National Life: Strong 2024 sales led by 20% life growth, 17% annuity rise

National Life Group set a bunch of new sales records in 2024, including $635 million in life insurance policies, $3.4 billion in annuities, and $57.4 billion in assets under management.

Life sales were up 20%, while annuity sales increased by 17%.

But that is not the mutual company’s focus, CEO Mehran Assadi insisted.

“The difference between this organization and some of our competitors ... is in the fact that we are not product pushers,” Assadi said, acknowledging a “tremendous respect” for competitors. “We are about educating and also providing consulting services to the marketing organizations with whom we work.”

The NLG executive team held a conference call for investors last week to discuss the company’s 2024 annual report, released in April.

One of the oldest mutual insurance companies in the United States, National Life Group reported $507 million in core earnings for 2024. That figure rose $36 million over the previous year. The insurer ended the year with $56.4 billion in total assets, up $10 billion from a strong 2023, Assadi said.

NLG ranks first in fixed indexed annuity sales within employer-sponsored retirement plans and first in indexed universal life insurance sales nationwide, according to LIMRA. In overall life sales, the insurer moved up one spot to seventh among all reporting U.S. life insurance companies.

“Our strong relationships with our distribution partners and our ability to meet the needs of middle America have produced an industry-leading position in our core markets,” said Eric Sandberg, chief financial officer.

Record life and annuity sales are continuing so far into 2025, he added.

Severe agent shortage

While NLG also serves the affluent market, its niche is "Middle America," as Assadi put it. The insurer's distribution model relies on tens of thousands of agents in communities across the United States.

Agent recruitment remains a "significant" need as the industry is about 100,000 agents short of what is needed, Assadi said.

"We are very proud and feel very privileged to serve the needs of Middle America, as there are over 100 million Americans who are either underinsured or don't have any insurance," Assadi said.

National Life Group traces its roots to 1848, when it was chartered by the Vermont General Assembly. Today, the insurer remains headquartered in Montpelier.

Several member companies make up National Life Group, including National Life Insurance Co., Life Insurance Co. of the Southwest, and Equity Services, Inc., a broker-dealer and registered investment adviser.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.