National Western Life Group, Inc. Announces 2019 Full Year and Fourth Quarter Earnings
February 28, 2020 at 13:00 PM EST
AUSTIN, Texas, Feb. 28, 2020 /PRNewswire/ -- Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2019 consolidated net earnings of $131.6 million, or $37.22 per diluted Class A common share, compared with consolidated net earnings of $116.8 million, or $33.02 per diluted Class A common share, for 2018. The Company's book value per share increased to $585.32 as of December 31, 2019 from $522.76 as of December 31, 2018. For the quarter ended December 31, 2019, the Company reported consolidated net earnings of $37.7 million, or $10.67 per diluted Class A common share, compared with $21.8 million, or $6.16 per diluted Class A common share, in the fourth quarter of 2018.
Total revenues increased 49% in 2019 to $819.2 million from $551.6 million in 2018. Operating revenues, excluding investment and index options gains and losses, increased to $689.7 million in the year ended December 31, 2019 from $623.2 million for the year 2018. Mr. Moody indicated, "Our primary focus has always been on the profitability of our business and by that measure we are extremely pleased with the results reported for 2019. In addition, growing and expanding our distribution channels to create significant top-line growth has emerged as a top focal point over the past year." Noting that the Company's domestic life insurance sales grew 26% in 2019, Mr. Moody added, "We have created a proficiency in the single premium equity-indexed life insurance market and our acquisition earlier in 2019 of Ozark National Life Insurance Company brings another niche market where we believe there are opportunities for growth. It is incumbent upon us to build on these existing markets as well as to expand into new areas."
Pretax earnings of $165.2 million for the year ended December 31, 2019 included a contribution of $21.0 million from Ozark National Life Insurance Company and N.I.S. Financial Services, Inc. subsequent to their acquisition effective January 31, 2019. Mr. Moody commented on the acquisition saying, "We have demonstrated the ability to create profit organically over time. Adding Ozark National and NIS to the organization has not only proven to be a nice complement to our existing product lines but also a successful deployment of our capital."
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 December 31, 2019, the Company maintained consolidated total assets of $12.6 billion, consolidated stockholders' equity of $2.1 billion, and combined life insurance inforce of $23.3 billion.
Caution Regarding Forward-Looking Statements:
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SOURCE National Western Life Group, Inc.