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Midwest Holding Inc. Reports Second Quarter 2022 Results
Press Releases

Midwest Holding Inc. Reports Second Quarter 2022 Results

LINCOLN, Neb., Aug. 15, 2022 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for the second quarter of 2022.

Second Quarter 2022 Highlights:

  • GAAP net income was $9.3 million compared to a $(5.0) million GAAP net loss incurred in the second quarter of 2021. GAAP earnings were $2.47 per share (diluted) versus the $(1.34) per-share loss in Q1 2021.
  • GAAP total revenue was slightly negative at $(122,000) compared to total revenue of $8.9 million in the second quarter of 2021. Total revenue was increased by net investment income of $10.5 million compared to $3.2 million in second quarter of 2021, as invested assets grew to $1.2 billion as of June 30, 2022, compared with $834.5 million as of June 30, 2021. This increase was offset by a decline in the market value of derivatives.
  • Annuity direct written premium under statutory accounting principles (“SAP”), a non-GAAP measure, was $156.0 million, up 59% compared to $98.1 million in first quarter of 2022 and up from $125.9 million in 2021’s second quarter. The mix of our new business was 45% Multi-Year Guaranteed Annuities (MYGA) and 55% Fixed Indexed Annuities (FIA).
  • Ceded premiums (SAP) were $59.9 million compared with $86.1 million in the year-earlier quarter. The cession rate, or that portion of our written premiums that we reinsured, was 38.4% compared with 68.4%.
  • Total expenses benefited from negative interest credited due to the fall in value of the options embedded in our liabilities and the gain on mark-to-market value of the options allowance classified in other operating expenses.

Georgette Nicholas, CEO of Midwest noted, “We are seeing strong results from the actions we took in the first quarter to position the Company for growth relating to distribution, pricing, products, investment management, and reinsurance.  We are investing in technology and foundational capabilities to strengthen the business.  We saw strong trends in premiums written in the second quarter.  We are benefiting from movements in interest rates, as consumers seek stable returns, and from the performance of our investment portfolio.  Overall, the second quarter showed very positive trends and positioned us for a strong start to the third quarter.”

Ms. Nicholas concluded: “Our opportunities are substantial to build on the value of our platform.  The focus of the team continues to be on the key drivers of growth and profitability: Deepening distribution relationships, state expansion to achieve sales growth, reinsurance, investment management, and operational readiness and efficiency. With these five keys to our strategy, we will deliver on our commitment to shareholders to produce strong growth paired with a high return on capital.”

Q2 2022 versus Q2 2021 on a GAAP basis

Midwest reported GAAP net income of $9.3 million in the second quarter of 2022 compared to a $(5.0) million GAAP net loss incurred in the second quarter of 2021. On a diluted, per-share basis, this year’s quarterly net income was 2.47 cents compared with the (1.34)-cent per-share loss reported in the second quarter of 2021.  

Investment income in 2022’s second quarter was $10.5 million compared with $3.2 million in the prior- year’s second quarter.  Driving the change was an increase in invested assets as well as performance on those assets, benefiting from core capabilities developed around sourcing assets with a higher yield – generating approximately a 5.5% return on the investment portfolio. 

Amortization of deferred gain on reinsurance reached $1.0 million in the second quarter of 2022 compared with $588,000 in the second quarter of 2021 primarily due to growth in the deferred gain on co-insurance on our balance sheet, which reflects ceding commissions received on reinsurance of business to third parties.

Service fee revenue was $416,000 versus $672,000 in the prior year second quarter.   Service fee revenue consists of fee revenue generated for our asset-management services provided to third-party clients. Assets under management for third parties was $471.1 million on June 30, 2022, compared to $455.4 million on March 31, 2022.

Other revenue finished at $514,000 compared with $358,000 in the prior-year quarter.   Other revenue consists primarily of revenue we generate by providing ancillary services, such as policy administration, to third parties and policy surrender charges. 

Our total expenses on a GAAP basis were a negative $(1.4) million versus $13.1 million in the prior year second quarter.   Total expenses were helped by negative interest credited due to the decrease in value of the options embedded in our liabilities of $2.0 million and an increase in mark-to-market value of our options allowance of $5.3 million. Salaries and benefits were $4.2 million in Q2 2022 compared to $4.5 million in Q2 2021 as we continue to seek operational improvement and work on technology initiatives.

