Midwest Holding Inc. has posted a $7.4 million GAAP net income for the third quarter of 2022 against a $3.1 million loss from the third quarter of 2021.
Net investment income in 2022’s third quarter was $12.9 million compared with $6.2 million in the prior- year’s third quarter.
Alongside the year-on-year improvement in net income, Midwest also reported a substantial rise in GAAP total revenue at $19 million, compared to a total revenue of $5.8 million from the prior year quarter.
For Q3 22, annuity direct written premiums were $255.5 million, up from $117.9 million in Q3 21.
At the same time, ceded premiums were $113.7 million, compared to $60.1 million from the third quarter of 2021.
Moreover, fees received for reinsurance totalled to $4.5 million for the quarter compared to $3.6 million in 2021.
Georgette Nicholas, CEO of Midwest, commented: “We had another quarter of strong results from the actions we have taken this year to position the Company for continued growth. We benefited from strong market trends and a focus on distribution, pricing and products achieving an increase in premiums written in the third quarter.
“We are benefiting from movements in interest rates, as consumers seek stable returns, and from the performance of our investment portfolio. We also executed a new reinsurance arrangement effective at the end of the third quarter to provide additional capital support on the MYGA product given the market demand. Overall, the third quarter trends position us for a strong finish for the year.
“We have positioned the Company well to execute on the opportunities before us, which are substantial, and 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 support 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.”
