National Western Reports Higher Second Quarter Net Income

NU Online News Service, Aug. 8, 2:15 p.m. – National Western Life Insurance Company, Austin, Texas, is reporting $16 million in net income for the second quarter on $82 million in revenue, up from $7.6 million in net income on $71 million in revenue for the second quarter of 2000.

Income was higher because the percentage of annuity holders who kept their annuities was higher, and equity-indexed annuities did particularly well, the company says.

Although the March stock market slump shocked investors, the stock market actually performed better in the latest quarter than it did during the second quarter of 2000, and that helped annuity sales, National Western says.