Guidance

We continue to see intense competition in the fixed annuity market around pricing and new competitors.  We have taken actions to maintain a competitive position and have seen positive results from these actions and improved sales momentum in the second quarter.  With these positive trends and the premium written so far along with the backlog in process, we have had a strong start to the third quarter.

State expansion efforts remain a key priority. We have active applications in process and will provide updates as they progress.

Given these dynamics, we are confident in anticipated premiums written being in the range of $500 million to $600 million (SAP) for the year.   We expect the mix in product sales to be 60% towards MYGA this year, given increasing interest rates and market volatility and 40% FIA. We would expect that to move back towards 75% FIA and 25% MYGA in future years. 

The goal is to cede, on average, approximately 70-90% of our premium in the year to generate ceded commission fees and manage capital, although currently we are running at approximately 40%. Timing of closing additional reinsurance deals can be delayed due to various factors and will vary quarter to quarter as new agreements are reached.   Demand from our existing reinsurance partners is strong and we have capacity in place to cover anticipated written premium through them with the potential to grow along with additional potential reinsurance transactions in the pipeline.

We are making progress towards bringing general and administrative expenses on a management basis, a non-GAAP measure, within approximately $27 to $28 million for the full year 2022.

Q2 2022 Key Performance Indicators and Non-GAAP Financial Measures

In addition to GAAP measures, Midwest’s management utilizes a series of key performance indicators (KPIs) and non-GAAP measures to, among other things:

1)      monitor and evaluate the performance of our business operations and financial performance;

2)      facilitate internal comparisons of the historical operating performance of our business operations;

3)      review and assess the operating performance of our management team;

4)      analyze and evaluate financial and strategic planning decisions regarding future operations;

5)      plan for and prepare future annual operating budgets and determine appropriate levels of operating investments; and

6)      facilitate comparison of results between periods and to better understand the underlying historical trends in our business and prospects. 

These non-GAAP measures are not a substitute for GAAP measures; however, management believes that when used in conjunction with the GAAP measures, the non-GAAP measures can contribute to investors’ understanding of our business. Non-GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, our operating performance measures as prescribed by GAAP.

Annuity Premiums (a KPI)

For the second quarter of 2022, annuity direct written premiums were $156.0 million compared with $98.1 million at first quarter of 2022 and up from $125.9 million in the second quarter of 2021.    Ceded premiums were $59.9 million in second quarter of 2022 compared to $40.1 million in 2022’s first quarter. whereas ceded premiums were $86.1 million in the second quarter of 2021.  Of the second quarter 2022 sales, approximately 45% was in the MYGA category and the remaining 55% consisted of sales of FIAs.


Three months ended June 30, 


Six months ended June 30, 

(In thousands)

2022


2021


2022


2021

Annuity Premiums (SAP)












Annuity direct written premiums

$

156,034


$

125,865


$

254,145


$

249,519

Ceded premiums


(59,881)



(86,106)



(100,023)



(133,570)

Net premiums retained

$

96,153


$

39,759


$

154,122


$

115,949

Fees Received for Reinsurance (a KPI)

We use this non-GAAP figure to measure our efforts to secure third-party capital to back our reinsurance programs.   Fees Received for Reinsurance sums two components: Amortization of deferred gain on reinsurance, which is a line item in our Consolidated Statements of Comprehensive Income (Loss), and deferred coinsurance ceding commission, which is a line item in our Consolidated Statements of Cash Flows.

For the second quarter of 2022, fees received for reinsurance totaled $3.2 million compared with $4.9 million in the second quarter of 2021.



Three months ended June 30,


Six months ended June 30, 

(In thousands)


2021


2020


2022


2021

Fees received for reinsurance













Fees received for reinsurance – total


$

3,197


$

4,864


$

5,626


$

7,722

General and Administrative Expenses (a non-GAAP measure)

We monitor this figure to track our overhead.   It includes salary and benefits and other operating expenses; however, it excludes non-cash stock-based compensation and the non-cash mark-to-market-adjustment of our option budget allowance.

