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National Western Life Group, Inc. (NWLI) reported a substantial turnaround in Q1 2021, with consolidated net earnings of $62.1 million or $17.57 per diluted share, compared to a net loss of $2.1 million in the same period last year. Revenues increased to $200.9 million from $155.6 million, bolstered by a reinsurance transaction that enhanced revenue. Annuity sales surged 64% and life insurance sales grew 8%. The book value per share reached $673.95, signaling strong operational performance amidst heightened COVID-19 claims totaling nearly $7 million.
National Western Life Group reported 2020 consolidated net earnings of $92.3 million ($26.11 per diluted share), down from $131.6 million in 2019. Total revenues for 2020 were $658.9 million, a decrease from $689.7 million in the previous year, attributed to lower net investment income of $402.4 million due to declining interest rates. However, book value per share rose to $698.50. Annuity sales increased by 38%, while life insurance sales were up over 6%. The company faced minor COVID-19 related claims of $7.9 million.
National Western Life Insurance Company (NWLIC) has entered into a reinsurance agreement with Prosperity Life Assurance Limited, involving approximately $1.7 billion in fixed annuity reserves. This strategic initiative aims to enhance financial flexibility and capital position, while improving risk-based capital (RBC) ratios. NWLIC anticipates this will bolster overall financial performance. The company will continue to manage the policies involved, reinforcing its commitment to expanding product lines and technological advancements.
National Western Life Group (NASDAQ: NWLI) reported third quarter 2020 net earnings of $10.8 million ($3.06 per share), down from $20.0 million ($5.65 per share) in Q3 2019. For the nine months ending September 30, 2020, earnings totaled $57.2 million ($16.17 per share), a decrease from $93.9 million ($26.55 per share) the previous year. Total revenues rose to $202.7 million from $173.2 million in Q3 2019. Annuity sales increased by 29%, and life insurance sales grew by 9%. The company reported a book value per share of $609.25 and maintains total assets of $12.4 billion.
National Western Life Group (NWLI) reported a strong second quarter of 2020, with consolidated net earnings of $48.4 million or $13.69 per diluted share, up from $33.7 million or $9.53 per share in Q2 2019. Total revenues rose to $216.0 million compared to $192.7 million a year earlier, buoyed by a recovery from investment losses. Life insurance and annuity sales increased by 10% and 26%, respectively. The company's book value reached $600.31 per share, while COVID-19 related claims remained manageable at $1.1 million.