National Western Life Insurance Company reported net income of $12.7 million, or $3.59 per diluted share, for the fourth quarter of 2009. This was slightly above the $10.9 million, or $3.06 per diluted share, reported in the same quarter in 2008.
National Western Life Insurance Company also reported higher earnings for the year ending 12/31/2009. The company earned $45.5 million, or $12.87 per diluted share, in 2009, compared to $33.6 million, or $9.48 per diluted share, in 2008.
The increase in net income for 2009 was led by significantly lower losses in the company’s investment portfolio in 2009 compared to 2008. The company reported after tax investment losses of $3.4 million, or $0.95 per diluted share, in 2009 compared to $17.0 million, or $4.80 per diluted share, in 2008
Ross R. Moody, the President of National Western Life Insurance Company, said, “Clearly the financial economic meltdown and global credit crisis over the past couple of years have been daunting challenges for the life insurance industry which holds a majority of its investments in fixed-income securities. To emerge from this two-year period with after-tax losses totaling only $20 million on a portfolio in excess of $6 billion is a terrific achievement.”
National Western Life Insurance Company is an insurance company that offers whole life, individual universal life, term insurance policies, and annuity products to customers in 49 states.