G&A expense in the second quarter of 2022 was $7.0 million, down from $8.9 million at first quarter 2022 and compared with $5.9 million in the prior year second quarter.   We continue to build foundational capabilities to support potential growth in the business and work on technology initiatives.



Three months ended June 30, 


Six months ended June 30, 



2022


2021


2022


2021

G&A













Salaries and benefits – GAAP


$

4,298


$

4,514


$

8,615


$

7,441

Other operating expenses – GAAP



(2,240)



4,174



(4,060)



2,645

Subtotal



2,058



8,688



4,555



10,086

Adjustments:













Less: Stock-based compensation



(354)



(1,508)



(386)



(1,770)

Less: Mark-to-market option allowance



5,295



(1,287)



11,681



2,828

G&A


$

6,999


$

5,893


$

15,850


$

11,144

Management Expenses (a non-GAAP measure)

We use this metric to monitor the expenses of our business on a cash basis.   Importantly, we exclude from the calculation of management expenses the index interest credited related to our FIAs because this expense is hedged.   Instead, we add back to Management Expenses the period’s amortization of options previously purchased to provide this hedge. We view this amortized cost as our true cost of funds.   Management Expenses also excludes the mark-to-market adjustment of our option budget allowance.

Management Expenses and non-cash stock-based compensation



Three months ended June 30, 


Six months ended June 30, 



2022


2021


2022


2021

Management Expenses













G&A


$

6,999


$

5,893


$

15,850


$

11,144














Management interest credited



2,895



1,740



5,937



2,882

Amortization of deferred acquisition costs



1,052



524



1,902



1,027

Expenses related to retained business



3,947



2,264



7,839



3,909

Management expenses – total


$

10,946


$

8,157


$

23,689


$

15,053





























Three months ended June 30, 


Six months ended June 30, 



2022


2021


2022


2021










G&A













Salaries and benefits – GAAP


$

4,298


$

4,514


$

8,615


$

7,441

Other operating expenses – GAAP



(2,240)



4,174



(4,060)



2,645

Subtotal



2,058



8,688



4,555



10,086

Adjustments:













Less: Stock-based compensation



(354)



(1,508)



(386)



(1,770)

Less: Mark-to-market option allowance



5,295



(1,287)



11,681



2,828

G&A


$

6,999


$

5,893


$

15,850


$

11,144





























Three months ended June 30, 


Six months ended June 30, 



2022


2021


2022


2021

Management Interest Credited













Interest credited – GAAP


$

(5,496)


$

3,931


$

(12,170)


$

1,585

Adjustments:













Less: FIA interest credited – GAAP



6,401



(3,404)



14,165



(586)

Add: FIA options cost – amortized



1,990



1,213



3,942



1,883

Management interest credited


$

2,895


$

1,740


$

5,937


$

2,882





















Three months ended June 30, 


Six months ended June 30, 



2022


2021


2022


2021

Reconciliation – Management Expenses to GAAP Expenses













Total expenses – GAAP


$

(1,392)


$

13,143


$

(4,719)


$

12,698

Adjustments:













Less: Benefits



(994)





(994)



Less: Stock-based compensation



(354)



(1,508)



(386)



(1,770)

Less: Mark-to-market option allowance



5,295



(1,287)



11,681



2,828

Less: FIA interest credited – GAAP



6,401



(3,404)



14,165



(586)

Add: FIA options cost – amortized



1,990



1,213



3,942



1,883

Management expenses – total


$

10,946


$

8,157


$

23,689


$

15,053

SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained or incorporated by reference in this release constitute forward-looking statements. These statements are based on management’s expectations, estimates, projections and assumptions. In some cases, you can identify forward-looking statements by terminology including “could,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” or “continue,” the negative of these terms, or other comparable terminology used in connection with any discussion of future operating results or financial performance. These statements are only predictions and reflect our management’s good faith present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

Factors that may cause our actual results to differ materially from those contemplated or projected, forecast, estimated or budgeted in such forward-looking statements include among others, the following possibilities:

