Welcome to our dedicated page for National Western Life Group news (Ticker: NWLI), a resource for investors and traders seeking the latest updates and insights on National Western Life Group stock.
National Western Life Group, Inc. Class A (symbol: NWLI) is a prominent player in the insurance industry, offering a diverse range of insurance products designed to meet the financial security needs of its clients. Chartered by the state of Colorado, the company's reach extends to forty-nine states within the U.S., the District of Columbia, and four U.S. territories. Additionally, it is licensed in Haiti and operates globally, accepting applications from non-U.S. residents at its home office in Austin, Texas.
The company's core business includes a portfolio of insurance products such as individual whole life, universal life, and term insurance plans, along with annuities. This diversified product range is structured into four distinct segments: Domestic Life Insurance, International Life Insurance, Annuities, and ONL & Affiliates. With the annuities segment contributing approximately half of the company's revenue, the majority of earnings are derived from the United States.
National Western Life Group's mission is to provide high-quality insurance products worldwide, catering to the savings, protection, and retirement needs of well-defined market segments. The company is committed to offering professional and friendly service to its policyholders and agents, ensuring responsiveness to the needs of employees, shareholders, and the community.
Recent achievements highlight the company's robust financial condition and strategic growth. In the second quarter of 2023, National Western Life Group reported consolidated net earnings of $29.6 million, and its book value per share increased to $626.57. Throughout 2023, despite the new required accounting standard impacting net earnings, the company continued to release competitive new products and reduce administrative cash expenditures.
Significantly, on October 9, 2023, National Western Life Group announced a definitive Merger Agreement with Prosperity Life Group. This all-cash transaction, valued at approximately $1.9 billion, is set to enhance the company's capabilities and deliver greater value to policyholders. The merger is expected to close in the first half of 2024, subject to customary closing conditions and regulatory approvals.
As of the latest financial reports, for the first quarter of 2024, the company reported consolidated net earnings of $73.6 million, with a book value per share rising to $686.73. The company's consolidated total assets stood at $12.1 billion, with consolidated stockholders' equity of $2.5 billion, and combined life insurance in force of $17.7 billion.
With a strong foundation and ongoing strategic initiatives, National Western Life Group, Inc. continues to solidify its position as a leading insurer committed to meeting the financial security needs of its global clientele.
National Western Life Group (NASDAQ: NWLI) and Prosperity Life Group announced the expected closing of a $1.9 billion cash merger, following regulatory approvals. S. USA Life Insurance Company, Inc. (SUSA), a subsidiary of Prosperity Life Group, will acquire National Western. The transaction, unanimously approved by National Western's Board of Directors and shareholders, will convert each National Western common share into $500 in cash at closing, anticipated no later than July 11, 2024.
National Western Life Group, Inc. reported strong first quarter 2024 earnings with net earnings of $73.6 million, revenues increasing by 29% to $197.6 million, and a book value per share of $686.73. The company experienced growth in sales activity, benefiting from equity market gains and rising interest rates. Additionally, they are working on finalizing a merger agreement with Prosperity Life Group.
National Western Life Group, Inc. (NASDAQ: NWLI) reported a decline in consolidated net earnings for 2022, totaling $101.1 million or $28.60 per diluted Class A share, down from $180.7 million or $51.10 in 2021. Total revenues also decreased to $558.4 million from $824.1 million. However, premiums and contract revenues rose slightly to $226.9 million. Book value per share reached $552.04 as of December 31, 2022, up from $639.09 a year earlier, despite challenges posed by higher interest rates impacting investment revenues.
National Western Life Group (NWLI) reported Q3 2022 net earnings of $21.8 million ($6.15 per share), a decline from $39.8 million ($11.27 per share) in Q3 2021. For the nine months ending September 30, 2022, total earnings were $88.7 million ($25.09 per share), down from $151.9 million ($42.95 per share) in the prior year. The company faced a $22.3 million drop in pretax earnings compared to last year, primarily due to annual updates of actuarial assumptions. Additionally, net investment income fell to $79.5 million from $89 million year-over-year, largely influenced by rising interest rates.
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