Friday, National Western Life Insurance Company (NWLIA), reported a fall in its net income and revenues for the second quarter, primarily due to losses incurred in investments and derivatives.
The Austin, Texas-based stock life insurance company's net earnings for the second quarter was $18.14 million or $5.10 per share, lower than $21.85 million or $6.12 per share reported in the same period last year.
Total revenues during the quarter decreased to $113.38 million from $148.70 million reported in the corresponding quarter last year. Excluding the losses realized in investments and derivatives, operating revenues rose 5% to $127.4 million from $121.3 million last year.
At the end of the quarter, the company's book value per share increased to $283.94.
For the first-half, the company recorded net earnings of $32.59 million or $9.18 per share, down from $40.52 million or $11.35 in prior year's same period. Total revenues were $212.02 million over $262.81 million last year.
NWLIA ended Friday's trade at $243.99, up 3.12%, on an average volume of 1,949 shares on the Nasdaq.
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