Strong Earnings and Growth in Net Income
Net income for the third quarter was $388 million or $4.73 per share, compared to $303 million or $3.44 per share a year ago. Net operating income increased by 38% year-over-year.
Solid Growth in Insurance Operations
Total premium revenue grew 5% over the year-ago quarter. Life premium revenue increased by 3% to $844 million, and health insurance premium revenue grew 9% to $387 million.
Exclusive Agency Force and Recruiting Momentum
The company has over 17,500 exclusive agents, with an agent count nearly doubling over the past 10 years. American Income hires were up 17% and Liberty National hires were up 15% from a year ago.
Positive Investment Portfolio Performance
Invested $279 million in fixed maturities with an average yield of 6.33% and $86 million in commercial mortgage loans with an expected cash return of 9%.
Favorable Mortality Experience
Life underwriting margin increased by 24% due to premium growth and favorable mortality experience.