Ross R. Moody, president of National Western Life Insurance Company, recently announced third quarter 2006 consolidated net earnings of $15.4 million, or $4.22 per diluted share, compared with consolidated net earnings of $20.2 million, or $5.53 per diluted share, reported for the third quarter of 2005. Consolidated net earnings for the first nine months of 2006 were $51.7 million, or $14.14 per diluted share, compared with $60.5 million, or $16.64 per diluted share, reported a year ago.
According to the company’s written statement, its book value per share at September 30, 2006 increased to $253.63. Earnings from operations, excluding net realized gains on investments(1), totaled $15.3 million, or $4.19 per diluted share, for the third quarter ended September 30, 2006, compared with $19.2 million, or $5.27 per diluted share, for the quarter ended September 30, 2005. For the
first nine months of 2006, earnings from operations were $49.6 million, or $13.57 per diluted share, versus $54.0 million, or $14.85 per diluted share, for the first nine months of 2005.
During the first quarter of 2006, the Company recorded a charge of $8.1 million, or $2.23 per diluted share, in accordance with stock option accounting standards, pertaining to the implementation of a limited stock buy- back program for option holders.
Referring to the results, Mr. Moody noted, “Although our spread of
investment income to contract interest credited grew from $120.4 million in the first nine months of 2005 to $122.4 million in 2006, our third quarter results reflect a bit of compression on spreads when compared to last year’s third quarter.”
Operating revenues, excluding realized investments gains and derivative income (loss), totaled $349.9 million for the first nine months of 2006 compared to $331.4 million for the comparable period in 2005.
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 13,000 contracted independent agents, brokers and consultants.
Source: National Western Life Insurance Company
Topics Texas Profit Loss
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