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Midwest Holding Inc. (NASDAQ: MDWT) announced a conference call scheduled for March 25, 2022, at 12:00 p.m. Eastern Time, to discuss its fourth quarter and full year 2021 financial results. The company will release these results on March 24, after market close, and post them on its investor relations website. Interested parties can register for the call via an online link. Midwest is a technology-enabled annuity platform focused on developing in-demand annuity products for U.S. retirees.
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Midwest Holding Inc. (NASDAQ: MDWT) announced that its subsidiary, American Life & Security, will offer the Goldman Sachs Xenith Index exclusively to its Fixed Index Annuity policyholders. This multi-asset strategy utilizes leading economic indicators for asset allocation and incorporates intraday trading signals to manage equity exposure. The index also switches between commodities like copper and gold based on anticipated economic growth, providing a long-short strategy for performance diversification. This partnership marks a significant opportunity for both Midwest and American Life in the annuity market.
Midwest Holding Inc. (NASDAQ: MDWT) has finalized a majority ownership sale of a consolidated reinsurance facility to a subsidiary of ORIX Corporation USA. The agreement involves the sale of approximately 70% of Seneca Incorporated Cell, LLC 2020-01 (SRC1), established in early 2020 as part of Midwest’s reinsurance strategy. ORIX Advisers, LLC will now manage SRC1's assets. The transaction closed on December 30, 2021, and will be reflected in Midwest's 2021 financial statements. Additionally, Midwest has created a new reinsurance vehicle, SRC3.
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On November 22, 2021, Midwest Holding Inc (NASDAQ: MDWT) announced significant leadership changes. A. Michael Salem resigned as Co-CEO and director, effective immediately. Georgette C. Nicholas, previously President and CFO, has been appointed as the new CEO. Mike Minnich will continue as Chief Investment Officer after stepping down as Co-CEO. Independent director John T. Hompe takes on the role of Non-Executive Chair of the Board. Nicholas brings over 30 years of experience in the financial services industry, expressing confidence in enhancing shareholder value and focusing on strategic goals.
Midwest Holding Inc. (NASDAQ: MDWT) will present at the Ladenburg Thalmann Virtual Technology Expo on November 18th, 2021, at 4:00 PM ET. Co-CEO Michael Salem aims to showcase the company’s technology-driven growth and innovation in the insurance sector. Investors can register to view the presentation and schedule one-on-one meetings via the event website. The expo will feature around 50 technology firms presenting to an invite-only institutional investor audience, highlighting key areas such as cybersecurity and AI.
Midwest Holding Inc. (NASDAQ: MDWT) reported a GAAP net loss of $3.1 million for Q3 2021, a decrease from $5.5 million in Q3 2020. Revenue rose to $5.8 million, bolstered by investment income and service fees, compared to a loss of $0.5 million the previous year. Annuity direct written premiums dropped 11% to $117.9 million due to competitive pressures, while ceded premiums increased slightly. Invested assets surged to $942.8 million, up from $518.2 million at the end of 2020. Company leadership emphasizes a disciplined approach for long-term growth despite a competitive market.
Midwest Holding Inc. (NASDAQ: MDWT) announced the launch of its first Multi-Year Guaranteed Annuity (MYGA) product through its subsidiary, American Life & Security Corp. (ALSC), targeting the registered investment advisor (RIA) market. This MYGA product offers a three- or five-year guarantee and aims to meet the increasing demand for annuity options as the U.S. RIA market surpasses $20 trillion. By reducing internal annuity contract expenses, the company enhances competitive interest rates. The product is currently available in 21 states, with plans for further expansion.