Midwest Holdings Reports Strong Performance In Q2 Net Income
Midwest Holdings Reports Strong Performance In Q2 Net Income
Compared to a loss of $5 million during the same period last year, Midwest Holding Inc. has reported GAAP net income of $9.3 million for the second quarter of 2022.
Midwest also reported a significant increase in non-GAAP annuity direct written premium at $156 million, compared to $126 million from the prior year quarter, in addition to the year-over-year improvement in net income.
ALSO, READ Berkshire Hathaway Reports Strong Q2 2022 P&C Reinsurance Result
In addition, ceded premiums for the quarter totaled $60 million, down from $86.1 million in the same quarter last year.
Additionally, Q2 22 saw an increase in investment income of $10.5 million from Q2 21’s $3.2 million.
Midwest Holdings Reports Strong Performance In Q2 Net Income
Midwest noted that 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.
ALSO, READ AXIS Reports $22mn Fall In Q2 Operating Income
CEO of Midwest, Georgette Nicholas, commented: “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.
ALSO, READ Brown & Brown Reports Revenue Increases Of 15% In Q2 Results
“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.
Midwest Holdings Reports Strong Performance In Q2 Net Income
“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.”
AllInsuranceHUB is a blog for everyone who seeks an informative, educative, and knowledge-based online insurance and investment community. We share Biographies, Top-notch investment tips, finance news, insurance policy details and much more. You can read and share thoughts, ideas, and opinions on the finance market and get real-time updates from around the globe.
I Am a financial analyst, Economist, Entrepreneur, Blogger and Businessman. With 10 years of Consultancy Experience in Finance, Management and Insurance. I write on finance tips, news, journals and how to article that will aid your decision in making the right investments and insurance policies for your personal and business financial security.
