Stock life insurance company National Western Life has reported revenues of $153.4m for the fourth quarter of 2009, an increase of 38% compared to $111.1m for the same period last year.
The company’s operating income for the fourth quarter of 2009 decreased to $12.76m from $13.65m for the same period last year.
For the fourth quarter ended December 31, 2009, the company has posted net earnings of $12.7m, or $3.59 per diluted share compared with net earnings of $10.9m, or $3.06 per diluted, for the fourth quarter of 2008.
For the full year 2009, the company has reported revenues of $568.4m compared to $411.1m for 2008. Operating income decreased to $48.8m from $50.69m. Net earnings were $45.5m, or $12.87 per diluted share, compared with $33.6m, or $9.48 per diluted share, a year ago.
Ross Moody, president of National Western Life, said: “Clearly the financial economic meltdown and global credit crisis over the past couple of years have been daunting challenges for the life insurance industry which holds a majority of its investments in fixed-income securities.
“To emerge from this two-year period with after-tax losses totaling only $20m on a portfolio in excess of $6bn is a terrific achievement.”