Montpelier, VT, March 18, 2010 --(PR.com
)-- National Life Group reported today that overall sales increased 65 percent in 2009, a year that saw a record $1.6 billion in total revenues.
“I am incredibly proud of what we accomplished in 2009,” said CEO Mehran Assadi. “Our strong financial results, in both sales and earnings, would be impressive any year. But they are especially impressive in such tough economic times.”
“Through extraordinary efforts we ended the year with our core earnings power improved, our capital refreshed, our ratings unchanged, and with outstanding overall sales results,” said Assadi.
He announced that sales of mutual funds were up 155 percent while annuity sales increased 32 percent.
“Such a strong overall performance in a challenging economy should not come as a surprise,” said Assadi. “Since the chartering of National Life Insurance Company in 1848 the company has touted its stability and its long-range, responsible and conservative approach.”
National Life Group offers a broad range of financial products, including life insurance, annuities, and mutual funds, and financial solutions in the form of estate, business succession and retirement planning.
As of December 31, 2009, National Life Group held $25.7 billion of assets under management and served in excess of 870,000 customers, with roughly 600,000 of those holding life insurance policies or annuity contracts and roughly 270,000 holding mutual fund accounts.
Among the significant achievements for National Life Group in 2009:
· Total revenues increased 40 percent to $1.6 billion;
· Pre-tax operating income increased 34 percent to $131.9 million;
· Net income increased $56.9 million to $72.3 million;
· Overall sales increased 65 percent, fueled by strong sales of mutual funds – up 155 percent – and annuities, which were up 32 percent;
· Life sales, reflecting restrained consumer spending, decreased 16 percent;
· Statutory surplus stood at $1.1 billion at the end of 2009, a significant improvement over the $792 million at the beginning of the year;
· Total assets under management stood at $25.7 billion at year’s end, up from $19.5 billion the previous year;
· Insurance in force climbed to $60.5 billion.
· Collected annuity premiums from both National Life Insurance Co. and Life Insurance Company of the Southwest set a company record of $1.5 billion.
· Records were set both for gross mutual fund sales of $3.9 billion and mutual fund assets under management of $7.6 billion, up 77 percent over 2008’s close.
Please go to www.nationallife.com for the complete financial statement.
Consolidated end of year results of NLV Financial Corporation and Subsidiaries, including National Life Insurance Company, Life Insurance Company of the Southwest, Sentinel Investments, Equity Services, Inc., and National Retirement Plan Advisors.
National Life Group® is a trade name representing various affiliates that offer a variety of financial service products. National Life Insurance Company is licensed in all 50 states and the District of Columbia. Life Insurance Company of the Southwest, Dallas, TX is licensed to do business in 49 states and the District of Columbia. It is not licensed to do business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. Sentinel Investments® is the unifying brand name for Sentinel Financial Services Company, Member FINRA/SIPC, Sentinel Asset Management, Inc., and Sentinel Administrative Services, Inc. All companies, unless otherwise noted, are affiliated and are located in Montpelier, VT. Each company of the group is solely responsible for its own financial condition and contractual obligations.
Mutual Funds and variable products are sold by prospectus. For more complete information, please request a prospectus from your registered representative. Please read it and consider carefully a Fund's objectives, risks, charges and expenses before you invest or send money. The prospectus contains this and other information about the investment company.