AUSTIN, Texas, May 9, 2012 /PRNewswire/ -- Ross R. Moody,
President of National Western Life Insurance Company (Nasdaq:
NWLI), announced today first quarter 2012 consolidated net earnings
of $19.7 million, or $5.58 per diluted Class A common share, compared
with consolidated net earnings of $18.2
million, or $5.15 per diluted
Class A common share, for the first quarter of 2011. The Company's
book value per share increased to $358.71 at March 31,
2012 from $351.27 at
December 31, 2011.
Revenues for the quarter ended March 31,
2012 increased 9% to $196.7
million from the level attained in the first quarter of 2011
largely due to improved market values on call options purchased by
the Company to fund interest credit obligations on its fixed-index
life and annuity products. Operating revenues, excluding realized
gains on investments and index options, increased over 5% to
$153.1 million in the first quarter
of 2012 from $145.4 million in 2011.
Mr. Moody noted, "We have continued to grow our block of business
through steady sales growth and good persistency of insurance
contracts. Domestic life insurance sales increased 225% in the
first quarter of this year compared to 2011 reflecting management's
focus on building this segment of our business."
The Company reported earnings from operations, excluding net
realized gains and losses on investments, of $19.0 million in the quarter ended March 31, 2012, or $5.37 per diluted Class A common share, compared
to $16.2 million, or $4.58 per diluted Class A common share, in the
same period for 2011. Mr. Moody observed that the operating
performance of the Company reflected solid fundamentals. "While the
low interest rate environment is an ongoing challenge to the spread
management aspect of our business, we persist in benefiting from
improving placement ratios in our underwriting area, good claim
experience, and well-managed expense levels. In addition, the
credit quality of our investment portfolio continues to be of high
quality with virtually no impairments to speak of," Mr. Moody
stated.
Founded in 1956, National Western Life is a stock life insurance
company offering a broad portfolio of individual universal life,
whole life and term insurance plans, annuity products, and
investment contracts meeting the financial needs of its customers
in 49 states as well as residents of various countries in Central
and South America, the
Caribbean, Eastern Europe, Asia, and the Pacific Rim. The Company has approximately 284
employees and 16,600 contracted independent agents, brokers, and
consultants, and at March 31, 2012,
maintained total assets of $9.9
billion, stockholders' equity of $1.3
billion, and life insurance in force of $21.0 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
|
(In
thousands except per share data)
|
|
Three
Months Ended
|
|
March
31,
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
Revenues,
excluding investment and index option gains
|
153,058
|
|
|
145,426
|
|
Realized
and unrealized gains on index options
|
42,437
|
|
|
31,849
|
|
Realized
gains on investments
|
1,167
|
|
|
3,092
|
|
Total
revenues
|
196,662
|
|
|
180,367
|
|
|
|
|
|
Earnings:
|
|
|
|
Earnings
from operations
|
18,983
|
|
|
16,201
|
|
Net
realized gains on investments
|
758
|
|
|
2,010
|
|
Net
earnings
|
19,741
|
|
|
18,211
|
|
|
|
|
|
Net
earnings attributable to Class A shares
|
19,183
|
|
|
17,696
|
|
|
|
|
|
Basic Earnings Per Class A
Share:
|
|
|
|
Earnings
from operations
|
5.37
|
|
|
4.59
|
|
Net
realized gains on investments
|
0.21
|
|
|
0.57
|
|
Net
earnings
|
5.58
|
|
|
5.16
|
|
|
|
|
|
Basic
Weighted Average Class A Shares
|
3,435
|
|
|
3,430
|
|
|
|
|
|
Diluted Earnings Per Class A
Share:
|
|
|
|
Earnings
from operations
|
5.37
|
|
|
4.58
|
|
Net
realized gains on investments
|
0.21
|
|
|
0.57
|
|
Net
earnings
|
5.58
|
|
|
5.15
|
|
|
|
|
|
Diluted
Weighted Average Class A Shares
|
3,435
|
|
|
3,439
|
|
Investor Relations Contact:
Brian M. Pribyl - Senior Vice
President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nationalwesternlife.com
www.nationalwesternlife.com
SOURCE National Western Life Insurance Company