New President & CEO looks toward the future
NGL and our 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 $838 million in 2018, which is an increase of seven percent over 2017.
2018 marks the beginning of a transition for NGL. President & Chief Executive Officer Mark L. Solverud announced his retirement. After conducting a nationwide search, the NGL Board of Directors appointed Knut A. Olson as President and Chief Executive Officer effective January 3, 2019.
“I am excited to join an organization well-positioned for the future. The 2018 sales results contributed to the growth of the consolidated statutory assets to $4.5 billion. On a consolidated statutory basis, NGL had a net gain of $37 million which is a very solid result given the pressure that low investment rates continue to place on our operating performance. Solid sales confirm we are meeting important insurance needs in the marketplace today and allow us the flexibility to make choices that will ensure the long term financial strength of our organization,” said Olson.
NGL’s largest business line from a sales standpoint is preneed insurance. Sales in this line of business were $452 million. Sales were also strong in the Individual Life & Annuity line of business, totaling $137 million, up 16 percent over 2017. 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 $237 million, an increase of 16 percent over 2017. 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 more than 400 employees,” said Olson.
A complete 2018 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, has been located in Madison, Wis. Licensed to do business in 49 states and the District of Columbia, NGL markets preneed and individual life and annuities, as well as group markets products including specialty and student insurance. Additional information about NGL can be found at www.nglic.com; Facebook: 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 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. Additional information about Settlers Life can be found at www.settlerslife.com.
NGL reported $4.1 billion in consolidated liabilities for 2018. Financials current as of 12/31/18. Ratings current as of 02/21/19.
National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America a/k/a The Guardian or Guardian Life.