National Western Life Group, Inc.Announces Second Quarter 2021 Results

AUSTIN, Texas, August 6, 2021 / PRNewswire / – Ross R. Moody, Chairman of the Board, President and CEO of National Western Life Group, Inc. (Nasdaq: NWLI), today announced consolidated net income of $ 49.9 million, or $ 14.11 per diluted Class A common share, compared to consolidated net income of $ 48.4 million, or $ 13.69 per diluted Class A common share, for the second quarter of 2020. For the six months ended June 30, 2021, the Company reported consolidated net income of $ 112.0 million, or $ 31.68 per diluted Class A common share, compared to $ 46.4 million, or $ 13.11 per diluted Class A common share, one year ago. The book value per share of the Company as of June 30, 2021 has been $ 698.52.

The Company reported total income, excluding realized and unrealized gains on index options and investments, of $ 178.6 million during the quarter ended June 30, 2021 compared to $ 172.6 million in the second quarter of 2020, and $ 379.5 million in the past six months June 30, 2021 vs $ 328.3 million during the comparable period in 2020. Commenting on the Company’s revenues, Mr. Moody highlighted the successful sales results combined with the benefits realized through risk management initiatives as factors producing favorable results: “We continue to see a recovery from 2020 sales levels that were negatively affected by the COVID-19 pandemic and are now, in fact, achieving sales results that exceed our pre-pandemic sales amounts. life increased 43% in the second quarter from a year ago, including sales results from Ozark National whose face-to-face sales model significantly hampered production in 2020. Annuity sales increased 49% in the second quarter compared to 2020, and we are excited about the new product launches planned for the third quarter that have been delayed by the challenges that have accompanied the pandemic. ”Mr. Moody added,“ Our risk management processes led to the retained funds reinsurance transaction executed at the end of last year. It accomplished precisely what we were aiming for, namely stabilizing our cash flow and easing the squeezed interest rate margins on legacy blocks. fixed rate annuity business.

The company’s net profit for the first six months was up 142% from the reported net profit for the first six months of 2020. Mr. Moody remarked, “In addition to the growth in sales and strategic use of reinsurance, we have undertaken various investment initiatives over the past year. Net investment income received an additional return through the introduction of a disciplined alternative investment strategy and the expansion of commercial mortgages, and we were successful in reducing the costs of the index options used to cover our life and our fixed index annuities products. ”

National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company, two stock life insurers in the aggregate offering a large portfolio individual universal life insurance, whole life insurance and term life insurance. insurance plans, as well as annuity products. TO June 30, 2021, the Company maintained total consolidated assets of $ 14.5 billion, consolidated shareholders’ equity of $ 2.5 billion, and the combined life insurance in force $ 21.4 billion.

Caution regarding forward-looking statements:
This press release contains statements that are or may be considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 2005. Forward-looking statements relate to future transactions, strategies, financial results or other developments, and are subject to review. hypotheses. , risks and uncertainties. Factors that could 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 on which the statement was made and the Company assumes no obligation to update these forward-looking statements. There can be no assurance that other factors not currently anticipated by the Company will not have a material and adverse effect on our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

Investor Relations Contact:
Brian M. Pribyl – Senior Vice-President, Chief Financial Officer and Treasurer
(512) 836-1010
[email protected]
www.nwlgi.com

SOURCE National Western Life Group, Inc.

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