National Western Life Group (NASDAQ: NWLI) and Prosperity Life Group announced the expected closing of a $1.9 billion cash merger, following regulatory approvals. S. USA Life Insurance Company, Inc. (SUSA), a subsidiary of Prosperity Life Group, will acquire National Western. The transaction, unanimously approved by National Western's Board of Directors and shareholders, will convert each National Western common share into $500 in cash at closing, anticipated no later than July 11, 2024.
National Western Life Group, Inc. reported strong first quarter 2024 earnings with net earnings of $73.6 million, revenues increasing by 29% to $197.6 million, and a book value per share of $686.73. The company experienced growth in sales activity, benefiting from equity market gains and rising interest rates. Additionally, they are working on finalizing a merger agreement with Prosperity Life Group.
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National Western Life Group, Inc. (NASDAQ: NWLI) reported a decline in consolidated net earnings for 2022, totaling $101.1 million or $28.60 per diluted Class A share, down from $180.7 million or $51.10 in 2021. Total revenues also decreased to $558.4 million from $824.1 million. However, premiums and contract revenues rose slightly to $226.9 million. Book value per share reached $552.04 as of December 31, 2022, up from $639.09 a year earlier, despite challenges posed by higher interest rates impacting investment revenues.
National Western Life Group (NWLI) reported Q3 2022 net earnings of $21.8 million ($6.15 per share), a decline from $39.8 million ($11.27 per share) in Q3 2021. For the nine months ending September 30, 2022, total earnings were $88.7 million ($25.09 per share), down from $151.9 million ($42.95 per share) in the prior year. The company faced a $22.3 million drop in pretax earnings compared to last year, primarily due to annual updates of actuarial assumptions. Additionally, net investment income fell to $79.5 million from $89 million year-over-year, largely influenced by rising interest rates.