S. retirees, providing operational and regulatory support for asset managers.

Midwest Holding Inc. (NASDAQ: MDWT) has entered into a cooperation agreement with AMS Advisors LLC, which owns approximately 5.4% of the company's voting shares. This agreement includes the nomination of Kevin Sheehan as an independent director for the Board at the annual stockholder meeting on June 14, 2022. CEO Georgette Nicholas emphasizes the importance of added shareholder representation and insight during this pivotal time for the company as it expands in the annuity market. Details of the agreement will be filed with the SEC shortly.

Midwest Holding Inc. (NASDAQ: MDWT) has appointed Eric N. Berg as its new senior vice president and chief financial officer, effective March 25, 2022. Berg, who has over 23 years of experience in investment research and the insurance industry, previously served as CFO at Aviva India. CEO Georgette C. Nicholas highlighted Berg's extensive knowledge of the investor market as a valuable asset for driving growth and enhancing shareholder value. Midwest Holding operates as a technology-driven platform connecting annuity seekers with asset managers.

Midwest Holding Inc. (NASDAQ: MDWT) reported its financial results for Q4 and full-year 2021, highlighting a GAAP net loss of $7.0 million in Q4, improving from a loss of $11.9 million a year prior. GAAP revenue increased to $16.0 million compared to negative revenue in Q4 2020, driven by investment income growth. However, direct written premiums declined to $104.2 million in Q4 2021 due to market competition. For the full year, the net loss was $16.6 million, with revenues of $30.1 million and invested assets growing to $975.5 million. The company anticipates premiums of $500-600 million for 2022.