Last $255.99 USD
Change Today +2.41 / 0.95%
Volume 2.7K
As of 5:20 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

natl western life ins-cl a (NWLI) Key Developments

National Western Life Insurance Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

National Western Life Insurance Company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net earnings of $29.2 million, or $8.25 per diluted Class A common share, compared with consolidated net earnings of $27.0 million, or $7.62 per diluted Class A common share, for the second quarter of 2013. Earnings from operations, excluding net realized gains and losses on investments, of $27.2 million or $7.69 per diluted Class A common share, compared to $26.0 million, or $7.33 per diluted Class A common share, in the same period for 2013. The company stated that earnings for the current period reflect improved policy benefit and operating expense outcomes. Total revenues increased to $206.8 million compared to $182.9 million in the second quarter of 2013 primarily due to higher market valuations of index options the company purchases to support its fixed-index policy obligations. Net earnings attributable to Class A shares were $28,358,000 compared to $26,227,000 for the same period a year ago. For the six months, the company reported consolidated net earnings of $49.0 million, or $13.86 per diluted Class A common share, compared with $43.6 million, or $12.32 per diluted Class A common shares, a year ago. The company's book value per share increased to $416.89 as of June 30, 2014 from $406.54 at March 31, 2014. Total revenues were $364,844,000 compared to $413,891,000 for the same period a year ago. Earnings from operations were $46,033,000 compared to $41,079,000 for the same period a year ago. Net earnings attributable to Class A shares were $47,623,000 compared to $42,389,000 for the same period a year ago.

National Western Life Insurance Company Approves Appointment of BKD, LLP as the Independent Registered Public Accounting Firm for the Year Ending December 31, 2014

National Western Life Insurance Company approved the appointment of BKD, LLP as the independent registered public accounting firm for the year ending December 31, 2014 at its AGM held on June 20, 2014.

National Western Life Insurance Company Appoints Bruce E. Wood as Vice President, Controller and Assistant Treasurer

Effective June 23, 2014, National Western Life Insurance Company has appointed Bruce E. Wood as Vice President, Controller and Assistant Treasurer. Prior to joining the company as its principal accounting officer, Mr. Wood was the Controller for Capson Corporation. In his role with the company, Mr. Wood is eligible to participate in the company's 2008 Incentive Plan and the company's 2014 Officer Bonus Program.

National Western Life Insurance Company Announces Dismissal of KPMG LLP as Independent Accountants for the Year Ending December 31, 2014

National Western Life Insurance Company reported that it had notified KPMG LLP that the company would not be renewing the engagement of KPMG as independent accountants beginning with the audit of its consolidated financial statements for the year ending December 31, 2014. This filing further reported that KPMG's dismissal would be effective with the company's filing of its Form 10-K for the year ended December 31, 2013 and issuance of the statutory financial statement audit reports for the same period. Effective with the issuance of its audit report on the company's statutory financial statements for the year ended December 31, 2013, KPMG was dismissed as independent accountants of the company. The audit reports of KPMG on the consolidated balance sheets of the Company as of December 31, 2013 and 2012, and the related consolidated statements of earnings, comprehensive income (loss), stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2013 and the effectiveness of internal control over financial reporting as of December 31, 2013 did not contain an adverse opinion or a disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope or accounting principles.

National Western Life Insurance Company Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2014

National Western Life Insurance Company reported consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net earnings of $19.8 million, or $5.61 per diluted Class A common share, compared with consolidated net earnings of $16.6 million, or $4.70 per diluted Class A common share, for the first quarter of 2013. The company's book value per share increased to $406.54 as of March 31, 2014 from $398.36 at December 31, 2013. Operating revenues, excluding realized gains on investments and realized and unrealized gains on index options, increased to $155.9 million for the quarter ended March 31, 2014, compared to $154.3 million reported in the first quarter of 2013. Earnings from operations were $18,842,000 compared to $15,129,000 a year ago.

 

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