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Consolidated net losses for the three months ended September 30, 2009 included pretax charges of approximately $28 million for increases to Company reserves for future obligations. Mr. Moody indicated, "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." Mr. Moody further noted that the reserve additions in the third quarter also included amounts pertaining to various legal matters of the Company.
Consolidated net earnings for the nine months ended September 30, 2009 included net realized investment losses of $3.3 million, or $0.94 per diluted Class A share, compared with net realized losses of $14.3 million, or $4.01 per diluted Class A share, reported for the same period in 2008. Mr. Moody observed, "For the second straight quarter we were able to avoid additional net realized investment losses despite challenging credit market conditions. A year ago at this time, the industry was grappling with substantial investment impairments and write downs. We have managed to come through this period relatively unscathed."
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. The Company has approximately 290 employees and 10,700 contracted independent agents, brokers and consultants, and at September 30, 2009, maintained total assets of $7.3 billion, stockholders' equity of nearly $1.1 billion, and life insurance in force of $18.5 billion.
Caution Regarding Forward-Looking Statements:
This press release contains statements which are or may be viewed as forward-looking within the meaning of The Private Securities Litigation Reform Act of 2005. Forward-looking statements relate to future operations, strategies, financial results or other developments, and are subject to assumptions, risks and uncertainties. Factors that may 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 the statement was made and the Company undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.
Summary of Consolidated Operating Results
(In thousands except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues:
Revenues, excluding investment
and index option gains (losses) $132,925 124,091 396,389 374,733
Realized and unrealized gains
(losses) on index options 29,827 (14,511) 23,766 (52,824)
Realized gains (losses) on
investments 57 (21,620) (5,122) (21,931)
--- ------- ------ -------
Total revenues $162,809 87,960 415,033 299,978
======== ====== ======= =======
Earnings:
Earnings (loss) from operations $(1,151) 4,253 36,085 37,043
Net realized gains (losses) on
investments 37 (14,053) (3,329) (14,255)
--- ------- ------ -------
Net earnings (loss) $(1,114) (9,800) 32,756 22,788
======= ====== ====== ======
Net earnings (loss) attributable
to Class A Shares $(1,083) (9,522) 31,827 22,142
======= ====== ====== ======
Basic Earnings Per Class A Share:
Earnings (loss) from operations $(0.33) 1.21 10.23 10.51
Net realized gains (losses) on
investments 0.01 (3.99) (0.94) (4.04)
---- ----- ----- -----
Net earnings (loss) $(0.32) (2.78) 9.29 6.47
====== ===== ==== ====
Basic Weighted Average Shares 3,426 3,426 3,426 3,425
===== ===== ===== =====
Diluted Earnings Per Class A Share:
Earnings (loss) from operations $(0.33) 1.21 10.22 10.43
Net realized gains (losses) on
investments 0.01 (3.99) (0.94) (4.01)
---- ----- ----- -----
Net earnings (loss) $(0.32) (2.78) 9.28 6.42
====== ===== ==== ====
Diluted Weighted Average Shares 3,426 3,426 3,430 3,451
===== ===== ===== =====
Investor Relations Contact:
Brian M. Pribyl
Senior Vice President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nationalwesternlife.com
www.nationalwesternlife.com
SOURCE National Western Life Insurance Company
http://www.nationalwesternlife.com
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