"Strong sales confirm we are meeting important insurance needs in the marketplace today. We are extremely grateful for our 1.2 million policyholders who place their trust in NGL and our subsidiaries," said Mark L. Solverud, NGL President & CEO.
MADISON, Wis. (PRWEB) March 22, 2018
Madison-based mutual life insurance company National Guardian Life Insurance Company (NGL) and its subsidiaries, Settlers Life Insurance Company, located in Bristol, Va., and Commercial Travelers Life Insurance Company, located in Utica, N.Y., reported a record sales year of $790 million in 2017, which is an increase of 8% over 2016.
“Strong sales confirm we are meeting important insurance needs in the marketplace today. It also helps to ensure the long term financial strength of our organization,” said Mark L. Solverud, NGL President & CEO.
The 2017 sales results contributed to the growth of the consolidated statutory assets to $4.3 billion. On a consolidated statutory basis, NGL had a net gain of $38 million, which is a very solid result given the pressure that low investment rates continue to place on operating performance.
NGL’s largest business line, from a sales standpoint, is pre-need insurance. Pre-need insurance is life insurance used to fund pre-arranged funeral contracts. Sales in this line of business were $451 million. Sales were also strong in the Individual Life & Annuity line of business, which offers products that assist seniors in their estate planning, totaling $124 million. The final expense insurance sales through NGL’s subsidiary Settlers Life Insurance Company totaled $11.0 million. NGL’s Group Market’s line of business (group accident and health) totaled $204 million, an increase of 17% over 2016. The Group Markets business includes student accident and health insurance marketed by NGL’s subsidiary Commercial Travelers Life Insurance Company.
“We are extremely grateful for our 1.2 million policyholders who place their trust in NGL and our subsidiaries. We are also thankful for our thousands of sales representatives, marketing partners and over 500 employees who serve our policyholders,” said Solverud.
A complete 2017 Annual Report is located at: https://nglic.com/About/Financial-Information
These financial indicators reflect a financially strong company, as does NGL’s A- (Excellent) rating from A.M. Best Company, the leading provider of ratings and financial data for the insurance industry.
Since 1910, National Guardian Life Insurance Company (NGL), a mutual insurance company, is located in Madison, Wis. Licensed to do business in 49 states and the District of Columbia, NGL markets pre-need and individual life and annuities, as well as group markets products including specialty and student insurance. Additional information about NGL can be found at http://www.nglic.com; Facebook: http://www.Facebook.com/NGLIC and LinkedIn: https://www.linkedin.com/company/national-guardian-life-insurance-company
About Commercial Travelers Life Insurance Company
Since 1883, Commercial Travelers has provided coverage for student accident, health and special risk markets to students in K-12 through college, school sports, and special risk coverage. Located in Utica, N.Y., NGL entered into an affiliation with Commercial Travelers in 2012. In 2017, CT was approved by NY to be demutualized and became a wholly-owned stock subsidiary of NGL. For more information, visit http://www.commercialtravelers.com.
About Settlers Life Insurance Company
A member of NGL group of companies since 1999, Settlers Life Insurance Company is located in Bristol, Va. Settlers Life specializes in simplified issue, final expense, and whole life insurance coverage for ages 15 days to 85 years. Additional information about Settlers Life can be found at http://www.settlerslife.com.
NGL reported $3.9 billion in consolidated liabilities for 2017. Financials current as of 12/31/17. Ratings current as of 02/15/18.
National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America a/k/a The Guardian or Guardian Life.