"We had a tremendous year," said CEO Mehran Assadi. "To achieve such strong results in challenging economic times speaks volumes about our financial strength and our success in the marketplace.
"We are very proud of what we accomplished," said Assadi. "We clearly had an exceptional year."
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.
Overall sales in 2012 were up 16%, with life sales leading the way with a 27% increase, primarily attributable to sales of Indexed Universal Life products. In addition, annuity sales were up 15%, driven by sales of Fixed Indexed Annuity products, while mutual fund sales were up 12%.
Among key metrics:
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-Total assets under management stood at $29.96 billion, an increase of more than $4 billion since 2009;
-Insurance in force increased almost $4 billion to $68.46 billion;
-Total revenue in 2012 was a record high $1.76 billion;
-Net income in 2012 stood at $124.6 million, also a record.
Statutory surplus stood at a record-high $1.29 billion at the end of 2012. "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 2012, the companies of National Life Group paid out $1.6 billion in benefits to policyholders. "That’s why we are here," said Assadi. "Our vision is to bring peace of mind to everyone we touch. Our mission is keeping our promises."
National Life Group’s corporate values are Do Good. Be Good. Make Good. "We lived our values in 2012," said Assadi. "We made good on promises, our company performance was good, and most importantly, we did so much good in so many areas."
He cited the company’s corporate investments in solar farms and low-income housing, its charitable contributions to more than 100 non-profits, including aid to victims of Superstorm Sandy, and National Life Group’s LifeChanger of the Year program, which recognizes excellent educators around the country.
The companies of National Life Group serve roughly 799,000 customers, with roughly 615,000 attributable to life insurance and annuity business and approximately 184,000 attributable to mutual fund accounts.
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.