  • intense competition, including pricing, competitive pressures from established insurers with greater financial resources, the entry of new competitors, and the introduction of new products by new and existing competitors;
  • our business plan, particularly including our reinsurance strategy, may not prove to be successful;
  • our reliance on third-party insurance marketing organizations to market and sell our annuity insurance products through a network of independent agents;
  • adverse changes in our ratings obtained from independent rating agencies;
  • failure to maintain adequate reinsurance;
  • our inability to expand our insurance operations outside the 22 states and District of Columbia in which we are currently licensed;
  • our annuity insurance products may not achieve significant market acceptance;
  • we may continue to experience operating losses in the foreseeable future;
  • the possible loss or retirement of one or more of our key executive personnel;
  • adverse state and federal legislation or regulation, including decreases in rates, limitations on premium levels, increases in minimum capital and reserve requirements, benefit mandates and tax treatment of insurance products;
  • fluctuations in interest rates causing a reduction of investment income or increase in interest expense and in the market value of interest-rate sensitive investment;
  • failure to obtain new customers, retain existing customers, or reductions in policies in force by existing customers;
  • higher service, administrative, or general expense due to the need for additional advertising, marketing, administrative or management information systems expenditures;
  • changes in our liquidity due to changes in asset and liability matching;
  • possible claims relating to sales practices for insurance products; and
  • lawsuits in the ordinary course of business.

Earnings Teleconference information and Details

Midwest Holding has announced plans to host a conference call to discuss financial and operating results for the second quarter of 2022 on August 16, 2022, at 8:30 a.m. Eastern Time. The Company also posted those results on the investor relations section of its website at https://ir.midwestholding.com after the close of the financial markets on August 15, 2022.  

To register for this conference call, please use the following link: https://ige.netroadshow.com/registration/q4inc/11308/midwest-holding-inc-reports-second-quarter-2022-results/. Registrants will receive a confirmation email with dial-in details.

The call may also be accessed via webcast at this link: https://events.q4inc.com/attendee/619100939

A replay of the webcast will be made available after the call on the Investor Relations page of the Company’s website at https://ir.midwestholding.com

About Midwest Holding Inc.

Midwest Holding Inc. is a growing, technology-enabled, services-oriented annuity platform. Midwest designs and develops annuity products that are distributed through independent distribution channels, to a large and growing demographic of U.S. retirees. Midwest originates, manages and typically transfers these annuities through reinsurance arrangements to asset managers and other third-party investors. Midwest also provides the operational and regulatory infrastructure and expertise to enable asset managers and third-party investors to form and manage their own reinsurance capital vehicles.

For more information, please visit www.midwestholding.com

Investor contact: ir@midwestholding.com

Media inquiries: press@midwestholding.com

 

MIDWEST HOLDING INC.

CONSOLIDATED BALANCE SHEETS










June 30, 2022


December 31, 2021

(In thousands, except share information)



(Unaudited)




Assets







Fixed maturities, available for sale, at fair value

(amortized cost: $923,063 and $679,921, respectively)


$

894,471


$

683,296

Mortgage loans on real estate, held for investment



193,902



183,203

Derivative instruments 



7,190



23,022

Equity securities, at fair value (cost: $12,762 in 2022 and $22,158 in 2021)



11,925



21,869

Other invested assets



71,170



35,293

Investment escrow



1,491



3,611

Federal Home Loan Bank (FHLB) stock



500



500

Preferred stock



22,072



18,686

Notes receivable



6,111



5,960

Policy loans



22



87

Total investments



1,208,854



975,527

Cash and cash equivalents



128,964



142,013

Deferred acquisition costs, net



33,164



24,530

Premiums receivable



359



354

Accrued investment income



18,297



13,623

Reinsurance recoverables 



24,121



38,579

Intangible assets



700



700

Property and equipment, net



1,823



386

Operating lease right of use assets



2,239



2,360

Receivable for securities sold



0



19,732

Other assets



17,454



2,113

Total assets


$

1,435,975


$

1,219,917

Liabilities and Stockholders’ Equity







Liabilities:







Benefit reserves


$

12,879


$

12,941

Policy claims



3,232



237

Deposit-type contracts 



1,283,660



1,075,439

Advance premiums



1



1

Deferred gain on coinsurance transactions



32,203



28,589

Lease liabilities:







Operating lease



2,249



2,364

Payable for securities purchased



2,770



5,546

Other liabilities



34,485



9,044

Total liabilities



1,371,479



1,134,161

Stockholders’ Equity:







Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and

outstanding as of June 30, 2022 or December 31, 2021





Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,737,564 shares

issued and outstanding as of June 30, 2022 and December 31, 2021, respectively; non-voting

common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and

outstanding June 30, 2022 and  December 31, 2021, respectively



4



4

Additional paid-in capital



138,838



138,452

Treasury stock



(175)



(175)

Retained earnings



(60,707)



(70,159)

Accumulated other comprehensive income (loss)



(25,877)



2,634

Total Midwest Holding Inc.’s stockholders’ equity



52,083



70,756

Noncontrolling interests



12,413



15,000

Total stockholders’ equity



64,496



85,756

Total liabilities and stockholders’ equity


$

1,435,975


$

1,219,917

 

MIDWEST HOLDING INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

















Three months ended June 30, 


Six months ended June 30, 


(In thousands, except per share data)


2022


2021


2022


2021


Revenues














Investment income, net of expenses


$

10,541



3,220


$

16,783



6,107


Net realized gain (loss) on investments 



(12,636)



4,060



(18,810)



(589)


Amortization of deferred gain on reinsurance transactions



1,043



588



2,012



1,048


Service fee revenue, net of expenses



416



672



1,514



1,110


Other revenue



514



358



962



607


Total revenue



(122)



8,898



2,461



8,283


Expenses














Interest credited



(5,496)



3,931



(12,170)



1,585


Benefits



994





994




Amortization of deferred acquisition costs



1,052



524



1,902



1,027


Salaries and benefits



4,298



4,514



8,615



7,441


Other operating expenses



(2,240)



4,174



(4,060)



2,645


Total expenses



(1,392)



13,143



(4,719)



12,698


Net income (loss) before income tax expense



1,270



(4,245)



7,180



(4,415)


Income tax benefit (expense) 



2,125



(747)



(2,597)



(2,179)


Net income (loss) after income tax benefit (expense)



3,395



(4,992)



4,583



(6,594)


Less: Income attributable to noncontrolling interest



(5,871)





(4,869)




Net income (loss) attributable to Midwest Holding Inc.



9,266



(4,992)



9,452



(6,594)


Comprehensive income (loss):














Unrealized gains (losses) on investments arising during the three months ended

June 2022 and 2021, net of offsets, net of tax ($2.0 million and $120,000, respectively);

unrealized gains (losses) on investments arising during the six months ended June 2022

and 2021, net of offsets, net of tax ($4.7 million and $61,000, respectively)



(19,666)



373



(29,369)



1,336


Less:  Reclassification adjustment for net realized losses on investments, net of offsets

during the three months ended June 2022 and 2021 (net of tax ($2.4 million) and $209,000,

respectively);  reclassification adjustment for net realized losses on investments, net of

offsets during the six months ended June 2022 and 2021 (net of tax ($5.0 million) and

$294,000, respectively)



1,369



(785)



858



(1,106)


Other comprehensive income (loss)



(18,296)



(412)



(28,511)



230


Comprehensive loss


$

(9,030)


$

(5,404)


$

(19,059)


$

(6,364)
















Impairment














Total other-than-temporary impairment



534





534




Net other-than-temporary impairment loss recognized in net income


$

534





534


















Income (Loss) per common share














Basic


$

2.48


$

(1.34)


$

2.53


$

(1.76)


Diluted


$

2.47


$

(1.34)


$

2.52


$

(1.76)


 

MIDWEST HOLDING INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)























Three months ended June 30, 







Additional













Treasury


Common


 Paid-In


Retained





Noncontrolling


Total

(In thousands)


Stock


Stock


Capital


Earnings


AOCI*


Interest


Equity

Balance at March 31, 2022


$

(175)


$

4


$

138,483


$

(69,973)


$

(7,581)


$

18,432


$

79,190

Net income (loss)









9,266







9,266

Employee stock options







355









355

Unrealized gains on investments, net of taxes











(18,296)





(18,296)

Noncontrolling interest













(6,019)



(6,019)

Balance, June 30, 2022


$

(175)


$

4


$

138,838


$

(60,707)


$

(25,877)


$

12,413


$

64,496

Balance at March 31, 2021


$

(175)


