AUSTIN, Texas, Feb. 28, 2018 /PRNewswire/ -- Ross R. Moody,
Chairman of the Board, President, and Chief Executive Officer of
National Western Life Group, Inc. (Nasdaq: NWLI), announced today
2017 consolidated net earnings of $110.4
million, or $31.23 per diluted
Class A common share, compared with consolidated net earnings of
$100.9 million, or $28.53 per diluted Class A common share, for
2016. The Company's book value per share increased to $503.88 as of December 31,
2017 from $473.53 as of
December 31, 2016. For the
quarter ended December 31, 2017, the
Company reported consolidated net earnings of $39.6 million, or $11.19 per diluted Class A common share, compared
with $23.6 million, or $6.67 per diluted Class A common share, in the
fourth quarter of 2016.
The Company reported earnings from operations, excluding net
realized gains and losses on investments, of $100.8 million for the year ended December 31, 2017, or $28.52 per diluted Class A common share, compared
to $92.4 million, or $26.13 per diluted Class A common share in the
same period for 2016. Mr. Moody commented on the earnings results
saying, "Our operating earnings for 2017 mark the first time in the
Company's history that we exceeded the $100
million threshold. While the tax act passed in December
provided the extra impetus for pushing through this level, our
operating performance in 2017 was again steady and solid." Earnings
from operations for the quarter ended December 31, 2017 were $37.1 million, or $10.48 per diluted Class A common share, versus
$22.0 million, or $6.21 per diluted Class A common share, recorded
during the fourth quarter of 2016. Mr. Moody noted, "Our theme
heading into 2017 was 'Moving Forward' which was exemplified by our
relocation to a new home office facility in the fourth quarter. We
are equally proud and excited with the system implementations that
occurred and the new product and distribution channels we were able
to initiate this past year."
Revenues increased to $874.4
million during the year ended December 31, 2017 from $682.4 million for the same period in 2016
reflecting higher realized and unrealized gains on investment
instruments. Mr. Moody indicated, "With the strength of the equity
markets in 2017, our equity-index products, both life insurance and
annuities, remained a substantial source of new product sales for
National Western. In particular, total premiums from our domestic
life equity-index insurance products increased 16% this past year
to $132.2 million from $113.7 million."
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 282 employees and approximately
28,800 contracted independent agents, brokers, and consultants. At
December 31, 2017, the Company
maintained consolidated total assets of $12.2 billion, stockholders' equity of
$1.8 billion, and life insurance in
force of $19.7 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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
Revenues, excluding
investment and index option gains (losses)
|
$
|
159,634
|
|
|
161,947
|
|
|
636,809
|
|
|
640,934
|
|
Realized and
unrealized gains (losses) on index options
|
|
84,323
|
|
|
20,057
|
|
|
222,875
|
|
|
28,364
|
|
Realized gains on
investments
|
|
3,858
|
|
|
2,481
|
|
|
14,764
|
|
|
13,070
|
|
Total
revenues
|
|
247,815
|
|
|
184,485
|
|
|
874,448
|
|
|
682,368
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
37,080
|
|
|
22,000
|
|
|
100,825
|
|
|
92,397
|
|
Net realized gains on
investments
|
|
2,507
|
|
|
1,612
|
|
|
9,596
|
|
|
8,495
|
|
Net
earnings
|
|
39,587
|
|
|
23,612
|
|
|
110,421
|
|
|
100,892
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Class A shares
|
|
38,467
|
|
|
22,944
|
|
|
107,298
|
|
|
98,039
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Class A Share:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
10.48
|
|
|
6.22
|
|
|
28.52
|
|
|
26.13
|
|
Net realized gains on
investments
|
|
0.71
|
|
|
0.46
|
|
|
2.71
|
|
|
2.40
|
|
Net
earnings
|
|
11.19
|
|
|
6.68
|
|
|
31.23
|
|
|
28.53
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Class A Shares
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
3,436
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings Per Class A Share:
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
$
|
10.48
|
|
|
6.21
|
|
|
28.52
|
|
|
26.13
|
|
Net realized gains on
investments
|
|
0.71
|
|
|
0.46
|
|
|
2.71
|
|
|
2.40
|
|
Net
earnings
|
|
11.19
|
|
|
6.67
|
|
|
31.23
|
|
|
28.53
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Class A Shares
|
|
3,436
|
|
|
3,438
|
|
|
3,436
|
|
|
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
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SOURCE National Western Life Group, Inc.