National Life Group has reported a series of record-breaking sales in 2024, with $635 million in life insurance policies, $3.4 billion in annuities, and $57.4 billion in assets under management. The mutual insurance company saw a 20% increase in life sales and a 17% rise in annuity sales compared to the previous year.
Despite these impressive figures, CEO Mehran Assadi emphasized that the company’s focus lies not in pushing products but in educating and providing consulting services to their marketing partners. “The difference between this organization and some of our competitors is in the fact that we are not product pushers,” Assadi said during a conference call with investors to discuss the company’s 2024 annual report.
Key Financial Highlights
National Life Group reported $507 million in core earnings for 2024, a $36 million increase from the previous year. The company’s total assets reached $56.4 billion by the end of 2024, a $10 billion increase from 2023. According to LIMRA, NLG ranks first in fixed indexed annuity sales within employer-sponsored retirement plans and first in indexed universal life insurance sales nationwide.
Industry Rankings and Performance
In overall life sales, National Life Group moved up one spot to seventh among all reporting U.S. life insurance companies. Chief Financial Officer Eric Sandberg attributed the company’s success to its strong relationships with distribution partners and its ability to meet the needs of ‘Middle America.’ Record sales are continuing into 2025, Sandberg noted.
Challenges and Future Focus
The insurance industry faces a significant challenge with an estimated shortage of about 100,000 agents, according to Assadi. National Life Group’s distribution model relies heavily on tens of thousands of agents across the United States. The company remains committed to serving ‘Middle America,’ a market it believes is underserved, with over 100 million Americans being either underinsured or uninsured.
With roots tracing back to 1848 when it was chartered by the Vermont General Assembly, National Life Group continues to be headquartered in Montpelier. The company comprises several member companies, including National Life Insurance Co., Life Insurance Co. of the Southwest, and Equity Services, Inc., a broker-dealer and registered investment adviser.
As the company moves forward, its commitment to its niche market and its educational approach to insurance services remain at the forefront of its strategy.
