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National Western Life Insurance Co. said Friday its fourth-quarter profit rose 17 percent on reduced losses in its investment portfolio.
National Western Life reported consolidated net earnings of $12.7 million, or $3.59 per share, for the three months ended Dec. 31, compared with a profit of $10.9 million, or $3.06 per share, in the same quarter a year ago.
The latest quarter's results included $29,000 in after-tax investment losses, compared with a far-larger investment loss of $2.8 million in the year-ago quarter.
Total revenue surged 38 percent to $153.4 million from $111.1 million, after the company recorded a nearly $21.6 million gain on index options, compared with a nearly $12.9 million index option loss in the same quarter a year ago.
For the full year, National Western Life recorded consolidated net earnings of $45.5 million, or $12.87 per share, up 35 percent from a profit of $33.6 million, or $9.48 per share, in 2008. Full-year total revenue rose 38 percent to $568.4 million from nearly $411.1 million.