AUSTIN, Texas, March 10, 2017 /PRNewswire/ -- Ross R. Moody, Chairman of the Board, President,
and Chief Executive Officer of National Western Life Group, Inc.
(Nasdaq: NWLI), announced today 2016 consolidated net earnings of
$100.9 million, or $28.53 per diluted Class A common share, compared
with consolidated net earnings of $98.4
million, or $27.82 per diluted
Class A common share, for 2015. The Company's book value per share
increased to $473.53 as of
December 31, 2016 from $443.32 as of December 31,
2015. For the quarter ended December
31, 2016, the Company reported consolidated net earnings of
$23.6 million, or $6.67 per diluted Class A common share, compared
with $32.0 million, or $9.04 per diluted Class A common share, in the
fourth quarter of 2015.
The Company reported earnings from operations, excluding net
realized gains and losses on investments, of $92.4 million for the year ended December 31, 2016, or $26.13 per diluted Class A common share, compared
to $93.7 million, or $26.49 per diluted Class A common share in the
same period for 2015. Mr. Moody commented on the full year results
saying, "Our outcome for the year is gratifying given that the
environment in 2016 was not very conducive for our industry's
business. It is a testament to our disciplined approach in managing
risks while seeking to optimize profit generators." Earnings from
operations for quarter ended December 31,
2016 were $22.0 million, or
$6.21 per diluted Class A common
share, versus $31.2 million, or
$8.83 per diluted Class A common
share, recorded during the fourth quarter of 2015. Mr. Moody noted,
"The market price of our publicly traded shares increased over 51%
in the fourth quarter alone. Consequently, accounting rules
required us to recognize additional expense of approximately
$9 million during the quarter for
share-based compensation plan awards."
Revenues increased to $682.4
million during the year ended December 31, 2016 from $589.8 million for the same period in 2015
primarily due to realized gains on investments and higher market
valuations of index options the Company purchases to support its
fixed-index policy obligations. Mr. Moody indicated, "Our
investments continue to perform well and are accretive to earnings.
Sales of our fixed-index life and annuity products remain popular
with consumers in managing their financial positions. We, like many
others, are hopeful that we will soon see the beginning of interest
rate levels rising back to historical norms from the artificially
depressed levels of this past decade."
National Western Life Group, Inc. is the parent organization of
National Western Life Insurance Company (NWLIC). Founded in 1956,
NWLIC is a stock life insurance company offering a broad portfolio
of individual universal life, whole life and term insurance plans,
as well as annuity products, which meet the financial needs of its
customers in 49 states as well as residents of various
international countries. NWLIC has 265 employees and approximately
27,500 contracted independent agents, brokers, and consultants. At
December 31, 2016, the Company
maintained consolidated total assets of $11.9 billion, stockholders' equity of
$1.7 billion, and life insurance in
force of $20.9 billion.
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 Operating Results (Unaudited)
|
(In thousands
except per share data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
Revenues, excluding
investment and index option gains (losses)
|
$
|
161,947
|
|
|
171,289
|
|
|
640,934
|
|
|
644,336
|
|
Realized and
unrealized gains (losses) on index options
|
|
20,057
|
|
|
8,134
|
|
|
28,364
|
|
|
(61,750)
|
|
Realized gains on
investments
|
|
2,481
|
|
|
1,160
|
|
|
13,070
|
|
|
7,209
|
|
Total
revenues
|
|
184,485
|
|
|
180,583
|
|
|
682,368
|
|
|
589,795
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
22,000
|
|
|
31,237
|
|
|
92,397
|
|
|
93,710
|
|
Net realized gains on
investments
|
|
1,612
|
|
|
754
|
|
|
8,495
|
|
|
4,686
|
|
Net
earnings
|
|
23,612
|
|
|
31,991
|
|
|
100,892
|
|
|
98,396
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Class A shares
|
|
22,944
|
|
|
31,087
|
|
|
98,039
|
|
|
95,614
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Class A Share:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
6.22
|
|
|
8.84
|
|
|
26.13
|
|
|
26.50
|
|
Net realized gains on
investments
|
|
0.46
|
|
|
0.21
|
|
|
2.40
|
|
|
1.33
|
|
Net
earnings
|
|
6.68
|
|
|
9.05
|
|
|
28.53
|
|
|
27.83
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Class A Shares
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings Per Class A Share:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
6.21
|
|
|
8.83
|
|
|
26.13
|
|
|
26.49
|
|
Net realized gains on
investments
|
|
0.46
|
|
|
0.21
|
|
|
2.40
|
|
|
1.33
|
|
Net
earnings
|
|
6.67
|
|
|
9.04
|
|
|
28.53
|
|
|
27.82
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Class A Shares
|
|
3,438
|
|
|
3,438
|
|
|
3,437
|
|
|
3,437
|
|
Investor Relations Contact:
Brian M. Pribyl - Senior Vice
President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nationalwesternlife.com
www.nwlgi.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/national-western-life-group-inc-announces-2016-full-year-and-fourth-quarter-earnings-300421952.html
SOURCE National Western Life Group, Inc.