$

4


$

133,854


$

(55,124)


$

7,073


$


$

85,632

Net income (loss)









(4,992)







(4,992)

Additional capital raise related expenses







(129)









(129)

Employee stock options







1,507









1,507

Unrealized gains on investments, net of taxes











(412)





(412)

Balance, June 30, 2021


$

(175)


$

4


$

135,232


$

(60,116)


$

6,661


$


$

81,606

 

























Six months ended June 30, 









Additional















Treasury


Common


 Paid-In


Retained




Noncontrolling


Total

(In thousands)


Stock


Stock


Capital


Earnings


AOCI*


Interest


Equity

Balance, December 31, 2021


$

(175)


$

4


$

138,452


$

(70,159)


$

2,634


$

15,000


$

85,756

Net income (loss)









9,452







9,452

Employee stock options







386









386

Unrealized gains on investments, net of taxes











(28,511)





(28,511)

Noncontrolling interest













(2,587)



(2,587)

Balance, June 30, 2022


$

(175)


$

4


$

138,838


$

(60,707)


$

(25,877)


$

12,413


$

64,496

Balance at December 31, 2020


$

(175)


$

4


$

133,591


$

(53,522)


$

6,431


$


$

86,329

Net income (loss)









(6,594)







(6,594)

Additional capital raise related expenses







(129)









(129)

Employee stock options







1,770









1,770

Unrealized losses on investments, net of taxes











230





230

Balance, June 30, 2021


$

(175)


$

4


$

135,232


$

(60,116)


$

6,661


$


$

81,606

 

MIDWEST HOLDING INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)










Six months ended June 30, 

(In thousands)


2022


2021

Cash Flows from Operating Activities:







Income (loss) attributable to Midwest Holding, Inc.


$

9,452


$

(6,594)

Adjustments to arrive at cash provided by operating activities:







Net premium and discount on investments



(3,834)



(438)

Depreciation and amortization



143



25

Stock options



386



1,770

Amortization of deferred acquisition costs



1,902



1,027

Deferred acquisition costs capitalized



(10,635)



(9,041)

Net realized loss on investments



18,810



589

Deferred gain on coinsurance transactions



3,614



6,674

Changes in operating assets and liabilities:







Reinsurance recoverable



18,383



(13,530)

Interest and dividends due and accrued



(4,674)



(3,642)

Premiums receivable



(6)



(20)

Deposit-type liabilities



(27,795)



(4,317)

Policy liabilities



2,933



11,651

Receivable and payable for securities



16,955



Other assets and liabilities



9,893



7,121

Net cash provided by (used in) operating activities



35,527



(8,725)

Cash Flows from Investing Activities:







Fixed maturities available for sale:







Purchases



(418,011)



(342,717)

Proceeds from sale or maturity



187,670



132,752

Mortgage loans on real estate, held for investment







Purchases



(55,431)



(51,979)

Proceeds from sale



46,853



16,597

Derivatives







Purchases



(11,421)



(9,850)

Proceeds from sale



3,232



3,063

Equity securities







Purchases





(46,924)

Proceeds from sale



11,009



Other invested assets







Purchases



(44,257)



(32,292)

Proceeds from sale



3,334



16,915

Purchase of restricted common stock in FHLB





(500)

Preferred stock



(3,474)



(779)

Net change in policy loans



65



(6)

Net purchases of property and equipment



(1,573)



(35)

Net cash provided by (used in) investing activities



(282,004)



(315,755)

Cash Flows from Financing Activities:







Net transfer to noncontrolling interest



(2,587)



Capital contribution





(129)

Receipts on deposit-type contracts



254,145



249,519

Withdrawals on deposit-type contracts



(18,130)



(6,310)

Net cash provided by (used in) financing activities



233,428



243,080

Net increase (decrease) in cash and cash equivalents



(13,049)



(81,400)

Cash and cash equivalents:







Beginning



142,013



151,679

Ending


$

128,964


$

70,279








Supplementary information







Cash paid for taxes


$

2,870


$

1,500

Cision View original content:https://www.prnewswire.com/news-releases/midwest-holding-inc-reports-second-quarter-2022-results-301605906.html

SOURCE Midwest Holding Inc.

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