National Life Records Strong Gains in 2004
National Life Records Strong Gains
In Financial Results and Sales in 2004
Montpelier, Vt. (March 4, 2005) - The National Life Group recorded a strong increase in net income in 2004, along with solid growth in total sales and positive investment returns.
Net income on a consolidated basis, including all the companies within the National Life Group, was $86 million, an increase of more than 11% over the previous year and a record level for the company.
Results across most product lines were also strong, with each of the Group's sales divisions posting increases over the previous year. Annuity sales increased 29%, the company's Sentinel Funds sales again exceeded $1 billion, with life sales down slightly from the previous record year. An overall life milestone was reached by the company in 2004, however, when it reached a total of $50 billion in life insurance in force.
The National Life Group's total gross revenue exceeded the $1 billion level for the seventh consecutive year, reaching $1.3 billion. The company paid over $500 million in policy benefits and policyholder dividends in 2004, an increase of some $75 million over the previous year.
Total assets under management of the National Life Group reached a record $17.2 billion, up 6.5% over the previous year, and total equity rose to an all-time high of $1.2 billion.
"From virtually every standpoint and measure of achievement, 2004 was an exceptional year for the National Life Group," said Thomas H. MacLeay, the company's chairman, president and CEO. "These strong results help create greater financial security for those who own or benefit from the company's products, and our growth in capitalization gives the National Life Group additional resources that provide security against unforeseen events and to support continuing growth."
The National Life Group is composed of the flagship company, National Life Insurance Company, founded in Montpelier in 1850, NL Capital Management Company, the Sentinel Companies, Equity Services, Inc., Life Insurance Company of the Southwest, of Dallas, Texas, and American Guaranty & Trust Company of Wilmington, Delaware.