Company did experience a 56% increase in annuity sales
National Western Life Insurance Company has reported net earnings of $15.03m, or $4.26 per diluted class A common share, for the first quarter ended March 31, 2009, compared with $14.45m, or $4.07 per diluted class A common share, for the first quarter ended March 31, 2008.
After-tax earnings from operations, which exclude net realized investment losses, totaled $18.5m, or $5.24 per diluted class A common share, for the first quarter of 2009, an increase of 28% from after-tax earnings from operations of $14.5m, or $4.08 per diluted class A common share, reported in the first quarter of 2008.
According to the company, for the first quarter of 2009, total revenues were $111.56m, compared to $98.64m for the same quarter last year.
Ross R. Moody, President at National Western Life Insurance, said: In an environment where top line growth is difficult to achieve, attention to product profitability and a focus on improving operating efficiencies are critical to bottom line profitability. We have been fortunate in managing these areas as witnessed in our improved operating results.
Founded in 1956, National Western Life is a stock life insurance company offering a broad portfolio of individual universal life, whole life and term insurance plans, annuity products, and investment contracts meeting the financial needs of its customers in 49 states as well as residents of various countries in Central and South America, the Caribbean, Eastern Europe, Asia and the Pacific Rim.