National Western Life Insurance Company reported net income of $18.4 million, or $5.20 per diluted Class A share, for the first quarter of 2010. The company earned $15.0 million, or $4.26 per diluted Class A, in the same quarter of 2009.
National Western Life Insurance Company reported a large increase in revenue on a year over year basis. The company reported revenue of $144.3 million in the first quarter of 2010, up from $111.6 million in the same quarter of 2009.
The management of National Western Life Insurance Company said that the improved results were due mostly to better performance in the company’s investment portfolio, and higher sales of annuity products. The company reported a 69% increase in sales of annuity products in the first quarter of 2010.
Ross Moody, the CEO 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.”
National Western Life Insurance Company ended the first quarter of 2010 with a book value per share of $315.73. This was up slightly from the book value per share of $307.24 reported at the end of 2009.
National Western Life Insurance Company is a life insurance company offering various insurance products domestically in 49 states, and also in Europe, Latin America, and Asia. The company had assets of $7.8 billion as of 3/31/2010.
For more information, visit the company’s website at www.nationalwesternlife.com
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