CEO Mehran Assadi announced this week that National Life Group paid out more than $2 billion in policyholder benefits last year.
He also said that the industry rankings for 2016 show the company is now the 18th largest insurance company as ranked by sales.
Speaking at a Vermont employee meeting, Mehran keyed in on three newly announced metrics from 2016:
• Total coverage of life insurance provided to customers – known as life insurance in force – passed the $100 billion mark for the first time in company history;
• Benefits paid to policyholders in 2016 hit $2 billion, also for the first time;
• Industry rankings by sales show that the company has picked up one slot in the top 20 rankings, moving from 19th in 2015 to 18th in 2016
“The $100 billion shows that we are helping more and more individuals, families and small businesses prepare for the future, while the $2 billion shows we are delivering on the promises we have made in the past,” said Mehran. He added that the company has tripled its life insurance in force in the past 20 years.
Mehran also said that National Life’s sales growth has made it the fastest growing life insurance company in America during the past 10 years – in a field that includes life insurers that had at least $50 million in sales in 2006.
The company officially released its 2016 consolidated financial results this week.
Among the highlights:
• Core earnings of $209.9 million, an increase of 10% and the first time the company’s core earnings topped $200 million;
• Assets under management hit a record $33.1 billion;
• Total life and annuity sales of $419 million, an increase of 14%;
Also at the Vermont employee meeting several leaders discussed some of the company initiatives being rolled out in 2017.
Pictured below: Matt Frazee discusses a new offering that will allow customers to apply for no-fluids-underwriting with face amount limits up to $1 million.
