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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.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (ICR) of 'a' for National Western Life Insurance Company (NWLIC), indicating strong balance sheet strength and adequate operating performance. Although premiums have increased over the past two years, there’s a declining trend in net premiums written attributed to a shift in company strategy. The outlook for these ratings remains stable, reflecting NWLIC's strong capitalization and effective enterprise risk management, despite risks from interest-sensitive products.
National Western Life Insurance Company launched the NWL® New Frontiers, a fixed indexed annuity granting access to the exclusive J.P. Morgan Factor FocusSM Index. This innovative product facilitates market gains and accumulation, with index strategies spanning one, two, and six-year durations. The six-year option includes a Lock-In Index Value feature. Exclusively available through The Sterling Group, this launch marks a significant partnership development. As of June 30, 2022, National Western maintains total assets of $13.3 billion and stockholders' equity of $2.1 billion.
National Western Life Insurance Company (Nasdaq: NWLI) announced a strategic annuity reinsurance transaction with Aspida Life Re Ltd., effective July 1, 2022. This partnership aims to enhance National Western Life's market position and distribution capabilities, facilitating the launch of innovative financial products. The transaction includes reinsurance of a $250 million block of fixed-indexed annuities, allowing for improved competitiveness and financial flexibility. National Western Life reported consolidated total assets of $13.3 billion and stockholders' equity of $2.1 billion as of June 30, 2022.
On August 8, 2022, National Western Life Group (Nasdaq: NWLI) reported a decline in second-quarter 2022 earnings, with consolidated net earnings of $30.8 million or $8.70 per diluted Class A share, down from $49.9 million or $14.11 a year earlier. For the first half of 2022, net earnings were $66.9 million, down from $112.0 million in 2021. Total revenues for Q2 2022 were $117.2 million, a significant drop from $222.2 million in Q2 2021, primarily due to negative fair market value adjustments. The company's book value per share was $576.33.
National Western Life Insurance Company (NWLI) has formed a strategic alliance with Achaean Financial Holdings to introduce a pioneering single premium immediate annuity named NWL® Income +. Set to launch in Q3 2022, this product aims to provide competitive initial payments and a growth component to help policyholders manage inflation. With total assets of $13.8 billion and stockholders' equity of $2.3 billion as of March 31, 2022, National Western Life emphasizes its commitment to innovative financial solutions for retirement planning.
National Western Life Group, Inc. (NWLI) reported a 42% decline in total revenues for Q1 2022, totaling $134.3 million, primarily due to unrealized investment losses. The company's net earnings fell to $36.2 million, or $10.23 per diluted share, from $62.1 million in Q1 2021. As of March 31, 2022, book value per share decreased to $632.00 from $698.48. Key factors included significant unrealized losses on investments, shifting from a gain of $476 million at year-end 2021 to a loss of $155.3 million in Q1 2022.
National Western Life Group, Inc. (Nasdaq: NWLI) reported substantial growth in 2021, with consolidated net earnings reaching $180.7 million, marking a 96% increase from 2020. Earnings per diluted Class A share were $51.10, compared to $26.11 the previous year. The company achieved record life insurance sales, driven by high demand for single premium products, and saw annuity sales nearly 80% higher than two years prior. As of December 31, 2021, book value per share stood at $698.48, with total assets of $14.3 billion.
National Western Life Group (NWLI) reported third quarter 2021 net earnings of $39.8 million ($11.27 per share), a significant increase from $10.8 million ($3.06 per share) in Q3 2020. For the first nine months of 2021, net earnings rose to $151.9 million ($42.95 per share), up from $57.2 million ($16.17 per share) over the same period in 2020. The company saw a 18% increase in life and annuity sales in Q3 compared to the previous year. As of September 30, 2021, total assets stood at $14.4 billion with a book value per share of $703.03.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) for National Western Life Insurance Company (NWLIC). The outlook for these ratings is stable. NWLIC's ratings reflect its strong balance sheet and adequate operating performance. Despite increases in premiums, the company has seen a declining trend in net premiums written due to reduced annuity production. Ozark National Life Insurance Company received similar ratings, and its integration with NWLIC will be monitored closely.
National Western Life Group, Inc. (NWLI) reported second quarter 2021 net earnings of $49.9 million ($14.11 per diluted share), up from $48.4 million ($13.69 per share) year-over-year. For the first six months, net earnings reached $112.0 million ($31.68 per share), compared to $46.4 million ($13.11 per share) in 2020. Total revenues, excluding gains, grew to $178.6 million in Q2 2021, from $172.6 million in Q2 2020. Life insurance and annuity sales surged 43% and 49% respectively. The book value per share stood at $698.52.
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