Company Sets Record for Net Income and Life Insurance Sales
Assets Under Management Pass $30 Billion Mark
Statutory Surplus Stands At $1.4 Billion
Insurance In Force of $75.0 Billion
MONTPELIER, VERMONT, February 25, 2014 - National Life Group today released its consolidated financial results for 2013, reporting new records in net income, total assets under management, life insurance sales, flow annuity sales, insurance in force, and statutory surplus.
“We had an exceptional year,” said CEO Mehran Assadi. “Across the board we set new records that reflect our long-term financial strength.”
The companies of National Life Group offer a broad range of financial products, including life insurance, annuities, and mutual funds, as well as 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 savings plans, primarily in the K-12 school marketplace.
“We are here to serve Middle America,” said Assadi. “Our record-setting results demonstrate that we are succeeding.”
The company set a number of sales and financial records in 2013:
• Total revenue of $2 billion was up 14%;
• Net income of $142.4 million was also up 14%;
• Total assets under management hit $30.4 billion;
• Insurance in force hit $75.0 billion.
Life insurance sales of $151 million in new annualized premium also set a record, up 31% over 2012. Annuity flow premiums, primarily from the educator market, were also up 33%.
“In a time when our competitors are growing in the single digits, we are setting sales records that are multiples of the industry average,” said Assadi. “We have grown our life sales by over 50% in the past two years and we have done it in a sustainable, responsible manner.”
Statutory surplus stood at a record-high $1.4 billion at the end of 2013. “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.”
Assadi noted that 2013 marked the 165th anniversary of National Life Insurance Co. “We have stood the test of time,” said Assadi. “We have been delivering on promises since 1848.”
Contact: Chris Graff, vice president, corporate communications, 802.229.3882
Consolidated end of year results of NLV Financial Corporation and Subsidiaries, including National Life Insurance Company, Life Insurance Company of the Southwest, Sentinel Investments, and Equity Services, Inc.
Please go to www.nationallifegroup.com for the complete financial statement.
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, Addison, TX was chartered in 1955, and 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, 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.
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