National Life Group: “Exceptional” sales growth in 2008
Montpelier, Vermont (March 10, 2009) – National Life Group today announced its financial results for 2008, highlighted by overall sales growth of 53 percent.
Mehran Assadi, president and chief executive officer, said that in 2008 annuity sales increased 41 percent, life sales were up 16 percent, and sales of mutual funds through Sentinel Investments jumped 115 percent.
“These are exceptional results,” said Assadi. “This is a remarkable endorsement of the value of our products, the success of our strategy and the power of the National Life story.”
“For 160 years we have talked about our heritage, our prudent investment strategy, the benefits of our mutual structure and our focus on our core business,” said Assadi. “In the past year we have seen a greater appreciation for the value of a company that sticks to its strengths and takes a long-term view.”
“We have not been immune to the turbulence in the markets and, like other investors, we experienced some losses. Our investments, however, are broadly diversified,” he said. “We remain strong.”
For the year ending Dec. 31, 2008, National Life reported revenues of $1.1 billion, and net income of $15.4 million.
Assets under management dropped from $20.1 billion in 2007 to $19.5 billion in 2008.
The company experienced net realized investment losses of $59.2 million.
Insurance in force increased from $57.4 billion in 2007 to $59.4 billion in 2008.
The company’s statutory surplus stood at $792 million as of Dec. 31, 2008.
About National Life Group
National Life Group is a diversified family of financial service companies that has successfully forged a strong identity as a product innovator. Companies in the group offer a comprehensive portfolio of life insurance, annuity and investment* products to help individuals, families and businesses pursue their financial goals.
National Life, a Fortune 1000 company, serves more than 870,000 customers. With 2008 revenue of $1.1 billion and net income of $15.4 million, members of National Life Group employ roughly 900 employees, with most located at its home office in Montpelier, Vt. Group companies also maintain offices in Dallas, New York, San Francisco, Boston and Wayne, PA.
The Group is made up of its flagship company, National Life Insurance Company, founded in Montpelier, Vermont in 1848; Life Insurance Company of the Southwest, Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all located in Montpelier.
*Securities are offered solely through Registered Representatives of Equity Services, Inc., Member FINRA/SIPC, One National Life Drive, Montpelier, Vermont 05604, 802.229.3900. All companies referenced are affiliated.
National Life Group® is a trade name representing various affiliates, which offer a variety of financial service products. Sentinel Investments is the unifying brand name for Sentinel Financial Services Company, Sentinel Asset Management, Inc., and Sentinel Administrative Services, Inc. Sentinel Funds are distributed by Sentinel Financial Services Company, One National Life Drive, Montpelier, Vermont 05604, 800.233.4332.
This press release may contain forward-looking statements that are subject to certain risks and uncertainties. Actual results may differ from those expressed.
National Life Group
One National Life Drive
Contact: Chris Graff
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