National Life has hit the mid-year mark in a strong financial position.
“The second quarter of 2018 was another solid performance for National Life Group,” said CFO Bob Cotton.
Bob said that core earnings for the second quarter were $3 million above plan, which puts the year-to-date core earnings at $103 million, which is $4 million above plan.
The second-quarter earnings reflected the growth of our in-force business and better-than-expected investment performance.
“Our capital position remains very strong,” Bob said.
Direct spending was approximately $4.5 million above plan in the second quarter and $5.5 million above plan year-to-date, with sales-driven premium taxes, volume-related expense growth, software costs and legal expenses contributing to the increase.
“Our focus on diligent expense management across the enterprise remains a major priority,” said Bob.
The announcement of our mid-year financials comes on the heels of very strong life sales for the first six months of the year. Life WNAP sales of $135 million were 34% ahead of plan. Total annuity sales were even with plan while sales of flow annuities were 5% below plan.