Midwest has reported a third quarter net loss of $3.1 million, against a net loss of $5.5 million in the prior year quarter.
Revenue was $5.8 million compared to negative $0.5 million in the third quarter of 2020, driven by an increase in investment income from growth.
Invested assets grew to $942.8 million from $518.2 million at December 31, 2020.
“We continue to be proud of the progress we are making as a company,” said Co-Chief Executive Officer A. Michael Salem.
“We are executing across each aspect of our business, including products, distribution, asset management, technology, and operations. We are on track to finish out 2021 with a solid performance and well positioned for future growth.
“When this year is said and done, we expect that we will have achieved double digit topline year-over-year premium growth, that’s 200% premium growth over the last two years. We expect that we will have ceded upwards of 80% of our total production – through three institutional reinsurance relationships.
“While short-term forecasting for a high-growth company like ours is difficult, and we will fall short of our 2021 premium target, we are doing the important work to position ourselves for long-term sustained growth. While the market remains competitive, we will maintain our disciplined approach.
“We have strong, profitable products, with leading technology and customer service operations. Our market share is less than 25 basis points of the individual annuity market and we are confident in our ability to reach our long-term target of $2 billion of premium per annum.”