National Life calls 2018 its most successful year ever
May 29, 2019 by Timothy McQuiston, Vermont Business Magazine
National Life has released its 2018 Annual Report, which highlights a record-setting year on the company’s 170th anniversary, as life insurance sales have more than tripled over the last decade and its renowned foundation budget has reached $2 million.
Revenues in 2018 were $1.9 billion compared to $2.3 billion in 2017. Net income was $150.1 million versus $260 million. Total assets were $30.4 billion versus $30.2 billion.
National Life CFO Sarah VanBeck explained to VBM that both the revenue and net income declines in 2018 were due to one-time events. Net income in 2017 benefited from the federal tax change, while stock market volatility at the end of 2018 led to a decrease in investment revenues.
VanBeck said: “National Life Group’s net income was $150 million in 2018, down from net income of $260 million in 2017, which included a one-time benefit of $120 million from tax reform. Excluding the one-time tax item, net income increased $10 million compared to 2017.
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