National Western Life Group, Inc. Announces 2024 First Quarter Earnings
The Company's reported revenues for the quarter increased 29% to
The increase in interest rates during the first quarter of 2024 served to decrease certain insurance liabilities recorded using current interest rates under life insurance accounting standards. The Company's Market risk benefits liability expense decreased
Commenting on the reported results,
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. These risks and uncertainties also include, (1) the timing of completion of the proposed merger (the "Proposed Transaction") contemplated by the Company's
Summary of Consolidated Financial Results (Unaudited) (In thousands except per share data) |
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Three Months Ended |
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2024 |
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2023 |
Revenues: |
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Revenues, excluding investment and index option gains (losses) |
$ |
159,167 |
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149,614 |
Realized and unrealized gains on index options |
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38,407 |
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2,933 |
Realized gains (losses) on investments |
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(8) |
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67 |
Total revenues |
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197,566 |
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152,614 |
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Benefits and expenses: |
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Life and other policy benefits |
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25,519 |
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24,190 |
Policy benefit remeasurement (gains) and losses |
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— |
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— |
Market risk benefits (gains) losses |
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(16,417) |
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36,960 |
Amortization of deferred transaction costs |
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20,439 |
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21,274 |
Universal life and annuity contract interest |
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41,611 |
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30,212 |
Other operating expenses |
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33,136 |
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24,683 |
Total benefits and expenses |
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104,288 |
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137,319 |
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Earnings before income taxes |
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93,278 |
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15,295 |
Income tax expense |
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19,670 |
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2,991 |
Net earnings |
$ |
73,608 |
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12,304 |
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Net earnings attributable to Class A shares |
$ |
71,526 |
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11,956 |
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Diluted Earnings Per Class A Share |
$ |
20.82 |
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3.48 |
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Diluted Weighted Average Class A Shares |
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3,436 |
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3,436 |
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2024 |
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2023 |
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Book value per share |
$ |
686.73 |
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670.99 |
Less: Per share impact of accumulated other comprehensive income (loss) |
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(93.22) |
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(88.72) |
Book value per share, excluding accumulated other comprehensive income (loss) * |
$ |
779.95 |
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759.71 |
* |
Book value per share excluding accumulated other comprehensive income (loss) is a non-GAAP financial measure. Accumulated other comprehensive income (loss) totaled |
Investor Relations Contact:
(512) 836-1010
bpribyl@nwlic.com
www.nwlgi.com
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