National Western Life Insurance Company has reported total revenues of $144.2m for the first quarter of 2010, an increase of 29% compared to $111.5m for the same quarter in 2009.
National Western’s earnings from operations for the quarter were $18.6m which is an increase of 0.5% compared to $18.5m for the same period last year.
Realized losses on investments, before taxes for the quarter were $0.4m compared to $5.3m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company reported net earnings of $18.4m, or $5.20 per share compared to $15m, or $4.26 per share for the same period last year.
Ross Moody, president of National Western Life Insurance Company, said: “We have been reporting for several quarters our success in avoiding significant losses and impairments on our fixed income holdings, contrary to many other companies in the life insurance industry. The strong performance in the equity markets over the past year has further added to positive gains on the index options we purchase and hold to hedge crediting strategies associated with our fixed-index life and annuity products.”