Montpelier, VT, March 15, 2012 --(PR.com
)-- National Life Group releases its consolidated financial results for 2011, reporting new record highs in pre-tax operating income, net income, total assets under management, life sales, insurance in force, in-force annuity flow premium, and statutory surplus.
“We are a healthy, thriving entity,” said CEO Mehran Assadi. “To set so many records across the board in such challenging times is testament to our excellent fiscal health.”
“We saw earnings growth in all business lines, and earnings at our asset management company, Sentinel Investments, were almost double those of 2010,” said Assadi.
The companies of National Life Group offer 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 strategies. It is a leading provider of 403(b) and 457(b) tax-deferred retirement plans, primarily in the K-12 school marketplace.
Among key metrics:
- Pre-tax operating income in 2011 increased 6.8% to $167.3 million;
- Net income increased 1.5% to 124.2 million;
- Total assets under management grew to $29.7 billion;
- Insurance in force increased more than $2 billion to $64.5 billion.
Statutory surplus stood at a record-high $1.14 billion at the end of 2011, a dramatic increase from $789.7 million at the close of 2008. “Our surplus is one of the most telling measures of financial well-being,” said Assadi. “It is money set aside after reserves to ensure we can meet our commitments.”
In 2011 the companies of National Life Group paid out $1.6 billion in benefits to policyholders. “Behind each of those payments is a story,” said Assadi. “A surviving spouse who is able to keep the house or who can still send the children to college. A retiree who can continue to live with dignity; a family that can still pursue its dreams. Retired educators with a 403(b) plan that will allow them to maintain their standard of living.”
The companies of National Life Group serve roughly 820,000 customers, with roughly 590,000 attributable to life insurance and annuity business and approximately 230,000 attributable to mutual fund accounts.
Please go to www.nationallife.com for the complete financial statement.