National Life Group Reports 2010 Financial Results

Online, March 24, 2011 (Newswire.com) - 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.