National Western Life Announces First Quarter 2007 Earnings
08 5월 2007 - 3:25AM
PR Newswire (US)
AUSTIN, Texas, May 7 /PRNewswire-FirstCall/ -- Ross R. Moody,
President of National Western Life Insurance Company
(NASDAQ:NWLIA), announced today first quarter 2007 consolidated net
earnings of $18.7 million, or $5.11 per diluted share, compared
with consolidated net earnings of $14.0 million, or $3.84 per
diluted share, reported for the first quarter ended March 31, 2006.
The Company's book value per share at March 31, 2007 increased to
$263.39. Earnings from operations, excluding net realized gains and
losses on investments(1), totaled $18.5 million, or $5.07 per
diluted share, for the quarter ended March 31, 2007, compared with
$13.1 million, or $3.59 per diluted share, reported for the quarter
ended March 31, 2006. Mr. Moody offered that the increase in
earnings reflected the ongoing favorable trend in life insurance
sales, domestically and internationally. "Our life insurance sales
have been strong the past two years and we are seeing the
profitability of this new business come through our operating
earnings," Mr. Moody stated. He noted, in particular, the Company's
success with equity-indexed universal life products. "We have
leveraged off of the core competencies we gained the past decade
with our equity-indexed annuity products and transferred this
expertise into the equity-indexed life product arena. We have been
extremely successful as evidenced by 62% of our first quarter life
insurance sales coming from equity-indexed universal life
products." Operating revenues, excluding realized investment gains
and derivative income, totaled $118.5 million for the quarter ended
March 31, 2007, down slightly from revenues of $119.7 million
reported in the first quarter of 2006. Mr. Moody indicated the
decline was primarily attributable to lawsuit settlements and
non-recurring investment payoffs received in the first quarter of
2006. "We continue to emphasize a strong balance sheet and steady,
profitable business growth. Our results for the first quarter are
indicative that this business model is the right formula for
National Western," Mr. Moody observed. 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 270 employees and 13,300 contracted independent
agents, brokers and consultants, and at March 31, 2007, maintained
total assets in excess of $6.7 billion, stockholders' equity of
nearly $1.0 billion, and life insurance in force of approximately
$16.1 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. (1) The Company views earnings from
operations, a non-GAAP financial measure, as an important indicator
of financial performance. Presented in conjunction with net
earnings, the combined presentation can enhance an investor's
understanding of the Company's underlying profitability and results
from ongoing operations. The definition of earnings from
operations, as presented in this press release, excludes net
realized investment gains and losses after tax. A reconciliation of
earnings from operations to net earnings has been included as part
of this press release. Summary of Consolidated Operating Results
(In thousands except per share data) Three Months Ended March 31,
2007 2006 Revenues: Revenues, excluding realized investment gains
and derivative income (loss) $118,466 119,656 Derivative income
(loss) (4,595) 15,176 Realized gains on investments 241 1,423 Total
revenues $114,112 136,255 Earnings: Earnings from operations
$18,515 13,120 Net realized gains on investments 157 925 Net
earnings $18,672 14,045 Basic Earnings Per Share: Earnings from
operations $5.12 3.63 Net realized gains on investments 0.04 0.25
Net earnings $5.16 3.88 Basic Weighted Average Shares 3,621 3,618
Diluted Earnings Per Share: Earnings from operations $5.07 3.59 Net
realized gains on investments 0.04 0.25 Net earnings $5.11 3.84
Diluted Weighted Average Shares 3,656 3,655 Investor Relations
Contact: Brian M. Pribyl Senior Vice President, Chief Financial
& Administrative Officer (512) 836-1010
http://www.nationalwesternlife.com/ DATASOURCE: National Western
Life Insurance Company CONTACT: Brian M. Pribyl, Senior Vice
President, Chief Financial & Administrative Officer of National
Western Life Insurance Company, +1-512-836-1010, or Web site:
http://www.nationalwesternlife.com/
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