Operating Revenue of $1.7 Billion Sets New Company Record ~ Statutory Surplus Stands At $1.1 Billion ~ Insurance In Force of $62 Billion
Montpelier, VT — National Life Group today released its consolidated financial results for 2010, reporting a record high $1.74 billion in total revenue.
The company also announced that total assets under management grew $3 billion to $28.94 billion, that insurance in force increased roughly $2 billion to just over $62 billion, and that the company’s statutory surplus stood at $1.14 billion.
“We are in a strong financial position,” said CEO Mehran Assadi. “These numbers tell an impressive story, one of strong operating revenues and a healthy statutory surplus.”
Assadi said the company fared well despite continued uncertainty in the economy. “Today’s economic climate has people looking for solutions to meet a lifetime of needs – and that’s what we offer,” he said.
The companies of National Life Group offer a broad range of financial products, including life insurance, annuities, and mutual funds, and financial solutions in the form of estate, business succession and retirement planning strategies.
The company’s 2010 results show increases over 2009 in total revenue, net income, total assets under management, insurance in force, statutory surplus, life insurance sales, and gross sales of mutual funds.
The 2010 net income of $122.4 million was an increase of 69 percent over 2009’s results.
“These numbers are impressive evidence that we emerged in excellent shape following the nation’s economic collapse of 2008 and 2009,” said Assadi.
As of December 31, 2010, National Life Group held $28.94 billion of assets under management and served in excess of 840,000 customers, with roughly 570,000 of those holding life insurance policies or annuity contracts and roughly 270,000 holding 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, Equity Services, Inc., and National Retirement Plan Advisors.
Please go to www.nationallife.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 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, Member FINRA/SIPC, 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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