Generated Q3 2009 consolidated net losses of $1.1m compared with consolidated net losses of $9.8m for Q3 2008
National Western Life Insurance has announced the third quarter 2009 consolidated net losses of $1.1m, or $0.32 per diluted Class A share, compared with consolidated net losses of $9.8m, or $2.78 per diluted Class A share, reported for the third quarter of 2008.
The consolidated net earnings for the first nine months of 2009 were $32.8m, or $9.28 per diluted share, compared with $22.8m, or $6.42 per diluted share, reported a year ago.
The consolidated net losses for the three months ended September 30, 2009 included pretax charges of approximately $28m for increases to company reserves for future obligations.
The consolidated net earnings for the nine months ended September 30, 2009 included net realised investment losses of $3.3m, or $0.94 per diluted Class A share, compared with net realised losses of $14.3m, or $4.01 per diluted Class A share, reported for the same period in 2008.
Ross Moody, president of National Western Life Insurance, said: The growth in our business, particularly our block of payout annuity policies, necessitated technology enhancements in our reserving process which revealed the need for additional reserves to be set aside. Our third quarter results reflect an adjustment to establish reserves at an appropriate level for this block of business.